Financial Performance - The company's operating revenue for 2022 was ¥4,732,204,938.46, representing a 25.85% increase compared to ¥3,760,091,573.80 in 2021[19]. - The net profit attributable to shareholders for 2022 was ¥258,542,665.81, a significant increase of 90.91% from ¥135,426,552.50 in the previous year[19]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥212,405,313.82, up 106.46% from ¥102,877,240.35 in 2021[19]. - The net cash flow from operating activities improved to ¥64,834,632.71, a turnaround from a negative cash flow of ¥129,650,198.10 in 2021, marking a 150.01% increase[19]. - Basic earnings per share for 2022 were ¥0.2287, reflecting a 91.38% increase from ¥0.1195 in 2021[19]. - Total assets at the end of 2022 were ¥4,954,433,538.25, a 10.65% increase from ¥4,477,746,580.28 at the end of 2021[19]. - The net assets attributable to shareholders increased by 9.16% to ¥2,702,176,590.93 at the end of 2022, compared to ¥2,475,528,328.92 at the end of 2021[19]. - The weighted average return on equity for 2022 was 9.99%, an increase of 4.37% from 5.62% in 2021[19]. Revenue Breakdown - The company's NdFeB segment generated CNY 3,120,925.15 million, accounting for 65.95% of total revenue, with a year-on-year growth of 37.05%[56]. - The electric wheelchair and mobility scooter segment saw a revenue increase of 57.59%, totaling CNY 384,787.17 million, up from CNY 244,169.36 million in the previous year[56]. - Domestic sales accounted for 69.70% of total revenue, increasing by 29.37% year-on-year, while international sales grew by 18.45% to 30.30% of total revenue[56]. Research and Development - R&D investment amounted to 22,302.54 million yuan, representing a 29.09% increase compared to the previous year[42]. - The company has applied for 235 patents and received 169 new patent authorizations during the reporting period[44]. - The number of R&D personnel rose by 52.56% to 746, with a significant increase in the proportion of personnel holding bachelor's degrees by 46.71%[66]. Cash Flow and Liquidity - Operating cash inflow increased by 31.37% to ¥5,017,030,079.82, while operating cash outflow rose by 25.42% to ¥4,952,195,447.11, resulting in a net cash flow of ¥64,834,632.71[67]. - The net cash increase from financing activities surged by 1,728.96% to ¥467,343,940.57, primarily due to significant new borrowings[67]. - The company's cash and cash equivalents increased by 321.39% to ¥482,665,062.71, reflecting improved liquidity[67]. Dividend Distribution - The company plans to distribute a cash dividend of ¥0.80 per 10 shares, based on a total of 1,119,146,514 shares[4]. - The cash dividend accounted for 100% of the total profit distribution amount, with the distributable profit being 96,505,462.87 yuan[146]. Market and Industry Position - The company is recognized as a leading producer of high-performance neodymium-iron-boron permanent magnets in China, with a complete production line and strong partnerships with major clients[32]. - The demand for rare earth permanent magnets in the domestic new energy vehicle sector increased from 4,400 tons in 2018 to 20,661 tons in 2022, indicating significant market growth[28]. - The company is positioned to benefit from the ongoing energy revolution and the push for high-efficiency electric motors, which are expected to drive future growth opportunities[31]. Corporate Governance - The board of directors consists of seven members, including three independent directors, which meets legal requirements[112]. - The supervisory board has three members, including one employee representative, ensuring compliance with regulations[113]. - The company maintains independent operations from its controlling shareholders in terms of assets, personnel, finance, and business[117]. Environmental Responsibility - Environmental protection investments totaled CNY 5.235 million in 2022, with an environmental protection tax payment of CNY 5,000[166]. - The company discharged approximately 87,000 tons of wastewater in 2022, with all monitoring data indicating compliance with discharge standards[162]. - The company has established a comprehensive emergency response plan for environmental incidents, with two subsidiaries completing their plans in 2022[165]. Employee and Social Responsibility - The company emphasizes strict compliance with labor laws, providing employees with social security and medical insurance, ensuring their rights are protected[168]. - The company purchased over 700,000 yuan worth of agricultural products to support poverty alleviation and rural revitalization efforts[169]. - The company is focused on creating economic benefits while fulfilling its social responsibilities, contributing to local employment and poverty alleviation[168]. Risk Management - The company acknowledges risks related to macroeconomic policy changes, industry competition, raw material price fluctuations, and potential loss of core technical personnel, and plans to monitor and adapt strategies accordingly[100][101][102][103]. - The company will actively manage foreign exchange risks due to its export business by analyzing global financial markets and utilizing financial instruments[104].

Group 1: Company Overview and Financial Performance - Yingluohua Technology Co., Ltd. is involved in the production of neodymium iron boron magnetic materials and has a significant market presence in China [1][2]. - The company reported a net profit of 47.68 million CNY, 56.96 million CNY, and 65.86 million CNY for the years 2015, 2016, and 2017 respectively, indicating a growth trend [10][11]. - The company achieved a completion rate of 107.56% for net profit in 2015 and 115.45% in 2016 for its subsidiary Ganzhou Dongci [11]. Group 2: Market Conditions and Challenges - The rare earth materials market has seen a price increase of over 10% for metals like praseodymium and neodymium since early 2017, impacting production costs [4]. - The gross margin for neodymium iron boron products has declined due to oversupply in the rare earth industry, leading to intensified competition [4][5]. Group 3: Strategic Measures and Product Development - The company plans to implement measures such as price agreements with major customers and strategic inventory management to mitigate market price fluctuations [5]. - Yingluohua focuses on high-end neodymium iron boron markets and aims to enhance product differentiation and R&D capabilities [6][7]. Group 4: Production and Inventory Management - In 2016, the company produced 4,679 tons of neodymium iron boron with a sales volume of 3,263 tons [14]. - The inventory of electric motor products increased to 54.24 million CNY in 2016, up from 41.62 million CNY in the previous year, due to new company investments and increased orders [13]. Group 5: Raw Material Costs and Procurement - The cost of key raw materials, such as praseodymium and neodymium, has risen from 27.28 million CNY per ton in December 2016 to 30.05 million CNY in March 2017 [18]. - Approximately 53% of the company's magnetic materials are procured through long-term contracts, ensuring stable supply and cost management [19]. Group 6: Future Projects and Market Expansion - The company has committed 184.55 million CNY to the fire robot and training simulation project, which is currently under market evaluation due to the lack of established standards in the industry [19][20]. - There are no current orders for the fire robot project as it has not yet entered mass production [20].

英洛华科技股份有限公司 2022 年第三季度报告 证券代码：000795 证券简称：英洛华 公告编号：2022-068 英洛华科技股份有限公司 2022 年第三季度报告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误 导性陈述或重大遗漏。 重要内容提示： 1.董事会、监事会及董事、监事、高级管理人员保证季度报告的真实、准确、完整，不存在虚假记载、 误导性陈述或重大遗漏，并承担个别和连带的法律责任。 2.公司负责人、主管会计工作负责人及会计机构负责人(会计主管人员)声明：保证季度报告中财务信息 的真实、准确、完整。 3.第三季度报告是否经过审计 □是 否 1 英洛华科技股份有限公司 2022 年第三季度报告 一、主要财务数据 （一） 主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 | --- | --- | --- | --- | --- | |-------------------------------------------------------------------------|------------------|------------------| ...

英洛华科技股份有限公司 2022 年半年度报告全文 英洛华科技股份有限公司 2022 年半年度报告 INNUOVO 【2022 年 08 月】 1 英洛华科技股份有限公司 2022 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容 的真实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担 个别和连带的法律责任。 公司负责人魏中华、主管会计工作负责人刘江元及会计机构负责人(会计 主管人员)张建红声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本报告的董事会会议。 本报告涉及未来计划等前瞻性陈述，不构成公司对投资者的实质承诺， 投资者及相关人士均应当对此保持足够的风险认识，并且应当理解计划、预 测与承诺之间的差异。 公司在本报告第三节"管理层讨论与分析"之"十、公司面临的风险和 应对措施"中详细描述了公司经营中可能面临的风险，敬请投资者关注相关 内容并注意投资风险。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 2 英洛华科技股份有限公司 2022 年半年度报告全文 目录 | --- | |------- ...

英洛华科技股份有限公司 2022 年第一季度报告全文 1 证券代码：000795 证券简称：英洛华 公告编号：2022-030 英洛华科技股份有限公司 2022 年第一季度报告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导 性陈述或重大遗漏。 重要内容提示: 1.董事会、监事会及董事、监事、高级管理人员保证季度报告的真实、准确、完整，不存在 虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 2.公司负责人、主管会计工作负责人及会计机构负责人(会计主管人员)声明：保证季度报告 中财务信息的真实、准确、完整。 3.第一季度报告是否经过审计 □ 是 √ 否 一、主要财务数据 (一)主要会计数据和财务指标 | --- | --- | --- | --- | |-----------------------------------------------------|------------------|------------------|--------------------------| | | 本报告期 | 上年同期 | 本报告期比上年同期增减 | | 营业收入（元 ...

英洛华科技股份有限公司 2021 年年度报告全文 英洛华科技股份有限公司 2021 年年度报告 2022 年 03 月 1 英洛华科技股份有限公司 2021 年年度报告全文 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证年度报告内容的真 实、准确、完整，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连 带的法律责任。 公司负责人梅锐、主管会计工作负责人刘江元及会计机构负责人(会计主管 人员)张建红声明：保证本年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本报告的董事会会议。 本年度报告涉及未来计划等前瞻性陈述，不构成公司对投资者的实质承诺， 投资者及相关人士均应当对此保持足够的风险认识，并且应当理解计划、预测 与承诺之间的差异。 公司在本报告第三节"管理层讨论与分析"之"十一、公司未来发展的展 望"中详细描述了公司经营中可能面临的风险，敬请投资者关注相关内容并注 意投资风险。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 2 英洛华科技股份有限公司 2021 年年度报告全文 目录 | --- | --- | |------------------- ...

英洛华科技股份有限公司 2021 年第三季度报告 1 证券代码：000795 证券简称：英洛华 公告编号：2021-065 英洛华科技股份有限公司 2021 年第三季度报告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导 性陈述或重大遗漏。 重要内容提示: 1.董事会、监事会及董事、监事、高级管理人员保证季度报告的真实、准确、完整，不存在 虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 2.公司负责人、主管会计工作负责人及会计机构负责人(会计主管人员)声明：保证季度报告 中财务信息的真实、准确、完整。 3.第三季度报告是否经过审计 □ 是 √ 否 一、主要财务数据 (一)主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 √ 是 □ 否 追溯调整或重述原因 同一控制下企业合并 | --- | --- | --- | --- | --- | --- | --- | --- | --- | |-----------------------------------------------------|-----------------|----------- ...

英洛华科技股份有限公司 2021 年半年度报告全文 ínnuovo 英洛华 英洛华科技股份有限公司 2021 年半年度报告 2021 年 08 月 1 英洛华科技股份有限公司 2021 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的 真实、准确、完整，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和 连带的法律责任。 公司负责人厉宝平、主管会计工作负责人刘江元及会计机构负责人(会计主 管人员)张建红声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本报告的董事会会议。 本半年度报告涉及未来计划等前瞻性陈述，不构成公司对投资者的实质承 诺，投资者及相关人士均应当对此保持足够的风险认识，并且应当理解计划、 预测与承诺之间的差异。 公司在本报告"第三节 管理层讨论与分析"之"十、公司面临的风险和应对 措施"部分详细描述了公司未来经营中可能存在的风险及应对措施，敬请广大投 资者认真阅读相关内容，注意投资风险。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 2 英洛华科技股份有限公司 2021 年半年度报告全文 目录 ...

英洛华科技股份有限公司 2021 年第一季度报告全文 英洛华科技股份有限公司 2021 年第一季度报告 2021 年 04 月 1 英洛华科技股份有限公司 2021 年第一季度报告全文 第一节 重要提示 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真 实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担个别和 连带的法律责任。 所有董事均已出席了审议本次季报的董事会会议。 公司负责人厉宝平先生、主管会计工作负责人刘江元先生及会计机构负责 人张建红女士声明：保证季度报告中财务报表的真实、准确、完整。 2 英洛华科技股份有限公司 2021 年第一季度报告全文 第二节 公司基本情况 一、主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 √ 是 □ 否 追溯调整或重述原因 | --- | --- | --- | --- | --- | |-------------------------------------------------------------------|------------------|-------------------|------------- ...

[Important Notice, Table of Contents, and Definitions](index=2&type=section&id=Important%20Notice,%20Table%20of%20Contents,%20and%20Definitions) This section provides essential preliminary information, the report's structure, and key terminology [Company Profile and Key Financial Indicators](index=5&type=section&id=Company%20Profile%20and%20Key%20Financial%20Indicators) This section presents the company's fundamental information and key financial indicators, highlighting 2020 revenue growth alongside a notable decline in net profit and operating cash flow [Company Basic Information](index=5&type=section&id=Company%20Basic%20Information) Yingluohua Technology Co., Ltd. (stock code: 000795) is a Shenzhen Stock Exchange-listed company, primarily engaged in neodymium iron boron magnetic materials and motor series products since 2015 - The company's main business expanded in **2015** due to asset restructuring, from solely neodymium iron boron magnetic materials to include motor series products[17](index=17&type=chunk) - The company's controlling shareholder changed to **Hengdian Group Holdings Co., Ltd.** in **2007**[17](index=17&type=chunk) [Key Accounting Data and Financial Indicators](index=6&type=section&id=Key%20Accounting%20Data%20and%20Financial%20Indicators) In 2020, the company's operating revenue reached **2.601 billion yuan**, growing **3.93%**, but net profit attributable to shareholders significantly declined by **28.36%** to **102.12 million yuan** 2020 Key Financial Indicators | Indicator | 2020 | 2019 (Adjusted) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | **Operating Revenue (Yuan)** | 2,601,229,245.10 | 2,502,829,937.09 | 3.93% | | **Net Profit Attributable to Shareholders of Listed Company (Yuan)** | 102,118,202.64 | 142,538,754.49 | -28.36% | | **Net Profit Attributable to Shareholders of Listed Company (Excluding Non-recurring Gains and Losses) (Yuan)** | 67,650,133.40 | 122,362,526.35 | -44.71% | | **Net Cash Flow from Operating Activities (Yuan)** | 140,028,070.37 | 265,426,402.72 | -47.24% | | **Basic Earnings Per Share (Yuan/Share)** | 0.09 | 0.13 | -30.77% | | **Weighted Average Return on Net Assets** | 4.46% | 6.15% | Decreased by 1.69 percentage points | | **Total Assets (Yuan)** | 3,946,173,377.87 | 3,477,694,321.34 | 13.47% | | **Net Assets Attributable to Shareholders of Listed Company (Yuan)** | 2,340,101,776.42 | 2,298,661,212.39 | 1.80% | [Quarterly Key Financial Indicators](index=7&type=section&id=Quarterly%20Key%20Financial%20Indicators) The company's 2020 operating revenue showed sequential growth, but net profit attributable to shareholders turned into a loss in the fourth quarter 2020 Quarterly Financial Indicators (Unit: Yuan) | Indicator | Q1 | Q2 | Q3 | Q4 | | :--- | :--- | :--- | :--- | :--- | | **Operating Revenue** | 436,058,428.84 | 636,312,622.76 | 691,461,709.06 | 837,396,484.44 | | **Net Profit Attributable to Shareholders of Listed Company** | 26,318,977.51 | 45,379,643.98 | 36,756,383.37 | -6,336,802.22 | | **Net Profit Attributable to Shareholders of Listed Company (Excluding Non-recurring Gains and Losses)** | 20,088,813.03 | 25,533,463.03 | 25,219,468.19 | -3,191,610.85 | | **Net Cash Flow from Operating Activities** | -105,552,597.09 | 174,633,767.48 | 23,721,266.21 | 47,225,633.77 | [Non-recurring Gains and Losses Items and Amounts](index=8&type=section&id=Non-recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) In 2020, the company's non-recurring gains and losses totaled **34.47 million yuan**, significantly increasing from **20.18 million yuan** in 2019, primarily due to government subsidies 2020 Non-recurring Gains and Losses Items (Unit: Yuan) | Item | 2020 Amount | 2019 Amount | | :--- | :--- | :--- | | Disposal gains/losses of non-current assets | -2,433,158.04 | -11,570,326.37 | | Government subsidies recognized in current profit/loss | 49,333,645.53 | 40,725,716.49 | | Other non-operating income and expenses | -2,379,747.23 | -587,938.47 | | **Total** | **34,468,069.24** | **20,176,228.14** | [Business Overview](index=9&type=section&id=Business%20Overview) This section outlines the company's core businesses, operating model, and industry position, focusing on neodymium iron boron magnetic materials and motor series products [Main Business, Operating Model, and Industry Position](index=9&type=section&id=Main%20Business,%20Operating%20Model,%20and%20Industry%20Position) The company's core business focuses on neodymium iron boron magnetic materials and motor series products, operating on a "production-to-order" model with a leading position in key market segments - **Main Business**: The company primarily operates in two business segments: * **Neodymium Iron Boron Magnetic Materials**: Produces sintered and bonded NdFeB permanent magnetic materials for consumer electronics, wind power, and new energy vehicles[30](index=30&type=chunk) * **Motor Series Products**: Develops and manufactures various micro-special motors and components for electric wheelchairs, smart home appliances, and industrial robots[30](index=30&type=chunk) - **Operating Model**: * **Procurement**: Dedicated procurement departments manage raw materials with volatile prices, implementing on-demand purchasing and strategic reserves[31](index=31&type=chunk) * **Production**: Primarily adopts a "production-to-order" and "customized production" model, promoting "lean production"[32](index=32&type=chunk) * **Sales**: Combines direct sales with brand service providers and utilizes e-commerce platforms to expand online channels[33](index=33&type=chunk) - **Industry Position**: * **Yingluohua Magnetics**: One of the leading rare earth permanent magnet material production bases in China, capable of both sintered and bonded processes[34](index=34&type=chunk) * **Lianyi Motor**: Holds high recognition and brand influence in the micro-special motor industry, possessing a national-level motor technology center[34](index=34&type=chunk) [Core Competitiveness Analysis](index=10&type=section&id=Core%20Competitiveness%20Analysis) The company's core competitiveness spans technology R&D, product advantages, intellectual property, international presence, and an experienced management team - **Technology R&D and Talent**: The company established a research institute to integrate R&D platforms and attract professional talent, achieving breakthroughs in material processes and integrated motor solutions[38](index=38&type=chunk)[39](index=39&type=chunk) - **Product Advantages**: The company is one of the few capable of both bonded and sintered NdFeB magnetic material R&D and production, offering a comprehensive range of motor products and OEM services, including 9 new wheelchair models in 2020[40](index=40&type=chunk)[42](index=42&type=chunk) - **Intellectual Property and Brand System**: In 2020, the company filed **352 new patent applications** (including **114 invention patents**), obtained **256 new authorized patents**, and led or participated in multiple national and industry standards[43](index=43&type=chunk) [Management Discussion and Analysis (MD&A)](index=12&type=section&id=Management%20Discussion%20and%20Analysis%20%28MD%26A%29) This section analyzes the company's 2020 operating results, financial position, and future outlook, noting revenue growth despite profit declines due to various factors, and outlining strategic plans and risks [Annual Operating Overview](index=12&type=section&id=Annual%20Operating%20Overview) In 2020, the company achieved **3.93%** revenue growth to **2.601 billion yuan** amidst the global pandemic, but operating profit and net profit significantly declined due to subsidiary performance issues and increased expenses 2020 Operating Performance Key Data | Indicator | 2020 Amount (Ten Thousand Yuan) | Year-on-Year Growth | | :--- | :--- | :--- | | **Operating Revenue** | 260,122.92 | 3.93% | | **Operating Profit** | 7,712.76 | -54.87% | | **Net Profit Attributable to Parent Company Owners** | 10,211.82 | -28.36% | - **Neodymium Iron Boron Business**: Capitalized on opportunities in wind power, new energy vehicles, and energy-efficient home appliances, expanding market share in wind power and achieving breakthroughs in compressors[49](index=49&type=chunk) - **Motor Business**: Wholly-owned subsidiary Lianyi Motor experienced a decline in performance due to increased credit impairment and asset impairment provisions, along with higher exchange losses from export business[50](index=50&type=chunk) [Main Business Analysis](index=13&type=section&id=Main%20Business%20Analysis) This section details the composition of the company's main business revenue and costs, highlighting the growth of neodymium iron boron business, declines in other segments, and a significant increase in financial expenses [Revenue and Cost Analysis](index=13&type=section&id=Revenue%20and%20Cost%20Analysis) In 2020, operating revenue grew **3.93%** to **2.601 billion yuan**, primarily driven by the **13.47%** growth in neodymium iron boron business, while motor series and industrial valve revenues declined, with the latter's gross margin turning negative 2020 Operating Revenue Composition (by Industry) | Industry | Operating Revenue (Yuan) | Proportion of Total Revenue | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Neodymium Iron Boron | 1,527,662,138.97 | 58.73% | 13.47% | | Motor Series | 904,010,130.72 | 34.75% | -3.01% | | Industrial Valves | 63,814,352.14 | 2.45% | -35.63% | Main Business Gross Margin Changes | Industry | 2020 Gross Margin | Change from Prior Year | | :--- | :--- | :--- | | Neodymium Iron Boron | 17.58% | Decreased by 3.28 percentage points | | Motor Series | 22.34% | Decreased by 0.48 percentage points | | Industrial Valves | -29.54% | Decreased by 38.58 percentage points | Main Product Production, Sales, and Inventory | Industry Category | Item | 2020 | 2019 | Year-on-Year Change | | :--- | :--- | :--- | :--- | :--- | | Neodymium Iron Boron | Sales Volume (Tons) | 5,243.17 | 4,368.52 | 20.02% | | | Production Volume (Tons) | 5,339.5 | 4,363.16 | 22.38% | | Motor Series | Sales Volume (Ten Thousand Units) | 473.41 | 449.88 | 5.23% | | | Production Volume (Ten Thousand Units) | 474.21 | 441.59 | 7.39% | [Expense Analysis](index=16&type=section&id=Expense%20Analysis) In 2020, the company's sales, administrative, and R&D expenses remained stable, but financial expenses significantly increased to **12.76 million yuan** due to higher exchange losses 2020 Period Expenses (Unit: Yuan) | Expense Item | 2020 | 2019 | Year-on-Year Change | Significant Change Explanation | | :--- | :--- | :--- | :--- | :--- | | Sales Expenses | 81,160,001.60 | 82,135,842.01 | -1.19% | No significant change | | Administrative Expenses | 153,340,761.01 | 151,746,021.61 | 1.05% | No significant change | | Financial Expenses | 12,762,295.06 | -5,591,416.92 | Not applicable | Primarily due to increased exchange losses in the current period | | R&D Expenses | 128,999,376.54 | 126,118,156.28 | 2.28% | No significant change | [R&D Investment](index=17&type=section&id=R%26D%20Investment) The company maintained its R&D investment in 2020 at **129 million yuan**, representing **4.96%** of operating revenue, with all expenditures expensed 2020 R&D Investment Overview | Indicator | 2020 | 2019 | Change Percentage | | :--- | :--- | :--- | :--- | | R&D Personnel (Persons) | 436 | 437 | -0.23% | | Proportion of R&D Personnel | 11.15% | 12.94% | -1.79% | | R&D Investment Amount (Yuan) | 128,999,376.54 | 126,118,156.28 | 2.28% | | R&D Investment as % of Operating Revenue | 4.96% | 5.04% | -0.08% | | Capitalized R&D Investment Amount (Yuan) | 0.00 | 0.00 | 0.00% | [Cash Flow Analysis](index=17&type=section&id=Cash%20Flow%20Analysis) In 2020, net cash flow from operating activities significantly decreased by **47.24%** to **140.03 million yuan**, while financing cash flow turned positive due to increased borrowings 2020 Cash Flow Statement Key Items (Unit: Yuan) | Item | 2020 | 2019 | Year-on-Year Change | | :--- | :--- | :--- | :--- | | **Net Cash Flow from Operating Activities** | 140,028,070.37 | 265,426,402.72 | -47.24% | | **Net Cash Flow from Investing Activities** | -175,529,548.62 | -177,265,029.98 | Not applicable | | **Net Cash Flow from Financing Activities** | 283,858,254.10 | -143,209,824.10 | Not applicable | | **Net Increase in Cash and Cash Equivalents** | 245,309,972.01 | -54,774,447.79 | Not applicable | [Company Future Development Outlook](index=25&type=section&id=Company%20Future%20Development%20Outlook) The company anticipates continued growth in neodymium iron boron and motor industries driven by policy and market trends, focusing on strategic customer development, lean management, and risk mitigation - **Industry Development Trends**: * **Neodymium Iron Boron Magnetic Materials**: As a national key new material, it has broad application prospects in strategic emerging industries like new energy and new materials, with the industry still in a high-growth phase[109](index=109&type=chunk) * **Motor Series Products**: Benefiting from industrial automation, intelligence, and green trends, significant development is expected in energy conservation, new energy vehicles, and robotics[114](index=114&type=chunk)[116](index=116&type=chunk) - **Future Development Strategy**: * Continue to focus on neodymium iron boron magnetic materials and motor series products as two leading industries[119](index=119&type=chunk) * Vigorously expand top-tier customers, strengthen lean management, and accelerate automation and intelligentization[120](index=120&type=chunk) * Enhance corporate governance and compliance, strengthen technological innovation and team building[121](index=121&type=chunk) * Optimize resource integration, promote industrial upgrading, and strengthen internal controls to reduce operational risks[121](index=121&type=chunk) - **Risks Faced and Countermeasures**: * **Macroeconomic Risk**: Strengthen industry dynamic analysis and timely adjust operating policies[124](index=124&type=chunk) * **Market Competition Risk**: Promote technological innovation, develop distinctive products, and strengthen marketing team building[125](index=125&type=chunk) * **Raw Material Price Fluctuation Risk**: Collaborate closely with major suppliers, establish stable supply channels, and implement strategic reserves[126](index=126&type=chunk) * **Loss of Core Technical Personnel Risk**: Increase efforts in talent acquisition, training, and optimal allocation[127](index=127&type=chunk) * **Exchange Rate Fluctuation Risk**: Closely monitor exchange rate policies and actively manage with financial instruments[128](index=128&type=chunk) [Significant Matters](index=31&type=section&id=Significant%20Matters) This section details key events during the reporting period, including no dividend distribution, a subsidiary's unfulfilled performance commitment and compensation, accounting policy changes, and changes in consolidation scope [Profit Distribution and Capital Reserve Conversion](index=31&type=section&id=Profit%20Distribution%20and%20Capital%20Reserve%20Conversion) Despite profitability, the company plans no cash dividend distribution, bonus shares, or capital reserve conversion for 2020, consistent with the past three years - The company plans **no cash dividend distribution**, **no bonus shares**, and **no capital reserve conversion** for the **2020** fiscal year[141](index=141&type=chunk) Cash Dividend Distribution in Recent Three Years (Unit: Yuan) | Dividend Year | Cash Dividend Amount (Tax Included) | Proportion of Net Profit Attributable to Parent Company | | :--- | :--- | :--- | | 2020 | 0.00 | 0.00% | | 2019 | 0.00 | 0.00% | | 2018 | 0.00 | 0.00% | [Fulfillment of Commitments](index=31&type=section&id=Fulfillment%20of%20Commitments) While the controlling shareholder fulfilled commitments, subsidiary Zhejiang Yingluohua Rehabilitation Equipment Co., Ltd. failed to meet its 2020 performance target, with the compensation obligor agreeing to full compensation - Subsidiary **Zhejiang Yingluohua Rehabilitation Equipment Co., Ltd.** did not meet its **2020** performance commitment due to global pandemic impacts and increased investment for future development, with the compensation obligor, Mr. Fu Chengxian, agreeing to full compensation[155](index=155&type=chunk) Yingluohua Rehabilitation 2020 Performance Commitment Fulfillment (Unit: Ten Thousand Yuan) | Item | Committed Performance | Actual Performance | Reason for Not Meeting Forecast | | :--- | :--- | :--- | :--- | | Zhejiang Yingluohua Rehabilitation Equipment Co., Ltd. | 3,092 | 121.62 | Global pandemic impacted business, and increased expenses due to investments for future development | [Changes in Accounting Policies](index=38&type=section&id=Changes%20in%20Accounting%20Policies) Effective January 1, 2020, the company adopted new revenue recognition standards, reclassifying "Advances from Customers" to "Contract Liabilities" and "Other Current Liabilities" Impact of Adopting New Revenue Standards on Consolidated Balance Sheet as of January 1, 2020 | Item | Before Adjustment (2019-12-31) | After Adjustment (2020-01-01) | | :--- | :--- | :--- | | Advances from Customers | 22,625,138.27 | 0 | | Contract Liabilities | 0 | 20,022,246.26 | | Other Current Liabilities | 0 | 2,602,892.01 | [Changes in Consolidation Scope](index=38&type=section&id=Changes%20in%20Consolidation%20Scope) In 2020, the company's consolidation scope changed twice, adding Zhejiang Maikong Medical Technology Co., Ltd. and Dongyang Yingluohua Equity Investment Fund Partnership (Limited Partnership) - The company acquired **70%** equity in **Zhejiang Maikong Medical Technology Co., Ltd.** in **October 2020**, including it in the consolidated financial statements[161](index=161&type=chunk) - Due to changes in the investment decision committee members, the company included **Dongyang Yingluohua Equity Investment Fund Partnership (Limited Partnership)** in the consolidated financial statements in **December 2020**[161](index=161&type=chunk)[162](index=162&type=chunk) [Share Changes and Shareholder Information](index=48&type=section&id=Share%20Changes%20and%20Shareholder%20Information) This section details the company's share capital structure, changes in shares, and shareholder information, including the controlling shareholder and actual controller [Share Changes](index=48&type=section&id=Share%20Changes) The company's total share capital remained unchanged at **1,133,684,103 shares** during the reporting period, with minor reclassifications between restricted and unrestricted shares due to executive share unlocks Share Changes (Unit: Shares) | Share Type | Before Change | Change (Increase/Decrease) | After Change | | :--- | :--- | :--- | :--- | | **I. Restricted Shares** | 2,601,810 | -325,553 | 2,276,257 | | **II. Unrestricted Shares** | 1,131,082,293 | +325,553 | 1,131,407,846 | | **III. Total Shares** | **1,133,684,103** | **0** | **1,133,684,103** | [Shareholders and Actual Controller Information](index=49&type=section&id=Shareholders%20and%20Actual%20Controller%20Information) As of the end of 2020, the company had **88,528 shareholders**, with Hengdian Group Holdings Co., Ltd. as the controlling shareholder (**39.38%** stake), and Dongyang Hengdian Community Economic Enterprise Federation as the actual controller Top Five Shareholders' Shareholding | Shareholder Name | Shareholder Nature | Shareholding Percentage | Number of Shares Held | | :--- | :--- | :--- | :--- | | Hengdian Group Holdings Co., Ltd. | Domestic Non-State-Owned Legal Person | 39.38% | 446,427,575 | | Hengdian Group Dongci Co., Ltd. | Domestic Non-State-Owned Legal Person | 8.65% | 98,077,839 | | Yingluohua Technology Co., Ltd. - First Phase Employee Stock Ownership Plan | Other | 1.60% | 18,104,181 | | Zhejiang Hengdian Import and Export Co., Ltd. | Domestic Non-State-Owned Legal Person | 1.07% | 12,175,648 | | Hong Kong Securities Clearing Company Limited | Overseas Legal Person | 0.46% | 5,210,903 | - Controlling shareholder **Hengdian Group Holdings Co., Ltd.** pledged **181,000,000 shares** of the company's stock[213](index=213&type=chunk) - The company's actual controller is **Dongyang Hengdian Community Economic Enterprise Federation**, which indirectly controls the company through Hengdian Group Holdings Co., Ltd[221](index=221&type=chunk)[224](index=224&type=chunk) [Directors, Supervisors, Senior Management, and Employees](index=56&type=section&id=Directors,%20Supervisors,%20Senior%20Management,%20and%20Employees) This section details changes in the company's board, supervisory board, and senior management, their backgrounds, compensation, and overall employee statistics [Changes in Directors, Supervisors, and Senior Management](index=57&type=section&id=Changes%20in%20Directors,%20Supervisors,%20and%20Senior%20Management) In 2020, the company saw changes in its Chairman, CFO, and a Supervisor, alongside the appointment of a new Vice General Manager 2020 Key Changes in Directors, Supervisors, and Senior Management | Name | Position | Type | Date | | :--- | :--- | :--- | :--- | | Xu Xiaohua | Director, Chairman | Resignation | 2020-05-28 | | Li Baoping | Chairman | Election | 2020-05-28 | | Fang Jianwu | CFO | Dismissal | 2020-04-02 | | Liu Jiangyuan | CFO | Appointment | 2020-04-02 | | Wang Li | Supervisor | Resignation | 2020-07-23 | | Ge Xiangquan | Supervisor | Election | 2020-07-23 | | Wu Xiaokang | Vice General Manager | Appointment | 2020-11-27 | [Employee Information](index=62&type=section&id=Employee%20Information) As of the reporting period end, the company had **3,910 employees**, with production personnel comprising the largest group at approximately **75.6%** Employee Professional Composition | Professional Category | Quantity (Persons) | | :--- | :--- | | Production Personnel | 2,958 | | Sales Personnel | 170 | | Technical Personnel | 373 | | Financial Personnel | 59 | | Administrative Personnel | 350 | | **Total** | **3,910** | [Corporate Governance](index=64&type=section&id=Corporate%20Governance) This section describes the company's governance structure and operations, emphasizing compliance with regulations, independence from the controlling shareholder, and diligent performance by board committees [Basic Corporate Governance Status](index=64&type=section&id=Basic%20Corporate%20Governance%20Status) The company consistently improved its corporate governance structure and internal management systems in compliance with relevant laws, maintaining independence from its controlling shareholder - The company's actual corporate governance status shows **no significant discrepancies** with the requirements of the Company Law and relevant CSRC regulations[256](index=256&type=chunk) - The company maintains **complete independence** from its controlling shareholder in terms of personnel, assets, finance, organization, and business operations[260](index=260&type=chunk)[264](index=264&type=chunk) [Internal Control Status](index=67&type=section&id=Internal%20Control%20Status) The company conducted a self-assessment of its internal controls, with the accounting firm issuing a standard unqualified audit opinion, confirming no material weaknesses were found - **No material weaknesses** in internal control were identified during the reporting period[277](index=277&type=chunk) - The accounting firm issued a **standard unqualified audit opinion** on the company's financial report internal controls as of December 31, 2020[280](index=280&type=chunk)[282](index=282&type=chunk) [Corporate Bonds Information](index=70&type=section&id=Corporate%20Bonds%20Information) As of the report approval date, the company has no publicly issued and listed corporate bonds that are unexpired or fully unpaid [Financial Report](index=71&type=section&id=Financial%20Report) This section presents the audited 2020 financial report, including the standard unqualified audit opinion from Hexin Certified Public Accountants and key financial statements [Audit Report](index=71&type=section&id=Audit%20Report) Hexin Certified Public Accountants (Special General Partnership) issued a standard unqualified audit opinion on the company's 2020 financial statements, with "Revenue Recognition" and "Goodwill Impairment" identified as key audit matters - The audit opinion type is **standard unqualified opinion**[286](index=286&type=chunk) - Key audit matters include: * **Revenue Recognition**: Due to revenue being a key performance indicator and differing domestic/international sales recognition methods, there is a risk of inappropriate recognition[290](index=290&type=chunk)[291](index=291&type=chunk) * **Goodwill Impairment**: Goodwill impairment testing involves significant management judgment and estimates, making it material to the financial statements[294](index=294&type=chunk) [Financial Statements](index=76&type=section&id=Financial%20Statements) This section includes the company's 2020 consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity Consolidated Balance Sheet Key Items (2020-12-31) | Item | Amount (Yuan) | | :--- | :--- | | Cash and Bank Balances | 906,352,826.05 | | Accounts Receivable | 819,557,962.05 | | Inventories | 724,714,432.76 | | Fixed Assets | 696,291,821.50 | | **Total Assets** | **3,946,173,377.87** | | Short-term Borrowings | 576,651,041.10 | | Accounts Payable | 410,440,331.91 | | **Total Liabilities** | **1,539,401,481.94** | | Total Equity Attributable to Parent Company Owners | 2,340,101,776.42 | | **Total Owners' Equity** | **2,406,771,895.93** | Consolidated Income Statement Key Items (2020) | Item | Amount (Yuan) | | :--- | :--- | | **I. Total Operating Revenue** | **2,601,229,245.10** | | Operating Cost | 2,141,304,226.61 | | **III. Operating Profit** | **77,127,644.80** | | **IV. Total Profit** | **74,747,897.57** | | **V. Net Profit** | **74,112,460.06** | | Net Profit Attributable to Parent Company Shareholders | 102,118,202.64 |