Financial Performance - The company's operating revenue for Q3 2022 was ¥267,058,637.06, a decrease of 36.26% compared to the same period last year[5] - The net profit attributable to shareholders for Q3 2022 was ¥10,286,749.30, down 63.88% year-on-year[5] - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥6,839,228.07, reflecting a decline of 70.4% compared to the previous year[5] - The basic earnings per share for Q3 2022 was ¥0.15, a decrease of 63.41% year-on-year[6] - The net profit attributable to shareholders for the year-to-date period was ¥44,151,617.93, down 50.31% compared to the same period last year[5] - Total operating revenue for the first three quarters of 2022 was CNY 883,712,232.89, a decrease of 25.7% compared to CNY 1,189,965,846.89 in the same period of 2021[20] - Net profit for the third quarter of 2022 was CNY 44,151,617.93, a decline of 50.3% from CNY 88,862,006.80 in the same quarter of 2021[21] - Basic and diluted earnings per share for the third quarter of 2022 were both CNY 0.63, down from CNY 1.26 in the same quarter of 2021[22] - The company’s total comprehensive income for the third quarter of 2022 was CNY 54,579,856.46, down from CNY 91,439,345.09 in the same quarter of 2021[22] Assets and Liabilities - The total assets at the end of Q3 2022 amounted to ¥2,564,172,684.14, a decrease of 12.28% from the end of the previous year[6] - Total current assets as of September 30, 2022, amount to ¥1,593,508,628.35, a decrease from ¥2,057,340,933.92 at the end of 2021[16] - Total assets as of September 30, 2022, are ¥2,564,172,684.14, down from ¥2,923,229,706.33[17] - Total liabilities as of the end of the third quarter of 2022 amounted to CNY 491,033,559.37, a significant reduction from CNY 868,955,458.06 at the end of the previous year[19] - Total equity attributable to shareholders of the parent company was CNY 2,073,139,124.77, an increase from CNY 2,054,274,248.27 in the previous year[19] Cash Flow - The cash flow from operating activities for the year-to-date period was ¥81,369,814.70, showing a significant increase of 329.94%[6] - The net cash flow from operating activities for Q3 2022 was ¥81,369,814.70, a significant improvement compared to a negative cash flow of ¥35,388,046.87 in Q3 2021[26] - Total cash inflow from investment activities was ¥776,685,609.25, while cash outflow was ¥619,406,801.98, resulting in a net cash flow of ¥157,278,807.27, compared to a negative cash flow of ¥127,709,842.10 in the previous year[26] - The cash flow from financing activities showed a net outflow of ¥46,997,607.34, slightly improved from a net outflow of ¥51,073,331.16 in Q3 2021[27] - The total cash and cash equivalents at the end of Q3 2022 amounted to ¥774,637,111.28, an increase from ¥370,744,954.70 at the end of Q3 2021[27] Shareholder Information - Total number of common shareholders at the end of the reporting period is 10,223[13] - The largest shareholder, Changzhou Kaizhong Investment Co., Ltd., holds 31,500,000 shares, accounting for 44.6% of total shares[13] - The company has a total of 99.11% ownership in Changzhou Kaizhong Investment Co., Ltd. and 69.38% in Changzhou Kaiheng Investment Center[14] - The top ten shareholders collectively hold a significant portion of the company's shares, indicating concentrated ownership[14] Operational Challenges - The company experienced a decline in sales due to the impact of the pandemic, resulting in reduced orders and lower sales volume[10] Research and Development - Research and development expenses for the first three quarters of 2022 were CNY 45,752,520.45, a decrease of 8.1% from CNY 49,778,018.57 in the same period of 2021[20] Non-Recurring Items - The company reported non-recurring gains totaling ¥3,456,763.98 for the year-to-date period, down from ¥11,713,179.10 in the previous year[10] - The company reported a financial asset impairment loss of CNY 2,676,967.18 in the third quarter of 2022, compared to a loss of CNY 6,983,784.91 in the same quarter of 2021[21] Cash Management - Cash received from sales of goods and services in the first three quarters of 2022 was CNY 1,117,708,938.83, a decrease of 7.9% compared to CNY 1,213,085,006.01 in the same period of 2021[25] - The company received tax refunds totaling ¥25,399,930.51 in Q3 2022, compared to ¥60,257,035.55 in Q3 2021[26] - Cash received from other operating activities was ¥95,927,589.35, an increase from ¥51,268,883.75 in the same quarter last year[26] - The company paid ¥218,957,457.28 in employee compensation during Q3 2022, down from ¥272,676,068.20 in Q3 2021[26] - The cash inflow from the recovery of investments was ¥765,214,773.84, a decrease from ¥2,120,755,475.31 in the previous year[26] - The company reported a total cash outflow for purchasing goods and services of ¥872,206,993.84, slightly lower than ¥892,927,502.46 in Q3 2021[26] - The impact of exchange rate changes on cash and cash equivalents was a positive ¥7,918,290.85 in Q3 2022, compared to a negative impact of ¥4,341,899.65 in Q3 2021[27]

Financial Performance - The company's operating revenue for the first half of 2022 was RMB 616,653,595.83, a decrease of 20.02% compared to RMB 771,016,442.63 in the same period last year[16]. - The net profit attributable to shareholders of the listed company was RMB 33,864,868.63, down 43.92% from RMB 60,386,318.96 in the previous year[16]. - The net profit after deducting non-recurring gains and losses was RMB 25,608,453.51, a decrease of 47.03% compared to RMB 48,345,907.53 in the same period last year[16]. - Basic earnings per share for the first half of 2022 were RMB 0.48, down 59.80% from RMB 1.20 in the same period last year[17]. - The diluted earnings per share were RMB 0.48, a decrease of 59.66% from RMB 1.19 in the previous year[18]. - The weighted average return on net assets was 1.63%, down from 3.03% in the same period last year, a decrease of 1.4 percentage points[18]. - The company reported a significant decrease in short-term borrowings, which were not detailed in the provided data but are expected to impact liquidity positively[106]. - The company reported a total equity attributable to shareholders of CNY 2,054,274,248.27 as of the end of the reporting period[127]. - The comprehensive income for the first half of 2022 was CNY 36,828,600.96, reflecting the company's performance during this period[127]. Cash Flow and Assets - The net cash flow from operating activities was RMB 15,205,153.70, a significant improvement from a negative RMB 19,314,051.16 in the previous year[16]. - The total assets at the end of the reporting period were RMB 2,642,489,429.62, a decrease of 9.60% from RMB 2,923,229,706.33 at the end of the previous year[16]. - The company's total current assets decreased to CNY 1,748,526,545.77 from CNY 2,057,340,933.92, representing a reduction of about 15%[106]. - Cash and cash equivalents decreased to CNY 601,268,847.31 from CNY 653,758,706.47, a decline of approximately 8%[106]. - Accounts receivable dropped significantly to CNY 269,161,267.19 from CNY 450,215,152.78, indicating a decrease of around 40%[106]. - Inventory levels decreased to CNY 380,546,205.59 from CNY 451,384,863.38, reflecting a decline of about 16%[106]. - The ending balance of cash and cash equivalents was CNY 514,900,849.59, up from CNY 433,227,099.33 at the end of the previous year[124]. Market and Industry Insights - The company operates in the smart linear drive system sector, with a focus on applications in smart homes, smart offices, automotive parts, medical care, and industrial transmission[22]. - The smart home market in China has a low penetration rate of 4.4%, compared to 47.8% in the U.S., indicating significant growth potential[23]. - The electric height-adjustable desk market in Europe and the U.S. has a penetration rate exceeding 25%, with increasing demand for ergonomic solutions in the post-pandemic era[23]. - The functional children's learning products market in China was valued at ¥188 billion in 2021, with expectations to reach ¥398 billion by 2025, indicating a strong growth trajectory[24]. - The automotive industry faced challenges due to the pandemic, but production and sales of passenger cars in China grew by 6% and 3.4% respectively in the first half of the year[24]. Risks and Challenges - The company faces risks related to technological innovation and market demand fluctuations in downstream industries[40]. - The export tax rebate rate for the company's main products is currently 13%, and any changes could impact operating costs and performance[40]. - The company faces intensified competition in the linear drive industry, with risks of customer loss and declining market share if it cannot maintain its technological and service advantages[41]. - Rising labor costs are a significant concern, with the company increasing worker salaries to attract skilled labor, but still facing challenges in meeting workforce demands[41]. - Fluctuations in raw material prices, including steel and aluminum, could adversely impact production costs and overall business performance[43]. - The company has a high proportion of export revenue, primarily settled in USD and EUR, making it susceptible to exchange rate fluctuations, which could negatively affect financial results if the RMB appreciates[43]. - Trade tensions with the US have led to tariffs on exported products, prompting the company to establish a production base in Vietnam to mitigate impacts[43]. Corporate Governance and Management - The company has undergone significant changes in its board and management, with new independent directors and supervisors elected to ensure effective governance[50]. - The company appointed Zhou Rongqing as the chairman of the board and Zhou Shucheng as the general manager during the first meeting of the third board of directors[51]. - The company has committed to fulfilling various promises related to share restrictions and related party transactions, all of which are being adhered to[60]. - The controlling shareholders have committed to a 36-month lock-up period for their shares post-IPO, with an automatic extension of 6 months if the stock price falls below the issue price for 20 consecutive trading days within the first 6 months[61]. Shareholder Information - The total number of shares decreased from 70,682,360 to 70,663,040 due to the repurchase and cancellation of 19,320 shares at a price of 42.35 yuan per share[90]. - The proportion of limited sale shares decreased from 75.25% to 74.95% after the share repurchase[88]. - The company’s core employees hold a total of 402,388 restricted shares after the release[92]. - The company’s stock incentive plan allows for the release of shares in a ratio of 30%, 30%, and 40% over three years[93]. Compliance and Environmental Responsibility - The company has not faced any administrative penalties related to environmental issues and has passed ISO14001 certification for its environmental management system[57]. - The company has upgraded its waste gas treatment facilities to reduce industrial waste gas emissions and improve workshop air quality[57]. - The company has committed to fully bear any social insurance and housing fund payments required due to policy adjustments[75]. Financial Reporting and Accounting Policies - The company’s financial statements comply with the requirements of enterprise accounting standards, ensuring transparency and accuracy[146]. - The company recognizes revenue based on the progress of performance obligations over time or at a point in time, depending on specific criteria being met[199]. - For performance obligations fulfilled over time, revenue is recognized according to the progress made during that period[200].

Financial Performance - The company's operating revenue for 2021 was ¥1,718,482,519.07, representing a year-on-year increase of 35.11% compared to ¥1,271,935,745.04 in 2020[22]. - The net profit attributable to shareholders for 2021 was ¥116,578,332.75, a decrease of 32.43% from ¥172,524,954.92 in 2020[22]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥92,366,744.39, down 42.56% from ¥160,804,162.26 in 2020[23]. - The net cash flow from operating activities was negative at -¥43,373,797.48, a significant decline of 174.86% compared to ¥57,936,836.66 in 2020[23]. - As of the end of 2021, the total assets amounted to ¥2,923,229,706.33, reflecting a year-on-year increase of 12.99% from ¥2,587,192,098.33 in 2020[23]. - The net assets attributable to shareholders at the end of 2021 were ¥2,054,274,248.27, an increase of 4.32% from ¥1,969,191,202.88 in 2020[23]. - Basic earnings per share decreased by 40.57% to CNY 1.67 compared to CNY 2.81 in 2020[24]. - The diluted earnings per share also fell by 40.93% to CNY 1.66 from CNY 2.81 in the previous year[24]. - The weighted average return on equity dropped to 5.82%, down 7.01 percentage points from 12.83% in 2020[24]. - The net profit attributable to shareholders for Q4 2021 was CNY 27.72 million, showing a decline from CNY 28.48 million in Q3 2021[26]. Cash Flow and Investments - The company reported a net cash flow from operating activities of CNY 57.03 million for the year[27]. - The company’s cash and cash equivalents at the end of the period were 653,758,706.47 yuan, representing 22.36% of total assets, a decrease from 23.62% in the previous period[67]. - The company has invested CNY 2.9808 million in environmental protection equipment, adding 3 sets of exhaust treatment facilities to reduce industrial waste gas emissions[132]. - The company has invested 48,024 million RMB in entrusted financial products from idle self-owned funds, with an outstanding balance of 28,500 million RMB[169]. - The company has also invested 38,000 million RMB in entrusted financial products from idle raised funds, with an outstanding balance of 10,000 million RMB[169]. Research and Development - R&D expenses totaled 70.14 million yuan, accounting for 4.08% of operating revenue, emphasizing the company's commitment to innovation[34]. - The company invested CNY 70,136,582.32 in R&D, an increase of 26.38% year-on-year[47]. - The company has established a team to develop linear drive systems for the photovoltaic new energy market, aiming to expand product applications[35]. - The company has 15 invention patents, 176 utility model patents, and 84 design patents, showcasing its strong R&D capabilities[41]. - The company is focusing on technological innovation and has been increasing R&D investment to maintain its competitive edge in the linear drive system market[85]. Market and Sales - Domestic sales reached 939.07 million yuan in 2021, a year-on-year increase of 42.59%[34]. - The company successfully secured an order for the electric tailgate system from NIO, enhancing customer stickiness and increasing sales volume[35]. - The linear drive system market is expected to grow as consumer demand for smart home and office products increases, particularly in developed regions[36]. - The company maintains a direct sales model, enhancing customer service and reducing inventory costs through local warehouses in key regions[40]. - The company plans to continue expanding its market presence and developing new products in response to economic recovery trends[33]. Corporate Governance - The board of directors has confirmed that all members attended the board meeting, ensuring the authenticity and completeness of the annual report[4]. - The company has established a robust corporate governance structure to ensure compliance with relevant laws and regulations[91]. - The company did not report any significant differences in governance compared to regulations set by the China Securities Regulatory Commission[92]. - The company has not faced any requests for temporary shareholder meetings from preferred shareholders[95]. - The company’s independent directors have fulfilled their responsibilities in the profit distribution decision-making process, ensuring transparency and compliance[121]. Shareholder Information - The company plans to distribute a cash dividend of ¥4.96 per 10 shares, totaling approximately ¥35,030,639.84, which represents a cash dividend payout ratio of 30.05%[6]. - The company reported a total of 15,978,200 shares held by executives at the end of the reporting period, an increase of 4,628,200 shares compared to the beginning of the period[96]. - Major shareholders include Changzhou Kaizhong Investment Co., Ltd. holding 99.11% and Changzhou Kaiheng Investment holding 69.38%[196]. - The company has a stock incentive plan where 30% of restricted stocks will be released after three years, with a total of 31,500,000 shares held by Changzhou Kaizhong Investment[196]. - The company’s shareholding structure includes significant participation from state-owned and non-state-owned entities, with 75% of shares under limited sale conditions[178]. Risk Management - The company faces risks from rising labor costs and is optimizing products and increasing automation to mitigate this impact[88]. - The company is exposed to risks from fluctuations in raw material prices, which are a major component of its operating costs[88]. - The company recognizes the risk of insufficient market demand in downstream industries, which could affect its growth prospects[85]. - The company is addressing potential risks from trade tensions and has taken measures to reduce the impact on its operations[88]. - The company has committed to not providing loans or financial assistance to incentive plan participants for acquiring restricted stock[158]. Social Responsibility - The company has been recognized as a major taxpayer in Changzhou Economic Development Zone for five consecutive years, contributing significantly to local tax revenue[136]. - The company donates CNY 400,000 annually to the Changzhou Wujin District Charity Association since 2019, with plans to increase donations and support for poverty alleviation[137]. - The company actively engages in social responsibility initiatives, promoting a culture of green, energy-saving, and teamwork[133]. - The company has committed to not laying off employees during the COVID-19 pandemic, enhancing team cohesion through various support measures[133]. - The company has established a comprehensive safety production management system to continuously improve occupational health and safety performance[134].

Financial Performance - The company's operating revenue for Q1 2022 was CNY 293,400,502.46, representing a decrease of 17.12% compared to the same period last year[5]. - The net profit attributable to shareholders was CNY 8,219,571.09, down 77.25% year-on-year[5]. - The net profit after deducting non-recurring gains and losses was CNY 611,394.52, a decline of 98.09% compared to the previous year[5]. - Basic and diluted earnings per share were both CNY 0.12, down 83.33% from the same period last year[6]. - The company reported a total comprehensive income of ¥6.77 million for Q1 2022, down 81.69% from ¥36.91 million in Q1 2021[23]. - Operating profit for Q1 2022 was ¥10.43 million, a decline of 76.60% compared to ¥44.62 million in Q1 2021[22]. - Total operating revenue for Q1 2022 was ¥293.40 million, a decrease of 17.06% from ¥353.99 million in Q1 2021[22]. - Net profit for Q1 2022 was ¥8.22 million, down 77.30% from ¥36.14 million in Q1 2021[23]. - Cash flow from operating activities for Q1 2022 was ¥4.65 million, a decrease of 91.84% from ¥57.03 million in Q1 2021[25]. - Total operating costs for Q1 2022 were ¥298.51 million, a decrease of 7.38% from ¥317.13 million in Q1 2021[22]. Cash Flow and Assets - The net cash flow from operating activities was CNY 4,652,763.91, reflecting a significant decrease of 91.84% year-on-year[5]. - The cash and cash equivalents increased to RMB 709,093,241.09 from RMB 653,758,706.47 at the end of 2021, reflecting a growth of approximately 8.5%[17]. - The cash and cash equivalents at the end of Q1 2022 were ¥684.85 million, an increase from ¥583.94 million at the end of Q1 2021[26]. - As of March 31, 2022, the total current assets amounted to RMB 1,922,803,882.51, a decrease from RMB 2,057,340,933.92 at the end of 2021[17]. - The total assets at the end of the reporting period were CNY 2,814,308,694.12, a decrease of 3.73% from the end of the previous year[6]. - The total assets as of March 31, 2022, were RMB 2,814,308,694.12, down from RMB 2,923,229,706.33 at the end of 2021[19]. - The company reported a total non-current asset value of RMB 891,504,811.61, up from RMB 865,888,772.41, indicating an increase of approximately 2.4%[18]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 10,328[13]. - The company's equity attributable to shareholders increased to RMB 2,063,083,257.58 from RMB 2,054,274,248.27, showing a slight increase of about 0.4%[19]. Cost and Expenses - Research and development expenses increased to ¥16.35 million in Q1 2022, up 11.97% from ¥14.61 million in Q1 2021[22]. - The inventory level was reported at RMB 436,080,885.35, a slight decrease from RMB 451,384,863.38 at the end of 2021[17]. - Accounts receivable decreased to RMB 295,971,693.65 from RMB 450,215,152.78, indicating a decline of about 34.2%[17]. - Total liabilities decreased to RMB 751,225,436.54 from RMB 868,955,458.06, representing a reduction of approximately 13.5%[19]. - The decline in net profit was attributed to reduced demand leading to lower capacity utilization and high prices of bulk commodities and shipping costs, resulting in a low gross margin[10]. Non-Recurring Gains - The company reported non-recurring gains of CNY 7,608,176.57 after tax, primarily from government subsidies and other non-operating income[9]. Strategic Insights - The total revenue for Q1 2022 is not explicitly stated in the provided documents, but the financial performance metrics indicate a focus on improving operational efficiency[20]. - The company has not disclosed any new product developments or market expansion strategies in the provided documents[21].

Financial Performance - The company's operating revenue for Q3 2021 was ¥418,949,404.26, representing a year-on-year increase of 30.88%[5] - The net profit attributable to shareholders for Q3 2021 was ¥28,475,687.84, showing a decrease of 23.35% compared to the same period last year[5] - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥23,105,527.42, down 24.32% year-on-year[5] - Total operating revenue for the first three quarters of 2021 reached ¥1,189,965,846.89, a significant increase from ¥805,275,864.80 in the same period of 2020, representing a growth of approximately 47.8%[21] - Net profit for the third quarter of 2021 was ¥88,862,006.80, down from ¥105,334,240.10 in the same quarter of 2020, reflecting a decrease of approximately 15.6%[23] - Basic and diluted earnings per share for the third quarter of 2021 were both ¥1.26, compared to ¥1.70 in the same quarter of 2020, showing a decline of about 25.9%[24] Assets and Liabilities - The total assets at the end of the reporting period amounted to ¥2,817,128,367.4, reflecting an increase of 8.89% from the end of the previous year[6] - Current assets totaled ¥2,050,209,095.96, compared to ¥1,976,432,600.51 at the end of 2020, indicating an increase of about 3.7%[17] - Total liabilities increased to ¥1,500,081,143.54 from ¥1,227,147,047.08, reflecting a growth of approximately 22.2%[18] - The total liabilities as of the end of the third quarter of 2021 amounted to ¥796,043,846.77, an increase from ¥618,000,895.45 at the end of the previous year[22] - The total equity attributable to shareholders of the parent company was ¥2,021,084,520.63, up from ¥1,969,191,202.88 in the previous year, indicating a growth of approximately 2.6%[22] Cash Flow - The cash flow from operating activities for the year-to-date was negative at -¥35,388,046.87, indicating a significant decline of 177.79%[6] - Cash inflows from operating activities for the first three quarters of 2021 totaled ¥1,324,610,925.31, compared to ¥879,468,171.56 in 2020, marking an increase of about 50.6%[25] - The net cash flow from operating activities was -$35,388,046.87, a decrease from $45,491,817.36 in the previous year, indicating a significant decline in operational performance[26] - The cash outflow from operating activities totaled $1,359,998,972.18, significantly higher than $833,976,354.2 in the previous year, indicating increased operational expenses[26] Inventory and Expenditures - The company faced increased operational expenditures due to strategic inventory buildup in response to sufficient sales orders[10] - Inventory levels rose significantly to ¥496,240,563.64, compared to ¥267,147,877.89 in the previous year, marking an increase of about 85.7%[17] - Research and development expenses for the third quarter of 2021 were ¥49,778,018.57, compared to ¥37,523,456.24 in the same quarter of 2020, reflecting an increase of approximately 32.6%[22] Non-Recurring Items - The company reported a total non-recurring gains and losses of ¥5,370,160.42 for the year-to-date, a decrease from ¥17,410,571.85 in the previous year[10] - The company reported a tax expense of ¥15,767,572.31 for the third quarter of 2021, down from ¥23,766,022.05 in the same quarter of 2020, indicating a decrease of about 33.7%[23] - Other comprehensive income after tax for the third quarter of 2021 was ¥2,577,338.29, compared to a loss of ¥439,463.59 in the same quarter of 2020, showing a significant improvement[23] Strategic Developments - The company has not disclosed any new product developments or market expansion strategies in the current report[15] - There are no significant changes in the shareholder structure or related party transactions reported for this quarter[14]

Financial Performance - The company's operating revenue for the first half of 2021 was ¥771,016,442.63, representing a 58.92% increase compared to ¥485,165,157.67 in the same period last year[18]. - The net profit attributable to shareholders of the listed company decreased by 11.44% to ¥60,386,318.96 from ¥68,184,326.36 year-on-year[18]. - The net cash flow from operating activities was negative at -¥19,314,051.16, a decline of 160.86% compared to ¥31,736,577.95 in the previous year[18]. - The basic earnings per share decreased by 34.07% to ¥1.20 from ¥1.82 in the same period last year[20]. - The weighted average return on net assets dropped by 6.00 percentage points to 3.03% from 9.03% year-on-year[20]. - The net profit after deducting non-recurring gains and losses was ¥48,345,907.53, down 25.15% from ¥64,593,880.12 in the previous year[18]. - The gross profit margin decreased by 8.22% year-on-year due to rising commodity prices and increased shipping costs[35]. - Operating costs rose by 77.90% to ¥593,914,904.76 from ¥333,844,933.88 year-on-year[40]. - The company reported a significant increase in inventory by 43.67% to ¥383,802,521.86, indicating strategic stockpiling due to strong order volumes[41]. - Cash and cash equivalents decreased by 10.15% to ¥549,011,020.13 from ¥611,007,631.17 year-end last year[41]. Assets and Liabilities - The total assets increased by 7.15% to ¥2,772,144,003.68 from ¥2,587,192,098.33 at the end of the previous year[19]. - The net assets attributable to shareholders of the listed company increased by 0.92% to ¥1,987,256,676.82 from ¥1,969,191,202.88 at the end of the previous year[19]. - The total liabilities increased, with accounts payable rising by 70.23% to ¥282,128,834.24[41]. - The total assets as of June 30, 2021, were ¥2,824,715,870.33, an increase from ¥2,664,853,939.24 at the end of 2020, showing a growth of about 6%[124]. - Total liabilities as of June 30, 2021, were ¥708,911,506.61, compared to ¥572,920,555.43 at the end of 2020, representing an increase of approximately 23.7%[124]. Research and Development - The company invested ¥33,436,800 in R&D during the reporting period, accounting for 4.34% of its revenue[36]. - The company has accumulated 13 invention patents, 130 utility model patents, and 53 design patents as of the reporting period[30]. - The company has a robust R&D framework, continuously investing in innovation and talent to maintain its leading position in technology development[29]. - The company plans to invest $20 million in research and development for new technologies in the upcoming fiscal year[60]. - Research and development expenses increased to ¥28,194,171.70 in the first half of 2021, up from ¥18,307,405.04 in the same period of 2020, representing a 54.2% increase[130]. Market and Competitive Position - The linear drive industry is experiencing growth, with increasing demand in smart home, smart office, automotive components, and medical devices sectors[26]. - The company has established a strong competitive advantage through its customized, high-quality, and high-performance linear drive control systems[29]. - The electric tailgate market is expected to grow as consumer demand for smart features increases, with domestic companies poised to enhance localization and cost-effectiveness[27]. - The company maintains a direct sales model, focusing on market analysis, product positioning, and customer development through various outreach methods[25]. - The company has a strong presence in mature markets like Europe and North America, while also targeting emerging markets in Asia and South America for future growth[26]. Strategic Initiatives - The company plans to expand its applications beyond existing industries, actively exploring new market opportunities[28]. - The company has implemented a vertical integration production strategy, allowing for better control over component supply and product quality[31]. - A strategic acquisition was completed, enhancing the company's technology capabilities and expected to generate $30 million in annual savings[59]. - The company has established a production base in Vietnam to mitigate the impact of US-China trade tensions on its operations[54]. Shareholder and Governance - The controlling shareholders have pledged to maintain a lock-up period of 36 months for their shares post-IPO[67]. - The company guarantees that the prospectus for the public offering does not contain false records or misleading statements, with a commitment to repurchase shares if such issues are identified[76]. - The actual controllers and senior management have pledged to ensure the accuracy and completeness of the prospectus, taking legal responsibility for any misleading information[78][79]. - Shareholders holding more than 5% of shares have committed to not reducing their holdings by more than 30% within two years after the lock-up period[84]. - The company has no significant litigation or arbitration matters during the reporting period[86]. Environmental and Social Responsibility - The company has passed ISO 14001 certification and regularly evaluates and tests environmental factors[63]. - There were no administrative penalties due to environmental issues during the reporting period[63]. - The company has committed to not engaging in any business that competes with its main operations, both domestically and internationally[72]. - The company invested CNY 542,000 to add three sets of exhaust gas treatment facilities, improving air quality in the workshop[63]. Financial Reporting and Accounting - The company adheres to the accounting standards set by the Ministry of Finance, ensuring the financial statements reflect its financial position accurately[157]. - The company confirms that there are no significant doubts regarding its ability to continue as a going concern for the next 12 months[155]. - The company’s financial statements are prepared based on the principle of continuous operation, reflecting actual transactions and events[154]. - The company recognizes expected credit losses based on the risk of default, with the loss amount being the present value of the difference between all contractual cash flows and expected cash flows[174]. - The company uses a weighted average method for inventory valuation at month-end[185].

Financial Performance - Operating income rose by 52.26% to CNY 353,990,898.99 year-on-year[5] - Net profit attributable to shareholders increased by 28.00% to CNY 36,136,316.54 compared to the same period last year[5] - Net cash flow from operating activities surged by 53.75% to CNY 57,031,215.06 year-on-year[5] - Basic earnings per share decreased by 4.00% to CNY 0.72 compared to the previous year[5] - The weighted average return on equity decreased by 2.02 percentage points to 1.82%[5] - Total revenue for Q1 2021 reached ¥353,990,898.99, a significant increase of 52.3% compared to ¥232,485,141.03 in Q1 2020[21] - The net profit for Q1 2021 reached CNY 36,136,316.54, up 28.0% from CNY 28,230,858.94 in the same period last year[22] - The total comprehensive income for Q1 2021 was CNY 36,911,659.01, compared to CNY 28,140,498.38 in Q1 2020, marking a 31.5% increase[23] - The company recorded a profit before tax of CNY 44,089,885.63, an increase of 20.5% from CNY 36,520,454.23 in Q1 2020[22] Assets and Liabilities - Total assets increased by 4.91% to CNY 2,714,301,252.41 compared to the end of the previous year[5] - Total assets reached ¥2,714,301,252.41, up from ¥2,587,192,098.33, indicating overall growth[16] - Non-current assets totaled ¥687,327,753.84, an increase from ¥610,759,497.82, reflecting ongoing investments[16] - Total liabilities increased to ¥646,730,302.85 in Q1 2021, compared to ¥572,920,555.43 in Q4 2020[20] - Shareholders' equity rose to ¥2,144,128,735.17 in Q1 2021, up from ¥2,091,933,383.81 in Q4 2020[21] Cash Flow - Cash inflows from operating activities amounted to CNY 478,964,302.80, up 57.0% from CNY 305,002,631.58 in Q1 2020[28] - The cash outflows from operating activities totaled CNY 421,933,087.74, which is a 57.3% increase from CNY 267,907,960.61 in Q1 2020[28] - The net cash flow from operating activities for Q1 2021 was ¥60,692,318.57, an increase of 46.5% compared to ¥41,392,796.30 in Q1 2020[31] - Cash inflow from operating activities totaled ¥398,900,301.26, up from ¥265,890,322.69 in the same period last year, representing a growth of 49.9%[31] - The net cash flow from investing activities was -¥77,456,108.02, a significant decrease from ¥232,034,811.92 in Q1 2020[31] - Cash outflow for investment activities reached ¥442,135,727.70, compared to ¥25,633,009.47 in Q1 2020, indicating a substantial increase in investment spending[31] - The net cash flow from financing activities was -¥198,619,966.67, compared to -¥194,802.20 in Q1 2020, showing a slight increase in cash outflow[32] - The total cash and cash equivalents at the end of Q1 2021 were ¥496,353,982.65, down from ¥185,612,746.86 at the end of Q1 2020[32] Shareholder Information - The total number of shareholders reached 7,416 at the end of the reporting period[10] - The largest shareholder, Changzhou Kaizhong Investment Co., Ltd., holds 44.55% of the shares[10] Research and Development - Research and development expenses rose by 41.75% to ¥14,606,739.25 due to an increase in R&D personnel and materials[13] - R&D expenses for Q1 2021 were ¥14,606,739.25, an increase of 42.2% from ¥10,304,865.37 in Q1 2020[21] - Research and development expenses increased to CNY 12,506,566.94, a rise of 45.6% from CNY 8,601,659.41 in Q1 2020, reflecting the company's commitment to innovation[25] Inventory and Receivables - Accounts receivable financing increased by 26.91% to ¥101,903,330.11 due to an increase in bank acceptance[12] - Prepayments surged by 181.14% to ¥26,139,358.20 primarily due to increased advance payments for goods[12] - Inventory rose by 26.22% to ¥337,205,731.05 as a result of increased main business activities[12] - Inventory levels increased to ¥229,402,595.56 in Q1 2021, compared to ¥176,080,313.16 in Q4 2020, indicating a 30.2% rise[19] Investment Income - Investment income increased by 144.29% to ¥4,679,619.68, attributed to higher bank wealth management returns[13] - The company reported an investment income of ¥4,679,619.68 for Q1 2021, compared to ¥1,915,581.78 in Q1 2020[21] - The cash inflow from investment income was ¥4,679,619.68, compared to ¥1,915,581.78 in the previous year, reflecting a growth of 144.5%[31]

Financial Performance - The company reported a total distributable profit of RMB 612,703,834.84 as of the end of the reporting period[5]. - A cash dividend of RMB 10.26 per 10 shares (including tax) is proposed, totaling RMB 51,805,202.40 for all shareholders[5]. - The cash dividend payout ratio for the year is 30.03%[5]. - The company's operating revenue for 2020 was approximately ¥1.27 billion, representing a year-over-year increase of 4.12% compared to ¥1.22 billion in 2019[22]. - The net profit attributable to shareholders decreased by 20.07% to approximately ¥172.52 million in 2020 from ¥215.85 million in 2019[22]. - Basic earnings per share fell by 31.60% to ¥3.94 in 2020, down from ¥5.76 in 2019[23]. - The weighted average return on equity decreased significantly by 22.44 percentage points to 12.83% in 2020 from 35.27% in 2019[23]. - The company's total assets increased by 85.94% to approximately ¥2.59 billion at the end of 2020, compared to ¥1.39 billion at the end of 2019[22]. - Cash flow from operating activities saw a drastic decline of 65.89%, dropping to approximately ¥57.94 million in 2020 from ¥169.87 million in 2019[22]. - The company reported a significant increase in net assets attributable to shareholders, rising by 173.20% to approximately ¥1.97 billion at the end of 2020[22]. Corporate Governance - The company guarantees the authenticity, accuracy, and completeness of the annual report[7]. - There are no violations of decision-making procedures regarding external guarantees[7]. - The company has a standard unqualified audit report from Tianjian Accounting Firm[4]. - The company has implemented a comprehensive profit distribution decision-making process, ensuring that independent directors fulfill their responsibilities and that shareholder opinions are considered[87]. - The company has committed to stabilizing its stock price by initiating buybacks if the closing price falls below the audited net asset value per share for 20 consecutive trading days[95]. - The company has a structured approach to managing accounts receivable, but potential risks may arise if collection measures are ineffective or if clients face adverse business conditions[84]. - The company has established a robust internal control system to protect shareholder rights and ensure compliance with legal regulations[135]. - The company has not reported any significant internal control deficiencies during the reporting period[180]. Research and Development - The company continues to focus on the development and production of linear drive systems, with no changes in its main business or products during the reporting period[32]. - The company has maintained its commitment to R&D in various applications, including smart home, smart office, medical care, and automotive components[32]. - Research and development expenses amounted to CNY 55,495,935.04, representing 4.36% of operating revenue[45]. - The company plans to increase its R&D investment to improve product development efficiency and technical competitiveness, focusing on the development of more linear drive system products[78]. Market Position and Strategy - The company has a significant presence in the smart home industry, ranking among the top players alongside established brands like Okin and Linak[34]. - The linear drive industry is experiencing growth, with increasing demand in smart home, smart office, automotive parts, and medical device sectors[33]. - The company is focusing on market expansion and product development, particularly in the smart home and automotive sectors, to enhance customer engagement and product offerings[45]. - The company has established long-term partnerships with major clients, enhancing its competitive strength and customer loyalty[41]. - The company operates on a made-to-order production model, responding quickly to customer demands and customizing products according to specifications[32]. Risks and Challenges - The report includes a risk statement regarding forward-looking statements due to uncertainties[6]. - The company recognizes the risk of insufficient downstream market demand, particularly in sectors like smart home and automotive manufacturing, which could affect growth if economic conditions worsen[80]. - The company faces risks from increasing labor costs, which could impact profitability if the trend continues[83]. - The company acknowledges the potential impact of raw material price fluctuations on production costs, which could negatively affect operating performance[83]. Shareholder Information - The company has committed to not exceeding 30% of the total shares held at the time of IPO for any share reduction within two years after the lock-up period[110]. - The company has a commitment from its major shareholders to not transfer or manage their shares for 36 months post-IPO, ensuring stability in shareholding[93]. - The largest shareholder, Changzhou Kaizhong Investment Co., Ltd., holds 22,500,000 shares, accounting for 45.00% of the total shares[149]. - The second-largest shareholder, Zhou Shucheng, holds 11,000,000 shares, representing 22.00% of the total shares[149]. Social Responsibility - The company has committed to donating CNY 400,000 annually to the Changzhou Wujin District Charity Association since 2019, and contributed CNY 150,000 for pandemic prevention efforts in 2020[135]. - The company has actively participated in social responsibility initiatives, focusing on employee welfare and community support during the COVID-19 pandemic[131]. Employee Information - The company employed a total of 2,622 staff, with 1,884 in production, 147 in sales, 339 in technical roles, 19 in finance, and 233 in administration[171]. - The company has established a comprehensive training system to enhance employee skills and performance, linking training participation to performance evaluations[176]. - The total remuneration paid to directors, supervisors, and senior management for the year 2020 amounted to 4.7654 million yuan[168]. Legal Matters - The company has not faced any significant lawsuits or arbitration matters reported for the year[116]. - The company has recognized a provision for expected liabilities totaling CNY 1.4793 million related to a patent infringement case with LINAK A/S, which includes compensation for damages and litigation costs[129]. - The company has faced a patent infringement lawsuit from Limoss US, LLC, which has been suspended pending a review of the patent's validity[130].

2020 年第三季度报告 公司代码：605288 公司简称：凯迪股份 常州市凯迪电器股份有限公司 2020 年第三季度报告 1 / 27 | 目录 | | --- | | 一、 | 重要提示 | 3 | | --- | --- | --- | | 二、 | 公司基本情况 | 3 | | 三、 | 重要事项 | 7 | | 四、 | 附录 | 9 | 2020 年第三季度报告 一、 重要提示 二、 公司基本情况 2.1 主要财务数据 | | | | | | 单位：元 币种：人民币 | | | --- | --- | --- | --- | --- | --- | --- | | | 本报告期末 | | 上年度末 | | 本报告期末比上年 | | | | | | | | 度末增减(%) | | | 总资产 | 2,317,472,257.05 | | 1,391,426,634.42 | | | 66.55 | | 归属于上市公司股东的净 | 1,900,757,184.79 | | 720,781,856.31 | | | 163.71 | | 资产 | | | | | | | | | 年初至报告期末 | | ...

Financial Performance - The company's operating revenue for the first half of 2020 was ¥485,165,157.67, a decrease of 15.18% compared to ¥572,024,291.96 in the same period last year[20]. - The net profit attributable to shareholders for the reporting period was ¥68,184,326.36, down 33.72% from ¥102,866,505.08 in the previous year[20]. - The net cash flow from operating activities decreased by 36.59%, amounting to ¥31,736,577.95 compared to ¥50,053,651.96 in the same period last year[20]. - Basic earnings per share decreased by 33.58% to ¥1.82 from ¥2.74 in the same period last year[21]. - The weighted average return on net assets decreased by 9.48 percentage points to 9.03% from 18.51% in the previous year[21]. - The gross profit margin decreased by 4.74 percentage points year-on-year, primarily due to reduced capacity utilization and the ramp-up period of the smart home business segment[37]. - The net profit attributable to shareholders, after deducting non-recurring gains and losses, was CNY 64.59 million, down 30.24% year-on-year[37]. - The total profit for the first half of 2020 was approximately ¥109.06 million, a decrease of 18.8% from ¥134.27 million in the same period of 2019[120]. Assets and Liabilities - The total assets increased by 60.42% to ¥2,232,184,480.31 from ¥1,391,426,634.42 at the end of the previous year[20]. - The company's total assets increased to CNY 2.23 billion as of June 30, 2020, compared to the end of the previous year[37]. - The company's current assets reached RMB 1,732,863,242.16, up from RMB 928,127,423.85 in the previous year, indicating a growth of approximately 86.5%[106]. - The total liabilities decreased to RMB 368,511,417.05 from RMB 670,644,778.11, reflecting a reduction of about 45%[108]. - The total equity attributable to shareholders increased to RMB 1,863,673,063.26, compared to RMB 720,781,856.31 at the end of 2019, representing a growth of approximately 158.5%[108]. - The company's cash and cash equivalents increased to ¥609,144,787.55, representing 27.29% of total assets, up 59.37% from the previous year[43]. - Trading financial assets rose significantly to ¥680,240,000.00, accounting for 30.47% of total assets, a 580.24% increase year-over-year[43]. - The total liabilities have been managed effectively, maintaining a healthy balance sheet alongside the growth in equity[134]. Research and Development - Research and development expenses amounted to CNY 21.56 million, representing 4.44% of operating revenue, highlighting the company's commitment to R&D[38]. - The company has a total of 11 invention patents, 97 utility model patents, and 42 design patents, showcasing its strong R&D capabilities[30]. - Research and development expenses for the first half of 2020 were CNY 21,559,760.24, down 28.5% from CNY 30,121,338.13 in the first half of 2019[116]. - The company has established a comprehensive R&D innovation platform to enhance its technological capabilities and maintain a competitive edge in the industry[30]. Market and Business Strategy - The company’s main business focuses on the research, production, and sales of linear drive system products, categorized into smart home, smart office, medical care, and electric tailgate drive systems[25]. - The linear drive industry is experiencing growth, with increasing demand in smart home, smart office, automotive parts, and medical device sectors, particularly in emerging markets like Asia and South America[27]. - The company employs a sales model based on direct sales, with a focus on long-term partnerships and framework agreements with major clients[27]. - The company has adopted a vertical integration strategy for key component production, enhancing control over product quality and reducing production costs[32]. - The company emphasizes a flexible production line to quickly respond to diverse customer demands and strict delivery timelines[32]. - The company is actively expanding its market presence and enhancing product offerings, particularly in the smart home and automotive sectors[37]. Risks and Challenges - The company faced various risks as detailed in the "Discussion and Analysis of Operating Conditions" section of the report[6]. - The company faces risks related to technological innovation, as it relies on continuous R&D investment to maintain its competitive edge in the linear drive system market[51]. - The company is exposed to risks from insufficient downstream market demand, particularly in the smart home, smart office, medical device, and automotive sectors, which are influenced by overall economic conditions[53]. - The company faces intensified competition in the linear drive industry, with established multinational companies holding strong technological advantages and market presence, necessitating continuous investment in R&D and product development to maintain market share[55]. - Recent trade tensions have led to the imposition of a 25% tariff on approximately $500 billion worth of goods exported from China to the US, impacting the company's export operations[56]. Shareholder and Governance - The company did not propose any profit distribution or capital reserve increase for the first half of 2020, indicating a focus on reinvestment or cash management strategies[61][62]. - The company held two shareholder meetings in 2020, addressing key resolutions including the election of supervisors and approval of financial reports, all of which were passed unanimously[60]. - The company’s actual controllers and major shareholders have committed to a 36-month lock-up period for their shares post-IPO, with extensions possible under certain conditions[65]. - The company commits to initiate stock price stabilization measures if the closing price falls below the audited net asset value per share for 20 consecutive trading days within three years post-listing[67]. - The controlling shareholder promises to increase shareholding if the stock price stabilization conditions are met, following the approved plan by the shareholders' meeting[68]. Legal and Compliance - There are no significant lawsuits or arbitration matters during the reporting period[83]. - The company has not made any changes to its accounting policies or estimates that would affect its financial statements[87]. - The company passed ISO14001 certification and complies with environmental protection laws without any violations or penalties[86]. - The company guarantees that the prospectus for the IPO does not contain false statements or omissions, with a commitment to repurchase shares if such issues arise[73]. Financial Reporting and Accounting - The company’s financial statements are prepared based on the going concern principle, indicating no significant doubts about its ability to continue operations[142]. - The company adheres to the enterprise accounting standards, ensuring the financial statements reflect a true and complete picture of its financial status[144]. - Financial assets are classified into three categories: (1) measured at amortized cost; (2) measured at fair value with changes recognized in other comprehensive income; (3) measured at fair value with changes recognized in profit or loss[154]. - The company recognizes expected credit losses based on the weighted average of credit losses for financial instruments, reflecting the risk of default[162].