证券代码：688033 证券简称：天宜上佳 公告编号：2023-016 北京天宜上佳高新材料股份有限公司 关于召开 2022 年度暨 2023 年第一季度业绩暨 现金分红说明会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： 会议召开时间：2023 年 05 月 19 日(星期五)下午 14:00-15:00 会议召开地点：上海证券交易所上证路演中心（网址： http://roadshow.sseinfo.com/） 投资者可于 2023 年 05 月 12 日(星期五)至 05 月 18 日(星期 四)16:00前登录上证路演中心网站首页点击"提问预征集"栏目或通过 公司邮箱tysj@bjtysj.com进行提问。公司将在说明会上对投资者普遍 关注的问题进行回答。 北京天宜上佳高新材料股份有限公司（以下简称"公司"）已于 2023 年 4 月 29 日发布《北京天宜上佳高新材料股份有限公司 2022 年年度报告》《2022 年年度利润分配预案公告》及《北京天宜上佳高 新材料股份有限公司 2023 年 ...

Financial Performance - The company's operating revenue for 2022 was approximately ¥987.12 million, representing a 47.05% increase compared to ¥671.26 million in 2021[20]. - The net profit attributable to shareholders for 2022 was approximately ¥179.16 million, a slight increase of 2.40% from ¥174.97 million in 2021[20]. - The net profit after deducting non-recurring gains and losses was approximately ¥137.52 million, which is a decrease of 17.64% compared to ¥166.97 million in 2021[20]. - The net cash flow from operating activities for 2022 was approximately -¥35.03 million, a significant decline of 333.30% from ¥15.02 million in 2021[20]. - The total assets at the end of 2022 were approximately ¥6.86 billion, reflecting a 105.48% increase from ¥3.34 billion at the end of 2021[20]. - The net assets attributable to shareholders at the end of 2022 were approximately ¥5.11 billion, an increase of 97.64% from ¥2.59 billion at the end of 2021[20]. - The company's basic earnings per share for 2022 was CNY 0.37, a decrease of 5.13% compared to CNY 0.39 in 2021[40]. - The company's diluted earnings per share for 2022 remained at CNY 0.37, consistent with the basic earnings per share[40]. - The company's net profit attributable to shareholders for Q4 2022 was CNY 55,274,979.07, showing a significant increase from Q3 2022's CNY 51,609,742.90[42]. Research and Development - Research and development expenses accounted for 9.55% of operating revenue in 2022, down from 10.34% in 2021, indicating a decrease of 0.79 percentage points[40]. - The company is focused on expanding its market presence and enhancing its product offerings through ongoing research and development initiatives[40]. - The company has 29 ongoing R&D projects, with 12 projects completed during the reporting period[130]. - The company achieved significant breakthroughs in resin formulations, including mid-temperature epoxy systems and high-temperature epoxy systems, enhancing product performance and reducing development costs[123]. - The company’s R&D team consists of 3 PhD graduates, 27 master's graduates, and 96 undergraduates, indicating a strong educational background[131]. Market Expansion and Strategy - The company is actively pursuing market expansion in high-end composite materials for aerospace applications, with a focus on integrating structural and functional requirements[116]. - The company aims to increase its market share in the aerospace and automotive sectors by leveraging its technological advantages and experience[91]. - The company is focusing on quality strategies following the acquisition of Xinyiyang, enhancing product quality and operational strength in the quartz crucible sector[94]. - The company is committed to expanding its market presence in the carbon-carbon composite materials sector, driven by the growing demand for lightweight materials in the automotive industry[89]. - The company has established partnerships with 15 automotive manufacturers for carbon-ceramic brake disc projects, securing key production projects with leading new energy vehicle companies[96]. Acquisitions and Investments - The company acquired Ruhe Technology and Xinyiyang, which significantly contributed to the increase in operating revenue[145]. - The company successfully completed the acquisition of Beijing Changding Technology Co., Ltd. for ¥131,525,737.17, holding a 100% stake[182]. - The acquisition of Xinyiyang was finalized for ¥270,000,000.00, with the company holding a 90% stake[182]. - The company is actively investing in new production lines and facilities, which has led to an increase in fixed assets to ¥1,713,544,579.07, representing 24.99% of total assets, up 88.42% from the previous period[179]. Industry Trends - In 2022, China's solar power installed capacity reached 393 million kilowatts, representing a year-on-year growth of 28.1%[109]. - The sales of new energy vehicles in China surged to 6.884 million units in 2022, marking a year-on-year growth of 93.4%[104]. - The market share of new energy vehicles in China reached 25.6% in 2022, up by 12.1 percentage points from the previous year[104]. - The global photovoltaic new installed capacity reached 240 GW in 2022, with expectations to reach 600 GW by 2025[102]. - The domestic carbon fiber industry is expected to continue growing, with domestic usage surpassing imports for the first time, reaching 60.5% of total demand in 2022, a 53.8% increase from 2021[116]. Operational Challenges - The operating cost increased by 89.96% to CNY 485.68 million from CNY 255.67 million, leading to a significant impact on profitability[140]. - The net cash flow from operating activities decreased by 333.3% year-on-year, mainly due to increased cash payments for raw material procurement, personnel salaries, and taxes across all business segments[52]. - The gross margin for the photovoltaic heat field system components decreased by 8.31 percentage points to 51.87% compared to the previous year[144]. - The direct material costs for photovoltaic new energy systems increased by 295.1% year-on-year, indicating significant growth in this segment[171].

Financial Performance - The company's operating revenue for Q1 2023 reached ¥311,121,465.34, representing a year-on-year increase of 79.45%[2] - Net profit attributable to shareholders was ¥45,289,643.51, an increase of 32.16% compared to the same period last year[2] - The net cash flow from operating activities was ¥22,970,376.54, showing a significant increase of 119.27% year-on-year[2] - The total operating revenue for Q1 2023 was CNY 311,121,465.34, representing an increase of 79.5% compared to CNY 173,374,008.80 in Q1 2022[17] - The net profit for Q1 2023 was CNY 51,273,944.37, which is a 44.5% increase from CNY 35,488,548.94 in Q1 2022[19] - The company's equity attributable to shareholders was CNY 5,160,081,802.70 in Q1 2023, compared to CNY 5,112,435,606.69 in Q1 2022, reflecting a growth of 0.9%[16] Assets and Liabilities - Total assets at the end of Q1 2023 amounted to ¥6,917,116,448.22, reflecting a 0.88% increase from the end of the previous year[3] - The company's total assets as of Q1 2023 amounted to CNY 6,917,116,448.22, compared to CNY 6,856,575,026.44 at the end of Q1 2022, reflecting a growth of 0.9%[16] - The total liabilities for Q1 2023 were CNY 1,691,217,535.43, slightly up from CNY 1,684,350,116.53 in Q1 2022, showing an increase of 0.4%[16] Cash Flow - The company's cash and cash equivalents amounted to approximately RMB 1.72 billion, a decrease from RMB 2.07 billion at the end of 2022, representing a decline of about 17%[14] - The company's cash and cash equivalents at the end of Q1 2023 stood at CNY 1,713,125,289.58, compared to CNY 588,104,998.40 at the end of Q1 2022, showing a substantial increase of about 191%[22] - The company experienced a net decrease in cash and cash equivalents of CNY -359,573,578.89 in Q1 2023, compared to a decrease of CNY -27,518,893.84 in Q1 2022[22] Research and Development - R&D investment totaled ¥22,387,940.18, which is a 51.25% increase compared to the same period last year[2] - R&D expenditure accounted for 7.20% of operating revenue, a decrease of 1.34 percentage points year-on-year[2] - The R&D expenses for Q1 2023 were CNY 22,387,940.18, which is a 51.1% increase from CNY 14,801,976.64 in Q1 2022[18] Production and Operations - The growth in operating revenue was primarily driven by the photovoltaic thermal field component business segment[4] - The annualized production capacity of carbon-carbon composite materials has reached 3,500 tons, with plans to increase to 5,500 tons by the end of 2023 following the installation of the fourth-generation deposition equipment[10] - The company has expanded its quartz crucible production lines from 4 to a planned 8 lines, with an annual design capacity of 86,000 units, and is constructing 20 additional lines in Jiangyou, aiming for an annual capacity of 216,000 units[12] Quality and Supply Chain - The acquisition of Xinyiyang High-tech Materials Co., Ltd. has enhanced the company's management team and operational capabilities, leading to improved product quality and customer satisfaction in quartz crucibles[11] - The company has implemented a quality strategy focusing on enhancing product quality and consistency, including the automation of existing production lines for quartz crucibles[11] - The company has signed strategic cooperation agreements with major suppliers in the quartz sand industry to ensure a stable supply of raw materials[11] Inventory and Receivables - The company's accounts receivable as of March 31, 2023, stood at approximately RMB 936.81 million, slightly down from RMB 949.56 million at the end of 2022[14] - The inventory level increased to approximately RMB 320.42 million as of March 31, 2023, compared to RMB 294.04 million at the end of 2022, indicating a rise of about 9%[14] - The company experienced a significant increase in customer receivables, contributing to the rise in cash flow from operations[4]

Financial Performance - The company's operating revenue for Q3 2022 was CNY 253,484,253.89, representing a year-on-year increase of 66.29%[6] - The net profit attributable to shareholders for the same period was CNY 51,609,742.90, up 17.76% compared to the previous year[6] - The basic earnings per share for Q3 2022 was CNY 0.11, a 10.00% increase compared to the same period last year[6] - Net profit for the first three quarters of 2022 was ¥132,162,737.95, up from ¥100,278,530.05 in 2021, reflecting a growth of approximately 31.8%[18] - The company reported a basic earnings per share of ¥0.28 for the first three quarters of 2022, compared to ¥0.22 in the same period of 2021, indicating an increase of approximately 27.3%[19] Assets and Liabilities - The total assets at the end of the reporting period reached CNY 6,473,530,426.87, a 94.00% increase from the end of the previous year[7] - The total equity attributable to shareholders at the end of the reporting period was CNY 5,021,457,808.61, a 94.12% increase from the previous year[7] - The company's total liabilities amounted to ¥1,399,324,873.88, while total equity was ¥5,074,205,552.99, resulting in a debt-to-equity ratio of approximately 27.5%[16] - The total liabilities and equity combined reached ¥6,473,530,426.87, up from ¥3,336,855,380.89 in the previous year, showing a growth of about 94.3%[16] Cash Flow - The net cash flow from operating activities for the year-to-date was CNY -136,137,610.35, a decline of 470.98% compared to the previous year[6] - In the first three quarters of 2022, the cash inflow from operating activities was approximately $399.41 million, a decrease of 2.84% compared to $409.58 million in the same period of 2021[22] - The net cash outflow from operating activities in 2022 was approximately -$136.14 million, contrasting with a positive cash flow of $36.70 million in 2021[22] - The cash inflow from investment activities was approximately $1.97 million in 2022, significantly lower than $54.09 million in 2021[22] - The net cash outflow from investment activities in 2022 was approximately -$589.07 million, compared to -$468.33 million in 2021, indicating increased investment expenditures[22] - The cash inflow from financing activities reached approximately $2.99 billion in 2022, a substantial increase from $220 million in 2021[23] - The net cash flow from financing activities was approximately $2.67 billion in 2022, compared to $182.02 million in 2021, reflecting strong financing efforts[23] - The total cash and cash equivalents at the end of 2022 amounted to approximately $2.56 billion, up from $916.47 million at the end of 2021[23] - The company experienced a net increase in cash and cash equivalents of approximately $1.94 billion in 2022, contrasting with a decrease of -$249.62 million in 2021[23] Research and Development - Research and development expenses for the quarter amounted to CNY 22,729,583.59, reflecting a 59.77% increase year-on-year[7] - Research and development expenses for the first three quarters of 2022 were ¥59,775,825.52, compared to ¥48,495,487.11 in 2021, marking an increase of about 23.5%[17] Investments and Growth Initiatives - The company successfully raised a net amount of RMB 2,296,586,846.24 from the issuance of 111,438,808 shares to specific investors, which will support future growth initiatives[12] - The company plans to expand its market presence and invest in new product development to drive future growth[20] - The company has completed the expansion of its railway product certification at its Fangshan production base, enabling it to produce high-speed train brake pads[11] - The company’s subsidiary, Beijing Tianren Daohe New Materials Co., Ltd., has obtained qualifications to produce military products, enhancing its market capabilities[11] Employee and Tax Expenses - The company reported a significant increase in cash paid to employees, totaling approximately $147.24 million in 2022, compared to $98.15 million in 2021, indicating a focus on workforce investment[22] - The cash paid for taxes in 2022 was approximately $62.61 million, an increase from $45.81 million in 2021, reflecting higher tax obligations[22]

Financial Performance - The company reported a total revenue of 500 million RMB for the first half of 2022, representing a year-on-year increase of 20%[17] - The net profit attributable to shareholders was 100 million RMB, up 15% compared to the same period last year[17] - Future guidance indicates a revenue target of 1.2 billion RMB for the full year 2022, reflecting a growth rate of 15%[17] - The company's operating revenue for the first half of the year reached ¥402,873,855.42, representing an 80.62% increase compared to ¥223,051,297.35 in the same period last year[23] - Net profit attributable to shareholders was ¥72,277,944.45, up 28.14% from ¥56,403,843.07 year-on-year[23] - The net profit after deducting non-recurring gains and losses was ¥69,636,317.17, reflecting a 28.85% increase from ¥54,044,635.02 in the previous year[23] - The company achieved a revenue of 402.87 million RMB in the first half of 2022, representing an increase of 80.62% year-over-year[79] - Net profit attributable to shareholders was 72.28 million RMB, up 28.14% compared to the previous year[79] User Growth and Market Expansion - User data showed an increase in active users by 30%, reaching a total of 1 million users[17] - The company plans to expand its market presence in Southeast Asia, targeting a 25% market share by the end of 2023[17] - The company aims to expand its market presence in various sectors, including new energy, aerospace, and automotive, while continuing to focus on the rail transportation industry[29] - The company is expanding its market presence in high-speed rail and carbon-based composite materials, focusing on high-value-added markets[73] Research and Development - The company has allocated 50 million RMB for R&D in new technologies for the upcoming fiscal year[17] - Research and development expenses accounted for 9.20% of operating revenue, a decrease of 6.16 percentage points compared to the previous year, with R&D spending amounting to ¥37,046,200, an 8.11% increase year-on-year[23] - The company invested 37.11 million RMB in R&D, accounting for 9.26% of total revenue, and obtained 61 new patents during the reporting period, a 35.67% increase year-over-year[73] - The number of R&D personnel increased to 139, a growth of 33.65% compared to the previous year, with R&D staff making up 12.47% of the total workforce[72] - The company holds 255 authorized patents, including 61 invention patents, and has seen an increase in R&D investment to approximately ¥37 million, representing an 8.11% increase year-over-year[58] Product Development and Innovation - New product development includes a high-performance material expected to launch in Q4 2022, projected to increase revenue by 10%[17] - The company is focused on developing high-performance carbon-ceramic brake discs for new energy vehicles, commercial vehicles, and special vehicles, targeting major manufacturers and system suppliers[41] - The company has developed the third-generation upgraded product TS399B for powder metallurgy brake pads, which has nearly doubled the average lifespan of the brake pads and has passed CRCC certification[49] - The company has achieved significant breakthroughs in carbon-carbon composite materials, enhancing product purity and production efficiency while reducing energy consumption[50] - The company has developed a new structure preform for brake discs using simulation analysis, optimizing traditional manufacturing processes[53] Operational Efficiency and Cost Management - The company has implemented new strategies to improve operational efficiency, aiming for a 5% reduction in operational costs by mid-2023[17] - The management team emphasized the importance of maintaining operational efficiency, aiming for a 5% reduction in costs over the next year[155] Risks and Challenges - The management highlighted risks related to supply chain disruptions and inflationary pressures impacting costs[17] - The company faces risks related to accounts receivable management and potential declines in gross margin due to increased competition[90] - The net cash flow from operating activities decreased by 140.51%, amounting to -¥25,546,325.34, primarily due to increased material costs in the carbon-based composite materials segment[23] Environmental and Social Responsibility - The company has established a comprehensive environmental protection management system and has been certified under ISO 14001 since 2011[129] - The company has implemented measures to reduce carbon emissions, including installing solar panels and charging stations for electric vehicles[132] - The company has invested CNY 200,000 in poverty alleviation efforts, focusing on industrial development and crop straw management in a supported village[133] - The company has completed environmental impact assessments and received necessary approvals for its projects[128] Corporate Governance and Compliance - The company has committed to ensuring the accuracy and completeness of the A-share issuance prospectus for 2022, taking legal responsibility for any misrepresentation[170] - There are no significant lawsuits or arbitration matters during the reporting period[170] - The company has not engaged in any significant related party transactions during the reporting period[170] - The company has committed to fulfilling its obligations regarding the return measures as per regulatory requirements[170] Strategic Acquisitions and Investments - The company is exploring potential mergers and acquisitions to enhance its product portfolio and market reach[17] - The company plans to acquire 100% equity of Tianli Xintao by purchasing a 10% stake from a minority shareholder for 6 million yuan, which has been fully paid[172]

Financial Performance - The company's operating revenue for Q1 2022 reached ¥173,374,008.80, representing a year-on-year increase of 130.38%[5] - Net profit attributable to shareholders was ¥34,268,815.34, reflecting a significant growth of 233.75% compared to the same period last year[5] - The net profit after deducting non-recurring gains and losses was ¥32,157,362.76, an increase of 248.41% year-on-year[5] - The basic earnings per share (EPS) was ¥0.08, marking a 300.00% increase from the previous year[5] - Total operating revenue for Q1 2022 reached ¥173,374,008.80, a significant increase of 130.5% compared to ¥75,256,165.48 in Q1 2021[29] - Total operating costs for Q1 2022 were ¥129,045,294.99, up 101.0% from ¥64,007,450.70 in Q1 2021[29] - The company reported a net profit of RMB 766.80 million for the first quarter of 2022, compared to RMB 732.53 million in the same period of 2021, reflecting an increase of approximately 4.7%[26] - The company’s total profit for Q1 2022 was ¥42,931,895.52, compared to ¥12,296,159.09 in Q1 2021, marking an increase of 249.5%[29] - The total comprehensive income for Q1 2022 was ¥35,488,548.94, significantly higher than ¥8,836,656.88 in Q1 2021[31] Research and Development - The total R&D investment amounted to ¥14,801,976.64, which is a decrease of 5.58% compared to the previous year[5] - The proportion of R&D investment to operating revenue was 8.54%, down by 12.29 percentage points year-on-year[5] - Research and development expenses for Q1 2022 were ¥14,801,976.64, slightly down from ¥15,676,797.18 in Q1 2021[29] Cash Flow and Liquidity - The net cash flow from operating activities was ¥10,475,883.54, showing a decline of 86.87% compared to the previous year[5] - The company reported a net cash inflow from operating activities of ¥161,670,502.76 in Q1 2022, down from ¥181,566,912.40 in Q1 2021[33] - Operating cash inflow totaled $171,546,599.68, compared to $198,020,836.90 in the previous period, reflecting a decrease of approximately 13.4%[37] - Operating cash outflow amounted to $161,070,716.14, an increase from $118,208,441.76, representing a rise of about 36.2%[37] - Net cash flow from operating activities was $10,475,883.54, down significantly from $79,812,395.14, indicating a decline of approximately 86.9%[37] - Cash inflow from investment activities was $234,379.40, while cash outflow reached $254,027,126.35, resulting in a net cash flow of -$254,027,126.35[37] - Cash inflow from financing activities was $220,360,000.00, a substantial increase from $10,000,000.00 in the previous period[37] - Net cash flow from financing activities was $216,032,348.97, compared to $9,733,194.45 previously, showing a significant increase[39] - The ending cash and cash equivalents balance was $588,104,998.40, down from $1,196,120,563.96, reflecting a decrease of approximately 50.9%[39] Assets and Liabilities - Total assets increased by 12.61% to ¥3,757,679,512.76 from the end of the previous year[7] - The company's total assets amounted to approximately RMB 3.76 billion, an increase from RMB 3.34 billion as of December 31, 2021, representing a growth of about 12.6%[26] - The total liabilities of the company reached RMB 1.08 billion, up from RMB 692.69 million, which is an increase of approximately 55.7%[26] - Shareholders' equity attributable to shareholders rose by 1.77% to ¥2,632,412,780.25 compared to the end of the previous year[7] - The company's equity attributable to shareholders increased to RMB 2.63 billion from RMB 2.59 billion, showing a growth of about 1.3%[26] Business Operations and Strategy - The company experienced significant growth in its carbon-based composite materials business, driving the overall revenue increase[10] - The company has ongoing investments in new technologies and products, although specific details were not disclosed in the provided content[26] - The company is exploring market expansion opportunities, but no specific strategies or targets were mentioned in the available data[26] - There were no significant mergers or acquisitions reported during the period, and the company is focusing on organic growth strategies[26] Expenses - The company’s management expenses increased to ¥31,255,398.33 in Q1 2022 from ¥23,668,573.40 in Q1 2021, indicating a rise of 32.5%[29] - The company paid $50,466,988.60 in employee compensation, an increase from $42,083,787.54, indicating a rise of about 10.4%[37] - The company incurred tax payments of $5,578,510.83, down from $24,130,206.15, representing a decrease of approximately 76.8%[37]

Financial Performance - In 2021, the company's operating income reached ¥671,259,223.33, a year-on-year increase of 61.68%[26]. - The net profit attributable to shareholders was ¥174,968,502.86, reflecting a growth of 53.05% compared to the previous year[29]. - The net profit after deducting non-recurring gains and losses was ¥166,972,726.48, up 44.28% year-on-year[29]. - Basic and diluted earnings per share increased by 56.00% to ¥0.39, while the earnings per share after deducting non-recurring gains and losses rose by 42.31% to ¥0.37[29]. - The company's total assets grew by 28.73% to ¥3,336,855,380.89 at the end of 2021[26]. - The company's operating revenue of 671.26 million RMB, an increase of 61.68% year-on-year[40]. - The net profit attributable to shareholders was 174.97 million RMB, up 53.05% year-on-year, while the net profit after deducting non-recurring gains and losses was 166.97 million RMB, an increase of 44.28%[40]. - Operating costs increased by 139.59% to CNY 255.67 million, primarily due to higher sales and costs associated with the acquisition of Ruihe Technology[170]. - The gross profit margin for the main business decreased to 61.86%, down 12.43 percentage points from the previous year[174]. Research and Development - The company invested CNY 69.3751 million in R&D, accounting for 10.34% of its operating revenue, and expanded its R&D team to 126 personnel, a 70.27% increase from the end of 2020[51]. - The company has established a simulation platform to enhance product process capabilities and first-time pass rates, significantly improving its competitive edge[148]. - The company has achieved significant breakthroughs in carbon-carbon composite materials, optimizing production processes and improving product stability[115]. - The company has completed the development of a braking friction pair for passenger vehicles, achieving compliance with SAEJ2522 and SAEJ2521 testing standards, and has obtained CCC certification[10]. - The company has successfully developed a new brake pad for 400 km/h high-speed trains, which is expected to cater to the growing demand in the high-speed rail sector[129]. - The company has achieved a 20% increase in the lifespan of brake pads for 350 km/h standard trains through structural optimization, meeting the latest TJ/CL307-2019 standards[16]. Market and Industry Trends - The company is expanding its market presence in new materials technology innovation, particularly in the fields of large transportation and new energy[56]. - The domestic market for train brake pads was previously dominated by imports, but domestic companies have successfully developed powder metallurgy brake pads, achieving significant import substitution[73]. - The carbon-based composite materials segment is engaged in the development and production of products for photovoltaic thermal fields and high-end equipment, with sales achieved in this area[58]. - The company is positioned to benefit from the rapid growth in carbon fiber usage in aerospace and automotive sectors due to domestic defense upgrades and the popularity of new energy vehicles[105]. - The domestic market for carbon-ceramic brake discs is expected to expand significantly due to the increasing demand from high-end passenger vehicles and commercial vehicles[104]. Corporate Governance and Compliance - The company has received a standard unqualified audit report from Zhongzheng Zhonghuan Accounting Firm[6]. - The company has confirmed that all board members attended the board meeting[6]. - The company has not reported any instances where more than half of the directors could not guarantee the authenticity, accuracy, and completeness of the annual report[11]. - The company has not violated any decision-making procedures regarding external guarantees[11]. - The company has not disclosed any special arrangements for corporate governance[8]. Strategic Initiatives - The company has initiated the construction of a second-phase project in the Jiangyou Industrial Park to enhance its overall business integration and competitiveness[46]. - The company has established strategic partnerships with top domestic carbon fiber manufacturers to ensure a stable supply of raw materials[44]. - The company has signed a strategic cooperation agreement with Beiqi Foton Motor Co., Ltd. to jointly develop core components for commercial and special vehicles[45]. - The company is actively recruiting talent for new business segments, addressing potential risks of talent loss[165]. Risks and Challenges - The company faces risks related to accounts receivable management, which could impact cash flow and financial stability[161]. - The company is exposed to macroeconomic risks that could affect its operating scale and profitability, particularly in the rail transit and photovoltaic markets[163]. - The company’s cash flow from operating activities was impacted by increased material costs due to business expansion in carbon-based composite materials[173].

Financial Performance - The company's revenue for Q3 2021 was ¥152,438,290.82, representing a year-over-year increase of 61.64%[5] - Net profit attributable to shareholders for Q3 2021 was ¥43,825,854.23, up 74.09% compared to the same period last year[5] - The net profit excluding non-recurring gains and losses for Q3 2021 was ¥42,875,819.94, reflecting a 70.17% increase year-over-year[5] - The basic earnings per share for Q3 2021 was ¥0.10, an increase of 66.67% from the previous year[5] - Total revenue for the first three quarters of 2021 reached ¥375,489,588.17, a significant increase of 58.8% compared to ¥236,610,026.62 in the same period of 2020[34] - The net profit for the current period reached ¥100,278,530.05, a significant increase of 66% compared to ¥60,426,832.51 in the previous period[39] - Operating profit increased to ¥120,240,248.09, up from ¥79,469,967.92, reflecting a growth of approximately 51%[39] - Total comprehensive income for the period was ¥100,278,530.05, compared to ¥60,426,832.51, reflecting a growth of approximately 66%[39] Assets and Liabilities - The total assets at the end of Q3 2021 amounted to ¥3,074,270,269.23, an 18.60% increase from the end of the previous year[8] - Total assets amounted to ¥3,074,270,269.23, up from ¥2,592,220,061.65, reflecting a growth of 18.6% year-over-year[30] - Current assets totaled ¥1,693,584,351.04, slightly down from ¥1,725,591,926.46, indicating a decrease of 1.9%[30] - Non-current assets increased to ¥1,380,685,918.19 from ¥866,628,135.19, representing a growth of 59.1%[30] - Total liabilities reached ¥522,813,162.21, compared to ¥180,291,516.36, marking an increase of 190.5%[30] - The company's equity attributable to shareholders rose to ¥2,508,510,100.47 from ¥2,416,667,505.07, an increase of 3.8%[32] Cash Flow - The net cash flow from operating activities for the year-to-date period was ¥36,696,834.67, down 67.02% year-over-year[5] - The company recorded a net cash inflow from operating activities of ¥409,575,163.08, up from ¥351,305,924.59, representing a growth of approximately 17%[41] - The net cash flow from operating activities was $36,696,834.67, a decrease from $111,280,585.42 in the previous period, indicating a decline of approximately 67%[45] - Cash outflow from investing activities totaled $522,425,742.07, significantly higher than $123,290,206.98 in the prior period, reflecting an increase of over 324%[45] - The total cash and cash equivalents at the end of the period decreased to $916,467,732.52 from $1,110,619,793.74, a decline of approximately 17.4%[45] - The company reported a net cash outflow of $468,334,182.53 from investing activities, worsening from a net outflow of $122,276,013.61 previously[45] - The company experienced a net decrease in cash and cash equivalents of $249,616,126.98, compared to a decrease of $53,625,460.27 in the prior period[45] Research and Development - Research and development expenses totaled ¥14,226,856.23 for Q3 2021, a decrease of 27.40% year-over-year[8] - The ratio of R&D expenses to revenue was 9.33%, down 11.45 percentage points compared to the previous year[8] - Research and development expenses rose to ¥48,495,487.11, compared to ¥43,237,287.92, indicating an increase of about 12%[39] Shareholder Information - The total number of common shareholders at the end of the reporting period is 11,777, with the largest shareholder holding 125,039,272 shares, representing 27.86% of the total[15] - The top ten shareholders include individuals and investment funds, with the second-largest shareholder holding 22,020,784 shares, representing 4.91%[15] - The company has not disclosed any participation in margin financing or securities lending by the top shareholders[17] Strategic Developments - The company has signed strategic cooperation agreements with Weihe Guangwei Composite Materials Co., Ltd. and Zhongfu Shenying Carbon Fiber Co., Ltd. to ensure the supply of carbon fiber raw materials for its products[20] - The construction of a 2,000-ton photovoltaic thermal field carbon-carbon composite material production line has been completed, with 500 tons of capacity already in production, and the total investment for this project is expected to be 350 million RMB[20] - The carbon fiber preform production line is progressing smoothly, with an expected total investment of 260 million RMB, and the first phase of the production line is anticipated to be operational within the year[20] - The company has signed a procurement contract with Qinghai Highview Solar Technology Co., Ltd. for carbon-carbon crucibles and other auxiliary materials, with a contract value of 14.2 million RMB, winning 200 sets of crucibles, which accounts for 18.18% of the total tender[21] - The total investment for the 2,000-ton production facility and supporting infrastructure is estimated to be 485 million RMB[21] - The company is actively seeking business cooperation with other photovoltaic silicon wafer manufacturers[21] - The first phase of the carbon fiber preform production line is currently in the debugging and installation phase[20]

Financial Performance - The company reported a total revenue of 500 million CNY for the first half of 2021, representing a year-on-year increase of 20%[18]. - The net profit attributable to shareholders reached 100 million CNY, up 15% compared to the same period last year[18]. - The company's operating revenue for the first half of 2021 was CNY 223,051,297.35, representing a 56.75% increase compared to CNY 142,301,417.72 in the same period last year[24]. - The net profit attributable to shareholders for the same period was CNY 56,403,843.07, up 48.07% from CNY 38,093,430.61 year-on-year[24]. - The company achieved a total revenue of 21,204.40 million RMB, with a net profit of 3,043.63 million RMB, representing a significant increase compared to the previous period[81]. - The company reported a significant increase in revenue, achieving a total of 1.5 billion yuan, representing a 25% year-over-year growth[165]. - The net profit attributable to the parent company was 5,640.38 million yuan, up 48.07% year-on-year, while the net profit after deducting non-recurring gains and losses was 5,404.46 million yuan, an increase of 30.41% year-on-year[92]. Research and Development - The company is investing 50 million CNY in R&D for new materials technology aimed at enhancing product performance[18]. - Research and development expenses accounted for 15.36% of operating revenue, a decrease of 1.25 percentage points from the previous year[24]. - The company increased R&D investment significantly to enhance core competitiveness and future profitability, focusing on both existing products and new areas in transportation and renewable energy[65]. - The company invested 3,426.86 million yuan in R&D, accounting for 15.36% of operating revenue, supporting project development and innovation[92]. - The number of R&D personnel increased to 104, up from 61, with R&D personnel accounting for 21.80% of the total workforce[84]. - The company has established a simulation platform worth millions to enhance product process capabilities and improve first-pass yield rates[86]. Market Expansion and Product Development - Future outlook indicates a projected revenue growth of 25% for the second half of 2021, driven by new product launches and market expansion[18]. - Market expansion efforts include entering two new provinces, which are expected to contribute an additional 10% to overall sales[18]. - A new product line is set to launch in Q3 2021, anticipated to generate an additional 20 million CNY in revenue[18]. - The company is focusing on expanding its applications in various sectors, including aerospace and defense, but faces intense competition and technological challenges[106]. - The company is exploring potential acquisitions to enhance its product portfolio and market reach, with a budget of $100 million allocated for this purpose[148]. - The company is considering strategic acquisitions to enhance its market position and product offerings[165]. Operational Efficiency and Cost Management - The company has implemented cost control measures that are expected to improve operating margins by 5%[18]. - The company has implemented cost-cutting measures that are projected to save approximately $10 million annually[148]. - The operating costs increased by 96.90% to CNY 70.43 million, primarily due to rising product sales costs[107]. - The company aims to improve operational efficiency, targeting a 10% reduction in costs over the next fiscal year[165]. Environmental and Social Responsibility - The company has established a comprehensive environmental protection management system and has been certified for ISO 14001 since 2011, with the latest certification valid until 2023[130]. - The company actively participated in community support activities, including donations to assist the elderly, impoverished individuals, and students, as part of its corporate social responsibility initiatives[133]. - The company has developed an emergency response plan for environmental incidents, which has been filed and approved[130]. - The company has implemented measures to reduce carbon emissions, although specific details were not disclosed in the report[133]. Shareholder Commitments and Governance - The controlling shareholder and actual controller of Tianyi Shangjia committed to not transferring or entrusting the management of shares for 36 months from the date of the company's stock listing[139]. - The company will ensure compliance with new regulatory requirements regarding return compensation measures if they arise before the IPO completion[154]. - The company has committed to compensating for any losses incurred by shareholders due to violations of the aforementioned commitments[172]. - The commitments made by the controlling shareholders are valid until they no longer hold more than 5% of the company's shares, ensuring ongoing protection for shareholder rights[160]. - The company has reiterated its commitment to transparency and accountability in its operations and relationships with shareholders[161].

Financial Performance - The company's operating revenue for 2020 was CNY 415.17 million, a decrease of 28.65% compared to the previous year[30]. - The net profit attributable to shareholders for 2020 was CNY 114.32 million, down 57.77% year-on-year[30]. - The net profit after deducting non-recurring gains and losses was CNY 115.73 million, a decrease of 57.41% compared to 2019[30]. - Basic earnings per share decreased by 60.94% to CNY 0.25 in 2020[30]. - The weighted average return on equity fell by 11.01 percentage points to 4.82% in 2020[27]. - The company's main business gross profit margin was 74.29%, a decrease of 1.96% year-on-year[125]. - The total revenue for the reporting period was ¥415,035,974.24, representing a decrease of 28.67% compared to the previous year[172]. - The gross profit margin for the main business was 74.29%, which decreased by 1.96 percentage points year-on-year[172]. Dividend and Capital Management - The company plans to distribute a cash dividend of 0.40 CNY per 10 shares, totaling 17,949,487.52 CNY, which represents 15.70% of the net profit attributable to shareholders for 2020[7]. - The company has not proposed any capital reserve transfer to increase share capital or bonus shares for the year[7]. Research and Development - Research and development expenses accounted for 16.76% of operating revenue, an increase of 9.66 percentage points from the previous year[27]. - The total R&D investment for the current year was approximately ¥69.57 million, representing a 68.36% increase from the previous year's ¥41.32 million[84]. - The company is actively developing 10 ongoing projects with total expected investments ranging from ¥74.25 million to ¥1.28 billion, focusing on various advanced braking systems[89][92]. - The company has established a professional R&D team of 25 members for carbon fiber composite materials, with 12 holding master's degrees and 1 holding a doctorate[145]. - The company has obtained a total of 174 patents, including 47 invention patents, 119 utility model patents, and 8 design patents[125]. Market Position and Product Development - The company is a leading supplier of powder metallurgy brake pads for high-speed trains, focusing on R&D, production, and sales of these products[36]. - The company has achieved significant breakthroughs in material formulation, process routes, and production equipment, promoting the localization of core components for high-speed trains[36]. - The company is a core supplier of powder metallurgy brake pads for the "Fuxing" standard high-speed trains, covering all 18 railway bureaus under the China National Railway Group[65]. - The company has successfully developed over 20 types of polymer-based composite friction materials, including synthetic brake pads for subways and high-speed trains, with applications in 19 cities and 44 lines[67]. Operational Challenges - The company faced significant impacts from the COVID-19 pandemic, leading to reduced demand for its products[30]. - The national railway passenger volume was 2.167 billion, a decrease of 39.4% compared to 2019 due to the impact of the COVID-19 pandemic[52]. - The company is facing cash flow pressure due to the need for significant investment in fixed assets for new business projects in various fields, including aerospace and rail transportation[150]. - The company faces risks related to industry competition, supplier concentration, and the potential slow development of new business segments, which could affect overall performance[155]. Corporate Governance and Compliance - The company has received a standard unqualified audit report from Zhongshun Zhonghuan Accounting Firm[6]. - The company does not have any non-operating fund occupation by controlling shareholders or related parties[8]. - There are no violations of decision-making procedures regarding external guarantees[8]. - The company does not have any special arrangements for corporate governance[10]. - The company's board of directors and supervisory board members have confirmed the authenticity, accuracy, and completeness of the annual report[4]. Future Outlook - The report includes forward-looking statements regarding future plans and development strategies, which do not constitute substantive commitments to investors[7]. - The company plans to continue increasing its R&D investments to drive future growth despite the current challenges[30]. - The company aims to achieve mass production of its products, including those for high-speed trains, with substantial market potential in the transportation sector[89][92].