Financial Performance - The company's operating revenue for 2021 was CNY 4,264,212,601.38, representing a 7.76% increase compared to CNY 3,957,063,457.75 in 2020[17]. - The net profit attributable to shareholders for 2021 was CNY 150,174,815.19, a significant increase of 73.02% from CNY 86,797,716.53 in 2020[17]. - The net profit after deducting non-recurring gains and losses reached CNY 100,850,981.97, marking a 270.16% increase from CNY 27,245,079.54 in 2020[17]. - The company's total assets at the end of 2021 were CNY 6,457,303,019.95, up 6.48% from CNY 6,064,217,864.43 at the end of 2020[17]. - The basic earnings per share for 2021 was CNY 0.24, reflecting a 71.43% increase from CNY 0.14 in 2020[17]. - The net cash flow from operating activities decreased by 39.28% to CNY 166,498,257.69 from CNY 274,202,099.49 in 2020[17]. - The weighted average return on equity for 2021 was 5.37%, an increase from 3.22% in 2020[17]. - The company reported a total of CNY 60,115,792.87 in government subsidies related to its normal business operations for 2021[22]. Market Expansion and Product Development - The company is actively pursuing market expansion strategies, including the development of new technologies and products in the robotics and motion control sectors[12]. - The company aims to enhance its smart manufacturing capabilities in line with national policies and technological advancements, targeting significant digital transformation by 2025[27]. - The company is committed to enhancing its product development quality and reducing manufacturing cycles through modular design and flexible manufacturing technologies[11]. - The company aims to leverage virtual reality (VR) technology in its product development processes to create innovative solutions for its customers[11]. - The company is exploring opportunities for mergers and acquisitions to strengthen its market position and expand its product offerings[12]. - The company has established partnerships with various technology firms to enhance its research and development capabilities in smart manufacturing[12]. - The company is focused on developing smart manufacturing solutions and enhancing its electric control systems to become a leading brand in elevator control systems[124]. - The company is in the development phase for a new generation escalator control cabinet aimed at enhancing product performance and market share[80]. Research and Development - The company has received 730 national patents, including 242 invention patents and 266 software copyrights, as of December 31, 2021[49]. - The company has established R&D centers in Shanghai, Shenzhen, Hangzhou, Germany, and Japan to support its innovation efforts[49]. - The company has launched a new high-end elevator drive system that meets EN81-20/50 EMC requirements, enhancing its competitive edge in the elevator market[82]. - The R&D expenditure for new product development increased by 25% year-over-year, totaling 300 million RMB[171]. - The company is exploring partnerships with tech firms to integrate AI solutions into its product offerings, aiming for a launch by Q3 next year[181]. Corporate Governance and Management - The company has established a fair and transparent performance evaluation and incentive mechanism for senior management[153]. - The company maintains complete independence from its controlling shareholder in business, personnel, assets, and finance[149]. - The company has a governance structure that separates the roles of directors and daily operational management, with directors primarily involved in decision-making and supervision[184]. - The company has implemented a labor contract system with all employees, ensuring independent labor and human resource management[158]. - The company has a clear ownership structure with no instances of fund or asset occupation by controlling shareholders[158]. Challenges and Risks - The company faces risks from economic fluctuations due to the pandemic and international tensions, which may impact market demand for its products[132]. - Supply chain risks are present due to tight supply of key components and rising prices of raw materials like copper and aluminum, prompting the company to strengthen partnerships with strategic suppliers[133]. - Accounts receivable have increased due to business expansion, with risks of delayed collections impacting cash flow; the company plans to implement stricter credit assessments and improve collection processes[137]. Future Outlook - The company provided a positive outlook for the next fiscal year, projecting a revenue growth of 25% driven by new product launches and market expansion strategies[142]. - The company plans to expand its market presence in Southeast Asia, targeting a 30% increase in market share within the next two years[142]. - The overall outlook for the company remains positive, with a focus on sustainable growth and innovation in the coming years[167]. - Future guidance includes maintaining a focus on sustainable practices, aiming for a 50% reduction in carbon emissions by 2025[143]. Employee and Talent Management - The company has established a comprehensive training and incentive mechanism, with 947 R&D personnel accounting for 37% of the workforce as of December 31, 2021[53]. - The company is committed to improving its human resources mechanisms to stabilize and attract high-end talent through better working conditions and development opportunities[140]. - The total number of employees at the end of the reporting period was 2,556, with 753 in the parent company and 1,803 in major subsidiaries[199].

□ 是 √ 否 1 上海新时达电气股份有限公司 2022 年第一季度报告全文 证券代码：002527 证券简称：新时达 公告编号：2022-023 上海新时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 | --- | --- | --- | --- | |-----------------------------------------------------|------------------|------------------|---------------------------| | | 本报 ...

Financial Performance - The company's revenue for Q3 2021 was ¥1,043,421,598.58, a decrease of 5.61% compared to the same period last year[4] - Net profit attributable to shareholders was ¥40,246,515.07, an increase of 21.27% year-over-year[4] - The net profit excluding non-recurring gains and losses reached ¥31,428,076.08, up 69.60% compared to the previous year[4] - The company's total revenue for the period reached CNY 3,096,551,420.38, compared to CNY 2,820,201,117.40 in the previous period, indicating a year-over-year increase of about 9.8%[32] - The net profit for the current period is CNY 147,012,434.41, an increase of 74.2% compared to CNY 84,395,454.08 in the previous period[35] - The operating profit for the current period is CNY 202,001,622.88, compared to CNY 130,279,982.33 in the previous period, indicating a significant increase of 55.0%[35] - The total comprehensive income for the current period is CNY 148,999,034.16, compared to CNY 85,217,648.43 in the previous period, representing a growth of 74.7%[38] - Basic earnings per share increased to CNY 0.2069 from CNY 0.1234, reflecting a growth of 67.5%[38] Assets and Liabilities - Total assets at the end of the reporting period were ¥6,637,459,966.55, reflecting a 9.45% increase from the end of the previous year[4] - The total liabilities of the company reached CNY 3,218,132,551.83, up from CNY 2,787,341,507.17, indicating an increase of approximately 15.4%[31] - The equity attributable to shareholders of the parent company increased to CNY 2,834,827,190.69 from CNY 2,709,325,640.37, reflecting a growth of about 4.6%[31] Cash Flow - The company's cash flow from operating activities was ¥26,202,493.82, down 39.50% year-over-year[11] - The cash flow from operating activities netted CNY 26,202,493.82, a decrease of 39.6% from CNY 43,313,372.88 in the previous period[42] - The total amount of cash received from investment activities was CNY 250,359,399.85, down from CNY 1,917,498,277.17 in the previous period[42] - Net cash flow from financing activities was -$299.52 million, a decrease from $17.56 million in the previous period[45] - The net increase in cash and cash equivalents was -$99.90 million, compared to an increase of $83.89 million in the prior period[45] - The ending balance of cash and cash equivalents was $1.04 billion, down from $1.13 billion at the end of the previous period[45] Shareholder Information - The total number of common shareholders at the end of the reporting period is 37,263[12] - The largest shareholder, Ji Defa, holds 17.63% of the shares, totaling 110,915,804 shares[12] - The second-largest shareholder, Liu Liping, holds 6.23% of the shares, totaling 39,221,160 shares[12] Investments and Ventures - The company has established a joint venture with Shanghai Yili Technology Development Partnership, with a registered capital of RMB 10 million, where the company holds a 70% stake[16] - The company completed the registration of the joint venture and received the business license from the Shanghai Jiading District Market Supervision Administration[16] - The company has approved the cancellation of its subsidiary, New Times Robot (Jiangsu) Co., Ltd., and completed the deregistration process[21] Operational Changes - The company has completed the first grant of restricted stock under the 2021 stock option and restricted stock incentive plan, totaling 6.98 million shares[20] - The registered capital of the company has been revised from RMB 620.406688 million to RMB 622.778509 million[20] - The company has appointed Zhou Guangxing as the new vice president, effective from the date of the board resolution[19] Other Financial Metrics - The company's cash and cash equivalents decreased to CNY 1,080,311,552.60 from CNY 1,161,445,947.72, a decline of about 6.98%[25] - Accounts receivable rose significantly to CNY 1,165,682,861.32 from CNY 847,922,822.70, marking an increase of approximately 37.4%[25] - Inventory levels increased to CNY 1,264,330,651.94, compared to CNY 803,435,677.34, representing a growth of about 57.4%[25] - The company reported a significant increase in prepayments, which rose to CNY 182,637,990.77 from CNY 66,102,048.80, showing a growth of approximately 176.5%[25] - Research and development expenses increased to CNY 161,176,381.62 from CNY 154,445,900.09, marking a rise of 4.7%[35] - The tax expenses for the current period were CNY 55,052,553.53, an increase from CNY 45,434,524.02 in the previous period, reflecting a rise of 21.5%[35] - The company reported a decrease in financial expenses to CNY 30,410,968.39 from CNY 43,290,697.56, a reduction of 29.7%[35] Audit and Compliance - The third quarter report was not audited[47] - The company has not disclosed any related party transactions among the top ten shareholders[15]

股票简称:新时达 证券代码:002527 STEP. 上海新时达电气股份有限公司 2021年半年度报告 让人类共享智能社会的便利和幸福 智能制造 ·工业机器人·运动控制 ·变频驱动 ·电梯控制 1 上海新时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。 公司负责人纪翌、主管会计工作负责人李国范及会计机构负责人(会计主管 人员)葛达明声明：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。 本公司可能面临的风险，详见本半年度报告"第三节 经营情况讨论与分析" 之"十、公司面临的风险和应对措施"。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 上海新时达电气股份有限公司 2021 年半年度报告全文 目录 | --- | --- | |-----------------------------------------------------------------------|---- ...

Important Notice [Important Notice](index=2&type=section&id=Important%20Notice) The company's board, supervisory board, and senior management affirm the quarterly report's truthfulness, accuracy, and completeness, assuming legal responsibility - The company's board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the quarterly report content, with no false records, misleading statements, or major omissions, and assume individual and joint legal liabilities[4](index=4&type=chunk) - Company head Ji Yi, chief accountant Li Guofan, and head of accounting department Ge Daming declare: the financial statements in the quarterly report are true, accurate, and complete[5](index=5&type=chunk) Company Profile [Key Accounting Data and Financial Indicators](index=3&type=section&id=I.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) The company's Q1 2021 financial performance significantly improved, with operating revenue up 40.89% and net profit attributable to shareholders turning profitable, while total assets and net assets slightly decreased Key Financial Indicators for the Reporting Period | Indicator | Current Period (CNY) | Prior Year Period (CNY) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 895,410,021.92 | 635,539,216.13 | 40.89% | | Net Profit Attributable to Shareholders | 26,448,430.26 | -15,182,780.07 | 274.20% | | Net Profit Attributable to Shareholders (Excluding Non-Recurring Items) | 18,473,076.24 | -25,831,905.57 | 171.51% | | Net Cash Flow from Operating Activities | -15,863,442.03 | -38,345,460.50 | 58.63% | | Basic Earnings Per Share (CNY/share) | 0.0426 | -0.0245 | 273.88% | | Diluted Earnings Per Share (CNY/share) | 0.0426 | -0.0245 | 273.88% | | Weighted Average Return on Net Assets | 0.97% | -0.57% | 1.54% | Key Financial Indicators at Period End | Indicator | End of Current Period (CNY) | End of Prior Year (CNY) | Change from Prior Year End (%) | | :--- | :--- | :--- | :--- | | Total Assets | 6,020,788,688.93 | 6,064,217,864.43 | -0.72% | | Net Assets Attributable to Shareholders | 2,705,356,631.79 | 2,709,325,640.37 | -0.15% | Non-Recurring Gains and Losses | Item | Amount from Year Start to Period End (CNY) | | :--- | :--- | | Gains/Losses from Disposal of Non-Current Assets | -12,110.71 | | Government Subsidies Included in Current Profit/Loss | 9,018,100.95 | | Gains/Losses from Entrusted Investment or Asset Management | 1,136,438.35 | | Other Non-Operating Income and Expenses (Excluding Above) | 152,417.09 | | Less: Income Tax Impact | 1,502,335.30 | | Minority Interest Impact (After Tax) | 817,156.36 | | Total (Non-Recurring Gains/Losses) | 7,975,354.02 | [Total Number of Shareholders and Top Ten Shareholders at Period End](index=4&type=section&id=II.%20Total%20Number%20of%20Shareholders%20and%20Top%20Ten%20Shareholders%20at%20Period%20End) As of the reporting period end, the company had 35,888 common shareholders, with the Ji Defa family holding a significant combined stake among the top ten - Total number of common shareholders at the end of the reporting period: **35,888 shareholders**[13](index=13&type=chunk) Top Ten Shareholders | Shareholder Name | Shareholder Nature | Shareholding Ratio | Number of Shares Held (shares) | Number of Restricted Shares Held (shares) | | :--- | :--- | :--- | :--- | :--- | | Ji Defa | Domestic Natural Person | 17.88% | 110,915,804 | 83,186,853 | | Liu Liping | Domestic Natural Person | 6.32% | 39,221,160 | 0 | | Ji Yi | Domestic Natural Person | 5.78% | 35,872,939 | 26,904,704 | | Yuan Zhongmin | Domestic Natural Person | 4.49% | 27,827,926 | 0 | | Zhu Qianghua | Domestic Natural Person | 4.19% | 25,978,953 | 0 | | Zeng Yi | Domestic Natural Person | 2.59% | 16,043,974 | 0 | | Wang Chunxiang | Domestic Natural Person | 1.98% | 12,277,519 | 9,208,139 | | Guangzhou Xuanyuan Investment Management Co., Ltd. - Xuanyuan Kexin No. 130 Private Securities Investment Fund | Other | 1.96% | 12,145,924 | 0 | | Cai Liang | Domestic Natural Person | 1.31% | 8,135,479 | 6,101,609 | | Wang Yue | Domestic Natural Person | 0.97% | 6,000,000 | 0 | - Among the top 10 shareholders, the largest shareholder Ji Defa and the second largest shareholder Liu Liping are spouses, and the third largest shareholder Ji Yi is their daughter; these three shareholders constitute parties acting in concert due to their family relationship[15](index=15&type=chunk) - Shareholder Wang Yue holds **6,000,000 shares** through a credit securities account and 0 shares through a regular securities account, totaling **6,000,000 shares**[17](index=17&type=chunk) Important Matters [Changes and Reasons for Major Financial Data and Indicators in the Reporting Period](index=6&type=section&id=I.%20Changes%20and%20Reasons%20for%20Major%20Financial%20Data%20and%20Indicators%20in%20the%20Reporting%20Period) During the reporting period, the company experienced significant changes across balance sheet, income statement, and cash flow items, driven by factors like structured deposit maturities, increased procurement, and convertible bond put options Balance Sheet Changes | Item | Period-End Balance (CNY) | Year-End Balance (CNY) | Change (%) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Transactional Financial Assets | 4,593,280.55 | 144,957,380.02 | -96.83% | Mainly due to changes in structured deposits at period-end | | Prepayments | 166,440,847.70 | 66,102,048.80 | 151.79% | Mainly due to increased prepayments for procurement during the reporting period | | Other Current Assets | 41,297,566.63 | 143,808,769.21 | -71.28% | Mainly due to maturity of wealth management products | | Short-Term Borrowings | 1,020,000,000.00 | 770,000,000.00 | 32.47% | Mainly due to increased bank borrowings | | Notes Payable | 388,930,978.25 | 54,614,288.51 | 612.14% | Mainly due to increased procurement leading to more bills issued | | Contract Liabilities | 174,303,476.20 | 130,624,418.64 | 33.44% | Mainly due to increased advance receipts for goods during the reporting period | | Employee Remuneration Payable | 62,312,479.22 | 103,635,747.22 | -39.87% | Mainly due to payment of year-end bonuses accrued in the previous year during the reporting period | | Other Payables | 68,810,019.50 | 111,302,549.28 | -38.18% | Mainly due to time differences in payments for agency procurement business | | Other Current Liabilities | 2,067,175.45 | 5,127,981.45 | -59.69% | Mainly due to differences in deferred output tax at period-end | | Bonds Payable | 378,787,076.10 | 813,910,420.39 | -53.46% | Mainly due to the put option exercise of convertible bonds | | Other Equity Instruments | 77,175,640.27 | 167,898,675.92 | -54.03% | Mainly due to the put option exercise of convertible bonds | | Other Comprehensive Income | 3,482,746.68 | 731,263.15 | 376.26% | Mainly due to exchange rate fluctuations | Income Statement Changes | Item | Current Period Amount (CNY) | Prior Period Amount (CNY) | Change (%) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 895,410,021.92 | 635,539,216.13 | 40.89% | Company's customer-centric focus led to business growth, also considering the impact of the epidemic in the comparable period | | Operating Cost | 718,420,217.12 | 517,127,586.02 | 38.93% | Business growth led to corresponding cost growth | | Taxes and Surcharges | 1,781,504.56 | 78,761.75 | 2161.89% | Differences in VAT payment in the comparable period | | Other Income | 18,233,121.86 | 13,656,062.81 | 33.52% | Mainly due to period differences in government subsidies | | Investment Income | 5,461,254.34 | 3,695,140.97 | 47.80% | Increase in investment income from long-term equity investments accounted for by equity method | | Gains from Changes in Fair Value | 486,245.10 | 0 | —— | Mainly due to fair value changes in transactional financial assets | | Credit Impairment Losses | 2,554,486.38 | -1,519,463.25 | -268.12% | Mainly due to the company's continued strengthening of collection management | | Asset Impairment Losses | 19,500.00 | -262,979.77 | -107.42% | Mainly due to differences in inventory depreciation provision calculation | | Non-Operating Expenses | 110,483.36 | 225,562.21 | -51.02% | Mainly due to decreased donation expenses during the reporting period | | Income Tax Expense | 18,080,708.61 | 10,643,941.51 | 69.87% | Mainly due to increased taxes resulting from overall profit growth | Cash Flow Statement Changes | Item | Current Period Amount (CNY) | Prior Period Amount (CNY) | Change (%) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -15,863,442.03 | -38,345,460.50 | 58.63% | Mainly due to increased collections from business growth | | Net Cash Flow from Investing Activities | 198,896,455.71 | -489,525,064.01 | 140.63% | Mainly due to changes in structured deposits at period-end | | Net Cash Flow from Financing Activities | -216,625,918.99 | 46,612,593.75 | -564.74% | Mainly due to the impact of convertible bond put option exercise | [Progress of Important Matters, Their Impact, and Analysis of Solutions](index=7&type=section&id=II.%20Progress%20of%20Important%20Matters%2C%20Their%20Impact%2C%20and%20Analysis%20of%20Solutions) The company implemented several key strategic adjustments during the reporting period, including changing the use of raised funds to supplement working capital, deregistering two subsidiaries to optimize resource allocation, and launching an equity incentive plan to attract and retain talent [Change in Use of Raised Funds and Permanent Supplement to Working Capital](index=7&type=section&id=About%20Changing%20the%20Use%20of%20Company%20Raised%20Funds%20and%20Permanently%20Supplementing%20Working%20Capital) The company approved using CNY 544.8948 million of remaining raised funds to permanently supplement working capital, and the 'Shida Convertible Bond' put option exercise did not significantly impact financials - The company plans to change the use of remaining raised funds from two investment projects, "Intelligent Manufacturing Project for Robots and Key Components with Motion Control Systems" and "Automotive Intelligent Flexible Welding Production Line Project", and permanently supplement working capital with the project balances, wealth management income, and interest income totaling **CNY 544.8948 million**[25](index=25&type=chunk) - The "Shida Convertible Bond" put option declaration period ended after market close on February 26, 2021; a total of **4,751,962 bonds** were repurchased, with a repurchase amount of **CNY 477,249,047.25** (including interest and tax)[26](index=26&type=chunk) - This repurchase of "Shida Convertible Bond" did not have a significant impact on the company's cash flow, asset status, or share capital[26](index=26&type=chunk) [Deregistration of Subsidiaries](index=7&type=section&id=About%20Deregistering%20Subsidiaries) The company's board approved the deregistration of Shanghai Xiaoao Machinery Equipment Co., Ltd. and New Shida Robot (Jiangsu) Co., Ltd. to optimize resource allocation - The company approved the "Proposal on Deregistering Subsidiaries", agreeing to deregister its subsidiaries Shanghai Xiaoao Machinery Equipment Co., Ltd. and New Shida Robot (Jiangsu) Co., Ltd.[26](index=26&type=chunk) [Equity Incentive Plan](index=7&type=section&id=About%20Equity%20Incentive%20Matters) The company formulated an equity incentive plan to enhance long-term motivation, attract and retain talent, and align interests of stakeholders - The company formulated the "Shanghai New Shida Electric Co., Ltd. 2021 Stock Option and Restricted Stock Incentive Plan (Draft)" and its summary, to improve the company's long-term incentive mechanism, attract and retain outstanding talent, and fully motivate the company's directors, senior management, middle management, and core technical (business) personnel[27](index=27&type=chunk) [Progress of Share Repurchase](index=8&type=section&id=Progress%20of%20Share%20Repurchase%20Implementation) The company continues its share repurchase plan, using CNY 15 million to CNY 30 million for future equity incentives or employee stock ownership, having repurchased 0.74% of total shares - The company plans to use its own funds to repurchase company shares through centralized bidding, with all repurchased shares intended for equity incentives or employee stock ownership plans, totaling no less than **CNY 15 million** (inclusive) and no more than **CNY 30 million** (inclusive)[31](index=31&type=chunk) - As of March 31, 2021, the company has cumulatively repurchased **4,608,179 shares** through a dedicated share repurchase securities account via centralized bidding, accounting for **0.74%** of the company's total share capital[33](index=33&type=chunk) - The total cumulative repurchase transaction amount was **CNY 27.720541 million** (excluding transaction fees), with the highest transaction price at **CNY 6.62/share** and the lowest at **CNY 5.08/share**[33](index=33&type=chunk) [Unfulfilled Commitments Beyond Due Date](index=8&type=section&id=III.%20Unfulfilled%20Commitments%20Beyond%20Due%20Date%20by%20Actual%20Controller%2C%20Shareholders%2C%20Related%20Parties%2C%20Acquirers%2C%20and%20the%20Company%20During%20the%20Reporting%20Period) The company had no unfulfilled commitments beyond the due date from its actual controller, shareholders, related parties, acquirers, or the company itself during the reporting period - During the reporting period, there were no unfulfilled commitments beyond the due date by the company's actual controller, shareholders, related parties, acquirers, or the company itself[34](index=34&type=chunk) [Financial Asset Investments](index=9&type=section&id=IV.%20Financial%20Asset%20Investments) The company primarily engaged in securities investments during the reporting period, acquiring *ST Lifan shares through debt restructuring, with no derivative investments made [Securities Investment Status](index=9&type=section&id=1.%20Securities%20Investment%20Status) Company subsidiaries acquired *ST Lifan common stock through a debt restructuring plan, with a total initial investment cost of CNY 4.289 million and a period-end book value of CNY 4.593 million - The company's subsidiary Shanghai Xiaoao Xiangrong Automobile Industrial Equipment Co., Ltd. acquired **831,976 shares** of Lifan shares, and its subsidiary Shanghai Xiaoao Xiangrong Automation Equipment Co., Ltd. acquired **36,319 shares** of Lifan shares; the conversion date was December 29, 2020, and the conversion price was the closing price of Lifan shares on the conversion date, **CNY 4.94/share**[37](index=37&type=chunk) Securities Investment Details | Security Code | Security Name | Initial Investment Cost (CNY) | Accounting Measurement Method | Beginning Book Value (CNY) | Fair Value Change Gain/Loss for Current Period (CNY) | Period-End Book Value (CNY) | Accounting Subject | Source of Funds | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | 601777 | *ST Lifan | 4,289,377.30 | Fair Value Measurement | 4,107,035.45 | 486,245.10 | 4,593,280.55 | Transactional Financial Assets | Debt Restructuring | [Derivative Investment Status](index=9&type=section&id=2.%20Derivative%20Investment%20Status) The company had no derivative investments during the reporting period - The company had no derivative investments during the reporting period[40](index=40&type=chunk) [Progress of Raised Fund Investment Projects](index=9&type=section&id=V.%20Progress%20of%20Raised%20Fund%20Investment%20Projects) The company resolved to permanently use CNY 544.8948 million of remaining raised funds from two projects to supplement working capital, aiming to reduce risks and improve capital efficiency - The company approved the "Proposal on Changing the Use of Raised Funds and Permanently Supplementing Working Capital", intending to change the use of remaining raised funds from two projects, "Intelligent Manufacturing Project for Robots and Key Components with Motion Control Systems" and "Automotive Intelligent Flexible Welding Production Line Project", which are part of the company's 2017 public issuance of convertible corporate bonds, and permanently supplement working capital with the project balances, wealth management income, and interest income totaling **CNY 544.8948 million**[38](index=38&type=chunk)[45](index=45&type=chunk) - This change in the use of raised funds and permanent supplement to working capital is a prudent adjustment made by the company based on changes in market environment, business development plans, and actual company conditions, which can effectively reduce business and investment risks, lower the company's financial expenses, improve the efficiency of raised fund utilization, optimize resource allocation, and is beneficial for the company to seize new development opportunities and promote its healthy and long-term development[45](index=45&type=chunk) [Forecast of Operating Performance for January-June 2021](index=10&type=section&id=VI.%20Forecast%20of%20Operating%20Performance%20for%20January-June%202021) The company has not issued any warnings or explanations regarding a potential loss or significant change in operating performance for January-June 2021 - The company has not issued any warnings or explanations regarding a potential loss or significant change in operating performance for January-June 2021 compared to the same period last year[46](index=46&type=chunk) [Major Contracts in Ordinary Operations](index=10&type=section&id=VII.%20Major%20Contracts%20in%20Ordinary%20Operations) The company had no major contracts in ordinary operations during the reporting period - The company had no major contracts in ordinary operations during the reporting period[46](index=46&type=chunk) [Entrusted Wealth Management](index=10&type=section&id=VIII.%20Entrusted%20Wealth%20Management) The company engaged in entrusted wealth management totaling CNY 230 million, all matured with no overdue amounts, using idle raised and own funds Entrusted Wealth Management Details | Specific Type | Source of Entrusted Wealth Management Funds | Amount of Entrusted Wealth Management (CNY 10,000) | Unmatured Balance (CNY 10,000) | Overdue Unrecovered Amount (CNY 10,000) | | :--- | :--- | :--- | :--- | :--- | | Bank Wealth Management Products | Idle Raised Funds | 13,000 | 0 | 0 | | Brokerage Wealth Management Products | Idle Own Funds | 10,000 | 0 | 0 | | Total | | 23,000 | 0 | 0 | - During the reporting period, the company had no specific situations of entrusted wealth management with significant single amounts, low safety, poor liquidity, or non-principal-guaranteed high risks, nor did it experience any situations where principal was expected to be unrecoverable or other impairment-causing circumstances[46](index=46&type=chunk) [Irregular External Guarantees](index=10&type=section&id=IX.%20Irregular%20External%20Guarantees) The company had no irregular external guarantees during the reporting period - The company had no irregular external guarantees during the reporting period[47](index=47&type=chunk) [Non-Operating Fund Occupation by Controlling Shareholder and Related Parties](index=11&type=section&id=X.%20Non-Operating%20Fund%20Occupation%20by%20Controlling%20Shareholder%20and%20Related%20Parties%20of%20Listed%20Company) During the reporting period, there was no non-operating fund occupation by the controlling shareholder and its related parties of the listed company - During the reporting period, there was no non-operating fund occupation by the controlling shareholder and its related parties of the listed company[50](index=50&type=chunk) [Registration Form for Research, Communication, Interview, etc. Activities During the Reporting Period](index=11&type=section&id=XI.%20Registration%20Form%20for%20Research%2C%20Communication%2C%20Interview%2C%20etc.%20Activities%20During%20the%20Reporting%20Period) During the reporting period, the company actively hosted on-site research visits from institutional investors and regulatory bodies, discussing operations, business, and strategic initiatives Research, Communication, Interview Activities | Reception Date | Reception Location | Reception Method | Type of Recipient | Recipient | Main Content Discussed and Materials Provided | | :--- | :--- | :--- | :--- | :--- | :--- | | February 05, 2021 | Siyi Road Factory Meeting Room and Robot Factory | On-site Research | Institutions | Anxin Securities: Zhu Mengtian; Zheshang Securities: Jiang Shouquan, Li Bohua | Company operations, business, downstream industries, production models, etc. | | March 05, 2021 | Robot Factory Meeting Room and Exhibition Area | On-site Research | Institutions | Shanghai CSRC, Shanghai Listed Companies Association, Shanghai Securities Association, Shanghai Fund Association, Shanghai Futures Association, Panorama Network leaders; Changjiang Securities: Zhao Zhiyong; Individual Investors: Zhu Shengming, Zhang Baoliang, Wang Deming; Haitong Securities: Zhuang Wei; Guotai Junan: Zou Hua; Shenwan Hongyuan: Huang Huadong; Xingzheng Global Fund: Guo Xianjun; Huaan Fund: Zhang Zhuojuan, etc. | Company introduction, industry analysis, investor protection, equity incentives, industrial robot industry, company technology reserves, etc. | Financial Statements [Financial Statements](index=12&type=section&id=I.%20Financial%20Statements) This section presents the company's consolidated and parent company balance sheets, income statements, and cash flow statements for Q1 2021, detailing financial position, operating results, and cash flow changes [Consolidated Balance Sheet](index=12&type=section&id=1.%20Consolidated%20Balance%20Sheet) As of March 31, 2021, the company's consolidated total assets were **CNY 6.021 billion**, with total liabilities at **CNY 2.744 billion** and total equity attributable to parent company owners at **CNY 2.705 billion** Consolidated Balance Sheet Details | Item | March 31, 2021 (CNY) | December 31, 2020 (CNY) | | :--- | :--- | :--- | | Cash and Bank Balances | 1,114,822,745.56 | 1,161,445,947.72 | | Transactional Financial Assets | 4,593,280.55 | 144,957,380.02 | | Accounts Receivable | 913,224,970.45 | 847,922,822.70 | | Prepayments | 166,440,847.70 | 66,102,048.80 | | Inventories | 838,889,196.45 | 803,435,677.34 | | Total Current Assets | 3,666,378,594.87 | 3,716,046,269.92 | | Fixed Assets | 597,523,644.64 | 604,489,153.63 | | Goodwill | 1,137,927,769.68 | 1,137,927,769.68 | | Total Non-Current Assets | 2,354,410,094.06 | 2,348,171,594.51 | | Total Assets | 6,020,788,688.93 | 6,064,217,864.43 | | Short-Term Borrowings | 1,020,000,000.00 | 770,000,000.00 | | Notes Payable | 388,930,978.25 | 54,614,288.51 | | Accounts Payable | 486,921,284.11 | 652,667,793.34 | | Contract Liabilities | 174,303,476.20 | 130,624,418.64 | | Total Current Liabilities | 2,244,311,501.68 | 1,884,372,667.56 | | Bonds Payable | 378,787,076.10 | 813,910,420.39 | | Total Non-Current Liabilities | 500,125,330.06 | 902,968,839.61 | | Total Liabilities | 2,744,436,831.74 | 2,787,341,507.17 | | Total Equity Attributable to Parent Company Owners | 2,705,356,631.79 | 2,709,325,640.37 | | Total Owners' Equity | 3,276,351,857.19 | 3,276,876,357.26 | | Total Liabilities and Owners' Equity | 6,020,788,688.93 | 6,064,217,864.43 | [Parent Company Balance Sheet](index=15&type=section&id=2.%20Parent%20Company%20Balance%20Sheet) As of March 31, 2021, the parent company's total assets were **CNY 5.024 billion**, with total liabilities at **CNY 2.546 billion** and total owners' equity at **CNY 2.478 billion** Parent Company Balance Sheet Details | Item | March 31, 2021 (CNY) | December 31, 2020 (CNY) | | :--- | :--- | :--- | | Cash and Bank Balances | 740,229,663.24 | 869,856,417.82 | | Transactional Financial Assets | | 130,625,068.49 | | Accounts Receivable | 342,420,223.33 | 311,725,404.08 | | Prepayments | 103,104,926.48 | 22,294,930.77 | | Total Current Assets | 1,642,411,469.46 | 1,673,501,895.29 | | Long-Term Equity Investments | 3,014,962,364.01 | 3,028,773,647.26 | | Total Non-Current Assets | 3,381,108,980.48 | 3,401,400,725.62 | | Total Assets | 5,023,520,449.94 | 5,074,902,620.91 | | Short-Term Borrowings | 1,020,000,000.00 | 770,000,000.00 | | Notes Payable | 340,000,000.00 | | | Accounts Payable | 163,739,682.35 | 177,250,667.89 | | Total Current Liabilities | 2,144,173,094.37 | 1,704,600,697.24 | | Bonds Payable | 378,787,076.10 | 813,910,420.39 | | Total Non-Current Liabilities | 401,833,541.73 | 837,050,646.29 | | Total Liabilities | 2,546,006,636.10 | 2,541,651,343.53 | | Total Owners' Equity | 2,477,513,813.84 | 2,533,251,277.38 | | Total Liabilities and Owners' Equity | 5,023,520,449.94 | 5,074,902,620.91 | [Consolidated Income Statement](index=17&type=section&id=3.%20Consolidated%20Income%20Statement) In Q1 2021, consolidated total operating revenue was **CNY 895.41 million**, with net profit attributable to parent company shareholders significantly increasing to **CNY 26.4484 million** Consolidated Income Statement Details | Item | Current Period Amount (CNY) | Prior Period Amount (CNY) | | :--- | :--- | :--- | | Total Operating Revenue | 895,410,021.92 | 635,539,216.13 | | Total Operating Costs | 872,046,966.22 | 654,188,341.82 | | Operating Profit | 50,117,663.38 | -3,080,364.93 | | Total Profit | 50,257,969.76 | -3,106,095.38 | | Net Profit | 32,177,261.15 | -13,750,036.89 | | Net Profit Attributable to Parent Company Shareholders | 26,448,430.26 | -15,182,780.07 | | Minority Interest Income/Loss | 5,728,830.89 | 1,432,743.18 | | Total Comprehensive Income | 34,981,680.11 | -12,392,102.81 | | Total Comprehensive Income Attributable to Parent Company Owners | 29,199,913.79 | -13,860,243.73 | | Basic Earnings Per Share | 0.0426 | -0.0245 | | Diluted Earnings Per Share | 0.0426 | -0.0245 | [Parent Company Income Statement](index=20&type=section&id=4.%20Parent%20Company%20Income%20Statement) In Q1 2021, parent company operating revenue was **CNY 193.38 million**, with operating and net losses narrowing year-on-year Parent Company Income Statement Details | Item | Current Period Amount (CNY) | Prior Period Amount (CNY) | | :--- | :--- | :--- | | Operating Revenue | 193,383,919.88 | 105,517,858.31 | | Operating Cost | 159,177,307.15 | 84,939,338.96 | | Operating Profit | -22,706,738.16 | -31,456,405.54 | | Total Profit | -22,662,301.44 | -31,615,775.45 | | Net Profit | -22,568,541.17 | -31,615,775.45 | | Total Comprehensive Income | -22,568,541.17 | -31,615,775.45 | | Basic Earnings Per Share | -0.0364 | -0.0510 | | Diluted Earnings Per Share | -0.0364 | -0.0510 | [Consolidated Cash Flow Statement](index=22&type=section&id=5.%20Consolidated%20Cash%20Flow%20Statement) In Q1 2021, net cash flow from operating activities narrowed losses, investing activities turned significantly positive, and financing activities turned negative due to convertible bond put options Consolidated Cash Flow Statement Details | Item | Current Period Amount (CNY) | Prior Period Amount (CNY) | | :--- | :--- | :--- | | Subtotal of Cash Inflows from Operating Activities | 754,085,694.77 | 696,257,832.91 | | Subtotal of Cash Outflows from Operating Activities | 769,949,136.80 | 734,603,293.41 | | Net Cash Flow from Operating Activities | -15,863,442.03 | -38,345,460.50 | | Subtotal of Cash Inflows from Investing Activities | 233,872,467.80 | 162,151,484.65 | | Subtotal of Cash Outflows from Investing Activities | 34,976,012.09 | 651,676,548.66 | | Net Cash Flow from Investing Activities | 198,896,455.71 | -489,525,064.01 | | Subtotal of Cash Inflows from Financing Activities | 373,280,309.28 | 396,224,861.11 | | Subtotal of Cash Outflows from Financing Activities | 589,906,228.27 | 349,612,267.36 | | Net Cash Flow from Financing Activities | -216,625,918.99 | 46,612,593.75 | | Net Increase in Cash and Cash Equivalents | -33,751,291.88 | -480,931,911.48 | | Period-End Balance of Cash and Cash Equivalents | 1,104,886,690.22 | 567,716,769.28 | [Parent Company Cash Flow Statement](index=24&type=section&id=6.%20Parent%20Company%20Cash%20Flow%20Statement) In Q1 2021, parent company net cash flow from operating activities decreased, investing activities turned positive, and financing activities saw increased outflow Parent Company Cash Flow Statement Details | Item | Current Period Amount (CNY) | Prior Period Amount (CNY) | | :--- | :--- | :--- | | Subtotal of Cash Inflows from Operating Activities | 244,765,429.95 | 453,008,787.99 | | Subtotal of Cash Outflows from Operating Activities | 209,576,724.34 | 243,779,720.51 | | Net Cash Flow from Operating Activities | 35,188,705.61 | 209,229,067.48 | | Subtotal of Cash Inflows from Investing Activities | 141,941,356.16 | 132,076,690.95 | | Subtotal of Cash Outflows from Investing Activities | 6,200,100.80 | 195,530,579.53 | | Net Cash Flow from Investing Activities | 135,741,255.36 | -63,453,888.58 | | Subtotal of Cash Inflows from Financing Activities | 350,000,000.00 | 396,224,861.11 | | Subtotal of Cash Outflows from Financing Activities | 650,556,228.27 | 478,839,727.08 | | Net Cash Flow from Financing Activities | -300,556,228.27 | -82,614,865.97 | | Net Increase in Cash and Cash Equivalents | -129,626,754.58 | 63,160,079.06 | | Period-End Balance of Cash and Cash Equivalents | 740,229,663.24 | 366,109,546.10 | [Explanation of Financial Statement Adjustments](index=26&type=section&id=II.%20Explanation%20of%20Financial%20Statement%20Adjustments) The company adopted new leasing standards in 2021, requiring no adjustments to opening balance sheet items due to the nature of initial leases - The company adopted new leasing standards starting in 2021, but no adjustments to the opening balance sheet items were required as initial leases were short-term and low-value asset leases[101](index=101&type=chunk) [Audit Report](index=26&type=section&id=III.%20Audit%20Report) The company's Q1 2021 report is unaudited - The company's first quarter report is unaudited[102](index=102&type=chunk)

[Important Notice, Table of Contents, and Definitions](index=2&type=section&id=%E7%AC%AC%E4%B8%80%E8%8A%82%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA%E3%80%81%E7%9B%AE%E5%BD%95%E5%92%8C%E9%87%8A%E4%B9%89) This section provides essential disclaimers, the report's structure, and definitions of key terms used throughout [Important Notice](index=2&type=section&id=%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA) The board, supervisory board, and senior management affirm the report's accuracy and completeness, proposing a cash dividend of 0.4 Yuan per 10 shares - The 2020 profit distribution plan proposes a cash dividend of **0.4 Yuan per 10 shares** (including tax) to all shareholders, with no bonus shares or capital reserve conversions[9](index=9&type=chunk) [Definitions](index=4&type=section&id=%E9%87%8A%E4%B9%89) This section defines key terms used in the report, covering company entities, regulatory bodies, reporting period, and three core product categories, along with technical terms and subsidiary abbreviations - The report clarifies the product composition of three core business segments: - **Elevator Control Products**: Including complete elevator control systems, control boards, and operating panels - **Energy-Saving and Industrial Drive Products**: Including various inverters and integrated drive controllers - **Robotics and Motion Control Products**: Including industrial robots, motion controllers, servo drives, and system engineering[15](index=15&type=chunk) [Company Profile and Key Financial Indicators](index=6&type=section&id=%E7%AC%AC%E4%BA%8C%E8%8A%82%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B%E5%92%8C%E4%B8%BB%E8%A6%81%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) This section presents the company's fundamental information and a summary of its key financial performance metrics [Company Information](index=6&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E4%BF%A1%E6%81%AF) This chapter provides the company's basic registration, listing information, and contact details Company Basic Information | Item | Information | | :--- | :--- | | Stock Abbreviation | STEP | | Stock Code | 002527 | | Listing Exchange | Shenzhen Stock Exchange | | Legal Representative | Ji Yi | | Company Website | www.stepelectric.com | [Key Accounting Data and Financial Indicators](index=7&type=section&id=%E5%85%AD%E3%80%81%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) In 2020, the company achieved significant growth with revenue up 11.97% to 3.96 billion Yuan and net profit attributable to shareholders increasing 61.96% to 86.80 million Yuan, notably turning a profit after non-recurring items Key Financial Indicators | Key Financial Indicator | 2020 (Yuan) | 2019 (Yuan) | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 3,957,063,457.75 | 3,533,969,303.29 | 11.97% | | Net Profit Attributable to Shareholders | 86,797,716.53 | 53,590,455.47 | 61.96% | | Net Profit Attributable to Shareholders (Excluding Non-recurring Items) | 27,245,079.54 | -10,448,132.50 | 360.77% | | Net Cash Flow from Operating Activities | 274,202,099.49 | 269,084,731.07 | 1.90% | | Basic Earnings Per Share (Yuan/share) | 0.14 | 0.09 | 55.56% | | Weighted Average Return on Net Assets | 3.22% | 2.01% | Increased by 1.21 percentage points | | Total Assets | 6,064,217,864.43 | 6,357,451,726.28 | -4.61% | | Net Assets Attributable to Shareholders | 2,709,325,640.37 | 2,662,874,225.37 | 1.74% | [Quarterly Key Financial Indicators](index=8&type=section&id=%E5%85%AB%E3%80%81%E5%88%86%E5%AD%A3%E5%BA%A6%E4%B8%BB%E8%A6%81%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) The company's performance in 2020 showed a trend of sequential improvement, with strong rebound and stable growth in revenue and net profit from Q2 onwards after a Q1 loss due to the pandemic Quarterly Key Financial Indicators | Indicator (Yuan) | Q1 | Q2 | Q3 | Q4 | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 635,539,216.13 | 1,079,206,143.68 | 1,105,455,757.59 | 1,136,862,340.35 | | Net Profit Attributable to Shareholders | -15,182,780.07 | 58,518,641.81 | 33,186,863.66 | 10,274,991.13 | [Non-recurring Gains and Losses and Amounts](index=8&type=section&id=%E4%B9%9D%E3%80%81%E9%9D%9E%E7%BB%8F%E5%B8%B8%E6%80%A7%E6%8D%9F%E7%9B%8A%E9%A1%B9%E7%9B%AE%E5%8F%8A%E9%87%91%E9%A2%9D) In 2020, non-recurring gains and losses totaled 59.55 million Yuan, significantly contributing to net profit, primarily from government subsidies (51.89 million Yuan) and wealth management income (19.90 million Yuan) Non-recurring Gains and Losses | Item | 2020 Amount (Yuan) | | :--- | :--- | | Government subsidies included in current profit/loss | 51,894,431.26 | | Gains/losses from entrusted investments or asset management | 19,899,043.24 | | **Total** | **59,552,636.99** | [Company Business Overview](index=10&type=section&id=%E7%AC%AC%E4%B8%89%E8%8A%82%E5%85%AC%E5%8F%B8%E4%B8%9A%E5%8A%A1%E6%A6%82%E8%A6%81) This section outlines the company's core business activities, key asset changes, and competitive advantages [Main Business Activities](index=10&type=section&id=%E4%B8%80%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E4%BB%8E%E4%BA%8B%E7%9A%84%E4%B8%BB%E8%A6%81%E4%B8%9A%E5%8A%A1) The company focuses on intelligent manufacturing equipment, with four main business segments: intelligent manufacturing and industrial robots, elevators, variable frequency drives, and motion control, benefiting from industry recovery and strategic market positioning - The company's business revolves around intelligent control and variable frequency drive, divided into four core segments: - **Intelligent Manufacturing and Industrial Robots**: Providing industrial robots, servo systems, and intelligent flexible welding production lines for automobiles - **Elevators**: Supplying core control system components and overall solutions to global elevator manufacturers - **Variable Frequency Drives**: Research, development, production, and sales of high and low voltage general and special inverters - **Motion Control**: Offering core components and solutions such as motion controllers and servo systems[43](index=43&type=chunk)[44](index=44&type=chunk)[45](index=45&type=chunk) - The company holds a stable position in various sub-industries: - **Robotics**: Cumulative shipments rank first domestically and among the top ten globally - **Elevators**: One of the leading domestic elevator control system providers, maintaining long-term partnerships with the top four global elevator manufacturers - **Variable Frequency Drives**: Recognized by leading clients in smart water and HVAC markets - **General Servo**: Established a complete product line including servo drives, PLCs, and controllers, with significant brand influence[62](index=62&type=chunk)[63](index=63&type=chunk)[67](index=67&type=chunk) [Significant Changes in Major Assets](index=14&type=section&id=%E4%BA%8C%E3%80%81%E4%B8%BB%E8%A6%81%E8%B5%84%E4%BA%A7%E9%87%8D%E5%A4%A7%E5%8F%98%E5%8C%96%E6%83%85%E5%86%B5) During the reporting period, the company's major asset structure changed primarily due to the implementation of new revenue standards and the reclassification of structured deposits Major Asset Changes | Major Asset | Explanation of Significant Change | | :--- | :--- | | Trading Financial Assets | Primarily due to reclassification of structured deposits | | Contract Assets | Due to reclassification of accounts under new revenue standards | | Other Current Assets | Primarily due to reclassification of structured deposits | | Other Non-current Assets | Primarily due to recovery of investment in Revo Financial Leasing (preparatory) and reclassification of contract assets | [Core Competitiveness Analysis](index=14&type=section&id=%E4%B8%89%E3%80%81%E6%A0%B8%E5%BF%83%E7%AB%9E%E4%BA%89%E5%8A%9B%E5%88%86%E6%9E%90) The company's core competitiveness stems from its strong technological innovation, established brand reputation, extensive marketing network, and comprehensive talent development system - The company is committed to technological innovation, demonstrating significant R&D advantages, with **920 R&D personnel** (36.62% of total staff), **642 national authorized patents** (including 206 invention patents), **290 software copyrights**, and participation in **37 national and industry technical standards** as of the end of 2020[74](index=74&type=chunk) - The company has established an extensive domestic and international marketing network, with products sold in **over 110 countries and regions** globally, and overseas subsidiaries in Germany, Japan, Brazil, and Malaysia; its subsidiary Huitong Technology is one of the largest domestic servo system channel distributors, creating strong synergy with other business segments[78](index=78&type=chunk) [Discussion and Analysis of Operations](index=17&type=section&id=%E7%AC%AC%E5%9B%9B%E8%8A%82%E7%BB%8F%E8%90%A5%E6%83%85%E5%86%B5%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) This section provides a detailed analysis of the company's operational performance, financial position, and investment activities during the reporting period [Overview](index=17&type=section&id=%E4%B8%80%E3%80%81%E6%A6%82%E8%BF%B0) In 2020, the company achieved strong operating results, with revenue growing 11.97% to 3.96 billion Yuan and net profit attributable to the parent increasing 61.96% to 86.80 million Yuan, driven by progress across all business segments and ongoing management reforms Key Performance Indicators | Indicator | 2020 Amount (10,000 Yuan) | YoY Growth | | :--- | :--- | :--- | | Operating Revenue | 395,700 | 11.97% | | Operating Profit | 14,732 | 44.71% | | Net Profit | 9,285 | 53.32% | | Net Profit Attributable to Parent Company Owners | 8,680 | 61.96% | | Net Profit Attributable to Parent Company Owners (Excluding Non-recurring Items) | 2,725 | 360.77% | - The company achieved significant progress across all business segments: - **Intelligent Manufacturing and Robotics**: Delivered the first domestic robot intelligent production line for Haier's "Lighthouse Factory" and commissioned a robot factory with a capacity of 10,000 units[84](index=84&type=chunk)[86](index=86&type=chunk) - **Elevator Business**: Actively promoted a contactless elevator calling system based on "Elevator Cloud" and commissioned a new generation G9000 control cabinet automatic assembly line[90](index=90&type=chunk) - **Variable Frequency Drives**: Maintained a leading position in the water industry and HVAC market, and commenced production of integrated drive and control intelligent production lines[92](index=92&type=chunk) - **Motion Control**: Launched the new generation servo product platform Ω6 series, expanding its industry applications[84](index=84&type=chunk)[86](index=86&type=chunk)[90](index=90&type=chunk)[92](index=92&type=chunk) [Main Business Analysis](index=19&type=section&id=%E4%BA%8C%E3%80%81%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) Robotics and motion control products were the largest revenue source, accounting for 63.66% of total revenue with an 11.26% increase, while domestic revenue dominated at 95.76% with a 14.00% growth, despite a 1.24 percentage point decline in overall gross margin to 19.49% Revenue Composition (2020) | Revenue Composition (2020) | Amount (Yuan) | Proportion of Operating Revenue | YoY Change | | :--- | :--- | :--- | :--- | | **By Product** | | | | | Elevator Control Products | 675,177,485.09 | 17.06% | 8.89% | | Energy-Saving and Industrial Drive Products | 253,681,820.38 | 6.41% | 1.17% | | Robotics and Motion Control Products | 2,518,822,881.43 | 63.66% | 11.26% | | **By Region** | | | | | Domestic | 3,789,149,974.99 | 95.76% | 14.00% | | International | 167,913,482.76 | 4.24% | -20.13% | Expense Items | Expense Item (Yuan) | 2020 | 2019 | YoY Change | | :--- | :--- | :--- | :--- | | Selling Expenses | 166,400,991.51 | 198,766,077.27 | -16.28% | | Administrative Expenses | 217,081,659.71 | 188,721,351.68 | 15.03% | | Financial Expenses | 66,240,884.44 | 80,932,668.07 | -18.15% | | R&D Expenses | 200,911,586.41 | 202,895,962.79 | -0.98% | R&D Investment | R&D Investment | 2020 | 2019 | Change | | :--- | :--- | :--- | :--- | | R&D Investment Amount (Yuan) | 200,911,586.41 | 202,895,962.79 | -0.98% | | R&D Investment as % of Operating Revenue | 5.08% | 5.74% | -0.66% | | Number of R&D Personnel (people) | 920 | 893 | 3.02% | | R&D Personnel as % of Total Staff | 36.62% | 36.51% | 0.11% | [Non-Main Business Analysis](index=26&type=section&id=%E4%B8%89%E3%80%81%E9%9D%9E%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) In 2020, non-main business activities significantly impacted the company's profit, with other income (government subsidies and tax refunds) contributing 74.12 million Yuan and investment income (wealth management) contributing 29.06 million Yuan, while asset and credit impairment losses had a combined negative impact of -39.68% on total profit Non-Main Business Items | Item | Amount (Yuan) | Proportion of Total Profit | Reason for Formation | | :--- | :--- | :--- | :--- | | Investment Income | 29,064,823.04 | 19.43% | Primarily wealth management income from structured deposits | | Asset Impairment | -46,616,789.05 | -31.16% | Goodwill impairment provision for Xiaoaoxiangrong during the reporting period | | Credit Impairment | -12,752,717.09 | -8.52% | - | | Other Income | 74,123,895.80 | 49.55% | Primarily various government subsidies and tax refunds | [Analysis of Assets and Liabilities](index=26&type=section&id=%E5%9B%9B%E3%80%81%E8%B5%84%E4%BA%A7%E5%8F%8A%E8%B4%9F%E5%80%BA%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) As of year-end 2020, total assets decreased by 4.61% to 6.06 billion Yuan, with goodwill remaining a significant non-current asset at 18.76% of total assets, and the asset-liability ratio decreased to 45.96% due to the adoption of new revenue standards Asset Items | Asset Item | 2020 Year-end Amount (Yuan) | Proportion of Total Assets | 2020 Beginning-of-year Amount (Yuan) | Proportion of Total Assets | | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 1,161,445,947.72 | 19.15% | 1,062,618,304.22 | 16.71% | | Accounts Receivable | 847,922,822.70 | 13.98% | 887,873,924.25 | 13.97% | | Inventories | 803,435,677.34 | 13.25% | 941,507,359.95 | 14.81% | | Fixed Assets | 604,489,153.63 | 9.97% | 531,226,340.91 | 8.36% | | Goodwill | 1,137,927,769.68 | 18.76% | 1,153,340,212.68 | 18.14% | - As of the end of the reporting period, **84.15 million Yuan** of the company's assets were restricted in ownership or use, primarily comprising **22.81 million Yuan** in margin deposits for bank acceptance bills, performance bonds, and letters of guarantee, and **61.34 million Yuan** in pledged accounts receivable financing[136](index=136&type=chunk)[139](index=139&type=chunk) [Investment Status Analysis](index=28&type=section&id=%E4%BA%94%E3%80%81%E6%8A%95%E8%B5%84%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) During the reporting period, the company's investment amounted to 194 million Yuan, a 29.66% increase, with 41.08 million Yuan utilized from the 2017 convertible bond proceeds, and remaining funds of 544.89 million Yuan later reallocated to permanent working capital Overall Use of Raised Funds | Overall Use of Raised Funds (10,000 Yuan) | | | :--- | :--- | | Total Raised Funds | 85,658.47 | | Total Raised Funds Used in Current Period | 4,107.62 | | Total Raised Funds Used Cumulatively | 36,803.05 | | Total Unused Raised Funds | 54,489.48 | - The company extended the implementation period for two projects funded by the 2017 convertible bonds, "Intelligent Manufacturing Project for Robotics and Key Components & Motion Control Systems" and "Automotive Intelligent Flexible Welding Production Line Project," and decided in early 2021 to change the use of the remaining **545 million Yuan** in raised funds to permanently supplement working capital[155](index=155&type=chunk) [Analysis of Major Holding and Participating Companies](index=32&type=section&id=%E4%B8%83%E3%80%81%E4%B8%BB%E8%A6%81%E6%8E%A7%E8%82%A1%E5%8F%82%E8%82%A1%E5%85%AC%E5%8F%B8%E5%88%86%E6%9E%90) Among the company's major subsidiaries, Shanghai Huitong Automation Technology Development Co, Ltd, contributed the most profit at 81.06 million Yuan, while Shanghai STEP Robot Co, Ltd, incurred a loss of 48.00 million Yuan, impacting overall performance Major Subsidiaries' Performance | Major Subsidiary Name | Operating Revenue (Yuan) | Net Profit (Yuan) | | :--- | :--- | :--- | | Shanghai Huitong Automation Technology Development Co., Ltd. | 1,051,122,364.65 | 81,058,409.21 | | Shenzhen Zowee Technology Co., Ltd. | 178,145,317.56 | 40,912,502.72 | | Shanghai Singlinna STEP Motor Co., Ltd. | 490,067,548.03 | 41,118,129.71 | | Hangzhou Zhishan Intelligent Control Technology Co., Ltd. | 155,496,483.68 | 28,395,168.43 | | Shanghai Xiaoaoxiangrong Automobile Industry Equipment Co., Ltd. | 467,372,280.57 | 2,210,334.17 | | Shanghai STEP Robot Co., Ltd. | 47,863,543.25 | -47,999,083.39 | [Outlook for Company's Future Development](index=33&type=section&id=%E4%B9%9D%E3%80%81%E5%85%AC%E5%8F%B8%E6%9C%AA%E6%9D%A5%E5%8F%91%E5%B1%95%E7%9A%84%E5%B1%95%E6%9C%9B) The company aims to become an internationally renowned brand in intelligent manufacturing, focusing on five key segments, while addressing risks such as economic volatility, supply chain costs, management challenges from expansion, and M&A-related goodwill impairment - The company's development strategy focuses on the intelligent manufacturing equipment sector, with five major business segments collaborating to become an internationally renowned brand[165](index=165&type=chunk)[168](index=168&type=chunk) - The company faces several key risks, including: - **Operational Risks**: Economic fluctuations due to the pandemic and trade conflicts - **Procurement and Cost Risks**: Tight supply of certain components and rising prices of bulk materials - **Management Risks**: Challenges arising from rapid scale expansion - **M&A Risks**: Uncertainties in business integration and goodwill impairment risks - **Financial Risks**: Gross margin fluctuations, accounts receivable bad debts, and changes in tax incentives[176](index=176&type=chunk)[179](index=179&type=chunk)[180](index=180&type=chunk) [Significant Matters](index=38&type=section&id=%E7%AC%AC%E4%BA%94%E8%8A%82%E9%87%8D%E8%A6%81%E4%BA%8B%E9%A1%B9) This section details important events and decisions during the reporting period, including profit distribution, accounting policy changes, related party transactions, and other significant corporate actions [Profit Distribution and Capital Reserve Conversion to Share Capital](index=38&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E6%99%AE%E9%80%9A%E8%82%A1%E5%88%A9%E6%B6%A6%E5%88%86%E9%85%8D%E5%8F%8A%E8%B5%84%E6%9C%AC%E5%85%AC%E7%A7%AF%E9%87%91%E8%BD%AC%E5%A2%9E%E8%82%A1%E6%9C%AC%E6%83%85%E5%86%B5) The company proposed a 2020 profit distribution plan of 0.4 Yuan cash dividend per 10 shares (including tax), totaling an estimated 24.63 million Yuan, which combined with share repurchases, represents 53.61% of net profit attributable to the parent, demonstrating a stable dividend policy Dividend Distribution (2020 Proposed) | Dividend Year | Cash Dividend Amount (incl. tax, Yuan) | Net Profit Attributable to Parent (Yuan) | Cash Dividend as % of Net Profit Attributable to Parent | | :--- | :--- | :--- | :--- | | 2020 (Proposed) | 24,631,940.36 | 86,797,716.53 | 28.38% | | 2019 | 18,602,767.93 | 53,590,455.47 | 34.71% | | 2018 | 0.00 | -260,687,920.25 | 0.00% | - For the 2020 profit distribution plan, in addition to cash dividends, the company distributed **21.90 million Yuan** in cash through share repurchases, bringing the total cash distribution (including other methods) to **46.53 million Yuan**, representing **53.61%** of the net profit attributable to the parent company[199](index=199&type=chunk)[203](index=203&type=chunk) [Explanation of Changes in Accounting Policies, Estimates, and Methods Compared to Prior Year](index=51&type=section&id=%E5%85%AD%E3%80%81%E4%B8%8E%E4%B8%8A%E5%B9%B4%E5%BA%A6%E8%B4%A2%E5%8A%A1%E6%8A%A5%E5%91%8A%E7%9B%B8%E6%AF%94%EF%BC%8C%E4%BC%9A%E8%AE%A1%E6%94%BF%E7%AD%96%E3%80%81%E4%BC%9A%E8%AE%A1%E4%BC%B0%E8%AE%A1%E5%92%8C%E6%A0%B8%E7%AE%97%E6%96%B9%E6%B3%95%E5%8F%91%E7%94%9F%E5%8F%98%E5%8C%96%E7%9A%84%E6%83%85%E5%86%B5%E8%AF%B4%E6%98%8E) The company adopted the newly revised "Accounting Standard for Business Enterprises No. 14 - Revenue" from January 1, 2020, leading to adjustments in initial financial statement items like accounts receivable and prepayments, and the introduction of contract assets and liabilities, without affecting retained earnings - The company adopted the new revenue standard from **January 1, 2020**, adjusting relevant items in the opening financial statements for 2020 to reflect the cumulative impact of contracts not yet completed at the initial adoption date, with no retrospective adjustment to comparative financial statements[241](index=241&type=chunk) Impact of Accounting Policy Change on 2020 Opening Balance | Affected Statement Item | Impact on January 1, 2020 Balance (Yuan) | | :--- | :--- | | Accounts Receivable | -13,191,429.89 | | Contract Assets | 3,937,118.89 | | Prepayments | -265,150,458.68 | | Contract Liabilities | 244,001,841.21 | | Other Current Liabilities | 3,612,687.00 | [Significant Related Party Transactions](index=56&type=section&id=%E5%8D%81%E5%85%AD%E3%80%81%E9%87%8D%E5%A4%A7%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) During the reporting period, the company's related party transactions for daily operations were minor, primarily involving procurement of 0.15 million Yuan from Shanghai Beike Liangchen Automation Equipment Co, Ltd, and sales of 6.62 million Yuan to Singlinna Automation Malaysia Co, Ltd, with no significant asset acquisitions, disposals, or joint investments Related Party Transactions | Related Party | Related Transaction Type | Related Transaction Content | Related Transaction Amount (10,000 Yuan) | | :--- | :--- | :--- | :--- | | Shanghai Beike Liangchen Automation Equipment Co., Ltd. | Purchase of Goods | Inverters, etc. | 14.78 | | Singlinna Automation Malaysia Co., Ltd. | Sale of Goods | Elevator control systems, etc. | 661.82 | [Other Significant Matters](index=61&type=section&id=%E5%8D%81%E4%B9%9D%E3%80%81%E5%85%B6%E4%BB%96%E9%87%8D%E5%A4%A7%E4%BA%8B%E9%A1%B9%E7%9A%84%E8%AF%B4%E6%98%8E) During the reporting period, the company terminated its plan to invest in a financial leasing company, recovered 9.50 million Yuan in capital, increased capital in its German subsidiary by 2.5 million Euros, and initiated a share repurchase program of 15 million to 30 million Yuan for equity incentives, with 21.90 million Yuan repurchased by year-end - The company initiated a share repurchase plan, intending to use **15 million to 30 million Yuan** of its own funds to repurchase shares; as of December 31, 2020, a total of **3,578,179 shares** had been repurchased, with a total transaction value of **21.90 million Yuan**[297](index=297&type=chunk) [Changes in Share Capital and Shareholder Information](index=63&type=section&id=%E7%AC%AC%E5%85%AD%E8%8A%82%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E5%8F%8A%E8%82%A1%E4%B8%9C%E6%83%85%E5%86%B5) This section details changes in the company's share capital structure and provides information on its shareholders and actual controllers [Changes in Share Capital](index=63&type=section&id=%E4%B8%80%E3%80%81%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) At the end of the reporting period, the company's total share capital was 620.21 million shares, slightly increased due to convertible bond conversions and reclassification of restricted shares, alongside ongoing share repurchases - The total number of shares increased by **17,755 shares** during the reporting period due to convertible bond conversions[304](index=304&type=chunk)[307](index=307&type=chunk) - The company implemented a share repurchase, accumulating **3,578,179 shares** repurchased as of December 31, 2020, representing **0.58%** of the total share capital, with a total transaction value of **21.90 million Yuan**[308](index=308&type=chunk) [Shareholders and Actual Controller Information](index=66&type=section&id=%E4%B8%89%E3%80%81%E8%82%A1%E4%B8%9C%E5%92%8C%E5%AE%9E%E9%99%85%E6%8E%A7%E5%88%B6%E4%BA%BA%E6%83%85%E5%86%B5) As of the reporting period end, the company had 36,921 shareholders, with the controlling shareholder and actual controller being the Ji Defa, Liu Liping, and Ji Yi family, who collectively hold 29.98% of shares as a concerted party Top Five Shareholders | Shareholder Name | Shareholder Nature | Shareholding Percentage | Number of Shares Held at End of Reporting Period | | :--- | :--- | :--- | :--- | | Ji Defa | Domestic Natural Person | 17.88% | 110,915,804 | | Liu Liping | Domestic Natural Person | 6.32% | 39,221,160 | | Ji Yi | Domestic Natural Person | 5.78% | 35,872,939 | | Yuan Zhongmin | Domestic Natural Person | 4.49% | 27,827,926 | | Zhu Qianghua | Domestic Natural Person | 4.19% | 25,978,953 | - The company's controlling shareholder, **Ji Defa**, and the second largest shareholder, **Liu Liping**, are spouses, and the third largest shareholder, **Ji Yi**, is their daughter, forming a concerted action party[317](index=317&type=chunk)[318](index=318&type=chunk) [Preferred Shares Information](index=70&type=section&id=%E7%AC%AC%E4%B8%83%E8%8A%82%E4%BC%98%E5%85%88%E8%82%A1%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) This section confirms the absence of preferred shares during the reporting period [Preferred Shares Information](index=70&type=section&id=%E4%BC%98%E5%85%88%E8%82%A1%E6%83%85%E5%86%B5) During the reporting period, the company had no preferred shares - The company had no preferred shares during the reporting period[337](index=337&type=chunk) [Convertible Corporate Bonds Information](index=71&type=section&id=%E7%AC%AC%E5%85%AB%E8%8A%82%E5%8F%AF%E8%BD%AC%E6%8D%A2%E5%85%AC%E5%8F%B8%E5%80%BA%E5%88%B8%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) This section provides an overview of the company's convertible corporate bonds, including their status and conversion details [Overall Convertible Bond Situation](index=71&type=section&id=%E5%8F%AF%E8%BD%AC%E5%80%BA%E6%80%BB%E4%BD%93%E6%83%85%E5%86%B5) The company's "STEP Convertible Bond" (code 128018) remained outstanding during the reporting period, with its conversion price adjusted to 7.42 Yuan/share due to the 2019 equity distribution, and a minimal conversion rate of 0.04% of the total issuance - Due to the implementation of the 2019 equity distribution, the conversion price of STEP Convertible Bond was adjusted from **7.45 Yuan/share to 7.42 Yuan/share** on June 19, 2020[341](index=341&type=chunk) Convertible Bond Metrics | Indicator | Data | | :--- | :--- | | Bond Abbreviation | STEP Convertible Bond | | Total Issue Amount (Yuan) | 882,505,700.00 | | Cumulative Converted Shares (shares) | 37,892 | | Unconverted Amount (Yuan) | 882,155,800.00 | | Proportion of Unconverted Amount to Total Issue Amount | 99.96% | [Directors, Supervisors, Senior Management, and Employees](index=73&type=section&id=%E7%AC%AC%E4%B9%9D%E8%8A%82%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%91%E4%BA%8B%E3%80%81%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E5%92%8C%E5%91%98%E5%B7%A5%E6%83%85%E5%86%B5) This section details changes in the company's board, supervisory board, and senior management, as well as an overview of its employee structure [Changes in Directors, Supervisors, and Senior Management](index=75&type=section&id=%E4%BA%8C%E3%80%81%E5%85%AC%E5%8F%B8%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%91%E4%BA%8B%E3%80%81%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) During the reporting period, the company completed the re-election of its board and supervisory board, with new members appointed and some senior management changes, including the appointment of Mr Wu Yuhui as the new General Manager - The company completed the re-election of its board of directors and supervisory board in **June 2020**[355](index=355&type=chunk) - Mr Wu Yuhui was appointed as the company's General Manager in **October 2020**, succeeding Mr Ji Defa, who resigned from the position but remains a company director[355](index=355&type=chunk) [Employee Information](index=82&type=section&id=%E4%BA%94%E3%80%81%E5%85%AC%E5%8F%B8%E5%91%98%E5%B7%A5%E6%83%85%E5%86%B5) As of year-end 2020, the company had 2,512 employees, with technical personnel comprising the largest proportion at 36.62%, and over 40% of employees holding a bachelor's degree or higher, underscoring its technology-driven nature and strong talent base Employee Professional Composition | Professional Composition | Number of People | Proportion | | :--- | :--- | :--- | | Production Personnel | 686 | 27.31% | | Sales Personnel | 400 | 15.92% | | Technical Personnel | 920 | 36.62% | | Financial Personnel | 72 | 2.87% | | Administrative Personnel | 434 | 17.28% | | **Total** | **2,512** | **100.00%** | Employee Education Level | Education Level | Number of People | Proportion | | :--- | :--- | :--- | | Master's Degree or Above | 211 | 8.40% | | Bachelor's Degree | 867 | 34.51% | | Associate Degree | 636 | 25.32% | | Below Associate Degree | 798 | 31.77% | | **Total** | **2,512** | **100.00%** | [Corporate Governance](index=85&type=section&id=%E7%AC%AC%E5%8D%81%E8%8A%82%E5%85%AC%E5%8F%B8%E6%B2%BB%E7%90%86) This section details the company's corporate governance structure, its compliance with regulations, and the effectiveness of its internal control systems [Basic Corporate Governance Status](index=85&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E6%B2%BB%E7%90%86%E7%9A%84%E5%9F%BA%E6%9C%AC%E7%8A%B6%E5%86%B5) During the reporting period, the company operated in strict compliance with relevant laws and regulations, maintaining a sound corporate governance structure and ensuring independence from its controlling shareholder in all operational aspects - The company's actual corporate governance situation complies with the normative documents issued by the China Securities Regulatory Commission regarding listed company governance, with no significant discrepancies[397](index=397&type=chunk)[403](index=403&type=chunk) [Internal Control Evaluation Report](index=90&type=section&id=%E4%B9%9D%E3%80%81%E5%86%85%E9%83%A8%E6%8E%A7%E5%88%B6%E8%AF%84%E4%BB%B7%E6%8A%A5%E5%91%8A) The board of directors affirmed that as of December 31, 2020, the company maintained effective internal controls over financial reporting in all material aspects, with no significant deficiencies identified, and the accounting firm issued an unqualified internal control attestation report - Based on the company's internal control self-evaluation report, no material or significant deficiencies were found in financial or non-financial reporting during the reporting period[422](index=422&type=chunk)[426](index=426&type=chunk) - The accounting firm issued a standard unqualified attestation report on the company's 2020 internal controls, consistent with the board's self-evaluation report[427](index=427&type=chunk) [Corporate Bonds Information](index=92&type=section&id=%E7%AC%AC%E5%8D%81%E4%B8%80%E8%8A%82%E5%85%AC%E5%8F%B8%E5%80%BA%E5%88%B8%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) This section confirms the company's status regarding corporate bonds [Corporate Bonds Information](index=92&type=section&id=%E5%85%AC%E5%8F%B8%E5%80%BA%E5%88%B8%E6%83%85%E5%86%B5) As of the approval date of the annual report, the company had no publicly issued corporate bonds (excluding convertible corporate bonds) that were unexpired or not fully redeemed - The company has no publicly issued corporate bonds listed on a stock exchange that are unexpired or have not been fully redeemed as of the approval date of the annual report[431](index=431&type=chunk) [Financial Report](index=93&type=section&id=%E7%AC%AC%E5%8D%81%E4%BA%8C%E8%8A%82%E8%B4%A2%E5%8A%A1%E6%8A%A5%E5%91%8A) This section presents the company's audited financial statements for the reporting period, including the audit report and detailed financial tables [Audit Report](index=93&type=section&id=%E4%B8%80%E3%80%81%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A) Lixin Zhonglian Certified Public Accountants (Special General Partnership) issued a standard unqualified audit opinion on the company's 2020 financial statements, with key audit matters identified as goodwill impairment testing and revenue recognition - The audit opinion type is a **standard unqualified opinion**[434](index=434&type=chunk) - Key audit matters include: - **Goodwill Impairment Testing**: Considered a key audit matter due to the significant net book value of goodwill (**1.14 billion Yuan**) and the substantial judgments and estimates involved in its impairment assessment[436](index=436&type=chunk) - **Revenue Recognition**: Identified as a key audit matter due to revenue being a critical performance indicator and the inherent risk of management manipulating revenue recognition timing to achieve specific targets[439](index=439&type=chunk) [Financial Statements](index=95&type=section&id=%E4%BA%8C%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8) This section includes the company's 2020 consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity, with detailed financial data summarized in previous sections [Consolidated Balance Sheet](index=95&type=section&id=%E5%90%88%E5%B9%B6%E8%B5%84%E4%BA%A7%E8%B4%9F%E5%80%BA%E8%A1%A8) As of year-end 2020, the company's total assets were 6.06 billion Yuan, total liabilities were 2.79 billion Yuan, and equity attributable to parent company owners was 2.71 billion Yuan, resulting in an asset-liability ratio of 45.96% [Consolidated Income Statement](index=101&type=section&id=%E5%90%88%E5%B9%B6%E5%88%A9%E6%B6%A6%E8%A1%A8) In 2020, the company achieved total operating revenue of 3.96 billion Yuan, operating profit of 147 million Yuan, total profit of 150 million Yuan, and net profit of 92.85 million Yuan, with 86.80 million Yuan attributable to parent company shareholders [Consolidated Cash Flow Statement](index=106&type=section&id=%E5%90%88%E5%B9%B6%E7%8E%B0%E9%87%91%E6%B5%81%E9%87%8F%E8%A1%A8) In 2020, net cash flow from operating activities was 274 million Yuan, from investing activities was 89.64 million Yuan, and from financing activities was -274 million Yuan, with cash and cash equivalents totaling 1.14 billion Yuan at period-end [Catalogue of Reference Documents](index=230&type=section&id=%E7%AC%AC%E5%8D%81%E4%B8%89%E8%8A%82%E5%A4%87%E6%9F%A5%E6%96%87%E4%BB%B6%E7%9B%AE%E5%BD%95) This section lists the documents available for reference, including signed financial statements, original audit reports, and all publicly disclosed company documents and announcements from the reporting period, kept at the company's board office [Reference Documents](index=230&type=section&id=%E5%A4%87%E6%9F%A5%E6%96%87%E4%BB%B6) This chapter lists the reference documents available for inspection - Reference documents include: - Signed financial statements - Original audit report - All company documents and announcements disclosed during the reporting period[1074](index=1074&type=chunk)

上海新时达电气股份有限公司 2020 年第三季度报告全文 上海新时达电气股份有限公司 2020 年第三季度报告 2020 年 10 月 1 上海新时达电气股份有限公司 2020 年第三季度报告全文 第一节 重要提示 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真 实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，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。 公司负责人纪翌、主管会计工作负责人李国范及会计机构负责人(会计主管 人员)葛达明声明：保证季度报告中财务报表的真实、准确、完整。 上海新时达电气股份有限公司 2020 年第三季度报告全文 第二节 公司基本情况 一、主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 | --- | --- | --- | --- | --- | |-----------------------------------------------------|------------------|-------------------------|----------------|--------------- ...

股票简称:新时达 证券代码:002527 上海新时达电气股份有限公司 STEP. 2020年半年度报告 成为智能制造领域的国际著名品牌 智能制造及工业机器人、运动控制、节能与传动、电梯控制 1 上海新时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。 公司负责人纪翌、主管会计工作负责人李国范及会计机构负责人(会计主管 人员)葛达明声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本报告的董事会会议。 本半年度报告涉及未来计划等前瞻性陈述，该计划不构成公司对投资者的 实质承诺，投资者及相关人士均应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。 本公司可能面临的风险，详见本半年度报告"第四节 经营情况讨论与分析" 之"十、公司面临的风险和应对措施"。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 上海新时达电气股份有限公司 2020 年半年度报告全文 STEP. 日 录 | -- ...

上海新时达电气股份有限公司 2020 年第一季度报告全文 上海新时达电气股份有限公司 2020 年第一季度报告 2020 年 04 月 1 上海新时达电气股份有限公司 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。 公司负责人纪翌、主管会计工作负责人李国范及会计机构负责人(会计主管 人员)葛达明声明：保证季度报告中财务报表的真实、准确、完整。 上海新时达电气股份有限公司 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 ...

[Important Notice, Table of Contents, and Definitions](index=2&type=section&id=Item%201.%20Important%20Notice%2C%20Table%20of%20Contents%20and%20Definitions) This section provides an important notice regarding the report's integrity, its table of contents, and definitions of key terms [Important Notice](index=2&type=section&id=Important%20Notice) The board and management affirm the report's integrity, with all directors present, and propose a 2019 cash dividend of 0.3 yuan per 10 shares - The company's 2019 profit distribution plan proposes a cash dividend of **0.3 yuan per 10 shares** (tax inclusive) based on the total share capital at the equity registration date, with no bonus shares or capital reserve conversions[9](index=9&type=chunk) [Company Profile and Key Financial Indicators](index=6&type=section&id=Item%202.%20Company%20Profile%20and%20Key%20Financial%20Indicators) This section outlines the company's basic information and presents its key financial performance metrics and accounting data [Key Accounting Data and Financial Indicators](index=7&type=section&id=6.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) In 2019, the company achieved revenue with slight growth, successfully turning losses into profits, with net profit attributable to shareholders and operating cash flow significantly increasing, indicating improved operational quality | Indicator | 2019 | 2018 | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue (Yuan) | 3,533,969,303.29 | 3,514,994,626.43 | 0.54% | | Net Profit Attributable to Shareholders (Yuan) | 53,590,455.47 | -260,687,920.25 | 120.56% | | Net Profit Attributable to Shareholders Excluding Non-Recurring Items (Yuan) | -10,448,132.50 | -303,927,644.64 | 96.56% | | Net Cash Flow from Operating Activities (Yuan) | 269,084,731.07 | 38,226,255.09 | 603.93% | | Basic Earnings Per Share (Yuan/Share) | 0.09 | -0.42 | 121.43% | | Weighted Average Return on Net Assets | 2.01% | -9.27% | 11.28% | | Total Assets (Yuan) | 6,357,451,726.28 | 6,636,972,925.36 | -4.21% | | Net Assets Attributable to Shareholders (Yuan) | 2,662,874,225.37 | 2,659,023,940.26 | 0.14% | | Quarter | Operating Revenue (Yuan) | Net Profit Attributable to Shareholders (Yuan) | | :--- | :--- | :--- | | Q1 | 720,897,149.58 | -10,453,398.68 | | Q2 | 931,831,495.54 | 41,667,602.09 | | Q3 | 921,265,963.52 | 24,788,753.66 | | Q4 | 959,974,694.65 | -2,412,501.60 | - In 2019, total non-recurring gains and losses amounted to **64.0386 million yuan**, primarily from government subsidies (**50.7407 million yuan**) and wealth management income (**31.5464 million yuan**), significantly contributing to the company's profitability[35](index=35&type=chunk)[38](index=38&type=chunk) [Company Business Overview](index=10&type=section&id=Item%203.%20Company%20Business%20Overview) This section provides an overview of the company's main business activities, operating model, and core competitive advantages [Main Business and Operating Model](index=10&type=section&id=1.%20Main%20Business%20Activities%20During%20the%20Reporting%20Period) The company focuses on intelligent manufacturing equipment, providing core intelligent drive control products and solutions across robotics, elevators, industrial control, and motion control, driven by national policies and industry demand | Business Segment | Main Products/Business Description | | :--- | :--- | | **Robotics Segment** | Provides multi-joint industrial robots, SCARA robots, controllers, servo systems, and intelligent flexible production line system integration solutions for automotive and general industries | | **Elevator Segment** | Offers complete elevator control systems, control boards, operating panels, cables, and IoT solutions for elevator manufacturers | | **Industrial Control Segment** | Provides various series of high and low voltage general/special inverters, and integrated electrical control solutions for smart water, HVAC, and lifting logistics industries | | **Motion Control Segment** | Offers core components and solutions such as servo drives and motion controllers, primarily applied in 3C electronics, robotics, and glass engraving industries | - The company is a leading enterprise in China's elevator control system industry, maintaining long-term stable cooperation with renowned domestic and international elevator manufacturers like Otis, Kone, Schindler, and ThyssenKrupp[57](index=57&type=chunk) - The company has pioneered the integration of the entire industry chain in robotics and motion control, from **key core components to robot bodies, engineering applications, and remote informationization**, becoming an influential enterprise in China's intelligent manufacturing sector[54](index=54&type=chunk) [Significant Changes in Major Assets](index=14&type=section&id=2.%20Significant%20Changes%20in%20Major%20Assets) During the reporting period, major assets changed: fixed assets increased due to robotics project capitalization, construction in progress rose, prepayments decreased, and other receivables increased due to accounting adjustments | Major Asset | Explanation of Significant Change | | :--- | :--- | | **Fixed Assets** | Plant for robotics and key components & motion control system intelligent manufacturing project capitalized as fixed assets | | **Construction in Progress** | Increased engineering amount for Zhongweixing Industrial Robot Control and Drive System Industrialization Base Project | | **Prepayments** | Due to relatively higher advance payments for projects and purchases in the comparable reporting period | | **Other Receivables** | Primarily due to the transfer of accounts receivable from customers for whom the company adopted net method accounting for revenue recognition during the reporting period | [Core Competitiveness Analysis](index=15&type=section&id=3.%20Core%20Competitiveness%20Analysis) The company's core competitiveness stems from its R&D advantage, full industry chain layout, strong brand and customer relationships, extensive marketing networks, and robust talent development system - The company possesses a National Enterprise Technology Center jointly recognized by five ministries and commissions, along with a postdoctoral research workstation, holding **528 national authorized patents** (including **187 invention patents**) and **243 software copyrights** as of the end of 2019[53](index=53&type=chunk)[63](index=63&type=chunk) - The company has a full industry chain development pattern from **key core components to robot bodies, engineering applications, and remote informationization**, enabling it to provide core industrial robot products and system integration solutions to clients[66](index=66&type=chunk) - The company boasts a broad customer base and brand influence, collaborating with renowned enterprises like General Motors, Great Wall Motors, Haier, and Kohler in intelligent manufacturing, and maintaining long-term partnerships with international brands such as Otis, Kone, and Schindler in the elevator sector[68](index=68&type=chunk)[71](index=71&type=chunk) [Management Discussion and Analysis](index=19&type=section&id=Item%204.%20Management%20Discussion%20and%20Analysis) This section provides a comprehensive analysis of the company's operating performance, financial position, R&D efforts, cash flow, and future outlook [Operating Overview](index=19&type=section&id=1.%20Overview) In 2019, despite downstream industry slowdowns, the company achieved stable performance and turned losses into profits, with revenue slightly increasing and net profit attributable to shareholders significantly growing, primarily driven by the elevator business | Indicator | 2019 (10,000 Yuan) | YoY Growth | | :--- | :--- | :--- | | Operating Revenue | 353,400 | 0.54% | | Operating Profit | 10,181 | 142.45% | | Total Profit | 10,254 | 142.32% | | Net Profit | 6,056 | 120.48% | | Net Profit Attributable to Parent Company Owners | 5,359 | 120.56% | - The Robotics and Motion Control segment faced downward pressure due to reduced investment in the automotive and 3C industries, but the company achieved breakthroughs with high-end clients like Haier and Kohler by expanding into emerging markets such as white goods, sanitary ware, and metal processing[79](index=79&type=chunk)[80](index=80&type=chunk) - The Elevator Business segment expanded its product lines centered on core control components, driving significant sales revenue growth and improved profitability[80](index=80&type=chunk) [Main Business Analysis](index=20&type=section&id=2.%20Main%20Business%20Analysis) In 2019, robotics and motion control products remained the largest revenue source despite a decline, while elevator control products showed strong growth and improved gross margin, and customer concentration remained low | By Product | 2019 Operating Revenue (Yuan) | Proportion of Operating Revenue | YoY Change | Gross Margin | Gross Margin YoY Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Elevator Control Products | 620,030,389.33 | 17.54% | 29.98% | 28.86% | 7.13% | | Energy-Saving and Industrial Drive Products | 250,759,510.96 | 7.10% | -1.19% | 44.07% | 4.88% | | Robotics and Motion Control Products | 2,263,857,226.85 | 64.06% | -7.71% | 17.81% | -1.13% | | Other Products | 399,322,176.15 | 11.30% | 20.61% | 10.02% | -1.45% | | Customer/Supplier | Total Amount (Yuan) | Proportion of Annual Total | | :--- | :--- | :--- | | Total Sales to Top Five Customers | 616,479,790.82 | 17.44% | | Total Purchases from Top Five Suppliers | 1,308,496,481.77 | 43.55% | [R&D Investment](index=23&type=section&id=4.%20R%26D%20Investment) In 2019, the company's total R&D investment reached **203 million yuan**, increasing by **13.80%** to **5.74%** of operating revenue, with all expenditures expensed and focus on core business areas | Indicator | 2019 | 2018 | Change Percentage | | :--- | :--- | :--- | :--- | | Number of R&D Personnel (Persons) | 893 | 763 | 17.04% | | Proportion of R&D Personnel | 36.51% | 33.97% | 2.54% | | R&D Investment Amount (Yuan) | 202,895,962.79 | 178,289,258.72 | 13.80% | | R&D Investment as % of Operating Revenue | 5.74% | 5.07% | 0.67% | | Capitalized R&D Investment Amount (Yuan) | 0.00 | 0.00 | 0.00% | - The company continuously invests in R&D, with key projects including a **unified modular control platform**, **ultra-high-speed elevator control systems**, **public transport escalator control systems**, **energy-saving industry-specific inverters**, **new energy vehicle-related controllers**, and **desktop robots and high-performance robot control systems**[101](index=101&type=chunk)[102](index=102&type=chunk)[103](index=103&type=chunk)[106](index=106&type=chunk) [Cash Flow Analysis](index=26&type=section&id=5.%20Cash%20Flow) During the reporting period, the company's cash flow significantly improved, with net cash flow from operating activities increasing substantially, investing activities turning positive, and financing activities decreasing due to reduced bank borrowings | Item | 2019 (Yuan) | 2018 (Yuan) | YoY Change | | :--- | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 269,084,731.07 | 38,226,255.09 | 603.93% | | Net Cash Flow from Investing Activities | 56,896,889.42 | -997,159,632.37 | 105.71% | | Net Cash Flow from Financing Activities | -352,380,147.55 | 479,977,398.39 | -173.42% | | Net Increase in Cash and Cash Equivalents | -25,144,136.17 | -474,649,451.80 | 94.70% | [Company's Future Development Outlook, Strategy, and Risks](index=34&type=section&id=9.%20Company%27s%20Future%20Development%20Outlook) The company anticipates growth in robotics and elevators, with a strategy focused on building an intelligent manufacturing ecosystem and deepening four business segments, while facing risks from macroeconomic fluctuations, scale expansion, M&A integration, goodwill impairment, and accounts receivable - Company Development Strategy: Focus on intelligent manufacturing equipment, build an intelligent manufacturing ecosystem, adhere to two key technology directions (intelligent control and variable frequency drive), deepen the four major business segments (elevators, motion control, robotics, industrial control), and support business development through five platform-based operations (R&D, manufacturing, supply chain, sales, service)[156](index=156&type=chunk)[159](index=159&type=chunk)[160](index=160&type=chunk) - 2020 Operating Plan: Integrate resources under the **'One STEP' strategy** to unify the brand; focus on R&D to deepen business segment layouts; pursue differentiated competition in niche markets; strengthen refined management for cost reduction and efficiency improvement; and enhance talent pipeline development[160](index=160&type=chunk)[163](index=163&type=chunk)[166](index=166&type=chunk)[169](index=169&type=chunk) - Key risks faced by the company include: **macroeconomic fluctuations impacting downstream demand**, **management risks from rapid scale expansion**, **acquisition integration and goodwill impairment risks** (especially for acquisitions like Zhongweixing and Xiaoao Xiangrong), **product gross margin fluctuations**, and **accounts receivable bad debt risk**[170](index=170&type=chunk)[173](index=173&type=chunk)[174](index=174&type=chunk)[175](index=175&type=chunk) [Significant Matters](index=42&type=section&id=Item%205.%20Significant%20Matters) This section details important events and decisions during the reporting period, including profit distribution, fulfillment of commitments, and use of raised funds [Profit Distribution](index=42&type=section&id=1.%20Profit%20Distribution%20and%20Capital%20Reserve%20Conversion%20for%20Ordinary%20Shares) The company's 2019 profit distribution plan proposes a cash dividend of **0.3 yuan per 10 shares**, totaling an estimated **18.6057 million yuan**, representing **34.72%** of net profit attributable to parent company owners, with no distribution in 2018 due to losses | Dividend Year | Cash Dividend Amount (Tax Inclusive) (Yuan) | Ratio to Net Profit Attributable to Ordinary Shareholders in Consolidated Statements | | :--- | :--- | :--- | | 2019 | 18,605,740.53 (Proposed) | 34.72% | | 2018 | 0.00 | 0.00% | | 2017 | 43,411,984.98 | 31.53% | [Fulfillment of Commitments](index=44&type=section&id=3.%20Fulfillment%20of%20Commitments) During the reporting period, the company and related parties strictly fulfilled commitments, with Hangzhou Zhishan Intelligent Control Technology Co., Ltd.'s performance commitment (2017-2019) exceeding the cumulative target, despite missing the 2019 single-year goal, thus requiring no compensation | Performance Period | Committed Amount (10,000 Yuan) | Achieved Amount (Excluding Non-Recurring Items) (10,000 Yuan) | Achievement Ratio | | :--- | :--- | :--- | :--- | | 2017 | 2,800.00 | 3,836.67 | 137.02% | | 2018 | 3,500.00 | 3,724.17 | 106.40% | | 2019 | 4,200.00 | 3,895.65 | 92.75% | | **Total** | **10,500.00** | **11,456.49** | **109.11%** | - Zhishan Intelligent Control's 2019 performance fell short primarily due to the impact of the macroeconomic and international trade environment, leading to decreased equipment investment willingness in downstream industries such as textile machinery and CNC machine tools[241](index=241&type=chunk) [Use of Raised Funds](index=29&type=section&id=5.%20Use%20of%20Raised%20Funds) In 2017, the company raised **857 million yuan** through convertible bonds; as of the reporting period, **327 million yuan** has been used, with **569 million yuan** remaining, and two key projects were delayed due to construction progress | Committed Investment Project | Total Committed Investment from Raised Funds (10,000 Yuan) | Cumulative Investment as of Period End (10,000 Yuan) | Investment Progress | | :--- | :--- | :--- | :--- | | Intelligent Manufacturing Project for Robotics and Key Components & Motion Control Systems | 67,276.25 | 27,222.3 | 40.46% | | Automotive Intelligent Flexible Welding Production Line Project | 18,382.22 | 5,473.12 | 29.77% | [Share Changes and Shareholder Information](index=68&type=section&id=Item%206.%20Share%20Changes%20and%20Shareholder%20Information) This section details changes in the company's share capital, as well as information on its shareholders and actual controllers [Share Changes](index=68&type=section&id=1.%20Share%20Changes) During the reporting period, the company's total share capital slightly increased due to convertible bond conversions and executive restricted share unlocks, resulting in a decrease of **26.8 million restricted shares** - Changes in total share capital primarily resulted from: **conversion of 'Shida Convertible Bonds' adding 7,010 shares**, and **unlocking of restricted shares** held by executives and from acquisitions, totaling approximately **26.8 million shares** converted to unrestricted tradable shares[303](index=303&type=chunk)[304](index=304&type=chunk)[308](index=308&type=chunk) [Shareholders and Actual Controller Information](index=72&type=section&id=3.%20Shareholders%20and%20Actual%20Controller%20Information) As of the reporting period end, the company had **37,126 shareholders**, with the Ji Defa, Liu Liping, and Ji Yi family acting as the stable controlling shareholders, collectively holding **29.98%** of the company's shares | Shareholder Name | Shareholding Percentage | Number of Shares Held at Period End (Shares) | Number of Restricted Shares Held (Shares) | | :--- | :--- | :--- | :--- | | Ji Defa | 17.88% | 110,915,804 | 83,186,853 | | Liu Liping | 6.32% | 39,221,160 | 0 | | Ji Yi | 5.78% | 35,872,939 | 26,904,704 | - The company's actual controllers are **Ji Defa**, **Liu Liping** (spouse), and **Ji Yi** (their daughter), forming a concerted party[322](index=322&type=chunk)[329](index=329&type=chunk) [Preferred Shares Information](index=76&type=section&id=Item%207.%20Preferred%20Shares%20Information) This section provides an overview of the company's preferred shares, if any [Preferred Shares Overview](index=76&type=section&id=Preferred%20Shares%20Overview) During the reporting period, the company had no preferred shares - The company had no preferred shares during the reporting period[336](index=336&type=chunk) [Convertible Corporate Bonds Information](index=77&type=section&id=Item%208.%20Convertible%20Corporate%20Bonds%20Information) This section details the company's convertible corporate bonds, including their overview and key terms [Convertible Bonds Overview](index=77&type=section&id=Convertible%20Bonds%20Overview) The company's 'Shida Convertible Bonds' were trading, with the conversion price adjusted downward to **7.45 yuan/share** in April 2019, and as of period-end, **99.98%** of the total issuance remained unconverted, with the company's long-term credit rating at **AA** with a stable outlook - On April 12, 2019, the company adjusted the conversion price of 'Shida Convertible Bonds' downward from **11.83 yuan/share** to **7.45 yuan/share**[340](index=340&type=chunk) | Indicator | Amount/Quantity | | :--- | :--- | | Total Issuance Amount | 882,505,700.00 Yuan | | Cumulative Conversion Amount | 217,600.00 Yuan | | Unconverted Amount | 882,288,100.00 Yuan | | Proportion of Unconverted Amount to Total Issuance | 99.98% | - According to the June 2019 follow-up rating report by Lianhe Credit Rating Co., Ltd., the company's long-term credit rating is **AA** with a 'stable' outlook, and 'Shida Convertible Bonds' also hold an **AA** credit rating[347](index=347&type=chunk) [Directors, Supervisors, Senior Management, and Employees](index=79&type=section&id=Item%209.%20Directors%2C%20Supervisors%2C%20Senior%20Management%20and%20Employees) This section provides information on the company's governance structure, including changes in key personnel, their remuneration, and overall employee statistics [Changes, Shareholdings, and Remuneration of Directors, Supervisors, and Senior Management](index=79&type=section&id=2.%20Changes%20in%20Company%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) During the reporting period, the company experienced changes in its board, supervisory board, and senior management, including new appointments and a general manager succession, with remuneration linked to performance - Multiple changes occurred in the company's senior management during the reporting period, including: **Ji Yi resigning as General Manager, succeeded by Ji Defa**; **Ma Yuanyuan resigning as Vice General Manager and CFO, succeeded by Li Guofan**; and **Liu Yihua resigning as Independent Director, succeeded by Zhong Bin**[354](index=354&type=chunk) | Name | Position | Total Pre-Tax Remuneration from Company (10,000 Yuan) | | :--- | :--- | :--- | | Ji Yi | Chairman | 40 | | Ji Defa | Non-Independent Director, General Manager | 0 | | Yuan Zhongmin | Vice Chairman | 80 | | Cai Liang | Non-Independent Director, Vice General Manager | 91.2 | | Wang Chunxiang | Chairman of Supervisory Board | 100.3 | | Li Guofan | Vice General Manager, CFO | 92.6 | [Employee Information](index=88&type=section&id=5.%20Company%20Employee%20Information) As of the end of 2019, the company had **2,446 employees**, with technical personnel comprising the largest proportion at **36.51%**, and approximately **44.4%** holding bachelor's degrees or higher, with compensation policies favoring key roles | Professional Composition | Number of Persons | Proportion | | :--- | :--- | :--- | | Production Personnel | 590 | 24.12% | | Sales Personnel | 469 | 19.17% | | Technical Personnel | 893 | 36.51% | | Financial Personnel | 76 | 3.11% | | Administrative Personnel | 418 | 17.09% | | **Total** | **2,446** | **100.00%** | [Corporate Governance](index=90&type=section&id=Item%2010.%20Corporate%20Governance) This section describes the company's corporate governance framework and its internal control system [Corporate Governance and Internal Control](index=90&type=section&id=1.%20Basic%20Status%20of%20Corporate%20Governance) During the reporting period, the company strictly adhered to relevant laws and regulations, maintained independence from its controlling shareholder, and its internal control system was deemed effective with no significant deficiencies - The company's corporate governance practices comply with the normative documents on listed company governance issued by the China Securities Regulatory Commission, with no significant discrepancies[394](index=394&type=chunk)[400](index=400&type=chunk) - The company is completely separate from its controlling shareholder in terms of business, personnel, assets, organization, and finance, possessing independent and complete business operations and autonomous operating capabilities[401](index=401&type=chunk) - According to the company's internal control self-assessment report, no material or significant internal control deficiencies were identified for the year 2019[419](index=419&type=chunk) [Corporate Bonds Information](index=97&type=section&id=Item%2011.%20Corporate%20Bonds%20Information) This section provides information on the company's corporate bonds, excluding convertible bonds [Corporate Bonds Overview](index=97&type=section&id=Corporate%20Bonds%20Overview) Aside from the convertible corporate bonds disclosed in Section 8, the company has no other publicly issued and listed corporate bonds that were unexpired or not fully redeemed as of the annual report approval date - The company has no publicly issued and listed corporate bonds on stock exchanges that were either unexpired or not fully redeemed as of the annual report approval date[426](index=426&type=chunk) [Financial Report](index=98&type=section&id=Item%2012.%20Financial%20Report) This section presents the company's audited financial statements and the auditor's report [Audit Report](index=98&type=section&id=1.%20Audit%20Report) Lixin Zhonglian Certified Public Accountants issued a standard unqualified audit opinion on the company's 2019 financial statements, with key audit matters identified as **goodwill impairment testing** and **revenue recognition** - The audit opinion type is a **standard unqualified opinion**[429](index=429&type=chunk) - Key audit matters include: **Goodwill Impairment Testing**: As of the end of 2019, the company's goodwill net book value was **1.153 billion yuan**, with impairment assessment involving significant judgment and estimation of future cash flows, posing uncertainty; **Revenue Recognition**: 2019 operating revenue was **3.534 billion yuan**, and as a key performance indicator, there is an inherent risk of management manipulating the timing of revenue recognition to achieve specific targets[431](index=431&type=chunk)[432](index=432&type=chunk)[435](index=435&type=chunk) [Main Financial Statements](index=100&type=section&id=2.%20Financial%20Statements) The financial statements include consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity, showing total assets of **6.357 billion yuan** and net profit attributable to parent company owners of **53.59 million yuan** in 2019 | Key Items from Consolidated Balance Sheet | December 31, 2019 (Yuan) | December 31, 2018 (Yuan) | | :--- | :--- | :--- | | Total Assets | 6,357,451,726.28 | 6,636,972,925.36 | | Total Liabilities | 3,126,977,645.91 | 3,398,407,325.60 | | Total Owners' Equity Attributable to Parent Company | 2,662,874,225.37 | 2,659,023,940.26 | | Key Items from Consolidated Income Statement | 2019 (Yuan) | 2018 (Yuan) | | :--- | :--- | :--- | | Total Operating Revenue | 3,533,969,303.29 | 3,514,994,626.43 | | Operating Profit | 101,805,037.15 | -239,827,958.99 | | Total Profit | 102,539,732.86 | -242,312,754.02 | | Net Profit Attributable to Parent Company Owners | 53,590,455.47 | -260,687,920.25 | [Reference Documents Catalog](index=225&type=section&id=Item%2013.%20Reference%20Documents%20Catalog) This section lists the documents available for reference, ensuring transparency and accessibility of information [List of Reference Documents](index=225&type=section&id=List%20of%20Reference%20Documents) Reference documents for this report include signed and sealed financial statements, original audit reports, and all publicly disclosed documents, available at the company's board of directors' office - Reference documents include: **signed and sealed financial statements**, **original audit reports**, and **all publicly disclosed documents** during the reporting period[1009](index=1009&type=chunk)