Financial Performance - The net profit attributable to shareholders for 2021 was RMB 93.9262 million, with a proposed cash dividend of RMB 2.4 per 10 shares, totaling RMB 28.8 million, which represents 30.66% of the net profit[5]. - The company has not yet achieved profitability since its listing[4]. - The company's operating revenue for 2021 was ¥493.70 million, representing a 21.01% increase compared to ¥407.99 million in 2020[20]. - The net profit attributable to shareholders for 2021 was ¥93.93 million, up 19.88% from ¥78.35 million in 2020[20]. - The net asset attributable to shareholders increased by 9.27% to ¥863.80 million at the end of 2021, compared to ¥790.53 million at the end of 2020[20]. - Total assets rose by 12.63% to ¥998.18 million at the end of 2021, compared to ¥886.21 million at the end of 2020[20]. - The basic earnings per share for 2021 was ¥0.78, a decrease of 4.88% from ¥0.82 in 2020[21]. - The net cash flow from operating activities for 2021 was ¥67.79 million, a decrease of 27.34% from ¥93.29 million in 2020[20]. - The company reported non-recurring gains of ¥20.95 million in 2021, compared to ¥7.73 million in 2020[25]. - The gross profit margin for the main business was 42.54%, a decrease of 3.07 percentage points compared to the previous year[103]. Research and Development - The R&D expenditure as a percentage of operating revenue was 5.35% in 2021, down from 6.26% in 2020[22]. - The company achieved a total R&D investment of ¥26,425,953.50 in 2021, representing a 3.48% increase from ¥25,536,368.36 in the previous year[71]. - The company obtained 8 new invention patents during the reporting period, bringing the total number of invention patents to 50[68]. - The company has developed core technologies in environmentally friendly water-based coatings, achieving significant advantages in safety and VOC reduction[63]. - The company continues to invest in R&D to enhance existing products and develop new ones, reflecting its commitment to innovation and market leadership[68]. - The company has invested a total of ¥485.12 million in the research of UV light absorbers and functional coatings, with an ongoing development of four invention patents[73]. - The company has developed a water-based infrared stealth coating, which is positioned as a leading product in the domestic market and advanced internationally, showcasing its competitive edge in high-tech materials[75]. Market and Industry Insights - The automotive paint industry in China had a market size of approximately $4.5 billion in 2019, accounting for 25% of the global market[51]. - The expected annual growth rate for the automotive paint market in China is 4.9%, with a projected market size of $5.6 billion by 2025[51]. - The automotive aftermarket repair coatings segment accounted for over 60% of the company's main business revenue, emphasizing its significance to overall performance[96]. - The automotive aftermarket repair coatings industry has high technical barriers, making it difficult for new entrants to replicate existing products quickly[55]. - The company is focusing on green and efficient technologies, including fully water-based products and high solid content coatings[59]. Operational and Strategic Initiatives - The company plans to maintain the total distribution amount unchanged even if the total share capital changes before the dividend record date[5]. - The company plans to continue expanding its market presence and invest in new product development to drive future growth[19]. - The company aims to enhance its market position by leveraging its unique competitive advantages and broad development prospects in the automotive repair coatings sector[58]. - The company is committed to long-term R&D processes, as evidenced by its advanced water-based automotive repair coatings and other innovative products that lead the global market[82]. - The company plans to enhance its internal management system, including risk control and internal audit mechanisms, to mitigate operational risks[147]. Corporate Governance and Management - The management has confirmed the accuracy and completeness of the financial report[5]. - There are no non-operational fund occupations by controlling shareholders or related parties[7]. - The company has not violated decision-making procedures for external guarantees[7]. - The report includes a standard unqualified audit opinion from Lixin Certified Public Accountants[4]. - The company has maintained independence and operational capability without any significant issues related to its controlling shareholder[157]. - The board of directors and senior management have maintained their shareholdings without any changes during the reporting period[161]. Employee and Talent Management - The number of R&D personnel increased to 78, representing 11.43% of the total workforce, up from 11% in the previous year, highlighting a commitment to innovation[80]. - The average salary for R&D personnel rose to 11.14 million RMB, an increase from 9.6 million RMB in the previous year, reflecting the company's investment in talent[80]. - The company has a competitive salary and benefits policy, linking employee compensation directly to their contributions and performance, with a focus on a performance-centered incentive system[186]. - The company has implemented a series of training programs to enhance employee skills and corporate culture, including onboarding and skills training[187]. Risks and Challenges - The company faces environmental risks due to increasing regulatory requirements and potential cost increases related to environmental compliance[98]. - The company's accounts receivable at the end of the reporting period stood at CNY 112.2568 million, representing 11.25% of total assets, highlighting potential bad debt risks[92]. - The company's inventory net amount was CNY 76.4907 million, making up 7.66% of total assets, indicating risks related to inventory turnover[93]. - The company enjoys a 15% corporate income tax rate as a high-tech enterprise, which could be adversely affected by changes in tax policies[94].

Financial Performance - The net profit attributable to shareholders for 2020 was RMB 78.3533 million, with a cash dividend distribution plan of RMB 2 per 10 shares, totaling RMB 24 million, which represents 30.63% of the net profit[5]. - The company's operating revenue for 2020 was CNY 407.99 million, a decrease of 12.75% compared to CNY 467.60 million in 2019[20]. - The net profit attributable to shareholders for 2020 was CNY 78.35 million, down 4.43% from CNY 81.99 million in 2019[20]. - The net cash flow from operating activities increased by 32.99% to CNY 93.29 million, primarily due to a reduction in accounts receivable and decreased expenses during the COVID-19 pandemic[25]. - The company's total assets at the end of 2020 reached CNY 886.21 million, reflecting a 121.22% increase from CNY 400.60 million at the end of 2019, mainly due to funds raised from the IPO[25]. - The weighted average return on equity decreased to 19.35% in 2020, down 10.64 percentage points from 29.99% in 2019[21]. - The basic earnings per share for 2020 was CNY 0.82, a decrease of 9.89% compared to CNY 0.91 in 2019[21]. - The net assets attributable to shareholders increased by 161.42% to CNY 790.53 million at the end of 2020, compared to CNY 302.40 million at the end of 2019[25]. - The company achieved a total revenue of 407.99 million RMB and a net profit attributable to shareholders of 78.35 million RMB in 2020, with earnings per share of 0.82 RMB[29]. Research and Development - Research and development expenses accounted for 6.26% of operating revenue in 2020, an increase of 0.49 percentage points from 5.77% in 2019[22]. - The company achieved a total R&D investment of ¥25,536,368.36 in 2020, a decrease of 5.33% compared to ¥26,975,287.81 in the previous year[64]. - R&D investment accounted for 6.26% of total revenue, an increase of 0.49 percentage points from 5.77% in the previous year[64]. - The company applied for 22 new invention patents and obtained 7 patents during the reporting period, bringing the total to 152 applied and 42 obtained[62]. - The company is currently developing a water-based scratch-resistant matte black paint, with a total investment of ¥155 million and a patent application submitted[66]. - The company has developed a high-quality pearl effect paint, with a patent application number 201611246235.4[61]. - The company is focusing on the development of safety and environmentally friendly water-based cleaning agents, which are produced by mixing volatile organic solvents and water[59]. - The company has a total of 170 patents, including 60 granted patents across various categories[62]. Market Position and Strategy - The company is positioned as a representative Chinese brand in a market dominated by five major international brands, indicating a unique competitive advantage[52]. - The automotive coatings industry in China is expected to grow at an average annual rate of 4.9%, reaching a market size of $5.6 billion by 2025[45]. - The company plans to continue expanding its market presence and invest in new product development to drive future growth[25]. - The company has established partnerships with new energy vehicle manufacturers like NIO and XPeng, collaborating on color design and customization for vehicle exteriors[164]. - The company aims to enhance its market position in the automotive aftermarket repair paint sector by developing new customers and increasing product offerings to existing clients, targeting a larger market share[162]. - The company plans to invest CNY 40,000 million in a new project for "10,000 tons of water-based environmentally friendly automotive coatings" to enhance production capacity and quality[94]. Operational Risks and Management - The company has outlined various operational risks and corresponding mitigation measures in the report[4]. - The report includes a forward-looking statement risk disclaimer, indicating uncertainties in future plans and strategies[6]. - The company is committed to enhancing its management system, including risk control and internal audit mechanisms, to mitigate operational risks and improve overall management efficiency[171]. - The company will focus on talent recruitment and training to optimize employee structure and enhance skills, aiming to support rapid future growth[172]. Shareholder and Dividend Policies - The company emphasizes a cash dividend policy, ensuring that at least 10% of the distributable profit is allocated as cash dividends annually, with a cumulative minimum of 30% over three years[177]. - The company will maintain a stable cash dividend policy, with specific conditions for adjustments based on future investment plans and financial performance[178]. - The company reported a net profit of RMB 78.35 million for 2020, with a proposed cash dividend of RMB 2 per 10 shares, totaling RMB 24 million, which represents 30.63% of the net profit attributable to shareholders[179]. - The company did not propose a cash profit distribution plan for the reporting period despite having positive distributable profits[184]. Compliance and Governance - The company has adhered to relevant laws and regulations regarding the transfer of shares by controlling shareholders[186]. - The company has established measures to ensure compliance with shareholding commitments, including returning any profits gained from unfulfilled commitments to the company[191]. - The company is subject to restrictions on share reduction during investigations or penalties by regulatory authorities[190]. - The company must disclose the details of any share reduction plan, including the number of shares, source, and reasons for reduction[190].

Financial Performance - The company's operating revenue for Q3 2021 was ¥117,663,280.91, representing a year-over-year increase of 6.57%[5] - The net profit attributable to shareholders for Q3 2021 was ¥20,584,909.05, a decrease of 13.17% compared to the same period last year[5] - The basic earnings per share for Q3 2021 was ¥0.17, down 34.02% due to an increase in the number of shares issued and a decline in net profit[10] - The net profit attributable to shareholders for the year-to-date period was ¥64,104,321.31, an increase of 16.96% compared to the same period last year[5] - Total operating revenue for the first three quarters of 2021 reached ¥327,453,709.68, an increase of 16.6% compared to ¥280,852,730.07 in the same period of 2020[19] - Net profit for the first three quarters of 2021 was ¥64,104,321.31, representing a 16.5% increase from ¥54,809,263.34 in the same period of 2020[21] Research and Development - Research and development expenses totaled ¥6,462,271.15 for Q3 2021, an increase of 43.11% year-over-year, accounting for 5.49% of operating revenue[6] - Research and development expenses for the first three quarters of 2021 were ¥18,366,342.55, up from ¥15,371,234.74 in the same period of 2020[19] Cash Flow and Liquidity - The cash flow from operating activities for the year-to-date period decreased by 51.15%, primarily due to increased procurement costs from rising raw material prices[10] - Cash and cash equivalents decreased significantly to ¥97,259,031.68 from ¥569,873,310.18, indicating a decline of about 83%[15] - Net cash flow from operating activities decreased to CNY 25,762,530.15 in Q3 2021, down 51.1% from CNY 52,736,098.32 in Q3 2020[24] - Cash inflow from investment activities surged to CNY 779,351,972.83 in Q3 2021, compared to CNY 10,530,870.54 in Q3 2020[24] - The company reported a net decrease in cash and cash equivalents of CNY -472,614,278.50 in Q3 2021, contrasting with an increase of CNY 57,140,705.20 in Q3 2020[25] Assets and Liabilities - Total assets at the end of Q3 2021 were ¥928,153,505.10, reflecting a 4.73% increase from the end of the previous year[6] - Total current assets as of September 30, 2021, amounted to ¥848,559,579.77, an increase from ¥812,635,454.94 at the end of 2020, reflecting a growth of approximately 4.5%[15] - Total liabilities at the end of the third quarter of 2021 were ¥95,462,820.39, slightly down from ¥95,685,323.65 in the previous year[17] - Non-current assets totaled ¥79,593,925.33, an increase from ¥73,577,123.85 in the previous year[17] Shareholder Information - The company reported a total of 6,212 ordinary shares outstanding at the end of the reporting period[12] - The largest shareholder, Shanghai Donglai Technology Co., Ltd., holds 53,352,000 shares, representing 44.46% of total shares[12] - The second-largest shareholder, Zhu Zhongmin, owns 20,718,000 shares, accounting for 17.27%[12] Other Notable Information - The company has not disclosed any significant new product developments or market expansion strategies during the reporting period[14] - There are no significant mergers or acquisitions reported in the current financial period[14]

Financial Performance - The company's operating revenue for the first half of the year reached ¥209.79 million, representing a year-on-year increase of 23.08%[20]. - Net profit attributable to shareholders increased by 39.93% to ¥43.52 million compared to the same period last year[21]. - The basic earnings per share rose to ¥0.36, up 2.86% from ¥0.35 in the previous year[20]. - The net profit after deducting non-recurring gains and losses was ¥33.11 million, an increase of 11.89% year-on-year[20]. - The company reported a total revenue of 2,810.00 million RMB for the period, with a net profit of 1,190.40 million RMB, representing a year-on-year increase of 73.01%[68]. - The net profit attributable to the parent company was 43.52 million yuan, reflecting a year-on-year growth of 39.93%[80]. - The company reported a total of 53,352,000 shares held by Shanghai Donglai Technology Co., Ltd., with a lock-up period ending on October 23, 2023[157]. Research and Development - The company achieved a total R&D investment of ¥11,904,071.40, representing a 9.66% increase compared to the previous period's ¥10,855,749.86[59]. - R&D investment accounted for 5.67% of total revenue, a decrease of 0.70 percentage points from the previous year's 6.37%[59]. - The company obtained 4 new invention patents during the reporting period, bringing the total number of invention patents to 152[55]. - The company has a fully independent R&D team focused on high-end automotive coatings, continuously investing in technology to meet international standards[34]. - The company is focusing on developing new products, including high-performance coatings with improved durability and aesthetic qualities, targeting the automotive industry[72]. Market Position and Strategy - The company is listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board under the stock code 688129[18]. - The automotive paint market in China was valued at approximately $4.5 billion in 2019, with a projected annual growth rate of 4.9%, potentially reaching $5.6 billion by 2025[42]. - Major competitors in the automotive aftermarket repair coatings market include international brands such as PPG, BASF, Axalta, and AkzoNobel, indicating high industry barriers and stable competition[45]. - The company has established a unique competitive advantage as the only Chinese brand in the "5+3+2+1" market structure of automotive repair coatings, which includes 5 European and American brands, 3 Japanese brands, and 2 Korean brands[49]. - The company emphasizes long-term market accumulation to maintain stable sales channels and a comprehensive service network, which poses challenges for new entrants[47]. Environmental and Social Responsibility - The company strictly complied with environmental laws and regulations, with no incidents of environmental pollution reported during the reporting period[112]. - The company actively participates in poverty alleviation and rural revitalization initiatives, demonstrating its commitment to social responsibility[113]. - The company's environmentally friendly products reduce VOC emissions and improve worker safety, aligning with industry trends towards sustainability[50]. - The company has established a mechanism for regular environmental inspections and third-party assessments to ensure compliance with environmental standards[112]. Corporate Governance - The board of directors confirmed that all members attended the board meeting, ensuring the report's authenticity and completeness[5]. - The company has not faced any issues with more than half of the directors being unable to guarantee the report's authenticity[11]. - The company has not violated decision-making procedures for external guarantees[10]. - The company has committed to adhering to relevant laws and regulations regarding the transfer of shares by major shareholders and executives[118]. Financial Position and Assets - The company's total assets grew by 2.63% to ¥909.52 million compared to the end of the previous year[20]. - Cash and cash equivalents decreased by 74.87% to ¥143,233,094.39, primarily due to significant investments in financial products during the reporting period[101]. - The net value of accounts receivable at the end of the reporting period was CNY 80.72 million, accounting for 8.88% of total assets, posing a potential bad debt risk[96]. - The company has a production capacity of 10,000 tons for oil-based coatings and 2,000 tons for water-based coatings, facing risks from the industry's shift towards water-based products[92]. Shareholder Commitments and Stock Management - The company has implemented a stock lock-up commitment for 36 months from the date of listing, prohibiting the transfer or management of shares held prior to the IPO[116]. - The company will disclose any share reduction plans 15 trading days prior to the first sale, including details such as quantity and price range[120]. - The company has committed to holding shares according to Chinese laws and regulations, with a lock-up period of 4 years for core technical personnel[122]. - The company will initiate a share repurchase plan within 10 trading days if stock price stabilization measures are triggered, with the repurchase price not exceeding the latest audited net asset value per share[123].

Financial Performance - Operating revenue rose by 47.28% to CNY 95,495,368.63 year-on-year[6] - Net profit attributable to shareholders increased by 93.09% to CNY 18,733,747.82 compared to the same period last year[6] - Basic earnings per share improved by 45.45% to CNY 0.16 per share[6] - The company's operating revenue for Q1 2021 was CNY 95,495,368.63, an increase of 47.3% compared to CNY 64,817,530.78 in Q1 2020[29] - The net profit for Q1 2021 reached CNY 18,733,747.82, representing an increase of 93.1% from CNY 9,702,110.00 in Q1 2020[28] - The company's operating profit for Q1 2021 was CNY 21,960,083.43, compared to CNY 11,583,369.09 in Q1 2020, marking an increase of 89.5%[28] - The total profit for Q1 2021 was CNY 21,938,072.15, an increase of 89.5% from CNY 11,571,080.26 in Q1 2020[28] - The total comprehensive income for Q1 2021 was CNY 18,733,747.82, compared to CNY 9,702,110.00 in Q1 2020, reflecting a growth of 93.1%[28] Cash Flow - Cash flow from operating activities surged by 191.07% to CNY 6,654,368.94 year-to-date[6] - The net cash flow from operating activities for Q1 2021 was CNY 6,654,368.94, compared to CNY 2,286,212.68 in Q1 2020, showing a significant improvement[33] - The company achieved a net cash inflow from operating activities of CNY 117,036,519.69 in Q1 2021, compared to CNY 102,369,373.06 in Q1 2020, reflecting a growth of 14.3%[33] - Total cash inflow from operating activities was ¥116,746,963.75, up from ¥102,198,991.93 in the same period last year, representing a growth of 14.2%[35] - The net cash flow from investing activities was -¥480,135,632.23, a significant decrease from ¥10,081,513.56 in Q1 2020[36] - The company experienced a net decrease in cash and cash equivalents of -¥470,073,039.20 for Q1 2021, contrasting with an increase of ¥16,150,520.12 in Q1 2020[36] Assets and Liabilities - Total assets increased by 0.95% to CNY 894,615,144.01 compared to the end of the previous year[6] - The total assets as of March 31, 2021, were RMB 894,615,144.01, compared to RMB 886,212,578.79 at the end of 2020[19] - The total monetary funds decreased by 83.95% to RMB 91,468,231.23 from RMB 569,873,310.18 at the beginning of the year[13] - The trading financial assets surged by 999.01% to RMB 533,607,022.00, compared to RMB 48,553,244.30 at the start of the year[13] - The total liabilities decreased from RMB 95,182,337.00 to RMB 84,140,166.27, indicating a reduction in current liabilities[19] - Total liabilities decreased to ¥73,001,842.64 in Q1 2021 from ¥80,498,220.38 in Q1 2020, a reduction of approximately 9.3%[23] Shareholder Information - The total number of shareholders reached 7,177 by the end of the reporting period[10] - The largest shareholder, Shanghai Donglai Technology Co., Ltd., holds 44.46% of the shares[10] Expenses - Research and development expenses as a percentage of operating revenue decreased by 1.90 percentage points to 6.53%[6] - The company's sales expenses increased by 34.64% to RMB 13,775,144.09 from RMB 10,231,360.75 in the previous year[14] - Research and development expenses increased to ¥6,235,456.70 in Q1 2021 from ¥5,467,130.55 in Q1 2020, representing a 14% rise[27] - The company's income tax expenses rose by 71.45% to RMB 3,204,324.33, compared to RMB 1,868,970.26 in the previous year[14] - The other income decreased by 91.55% to RMB 102,361.80, down from RMB 1,210,982.76 in the same period last year[14] Inventory and Prepayments - Inventory levels rose to ¥73,849,655.80 in Q1 2021 from ¥63,321,916.98 in Q1 2020, marking a 16.5% increase[22] - The prepayments increased by 420.07% to RMB 2,705,829.36 from RMB 520,285.63, indicating new procurement prepayments[13]

Financial Performance - The net profit attributable to shareholders for 2020 was RMB 78.3533 million, with a proposed cash dividend of RMB 2 per 10 shares, totaling RMB 24 million, which accounts for 30.63% of the net profit[5]. - The company's operating revenue for 2020 was CNY 407.99 million, a decrease of 12.75% compared to CNY 467.60 million in 2019[20]. - The net profit attributable to shareholders for 2020 was CNY 78.35 million, down 4.43% from CNY 81.99 million in 2019[20]. - The basic earnings per share for 2020 was CNY 0.82, a decrease of 9.89% from CNY 0.91 in 2019[21]. - The company reported non-operating income of CNY 7.73 million for 2020, compared to CNY 8.08 million in 2019[27]. - The gross profit margin for the reporting period was 47.37%, an increase of 1.61% compared to the previous year[113]. - The gross profit margin for the overall business was 47.37%, which represents an increase of 1.62 percentage points year-on-year[116]. - The company reported a significant decrease in revenue across several regions, particularly in Northeast and North China, due to the impact of the pandemic[117]. Assets and Liabilities - The total assets at the end of 2020 reached CNY 886.21 million, reflecting a 121.22% increase from CNY 400.60 million at the end of 2019, mainly due to the funds raised from the IPO[25]. - The company's total assets as of December 31, 2020, were CNY 88,621.26 million, an increase of 121.22% compared to the previous year[91]. - The total liabilities increased by 36.05% to 19.10 million RMB, primarily due to the accrual of employee salaries and performance bonuses[133]. - The company's cash and cash equivalents at the end of the period amounted to 569.87 million RMB, representing 64.30% of total assets, an increase of 412.18% compared to the previous period[133]. Research and Development - The R&D expenditure as a percentage of operating revenue increased to 6.26% in 2020, up from 5.77% in 2019[22]. - The company achieved a total R&D investment of ¥25,536,368.36 in 2020, a decrease of 5.33% compared to ¥26,975,287.81 in the previous year[64]. - The company applied for 22 new invention patents and obtained 7 patents during the reporting period, bringing the total to 152 applied and 42 obtained[62]. - The company is focusing on optimizing coating formulas to enhance the aesthetic and protective functions of automotive coatings, which are critical for commercial value[81]. - The company has established various collaborative models with upstream suppliers for joint R&D, enhancing its innovation capabilities[81]. Market Position and Strategy - The company plans to continue expanding its market presence and invest in new product development to drive future growth[25]. - The company is positioned within a competitive landscape dominated by five major international brands, with only Donglai Technology representing a Chinese brand[52]. - The company aims to enhance its market position in the automotive aftermarket repair paint sector by increasing customer acquisition and expanding its market share through direct sales and authorized dealer management[162]. - The company plans to develop high-performance, environmentally friendly products, transitioning from oil-based to water-based paints, in response to stricter VOC emission regulations[164]. Operational Risks and Compliance - The company has outlined various operational risks and corresponding mitigation measures in the report[4]. - The report includes a forward-looking statement risk declaration, indicating uncertainties in future plans and strategies[6]. - The company has not reported any non-operational fund occupation by controlling shareholders or related parties[7]. - There are no violations of decision-making procedures regarding external guarantees[7]. - The company is committed to enhancing its management system, including risk control and internal audit mechanisms, to mitigate operational risks[171]. Shareholder and Dividend Policies - The company emphasizes a cash dividend policy, ensuring that at least 10% of the distributable profit is allocated as cash dividends annually, with a cumulative minimum of 30% over three years[177]. - The cash dividend payout ratio for 2020 was 30.63%, reflecting a commitment to returning value to shareholders[183]. - The company did not propose any cash profit distribution plan for the reporting period despite having positive distributable profits[184]. - The company has committed to a 36-month lock-up period for major shareholders starting from the date of listing, preventing them from transferring or managing their shares[186]. Innovations and New Technologies - The company has developed an environmentally friendly water-based two-component automotive repair paint with reduced VOC emissions and improved safety for workers[56]. - The company is focusing on expanding its product line with new technologies aimed at improving performance and environmental sustainability[58][59]. - The company is developing a high-adhesion water-based transfer coating, which is expected to have excellent performance and broad applications in automotive interiors[72]. - The company is investing in a digital color technology platform, integrating features like electronic color measurement and cloud computing, to enhance manufacturing intelligence and information sharing[167]. Sales and Distribution - The sales model is primarily direct sales, with automotive aftermarket repair coatings sold directly to OEMs and authorized 4S stores[42]. - The company has established a flat direct sales network with 9 branches covering key regional markets[88]. - The company adopts a regional distribution model for areas not covered by its direct sales team, with authorized dealers primarily serving automotive 4S stores[44].

Financial Performance - Revenue for the first nine months decreased by 16.33% to CNY 280,852,730.07 compared to the same period last year[6]. - Net profit attributable to shareholders declined by 8.04% to CNY 54,809,263.34 year-on-year[6]. - Basic earnings per share decreased by 7.58% to CNY 0.61[7]. - Operating revenue decreased by 16.33% to ¥280,852,730.07 from ¥335,668,426.06, mainly due to reduced sales volume impacted by the pandemic[14]. - Operating profit for Q3 2020 was approximately ¥28.60 million, an increase of 20.0% from ¥23.75 million in Q3 2019[29]. - The company's net profit attributable to shareholders for Q3 2020 was ¥23,708,048.07, compared to ¥19,843,397.85 in Q3 2019, representing an increase of approximately 9.4% year-over-year[30]. - Total revenue for Q3 2020 was ¥110,409,107.57, a decrease of 4.1% from ¥115,342,090.41 in Q3 2019[33]. - The total comprehensive income for Q3 2020 was ¥23,337,155.61, compared to ¥20,717,578.43 in Q3 2019, representing an increase of approximately 7.8%[35]. Assets and Liabilities - Total assets increased by 9.73% to CNY 439,576,241.53 compared to the end of the previous year[6]. - The total liabilities decreased to ¥80,339,014.32 from ¥98,201,447.74, indicating improved financial stability[22]. - Total current assets amounted to CNY 323,612,565.61 as of Q3 2020, reflecting a stable liquidity position[44]. - The company reported total liabilities of CNY 98,201,447.74, indicating a manageable debt level[45]. - Total assets amounted to $387,048,766.86, with non-current assets at $86,279,125.96[49]. - Current liabilities totaled $85,098,419.45, including accounts payable of $46,289,300.36 and contract liabilities of $17,472,909.53[49]. Cash Flow - Operating cash flow increased significantly by 284.86% to CNY 52,736,098.32 for the first nine months[6]. - Net cash flow from operating activities for the first three quarters of 2020 was ¥52,736,098.32, significantly higher than ¥13,702,820.83 in the same period of 2019, indicating a year-over-year increase of 284.5%[38]. - Cash inflow from operating activities totaled ¥336,685,593.74 in the first three quarters of 2020, down from ¥373,749,052.70 in 2019, a decrease of about 9.9%[38]. - Cash outflow from operating activities was ¥283,949,495.42 for the first three quarters of 2020, compared to ¥360,046,231.87 in 2019, showing a reduction of approximately 21.1%[38]. - The ending cash and cash equivalents balance as of the end of Q3 2020 was ¥168,404,697.41, up from ¥12,022,763.85 at the end of Q3 2019, representing a substantial increase of 1,400.0%[39]. Shareholder Information - Net assets attributable to shareholders rose by 18.79% to CNY 359,237,227.21 year-on-year[6]. - The total number of shareholders at the end of the reporting period was 8[10]. - The largest shareholder, Shanghai Donglai Technology Co., Ltd., holds 59.28% of the shares[11]. - The total equity attributable to shareholders reached CNY 302,402,295.76, showcasing strong shareholder value[45]. Research and Development - R&D expenditure as a percentage of revenue increased by 0.55 percentage points to 5.47%[7]. - Research and development expenses for the first three quarters of 2020 were approximately ¥15.37 million, a decrease of 7.0% from ¥16.53 million in the same period of 2019[29]. - Research and development expenses for Q3 2020 amounted to ¥4,515,484.88, while for the first three quarters of 2020, it totaled ¥15,371,234.74, showing a significant investment in innovation[33]. Other Financial Metrics - The company reported a net profit from non-operating activities of CNY 5,526,180.82 for the first nine months[9]. - Other income increased by 33.61% to ¥8,202,429.67 from ¥6,139,116.54, mainly due to government subsidies received[14]. - Financial expenses showed a significant decrease of 1,554.82% to -¥406,413.78 from ¥27,935.73, primarily due to increased interest income[14]. - The company reported a decrease in cash paid for goods and services, which was ¥155,492,292.30 in Q3 2020, down from ¥196,436,757.94 in Q3 2019, a decline of approximately 20.9%[38].