江苏天奈科技股份有限公司 证券简称：天奈科技 证券代码：688116 编号：2022-002 投资者关系活动记录表 | --- | --- | --- | |------------------------|------------------------------------------------------|----------------------------------------------------------------| | | | | | | □特定对象调研 □分析师会议 | | | | □媒体采访 √业绩说明会 | | | 投资者关系活动类别 | □新闻发布会 | □路演活动 | | | □现场参观 | | | | √其他 :电话调研 | | | 参与单位名称及人员姓名 | （详见附件 1 | 《与会人员清单》） | | 时间 | 2022 年 4 月及 2022 | 年 5 月 9 日 2021 年度业绩暨现金分红说明会 | | 地点 | | 电话调研、上证路演中心视频录播+网络文字互动交流 | | | 董事长：郑涛 | | | 上市公司接待人员姓名 | 董事会秘书：蔡永略 独立 ...

2022 年第三季度报告 单位：元 币种：人民币 证券代码：688116 证券简称：天奈科技 江苏天奈科技股份有限公司 2022 年第三季度报告 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： 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整， 不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保证季度报告中财务 信息的真实、准确、完整。 第三季度财务报表是否经审计 □是 √否 一、 主要财务数据 (一)主要会计数据和财务指标 本报告期 年初至报告期 | --- | --- | --- | --- | --- | |------------------------------------------------|----------------|------------------------------|------------------|---------------------------- ...

Financial Performance - The company reported a total revenue of 500 million RMB for the first half of 2022, representing a 20% increase compared to the same period last year[18]. - The company's operating revenue for the reporting period (January to June) was ¥941,263,743.07, an increase of 80.10% compared to the same period last year[25]. - The net profit attributable to shareholders was ¥204,170,321.31, up 69.46% year-on-year, while the net profit after deducting non-recurring gains and losses was ¥192,522,182.60, an increase of 86.14%[26]. - Basic earnings per share for the reporting period were ¥0.88, a 69.23% increase year-on-year, while diluted earnings per share were also ¥0.88[29]. - The company achieved a revenue of 941.26 million yuan, representing a year-on-year growth of 80.10%, and a net profit attributable to shareholders of 204.17 million yuan, up 69.46% year-on-year[106]. Research and Development - Investment in R&D increased by 30% year-on-year, focusing on new materials and technologies for battery applications[18]. - The proportion of R&D investment to operating revenue was 4.02%, an increase of 0.37 percentage points compared to the same period last year[29]. - Research and development (R&D) expenses amounted to ¥37,850,423.79, representing a 98.42% increase compared to ¥19,075,889.65 in the same period last year[78]. - The company has established R&D bases in Zhenjiang and Taiwan, focusing on independent research and development while also engaging in collaborative and commissioned research[49]. - The company has developed a high-performance carbon nanotube conductive slurry preparation method, with an investment of 220 million and a projected output of 56.03 million, primarily for the lithium battery sector[21]. Market Expansion and Strategy - The company expects a revenue growth forecast of 25% for the second half of 2022, driven by new product launches and market expansion strategies[18]. - The company plans to expand its market presence in Europe and North America, targeting a 10% market share in these regions by 2025[18]. - A strategic acquisition of a local competitor is under consideration to enhance production capabilities and market reach[18]. - The company is actively pursuing market expansion and has plans for new projects to meet the growing demand for lithium battery materials[108]. Product Development and Innovation - The company has launched two new products in the graphene materials segment, which are expected to contribute an additional 50 million RMB in revenue by the end of 2022[18]. - The company has developed a leading technology for the mass production of carbon nanotubes using a nano agglomerate fluidized bed, solving the challenge of continuous large-scale production[62]. - The company has developed a directional growth catalyst technology, allowing for controlled production of carbon nanotubes with specific diameter and length[72]. - The company has successfully commercialized carbon nanotube slurry for lithium batteries, overcoming initial dispersion challenges[68]. Risk Management - Risk factors include potential supply chain disruptions and regulatory changes in key markets, which the company is actively monitoring[18]. - The company faces risks related to the potential substitution of lithium batteries by other battery technologies, which could impact its market position[136]. - The concentration of customers is high, with the top five customers accounting for 66.45% of total revenue, which could impact the company's performance if any major customer reduces purchases[124]. - The company emphasizes risk management and internal control, enhancing governance and compliance to ensure operational efficiency[112]. Environmental and Social Responsibility - The company has committed to donating 300,000 yuan annually for five years to support charitable causes, enhancing its social responsibility[188]. - The company has implemented energy-saving technical reforms, including modifications to compressors and cooling tower fans, to lower energy consumption[187]. - The company has invested in membrane separation and flue gas incineration devices to reduce carbon emissions during carbon nanotube production[187]. - The company follows a rainwater and sewage separation principle, with wastewater treated to meet standards before being discharged into municipal systems[181]. Financial Position and Assets - Total assets at the end of the reporting period were ¥3,698,867,860.61, a 42.80% increase from the end of the previous year, driven by funds raised from convertible bonds and increased receivables financing[29]. - Cash and cash equivalents increased by 162.26% to 571.75 million yuan, primarily due to funds raised from convertible bonds[150]. - Accounts receivable, notes receivable, and financing receivables amounted to 858.90 million yuan as of June 30, 2022, driven by rapid sales growth[131]. - The company issued convertible bonds, resulting in accounts payable of ¥683,461,366.41[153].

Financial Performance - The company's revenue for Q1 2022 reached ¥480,459,964.60, representing a year-on-year increase of 119.77%[6] - Net profit attributable to shareholders was ¥99,956,922.35, an increase of 87.67% compared to the same period last year[6] - The net profit after deducting non-recurring gains and losses was ¥95,489,817.50, reflecting an increase of 111.67% year-on-year[6] - Total operating revenue for Q1 2022 reached ¥480,459,964.60, a significant increase of 119.9% compared to ¥218,617,657.04 in Q1 2021[31] - Net profit for Q1 2022 was ¥99,879,202.20, representing an increase of 87.5% from ¥53,274,149.10 in Q1 2021[37] - Earnings per share for Q1 2022 were ¥0.43, compared to ¥0.23 in Q1 2021, reflecting a 87% increase[39] - The company reported a gross profit margin of approximately 29.4% for Q1 2022, compared to 25.5% in Q1 2021[35] Assets and Liabilities - The total assets at the end of the reporting period amounted to ¥3,505,050,154.94, a 35.32% increase from the end of the previous year[9] - Total liabilities amounted to ¥1,251,711,154.12, an increase from ¥587,923,093.70 in the previous period[31] - Total equity attributable to shareholders reached ¥2,234,071,536.57, up from ¥1,983,005,199.29[31] - The total current assets were reported at CNY 2.41 billion, compared to CNY 1.60 billion in the same period last year, reflecting a growth of about 50.4%[26] - The total current liabilities were reported at CNY 537.77 million, slightly down from CNY 548.44 million, indicating a decrease of about 1.2%[29] Cash Flow - The net cash flow from operating activities was negative at -¥7,560,232.54, a decrease of 138.48% compared to the previous year[6] - Cash inflow from operating activities for Q1 2022 was CNY 264,124,625.24, a significant increase from CNY 76,880,035.65 in Q1 2021, representing a growth of 243.5%[40] - Cash inflow from investment activities totaled CNY 436,864,764.45 in Q1 2022, up from CNY 133,979,219.11 in Q1 2021, indicating a growth of 226.5%[42] - Cash inflow from financing activities reached CNY 825,025,000.00 in Q1 2022, a significant rise from CNY 53,000,000.00 in Q1 2021, marking an increase of 1,557.5%[42] - The net cash flow from financing activities was CNY 804,167,793.11 in Q1 2022, compared to CNY 39,141,392.36 in Q1 2021, indicating a strong financing position[42] Research and Development - Research and development expenses totaled ¥19,127,548.49, which is 125.70% higher than the previous year, accounting for 3.98% of total revenue[9] - Research and development expenses for Q1 2022 were ¥19,127,548.49, compared to ¥8,474,772.78 in Q1 2021, indicating a focus on innovation[35] - Research and development expenses increased to CNY 16,582,866.51 in Q1 2022, compared to CNY 7,931,307.76 in Q1 2021, reflecting a growth of 109.5%[51] Government Support - The company received government subsidies amounting to ¥1,984,754.60, which are closely related to its normal business operations[10] Market Demand - The company experienced increased demand for its main product, carbon nanotube conductive paste, due to the growing market for high-quality battery materials[12]

Financial Performance - The company's operating revenue for 2021 was ¥1,319,956,531.27, an increase of 179.68% compared to the previous year[24]. - Net profit attributable to shareholders was ¥295,883,218.86, up 175.88% year-on-year, while the net profit after deducting non-recurring gains and losses was ¥262,356,381.22, reflecting a growth of 243.30%[24]. - Basic earnings per share reached ¥1.28, a 178.26% increase from the previous year, and diluted earnings per share were ¥1.27, up 176.09%[27]. - The weighted average return on net assets increased by 9.65 percentage points to 16.28%[27]. - The company's main business revenue for 2021 was CNY 1,316.0 million, representing a year-on-year growth of 179.68%[150]. - The net profit attributable to shareholders for 2021 was CNY 295.9 million, an increase of 175.88% compared to the previous year[150]. - The revenue from the carbon nanotube conductive paste reached 1,308,291.36 thousand RMB, with a year-on-year increase of 180.61%[159]. - The sales volume of carbon nanotube conductive paste was 33,163.18 tons, reflecting a year-on-year increase of 124.95%[162]. Research and Development - Research and development expenses accounted for 3.94% of operating revenue, a decrease of 2.03 percentage points compared to the previous year[27]. - The total R&D investment for the year was approximately ¥51.96 million, an increase of 84.40% compared to the previous year, representing 3.94% of operating revenue[93][94]. - The company has obtained 15 invention patents and 41 utility model patents from the China National Intellectual Property Administration[40]. - The R&D team includes 16 PhD holders and 24 master's degree holders, ensuring a strong technical foundation[111]. - The company has developed three generations of carbon nanotube products, with the fourth generation in mass production and the fifth generation under development[111]. - The company is focusing on expanding its market presence and enhancing product performance through continuous R&D efforts, particularly in the field of carbon nanotubes[88]. - The company is developing new products, including high-performance graphene composite conductive slurries for lithium batteries, with a total investment of ¥1.5 billion[98]. Market and Industry Trends - The company experienced a significant increase in demand for its products due to the rapid development of the new energy vehicle industry[24]. - In 2021, global sales of new energy vehicles reached 6.75 million units, a year-on-year increase of 108%, with China's sales reaching 3.52 million units, growing over 160%[71]. - The penetration rate of new energy vehicles in China was 13.4% in 2021, with expectations for continued rapid growth[71]. - The demand for conductive agents is expected to grow significantly, with projections indicating that the Chinese power lithium battery market will reach 1,070 GWh by 2025[67]. - The lithium battery market in China saw a shipment volume of 327 GWh in 2021, a year-on-year increase of 129.7%, driven by demand for both power and energy storage batteries[67]. Production and Operations - The company primarily produces carbon nanotube powder and conductive paste, with production cycles of approximately 5 days for standard products and 20-30 days for high-end products[49]. - The company is establishing a production base in Reno, Nevada, with a planned annual production capacity of 8,000 tons of carbon nanotube conductive paste[41]. - The company has implemented a strict procurement management process to ensure the quality and reliability of raw materials[46]. - The company utilizes a production model based on sales forecasts to align production plans with actual sales conditions[49]. - The company has established stable relationships with leading domestic lithium battery manufacturers, enhancing its competitive advantage in the market[114]. Risks and Challenges - The company has detailed potential risks in the report, specifically in the section "Management Discussion and Analysis" under "Risk Factors"[4]. - The company faces risks related to the fluctuation of raw material prices, with raw materials accounting for 80.69% of the main business costs in 2021, particularly the reliance on NMP[132]. - The company is exposed to risks from the declining subsidies for new energy vehicles, which may negatively impact production and operations[148]. - The company faced risks related to tax incentives, with a potential increase in corporate income tax rate from 15% to 25% if it fails to maintain its high-tech enterprise status[142]. Corporate Governance and Compliance - The company has received a standard unqualified audit report from Tianjian Accounting Firm[6]. - The company does not have any non-operating fund occupation by controlling shareholders or related parties[9]. - The company does not have any violations of decision-making procedures for providing guarantees[11]. - The company has not disclosed any special arrangements for corporate governance[8]. - The company has not proposed any capital reserve transfer to increase share capital or bonus shares distribution[7]. Strategic Initiatives - The company plans to distribute a cash dividend of RMB 0.69 per 10 shares, totaling approximately RMB 16,023,813.83, based on a total share capital of 232,229,186 shares as of December 31, 2021[7]. - The company raised 830 million yuan through the issuance of convertible bonds to enhance capital strength and optimize capital structure[44]. - The company is actively expanding production capacity, with projects including an annual output of 300 tons of nano carbon materials and 8,000 tons of conductive paste, although there are risks associated with project delays due to the COVID-19 pandemic[136]. - The company plans to enhance its product development and market expansion to mitigate risks associated with price fluctuations and competition[137]. - The company is implementing an employee incentive plan to enhance talent cultivation and retention[200].

2021 年第三季度报告 单位：元 币种：人民币 证券代码：688116 证券简称：天奈科技 江苏天奈科技股份有限公司 2021 年第三季度报告 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： 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整， 不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 公司负责人郑涛先生、主管会计工作负责人蔡永略先生及会计机构负责人（会计主管人员） 姚月婷女士保证季度报告中财务报表信息的真实、准确、完整。 第三季度财务报表是否经审计 □是 √否 一、 主要财务数据 (一)主要会计数据和财务指标 | --- | --- | --- | --- | --- | |------------------------------------------------|----------------|--------------------------------------|----------------|------------------ ...

Financial Performance - The company reported a total revenue of 1.2 billion RMB for the first half of 2021, representing a year-on-year increase of 25%[21]. - The company's operating revenue for the reporting period (January to June) was 522,629,379.54 CNY, an increase of 224.88% compared to the same period last year[24]. - The net profit attributable to shareholders was 120,481,779.27 CNY, up 267.37% year-on-year, while the net profit after deducting non-recurring gains and losses was 103,430,413.80 CNY, an increase of 380.71%[25]. - Basic earnings per share were 0.52 CNY, a 271.43% increase year-on-year, while diluted earnings per share were also 0.52 CNY[25]. - The net profit attributable to shareholders was 12,071,820.00 CNY, reflecting a year-on-year increase of 268.09%[114]. - Cash flow from operating activities was 42,914,836.83 CNY, up 32.25% compared to the previous year[116]. - The company's cash and cash equivalents at the end of the period amounted to 339,965,190.76 CNY, a 72.82% increase from the previous year[120]. Research and Development - The company is investing 200 million RMB in R&D for new technologies and products in the next fiscal year[21]. - The company's R&D investment as a percentage of operating revenue decreased by 3.05 percentage points to 3.65%[24]. - The company has developed a unique evaluation system for catalyst performance, which has led to the development of multiple transition metal catalyst systems and catalyst carrier series[61]. - The company has established a strong R&D team with 9 PhDs and 20 Master's degree holders, enhancing its innovation capabilities[78]. - The company has achieved a significant increase in the number of patents, with 2 new invention patents and 3 granted during the reporting period, bringing the total to 54 applications and 20 granted[64]. - The company has developed a catalyst preparation technology for directional growth of carbon nanotubes, allowing control over the diameter, length, and purity of the produced nanotubes, which is crucial for the production of its second-generation carbon nanotube products[62]. Market Expansion and Strategy - Future outlook includes a projected revenue growth of 30% for the second half of 2021, driven by new product launches[21]. - Market expansion plans include entering two new international markets by the end of 2021[21]. - The company is actively expanding into new markets such as conductive plastics and chips, but faces risks related to cost control and technology dispersion[103]. - The company aims to launch a new generation of products every 2 to 3 years, maintaining its industry-leading product performance[81]. Production and Capacity - The company aims to increase production capacity by 40% to meet rising demand[21]. - The company plans to increase its production capacity to 106,000 tons of conductive paste and 8,000 tons of carbon nanotubes, which represents a significant expansion in capacity[104]. - The company has built twelve fluidized bed reactors, ensuring its carbon nanotube production capacity remains world-leading[54]. Customer and Revenue Concentration - The company's top five customers accounted for 67.08% of total revenue in the first half of 2021, indicating a high customer concentration risk[102]. - The company maintains a direct sales model primarily targeting mainstream lithium battery manufacturers, ensuring compliance with strict supplier evaluation standards[50]. Environmental and Safety Management - The company has implemented various environmental protection measures, including noise control to keep operational noise below 85 decibels and boundary noise below 55 decibels[148]. - Dust generated during production is collected and treated with a mobile dust collection cabinet, achieving a dust removal efficiency of approximately 90%[149]. - The company is committed to safety management and has established a dedicated safety supervision department to enhance safety protocols[96]. Risks and Challenges - The management highlighted potential risks related to supply chain disruptions due to global market conditions[21]. - The company faces risks related to technological upgrades and potential competition from superior materials in the carbon nanotube market[96]. - The company anticipates accelerated replacement of nickel-cadmium, nickel-hydrogen, and lead-acid batteries by lithium-ion batteries in the next 3-5 years[110]. Shareholder and Equity Information - The total number of common stock shareholders at the end of the reporting period was 6,333[194]. - The largest shareholder, TAO ZHENG, held 23,479,002 shares, representing 10.13% of total shares[197]. - Major shareholders holding over 5% of the company's shares are also subject to a 12-month lock-up period post-IPO[168]. Legal and Compliance - The company has not encountered any major litigation or arbitration matters during the reporting period[177]. - There are no significant non-operating fund occupations by controlling shareholders or related parties during the reporting period[177]. - The company has not made any major acquisitions or asset sales during the reporting period[177].

Financial Performance - Operating revenue surged by 262.40% to CNY 218,617,657.04 year-on-year[18] - Net profit attributable to shareholders increased by 314.75% to CNY 53,263,009.18 compared to the same period last year[18] - Basic earnings per share increased by 283.33% to CNY 0.23[18] - The company reported a net profit excluding non-recurring gains and losses of CNY 45,113,062.73, a 549.33% increase year-on-year[18] - Revenue for Q1 2021 reached RMB 218,617,657.04, a significant increase of 262.40% compared to RMB 60,324,323.35 in Q1 2020[35] - Net profit for Q1 2021 was RMB 53,274,149.10, reflecting a 317.30% increase from RMB 12,766,421.85 in the same period last year[38] - Operating profit for Q1 2021 was RMB 62,898,291.40, up 305.85% from RMB 15,497,922.63 in Q1 2020[35] - The company reported a gross profit of ¥53,560,067.02 for Q1 2021, compared to ¥8,031,779.82 in Q1 2020, indicating a substantial increase[55] - The comprehensive income for Q1 2021 totaled ¥53,410,925.55, compared to ¥12,971,603.52 in Q1 2020, reflecting a growth of approximately 312.5%[58] Assets and Liabilities - Total assets increased by 9.73% to CNY 2,064,012,771.67 compared to the end of the previous year[18] - The total current assets reached RMB 1,429,476,146.50, up from RMB 1,311,132,034.37, indicating an increase of about 9.01% year-over-year[44] - The total liabilities amounted to RMB 323,786,853.53, compared to RMB 199,784,550.21, showing a significant increase of approximately 62.20%[46] - The total current liabilities rose to RMB 244,194,668.02 from RMB 145,149,763.21, which is an increase of approximately 68.00%[46] - The company's equity attributable to shareholders reached RMB 1,719,764,947.24, up from RMB 1,660,710,747.54, indicating an increase of approximately 3.55%[46] Cash Flow - Net cash flow from operating activities rose by 139.34% to CNY 19,647,349.82 year-on-year[18] - Cash flow from operating activities improved by 139.34% to RMB 19,647,349.82, indicating increased cash generation from operations[38] - The net cash flow from operating activities for Q1 2021 was CNY 19,647,349.82, compared to CNY 8,208,987.12 in Q1 2020, indicating an increase of about 139.8%[65] - The net cash flow from financing activities was CNY 39,127,784.78, an increase from CNY 19,137,833.33 in the previous year, indicating a positive trend in financing[69] Research and Development - R&D expenses as a percentage of operating revenue decreased by 4.01 percentage points to 3.88%[21] - Research and development expenses increased by 78.15% to RMB 8,474,772.78, reflecting higher personnel costs and investment in R&D[35] - The company's R&D expenses in Q1 2021 were CNY 7,931,307.76, an increase from CNY 5,054,375.41 in Q1 2020, reflecting a growth of approximately 56.5%[59] Shareholder Information - The total number of shareholders reached 6,709 at the end of the reporting period[25] - The largest shareholder, Tao Zheng, holds 10.13% of the shares, totaling 23,479,002 shares[25] Inventory and Financing - Inventory rose by 41.32% to RMB 77,709,463.94, driven by an increase in raw materials and finished goods[32] - Short-term loans surged by 153.81% to RMB 33,035,291.67, attributed to increased bank borrowings in early 2021[32] - Accounts receivable financing increased by 36.94% to RMB 120,612,857.18 due to rising market demand and revenue growth[32] - Contract liabilities surged by 286.52% to RMB 5,389,493.08, due to an increase in customer prepayments[32]

Financial Performance - The company's operating revenue for 2020 was ¥471,946,419.45, representing a 22.13% increase compared to ¥386,429,982.87 in 2019[25]. - The net profit attributable to shareholders for 2020 was ¥107,252,234.20, a decrease of 2.58% from ¥110,088,221.58 in 2019[25]. - The net profit after deducting non-recurring gains and losses decreased by 20.39% to ¥76,421,621.34, down from ¥95,997,268.29 in 2019[25][27]. - The net cash flow from operating activities fell by 42.99% to ¥64,807,084.84, compared to ¥113,683,720.51 in 2019[25][28]. - Basic earnings per share for 2020 were ¥0.46, a decline of 20.69% from ¥0.58 in 2019[26][30]. - The company's total assets at the end of 2020 were ¥1,880,945,128.73, a 7.95% increase from ¥1,742,461,295.91 at the end of 2019[25]. - The net assets attributable to shareholders increased by 5.01% to ¥1,660,710,747.54 at the end of 2020[25]. - The company achieved a revenue growth of 57.10% in the second half of 2020 after a decline of 14.62% in the first half due to the COVID-19 pandemic[108]. - The company's main business revenue for the reporting period was 471.75 million yuan, an increase of 26.62% compared to the same period last year[136]. - The net profit attributable to shareholders of the listed company was 107.25 million yuan, a decrease of 2.58% year-on-year[136]. Research and Development - The R&D expenditure as a percentage of operating revenue increased to 5.97% from 5.52% in 2019[26]. - The company has achieved a 32.14% increase in R&D expenses, totaling approximately ¥28.18 million in the current year compared to ¥21.32 million in the previous year[77]. - The R&D team has increased to 60 members, with a proportion of 25.3% of total employees, and the average salary for R&D personnel has risen to 23.75 thousand RMB[90]. - The company has developed a directional growth fluidized bed technology for the large-scale production of carbon nanotubes, which allows for controlled growth in terms of diameter, length, and purity[74]. - The company has developed high-performance graphene composite conductive slurries for lithium batteries, with a projected output of 1,500 million RMB, currently in the pilot stage[84]. - The company has developed three generations of carbon nanotube products with improved conductivity, but still needs to enhance product performance to meet higher customer demands in chip manufacturing[118]. Market and Sales - The company primarily sells its products through direct sales, with a focus on the lithium battery sector, where customers have strict supplier evaluation standards[47]. - The lithium battery market in China has seen rapid growth, with shipments increasing from 16.9 GWh in 2015 to 71 GWh in 2019, representing a compound annual growth rate of 43%[50]. - By 2022, the shipment volume of power batteries is expected to reach 191 GWh, driven by the growth of the new energy vehicle market[50]. - The penetration rate of carbon nanotube conductive paste in the power battery sector is projected to reach 60% by 2025, driven by the increasing use of high-nickel batteries and silicon-carbon materials[56]. - The company has maintained its leading position in the sales volume and shipment of carbon nanotube conductive paste products in the industry over the past two years[57]. - The company has established stable relationships with leading domestic lithium battery manufacturers, enhancing its competitive edge in the market[99]. Risks and Challenges - The company faced challenges due to the pandemic and fluctuations in raw material prices, impacting profitability[27][30]. - The company has outlined potential risks in its future plans and development strategies, emphasizing the importance of investor caution[8]. - The company is exposed to risks from fluctuations in raw material prices, particularly NMP, which significantly impacted the gross profit margin in the fourth quarter of 2020[126]. - The company is facing risks related to the uncertain market acceptance of carbon nanotube conductive agents in lithium batteries, which may affect operational performance[127]. - The company's top five customers accounted for 65.28% of total revenue, indicating a high customer concentration risk[120]. - The accounts receivable at the end of the reporting period amounted to 137.61 million yuan, with total revenue of 471.95 million yuan, highlighting potential bad debt risks[124]. Corporate Governance - The company has received a standard unqualified audit report from Tianjian Accounting Firm[6]. - The board of directors and management have confirmed the accuracy and completeness of the financial report[4]. - The company does not have any special arrangements for corporate governance[10]. - The company has not violated any decision-making procedures regarding external guarantees[8]. - The company has not disclosed any significant changes in shareholder structure or share capital during the reporting period[12]. Future Plans - The company plans to distribute a cash dividend of RMB 0.7 per 10 shares, totaling approximately RMB 16.23 million for the year 2020[7]. - The company plans to establish a preliminary purification production line at its subsidiary, which will fully cover the demand for preliminary purification of carbon nanotube products in the future[46]. - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[141]. - The company aims to launch a new generation of products every 2 to 3 years, focusing on high-nickel cathodes and silicon-based anode materials[191]. - The company intends to optimize production processes and equipment to improve product yield and production efficiency while promoting energy-saving and clean production[191].

Financial Performance - Net profit attributable to shareholders of the listed company was ¥76,798,670.67, a decrease of 15.61% year-on-year[18]. - Operating income for the period was ¥315,769,748.18, reflecting a year-on-year increase of 4.97%[18]. - Basic earnings per share decreased by 36.54% to ¥0.33[21]. - The weighted average return on net assets was 4.74%, a decrease of 8.58 percentage points year-on-year[21]. - The company reported a total profit of ¥51,926,730.57 for Q3 2020, compared to ¥43,342,029.50 in Q3 2019, marking an increase of 19.5%[66]. - Net profit for Q3 2020 was ¥43,811,993.70, compared to ¥38,871,198.48 in Q3 2019, reflecting a 5.4% increase[64]. - The net profit for Q3 2020 was ¥42,918,690.55, up 70.3% from ¥25,208,975.82 in Q3 2019[75]. Cash Flow - The net cash flow from operating activities was ¥55,744,531.55, down 17.96% compared to the same period last year[18]. - Cash flow from operating activities for the first three quarters of 2020 was ¥55,744,531.55, down 18.0% from ¥67,947,902.56 in the same period of 2019[79]. - The company achieved a net cash inflow from operating activities of ¥170,420,298.84 in the first three quarters of 2020, compared to ¥225,342,041.65 in the same period of 2019[79]. - The net cash flow from operating activities for the first three quarters of 2020 was CNY 37,984,506.45, a decrease of 34.8% compared to CNY 58,325,746.17 in the same period of 2019[85]. - The cash inflow from sales of goods and services was CNY 147,177,853.47, down from CNY 196,309,110.27 in the same period last year, reflecting a decline in revenue generation[85]. - The cash outflow for operating activities was CNY 117,365,270.69, a decrease from CNY 165,766,398.03 in the previous year, indicating improved cash management[85]. Assets and Liabilities - Total assets at the end of the reporting period reached ¥1,848,890,677.09, an increase of 6.11% compared to the end of the previous year[18]. - The company’s total current assets amounted to CNY 1,294,332,410.73, a slight increase from CNY 1,287,759,884.87 at the end of 2019, reflecting a growth of approximately 0.4%[47]. - The company’s total liabilities increased to ¥202,772,358.58 from ¥147,757,486.28, representing a growth of approximately 37.3%[53]. - Current liabilities rose to ¥143,895,982.32, compared to ¥88,497,398.81, indicating an increase of approximately 62.7%[51]. - Accounts receivable surged to ¥145,396,542.42, up from ¥79,830,857.73, which is an increase of approximately 82.2%[57]. - The company’s inventory decreased to CNY 57,585,345.95 from CNY 68,841,838.50, showing a decline of about 16.3%[47]. Investments and R&D - R&D investment accounted for 5.65% of operating income, an increase of 0.44 percentage points compared to the previous year[21]. - R&D expenses for Q3 2020 amounted to ¥7,055,861.52, a 28.8% increase from ¥5,479,427.05 in Q3 2019[62]. - The company reported a 675.80% increase in investment income to ¥10,065,443.29 from ¥1,297,430.52, resulting from financial investments made with IPO proceeds[36]. - The company’s construction in progress increased by 55.90% to ¥126,536,456.72 from ¥81,166,779.45, reflecting investments in ongoing projects[34]. Shareholder Information - The total number of shareholders at the end of the reporting period was 8,675[26]. - The top shareholder, TAO ZHENG, held 10.13% of the shares, totaling 23,479,002 shares[26]. Government Support - The company received government subsidies amounting to ¥1,725,764.88 during the reporting period[24].