Financial Performance - The company achieved a total revenue of CNY 2,447,839,838.63 in 2021, representing a year-on-year increase of 59.86%[25]. - The net profit attributable to shareholders was CNY -1,056,223.78, a decline of 101.42% compared to the previous year[25]. - The net profit after deducting non-recurring gains and losses was CNY -2,462,082.58, down 103.74% year-on-year[25]. - The total assets at the end of 2021 reached CNY 2,924,346,684.37, an increase of 51.55% from the previous year[25]. - The net assets attributable to shareholders decreased by 3.77% to CNY 751,385,290.35 at the end of 2021[25]. - The company reported a negative cash flow from operating activities of CNY -208,977,337.47, a decline of 359.18% compared to the previous year[25]. - The basic earnings per share for 2021 was CNY -0.003, down from CNY 0.20 in 2020[25]. - The company achieved a total revenue of CNY 2,447,839,838.63 in 2021, representing a year-on-year growth of 59.86%[47]. - The company's total assets reached CNY 292,434.67 million by the end of 2021, an increase of 51.55% compared to the previous year[47]. - The net profit attributable to shareholders was CNY -105.62 million, a decline of 101.42% year-on-year[47]. Audit and Compliance - The company has received a standard unqualified audit report from Lixin Certified Public Accountants[5]. - The company’s financial report is guaranteed to be true, accurate, and complete by its management[5]. - The company has engaged Lixin Certified Public Accountants for auditing services[21]. - The internal control audit for 2021 was conducted by Lixin Accounting Firm, confirming effective financial reporting controls with a standard unqualified opinion[133]. - The audit report confirms that the financial statements fairly reflect the company's financial position and operating results for the year ended December 31, 2021[184]. Market and Industry Trends - The automotive wiring harness industry is expected to benefit from the shift towards electric vehicles, with projections indicating that by 2025, around 20% of new car sales will be electric[40]. - The company is focusing on new materials and technologies, with plans to promote aluminum wire in high-voltage harnesses and advance low-voltage harness product validation for mass production in 2022[40]. - The company is actively pursuing smart manufacturing and has optimized its high-voltage harness production line, achieving full automation and improved efficiency[37]. - New energy vehicle production and sales surged by 169.5% and 167.5%, totaling 3.359 million and 3.334 million units respectively, indicating a strong market demand[40]. - The company has established stable partnerships with major automotive manufacturers, including Volkswagen, Daimler, and Ford, enhancing its brand influence in the automotive wiring harness sector[43]. Research and Development - The company increased its R&D personnel and investment significantly to enhance competitiveness and meet customer demands for new models[27]. - Research and development expenses increased by 54.24% to CNY 122,743,184.30, driven by the hiring of additional R&D personnel for new projects[49]. - The company has invested in a significant number of R&D personnel to enhance its capabilities in the automotive high and low voltage harness sector[66]. - The total R&D expenditure for the period was ¥122,743,184.30, accounting for 5.01% of operating revenue[64]. - The company has 456 R&D personnel, representing 8.85% of the total workforce[65]. Governance and Management - The company ensures the independence of its assets, personnel, finance, organization, and business from its controlling shareholders[104]. - The board of directors is elected according to legal procedures, and the composition meets regulatory requirements[103]. - The company has established a performance evaluation and incentive mechanism for directors, supervisors, and senior management[103]. - The company maintains a transparent voting process for shareholders, ensuring equal rights for all investors[102]. - The company has a diverse management team with varying backgrounds and experiences in different sectors[107]. Risks and Challenges - The company is exposed to raw material price fluctuations, particularly copper, which is subject to market demand and economic cycles; strategies are in place to mitigate these risks through pricing adjustments[95]. - The company faces risks related to declining product prices as automotive manufacturers may demand lower prices over time; competitive advantages in quality and cost control are being leveraged to maintain customer relationships[96]. - Ongoing challenges from the COVID-19 pandemic and semiconductor shortages are impacting the automotive industry, necessitating proactive measures to ensure operational continuity and supply chain resilience[98]. - The rapid pace of technological updates in the automotive industry poses risks in new product development, requiring close collaboration with clients and adherence to stringent certification processes[97]. Shareholder and Capital Structure - The largest shareholder, Cheng Sanrong, holds 262,000,000 shares, representing 65.34% of the total shares[172]. - The second-largest shareholder, Jin Chengcheng, holds 65,500,000 shares, accounting for 16.33% of the total shares[172]. - The top five customers contributed CNY 193,258.25 million in sales, accounting for 78.95% of total annual sales[62]. - The company has committed to not transferring shares for 36 months post-IPO by major shareholders and board members, ensuring stability in ownership[140]. - The company has not experienced any changes in control during the reporting period[175]. Environmental and Social Responsibility - The company implemented a rooftop photovoltaic power generation project with a capacity of 2.79 MW, generating approximately 2.8 million kWh annually to reduce carbon emissions[136]. - The company strictly adhered to environmental protection standards, with all emission indicators meeting national requirements in 2021[136]. - The company has a comprehensive employee welfare system, providing social security benefits including pension, medical, and housing funds[137]. Future Outlook - The company plans to initiate a non-public stock issuance to enhance production capacity and technology upgrades, aiming to reduce costs and improve efficiency[88]. - The company aims to expand its market share in high and low voltage wiring harnesses while optimizing its product and customer structure[89]. - Future outlook includes continued investment in technology and potential acquisitions to drive growth[200].

Financial Performance - The company's operating revenue for Q1 2022 was ¥750,158,873.36, representing an increase of 84.46% compared to the same period last year[5]. - The net profit attributable to shareholders was ¥7,051,353.02, showing a slight decrease of 1.98% year-on-year[5]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥5,008,271.56, down by 21.04% compared to the previous year[5]. - Total operating revenue for Q1 2022 was $750.16 million, a significant increase from $406.67 million in Q1 2021, representing an 84.4% growth[32]. - Net profit for Q1 2022 was $7.05 million, slightly down from $7.19 million in Q1 2021, indicating a decrease of 2.0%[34]. - The total profit for Q1 2022 was $7.01 million, down from $7.99 million in Q1 2021, a decrease of 12.4%[34]. - The basic earnings per share for Q1 2022 remained stable at $0.02, unchanged from Q1 2021[34]. Assets and Liabilities - The total assets at the end of the reporting period were ¥3,075,649,760.67, an increase of 5.17% from the end of the previous year[8]. - As of March 31, 2022, total assets reached RMB 3,075,649,760.67, an increase from RMB 2,924,346,684.37 at the end of 2021, reflecting a growth of approximately 5.2%[26]. - Total liabilities amounted to RMB 2,317,304,214.44, up from RMB 2,172,961,394.02, indicating an increase of about 6.6%[28]. - The company's equity attributable to shareholders reached RMB 758,345,546.23, up from RMB 751,385,290.35, indicating a growth of about 0.9%[28]. - The company's total liabilities to total assets ratio was approximately 75.4% as of March 31, 2022, compared to 74.4% at the end of 2021[28]. Cash Flow - The company reported a net cash flow from operating activities of -¥3,886,890.80, indicating a negative cash flow situation[5]. - Cash flow from operating activities in Q1 2022 was negative at -$3.89 million, an improvement from -$95.57 million in Q1 2021[38]. - Total cash inflow from operating activities in Q1 2022 was $668.67 million, compared to $310.07 million in Q1 2021, an increase of 115.5%[38]. - Net cash flow from investing activities was -137,609,917.75, a decrease of 46,716,726.95 compared to the previous period[39]. - Cash inflow from financing activities totaled 265,000,000.00, an increase of 125,056,003.57 compared to the previous period[39]. - The net increase in cash and cash equivalents was 7,595,384.28, contrasting with a decrease of 17,302,797.05 in the previous period[39]. - The ending balance of cash and cash equivalents reached 44,811,607.44, up from 16,051,104.35 in the previous period[39]. Expenses - The company's management expenses rose by 48.64% as a result of the need to recruit mid-to-senior level management personnel[11]. - Research and development expenses rose to $32.02 million in Q1 2022, up from $27.43 million in Q1 2021, marking an increase of 16.5%[32]. - Total operating costs in Q1 2022 were $746.77 million, compared to $401.21 million in Q1 2021, reflecting an increase of 85.9%[32]. Other Financial Metrics - The weighted average return on equity was 0.93%, which increased by 0.01 percentage points[5]. - The company recorded non-recurring gains of ¥2,043,081.46, primarily from government subsidies and other income[9]. - Other comprehensive income after tax for Q1 2022 was -$91.10 million, slightly better than -$96.55 million in Q1 2021[34]. - The company experienced a significant increase in accounts receivable financing, up by 310.41% due to unendorsed bank acceptance bills[11]. - Accounts receivable increased to RMB 1,136,560,256.49 from RMB 1,108,635,125.47, showing a rise of about 2.5%[23]. - Short-term borrowings rose to RMB 773,059,713.40, compared to RMB 660,997,747.85, reflecting an increase of approximately 16.9%[26]. - The company's current assets totaled RMB 1,951,389,902.17, compared to RMB 1,898,367,687.43 as of December 31, 2021, representing a growth of approximately 2.8%[23]. - Cash and cash equivalents were reported at RMB 233,047,128.64, an increase from RMB 221,279,579.91 year-over-year[23]. - The company reported a decrease in inventory to RMB 403,740,827.69 from RMB 410,222,454.37, indicating a decline of about 1.2%[23]. - The non-current assets totaled RMB 1,124,259,858.50, an increase from RMB 1,025,978,996.94, reflecting a growth of approximately 9.6%[26].

Financial Performance - The company's revenue for Q3 2021 was CNY 655,821,780.80, representing a 62.55% increase compared to the same period last year[5]. - The net profit attributable to shareholders was CNY 19,230,371.87, a decrease of 7.01% year-over-year[5]. - The net profit after deducting non-recurring gains and losses was CNY 17,196,194.31, down 9.53% from the previous year[5]. - Net profit for the third quarter of 2021 was ¥45,352,350.02, compared to ¥43,827,865.21 in the previous year, reflecting a growth of 3.5%[23]. - The total equity attributable to shareholders reached ¥799,197,303.59, an increase of 2.7% from ¥780,816,331.71 in the previous year[20]. Assets and Liabilities - The total assets at the end of the reporting period were CNY 2,547,546,326.64, an increase of 32.02% compared to the end of the previous year[7]. - Total assets reached ¥2,547,546,326.64, compared to ¥1,929,604,919.96 at the end of 2020, marking an increase of approximately 32%[19]. - Current liabilities increased to ¥1,360,792,729.89 from ¥863,762,041.09, representing a growth of about 57.5%[19]. - The company reported a significant increase in short-term borrowings, which rose to ¥424,559,153.43 from ¥305,090,259.64[19]. - The company's total liabilities increased to ¥1,748,349,023.05, up 52.3% from ¥1,148,788,588.25 year-over-year[20]. Cash Flow - The company's cash flow from operating activities showed a net outflow of CNY 43,682,424.97, a significant decline of 126.32% year-over-year[5]. - Cash inflow from operating activities totaled CNY 1,441,331,906.33, a significant increase from CNY 985,650,589.27 in the same period last year, representing a growth of approximately 46.2%[25]. - Net cash outflow from operating activities was CNY -43,682,424.97, compared to a positive cash flow of CNY 165,937,535.76 in the previous year[25]. - Total operating cash outflow was CNY 1,485,014,331.30, compared to CNY 819,713,053.51 in the previous year, marking an increase of about 81%[25]. - The ending cash and cash equivalents balance was CNY 17,668,667.05, down from CNY 92,415,119.81 at the end of the previous year, indicating a decrease of approximately 80.9%[27]. Operating Costs and Expenses - The company reported a 72.19% increase in operating costs, primarily due to rising raw material prices and labor costs[9]. - Research and development expenses rose by 74.65%, reflecting increased staffing and material costs for new projects[9]. - Total operating costs for the same period were ¥1,600,534,081.16, up 69.3% from ¥945,720,051.22 in 2020[22]. - Research and development expenses for the first three quarters were ¥81,336,232.04, up 74.5% from ¥46,570,284.54 in 2020[22]. Shareholder Information - Total number of common shareholders at the end of the reporting period is 13,331, an increase from 10 previously[14]. - The largest shareholder, Cheng Sanrong, holds 262,000,000 shares, representing 65.34% of total shares[14]. Market and Future Outlook - The company's gross revenue growth was driven by increased production and new project launches, recovering from the impact of the pandemic in the previous year[9]. - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[22]. - The company has not indicated any new product or technology developments in the current reporting period[16].

Financial Performance - The company's operating revenue for the first half of 2021 reached ¥984,602,609.95, representing a 70.18% increase compared to ¥578,570,904.48 in the same period last year[20]. - The net profit attributable to shareholders of the listed company was ¥26,121,978.15, up 12.85% from ¥23,147,365.18 in the previous year[20]. - The net profit after deducting non-recurring gains and losses was ¥21,926,168.14, reflecting an 18.38% increase from ¥18,521,389.91 in the same period last year[20]. - The basic earnings per share for the first half of 2021 remained at ¥0.06, unchanged from the same period last year[21]. - The weighted average return on net assets decreased to 3.19%, down by 1.03 percentage points from 4.22% in the previous year[21]. - The company reported a total comprehensive income of ¥43,699,542.47 for the first half of 2021, compared to ¥24,511,359.62 in the previous year, marking an increase of around 78.5%[104]. - The total profit for the first half of 2021 was ¥49,133,643.40, compared to ¥28,280,371.20 in the same period of 2020, representing an increase of approximately 73.7%[104]. Cash Flow and Liquidity - The net cash flow from operating activities was negative at -¥47,797,106.18, a significant decrease compared to ¥58,608,568.31 in the previous year, marking a decline of 181.55%[20]. - The company's operating cash flow for the first half of 2021 was negative at -47,797,106.18 RMB, compared to a positive cash flow of 58,608,568.31 RMB in the same period of 2020, indicating a significant decline[107]. - Cash outflow for purchasing goods and services increased to 608,662,547.16 RMB from 397,436,685.06 RMB, reflecting a rise of about 53.0% year-over-year[107]. - The net cash flow from investing activities was -77,673,881.09 RMB, worsening from -68,653,451.43 RMB in the previous year, indicating increased investment expenditures[108]. - Cash inflow from financing activities was 245,300,000.00 RMB, down from 277,608,449.37 RMB in the first half of 2020, a decrease of approximately 11.6%[108]. Assets and Liabilities - The total assets of the company at the end of the reporting period were ¥2,377,486,135.49, which is a 23.21% increase from ¥1,929,604,919.96 at the end of the previous year[20]. - Total liabilities reached CNY 1,597,469,799.48, up from CNY 1,148,788,588.25, which is an increase of approximately 39.1%[93]. - Accounts receivable rose by 38.66% to ¥850,571,837.94, reflecting the increase in operating revenue[38]. - Inventory increased by 57.90% to ¥384,976,240.14, driven by the need to ensure normal deliveries and support new project ramp-ups[38]. - Short-term borrowings increased by 32.34% to ¥403,764,957.59, primarily due to new short-term loans taken during the reporting period[38]. Research and Development - Research and development expenses surged by 85.33% to ¥51,972,856.25, driven by increased staffing for new projects and higher material costs[36]. - The company is focused on continuous product development and technology upgrades to meet the evolving demands of the automotive industry[50]. - The application of aluminum wire in new product development has entered the trial production and product qualification testing phase[34]. - The company has developed a fully automated production line for high-voltage wiring harnesses, which is the first of its kind globally[32]. Market Position and Strategy - The company has established stable partnerships with major automotive manufacturers, including Volkswagen, Daimler, and General Motors[28]. - The company is actively expanding its business in high-voltage wiring harnesses for new energy vehicles, securing multiple project contracts[34]. - The company is strategically positioning itself in the new energy high-voltage harness business to mitigate risks associated with automotive industry cycles[46]. - The company is actively expanding its customer base, including partnerships with Ideal Automotive, Changan Ford, Jaguar Land Rover, and Daimler Benz[47]. Shareholder and Governance - The actual controller and shareholders have committed to a 36-month lock-up period for their shares following the company's listing[61]. - The company has established a long-term commitment to avoid engaging in competitive activities with its controlling shareholders and related parties[66]. - The controlling shareholder commits to stabilize the company's stock price by increasing shareholdings if the stock price falls below the net asset value per share for 10 consecutive trading days after the share repurchase plan is completed[73]. - The company has not proposed any profit distribution or capital reserve transfer plans for the reporting period[54]. Compliance and Legal Matters - The company has not engaged in any non-operating fund occupation by controlling shareholders or related parties during the reporting period[77]. - The company has not received any penalties or corrective actions related to legal violations during the reporting period[78]. - The financial report complies with the accounting standards issued by the Ministry of Finance, accurately reflecting the company's financial position as of June 30, 2021[134]. Accounting Policies and Financial Instruments - The financial statements are prepared based on the going concern principle, ensuring the company's ability to continue operations for the next 12 months[130][132]. - The company recognizes revenue when control of goods or services is transferred to the customer, indicating a clear performance obligation fulfillment[199]. - Financial liabilities are classified at initial recognition as either fair value through profit or loss or amortized cost[148]. - The company measures expected credit losses for receivables and contract assets at the amount equivalent to the expected credit losses over the entire duration of the financial instrument[155].

Financial Performance - Operating revenue rose by 75.66% to CNY 406,668,748.15 year-on-year[10] - Net profit attributable to shareholders increased by 59.20% to CNY 7,193,591.70 compared to the same period last year[10] - Operating revenue increased by 75.66% to ¥406,668,748.15 compared to ¥231,509,799.38 in the previous year, primarily due to the impact of the pandemic last year[17] - The company reported a net profit of ¥227,517,916.88, compared to ¥220,722,508.24 in the previous period, indicating a slight increase[31] - Total operating revenue for Q1 2021 was RMB 406,668,748.15, a 75.8% increase from RMB 231,509,799.38 in Q1 2020[33] - Net profit for Q1 2021 reached RMB 7,193,591.70, compared to RMB 4,518,492.14 in Q1 2020, representing a 59.0% increase[35] - The company reported a net profit margin of approximately 1.77% for Q1 2021, compared to 1.95% in Q1 2020[35] - The total profit for Q1 2021 was RMB 7,992,879.67, up from RMB 4,671,157.06 in Q1 2020, indicating a 70.5% increase[33] Cash Flow - Net cash flow from operating activities decreased significantly by 746.34% to -CNY 95,573,556.73 compared to the previous year[10] - Net cash flow from operating activities decreased by 746.34% to -¥95,573,556.73, mainly due to increased payments for raw materials[22] - The net cash outflow from operating activities was ¥95.57 million in Q1 2021, compared to a net outflow of ¥11.29 million in Q1 2020, indicating a significant increase in cash outflow[42] - The cash inflow from operating activities totaled ¥318.15 million in Q1 2021, up from ¥283.62 million in Q1 2020, marking an increase of about 12.16%[44] - The cash outflow for purchasing goods and services was ¥298.84 million in Q1 2021, compared to ¥240.12 million in Q1 2020, representing an increase of approximately 24.36%[44] - The cash outflow for employee compensation was ¥38.20 million in Q1 2021, significantly higher than ¥23.97 million in Q1 2020, indicating a rise of about 59.49%[44] - The cash outflow for taxes paid was ¥3.10 million in Q1 2021, a decrease from ¥5.88 million in Q1 2020, reflecting a reduction of approximately 47.00%[44] - The cash outflow for other operating activities was ¥56.51 million in Q1 2021, compared to ¥7.97 million in Q1 2020, indicating a significant increase of approximately 608.73%[44] Assets and Liabilities - Total assets increased by 12.14% to CNY 2,163,790,036.50 compared to the end of the previous year[10] - Inventory increased by 41.29% to CNY 344,471,872.46 due to rising raw material prices and increased reserves[16] - Total assets reached ¥2,170,439,943.23 as of March 31, 2021, up from ¥1,922,416,850.37 at the end of 2020, representing a growth of approximately 12.93%[30] - Current assets totaled ¥1,251,825,821.24, an increase of 18.43% from ¥1,056,414,431.89 in the previous period[30] - Total liabilities reached ¥1,381,736,364.47, an increase of 21.14% from ¥1,140,508,680.25[31] - Current liabilities amounted to ¥1,037,262,926.22, up 21.23% from ¥855,957,036.12[31] - Long-term borrowings increased to ¥315,073,888.89, a rise of 24.06% from ¥254,000,000.00[31] - Shareholders' equity totaled ¥788,703,578.76, up from ¥781,908,170.12, reflecting a growth of 0.99%[31] Research and Development - R&D expenses surged by 120.61% to ¥27,430,730.14, driven by the need for additional personnel for new projects[17] - Research and development expenses in Q1 2021 were RMB 27,430,730.14, significantly higher than RMB 12,434,077.51 in Q1 2020, indicating a 120.5% increase[33] Other Income and Expenses - Other income increased to ¥3,671,558.29, primarily due to a tax refund received during the reporting period[20] - Tax and additional fees rose by 93.96% to ¥1,514,112.08, correlating with the increase in operating revenue[17] - The company incurred a credit impairment loss of RMB -132,764.82 in Q1 2021, a significant improvement from RMB 490,032.48 in Q1 2020[33]

Financial Performance - The company's operating revenue for 2020 was ¥1,531,196,096.32, a decrease of 6.16% compared to ¥1,631,793,203.99 in 2019[22] - The net profit attributable to shareholders for 2020 was ¥74,228,173.16, down 26.77% from ¥101,358,089.91 in 2019[22] - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥65,874,903.04, a decrease of 28.80% compared to ¥92,520,274.48 in 2019[22] - Basic earnings per share decreased by 28.57% to CNY 0.20 in 2020 compared to CNY 0.28 in 2019[24] - The company's net profit attributable to shareholders decreased significantly due to the impact of COVID-19, with total sales falling short of expectations[24] - The weighted average return on equity dropped by 8.33 percentage points to 11.76% in 2020 from 20.09% in 2019[24] - Total revenue for Q4 2020 reached CNY 549.16 million, with a net profit attributable to shareholders of CNY 30.40 million[26] - The gross margin for the automotive parts segment decreased by 1.78 percentage points to 15.06%[56] - Revenue from wire harness and automotive parts sales for 2020 reached RMB 153,119.61 million, which is a significant performance indicator for the company[181] Cash Flow and Assets - The net cash flow from operating activities increased significantly to ¥80,631,520.84, up 381.86% from ¥16,733,423.82 in 2019[22] - Total assets at the end of 2020 reached ¥1,929,604,919.96, reflecting a growth of 16.91% from ¥1,650,538,077.57 in 2019[22] - The net assets attributable to shareholders at the end of 2020 were ¥780,816,331.71, an increase of 45.26% from ¥537,528,997.08 at the end of 2019[22] - The company reported a significant increase in cash and cash equivalents, with cash and cash equivalents at RMB 72,699,454.88, down from RMB 97,191,943.00, indicating a decrease of about 25.1%[192] - Accounts receivable rose to ¥613,428,948.82, representing 31.79% of total assets, an increase of 34.86% from the previous period[72] - Total liabilities amounted to RMB 1,148,788,588.25, slightly up from RMB 1,113,009,080.49, indicating a growth of approximately 3.2%[192] Research and Development - The company is focusing on R&D for new materials and technologies, particularly in replacing copper wires with aluminum for automotive lightweighting[49] - The company plans to increase R&D efforts for high-speed data cables in response to the growing applications of smart connectivity and 5G technology[49] - Research and development expenses for 2020 were RMB 79,577,918.67, an increase of 6.88% from RMB 74,658,832.51 in 2019[197] Market and Industry Trends - The automotive wiring harness market is expected to grow due to the increasing demand for electric vehicles, with a target of 20% of new car sales being electric by 2025[36] - The automotive wiring harness industry is expected to see growth driven by electrification and intelligent technology trends[88] - The company is actively pursuing digital transformation in smart manufacturing, with a focus on enhancing supply chain efficiency through industrial internet initiatives[48] Corporate Governance and Shareholder Matters - The company has committed to a 36-month lock-up period for major shareholders, prohibiting them from transferring or entrusting their shares prior to the IPO[1] - Major shareholders will not engage in any business activities that compete with the company's current operations during their control period[5] - The company has established commitments to ensure that any future business expansions will not lead to competition with existing operations[11] - The company has outlined a plan to stabilize its stock price through commitments from major shareholders[13] - The company has not disclosed any major related party transactions during the reporting period[125] Operational Efficiency and Automation - The company is actively pursuing automation and information technology integration to improve production efficiency and product quality[35] - The company launched a fully automated high-voltage wiring harness production line, which is the world's first of its kind, enhancing production efficiency and standardization[41] - The MES system was fully upgraded to enable real-time data collection for production and quality, enhancing management transparency and product quality[48] Partnerships and Market Expansion - The company established stable partnerships with multiple new energy vehicle manufacturers, expanding its market share in high-voltage wiring harnesses[41] - The company is focusing on the development of high-voltage wiring harnesses for new energy vehicles, aiming to enhance market share and customer loyalty[36] - The company plans to continue expanding its market share in the high-end vehicle segment and actively explore the new energy vehicle market[91] Risk Management - The company has disclosed potential risks in its future development in the report[9] - The company is facing risks from raw material price fluctuations, particularly copper, which is subject to significant market volatility[96] - The company has implemented measures to counteract the risk of product price declines associated with the automotive lifecycle[97]

Financial Performance - Operating revenue for the first nine months was ¥982,037,123.10, a decrease of 15.89% compared to the same period last year[9] - Net profit attributable to shareholders of the listed company was ¥43,827,865.21, down 24.12% year-on-year[9] - Basic earnings per share decreased by 31.25% to ¥0.11 compared to the same period last year[9] - The company reported a net profit of $192,974,517.56 for the first nine months of 2020, compared to $149,194,220.11 in the same period last year, indicating a growth of approximately 29.4%[27] - Total operating revenue for Q3 2020 was CNY 403.47 million, a decrease of 10.4% compared to CNY 450.11 million in Q3 2019[30] - Net profit for Q3 2020 was CNY 20.68 million, a decline of 22.9% from CNY 26.76 million in Q3 2019[31] - The total profit for Q3 2020 was CNY 24.25 million, a decrease of 23.6% from CNY 31.76 million in Q3 2019[31] - The total operating profit for the first three quarters of 2020 was approximately ¥51.36 million, a decrease of 22.8% from ¥66.54 million in the same period of 2019[34] Cash Flow - The net cash flow from operating activities for the first nine months was ¥165,937,535.76, compared to a negative cash flow of ¥31,953,245.83 in the same period last year[9] - Net cash flow from operating activities improved significantly to ¥165,937,535.76 from -¥31,953,245.83, driven by better collection management and reduced employee compensation and taxes due to the pandemic[15] - The cash flow from operating activities in the first three quarters of 2020 was approximately ¥165.94 million, a significant improvement compared to a negative cash flow of ¥31.95 million in the same period of 2019[39] - In Q3 2020, the company reported a net cash flow from operating activities of ¥74,538,384.28, a significant improvement compared to a net outflow of -¥35,571,610.10 in the same period of 2019[42] - The company reported a total operating cash inflow of ¥961,764,316.26, compared to ¥921,571,091.17 in the same period last year, showing growth in operational efficiency[42] Assets and Liabilities - Total assets at the end of the reporting period reached ¥1,739,308,009.92, an increase of 5.38% compared to the previous year-end[9] - Total current assets amounted to ¥958,655,855.36, slightly up from ¥939,020,242.70 in the previous year[18] - The total liabilities decreased to $988,187,698.44 from $1,113,009,080.49, a reduction of about 11.2%[22] - Current liabilities decreased to $763,059,617.55 from $977,703,435.03, a reduction of approximately 22%[22] - Long-term borrowings rose by 94.71% to ¥195,000,000.00 from ¥100,149,722.22, due to the addition of new long-term loans of ¥95,000,000.00[13] - The company’s total liabilities increased, with debt repayment cash outflow reaching ¥678,302,500.00, compared to ¥297,985,300.00 in Q3 2019, indicating a focus on debt management[42] Shareholder Information - Net assets attributable to shareholders of the listed company increased by 39.74% to ¥751,120,311.48 compared to the previous year-end[9] - The total number of shareholders at the end of the reporting period was 19,419[11] - The largest shareholder, Cheng Sanrong, holds 65.34% of the shares, totaling 262,000,000 shares[11] - The company's equity attributable to shareholders rose to $751,120,311.48, up from $537,528,997.08, marking an increase of approximately 39.5%[22] Other Financial Metrics - Government subsidies recognized during the reporting period amounted to ¥1,977,590.07, contributing to the overall financial performance[9] - Other income increased by 91.13% to ¥14,169,146.09 from ¥7,413,374.42, mainly due to increased tax refunds for welfare enterprises and new epidemic prevention subsidies[15] - The company reported a credit impairment loss of CNY -306,141.36 in Q3 2020, compared to a gain of CNY 461,974.87 in Q3 2019[31] - Research and development expenses for Q3 2020 amounted to CNY 18.53 million, an increase of 8.9% compared to CNY 17.00 million in Q3 2019[30] - The company executed a reclassification of contract assets in accordance with new revenue recognition standards during the reporting period[13]

Financial Performance - The company's operating revenue for the first half of 2020 was approximately ¥578.57 million, a decrease of 19.36% compared to ¥717.47 million in the same period last year[18]. - The net profit attributable to shareholders of the listed company was ¥23.15 million, down 25.32% from ¥30.99 million in the previous year[18]. - Basic earnings per share for the first half of 2020 were ¥0.06, a decrease of 33.33% compared to ¥0.09 in the same period last year[18]. - The weighted average return on net assets was 4.22%, down 2.21 percentage points from 6.43% in the previous year[18]. - The total comprehensive income for the first half of 2020 was CNY 23,149,087.73, down from CNY 31,066,401.18 in the same period of 2019[119]. - The total profit for the first half of 2020 was CNY 28,280,371.20, a decrease of 27.2% from CNY 38,930,228.72 in the same period of 2019[123]. Cash Flow and Liquidity - The net cash flow from operating activities was ¥58.61 million, a significant increase compared to a negative cash flow of ¥24.48 million in the same period last year, representing a 339.43% change[18]. - Cash inflow from financing activities totaled RMB 243,255,514.44, compared to RMB 276,400,000.00 in the same period last year[131]. - The ending cash and cash equivalents balance was RMB 15,414,219.22, down from RMB 100,568,190.53 at the end of the previous period[131]. - The net cash flow from operating activities was RMB 60,604,834.82, a significant improvement compared to a net outflow of RMB -23,664,313.05 in the same period last year[128]. - Cash outflow for purchasing goods and services decreased to RMB 468,318,631.67 from RMB 502,394,082.44, indicating improved cost management[128]. Assets and Liabilities - The total assets at the end of the reporting period were approximately ¥1.66 billion, showing a slight increase of 0.78% from ¥1.65 billion at the end of the previous year[18]. - The net assets attributable to shareholders of the listed company increased by 4.33% to approximately ¥560.81 million from ¥537.53 million at the end of the previous year[18]. - Total liabilities decreased to CNY 1,102,625,987.79 from CNY 1,113,009,080.49, a reduction of about 0.94%[108]. - Current liabilities decreased to CNY 941,048,810.28 from CNY 977,703,435.03, a reduction of approximately 3.75%[106]. - Accounts payable decreased to CNY 238,091,368.33 from CNY 297,757,609.69, reflecting a decline of approximately 20.00%[106]. Research and Development - R&D expenses have increased over the past three years, amounting to CNY 52.32 million, CNY 61.28 million, and CNY 74.66 million, representing 3.74%, 4.06%, and 4.58% of total revenue respectively[29]. - The company is actively pursuing lightweight aluminum harness research and development to enhance customer loyalty and market share[26]. - The company reported a decrease in research and development expenses to CNY 28,043,917.29, down from CNY 35,484,056.53 in the previous year[116]. Market Position and Strategy - The company focuses on the research, production, and sales of automotive high and low voltage wire harnesses, with major products categorized into complete harnesses, engine harnesses, and other harnesses[25]. - The company aims to become an international leading automotive wire harness supplier by integrating smart manufacturing and automation technologies[26]. - The automotive wire harness industry is experiencing steady growth driven by the increasing electronicization and intelligence of vehicles, with a focus on new energy vehicles and lightweight products[26]. - The company has established stable partnerships with renowned automotive manufacturers such as Volkswagen Group, Daimler, General Motors, Audi, Ford, and Li Auto[25]. Risks and Challenges - The company faces risks from high customer concentration, with the top five customers accounting for approximately 80% of sales revenue[51]. - The automotive industry is subject to cyclical fluctuations, which may adversely affect the company's operations if economic conditions worsen[50]. - The company is exposed to risks from raw material price volatility, particularly for copper, which is a key component in its products[51]. - New product development involves complex certification processes with customers, and any design errors or delays in development could pose technical risks[53]. Shareholder and Governance - The company has committed to not distributing profits or increasing capital reserves in the first half of 2020, indicating a focus on reinvestment rather than shareholder returns[58]. - Shareholders have made commitments regarding share lock-up periods, with a 36-month lock-up for major shareholders and a 12-month lock-up for certain other shareholders following the company's IPO[61]. - The company will ensure that any related-party transactions are conducted at market prices to avoid harming the interests of minority shareholders[70]. - The major shareholder has pledged to avoid unnecessary related-party transactions and ensure their necessity and fairness[70]. Financial Reporting and Compliance - The company adopted new revenue recognition standards effective January 1, 2020, impacting financial reporting[86]. - The financial statements are prepared based on the going concern principle[149]. - The company has not faced any penalties or corrective actions from regulatory bodies during the reporting period[79]. - The company has not disclosed any major related party transactions during the reporting period[82].