众业达电气股份有限公司 2022 年半年度报告全文 众业达电气股份有限公司 2022 年半年度报告 2022 年 8 月 1 众业达电气股份有限公司 2022 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容 的真实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担 个别和连带的法律责任。 公司负责人吴开贤、主管会计工作负责人王宝玉及会计机构负责人(会计 主管人员)李慧仪声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本报告的董事会会议。 本报告中所涉及的发展战略及计划等前瞻性陈述，不构成公司对投资者 的实质性的承诺，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。敬请投资者注意投资风险。 公司在本报告第三节"管理层讨论与分析"中"十、公司面临的风险和 应对措施"部分，描述了公司存在的风险，敬请投资者注意查阅。 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 | 第一节 重要提示、目录和释义 | | 2 | | --- | --- | --- | | 第二节 ...

众业达电气股份有限公司 2022 年第一季度报告全文 证券代码：002441 证券简称：众业达 公告编号：2022-22 众业达电气股份有限公司 2022 年第一季度报告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导 性陈述或重大遗漏。 重要内容提示: 1.董事会、监事会及董事、监事、高级管理人员保证季度报告的真实、准确、完整，不存在 虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 2.公司负责人、主管会计工作负责人及会计机构负责人(会计主管人员)声明：保证季度报告 中财务信息的真实、准确、完整。 3.第一季度报告是否经过审计 □ 是 √ 否 一、主要财务数据 (一)主要会计数据和财务指标 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） | 2,599,973,025.87 | 2,488,747,106.72 | | 4.47% | | 归属于上市公司股东的净利润（元） | 149,519,817.22 ...

众业达电气股份有限公司 2021 年年度报告全文 众业达电气股份有限公司 2021 年年度报告 2022 年 04 月 1 众业达电气股份有限公司 2021 年年度报告全文 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证年度报告内容的真 实、准确、完整，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连 带的法律责任。 公司负责人吴开贤、主管会计工作负责人王宝玉及会计机构负责人(会计主 管人员)李慧仪声明：保证本年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本报告的董事会会议。 本报告中所涉及的发展战略及计划等前瞻性陈述，不构成公司对投资者的 实质性的承诺，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。敬请投资者注意投资风险。 公司在本报告第三节"管理层讨论与分析"中"十一、公司未来发展的展望" 部分，描述了公司存在的风险，敬请投资者注意查阅。 公司经本次董事会审议通过的利润分配预案为：以未来实施分派方案时股 权登记日的总股本为基数，向全体股东每 10 股派发现金红利 3.50 元（含税）， 送红股 0 股（含税），不 ...

众业达电气股份有限公司 2021 年第三季度报告 证券代码：002441 证券简称：众业达 公告编号：2021-54 众业达电气股份有限公司 2021 年第三季度报告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导 性陈述或重大遗漏。 重要内容提示: 1.董事会、监事会及董事、监事、高级管理人员保证季度报告的真实、准确、完整，不存在 虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 2.公司负责人、主管会计工作负责人及会计机构负责人(会计主管人员)声明：保证季度报告中 财务信息的真实、准确、完整。 3.第三季度报告是否经过审计 □ 是 √ 否 一、主要财务数据 (一)主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 众业达电气股份有限公司 2021 年第三季度报告 (二)非经常性损益项目和金额 √ 适用 □ 不适用 单位：元 | 项目 | 本报告期金额 | 年初至报告期期末金 | 说明 | | --- | --- | --- | --- | | | | 额 | | | 非流动资产处置损益（包括已计提资产减值准备 | 153,395.96 | -12,3 ...

众业达电气股份有限公司 2021 年半年度报告全文 众业达电气股份有限公司 2021 年半年度报告 2021 年 08 月 1 众业达电气股份有限公司 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。 公司负责人吴开贤、主管会计工作负责人王宝玉及会计机构负责人(会计主 管人员)李慧仪声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本报告的董事会会议。 本报告中所涉及的发展战略及计划等前瞻性陈述，不构成公司对投资者的 实质性的承诺，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。敬请投资者注意投资风险。 公司在本报告第三节"管理层讨论与分析"中"十、公司面临的风险和应对措 施"部分，描述了公司存在的风险，敬请投资者注意查阅。 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 | 目录 | | --- | | 第一节 重要提示、目录和释义 2 | | --- | | 第二节 公 ...

众业达电气股份有限公司 2021 年第一季度报告全文 众业达电气股份有限公司 2021 年第一季度报告 2021 年 04 月 众业达电气股份有限公司 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。 公司负责人吴开贤、主管会计工作负责人王宝玉及会计机构负责人(会计主 管人员)李慧仪声明：保证季度报告中财务报表的真实、准确、完整。 2 众业达电气股份有限公司 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 1 □ 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） | 2,488,747,106.72 | 1,461,595,063.50 | 70.28% | | 归属于上市公司股东的净利润（元） | 124,516,443.55 | 87,174 ...

[Important Notes, Table of Contents and Definitions](index=2&type=section&id=Item%201.%20Important%20Notes%2C%20Table%20of%20Contents%20and%20Definitions) [Company Profile and Key Financial Indicators](index=5&type=section&id=Item%202.%20Company%20Profile%20and%20Key%20Financial%20Indicators) The chapter outlines ZYD Electric's profile, contact information, and key financial data from 2018-2020, highlighting robust 2020 performance with significant revenue, net profit, and operating cash flow growth [Key Accounting Data and Financial Indicators](index=6&type=section&id=VI.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) In 2020, the company reported CNY 10.74 billion in revenue and CNY 261.07 million in net profit, with operating cash flow surging 136.88% to CNY 951.42 million, reflecting improved profitability and cash flow Key Accounting Data and Financial Indicators | Indicator | 2020 (CNY) | 2019 (CNY) | Y-o-Y Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 10,741,254,224.33 | 9,925,260,476.31 | 8.22% | | Net Profit Attributable to Shareholders | 261,068,002.27 | 225,121,148.04 | 15.97% | | Net Cash Flow from Operating Activities | 951,416,605.95 | 401,641,065.19 | 136.88% | | Basic Earnings Per Share (CNY/share) | 0.48 | 0.41 | 17.07% | | Weighted Average Return on Net Assets | 6.60% | 5.94% | 0.66% | | Total Assets (CNY) | 6,257,770,847.13 | 5,365,084,010.13 | 16.64% | | Net Assets Attributable to Shareholders (CNY) | 4,035,438,379.98 | 3,843,506,612.43 | 4.99% | [Quarterly Key Financial Indicators](index=7&type=section&id=VIII.%20Quarterly%20Key%20Financial%20Indicators) The company's 2020 quarterly revenue grew sequentially, with net profit stable in the first three quarters and strong operating cash flow in Q4, despite a slight Q4 net loss Quarterly Key Financial Indicators | Indicator (CNY) | Q1 | Q2 | Q3 | Q4 | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 1,461,595,063.50 | 2,969,358,161.22 | 3,211,123,452.67 | 3,099,177,546.94 | | Net Profit Attributable to Shareholders | 87,174,234.49 | 84,805,537.59 | 91,098,942.79 | -2,010,712.60 | | Net Cash Flow from Operating Activities | 253,796,905.37 | 148,508,588.27 | 5,323,218.32 | 543,787,893.99 | [Company Business Overview](index=9&type=section&id=Item%203.%20Company%20Business%20Overview) This chapter details the company's core business as a professional distributor of industrial electrical products, including the distribution of renowned international and domestic brands, system integration, and complete set manufacturing, underpinned by a "3+1" network and "3+1" team strategy for competitive advantage [Main Business, Operating Model, and Competitive Landscape](index=9&type=section&id=I.%20Main%20Business%2C%20Operating%20Model%2C%20and%20Competitive%20Landscape) The company primarily distributes industrial electrical products from brands like ABB, Schneider, and Siemens, with distribution being the main source of revenue and profit, while system integration provides technical services and enhances customer loyalty in a highly competitive market trending towards comprehensive, multi-brand distributors - The company's main business involves industrial electrical component distribution, system integration, and complete set manufacturing, with **distribution being the primary source of revenue and profit**[26](index=26&type=chunk) - The company's profit model stems from product sales premiums and supplier sales discounts in distribution, alongside profits from system integration and complete set businesses[28](index=28&type=chunk) - The industry faces intense competition, with future market share expected to consolidate among distributors possessing national sales networks, multi-brand support, and comprehensive service capabilities[28](index=28&type=chunk) [Core Competitiveness Analysis](index=10&type=section&id=III.%20Core%20Competitiveness%20Analysis) The company's core competitiveness is built on its "3+1" network (distribution, logistics, technical service, and internet integration) and "3+1" team (power distribution, industrial control, SME clients, and technical service), enabling comprehensive market coverage and integrated online-offline operations - The company's core competitiveness lies in its **"3+1" network**: distribution, logistics, and technical service networks, integrated via internet platforms for online-offline synergy[31](index=31&type=chunk)[33](index=33&type=chunk) - The company leverages e-commerce platforms like "ZYDMall" and "Gongkongmao Mall" for B2B operations and launched "Industrial Express" for technical service outsourcing, establishing a digital closed-loop from sales to maintenance[33](index=33&type=chunk) - The company has developed specialized **"3+1" teams**: power distribution, industrial control, SME client, and technical service teams, ensuring comprehensive coverage and professional service for diverse customer segments and markets[33](index=33&type=chunk) [Discussion and Analysis of Operations](index=12&type=section&id=Item%204.%20Discussion%20and%20Analysis%20of%20Operations) This chapter reviews the company's 2020 operating results, financial position, and future outlook, highlighting double-digit growth in revenue and net profit, significant online sales growth, and a robust financial status with ample operating cash flow, while also addressing key risks and strategic responses [Annual Operating Performance Overview](index=12&type=section&id=I.%20Annual%20Operating%20Performance%20Overview) In 2020, the company sustained profitability, achieving CNY 10.74 billion in operating revenue (up 8.22%) and CNY 261.07 million in net profit attributable to shareholders (up 15.97%), with its online platform, ZYDMall, demonstrating significant digital transformation success by generating approximately CNY 5.12 billion in sales (up 51.09%) Annual Operating Performance | Indicator | 2020 Amount (CNY) | Y-o-Y Growth | | :--- | :--- | :--- | | Operating Revenue | 10,741,254,224.33 | 8.22% | | Net Profit Attributable to Shareholders | 261,068,002.27 | 15.97% | - The company's online business, "ZYDMall," performed exceptionally, achieving approximately **CNY 5.12 billion in sales (tax inclusive)** in 2020, representing a **51.09% year-on-year increase**[36](index=36&type=chunk) [Main Business Analysis](index=12&type=section&id=II.%20Main%20Business%20Analysis) The company's main business revenue primarily derives from industrial electrical product distribution, accounting for 98.44% of total income, with low-voltage electrical product distribution as the core, generating CNY 7.01 billion in revenue (up 12.01%), while regional analysis shows North China, East China, and South China as key revenue sources, and a high reliance on its top five suppliers Revenue by Product Segment | Product Segment | 2020 Revenue (CNY) | % of Operating Revenue | Y-o-Y Change | | :--- | :--- | :--- | :--- | | Low-Voltage Electrical Product Distribution | 7,014,721,442.27 | 65.31% | 12.01% | | Industrial Control Product Distribution | 2,555,943,472.37 | 23.79% | 4.92% | | Medium-Voltage Electrical Product Distribution | 909,469,898.02 | 8.47% | 4.85% | | System Integration and Complete Set Manufacturing | 152,715,057.02 | 1.42% | -40.82% | Revenue by Region | Region | 2020 Revenue (CNY) | % of Operating Revenue | Y-o-Y Change | | :--- | :--- | :--- | :--- | | North China | 2,737,301,713.13 | 25.48% | 10.20% | | East China | 2,501,788,646.37 | 23.29% | 20.02% | | South China | 1,995,067,091.13 | 18.57% | -0.09% | - The company exhibits a **high dependency on key suppliers**, with the top five suppliers (Schneider, ABB, Siemens, Changshu Switchgear, Delixi) collectively accounting for **77.97% of total annual procurement**[49](index=49&type=chunk) - The company's **customer concentration is low**, with the top five customers collectively accounting for only **3.37% of total annual sales**, which helps diversify operational risk[48](index=48&type=chunk) [Expense Analysis](index=16&type=section&id=3.%20Expense) In 2020, the company demonstrated effective expense management, with sales expenses decreasing due to reclassification of transportation costs under new revenue standards, and a significant reduction in financial expenses driven by optimized cash flow and settlement methods, while administrative and R&D expenses remained stable Expense Items | Expense Item | 2020 (CNY) | 2019 (CNY) | Y-o-Y Change | Key Change Explanation | | :--- | :--- | :--- | :--- | :--- | | Selling Expenses | 414,603,567.11 | 461,591,173.97 | -10.18% | Transportation costs reclassified to cost of goods sold under new revenue standards | | Administrative Expenses | 185,532,531.10 | 185,204,134.22 | 0.18% | Remained stable | | Financial Expenses | -36,329,188.67 | -7,835,619.49 | -363.64% | Accelerated cash turnover, optimized settlement methods, reduced financing costs | | Research and Development Expenses | 35,584,930.38 | 35,058,128.07 | 1.50% | Continued investment, remained stable | [Cash Flow Analysis](index=17&type=section&id=5.%20Cash%20Flow) The company's cash flow significantly improved in 2020, with net cash flow from operating activities surging 136.88% to CNY 951.42 million due to optimized settlement methods, while investing activities turned positive with a net inflow of CNY 62.38 million, and financing activities saw a net outflow of CNY 253.12 million primarily for debt repayment and dividend distribution, resulting in a total net increase in cash and cash equivalents of CNY 760.35 million Cash Flow Summary | Item | 2020 (CNY) | 2019 (CNY) | Y-o-Y Change | | :--- | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 951,416,605.95 | 401,641,065.19 | 136.88% | | Net Cash Flow from Investing Activities | 62,380,513.49 | -229,431,168.75 | 127.19% | | Net Cash Flow from Financing Activities | -253,123,598.93 | -351,390,633.05 | 27.97% | | Net Increase in Cash and Cash Equivalents | 760,345,880.80 | -178,846,577.78 | 525.14% | - The substantial increase in operating cash flow is primarily attributed to the company's optimization of customer and supplier settlement methods[55](index=55&type=chunk) [Analysis of Assets and Liabilities](index=19&type=section&id=IV.%20Analysis%20of%20Assets%20and%20Liabilities) As of year-end 2020, the company's total assets reached CNY 6.26 billion, a 16.64% increase year-on-year, driven by a significant 183.39% surge in monetary funds due to accelerated cash turnover, while increased accounts payable and notes payable reflect leveraging supplier credit for business expansion, and a substantial 96.29% reduction in short-term borrowings indicates improved solvency and reduced reliance on external financing, with reclassification of prepayments due to new revenue standards Key Asset and Liability Items | Key Asset/Liability Item | 2020 Year-End (CNY) | 2020 Year-Start (CNY) | Change (%) | | :--- | :--- | :--- | :--- | | Monetary Funds | 1,244,866,550.65 | 439,279,545.93 | 183.39% | | Accounts Receivable | 1,043,782,949.66 | 1,050,956,665.64 | -0.68% | | Inventories | 1,077,867,852.07 | 935,674,622.17 | 15.20% | | Short-Term Borrowings | 3,754,693.41 | 101,268,048.88 | -96.29% | | Notes Payable | 878,470,000.00 | 294,741,495.95 | 198.05% | | Accounts Payable | 790,488,924.55 | 643,194,252.93 | 22.90% | - The company's initial adoption of new revenue standards led to the reclassification of **CNY 208.51 million in "Prepayments"** at the beginning of the year to **"Contract Liabilities" (CNY 196.97 million)** and **"Other Current Liabilities" (CNY 11.55 million)**[65](index=65&type=chunk)[135](index=135&type=chunk) [Company's Future Development Outlook](index=33&type=section&id=IX.%20Company%27s%20Future%20Development%20Outlook) The company anticipates market opportunities from new infrastructure, power grid upgrades, and manufacturing transformation, aiming to become a "globally leading professional electrical automation service provider" by executing its "3+1" operating strategy, while also identifying and addressing key risks such as reliance on major suppliers, macroeconomic fluctuations, and accounts receivable impairment - The company's core development strategy is "3+1": **industry coverage, product coverage, regional coverage, plus human resource development**, aiming to provide customers with one-stop industrial electrical products and services[97](index=97&type=chunk) - The company faces key risks including: - **High reliance on major suppliers** (top five suppliers account for a large proportion of procurement) - **Market risks arising from macroeconomic fluctuations** - **Risk of bad debts from accounts receivable** - **Risk of not obtaining supplier sales discounts**[99](index=99&type=chunk)[101](index=101&type=chunk)[102](index=102&type=chunk)[103](index=103&type=chunk) 2021 Budget vs. 2020 Actual | Item (CNY Million) | 2021 Budget | 2020 Actual | Change (%) | | :--- | :--- | :--- | :--- | | Total Operating Revenue | 11,837.94 | 10,741.25 | 10.21% | | Total Profit | 394.80 | 372.21 | 6.07% | | Net Profit | 301.99 | 272.44 | 10.85% | [Significant Matters](index=39&type=section&id=Item%205.%20Significant%20Matters) This chapter details the company's profit distribution, commitment fulfillment, accounting policy changes, equity incentive plans, and significant equity divestitures, including the proposed 2020 cash dividend of CNY 2.5 per 10 shares (tax inclusive), the adoption of new revenue standards, ongoing restricted stock incentive plan activities, and progress on the Microvast Power equity sale [Profit Distribution Plan](index=39&type=section&id=I.%20Profit%20Distribution%20Plan) The company proposed a 2020 profit distribution plan to pay a cash dividend of CNY 2.5 (tax inclusive) per 10 shares to all shareholders based on the total share capital on the record date, maintaining a cash dividend payout ratio exceeding 50% of net profit attributable to common shareholders for the past three years - The proposed 2020 profit distribution plan is a **cash dividend of CNY 2.5 per 10 shares (tax inclusive)**[119](index=119&type=chunk) Cash Dividends and Payout Ratios | Dividend Year | Cash Dividend (Tax Inclusive, CNY) | % of Net Profit Attributable to Shareholders | | :--- | :--- | :--- | | 2020 (Proposed) | 136,135,902.25 | 52.15% | | 2019 | 119,799,593.98 | 53.22% | | 2018 | 114,354,157.89 | 55.51% | [Accounting Policy Changes](index=48&type=section&id=VI.%20Accounting%20Policy%20Changes) During the reporting period, the company adopted new revenue standards effective January 1, 2020, as required by the Ministry of Finance, which led to adjustments in the opening financial statements, reclassifying original "Prepayments" to "Contract Liabilities" and "Other Current Liabilities" - The company adopted **new revenue standards effective January 1, 2020**, adjusting the cumulative impact on contracts not yet completed at the initial adoption date[135](index=135&type=chunk) Impact of Accounting Policy Changes | Item | Before Adjustment (CNY) | After Adjustment (CNY) | Adjustment Amount (CNY) | | :--- | :--- | :--- | :--- | | Prepayments | 208,513,644.76 | - | -208,513,644.76 | | Contract Liabilities | - | 196,967,551.38 | 196,967,551.38 | | Other Current Liabilities | - | 11,546,093.38 | 11,546,093.38 | [Implementation of Equity Incentive Plan](index=50&type=section&id=XV.%20Implementation%20of%20Equity%20Incentive%20Plan) During the reporting period, the company continued to implement its 2017 restricted stock incentive plan, with the board approving the fulfillment of conditions for the third vesting period of the initial grant and the second vesting period of the reserved grant in October 2020, leading to the release and listing of 1,621,930 shares in November, alongside the repurchase and cancellation of certain unvested restricted shares - In November 2020, the company completed the procedures for the **third vesting period (initial grant)** and **second vesting period (reserved grant)** of the 2017 restricted stock incentive plan, totaling **1,621,930 shares released from restrictions**[155](index=155&type=chunk) - The company repurchased and canceled **58,470 restricted shares** from 19 incentive recipients that were granted but not yet vested, at a repurchase price of **CNY 6.05 per share**[156](index=156&type=chunk) [Share Changes and Shareholder Information](index=59&type=section&id=Item%206.%20Share%20Changes%20and%20Shareholder%20Information) This chapter details the company's 2020 share changes and shareholder structure, noting a reduction in total share capital from 544.8 million to 544.6 million shares due to the repurchase and cancellation of restricted stock, with the controlling shareholder, the Wu Kaixian family, maintaining a stable 49.70% stake at year-end, and institutional investors comprising other major shareholders [Share Changes](index=59&type=section&id=1.%20Share%20Changes) In January 2020, the company's total share capital decreased by 244,430 shares due to the repurchase and cancellation of certain restricted shares from the 2017 incentive plan, changing the total share capital from 544,846,509 shares to 544,602,079 shares - During the reporting period, the company's total share capital decreased by **244,430 shares** due to the repurchase and cancellation of restricted stock, resulting in a year-end total share capital of **544,602,079 shares**[185](index=185&type=chunk) [Shareholder Information](index=62&type=section&id=1.%20Shareholder%20Information) As of year-end 2020, the company had 32,834 common shareholders, with the controlling shareholder and actual controller, Wu Kaixian, and his concerted parties (Yan Suzhen, Wu Senyue, Wu Senjie) collectively holding a stable 49.70% of the shares, and the top ten shareholders also including two asset management plans managed by Golden Eagle Fund Top Shareholders (Controlling Shareholder and Concerted Parties) | Shareholder Name | Shareholding Percentage | Number of Shares Held | | :--- | :--- | :--- | | Wu Kaixian | 29.11% | 158,508,340 | | Yan Suzhen | 8.81% | 48,000,000 | | Wu Senyue | 5.90% | 32,121,000 | | Wu Senjie | 5.88% | 32,000,000 | | **Total** | **49.70%** | **270,629,340** | [Directors, Supervisors, Senior Management and Employees](index=68&type=section&id=Item%209.%20Directors%2C%20Supervisors%2C%20Senior%20Management%20and%20Employees) This chapter provides an overview of the company's directors, supervisors, senior management, and employees, noting the departure and election of independent directors due to term expiration, a total workforce of 3,345 employees with sales personnel comprising the largest segment (2,238), and the implementation of performance-linked compensation and continuous training programs [Corporate Governance](index=76&type=section&id=Item%2010.%20Corporate%20Governance) This chapter describes the company's governance structure and operations, confirming strict adherence to relevant laws and regulations, a sound corporate governance framework, and independence from the controlling shareholder in business, personnel, assets, organization, and finance, with all specialized committees under the Board of Directors fulfilling their duties as required [Financial Report](index=84&type=section&id=Item%2012.%20Financial%20Report) This chapter presents the audited 2020 annual financial report, which received a standard unqualified audit opinion from Rongcheng Certified Public Accountants (Special General Partnership), including consolidated and parent company balance sheets, income statements, cash flow statements, statements of changes in owners' equity, and detailed financial statement notes, with key audit matters identified as goodwill impairment provision and accounts receivable bad debt provision [Audit Report](index=84&type=section&id=I.%20Audit%20Report) Rongcheng Certified Public Accountants (Special General Partnership) audited the company's 2020 financial statements and issued a standard unqualified audit opinion, affirming that the financial statements fairly represent the company's financial position and operating results in all material respects, with key audit matters being goodwill impairment provision and accounts receivable bad debt provision - The audit opinion type is a **standard unqualified opinion**[258](index=258&type=chunk) - Key audit matters include **goodwill impairment provision** and **accounts receivable bad debt provision**[260](index=260&type=chunk) [Main Financial Statements](index=87&type=section&id=II.%20Main%20Financial%20Statements) The financial statements show that as of year-end 2020, the company's total assets were CNY 6.26 billion, total liabilities CNY 2.14 billion, and total owners' equity attributable to the parent company CNY 4.04 billion, with 2020 operating revenue of CNY 10.74 billion, operating costs of CNY 9.68 billion, and net profit attributable to parent company shareholders of CNY 261.07 million Consolidated Balance Sheet Key Items | Consolidated Balance Sheet Key Item (CNY) | December 31, 2020 | December 31, 2019 | | :--- | :--- | :--- | | Total Assets | 6,257,770,847.13 | 5,365,084,010.13 | | Total Liabilities | 2,138,825,967.66 | 1,411,616,861.73 | | Total Owners' Equity Attributable to Parent Company | 4,035,438,379.98 | 3,843,506,612.43 | Consolidated Income Statement Key Items | Consolidated Income Statement Key Item (CNY) | 2020 Annual | 2019 Annual | | :--- | :--- | :--- | | Total Operating Revenue | 10,741,254,224.33 | 9,925,260,476.31 | | Total Operating Costs | 10,316,933,690.31 | 9,593,761,706.23 | | Total Profit | 372,207,763.29 | 305,441,972.95 | | Net Profit Attributable to Parent Company Shareholders | 261,068,002.27 | 225,121,148.04 |

[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 company's board, supervisory board, and senior management ensure the truthfulness, accuracy, and completeness of this quarterly report, assuming corresponding legal responsibilities - Company's board, supervisory board, and all senior management ensure the truthfulness, accuracy, and completeness of this quarterly report and bear corresponding legal responsibilities[5](index=5&type=chunk) - Company's responsible person Wu Kaixian, chief accountant Wang Baoyu, and head of accounting department Li Huiyi guarantee the truthfulness, accuracy, and completeness of the financial statements[6](index=6&type=chunk) [Company Profile](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 provides an overview of the company's core financial data, key indicators, and shareholder information as of the reporting period end [Core Financial Data and 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) In the first three quarters of 2020, the company achieved operating revenue of **7.642 billion yuan**, a **6.53%** year-on-year increase, with net profit attributable to shareholders growing by **21.78%** to **263.08 million yuan** Key Financial Data and Indicators | Indicator | Year-to-Date (2020 Q1-Q3) | YoY Change | Current Period (2020 Q3) | YoY Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue (yuan) | 7,642,076,677.39 | 6.53% | 3,211,123,452.67 | 19.60% | | Net Profit Attributable to Shareholders (yuan) | 263,078,714.87 | 21.78% | 91,098,942.79 | 43.08% | | Net Cash Flow from Operating Activities (yuan) | 407,628,711.96 | 199.06% | 5,323,218.32 | -96.54% | | Basic Earnings Per Share (yuan/share) | 0.48 | 20.00% | 0.17 | 41.67% | | Weighted Average Return on Net Assets | 6.67% | 1.01% | 2.29% | 0.63% | | Total Assets (yuan) | 6,581,956,848.02 | 22.68% (vs. end of previous year) | - | - | - Non-recurring gains and losses totaled **1.6291 million yuan**, primarily from government subsidies[10](index=10&type=chunk) [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) As of the reporting period end, the company had **34,174** common stock shareholders, with the Wu Kaixian family holding a significant combined stake as concerted parties - As of the reporting period end, the company had **34,174 common stock shareholders**[13](index=13&type=chunk) - The top four shareholders, Wu Kaixian (**29.11%**), Yan Suzhen (**8.81%**), Wu Senyue (**5.90%**), and Wu Senjie (**5.88%**), are concerted parties, with Wu Kaixian and Yan Suzhen being a married couple, and Wu Senyue and Wu Senjie being their sons[13](index=13&type=chunk)[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 significant financial data changes, progress on key matters, fundraising utilization, major operating contracts, entrusted wealth management, and investor relations activities [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) The company's balance sheet saw significant changes, including over **100%** growth in accounts receivable due to sales peaks and a **199.06%** increase in net operating cash flow from adjusted settlement methods - **Asset-side major changes**: - **Accounts Receivable**: Increased by **100.03%** from the beginning of the period, primarily due to entering peak sales season and increased sales revenue[17](index=17&type=chunk) - **Inventories**: Increased by **46.26%** from the beginning of the period, due to increased sales scale and timely stocking based on procurement policies[18](index=18&type=chunk) - **Receivables Financing**: Decreased by **42.26%** from the beginning of the period, due to matured bank acceptance bills collection and adjustments in settlement methods[19](index=19&type=chunk) - **Monetary Funds**: Increased by **69.58%** from the beginning of the period, due to adjustments in upstream and downstream settlement methods and operating cash inflows and outflows[20](index=20&type=chunk) - **Liability-side major changes**: - **Short-term Borrowings**: Decreased by **96.04%** from the beginning of the period, a proactive reduction considering financing costs[24](index=24&type=chunk) - **Notes Payable**: Increased by **238.39%** from the beginning of the period, primarily due to payments for goods according to procurement agreements[26](index=26&type=chunk) - **Accounts Payable**: Increased by **77.9%** due to increased purchases and some payments not yet due for settlement[27](index=27&type=chunk) - **Advances from Customers/Contract Liabilities**: Due to the implementation of new revenue standards, the original "Advances from Customers" account was reclassified to "Contract Liabilities"[28](index=28&type=chunk)[29](index=29&type=chunk) - Net cash flow from operating activities for the year-to-date was **407.63 million yuan**, a significant year-on-year increase of **199.06%**, primarily due to the company's adjustment of customer and supplier settlement methods[9](index=9&type=chunk)[39](index=39&type=chunk) [Progress of Significant Matters](index=8&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 disclosed shareholding reductions by Zhongzhi Industrial Investment and continued efforts to recover proceeds from the sale of Weihong Power equity, while its e-commerce platform achieved significant sales growth - The e-commerce platform "Zhongyeda Mall (zydmall)" showed outstanding performance, achieving approximately **3.689 billion yuan** in sales (including tax) in the first three quarters of 2020, a **58.5%** year-on-year increase[46](index=46&type=chunk) - The share reduction plan of Zhongzhi Industrial Investment Co., Ltd., a shareholder holding over **5%** of shares, expired, with **2.36 million shares** reduced through centralized bidding transactions during the period[42](index=42&type=chunk) - The company continues to advance the sale of Weihong Power equity, with **108 million yuan** in remaining principal and related interest yet to be recovered as of the announcement date[43](index=43&type=chunk)[44](index=44&type=chunk) [Use of Raised Funds](index=10&type=section&id=%E4%BA%94%E3%80%81%E5%8B%9F%E9%9B%86%E8%B5%84%E9%87%91%E6%8A%95%E8%B5%84%E9%A1%B9%E7%9B%AE%E8%BF%9B%E5%B1%95%E6%83%85%E5%86%B5) As of the reporting period end, the "Pre-installed Pure Electric Bus Charging System Project" and "Replenishment of Working Capital" using raised funds were completed, while the "E-commerce Platform Construction Project" was **49.67%** complete Raised Fund Investment Project Progress | Raised Fund Investment Project | Adjusted Total Investment (million yuan) | Cumulative Investment as of Period End (million yuan) | Investment Progress | | :--- | :--- | :--- | :--- | | Pre-installed Pure Electric Bus Charging System Project | 32.7766 | 32.7766 | 100.00% | | E-commerce Platform Construction Project | 459.70 | 228.3310 | 49.67% | | Replenishment of Working Capital | 518.7477 | 518.7477 | 100.00% | [Major Operating Contracts](index=11&type=section&id=%E4%B8%83%E3%80%81%E6%97%A5%E5%B8%B8%E7%BB%8F%E8%90%A5%E9%87%8D%E5%A4%A7%E5%90%88%E5%90%8C) The company signed a distribution framework agreement with Schneider Electric (China) Co., Ltd., with an annual procurement target of **3.147 billion yuan** (excluding tax), of which **2.655 billion yuan** was completed by September 30, 2020 - The company signed a distribution framework agreement with Schneider Electric, with a procurement target of **3.147 billion yuan** (excluding tax); as of the reporting period end, actual procurement amounted to **2.655 billion yuan** (excluding tax), with the contract being normally fulfilled[53](index=53&type=chunk) [Entrusted Wealth Management](index=11&type=section&id=%E5%85%AB%E3%80%81%E5%A7%94%E6%89%98%E7%90%86%E8%B4%A2) The company invested **299.5 million yuan** in bank wealth management products using raised and own funds, with **68.5 million yuan** outstanding and no overdue unrecovered amounts as of the period end Entrusted Wealth Management Details | Fund Source | Entrusted Wealth Management Amount (million yuan) | Unmatured Balance (million yuan) | Overdue Unrecovered Amount (million yuan) | | :--- | :--- | :--- | :--- | | Raised Funds | 270.00 | 65.00 | 0 | | Own Funds | 29.50 | 3.50 | 0 | | **Total** | **299.50** | **68.50** | **0** | [Investor Relations Activities](index=12&type=section&id=%E5%8D%81%E4%B8%80%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) The company in August and September 2020 conducted three investor relations activities, including phone calls and on-site visits, with institutional investors focusing on company basics, operations, and future plans - The company communicated with institutional investors such as Guohai Securities, CITIC Securities, and Shanghai Jingxi Investment through teleconferences and on-site visits in August and September 2020[57](index=57&type=chunk) [Financial Statements](index=13&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 company's detailed financial statements for the third quarter of 2020, including consolidated and parent company balance sheets, income statements, and cash flow statements [Financial Statement Details](index=13&type=section&id=%E4%B8%80%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8) This section provides the company's detailed consolidated and parent company financial statements, including balance sheets, income statements, and cash flow statements, for the third quarter of 2020 - This section includes the consolidated and parent company balance sheets as of September 30, 2020, the consolidated and parent company income statements for the third quarter of 2020 and year-to-date, and the consolidated and parent company cash flow statements for the year-to-date[60](index=60&type=chunk)[68](index=68&type=chunk)[77](index=77&type=chunk)[85](index=85&type=chunk) [Consolidated Balance Sheet](index=13&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) Presents the consolidated financial position of the company and its subsidiaries as of the reporting period end [Parent Company Balance Sheet](index=16&type=section&id=2%E3%80%81%E6%AF%8D%E5%85%AC%E5%8F%B8%E8%B5%84%E4%BA%A7%E8%B4%9F%E5%80%BA%E8%A1%A8) Details the financial position of the parent company as of the reporting period end [Consolidated Income Statement for the Current Period](index=18&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) Shows the consolidated operating results of the company and its subsidiaries for the current reporting quarter [Parent Company Income Statement for the Current Period](index=21&type=section&id=4%E3%80%81%E6%AF%8D%E5%85%AC%E5%8F%B8%E6%9C%AC%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%88%A9%E6%B6%A6%E8%A1%A8) Presents the operating results of the parent company for the current reporting quarter [Consolidated Income Statement from Year-Beginning to Period End](index=23&type=section&id=5%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%E5%88%A9%E6%B6%A6%E8%A1%A8) Reflects the consolidated operating results of the company and its subsidiaries from the beginning of the year to the end of the reporting period [Parent Company Income Statement from Year-Beginning to Period End](index=26&type=section&id=6%E3%80%81%E6%AF%8D%E5%85%AC%E5%8F%B8%E5%B9%B4%E5%88%9D%E8%87%B3%E6%8A%A5%E5%91%8A%E6%9C%9F%E6%9C%AB%E5%88%A9%E6%B6%A6%E8%A1%A8) Displays the operating results of the parent company from the beginning of the year to the end of the reporting period [Consolidated Cash Flow Statement from Year-Beginning to Period End](index=27&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%E8%A1%A8) Summarizes the consolidated cash inflows and outflows from operating, investing, and financing activities from the beginning of the year to the end of the reporting period [Parent Company Cash Flow Statement from Year-Beginning to Period End](index=30&type=section&id=8%E3%80%81%E6%AF%8D%E5%85%AC%E5%8F%B8%E5%B9%B4%E5%88%9D%E5%88%B0%E6%8A%A5%E5%91%8A%E6%9C%AB%E7%8E%B0%E9%87%91%E6%B5%81%E8%A1%A8) Outlines the parent company's cash inflows and outflows from operating, investing, and financing activities from the beginning of the year to the end of the reporting period [Explanation of Accounting Standard Changes and Adjustments](index=31&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) The company adopted new revenue standards from January 1, 2020, reclassifying "Advances from Customers" to "Contract Liabilities," which only impacts classification without affecting total assets, liabilities, or net assets - The company adopted new revenue standards from **January 1, 2020**, and adjusted relevant items in the opening financial statements[92](index=92&type=chunk) - The main adjustment involved reclassifying "Advances from Customers" to "Contract Liabilities"; in the consolidated statements, opening "Advances from Customers" decreased by **208,513,644.76 yuan**, and opening "Contract Liabilities" increased by **208,513,644.76 yuan**[95](index=95&type=chunk) [Audit Opinion](index=37&type=section&id=%E4%B8%89%E3%80%81%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A) The company's 2020 third-quarter report is unaudited - The company's third-quarter report is **unaudited**[100](index=100&type=chunk)

众业达电气股份有限公司 2020 年半年度报告全文 众业达电气股份有限公司 2020 年半年度报告 2020 年 08 月 1 众业达电气股份有限公司 2020 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。 公司负责人吴开贤、主管会计工作负责人王宝玉及会计机构负责人(会计主 管人员)李慧仪声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本报告的董事会会议。 本报告中所涉及的发展战略及计划等前瞻性陈述，不构成公司对投资者的 实质性的承诺，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。敬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"中"十、公司面临的风险和应对 措施"部分，描述了公司存在的风险，敬请投资者注意查阅。 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 | 目录 | | --- | | 第一节 | 重要提示、目录和释义 | 2 | | --- | -- ...

[Important Notice](index=2&type=section&id=Important%20Notice) This section provides important declarations from the Board of Directors regarding the report's accuracy and completeness [Board of Directors' Statement](index=2&type=section&id=Board%20of%20Directors%27%20Statement) The Board of Directors, Supervisory Board, and senior management collectively affirm the accuracy and completeness of this quarterly report and its financial statements - The company's **Board of Directors**, **Supervisory Board**, and **senior management** guarantee the truthfulness, accuracy, and completeness of the report content and bear **joint and several legal liabilities**[5](index=5&type=chunk) - Company head **Wu Kaixian**, chief accountant **Wang Baoyu**, and head of accounting department **Li Huiyi** declare that they guarantee the truthfulness, accuracy, and completeness of the **financial statements** in the quarterly report[6](index=6&type=chunk) [Company Profile](index=3&type=section&id=Company%20Profile) This section details the company's key financial performance and shareholder structure for the reporting period [Key Accounting Data and Financial Indicators](index=3&type=section&id=Key%20Accounting%20Data%20and%20Financial%20Indicators) Q1 2020 saw a **36.24%** revenue decline due to the pandemic, a slight **3.30%** drop in net profit, but a significant **5,257.46%** increase in operating cash flow Key Financial Indicators for Q1 2020 | Indicator | Current Period | Prior Year Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue (RMB) | 1,461,595,063.50 | 2,292,351,037.87 | -36.24 | | Net Profit Attributable to Shareholders (RMB) | 87,174,234.49 | 90,147,708.45 | -3.30 | | Net Cash Flow from Operating Activities (RMB) | 253,796,905.37 | -4,920,966.48 | 5,257.46 | | Basic Earnings Per Share (RMB/share) | 0.16 | 0.17 | -5.88 | | Weighted Average Return on Net Assets | 2.24% | 2.39% | -0.15 | | Total Assets (RMB) | 5,557,227,245.88 | 5,365,084,010.13 | 3.58 (vs. end of prior year) | | Net Assets Attributable to Shareholders (RMB) | 3,930,453,952.17 | 3,843,506,612.43 | 2.26 (vs. end of prior year) | - During the reporting period, **non-recurring gains and losses** totaled **RMB 1,238,220.47**, primarily from **government subsidies**[10](index=10&type=chunk) [Shareholder Information](index=4&type=section&id=Shareholder%20Information) The company has **36,962** common shareholders, with the top four, including controlling shareholder **Wu Kaixian**, holding over **49%** and having family ties - As of the end of the reporting period, the company had a total of **36,962** common shareholders[12](index=12&type=chunk) Top Ten Shareholders' Holdings | Shareholder Name | Shareholder Type | Holding Percentage (%) | Number of Shares | | :--- | :--- | :--- | :--- | | 吴开贤 | Domestic Natural Person | 29.11 | 158,508,340 | | 颜素贞 | Domestic Natural Person | 8.81 | 48,000,000 | | 吴森岳 | Domestic Natural Person | 5.90 | 32,121,000 | | 吴森杰 | Domestic Natural Person | 5.88 | 32,000,000 | | 金鹰基金-广发银行-金鹰中植产投定增5号 | Domestic Non-State-Owned Legal Person | 4.17 | 22,710,000 | - Among the top ten shareholders, **Wu Kaixian** and **Yan Suzhen** are a married couple, and **Wu Senjie** and **Wu Senyue** are their sons, forming a **concerted action group**[13](index=13&type=chunk) [Significant Matters](index=6&type=section&id=Significant%20Matters) This section outlines significant financial changes, key business developments, and other material events during the reporting period [Analysis of Major Financial Data Changes](index=6&type=section&id=Analysis%20of%20Major%20Financial%20Data%20Changes) Significant financial changes occurred due to **COVID-19**, including a **36.24%** revenue drop, balance sheet shifts in receivables and payables related to a **Microvast Power** equity sale, and reclassification of prepayments under new revenue standards - Operating revenue decreased by **36.24%** year-on-year, primarily due to reduced sales impacted by the **COVID-19 pandemic**[29](index=29&type=chunk) - Net cash flow from operating activities was **RMB 254 million**, a significant year-on-year increase, mainly due to the company adjusting settlement methods with customers and suppliers[38](index=38&type=chunk) Major Balance Sheet Item Changes and Reasons | Item | Period-end vs. Period-start Change (%) | Primary Reason | | :--- | :--- | :--- | | Cash and Cash Equivalents | +40.74 | Recovery of wealth management products and operating cash inflows/outflows | | Accounts Receivable | +32.18 | Increased due to entering sales period | | Notes Receivable Financing | -47.45 | Adjusted settlement methods with upstream and downstream customers and suppliers | | Other Receivables | +260.88 | Payment of guarantee performance deposit for partial equity sale of Microvast Power | | Other Payables | +182.48 | Receipt of guarantee performance deposit for partial equity sale of Microvast Power | | Prepayments/Contract Liabilities | -100% / Newly added | Reclassified 'Prepayments' to 'Contract Liabilities' due to new revenue standard adoption | [Progress of Significant Matters](index=7&type=section&id=Progress%20of%20Significant%20Matters) Key developments include rapid growth of the **Zhongyeda Mall** e-commerce platform, a significant distribution agreement with **Schneider Electric**, ongoing share repurchase and cancellation, and pending payments from the **Microvast Power** equity sale - The e-commerce platform **Zhongyeda Mall (zydmall)** achieved sales of approximately **RMB 658 million** (including tax) in Q1 2020, a year-on-year increase of **45.9%**[54](index=54&type=chunk) - The company signed a 2020 annual distribution agreement with **Schneider Electric**, with a total target procurement amount of **RMB 3.147 billion** (excluding tax); actual Q1 procurement was **RMB 456 million**[52](index=52&type=chunk)[54](index=54&type=chunk) - Shareholder **Zhongzhi Industrial Investment Co., Ltd.**, holding over **5%**, and its concerted action parties disclosed a new plan to reduce their holdings by no more than **6%** of the company's total share capital[51](index=51&type=chunk) - The company continues to follow up on the sale of **Microvast Power** equity, with **RMB 108 million** in outstanding principal and corresponding interest still due as of the announcement date[49](index=49&type=chunk)[50](index=50&type=chunk) - The company continues to advance the **2017 Restricted Stock Incentive Plan**, completing the repurchase and cancellation of some granted but unvested restricted shares during the reporting period[41](index=41&type=chunk)[47](index=47&type=chunk) [Other Significant Matters](index=10&type=section&id=Other%20Significant%20Matters) The company engaged in **RMB 160 million** in entrusted wealth management, with no securities or derivatives investments, no illegal guarantees, and no controlling shareholder fund occupation, while hosting two institutional surveys Entrusted Wealth Management (Unit: RMB 10,000) | Type | Fund Source | Amount Incurred (RMB 10,000) | Outstanding Balance (RMB 10,000) | | :--- | :--- | :--- | :--- | | Bank Wealth Management Products | Raised Funds | 14,000 | 10,000 | | Bank Wealth Management Products | Own Funds | 2,000 | 1,000 | | Total | | 16,000 | 11,000 | - During the reporting period, the company had no **securities investments**, **derivative investments**, **illegal external guarantees**, or **controlling shareholder fund occupation**[56](index=56&type=chunk)[59](index=59&type=chunk)[60](index=60&type=chunk)[61](index=61&type=chunk) - The company hosted institutional investor surveys via telephone on **February 13 and 14, 2020**[62](index=62&type=chunk) [Financial Statements](index=12&type=section&id=Financial%20Statements) This section presents the company's unaudited consolidated and parent company financial statements and related adjustments [Financial Statement Details](index=12&type=section&id=Financial%20Statement%20Details) This section presents the unaudited consolidated and parent company financial statements as of **March 31, 2020**, detailing assets, liabilities, equity, income, and cash flows Consolidated Balance Sheet Summary (March 31, 2020) | Item | Amount (RMB) | | :--- | :--- | | Total Assets | 5,557,227,245.88 | | Total Liabilities | 1,512,146,691.18 | | Total Equity Attributable to Parent Company Owners | 3,930,453,952.17 | | Total Liabilities and Owners' Equity | 5,557,227,245.88 | Consolidated Income Statement Summary (Q1 2020) | Item | Amount (RMB) | | :--- | :--- | | Total Operating Revenue | 1,461,595,063.50 | | Operating Profit | 117,683,118.04 | | Total Profit | 117,755,963.28 | | Net Profit | 91,765,301.05 | | Net Profit Attributable to Parent Company Owners | 87,174,234.49 | Consolidated Cash Flow Statement Summary (Q1 2020) | Item | Amount (RMB) | | :--- | :--- | | Net Cash Flow from Operating Activities | 253,796,905.37 | | Net Cash Flow from Investing Activities | -5,634,981.00 | | Net Cash Flow from Financing Activities | -12,377,748.34 | | Net Increase in Cash and Cash Equivalents | 235,556,785.10 | [Explanation of Financial Statement Adjustments](index=25&type=section&id=Explanation%20of%20Financial%20Statement%20Adjustments) Effective **January 1, 2020**, the company adopted new revenue standards, reclassifying **Prepayments** to **Contract Liabilities** without impacting total assets, liabilities, or equity - The company first adopted new revenue standards effective **January 1, 2020**, adjusting relevant items in its opening financial statements[89](index=89&type=chunk) - The main adjustment involved reclassifying **RMB 208,513,644.76** from **Prepayments** to **Contract Liabilities** in the consolidated statements, with no impact on opening net assets[90](index=90&type=chunk) [Audit Report](index=29&type=section&id=Audit%20Report) The company's **first quarter 2020** report remains unaudited - The company's **first quarter report is unaudited**[94](index=94&type=chunk)