Financial Performance - The net profit attributable to the parent company for 2020 was CNY 80.2565 million, with a cumulative undistributed profit at year-end of CNY 342.3007 million[5]. - The proposed cash dividend is CNY 1.60 per 10 shares, totaling CNY 31.1467 million to be distributed to shareholders[5]. - The net profit attributable to shareholders decreased by 15.36% to CNY 80.26 million in 2020 from CNY 94.82 million in 2019[21]. - In 2020, the company's operating income was CNY 708.10 million, a 2.05% increase from CNY 693.90 million in 2019[21]. - The company's total assets reached CNY 1,863.16 million at the end of 2020, a 56.84% increase from CNY 1,187.93 million at the end of 2019[21]. - The basic earnings per share decreased by 26.15% to CNY 0.48 in 2020 from CNY 0.65 in 2019[22]. - The company reported a significant increase in net assets attributable to shareholders, which rose by 112.77% to CNY 1,517.21 million at the end of 2020[21]. - The company reported a total revenue of CNY 46.8 million for the year, with a net profit of CNY 28.06 million, representing a profit margin of approximately 60%[48]. - The company achieved a total revenue of 2,350 million, with a net profit margin of 33%[193]. Cash Flow and Investments - The net cash flow from operating activities increased significantly by 102.42% to CNY 154.39 million in 2020 compared to CNY 76.27 million in 2019[21]. - The company reported a net cash outflow from investment activities of CNY -674.83 million, primarily due to increased project investments[80]. - The company has invested CNY 565.29 million in trading financial assets as of the end of 2020, reflecting a strategic use of idle funds[53]. - The company has a total of 563,000,000 RMB in unexpired principal balance for structured deposits as of the end of the reporting period[147]. - The company has confirmed that all projects have not reached the expected benefits[156]. Research and Development - Research and development expenses accounted for 5.01% of operating income in 2020, up from 4.16% in 2019[22]. - Research and development (R&D) expenses increased by 22.75% year-on-year, totaling approximately ¥35.43 million, which represents 5.01% of total revenue[44][45]. - The company applied for 15 patents and obtained 22 patents during the reporting period, bringing the total to 116 patents, including 37 invention patents[43]. - The company is actively involved in the development of high-end manufacturing technologies for deep-sea oil and gas equipment, which is crucial for meeting stringent performance and reliability standards[40][42]. - The company has ongoing projects with a total expected investment of ¥35.8 million, focusing on advanced technologies for deep-sea oil extraction and fracturing equipment[47]. Market Position and Strategy - The company has established long-term strategic partnerships with major oil and gas service companies such as TechnipFMC, Schlumberger, and Baker Hughes, enhancing its market position[31]. - The company’s main business includes four product series: wellhead and Christmas tree components (40.34% of revenue), deep-sea equipment components (25.46%), fracturing equipment components (28.17%), and drilling equipment components (4.62%) in 2020[31]. - The company focuses on high-end API product specifications, particularly PSL3-4 levels, positioning itself as a key supplier in the deep-sea equipment sector in the Asia-Pacific region[38]. - The company aims to enhance its market position through the construction of a precision manufacturing project for key components in oil and gas equipment[39]. - The company is focusing on expanding its market presence in both domestic and international markets, particularly in high-end sectors[119]. Risks and Governance - The company faced various risks including industry, market, international trade, and foreign exchange risks, which are detailed in the report[4]. - The company has not reported any non-operating fund occupation by controlling shareholders or related parties[7]. - The company’s governance structure and decision-making processes comply with regulations, with no violations reported[7]. - The report emphasizes the importance of investor awareness regarding investment risks associated with forward-looking statements[6]. Shareholder and Management Information - The company reported a lock-up period of 36 months for shares held by directors and senior management prior to the public offering[129]. - The company has established a clear framework for share transfer restrictions to maintain market stability[129]. - The company has committed to compensating investors for any losses incurred due to non-compliance with the outlined commitments[132]. - The total pre-tax compensation for the Chairman and General Manager, Zhang Li, was CNY 1.176 million[192]. - The company has no stock incentive plans applicable for the reporting period[198]. Future Outlook - The company’s future plans and development strategies are subject to uncertainties and do not constitute a commitment to investors[6]. - The company plans to increase capital expenditures in oil and gas exploration and development to maintain competitiveness, as global energy demand continues to grow[104]. - The company aims to achieve a 20% growth in sales through enhanced digital marketing strategies over the next year[193]. - Future guidance indicates a revenue target of 2,800 million for the upcoming fiscal year, representing a 19% increase[193].

Financial Performance - The net profit attributable to the parent company for 2020 was CNY 80.2565 million, with a cumulative undistributed profit of CNY 342.3007 million at year-end[4]. - The company's operating revenue for 2020 was CNY 708.10 million, an increase of 2.05% compared to CNY 693.90 million in 2019[20]. - The net profit attributable to shareholders for 2020 was CNY 80.26 million, a decrease of 15.36% from CNY 94.82 million in 2019[20]. - The net cash flow from operating activities increased by 102.42% to CNY 154.39 million in 2020, compared to CNY 76.27 million in 2019[20]. - The company's total assets at the end of 2020 were CNY 1,863.16 million, a 56.84% increase from CNY 1,187.93 million at the end of 2019[20]. - The basic earnings per share for 2020 was CNY 0.48, down 26.15% from CNY 0.65 in 2019[21]. - The company reported a total revenue of CNY 46.8 million for the year 2020, with a net profit of CNY 28.06 million, representing a year-on-year increase of approximately 30.5%[47]. - The company reported a total revenue of 2,350 million, with a net profit margin of 33.5%[192]. - The company reported a significant increase in revenue, achieving a total of 1.5 billion in 2020, representing a growth of 15% year-over-year[194]. Dividend and Profit Distribution - The proposed cash dividend distribution is CNY 1.60 per 10 shares, totaling CNY 31.14672 million based on a total share capital of 194,667,000 shares as of December 31, 2020[4]. - The company does not plan to implement capital reserve transfers or stock dividends, with remaining undistributed profits carried forward for future distribution[4]. - The company has committed to a cash dividend policy, ensuring that the cumulative cash dividends over three years will not be less than 30% of the average distributable profit for those years, provided certain conditions are met[122]. - The company has not proposed any capital reserve conversion or stock dividend distribution for the year 2020, opting to carry forward undistributed profits for future allocation[123]. Risks and Compliance - The company has faced various risks including industry, market, international trade, and foreign exchange risks, which are detailed in the report[3]. - The report includes a standard unqualified audit opinion from the accounting firm Tianye[3]. - The company has not experienced any non-operational fund occupation by controlling shareholders or related parties[6]. - There are no violations of decision-making procedures regarding external guarantees[6]. - The company’s governance structure is confirmed to be compliant, with all board members present at the meeting[3]. - The report includes a forward-looking statement risk declaration, indicating uncertainties in future plans and strategies[5]. - The company has maintained good integrity status, with no overdue large debts or penalties from regulatory bodies[143]. - The company has not faced any situations that could lead to delisting or bankruptcy during the reporting period[142]. Research and Development - Research and development expenses accounted for 5.01% of operating revenue in 2020, up from 4.16% in 2019[21]. - The total R&D investment for the year was ¥35,431,871.70, representing a 22.75% increase from the previous year's investment of ¥28,865,060.41, and accounting for 5.01% of total revenue[43][44]. - The company applied for 15 patents and obtained 22 patents during the reporting period, bringing the total number of patents to 116, including 37 invention patents[42]. - The company has made significant investments in new product development, with a focus on underwater oil extraction and new wellhead oil extraction technologies, with R&D budgets exceeding CNY 3 million and CNY 4.2 million respectively[47]. - The company is investing $50 million in R&D for new technologies aimed at enhancing user experience[128]. - The company has invested 50 million in research and development to innovate new technologies and improve existing products[194]. Market Position and Strategy - The company has established long-term strategic partnerships with major oil and gas service companies such as TechnipFMC, Schlumberger, and Baker Hughes, enhancing its market position[37]. - The company employs a "sales-driven production" model, allowing it to align production with customer demand and secure long-term supply agreements[31]. - The company is positioned as one of the few suppliers capable of entering the procurement systems of multiple global oil and gas service companies, particularly in the deep-sea equipment sector[37]. - The company’s main products include wellhead and Christmas tree components (40.34% of revenue), deep-sea equipment components (25.46%), fracturing equipment components (28.17%), and drilling equipment components (4.62%) in 2020[30]. - The company has established itself as a key supplier of specialized components for major international oil and gas service companies in the Asia-Pacific region[41]. - The company aims to become a global leader in high-end equipment component manufacturing, focusing on deep-sea and fracturing equipment components, aligning with national high-end equipment manufacturing development plans[113]. - The company is focusing on maintaining capital expenditures to ensure competitiveness in the oil and gas sector amid fluctuating oil prices[103]. - The company plans to enhance its technological research and development capabilities by investing in new R&D facilities and equipment, aiming for breakthroughs in high-value-added products[118]. Shareholder and Management Information - The company reported a total of 720 million shares held prior to the IPO, with a commitment not to transfer or manage these shares for 12 months post-listing[131]. - The company has a lock-up period of 36 months for shares held prior to the IPO, during which no transfers or management by others are allowed[131]. - The company’s major shareholders include Nanjing Diweier and several individuals, with significant shares released from lock-up in 2021 and 2023[172]. - The total pre-tax compensation for the Chairman and General Manager, Zhang Li, was CNY 1.176 million[191]. - The total shares held by the Chairman and General Manager, Zhang Li, remained at 0 shares[191]. - The company has a total of 150.38 million shares under lock-up agreements, with various shareholders set to release shares on specified dates[173]. Operational Efficiency and Cost Management - The company is focusing on cost control and efficiency improvements as part of its "innovation and cost reduction" initiative[65]. - The company plans to implement cost-cutting measures that are expected to save $20 million annually[128]. - The company reported a 25% increase in operational efficiency due to recent technological upgrades[192]. - The management team has maintained a stable indirect shareholding structure, with no changes reported during the period[196]. Future Outlook - The company provided a revenue guidance of $1.5 billion for the next quarter, representing a 10% increase from the previous quarter[128]. - The company expects a revenue growth of 10% for the next fiscal year, projecting a total revenue of approximately 2,585 million[192]. - New product launches are anticipated to contribute an additional 5% to overall revenue in the upcoming quarter[192]. - The company is planning to expand its market presence in Southeast Asia, targeting a 25% increase in sales from this region over the next year[198]. - The company has outlined a positive outlook for the upcoming year, projecting a revenue growth of 20% for 2021[194].

Financial Performance - Revenue for the first nine months was CNY 564.82 million, a 5.81% increase compared to the same period last year[8]. - Net profit attributable to shareholders decreased by 14.73% year-on-year, totaling CNY 643.78 million[8]. - Basic earnings per share decreased by 15.69% to CNY 0.43 per share[9]. - The company experienced a 62% decline in net profit in Q3 compared to the same quarter last year, primarily due to significant exchange losses from the appreciation of the RMB and a decrease in gross margin due to the pandemic[14]. - Total operating revenue for Q3 2020 was ¥172,205,696.94, a decrease of 8.8% compared to ¥189,081,817.24 in Q3 2019[27]. - Net profit for Q3 2020 was ¥11,938,250.74, down 62.3% from ¥31,616,793.97 in Q3 2019[29]. - Basic earnings per share for Q3 2020 were ¥0.06, down from ¥0.22 in Q3 2019[30]. - The company reported a total profit of ¥12,731,758.36 for Q3 2020, a decrease of 65.0% from ¥36,377,213.81 in Q3 2019[28]. - Operating revenue for the first three quarters of 2020 was CNY 575,911,299.48, an increase of 7.9% compared to CNY 533,807,553.34 in the same period of 2019[31]. - Net profit for the third quarter of 2020 was CNY 12,734,790.26, a decrease of 61.2% from CNY 32,833,568.13 in the third quarter of 2019[32]. - Total operating profit for the first three quarters of 2020 was CNY 79,298,713.16, a decrease of 12% from CNY 90,055,446.36 in the same period of 2019[32]. Assets and Liabilities - Total assets increased by 60.53% year-on-year, reaching CNY 1,906.96 million at the end of the reporting period[8]. - Total liabilities decreased to ¥384,367,254.95 from ¥458,578,523.13, reflecting a reduction of approximately 16.2%[20]. - The total assets as of September 30, 2020, were ¥1,906,958,805.57, compared to ¥1,187,927,016.50 in December 2019, marking an increase of around 60.5%[21]. - The company's total equity attributable to shareholders rose to ¥1,507,276,518.00 from ¥713,073,954.28, representing an increase of approximately 111.1%[21]. - The total liabilities as of Q3 2020 were ¥385,708,885.02, compared to ¥431,497,966.92 in Q3 2019[24]. - The company’s total assets reached ¥1,916,232,645.96 in Q3 2020, compared to ¥1,165,608,979.54 in Q3 2019[24]. - Total liabilities amounted to CNY 458,578,523.13, with current liabilities at CNY 404,470,723.30 and non-current liabilities at CNY 54,107,799.83[42]. - The company’s total non-current liabilities were CNY 51,279,610.98, which includes long-term payables of CNY 26,117,509.66[46]. Cash Flow and Investments - Operating cash flow net amount rose by 78.08% year-on-year, totaling CNY 87.03 million[8]. - Cash flow from operating activities for the first three quarters of 2020 was CNY 600,174,958.02, an increase of 25.5% compared to CNY 477,933,979.21 in the same period of 2019[34]. - The company reported a net cash outflow from investing activities of CNY 614,816,502.62 for the first three quarters of 2020, compared to a net outflow of CNY 44,336,032.48 in the same period of 2019[35]. - Total cash inflow from financing activities reached ¥888,190,148.00, significantly up from ¥128,586,373.10 in the previous year[38]. - The net cash flow from financing activities was ¥634,044,171.34, compared to a negative net cash flow of -¥36,989,519.68 in the same period last year[38]. - The company reported a total of ¥799,112,140.00 in cash received from investment, indicating a strong capital influx[38]. Research and Development - R&D investment as a percentage of revenue increased by 1.52 percentage points to 5.21%[9]. - R&D expenses for Q3 2020 increased to ¥10,460,265.97, up 28.0% from ¥8,176,040.27 in Q3 2019[28]. - Research and development expenses for the first three quarters of 2020 were CNY 29,439,796.57, up 49.8% from CNY 19,692,516.82 in the same period of 2019[31]. - The company plans to continue investing in R&D to drive future growth despite the current decline in profits[28]. Shareholder Information - The total number of shareholders reached 15,243 by the end of the reporting period[12]. - The company completed its IPO in July 2020, resulting in a substantial increase in total assets and net assets attributable to shareholders[14].

Financial Performance - The company's operating revenue for the first half of 2020 was RMB 392.62 million, representing a 13.89% increase compared to RMB 344.73 million in the same period last year[17]. - The net profit attributable to shareholders for the first half of 2020 was RMB 58.17 million, a 37.17% increase from RMB 42.41 million in the previous year[17]. - The basic earnings per share for the first half of 2020 was RMB 0.3984, up 37.14% from RMB 0.2905 in the same period last year[17]. - The company's net assets attributable to shareholders increased by 8.16% to RMB 771.25 million from RMB 713.07 million at the end of the previous year[17]. - The weighted average return on net assets for the first half of 2020 was 7.67%, an increase of 1.03 percentage points from 6.64% in the same period last year[17]. - The total assets of the company increased by 6.41% to RMB 1,264.03 million from RMB 1,187.93 million at the end of the previous year[17]. - The company reported a total revenue of CNY 46.8 million for the first half of 2020, with a net profit of CNY 19.9 million, representing a significant increase compared to previous periods[32]. - The company achieved a sales revenue of 393 million RMB, representing a year-on-year growth of 13.89%[43]. - The gross profit margin increased by 1 percentage point due to the rise in domestic oil and gas development investments and the rapid growth in demand for shale gas fracturing[49]. - The net profit for the first half of 2020 reached CNY 59,801,594.94, representing a growth of 35.5% from CNY 44,155,733.89 in the first half of 2019[110]. Research and Development - The company's R&D investment accounted for 4.83% of operating revenue, an increase of 1.49 percentage points from 3.34% in the previous year[17]. - The company holds 91 patents, including 33 invention patents, and has participated in the formulation of 7 national and industry standards[27]. - The company is currently working on two major R&D projects with total expected investments of 5,000,000.00 RMB and 12,000,000.00 RMB respectively[31]. - The company is actively involved in the localization research of underwater oil and gas production systems and unconventional shale gas fracturing equipment[27]. - The company has achieved significant progress in its R&D efforts, with several projects reaching the stage of obtaining phase results, including ultrasonic wave flaw detection technology[32]. - Research and development expenses rose significantly by 64.80%, accounting for 4.83% of sales, driven by investments in fracturing and deep-sea product technology[52]. - The company has 110 R&D personnel, accounting for 15.07% of the total workforce, with a total R&D salary of CNY 7.84 million and an average salary of CNY 71,251.89[34]. Market Position and Strategy - The company has established long-term strategic partnerships with major global oil and gas service companies, enhancing its industry position and reputation[20]. - The company has established long-term framework supply agreements with major clients, which helps stabilize market share[23]. - The company is actively expanding its market presence and product offerings, aiming to become a key player in the international market for specialized oil and gas equipment[40]. - The company is focusing on optimizing its production processes and enhancing operational efficiency through a robust management system[39]. - The company’s production model is based on customer orders, focusing on small batch and multi-variety production[24]. - The combined revenue from deep-sea and fracturing equipment components increased, becoming the main profit and growth points for the company[43]. Financial Position and Cash Flow - The net cash flow from operating activities was RMB 5.70 million, a significant decrease of 86.06% compared to RMB 40.90 million in the previous year[17]. - The company's cash and cash equivalents decreased by 24.85% to ¥99.17 million, compared to ¥131.97 million in the same period last year[54]. - Accounts receivable increased by 16.95% to ¥277.54 million, up from ¥237.31 million year-on-year[54]. - Prepayments surged by 251.98% to ¥15.81 million, indicating an increase in procurement prepayments[54]. - Inventory rose by 9.49% to ¥217.23 million, compared to ¥198.40 million in the previous year[54]. - Short-term borrowings increased by 28.37% to ¥120.67 million, up from ¥94.00 million year-on-year[54]. - The company reported a 97.55% increase in deferred income to ¥26.08 million, compared to ¥13.20 million in the same period last year[54]. - The total assets of the company at the end of the reporting period were ¥1.42 billion, with a significant portion being restricted assets totaling ¥368.45 million[56]. Compliance and Governance - The company did not distribute profits or increase capital reserves during the half-year period[63]. - The company has established strict compliance measures to ensure adherence to these commitments[65]. - The company emphasizes the importance of maintaining investor trust through these commitments and compliance measures[66]. - The company has retained the auditing firm for the 2020 fiscal year, as approved in the 2019 annual general meeting[76]. - There were no changes to the accounting firm during the reporting period, and no non-standard audit reports were issued[76]. - The company has complied with environmental regulations and has not faced penalties related to environmental protection during the reporting period[81]. Shareholder Commitments - The company commits to not reducing its holdings in the event of significant legal violations that could lead to delisting, until the stock is delisted[66]. - The company will compensate for any losses incurred by investors due to non-fulfillment of commitments[65]. - The management's commitments remain effective regardless of changes in their positions or departure from the company[66]. - The company has established a policy that allows for a maximum of 25% of shares to be transferred annually during the tenure of senior management[70]. - The company will not repurchase shares held by its management prior to the IPO[65]. - The company plans to implement a stock reduction plan to stabilize stock prices and meet operational and capital needs[73]. Accounting Policies - The company adheres to the accounting standards set by the Ministry of Finance, ensuring accurate financial reporting[130]. - The company recognizes revenue based on specific accounting policies tailored to its production and operational characteristics[138]. - The company applies different accounting treatments for mergers under common control and those not under common control, impacting how assets and liabilities are measured[140]. - The company recognizes goodwill in non-common control mergers when the purchase price exceeds the fair value of identifiable net assets acquired[140]. - The company consolidates financial statements based on control, ensuring that all significant intercompany transactions are eliminated[141].