Financial Performance - Operating revenue rose by 54.92% to CNY 20,766.82 million year-on-year[7] - Net profit attributable to shareholders increased by 22.29% to CNY 4,560.25 million compared to the same period last year[7] - Basic earnings per share increased by 25.00% to CNY 0.50 per share[7] - Total operating revenue for Q1 2021 was CNY 207,668,179.67, an increase of 55% compared to CNY 134,046,584.24 in Q1 2020[24] - Net profit for Q1 2021 was CNY 56,169,513.07, compared to a net profit of CNY 45,149,360.39 in Q1 2020, representing a growth of 24%[24] - The company's operating revenue for Q1 2021 was CNY 207,668,179.67, a 55% increase from CNY 134,046,584.24 in Q1 2020[26] - The total profit for Q1 2021 was CNY 56,825,198.90, compared to CNY 45,509,381.70 in Q1 2020, reflecting an increase of 25%[25] Assets and Liabilities - Total assets increased by 4.68% to CNY 202,724.17 million compared to the end of the previous year[7] - Total assets as of March 31, 2021, amounted to CNY 2,012,788,595.32, an increase from CNY 1,936,756,925.41 at the end of 2020[22] - Total liabilities as of March 31, 2021, were CNY 275,822,350.89, compared to CNY 248,636,684.14 at the end of 2020, indicating a rise of 11%[22] - Total liabilities reached ¥248,935,023.03, down by ¥501,290.24 from the last reporting period[39] - Current liabilities reached approximately $218.70 million, with accounts payable constituting about $133.43 million[44] Cash Flow - Cash flow from operating activities surged by 135.90% to CNY 2,196.24 million year-to-date[7] - Net cash flow from operating activities for Q1 2021 was ¥24,904,078.97, a significant increase from ¥9,309,911.16 in Q1 2020, representing a year-over-year growth of approximately 167%[34] - Cash received from sales of goods and services in Q1 2021 was CNY 190,568,117.07, up from CNY 126,262,268.71 in Q1 2020, marking a 51% increase[29] - The company reported a net increase in cash and cash equivalents of ¥45,540,741.59 in Q1 2021, contrasting with a decrease of -¥710,817,695.70 in Q1 2020, showcasing a significant turnaround in cash management[35] Research and Development - Research and development expenses accounted for 4.79% of operating revenue, up by 0.03 percentage points[7] - Research and development expenses rose by 56.01% to ¥995.74 million, attributed to increased R&D investment and personnel costs[14] - Research and development expenses for Q1 2021 were CNY 9,957,436.41, compared to CNY 6,382,607.43 in Q1 2020, an increase of 56%[24] Shareholder Information - The total number of shareholders reached 8,109 by the end of the reporting period[10] - The largest shareholder, Zhao Lei, holds 20.38% of the shares, totaling 19,657,052 shares[10] Non-Recurring Gains and Losses - The company recognized a total of CNY 273.16 million in non-recurring gains and losses during the reporting period[8] Financial Standards and Reporting - The company implemented a new leasing standard effective January 1, 2021, which is not expected to have a significant impact on financial statements[41] - The company did not adjust comparative data for the new leasing standard, indicating a stable financial reporting approach[47]

Financial Performance - The company's operating revenue for 2020 was CNY 64,868.38 million, representing a year-on-year increase of 50.71%[20]. - The net profit attributable to shareholders for 2020 was CNY 17,047.31 million, a year-on-year growth of 54.59%[20]. - The net profit attributable to shareholders after deducting non-recurring gains and losses increased by 43.26% to CNY 14,302.57 million[20]. - The net cash flow from operating activities rose by 29.67% to CNY 12,868.67 million, driven by increased revenue and good sales collection[22]. - The company's total assets at the end of 2020 were CNY 193,663.82 million, an increase of 11.87% compared to the end of 2019[20]. - The net assets attributable to shareholders at the end of 2020 were CNY 168,770.32 million, reflecting an 8.75% increase from the previous year[20]. - The basic earnings per share for 2020 were CNY 1.77, up 16.45% from CNY 1.52 in 2019[21]. - The company's total revenue for 2020 was 648.68 million yuan, representing a year-on-year growth of 50.71%, while net profit attributable to shareholders was 170.47 million yuan, up 54.59% from the previous year[74]. Dividend Distribution - The company plans to distribute a cash dividend of 5.38 CNY per 10 shares, totaling 51,902,481.53 CNY, which accounts for 30.45% of the net profit attributable to shareholders for 2020[5]. - For the fiscal year 2019, the company distributed a cash dividend of 3.60 RMB per 10 shares, amounting to 34,730,285.04 RMB, accounting for 31.49% of the net profit attributable to shareholders[155]. - The company has established a cash dividend policy that prioritizes cash dividends when conditions allow, with a minimum cash distribution of 10% of the distributable profit for the year if there are no major investment plans[154]. - The company has committed to a differentiated cash dividend policy based on its development stage, with a minimum cash dividend ratio of 80% for mature stages without major capital expenditures[155]. - The company has completed the profit distribution for the fiscal year 2019 as of December 31, 2020[156]. Research and Development - The company increased its R&D investment by 29.58% during the reporting period[22]. - Research and development expenses accounted for 5.33% of operating revenue, a decrease of 0.87 percentage points year-on-year[21]. - The company achieved a total R&D investment of ¥3,456.55 million in 2020, representing a 29.58% increase compared to ¥2,667.54 million in the previous year[56]. - The company applied for 85 invention patents during the reporting period, with 38 patents granted, bringing the cumulative total to 422 applications and 151 granted patents[55]. - The company is actively advancing its OLED materials research and development, having established a dedicated OLED materials team and developed over 300 OLED compounds[47]. - The company has completed the synthesis and purification research for OLED materials, achieving a purity of 99.95%[61]. - The company aims to strengthen its core competitiveness by focusing on R&D innovation and building a robust intellectual property system[66]. Market Position and Strategy - The company has established itself as a strategic supplier of TFT liquid crystal materials to leading domestic panel manufacturers, enhancing its market influence[43]. - The company focuses on R&D of high-performance liquid crystal materials, particularly TFT materials, which are crucial for various display technologies[31]. - The company aims to enhance its market position by increasing the localization rate of liquid crystal materials, which currently relies heavily on imports[40]. - The company has developed a comprehensive competitive advantage in quality, price, and service, leading to an increase in market share[43]. - The company is exploring opportunities in other electronic materials, including modified polyimide for 5G applications and OLED materials, to diversify its business[77]. Risks and Challenges - The company has described potential risks in the report, which investors should be aware of[4]. - The report includes a risk statement regarding forward-looking statements[6]. - The company faces risks related to technology leakage and talent loss, which could impact its core competitiveness[81]. - The ongoing development of OLED technology poses a competitive threat to the company's LCD materials, with a projected CAGR of 32% for OLED TVs from 2017 to 2025[85]. Corporate Governance - The board of directors has ensured the authenticity, accuracy, and completeness of the annual report[4]. - The company has confirmed that there are no non-operating fund occupations by controlling shareholders or related parties[7]. - There are no violations of decision-making procedures regarding external guarantees[7]. - The company has not reported any special arrangements for corporate governance[7]. - The company has established a clear policy regarding the management of shares held by its directors and senior management, ensuring alignment with shareholder interests[163]. Financial Management - The company has not encountered any major litigation or arbitration matters during the reporting period[173]. - The company has not faced any situations that would lead to termination of its listing status[173]. - The company has not reported any impairment provisions for entrusted financial management[183]. - All entrusted financial management activities have been conducted in compliance with legal procedures[180]. - The company has implemented a comprehensive human resources management system to protect employee rights, including salary, benefits, and training opportunities[188].

Financial Performance - Net profit attributable to shareholders increased by 50.35% to CNY 13,296.69 million for the first nine months of the year[7] - Operating revenue for the first nine months reached CNY 44,824.41 million, a 40.60% increase year-on-year[7] - Basic and diluted earnings per share rose by 13.11% to CNY 1.38 per share[8] - Total operating revenue for Q3 2020 reached ¥164,576,222.31, a 45% increase from ¥113,614,671.34 in Q3 2019[25] - Net profit for Q3 2020 was ¥48,477,468.50, representing a 56.6% increase compared to ¥30,921,355.24 in Q3 2019[26] - The total profit for Q3 2020 was ¥57,218,730.08, up 56.6% from ¥36,547,692.13 in Q3 2019[27] - The total net profit for the first three quarters of 2020 was ¥132,966,893.19, a 50.4% increase compared to ¥88,437,051.27 in the first three quarters of 2019[26] Assets and Liabilities - Total assets increased by 5.55% to CNY 182,727.63 million compared to the end of the previous year[7] - The company’s total assets increased to ¥1,827,276,266.26 from ¥1,731,166,752.62, reflecting overall growth[19] - The company’s total liabilities decreased to CNY 177,075,132.34 from CNY 179,206,380.99 year-over-year[23] - Total equity attributable to shareholders increased to CNY 1,650,118,051.09, up from CNY 1,551,960,371.63 in the previous year[23] - Total current assets reached CNY 1,437,939,495.90, an increase from CNY 1,369,740,145.95[22] - Total liabilities amounted to ¥179,206,380.99, with current liabilities at ¥146,621,006.67[41] - Total equity reached ¥1,551,960,371.63, reflecting a strong capital base[44] Cash Flow - The net cash flow from operating activities increased by 18.55% to CNY 9,591.61 million compared to the same period last year[7] - Cash flow from operating activities for the first three quarters of 2020 was ¥95,916,126.90, compared to ¥80,908,814.24 in the same period of 2019, indicating a 19% increase[34] - The company reported a net cash outflow from investing activities of ¥1,057,414,327.73, primarily due to increased purchases of bank wealth management products[16] - The company reported a net cash flow from investment activities of -¥1,057,414,327.73 for the first three quarters of 2020, compared to -¥94,008,214.10 in the same period of 2019[35] - The total cash and cash equivalents at the end of the period decreased to ¥15,205,091.19 from ¥34,995,934.06, reflecting a decline of 56.6%[37] Research and Development - Research and development expenses accounted for 5.19% of operating revenue, a decrease of 0.23 percentage points[8] - Research and development expenses increased by 34.60% to ¥23,253,617.53, due to higher personnel costs and investment in R&D equipment[15] - Research and development expenses for Q3 2020 amounted to ¥9,674,603.71, a 35% increase from ¥7,174,349.09 in Q3 2019[25] Shareholder Information - The total number of shareholders reached 7,339 by the end of the reporting period[11] - The largest shareholder, Zhao Lei, holds 20.38% of the shares, totaling 19,657,052 shares[11] Government Support - The company received government subsidies amounting to CNY 6,211,590.74 for the first nine months[9] Inventory and Costs - Inventory increased by 50.50% to ¥220,834,167.92, driven by a rise in sales and strategic stockpiling of raw materials[15] - Operating costs rose by 42.60% to ¥229,884,813.71, reflecting increased sales volume[15]

Customer Concentration - The company's largest customer, BOE Technology Group, accounted for 69.47% of total revenue, with sales amounting to 197.06 million yuan during the reporting period [5]. - The company faced risks related to customer concentration, with sales to BOE amounting to CNY 197.056 million, accounting for 69.47% of total revenue [68]. - The company is actively expanding its customer base, including efforts to enter the supply chains of other major panel manufacturers, although the certification process remains lengthy and uncertain [68]. Financial Performance - The company's operating revenue for the first half of 2020 was CNY 28,366.79 million, representing a 38.24% increase compared to CNY 20,519.66 million in the same period last year [22]. - The net profit attributable to shareholders of the listed company reached CNY 8,448.94 million, a 46.90% increase from CNY 5,751.57 million year-on-year [22]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 7,167.16 million, up 33.50% from CNY 5,368.58 million in the previous year [22]. - The net cash flow from operating activities was CNY 6,178.01 million, reflecting a 40.59% increase compared to CNY 4,394.23 million in the same period last year [22]. - The total assets at the end of the reporting period were CNY 179,612.57 million, a 3.75% increase from CNY 173,116.68 million at the end of the previous year [22]. - The net assets attributable to shareholders of the listed company were CNY 160,171.95 million, showing a 3.21% increase from CNY 155,196.04 million at the end of the previous year [22]. - The company's basic earnings per share increased by 11.39% to CNY 0.88 compared to the same period last year [23]. - Net profit attributable to shareholders grew by 46.90%, driven by revenue growth [24]. - Operating cash flow increased by 40.59%, reflecting improved sales collection [24]. - Revenue increased by 38.24% year-on-year, attributed to the expansion of domestic and international markets [23]. Research and Development - The company is focused on high-performance TFT mixed liquid crystal materials, which are critical for maintaining competitiveness in the evolving display technology market [4]. - Research and development expenses rose by 34.42%, although the R&D expenditure as a percentage of revenue decreased by 0.13 percentage points to 4.79% [24]. - The company has established a complete intellectual property system in the production of high-performance TFT liquid crystal materials [37]. - The company is actively pursuing R&D in OLED materials, leveraging its core technologies accumulated in the liquid crystal display materials field [44]. - The company has developed over 200 types of OLED compounds, establishing a framework for OLED manufacturing technology [44]. - The company has developed 61 types of intermediates and monomers for OLED materials, with DM0271 already in mass supply [49]. - The company has developed 8 types of intermediate materials for OLED displays, with a purity of 99.5% achieved during the optimization process [54]. - The company has completed the synthesis and purification research for 2,4-diphenyl-1,3,5-triazine OLED materials, achieving a purity of over 99.95% [54]. - The company has a total of 80 R&D personnel, accounting for 22% of the total workforce, with an average salary of 91,282.04 RMB [56]. - The R&D team includes 5 PhDs (6.25%), 21 Masters (26.25%), and 49 Bachelors (61.25%) [56]. Market Position and Strategy - The company has established a stable strategic partnership with BOE since 2015, with a significant increase in supply volume during the reporting period [5]. - The company has successfully achieved mass production of high-performance TFT liquid crystal materials, breaking the international monopoly [40]. - The company is a strategic supplier of TFT liquid crystal materials to BOE, a leading panel manufacturer in China, enhancing its market influence [40]. - The domestic liquid crystal display industry is rapidly developing, with increasing demand for related materials and a gradual rise in localization rates [37]. - The company has strengthened its market expansion efforts, maintaining rapid growth in liquid crystal material shipments, sales revenue, and net profit during the pandemic [42]. - The company has established a high-level R&D and production base for liquid crystal materials, enhancing its overall technology and manufacturing capabilities [66]. - The company is focused on attracting and cultivating high-quality R&D personnel to support future development in the electronic materials manufacturing industry [66]. Inventory and Assets - The company's inventory at the end of the reporting period was valued at 207.72 million yuan, representing 11.56% of total assets, with a provision for inventory impairment of 19.01 million yuan [7]. - The company's total current assets amounted to RMB 1,439,579,488.35, an increase from RMB 1,369,740,145.95 at the end of 2019 [120]. - Inventory levels rose to RMB 207,715,555.55, compared to RMB 146,732,746.74 at the end of 2019, representing an increase of about 41.5% [120]. - The company's fixed assets decreased to RMB 284,341,986.07 from RMB 294,005,065.81, showing a decline of approximately 3.6% [120]. Environmental Compliance - The company reported a significant focus on the development and sales of liquid crystal materials, which are not classified as heavily polluting industries [99]. - The company ensures that emissions from production processes meet standards through treatment systems for exhaust gases and wastewater [99]. - Solid waste generated during production is regularly handled by designated environmental service providers [99]. - The company employs third-party monitoring annually to ensure compliance with environmental standards for air, water, and noise pollution [99]. - The company has not reported any significant environmental pollution incidents related to its operations [99]. Shareholder Commitments - The company has committed to a share lock-up period of 36 months for major shareholders, prohibiting them from transferring or entrusting their shares during this time [85]. - Major shareholders must report any changes in their shareholdings to the company during their tenure as shareholders holding more than 5% [87]. - The company has established a 12-month lock-up period for other shareholders holding more than 5%, preventing them from transferring their shares [87]. - If the company's stock price falls below the issue price for 20 consecutive trading days within six months post-IPO, the lock-up period will be extended by six months [85]. - The company has confirmed that all commitments are being fulfilled as per the outlined schedule [85]. Financial Instruments and Accounting - The company adheres to the enterprise accounting standards, ensuring that financial reports reflect its financial status and operating results accurately [141]. - The financial statements are prepared based on the assumption of continuous operation, with no significant factors affecting the company's ability to continue operations identified [139]. - Financial instruments are recognized when the company becomes a party to the financial instrument contract [159]. - The company uses the expected credit loss model to account for impairment, calculating losses based on the present value of cash flow shortfalls [181]. - Financial assets are classified into three categories based on the business model and cash flow characteristics [162].

Financial Performance - Operating revenue for the first quarter was CNY 134,046,584.24, representing a growth of 33.35% year-on-year[7] - Net profit attributable to shareholders was CNY 37,289,064.35, an increase of 34.66% compared to the same period last year[7] - The company reported a 55.03% increase in investment income to ¥136,641.61, primarily from bank wealth management returns[16] - The net profit for Q1 2020 reached RMB 38,832,422.70, up 32.4% from RMB 29,321,664.96 in Q1 2019[22] - The gross profit margin for Q1 2020 was approximately 47.3%, compared to 50.0% in Q1 2019, indicating a slight decrease[21] Cash Flow - The net cash flow from operating activities was CNY 9,309,911.16, a significant recovery from a loss of CNY 621,881.90 in the previous year[7] - Cash flow from operating activities for Q1 2020 was RMB 126,262,268.71, compared to RMB 85,728,465.04 in Q1 2019, showing a growth of 47.2%[24] - The net cash flow from operating activities was $9,309,911.16, a significant improvement from a negative cash flow of $621,881.90 in the prior year[25] - The net cash flow from investment activities was -$690,156,148.79, worsening from -$78,518,728.72 in the previous year[25] Assets and Liabilities - Total assets at the end of the reporting period reached CNY 1,734,372,640.71, a slight increase of 0.19% compared to the previous year[7] - The total liabilities decreased to RMB 143,579,846.38 in Q1 2020 from RMB 179,206,380.99 in Q4 2019, reflecting a reduction of 19.9%[20] - The company's cash and cash equivalents decreased by 68.49% to ¥326,992,192.66 compared to the end of the previous year, primarily due to the investment of idle funds in principal-protected bank wealth management products[15] Shareholder Information - The total number of shareholders at the end of the reporting period was 9,046[11] - The largest shareholder, Zhao Lei, held 20.38% of the shares, totaling 19,657,052 shares[11] Research and Development - Research and development expenses accounted for 4.76% of operating revenue, an increase of 0.18 percentage points year-on-year[8] - Research and development expenses increased to RMB 6,382,607.43 in Q1 2020, representing a 38.7% rise from RMB 4,605,923.47 in Q1 2019[21] Operating Costs - Operating costs rose by 40.47% to ¥70,692,823.29, in line with the increase in operating revenue[16] Other Financial Metrics - Basic and diluted earnings per share were both CNY 0.40, a decrease of 2.44% compared to the previous year[8] - The weighted average return on net assets decreased by 2.85 percentage points to 2.47%[7] - Short-term borrowings were fully repaid, resulting in a 100% decrease from ¥19,950,000.00 at the end of the previous year[15] - The construction in progress increased by 79.63% to ¥2,154,050.66, mainly due to the expansion of the production capacity for liquid crystal materials[15]

Customer Concentration - The company's largest customer, BOE Technology Group, accounted for sales of CNY 308.73 million, representing 71.73% of total revenue[7]. - The top five customers contributed CNY 374.44 million, representing 87.00% of the total annual sales[100]. Financial Performance - The company reported a total revenue of 800 million yuan for the fiscal year 2019, reflecting a year-on-year growth of 25%[19]. - The company's operating revenue for 2019 was CNY 430,411,466.50, representing a 9.23% increase compared to CNY 394,032,422.43 in 2018[30]. - The net profit attributable to shareholders decreased by 3.68% to CNY 110,276,432.60 from CNY 114,489,091.11 in the previous year[30]. - The net profit after deducting non-recurring gains and losses fell by 12.12% to CNY 99,835,194.26[30]. - The gross margin improved to 35%, up from 30% in the previous year, due to cost optimization strategies[19]. - The basic earnings per share decreased by 3.80% to CNY 1.52 from CNY 1.58 in 2018[31]. - The company experienced a decline in cash flow from operating activities, with a net cash flow of CNY 99,244,889.36, down 2.84% from the previous year[30]. Research and Development - The R&D investment for new product development increased by 30%, totaling 120 million yuan in 2019[19]. - Research and development expenses accounted for 6.20% of operating revenue, an increase of 1.61 percentage points from 4.59% in 2018[31]. - The company achieved a total R&D investment of 26.68 million yuan, representing 6.20% of its operating revenue, with a year-on-year increase of 47.38%[69]. - The company has developed a complete proprietary core technology system for TFT mixed liquid crystal materials, achieving multiple technological breakthroughs[48]. - The company has developed over 200 OLED compounds and is focusing on enhancing the efficiency and lifespan of OLED materials[59]. - The company is currently developing a new type of transparent polyimide film for flexible OLED displays, with ongoing research to achieve leading performance levels[71]. Market Strategy - The company plans to expand its market presence in Southeast Asia, targeting a 10% market share by 2021[19]. - The company is actively seeking to expand its customer base among large panel manufacturers, but faces uncertainties due to stringent certification processes[9]. - The company plans to enhance its overseas market strategy, shifting focus from selling to peers to targeting downstream liquid crystal panel manufacturers[95]. - The company aims to optimize its talent structure to support future development, focusing on attracting and cultivating high-quality R&D personnel[83]. Inventory and Supply Chain - The company's inventory at the end of the reporting period was valued at CNY 146.73 million, constituting 8.48% of total assets, with a provision for inventory impairment of CNY 17.23 million[11]. - The company has established partnerships with three major suppliers to secure raw materials, ensuring a stable supply chain for production[19]. - The company has established a complete supplier selection and control system based on quality management requirements, ensuring stable and reliable raw material supply[44]. Technological Innovation - The company emphasizes the importance of continuous innovation in liquid crystal materials to meet market demands and avoid being outpaced by competitors[6]. - The company has implemented an ERP management system (NC system) to enhance production information management and improve supply chain responsiveness[45]. - The company has improved and stabilized the synthesis and purification processes of liquid crystal materials, increasing production capacity while reducing costs[66]. Dividend Policy - The proposed cash dividend for 2019 is CNY 3.60 per 10 shares, totaling CNY 34.73 million, which is 31.49% of the net profit attributable to shareholders[12]. - The cash dividend policy stipulates that if the company has distributable profits after covering losses and allocating statutory reserves, it will distribute at least 10% of the annual distributable profits in cash, and at least 30% of the average annual distributable profits over the last three years[145]. - The company has committed to maintaining a stable cash dividend policy, considering the opinions of independent directors and public shareholders[145]. Shareholder Structure - Shareholders holding more than 5% of the company's shares, including Liu Yanlan, are restricted from transferring or managing their shares for 12 months post-IPO[151]. - The lock-up period for major shareholders, including Zhao Lei and Liu Yanlan, will end on January 6, 2021, allowing for potential share sales[179]. - The company has a total of 10 major shareholders, with no reported related party relationships among them[192]. Compliance and Governance - The company has established a governance structure that complies with relevant laws and regulations to protect the rights of shareholders and creditors[165]. - The company has not encountered any major accounting errors or changes in accounting policies that would impact its financial statements[159]. - The company has not reported any significant financial occupation or collection progress issues during the reporting period[158].