Financial Performance - The company's operating revenue for 2021 was approximately ¥2.68 billion, representing a 68.53% increase compared to ¥1.59 billion in 2020[19]. - The net profit attributable to shareholders for 2021 was approximately ¥279.54 million, a 7.40% increase from ¥260.29 million in 2020[19]. - The net profit after deducting non-recurring gains and losses was approximately ¥244.74 million, reflecting a 1.69% increase from ¥240.67 million in 2020[19]. - The net cash flow from operating activities for 2021 was approximately ¥296.06 million, a decrease of 32.68% compared to ¥439.76 million in 2020[19]. - The total assets at the end of 2021 were approximately ¥3.71 billion, a 45.12% increase from ¥2.56 billion at the end of 2020[19]. - The net assets attributable to shareholders at the end of 2021 were approximately ¥1.66 billion, representing a 13.68% increase from ¥1.46 billion at the end of 2020[19]. - Basic earnings per share decreased by 12.64% to CNY 3.18, while diluted earnings per share fell by 12.91% to CNY 3.17[20]. - The company's financial condition remains strong, with total equity attributable to shareholders increasing by 13.68% to 165,592.46 CNY[95]. Dividend Policy - The company plans to distribute a cash dividend of RMB 12 per 10 shares, totaling RMB 105.6 million, which accounts for 37.78% of the net profit attributable to shareholders for the year 2021[4]. - The cash dividend policy was established in compliance with company law and the articles of association, ensuring clarity and completeness in decision-making processes[194]. - The company's independent directors have fulfilled their responsibilities in reviewing the cash dividend policy[192]. Research and Development - The company is actively involved in the research and development of new technologies and products, including smart energy management systems[11]. - Research and development expenses accounted for 7.04% of operating revenue, an increase of 1.25 percentage points from the previous year[20]. - The company's R&D investment totaled approximately 188.47 million yuan in 2021, representing a significant increase of 104.85% compared to the previous year[69]. - The number of R&D personnel increased by 119.64% to 615, contributing to the substantial rise in R&D expenses[70]. - The total R&D investment during the reporting period was 188.4652 million yuan, representing 7.04% of total operating revenue[79]. Market Expansion and Strategy - The company aims to expand its market presence and enhance its product offerings in the photovoltaic sector[11]. - The company has established a comprehensive marketing system both domestically and internationally, with subsidiaries in key markets such as Hong Kong, Germany, the UK, Australia, the Netherlands, South Korea, Japan, and the USA to enhance market development and service capabilities[52]. - The company has established stable business channels in mainstream markets across Europe, Australia, Asia, South America, and Africa through years of overseas market development[52]. - The company is focusing on the integration of energy storage and distributed photovoltaic systems, which is expected to drive significant demand for storage solutions[62]. - The company aims to achieve an average annual scale of over 50GW in distributed photovoltaic projects during the "14th Five-Year Plan" period, with a potential installation capacity exceeding 170GW by the end of 2023 in pilot areas[140]. Corporate Governance - The company has established a robust governance structure and internal control systems, enhancing operational standards and protecting shareholder rights[153]. - The company strictly adheres to information disclosure regulations, ensuring timely and accurate communication with investors[155]. - The company has not encountered any significant discrepancies in governance compared to regulatory requirements during the reporting period[156]. - The company conducted a total of six extraordinary general meetings in 2021, with all proposals approved and no rejections reported[160]. Risk Factors - The company has detailed potential risks in the report, which can be found in the section on "Management Discussion and Analysis" under "Risk Factors"[3]. - The company is subject to potential impacts from changes in government subsidies for photovoltaic power generation, which could affect overall market demand[91]. - The company operates in a highly competitive market, with leading competitors holding a market share of 40%-50%[89]. - The company is at risk of supply chain disruptions and raw material price volatility due to global market conditions and the ongoing pandemic[93]. Employee Engagement and Incentives - The company has implemented a long-term incentive plan through restricted stock to enhance employee engagement and retention, with the first grant occurring on June 11, 2021[33]. - The company emphasizes employee training to enhance skills and support strategic goals, with a focus on sustainable development[189]. - The company has a comprehensive employee incentive strategy that includes salary incentives, cultural recognition, and emotional motivation[198]. - The total remuneration for all directors, supervisors, and senior management at the end of the reporting period amounted to CNY 7.1566 million[174]. Product Development and Innovation - The company has developed a range of photovoltaic inverters with power ratings from 0.7kW to 250kW, suitable for various applications including residential and commercial rooftops[39]. - The company launched new products including the GW50K-BTC three-phase AC coupling inverter and the GW50K-ETC three-phase solar storage inverter[30]. - The company is focusing on technological innovation in energy management systems, aligning with industry trends and customer needs[78]. - The company aims to achieve a maximum efficiency of 98.0% for its photovoltaic inverter products, indicating a strong market outlook[75]. Awards and Recognition - The company received multiple awards, including the "2021 Outstanding Contribution Unit Award" from the China Photovoltaic Industry Association[29]. - The company has received multiple honors, including "Top Inverter Brand" in six countries awarded by EuPD Research, enhancing its brand recognition in the photovoltaic sector[80]. - The company has received multiple awards for maintaining harmonious labor relations, including "2021 Jiangsu Province Excellent Labor Relations Harmonious Enterprise" and "Best Employer in Greater Suzhou"[34].

Revenue and Profitability - Revenue for Q1 2022 reached ¥649,783,898.18, an increase of 46.16% compared to the same period last year[4] - Net profit attributable to shareholders was ¥9,413,357.48, a decrease of 86.54% year-on-year[4] - Basic and diluted earnings per share were both ¥0.11, a decrease of 86.08% year-on-year[4] - Net profit for Q1 2022 was RMB 7.26 million, a significant decrease of 89.5% compared to RMB 69.49 million in Q1 2021[16] - The company reported a total comprehensive income of RMB 7.51 million in Q1 2022, down from RMB 69.57 million in Q1 2021[17] Cash Flow and Financial Position - Net cash flow from operating activities was -¥178,966,249.04, an increase of 462.34% compared to the previous year[4] - Cash flow from operating activities in Q1 2022 was negative at RMB -178.97 million, worsening from RMB -31.83 million in Q1 2021[18] - The net cash flow from investing activities was -131,762,076.17, a significant decrease compared to 126,076,976.50 in the same quarter of the previous year[19] - Total cash inflow from financing activities was 1,100,000.00, while cash outflow was 2,355,458.73, resulting in a net cash flow from financing activities of -1,255,458.73[19] - The net increase in cash and cash equivalents was -317,030,438.04, contrasting with an increase of 88,886,624.55 in the first quarter of 2021[19] - The ending balance of cash and cash equivalents was 569,806,089.32, down from 765,846,295.61 in the previous year[19] Assets and Liabilities - Total assets at the end of the reporting period were ¥3,893,039,161.10, up 4.80% from the end of the previous year[5] - The company's current assets totaled RMB 2,983,397,066.26, slightly up from RMB 2,939,960,961.31 in the previous year, indicating a growth of about 1.5%[12] - The total liabilities of the company were RMB 2,195,534,096.86, compared to RMB 2,036,917,079.36 at the end of 2021, representing an increase of approximately 7.8%[14] - The company's total equity reached RMB 1,697,505,064.24, up from RMB 1,677,786,248.67, reflecting a growth of about 1.1%[14] Research and Development - R&D investment totaled ¥67,949,446.30, representing 10.46% of revenue, an increase of 4.09 percentage points[5] - Research and development expenses in Q1 2022 amounted to RMB 67.95 million, an increase of 139.8% from RMB 28.32 million in Q1 2021[16] Operational Costs - Operating costs for Q1 2022 were RMB 638.58 million, up 76.0% from RMB 362.73 million in Q1 2021[15] - The company experienced significant increases in costs due to the pandemic and global chip supply shortages, impacting profitability[8] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 8,759[9] Other Financial Metrics - Non-recurring gains and losses amounted to ¥4,183,276.58 for the period[7] - The weighted average return on equity decreased by 4.13 percentage points to 0.56%[5] - The company's cash and cash equivalents decreased to RMB 937,256,577.08 from RMB 1,231,274,302.49, a decline of about 23.9%[12] - The inventory level rose significantly to RMB 1,196,076,507.59, up from RMB 854,972,355.90, marking an increase of approximately 40%[12] - The accounts receivable decreased slightly to RMB 300,426,746.09 from RMB 310,263,092.33, a decline of approximately 3%[12] - The company's long-term equity investments decreased to RMB 41,946,870.93 from RMB 43,556,402.74, a reduction of about 3.7%[13] - The company's short-term borrowings were not specified, indicating a potential focus on maintaining liquidity[13] Accounting Standards - The company did not apply the new accounting standards for the first quarter of 2022[20]

Financial Performance - The company reported a revenue of RMB 1.2 billion for the first half of 2021, representing a year-on-year growth of 30%[1] - The company's revenue for the first half of 2021 reached ¥1,087,071,454.87, representing an 84.89% increase compared to ¥587,943,306.83 in the same period last year[16] - In the first half of 2021, the company achieved operating revenue of 1,087.07 million yuan, an increase of 84.89% year-on-year[42] - The net profit attributable to shareholders was ¥153,078,727.01, up 29.66% from ¥118,061,388.92 year-on-year[16] - The net profit attributable to shareholders was 153.08 million yuan, representing a year-on-year growth of 29.66%[42] - The total profit for the first half of 2021 was ¥174,557,929.51, up from ¥135,444,627.06 in the same period last year, indicating a growth of approximately 29%[145] - The total comprehensive income for the first half of 2021 was ¥152,044,170.70, compared to ¥117,378,762.83 in the first half of 2020, reflecting an increase of approximately 29.5%[145] Research and Development - The company is investing RMB 200 million in R&D for new technologies related to solar energy and energy storage systems[1] - Research and development expenses accounted for 6.31% of revenue, an increase of 0.49 percentage points compared to the previous year[17] - The company's R&D investment totaled CNY 68,576,000.93, representing a 100.47% increase compared to the same period last year[25] - The number of R&D personnel increased by 78.50% to 382 compared to the same period last year[26] - The company is actively increasing R&D investment and technological innovation to support its global strategic deployment[17] - The company focuses on technology innovation and has developed core technologies in energy storage conversion and smart energy management[32] Market Expansion and Strategy - The company has expanded its user base to over 500,000 users, an increase of 40% compared to the previous year[1] - The company has entered into a strategic partnership with a leading technology firm to enhance its market presence in Southeast Asia[1] - The company aims to expand its market presence and enhance operational scale in response to favorable trends in the photovoltaic industry[17] - The company is focused on expanding its global market presence, with subsidiaries established in regions including Europe, Australia, and Asia[39] - The company has established local service points in countries such as Italy, Brazil, Mexico, the Netherlands, and India to provide comprehensive support[35] Financial Health and Assets - The company's total assets increased by 17.02% to ¥2,995,198,229.84 compared to the end of the previous year[16] - The total assets at the end of the reporting period were 2,995.20 million yuan, up 17.02% from the end of the previous year[42] - The company's total equity reached ¥1,485,051,811.32 as of June 30, 2021, compared to ¥1,469,854,605.05 at the end of 2020, showing a slight increase of 1.0%[142] - The company's total liabilities as of June 30, 2021, amounted to ¥1,412,785,833.37, up from ¥1,017,580,072.23 at the end of 2020, indicating a 38.8% increase[142] Risks and Challenges - The company has identified potential risks related to supply chain disruptions and regulatory changes in the renewable energy sector[1] - The company faces risks related to international trade policies, particularly in key markets like the U.S., which could impact sales of photovoltaic inverters[50] - The company’s gross profit margin may be affected by potential reductions in government subsidies for photovoltaic power generation, which could impact overall installed capacity[54] - The company continues to invest in R&D and technology innovation to address challenges such as rising raw material prices and chip shortages[41] Product Development - The company plans to launch three new products in the second half of 2021, focusing on enhancing energy efficiency and smart grid technology[1] - The company launched the GW50K-BTC three-phase AC coupling inverter, aimed at enabling self-consumption of electricity for commercial projects, promoting low-carbon development and energy autonomy for factories[45] - The company introduced two new home energy storage lithium battery series: the high-voltage Lynx Home S and the low-voltage Lynx Home U, designed to work with the company's bidirectional storage inverters to create a "photovoltaic + storage" system[45] Shareholder Commitments and Governance - The company has committed to not transferring or entrusting the management of its shares for 36 months post-IPO, with specific conditions for share price performance[90] - The company has established measures to stabilize its stock price for three years post-IPO, with commitments made by key stakeholders[103] - The company has a long-term commitment to repurchase shares in case of fraudulent issuance, ensuring investor protection[103] - The company guarantees that all transactions will be conducted at fair market prices to protect the interests of shareholders, particularly minority shareholders[108] Environmental Responsibility - The company does not belong to heavily polluting industries and has minimal environmental impact during operations, with proper disposal of waste gases, wastewater, and solid waste[83] - The company has established effective internal control systems regarding safety production and environmental protection, with no safety incidents or environmental accidents reported during the period[83] - The company promotes a paperless office environment and encourages employees to adopt green commuting practices[87]

Financial Performance - Operating revenue surged by 99.57% to CNY 444,561,202.14 year-on-year[4] - Net profit attributable to shareholders rose by 86.40% to CNY 69,928,007.40 compared to the same period last year[4] - Basic earnings per share increased by 38.60% to CNY 0.79[4] - The company's operating income for Q1 2021 was approximately ¥526.64 million, a significant increase of 123.5% compared to ¥236.07 million in Q1 2020[24] - Net profit for Q1 2021 reached ¥56.40 million, up 67.5% from ¥33.69 million in Q1 2020[24] - The total profit for Q1 2021 was approximately ¥64.61 million, an increase of 66.2% from ¥38.87 million in Q1 2020[24] Cash Flow - Net cash flow from operating activities decreased significantly by 1,706.28% to -CNY 31,825,209.23[4] - The net cash flow from operating activities was negative at CNY -31,825,209.23, contrasting with a positive cash flow of CNY 1,981,300.69 in the same quarter of the previous year[29] - The company's investment activities generated a net cash flow of RMB 126,076,976.50, a significant improvement from a negative cash flow of RMB -59,753,243.11 in Q1 2020[11] - Cash flow from operating activities for Q1 2021 was ¥314.38 million, compared to ¥196.45 million in Q1 2020, indicating a growth of 60%[27] - The company reported a total cash inflow from investment activities of CNY 159,221,284.41, compared to CNY 314,184.52 in Q1 2020, indicating a substantial increase[30] Assets and Liabilities - Total assets increased by 6.44% to CNY 2,724,567,198.09 compared to the end of the previous year[4] - The total liabilities increased by 42.94%, with notes payable rising to RMB 500,479,871.17 from RMB 350,133,890.23[10] - Total liabilities reached ¥1,198,144,726.63, compared to ¥1,103,010,308.71, which is an increase of around 8.59%[17] - Current assets totaled ¥2,317,032,501.58, up from ¥2,187,422,373.86, indicating an increase of about 5.94%[15] - The company's total assets as of March 31, 2021, were ¥2,636,689,060.59, compared to ¥2,487,434,677.28 at the end of 2020, marking an increase of 6.0%[19] Shareholder Information - The total number of shareholders at the end of the reporting period was 5,774[6] - The largest shareholder, Huang Min, holds 30.97% of the shares[6] - Shareholders' equity as of March 31, 2021, was ¥1,526,422,471.46, up from ¥1,456,653,698.56, indicating a growth of about 4.77%[17] Research and Development - R&D expenditure as a percentage of operating revenue increased to 6.37% from 6.19%[4] - Research and development expenses surged by 105.36% to RMB 28,323,896.70, compared to RMB 13,792,623.73 in the previous year[11] - The company's research and development expenses in Q1 2021 were ¥18.49 million, up 57.5% from ¥11.70 million in Q1 2020[24] Government Support - The company received government subsidies amounting to CNY 3,496,882.38 during the reporting period[5] - The company’s other income increased by 104.60% to RMB 3,496,882.38, up from RMB 1,709,094.65 in the previous year[11] Financial Ratios - The weighted average return on equity decreased by 3.89 percentage points to 4.69%[4] - The company experienced a 33.44% increase in income tax expenses, amounting to RMB 11,868,573.00, compared to RMB 8,894,325.94 in Q1 2020[11]

Financial Performance - The company reported a significant increase in revenue, achieving a total of 1.2 billion RMB in 2020, representing a year-over-year growth of 25%[14]. - The company's operating revenue for 2020 reached ¥1,589,084,062.93, representing a year-on-year increase of 68.09% compared to ¥945,354,024.96 in 2019[20]. - Net profit attributable to shareholders was ¥260,285,504.55, a significant increase of 153.16% from ¥102,815,144.05 in the previous year[20]. - The net cash flow from operating activities increased by 190.70%, amounting to ¥439,758,484.10, up from ¥151,277,032.97 in 2019[22]. - The company's total assets grew by 152.44% to ¥2,559,664,007.27 at the end of 2020, compared to ¥1,013,964,009.26 at the end of 2019[20]. - Basic earnings per share rose to ¥3.64, reflecting a 133.33% increase from ¥1.56 in 2019[21]. - The weighted average return on equity increased by 7.20 percentage points to 34.99% in 2020, up from 27.79% in 2019[21]. - The gross margin for the year was reported at 30%, a slight decrease from 32% in the previous year due to increased raw material costs[14]. - The company aims to achieve a net profit margin of 10% in the upcoming fiscal year, supported by cost optimization strategies[14]. Dividend and Shareholder Returns - The company plans to distribute a cash dividend of RMB 12.00 per 10 shares, totaling RMB 105.6 million, which accounts for 40.57% of the net profit attributable to shareholders for the year 2020[4]. - The company has established a profit distribution policy that mandates a minimum cash dividend of 10% of the distributable profits for the year, and a cumulative cash distribution of at least 30% of the average annual distributable profits over the last three years[192]. - The company’s cash dividend policy aligns with its commitment to shareholder returns, having distributed 29.7 million RMB in 2018, which was 53.00% of that year's net profit[142]. Corporate Governance and Compliance - The company has received a standard unqualified audit report from Tianheng Accounting Firm[5]. - The board of directors has confirmed that all members attended the board meeting and can guarantee the accuracy and completeness of the annual report[7]. - The company has not reported any non-operating fund occupation by controlling shareholders or related parties[6]. - The company has not identified any violations in decision-making procedures regarding external guarantees[6]. - The company has confirmed that there are no special arrangements for corporate governance[7]. - The company has not reported any instances of unfulfilled commitments or related penalties during the reporting period[165]. - The company has not faced any situations that would lead to termination of its listing status[170]. - The company has not encountered any bankruptcy reorganization matters during the reporting period[170]. - The company has confirmed that it has not experienced any significant accounting errors that would require correction[168]. - The company has not made any changes to its accounting policies that would impact its financial statements significantly[167]. Market Expansion and Strategy - The company plans to expand its market presence in Europe and North America, targeting a 15% market share in these regions by 2023[14]. - The company is exploring potential mergers and acquisitions to accelerate growth, with a focus on companies in the renewable energy sector[14]. - The company successfully expanded its market presence, contributing to the substantial growth in revenue despite the adverse effects of the pandemic[22]. - The company has established a comprehensive marketing and service system globally, with subsidiaries in multiple countries to enhance market expansion and customer service[71]. - The company has developed a stable and good cooperative relationship with major suppliers through a comprehensive evaluation system based on product quality, price, and delivery time[42]. Research and Development - The company is investing in R&D for next-generation inverters, aiming for a conversion efficiency improvement of 5% by 2022[12]. - The total R&D investment for 2020 was ¥92,002,826.49, representing a 58.19% increase from ¥58,161,458.13 in 2019[60]. - The number of R&D personnel increased to 280, up 67.66% from 167 in the previous year, with R&D personnel accounting for 17.87% of the total workforce[65]. - The company holds a total of 98 authorized intellectual properties, including 31 invention patents, 48 utility model patents, and 6 design patents[58]. - The company has developed seamless switching technology between grid-connected and off-grid modes, achieving a switching time in milliseconds[57]. - The company emphasizes continuous R&D investment to maintain its technological innovation advantage and optimize product design[61]. Product Development and Innovation - The company focuses on the research, production, and sales of solar energy and energy storage equipment, aiming to provide smart energy management solutions for residential, commercial, and utility-scale users[29]. - The main products include photovoltaic grid-connected inverters and photovoltaic energy storage inverters, with power range covering from 0.7kW to 250kW, meeting various application requirements[32]. - The company has developed over 20 series of grid-connected and energy storage inverter products by the end of 2020, which are sold in multiple countries including Germany, Italy, Australia, and the USA[32]. - The company aims to lead the development of the energy internet by integrating smart grids and multi-energy complementarity, focusing on high proportions of renewable energy and the deep integration of information and physical systems[55]. - The company is committed to advancing core technologies in energy conversion, power electronics, energy storage, and energy internet[29]. Risk Management - The company has outlined potential risks in the report, which are detailed in the section on risk factors[3]. - The report includes a forward-looking statement risk declaration, indicating that future plans do not constitute a commitment to investors[5]. - The company has not reported any significant changes in shareholder structure or share capital during the reporting period[8]. Environmental and Social Responsibility - The company actively promotes social responsibility by encouraging employees to participate in voluntary blood donation campaigns, aligning with the World Health Organization's initiatives[200]. - The company manages hazardous waste generated during production in compliance with relevant laws and regulations, ensuring safe and standardized disposal[200]. - The company is committed to energy conservation and green office practices, advocating for reduced resource waste and energy consumption[200]. - The company aims to gradually achieve paperless operations to save paper and promote environmental protection[200]. - The company follows a principle of turning off unused equipment to conserve energy in both manufacturing and daily life[200]. Employee Development and Corporate Culture - The company emphasizes the importance of talent development and plans to implement a series of human resource development initiatives[140]. - The company has invested in employee development through various training programs, enhancing skills and promoting career advancement[194]. - The company has implemented a composite incentive approach for employees, focusing on salary incentives, cultural incentives, and recognition awards[172]. - The company emphasizes a strong corporate culture centered on customer focus, long-term commitment, and collaboration among employees[74].

Financial Performance - Operating revenue for the first nine months was ¥1,040,907,531.46, a growth of 44.96% compared to the same period last year[5] - Net profit attributable to shareholders was ¥196,763,731.19, representing a 158.90% increase year-over-year[5] - Basic earnings per share rose to ¥2.98, an increase of 159.13% from the previous year[6] - Total revenue for Q3 2020 reached ¥452,964,224.63, a 53.8% increase from ¥294,582,260.85 in Q3 2019[25] - Net profit for Q3 2020 was ¥78,392,396.48, representing a 94.3% increase compared to ¥40,353,172.14 in Q3 2019[26] - The net profit attributable to shareholders for Q3 2020 was ¥78,702,342.27, up from ¥40,368,169.21 in the same period last year, representing a 94.5% increase[28] - The company reported a total profit of ¥93,900,984.65 for Q3 2020, up from ¥50,911,733.89 in Q3 2019, a growth of 84.3%[26] Assets and Liabilities - Total assets increased to ¥2,233,008,334.29, up 120.23% from the previous year-end[5] - The total current assets reached ¥1,902,822,898.36, compared to ¥726,946,988.01 in 2019, indicating an increase of about 161%[19] - The total liabilities increased to ¥840,365,582.23 from ¥593,722,505.90, which is an increase of about 42%[20] - The company's total liabilities increased, with accounts payable rising by 36.75% to RMB 389,055,479.39, driven by increased sales and inventory[14] - Total liabilities rose to ¥908,471,179.91 in Q3 2020, compared to ¥558,049,719.46 in Q3 2019, an increase of 62.7%[24] - The company's total current liabilities amounted to ¥820,280,234.94, up from ¥569,433,670.34, which is an increase of about 44%[20] Cash Flow - Net cash flow from operating activities for the first nine months was ¥249,334,200.87, up 277.98% year-over-year[5] - The net cash flow from operating activities for the first three quarters of 2020 was CNY 249,334,200.87, a significant increase from CNY 65,964,522.13 in the same period of 2019, representing a growth of approximately 277%[32] - Total cash inflow from operating activities reached CNY 974,961,154.51, compared to CNY 682,410,687.27 in the previous year, indicating a year-over-year increase of about 43%[32] - Cash outflow from operating activities was CNY 725,626,953.64, up from CNY 616,446,165.14 in 2019, reflecting an increase of approximately 18%[32] - The net cash flow from financing activities was CNY 738,852,087.30, compared to a negative cash flow of CNY -54,586,648.82 in the previous year, marking a significant turnaround[33] Shareholder Information - The total number of shareholders at the end of the reporting period was 4,051[9] - The top shareholder, Huang Min, holds 30.97% of the shares, totaling 27,250,000 shares[9] Research and Development - Research and development expenses accounted for 5.38% of operating revenue, a decrease of 0.5 percentage points from the previous year[6] - Research and development expenses grew by 32.51% to RMB 55,978,777.39, reflecting increased investment in product series expansion[15] - Research and development expenses for Q3 2020 were ¥21,770,594.01, compared to ¥16,130,845.01 in Q3 2019, an increase of 34.8%[26] Equity and Retained Earnings - Net assets attributable to shareholders reached ¥1,392,180,898.01, reflecting a 232.43% increase year-over-year[5] - The equity attributable to shareholders reached ¥1,392,180,898.01, a substantial rise from ¥418,793,309.73 in 2019, representing an increase of approximately 232%[21] - The retained earnings increased significantly to ¥323,681,494.45 from ¥126,917,763.26, showing a growth of approximately 155%[20] Financial Ratios - The weighted average return on equity was 37.99%, an increase of 17.06 percentage points compared to the previous year[6] - The company’s total liabilities to total assets ratio is approximately 58.6%, indicating a moderate level of leverage[36]