Financial Performance - The company achieved operating revenue of CNY 2,571,620,965.50, representing a 20.87% increase compared to the same period last year[21]. - The net profit attributable to shareholders was a loss of CNY 34,024,463.36, a 37.77% improvement in loss compared to the previous year[21]. - The net cash flow from operating activities was a negative CNY 101,005,578.89, a decline of 465.97% compared to the previous year[21]. - Total assets at the end of the reporting period were CNY 5,854,187,622.56, an increase of 5.48% from the end of the previous year[21]. - The operating cost increased by 21.76% to ¥2,279,828,821.50 from ¥1,872,350,133.76, indicating a rise in expenses associated with sales[36]. - Research and development investment rose by 26.52% to ¥99,001,218.62, up from ¥78,251,299.86, reflecting the company's commitment to innovation[36]. - The company reported a total loss of CNY 4,092,320.00, a 35.23% decrease in loss compared to the same period last year[30]. - The company reported a net profit of 7,509,303.22 yuan for the year 2020, a significant recovery from a loss of 458,135,805.51 yuan in the previous year[82]. Risks and Challenges - The company faces risks including industry policy changes, raw material price fluctuations, and litigation risks[5]. - The company faces risks from industry policy changes, with a focus on expanding both domestic and international markets to enhance risk response capabilities[56]. - Copper materials account for approximately 80% of the total cost of the company's products, making fluctuations in copper prices a significant operational risk[56]. - As of the reporting period, the company has unresolved litigation involving a total amount of 323 million yuan, which could impact its financing efforts[58]. - The company is currently involved in 17 pending lawsuits with a total amount of 57,279.05 million yuan, which may significantly impact its financial statements depending on the outcomes[81]. Corporate Governance - The board of directors confirmed the accuracy and completeness of the financial report, with all members present for the meeting[5]. - The financial report includes a declaration from the responsible parties ensuring the report's authenticity and completeness[4]. - The company has made commitments to avoid competition with its own subsidiaries and ensure fair transactions with related parties[73]. - The company emphasizes the protection of employee rights, ensuring compliance with labor laws and providing a secure working environment[69]. - The company actively manages investor relations, ensuring timely and accurate information disclosure to enhance investor understanding[70]. Shareholder Information - The company held several shareholder meetings, with participation rates ranging from 18.38% to 40.59%[61][62]. - The company approved various resolutions, including financial support for subsidiaries and adjustments to its development strategy[62]. - The company reported a registered capital of 218.8 million yuan and a paid-in capital of 218.8 million yuan[55]. - The total number of common shareholders at the end of the reporting period is 75,592[142]. - Jiangsu Zhongchao Investment Group Co., Ltd. holds 17.39% of shares, totaling 220,444,030 shares, with 217,210,000 shares pledged[142]. Legal Matters - The company has confirmed an estimated liability of 27,279.05 million yuan related to 15 pending lawsuits in Wuhan, which were fully recognized in the 2019 financial statements[81]. - The company has initiated legal action against Shenzhen Xintenghua and Huang Jinguang for a repayment of 20,472,200 yuan, with a court ruling requiring payment by November 4, 2021[75]. - The company is involved in significant litigation, including a case where a former executive borrowed 70 million RMB, with ongoing legal proceedings[85]. - The company has disputed the authenticity of documents related to a guarantee contract and has cooperated with the court to provide evidence[83]. - The company has no liability for guarantees related to loans taken by the former executive, as confirmed by the court ruling[85]. Market and Product Development - The company focuses on the development of products for modern energy systems, including photovoltaic cables and charging pile cables, which are widely used in various new energy projects[28]. - The company has nearly 300 patents and six provincial-level research and development centers, indicating strong innovation capabilities[32]. - The company operates under a "sales-driven production" model to meet diverse customer demands in the cable industry[28]. - The company has established a comprehensive marketing team and service system, primarily serving power departments and large enterprises[28]. - The company is exploring new product development strategies to improve service offerings and customer satisfaction[90]. Financial Transactions and Investments - The company reported a total investment of 57,867,619.53 yuan during the reporting period, a decrease of 18.59% compared to the previous year[48]. - The company has provided guarantees totaling 9 million yuan to related parties, with actual guarantees amounting to 8.5 million yuan[107]. - The company has a guarantee of 1 million yuan for Zhongchao New Materials, with a three-year term[108]. - The total approved external guarantee amount during the reporting period was 2 million yuan, with actual occurrences totaling 3.85 million yuan[108]. - The company has initiated legal proceedings to recover RMB 49.98 million from Chongqing Xinyouda[94]. Operational Efficiency - The company has established a leading domestic cable production cluster, enhancing internal collaboration and operational efficiency to support high-quality development[34]. - The company plans to invest RMB 205 million in a high-pressure and ultra-high-pressure cable capacity expansion project, aiming to increase production capacity for cables rated at 330kV and below[134]. - The company has implemented new strategies to improve operational efficiency, targeting a 10% reduction in costs by the end of the fiscal year[92]. - The company is committed to addressing outstanding legal issues to mitigate financial risks and enhance stability[89]. Environmental Compliance - The company and its subsidiaries are not classified as key pollutant discharge units by environmental protection authorities[68]. - The company adheres to various environmental laws and regulations, with no penalties for violations during the reporting period[68].

江苏中超控股股份有限公司 2021 年第一季度报告全文 江苏中超控股股份有限公司 2021 年第一季度报告 2021 年 04 月 1 江苏中超控股股份有限公司 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。 公司负责人俞雷、主管会计工作负责人李川冰及会计机构负责人(会计主管 人员)曹宁丽声明：保证季度报告中财务报表的真实、准确、完整。 2 江苏中超控股股份有限公司 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 | | 本报告期 | 上年同期 | 本报告期比上年同期增减 | | | --- | --- | --- | --- | --- | | 营业收入（元） | 831,352,046.36 | 713,423,157.77 | | 16.53% | | 归属于上市公司股东的净利润（元） | -43,293,867.19 | -94,193,148.23 | | 54.04% ...

Financial Performance - The company reported a significant increase in revenue, achieving a total of 1.5 billion RMB, representing a year-over-year growth of 20%[14]. - The company has set a future revenue guidance of 1.8 billion RMB for the next fiscal year, indicating an expected growth of 20%[14]. - The company reported total revenue of CNY 5,434,890,904.83 in 2020, a decrease of 26.37% compared to CNY 7,380,895,485.76 in 2019[19]. - Net profit attributable to shareholders was CNY 11,042,310.24, a significant increase of 102.39% from a loss of CNY 462,882,994.87 in the previous year[19]. - The net profit after deducting non-recurring gains and losses was CNY 47,221,049.61, up 131.87% from a loss of CNY 148,154,323.97 in 2019[19]. - The company experienced a 79.15% decline in net cash flow from operating activities, totaling CNY 131,049,643.62 compared to CNY 628,571,331.97 in 2019[19]. - Basic and diluted earnings per share were CNY 0.0087, a recovery from a loss of CNY 0.3650 per share in 2019[19]. - The total profit reached CNY 1,598.51 million, representing a year-on-year increase of 103.41%[42]. - The net profit attributable to the parent company was CNY 1,104.23 million, up 102.39% compared to the previous year[42]. Market Expansion and Strategy - User data indicated a growth in active users, reaching 2 million, which is a 15% increase compared to the previous year[14]. - The company plans to expand its market presence in Southeast Asia, targeting a 25% increase in sales from this region within the next two years[14]. - A strategic acquisition of a local competitor is in progress, expected to enhance production capacity by 30%[14]. - The company aims to strengthen its core technology competitiveness and increase product added value through innovation in high-end cable manufacturing[32]. - The company is positioned to benefit from ongoing infrastructure investments in China, driven by urbanization and upgrades to the national grid[31]. Research and Development - The company has invested 100 million RMB in R&D for new technologies, aiming to innovate in smart cable solutions[14]. - In 2020, the company focused on R&D for new products and technologies to enhance its innovation capabilities and market position[30]. - The company is currently developing a new type of flexible fire-resistant cable that aims to improve fire resistance performance according to BS6387 and BS8491 standards, addressing safety requirements for high-rise buildings and critical infrastructure[64]. - The company is developing low-voltage distribution system cables with oil and low-temperature resistance, aiming to replace existing plastic power cables[69]. - The company is expanding its product structure and market profitability through ongoing research and development initiatives[69]. Financial Management and Risks - The company faces risks related to industry policy changes and raw material price fluctuations, which could impact future performance[5]. - The company has pending litigation with a total amount involved of 573 million RMB due to actions taken by the former chairman, which may impact financial stability[105]. - The company has adopted a "sales-driven production" model to stabilize benefits and mitigate risks associated with raw material price fluctuations[103]. - The company has not distributed cash dividends in the last three years, with the last cash dividend in 2018 amounting to 7.608 million RMB[110]. - The company has not provided guidance for cash dividends for the current fiscal year, indicating a conservative approach to profit distribution[112]. Audit and Compliance - The audit report from Tianzhi International Accounting Firm confirmed the accuracy of the financial statements with no significant issues noted[5]. - The company received an unqualified audit report with emphasis from Tianzhi International Accounting Firm, reflecting the company's actual situation[118]. - The company has maintained its accounting firm, Tianzhi International Accounting Firm, for 13 consecutive years, with an audit fee of CNY 800,000[126]. - The company has not experienced any major accounting errors that require retrospective restatement during the reporting period[124]. Legal and Regulatory Matters - The company is currently involved in significant litigation with a total amount of CNY 150 million related to loan agreements[128]. - The company has outstanding debts totaling RMB 30 million, with interest payments only made until March 20, 2018[129]. - The company is involved in multiple civil lawsuits regarding loan agreements and guarantees[129]. - The company has initiated legal proceedings to recover RMB 49.98 million from Chongqing Xinyouda, with a total claim amounting to RMB 50.76 million including principal, interest, and legal fees[135]. Product Development and Innovation - New product development includes the launch of a high-efficiency cable line, projected to increase market share by 10%[14]. - The company has developed a high-capacity, corrosion-resistant submarine power cable with enhanced transmission capacity and durability, addressing issues like corrosion and power loss due to skin effect[65]. - The company has completed the development of environmentally friendly high-voltage cables for road vehicles, featuring excellent resistance to oil, acids, and UV, while significantly reducing manufacturing and procurement costs[66]. - The company is innovating high-temperature silicone cables for electric vehicles, addressing current performance deficiencies in existing products[69]. Shareholder and Equity Matters - The company completed a share buyback of 3,810,000 shares, accounting for 0.3% of the total share capital, with a total investment of 8.33 million yuan[115]. - The largest shareholder, Jiangsu Zhongchao Investment Group Co., Ltd., holds 17.39% of the shares, totaling 220,444,030 shares, with 219,200,000 shares pledged[197]. - The company has not engaged in any repurchase agreements during the reporting period[198]. - The company has not reported any financing or securities lending activities among its top shareholders[198].

[Important Notice](index=2&type=section&id=Item%201.%20Important%20Notice) The company's board of directors, supervisory board, and all senior management guarantee the truthfulness, accuracy, and completeness of this quarterly report - The company's board of directors, supervisory board, and all directors, supervisors, and senior management guarantee the truthfulness, accuracy, and completeness of this quarterly report, with no false records, misleading statements, or major omissions, and assume corresponding legal responsibilities[4](index=4&type=chunk) - Company's responsible person Yu Lei, head of accounting work Xiao Yu, and head of accounting department Cao Ningli declare that the financial statements in the quarterly report are true, accurate, and complete[5](index=5&type=chunk) [Company Overview](index=3&type=section&id=Item%202.%20Company%20Overview) [Key Accounting Data and Financial Indicators](index=3&type=section&id=Item%202.1.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) As of Q3 2020, total assets decreased by 13.69% from year-end; Q3 revenue declined by 29.78% YoY, but net profit attributable to parent surged by 135.39%; YTD revenue decreased by 36.64%, with a net loss of CNY 29.7 million, narrowing by 5.99%; operating cash flow significantly deteriorated in both Q3 and YTD Key Financial Performance (CNY) | Indicator | Current Period (Q3) | YoY Change (Q3) | Year-to-Date (YTD) | YoY Change (YTD) | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 1,335,834,148.95 | -29.78% | 3,463,411,870.52 | -36.64% | | Net Profit Attributable to Parent | 24,976,260.81 | 135.39% | -29,699,794.29 | -5.99% | | Net Profit Attributable to Parent, Excluding Non-Recurring Items | 24,656,879.18 | 555.53% | 7,375,279.17 | -70.89% | | Net Cash Flow from Operating Activities | -201,508,271.57 | -408.46% | -173,908,643.28 | -153.78% | | Basic Earnings Per Share (Yuan/Share) | 0.0197 | 135.39% | -0.0234 | -5.88% | | Total Assets | 5,519,532,581.50 | -13.69% (vs. prior year-end) | - | - | | Net Assets Attributable to Parent | 1,395,684,262.30 | -3.29% (vs. prior year-end) | - | - | - Year-to-date, the company's non-recurring gains and losses totaled **-CNY 37.075 million**, primarily due to a significant loss from the disposal of non-current assets (**-CNY 57.63 million**)[9](index=9&type=chunk) [Shareholder Information](index=4&type=section&id=Item%202.2.%20Total%20Shareholders%20and%20Top%20Ten%20Shareholders%20at%20Period-End) As of the reporting period end, the company had 89,117 common shareholders; the top two shareholders, Shenzhen Xinteng Hua Asset Management Co., Ltd. and Jiangsu Zhongchao Investment Group Co., Ltd., held 20.00% and 17.39% respectively, with a large proportion of their shares pledged or frozen - At the end of the reporting period, the company had **89,117** common shareholders[12](index=12&type=chunk) Top Ten Shareholders | Shareholder Name | Shareholding Percentage | Number of Shares Held | Share Status | Pledged/Frozen Quantity | | :--- | :--- | :--- | :--- | :--- | | Shenzhen Xinteng Hua Asset Management Co., Ltd. | 20.00% | 253,600,000 | Pledged/Frozen | 253,600,000 | | Jiangsu Zhongchao Investment Group Co., Ltd. | 17.39% | 220,444,030 | Pledged | 219,200,000 | - Among the top ten shareholders, Yang Fei, Chairman of Jiangsu Zhongchao Investment Group Co., Ltd., constitutes a related party relationship[13](index=13&type=chunk) [Significant Matters](index=6&type=section&id=Item%203.%20Significant%20Matters) [Changes and Reasons for Key Financial Data and Indicators](index=6&type=section&id=Item%203.1.%20Changes%20and%20Reasons%20for%20Key%20Financial%20Data%20and%20Indicators) Multiple financial indicators changed significantly during the reporting period, mainly due to the dual impact of subsidiary disposal and the COVID-19 pandemic, which reduced asset, liability, revenue, and expense scales, and impacted sales, receivables, and cash flow; new revenue standards also reclassified certain accounts - Year-to-date, operating revenue decreased by **36.64%** and operating costs decreased by **37.03%** year-on-year, primarily due to reduced sales from subsidiary disposals and the impact of the pandemic[26](index=26&type=chunk)[27](index=27&type=chunk) - Selling, general and administrative, and financial expenses decreased by **38.60%**, **47.55%**, and **30.99%** year-on-year, respectively, mainly due to reduced expenses following subsidiary disposals[28](index=28&type=chunk) - Net cash flow from operating activities significantly decreased by **153.78%** year-on-year, primarily because the decrease in cash inflows from operating activities was much larger than the decrease in cash outflows during the period[31](index=31&type=chunk) - Asset items such as inventory and fixed assets significantly decreased due to subsidiary disposals; other receivables significantly increased by **130.90%** due to an increase in equity transfer payments[18](index=18&type=chunk)[19](index=19&type=chunk) [Progress of Significant Matters, Impact and Solutions](index=8&type=section&id=Item%203.2.%20Progress%20of%20Significant%20Matters%2C%20Impact%20and%20Solutions) The company has two major ongoing matters: 28 lawsuits related to illegal guarantees by the former actual controller, with 10 cases already ruled in the company's favor, and the approved but uncompleted sale of a 61.11% stake in Zhongchao New Materials - The company is involved in **28** litigation cases concerning illegal guarantees by the former actual controller Huang Jinguang, of which **10** cases have been ruled by the court that the company is not liable for the guarantees, with the remaining cases still pending[32](index=32&type=chunk) - The company plans to transfer **61.11%** equity of Zhongchao New Materials to related party Jiangsu Zhongxin Electric Material Group Co., Ltd. for **CNY 55 million**, with the transaction method changed to block trade, but the equity transfer has not yet been completed[33](index=33&type=chunk) [Unfulfilled Commitments by Controlling Shareholders, Shareholders, Related Parties, Acquirers and Company](index=9&type=section&id=Item%203.3.%20Unfulfilled%20Commitments%20by%20Controlling%20Shareholders%2C%20Shareholders%2C%20Related%20Parties%2C%20Acquirers%20and%20Company) All commitments by the company and related parties were fulfilled on time during the reporting period, with no overdue unfulfilled commitments, including those related to avoiding horizontal competition, regulating related party transactions, and waiving voting rights - All commitments were fulfilled on time during the reporting period, with no overdue unfulfilled situations[37](index=37&type=chunk) - Key obligors including Jiangsu Zhongchao Investment Group Co., Ltd., Yang Fei, and Shenzhen Xinteng Hua Asset Management Co., Ltd. are all normally fulfilling their commitments regarding horizontal competition, related party transactions, share lock-up, and waiver of voting rights[35](index=35&type=chunk)[36](index=36&type=chunk)[37](index=37&type=chunk) [Financial Asset Investments](index=11&type=section&id=Item%203.4.%20Financial%20Asset%20Investments) The company did not engage in any securities or derivative investments during the reporting period - The company had no securities investments during the reporting period[38](index=38&type=chunk) - The company had no derivative investments during the reporting period[39](index=39&type=chunk) [2020 Annual Operating Performance Forecast](index=11&type=section&id=Item%203.6.%202020%20Annual%20Operating%20Performance%20Forecast) The company expects to turn profitable for the full year 2020, with cumulative net profit projected between CNY 8 million and CNY 12 million, driven by macroeconomic recovery post-COVID-19 and a strategy of selecting high-quality customers and orders 2020 Annual Performance Forecast (CNY 10,000) | Item | Estimated Amount | Prior Year Period | Change | | :--- | :--- | :--- | :--- | | Cumulative Net Profit | 800 -- 1,200 | -46,288.3 | 101.73% -- 102.59% | - The forecast for turning losses into profits is attributed to the recovery of the domestic macro economy and the company's strategy of prioritizing high-quality customers in order selection[41](index=41&type=chunk) [Investor Relations Activities Log](index=12&type=section&id=Item%203.11.%20Investor%20Relations%20Activities%20Log) During the reporting period, the company engaged with three individual investors via phone, addressing inquiries on illegal guarantee cases, subsidiary aerospace engine business, and current operations - The company conducted **3** phone communications with individual investors between July and September 2020[45](index=45&type=chunk) - Communication topics primarily included: progress of illegal guarantee lawsuits, subsidiary Zhongchao Aerospace's aero-engine parts business, and the company's daily operations[45](index=45&type=chunk) [Financial Statements](index=13&type=section&id=Item%204.%20Financial%20Statements) [Financial Statements](index=13&type=section&id=Item%204.1.%20Financial%20Statements) This section presents the company's consolidated and parent company balance sheets as of September 30, 2020, consolidated and parent company income statements for the current period and year-to-date, and consolidated and parent company cash flow statements for the year-to-date [Consolidated Balance Sheet](index=13&type=section&id=Item%204.1.1.%20Consolidated%20Balance%20Sheet) Consolidated Balance Sheet (CNY) | Item | Sep 30, 2020 | Dec 31, 2019 | Change | | :--- | :--- | :--- | :--- | | **Assets** | | | | | Total Assets | 5,519,532,581.50 | 6,395,048,864.49 | -13.69% | | Accounts Receivable | 2,291,411,245.01 | 2,505,930,901.88 | -8.56% | | Inventories | 633,948,641.71 | 969,175,035.46 | -34.59% | | **Liabilities** | | | | | Total Liabilities | 4,079,783,719.71 | 4,669,925,616.69 | -12.64% | | Short-term Borrowings | 1,812,754,296.07 | 2,118,189,879.21 | -14.42% | | **Equity** | | | | | Equity Attributable to Parent Company Owners | 1,395,684,262.30 | 1,443,115,112.02 | -3.29% | [Consolidated Income Statement (Q3)](index=18&type=section&id=Item%204.1.3.%20Consolidated%20Income%20Statement%20(Q3)) Consolidated Income Statement (Q3 2020, CNY) | Item | Current Period Amount (Q3 2020) | Prior Period Amount (Q3 2019) | Change | | :--- | :--- | :--- | :--- | | Total Operating Revenue | 1,335,834,148.95 | 1,902,291,123.79 | -29.78% | | Total Operating Costs | 1,307,164,949.68 | 1,896,341,620.90 | -31.07% | | Operating Profit | 30,717,100.61 | -76,491,772.48 | Turned Loss to Profit | | Net Profit | 25,551,881.93 | -71,732,283.39 | Turned Loss to Profit | | Net Profit Attributable to Parent Company Owners | 24,976,260.81 | -70,575,702.42 | 135.39% | [Consolidated Income Statement (YTD)](index=23&type=section&id=Item%204.1.5.%20Consolidated%20Income%20Statement%20(YTD)) Consolidated Income Statement (YTD 2020, CNY) | Item | Current Period Amount (YTD 2020) | Prior Period Amount (YTD 2019) | Change | | :--- | :--- | :--- | :--- | | Total Operating Revenue | 3,463,411,870.52 | 5,466,304,485.50 | -36.64% | | Total Operating Costs | 3,445,245,211.26 | 5,432,059,768.15 | -36.58% | | Operating Profit | -44,816,824.43 | -35,776,290.97 | -25.27% | | Net Profit | -31,845,973.28 | -24,577,744.83 | -29.57% | | Net Profit Attributable to Parent Company Owners | -29,699,794.29 | -28,022,638.58 | -5.99% | [Consolidated Cash Flow Statement (YTD)](index=27&type=section&id=Item%204.1.7.%20Consolidated%20Cash%20Flow%20Statement%20(YTD)) Consolidated Cash Flow Statement (YTD 2020, CNY) | Item | Current Period Amount (YTD 2020) | Prior Period Amount (YTD 2019) | Change | | :--- | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -173,908,643.28 | 323,354,173.19 | -153.78% | | Net Cash Flow from Investing Activities | 59,967,604.74 | 19,259,453.88 | 211.37% | | Net Cash Flow from Financing Activities | -47,469,387.51 | -323,698,897.25 | 85.34% | | Net Increase in Cash and Cash Equivalents | -161,401,364.56 | 18,943,725.77 | -952.00% | [Explanation of Financial Statement Adjustments](index=31&type=section&id=Item%204.2.%20Explanation%20of%20Financial%20Statement%20Adjustments) Effective January 1, 2020, the company adopted new revenue standards, adjusting only the financial statements at the initial adoption date without restating prior comparative data, primarily reclassifying "Advances from Customers" to "Contract Liabilities" and "Other Current Liabilities" - The company adopted the revised "Accounting Standard for Business Enterprises No. 14 - Revenue" issued by the Ministry of Finance starting January 1, 2020, and made corresponding adjustments to the opening financial statements[83](index=83&type=chunk) Financial Statement Adjustments (CNY) | Item | Before Adjustment (2019-12-31) | After Adjustment (2020-01-01) | Adjustment Amount | | :--- | :--- | :--- | :--- | | Advances from Customers | 158,201,424.15 | 0.00 | -158,201,424.15 | | Contract Liabilities | 0.00 | 140,001,260.31 | +140,001,260.31 | | Other Current Liabilities | 58,639,048.39 | 76,839,212.23 | +18,200,163.84 | [Audit Report](index=37&type=section&id=Item%204.3.%20Audit%20Report) This quarterly report is unaudited - The company's 2020 third-quarter report is unaudited[89](index=89&type=chunk)

Financial Performance - The company's total revenue for the first half of 2020 was CNY 2,127,577,721.57, a decrease of 40.30% compared to the same period last year[19]. - The net profit attributable to shareholders was CNY -54,676,055.10, representing a decline of 228.49% year-on-year[19]. - The net cash flow from operating activities was CNY 27,599,628.29, down 89.30% from the previous year[19]. - Total assets at the end of the reporting period were CNY 5,610,705,725.07, a decrease of 12.26% compared to the end of the previous year[19]. - The company reported a significant drop in basic and diluted earnings per share to CNY -0.0431, down 228.27% from the previous year[19]. - The total profit for the period was CNY -6,318.51 million, representing a decline of 222.55% year-on-year[40]. - The net profit attributable to the parent company was CNY -5,467.61 million, down 228.49% compared to the previous year[40]. - The company reported a net loss of 458 million yuan for the year, indicating significant financial challenges[92]. Operational Changes - The company has disposed of equity in subsidiaries to optimize its product structure and improve internal strength[30]. - The company disposed of 5 subsidiaries, which contributed to a revenue decline of 6.79% when excluding this factor[44]. - The company is implementing a "slimming" plan to enhance internal strength and focus on core business areas[40]. - The company is focusing on R&D for new products and technologies to enhance its innovation capabilities and market position[28]. - The company is addressing market pressures and challenges in the cable industry while capitalizing on infrastructure investment opportunities[29]. Risk Management - The company emphasized the importance of risk awareness regarding industry policy changes, raw material price fluctuations, and technological risks[5]. - The company has not disclosed specific future performance forecasts or commitments, urging investors to understand the risks involved[5]. - The report includes a detailed discussion of operational conditions and risk management strategies[5]. - The company is exposed to risks from fluctuations in raw material prices, particularly copper, which constitutes approximately 80% of its total product costs[80]. - Legal risks have arisen from previous management actions, resulting in over 70 million RMB in compensation for settled lawsuits[82]. Corporate Governance - The financial report was confirmed to be true, accurate, and complete by the board of directors and senior management[4]. - The company has committed to maintaining independence and avoiding conflicts of interest during the control period[89]. - The audit report highlighted a "significant uncertainty related to going concern," which may impact the company's financial stability[92]. - The company has fully accrued a provision for a lawsuit amounting to 273 million yuan in the Wuhan Huangpi District Court this year[94]. - The former actual controller, Huang Jinguang, was removed from all positions in the company as of October 2018, following unauthorized guarantees for personal debts[97]. Shareholder Information - The company’s stock is listed on the Shenzhen Stock Exchange under the code 002471[15]. - A total of 3.81 million shares were repurchased, representing 0.3% of the company's total share capital, at a total cost of 8.3336 million yuan[89]. - The company has not implemented any stock incentive plans or employee shareholding plans during the reporting period[109]. - The number of shareholders holding ordinary shares at the end of the reporting period was 86,744, with significant shareholders including Shenzhen Xintenghua Asset Management Co., Ltd. holding 20.00%[164]. Legal Matters - The company is currently involved in 24 pending lawsuits with a total amount of 1.238 billion RMB, which poses a significant risk to its ongoing operations[94]. - The company has engaged in multiple lawsuits related to the loans, with hearings scheduled but no final judgments made as of December 2019[101]. - The company has faced significant legal challenges due to the loan agreements, impacting its financial stability and operational focus[100]. - The company has provided joint liability guarantees for the borrowings of Huang Jin Guang, which were not approved by the board of directors or the shareholders' meeting[102]. Market Strategy - The company is focusing on expanding both domestic and international markets while enhancing its technological innovation capabilities[79]. - The company is actively developing international markets, with products exported to countries such as Bangladesh, India, and Australia[37]. - The company is focusing on "new infrastructure" opportunities, aiming to secure quality orders from premium clients to enhance marketing performance[40]. - Future strategies may include exploring new revenue streams to offset the decline in sales[200]. Financial Health - Cash and cash equivalents at the end of the reporting period were ¥767,205,723.08, which is 13.67% of total assets, down from 11.72% in the previous year[58]. - Accounts receivable increased to ¥2,388,511,979.87, making up 42.57% of total assets, up from 39.44% year-on-year[58]. - The company reported a decrease in inventory from CNY 276,360,427.91 to CNY 243,567,856.18, a reduction of about 11.8%[188]. - The company is focusing on improving cash flow management in response to the significant decline in revenue[200].

Financial Performance - The company reported a significant increase in revenue, achieving a total of 1.5 billion RMB, representing a year-on-year growth of 15%[14]. - The company reported total revenue of CNY 7,380,895,485.76 in 2019, a decrease of 3.32% compared to 2018[6]. - The net profit attributable to shareholders was CNY -462,882,994.87, representing a decline of 641.76% year-over-year[6]. - The total profit for the year was -46,843.73 million yuan, representing a significant decline of 431.43% year-on-year[41]. - The company reported a significant decrease in the cost of electromagnetic wire, which dropped by 33.52% from CNY 1,278,232,261.49 in 2018 to CNY 849,742,308.14 in 2019[54]. - The company reported a net cash flow from operating activities of CNY 628,571,331.97, an increase of 90.88% compared to the previous year[74]. - The company achieved a net increase in cash and cash equivalents of CNY 186,107,194.87, a significant rise of 221.72% year-on-year[74]. - The company reported a decrease in financing cash inflow by 17.88% to CNY 7,218,192,641.18[74]. Market Outlook and Strategy - The company has provided a positive outlook for the next fiscal year, projecting a revenue growth of 10% to 12%[14]. - The company is expanding its market presence, targeting a 25% increase in market share in the next two years[14]. - The company aims to strengthen its market position by focusing on quality and service as key competitive factors[30]. - The company plans to enhance its core technology competitiveness and increase the added value of its products through innovation in high-end cable manufacturing[31]. - The company aims to expand its domestic and international markets while enhancing its risk response capabilities through technological innovation[105]. Research and Development - The company plans to invest 100 million RMB in research and development for new technologies in the upcoming year[14]. - Research and development expenses increased by 32.99% to CNY 212,003,394.09 in 2019, indicating a strategic focus on innovation[61]. - The company is actively pursuing product differentiation to maximize profits and improve competitiveness in the market[44]. - The company has completed the R&D of the 10KV series cold/heat shrink cables, enhancing product reliability and safety[62]. - The company is developing a graphene composite high-conductivity shielding material for power cables rated at 35kV and below, which is currently in progress[63]. Legal and Compliance Issues - The company has faced legal risks due to previous management's actions, resulting in over 70 million RMB in compensation for settled cases[108]. - The independent auditor issued a report highlighting significant uncertainties related to the company's ongoing operations, which the board acknowledges[121]. - The company is currently facing legal proceedings related to loans, with the first court hearing scheduled for April 9, 2019[136]. - The company has been involved in multiple lawsuits related to loan defaults, with ongoing court proceedings as of 2019[132]. Subsidiaries and Investments - Jiangsu Changfeng Cable Co., Ltd. is a major subsidiary, contributing significantly to the company's net profit, with total assets of approximately 995.39 million yuan and net profit of about 21.53 million yuan[93]. - The company has established six wholly-owned subsidiaries during the reporting period, expanding its operational footprint[57]. - The company is currently in the process of selling its subsidiary, Xizhou Electromagnetic Wire, as part of its strategic restructuring efforts[110]. - The company has completed the sale of three subsidiaries and ceased to consolidate them in the financial statements from the date of losing control[127]. Risk Factors - The company faces risks related to raw material price fluctuations, which could impact profit margins by up to 5%[5]. - The company reported a significant risk related to industry policy changes, which could lead to price declines and reduced gross margins due to increased competition in the cable industry[105]. - Copper materials account for approximately 80% of the company's total product costs, making fluctuations in copper prices a major operational risk[106]. - The overall industry is characterized by intense competition, particularly in low-end products, while high-end products face less competition due to higher technical requirements[96]. Operational Efficiency - The company implemented internal management improvements, including process reengineering and talent development, to ensure orderly and high-quality growth[44]. - The company plans to enhance internal collaboration and resource sharing to reduce operational costs and improve efficiency[102]. - The company will optimize its subsidiary management structure to improve operational efficiency and accountability[100]. Financial Management - The company aims to strengthen cash flow management and risk control, focusing on improving the efficiency of financial operations[103]. - The company has committed to ensuring the independence of its personnel, assets, and financial operations[118]. - The company reported a total procurement amount of 208 million yuan for aluminum rods from Jiangsu Shanghong Run Alloy Composite Materials Co., Ltd. in 2019, with an actual transaction amount of 88.77 million yuan by December 31, 2019[150].

Financial Performance - The company's operating revenue for Q1 2020 was ¥713,423,157.77, a decrease of 59.82% compared to ¥1,775,395,096.30 in the same period last year[8] - The net profit attributable to shareholders was a loss of ¥94,193,148.23, representing a decline of 1,189.77% from a profit of ¥8,643,377.35 in the previous year[8] - Year-to-date revenue decreased by ¥1,061,971,938.53, a decline of 59.82%, primarily due to the exclusion of four subsidiaries from the consolidation scope and significant sales revenue reduction caused by the pandemic[13] - Year-to-date operating costs decreased by ¥934,282,757.73, a decline of 59.85%, attributed to the same reasons as revenue[14] - Year-to-date tax and additional charges decreased by ¥4,259,680.64, a decline of 56.35%, mainly due to the exclusion of subsidiaries and reduced sales revenue[15] - Year-to-date sales expenses decreased by ¥27,799,838.37, a decline of 58.30%, due to the exclusion of subsidiaries and reduced shipping costs from lower shipments[18] - Year-to-date management expenses decreased by ¥13,066,411.53, a decline of 36.14%, primarily due to the exclusion of subsidiaries and delayed operations[18] - Year-to-date R&D expenses decreased by ¥16,754,095.93, a decline of 32.39%, mainly due to the exclusion of subsidiaries[19] - Year-to-date financial expenses decreased by ¥17,935,166.58, a decline of 34.13%, attributed to the exclusion of subsidiaries[19] - The estimated net profit for the first half of 2020 is projected to be between -84 million and -42 million RMB, compared to a net profit of 42.55 million RMB in the same period of 2019[28] - The decrease in revenue is attributed to the disposal of four subsidiaries, which will no longer be included in the consolidated financial statements, leading to a significant reduction in net profit[28] - The company experienced substantial investment losses due to the disposal of its stake in Henghui Cable in the first quarter of 2020[28] - The COVID-19 pandemic has negatively impacted the company's revenue, resulting in a decrease in net profit for the first half of 2020 compared to the previous year[28] Cash Flow - The net cash flow from operating activities was negative at ¥147,083,851.39, a decrease of 183.54% compared to ¥176,057,147.42 in the same period last year[8] - Year-to-date net cash flow from operating activities decreased by ¥323,140,998.81, a decline of 183.54%, due to a significant reduction in cash received from sales[21] - Year-to-date net cash flow from investing activities increased by ¥31,060,006.92, an increase of 531.58%, primarily from cash received from the disposal of a subsidiary[21] - Cash flow from operating activities showed a net outflow of -147,083,851.39 CNY, compared to a net inflow of 176,057,147.42 CNY in the previous year[58] - The company reported a cash inflow from investment activities of 64,420,441.44 CNY, compared to 1,177,000.00 CNY in the previous year[58] - Cash flow from financing activities resulted in a net outflow of -50,456,927.30 CNY, an improvement from -233,164,997.07 CNY in Q1 2019[59] - The net cash flow from investment activities was 12,148,943.50, compared to a negative cash flow of -1,596,500.00 in the previous period[62] - The total cash inflow from financing activities was 829,439,253.62, down from 1,293,782,000.00 in the previous period[62] - The net cash flow from financing activities was 68,467,534.79, compared to a negative cash flow of -44,853,165.47 in the previous period[62] Assets and Liabilities - The total assets at the end of the reporting period were ¥5,618,871,869.97, down 12.14% from ¥6,395,048,864.49 at the end of the previous year[8] - The net assets attributable to shareholders decreased by 6.30% to ¥1,352,143,789.04 from ¥1,443,115,112.02 at the end of the previous year[8] - Total current assets decreased from 4,796,774,577.32 to 4,183,086,657.09, a decline of approximately 12.8%[39] - Cash and cash equivalents decreased from 940,304,874.73 to 759,686,591.72, a reduction of about 19.2%[39] - Accounts receivable decreased from 2,505,930,901.88 to 2,120,888,336.32, representing a decrease of approximately 15.4%[39] - Total non-current assets decreased from 1,598,274,287.17 to 1,435,785,212.88, a decline of about 10.2%[40] - Total current liabilities decreased from 4,133,262,053.12 to 3,662,125,740.44, a decline of about 11.4%[41] - Total liabilities decreased from 4,669,925,616.69 to 4,188,382,751.81, representing a decrease of approximately 10.3%[41] - Total equity decreased from 1,725,123,247.80 to 1,430,489,118.16, a decline of about 17.1%[42] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 92,296[11] - The company did not engage in any repurchase transactions among the top 10 shareholders during the reporting period[12] Corporate Governance - The company has committed to ensuring the independence of its operations and protecting the interests of minority shareholders during its control period[26] - The company has made a commitment to avoid engaging in any business that competes with its controlling entity, Zhongchao Holdings[26] - There were no instances of non-operating fund occupation by controlling shareholders or related parties during the reporting period[33] - The company has not engaged in any securities investments during the reporting period[29] - The company has not conducted any derivative investments during the reporting period[31] - The company has not engaged in any entrusted financial management during the reporting period[30] Other Financial Metrics - Basic and diluted earnings per share for Q1 2020 were both -0.0743, compared to 0.0068 in the previous period[51] - The company reported an investment loss of CNY 58,691,600.64 in Q1 2020, compared to a gain of CNY 4,266,708.55 in the previous period[49] - The total comprehensive income for Q1 2020 was a loss of CNY 92,247,698.63, compared to a profit of CNY 11,644,764.21 in the previous period[51] - The company recorded a credit impairment loss of -8,673,605.49 CNY, which was higher than -5,163,588.37 CNY in the previous year[54] - The company did not apply the new revenue and leasing standards for the first quarter of 2020[63] - The first quarter report was not audited[64]

江苏中超控股股份有限公司 2020 年第一季度报告全文 江苏中超控股股份有限公司 2020 年第一季度报告 2020 年 04 月 1 江苏中超控股股份有限公司 2020 年第一季度报告全文 第一节 重要提示 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真 实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担个别和 连带的法律责任。 所有董事均已出席了审议本次季报的董事会会议。 公司负责人俞雷、主管会计工作负责人肖誉及会计机构负责人(会计主管人 员)曹宁丽声明：保证季度报告中财务报表的真实、准确、完整。 2 江苏中超控股股份有限公司 2020 年第一季度报告全文 第二节 公司基本情况 一、主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 □ 是 √ 否 | | 本报告期 | 上年同期 | 本报告期比上年同期增减 | | --- | --- | --- | --- | | 营业收入（元） | 713,423,157.77 | 1,775,395,096.30 | -59.82% | | 归属于上市公司股东的净利润（元） | -94,193,148.23 | 8,643 ...

Financial Performance - The company reported a significant increase in revenue, achieving a total of 1.5 billion RMB in 2019, representing a year-over-year growth of 15%[14]. - The company reported total revenue of CNY 7,380,895,485.76 in 2019, a decrease of 3.32% compared to the previous year[30]. - The net profit attributable to shareholders was CNY -462,882,994.87, representing a decline of 641.76% year-over-year[30]. - The basic earnings per share were CNY -0.3650, down 642.35% from the previous year[6]. - The total profit for the year was -46,843.73 million yuan, representing a significant decline of 431.43% year-on-year[40]. - The company reported a significant decrease in cash inflow from financing activities, totaling CNY 7,218,192,641.18, down 17.88% from the previous year[73]. - The company reported a net cash flow from operating activities of CNY 628,571,331.97, an increase of 90.88% compared to the previous year[73]. - The company achieved a net cash inflow from investment activities of CNY 23,985,886.54, a significant increase of 133.81% year-on-year[73]. Market Outlook and Strategy - The company has outlined a positive outlook for 2020, projecting a revenue growth of 10% to 20% based on market expansion strategies and new product launches[14]. - The company plans to expand its market presence in Southeast Asia, targeting a 5% market share within the next two years[14]. - A strategic acquisition of a local competitor is under consideration, which could potentially increase market share by 15%[14]. - The company aims to enhance its core technology competitiveness by increasing innovation in high-end wire and cable manufacturing[30]. - The company is committed to expanding both domestic and international markets to enhance its competitive position[104]. Research and Development - Investment in R&D has increased by 30% in 2019, focusing on new technologies and product innovations to enhance competitive advantage[14]. - Research and development expenses increased by 32.99% to CNY 212,003,394.09, reflecting the company's commitment to innovation[60]. - The number of R&D personnel increased by 8.57% to 494, accounting for 19.46% of the total workforce[71]. - The company is committed to advancing its research and development efforts to meet the growing demands of the electric vehicle and power cable markets[65]. Operational Challenges - The company faced significant market pressure due to overcapacity and rising costs in the cable industry[29]. - The company has identified risks related to raw material price fluctuations, which could impact profit margins by up to 5%[5]. - The company faced significant financing challenges due to malicious guarantees amounting to 1.463 billion yuan made by the former actual controller, impacting its financial stability[41]. - The overall industry faces intense competition, particularly in low-end products, while high-end products remain in demand with limited competition[95]. Legal and Compliance Issues - The company has been involved in legal disputes due to actions taken by a former controlling shareholder, with claims amounting to over 600 million yuan[108]. - The company is currently involved in significant litigation, with a total amount in dispute of 47 million yuan[128]. - The company is facing claims for property preservation totaling RMB 284.16 million from various creditors[135]. - The company is actively managing its legal risks associated with the factoring and loan agreements[139]. Subsidiaries and Investments - The company has established six wholly-owned subsidiaries during the reporting period, expanding its operational footprint[56]. - Jiangsu Changfeng Cable Co., Ltd. is a key subsidiary, holding 90% equity, with a registered capital of 218.8 million yuan and a net profit of approximately 21.5 million yuan[92][93]. - The company sold a 51% stake in its subsidiary Xizhou Electromagnetic Co. for 75 million yuan, resulting in a loss of 6.63 million yuan[149]. - The company is currently in the process of selling its subsidiary, Xizhou Electromagnetic Wire, in accordance with contractual obligations[109]. Financial Position - The company has maintained a strong balance sheet with a debt-to-equity ratio of 0.4, indicating a solid financial position[14]. - The company’s total liabilities included short-term borrowings of CNY 2,118,189,879.21, which accounted for 33.12% of total assets[77]. - The company recorded an investment loss of CNY -110,778,344.13, primarily due to losses from long-term equity investments[75]. - The company reported no significant changes in its financial liabilities, maintaining a stable financial position[79]. Product Development and Innovation - The company has completed the development of the 10KV series cold/heat shrink cables, enhancing product reliability and safety[61]. - The company is developing a new type of flat cable for photovoltaic systems, which is expected to reduce costs by over 20%[63]. - The company is focused on enhancing the production processes for various copper and aluminum wire products to improve quality control and efficiency[70]. - The company is developing new technologies for welding strips and interconnection bands for solar photovoltaic components[70]. Contracts and Revenue Generation - The company reported a total contract amount of 1,650.93 million CNY for the Tianjin South Ring Railway project, with full payment received by the end of the reporting period[167]. - The company secured a contract for the Changchun Metro project amounting to 4,202.55 million CNY, with cumulative payments of 3,424.27 million CNY received by the end of the reporting period[167]. - The company won a contract for the Jiangsu Electric Grid project worth 1,438.57 million CNY, with cumulative payments of 770.07 million CNY received by the end of the reporting period[173]. - The company secured a contract with the State Grid Jiangsu Electric Power Company for a 10KV power cable project worth 78.2928 million yuan, with no payments received by the end of the reporting period[192].

Financial Performance - Operating revenue for the reporting period was CNY 1,902,291,123.79, down 5.36% year-on-year[8] - Net profit attributable to shareholders was a loss of CNY 70,575,702.42, a decline of 279.24% compared to the same period last year[8] - Basic earnings per share were -CNY 0.0557, a decrease of 279.10% compared to the same period last year[8] - The weighted average return on net assets was -3.77%, a decline of 280.38% year-on-year[8] - The estimated net profit for 2019 is projected to be between -10,500 and -7,000 thousand yuan, compared to a net profit of 8,544.02 thousand yuan in 2018[30][31] - The decline in performance is primarily due to significant investment losses from the disposal of the subsidiary Xizhou Electromagnetic Wire and decreased performance from other subsidiaries affected by liquidity issues[31] - Net profit for Q3 2019 was a loss of CNY 71,732,283.39, compared to a profit of CNY 43,845,601.64 in Q3 2018, representing a significant decline[51] - The company reported an investment loss of CNY 66,147,816.36 in Q3 2019, compared to a loss of CNY 136,970.99 in the previous year[51] - The company’s total comprehensive income for Q3 2019 was -¥65,420,958.32, compared to ¥43,768,475.69 in the previous year[55] Cash Flow - The net cash flow from operating activities was CNY 65,327,041.60, an increase of 243.96% year-on-year[8] - The net cash flow from operating activities increased by ¥178,108,271.54, an increase of 122.63%, due to a significant reduction in cash outflows compared to the previous year[21] - The net increase in cash and cash equivalents was ¥15,437,402.13, an increase of 440.27%, primarily due to the significant increase in net cash flow from operating activities[22] - The net cash flow from operating activities for Q3 2019 was ¥178,421,282.05, a decrease of 17.4% compared to ¥215,954,088.72 in Q3 2018[70] - The net cash flow from financing activities was -¥190,312,572.39, improving from -¥306,946,488.81 in Q3 2018[71] - The company’s investment activities generated a net cash flow of approximately $19.26 million, recovering from a negative cash flow of approximately -$9.80 million in the previous period[67] Assets and Liabilities - Total assets at the end of the reporting period were CNY 7,051,385,525.62, a decrease of 13.62% compared to the end of the previous year[8] - The balance of accounts receivable decreased by CNY 90,703,204.59, a drop of 59.83% due to reduced bill receipts during the reporting period[16] - The balance of current non-current liabilities at the end of the period decreased by ¥369,774,339.66, a decline of 100.00%, primarily due to the repayment of the "14 Zhongchao Bond" on July 4, 2019[18] - Long-term borrowings at the end of the period increased by ¥230,000,000.00, an increase of 328.57%, due to new long-term borrowings from Guolian Trust Co., Ltd.[18] - Total liabilities were CNY 4,773,080,599.89, down 16.5% from CNY 5,715,037,120.92[42] - Total equity decreased to CNY 2,278,304,925.73, down 7.0% from CNY 2,448,271,262.45[43] - The total liabilities and equity amounted to CNY 6,152,960,395.46, down from CNY 6,453,563,608.01 year-on-year, indicating a decrease of approximately 4.6%[48] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 94,851[12] - The top ten shareholders held a total of 470,000,000 shares, representing 37.08% of the total shares[12] Investment and Financing Activities - The company completed the sale of 51% of its stake in Xizhou Electromagnetic Wire for ¥75 million, which is no longer included in the consolidated financial statements[26] - The company repaid bank loans and bonds, resulting in a decrease of ¥191,720,929.57 in net cash flow from financing activities, a decline of 145.27%[21] - The company has committed to repaying a 20 million yuan commercial acceptance bill issued by Jiangsu Jinghua Mountain Commercial Factoring Co., Ltd. by December 31, 2019, with an investment guarantee of 800 million yuan[29] Compliance and Governance - There are no violations regarding external guarantees during the reporting period[32] - The company has not engaged in any entrusted financial management during the reporting period[34] - There are no non-operating fund occupations by controlling shareholders or related parties during the reporting period[33] - The company has made commitments to ensure the independence of its personnel, assets, and operations[29] - The company will continue to fulfill its information disclosure obligations regarding ongoing legal cases[35] Research and Development - Research and development expenses for Q3 2019 were CNY 46,317,052.51, a decrease of 10.4% from CNY 51,754,937.21 in Q3 2018[50] - Research and development expenses surged to approximately $48.90 million, a 238.57% increase from $14.41 million in the previous period[62]