Financial Performance - The company has not yet achieved profitability since its listing [4]. - The company achieved operating revenue of CNY 415,483,740.36 in 2021, a decrease of 5.34% compared to the previous year, primarily due to a decline in sales of long bar prism products [20]. - Net profit attributable to shareholders was CNY 140,002,782.39, down 23.49% year-on-year, mainly due to changes in revenue structure leading to a 7.6 percentage point decrease in gross margin [22]. - The net profit after deducting non-recurring gains and losses was CNY 106,013,255.66, a decline of 33.74% compared to the previous year, with the decrease in this figure being greater than that of net profit [22]. - Basic earnings per share were CNY 0.35, a decrease of 28.57% from the previous year, while diluted earnings per share also stood at CNY 0.35 [21]. - The gross profit margin for the reporting period was 50.06%, indicating a relatively high level of profitability [73]. - The company’s operating costs rose by 11.63% to CNY 207,473,150.79, influenced by changes in revenue structure [80]. - The company confirmed share-based payment expenses of CNY 7,745,893.86 due to the implementation of an equity incentive plan [79]. Research and Development - Research and development expenses accounted for 10.61% of operating revenue, an increase of 4.41 percentage points compared to the previous year [21]. - The total R&D expenses for the year amounted to CNY 44,075,142.18, representing a 62.05% increase compared to the previous year [53]. - R&D expenses, excluding share-based payment amounts, were CNY 40,686,312.53, which is an increase of CNY 13,487,154.97 or 49.59% year-over-year [54]. - The number of R&D personnel increased to 130, accounting for 17.15% of the total workforce [33]. - The company obtained 23 new domestic patents, including 3 invention patents and 20 utility model patents during the reporting period [33]. - The company has developed multiple core technologies in optical processing, including ultra-high precision glass processing and high-precision optical lithography [68]. - The company is focusing on integrating advanced technologies to meet diverse customer needs and improve product reliability [47]. Operational Risks and Governance - The company has detailed various operational risks and corresponding mitigation measures in the report [4]. - The company has received a standard unqualified audit report from Tianjian Accounting Firm [5]. - The company has not disclosed any special arrangements for corporate governance [8]. - The company emphasizes that forward-looking statements do not constitute substantive commitments to investors [7]. - The company has established a governance structure that operates effectively according to relevant laws and regulations, ensuring decision-making professionalism and efficiency [122]. - There were no significant differences between the company's governance and the regulations set by the China Securities Regulatory Commission [122]. - The company has not reported any changes in the implementation of differential voting rights during the reporting period [125]. Market and Product Development - The company is currently advancing new projects, with new factory facilities undergoing internal decoration and equipment installation [33]. - The company’s optical prism products are primarily used in facial recognition technology for smartphones, while non-spherical glass lenses are applied in various optical devices [35][36]. - The optical components industry is experiencing a shift towards digitalization, high-definition, and miniaturization, expanding applications beyond traditional optical instruments [44]. - The company aims to achieve high-efficiency mass production of optical components for high-magnification optical zoom in smartphones [58]. - The company is committed to expanding its product applications in emerging fields such as consumer electronics and automotive electronics [119]. Environmental and Social Responsibility - The company emphasizes the importance of ESG, integrating it into its corporate culture and operations, focusing on environmental protection and sustainable development [164]. - The company has taken various measures to ensure compliance with environmental protection laws and regulations, including waste treatment and emissions control [164]. - The company consumed approximately 27.43 million kilowatt-hours of electricity during the reporting period, resulting in greenhouse gas emissions of 21,500 tons, with emissions of 0.52 tons per ten thousand yuan of output value [169]. - The company made a total investment of CNY 278,000 in social welfare and educational support during the reporting period [180]. - The company actively engages in social responsibility initiatives, including the establishment of a union to protect employee rights and welfare [165]. Shareholder and Management Information - The company plans to distribute a cash dividend of RMB 1.50 per 10 shares, totaling RMB 60,426,750.00, which represents 43.16% of the net profit attributable to shareholders [6]. - The total number of shares held by the chairman and general manager, Xu Yunming, remained unchanged at 150,690,400 shares, with a pre-tax remuneration of 810,000 RMB [127]. - The total number of shares held by director Yao Liang increased by 400,000 shares to 1,252,000 shares due to equity incentives, with a pre-tax remuneration of 506,600 RMB [127]. - The total remuneration for all directors, supervisors, and senior management personnel at the end of the reporting period amounted to RMB 2.89 million [135]. - The company has established a performance evaluation mechanism for senior management, with independent directors supervising the implementation of the compensation system [160].

Financial Summary and Operating Analysis This section provides an overview of the company's financial performance, key operating metrics, non-recurring gains and losses, and significant changes in financial indicators [Key Financial Data](index=1&type=section&id=Item%20I.%28I%29%20Key%20Accounting%20Data%20and%20Financial%20Indicators) In Q3 2021, the company's operating revenue declined by 22.01% and net profit attributable to parent company shareholders by 43.46% year-on-year, with year-to-date figures also showing declines despite a significant 70% increase in R&D investment Core Financial Indicators for Q3 and YTD 2021 | Indicator | Current Period (Q3) (Yuan) | Q3 YoY Change (%) | Year-to-Date (YTD) (Yuan) | YTD YoY Change (%) | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 108,238,670.96 | -22.01% | 315,408,764.68 | -2.28% | | Net Profit Attributable to Shareholders of Listed Company | 33,151,899.06 | -43.46% | 109,398,989.66 | -14.40% | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-recurring Items) | 24,722,350.65 | -55.65% | 83,159,912.68 | -29.54% | | Net Cash Flow from Operating Activities | Not Applicable | Not Applicable | 140,025,614.61 | -9.75% | | Basic EPS (Yuan/share) | 0.08 | -50.00% | 0.27 | -22.86% | | Total R&D Investment | 12,284,950.22 | 71.06% | 31,607,847.09 | 69.40% | [Operating Performance Analysis](index=2&type=section&id=Operating%20Performance%20Analysis) The company's performance decline was primarily due to a 38.55% drop in optical prism sales, partially offset by a 46.96% growth in glass aspherical lens business, with net profit impacted by lower revenue, reduced gross margin, share-based payment expenses, and increased R&D costs - Revenue Changes for Key Products in the Current Period: * **Optical Prisms**: Sales revenue of **62,160,000 Yuan**, a **38.55% year-on-year decrease**, primarily due to terminal product technology upgrades and design changes[11](index=11&type=chunk) * **Glass Aspherical Lenses**: Sales revenue of **26,460,000 Yuan**, a **46.96% year-on-year increase**, mainly benefiting from rising demand in downstream markets like automotive lenses and lasers[11](index=11&type=chunk) * **Glass Wafers**: Sales revenue of **8,860,000 Yuan**, a **22.70% year-on-year decrease**, primarily due to fluctuations in demand from some customers[11](index=11&type=chunk) - Analysis of Key Reasons for Net Profit Decline: * **Gross Profit Decrease**: Due to declining operating revenue and structural changes, the comprehensive gross margin decreased by **12.94 percentage points**, leading to a **32,810,000 Yuan** year-on-year reduction in gross profit, a **38.41% decrease**[12](index=12&type=chunk) * **Share-based Payment Expenses**: An additional **4,120,000 Yuan** in share-based payment expenses incurred from implementing the equity incentive plan[15](index=15&type=chunk) * **Increased R&D Expenses**: R&D expenses (excluding share-based payments) increased by **3,270,000 Yuan** year-on-year, a **45.59% increase**, primarily invested in new micro-prism processing technology R&D projects[15](index=15&type=chunk) [Non-recurring Gains and Losses](index=3&type=section&id=Item%20I.%28II%29%20Non-recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) Year-to-date, the company's total non-recurring gains and losses amounted to **26.2391 million Yuan**, significantly impacting current period profit, primarily from investment income on transactional financial assets and government grants Key Non-recurring Gains and Losses Items Year-to-Date | Item | Amount (Yuan) | | :--- | :--- | | Government Grants Recognized in Current Profit or Loss | 8,892,088.43 | | Gains/Losses from Fair Value Changes and Investment Income from Transactional Financial Assets | 21,393,166.79 | | Gains/Losses from Disposal of Non-current Assets | 46,027.00 | | **Total** | **26,239,076.98** | [Explanation of Major Financial Indicator Changes](index=5&type=section&id=Item%20I.%28III%29%20Changes%20and%20Reasons%20for%20Major%20Accounting%20Data%20and%20Financial%20Indicators) During the reporting period, several financial indicators showed significant changes: cash and cash equivalents decreased by 47.16% due to increased wealth management expenditures, while notes payable and other payables significantly rose; investment income surged by 851.57% from increased wealth management returns, and financing cash flow decreased due to IPO proceeds in the prior year Major Financial Indicator Changes and Reasons | Item | Change (%) | Primary Reason | | :--- | :--- | :--- | | Cash and Cash Equivalents | -47.16 | Primarily due to increased wealth management expenditures | | Notes Payable | 395.39 | Primarily due to increased payments via bank acceptance bills | | Other Payables | 186.81 | Primarily due to increased dividends payable for restricted shares | | R&D Expenses | 69.40 | Primarily due to increased R&D personnel salaries and share-based payments | | Investment Income | 851.57 | Primarily due to increased investment income from wealth management products | | Net Cash Flow from Investing Activities | -85.92 | Primarily due to increased wealth management and fixed asset investment expenditures in the current period | | Net Cash Flow from Financing Activities | -109.18 | Primarily due to receiving IPO proceeds in the same period last year | Shareholder Information This section details the company's shareholder structure, including the total number of common shareholders and the top ten shareholders' holdings [Shareholding Status](index=6&type=section&id=Item%20II.%28I%29%20Total%20Number%20of%20Common%20Shareholders%2C%20Preferred%20Shareholders%20with%20Restored%20Voting%20Rights%2C%20and%20Top%20Ten%20Shareholders%27%20Shareholding%20Table) As of the reporting period end, the company had **8,337** common shareholders, with a relatively concentrated equity structure where the top ten shareholders collectively held over **70%**, including controlling shareholder Xu Yunming with **37.41%** and second-largest shareholder Wang Fangli with **13.51%**, both domestic natural persons holding restricted shares - As of the reporting period end, the company had **8,337** common shareholders[26](index=26&type=chunk) Top Ten Shareholders' Shareholding Status | Shareholder Name | Shareholder Nature | Number of Shares Held | Shareholding Ratio (%) | | :--- | :--- | :--- | :--- | | Xu Yunming | Domestic Natural Person | 150,690,400 | 37.41 | | Wang Fangli | Domestic Natural Person | 54,414,400 | 13.51 | | Wang Xiaoming | Domestic Natural Person | 18,886,000 | 4.69 | | Zhang Yinsheng | Domestic Natural Person | 16,330,000 | 4.05 | | Boxin Growth (Tianjin) Equity Investment Partnership (Limited Partnership) | Other | 11,166,701 | 2.77 | | Jiaxing Lantuo Equity Investment Partnership (Limited Partnership) | Other | 8,520,000 | 2.11 | | Hangzhou Yuanning Huixin Investment Partnership (Limited Partnership) | Other | 7,300,000 | 1.81 | | Xu Zhou | Domestic Natural Person | 6,251,203 | 1.55 | | Zhejiang Jiaxin Silk Co., Ltd. | Domestic Non-state-owned Legal Person | 5,680,000 | 1.41 | | Lanshan Investment Co., Ltd. | Domestic Non-state-owned Legal Person | 5,680,000 | 1.41 | Quarterly Financial Statements This section presents the company's consolidated balance sheet, income statement, and cash flow statement for the quarter, providing a detailed financial overview [Consolidated Balance Sheet](index=7&type=section&id=Consolidated%20Balance%20Sheet) As of September 30, 2021, total assets reached **1.629 billion Yuan**, increasing by **6.04%** from year-end, with total liabilities at **183 million Yuan** and total equity at **1.446 billion Yuan**, driven by significant transactional financial assets and increased notes payable Key Balance Sheet Items (September 30, 2021) | Item | September 30, 2021 (Yuan) | December 31, 2020 (Yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Total Assets | 1,628,891,228.49 | 1,536,071,226.26 | 6.04% | | Total Liabilities | 182,514,451.43 | 151,983,586.72 | 20.09% | | Total Equity Attributable to Parent Company Owners | 1,445,660,698.65 | 1,384,105,187.44 | 4.45% | | Total Equity | 1,446,376,777.06 | 1,384,087,639.54 | 4.50% | [Consolidated Income Statement](index=10&type=section&id=Consolidated%20Income%20Statement) In the first three quarters of 2021, total operating revenue was **315 million Yuan**, down **2.28%** year-on-year, with total operating costs increasing by **21.13%** to **219 million Yuan**, leading to a **14.40%** decline in net profit attributable to parent company shareholders to **109 million Yuan** Key Income Statement Items (First Three Quarters of 2021) | Item | First Three Quarters of 2021 (Yuan) | First Three Quarters of 2020 (Yuan) | YoY Change (%) | | :--- | :--- | :--- | :--- | | I. Total Operating Revenue | 315,408,764.68 | 322,773,810.66 | -2.28% | | II. Total Operating Costs | 219,133,552.50 | 180,903,340.02 | 21.13% | | Including: R&D Expenses | 31,607,847.09 | 18,659,083.53 | 69.40% | | III. Operating Profit | 126,142,287.09 | 148,636,364.17 | -15.13% | | V. Net Profit | 110,132,615.97 | 128,011,805.53 | -13.97% | | Net Profit Attributable to Parent Company Shareholders | 109,398,989.66 | 127,861,787.17 | -14.44% | | Basic EPS (Yuan/share) | 0.27 | 0.35 | -22.86% | [Consolidated Cash Flow Statement](index=13&type=section&id=Consolidated%20Cash%20Flow%20Statement) In the first three quarters of 2021, net cash flow from operating activities was **140 million Yuan**, down **9.75%**, with net cash outflow from investing activities at **87.47 million Yuan** and from financing activities at **45.15 million Yuan**, resulting in period-end cash and cash equivalents of **51.16 million Yuan** Key Cash Flow Statement Items (First Three Quarters of 2021) | Item | First Three Quarters of 2021 (Yuan) | First Three Quarters of 2020 (Yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 140,025,614.61 | 155,146,138.64 | | Net Cash Flow from Investing Activities | -87,474,895.48 | -621,089,523.39 | | Net Cash Flow from Financing Activities | -45,152,958.65 | 491,973,239.69 | | Net Increase in Cash and Cash Equivalents | 6,836,850.56 | 24,959,944.57 | | Cash and Cash Equivalents at Period-End | 51,157,376.81 | 53,852,004.64 |

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%[17]. - The net profit attributable to shareholders reached 100 million CNY, up 15% compared to the same period last year[17]. - The company achieved operating revenue of CNY 207,170,093.72 in the first half of 2021, representing a 12.60% increase compared to CNY 183,981,950.59 in the same period last year[28]. - Net profit attributable to shareholders was CNY 76,247,090.60, up 10.14% from CNY 69,229,584.08 year-on-year, driven by increased operating revenue and investment income[28]. - Operating profit reached ¥87,795,706.54, reflecting a year-on-year increase of 9.37%[94]. - The net profit attributable to shareholders after deducting non-recurring gains and losses decreased by 6.16% to CNY 58,437,562.03, primarily due to increased share-based payment expenses and R&D costs[28]. - The company reported a significant increase in sales expenses by 139.57% to ¥4,163,882.56, mainly due to stock-based compensation[97]. - The net cash flow from operating activities rose by 9.78% to ¥95,768,463.71, attributed to higher sales revenue and improved collection[97]. Market Expansion and Strategy - The company has set a revenue guidance of 1 billion CNY for the full year 2021, indicating a projected growth of 25%[17]. - The company plans to expand its market presence in Southeast Asia, targeting a 10% market share within the next two years[17]. - The company is actively expanding its market presence both domestically and globally, gradually increasing its market share[37]. - A strategic acquisition of a local optical technology firm is in progress, aimed at enhancing R&D capabilities and product offerings[17]. - A strategic acquisition of a tech startup was announced, expected to enhance the company's product offerings and capabilities[141]. Research and Development - The R&D expenditure accounted for 9.33% of operating revenue, an increase of 3.09 percentage points compared to 6.24% in the same period last year[27]. - R&D expenses increased by 68.35% year-on-year, totaling approximately ¥19.32 million, primarily due to higher personnel costs and increased share-based payments[61][62]. - The company has developed core technologies in precision glass optical component processing, achieving advanced industry standards in various product categories[41]. - The company is developing high-precision glass wafers, aiming for a product thickness of 0.2mm with a thickness error of less than 1μm and a bending error of less than 8μm[65]. - The company aims to develop new optical products, including a wide spectrum lithography lens and low distortion microscope objectives, addressing specific imaging challenges[10][12][13]. Sustainability and Environmental Commitment - The company emphasizes its commitment to sustainability and plans to reduce carbon emissions by 30% over the next five years[17]. - The company has no environmental penalties or incidents during the reporting period, and its environmental management complies with national standards[117]. - The company has established storage facilities to prevent secondary pollution and properly manages hazardous waste[117]. - The company’s environmental investment and related costs are sufficient to handle the corresponding pollutants[117]. Risks and Challenges - The management has identified potential risks related to supply chain disruptions and is implementing measures to mitigate these risks[17]. - The company is facing risks related to intensified market competition and potential declines in gross margin due to increasing competition and customer procurement behavior[92]. - The company faces risks from macroeconomic fluctuations and potential trade tensions, particularly between China and the U.S., which could adversely affect sales and future performance[93]. Shareholder and Governance Commitments - The company has committed to not transferring or entrusting the management of shares held prior to the IPO for 36 months from the date of listing[143]. - The company will comply with relevant regulations regarding share transfer restrictions and will publicly apologize if commitments are not fulfilled[145]. - The company guarantees that its major shareholders will not engage in competing businesses, ensuring no conflict of interest[191]. - The company will maintain a commitment to transparency and accountability in its operations and dealings with shareholders[188]. - The company commits to timely and comprehensive disclosure of any unfulfilled commitments, ensuring transparency to investors[188].

Financial Performance - The company's operating revenue for 2020 was approximately ¥438.93 million, representing a 31.38% increase compared to ¥334.09 million in 2019[29]. - The net profit attributable to shareholders for 2020 was approximately ¥182.99 million, a 57.57% increase from ¥116.14 million in 2019[29]. - The net profit after deducting non-recurring gains and losses for 2020 was approximately ¥159.99 million, up 46.85% from ¥108.95 million in 2019[29]. - The net cash flow from operating activities for 2020 was approximately ¥233.80 million, reflecting a 15.38% increase from ¥202.64 million in 2019[29]. - The total assets at the end of 2020 were approximately ¥1.54 billion, a 75.78% increase from ¥873.84 million at the end of 2019[29]. - The net assets attributable to shareholders at the end of 2020 were approximately ¥1.38 billion, representing a 114.27% increase from ¥645.97 million at the end of 2019[29]. - The company achieved a total revenue of 6,130 million RMB, with a net profit of 2,719.92 million RMB, reflecting a significant increase in performance[95]. - The comprehensive gross profit margin for the reporting period was 57.66%[116]. Dividend Distribution - The company plans to distribute a cash dividend of RMB 1.50 per 10 shares, totaling RMB 60,426,750.00, which represents 33.02% of the net profit attributable to shareholders[7]. - In 2019, the company distributed a cash dividend of 10.00 RMB per 10 shares, totaling 63,500,000 RMB, which was 54.68% of the net profit attributable to ordinary shareholders[170]. - The company has established a stable profit distribution policy to protect shareholders' rights and interests, considering profitability and cash flow[170]. Research and Development - The company achieved a total R&D investment of ¥27,199,157.56, representing a 10.92% increase compared to the previous year[84]. - R&D investment accounted for 6.20% of total revenue, down from 7.34% in the previous year, indicating a decrease of 1.14 percentage points[84]. - The company obtained 5 new patents during the reporting period, including 1 invention patent and 4 utility model patents[83]. - The company applied for 6 new patents, with 3 being invention patents and 3 utility model patents[83]. - The number of R&D personnel increased to 101, representing 15.23% of the total workforce, up from 13.90% in the previous period[98]. - The company is focused on continuous improvement in R&D and production processes to adapt to market changes and enhance competitiveness[103]. Market and Product Development - The company plans to continue expanding its market presence and developing new optical components for various applications[23]. - The company reported a significant increase in user data and engagement metrics, indicating strong market demand for its products[23]. - The company is actively developing new products in emerging fields such as 5G optical communication and AR/VR[107]. - The optical components market is expected to grow with the expansion of AR/VR and smart wearable devices, increasing the demand for optical components in consumer electronics[60]. - The company has diversified its product offerings, covering thousands of types of optical components, which allows it to meet the demands of various industries[102]. Operational Risks and Compliance - The company has detailed various operational risks and corresponding countermeasures in the report[5]. - The audit report issued by Tianjian Accounting Firm is a standard unqualified opinion[6]. - The company does not have any non-operating fund occupation by controlling shareholders or related parties[11]. - There are no violations of decision-making procedures for providing guarantees[11]. - The company has not encountered any situation where more than half of the directors cannot guarantee the authenticity, accuracy, and completeness of the annual report[11]. Manufacturing and Technology - The company has developed core technologies in precision glass optical components, including optical prisms and aspheric lenses, enhancing its competitive advantage[44]. - The company has established a research platform, "Zhejiang Lante High-Precision Optical Components Research Institute," to respond to customer needs and proactively develop technologies[55]. - The company has implemented ultra-efficient mass bonding and cutting technology, resulting in micro-prism products with size tolerance controlled within 0.01mm and angle tolerance within 1 arc minute[78]. - The optical components manufacturing capability in China is gradually narrowing the gap with international advanced levels due to increased government support and R&D investment[74]. Shareholding and IPO Regulations - The company has committed to not transferring or entrusting others with shares held prior to the IPO for 12 months from the listing date[183]. - If the stock price falls below the IPO price for 20 consecutive trading days within 6 months post-IPO, the lock-up period will be extended by 6 months[183]. - The company will comply with relevant regulations regarding share transfer and lock-up periods as stipulated by the Shanghai Stock Exchange and other regulatory bodies[186]. - The company will ensure compliance with the laws and regulations set forth by the China Securities Regulatory Commission[198].

2021 年第一季度报告 公司代码：688127 公司简称：蓝特光学 浙江蓝特光学股份有限公司 2021 年第一季度报告 1 / 21 2021 年第一季度报告 í 二、 11Í 四、 目录 | --- | |--------------| | | | 重要提示 | | 公司基本情况 | | 重要事项 | | 附录 | 2 / 21 2021 年第一季度报告 单位：元 币种：人民币 3 / 21 一、 重要提示 1.1 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、误导性陈述或者重大遗漏，并承担个别和连带的法律责任。 1.2 公司全体董事出席董事会审议季度报告。 1.3 公司负责人徐云明、主管会计工作负责人朱家伟及会计机构负责人（会计主管人员）陈骏 保证季度报告中财务报表的真实、准确、完整。 1.4 本公司第一季度报告未经审计。 二、 公司基本情况 2.1 主要财务数据 | --- | --- | --- | --- | |-------------------------------------------------|------------------ ...

Financial Performance - Operating income for the first nine months increased by 39.96% to CNY 322,773,810.66 compared to the same period last year[11]. - Net profit attributable to shareholders for the first nine months was CNY 127,861,787.17, representing a 58.57% increase compared to the same period last year[11]. - The company reported a net profit of ¥312,612,290.39 for the first three quarters of 2020, compared to ¥184,897,358.82 in 2019, representing a growth of about 69%[46]. - The net profit for the third quarter of 2020 was CNY 58,759,883.70, compared to CNY 44,773,345.95 in the same period of 2019, representing a year-over-year increase of approximately 31.5%[52]. - The total revenue for the third quarter of 2020 was CNY 68,360,087.50, an increase from CNY 52,380,000.57 in the previous year, indicating a growth of about 30.5%[52]. - The company reported a total profit of CNY 68,226,982.87 for the quarter, compared to CNY 52,213,833.30 in the same period last year, which is an increase of about 30.6%[52]. Assets and Liabilities - Total assets increased by 70.35% to CNY 1,488,589,365.52 compared to the end of the previous year[11]. - The total assets as of September 30, 2020, amounted to ¥1,488,589,365.52, compared to ¥873,843,713.16 at the end of the previous year[35]. - The company’s total liabilities decreased to ¥159,568,096.69 from ¥227,970,245.31 in the previous period[40]. - The company’s total liabilities included short-term borrowings of 6,205,419.37 RMB and accounts payable of 51,601,823.61 RMB[74]. - The company’s total liabilities reached RMB 224,538,253.44, with current liabilities accounting for RMB 144,560,629.53[84]. Shareholder Information - The total number of shareholders reached 12,448 by the end of the reporting period[19]. - The top shareholder, Xu Yunming, holds 37.52% of the shares, totaling 150,690,400 shares[22]. - Net assets attributable to shareholders increased by 105.73% to CNY 1,328,971,647.08 compared to the end of the previous year[11]. - Owner's equity rose significantly to ¥1,334,937,259.71 compared to ¥652,086,332.69, marking an increase of approximately 104%[46]. Cash Flow - The company reported a net cash flow from operating activities of CNY 155,146,138.64, an increase of 14.49% compared to the same period last year[11]. - Cash flow from operating activities increased to ¥155,146,138.64, up 14.49% from ¥135,512,850.48 in the previous period[32]. - The company reported a significant increase in cash flow from financing activities, totaling ¥491,973,239.69, a 1145.24% increase compared to the previous period[32]. - The net cash flow from investing activities was CNY -621,089,523.39 for the first three quarters of 2020, compared to CNY -122,183,805.33 in the same period of 2019, showing a significant increase in cash outflow[64]. Research and Development - Research and development expenses accounted for 5.78% of operating income, up from 5.45%[13]. - Research and development expenses increased by 48.37% to RMB 18,659,083.53, reflecting a greater investment in R&D[29]. - Research and development expenses for the first three quarters of 2020 totaled ¥18,659,083.53, compared to ¥12,575,883.39 in 2019, indicating a year-over-year increase of approximately 48%[48]. - The research and development expenses for the third quarter were CNY 6,461,406.42, compared to CNY 3,498,765.60 in the same quarter of 2019, showing an increase of approximately 84.3%[58]. Financial Ratios - The weighted average return on net assets increased by 5.83 percentage points to 18.01%[13]. - Basic earnings per share increased by 59.09% to CNY 0.35[13]. - The basic earnings per share for the third quarter was CNY 0.16, up from CNY 0.12 in the same quarter of the previous year, marking a 33.3% increase[54].