Financial Performance - The company's operating revenue for the first half of 2022 was ¥555,016,129.82, a decrease of 10.10% compared to ¥617,340,906.00 in the same period last year[20]. - The net profit attributable to shareholders was ¥70,841,345.18, down 34.21% from ¥107,685,139.99 in the previous year[20]. - The net profit after deducting non-recurring gains and losses was ¥67,538,925.36, a decline of 36.52% compared to ¥106,400,013.39 in the prior year[20]. - The net cash flow from operating activities was ¥173,360,837.99, which is 22.67% lower than ¥224,188,520.78 in the same period last year[20]. - Basic earnings per share decreased to ¥0.1003, down 34.23% from ¥0.1525 in the previous year[20]. - The revenue from the power generation sector was ¥496,168,749.47, accounting for 89.40% of total revenue, which represents a decline of 17.11% year-on-year[36]. - The company reported a significant increase in revenue from equipment manufacturing, which rose by 811.53% to ¥44,582,534.58, contributing 8.03% to total revenue[36]. - Operating profit for the first half of 2022 was approximately $78.5 million, down 33.94% from $118.9 million in the first half of 2021[118]. - Net profit for the first half of 2022 was approximately $75.4 million, a decline of 31.69% compared to $110.5 million in the first half of 2021[119]. Assets and Liabilities - Total assets at the end of the reporting period were ¥7,325,042,989.73, a decrease of 1.49% from ¥7,436,186,032.97 at the end of the previous year[20]. - The net assets attributable to shareholders increased by 2.57% to ¥2,823,180,356.63 from ¥2,752,339,011.45 at the end of the previous year[20]. - The company's total assets at the end of the first half of 2022 were 2,997.706 million yuan, reflecting a slight increase from 2,997.706 million yuan at the end of the previous year[130]. - The total liabilities at the end of the first half of 2022 were 2,408.4 million yuan, indicating a slight increase from 2,408.4 million yuan at the end of the previous year[130]. - Current liabilities increased from CNY 1,290,559,403.46 to CNY 1,397,217,501.65, an increase of about 8.3%[115]. - Long-term borrowings decreased from CNY 1,836,320,000.00 to CNY 1,599,900,000.00, a reduction of approximately 12.9%[115]. - Total liabilities decreased from CNY 3,198,165,138.45 to CNY 3,056,940,802.09, a decrease of about 4.4%[115]. Cash Flow - The net cash flow from operating activities decreased by 22.67% to ¥173,360,837.99, attributed to reduced tax refunds and increased procurement payments[33]. - The cash and cash equivalents decreased by 73.31% to -¥38,495,261.93, mainly due to reduced loan repayments[33]. - The ending cash and cash equivalents balance decreased to ¥22,026,277.47 from ¥39,814,854.31, a decline of 44.8% year-over-year[125]. - Cash inflow from financing activities totaled ¥411,772,705.51, a significant decrease of 44.8% from ¥745,709,999.00 in the same period last year[125]. - The net cash flow from financing activities was -¥204,909,721.47, compared to -¥363,595,394.64 in the first half of 2021, showing an improvement of 43.7%[125]. Dividends and Shareholder Information - The company plans not to distribute cash dividends or issue bonus shares[4]. - There were no stock incentive plans, employee stock ownership plans, or other employee incentive measures implemented during the reporting period[60]. - The total number of shares is 706,118,997, with 29% being restricted shares and 71% being unrestricted shares[97]. - The largest shareholder, Chalco Ningxia Energy Group Co., Ltd., holds 40.23% of the shares, totaling 284,089,900 shares[99]. Environmental and Social Responsibility - The company received a "Green Card" rating from the Ningxia Ecological Environment Department for its environmental credit evaluation in April 2022[62]. - The company has not violated any environmental policies or regulations during the reporting period[63]. - The company is actively involved in rural revitalization efforts, including tree planting and training programs for local farmers[66]. - The company continues to support local farmers by assisting in the installation of greenhouse structures and promoting the sale of agricultural products[67]. Future Plans and Strategic Initiatives - The company plans to commence construction on the Ningdong 250,000 kW photovoltaic project in the second half of the year, leveraging the Ningxia 14th Five-Year Plan for renewable energy development[29]. - The company plans to continue expanding its market presence and investing in new technologies to enhance its competitive edge in the industry[130]. - Future guidance indicates a focus on increasing production capacity and improving product offerings to meet market demand[132]. - The company is exploring potential mergers and acquisitions to strengthen its market position and expand its operational capabilities[139]. Financial Management and Accounting Policies - The financial statements are prepared in accordance with the Chinese Accounting Standards and reflect the company's financial position as of June 30, 2022[148]. - The company follows specific accounting policies for measuring expected credit losses on receivables and depreciation of fixed assets[146]. - The company recognizes expected credit losses for receivables and contract assets over their entire lifetime, regardless of significant financing components[169]. - The company recognizes impairment losses or gains in profit or loss for financial assets measured at fair value through other comprehensive income[170]. Legal and Compliance Matters - The company reported a significant litigation case involving an amount of 1,500 million yuan, with the case currently in the second instance of enforcement proceedings[77]. - The company did not engage in any related party transactions during the reporting period, including asset or equity acquisitions or sales[79][80][81][82]. - The company reported no violations regarding external guarantees during the reporting period[74].

Financial Performance - The company's operating revenue for Q1 2022 was ¥283,978,606.10, a decrease of 14.23% compared to ¥331,111,044.78 in the same period last year[4] - Net profit attributable to shareholders was ¥25,398,330.53, down 66.28% from ¥75,314,553.71 year-on-year[4] - The total profit decreased by 60.39% to ¥31,240,061.46, primarily due to reduced profits from renewable energy generation[11] - Total operating revenue for Q1 2022 was CNY 283,978,606.10, a decrease of 14.2% compared to CNY 331,111,044.78 in the same period last year[23] - Net profit for Q1 2022 was CNY 28,407,861.73, down 63.0% from CNY 76,904,129.24 in Q1 2021[24] - Earnings per share (EPS) for Q1 2022 was CNY 0.0360, a decline from CNY 0.1067 in the previous year[25] Cash Flow and Liquidity - The net cash flow from operating activities increased by 1.41% to ¥80,336,936.85, compared to ¥79,216,754.66 in the previous year[4] - Cash inflow from operating activities totaled CNY 194,235,799.78, an increase of 10.5% compared to CNY 175,688,211.34 in the same period last year[27] - The total cash outflow from operating activities was CNY 113,898,862.93, up from CNY 96,471,456.68 in the previous year, indicating increased operational expenses[28] - The net cash flow from investing activities was -CNY 2,306,401.45, an improvement from -CNY 3,706,946.47 in Q1 2021, suggesting better investment management[28] - The cash outflow from financing activities totaled CNY 103,380,892.71, a decrease from CNY 137,120,660.95 in the same period last year, reflecting reduced debt repayment and dividend distribution[28] - The net decrease in cash and cash equivalents was CNY 25,350,357.31, compared to a larger decrease of CNY 61,610,852.76 in Q1 2021, indicating improved cash management[28] - The ending balance of cash and cash equivalents was CNY 35,171,182.09, down from CNY 122,419,971.88 at the end of Q1 2021, highlighting liquidity challenges[28] Assets and Liabilities - Total assets at the end of the reporting period were ¥7,375,620,913.67, a decrease of 0.81% from ¥7,436,186,032.97 at the end of the previous year[4] - The company reported a total liability of CNY 4,557,692,300.85, down from CNY 4,646,665,281.88 year-on-year[24] - Current liabilities totaled ¥1,766,441,888.56, down from ¥1,798,170,672.58, indicating a decrease of about 1.76%[20] - Long-term borrowings amounted to ¥2,709,495,000.00, down from ¥2,765,345,000.00, reflecting a decrease of approximately 2%[20] - Total assets decreased slightly to ¥7,375,620,913.67 from ¥7,436,186,032.97, a reduction of approximately 0.82%[20] Shareholder Information - Total number of common shareholders at the end of the reporting period was 75,115[15] - The largest shareholder, Chalco Ningxia Energy Group Co., Ltd., holds 40.23% of shares, totaling 284,089,900 shares[15] Research and Development - Research and development expenses increased by 100% to ¥40,340.00, indicating a focus on innovation[9] - Research and development expenses were CNY 40,340.00, compared to CNY 0.00 in the previous year, indicating a new focus on innovation[24] Other Financial Metrics - The company's basic earnings per share dropped to ¥0.0360, a decline of 66.26% from ¥0.1067 in the same period last year[4] - Financial expenses decreased to CNY 44,683,855.64 from CNY 67,578,064.87, reflecting improved cost management[24] - The company has a total of 67,403,971.83 in long-term equity investments, slightly up from 67,186,001.21[19] - The company’s inventory decreased to ¥43,877,384.72 from ¥51,632,577.80, a decline of approximately 15%[19] - The company has plans for market expansion and new product development, although specific details were not disclosed in the report[24] Audit Information - The company did not undergo an audit for the Q1 2022 report, which may affect the reliability of the financial data presented[29]

Financial Performance - The company's operating revenue for 2021 was approximately ¥1.36 billion, representing a 13.11% increase compared to ¥1.20 billion in 2020[22]. - Net profit attributable to shareholders for 2021 was approximately ¥93.60 million, a significant increase of 172.87% from ¥34.30 million in 2020[22]. - The net cash flow from operating activities reached approximately ¥1.73 billion, up 210.16% from ¥556.56 million in the previous year[22]. - Basic earnings per share for 2021 were ¥0.1326, reflecting a 172.84% increase compared to ¥0.0486 in 2020[22]. - Total revenue for 2021 reached ¥1,359,465,843.38, representing a year-on-year increase of 13.11% compared to ¥1,201,865,887.77 in 2020[39]. - The power generation sector accounted for ¥1,167,168,366.50, which is 85.85% of total revenue, showing a growth of 21.40% from ¥961,386,459.74 in 2020[40]. - The company reported a significant increase in revenue for 2021, achieving a total of 1.2 billion RMB, representing a year-over-year growth of 15%[99]. - The company reported a net loss of CNY 660,465,755.22 in 2021, compared to a net loss of CNY 754,062,553.81 in 2020, indicating an improvement in financial performance[199]. Assets and Liabilities - Total assets at the end of 2021 were approximately ¥7.44 billion, a decrease of 16.77% from ¥8.93 billion at the end of 2020[23]. - The company's total assets decreased from CNY 8,933,984,596.11 in 2020 to CNY 7,436,186,032.97 in 2021, a reduction of approximately 16.8%[199]. - Total liabilities decreased from CNY 6,248,423,238.67 in 2020 to CNY 4,646,665,281.88 in 2021, a decline of about 25.7%[198]. - Long-term borrowings fell by 27.5% to CNY 2,765,345,000.00, primarily due to repayment of project loans[61]. - The company's total equity increased from CNY 2,685,561,357.44 in 2020 to CNY 2,789,520,751.09 in 2021, an increase of about 3.9%[199]. Operational Highlights - The company has indicated that there are no significant changes in its main business since its listing, focusing on new energy generation and equipment engineering[21]. - The company’s total installed capacity for renewable energy generation was 1,466,800 kW by the end of 2021, with wind power capacity at 1,406,800 kW and solar power capacity at 60,000 kW[34]. - The total electricity generation in 2021 was 2.487 billion kWh, an increase from 2.136 billion kWh in the previous year, while the grid-connected electricity volume was 2.378 billion kWh, up from 2.048 billion kWh[34]. - The company plans to focus on the renovation of old wind farms and the development of centralized solar projects during the 14th Five-Year Plan period to enhance its renewable energy capacity and profitability[32]. Customer and Supplier Relations - The company’s top five customers accounted for 89.41% of total sales, with total sales amounting to ¥1,215,486,950.41[49]. - The top five suppliers accounted for 43.83% of the total annual procurement, with the largest supplier contributing 29.04%[51]. - The largest customer, State Grid Ningxia Electric Power Co., accounted for 70.91% of the total sales[50]. Governance and Management - The company operates independently from its controlling shareholder in terms of business, personnel, assets, institutions, and finance, ensuring complete operational autonomy[80]. - The company has established a transparent performance evaluation and incentive mechanism to attract and retain talent[78]. - The company’s board of directors includes members with varying tenures, ensuring a mix of experience and fresh perspectives in governance[84]. - The company is committed to maintaining a diverse and experienced leadership team to navigate market challenges[90]. - The company has established a comprehensive internal control system covering 18 areas, including organizational structure and financial management[112]. Environmental and Social Responsibility - The company received a "Green Card" rating from the Ningxia Environmental Protection Department in April 2021, indicating no environmental violations[124]. - The company actively participates in rural revitalization efforts, providing support to local communities[129]. - The company has established a volunteer team to assist in pandemic prevention efforts during a COVID-19 outbreak in October 2021[130]. Future Outlook and Strategic Plans - The company provided a positive outlook for 2022, projecting a revenue growth of 10% to 15% based on market expansion strategies[99]. - The company plans to enhance resource acquisition, upgrade old units, and develop new energy projects to strengthen its core business in smart operation of renewable energy generation[71]. - The company is in the process of acquiring assets and liabilities related to a 200MW wind power project in Alashan, Inner Mongolia, from its controlling shareholder, Chalco Ningxia Energy Group Co., Ltd.[133].

Revenue and Profit - Revenue for Q3 2021 reached ¥327,700,937.32, an increase of 3.42% year-over-year, while year-to-date revenue was ¥945,041,843.32, up 3.59% compared to the same period last year[4] - Net profit attributable to shareholders for Q3 2021 was ¥36,113,675.15, a significant increase of 751.48% year-over-year, with year-to-date net profit at ¥143,798,815.14, up 381.41%[4] - Basic and diluted earnings per share for Q3 2021 were both ¥0.0511, reflecting a 751.67% increase year-over-year, while year-to-date earnings per share were ¥0.2036, up 381.32%[5] - Operating profit for Q3 2021 was ¥160,451,634.23, a substantial increase of 249.46% compared to the same period last year[11] - The net profit attributable to the parent company's shareholders increased by 381.41% year-over-year, driven by improved operational performance in the renewable energy sector[12] - The net profit attributable to the parent company was CNY 143,798,815.14, compared to CNY 29,870,457.19 in the previous year, reflecting a growth of 380.5%[30] Assets and Liabilities - Total assets at the end of Q3 2021 were ¥8,784,758,161.55, a decrease of 1.67% from the end of the previous year[5] - The total assets as of the end of the third quarter were CNY 8,784,758,161.55, slightly down from CNY 8,933,984,596.11 at the end of the previous quarter[26] - The total liabilities decreased to CNY 5,949,067,444.82 from CNY 6,248,423,238.67, a decline of approximately 4.8%[26] - The company's long-term borrowings decreased to CNY 3,091,295,000.00 from CNY 3,814,016,680.03, a reduction of approximately 18.9%[25] - The total equity attributable to shareholders increased to CNY 2,799,698,456.75 from CNY 2,655,899,641.61, reflecting a growth of 5.4%[26] Cash Flow - Cash flow from operating activities for the year-to-date period was ¥370,264,438.48, showing a slight increase of 0.32%[4] - Cash inflow from financing activities increased by 142.56% to ¥1,627,550,010.00, mainly due to an increase in cash received from other financing activities[14] - Cash paid for debt repayment increased by 109.60% to ¥1,557,170,317.11, primarily due to significant repayment of short-term loans[14] - The net increase in cash and cash equivalents decreased by 13,858.21% to -¥123,277,768.34, mainly due to increased cash outflows related to debt repayment[14] - Operating cash inflow for the period was CNY 659,233,997.90, a decrease of 9.5% compared to CNY 728,606,722.32 in the previous period[33] - Cash and cash equivalents at the end of the period were CNY 60,753,056.30, down from CNY 246,157,551.36 in the previous period[34] Expenses and Costs - The company reported a significant reduction in sales expenses by 73.90% year-over-year, attributed to lower service fees from previous contracts[11] - The total operating costs decreased to CNY 829,998,895.91 from CNY 914,561,934.10, representing a reduction of approximately 9.2%[28] - Cash paid for purchasing goods and services decreased by 54.16% to ¥82,583,183.88, attributed to a decrease in raw material procurement in the manufacturing sector[15] - Cash outflow for purchasing goods and services was CNY 82,583,183.88, down 54.2% from CNY 180,173,534.36 in the previous period[33] - Cash outflow for investing activities was CNY 5,677,208.81, a decrease of 51.6% compared to CNY 11,738,334.59 in the previous period[34] Shareholder Information - The total number of common shareholders at the end of the reporting period was 62,756[18] - The largest shareholder, Chalco Ningxia Energy Group Co., Ltd., holds 40.23% of the shares, totaling 284,089,900 shares[18] - The company is planning to issue shares to acquire assets and raise matching funds, with the proposal approved by the board on October 11, 2021[20] Tax and Other Income - Other income for Q3 2021 increased by 17.30% year-over-year to ¥46,462,341.62, primarily due to increased VAT refunds for new energy enterprises[11] - The cash flow from tax refunds increased by 223.58% to ¥47,244,767.11 compared to the previous period, primarily due to a significant VAT refund received[14] - The company reported a significant increase in tax refunds received, totaling CNY 47,244,767.11 compared to CNY 14,600,501.43 in the previous period[33] Audit and Standards - The company did not undergo an audit for the third quarter report[35] - The report indicates that the company has not applied new leasing standards for the current year[35]

Financial Performance - The company's operating revenue for the first half of 2021 was CNY 617,340,906, representing a 3.69% increase compared to CNY 595,399,683.79 in the same period last year[22]. - The net profit attributable to shareholders of the listed company reached CNY 107,685,139.99, a significant increase of 320.17% from CNY 25,629,186.86 in the previous year[22]. - The net cash flow from operating activities was CNY 224,188,520.78, up 43.75% from CNY 155,954,338.02 in the same period last year[22]. - The basic earnings per share increased to CNY 0.1525, a rise of 320.11% compared to CNY 0.0363 in the previous year[22]. - The company's operating revenue for the reporting period was CNY 617,340,906, representing a year-on-year increase of 3.69%, while operating costs decreased by 10.45% to CNY 362,147,224[35]. - The revenue from the power generation sector was CNY 598,591,822, accounting for 96.96% of total revenue, with a year-on-year growth of 20.61%[37]. - The company achieved a net cash flow from operating activities of CNY 224,188,521, a significant increase of 43.75% compared to the previous year[35]. - The company reported a net loss of CNY 646,377,413.82, an improvement from a loss of CNY 754,062,553.81 in the previous period[115]. - The total operating revenue for the first half of 2021 was CNY 617,340,906, an increase of 3.2% compared to CNY 595,399,683.79 in the same period of 2020[119]. - Net profit for the first half of 2021 was CNY 110,493,569.36, compared to CNY 25,064,222.22 in the first half of 2020, marking a significant increase of 340.5%[120]. Assets and Liabilities - The total assets at the end of the reporting period were CNY 8,757,606,855.48, a decrease of 1.97% from CNY 8,933,984,596.11 at the end of the previous year[22]. - The net assets attributable to shareholders of the listed company increased by 4.05% to CNY 2,763,584,781.60 from CNY 2,655,899,641.61 at the end of the previous year[22]. - Accounts receivable increased by 20.31% to CNY 1,938,941,496.68, primarily due to unsettled subsidy electricity fees[42]. - Inventory rose by 3.91% to CNY 62,554,386.79, mainly due to the procurement of raw materials for production[42]. - Fixed assets decreased by 4.38% to CNY 5,951,172,057.23, primarily due to depreciation[42]. - Short-term borrowings decreased by 31.19% to CNY 745,000,000.00, mainly due to repayment of short-term loans[42]. - Long-term borrowings decreased by 8.25% to CNY 3,499,245,000.00, primarily due to loan repayments[42]. - Total liabilities decreased to CNY 5,961,551,928.68 from CNY 6,248,423,238.67, indicating a decline of approximately 4.61%[114]. - The company's total liabilities decreased to CNY 4,337,499,806.54 from CNY 4,534,918,116.92, a reduction of approximately 4.4%[120]. Operational Efficiency and Strategy - The company plans not to distribute cash dividends or issue bonus shares[7]. - The company plans to enhance its operational efficiency by upgrading old wind turbines and developing new energy projects in line with national policies[32]. - The company is actively pursuing the acquisition of 200,000 kW wind power assets from its controlling shareholder as part of its strategic expansion[31]. - The company has implemented measures to enhance equipment efficiency and reduce production costs to mitigate market order fluctuations in the equipment manufacturing sector[51]. - The company plans to enhance its market expansion strategies in the upcoming quarters[134]. - The company aims to improve its operational efficiency and reduce costs in the upcoming quarters[145]. Shareholder and Governance - Ningxia Silver Star Energy has established a comprehensive governance structure to ensure fair treatment of all shareholders, particularly minority shareholders[61]. - The company emphasizes transparency and accuracy in information disclosure, utilizing multiple communication channels with investors[62]. - There are no non-operating fund occupations by controlling shareholders or related parties during the reporting period[68]. - The company has maintained its commitment to independence in operations, assets, and finances to protect the rights of minority shareholders[67]. - The largest shareholder, Chalco Ningxia Energy Group Co., Ltd., holds 40.23% of the shares, totaling 284,089,900 shares[98]. - The number of ordinary shareholders at the end of the reporting period is 65,896[98]. Environmental and Social Responsibility - Ningxia Silver Star Energy Co., Ltd. reported no administrative penalties related to environmental issues during the reporting period[59]. - The company has implemented pollution control measures, with all emission indicators meeting standards for its paint mist purification and dust removal equipment[59]. - The company conducted five emergency drills for environmental incidents in the first half of 2021[60]. - The company has not initiated poverty alleviation or rural revitalization projects during the reporting period[63]. Financial Management and Reporting - The half-year financial report has not been audited[70]. - The company adheres to the accounting standards set forth by the Ministry of Finance and ensures that its financial statements reflect a true and complete view of its financial status as of June 30, 2021[152]. - The company’s financial reporting complies with the relevant disclosure regulations established by the China Securities Regulatory Commission[149]. - The company recognizes expected credit losses based on historical credit loss experience and current conditions, with a focus on the entire duration of the financial instruments[165]. - The company recognizes government grants as deferred income and allocates them over the useful life of the related assets[193]. Risks and Challenges - The company faces a risk of CNY 1.834 billion in subsidy electricity fees not being settled in a timely manner[6]. - The company faces risks from fluctuating wind resources affecting power generation hours and average grid-connected electricity prices declining, impacting profitability[50][51]. - The company has outstanding electricity subsidies amounting to CNY 1.834 billion, which has increased financial expenses for the current period[31].

Financial Performance - The company's operating revenue for Q1 2021 was ¥331,111,044.78, representing a 29.24% increase compared to ¥256,206,230.90 in the same period last year[9] - Net profit attributable to shareholders was ¥75,314,553.71, a significant increase of 1,316.11% from ¥5,318,408.90 year-on-year[9] - The net profit after deducting non-recurring gains and losses reached ¥76,382,139.55, up 1,399.84% from ¥5,092,697.98 in the previous year[9] - Basic earnings per share were ¥0.1067, a 1,322.67% increase from ¥0.0075 in the same period last year[9] - Operating profit surged by 826.62% to 82,136,767.97 from 8,864,107.54, driven by increased utilization hours in renewable energy generation[21] - Net profit skyrocketed by 1217.96% to 76,904,129.24 from 5,835,080.27, reflecting the same reasons as operating profit[21] - Total operating revenue for the current period reached ¥331,111,044.78, an increase of 29.3% compared to ¥256,206,230.90 in the previous period[45] - Net profit for the current period was ¥76,904,129.24, a substantial rise from ¥5,835,080.27, representing an increase of 1,116.5%[46] - Basic and diluted earnings per share improved to ¥0.1067 from ¥0.0075, indicating a growth of 1,322.7%[47] Cash Flow and Liquidity - The net cash flow from operating activities was ¥79,216,754.66, showing a 120.11% increase compared to ¥35,988,850.51 in the same period last year[9] - Cash received from sales increased by 31.59% to 160,680,131.70 from 122,105,419.69, due to higher sales collections[22] - Operating cash inflow rose by 36.72% to 175,688,211.34 from 128,502,963.89, driven by increased cash receipts from sales and tax refunds[22] - Cash and cash equivalents decreased by 33.48% to ¥122,419,971.88 due to unsettled renewable energy subsidy payments[17] - As of March 31, 2021, the company's cash and cash equivalents decreased to ¥122,419,971.88 from ¥184,030,824.64 as of December 31, 2020, representing a decline of approximately 33.5%[37] - The cash and cash equivalents at the end of the period stood at CNY 122,419,971.88, up from CNY 69,984,706.30 year-on-year, reflecting an increase of 75%[55] - The company’s cash and cash equivalents decreased by CNY 61,610,852.76 during the quarter, compared to a decrease of CNY 176,434,642.87 in the same period last year, indicating a significant reduction in cash outflow[55] Assets and Liabilities - Total assets at the end of the reporting period were ¥8,920,761,995.97, a slight decrease of 0.15% from ¥8,933,984,596.11 at the end of the previous year[9] - The net assets attributable to shareholders increased by 2.84% to ¥2,731,214,195.32 from ¥2,655,899,641.61 at the end of the previous year[9] - Current liabilities totaled CNY 2,298,316,150.25, down from CNY 2,326,499,203.63, indicating a reduction of approximately 1.5%[39] - Non-current liabilities decreased to CNY 3,859,980,359.04 from CNY 3,921,924,035.04, reflecting a decline of about 1.6%[39] - The company's total liabilities were CNY 6,158,296,509.29, down from CNY 6,248,423,238.67, representing a decrease of approximately 1.4%[39] - The equity attributable to shareholders of the parent company increased to CNY 2,731,214,195.32 from CNY 2,655,899,641.61, showing an increase of about 2.8%[40] Expenses and Income - Total operating costs amounted to ¥263,510,459.82, up from ¥250,735,573.96, reflecting a growth of 5.5%[46] - Other income increased by 42.58% to 14,704,996.48 from 10,313,434.15, mainly due to an increase in VAT refunds recognized this period[20] - Investment income rose by 115.61% to 454,108.93 from 210,619.68, attributed to increased profits from joint ventures[20] - Financial expenses decreased to ¥67,578,064.87 from ¥75,739,410.40, a reduction of 10.4%[46] - Tax expenses for the current period were ¥1,964,375.02, up from ¥758,284.06, indicating an increase of 159.5%[46] Government Support and Subsidies - The company received government subsidies amounting to ¥2,238,143.59 during the reporting period[10] Operational Independence and Governance - The company has committed to maintaining operational independence from its controlling shareholder, ensuring independent personnel, assets, and financial management[26] - The company is in the process of addressing competition issues with its controlling shareholder, with commitments expected to be fulfilled by March 2025[25] - There were no violations regarding external guarantees or non-operating fund occupation by controlling shareholders during the reporting period[31][32] - The company has not forecasted significant changes in net profit for the first half of 2021 compared to the previous year[29]

Financial Performance - The company's operating revenue for 2020 was CNY 1,201,865,887.77, a decrease of 11.40% compared to CNY 1,356,564,109.45 in 2019[18]. - The net profit attributable to shareholders for 2020 was CNY 34,300,768.14, an increase of 18.57% from CNY 28,928,405.17 in 2019[18]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 18,964,435.25, a decrease of 64.02% compared to CNY 52,713,984.52 in 2019[18]. - The net cash flow from operating activities was CNY 556,561,981.52, down 9.42% from CNY 614,440,011.29 in 2019[18]. - The basic earnings per share for 2020 was CNY 0.0486, an increase of 18.54% from CNY 0.0410 in 2019[18]. - The total operating revenue for 2020 was approximately ¥1.2019 billion, down 11.4% from ¥1.3566 billion in 2019[40]. - The revenue from the power generation sector was ¥961.39 million, accounting for 79.99% of total revenue, with a year-on-year decrease of 9.89%[40]. - The company's electricity generation for 2020 was 2.1361 billion kWh, a decrease of 6.5% compared to 2.30837 billion kWh in 2019[37]. - The total comprehensive income for 2020 was CNY 32,181,785.37, compared to CNY 25,639,709.22 in 2019, indicating an increase of 25.5%[199]. Assets and Liabilities - Total assets at the end of 2020 were CNY 8,933,984,596.11, a decrease of 4.48% from CNY 9,352,754,458.53 at the end of 2019[18]. - The net assets attributable to shareholders at the end of 2020 were CNY 2,655,899,641.61, an increase of 1.34% from CNY 2,620,870,914.65 at the end of 2019[18]. - The company's total liabilities decreased from CNY 6,698,277,082.03 in 2019 to CNY 6,248,423,238.67 in 2020, a decline of 6.7%[190]. - Current liabilities increased from CNY 1,807,232,282.83 in 2019 to CNY 2,326,499,203.63 in 2020, an increase of 28.7%[190]. - Long-term borrowings decreased from CNY 3,078,500,000.00 in 2019 to CNY 2,368,360,000.00 in 2020, representing a reduction of 23.0%[194]. Cash Flow and Investments - Cash flow from operating activities was CNY 556 million for the year, indicating strong cash generation capabilities despite challenges[22]. - Operating cash inflow decreased by 9.33% year-on-year to CNY 975,181,756.36, primarily due to reduced subsidy payments for electricity[57]. - Investment cash inflow increased significantly by 595,632.79% year-on-year to CNY 7,148,793.48, attributed to asset repurchase compensation received[57]. - The company reported an investment income of CNY 1,389,040.64, accounting for 4.56% of total profit, but this is not sustainable[57]. Operational Efficiency - The company achieved a 20-hour increase in equipment efficiency through targeted management strategies[36]. - The company reduced non-stop loss by 11 hours through centralized maintenance efforts[36]. - The average utilization hours of power plants decreased to 1,456 hours from 1,600 hours in the previous year[38]. - The company’s labor costs were reduced by approximately ¥7 million through optimization of personnel structure and labor management[36]. Research and Development - Research and development expenses increased by 120.12% to CNY 50,650.00 in 2020, compared to CNY 23,010.00 in 2019[53]. - The number of R&D personnel decreased by 42.86% to 12 in 2020, down from 21 in 2019[54]. - The company reported a 53.03% decrease in R&D investment to CNY 874,494.64 in 2020, down from CNY 1,861,774.10 in 2019[54]. Shareholder and Governance - The company plans not to distribute cash dividends or bonus shares for the year[7]. - The company has not proposed any cash dividend distribution plan for the reporting period, despite having positive distributable profits[81]. - The company has maintained its independence in operations, assets, and finances as per commitments made by its controlling shareholder[83]. - The company’s board of directors includes experienced professionals with backgrounds in engineering and management[143]. Related Party Transactions - The company engaged in related transactions with Aluminum Corporation of China, involving the procurement of lubricating oil amounting to 7.03 million yuan, representing 100% of the transaction amount[94]. - The company reported a total revenue of 7,292 million yuan for the year, with a significant portion coming from related party transactions[96]. - The actual amount spent on purchasing raw materials from related parties was 786 million yuan, accounting for 79.39% of the annual estimated amount[96]. Environmental and Compliance - The company has implemented environmental protection measures and has a pollution prevention facility that operates normally, ensuring compliance with emission standards[115][119]. - The company has not reported any significant litigation or arbitration matters that would impact its financial position[91]. - The company has not engaged in any major contracts or other significant contracts during the reporting period[110]. Audit and Internal Control - The audit opinion issued by PwC was a standard unqualified opinion, indicating that the financial statements fairly present the company's financial position[178]. - The company maintained effective internal control over financial reporting in all material respects as of December 31, 2020[174]. - There were no significant deficiencies or material weaknesses identified in the internal control system during the reporting period[173].

Financial Performance - Net profit attributable to shareholders increased by 126.28% to CNY 4,241,270.33 for the reporting period[9]. - Operating revenue for the reporting period was CNY 316,852,446.25, a slight decrease of 0.33% year-on-year[9]. - Total profit increased by 42.09% year-on-year, attributed to a robust order book in the tower business[18]. - Net profit increased by 46.44% year-on-year, driven by the same factors as total profit[18]. - Basic earnings per share rose by 126.28% to CNY 0.0060[9]. - The net profit for Q3 2020 was CNY 7,772,020.74, a significant improvement compared to a net loss of CNY 17,447,434.29 in the same period last year[44]. - The company recorded a total comprehensive income of ¥32,836,242.96, up from ¥22,423,571.49, marking a growth of 46.5%[53]. Assets and Liabilities - Total assets at the end of the reporting period were CNY 9,220,152,104.04, a decrease of 1.42% compared to the end of the previous year[9]. - Total liabilities decreased to CNY 6,527,240,529.60 from CNY 6,698,277,082.03, a reduction of approximately 2.55%[35]. - Current assets increased to ¥2,304,558,164.64 from ¥2,058,749,890.48, representing a growth of about 11.93% year-over-year[33]. - Short-term borrowings increased significantly to ¥971,000,000.00 from ¥610,000,000.00, marking a rise of about 59.02%[34]. - The total liabilities to equity ratio is approximately 2.52, indicating a leveraged capital structure[67]. Cash Flow - The net cash flow from operating activities was CNY 213,136,683.52, down by 0.43% compared to the same period last year[9]. - Cash received from tax refunds decreased by 59.19% year-on-year, mainly due to delays in VAT refund payments[19]. - Cash inflow from operating activities totaled 728,606,722.32, down from 751,643,606.00, reflecting a decline of 3.1%[58]. - The net cash flow from investment activities was -11,738,334.59, an improvement from -212,572,700.29 in the previous period[59]. - The ending balance of cash and cash equivalents was 246,157,551.36, compared to 176,023,715.52, showing an increase of 39.8%[59]. Shareholder Information - The total number of shareholders at the end of the reporting period was 54,571[13]. - The largest shareholder, Chalco Ningxia Energy Group Co., Ltd., held 40.23% of the shares[13]. - There were no significant changes in the shareholding structure or any repurchase agreements during the reporting period[14]. Government Support and Investments - The company received government subsidies amounting to CNY 9,396,575.32 during the reporting period[10]. - The company plans to inject 49% equity of the Alashan Zuoqi Helan Mountain Wind Power Project and Shaanxi Province's 200MW Electric Power Company into Ningxia Yinxing Energy within 24 months at a fair price determined by assessment[21]. Compliance and Governance - The company has committed to maintaining operational independence to protect the legal rights of other shareholders, ensuring personnel, assets, and business independence[21]. - The company has not reported any violations regarding external guarantees during the reporting period[29]. - The company is focused on compliance with updated accounting standards to enhance financial transparency and accuracy[72].

Financial Performance - The company's operating revenue for the first half of 2020 was approximately ¥595.40 million, a decrease of 10.82% compared to ¥667.61 million in the same period last year[18]. - The net profit attributable to shareholders of the listed company was approximately ¥25.63 million, down 35.13% from ¥39.51 million in the previous year[18]. - The net profit after deducting non-recurring gains and losses was approximately ¥20.30 million, a decline of 52.09% compared to ¥42.36 million in the same period last year[18]. - The basic earnings per share were ¥0.0363, down 35.18% from ¥0.0560 in the same period last year[18]. - The company reported a significant increase in income tax expenses, rising by 154.27% to ¥2,677,684.96 from ¥1,053,084.59[38]. - The company reported a comprehensive income total of ¥25.06 million for the first half of 2020, down from ¥39.87 million in the first half of 2019[120]. - The company reported a net profit of 25,629,100, with a decrease of 564,960 compared to the previous period[132]. Cash Flow and Liquidity - The net cash flow from operating activities was approximately ¥155.95 million, a decrease of 6.33% from ¥166.49 million in the previous year[18]. - The company's cash and cash equivalents decreased from RMB 246,419,349.17 at the end of 2019 to RMB 91,558,249.88 by June 30, 2020, a decline of approximately 62.9%[112]. - The cash and cash equivalents net decrease for the period was CNY -154,861,099.29, compared to a larger decrease of CNY -238,679,156.07 in the previous year[126]. - The ending balance of cash and cash equivalents was CNY 91,558,249.88, a decrease from CNY 53,389,407.75 at the end of the previous year[126]. Assets and Liabilities - The total assets at the end of the reporting period were approximately ¥9.20 billion, a decrease of 1.65% from ¥9.35 billion at the end of the previous year[18]. - The total liabilities increased, with short-term borrowings rising to ¥820,000,000.00, up from ¥510,000,000.00, indicating increased reliance on debt financing[45]. - The total current assets increased from CNY 2,058,749,890.48 to CNY 2,192,248,234.90, an increase of about 6.45%[113]. - The total liabilities at the end of the period are 762,734,000, a decrease from 788,363,000 in the previous period[133]. Revenue Breakdown - The revenue from the power generation sector was ¥496,285,729.32, accounting for 83.35% of total revenue, with a year-on-year decrease of 8.38%[40]. - The equipment manufacturing sector saw a substantial decline in revenue, down 33.14% to ¥63,394,930.36, representing 10.65% of total revenue[40]. Operational Highlights - The installed capacity of renewable energy generation reached 1.4568 million kW by the end of June 2020, primarily from 12 wind farms and 2 solar power stations located in Ningxia and surrounding areas[26]. - The company achieved a reduction of 1.71 million kWh in fault electricity loss year-on-year, despite the impact of the pandemic[33]. - Line faults decreased by 41% year-on-year, with a corresponding reduction of 1.5 million kWh in lost electricity[33]. - The company signed contracts for 460 MW (172 sets) of production orders in the wind power sector, capitalizing on favorable market conditions[34]. Strategic Initiatives - The company plans not to distribute cash dividends or issue bonus shares[7]. - The company is advancing a project for intelligent detection technology in megawatt-level wind turbine control systems, which has passed the review by the Ningxia Science and Technology Department[36]. - The company established strategic partnerships with major enterprises for gearbox and coal machine repair services, securing contracts worth nearly 4 million yuan[34]. Related Party Transactions - The company engaged in related party transactions, including the procurement of lubricating oil from a related party for 3.8796 million yuan, which accounted for 100% of similar transaction amounts[69]. - The company reported a total of 3,299.00 million yuan in related party transactions during the reporting period, with 403.89 million yuan for purchasing goods and 2,851.91 million yuan for providing services, representing 40.79% and 25.9% of the annual expected amounts respectively[73]. Legal and Compliance Matters - There are ongoing significant litigation matters involving a claim of 15 million yuan against the company, with the case currently in the review process[65]. - The company has not reported any penalties or rectification measures during the reporting period[67]. - The half-year financial report has not been audited[63]. Future Outlook and Risks - The company anticipates a potential loss or significant change in net profit for the period from January to September 2020[54]. - Risks include fluctuations in resource availability affecting operational hours and declining average on-grid electricity prices, with measures to enhance equipment efficiency and engage in electricity trading[54][55].

Financial Performance - The company's operating revenue for Q1 2020 was ¥256,206,230.90, a decrease of 16.39% compared to ¥306,447,103.11 in the same period last year[9] - Net profit attributable to shareholders was ¥5,318,408.90, down 8.79% from ¥5,831,182.67 year-on-year[9] - The net profit after deducting non-recurring gains and losses was ¥5,092,697.98, a significant decline of 37.40% from ¥8,135,485.65 in the previous year[9] - Operating income decreased by 66.55% year-on-year to 465,927.10, mainly due to significant insurance claims received in the previous period[19] - The company reported a net loss of CNY -783,044,913.05, compared to a loss of CNY -788,363,321.95 in the previous period[36] - The total operating revenue for the first quarter was CNY 172,867,103.08, a decrease of 19.4% compared to CNY 214,326,283.24 in the previous year[44] - The net profit for the first quarter was CNY 5,835,080.27, representing an increase of 11.3% from CNY 5,243,984.38 in the same period last year[42] - The operating profit decreased to CNY 8,864,107.54, down 13.9% from CNY 10,315,196.83 year-over-year[41] Cash Flow and Liquidity - The net cash flow from operating activities decreased by 55.43% to ¥35,988,850.51 from ¥80,740,059.15 in the same period last year[9] - Cash received from sales of goods and services decreased by 38.00% year-on-year to 122,105,419.69, primarily due to reduced electricity subsidies and manufacturing receivables[20] - The cash flow from operating activities was CNY 122,105,419.69, a decrease from CNY 196,956,824.84 in the previous year[47] - The ending cash and cash equivalents balance was CNY 69,984,706.30, down from CNY 102,015,709.57 in the previous year[49] - Cash inflow from financing activities was CNY 50,000,000.00, while cash outflow totaled CNY 208,063,587.69, resulting in a net cash flow of -CNY 208,063,587.69[49] - The company's cash and cash equivalents decreased by 71.60% to ¥69,984,706.30, primarily due to repayment of principal and interest[17] Assets and Liabilities - Total assets at the end of the reporting period were ¥9,186,999,874.82, a decrease of 1.77% from ¥9,352,754,458.53 at the end of the previous year[9] - Total liabilities decreased to CNY 6,698,277,082.03, with current liabilities at CNY 1,807,232,282.83 and non-current liabilities at CNY 4,891,044,799.20[58] - Accounts receivable increased to ¥1,529,931,937.17 from ¥1,407,421,462.14, reflecting a growth of approximately 8.7% in receivables[33] - Inventory rose to ¥102,010,056.71 from ¥83,800,966.30, marking an increase of about 21.7%[33] - The company's total equity increased slightly to CNY 2,660,312,456.77 from CNY 2,654,477,376.50, a growth of about 0.22%[36] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 62,347[13] - The largest shareholder, Chalco Ningxia Energy Group Co., Ltd., holds 40.23% of the shares, totaling 284,089,900 shares[13] Government Support and Subsidies - The company received government subsidies amounting to ¥2,352,070.31 during the reporting period[10] Operational Changes and Future Plans - The company plans to construct the Ulan Had wind farm project and is in the early stages of the Helan Mountain 1 million kW wind power project planning[24] - The company aims to eliminate competition with Chalco Ningxia Energy by divesting its photovoltaic power generation assets and related businesses within five years[24] - The company has decided to terminate the major asset restructuring plan due to delays in asset evaluation and approval processes[24] - The company will prioritize applying for project approvals and specific construction for wind power projects[24] - The company has committed to not engaging in similar photovoltaic power generation businesses to avoid competition with its controlling shareholder[24] Expenses and Cost Management - Sales expenses decreased by 85.46% year-on-year to 226,013.63, primarily due to reduced transportation costs from delayed deliveries caused by the pandemic[18] - R&D expenses increased to 2,700.00, reflecting payments for patent annual inspection fees[19] - Operating expenses decreased by 53.80% year-on-year to 2,736,670.31, primarily due to large losses from work stoppages in the previous period[19] - Income tax expenses increased by 40.40% year-on-year to 758,284.06, attributed to increased profits from subsidiaries[19] Communication and Governance - The company held a communication session on March 31, 2020, to discuss its operational status with stakeholders[29] - The company is actively working to resolve remaining industry competition issues and support its core business growth[25] - The company has committed to maintaining operational independence and protecting the rights of minority shareholders[25] - There were no violations regarding external guarantees or non-operating fund occupation by controlling shareholders during the reporting period[30][31]