上海柘中集团股份有限公司 2021 年第一季度报告全文 上海柘中集团股份有限公司 2021 年第一季度报告 2021 年 04 月 1 上海柘中集团股份有限公司 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。 公司负责人陆仁军、主管会计工作负责人陆嵩及会计机构负责人(会计主管 人员)钱兵华声明：保证季度报告中财务报表的真实、准确、完整。 2 √ 适用 □ 不适用 单位：元 | 项目 | 年初至报告期期末金额 | 说明 | | --- | --- | --- | | 非流动资产处置损益（包括已计提资产减值准备的冲销部分） | -71,966.29 | | | 计入当期损益的政府补助（与企业业务密切相关，按照国家统一 | 28,263.84 | | | 标准定额或定量享受的政府补助除外） | | | | 委托他人投资或管理资产的损益 | 627,687.01 | | | 除同公司正常经营业务相关的有效套期保值业务外， ...

上海柘中集团股份有限公司 2021 年第一季度报告全文 上海柘中集团股份有限公司 2021 年第一季度报告 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。 公司负责人陆仁军、主管会计工作负责人陆嵩及会计机构负责人(会计主管 人员)钱兵华声明：保证季度报告中财务报表的真实、准确、完整。 2 上海柘中集团股份有限公司 2021 年第一季度报告全文 第二节 公司基本情况 2021-20 2021 年 04 月 1 上海柘中集团股份有限公司 2021 年第一季度报告全文 第一节 重要提示 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 | | 本报告期 | 上年同期 | 本报告期比上年同期增减 | | --- | --- | --- | --- | | 营业收入（元） | 127,299,189.02 | 89,684,639.10 | 41.94% | | 归属于上市公司股东的净利润（元） | 24,527,934.73 | - ...

Financial Performance - The company's operating revenue for 2020 was CNY 604,422,154.87, representing a 33.82% increase compared to CNY 451,656,673.66 in 2019[20] - The net profit attributable to shareholders for 2020 was CNY 155,648,950.82, a 64.42% increase from CNY 94,663,779.43 in 2019[20] - The net profit after deducting non-recurring gains and losses was CNY 87,479,838.67, which is a 99.51% increase from CNY 43,846,727.11 in 2019[20] - The basic earnings per share for 2020 was CNY 0.35, up 66.67% from CNY 0.21 in 2019[21] - The total revenue for complete switch equipment reached ¥411,870,705.56, accounting for 89.70% of total sales, with a year-on-year increase of 30.84%[52] - Net profit attributable to shareholders was ¥155,648,950.82, reflecting a significant growth of 64.42% year-on-year, driven by the growth in the electrical main business and substantial gains from financial asset investments[38] - The company maintained a gross margin of 24.02% in the industrial sector, with a year-on-year increase of 0.62%[47] - The revenue from complete switchgear reached ¥534,969,011.11, up 31.08% compared to the previous year[38] Assets and Liabilities - The total assets at the end of 2020 were CNY 2,701,539,935.35, a decrease of 7.45% from CNY 2,918,945,342.23 at the end of 2019[21] - The net assets attributable to shareholders at the end of 2020 were CNY 2,084,293,742.02, reflecting a 2.65% increase from CNY 2,030,446,802.33 at the end of 2019[21] - The company's total assets at the end of 2020 were ¥2,698,000,000, with cash and cash equivalents decreasing by 2.50% to ¥64,064,037.80[62] - The proportion of long-term equity investments increased by 6.07% to 18.48% of total assets, amounting to ¥499,182,026[62] - The company’s financial liabilities remained at 0.00, indicating no new financial obligations incurred during the reporting period[65] Cash Flow - The net cash flow from operating activities for 2020 was CNY 10,300,719.75, down 81.63% from CNY 56,076,011.96 in 2019[20] - Operating cash flow net amount decreased by 81.63% to ¥10,300,719.75, primarily due to increased cash payments for goods and services[57] - Investment cash flow net amount increased by 321.70% to ¥204,637,981.89, mainly due to reduced cash payments for fixed asset purchases[58] Dividends and Shareholder Returns - The company plans to distribute a cash dividend of CNY 2 per 10 shares to all shareholders based on a total share capital of 441,575,416 shares as of December 31, 2020[8] - The cash dividend payout ratio for 2020 was 56.74% of the net profit attributable to ordinary shareholders[112] - The company distributed a cash dividend of RMB 2 per 10 shares, totaling RMB 88,315,083.20 for the fiscal year 2020[106] - The cash dividend for 2019 was also RMB 2 per 10 shares, amounting to RMB 88,315,083.20, reflecting a similar payout strategy[109] Business Operations and Strategy - The company has ceased production of PHC piles since 2015, focusing on the production and sales of complete switchgear and investment business[19] - The company actively participates in major infrastructure projects, including those for the State Grid and urban public services, which are crucial for its business growth[32] - The company plans to continue focusing on high-concentration industries such as integrated circuits, state grid, rail transit, and data centers to capture new infrastructure market opportunities[41] - The company has established partnerships with several well-known semiconductor companies, including SMIC and Huahong Semiconductor, enhancing its market presence in the semiconductor sector[31] Research and Development - Research and development expenses amounted to ¥21,090,745.15, which is 3.49% of operating revenue, showing a year-on-year increase of 4.50%[55] - The company plans to enhance product technology and capture niche market opportunities, aiming for stable growth in the complete switchgear equipment sector[101] - The company has established a new R&D center with an investment of CNY 1,267 million, fully completed[94] Corporate Governance - The company has a clear governance structure, adhering to legal and regulatory requirements for board meetings and shareholder rights[188] - The board of directors and supervisory board operate independently, ensuring no interference from the controlling shareholder in decision-making[187] - Independent directors provided constructive suggestions on strategic direction and internal controls, which were adopted by the company[195] Environmental and Social Responsibility - The company has committed to sustainable development and environmental management practices[147] - The company actively contributed to the fight against COVID-19 by donating funds and supplies to local health authorities and the Red Cross[148] - Shanghai Fengxian Gas Turbine Power Co., Ltd. achieved a total nitrogen oxide emission of 27.55 tons, well below the approved limit of 53.14 tons, indicating compliance with environmental standards[149] Employee Relations - The company has implemented measures to protect employee rights and ensure a safe working environment, especially during the pandemic[147] - The company emphasizes continuous employee training, offering targeted training programs to enhance professional skills and industry knowledge[184] - The total number of employees in the company is 485, with 22 in the parent company and 448 in major subsidiaries[182]

Financial Performance - Operating revenue for the reporting period was CNY 105,341,929.86, an increase of 23.01% year-over-year, while year-to-date revenue reached CNY 449,944,005.18, up 54.30%[8] - Net profit attributable to shareholders for the reporting period was CNY 3,292,328.73, a decrease of 2.90% year-over-year, and year-to-date net profit was CNY 5,704,520.30, down 92.35%[8] - Operating costs increased by 60.05% compared to the same period last year, primarily due to increased revenue from the complete switchgear business[17] - Financial expenses surged by 3105.70% year-on-year, primarily due to increased interest payments on short-term bank loans[17] - Investment income decreased by 215.66% compared to the same period last year, mainly due to a reduction in investment income from financial assets[17] - Net profit decreased by 92.35% year-on-year, primarily due to a decline in operating profit compared to the same period last year[18] - Total operating revenue for the period reached ¥449,944,005.18, a significant increase from ¥291,612,123.43 in the previous period, representing a growth of approximately 54.3%[51] - Net profit for the period was ¥5,704,520.30, a decrease from ¥74,596,220.34 in the previous period, reflecting a decline of approximately 92.4%[53] Cash Flow - The net cash flow from operating activities was CNY -6,183,843.40, a decline of 95.21% compared to the same period last year[8] - Cash flow from operating activities decreased by 137.79% year-on-year, mainly due to a reduction in cash received related to other operating activities[18] - Cash flow from investing activities increased by 273.18% year-on-year, primarily due to an increase in cash received from investment recoveries[18] - Cash flow from financing activities decreased by 1660.17% year-on-year, mainly due to increased cash payments for dividends and interest[18] - The company’s cash inflow from operating activities totaled CNY 330,070,804.95, while cash outflow was CNY 390,245,448.23, leading to a net cash flow from operating activities of -CNY 60,174,643.28[61] - Cash inflow from investment activities totaled CNY 460,325,171.99, significantly up from CNY 128,101,796.94 in the previous period, marking an increase of 259.5%[66] - The net cash flow from investment activities is CNY 310,272,191.99, a turnaround from a negative cash flow of CNY -220,656,326.65 in the previous period[66] Assets and Liabilities - Total assets at the end of the reporting period were CNY 2,451,462,144.48, a decrease of 16.02% compared to the end of the previous year[8] - The company's total liabilities decreased to ¥503,625,905.05 from ¥888,498,539.90, indicating a reduction of about 43%[36] - The accounts receivable increased to ¥366,945,629.33 from ¥324,955,606.30, representing a growth of approximately 13%[34] - Non-current assets totaled ¥2,043,752,833.41, down from ¥2,417,076,740.05 in the previous year[39] - Total liabilities decreased to CNY 316,355,997.60 from CNY 639,342,586.77 in the previous year[40] - The total equity remained stable at ¥962,836,239.43, unchanged from the previous reporting period[36] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 21,429[12] - The largest shareholder, Shanghai Kangfeng Investment Management Co., Ltd., held 62.52% of the shares, with 188,080,000 shares pledged[12] Operational Highlights - The company completed the electrical switch equipment project, contributing to the increase in operating revenue[16] - There were no significant changes in the company's operational contracts or non-operational fund occupation by major shareholders during the reporting period[28] - The company has not disclosed any new product developments or market expansion strategies in the current report[75] Research and Development - The company reported a significant increase in research and development expenses to CNY 811,926.86 from CNY 504,838.75 in the previous year[43] - Research and development expenses for the period were ¥1,193,466.81, down from ¥1,592,130.84 in the previous period, indicating a decrease of approximately 25.1%[52]

Financial Performance - The company's operating revenue for the first half of 2020 was ¥344,602,075.32, representing a 67.30% increase compared to ¥205,975,829.36 in the same period last year[18]. - The net profit attributable to shareholders of the listed company was ¥2,412,191.57, a decrease of 96.61% from ¥71,205,609.11 in the previous year[18]. - The net cash flow from operating activities was -¥53,990,799.88, down 118.73% from ¥288,197,869.84 in the same period last year[18]. - The total assets at the end of the reporting period were ¥2,444,475,157.27, a decrease of 16.25% from ¥2,918,945,342.23 at the end of the previous year[18]. - The net assets attributable to shareholders of the listed company were ¥1,944,543,910.70, down 4.23% from ¥2,030,446,802.33 at the end of the previous year[18]. - The company achieved operating revenue of CNY 344,602,075.32, with a year-on-year increase of 67.30% compared to CNY 205,975,829.36 in the previous year[35]. - The net profit attributable to shareholders was CNY 2,412,191.57, a significant decrease of 96.61% from the previous year, primarily due to a sharp decline in fair value changes of financial assets and investment income[32]. - The main business, complete switchgear equipment, generated revenue of CNY 339,780,943.85, accounting for 98.60% of total revenue, with a year-on-year increase of 66.21%[38]. - The company reported a gross profit margin of 22.53% for its industrial segment, a decrease of 3.71% compared to the previous year[40]. - The company reported a total profit for the first half of 2020 was a loss of ¥6,309,760.57, compared to a profit of ¥78,972,345.77 in the first half of 2019, indicating a significant downturn[143]. Cash Flow and Investments - The cash flow from operating activities showed a net outflow of CNY -53,990,799.88, a decrease of 118.73% compared to the previous year[36]. - The investment activities generated a net cash inflow of CNY 350,916,209.57, a significant increase of 233.93% from the previous year[36]. - The total cash inflow from investment activities was 534,660,893.57 CNY, while cash outflow was 183,744,684.00 CNY, resulting in a net cash flow of 350,916,209.57 CNY, a substantial improvement from -262,015,007.32 CNY previously[152]. - The cash flow from financing activities showed a net outflow of -290,986,674.37 CNY, compared to -30,691,892.00 CNY in the prior period, reflecting increased financial strain[152]. - The company received 502,378,433.64 CNY from investment recoveries, a notable increase from 254,703,630.91 CNY in the previous half-year[152]. - The company has invested RMB 2,064,790,000.00 in financial products, recovering RMB 2,055,790,000.00, leaving a balance of RMB 9,000,000.00 in financial products as of June 30, 2020[60]. Business Operations and Strategy - The main business involves the production and sales of complete switchgear, which is widely used in various industrial and civil buildings, rail transit, airports, and data centers[26]. - The company plans to seize opportunities in the new infrastructure market while continuing to develop its complete switchgear equipment business[33]. - The company aims to maintain a diversified business approach to enhance its adaptability and risk resistance in a highly uncertain market environment[33]. - The company plans to expand its market presence and invest in new product development[160]. - The company is focusing on enhancing its risk management strategies to mitigate potential financial impacts[160]. Shareholder and Equity Information - The company plans not to distribute cash dividends or issue bonus shares[8]. - The total number of ordinary shareholders at the end of the reporting period is 23,022[116]. - Shanghai Kangfeng Investment Management Co., Ltd. holds 62.52% of the shares, totaling 276,066,710 shares, with 188,080,000 shares pledged[116]. - The total number of shares is 441,575,416, with 10.63% being limited sale shares and 89.37% being unrestricted sale shares[114]. - The largest shareholder, Shanghai Kangfeng Investment Management Co., Ltd., has not changed its shareholding during the reporting period[118]. Regulatory and Compliance - The half-year financial report has not been audited[84]. - The company has maintained a transparent and regulated approach to the management of raised funds, adhering to the guidelines set by the China Securities Regulatory Commission[61]. - The company has established a dedicated account management system for raised funds, ensuring compliance with relevant laws and regulations[61]. - The company has not encountered any significant changes in the feasibility of its projects during the reporting period[71]. - There were no major litigation or arbitration matters during the reporting period[86]. Environmental and Social Responsibility - The company has established four sets of low-nitrogen burners to ensure compliance with emission standards, achieving a 100% operational rate[106]. - The company has implemented a self-monitoring plan for environmental compliance, regularly engaging third-party services for monitoring waste and emissions[109]. - The company’s subsidiary, Shanghai Fengxian Gas Turbine Power Plant, is classified as a key pollutant discharge unit by environmental protection authorities[105]. - The company completed environmental impact assessments and received necessary approvals for its projects since 2004[107]. Financial Position and Assets - The total amount of financial assets at the end of the period is approximately CNY 1,337,765,749.25, with a fair value change of CNY 13,354,372.92 during the period[47]. - The total amount of raised funds is CNY 65,560.03 million, with CNY 666.22 million invested during the reporting period and a cumulative investment of CNY 73,332.53 million[57]. - The total amount of other financial assets at the end of the period is CNY 961,529,700[51]. - The company’s total liabilities were reported at 1,887.47 million yuan, indicating a liability-to-equity ratio of approximately 0.62[168]. - The company’s total assets at the end of the reporting period were 3,046.88 million yuan[166].

Financial Performance - The company's operating revenue for 2019 was CNY 451,656,673.66, a decrease of 19.26% compared to CNY 559,383,742.33 in 2018[18] - The net profit attributable to shareholders in 2019 was CNY 94,663,779.43, representing a significant increase of 62.46% from CNY 58,267,662.10 in 2018[18] - The net profit after deducting non-recurring gains and losses was CNY 43,846,727.11, down 33.02% from CNY 65,457,857.54 in the previous year[18] - The net cash flow from operating activities decreased by 62.87% to CNY 56,076,011.96 from CNY 151,012,224.10 in 2018[18] - Basic earnings per share for 2019 were CNY 0.21, up 61.54% from CNY 0.13 in 2018[18] - The weighted average return on equity increased to 4.69% in 2019 from 2.81% in 2018, reflecting improved profitability[18] Revenue Breakdown - The main business of complete switchgear generated revenue of CNY 408,120,251.76, accounting for 90.36% of total revenue, with a gross profit of CNY 93,337,101.58, down 11.59% year-on-year[34] - The sales volume of complete switchgear increased by 27.11% to 15,061 sets in 2019, while production volume rose by 29.79% to 15,160 sets[41] - The company’s revenue from the construction installation industry dropped by 61.16% to CNY 6,651,580.97, indicating a shift in focus towards more profitable segments[37] - In 2019, the total revenue from the industrial sector was CNY 340,883,104.33, accounting for 98.35% of the total revenue, which represents a year-on-year decrease of 17.71%[43] - The revenue from complete switchgear equipment was CNY 314,801,400.68, making up 90.82% of the cost of sales, with a year-on-year decline of 17.61%[44] Investment and Assets - The total assets at the end of 2019 were CNY 2,918,945,342.23, an increase of 15.47% from CNY 2,527,819,758.48 at the end of 2018[19] - The net assets attributable to shareholders decreased slightly by 0.39% to CNY 2,030,446,802.33 from CNY 2,038,432,099.86 in 2018[19] - The total amount of accounts receivable was CNY 324,955,606.30, which accounted for 11.13% of total assets, showing a decrease of 2.49% from the previous year[62] - The company’s cash and cash equivalents increased by 297.89% to CNY 99,155,537.17, indicating improved liquidity[56] - The company’s financial assets at the end of the period totaled RMB 1,337,765,749.25, with a fair value change loss of RMB 21,946,608.20 during the reporting period[71] Dividend Policy - The company plans to distribute a cash dividend of CNY 2 per 10 shares, based on a total of 441,575,416 shares[7] - The cash dividend for 2019 represents 93.29% of the net profit attributable to the company's ordinary shareholders[107] - The company has maintained a consistent cash dividend policy since its listing in 2010, ensuring the protection of minority shareholders' rights[104] - The company’s profit distribution plan for 2019 is based on a total share capital of 441,575,416 shares[105] Corporate Governance - The company adheres to the requirements of the Company Law and Securities Law, ensuring a sound corporate governance structure[177] - The board of directors and supervisory board operate independently without interference from the controlling shareholder[177] - The company respects the rights of all stakeholders, including employees, creditors, and customers, promoting balanced interests[179] - The company’s governance practices align with the requirements set by the Company Law and the China Securities Regulatory Commission[180] Risk Management - The company has faced risks from macroeconomic changes and industry competition affecting gross profit margins[7] - The company maintained a diversified investment strategy to enhance its adaptability and risk resistance in a volatile market environment[34] - The company is committed to maintaining an appropriate scale of investment and diversified operations to enhance its adaptability and risk resistance in uncertain market conditions[100] Internal Controls and Compliance - The company maintained effective internal controls related to financial reporting as of December 31, 2019, in accordance with the relevant regulations[193] - The audit opinion issued by the accounting firm was a standard unqualified opinion, confirming the fair presentation of the financial statements[199] - There were no significant deficiencies in financial reporting or non-financial reporting identified during the internal control assessment[193] - The company strictly adheres to information disclosure regulations, ensuring timely and accurate communication with investors[179] Employee and Management - The total number of employees in the company is 439, with 24 in the parent company and 415 in major subsidiaries[171] - The company has a professional composition of 229 production personnel, 20 sales personnel, 83 technical personnel, 9 financial personnel, and 98 administrative personnel[171] - The total remuneration for directors, supervisors, and senior management during the reporting period amounts to 1.329 million yuan[170] - The company conducts regular training for employees to enhance their job skills[174]

Financial Performance - The company's operating revenue for Q1 2020 was ¥89,684,639.10, a decrease of 13.17% compared to ¥103,284,274.83 in the same period last year[8]. - The net profit attributable to shareholders was -¥41,522,985.03, representing a decline of 142.02% from ¥98,815,186.52 year-on-year[8]. - The basic earnings per share were -¥0.09, down 140.91% from ¥0.22 in the same period last year[8]. - The total operating costs for Q1 2020 were CNY 90,336,244.87, a decrease of 4.8% compared to CNY 94,566,844.84 in the previous period[40]. - The net profit for Q1 2020 was a loss of CNY 41,522,985.03, compared to a profit of CNY 98,815,056.70 in the same period last year, representing a significant decline[41]. - The company's operating profit for Q1 2020 was a loss of CNY 54,080,705.39, down from a profit of CNY 123,666,616.83 in the previous year[41]. Cash Flow - The net cash flow from operating activities was -¥65,014,233.30, a significant decrease of 322.20% compared to ¥29,259,628.19 in the previous year[8]. - Cash flow from operating activities decreased by 322.2% year-on-year, mainly due to an increase in payments to suppliers for goods purchased and prepayments[17]. - The cash flow from financing activities decreased by 80.16% year-on-year, primarily due to repayments of loans from major shareholders[18]. - The total cash inflow from investment activities was 289,892,546.80 CNY, while cash outflow was 114,688,710.00 CNY, resulting in a net cash flow of 175,203,836.80 CNY from investment activities[49]. - The company reported a total cash inflow from operating activities of 42,216,547.95 CNY, a significant increase from 4,972,841.76 CNY in the previous year[52]. Assets and Liabilities - Total assets at the end of the reporting period were ¥2,769,061,532.19, a decrease of 5.13% from ¥2,918,945,342.23 at the end of the previous year[8]. - Total liabilities decreased to CNY 780,137,714.89 from CNY 888,498,539.90, representing a reduction of about 12.2%[33]. - Current liabilities totaled CNY 654,573,841.55, down from CNY 748,974,612.66, indicating a decrease of approximately 12.6%[33]. - Non-current liabilities decreased to CNY 125,563,873.34 from CNY 139,523,927.24, a decline of about 10%[33]. - The company had a total of 779,496,329.09 CNY in current assets as of December 31, 2019[56]. Investments and Financial Assets - The company reported a 58.98% decrease in trading financial assets compared to the beginning of the period, mainly due to the recovery of some financial asset investments and fair value changes[16]. - Investment income decreased by 45.85% compared to the same period last year, primarily due to a reduction in financial asset investments and wealth management products[17]. - Fair value changes in income decreased by 181.63% year-on-year, mainly due to a decrease in fair value changes of financial assets measured at fair value[17]. - Long-term equity investments were reported at CNY 364,466,469.01, an increase from CNY 362,378,219.31[32]. Changes in Financial Position - The net assets attributable to shareholders decreased by 2.05% to ¥1,988,923,817.30 from ¥2,030,446,802.33 at the end of the previous year[8]. - The company has implemented new revenue and leasing standards starting from 2020, which may impact future financial reporting[54]. - The company is focusing on expanding its investment activities, as indicated by the significant cash inflow from investment recoveries[53]. - The company has not undergone an audit for the first quarter report, which was released on April 28, 2020[61].

Financial Performance - Operating revenue decreased by 43.34% to ¥85,636,294.07 for the current period, and decreased by 34.09% to ¥291,612,123.43 year-to-date[10] - Net profit attributable to shareholders decreased by 60.73% to ¥3,390,708.41 for the current period, while year-to-date net profit increased by 42.83% to ¥74,596,317.52[10] - Basic earnings per share decreased by 50.00% to ¥0.01 for the current period, while year-to-date it increased by 41.67% to ¥0.17[10] - Total operating revenue for the current period is ¥85,636,294.07, a decrease of 43.5% compared to ¥151,130,230.85 in the previous period[43] - Total operating costs for the current period are ¥85,643,744.48, down from ¥140,517,297.59, reflecting a reduction of 39.0%[43] - Operating profit for the current period is ¥1,472,908.83, compared to ¥7,571,913.03 in the previous period, indicating a decline of 80.5%[44] - Net profit for the current period is ¥3,390,703.94, down 60.8% from ¥8,633,343.52 in the previous period[44] - Total profit for the current period is ¥80,575,845.74, an increase of 46.4% from ¥55,100,473.96 in the previous period[52] Cash Flow - Cash flow from operating activities showed a net outflow of ¥128,969,551.86, a decrease of 2,465.63% compared to the previous period[10] - Cash flow from operating activities increased by 31.76% compared to the same period last year, mainly due to a decrease in cash paid for goods and services[21] - The net cash flow from operating activities was CNY 159,228,317.98, an increase of 31.7% compared to CNY 120,844,689.83 in the previous period[59] - The net cash flow from investing activities was CNY -202,085,633.01, worsening from CNY -31,364,451.16 in the previous period[59] - The net cash flow from financing activities was CNY 18,706,540.01, improving from a negative CNY -33,107,764.26 in the previous period[60] Assets and Liabilities - Total assets increased by 11.30% to ¥2,813,429,179.15 compared to the end of the previous year[10] - Current liabilities rose to ¥595,769,267.70, compared to ¥381,730,459.55, marking a significant increase of 56.2%[35] - Total liabilities reached ¥696,463,720.95, up from ¥486,539,168.95, reflecting a growth of 43.1%[35] - Owner's equity increased to ¥2,116,965,458.20, compared to ¥2,041,280,589.53, showing a growth of 3.7%[36] - The company reported a significant increase in other payables, which rose to ¥368,255,188.36 from ¥155,380,647.18, a growth of 136.5%[35] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 26,223[14] - The largest shareholder, Shanghai Kangfeng Investment Management Co., Ltd., holds 62.52% of the shares and has pledged 178,080,000 shares[14] Investment and Equity - Long-term equity investments increased by 57.05% compared to the beginning of the period, mainly due to an increase in external equity investment amounts[19] - Investment income increased by 39.37% compared to the same period last year, mainly due to increased gains from the disposal of financial assets measured at fair value[20] - The company reported a long-term equity investment of CNY 231,633,381.58[66] Other Financial Metrics - Financial expenses increased by 76.54% compared to the same period last year, mainly due to an increase in bank fees paid during the period[20] - The company reported a total comprehensive income of ¥3,390,703.94, contrasting with a loss of ¥35,630,424.43 in the previous period[45] - The company experienced a significant increase in sales expenses, which rose to ¥3,316,404.28 from ¥656,929.46, marking a rise of 404.5%[43] - Research and development expenses decreased to ¥504,838.75 from ¥1,024,146.41, a reduction of 50.8%[43]

Financial Performance - The company's operating revenue for the first half of 2019 was CNY 205,975,829.36, a decrease of 29.29% compared to CNY 291,304,200.74 in the same period last year[17]. - Net profit attributable to shareholders increased by 63.34% to CNY 71,205,609.11, up from CNY 43,592,314.82 year-on-year[17]. - The net cash flow from operating activities rose significantly by 149.75% to CNY 288,197,869.84, compared to CNY 115,392,890.11 in the previous year[17]. - The company reported a decrease of 5.26% in net profit after deducting non-recurring gains and losses, totaling CNY 50,133,179.04 compared to CNY 52,914,005.84 in the same period last year[17]. - The main business revenue was ¥204,434,103.90, accounting for 97.20% of total revenue, which decreased by 27.80% year-on-year[34]. - The operating costs decreased by 33.99% to ¥151,921,875.90, corresponding to the reduction in revenue from complete switchgear[32]. - Sales expenses surged by 202.73% to ¥3,653,853.70, mainly due to increased advertising, hospitality, and transportation costs[32]. - The gross profit margin for the complete switchgear segment was 26.01%, reflecting a year-on-year increase of 5.91%[35]. - The company reported a total of ¥376,526,205.00 in purchases and ¥209,927,220.92 in sales of financial assets during the reporting period[42]. - The company’s total equity attributable to shareholders rose to CNY 2,109,637,708.97, up from CNY 2,038,432,099.86, reflecting an increase of approximately 3.5%[135]. Investment and Financing Activities - The company plans not to distribute cash dividends or issue bonus shares for the reporting period[6]. - The total investment amount for the reporting period was ¥320,325,889.73, a decrease of 48.32% compared to the previous year's investment of ¥619,791,296.77[43]. - The company made significant equity investments, including an investment of ¥189,970,850.00 in Shanghai Dazhen Asset Management Co., holding an 88.57% stake[45]. - The total amount of raised funds was ¥655,600,300.00, with ¥16,897,000.00 invested during the reporting period and a cumulative investment of ¥713,429,100.00[53]. - The company has committed to invest RMB 59,853.95 million in various projects, with a cumulative investment of RMB 40,695.6 million completed[70]. - The company has fully utilized RMB 7,000 million of excess funds for the establishment of Daishan Zhezhong Building Materials Co., Ltd.[70]. - The company has achieved a 100% investment progress in the new R&D center with an investment of RMB 1,267 million[70]. - The company has not engaged in any significant non-fundraising investment projects during the reporting period[73]. Assets and Liabilities - Total assets at the end of the reporting period reached CNY 2,886,793,326.24, reflecting a growth of 14.20% from CNY 2,527,819,758.48 at the end of the previous year[17]. - The company's total liabilities increased to CNY 752,634,259.98 from CNY 486,539,168.95, marking a rise of about 54.5%[135]. - Cash and cash equivalents decreased to CNY 39,107,477.82 from CNY 43,613,888.97, a decline of about 10.5%[132]. - Accounts receivable stood at CNY 327,619,958.55, slightly down from CNY 342,303,256.92, indicating a decrease of around 4.3%[132]. - Inventory decreased to CNY 48,181,067.20 from CNY 57,672,460.64, representing a decline of approximately 16.5%[133]. - The company's other receivables increased significantly to CNY 98,405,998.70 from CNY 29,773,861.38, showing a growth of about 230.5%[132]. - The non-current assets totaled CNY 2,241,695,884.95, up from CNY 1,925,164,850.33, indicating an increase of approximately 16.4%[134]. Shareholder Information - The total number of shares after the recent changes is 441,575,400, with 10.63% being limited shares and 89.37% being unrestricted shares[111]. - Shanghai Kangfeng Investment Management Co., Ltd. holds 62.52% of the total shares, amounting to 276,066,710 shares, with 178,080,000 shares pledged[116]. - The second largest shareholder, Lu Renjun, holds 13.11% of the shares, totaling 57,884,060 shares[116]. - The company has not conducted any repurchase transactions among the top 10 shareholders during the reporting period[118]. - There has been no change in the controlling shareholder or actual controller during the reporting period[119]. Regulatory and Compliance Matters - The company has established a dedicated management system for raised funds, ensuring compliance with relevant regulations[59]. - The company did not engage in any related party transactions during the reporting period[91][92][93][94][95]. - The company has no significant litigation or arbitration matters during the reporting period[86]. - There are no media controversies affecting the company during the reporting period[87]. - The company did not face any penalties or rectification issues during the reporting period[88]. - The integrity status of the company and its controlling shareholders is good, with no significant debts unpaid[89]. Operational Overview - The company operates in the production and sales of complete switchgear and investment business, primarily serving markets such as state grid, rail transit, and data centers[25]. - The company has established a strong brand presence, recognized as a "Shanghai Famous Trademark" since 2005, and its products are certified as "Shanghai Famous Products"[25]. - The company has accumulated a large number of quality customers over the years, ensuring stable business development[25]. - The company plans to continue its steady development in the complete switchgear business while exploring new profit growth points through the transformation of the original PHC pile business[30]. Financial Reporting and Accounting - The financial statements are prepared based on the going concern assumption, indicating no significant uncertainty regarding the company's ability to continue operations[176]. - The company follows the accounting standards set by the Ministry of Finance, ensuring the financial statements reflect true and complete information[177]. - The company’s fiscal year runs from January 1 to December 31[178]. - The company uses RMB as its accounting currency[180]. - The company recognizes revenue from the sale of jointly operated output based on its share[193].

Financial Performance - The company's operating revenue for Q1 2019 was ¥103,284,274.83, a decrease of 37.21% compared to ¥164,497,220.02 in the same period last year[9] - Net profit attributable to shareholders was ¥98,815,186.52, representing a significant increase of 512.15% from ¥16,142,305.24 year-on-year[9] - The net profit after deducting non-recurring gains and losses was ¥17,231,966.24, up 63.22% from ¥10,557,234.73 in the previous year[9] - The basic earnings per share rose to ¥0.22, a 494.59% increase compared to ¥0.037 in the same period last year[9] - Operating revenue decreased by 37.21% year-on-year, mainly due to a decrease in sales of electrical distribution cabinets[16] - Operating profit increased by 424.36% year-on-year, primarily due to increased gains from the disposal of financial assets and fair value changes[16] - Net profit increased by 512.15% year-on-year, mainly due to an increase in operating profit compared to the previous year[16] - Investment income increased by 252.03% year-on-year, mainly due to increased gains from the disposal of financial assets measured at fair value[16] - The company expects net profit for the first half of 2019 to increase by over 50% year-on-year, with an estimated range of 10,500 to 12,000 thousand yuan[17] Assets and Liabilities - The total assets at the end of the reporting period were ¥2,559,039,293.41, reflecting a 1.24% increase from ¥2,527,819,758.48 at the end of the previous year[9] - The net assets attributable to shareholders increased by 4.85% to ¥2,137,247,286.38 from ¥2,038,432,099.86 at the end of the previous year[9] - The total liabilities decreased to CNY 218,352,659.59 from CNY 262,167,159.87, a reduction of 16.73%[34] - Total assets as of March 31, 2019, amounted to CNY 2,358,917,277.51, compared to CNY 2,316,979,535.84 at the end of 2018, indicating a growth of 1.81%[35] - The company's total liabilities were CNY 486,539,168.95, with current liabilities at CNY 381,730,459.55[53] Cash Flow - The net cash flow from operating activities was ¥29,259,628.19, an increase of 5.87% compared to ¥27,637,864.47 in the previous year[9] - The net cash flow from investment activities increased by 402.08% year-on-year, mainly due to an increase in cash flow from investment income[16] - The total cash inflow from investment activities was ¥151,260,482.70, while the cash outflow was ¥131,457,000.20, resulting in a net cash flow of ¥19,803,482.50, a significant recovery from a net outflow of ¥6,555,801.70 in the previous year[46] - The cash flow from financing activities resulted in a net outflow of ¥55,213,342.00, primarily due to dividend payments[46] - The company's cash and cash equivalents increased to CNY 11,015,925.15 from CNY 6,668,478.59, representing a growth of 65.25%[32] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 31,148, with the largest shareholder holding 62.52% of the shares[12] - The total equity attributable to shareholders rose to CNY 2,140,564,617.92, up from CNY 2,054,812,375.97, reflecting an increase of 4.17%[35] Other Financial Metrics - The weighted average return on equity improved to 4.73%, up 3.97 percentage points from 0.76% in the same period last year[9] - The company reported non-recurring gains of ¥81,583,220.28 after tax, with significant contributions from fair value changes and government subsidies[10] - The company reported a fair value change gain of 88,419,971.60 CNY, which is a notable increase from the previous year's gain of 6,402,471.40 CNY[38] - The company incurred a tax expense of 24,963,243.32 CNY, which is higher than the previous year's tax expense of 4,206,204.74 CNY[38] Changes in Financial Position - Financial assets measured at fair value increased by 88.97% compared to the beginning of the period, mainly due to an increase in structured deposit products[16] - Accounts receivable increased by 180.94% compared to the beginning of the period, primarily due to an increase in sales-related settlement notes[16] - Prepayments increased by 198.65% compared to the beginning of the period, mainly due to an increase in prepaid procurement[16] - Inventory decreased by 41.41% compared to the beginning of the period, primarily due to a reduction in the inventory of electrical distribution cabinets[16] - The company reported a significant adjustment of CNY 1,201,054,479.87 from "available-for-sale financial assets" to "other debt investments" due to new financial instrument standards[54] Compliance and Audit - The company has not undergone an audit for the first quarter report[57] - The adjustments made in the financial statements were in accordance with the new financial instrument and leasing standards effective from January 1, 2019[57]