Financial Performance - Operating revenue for the period was CNY 199,008,096.12, an increase of 18.64% year-on-year[6] - Net profit attributable to shareholders was CNY 69,908,004.60, representing a year-on-year increase of 42.61%[6] - Basic earnings per share increased by 7.69% to CNY 0.70[6] - The company expects a significant increase in net profit compared to the same period last year, indicating positive future outlook[23] - Operating profit for Q1 2021 was ¥79,959,579.38, up 40.0% from ¥57,080,925.08 in the same period last year[31] - Net profit for Q1 2021 was ¥69,908,004.60, representing a 42.5% increase from ¥49,021,667.49 in Q1 2020[32] - The total comprehensive income for Q1 2021 was CNY 65,787,409.35, consistent with the net profit figure[35] Cash Flow - The net cash flow from operating activities was CNY -146,081,233.38, a decrease of 6.14% compared to the same period last year[6] - Cash flow from investment activities improved significantly, with a net cash flow of CNY -1,298,051.48 compared to CNY -119,713,581.72 in the previous year, a change of 98.92%[21] - The company’s cash flow from financing activities resulted in a net outflow of CNY -51,734,934.44, compared to CNY -25,346,724.76 in Q1 2020, indicating increased financial obligations[36] - The total cash inflow from investment activities was CNY 1,780,349,347.74, significantly higher than CNY 210,773,118.72 in Q1 2020[36] - Cash outflow for investment activities totaled CNY 1,790,303,572.93, compared to CNY 329,316,225.00 in the previous year, indicating increased investment activity[37] Assets and Liabilities - Total assets at the end of the reporting period were CNY 3,362,950,315.47, a decrease of 0.99% compared to the end of the previous year[6] - Total current assets as of March 31, 2021, amounted to ¥3,136,567,589.63, a decrease of 1.6% from ¥3,187,239,993.60 on December 31, 2020[26] - Total liabilities decreased to ¥267,890,915.25 from ¥371,316,693.35, a reduction of 27.9%[27] - Total equity increased to ¥3,095,059,400.22 from ¥3,025,151,395.62, reflecting a growth of 2.3%[28] - The total assets amounted to 3,396,468,088.97 RMB, with a slight decrease from 3,401,731,337.34 RMB, indicating a total adjustment of 5,263,248.37 RMB[41] - The total liabilities increased to 371,316,693.35 RMB from 376,579,941.72 RMB, reflecting an increase of 5,263,248.37 RMB in non-current liabilities due to the new lease accounting standard[41] Shareholder Information - The total number of shareholders at the end of the reporting period was 11,844[12] - The top shareholder, Shanghai Hongyuan Investment Group Co., Ltd., held 18.05% of the shares[12] Research and Development - Research and development expenses accounted for 6.35% of operating revenue, an increase of 3.02 percentage points[8] - Research and development expenses surged by 125.79% to CNY 12,629,307.55 from CNY 5,593,267.75[18] - Research and development expenses for Q1 2021 were ¥12,629,307.55, significantly higher than ¥5,593,267.75 in Q1 2020, indicating a focus on innovation[30] Investment Income - The company reported a total of CNY 11,103,006.46 in non-recurring gains and losses[10] - Investment income increased by 773.07% to CNY 6,749,842.39 from CNY 773,118.72[18] - The company reported investment income of ¥6,749,842.39 in Q1 2021, compared to ¥773,118.72 in the same period last year[33] Current Assets - Accounts receivable increased by 43.46% to CNY 383,397,949.91 compared to CNY 267,248,245.56 at the end of 2020[17] - Other current assets increased by 48.27% to CNY 8,737,776.31 from CNY 5,893,294.40[17] - Inventory as of March 31, 2021, was ¥324,377,665.21, compared to ¥303,986,041.85, an increase of 6.7%[25] - Contract assets rose to ¥97,906,881.49 from ¥89,668,785.76, marking an increase of 9.5%[26]

Dividend and Profit Distribution - The company plans to distribute a cash dividend of 10.00 CNY per 10 shares, totaling an estimated cash dividend of 100 million CNY based on the current total share capital of 100 million shares[7]. - The company does not plan to increase capital reserves or issue bonus shares, with remaining undistributed profits carried forward to the next fiscal year[7]. - The company plans to distribute a cash dividend of 10.00 RMB per 10 shares, totaling 100 million RMB, which represents 31.43% of the net profit attributable to shareholders for 2020[160]. - The cash dividend policy stipulates that at least 10% of the distributable profit must be distributed in cash when conditions are met[159]. - The company will maintain a minimum cash dividend ratio of 80% for mature stages without major capital expenditures[159]. - The company has not proposed a cash dividend distribution plan for the reporting period despite having positive distributable profits[165]. Financial Performance - The company's operating revenue for 2020 was approximately ¥908.52 million, representing a year-on-year increase of 28.84%[27]. - Net profit attributable to shareholders reached approximately ¥318.20 million, up 33.37% compared to the previous year[27]. - The net profit after deducting non-recurring gains and losses was approximately ¥299.89 million, reflecting a growth of 42.67% year-on-year[27]. - The net cash flow from operating activities increased by 139.30%, amounting to approximately ¥70.96 million, primarily due to increased tax refunds and reduced tax payments[27]. - Total assets grew by 226.48% to approximately ¥3.40 billion, while net assets attributable to shareholders surged by 372.20% to approximately ¥3.03 billion[27]. - Basic and diluted earnings per share were both ¥3.92, marking a 23.27% increase from the previous year[28]. Audit and Compliance - The board of directors has confirmed the authenticity, accuracy, and completeness of the annual report, ensuring no significant omissions or misleading statements[4]. - The company has received a standard unqualified audit report from Da Xin Accounting Firm[6]. - The company has confirmed that there are no violations of decision-making procedures regarding external guarantees[10]. - The company has engaged Da Xin Accounting Firm for auditing services, ensuring compliance and transparency in financial reporting[22]. - The company has no significant litigation or arbitration matters during the reporting period[186]. Research and Development - The proportion of R&D investment to operating revenue was 5.66%, an increase of 0.45 percentage points compared to 2019[26]. - The company increased its R&D investment by 40.17% year-on-year, totaling approximately ¥51.46 million, which represents 5.66% of its operating revenue[75][76]. - The company has filed for a total of 256 patents, with 61 new applications in the current year, including 21 invention patents and 30 utility model patents[73]. - The company has established a dual research and development model combining independent and collaborative efforts, with partnerships with universities to enhance overall R&D capabilities[58]. - The company has achieved a 99% accuracy rate in short-circuit fault diagnosis and a 90% accuracy rate in single-phase grounding fault diagnosis with its latest fifth-generation smart pole switch[64]. - The company is actively researching and developing new technologies and products in emerging fields such as the Internet of Things and artificial intelligence, leveraging its innovation incubation mechanism[152]. Market and Product Development - The company reported a significant focus on smart grid technology, including products like smart pole switches and fault indicators, which enhance monitoring and control capabilities[14]. - The company aims to reduce line loss, which refers to energy losses during transmission, by implementing advanced IoT solutions[15]. - The company is expanding its market presence through the development of new products and technologies, particularly in the field of distribution automation[14]. - The company has established a strong foundation in the high-voltage equipment sector, which includes transformers and circuit breakers, essential for energy distribution[14]. - The company is actively pursuing strategic partnerships and collaborations to bolster its technological advancements and market reach[14]. Risk Management - The company has outlined potential risks in the "Discussion and Analysis of Operating Conditions" section, advising investors to pay attention[4]. - The report includes a forward-looking statement risk declaration, indicating that future plans and strategies do not constitute a substantive commitment to investors[8]. - The company faces risks related to reliance on the State Grid as its largest customer, which could impact future operations if procurement policies change[103]. - The company is closely monitoring industry risks related to the investment policies of the State Grid, which could impact future revenue stability[107]. - The company plans to enhance its core technology competitiveness and prepare for macroeconomic changes to mitigate potential risks[108]. Shareholder and Governance - The company has committed to not transferring or entrusting the management of its shares for 36 months from the date of listing[166]. - The lock-up period for shares will automatically extend by 6 months if the stock price falls below the issue price for 20 consecutive trading days[166]. - The company will strictly adhere to legal regulations regarding shareholding and share changes, ensuring compliance with relevant laws and regulations[167]. - The company will not propose to repurchase shares held prior to the listing during the lock-up period[166]. - The company has established a commitment to maintain stable operations and control arrangements if shares are reduced after the lock-up period[166]. Structured Deposits and Financial Management - The company has structured deposits totaling CNY 2,133,200,000 from raised funds, with an outstanding balance of CNY 1,622,000,000[193]. - The company has structured deposits from its own funds amounting to CNY 856,000,000, with an outstanding balance of CNY 79,000,000[193]. - The total amount of structured deposits from Xiamen International Bank reached $31 million with a contract interest rate of 3.05%[197]. - The structured deposit from Shanghai Bank Caohejing amounted to $195 million, with a contract interest rate of 1.00%[197]. - The structured deposit from Pudong Development Bank Minhang was $416 million, with a contract interest rate of 1.4%[199]. Operational Efficiency - The company aims to improve operational efficiency and internal control levels, optimizing its operational system to enhance profitability as business scale expands[151]. - The company plans to implement various measures to enhance profitability and reduce operational costs, including improving fund utilization efficiency and strengthening internal controls[176]. - The company will ensure the effective use of raised funds to achieve expected project returns[176]. - The company will link the compensation system to the execution of measures to compensate for diluted returns[178].

Financial Performance - Operating revenue for the first nine months reached CNY 682,756,198.73, a 30.59% increase year-on-year[6] - Net profit attributable to shareholders increased by 42.05% to CNY 255,289,195.79 for the first nine months[6] - Basic earnings per share rose by 42.05% to CNY 3.4039[7] - Revenue for the third quarter of 2020 was CNY 682,756,198.73, a 30.59% increase from CNY 522,825,298.14 in the same period last year[18] - The total profit for Q3 2020 was approximately $110.47 million, up from $30.55 million in Q3 2019, marking an increase of 262.5%[34] - The net profit for the first three quarters of 2020 was ¥221,823,039.58, compared to ¥155,576,595.30 in the same period of 2019, marking an increase of 42.5%[38] Assets and Liabilities - Total assets increased by 220.64% to CNY 3,335,681,261.52 compared to the end of the previous year[6] - Total liabilities amounted to CNY 397,324,369.26, compared to CNY 382,978,136.32 in the previous year[30] - The company’s total liabilities included short-term borrowings of 65,089,054.17 RMB and accounts payable of 118,981,527.85 RMB, indicating ongoing operational obligations[47] - Total assets reached CNY 1,040,324,232.53, with current assets at CNY 860,714,282.11 and non-current assets at CNY 137,465,279.05[51] Shareholder Information - The total number of shareholders reached 24,922[13] - The top ten shareholders held a combined 66.85% of the shares, with the largest shareholder owning 18.05%[13] - Shareholders' equity increased to CNY 2,903,329,397.62, up from CNY 615,201,424.84 year-over-year[30] - The company’s total equity attributable to shareholders was CNY 615,201,424.84, reflecting a stable capital structure[52] Cash Flow - Cash flow from operating activities showed a net outflow of CNY 267,500,833.16, a decrease of 20.96% compared to the same period last year[6] - The net cash flow from operating activities for the first three quarters of 2020 was -¥274,540,966.45, compared to -¥227,685,641.01 in the same period of 2019, indicating a decline in operational cash flow[43] - The company reported a significant increase in undistributed profits to CNY 557,520,995.09 from CNY 335,697,955.51[30] - The total cash inflow from financing activities in Q3 2020 was 2,206,935,000.00 RMB, significantly higher than 124,000,000.00 RMB in the previous year, resulting in a net cash flow from financing activities of 2,148,630,716.46 RMB[44] Research and Development - R&D expenditure accounted for 4.11% of operating revenue, an increase of 0.73 percentage points[7] - Research and development expenses increased by 58.68% to CNY 28,073,031.15 from CNY 17,691,132.20 year-over-year, reflecting new projects and increased personnel[18] - Research and development expenses for Q3 2020 amounted to approximately $11.15 million, a 73.5% increase compared to $6.44 million in Q3 2019[34] Other Income and Expenses - The company reported a government subsidy of CNY 3,627,214.54 for the first nine months, which is closely related to its normal business operations[9] - Other income surged by 380.67% to CNY 44,524,565.81 from CNY 9,262,930.88, attributed to tax refunds received[18] - The company incurred financial expenses of approximately $1.56 million in Q3 2020, compared to $1.23 million in Q3 2019, reflecting a rise of 27%[34] - The financial expenses for the first three quarters of 2020 were ¥4,238,815.33, compared to ¥1,202,952.62 in 2019, indicating a substantial increase in financial costs[37]