Financial Performance - The company reported a total revenue of RMB 1.2 billion for the year 2020, representing a year-on-year increase of 15%[14]. - The net profit attributable to shareholders was RMB 150 million, which is a 10% increase compared to the previous year[14]. - The company's operating revenue for 2020 was ¥7,712,473,560.23, a decrease of 28.45% compared to ¥10,779,197,063.45 in 2019[19]. - The net profit attributable to shareholders for 2020 was -¥1,159,517,303.66, representing a decline of 2,835.24% from ¥42,391,860.99 in 2019[19]. - The company achieved total revenue of CNY 771,247.36 million in 2020, a decrease of 28.45% compared to the previous year[46]. - The net profit attributable to shareholders was CNY -115,951.73 million, a decline of 2,835.24% year-on-year[46]. - The company reported a significant loss in operating profit of CNY -167,040.93 million, down 883.66% from the previous year[46]. - The company reported a net profit available for distribution to ordinary shareholders of -1,159,517,303.66 in 2020, indicating a loss[116]. Investment and R&D - The company plans to invest RMB 200 million in R&D for new technologies and products in the upcoming year[14]. - The company applied for a total of 98 patents during the reporting period, including 35 invention patents and 63 utility model patents[55]. - The company’s R&D expenses increased by 183.99% to ¥284,922,507.68, primarily due to increased R&D costs from subsidiaries[73]. - The number of R&D personnel increased by 15.41% to 704, with R&D personnel accounting for 24.30% of the total workforce[75]. - The company is actively pursuing research in new energy technologies, including PERC and HJT photovoltaic cell applications[75]. Market Strategy and Expansion - The company has outlined a market expansion strategy targeting Southeast Asia, aiming for a 30% increase in market share by 2022[14]. - The company plans to expand its market presence in Southeast Asia, aiming for a 15% market share by 2023[200]. - The company is exploring partnerships with local firms to enhance distribution channels, aiming for a 25% increase in sales volume[200]. - The company is focusing on expanding its market presence through strategic partnerships and contract acquisitions[157]. Operational Challenges and Risks - The company has identified macroeconomic risks and has developed strategies to mitigate these risks in its future operations[6]. - The company is actively monitoring macroeconomic conditions to mitigate risks associated with fixed asset investment fluctuations in its core business areas[101]. - The company faces risks related to order payment delays due to long production cycles and installment payment contracts, and will implement stricter customer selection and internal controls[111]. - The overall financial performance reflects challenges, with several subsidiaries reporting negative net profits, necessitating a review of operational strategies[96]. Shareholder and Corporate Governance - No cash dividends will be distributed to shareholders for the fiscal year 2020[7]. - The company has not distributed cash dividends for the years 2018, 2019, and 2020, with a total cash dividend amount of 0.00 for 2020[116]. - The company has not proposed any plans for capital reserve conversion into share capital for the reporting period[117]. - The company has established a comprehensive customer file system to assess creditworthiness and implement differentiated marketing strategies[111]. Strategic Partnerships and Collaborations - The company is supported by its major shareholder, Shanghai Electric, which provides financial backing and enhances market competitiveness[42]. - The company intends to strengthen collaboration with Shanghai Electric Group to enhance market competitiveness and create a win-win development scenario[100]. - Shanghai Electric Group promises to maintain fair competition with Tianwo Technology and prioritize project design contracts to Tianwo when conditions are equal[119]. Future Outlook - The management has provided a revenue guidance of RMB 1.5 billion for the year 2021, indicating a growth target of 25%[14]. - Future outlook indicates a projected revenue growth of 20% for 2021, targeting RMB 1.8 billion[200]. - The company plans to improve management and economic operation quality by reducing costs and increasing efficiency, targeting a significant decrease in procurement costs and asset-liability ratio in 2021[98]. Corporate Social Responsibility - The company participated in social responsibility initiatives, including purchasing agricultural products worth 60,000 CNY and donating 12,166 CNY for pandemic prevention efforts[161]. - The company has not engaged in precision poverty alleviation work during the reporting period and has no subsequent plans for such initiatives[162]. - The company and its subsidiaries are not classified as key pollutant discharge units by environmental protection authorities, adhering to relevant environmental laws[163].

苏州天沃科技股份有限公司 2020 年第三季度报告全文 苏州天沃科技股份有限公司 2020 年第三季度报告 2020 年 10 月 1 苏州天沃科技股份有限公司 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。 公司负责人俞铮庆、主管会计工作负责人沈仲及会计机构负责人(会计主管 人员)陈志虎声明：保证季度报告中财务报表的真实、准确、完整。 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 | | 本报告期末 | 上年度末 | | 本报告期末比上年度末增减 | | --- | --- | --- | --- | --- | | 总资产（元） | 32,672,548,312.86 | 31,826,113,029.86 | | 2.66% | | 归属于上市公司股东的净资产（元） | 3,062,283,627.35 | 3,669,226,189.18 | ...

Financial Performance - The company's revenue for Q1 2020 was ¥1,011,298,093.56, a decrease of 53.89% compared to ¥2,193,031,863.97 in the same period last year[9] - The net profit attributable to shareholders was a loss of ¥191,681,475.04, representing a decline of 1,668.22% from a profit of ¥12,222,884.88 in the previous year[9] - Basic earnings per share were -¥0.2205, a decrease of 1,686.33% from ¥0.0139 in the previous year[9] - The company reported a net loss in the first quarter, with undistributed profits falling from ¥525 million to ¥334 million, a decrease of about 36.4%[36] - Net profit for Q1 2020 was a loss of ¥219,402,189.09, compared to a profit of ¥24,565,412.19 in Q1 2019, representing a significant decline[43] - The total equity decreased to ¥2,646,762,067.56 in Q1 2020 from ¥2,715,074,887.10 in the same period last year, reflecting a decline of 2.5%[42] Cash Flow and Liquidity - The net cash flow from operating activities was -¥1,040,082,725.74, which is an increase of 181.64% in cash outflow compared to -¥369,283,108.80 in the same period last year[9] - Cash and cash equivalents decreased by 48% to ¥1,315,191,246.34 due to reduced sales impacted by the pandemic[16] - Cash inflow from operating activities totaled 2,667,429,938.66 CNY, while cash outflow was 3,707,512,664.40 CNY, resulting in a net cash outflow of 1,040,082,725.74 CNY[49] - Cash and cash equivalents at the end of the period were 792,409,858.85 CNY, down from 1,909,885,776.08 CNY at the beginning of the period[51] - The net cash flow from investing activities was -8,904,668.06 CNY, an improvement from -53,909,700.37 CNY year-over-year[50] Assets and Liabilities - Total assets at the end of the reporting period were ¥31,204,596,866.53, down 1.95% from ¥31,826,113,029.86 at the end of the previous year[9] - The total current assets decreased to ¥24.76 billion from ¥25.37 billion, representing a decline of about 2.40%[33] - The total liabilities decreased from ¥27.33 billion to ¥26.92 billion, a decline of approximately 1.49%[35] - The company's long-term borrowings increased from ¥4.63 billion to ¥5.19 billion, an increase of about 11.87%[35] - The total assets of the company amounted to ¥9,291,210,512.08 in Q1 2020, slightly up from ¥9,255,477,356.86 in the previous year[42] Shareholder Information - The total number of common shareholders at the end of the reporting period was 50,263[12] - The largest shareholder, Shanghai Electric Group Co., Ltd., held 15.24% of the shares, amounting to 132,458,814 shares[12] - Chen Yuzhong, a natural person, held 15.10% of the shares, totaling 131,290,074 shares, with 130,000,000 shares pledged[12] Operational Performance - Operating revenue fell by 54% to ¥1,011,298,093.56 as project commencement was delayed due to the pandemic[16] - Operating costs decreased by 57% to ¥861,403,567.47, reflecting the same project delays[16] - The company reported a 76627% increase in credit impairment losses to ¥169,426,213.79 due to new standards and aging effects[16] - Research and development expenses for Q1 2020 were ¥23,104,968.31, an increase of 12% from ¥20,560,938.80 in the previous year[42] Financial Adjustments and Plans - The company plans to issue non-public A-shares to its controlling shareholder, Shanghai Electric, for up to ¥120,000.00 million[17] - The company has withdrawn its application for the non-public share issuance and plans to resubmit after adjustments[20] - The company’s financial expenses increased by 31% to ¥136,302,776.22 due to a higher scale of interest-bearing liabilities[16] - The company’s other payables increased by 53% to ¥465,063,164.54 primarily due to the collection of performance guarantees[16] Market Activity - The company did not engage in any securities investments or derivative investments during the reporting period[23][25] - The company did not report any new product launches or significant market expansion strategies during the quarter[56]

Financial Performance - Operating revenue for the period reached CNY 2.85 billion, an increase of 81.12% year-on-year[9] - Net profit attributable to shareholders decreased by 18.54% to CNY 47.71 million for the period[9] - Basic earnings per share decreased by 16.16% to CNY 0.0555[9] - The weighted average return on equity was 1.20%, down by 0.26% compared to the previous year[9] - Total revenue for Q3 2019 reached ¥2,846,441,311.75, a significant increase from ¥1,571,569,869.27 in Q3 2018, representing a growth of approximately 81.2%[43] - Net profit for Q3 2019 was ¥69,470,509.58, compared to ¥89,994,616.42 in Q3 2018, reflecting a decrease of approximately 22.9%[44] - The total comprehensive income attributable to the parent company was ¥47,718,992.20, compared to ¥58,865,678.42 in the same period last year[47] - The total comprehensive income for the third quarter was ¥69,480,446.77, a decrease from ¥90,289,354.09 in the previous year[47] - Operating revenue for Q3 2019 was CNY 299,380,892.16, a decrease of 59.3% compared to CNY 736,574,131.12 in the same period last year[56] - Net profit for Q3 2019 was a loss of CNY 122,678,557.90, improving from a loss of CNY 193,346,016.26 in the previous year, representing a 36.7% reduction in losses[56] Assets and Liabilities - Total assets increased by 21.44% to CNY 31.41 billion compared to the end of the previous year[9] - Total liabilities increased by 40% to ¥9,228,300,811.42, primarily due to increased payables to subcontractors[17] - The company's total liabilities rose to ¥26.88 billion, compared to ¥21.51 billion at the end of 2018, representing an increase of about 24.9%[35] - The total liabilities as of September 30, 2019, were ¥7,031,678,924.14, slightly down from ¥7,114,138,809.23 at the end of 2018, a decrease of about 1.2%[40] - Total liabilities amounted to CNY 21,507,466,196.99, a decrease of CNY 1,471,838,963.05 compared to the previous period[68] Cash Flow - The net cash flow from operating activities was negative at CNY -101.10 million, a decrease of 93.15% year-on-year[9] - Operating cash flow for the period was negative CNY 1,141,153,173.38, an improvement from negative CNY 1,356,976,060.14 in the previous year[60] - Cash inflow from operating activities totaled CNY 7,471,437,330.20, compared to CNY 6,281,935,598.29 in the previous year, indicating improved operational efficiency[60] - Net cash flow from operating activities was CNY 225,013,993.02, compared to a negative CNY 188,515,574.71 in the same period last year[62] Shareholder Information - The company reported a total of 49,260 shareholders at the end of the reporting period[13] - The top shareholder, Shanghai Electric Group, holds 15.00% of the shares, totaling 132,458,814 shares[13] - As of September 30, 2019, the company repurchased a total of 24,009,923 shares, accounting for 2.72% of its total share capital, at a total cost of ¥126,116,581.02[22] - The company completed a share repurchase program, acquiring a total of 24,009,923 shares, which represents 2.72% of the total share capital of 882,914,400 shares, at a total cost of approximately ¥126.12 million[23] Investments and Expenditures - The company received government subsidies amounting to CNY 11.42 million during the reporting period[10] - Non-recurring gains and losses totaled CNY 8.75 million after tax adjustments[10] - Long-term equity investments grew by 51% to ¥276,751,398.16, reflecting a new investment of ¥100 million in a limited partnership[17] - Investment properties surged by 1226% to ¥313,532,807.07, due to the addition of newly leased buildings[17] - The company has initiated a market-oriented debt-to-equity swap for its wholly-owned subsidiary, Zhanghua Machine, with an investment of ¥500 million from a new investor[20] Inventory and Receivables - Accounts receivable decreased by 48% to ¥158,556,311.62 due to the collection of some receivables at the beginning of the year[17] - Prepayments increased by 44% to ¥3,040,265,231.93, attributed to an increase in advance payments for equipment based on orders[17] - Other receivables rose by 46% to ¥840,837,930.30, mainly due to an increase in various deposits during the period[17] - Inventory increased by 38% to ¥2,422,346,947.54, driven by a rise in raw materials and work-in-progress[17] - The company reported a significant reduction in inventory, which decreased to ¥2.42 billion from ¥7.11 billion, a drop of about 65.9%[33] Research and Development - Research and development expenses for Q3 2019 were ¥22,129,165.92, compared to ¥17,326,288.80 in Q3 2018, indicating an increase of about 27.5%[43] - The company reported a significant increase in research and development expenses, totaling ¥73,216,952.55, compared to ¥38,840,941.74 in the previous year[52] Financial Ratios and Metrics - The company's cash and cash equivalents decreased to ¥1.78 billion from ¥2.28 billion, a decline of about 22% year-over-year[33] - The company's equity attributable to shareholders decreased to ¥3.73 billion from ¥3.80 billion, a decline of approximately 1.8%[36] - The total equity as of September 30, 2019, was ¥2,915,909,079.38, down from ¥3,124,896,595.20 at the end of 2018, reflecting a decrease of about 6.7%[41]

Financial Performance - The company's operating revenue for the first half of 2019 was approximately ¥3.91 billion, a decrease of 1.78% compared to ¥3.98 billion in the same period last year[19]. - The net profit attributable to shareholders was approximately ¥68.23 million, down 33.75% from ¥102.99 million year-on-year[19]. - Basic earnings per share decreased by 38.52% to ¥0.0833 from ¥0.1355 in the same period last year[19]. - The net profit after deducting non-recurring gains and losses was approximately ¥61.89 million, a decrease of 38.76% compared to ¥101.07 million in the same period last year[19]. - The net profit for the period was 112.1 million CNY, down 29.65% year-on-year, with a net profit attributable to shareholders of 68.23 million CNY[44]. - The company reported a significant increase in financial expenses by 25.96%, primarily due to increased interest expenses from a larger financing scale[56]. - The company reported a significant increase in cash received from operating activities, totaling ¥5,135,772,384.53 in the first half of 2019, compared to ¥5,417,705,386.97 in the same period of 2018[189]. - The net cash flow from operating activities was negative at approximately ¥1.04 billion, a significant decline of 973.75% compared to a positive cash flow of ¥119.02 million in the previous year[19]. - The company reported a total of 76,966 million in various reserves, showcasing a diversified financial strategy[200]. Assets and Liabilities - Total assets increased by 18.17% to approximately ¥30.56 billion, up from ¥25.86 billion at the end of the previous year[19]. - The net assets attributable to shareholders decreased slightly by 0.87% to approximately ¥3.76 billion from ¥3.80 billion at the end of the previous year[19]. - The company's total liabilities rose to CNY 26,012,706,781.36 from CNY 21,507,466,196.99, marking an increase of about 20.5%[173]. - Short-term borrowings increased to ¥8,566,700,000, representing 28.03% of total liabilities, attributed to expanded financing[66]. - The company's equity attributable to shareholders decreased slightly to CNY 3,764,250,793.56 from CNY 3,797,412,728.03, a decline of about 0.9%[173]. Strategic Initiatives - The company aims to become a leading comprehensive service provider in power engineering and clean energy, focusing on market-oriented strategies and military-civilian integration[27]. - The company is actively developing a 50,000 kW solar thermal power project in Gansu, enhancing its competitiveness in the solar energy market[31]. - The company plans to enter the hydrogen energy market, with subsidiaries focusing on hydrogen storage and production technologies[33]. - The company is exploring entry into the petrochemical and refining markets through strategic investments, enhancing its overall risk management capabilities[32]. - The company is actively pursuing mergers and acquisitions to strengthen its competitive position in the market, particularly in the energy sector[131]. Risk Management - The company emphasizes the importance of risk awareness regarding macroeconomic risks, policy risks, and operational risks in its future outlook[6]. - The company faces risks related to macroeconomic fluctuations that could impact fixed asset investments in the industrial sector, potentially leading to reduced orders and revenue[87]. - The company is exposed to policy risks, particularly in the energy engineering and high-end equipment manufacturing sectors, which are closely tied to national industrial policies[88]. - The company acknowledges the risk of delayed payments due to long production cycles and plans to implement stricter customer selection and internal controls to manage receivables[93]. Shareholder and Governance - The company will not distribute cash dividends or issue bonus shares for the half-year period[96]. - The company has committed to maintaining fair market competition and supporting its subsidiary in independent market participation[97]. - The company has a significant shareholder, Shanghai Electric Group, holding 15.00% of the total shares, amounting to 132,458,814 shares[150]. - The company has not undergone any bankruptcy reorganization during the reporting period[104]. - The company has made commitments regarding share transfer limits for its directors, with a maximum of 25% of their holdings transferable annually during their tenure[102]. Research and Development - Research and development expenses increased by 42.98% to approximately ¥53.60 million, driven by an increase in new orders[57]. - The company is investing in research and development, allocating approximately 8% of its revenue towards innovative technologies and product enhancements[131]. Market Performance - Domestic sales reached ¥3,725,980,003.14, up 4.37% year-over-year, while international sales dropped by 55.41% to ¥182,764,916.29[61]. - The company is focusing on enhancing its project development capabilities in renewable energy, particularly in wind and solar projects, leading to an increase in orders[45]. - The company achieved a significant milestone by obtaining a first-class qualification for power engineering construction, enhancing its competitive position in the industry[52]. Corporate Structure and Changes - The company completed the change of its legal representative to Mr. Lin Gang on February 1, 2019[136]. - The company underwent a board restructuring on May 14, 2019, with several new appointments including Si Wenpei as chairman and Zheng Changbo as vice chairman[161]. - The company has not reported any new product launches or technological advancements in the current period[162].

Financial Performance - The company's revenue for Q1 2019 reached ¥2,193,031,863.97, representing an increase of 84.72% compared to ¥1,187,243,020.09 in the same period last year[8] - Net profit attributable to shareholders was ¥12,222,884.88, a significant turnaround from a loss of ¥54,912,518.40, marking a 122.26% improvement[8] - The net profit after deducting non-recurring gains and losses was ¥7,408,252.49, compared to a loss of ¥56,037,094.85, reflecting a 113.22% increase[8] - The basic earnings per share improved to ¥0.0139 from a loss of ¥0.0746, indicating an increase of 118.63%[8] - The weighted average return on net assets was 0.32%, up from -2.04% in the previous year[8] - The total operating revenue for Q1 2019 was CNY 2,193,031,863.97, a significant increase from CNY 1,187,243,020.09 in the same period last year, representing an increase of approximately 84.5%[35] - The net profit for Q1 2019 was CNY 24,565,412.19, compared to a net loss of CNY 47,344,008.52 in Q1 2018, indicating a significant turnaround[38] - The total comprehensive income for Q1 2019 was CNY 24,533,492.27, compared to a loss of CNY 47,274,745.18 in the previous year[38] - Basic earnings per share for Q1 2019 were CNY 0.0139, compared to a loss of CNY 0.0746 per share in Q1 2018[38] Assets and Liabilities - The company's total assets increased by 12.54% to ¥29,109,080,871.75 from ¥25,864,751,845.28 at the end of the previous year[8] - The total assets as of March 31, 2019, amounted to ¥29,109,080,871.75, up from ¥25,864,751,845.28 at the end of 2018[27] - The company's total assets decreased from CNY 1,938,313,342.42 in the previous year to CNY 2,018,107,891.72 in Q1 2019[44] - The total liabilities increased to CNY 7,046,238,089.70 in Q1 2019 from CNY 7,114,138,809.23 in the previous period[33] - The company's total liabilities reached CNY 21,507,466,196.99, reflecting a decrease of CNY 1,455,417,996.68[52] - The total equity attributable to shareholders was CNY 3,085,024,968.57, down from CNY 3,124,896,595.20 in the previous period[34] - The total equity attributable to shareholders of the parent company was CNY 3,797,412,728.03, showing a slight decrease of CNY 7,862,473.14[52] Cash Flow - The net cash flow from operating activities was negative at -¥369,283,108.80, worsening by 45.59% compared to -¥253,653,581.41 in the same period last year[8] - The company reported a net cash flow from operating activities of -¥369,283,108.80, worsening by 45.59% from -¥253,653,581.41 in Q1 2018[17] - The cash flow from operating activities for Q1 2019 was negative CNY 369,283,108.80, worsening from negative CNY 253,653,581.41 in the same period last year[44] - The total cash inflow from operating activities was 34,508,131.67 yuan, down from 62,411,193.92 yuan, a decrease of about 44.7%[48] - The company's cash and cash equivalents decreased to -¥534,363,305.07, a decline of 389.28% from ¥184,722,539.26 in the previous period[17] - Total cash and cash equivalents at the end of the period were 19,719,584.77 yuan, down from 85,812,658.51 yuan, reflecting a decrease of about 77%[49] Shareholder Information - The total number of shareholders at the end of the reporting period was 57,567[12] - The top shareholder, Shanghai Electric Group Co., Ltd., held 15.00% of the shares, amounting to 132,458,814 shares[12] Research and Development - R&D expenses rose to ¥20,560,938.80, a significant increase of 96.41% compared to ¥10,468,273.36 in Q1 2018, indicating a focus on innovation[17] - The company reported R&D expenses of CNY 20,560,938.80 for Q1 2019, which is nearly double the CNY 10,468,273.36 spent in the same quarter last year, reflecting a focus on innovation[35] Operating Costs - Operating costs for Q1 2019 were ¥1,982,377,461.53, reflecting a 92.68% increase from ¥1,028,865,442.49 in the same period last year[17] - The total operating costs for Q1 2019 were CNY 2,173,650,005.42, compared to CNY 1,232,332,807.36 in Q1 2018, indicating an increase of about 76.3%[35] Other Income and Expenses - Other income increased by 281.30% to ¥5,691,818.00, attributed to higher government subsidies received compared to the previous year[17] - The company recorded a tax expense of CNY 1,580,888.03 for Q1 2019, compared to a tax expense of CNY 3,511,819.63 in the same period last year[37] - The financial expenses for Q1 2019 were CNY 45,394,611.75, down from CNY 57,612,417.50 in the same period last year[39] Share Repurchase - The company repurchased 6,575,023 shares, accounting for 0.74% of the total share capital, with a total expenditure of ¥33,999,975.27[19]

Financial Performance - The company's operating revenue for 2018 was ¥7,700,163,469.11, a decrease of 25.99% compared to ¥10,403,683,552.02 in 2017[19] - The net profit attributable to shareholders for 2018 was ¥74,602,746.53, down 66.86% from ¥225,145,578.55 in 2017[19] - Basic earnings per share for 2018 were ¥0.090, a decrease of 70.97% from ¥0.31 in 2017[19] - The company reported a diluted earnings per share of ¥0.090, down 70.00% from ¥0.30 in 2017[19] - The company reported a non-operating loss of -¥476,998.70 for the year, significantly down from a gain of ¥137,586,693.35 in 2017[27] - In 2018, the company achieved operating revenue of CNY 770,016.35 million, a decrease of 25.99% year-on-year, and a net profit of CNY 18,548.81 million, down 42.13% year-on-year[49] - The decline in revenue was primarily due to changes in the project structure of the power engineering contracting business and a contraction in the photovoltaic market, although wind power projects showed growth[49] Cash Flow and Investments - The net cash flow from operating activities was -¥2,306,825,649.28, a decline of 352.70% compared to -¥509,572,371.56 in 2017[19] - The net cash flow from operating activities was negative in all quarters, with the lowest point in the third quarter at -¥1,475,996,744.99[24] - The financing cash inflow increased by 136.39% to ¥18,346,517,593.73, indicating improved capital raising efforts[80] - The net cash flow from investment activities was -360.06 million RMB, an increase of 62.40% compared to the previous year[81] - The net cash flow from financing activities reached 3,135.83 million RMB, a significant increase of 170.45% year-on-year, primarily due to the non-public issuance of shares and increased borrowing[81] - The company invested 1,630.31 million RMB in 2018, a decrease of 44.73% compared to the previous year[88] Assets and Liabilities - Total assets at the end of 2018 were ¥25,864,751,845.28, an increase of 14.51% from ¥22,586,717,443.96 at the end of 2017[20] - The net assets attributable to shareholders increased by 40.02% to ¥3,797,412,728.03 at the end of 2018 from ¥2,712,090,017.31 at the end of 2017[20] - The company's asset-liability ratio stands at 83.15%, leading to a financial cost burden of RMB 333 million during the reporting period[63] - As of the end of 2018, accounts receivable increased to 7,462.65 million RMB, accounting for 28.85% of total assets, up 7.40% from the previous year[84] - Short-term borrowings rose to 6,847.02 million RMB, representing 26.47% of total liabilities, an increase of 13.10% year-on-year due to business development needs[85] Business Strategy and Development - The company aims to enhance its competitiveness in the solar thermal power market through the construction of a 50,000 kW solar thermal power project in Gansu, which is part of its fundraising projects[34] - The company is exploring entry into the petrochemical and refining business, targeting the Shandong Guangrao region for industry integration and transformation[34] - The company’s strategy includes leveraging industry funds to enhance overall risk resistance and support strategic transformation[35] - The company is focusing on innovation and upgrading its main business, leveraging the support from Shanghai Electric to improve operational efficiency and market competitiveness[48] - The company is actively pursuing mergers and acquisitions to optimize resource allocation and enhance competitiveness in the petrochemical and refining industries[107] Market and Industry Position - The company ranks 60th in the ENR and China Construction Times' list of top 80 contractors, and 7th in the "most efficient" category[39] - The company is actively developing a 50 MW solar thermal power project in Gansu, which is one of the first 20 demonstration projects by the National Energy Administration[40] - The company is enhancing its military-civilian integration efforts, with progress in existing military orders and expansion into the civilian market[51] - The company is committed to becoming a comprehensive service provider in clean energy and power engineering, with a focus on military-civilian integration as a breakthrough direction[108] Risk Management - The company experienced a significant risk related to accounts receivable and operational management, as noted in the risk factors section[6] - The company faces macroeconomic risks that could impact order volumes and revenue, and it plans to enhance risk assessment capabilities to adapt to market changes[117] - The company recognizes the risks associated with its solar thermal power projects, including technology maturity and market conditions, and will closely follow project development to minimize uncertainties[119] Shareholder and Dividend Policy - The company plans not to distribute cash dividends or issue bonus shares[7] - The company has not distributed cash dividends or increased share capital from capital reserves for the past three years, including the current reporting period[128] - The cash dividend amount was 0, representing 0.00% of the net profit attributable to ordinary shareholders[129] - The company has committed to maintaining independent market competition for its subsidiary, Tianwo Technology, in various energy sectors[134] Research and Development - The company reported a 94.74% increase in R&D expenses, totaling ¥80,886,177.75, reflecting a significant focus on new product and technology development[76] - The total R&D investment was ¥317,589,054.03, a decrease of 27.76% from the previous year, with R&D personnel accounting for 22.42% of the workforce[79] - The company is enhancing its R&D efforts in various fields, including solar thermal power and seawater desalination systems, to meet diverse customer needs[42] Corporate Governance and Compliance - The company has not encountered any issues in the use and disclosure of raised funds[94] - The company has made commitments to avoid competition with its controlled companies, ensuring no direct or indirect involvement in similar business activities[138] - The company is actively engaged in ensuring compliance with its commitments regarding related party transactions and fund occupation[138]

Financial Performance - Operating revenue decreased by 22.87% to CNY 1.57 billion for the current period, and by 38.42% to CNY 5.55 billion year-to-date[9] - Net profit attributable to shareholders decreased by 49.17% to CNY 58.57 million for the current period, and by 21.50% to CNY 161.56 million year-to-date[9] - Basic earnings per share decreased by 57.73% to CNY 0.0662 for the current period, and by 27.86% year-to-date[9] - The weighted average return on net assets was 1.46%, down by 2.91% compared to the previous year[9] - The estimated net profit attributable to shareholders for 2018 is projected to be between RMB 200 million and RMB 250 million, reflecting a year-on-year change of -11.17% to 11.04%[30] - The net profit for 2017 attributable to shareholders was RMB 225.15 million[30] Assets and Liabilities - Total assets increased by 18.93% to CNY 26.86 billion compared to the end of the previous year[9] - Net assets attributable to shareholders increased by 43.83% to CNY 3.90 billion compared to the end of the previous year[9] - The company’s short-term borrowings increased by 48.11% to CNY 4,472,100,000.00 due to adjustments in the financing structure[17] - The company’s cash and cash equivalents decreased by 87.91% to CNY -89,778,878.39, reflecting improved cash flow from financing activities[18] - The company’s capital reserve increased by 61.94% to CNY 2,300,039,948.28, primarily due to the premium from the non-public stock issuance[17] Cash Flow - Net cash flow from operating activities showed a significant decline of 9,518.70% to -CNY 1.48 billion for the current period, and a decline of 268.28% year-to-date[9] - The net cash flow from financing activities increased by 1489.60% to CNY 1,624,626,070.05, mainly due to funds raised from a non-public stock issuance[18] Shareholder Information - The total number of shareholders at the end of the reporting period was 44,007[13] - The largest shareholder, Chen Yuzhong, holds 19.83% of the shares, with 131.29 million shares pledged[13] Investments and Subsidiaries - Long-term equity investments rose by 70.54% to CNY 169,632,060.32, primarily from investment income recognized using the equity method from Chongqing Fuling Energy Group[17] - The company established a wholly-owned subsidiary, Shanghai ChenZhan Energy Technology Co., Ltd., with a registered capital of RMB 9.5 million, focusing on the development and services of new energy technology[25] - The company established a wholly-owned subsidiary, Tianjin Hongqi Defense Technology Co., Ltd., with a registered capital of RMB 500,000, to support its military-civilian integration sector[25] Research and Development - Research and development expenses surged by 95.52% to CNY 38,840,941.74 as the company increased its investment in R&D[17] Financial Management and Commitments - There were no overdue commitments by the actual controller, shareholders, or related parties during the reporting period[29] - The company did not engage in any entrusted financial management during the reporting period[34] - There were no non-operating fund occupations by the controlling shareholder or related parties during the reporting period[33] Future Plans - The company plans to repurchase shares within a budget of CNY 3.5 billion, with a maximum price of CNY 8 per share[24] - The company plans to issue medium-term notes and ultra-short-term financing bonds with a total registered issuance amount not exceeding RMB 12 billion and RMB 10 billion, respectively[26] - The company is actively promoting the registration and issuance of medium-term notes and ultra-short-term financing bonds following shareholder approval[26] Non-Recurring Items - The company reported non-recurring gains and losses totaling CNY 4.02 million for the year-to-date[10]

Financial Performance - The company's operating revenue for the first half of 2018 was approximately ¥3.98 billion, a decrease of 42.97% compared to ¥6.98 billion in the same period last year[15]. - The net profit attributable to shareholders of the listed company was approximately ¥103 million, an increase of 13.70% from ¥91 million in the previous year[15]. - The net cash flow from operating activities was approximately ¥119 million, a significant improvement of 130.98% compared to a negative cash flow of ¥384 million in the same period last year[15]. - The total assets at the end of the reporting period were approximately ¥26.54 billion, an increase of 17.50% from ¥22.59 billion at the end of the previous year[15]. - The net assets attributable to shareholders of the listed company were approximately ¥3.84 billion, an increase of 41.59% from ¥2.71 billion at the end of the previous year[15]. - Basic earnings per share for the reporting period were ¥0.1355, an increase of 10.16% compared to ¥0.1230 in the same period last year[15]. - The diluted earnings per share were ¥0.1330, reflecting an increase of 8.13% from ¥0.1230 in the previous year[15]. - The weighted average return on net assets was 3.51%, a slight decrease of 0.07% compared to 3.58% in the previous year[15]. - The company reported a total profit of CNY 154,864,254.79 for the first half of 2018, compared to CNY 176,762,493.59 in the previous year, showing a decline of about 12.4%[161]. - The total comprehensive income for the first half of 2018 was CNY 158,842,226.25, compared to CNY 144,041,434.09 in the same period last year, indicating an increase of approximately 10.2%[162]. Revenue and Costs - The company's revenue for the reporting period was approximately 3.98 billion RMB, representing a decrease of 42.97% compared to the same period last year[44]. - The operating costs for the reporting period were approximately 3.55 billion RMB, down 45.08% year-on-year, reflecting the decrease in revenue[44]. - The total operating revenue for the first half of 2018 was CNY 3,979,685,521.90, a decrease of 42.8% compared to CNY 6,977,752,513.56 in the previous period[160]. - The total operating costs for the first half of 2018 were CNY 3,932,130,628.97, down from CNY 6,847,002,325.72 in the previous year, indicating a reduction of about 43%[161]. Investments and Financing - The company successfully raised 1.071 billion RMB through a private placement of shares, with Shanghai Electric becoming the second-largest shareholder[41]. - The company completed a private placement of 147,152,400 shares, raising a total of RMB 1,071,269,472, with a net amount of RMB 1,020,720,663.70 after deducting issuance costs[120]. - The company plans to issue non-public corporate bonds with a total face value of up to RMB 1.5 billion, pending discussions with investment institutions[121]. - The company has invested a total of ¥72,016.51 million from its fundraising efforts, with a remaining balance of ¥20,055.56 million yet to be utilized[61]. Market and Business Development - The company is actively expanding its overseas energy construction EPC market along the "Belt and Road" initiative[35]. - The company’s subsidiary, Zhongji Power, is actively expanding its EPC business in renewable energy, particularly in wind and solar projects, and is a key player in the Yumen solar thermal project[35]. - The company is focusing on expanding its market presence in the solar thermal power sector, aiming to strengthen its position in the new energy EPC service market[40]. - The company is committed to increasing R&D investment to enhance its core competitiveness and meet diverse customer needs[30]. Risks and Challenges - The company faces macroeconomic risks, as its business is closely tied to fixed asset investments in industries like power and petrochemicals[72]. - The company is exposed to policy risks, particularly regarding changes in national policies affecting the energy and high-end equipment manufacturing sectors[72]. - The company faces risks related to the quality of products and projects due to the complexity and precision required in high-end equipment manufacturing, which could lead to increased costs and impact operational performance[75]. - The company has experienced a significant increase in overseas engineering projects following the merger with Zhongji Electric Power, which exposes it to international economic and political risks that could adversely affect project implementation and operational performance[77]. Shareholder and Equity Information - The company has a total of 281,055,296 shares under lock-up, including 147,171,900 shares released during the reporting period[131]. - Major shareholder Chen Yuzhong holds 19.83% of the shares, totaling 175,053,374 shares, with 131,290,030 shares under lock-up[134]. - The company has 43,763,344 shares pledged by major shareholder Chen Yuzhong[134]. - The company’s total share capital after the issuance is 882,914,400 shares[128]. Legal and Compliance - The company reported a total of 25,364,000 RMB in ongoing litigation matters, with 7,901,000 RMB settled or withdrawn and 9,928,000 RMB still unresolved[90]. - The company has not faced any media scrutiny during the reporting period[91]. - There were no penalties or rectification measures reported for the company during the period[92]. - The company confirmed that all commitments made to minority shareholders have been fulfilled on time[90]. Operational Efficiency - The company has enhanced its internal control systems to ensure compliance and operational efficiency, which is crucial for protecting investor interests[42]. - The company has optimized resource allocation by deregistering a subsidiary, which is expected to improve management efficiency[71]. - The company has decided to deregister its wholly-owned subsidiary, Hangzhou Zhongze Machinery Engineering Co., Ltd., to improve operational efficiency[124].

苏州天沃科技股份有限公司 2018 年第一季度报告正文 证券代码：002564 证券简称：天沃科技 公告编号：2018-029 苏州天沃科技股份有限公司 2018 年第一季度报告正文 2018 年 4 月 1 苏州天沃科技股份有限公司 2018 年第一季度报告正文 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。 公司负责人陈玉忠、主管会计工作负责人任大成及会计机构负责人(会计主 管人员)徐勤声明：保证季度报告中财务报表的真实、准确、完整。 2 苏州天沃科技股份有限公司 2018 年第一季度报告正文 第二节 公司基本情况 一、主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 □ 是 √ 否 | | 本报告期 | 上年同期 | 本报告期比上年同期增减 | | --- | --- | --- | --- | | 营业收入（元） | 1,187,243,020.09 | 3,014,428,097.13 | -60.61% | | 归 ...