Financial Performance - The company reported a total revenue of 500 million RMB for the first half of 2022, representing a 20% increase compared to the same period in 2021[11]. - The company's operating revenue for the first half of 2022 reached approximately CNY 2.81 billion, an increase of 132.66% compared to the same period last year[19]. - Net profit attributable to shareholders increased by 162.13% to approximately CNY 208.07 million, driven by higher product sales volume and profitability[19]. - The basic earnings per share rose by 150.51% to CNY 2.48, reflecting the significant increase in operating revenue and profits[20]. - Total revenue increased by 132.66% year-on-year, with net profit attributable to shareholders growing by 162.13%[64]. - The company reported a total revenue of 61,000 million RMB, with a net profit of 10,831 million RMB, representing a profit margin of approximately 17.7%[56]. Research and Development - The company has allocated 50 million RMB for R&D in new technologies, focusing on enhancing product performance and sustainability[11]. - The company increased its R&D investment by 88.53% year-on-year, totaling approximately ¥108.32 million in the current period[49]. - R&D investment accounted for 3.85% of operating revenue, a decrease of 0.90 percentage points compared to the previous year[49]. - The company has accumulated a total of 203 patent applications, with 101 granted, including 27 new invention patents in the current period[48]. - The company is focusing on enhancing the performance of polymer films and developing new materials for photovoltaic component production[47]. - The company is focusing on R&D for new encapsulant products to meet the evolving needs of large-size modules and N-type battery components, with increased investment in technology development[43]. Market Expansion and Strategy - The company plans to expand its market presence in Southeast Asia, targeting a 25% market share in the region by 2025[11]. - Future guidance estimates a revenue growth of 15-20% for the second half of 2022, driven by increased demand and new product launches[11]. - The company is exploring potential acquisitions to enhance its product portfolio and market reach, with a budget of 100 million RMB for strategic investments[11]. - The company aims to become an internationally leading manufacturer of special polymer films through continuous research and innovation[26]. - The company is expanding its product applications beyond photovoltaic fields, with new encapsulant products entering industrialization and trial order stages[44]. Operational Efficiency - The gross profit margin improved to 35%, up from 30% in the previous year, indicating better cost management and pricing strategies[11]. - The company has implemented new strategies to improve operational efficiency, aiming for a 10% reduction in production costs by the end of 2022[11]. - The company is focusing on supply chain management and cost reduction to mitigate performance volatility risks[69]. - Operating costs increased by 130.56% year-on-year, primarily due to higher production volumes of photovoltaic film products and rising raw material prices[76]. Environmental Responsibility - The company does not belong to heavily polluting industries, and the main pollutants generated are minimal, complying with local regulations[99]. - The company has implemented measures to reduce carbon emissions, including upgrading production processes and installing solar panels[102]. - The company has established a green management system to enhance environmental responsibility and reduce emissions[101]. - The company actively promotes green energy initiatives among employees, encouraging the use of electric vehicles[102]. Shareholder and Governance - The controlling shareholders, Li Min and Li Xiaoyu, committed to not transferring or entrusting the management of their shares for 36 months post-IPO[109]. - Shareholders are restricted from transferring shares for 12 months post-IPO, with a maximum of 25% of their holdings allowed to be sold annually during their tenure[110]. - The company has established a profit distribution policy and a three-year dividend return plan post-IPO, ensuring shareholder interests are protected[128]. - The company commits to repurchase all newly issued shares if there are significant misstatements in the prospectus, with the repurchase price adjusted based on bank deposit interest[117]. Risks and Challenges - The management highlighted risks related to supply chain disruptions and raw material price fluctuations, which could impact future performance[11]. - The company is exposed to liquidity risks due to long payment cycles from major customers and short payment cycles to suppliers[71]. - The company acknowledges risks from external factors such as industry demand fluctuations and cost volatility, which may impact future profitability[120].

Financial Performance - The company's operating revenue for 2021 reached ¥3,105,284,071.95, representing a 109.66% increase compared to ¥1,481,092,401.48 in 2020[22]. - The net profit attributable to shareholders was ¥252,178,402.41, a 12.97% increase from ¥223,232,234.39 in the previous year[22]. - The net cash flow from operating activities decreased by ¥1,401,972,789.35, a significant drop compared to a loss of ¥165,788,026.91 in 2020[22]. - The total assets of the company increased to ¥3,673,231,687.31, a 140.45% rise from ¥1,527,644,240.48 in 2020[22]. - The net assets attributable to shareholders grew by 206.40% to ¥2,306,384,311.69 from ¥752,733,058.33 in the previous year[22]. - Basic earnings per share decreased to ¥3.07, down 13.28% from ¥3.54 in 2020[23]. - The weighted average return on equity dropped to 12.08%, a decrease of 22.44 percentage points from 34.52% in 2020[23]. - The company's total revenue for the reporting period reached CNY 3,105.28 million, an increase of 109.66% compared to the previous year[96]. - The net profit attributable to shareholders increased by 12.97%, indicating sustained growth in the company's financial strength[95]. Dividend Policy - The company plans to distribute a cash dividend of RMB 6.10 per 10 shares, totaling RMB 51.25 million, which represents 20.32% of the net profit attributable to shareholders[5]. - The total cash dividend proposed is RMB 51.2522 million, which is less than 30% of the net profit attributable to shareholders, due to significant capital expenditures and the need for operational funds to support rapid growth[187]. - The company has established a cash dividend policy that requires positive distributable profits and sufficient cash flow, ensuring that dividends do not affect ongoing operations[186]. - The company's profit distribution policy must be approved by more than two-thirds of the voting rights at the shareholders' meeting[186]. - The independent directors are responsible for reviewing and providing independent opinions on the profit distribution plan[185]. Research and Development - Research and development expenses accounted for 4.22% of operating revenue, a slight decrease from 4.42% in 2020[23]. - The total R&D investment reached approximately ¥131 million, a 100.08% increase compared to the previous year, representing 4.22% of total revenue[73]. - The company has accumulated a total of 161 patent applications, with 92 patents granted, including 17 invention patents and 12 utility model patents[71]. - The company is focusing on the development of new products for large-sized components and N-type battery compatible components, increasing R&D investment in these areas[67]. - The company has made significant advancements in core technologies, including the development of multi-layer co-extruded POE films, which improve production efficiency and yield for component manufacturers[66]. Market Position and Strategy - The company aims to become a leading manufacturer of specialty polymer films, focusing on innovation and development in the renewable energy sector[35]. - The company attributed revenue growth to increased production capacity and a significant rise in sales of photovoltaic film products[24]. - The company plans to continue expanding its market presence and investing in new technologies to enhance product offerings[24]. - The company is positioned to leverage opportunities from the Belt and Road Initiative to enhance its international presence and technological capabilities in the specialty film materials sector over the next five to ten years[141]. - The company is actively pursuing market expansion strategies, targeting new geographical regions to increase its market share[162]. Operational Efficiency - The company has established a strong position in the photovoltaic encapsulation materials market, characterized by high technical barriers and a limited number of domestic manufacturers[60]. - The company maintains a high inventory turnover rate and improving accounts receivable turnover rate, indicating efficient operational performance compared to industry peers[83]. - The company is focused on supply chain management and cost reduction to mitigate risks associated with raw material price fluctuations and operational performance volatility[89]. - The company is committed to maintaining high standards of product quality and production efficiency to meet the growing market demand[76]. Corporate Governance - The audit report issued by Rongcheng Accounting Firm is a standard unqualified opinion[5]. - The company does not have any special arrangements for corporate governance[8]. - The board of directors held 9 meetings, and the supervisory board held 9 meetings during the reporting period, ensuring effective governance and decision-making[147]. - The company has established several specialized committees under the board, including an audit committee and a strategic committee[172]. Risks and Challenges - The company faces risks related to technological iteration and talent retention, which are critical for maintaining its competitive edge in the high-tech photovoltaic industry[87]. - The company is exposed to risks from potential changes in photovoltaic industry policies and international trade tensions, which could affect its operations[92]. - The company faces liquidity risks due to long payment cycles from major clients and short payment cycles to suppliers, impacting working capital[91]. Environmental and Social Responsibility - The company has released its first ESG report, emphasizing the importance of environmental, social responsibility, and corporate governance[195]. - In 2021, the company made donations to universities such as Shanghai Jiao Tong University and established scholarships, contributing to the education sector[195]. - The company plans to actively expand into the photovoltaic power generation industry, as well as the new energy vehicles and environmental consumption sectors[196]. - The company has set 2021 as the baseline year for greenhouse gas emissions and plans to strengthen management efforts in the future[200].

Financial Performance - The company's operating revenue for 2021 reached ¥3,105,284,071.95, representing a 109.66% increase compared to ¥1,481,092,401.48 in 2020[22]. - The net profit attributable to shareholders was ¥252,178,402.41, a 12.97% increase from ¥223,232,234.39 in the previous year[22]. - The net cash flow from operating activities decreased by ¥1,401,972,789.35, a significant drop attributed to increased cash payments for goods and services[22]. - The total assets of the company increased to ¥3,673,231,687.31, marking a 140.45% growth from ¥1,527,644,240.48 in 2020[22]. - The net assets attributable to shareholders rose to ¥2,306,384,311.69, reflecting a 206.40% increase from ¥752,733,058.33 at the end of 2020[22]. - Basic earnings per share decreased to ¥3.07, down 13.28% from ¥3.54 in 2020[23]. - The weighted average return on equity dropped to 12.08%, a decrease of 22.44 percentage points from 34.52% in the previous year[23]. - The company's total revenue for the reporting period reached CNY 3,105.28 million, an increase of 109.66% compared to the previous year[96]. - The net profit attributable to shareholders increased by 12.97%, indicating sustained growth in the company's strength[95]. Dividend Policy - The company plans to distribute a cash dividend of RMB 6.10 per 10 shares, totaling RMB 51.25 million, which represents 20.32% of the net profit attributable to shareholders[5]. - The total cash dividend amount of RMB 51.2522 million is less than 30% of the net profit, as the company is in a growth phase with significant capital expenditures planned[186]. - The company has established a cash dividend policy that requires positive distributable profits and sufficient cash flow to ensure ongoing operations[185]. - The profit distribution proposal must be approved by more than two-thirds of the voting rights at the shareholders' meeting[185]. - The company's cash dividend policy and specific plans must comply with regulations set by the China Securities Regulatory Commission and the Shanghai Stock Exchange[185]. Research and Development - Research and development expenses accounted for 4.22% of operating revenue, a slight decrease from 4.42% in 2020[23]. - The total R&D investment reached approximately ¥131 million, a 100.08% increase compared to the previous year, representing 4.22% of total revenue[73]. - The company has accumulated a total of 161 patent applications, with 92 granted, including 29 new applications in the current year[71]. - The company is increasing R&D investment in non-photovoltaic fields, integrating core technologies with other industries to achieve breakthroughs[67]. - The company has made significant advancements in core technologies, including the development of multi-layer co-extruded POE films, which improve production efficiency and yield for component manufacturers[66]. Market Position and Strategy - The company aims to become a leading manufacturer of specialty polymer films in the international market, focusing on continuous research and innovation[35]. - The company attributed revenue growth to increased production capacity and a significant rise in sales of photovoltaic film products[24]. - The company plans to continue expanding its market presence and enhancing product offerings in the photovoltaic sector[24]. - The company is positioned to benefit from the increasing demand for photovoltaic encapsulation materials as the industry consolidates and competition stabilizes[85]. - The company is focused on supply chain management and cost reduction to mitigate risks associated with raw material price fluctuations and operational performance volatility[89]. Operational Risks and Governance - The company has detailed various operational risks and corresponding countermeasures in the report[4]. - The report includes a forward-looking statement risk declaration, indicating potential risks in future plans and strategies[6]. - The company does not have any special arrangements for corporate governance[8]. - The company has not violated decision-making procedures for external guarantees[8]. - There are no non-operating fund occupations by controlling shareholders or related parties[7]. Production and Capacity - The company expanded production capacity significantly, particularly in dual-glass and N-type battery components[33]. - The company operates on a "make-to-order" production model, aligning production schedules with customer orders to optimize inventory management[38]. - The company achieved an annual production capacity of 5 million square meters for its high-performance EVA or POE films, generating a revenue of 0.76 billion yuan[76]. - The company is optimizing production processes to enhance the quality and stability of its products, aiming for a production capacity of 3 million square meters for EVA sheets, with an expected revenue of 0.78 billion yuan[76]. Customer and Market Dynamics - The company has established a strong market position, with key customers being major component manufacturers in the photovoltaic industry, ensuring stable demand for its products[84]. - The company has improved its market share through increased sales and a focus on high-quality customer relationships[33]. - The company is focusing on expanding its domestic market, as domestic business growth outpaced overseas business growth[102]. - The company’s main business revenue from photovoltaic films grew by 107.38%, driven by increased sales volume and higher selling prices[99]. Financial Management - The company has significantly increased its working capital, which supports capacity expansion and sales growth, enhancing its financial stability[85]. - The company faces liquidity risks due to long payment cycles from major customers and short payment cycles to suppliers, leading to significant working capital requirements[91]. - The company’s financial expenses decreased by 21.61%, attributed to increased interest income[98]. - The company has a stable core team with extensive industry experience, which is essential for continuous innovation and market expansion[83]. Corporate Governance and Management - The company has maintained a stable leadership structure, with no changes in shareholding among key executives during the reporting period[154]. - The company has a diverse board with independent directors contributing to governance and oversight, ensuring a balanced decision-making process[155]. - The total remuneration for all directors, supervisors, and senior management personnel at the end of the reporting period amounted to 4.5144 million RMB[167]. - The company emphasizes a competitive salary system linked to performance, with a focus on retaining high-performing employees[178]. Environmental and Social Responsibility - The company has not received any administrative penalties for environmental issues during the reporting period[197]. - The company has set 2021 as the baseline year for greenhouse gas emissions and plans to strengthen management and reduce carbon emissions through increased investment in photovoltaic roof installations[199]. - The company promotes green office practices and green commuting to contribute to reducing social energy consumption[200].

Financial Performance - The company's revenue for Q1 2022 reached ¥1,228,290,010.49, representing a year-on-year increase of 118.87%[4] - The net profit attributable to shareholders was ¥77,248,351.96, showing a slight increase of 2.55% compared to the same period last year[4] - The net profit after deducting non-recurring gains and losses was ¥77,220,557.84, which is an increase of 4.16% year-on-year[4] - Total operating revenue for Q1 2022 reached ¥1,228,290,010.49, a significant increase of 118.8% compared to ¥561,191,966.23 in Q1 2021[15] - Net profit for Q1 2022 was ¥77,248,351.96, representing a 2.4% increase from ¥75,324,345.60 in Q1 2021[17] - The company reported a total comprehensive income of ¥77,248,351.96 for Q1 2022, compared to ¥75,324,345.60 in Q1 2021, indicating stable performance[18] Assets and Liabilities - The total assets at the end of the reporting period were ¥4,462,952,891.73, reflecting a growth of 21.50% from the end of the previous year[5] - As of March 31, 2022, the total assets of the company amounted to RMB 4,462,952,891.73, an increase from RMB 3,673,231,687.31 as of December 31, 2021, representing a growth of approximately 21.5%[11] - Total liabilities as of Q1 2022 amounted to ¥2,075,460,095.33, up from ¥1,366,847,375.62 in Q1 2021, reflecting a growth of 52.0%[15] - The total liabilities of the company increased significantly, with current liabilities rising to RMB 2,000,000,000, reflecting a substantial growth compared to previous periods[12] Cash Flow - The cash flow from operating activities was negative at -¥689,553,708.17, a decrease of 18.24% year-on-year[4] - Cash inflow from operating activities in Q1 2022 was ¥654,080,878.85, compared to ¥154,073,880.32 in Q1 2021, indicating a substantial increase[18] - The net cash flow from operating activities was -$689.55 million, compared to -$583.18 million in the previous year, indicating a decline in operational cash generation[19] - The company reported a total cash outflow from operating activities of $1.34 billion, compared to $737.26 million in the prior year, highlighting increased operational costs[19] Shareholder Information - The company had a total of 5,016 common shareholders at the end of the reporting period[9] - The top shareholder, Li Min, held 20,020,120 shares, accounting for 23.83% of the total shares[9] Research and Development - Research and development expenses totaled ¥39,092,028.87, marking a significant increase of 75.79% compared to the previous year[5] - Research and development expenses for Q1 2022 were ¥39,092,028.87, up 75.6% from ¥22,237,567.78 in Q1 2021, highlighting increased investment in innovation[15] Inventory and Receivables - Accounts receivable increased to RMB 1,067,206,191.15 from RMB 1,088,204,453.89, showing a slight decrease of approximately 1.9%[11] - Inventory levels rose to RMB 430,880,021.15, compared to RMB 353,547,539.83, reflecting an increase of around 21.9%[12] Cash and Equivalents - The company's cash and cash equivalents decreased to RMB 322,164,387.49 from RMB 426,326,220.46, a decline of about 24.5%[11] - The total cash and cash equivalents at the end of the period were $322.16 million, down from $963.17 million at the end of the previous year, indicating a liquidity contraction[20] Debt and Financing - Short-term borrowings surged to RMB 1,333,083,665.87 from RMB 787,413,960.02, marking an increase of approximately 69.4%[12] - The company paid $168.82 million in debt repayments, significantly higher than $20 million in the previous year, indicating a focus on debt reduction[19] Other Financial Metrics - The weighted average return on equity was 3.29%, a decrease of 0.12 percentage points compared to the previous year[5] - The basic earnings per share were reported at ¥0.92, down by 4.17% from the previous year[4] - Basic and diluted earnings per share for Q1 2022 were both ¥0.92, down from ¥0.96 in Q1 2021[18]

Financial Performance - The company's revenue for Q3 2021 reached ¥792,388,860.62, representing a year-over-year increase of 124.35%[3] - The net profit attributable to shareholders for Q3 2021 was ¥41,076,611.15, a decrease of 31.22% compared to the same period last year[3] - Basic earnings per share for Q3 2021 were ¥0.49, down 48.42% from the previous year[4] - Total revenue for the first three quarters of 2021 reached CNY 2,001,992,501.75, a significant increase from CNY 906,857,007.08 in the same period of 2020, representing a growth of approximately 120.8%[17] - Net profit for the first three quarters of 2021 was CNY 120,450,356.80, slightly up from CNY 116,131,270.36 in the same period of 2020, reflecting a growth of approximately 3.0%[18] - The company reported total comprehensive income of CNY 120,450,356.80 for the third quarter of 2021, up from CNY 116,131,270.36 in the same quarter of 2020, reflecting a year-over-year increase of about 2.8%[19] Research and Development - Research and development expenses totaled ¥28,651,988.02 for Q3 2021, an increase of 104.58% year-over-year[4] - The proportion of R&D expenses to revenue increased by 0.27 percentage points to 3.62% in Q3 2021[4] - Research and development expenses for the first three quarters of 2021 amounted to CNY 86,106,251.16, which is a significant increase from CNY 36,557,402.99 in the previous year, showing a growth of about 135.0%[17] Assets and Liabilities - Total assets as of the end of the reporting period amounted to ¥3,062,765,636.92, reflecting a 100.49% increase from the previous year[4] - As of September 30, 2021, the company's total current assets amounted to ¥2,538,904,765.15, a significant increase from ¥1,194,718,423.89 as of December 31, 2020, reflecting a growth of approximately 112.5%[13] - Total liabilities reached CNY 887,853,864.93, up from CNY 774,911,182.15 in the previous year, indicating an increase of approximately 14.6%[15] - The company's total non-current assets amounted to CNY 523,860,871.77, compared to CNY 332,925,816.59 in the previous year, reflecting a growth of about 57.3%[14] Cash Flow - The company reported a net cash flow from operating activities of ¥1,206,711,890.13 for the year-to-date, a significant increase[4] - In the first three quarters of 2021, the company generated cash inflows from operating activities amounting to CNY 1,014,960,485.93, a significant increase from CNY 638,419,957.82 in the same period of 2020, representing a growth of approximately 58.8%[21] - The net cash outflow from operating activities for the first three quarters of 2021 was CNY -1,206,711,890.13, compared to CNY -82,592,065.76 in the previous year, indicating a deterioration in cash flow performance[21] Shareholder Structure - The company has no significant changes in shareholder structure, with the top shareholder, Li Min, holding 23.83% of shares[11] - The second-largest shareholder, Li Xiaoyu, holds 10.40% of shares, indicating a stable ownership distribution among the top shareholders[11] Market and Product Development - The company has not reported any significant new product developments or market expansions during this quarter[12] - There are no indications of mergers or acquisitions in the current reporting period[12] Investment Activities - The company invested CNY 95,959,728.31 in capital expenditures during the first three quarters of 2021, compared to CNY 53,349,997.66 in the same period of 2020, reflecting an increase of approximately 79.9%[22] - The total cash outflow from investing activities was CNY -81,329,385.62 for the first three quarters of 2021, compared to CNY -35,773,534.65 in the previous year, indicating a worsening investment cash flow situation[22] - The company received CNY 1,365,469,631.13 from investment activities in the first three quarters of 2021, indicating a strong capital inflow from new investments[22]

Financial Performance - Q3 2021 revenue reached ¥792,388,860.62, an increase of 124.35% year-over-year[3] - Net profit attributable to shareholders was ¥41,340,318.00, a decrease of 30.78% compared to the same period last year[3] - Basic earnings per share decreased by 48.42% to ¥0.49 due to lower net profit and increased share capital from new stock issuance[4] - The company experienced a 120.76% increase in revenue year-to-date, driven by increased production capacity and sales volume[8] - Total operating revenue for the first three quarters of 2021 reached ¥2,001,992,501.75, a significant increase from ¥906,857,007.08 in the same period of 2020, representing a growth of approximately 120.8%[17] - Net profit for the first three quarters of 2021 was ¥120,714,063.65, slightly up from ¥116,131,270.36 in the previous year, reflecting a growth of approximately 4.9%[18] - Total comprehensive income for the period reached ¥120,714,063.65, an increase from ¥116,131,270.36 in the previous period[19] Research and Development - R&D investment for the quarter was ¥28,651,988.02, up 104.58% year-over-year, reflecting increased project investments[4] - Research and development expenses for the first three quarters of 2021 amounted to ¥86,106,251.16, which is a significant increase from ¥36,557,402.99 in 2020, showing a growth of about 135.0%[17] Assets and Liabilities - Total assets as of the end of the reporting period were ¥3,069,352,405.22, a 100.92% increase from the previous year-end[4] - The total assets of the company as of the end of the third quarter of 2021 were ¥3,069,352,405.22, compared to ¥1,527,644,240.48 at the end of the same period in 2020, representing an increase of approximately 100.8%[15] - Total liabilities increased to ¥887,853,864.93 in the third quarter of 2021 from ¥774,911,182.15 in 2020, marking a growth of about 14.6%[15] - The company reported a decrease in financial expenses to ¥6,864,542.80 in 2021 from ¥9,165,648.69 in 2020, a reduction of approximately 25.1%[17] Cash Flow - Cash flow from operating activities showed a significant increase, with net cash flow of ¥1,206,711,890.13[4] - Cash inflow from operating activities totaled ¥1,014,960,485.93, compared to ¥638,419,957.82 in the previous year, representing a 58.8% increase[21] - Cash outflow from operating activities was ¥2,221,672,376.06, significantly higher than ¥721,012,023.58 in the previous year, leading to a net cash flow from operating activities of -¥1,206,711,890.13[21] - Cash inflow from financing activities amounted to ¥1,851,067,868.68, a substantial increase from ¥233,711,817.75 in the previous year[22] - The company reported a net increase in cash and cash equivalents of ¥245,266,420.50, contrasting with a decrease of -¥3,978,766.09 in the previous year[22] Shareholder Information - The total number of shares held by the top shareholder, Li Min, is 20,020,120, accounting for 23.83% of the total shares[11] - The second-largest shareholder, Li Xiaoyu, holds 8,735,040 shares, representing 10.40% of the total shares[11] Market and Strategic Initiatives - The company has not disclosed any significant new product developments or technological advancements during the reporting period[12] - There are no indications of market expansion or mergers and acquisitions mentioned in the report[12] - The report does not highlight any new strategic initiatives undertaken by the company in the third quarter of 2021[12]

Financial Performance - The company's operating revenue for the first half of 2021 reached ¥1,209,603,641.13, representing a 118.47% increase compared to ¥553,671,157.67 in the same period last year[19]. - The net profit attributable to shareholders of the listed company was ¥79,373,745.65, up 40.71% from ¥56,409,140.69 in the previous year[19]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥79,871,445.94, reflecting a 42.69% increase from ¥55,975,284.49 in the same period last year[19]. - The net cash flow from operating activities was -¥879,464,186.00, a significant decrease compared to ¥36,774,985.76 in the previous year, marking a decline of 2,491.47%[19]. - The net assets attributable to shareholders at the end of the reporting period were ¥2,133,835,160.83, an increase of 183.48% from ¥752,733,058.33 at the end of the previous year[19]. - Total assets at the end of the reporting period amounted to ¥2,816,316,620.64, which is an 84.36% increase from ¥1,527,644,240.48 at the end of the previous year[19]. - The company's basic earnings per share increased to 0.99 CNY, up 10.00% from 0.90 CNY in the same period last year[20]. - Net profit attributable to shareholders rose by 40.71%, while net profit excluding non-recurring gains and losses increased by 42.69%[20]. - Operating cash flow decreased significantly by 2,491.47%, down 91,623.92 CNY compared to the same period last year[20]. - Total assets increased by 128,867.24 CNY, a growth of 84.36% compared to the beginning of the period[20]. Research and Development - The company's R&D investment accounted for 4.75% of operating revenue, an increase of 0.68 percentage points year-on-year[20]. - The company invested CNY 57,454,263.14 in R&D during the reporting period, a significant increase of 154.76% compared to CNY 22,551,915.67 in the previous period[42]. - R&D expenditure accounted for 4.75% of total revenue, an increase of 0.68 percentage points from 4.07% in the previous period[42]. - The company has filed for 4 new patents during the reporting period, bringing the total number of patents to 132, with 86 granted[40]. - The company is focusing on optimizing photovoltaic module encapsulation films to improve power generation efficiency and durability[38]. - The company is actively developing new EVA synthetic materials to enhance wear resistance and performance through optimized formulations[38]. - The company has made significant progress in developing a UV-curable optical adhesive film suitable for low-light conditions, with a total investment of CNY 900,000 planned for this project[45]. Market Position and Strategy - The company is focused on the photovoltaic industry, which is expected to grow significantly due to national policies promoting clean energy[25]. - The company’s main products include transparent EVA films and multi-layer co-extruded POE films, which are critical for photovoltaic module packaging[25]. - Despite short-term challenges in the photovoltaic industry, the long-term growth trend remains strong due to global demand for solar energy[27]. - The domestic EVA encapsulation film has completely replaced foreign products, with a significant price advantage, leading to an increasing market share for domestic companies in the global photovoltaic encapsulation film market[28]. - The demand for high-quality encapsulation films, such as white-enhanced EVA films and multi-layer co-extruded POE films, is expected to grow significantly with the large-scale application of double-glass components and bifacial cells[29]. - The company is accelerating capacity expansion and enhancing quality and cost control to capture market opportunities and increase sales scale[33]. - The multi-layer co-extruded POE film is gaining rapid demand due to its superior water resistance and lamination performance, making it a preferred choice among component manufacturers[35]. - The company plans to increase R&D investment and market promotion efforts to continuously improve market share and product offerings[33]. Environmental and Regulatory Compliance - The company produces special high polymer films and is not classified as a heavily polluting industry[84]. - Wastewater generated by the company is treated and meets discharge standards, with cooling water being recycled[84]. - The company’s air emissions, including non-methane total hydrocarbons and dust, are treated and meet discharge standards[84]. - The company has not faced any administrative penalties related to environmental issues during the reporting period[85]. - The company’s environmental protection measures are in compliance with relevant laws and regulations[85]. Shareholder and Governance Matters - The controlling shareholders and key management personnel have committed to a 36-month lock-up period for their shares post-IPO, ensuring no transfers or management delegation of their holdings[90]. - Shareholders are restricted from selling more than 25% of their total shares annually during their tenure, with a six-month restriction post-departure[93]. - The company has established commitments to resolve related party transactions and competition issues, ensuring compliance with regulatory requirements[89]. - The company has committed to a voluntary lock-up period for shares held by major shareholders and executives, ensuring no sales during the restricted period and a minimum selling price post-lock-up[6]. - The company has outlined specific measures to ensure compliance with market regulations and protect shareholder interests[89]. Financial Stability and Future Outlook - The company aims to prevent dilution of immediate returns for investors by accelerating the construction of fundraising projects and enhancing operational efficiency[11]. - The company plans to strengthen its core business and improve sustainable profitability through increased R&D investment and market expansion[12]. - The company will focus on internal control systems to manage costs and improve operational efficiency, thereby reducing financial risks[14]. - The company is committed to maintaining good relationships with customers and expanding its sales network to enhance market presence[15]. - The company will enhance its core technology development to improve competitiveness and sustainable profitability[16].

Financial Performance - Operating revenue rose by 132.55% to CNY 561,191,966.23 year-on-year[5] - Net profit attributable to shareholders increased by 302.77% to CNY 74,138,175.79 compared to the same period last year[5] - Basic earnings per share reached CNY 0.96, a 231.03% increase from CNY 0.29 in the previous year[5] - The net profit for Q1 2021 reached ¥75,324,345.60, a 305.88% increase from ¥18,558,069.45 in the same period last year, attributed to higher profitability[15] - The company's revenue for Q1 2021 reached ¥576,429,693.07, a significant increase of 176.5% compared to ¥208,979,132.17 in Q1 2020[32] - The net profit for Q1 2021 was ¥55,088,221.13, up 45.0% from ¥10,076,467.72 in Q1 2020[32] - The total comprehensive income for Q1 2021 was ¥55,088,221.13, compared to ¥10,076,467.72 in Q1 2020, indicating a growth of 447.0%[33] Assets and Liabilities - Total assets increased by 89.55% to CNY 2,895,704,990.23 compared to the end of the previous year[5] - Total current assets as of March 31, 2021, reached CNY 2,506,671,031.69, compared to CNY 1,194,718,423.89 at the end of 2020, indicating strong liquidity[20] - The total assets of the company increased to CNY 2,895,704,990.23 from CNY 1,527,644,240.48 year-over-year, reflecting growth in the asset base[21] - The company’s total liabilities decreased slightly to CNY 675,501,875.36 from CNY 739,525,764.22, indicating improved financial stability[21] - Total liabilities reached ¥661,504,874.26 in Q1 2021, compared to ¥610,834,169.33 in Q1 2020, showing an increase of 8.3%[26] Cash Flow - The net cash flow from operating activities was negative at CNY -583,184,970.22, a significant decline compared to CNY -4,727,692.28 in the same period last year[5] - Cash paid for purchasing goods and accepting services increased significantly by 368.73% to CNY 672,020,570.86 from CNY 143,371,583.14 in the same period last year[17] - Cash inflow from operating activities in Q1 2021 was ¥154,073,880.32, down 7.5% from ¥166,533,190.10 in Q1 2020[34] - The total cash outflow for operating activities was 1,015,937,824.50 RMB, compared to 173,645,274.77 RMB in the same quarter last year[36] - Cash inflows from financing activities reached 1,455,469,631.13 RMB, with net cash flow from financing activities at 1,410,547,809.41 RMB, a notable increase from -1,700,361.68 RMB year-over-year[37] Research and Development - Research and development expenses accounted for 3.96% of operating revenue, up by 0.18 percentage points from the previous year[5] - Research and development expenses surged by 143.47% to ¥22,237,567.78 from ¥9,133,643.07, reflecting increased investment in R&D projects[15] - Research and development expenses for Q1 2021 were ¥22,237,567.78, significantly higher than ¥9,133,643.07 in Q1 2020, reflecting a growth of 143.5%[28] Shareholder Information - The total number of shareholders reached 6,419 by the end of the reporting period[10] - The top shareholder, Li Min, holds 23.83% of the shares, totaling 20,020,120 shares[10] Inventory and Accounts Receivable - Accounts receivable rose by 831.03% to ¥317,679,793.75 from ¥34,121,257.47, driven by a reduction in bill discounts following the influx of fundraising[13] - Inventory increased by 105.25% to ¥345,800,481.73 from ¥168,474,786.45, primarily due to rising raw material prices and increased stock levels[13] - The company reported a significant increase in inventory, which rose to ¥144,736,520.86 in Q1 2021 from ¥109,188,042.76 in Q1 2020, an increase of 32.5%[25] Financial Expenses - The company reported a 301.01% rise in financial expenses to ¥2,063,844.62 from ¥514,656.04, mainly due to increased loan interest payments[15] - The company reported a tax expense of ¥7,477,603.57 for Q1 2021, compared to ¥878,695.63 in Q1 2020, which is an increase of 748.0%[32] Employee Compensation - The number of employees increased, leading to a 63.35% rise in employee compensation liabilities to ¥21,802,860.19 from ¥13,347,165.21[13]

Financial Performance - The company's operating revenue for 2020 was CNY 1,481,092,401.48, representing a 39.30% increase compared to CNY 1,063,220,037.18 in 2019[23]. - Net profit attributable to shareholders for 2020 was CNY 223,232,234.39, a significant increase of 233.78% from CNY 66,880,501.97 in 2019[23]. - The net profit after deducting non-recurring gains and losses was CNY 215,253,530.04, up 254.40% from CNY 60,737,615.31 in 2019[23]. - The company's cash flow from operating activities showed a net outflow of CNY -165,788,026.91, a decrease of 1,510.85% compared to CNY -10,291,958.81 in 2019[23]. - The total assets increased to CNY 1,527,644,240.48 at the end of 2020, a growth of 46.32% from CNY 1,044,071,299.04 at the end of 2019[26]. - The net assets attributable to shareholders rose to CNY 752,733,058.33, reflecting a 38.66% increase from CNY 542,858,943.92 at the end of 2019[23]. - Basic earnings per share for 2020 were CNY 3.54, a 224.77% increase from CNY 1.09 in 2019[24]. - The company's total revenue increased by 39.30% year-on-year, with net profit attributable to shareholders rising by 233.78%[87]. - The company achieved a significant increase in production capacity, particularly for white EVA films and co-extruded POE films, enhancing its supply capabilities[87]. Research and Development - The research and development expenditure accounted for 4.42% of operating revenue, up from 3.64% in 2019[25]. - The company achieved a total R&D investment of ¥65,484,991.84, representing a 69.36% increase compared to the previous year[63]. - The proportion of R&D investment to operating revenue increased by 0.78 percentage points to 4.42%[63]. - The research and development team increased from 62 to 72 members, with R&D personnel accounting for 12.74% of the total workforce[78]. - The company has filed 14 invention patents and 68 utility model patents, showcasing its strong innovation capabilities[79]. - The company is focusing on R&D investments to continuously launch new products and increase market penetration[57]. - The company is committed to addressing the technical challenges in encapsulant production, which require ongoing R&D investment to improve product performance and stability[53]. Market Position and Strategy - The company has established itself as one of the top three suppliers in the photovoltaic film industry, focusing on high-end special polymer films for various applications[36]. - The company aims to become an internationally leading manufacturer of special polymer films, continuously innovating to meet market demands[36]. - The photovoltaic industry is expected to experience significant growth due to global carbon neutrality goals, with the company positioned to benefit from this trend[42]. - The company operates on a "sales-driven production" model, aligning production schedules with customer orders to optimize efficiency[39]. - The company plans to continue focusing on the photovoltaic packaging materials sector and expand its market presence[104]. - The company aims to enhance its core competitiveness and sustainable profitability through increased R&D investment and technology accumulation[163]. Risk Management - The company has detailed various risks and countermeasures in the report, particularly in the section on operational discussion and analysis[4]. - The company faces risks related to market competition, particularly as the photovoltaic industry transitions to grid parity, intensifying competition among firms[91]. - There is a risk of insufficient working capital due to long sales collection cycles and short payment terms with suppliers[91]. - Fluctuations in raw material prices, particularly EVA resin, could adversely affect profitability if costs cannot be passed on to customers[93]. - The company must continuously innovate and adapt to rapid technological changes in the photovoltaic industry to avoid falling behind competitors[90]. Corporate Governance - The company has not reported any non-operating fund occupation by controlling shareholders or related parties[9]. - The company has not violated any decision-making procedures for external guarantees[9]. - The company has confirmed that all directors attended the board meeting[5]. - The company has not reported any instances where more than half of the directors could not guarantee the authenticity, accuracy, and completeness of the annual report[9]. - The company has established a profit distribution system that complies with relevant laws and regulations to protect shareholder interests[169]. Dividend Policy - The company plans to distribute a cash dividend of RMB 5.40 per 10 shares, totaling RMB 45.37 million, which represents 20.32% of the net profit attributable to shareholders[5]. - The cash dividend proposal for 2020 is to distribute RMB 5.40 per 10 shares, totaling RMB 45.37 million, which represents 20.32% of the net profit attributable to shareholders[145]. - The company will prioritize cash dividends over stock dividends, ensuring a stable profit distribution policy[142]. Investment and Expansion - The company signed an investment agreement for a photovoltaic packaging material project with a total investment of 240 million yuan, which is still ongoing as of the report date[193]. - An investment agreement for a photovoltaic module packaging material project was signed with a total investment of 220 million yuan, also ongoing as of the report date[193]. - The company entered into a contract for a photovoltaic film production base project with a total investment of 1 billion yuan, which is still in progress as of the report date[193]. - The company is in a growth phase with rapid expansion of photovoltaic film production capacity and significant capital expenditure plans[146]. Compliance and Regulations - The company guarantees compliance with the China Securities Regulatory Commission and Shanghai Stock Exchange regulations regarding share reductions and information disclosure[158]. - The company has confirmed that the prospectus submitted to regulatory authorities does not contain any false statements or significant omissions[172]. - The company will ensure that any related party transactions are necessary and fair, adhering to legal and regulatory requirements[171].