Financial Performance - Operating revenue for the first quarter reached CNY 163,845,753.59, representing an increase of 84.58% year-on-year[7]. - Net profit attributable to shareholders of the listed company was CNY 32,080,662.33, up 21.24% from the same period last year[7]. - Net profit excluding non-recurring gains and losses increased by 112.33% to CNY 29,612,336.82 compared to the previous year[7]. - Operating profit for Q1 2021 was ¥38,392,005.35, up from ¥31,363,686.65 in Q1 2020, reflecting a growth of 22.4%[27]. - Net profit for Q1 2021 was ¥32,361,379.27, compared to ¥26,461,429.92 in Q1 2020, representing an increase of 22.2%[27]. - In Q1 2021, the company's net profit reached CNY 30,586,167.06, an increase of 15.1% compared to CNY 26,568,764.66 in Q1 2020[31]. - Total revenue from operating activities was CNY 153,323,926.64, a significant increase of 52.9% compared to CNY 100,246,093.73 in Q1 2020[33]. Assets and Liabilities - Total assets increased by 3.23% to CNY 1,104,293,147.14 compared to the end of the previous year[7]. - Current assets totaled ¥677,055,543.17, down from ¥707,190,129.93, indicating a decrease of about 4.3%[20]. - Non-current assets increased to ¥427,237,603.97 from ¥362,531,763.13, representing a growth of approximately 17.8%[20]. - Total liabilities stood at ¥245,846,432.82, slightly up from ¥243,636,558.01, reflecting a marginal increase of about 0.9%[21]. - Shareholders' equity increased to ¥858,446,714.32 from ¥826,085,335.05, marking an increase of approximately 3.9%[21]. - The total amount of prepayments increased by 45.39% to CNY 12,015,719.36 from CNY 8,264,480.40, driven by the expansion of production scale[13]. - The company’s contract liabilities decreased by 47.44% to CNY 2,698,693.35, down from CNY 5,134,142.48, as some advance payments were recognized as revenue[13]. Cash Flow - Cash flow from operating activities amounted to CNY 12,734,126.32, reflecting a growth of 15.13% year-on-year[7]. - The cash flow from investment activities showed a significant decrease of 55.39% year-on-year, primarily due to reduced purchases of bank structured deposits[17]. - The company reported a cash flow deficit from investing activities of CNY -55,390,213.24, an improvement from CNY -344,535,400.16 in Q1 2020[34]. - The ending cash and cash equivalents balance was CNY 183,069,534.35, compared to CNY 114,791,424.31 at the end of Q1 2020, representing a year-over-year increase of 59.5%[34]. - The company reported a significant increase in cash outflows related to operating activities, totaling 171,271,832.49 RMB compared to 87,801,533.25 RMB last year[36]. Shareholder Information - The total number of shareholders reached 5,534 by the end of the reporting period[11]. - The top shareholder, Wang Kunming, holds 39.65% of the shares, totaling 3,172,000 shares[11]. Research and Development - Research and development expenses accounted for 4.24% of operating revenue, down from 5.72% in the previous year[7]. - Research and development expenses rose to CNY 6,942,972.70, a 36.76% increase from CNY 5,076,738.15, attributed to a higher number of R&D personnel and increased material consumption[15]. - Research and development expenses for Q1 2021 were ¥6,942,972.70, compared to ¥5,076,738.15 in Q1 2020, indicating a rise of 36.8%[27]. Financial Expenses - The company's financial expenses improved significantly, showing a reduction from CNY -1,351,735.46 to CNY -320,188.97, mainly due to fluctuations in foreign currency asset exchange rates[15]. - The company reported a financial expense of -¥320,188.97 in Q1 2021, a significant improvement from -¥1,351,735.46 in Q1 2020[27]. Tax and Other Financial Metrics - The company’s tax payable increased by 31.99% to CNY 12,276,118.17 from CNY 9,300,737.72, reflecting profit growth during the reporting period[14]. - The company reported a non-recurring gain of CNY 2,468,325.51 for the quarter[9].

Financial Performance - The company's operating revenue for 2020 was RMB 516,196,825.03, representing a 28.75% increase compared to RMB 400,925,826.49 in 2019[21]. - The net profit attributable to shareholders of the listed company was RMB 93,351,630.52, up 25.60% from RMB 74,325,740.49 in the previous year[21]. - The net profit after deducting non-recurring gains and losses was RMB 77,020,590.75, reflecting a 6.44% increase from RMB 72,361,073.13 in 2019[21]. - The net cash flow from operating activities was RMB 69,438,482.73, which is a 16.23% increase compared to RMB 59,740,514.62 in 2019[21]. - The total assets at the end of 2020 reached RMB 1,069,721,893.06, a 103.09% increase from RMB 526,732,247.00 in 2019[21]. - The net assets attributable to shareholders of the listed company were RMB 824,404,976.04, marking a 151.60% increase from RMB 327,659,415.12 in 2019[21]. - Basic earnings per share for 2020 was CNY 1.22, a decrease of 1.61% compared to 2019[22]. - The weighted average return on equity decreased by 12.34 percentage points to 13.06% in 2020[22]. - Operating revenue for Q4 2020 was CNY 149.76 million, with a total annual revenue of CNY 516.20 million[26]. - The net profit attributable to shareholders for Q4 2020 was CNY 17.08 million, contributing to an annual net profit of CNY 93.35 million[26]. Research and Development - Research and development expenses accounted for 4.93% of operating revenue, a slight increase from 4.92% in 2019[22]. - The total R&D investment for the year was approximately ¥25.47 million, a 29.02% increase from the previous year, with R&D expenses accounting for 4.93% of operating income[73]. - The company has a research and development team of 118 personnel, representing 12.08% of the total workforce, with an average salary of 11.35万元[82]. - The company has accumulated 70 patent authorizations, including 25 invention patents, establishing a comprehensive intellectual property system[85]. - During the reporting period, the company applied for 35 patents and received 12 patent authorizations, including 5 related to manufacturing technology and 10 related to production equipment design[67]. Market Position and Products - The company has developed core technologies for vacuum insulation panels, maintaining a leading market position[29]. - The vacuum insulation panel is the main product, featuring superior thermal insulation performance with a thermal conductivity of only 1/6 of traditional materials[30]. - The company primarily operates in a customized production model for vacuum insulation panels, responding to diverse and personalized specifications from downstream clients[34]. - Vacuum insulation panels are mainly applied in the home appliance sector (refrigerators, freezers) and cold chain logistics (medical and food insulation boxes, vending machines)[34]. - The company has established strategic partnerships with well-known domestic and international appliance manufacturers, enhancing customer loyalty through early involvement in product design[34]. - The company has observed a surge in demand for vacuum insulation panels since May 2020, attributed to increased refrigerator usage during the pandemic[46]. - The company has established a strong industry position in the vacuum insulation panel (VIP) market, achieving a leading market share in the home appliance sector[50]. Financial Strategy and Dividend Policy - The company plans to distribute a cash dividend of RMB 3.6 per 10 shares, totaling RMB 28,800,000.00, which accounts for 30.85% of the net profit for the year[6]. - The company has established a three-year dividend return plan to enhance transparency and encourage long-term investment among shareholders[154]. - The cash dividends distributed in 2020 represented 30.85% of the company's net profit, while the 2019 dividends accounted for 32.29%[158]. - The company commits to maintaining a stable profit distribution policy that does not exceed distributable profits and ensures sustainable operations[154]. Risks and Challenges - The company has outlined various risk factors in its report, which investors are advised to consider[4]. - The company faces risks related to market competition and potential changes in macroeconomic conditions that could impact its business operations[106]. - The company faces risks related to technology development, including the need for continuous R&D investment to maintain industry leadership[108]. - The company faces barriers to entry in the vacuum insulation industry due to the lack of mature production equipment and skilled technical personnel[49]. Production and Capacity Expansion - The company is expanding its production capacity with the introduction of new equipment, including a 3500mm wet method core material production line and 35 single vacuum packaging machines[97]. - The company aims to enhance its vacuum insulation board production capacity with a project targeting an annual output of 3.5 million square meters of ultra-low thermal conductivity vacuum insulation boards[151]. - The company has achieved a production efficiency improvement while expanding capacity to meet the growing demand for VIP products in the refrigerator and freezer industry[89]. Compliance and Governance - The company guarantees that there will be no fraudulent issuance of shares during the IPO process and will repurchase all newly issued shares if conditions are not met[186]. - The company commits to measures to mitigate the dilution of immediate returns and protect shareholder interests[188]. - The controlling shareholder, Wang Kunming, promises that net asset scale will significantly increase post-IPO, although short-term EPS and ROE may decline[188]. - The company will publicly disclose any violations of commitments regarding stock reduction and apologize to shareholders[165].

Financial Performance - Operating revenue for the first nine months rose by 23.41% year-on-year, amounting to approximately CNY 366.44 million[5] - Net profit attributable to shareholders increased by 34.82% year-on-year, reaching approximately CNY 76.28 million[5] - Basic and diluted earnings per share increased by 7.45% to CNY 1.01 per share[5] - Total revenue for the period increased significantly, with operating costs rising by 38.37% to CNY 231,667,844.41 from CNY 167,431,848.41[15] - Other income surged by 369.90% to CNY 15,593,088.19 from CNY 3,318,411.75, mainly due to government subsidies recognized during the period[15] - Total revenue for Q3 2020 reached ¥161,069,100.85, a 57% increase compared to ¥102,527,929.37 in Q3 2019[26] - Year-to-date revenue for the first three quarters of 2020 was ¥366,435,723.22, up 23.3% from ¥296,929,991.78 in the same period of 2019[26] - Total revenue for Q3 2020 reached ¥165,251,419.69, an increase from ¥108,286,800.10 in Q3 2019, representing a growth of approximately 52.7% year-over-year[30] - Total profit for Q3 2020 was ¥28,571,026.85, compared to ¥24,249,399.39 in Q3 2019, reflecting an increase of about 18.5% year-over-year[28] Assets and Liabilities - Total assets increased by 94.84% year-on-year, reaching approximately CNY 1.03 billion[5] - The company’s total assets increased significantly, with current assets totaling CNY 698,360,244.77 compared to CNY 280,591,348.74 in the previous year[19] - Total assets as of September 30, 2020, amounted to ¥1,057,138,222.65, significantly higher than ¥552,753,909.97 at the end of 2019[25] - Total liabilities increased to ¥240,230,409.49 from ¥217,495,793.19 year-over-year[25] - Total liabilities amounted to ¥199,072,831.88, with current liabilities at ¥143,976,520.70 and non-current liabilities at ¥55,096,311.18[40] - The company reported a total of ¥162,399,482.01 in current liabilities, including short-term borrowings of ¥18,000,000.00 and accounts payable of ¥63,126,145.55[43] Shareholder Equity - Net assets attributable to shareholders increased by 146.39% year-on-year, totaling approximately CNY 807.33 million[5] - Owner's equity rose to ¥816,907,813.16, compared to ¥335,258,116.78 in the previous year[25] - The capital reserve increased significantly to ¥455,252,596.60 from ¥47,858,666.20, indicating strong retained earnings[25] - The company’s total equity attributable to shareholders was ¥335,258,116.78, reflecting a stable capital structure[44] Cash Flow - The net cash flow from operating activities for the first nine months increased by 34.95% year-on-year, totaling approximately CNY 47.90 million[5] - Operating cash flow net amount rose by 34.95% to CNY 47,897,449.46 from CNY 35,493,327.77, driven by increased sales and cash received from goods sold[17] - Cash flow from operating activities for the first nine months of 2020 was CNY 47,897,449.46, compared to CNY 35,493,327.77 in the same period of 2019, showing an increase of around 35%[34] - The total operating cash inflow for the first nine months of 2020 was CNY 303,714,051.10, compared to CNY 256,225,927.76 in the same period of 2019, indicating a growth of approximately 18.5%[33] - The company received CNY 490,000,000.00 from investment recoveries during the first nine months of 2020[34] - The cash flow from financing activities for the first nine months of 2020 was CNY 396,391,379.53, significantly higher than CNY 1,246,060.08 in the same period of 2019[34] Expenses - Research and development expenses accounted for 4.79% of operating revenue, a slight decrease of 0.05 percentage points[5] - Research and development expenses for Q3 2020 totaled ¥6,053,591.35, an increase from ¥4,848,199.07 in Q3 2019, marking a growth of approximately 24.9% year-over-year[30] - Tax expenses for Q3 2020 amounted to ¥4,629,970.85, up from ¥3,606,272.29 in Q3 2019, representing a rise of approximately 28.3% year-over-year[28] - The company paid CNY 54,253,498.87 to employees in Q3 2020, compared to CNY 49,706,125.98 in Q3 2019, reflecting an increase of about 9%[34]

Financial Performance - The company's operating revenue for the first half of 2020 was approximately ¥205.37 million, representing a 5.64% increase compared to ¥194.40 million in the same period last year[18]. - Net profit attributable to shareholders increased by 45.60% to approximately ¥52.32 million, up from ¥35.93 million in the previous year[18]. - The net cash flow from operating activities grew by 73.73%, reaching approximately ¥34.13 million, compared to ¥19.65 million in the same period last year[18]. - The company's total assets increased by 77.91% to approximately ¥937.11 million from ¥526.73 million at the end of the previous year[18]. - The net assets attributable to shareholders rose by 137.77% to approximately ¥779.08 million, up from ¥327.66 million at the end of the previous year[18]. - Basic earnings per share for the first half of 2020 were ¥0.71, an increase of 18.33% from ¥0.60 in the same period last year[17]. - The company achieved significant advancements in high-performance, low-cost core materials for vacuum insulation panels, enhancing product performance and cost-effectiveness[33]. - The company achieved a gross profit margin of approximately 38% in the first half of 2020, with total costs of ¥127,124,503.18 against total revenue of ¥205,252,767.25[57]. Research and Development - The proportion of R&D investment to operating revenue increased to 5.38%, up from 4.81% in the previous year[17]. - The total R&D investment amounted to ¥11,045,795.83, representing 5.38% of the operating revenue[37]. - The company submitted 7 patent applications during the reporting period, including 4 invention patents and 3 utility model patents[35]. - The company has developed various types of thermal insulation boxes for cold chain transportation, which have gained market recognition[24]. - The company is advancing its research and development in vacuum glass, which has significant market potential in energy-saving applications across various sectors[31]. - The company has established core technologies in the development and production of vacuum insulation panels, barrier films, and adsorbents, enhancing its competitive edge[32]. - The company has developed a high-performance barrier membrane that significantly reduces edge thermal bridge effects, promoting domestic innovation in vacuum insulation technology[33]. Market and Industry Trends - The refrigerator and freezer industry saw a production and shipment increase of 17.6% and 6.1% respectively in June 2020, despite the overall downturn in the home appliance industry due to the pandemic[30]. - The cold chain logistics sector is experiencing growing demand for efficient long-term thermal insulation boxes, driven by the rapid development of domestic logistics[30]. - Foreign sales revenue increased by 13.27% due to higher demand for products in international markets[65]. Financial Stability and Cash Management - The company's cash and cash equivalents increased by 243.56% to ¥170,916,122.63 due to funds raised from a public stock offering[47]. - Other current assets surged by 2544.02% to ¥271,023,614.34, primarily from cash management of temporarily idle raised funds[47]. - The company raised ¥423,101,477.57 from the public offering of 20 million shares, significantly boosting cash inflows from financing activities[66]. - The company reported a significant reduction in sales expenses by 44.10% to ¥10,910,442.73, attributed to the new revenue recognition standards[66]. Corporate Governance and Shareholder Commitments - The company has committed to not transferring or entrusting shares held prior to the public offering for 36 months post-listing[93]. - The company has a total of 19 shareholders, including the actual controller, who have made commitments regarding shareholding restrictions[93]. - The company will publicly disclose any violations of commitments regarding stock transfers[98]. - The company has established measures to address potential dilution of immediate returns due to increased net assets and total shares post-IPO[117]. - The company guarantees that the IPO does not involve any fraudulent issuance and will repurchase shares if it fails to meet listing conditions[116]. Environmental Compliance - The company maintained compliance with environmental standards, with all pollutants meeting discharge requirements during the reporting period[138]. - The company has implemented strict internal traffic rules and safety inspections following a workplace accident, demonstrating a commitment to employee safety[132]. - The company has established a comprehensive emergency response plan for environmental incidents, which was updated in 2018[138]. Risks and Challenges - The company has faced risks as outlined in the report, which investors are advised to consider[4]. - The company is facing potential risks including technology development risks and declining gross margins due to market competition and cost fluctuations[59][60].

Financial Performance - Revenue decreased by 4.58% to CNY 88,765,033.81 compared to the same period last year[6] - Net profit attributable to shareholders increased by 52.26% to CNY 26,461,429.92 compared to the same period last year[6] - Net profit attributable to shareholders after deducting non-recurring gains and losses decreased by 13.17% to CNY 13,946,681.66 compared to the same period last year[6] - Basic earnings per share increased by 37.93% to CNY 0.40 compared to the same period last year[6] - Total operating revenue for Q1 2020 was ¥88,765,033.81, a decrease of 4.3% compared to ¥93,028,428.51 in Q1 2019[31] - Total operating costs for Q1 2020 were ¥72,604,663.51, down 2.1% from ¥74,138,301.59 in Q1 2019[31] - Net profit for Q1 2020 increased to ¥26,461,429.92, representing a growth of 52.5% from ¥17,378,619.89 in Q1 2019[32] - Other income for Q1 2020 was ¥14,129,061.28, significantly higher than ¥1,611,381.67 in Q1 2019[31] - The total profit for Q1 2020 was ¥31,077,489.75, up from ¥20,125,966.25 in Q1 2019[32] Assets and Liabilities - Total assets increased by 78.80% to CNY 941,804,852.82 compared to the end of the previous year[6] - Current liabilities decreased to ¥121,321,873.18 from ¥143,976,520.70, a reduction of 15.8%[25] - Non-current liabilities decreased to ¥43,260,657.03 from ¥55,096,311.18, a decline of 21.5%[25] - Total liabilities decreased to ¥164,582,530.21 from ¥199,072,831.88, a reduction of 17.3%[25] - The company’s total liabilities increased from CNY 217,495,793.19 to CNY 199,072,831.88, indicating a reduction in financial obligations[48] Cash Flow - Operating cash flow net amount increased by 103.46% to CNY 11,060,800.32 compared to the same period last year[6] - The company reported a net cash flow from operating activities of ¥11,060,800.32, a 103.46% increase from ¥5,436,354.49, driven by timely sales collections[16] - The company maintained a strong cash flow position, with a focus on expanding its market presence and enhancing product development strategies[37] - In Q1 2020, the net cash flow from operating activities was CNY 11,060,800.32, a significant increase of 103.3% compared to CNY 5,436,354.49 in Q1 2019[39] - Total cash inflow from operating activities reached CNY 100,246,093.73, up from CNY 79,556,978.26 in the same period last year, representing a growth of 26.0%[39] - The total cash outflow from operating activities was CNY 89,185,293.41, compared to CNY 74,120,623.77 in Q1 2019, reflecting an increase of 20.3%[39] Shareholder Information - The total number of shareholders at the end of the reporting period was 9,538[11] - The largest shareholder, Wang Kunming, holds 39.65% of the shares[11] Research and Development - R&D investment as a percentage of operating income increased by 1.06 percentage points to 5.72%[6] - Research and development expenses for Q1 2020 were ¥5,076,738.15, an increase of 17.2% compared to ¥4,332,113.77 in Q1 2019[31] Capital and Equity - Net assets attributable to shareholders increased by 137.20% to CNY 777,222,322.61 compared to the end of the previous year[6] - Owner's equity increased significantly to ¥777,222,322.61 from ¥327,659,415.12, reflecting a growth of 137.5%[25] - The capital reserve increased by 842.27% to ¥450,960,143.77 due to the premium from the issuance of new shares[13] Other Income - Other income surged by 776.83% to ¥14,129,061.28, attributed to government subsidies recognized during the reporting period[15] - The company reported an investment income of ¥889,136.52 in Q1 2020, compared to a loss of -¥1,258,597.42 in Q1 2019[35]

Financial Performance - The company's operating revenue for 2019 was RMB 400,925,826.49, representing a 30.22% increase compared to RMB 307,882,749.67 in 2018[20] - The net profit attributable to shareholders of the listed company reached RMB 74,325,740.49, an increase of 82.79% from RMB 40,662,484.29 in the previous year[20] - The net profit attributable to shareholders after deducting non-recurring gains and losses was RMB 72,361,073.13, up 59.40% from RMB 45,394,883.25 in 2018[20] - The net cash flow from operating activities was RMB 59,740,514.62, a 24.43% increase from RMB 48,009,734.78 in 2018[20] - The total assets at the end of 2019 were RMB 526,732,247.00, reflecting a 19.81% increase from RMB 439,652,506.83 at the end of 2018[20] - The net assets attributable to shareholders of the listed company were RMB 327,659,415.12, which is a 26.50% increase from RMB 259,011,168.37 in 2018[20] - Basic earnings per share increased by 77.14% to CNY 1.24 compared to CNY 0.70 in the previous year[21] - The weighted average return on equity rose by 7.58 percentage points to 25.40% from 17.82% in the previous year[21] Dividend Policy - The company plans to distribute a cash dividend of RMB 3.00 per 10 shares to all shareholders, pending approval at the 2019 annual general meeting[6] - The company implemented a cash dividend policy, distributing a cash dividend of RMB 1.00 per 10 shares for the 2018 fiscal year, totaling RMB 6,000,000.00[145] - For the 2019 fiscal year, the proposed cash dividend is RMB 3.00 per 10 shares, pending approval at the annual shareholders' meeting[146] - Over the past three years, the company has consistently increased its cash dividends, with a total of RMB 24,000,000.00 distributed in 2019, representing a 32.29% payout ratio[149] - The company has a commitment to a stable profit distribution policy, ensuring that dividends do not exceed distributable profits and do not harm the company's sustainable operations[145] - The company has established a three-year dividend return plan to enhance transparency in dividend distribution decisions[145] Research and Development - The company achieved a total R&D investment of ¥19,740,294.50, which accounts for 4.92% of its operating revenue[66] - The company has 96 R&D personnel, representing 11.72% of the total workforce of 819 employees[68] - The company invested 19.74 million yuan in R&D during the reporting period, focusing on high-performance barrier films and optimization of vacuum insulation board performance[89] - The company has accumulated 60 patent authorizations, including 24 invention patents, establishing a comprehensive independent intellectual property system[80] - The company received a new invention patent for the core material used in vacuum insulation panels, with the patent number ZL201710526181.5, granted on August 23, 2019[60] Market Position and Strategy - The company specializes in the research, production, and sales of vacuum insulation panels, which consist of core materials, barrier films, and adsorbents[29] - The company aims to expand its market presence and enhance product development in the vacuum insulation sector[29] - The company has established strategic partnerships with key downstream clients by providing customized, small-batch production of VIPs, enhancing customer loyalty through early involvement in product design and optimization[30] - The company has formed long-term partnerships with renowned domestic and international appliance manufacturers, including LG, Samsung, and Haier, enhancing its competitive position[44] - The company has established a leading market share in the vacuum insulation board sector for home appliances, particularly refrigerators, with over 50% procurement ratio from major clients[44] Production and Technology - The company has transitioned from using centrifugal cotton to glass fiber short-cut silk for vacuum insulation board core materials since 2015, resulting in lower raw material costs and improved insulation performance[49] - The dry process has become the mainstream method for producing glass fiber core materials for vacuum insulation boards, offering lower production costs and better thermal conductivity compared to the wet process[51] - The company is focusing on developing high-performance barrier films to enhance the insulation performance and lifespan of vacuum insulation boards, with a shift towards multi-layer metal (or oxide) resin composite films[52] - The company has developed a high-performance, low-cost core material formula that allows for mass production while maintaining low thermal conductivity and high strength[54] - The company has implemented precise detection technologies for barrier films, which are crucial for maintaining the vacuum state of insulation boards and improving insulation performance[54] Risks and Challenges - The gross profit margin is at risk of decline due to factors such as market demand, competition intensity, and raw material prices[98] - The company’s reliance on imported raw materials poses a risk, particularly with high polymer materials sourced exclusively from Japan[94] - The company’s sales to its top five customers accounted for 70.13% of total revenue, indicating a high customer concentration risk[94] Compliance and Governance - The company guarantees that the public offering does not involve any fraudulent issuance and will repurchase shares if it fails to meet listing conditions[177] - The company commits to measures to mitigate the dilution of immediate returns and protect shareholder interests[179] - The controlling shareholder, Wang Kunming, promises that net asset scale will significantly increase post-IPO, but short-term EPS and ROE may decline[179] - The company has not reached its original profit forecast for any assets or projects during the reporting period[193] - The company continues to employ Rongcheng Accounting Firm for annual financial audits, with an audit fee of 600,000 RMB[196]