Financial Performance - The company reported a total revenue of RMB 500 million for the first half of 2022, representing a year-on-year increase of 20%[1]. - The company's operating revenue for the first half of 2022 was ¥160,809,861.17, a decrease of 34.95% compared to ¥247,215,801.48 in the same period last year[15]. - The net profit attributable to shareholders of the listed company was -¥72,842,861.80, representing a decline of 252.05% from a profit of ¥47,908,004.02 in the previous year[15]. - The net cash flow from operating activities was ¥909,429.98, down 98.51% from ¥60,862,638.20 in the previous year[15]. - The total comprehensive income for the first half of 2022 was a loss of CNY 70,421,324.73, compared to a profit of CNY 51,79 million in the same period of 2021[147]. - The gross margin for the main business was 5.92%, a decrease of 34.06 percentage points compared to the same period last year, primarily due to capacity switching of main products[59]. - The company achieved total revenue of 160.81 million yuan, a decrease of 34.95% compared to the same period last year[42]. - The net profit attributable to shareholders was -72.84 million yuan, a decline of 252.05% year-on-year[42]. Research and Development - Research and development expenses increased by 15%, totaling RMB 80 million, reflecting the company's commitment to innovation[1]. - The total R&D investment reached ¥53,135,027.95, an increase of 27.50% compared to ¥41,673,129.96 in the same period last year[33]. - R&D investment accounted for 33.04% of operating revenue, up by 16.18 percentage points from 16.86% in the previous year[33]. - The company has established partnerships with three leading technology firms to co-develop new technologies in the semiconductor space[1]. - The company aims to enhance R&D investment, strengthen independent innovation, accelerate product iteration, and expand market share to become a leader in the international wide bandgap semiconductor industry[25]. - The company has developed high-purity silicon carbide powder with an impurity concentration controlled below 0.05 ppm, ensuring high-quality silicon carbide crystal preparation[26]. - The company has achieved a significant reduction in cutting damage through its unique silicon carbide crystal cutting fluid formulation, improving the surface quality of cut pieces[28]. - The company has filed for a total of 636 patents, including 206 invention patents and 334 utility model patents, reflecting strong innovation capabilities[32]. Market Expansion and Strategy - The company is expanding its market presence in Southeast Asia, targeting a 10% market share by the end of 2023[1]. - A strategic acquisition of a local semiconductor firm is in progress, expected to close by Q4 2022, which will enhance production capacity by 40%[1]. - The company signed a long-term supply agreement worth approximately 1.393 billion yuan over three years for conductive silicon carbide substrates[22]. - The company is accelerating the construction of its Shanghai Lingang project to increase production capacity for conductive substrates[22]. - The company is focusing on increasing the production capacity of conductive substrates, aiming to improve market share[43]. Risks and Challenges - The company has identified potential risks in supply chain disruptions, with mitigation strategies in place to ensure continuity[1]. - The company faces risks related to product quality due to the complex growth environment of silicon carbide crystals, which may negatively impact brand image and customer relationships[56]. - The company is experiencing challenges in the high cost of silicon carbide substrates, which may limit market penetration and application development in the short term[57]. - The company has a risk of inventory impairment, with inventory accounting for 12.05% of current assets at the end of the reporting period[61]. - The company’s accounts receivable net amount was 95.96 million yuan, indicating potential risks in timely collection as the business scales[62]. Shareholder and Governance - The company has established a framework for managing shareholding changes and compliance with regulatory requirements for its executives and shareholders[92]. - The company will disclose any failure to fulfill commitments and the reasons for such failures in a timely manner[106]. - The company has received commitments from shareholders holding over 5% to adhere to legal regulations regarding stock reduction[99]. - The controlling shareholder, Zong Yanmin, pledged to vote in favor of profit distribution policies that benefit minority investors during shareholder meetings[101]. - The company has committed to fulfilling all public commitments made during the IPO process[106]. Environmental and Social Responsibility - The company has established a complete pollution treatment system, ensuring all emissions meet standards[87]. - The company actively promotes low-carbon and environmentally friendly travel methods, equipping parking lots with new energy vehicle charging stations and battery vehicle charging stations[88]. - The company is committed to fulfilling its environmental responsibilities and has taken measures to prevent pollution and protect the ecosystem[90]. Financial Position - Total assets reached ¥5,818,005,795.64, reflecting a 122.19% increase from ¥2,618,436,151.68 at the end of the previous year[15]. - The net assets attributable to shareholders of the listed company increased to ¥5,352,633,976.62, a growth of 140.84% from ¥2,222,464,236.70 at the end of the previous year[15]. - The company’s cash and cash equivalents at the end of the period were CNY 1,379.15 million, a 301.34% increase from the previous year[73]. - The company’s total liabilities increased significantly, with cash outflows for investment activities rising to 2,862,604,284.68 RMB from 237,609,884.75 in the previous year[151]. - The company’s total equity at the end of the reporting period was CNY 5,358,537,338.54, an increase from CNY 2,225,487,319.29, reflecting a growth of approximately 141%[154].

Financial Performance - The company's operating revenue for Q1 2022 was ¥67,644,914.95, representing a decrease of 46.69% compared to the same period last year[4] - The net profit attributable to shareholders was -¥43,765,110.60, a decline of 283.20% year-over-year[4] - The net cash flow from operating activities was -¥69,500,582.27, reflecting a decrease of 563.51% compared to the previous year[4] - The company reported a total comprehensive loss of ¥44,030,312.98 for Q1 2022, compared to a comprehensive income of ¥23,659,948.35 in Q1 2021[22] - The net profit for Q1 2022 was -43,053,373.54 RMB, compared to a net profit of 26,215,486.30 RMB in Q1 2021, indicating a significant decline[34] - Operating profit for Q1 2022 was -46,260,344.81 RMB, down from 30,813,692.78 RMB in the same period last year[32] - Total revenue from operating activities in Q1 2022 was 130,029,025.93 RMB, a decrease of approximately 22.3% from 167,359,910.90 RMB in Q1 2021[35] Research and Development - R&D expenses totaled ¥19,284,785.50, accounting for 28.51% of operating revenue, an increase of 18.45 percentage points year-over-year[5] - The company continued to invest heavily in R&D for large-size and N-type products, leading to a significant rise in R&D expenses[10] - Research and development expenses rose to ¥19,284,785.50 in Q1 2022, compared to ¥12,763,313.68 in Q1 2021, reflecting a 51.5% increase[20] Assets and Liabilities - Total assets increased to ¥5,778,570,376.76, a growth of 120.69% compared to the end of the previous year[5] - Total liabilities amounted to ¥396,665,109.06 in Q1 2022, slightly up from ¥395,971,914.98 in Q1 2021[18] - The total assets of the company as of March 31, 2022, were ¥5,675,088,696.60, compared to ¥2,530,017,761.58 at the end of 2021[29] - The total liabilities decreased to ¥289,183,406.87 in Q1 2022 from ¥304,530,442.29 in the previous year[29] Shareholder Information - Total number of common shareholders at the end of the reporting period is 14,117, with the largest shareholder holding 30.09% of shares[11] - The largest shareholder, Zong Yanmin, holds 129,302,726 shares, representing 30.09% of the total shares[11] - The top ten shareholders collectively hold a significant portion of the company's equity, with the second-largest shareholder holding 9.00%[11] - The company has no reported financing or margin trading activities among the top ten shareholders[14] Cash Flow - The company's cash and cash equivalents increased to approximately CNY 3.32 billion from CNY 343.64 million year-over-year[16] - The total cash and cash equivalents at the end of Q1 2022 amounted to ¥3,315,970,965.08, up from ¥530,907,265.24 at the end of Q1 2021[25] - The company reported a net cash inflow from financing activities of ¥3,202,662,067.43 in Q1 2022[25] - Cash flow from operating activities in Q1 2022 was -81,714,834.55 RMB, compared to -112,691,840.21 RMB in Q1 2021, showing an improvement[35] - The company experienced a net cash increase of 2,926,778,796.75 RMB in Q1 2022, compared to a decrease of -167,750,180.74 RMB in Q1 2021[36] Inventory and Accounts Receivable - Accounts receivable rose to CNY 66.11 million, up from CNY 57.79 million year-over-year, indicating improved sales performance[16] - Inventory increased to CNY 460.16 million, compared to CNY 385.57 million in the previous year, reflecting growth in production[16] - The company reported a total of 4.05 billion in current assets, a substantial increase from 990.01 million in the previous year[16]

Financial Performance - The company is currently unprofitable and has not achieved profitability since its listing [3]. - The company's operating revenue for 2021 was ¥493,856,844.38, representing a 16.25% increase compared to ¥424,811,901.45 in 2020 [19]. - The net profit attributable to shareholders for 2021 was ¥89,951,507.57, a significant recovery from a loss of ¥641,613,245.23 in 2020 [19]. - The net cash flow from operating activities turned positive at ¥110,700,259.62, compared to a negative cash flow of ¥122,017,640.06 in 2020 [19]. - The company's total assets increased by 6.10% to ¥2,618,436,151.68 at the end of 2021, up from ¥2,467,938,819.45 at the end of 2020 [19]. - The company's comprehensive gross margin for the reporting period was 28.43%, a decrease of 6.85 percentage points year-on-year [79]. - The company faced a cumulative unallocated profit of -75.97 million yuan as of December 31, 2021 [78]. - The company achieved total revenue of 493.86 million yuan, a year-on-year increase of 16.25%, and a net profit attributable to the parent company of 89.95 million yuan, an increase of 73.16 million yuan compared to the previous year [28]. Research and Development - The company emphasizes its commitment to research and development, particularly in the area of silicon carbide (SiC) crystal growth technology [12]. - Research and development expenses accounted for 14.93% of operating revenue in 2021, an increase of 4.22 percentage points from 10.71% in 2020 [21]. - The company applied for a total of 89 new patents during the reporting period, including 37 invention patents and 52 utility model patents, enhancing its competitive edge in the market [29]. - The company has achieved significant advancements in automation for crystal growth processes, ensuring real-time monitoring of critical parameters [55]. - The company has established a strong research and development platform, including a national-level postdoctoral research station, enhancing its technological capabilities in the silicon carbide industry [69]. Market Position and Strategy - The company is focused on expanding its market presence and exploring opportunities in the semiconductor industry, particularly in high-end chips and core electronic devices [12]. - The company maintained a global market share in the semi-insulating silicon carbide substrate field, ranking among the top three for three consecutive years, and is accelerating the capacity construction of conductive substrates [28]. - The company is actively involved in the development of new technologies and products, particularly in the field of wide bandgap semiconductors, which are crucial for high-performance applications [11]. - The company aims to strengthen its position in the silicon carbide substrate field through increased focus on product innovation and technology investment [21]. - The company plans to expand its market presence in Southeast Asia, targeting a 10% market share by the end of 2023 [127]. Corporate Governance - The company has received a standard unqualified audit report from Lixin Certified Public Accountants [4]. - All board members attended the board meeting, ensuring governance compliance [4]. - The company has not disclosed any special arrangements for corporate governance [6]. - The company reported a significant increase in revenue, achieving a total of 1.2 billion in 2021, representing a year-over-year growth of 15% [127]. - The company has established a comprehensive internal control system in compliance with relevant laws and regulations to enhance governance and operational stability [153]. Environmental and Social Responsibility - The company has not been listed as a key pollutant discharge unit by environmental protection authorities during the reporting period [158]. - The company has not faced any administrative penalties related to environmental issues during the reporting period [159]. - The company donated 200,000 RMB to Qilu University for scholarships to support underprivileged students [168]. - The company actively participates in poverty alleviation efforts and has engaged in community support activities [169]. Employee Relations - The company employs a Make-To-Order production model, enhancing customer satisfaction and inventory control [36]. - The company emphasizes talent acquisition and retention, with a focus on building a skilled workforce to support its research and production capabilities [69]. - The total number of shares held by board members remained unchanged at 129,302,726 shares [126]. - The company has established a competitive salary system based on job levels and performance assessments to attract and retain talent [147]. - The company has implemented an employee stock incentive plan prior to its IPO to boost employee motivation and creativity [157]. Future Outlook - The company provided a positive outlook for 2022, projecting revenue growth of 20% based on new product launches and market expansion strategies [127]. - The company plans to leverage AI and digital twin technologies to create a digital factory, significantly improving R&D speed and production quality [28]. - Future guidance includes an expected EBITDA margin of 25% for 2022, driven by increased sales and cost control measures [127]. - The company aims to reduce operational costs by 15% over the next year through efficiency improvements and process optimization [127].