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 |

英洛华科技股份有限公司 2020 年第三季度报告全文 英洛华科技股份有限公司 2020 年第三季度报告 2020 年 10 月 1 英洛华科技股份有限公司 2020 年第三季度报告全文 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 2020 年第三季度报告全文 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 | --- | --- | --- | --- | --- | --- | |--------|-----------------------------------------------------|-----------------------------------|-------------------------|-------- ...

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英洛华科技股份有限公司 2019 年年度报告全文 英洛华科技股份有限公司 2019 年年度报告 2020 年 03 月 1 英洛华科技股份有限公司 2019 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。 公司负责人许晓华先生、主管会计工作负责人方建武先生及会计机构负责 人金剑锋先生声明：保证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， 请投资者注意投资风险。 | --- | --- | |---------------------|---------------------------------------------------------------------| | | | | 公司在本报告"第四节 | 经营情况讨论与分析"之"九、公司未来发展的 | | | 展望"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，敬请投资 | | 者关注相关内容 ...

英洛华科技股份有限公司 2020 年第一季度报告全文 英洛华科技股份有限公司 2020 年第一季度报告 2020 年 04 月 1 英洛华科技股份有限公司 2020 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。 公司负责人许晓华先生、主管会计工作负责人刘江元先生及会计机构负责 人金剑锋先生声明：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 2020 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 Notices, Table of Contents, and Definitions](index=2&type=section&id=%E7%AC%AC%E4%B8%80%E8%8A%82%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA%E3%80%81%E7%9B%AE%E5%BD%95%E5%92%8C%E9%87%8A%E4%B9%89) The board guarantees the report's authenticity and completeness and confirms no dividend distribution for 2019 - The company's Board of Directors, Supervisory Committee, and all senior management guarantee the truthfulness, accuracy, and completeness of this annual report[4](index=4&type=chunk) - The company's profit distribution plan for 2019 proposes **no cash dividends, no bonus shares, and no capitalization of public reserve funds**[6](index=6&type=chunk) [Company Profile and Key Financial Indicators](index=5&type=section&id=%E7%AC%AC%E4%BA%8C%E8%8A%82%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B%E5%92%8C%E4%B8%BB%E8%A6%81%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) The company presents its basic information and key financial metrics, highlighting significant growth in revenue and net profit for 2019 [Company Information](index=5&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E4%BF%A1%E6%81%AF) Inly Media Co, Ltd is a publicly traded company on the Shenzhen Stock Exchange under the stock code 000795 Company Information | Item | Content | | :--- | :--- | | Stock Name | Inly Media | | Stock Code | 000795 | | Stock Exchange | Shenzhen Stock Exchange | | Full Company Name | Inly Media Co, Ltd | | Legal Representative | Xu Xiaohua | [Key Accounting Data and Financial Indicators](index=6&type=section&id=%E5%85%AD%E3%80%81%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) The company achieved steady growth in 2019, with significant increases in revenue, net profit, and operating cash flow Key Financial Indicators for 2019 | Indicator | 2019 | 2018 (Restated) | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue (RMB) | 2,512,753,388.90 | 2,253,339,822.09 | 11.51% | | Net Profit Attributable to Shareholders (RMB) | 142,538,754.49 | 112,459,658.69 | 26.75% | | Net Profit Attributable to Shareholders (Non-recurring items deducted) (RMB) | 122,443,675.18 | 71,691,843.44 | 70.79% | | Net Cash Flow from Operating Activities (RMB) | 267,268,391.96 | 36,789,557.63 | 626.48% | | Basic Earnings Per Share (RMB/Share) | 0.13 | 0.10 | 30.00% | | Weighted Average Return on Equity | 6.15% | 5.04% | Increase of 1.11 p.p. | | Total Assets (RMB) | 3,447,440,043.33 | 3,148,338,105.88 | 9.50% | - Non-recurring gains and losses in 2019 totaled **RMB 20.10 million**, primarily from government subsidies, compared to RMB 40.77 million in 2018[31](index=31&type=chunk) - Quarterly financial data shows sequential growth in revenue and net profit; discrepancies exist between quarterly totals and the annual report due to the Q3 business combination under common control of Zhejiang Innuovo Equipment Manufacturing Co, Ltd[26](index=26&type=chunk) [Business Overview](index=9&type=section&id=%E7%AC%AC%E4%B8%89%E8%8A%82%E5%85%AC%E5%8F%B8%E4%B8%9A%E5%8A%A1%E6%A6%82%E8%A6%81) The company's core operations focus on rare earth permanent magnet materials and various motor series products [Principal Business, Operating Model, and Industry Position](index=9&type=section&id=%E4%B8%80%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E4%BB%8E%E4%BA%8B%E7%9A%84%E4%B8%BB%E8%A6%81%E4%B8%9A%E5%8A%A1) The company specializes in NdFeB magnets and motor products, utilizing a custom, make-to-order production model - The company's core business is divided into two main segments: - **Rare Earth Permanent Magnet Materials & Products**: Manufacturing sintered and bonded NdFeB permanent magnet materials for various applications - **Motor Series Products**: Including AC, DC, and brushless micro-motors and electric linear actuators for diverse industries[34](index=34&type=chunk) - Key features of the operating model include: - **Procurement**: Strategic reserves of rare earth materials based on price forecasts - **Production**: A customized, "make-to-order" model for magnet materials and specialized mass production for motor products - **Sales**: A direct sales and brand service provider model focused on providing technology-centric services to major clients[35](index=35&type=chunk)[36](index=36&type=chunk)[37](index=37&type=chunk) [Core Competitiveness Analysis](index=10&type=section&id=%E4%B8%89%E3%80%81%E6%A0%B8%E5%BF%83%E7%AB%9E%E4%BA%89%E5%8A%9B%E5%88%86%E6%9E%90) The company's competitive edge is driven by continuous R&D investment, technological innovation, and a strong patent portfolio - The company strengthens its technological advantages through sustained R&D investment and industry-academia-research collaboration, with numerous patents held by its main subsidiaries as of year-end 2019[41](index=41&type=chunk)[42](index=42&type=chunk)[43](index=43&type=chunk)[45](index=45&type=chunk) Patent Portfolio of Major Subsidiaries (as of 2019) | Subsidiary | Invention Patents | Utility Model Patents | Design Patents | | :--- | :--- | :--- | :--- | | Innuovo Magnetics | 12 (6 new applications) | 5 | - | | Ganzhou DMEGC | 14 (3 new) | 6 | - | | Lianyi Motor | 159 | 405 | 334 | | Innuovo Equipment | 17 | 88 (6 new) | 3 | - Lianyi Motor actively participates in setting industry standards, including those for small-power gear reduction asynchronous motors and electric wheelchair motors, contributing to the sector's standardized development[44](index=44&type=chunk) [Management Discussion and Analysis](index=12&type=section&id=%E7%AC%AC%E5%9B%9B%E8%8A%82%E7%BB%8F%E8%90%A5%E6%83%85%E5%86%B5%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) The company reviews its 2019 performance, detailing business segment results, financial condition, and future outlook [Annual Business Overview](index=12&type=section&id=%E4%B8%80%E3%80%81%E6%A6%82%E8%BF%B0) In 2019, the company achieved steady performance growth by divesting non-performing assets and optimizing its product structure 2019 Performance Overview | Indicator | 2019 Amount (RMB 10k) | YoY Growth | | :--- | :--- | :--- | | Operating Revenue | 251,275.34 | 11.51% | | Operating Profit | 17,098.56 | 14.67% | | Net Profit Attributable to Shareholders | 14,253.88 | 26.75% | - During the reporting period, the company divested non-performing assets to focus on its core business, which **effectively reduced losses and enhanced overall profitability**[48](index=48&type=chunk) [Analysis of Principal Business](index=12&type=section&id=%E4%BA%8C%E3%80%81%E4%B8%BB%E8%A6%81%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) The NdFeB magnet segment showed strong growth, while the company divested non-core businesses to sharpen its strategic focus 2019 Revenue Composition (by Industry) | Industry | 2019 Revenue (RMB) | % of Total Revenue | YoY Change | | :--- | :--- | :--- | :--- | | NdFeB Magnets | 1,356,394,980.87 | 53.98% | 27.10% | | Motor Series | 932,027,159.58 | 37.09% | 3.04% | | Valves | 99,141,939.01 | 3.95% | -15.71% | | Firefighting Simulation Systems | 3,981,129.24 | 0.16% | -89.96% | | Automated Logistics Warehouses | 0.00 | 0.00% | -100.00% | - The gross profit margins for the two core products, NdFeB magnets and motor series, were **20.51%** and **22.83%** respectively, both showing a slight decrease from the previous year[54](index=54&type=chunk) - During the period, the company divested Taiyuan Gangyu Logistics Engineering and Zhejiang Innuovo Safety Technology via equity transfers, leading to a significant reduction in related business revenues[57](index=57&type=chunk)[62](index=62&type=chunk) - Sales to the top five customers totaled **RMB 511 million**, accounting for **20.36%** of annual sales, with related party Customer A contributing 11.83%[68](index=68&type=chunk) [Analysis of Assets and Liabilities](index=19&type=section&id=%E5%9B%9B%E3%80%81%E8%B5%84%E4%BA%A7%E5%8F%8A%E8%B4%9F%E5%80%BA%E7%8A%B6%E5%86%B5) The company's total assets grew moderately with a stable structure, and certain high-credit bank acceptance bills were reclassified - The company's main asset composition remained stable, with accounts receivable, inventory, and fixed assets constituting approximately **56%** of total assets[78](index=78&type=chunk) - The company reclassified **RMB 62.93 million** in notes receivable from high-credit banks as receivables financing measured at fair value, due to their frequent use for endorsement or discounting[80](index=80&type=chunk) [Investment Analysis](index=20&type=section&id=%E4%BA%94%E3%80%81%E6%8A%95%E8%B5%84%E7%8A%B6%E5%86%B5) The company acquired a 66% stake in Zhejiang Innuovo Equipment and reallocated funds from several investment projects - The company acquired a **66% equity stake** in Zhejiang Innuovo Equipment Manufacturing for **RMB 133.51 million** using its own funds to create new profit growth drivers[83](index=83&type=chunk)[102](index=102&type=chunk) - Due to market and policy changes, the company altered the use of **RMB 534 million** in raised funds, redirecting them to a new motor project and to supplement working capital[86](index=86&type=chunk)[91](index=91&type=chunk)[94](index=94&type=chunk) [Significant Asset and Equity Disposals](index=25&type=section&id=%E5%85%AD%E3%80%81%E9%87%8D%E5%A4%A7%E8%B5%84%E4%BA%A7%E5%92%8C%E8%82%A1%E6%9D%83%E5%87%BA%E5%94%AE) The company sold its equity in three subsidiaries to optimize its industrial structure and focus on core operations Major Equity Disposals in 2019 | Disposed Entity | Counterparty | Disposal Ratio | Transaction Price (RMB 10k) | Impact on the Company | | :--- | :--- | :--- | :--- | :--- | | Taiyuan Gangyu Logistics Engineering Co, Ltd | Jinan Lanteng Trading Co, Ltd | 100% | 1,795.23 | Reduce losses, focus on core business | | Zhejiang Innuovo Safety Technology Co, Ltd | Hangzhou Yichen Machinery Equipment Co, Ltd | 100% | 4,700.00 | Optimize business structure, focus on core business | | Shanxi Longyu Property Management Co, Ltd | Shanxi Longheng Steel Structure Engineering Co, Ltd | 90% | 8,100.00 | Optimize industrial structure, revitalize assets | [Future Outlook](index=28&type=section&id=%E4%B9%9D%E3%80%81%E5%85%AC%E5%8F%B8%E6%9C%AA%E6%9D%A5%E5%8F%91%E5%B1%95%E7%9A%84%E5%B1%95%E6%9C%9B) The company will continue to focus on its two core businesses, leveraging industry trends while managing identified risks - **Industry Trends**: The company is optimistic about the prospects for rare earth permanent magnets in new energy vehicles and wind power, and for motor products amid automation trends[108](index=108&type=chunk) - **Company Strategy**: The 2020 strategy involves enhancing product performance through R&D internally and expanding the customer base through brand promotion externally[109](index=109&type=chunk) - **Key Risks**: The company faces risks from market competition, raw material price volatility, talent shortages, and international trade friction, and has formulated corresponding countermeasures[114](index=114&type=chunk)[115](index=115&type=chunk)[116](index=116&type=chunk)[117](index=117&type=chunk) [Significant Events](index=31&type=section&id=%E7%AC%AC%E4%BA%94%E8%8A%82%E9%87%8D%E8%A6%81%E4%BA%8B%E9%A1%B9) This section covers key corporate actions in 2019, including profit distribution, consolidation scope changes, and related-party transactions [Profit Distribution and Capitalization of Capital Reserves](index=31&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E6%99%AE%E9%80%9A%E8%82%A1%E5%88%A9%E6%B6%A6%E5%88%86%E9%85%8D%E5%8F%8A%E8%B5%84%E6%9C%AC%E5%85%AC%E7%A7%AF%E9%87%91%E8%BD%AC%E5%A2%9E%E8%82%A1%E6%9C%AC%E6%83%85%E5%86%B5) The company plans no dividend distribution or capitalization of capital reserves for 2019, continuing a three-year trend - The company has **not distributed cash dividends or capitalized capital reserves** for the past three years, including the current reporting period[123](index=123&type=chunk)[124](index=124&type=chunk) [Changes in the Scope of Consolidation](index=40&type=section&id=%E5%85%AB%E3%80%81%E4%B8%8E%E4%B8%8A%E5%B9%B4%E5%BA%A6%E8%B4%A2%E5%8A%A1%E6%8A%A5%E5%91%8A%E7%9B%B8%E6%AF%94%EF%BC%8C%E5%90%88%E5%B9%B6%E6%8A%A5%E8%A1%A8%E8%8C%83%E5%9B%B4%E5%8F%91%E7%94%9F%E5%8F%98%E5%8C%96%E7%9A%84%E6%83%85%E5%86%B5%E8%AF%B4%E6%98%8E) The scope of consolidation changed in 2019 with the addition of one subsidiary and the disposal of three others - **Newly Consolidated Entity**: - Zhejiang Innuovo Equipment Manufacturing Co, Ltd was consolidated from August 21, 2019, following the acquisition of a 66% equity stake[154](index=154&type=chunk) - **Deconsolidated Entities**: - Taiyuan Gangyu Logistics Engineering Co, Ltd was deconsolidated from March 6, 2019, after a 100% equity transfer - Zhejiang Innuovo Safety Technology Co, Ltd was deconsolidated from July 12, 2019, after a 100% equity transfer - Shanxi Longyu Property Management Co, Ltd was deconsolidated from October 23, 2019, after a 90% equity transfer[151](index=151&type=chunk)[155](index=155&type=chunk)[156](index=156&type=chunk) [Implementation of Employee Stock Ownership Plan](index=42&type=section&id=%E5%8D%81%E4%BA%94%E3%80%81%E5%85%AC%E5%8F%B8%E8%82%A1%E6%9D%83%E6%BF%80%E5%8A%B1%E8%AE%A1%E5%88%92%E3%80%81%E5%91%98%E5%B7%A5%E6%8C%81%E8%82%A1%E8%AE%A1%E5%88%92%E6%88%96%E5%85%B6%E4%BB%96%E5%91%98%E5%B7%A5%E6%BF%80%E5%8A%B1%E6%8E%AA%E6%96%BD%E7%9A%84%E5%AE%9E%E6%96%BD%E6%83%85%E5%86%B5) The company completed the purchase of shares for its first employee stock ownership plan, acquiring 1.60% of total share capital - The company's first employee stock ownership plan completed its share purchase, acquiring **18,104,181 shares**, representing **1.60%** of the total share capital, with a 12-month lock-up period starting September 27, 2019[162](index=162&type=chunk)[163](index=163&type=chunk) [Significant Related-Party Transactions](index=42&type=section&id=%E5%8D%81%E5%85%AD%E3%80%81%E9%87%8D%E5%A4%A7%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) The company engaged in significant related-party transactions, including asset acquisitions and routine sales and purchases - The company conducted a major asset acquisition from a related party, Hengdian Group Innuovo Electric Co, Ltd, for a 66% stake in Zhejiang Innuovo Equipment Manufacturing[171](index=171&type=chunk) - The company executed routine related-party transactions for the purchase and sale of goods with parties including Hengdian Group DMEGC Magnetics Co, Ltd[171](index=171&type=chunk)[172](index=172&type=chunk) [Changes in Share Capital and Shareholders](index=51&type=section&id=%E7%AC%AC%E5%85%AD%E8%8A%82%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E5%8F%8A%E8%82%A1%E4%B8%9C%E6%83%85%E5%86%B5) This section details changes in the company's share structure and provides an overview of its major shareholders and ultimate controller [Changes in Share Capital](index=51&type=section&id=%E4%B8%80%E3%80%81%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) The total share capital remained unchanged, while the lifting of restrictions on certain shares altered the ratio of tradable shares - On July 1, 2019, **244,710,575 restricted shares** held by shareholders including Hengdian Group Holdings Limited and Hengdian Group DMEGC Magnetics Co, Ltd became tradable[206](index=206&type=chunk)[209](index=209&type=chunk)[211](index=211&type=chunk) [Shareholders and Ultimate Controller](index=53&type=section&id=%E4%B8%89%E3%80%81%E8%82%A1%E4%B8%9C%E5%92%8C%E5%AE%9E%E9%99%85%E6%8E%A7%E5%88%B6%E4%BA%BA%E6%83%85%E5%86%B5) Hengdian Group Holdings Limited remains the controlling shareholder, with Hengdian Society Economy Enterprise Union as the ultimate controller Top Five Shareholders (as of year-end 2019) | Shareholder Name | Shareholder Type | Shareholding Ratio | Number of Shares | | :--- | :--- | :--- | :--- | | Hengdian Group Holdings Limited | Domestic Non-State-Owned Legal Entity | 39.38% | 446,427,575 | | Hengdian Group DMEGC Magnetics Co, Ltd | Domestic Non-State-Owned Legal Entity | 8.65% | 98,077,839 | | Inly Media Co, Ltd - Phase I ESOP | Other | 1.60% | 18,104,181 | | Juzhou Asset Management (Shanghai) Co, Ltd | Domestic Non-State-Owned Legal Entity | 1.32% | 15,000,000 | | Zhejiang Hengdian Imp & Exp Co, Ltd | Domestic Non-State-Owned Legal Entity | 1.07% | 12,175,648 | - The company's controlling shareholder is **Hengdian Group Holdings Limited**, and the ultimate controller is **Hengdian Society Economy Enterprise Union**; no changes occurred during the reporting period[221](index=221&type=chunk)[222](index=222&type=chunk)[224](index=224&type=chunk) [Directors, Supervisors, Senior Management, and Employees](index=60&type=section&id=%E7%AC%AC%E4%B9%9D%E8%8A%82%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%91%E4%BA%8B%E3%80%81%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E5%92%8C%E5%91%98%E5%B7%A5%E6%83%85%E5%86%B5) This section outlines changes in senior management and provides a statistical overview of the company's workforce [Changes in Directors, Supervisors, and Senior Management](index=61&type=section&id=%E4%BA%8C%E3%80%81%E5%85%AC%E5%8F%B8%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%91%E4%BA%8B%E3%80%81%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) The company experienced a key leadership change with the resignation of the General Manager and the appointment of a successor - In May 2019, Mr. Yao Xiangsheng resigned as Director, Vice Chairman, and General Manager, and **Mr. Wei Zhonghua was appointed as the new General Manager**[235](index=235&type=chunk) [Employee Information](index=66&type=section&id=%E4%BA%94%E3%80%81%E5%85%AC%E5%8F%B8%E5%91%98%E5%B7%A5%E6%83%85%E5%86%B5) As of year-end, the company employed 3,376 people, with production staff forming the largest professional group Employee Professional Composition | Category | Number of Employees | | :--- | :--- | | Production Personnel | 2,144 | | Sales Personnel | 144 | | Technical Personnel | 392 | | Financial Personnel | 63 | | Administrative Personnel | 454 | | Other Personnel | 179 | | **Total** | **3,376** | [Corporate Governance](index=67&type=section&id=%E7%AC%AC%E5%8D%81%E8%8A%82%E5%85%AC%E5%8F%B8%E6%B2%BB%E7%90%86) The company maintains a sound corporate governance structure in compliance with relevant laws and regulations [Basic Status of Corporate Governance](index=67&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E6%B2%BB%E7%90%86%E7%9A%84%E5%9F%BA%E6%9C%AC%E7%8A%B6%E5%86%B5) The company's governance practices align with regulatory requirements, ensuring operational independence from its controlling shareholder - The company has a well-established governance structure and maintains independence from its controlling shareholder in business, personnel, assets, organization, and finance, possessing autonomous operational capabilities[257](index=257&type=chunk)[265](index=265&type=chunk) [Internal Control](index=70&type=section&id=%E4%B9%9D%E3%80%81%E5%86%85%E9%83%A8%E6%8E%A7%E5%88%B6%E6%83%85%E5%86%B5) The board confirms the company's internal control system is well-established and effective, with no material weaknesses identified - Both the company's self-assessment report and the auditor's report on internal control found **no material weaknesses**[279](index=279&type=chunk)[283](index=283&type=chunk) [Financial Report](index=74&type=section&id=%E7%AC%AC%E5%8D%81%E4%BA%8C%E8%8A%82%20%E8%B4%A2%E5%8A%A1%E6%8A%A5%E5%91%8A) This section presents the audited financial statements for the 2019 fiscal year, including the auditor's report and detailed notes [Auditor's Report](index=74&type=section&id=%E4%B8%80%E3%80%81%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A) The independent auditor issued a standard unqualified opinion on the 2019 financial statements - The auditor, Hexin Certified Public Accountants (Special General Partnership), issued a **standard unqualified audit opinion**[288](index=288&type=chunk)[290](index=290&type=chunk) - Key audit matters included: 1. **Accounting treatment for subsidiary acquisitions and disposals**: Due to significant changes in the consolidation scope in 2019 2. **Revenue recognition**: Due to revenue being a key performance indicator and the risk of improper recognition across domestic and export sales models[292](index=292&type=chunk)[294](index=294&type=chunk) [Financial Statements](index=78&type=section&id=%E4%BA%8C%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8) This chapter contains the audited consolidated and parent company financial statements for the year ended December 31, 2019 [Notes to the Financial Statements](index=100&type=section&id=%E9%99%84%E6%B3%A8) The notes provide detailed explanations of accounting policies, estimates, and significant items in the financial statements - The company adopted new financial instrument standards from January 1, 2019, impacting the classification and measurement of financial assets and requiring corresponding adjustments to financial statement presentation[535](index=535&type=chunk) - Revenue recognition policy: Domestic sales are recognized upon customer receipt of goods, while export sales are recognized after customs clearance for export[502](index=502&type=chunk) - The controlling shareholder, Hengdian Group Holdings Limited, has pledged **181,000,000** of its shares, representing **40.54%** of its holdings and **15.97%** of the company's total share capital[720](index=720&type=chunk) [List of Documents for Inspection](index=190&type=section&id=%E7%AC%AC%E5%8D%81%E4%B8%89%E8%8A%82%20%E5%A4%87%E6%9F%A5%E6%96%87%E4%BB%B6%E7%9B%AE%E5%BD%95) This section lists all reference documents available for inspection, including the signed annual report and financial statements - Documents available for inspection include the signed annual report, financial statements, and all original public filings from the reporting period[763](index=763&type=chunk)

[Important Notice](index=2&type=section&id=%E7%AC%AC%E4%B8%80%E8%8A%82%20%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA) The board and management guarantee the report's truthfulness and completeness, with key executives ensuring financial statement integrity - The company's board of directors, supervisory board, and all directors, supervisors, and senior management guarantee the truthfulness, accuracy, and completeness of this quarterly report, free from false records, misleading statements, or major omissions, and assume corresponding legal responsibilities[4](index=4&type=chunk) - Xu Xiaohua, the company's head, Fang Jianwu, the person in charge of accounting, and Jin Jianfeng, the head of the accounting department, ensure the truthfulness, accuracy, and completeness of the financial statements in the quarterly report[5](index=5&type=chunk) [Company Overview](index=3&type=section&id=%E7%AC%AC%E4%BA%8C%E8%8A%82%20%E5%85%AC%E5%8F%B8%E5%9F%BA%E6%9C%AC%E6%83%85%E5%86%B5) This section presents key financial data, including asset and profit changes, alongside detailed shareholder information [Key Accounting Data and Financial Indicators](index=3&type=section&id=%E4%B8%80%E3%80%81%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) As of Q3 2019, total assets grew **7.69%**, net assets attributable to shareholders fell **1.52%**; YTD revenue rose **13.39%**, net profit **36.76%**, but Q3 net profit declined **30.14%** due to prior adjustments Key Financial Indicators for Q1-Q3 2019 (Unit: Yuan) | 指标 | 2019年前三季度 | 较上年同期变动 | | :--- | :--- | :--- | | 营业收入（元） | 1,786,438,809.35 | 13.39% | | 归属于上市公司股东的净利润（元） | 99,186,437.69 | 36.76% | | 归属于上市公司股东的扣非净利润（元） | 75,830,215.33 | 88.73% | | 经营活动产生的现金流量净额（元） | 282,369,107.97 | 不适用 | | 基本每股收益（元/股） | 0.087 | 35.94% | | 加权平均净资产收益率 | 4.42% | 增加1.1个百分点 | Key Financial Indicators for Q3 2019 (Unit: Yuan) | 指标 | 2019年第三季度 | 较上年同期变动 | | :--- | :--- | :--- | | 营业收入（元） | 669,422,823.41 | 11.27% | | 归属于上市公司股东的净利润（元） | 35,193,334.08 | -30.14% | Non-Recurring Gains and Losses for Q1-Q3 2019 (Unit: Yuan) | 项目 | 金额（元） | 说明 | | :--- | :--- | :--- | | 非流动资产处置损益 | -2,869,270.15 | 处置长期资产的净损益 | | 计入当期损益的政府补助 | 26,188,491.02 | 本期确认的政府补助 | | 同一控制下企业合并产生的子公司期初至合并日的当期净损益 | 3,041,730.94 | 浙江英洛华装备制造有限公司并入前净利润 | | **合计** | **23,356,222.36** | **--** | [Shareholder Information](index=4&type=section&id=%E4%BA%8C%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E6%9C%AB%E8%82%A1%E4%B8%9C%E6%80%BB%E6%95%B0%E5%8F%8A%E5%89%8D%E5%8D%81%E5%90%8D%E8%82%A1%E4%B8%9C%E6%8C%81%E8%82%A1%E6%83%85%E5%86%B5%E8%A1%A8) The company had **117,321 common shareholders**; top two held nearly **48%** combined, with the controlling shareholder pledging some shares - As of the end of the reporting period, the company had a total of **117,321 common shareholders**[10](index=10&type=chunk) Top Ten Shareholders' Holdings | 股东名称 | 持股比例 | 持股数量 | 质押或冻结情况 | | :--- | :--- | :--- | :--- | | 横店集团控股有限公司 | 39.38% | 446,427,575 | 质押 181,000,000 | | 横店集团东磁有限公司 | 8.65% | 98,077,839 | - | | 钜洲资产管理（上海）有限公司 | 1.65% | 18,700,419 | - | | 英洛华科技股份有限公司－第一期员工持股计划 | 1.60% | 18,104,181 | - | - Hengdian Group Holdings Co., Ltd. and its affiliates are parties acting in concert[14](index=14&type=chunk) [Significant Events](index=6&type=section&id=%E7%AC%AC%E4%B8%89%E8%8A%82%20%E9%87%8D%E8%A6%81%E4%BA%8B%E9%A1%B9) This section details major financial data changes, progress on significant projects, wealth management, and investor relations [Analysis of Major Financial Data Changes](index=6&type=section&id=%E4%B8%80%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E4%B8%BB%E8%A6%81%E8%B4%A2%E5%8A%A1%E6%95%B0%E6%8D%AE%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87%E5%8F%91%E7%94%9F%E5%8F%98%E5%8A%A8%E7%9A%84%E6%83%85%E5%86%B5%E5%8F%8A%E5%8E%9F%E5%9B%A0) Significant changes occurred in cash, prepayments, notes, and other payables; financial expenses rose, investment income improved, and operating cash flow turned positive Changes and Reasons for Major Balance Sheet Items | 项目 | 较年初增减 | 变动原因 | | :--- | :--- | :--- | | 货币资金 | 81.34% | 银行收款净额增加及理财产品到期赎回 | | 预付账款 | 62.15% | 预付购买材料款增加 | | 应付票据 | 1267.79% | 新增银行承兑汇票结算付款 | | 其他应付款 | 103.64% | 欠付股权收购款及收到股权转让履约保证金 | Changes and Reasons for Major Income Statement and Cash Flow Statement Items | 项目 | 同比增减 | 变动原因 | | :--- | :--- | :--- | | 投资收益 | 不适用 | 权益法核算的长期股权投资损失减少，理财及处置子公司收益增加 | | 经营活动产生的现金流量净额 | 不适用 | 销售商品收到的现金增幅较大，由去年同期-1585万元转为净流入2.82亿元 | | 投资活动产生的现金流量净额 | 不适用 | 购买浙江英洛华装备制造有限公司股权付款增加，净流出扩大 | | 筹资活动产生的现金流量净额 | 不适用 | 支付的三个月以上的票据保证金增加，由去年同期净流入413万元转为净流出9401万元 | [Progress of Significant Events](index=7&type=section&id=%E4%BA%8C%E3%80%81%E9%87%8D%E8%A6%81%E4%BA%8B%E9%A1%B9%E8%BF%9B%E5%B1%95%E6%83%85%E5%86%B5%E5%8F%8A%E5%85%B6%E5%BD%B1%E5%93%8D%E5%92%8C%E8%A7%A3%E5%86%B3%E6%96%B9%E6%A1%88%E7%9A%84%E5%88%86%E6%9E%90%E8%AF%B4%E6%98%8E) The company reallocated raised funds to an **850,000 automatic door motor project** and completed the **first phase employee stock ownership plan's stock purchases** - The company reallocated a portion of remaining raised funds to the 'Annual Production of **850,000 High-Efficiency Energy-Saving Automatic Door Motors Technical Transformation Project**'[21](index=21&type=chunk) - On September 27, 2019, the company's **first phase employee stock ownership plan completed its stock purchases**[21](index=21&type=chunk) [Wealth Management](index=7&type=section&id=%E4%BA%94%E3%80%81%E5%A7%94%E6%89%98%E7%90%86%E8%B4%A2) The company engaged in wealth management using proprietary and idle raised funds, with **390 million yuan** total and **270 million yuan** outstanding, all bank products with no principal recovery issues Overview of Wealth Management (Unit: 10,000 Yuan) | 资金来源 | 委托理财发生额 | 未到期余额 | 逾期未收回金额 | | :--- | :--- | :--- | :--- | | 自有资金 | 30,000 | 19,000 | 0 | | 闲置募集资金 | 9,000 | 8,000 | 0 | | **合计** | **39,000** | **27,000** | **0** | [Investor Relations Activities](index=10&type=section&id=%E4%B8%83%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E6%8E%A5%E5%BE%85%E8%B0%83%E7%A0%94%E3%80%81%E6%B2%9F%E9%80%9A%E3%80%81%E9%87%87%E8%AE%BF%E7%AD%89%E6%B4%BB%E5%8A%A8%E7%99%BB%E8%AE%B0%E8%A1%A8) During Q3 2019, the company engaged in multiple investor interactions via phone and on-site visits, discussing operational status and main business - During the reporting period, the company conducted a total of **7 investor reception activities**, including **6 phone communications** and **1 institutional on-site visit**[37](index=37&type=chunk)[39](index=39&type=chunk) [Financial Statements](index=12&type=section&id=%E7%AC%AC%E5%9B%9B%E8%8A%82%20%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8) This section presents the consolidated balance sheet, income statement, cash flow statement, and notes on financial statement adjustments [Consolidated Balance Sheet](index=12&type=section&id=1%E3%80%81%E5%90%88%E5%B9%B6%E8%B5%84%E4%BA%A7%E8%B4%9F%E5%80%BA%E8%A1%A8) As of September 30, 2019, total assets were **3.317 billion yuan** (up **7.69%**), total liabilities **1.024 billion yuan** (up **36.72%**), and equity attributable to parent owners **2.225 billion yuan** (down **1.52%**) Major Items of Consolidated Balance Sheet (Unit: Yuan) | 项目 | 2019年9月30日 | 2018年12月31日 | | :--- | :--- | :--- | | **总资产** | **3,316,685,138.00** | **3,079,949,364.96** | | 流动资产合计 | 2,512,347,024.82 | 2,163,140,020.65 | | 非流动资产合计 | 804,338,113.18 | 916,809,344.31 | | **总负债** | **1,023,585,058.22** | **748,670,371.99** | | 流动负债合计 | 968,784,426.22 | 688,087,164.70 | | **所有者权益合计** | **2,293,100,079.78** | **2,331,278,992.97** | | 归属于母公司所有者权益合计 | 2,225,203,707.72 | 2,259,527,270.03 | [Consolidated Income Statement](index=17&type=section&id=3%E3%80%81%E5%90%88%E5%B9%B6%E6%9C%AC%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%88%A9%E6%B6%A6%E8%A1%A8) For Q1-Q3 2019, total revenue was **1.786 billion yuan** (up **13.39%**) and net profit **99.19 million yuan** (up **36.76%**); Q3 net profit declined **30.14%** due to increased losses Consolidated Income Statement - Year-to-Date (Unit: Yuan) | 项目 | 2019年1-9月 | 2018年1-9月 | | :--- | :--- | :--- | | 营业总收入 | 1,786,438,809.35 | 1,575,526,815.67 | | 营业利润 | 122,696,355.43 | 97,312,360.78 | | 利润总额 | 124,313,784.80 | 102,105,758.53 | | 归属于母公司所有者的净利润 | 99,186,437.69 | 72,525,215.21 | Consolidated Income Statement - Q3 (Unit: Yuan) | 项目 | 2019年第三季度 | 2018年第三季度 | | :--- | :--- | :--- | | 营业总收入 | 669,422,823.41 | 601,631,963.15 | | 营业利润 | 43,341,885.25 | 59,832,452.70 | | 利润总额 | 44,628,149.32 | 62,400,933.14 | | 归属于母公司所有者的净利润 | 35,193,334.08 | 50,379,177.82 | [Consolidated Cash Flow Statement](index=26&type=section&id=7%E3%80%81%E5%90%88%E5%B9%B6%E5%B9%B4%E5%88%9D%E5%88%B0%E6%8A%A5%E5%91%8A%E6%9C%9F%E6%9C%AB%E7%8E%B0%E9%87%91%E6%B5%81%E9%87%8F%E8%A1%A8) For Q1-Q3 2019, operating cash flow improved to **282 million yuan**; investing outflow was **173 million yuan**, financing outflow **94.01 million yuan**, with period-end cash at **800 million yuan** Major Items of Consolidated Cash Flow Statement (Unit: Yuan) | 项目 | 2019年1-9月 | 2018年1-9月 | | :--- | :--- | :--- | | 经营活动产生的现金流量净额 | 282,369,107.97 | -15,852,745.27 | | 投资活动产生的现金流量净额 | -172,886,861.79 | -87,739,417.23 | | 筹资活动产生的现金流量净额 | -94,012,486.19 | 4,131,714.56 | | 现金及现金等价物净增加额 | 15,275,053.81 | -99,833,140.53 | | 期末现金及现金等价物余额 | 799,872,494.05 | 719,782,682.55 | [Notes on Financial Statement Adjustments](index=30&type=section&id=%E4%BA%8C%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E8%B0%83%E6%95%B4%E6%83%85%E5%86%B5%E8%AF%B4%E6%98%8E) Effective January 1, 2019, the company adopted new financial instrument standards, adjusting opening financial statements by reclassifying certain financial assets and interest receivable - The company **first adopted new financial instrument standards on January 1, 2019**, and made corresponding adjustments to its opening financial statements[98](index=98&type=chunk)[105](index=105&type=chunk) Major Adjusted Items in Consolidated Balance Sheet (January 1, 2019) (Unit: Yuan) | 项目 | 调整前（元） | 调整后（元） | 调整数（元） | | :--- | :--- | :--- | :--- | | 以公允价值计量且其变动计入当期损益的金融资产 | 229,779.12 | 0 | -229,779.12 | | 交易性金融资产 | 0 | 229,779.12 | 229,779.12 | | 其他应收款 | 37,075,018.29 | 34,335,401.85 | -2,739,616.44 | | 其他流动资产 | 460,947,134.03 | 463,686,750.47 | 2,739,616.44 |

英洛华科技股份有限公司 2019 年半年度报告全文 英洛华科技股份有限公司 2019 年半年度报告 2019 年 08 月 1 英洛华科技股份有限公司 2019 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。 公司负责人许晓华先生、主管会计工作负责人方建武先生及会计机构负责 人金剑锋先生声明：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，请投资者注意投资风险。 公司在本报告"第四节 经营情况讨论与分析"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 投资者关注相关内容。 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 2019 年半年度报告全文 目录 | --- | |----------------------------------------------- ...