Financial Performance - The company's operating revenue for the first half of 2020 was ¥1,144,551,133.01, a decrease of 9.10% compared to the same period last year[25]. - The net profit attributable to shareholders of the listed company was ¥151,352,628.33, representing a slight increase of 3.21% year-on-year[25]. - The net profit after deducting non-recurring gains and losses was ¥74,996,511.50, which is an increase of 29.62% compared to the previous year[25]. - The net cash flow from operating activities was ¥145,782,471.28, down 42.78% from the same period last year[25]. - The total assets at the end of the reporting period were ¥7,778,050,551.94, a decrease of 6.37% compared to the end of the previous year[25]. - The net assets attributable to shareholders of the listed company increased by 7.55% to ¥3,065,620,653.43[25]. - The basic earnings per share remained at ¥0.10, unchanged from the previous year[25]. - The diluted earnings per share also remained at ¥0.10, unchanged from the previous year[25]. - The weighted average return on equity was 5.19%, a slight decrease from 5.44% in the previous year[25]. - The operating cost decreased by 7.42% to ¥868,360,994.12 from ¥938,007,282.15 year-on-year[74]. - Research and development investment remained stable at ¥12,402,109.28, a slight decrease of 0.49% compared to ¥12,462,730.29 last year[74]. - The company's cash and cash equivalents decreased significantly by 469.50% to -¥140,712,620.92 compared to -¥24,708,029.42 in the previous year[74]. - The company reported a significant increase in sales expenses, which dropped by 40.46% to ¥12,729,522.25 due to a decline in manufacturing revenue[74]. - The company reported a total of ¥539,794,694.14 in financial assets at the end of the period, down from ¥654,420,294.14 at the beginning[90]. - The company reported a total investment of ¥85,182.13 million in various projects, with a 100% investment progress[125]. Business Operations - The company is engaged in silicon carbide (SiC) business, focusing on the production and sales of SiC substrates and epitaxial wafers, which are essential for semiconductor chip manufacturing[36]. - The company’s new energy-related business includes the production and sales of enameled wire, photovoltaic power generation, electromechanical products, sapphire, and electric vehicles[37]. - The photovoltaic power generation segment is highlighted as a clean energy technology with significant potential, focusing on investment, construction, and operation of solar power plants[38]. - The company has made significant acquisitions, including the purchase of Lushine Optoelectronics and Haicheng Aikang, and has increased its fixed assets through these acquisitions[42]. - The company has established a strong brand presence, with its enameled wire recognized as a "Zhejiang Famous Brand" and its trademark acknowledged as a well-known trademark in Zhejiang Province[43]. - The company has a robust R&D framework, including a provincial research institute and a post-doctoral research station, contributing to its innovation and technology advantages[44]. - The company’s photovoltaic power generation projects are strategically located in regions with low construction costs and abundant sunlight, enhancing profitability[45]. - The company leverages its experience in sapphire crystal growth to strengthen its capabilities in silicon carbide crystal growth, showcasing its technical advantages in this area[46]. - The company plans to invest 10 billion yuan in a third-generation power semiconductor (silicon carbide) industrial park in collaboration with the government of Changfeng County, Hefei[54]. - The company has developed a 6-inch quartz tube silicon carbide crystal growth furnace, achieving an extreme vacuum of 2×10^-5 Pa[48]. - The synthesis of high-purity silicon carbide raw materials has reduced harmful impurity concentrations to below 1 ppm[49]. - The company aims to leverage the growing demand for silicon carbide power devices in various industries, including new energy vehicles and smart grids[58]. Market Trends - The global power device sales growth rate was 14% in 2018, reaching 16.3 billion USD, with a projected compound annual growth rate of 3.3% from 2018 to 2023[62]. - The silicon carbide power device market is expected to exceed 10 billion USD by 2027, driven by the demand from the electric vehicle sector[62]. - The market for silicon carbide-based GaN RF devices is expected to grow from $645 million in 2018 to $2 billion by 2024, with a compound annual growth rate of 20.76%[70]. - The global RF device market is projected to exceed $25 billion by 2025, with the RF power amplifier market growing from $6 billion in 2018 to $10.4 billion by 2025[67]. - The demand for silicon carbide substrates remains high due to the ongoing construction of 5G base stations in China, with plans to build between 3.6 million and 4.92 million base stations[70]. Legal and Compliance Issues - The company reported a significant lawsuit involving a contract dispute with a claim amounting to approximately 185.44 million yuan, which is still pending judgment[162]. - The company has not undergone any bankruptcy reorganization during the reporting period, indicating stable operational status[161]. - The half-year financial report for the company has not been audited, which may affect the reliability of the financial data presented[159]. - The company has faced legal challenges, including a judgment against it for approximately 62.42 million yuan related to a sales contract dispute, which remains unpaid[162]. - The company is facing a lawsuit regarding a sales dispute with Shenzhen Yisi Pulun Technology Co., Ltd., with a claim amount of CNY 139.27 million, which is currently unresolved[192]. - The company has multiple ongoing lawsuits related to construction contract disputes, with various amounts involved, indicating potential financial implications[189]. - The company has pending litigation regarding a contract dispute with Beijing Guoneng Battery Technology Co., requiring payment of approximately 10.44 million CNY plus interest[171]. - The company is facing a total of 1,018.13 CNY in claims from a construction contract dispute, which is currently undetermined[172]. - The company has initiated arbitration proceedings against several parties, with claims totaling 2,505 million CNY[173]. - The company has reported a significant number of ongoing legal disputes, indicating potential financial implications[176]. - The company is actively managing its legal risks and liabilities through settlements and ongoing litigation strategies[179]. Investment and Funding - The total amount of raised funds is CNY 1,445.95 million[103]. - Cumulative raised funds invested in projects reached CNY 1,433.71 million, with no new investments in the reporting period[106]. - The proportion of cumulative changed use of raised funds is 58.91%[106]. - As of June 30, 2020, the balance of raised funds is CNY 109.41 million, including interest income[107]. - The company raised CNY 1,318.56 million through a non-public offering in 2016, with a net amount of CNY 1,294.39 million after fees[106]. - In 2019, the company raised CNY 165.20 million, with a net amount of CNY 151.56 million after fees[108]. - The total committed investment for the energy-saving motor construction project is CNY 47,965 million, with 100% investment progress achieved[112]. - The total committed investment for the intelligent direct-drive motor project is CNY 36,041 million, with 100.49% investment progress achieved[112]. - The total committed investment for the sapphire crystal growth furnace R&D project is CNY 6,000 million, with 100% investment progress achieved[112]. - The total committed investment for the photovoltaic power generation project is CNY 1,400 million, with 0% investment progress achieved[112]. - The total committed investment for the supplementary working capital project is CNY 13,756.29 million, with 100% investment progress achieved[112]. - The cumulative investment amount as of the end of the reporting period is CNY 143,370.56 million[112]. - The company has adjusted the investment scale of the energy-saving motor project and decided to conclude it, achieving only an annual production capacity of 2 million units[115]. - The company has terminated the implementation of the intelligent direct-drive motor project due to unfavorable market conditions in the petrochemical industry[115]. - The company plans to focus on the development of the new energy business sector, including electric motors, control systems, batteries, and photovoltaic industries[115]. Corporate Governance - The company has not reported any major non-raised fund investment projects during the reporting period[127]. - There were no major asset sales during the reporting period[128]. - The company has not experienced any significant changes in the feasibility of the projects after the changes in raised funds[125]. - The company has confirmed that the raised funds have been used in accordance with the regulations and guidelines set by the Shenzhen Stock Exchange[118]. - The company has not reported any issues or other situations regarding the use and disclosure of raised funds[118]. - The company has established several wholly-owned subsidiaries to support its business operations, including Shunyu Clean Energy Technology Co., Ltd. and Luxiao New Energy Technology Co., Ltd.[132]. - The company does not plan to distribute cash dividends or issue bonus shares for the half-year period[142]. - The company is facing risks in the photovoltaic industry due to high capital requirements and plans to manage financing based on its asset-liability situation[137]. - The company reported a participation rate of 39.60% in its second extraordinary general meeting of 2020[141]. - The company has committed to obtaining land use rights certificates for various subsidiaries by December 31, 2020, with a completion timeline for property ownership certificates within 9 months thereafter[148]. - The company is currently in the process of fulfilling commitments for land use rights and property ownership certificates for multiple subsidiaries, including those in Tang County and Dandong, with deadlines set for June 30, 2021, and December 31, 2020, respectively[149]. - The company has not completed the commitments for land and property ownership certificates as of the reporting date, with ongoing processes noted for several subsidiaries[156].

Financial Performance - The operating revenue for 2019 was ¥2,452,133,315.73, a decrease of 14.25% compared to ¥3,020,028,819.32 in 2018[24] - The net profit attributable to shareholders was ¥36,169,888.13, representing a significant turnaround from a loss of ¥973,219,577.23 in 2018, marking a 103.65% improvement[24] - The net profit attributable to shareholders after deducting non-recurring gains and losses was -¥160,418,188.45, an improvement of 86.29% from -¥1,111,858,257.27 in 2018[24] - The net cash flow from operating activities was ¥235,238,288.29, a decrease of 201.13% compared to the previous year[27] - Basic and diluted earnings per share were both ¥0.02, a decline of 102.99% year-over-year[27] - The weighted average return on equity was 1.31%, an increase of 32.55% compared to the previous year[27] - Total assets amounted to ¥8,170,897,046.20, reflecting a decrease of 5.81% from the previous year[27] - Net assets attributable to shareholders reached ¥2,870,794,443.61, an increase of 5.01% year-over-year[27] Business Operations - The company has experienced changes in its main business operations, including the production and sales of enameled wire and energy-saving CNC motors[22] - The company is focusing on research and development in new energy vehicle technology and energy storage equipment[22] - The company has engaged Huazheng Securities as its financial advisor for significant asset restructuring[23] - The company has reported a significant decrease in revenue from previous years, indicating potential challenges in market conditions[24] - The company emphasizes the importance of risk awareness regarding economic environment changes and market competition[7] Revenue Breakdown - The industrial manufacturing segment generated ¥1,748,721,715.67, accounting for 71.31% of total revenue, down 9.51% from the previous year[54] - The photovoltaic industry revenue was ¥645,902,511.69, which is 26.34% of total revenue, reflecting a decline of 22.08% year-on-year[54] - The company’s revenue from electric vehicle components dropped by 49.10% to ¥39,967,397.20, down from ¥78,516,992.38 in 2018[54] - The company’s internal sales accounted for 92.36% of total revenue, totaling ¥2,264,695,807.63, which is a decrease of 15.75% from the previous year[54] Research and Development - Research and development expenses decreased by 19.66% to 28,876,079.65 yuan in 2019 compared to 35,943,057.47 yuan in 2018[71] - The company successfully introduced two master's degree graduates for R&D in enameled wire and electric vehicle motors[72] - The company applied for 10 patents and received authorization for 8 patents during the year[72] - The company is focusing on the development of high-efficiency motors, which are expected to replace low-efficiency models in the long term[129] - The company aims to strengthen its R&D capabilities in the new energy vehicle sector to enhance product competitiveness, addressing the current gap with international brands[132] Investments and Acquisitions - The company completed the acquisition of Shunyu Clean Energy Technology Co., Ltd. for CNY 1,485,230,760, holding a 100% stake, with an expected return of CNY 400 million[88] - The company has invested CNY 394.5 million to support Shunyu Clean Energy, indicating a strong commitment to developing quality industrial resources in the clean energy sector[160] - The company used a total of 466.6029 million yuan for acquisitions and working capital, including 140 million yuan for acquiring 100% of Shanghai Zhengyun New Energy Technology Co., Ltd. and 110 million yuan for acquiring 100% of Jiangsu Dingyang Green Energy Power Co., Ltd.[108] Financial Management - The company has committed to ensuring the accuracy and completeness of its financial reports, with key management affirming their responsibility[5] - The company reported a fair value change gain of CNY 53,048,655.45 from financial assets measured at fair value during the reporting period[92] - The company’s total assets as of December 31, 2019, included fixed assets valued at CNY 1,051,502,066.22 and intangible assets valued at CNY 81,018,057.19[87] - The company reported a net profit commitment of no less than 12,000 million CNY for 2017, 13,000 million CNY for 2018, and 15,000 million CNY for 2019 from Jiangsu Dingyang Green Energy Power Co., Ltd.[167] Market Strategy - The company is exploring market expansion opportunities in the renewable energy sector, particularly in electric vehicle technology[129] - The photovoltaic business is part of the company's dual-driven strategy, focusing on investment, installation, and operation of solar power plants[132] - The company plans to focus on the renewable energy sector, reallocating resources from less profitable projects to enhance profitability[105] - The company aims to protect the interests of minority shareholders by concentrating on sectors with strong profitability and growth potential[105] Shareholder Relations - The company did not propose any cash dividends for the years 2018 and 2019, with a cash dividend of 0.2 yuan per share in 2017, totaling approximately 14.7 million yuan[144] - The company has a commitment from its major shareholder, Luxiao Group, to not engage in competing businesses, ensuring alignment with the company's main operations[157] - The company is prioritizing the interests of its shareholders in the disposal of Shunyu Clean Energy's equity, with various methods of disposal being considered[163]

Revenue and Profitability - Revenue for Q1 2020 was CNY 492,142,455.38, a decrease of 19.58% compared to the same period last year[12] - Net profit attributable to shareholders was CNY 80,673,019.57, representing a slight increase of 0.16% year-on-year[12] - Net profit excluding non-recurring gains and losses was CNY 20,135,729.00, up 64.59% from the previous year[12] - Total operating revenue for the first quarter was CNY 492,142,455.38, a decrease of 19.5% compared to CNY 611,931,376.19 in the previous year[62] - Net profit for the period was CNY 80,372,757.68, slightly up from CNY 80,135,968.67 year-on-year[67] - The company reported a gross profit margin of approximately 0.07% for the quarter, compared to a higher margin in the previous year[66] - The company reported a net loss of CNY 457,558,358.78 for the period, an improvement compared to a loss of CNY 538,231,378.35 in the previous period[52] - The company reported a total comprehensive income of -¥13,412,122.62 for the current period, compared to ¥10,495,695.37 in the previous period[78] Cash Flow and Financial Position - Operating cash flow for the quarter was negative CNY 14,416,078.63, a decline of 134.27% compared to the same period last year[12] - The company's net cash flow from operating activities dropped by 134.27%, from CNY 42,061,370.97 to CNY -14,416,078.63, reflecting a decrease in cash collections[24] - Cash flow from financing activities showed a significant decrease, with cash inflow dropping from 1,356,384,451.00 to 81,760,000.00[85] - The company reported a net increase in cash and cash equivalents of -135,920,197.16, compared to an increase of 251,727,317.79 in the previous period[85] - Cash and cash equivalents decreased to CNY 419,787,071.66 from CNY 485,052,541.36, reflecting a decline of approximately 13.5%[44] - The total cash inflow from operating activities was 543,414,442.75, compared to 790,340,164.59 in the previous period, showing a decline of approximately 31.3%[86] Assets and Liabilities - Total assets at the end of the reporting period were CNY 7,784,139,739.35, down 4.73% from the end of the previous year[12] - The total liabilities for employee compensation decreased by 54.41% from CNY 22,058,555.94 to CNY 10,056,113.83, attributed to year-end bonus payments[24] - The total liabilities of the company were CNY 4,825,355,082.77 as of March 31, 2020, down from CNY 5,292,485,147.29, marking a reduction of about 8.84%[49] - Total liabilities amounted to CNY 5,292,485,147.29, with current liabilities at CNY 3,301,569,840.67, and non-current liabilities at CNY 1,990,915,306.62[96] - The company's current assets totaled CNY 3,321,691,717.19 as of March 31, 2020, down from CNY 3,580,541,520.67 at the end of 2019, indicating a decrease of about 7.24%[44] Shareholder Equity - Net assets attributable to shareholders increased to CNY 2,951,467,463.18, a rise of 2.81% year-on-year[12] - The company's equity attributable to shareholders increased to CNY 2,951,467,463.18 from CNY 2,870,794,443.61, showing an increase of approximately 2.81%[52] - Owner's equity totaled CNY 2,878,411,898.91, with total equity attributable to shareholders at CNY 2,870,794,443.61[96] - The company’s total equity increased to CNY 3,239,169,335.54, reflecting a capital reserve of CNY 1,917,141,710.96[102] Expenses and Investments - Research and development expenses rose by 38.76% from CNY 4,656,558.71 to CNY 6,461,274.11, highlighting an increase in investment in innovation[24] - Research and development expenses increased to CNY 6,461,274.11, up from CNY 4,656,558.71, indicating a growth of 38.7%[65] - The company received government subsidies amounting to CNY 2,348,725.35 during the reporting period[14] - The company reported a significant increase in other income to CNY 63,362,727.41 compared to CNY 2,695,542.94 in the previous year[67] Debt and Financial Management - The company reported a debt restructuring gain of CNY 63,216,822.09, reflecting debt forgiveness[14] - The company has established a hedging management system to mitigate risks associated with futures trading, ensuring compliance with operational procedures[31] - The company reported no violations regarding external guarantees during the reporting period[35] Inventory and Receivables - Accounts receivable dropped to CNY 1,126,257,810.73 from CNY 1,490,437,017.73, a significant decrease of around 24.4%[44] - Inventory levels decreased to CNY 309,199,975.73 from CNY 353,849,500.48, reflecting a decline of about 12.6%[44] - The company’s total receivables, including accounts receivable and other receivables, amounted to CNY 1,092,164,364.04[99] Other Financial Metrics - The company reported a 2250.65% increase in non-operating income, from CNY 2,695,542.94 to CNY 63,362,727.41, primarily due to debt restructuring[24] - The company experienced a significant reduction in tax payable by 84.24%, from CNY 58,540,246.98 to CNY 9,228,311.30, indicating a decrease in tax obligations[24] - Investment income plummeted by 105.66%, from CNY 30,396,618.41 to CNY -1,720,140.12, due to the previous year's dividend confirmation from Hanhua[24]

Financial Performance - Operating revenue for the third quarter was ¥587,507,141.23, down 16.55% year-on-year, with a year-to-date revenue of ¥1,846,263,413.47, representing a decrease of 20.25% compared to the same period last year[12] - Net profit attributable to shareholders for the third quarter was ¥70,751,843.17, an increase of 125.28% year-on-year, with a year-to-date net profit of ¥221,966,910.19, up 71.43% compared to the previous year[12] - Basic earnings per share for the third quarter was ¥0.048, reflecting a growth of 71.43% year-on-year[12] - The company reported a net profit of RMB -357,394,588.29, an improvement of 37.04% compared to the previous year[28] - The company reported a net loss of CNY 357,394,588.29, an improvement from a loss of CNY 567,669,294.67 in the previous period[52] - The total profit for the current period was ¥57,745,352.59, up from ¥37,888,176.77, indicating a growth of 52.5%[71] - The company's operating profit was ¥58,740,297.66, compared to ¥39,260,376.66 in the previous period, reflecting an increase of 49.6%[71] - The company reported a total profit of ¥208,946,768.67, compared to ¥161,496,831.06 in the previous period, reflecting a growth of 29.4%[83] Assets and Liabilities - Total assets at the end of the reporting period amounted to ¥8,633,942,854.51, a decrease of 1.32% compared to the end of the previous year[12] - The company's total assets increased to RMB 1,510,668,434.00, reflecting a growth of 37.05% due to the issuance of new shares and acquisition of assets[28] - The company's total liabilities increased by 53.76% to RMB 1,080,886,202.00, reflecting an increase in long-term loans[28] - The total liabilities decreased to CNY 5,556,196,450.15 from CNY 6,012,049,637.98, reflecting a reduction of about 7.57%[50] - The total assets as of September 30, 2019, were CNY 8,633,942,854.51, down from CNY 8,749,066,408.10[47] - The total liabilities reached $6.01 billion, with current liabilities at $4.24 billion and non-current liabilities at $1.77 billion[118] Cash Flow - The net cash flow from operating activities for the third quarter was ¥51,435,393.62, a decrease of 6.20% compared to the previous year[12] - The net cash flow from operating activities reached RMB 306,706,440.05, a significant increase of 688.49% compared to the previous year[28] - Cash inflow from operating activities totaled 2,410,440,168.18, down from 3,613,057,407.25 in the previous period[104] - The net cash flow from operating activities was 71,588,780.63, a significant improvement from -27,220,552.70 in the previous period[104] - The cash inflow from investment activities was 81,475,871.96, compared to 72,906,522.83 in the previous period[104] - The net cash flow from investment activities was 41,388,717.79, an improvement from -77,078,673.81 in the previous period[104] Shareholder Information - The top ten shareholders held a total of 17.32% and 17.21% of shares, respectively, indicating significant ownership concentration[18] - The company repurchased a total of 5,210,055 shares, accounting for 0.47% of the total share capital, with a total expenditure of RMB 25,094,789.86[31] Research and Development - The company is focusing on expanding its market presence and enhancing its product offerings through ongoing research and development initiatives[12] - Research and development expenses increased to ¥9,203,699.74, up from ¥3,913,899.79, representing a growth of approximately 134.5% year-over-year[64] - Research and development expenses increased to ¥5,650,385.67, up 116.5% from ¥2,617,053.17 in the previous period[91] Financial Adjustments and Compliance - The company has made adjustments to its financial data due to mergers under common control, affecting the net assets and total assets reported[12] - The company has not engaged in any violations regarding external guarantees during the reporting period[33] - The company is in compliance with new financial instrument standards and lease standards effective from 2019[126] Future Outlook - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[82] - The report indicates a significant focus on managing liabilities and improving equity positions moving forward[128] - The company aims to enhance its market position through strategic financial management and potential expansion initiatives[129]

Financial Performance - The company's operating revenue for the first half of 2019 was ¥1,258,756,272.24, a decrease of 21.86% compared to the same period last year[23]. - Net profit attributable to shareholders was ¥151,215,067.02, representing an increase of 54.18% year-on-year[23]. - The net cash flow from operating activities was ¥255,271,046.43, a significant increase of 338.68% compared to the previous year[23]. - Basic earnings per share were ¥0.11, up 22.22% from ¥0.09 in the previous year[23]. - Total assets at the end of the reporting period were ¥8,628,625,550.50, a decrease of 1.38% from the previous year[23]. - The net assets attributable to shareholders increased to ¥2,847,420,206.70, reflecting a growth of 4.19% year-on-year[23]. - The company reported non-recurring gains and losses totaling ¥88,790,498.41 for the period[29]. - Operating costs decreased by 28.48% to RMB 937.65 million from RMB 1,311.07 million[43]. - Investment income increased significantly by 1,496.47% to RMB 34,799,980.74, contributing 23.02% to total profit[52]. - Other income rose by 76.59% to RMB 14,386,746.43, primarily due to increased government subsidies[52]. Market and Business Strategy - The company has not disclosed any new product developments or market expansion strategies in this report[6]. - The company is focusing on the development of high-end equipment manufacturing and strategic new industries, particularly in the electric vehicle sector[38]. - The company is implementing a dual-driven development strategy of "traditional industry + new industry" to enhance its market position and operational efficiency[41]. - The company has temporarily supplemented working capital with CNY 200 million from raised funds, with a total of CNY 30,140.42 million remaining unutilized[75]. - The company plans to focus on the renewable energy sector, including electric motors and photovoltaic industries, due to the uncertain market outlook for sapphire[79]. - The company has adjusted its investment strategy, reducing the scale of the energy-saving motor project due to market demand issues and rising labor costs[79]. - The company has decided to repurpose remaining funds for strategic projects with strong profitability and broad industry prospects[79]. Acquisitions and Investments - The company successfully acquired Shunyu Clean Energy Technology Co., Ltd., enhancing its vertical integration in the photovoltaic power station construction and operation[41]. - The company completed a major equity investment in Shunyu Clean Energy Technology Co., Ltd. for ¥1,377,407,129.02, acquiring a 100% stake[63]. - The company has invested CNY 19,250,000 in the acquisition of Shanghai Zhengyun New Energy Technology Co., Ltd., achieving an investment progress of 72.14%[84]. - The company established Shunyu Clean Energy Technology Co., Ltd. through equity acquisition, enhancing its product structure[92]. Risks and Challenges - The company faces risks including economic environment changes, national policy adjustments, and intense market competition[6]. - The company faces risks in its enameled wire business due to intensified competition and fluctuating copper prices, with strategies to adjust product structure and develop new products[95]. - In the electromechanical business, the company is addressing uncertainties in demand for electric vehicles and tools by developing new products and adjusting pricing strategies linked to raw material costs[95]. - The photovoltaic business faces challenges due to high capital requirements and long investment recovery periods, but the company is responding to national policies to promote solar energy development[95]. Legal Matters - The company is involved in multiple ongoing lawsuits, including a construction contract dispute with Jiangsu Dingyang Green Energy Power Co., Ltd. with a claim amount of ¥30,800,000, which has not yet been heard[112]. - A lawsuit regarding a sales contract dispute with Nanjing Jinlong Bus Manufacturing Co., Ltd. has been filed, with a claim amount of ¥11,470,330, currently in the first instance[110]. - The company has reported a total of ¥3,307.5 million in a resolved real estate development contract dispute, which has been mediated[116]. - The company is currently facing a lawsuit with a claim amount of ¥26,070.25 million, which has not yet been heard[112]. - The ongoing litigation includes a claim of ¥1,236.74 million against Jiangsu Dingyang Green Energy Power Co., Ltd., which is still pending[112]. Shareholder and Equity Information - The company issued 371,307,690 new shares, increasing the total number of shares to 1,473,544,840[179]. - The largest shareholder, Luxiao Group Co., Ltd., holds 17.76% of shares, totaling 261,671,210 shares, with a decrease of 99,540,000 shares during the reporting period[188]. - The company has a total of 15,215,340 shares held by Central Huijin Asset Management Co., Ltd., representing a significant institutional investment[196]. - The company’s shareholder structure shows a concentration of ownership, with the top three shareholders holding over 50% of the total shares[188]. Environmental Compliance - The company has achieved compliance with pollution discharge standards for all major pollutants, including benzene, toluene, and xylene, with emission concentrations well below regulatory limits[157]. - The company has completed annual monitoring of wastewater and waste gas as per environmental monitoring plans[163]. - The company has reported a total of 0.1 tons of chemical oxygen demand and 0.002 tons of ammonia nitrogen discharged, both within compliance limits[160]. - The company has no significant environmental incidents or other major issues to report during the period[170].

Financial Performance - The company's operating revenue for Q1 2019 was ¥464,837,887.66, a decrease of 42.27% compared to the same period last year[12]. - The net profit attributable to shareholders for Q1 2019 was ¥26,933,630.46, down 63.01% year-on-year[12]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥19,017,405.96, a decline of 73.72% compared to the previous year[12]. - Basic earnings per share for Q1 2019 were ¥0.02, down 79.82% from ¥0.0991 in the same period last year[12]. - Total operating revenue for the current period was ¥464,837,887.66, a decrease of 42.4% compared to ¥805,223,018.94 in the previous period[63]. - Net profit for the current period was ¥26,526,481.17, a decline of 63.6% from ¥72,813,014.07 in the previous period[66]. - The net profit for the current period is ¥10,495,695.37, recovering from a net loss of ¥15,703,100.95 in the previous period[73]. Cash Flow - The net cash flow from operating activities was ¥9,486,937.46, representing a decrease of 71.80% year-on-year[12]. - Cash flow from operating activities is ¥9,486,937.46, down from ¥33,643,037.87 in the previous period[80]. - The net cash flow from operating activities was -7,646,674.40, a decrease from 32,909,938.41 in the previous period, indicating a decline in operational performance[86]. - Total cash inflow from financing activities reached 971,133,251.00, compared to 590,022,192.00 in the prior period, showing a significant increase in financing efforts[89]. - The net cash flow from financing activities was 202,110,565.98, recovering from a negative cash flow of -82,140,844.72 in the previous period[89]. - Cash inflow from operating activities totaled 790,340,164.59, down from 1,102,036,600.72 in the previous period, indicating a decrease in revenue generation[86]. Assets and Liabilities - Total assets at the end of the reporting period were ¥5,222,455,251.49, an increase of 0.28% from the end of the previous year[12]. - Total current assets increased to ¥3,251,664,050.27 from ¥3,202,765,310.09, representing a growth of approximately 1.52%[46]. - Total liabilities increased to ¥3,639,995,082.90 from ¥3,628,645,279.94, a marginal increase of 0.01%[49]. - Total liabilities rose to ¥2,724,250,560.48, up 7.6% from ¥2,531,518,561.94 in the previous period[62]. - The company's total equity increased to ¥1,582,460,168.59 from ¥1,579,278,477.28, a growth of about 0.14%[52]. - The company's equity attributable to shareholders was ¥1,575,253,840.51, with total equity at ¥1,579,278,477.28[96]. Shareholder Information - The top shareholder, Roshow Group Co., Ltd., held 32.77% of the shares, with a total of 361,211,210 shares[17]. - The company did not engage in any repurchase transactions among the top 10 shareholders during the reporting period[23]. - The company repurchased 5,210,055 shares, representing 0.47% of the total share capital, with a total expenditure of CNY 25,094,789.86[30]. - The company plans to repurchase shares with a total amount not exceeding CNY 50 million, with a minimum of CNY 25 million[30]. Government Subsidies and Other Income - The company received government subsidies amounting to ¥10,700,486.66 during the reporting period[12]. - Other income increased significantly by 1393.62% to CNY 10,700,486.66, primarily due to increased government subsidies[27]. - The company has reported a significant increase in other income to ¥6,476,157.50 from ¥33,657.50 in the previous period, indicating diversification in revenue streams[70]. Investment Income - Investment income rose to CNY 30,396,618.41, a substantial increase of 1750.38% compared to a loss of CNY 1,841,797.13 in the previous year[27]. - The company reported an investment income of ¥30,396,618.41, compared to a loss of ¥1,841,797.13 in the previous period[63]. - Cash inflow from investment activities was 30,396,618.41, a significant increase from 161,798.64 in the previous period, indicating successful investment recovery[86]. Research and Development - Research and development expenses for the current period were ¥4,656,558.71, with no previous period data available for comparison[63]. - Research and development expenses for the current period are ¥837,975.95, indicating ongoing investment in innovation[70]. Financial Auditing - The company has not yet audited its first-quarter report for 2019, which may affect the reliability of the financial data presented[105].

Financial Performance - The total revenue for 2018 was ¥3,020,028,819.32, a decrease of 6.93% compared to ¥3,244,834,457.48 in 2017[26] - The net profit attributable to shareholders was -¥973,219,577.23, representing a decline of 415.58% from ¥308,389,409.55 in the previous year[26] - The basic earnings per share for 2018 was -¥0.88, a decline of 414.29% from ¥0.28 in 2017[26] - The diluted earnings per share also stood at -¥0.88, reflecting the same percentage decrease as the basic earnings per share[26] - The weighted average return on equity was -47.14%, a drop of 59.95% compared to 12.81% in the previous year[26] - The company achieved total operating revenue of CNY 3,020,028,819.32, a year-on-year decrease of 6.93%[50] - The net profit attributable to shareholders was CNY -97,321,960, a decline of 415.58% compared to the previous year[50] - The company reported a total asset value of CNY 520,792,380, down 17.41% year-on-year[50] - The company has a total equity attributable to shareholders of CNY 157,525,380, a decrease of 38.52% year-on-year[50] Cash Flow and Investments - The net cash flow from operating activities improved to ¥137,263,762.93, a significant increase of 113.62% compared to -¥1,007,572,856.54 in 2017[26] - The cash flow from operating activities increased by 39.90% to 3,222,809,897.29 CNY in 2018, with a net cash flow of 137,263,762.93 CNY, a significant turnaround from a loss in the previous year[72] - The total amount of cash and cash equivalents decreased by 137,667,822.73 CNY, although this was an improvement of 46.95% compared to the previous year's decrease[72] - The company made a significant investment of CNY 59,500,000.00 during the reporting period, a decrease of 95.20% compared to CNY 1,240,000,000.00 in the previous year[86] - The company temporarily supplemented working capital with RMB 200,000,000.00 from the raised funds in 2018[93] - The company temporarily supplemented working capital with 450 million CNY in 2017, which was fully returned by April 3, 2018[100] Business Operations and Strategy - The company is actively involved in the production and sales of enameled wire, electromechanical products, sapphire, and new energy vehicles, indicating a diversified business model[41] - The company has entered the photovoltaic industry through the acquisition of Jiangsu Dingyang Green Energy, aiming to implement a dual-driven development strategy[41] - The company is focusing on the development of energy-saving motors and lithium-ion battery systems for new energy vehicles, reflecting its commitment to innovation[41] - The company has adjusted its strategic focus towards the renewable energy sector, including electric motors, control systems, batteries, and photovoltaic industries[97] - The company plans to focus on the development of high-temperature grade enameled wire, which currently has a low production ratio in China[110] - The photovoltaic business is part of the company's dual-driven strategy, focusing on investment, installation, and operation of solar power plants[112] Market and Industry Risks - The company faces risks related to economic environment changes, national policy adjustments, and intense market competition, which may impact future performance[8] - Risks include intensified competition in the enameled wire sector and fluctuations in copper prices, which the company plans to mitigate through product adjustments and cost management[115] - The sapphire business faces risks related to demand from major clients like Apple, which could impact performance if they shift away from sapphire[115] - The photovoltaic business is still in its early stages, with uncertain future development, prompting a cautious approach to its expansion[115] Research and Development - Research and development expenses increased by 15.10% to 35,943,057.47 CNY, representing 1.19% of total revenue[69] - The company has developed proprietary sapphire crystal growth furnace technology, enhancing its competitive edge in the sapphire market[46] - The company has established a provincial-level research institute and a postdoctoral research workstation, indicating a strong commitment to innovation and technology development[46] - The company applied for 20 patents during the year, with 17 patents granted, emphasizing its commitment to intellectual property protection[68] Shareholder and Dividend Policies - The company plans not to distribute cash dividends or issue bonus shares for the year[9] - The company did not distribute cash dividends for the current reporting period and has no plans to issue bonus shares or convert capital reserves into share capital[125] - In 2017, the cash dividend amounted to 14,696,495.34, representing 4.77% of the net profit attributable to ordinary shareholders[124] - In 2016, the cash dividend was 22,044,743.01, which accounted for 34.04% of the net profit attributable to ordinary shareholders[124] Legal and Compliance Matters - The company incurred a legal dispute involving Jiangsu Dingyang Green Energy Power Co., Ltd. with a claim amounting to 30.8 million yuan, which is currently under court review[160] - The company has no ongoing or completed significant litigation or arbitration matters aside from the aforementioned case[159] - The company reported no significant accounting errors that required retrospective restatement during the reporting period[156] - The company has not engaged in any asset or equity acquisitions or sales during the reporting period[170] Corporate Governance and Social Responsibility - The company emphasizes transparency and timely information disclosure to investors[191] - The company adheres to labor laws and prioritizes employee health and safety training[191] - The company actively participates in social welfare and charity initiatives[191] - The company has ongoing commitments from its actual controller and shareholders to avoid competition with its main business[129]

露笑科技股份有限公司 2018 年第三季度报告正文 证券代码：002617 证券简称：露笑科技 公告编号：2018-135 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。 公司负责人鲁永、主管会计工作负责人尤世喜及会计机构负责人(会计主管 人员)尤世喜声明：保证季度报告中财务报表的真实、准确、完整。 露笑科技股份有限公司 Roshow Technology Co., Ltd. （浙江省诸暨市店口镇露笑路38号） 2018年第三季度报告正文 证券代码：002617 证券简称：露笑科技 披露日期：2018 年 10 月 23 日 1 露笑科技股份有限公司 2018 年第三季度报告正文 第一节 重要提示 2 露笑科技股份有限公司 2018 年第三季度报告正文 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 | | 本报告期末 | 上年度末 | | 本报告期末比上年度末增减 | | --- | --- | - ...

[Important Notice, Table of Contents, and Definitions](index=2&type=section&id=%E7%AC%AC%E4%B8%80%E8%8A%82%20%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA%E3%80%81%E7%9B%AE%E5%BD%95%E5%92%8C%E9%87%8A%E4%B9%89) The company's board guarantees report accuracy and completeness, with no planned cash dividends or bonus shares for H1 2018 - The company's board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the report content, and assume legal responsibility[4](index=4&type=chunk) - The company plans no cash dividends, bonus shares, or capital increase from provident funds for the first half of 2018[7](index=7&type=chunk) [Company Profile and Key Financial Indicators](index=5&type=section&id=%E7%AC%AC%E4%BA%8C%E8%8A%82%20%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 provides an overview of the company and its key financial performance metrics [Key Accounting Data and Financial Indicators](index=6&type=section&id=%E5%9B%9B%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 H1 2018, the company's operating revenue grew by **24.68%** to **RMB 1.91 billion**, while net profit attributable to shareholders decreased by **12.25%** to **RMB 140 million**, with net cash flow from operating activities significantly improving by **98.66%** despite remaining negative Table | Indicator | Current Period | Prior Period | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue (RMB) | 1,913,928,835.18 | 1,535,015,250.61 | 24.68% | | Net Profit Attributable to Shareholders (RMB) | 140,473,841.27 | 160,075,744.86 | -12.25% | | Net Profit Attributable to Shareholders (Excluding Non-recurring Gains/Losses) (RMB) | 132,715,333.94 | 159,585,230.73 | -16.84% | | Net Cash Flow from Operating Activities (RMB) | -5,809,995.55 | -433,065,418.24 | 98.66% | | Basic Earnings Per Share (RMB/share) | 0.127 | 0.145 | -12.41% | | Weighted Average Return on Net Assets | 5.35% | 6.85% | -1.50% | | Total Assets (RMB) | 6,521,124,783.15 | 6,305,997,986.31 | 3.41% (vs. End of Prior Year) | | Net Assets Attributable to Shareholders (RMB) | 2,688,003,250.42 | 2,562,225,462.22 | 4.91% (vs. End of Prior Year) | [Non-recurring Gains and Losses Items and Amounts](index=6&type=section&id=%E5%85%AD%E3%80%81%E9%9D%9E%E5%B8%B8%E8%A7%84%E6%80%A7%E6%8D%9F%E7%9B%8A%E9%A1%B9%E7%9B%AE%E5%8F%8A%E9%87%91%E9%A2%9D) During the reporting period, the company's non-recurring gains and losses totaled **RMB 7.76 million**, primarily from government subsidies of **RMB 8.14 million** Table | Item | Amount (RMB) | | :--- | :--- | | Gains/Losses on Disposal of Non-current Assets | 776,088.00 | | Government Subsidies Recognized in Current P&L | 8,135,899.94 | | Other Non-operating Income/Expenses and Investment Income | 1,428,828.21 | | Less: Income Tax Impact | 2,582,308.82 | | **Total** | **7,758,507.33** | [Company Business Overview](index=8&type=section&id=%E7%AC%AC%E4%B8%89%E8%8A%82%20%E5%85%AC%E5%8F%B8%E4%B8%9A%E5%8A%A1%E6%A6%82%E8%A6%81) This section outlines the company's main business segments, significant asset changes, and core competitive advantages [Main Businesses](index=8&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 primarily engages in the production and sales of five major business segments: enameled wire, electromechanical products, sapphire, new energy vehicle core components (motors, electronic controls, batteries), and photovoltaic business, actively implementing a 'traditional industry + new industry' dual-driven development strategy - The company's main business segments include: - **Enameled Wire Business**: High-temperature resistant copper/aluminum core enameled wire, applied in motors, home appliances, etc - **Electromechanical Business**: New energy motors, turbochargers, sapphire crystal furnaces, etc - **Sapphire Business**: Applied in LED substrates, consumer electronics, etc - **New Energy Vehicle Business**: Covers motors, electronic controls, and lithium-ion power battery systems, forming the 'Big Three' components - **Photovoltaic Industry Business**: Investment, installation (EPC), and operation of photovoltaic power stations[27](index=27&type=chunk)[28](index=28&type=chunk)[29](index=29&type=chunk) [Significant Changes in Major Assets](index=8&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 made a new **40%** equity investment in Chery New Energy Automobile Co., Ltd. while accounts receivable increased due to business expansion, construction in progress was converted to fixed assets, and raised funds were gradually utilized Table | Asset Item | Change Description | | :--- | :--- | | Equity Investments | New 40% equity in Chery New Energy Automobile Co., Ltd | | Accounts Receivable | Increased due to business expansion | | Construction in Progress | Portion of construction in progress converted to fixed assets | | Cash and Cash Equivalents | Decreased due to gradual use of raised funds | [Core Competitiveness Analysis](index=9&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 is reflected in four aspects: strong brand and customer resources including Samsung, LG, and Midea; excellent innovation and technological advantages with provincial research institutes and multiple core achievements; proprietary sapphire crystal growth furnace production technology; and a comprehensive strategic layout for new energy vehicle 'Big Three' components (motors, electronic controls, batteries) - The company possesses core advantages in brand, R&D, technology, and strategic layout, particularly in the 'Big Three' components for new energy vehicles, which has brought new performance growth points[32](index=32&type=chunk)[33](index=33&type=chunk) [Management Discussion and Analysis](index=10&type=section&id=%E7%AC%AC%E5%9B%9B%E8%8A%82%20%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 an overview of the company's operating performance, main business analysis, asset and liability status, investment activities, and risk management strategies [Operating Overview](index=10&type=section&id=%E4%B8%80%E3%80%81%E6%A6%82%E8%BF%B0) In H1 2018, the company achieved operating revenue of **RMB 1.91 billion**, a **24.68%** year-on-year increase, but net profit attributable to the parent company was **RMB 140 million**, a **12.25%** year-on-year decrease, as the company continued to advance its 'traditional industry + new industry' dual-driven strategy and optimize its 'Big Three' new energy vehicle component layout Table | Indicator | Amount | YoY Change | | :--- | :--- | :--- | | Operating Revenue | 1.91 billion RMB | +24.68% | | Net Profit Attributable to Parent | 140 million RMB | -12.25% | - The company's main initiatives during the reporting period included: - Developing high-end equipment manufacturing such as electromechanical products and strategic emerging industries like power lithium batteries - Enhancing corporate management, strengthening internal audit and information disclosure - Boosting technological R&D, successfully developing multiple new products - Optimizing the management team and quality control system[36](index=36&type=chunk) [Analysis of Main Business](index=10&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) Revenue growth was primarily driven by the photovoltaic business, with this segment's revenue increasing by **86.48%** year-on-year and gross margin improving by **2.06** percentage points; however, new energy vehicle business revenue sharply declined by **94.76%**, while traditional industrial manufacturing revenue grew by **22.44%** but its gross margin decreased by **2.03** percentage points, and financial expenses significantly increased by **227.83%** due to higher financing volume and costs 主要财务数据同比变动 | Item | Current Period (RMB) | YoY Change | Main Reason for Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 1,913,928,835.18 | 24.68% | - | | Selling Expenses | 22,694,224.27 | 58.69% | Business growth and increased transportation, after-sales service fees | | Financial Expenses | 44,746,955.29 | 227.83% | Increase in total financing and financing costs | | Asset Impairment Losses | 19,452,275.35 | 118.85% | Mainly due to increase in bad debt provisions | | Net Cash Flow from Operating Activities | -5,809,995.55 | 98.66% | Lower base due to more installment collection business in prior year | 营业收入构成 (分行业) | Industry | Operating Revenue (RMB) | Proportion of Total Revenue | YoY Change | | :--- | :--- | :--- | :--- | | Industrial Manufacturing | 1,013,369,684.19 | 52.95% | 22.44% | | Photovoltaic Industry | 888,451,761.06 | 46.42% | 86.48% | | New Energy Vehicles | 12,107,389.93 | 0.63% | -94.76% | 营业收入构成 (分产品) | Product | Operating Revenue (RMB) | Proportion of Total Revenue | YoY Change | | :--- | :--- | :--- | :--- | | Enameled Wire | 890,640,794.45 | 46.53% | 17.53% | | PV Power Station EPC | 873,322,507.68 | 45.63% | 84.47% | | Auto Parts | 12,107,389.93 | 0.63% | -91.85% | | Electromechanical Equipment | 118,712,709.85 | 6.20% | 75.02% | [Analysis of Assets and Liabilities](index=13&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 the end of the reporting period, the company's total assets were **RMB 6.52 billion**; accounts receivable significantly increased by **43.84%** to **RMB 2.14 billion** due to business expansion, rising from **23.5%** to **32.75%** of total assets, while notes payable and taxes payable also increased significantly, reflecting changes in business activities, and nearly **RMB 1 billion** in assets were restricted, primarily for loan collateral or pledge 资产负债表主要项目变动 | Item | Period-end Balance (RMB) | Beginning-of-period Balance (RMB) | Change Percentage | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Accounts Receivable | 2,135,600,596.20 | 1,484,689,247.65 | 43.84% | Business expansion | | Notes Payable | 316,360,613.96 | 156,207,249.83 | 102.53% | Increased use of notes for external payments | | Advances from Customers | 1,882,994.17 | 22,111,256.68 | -91.48% | Advances settled by invoicing, balance decreased | | Taxes Payable | 138,991,424.04 | 52,200,149.46 | 166.27% | Caused by business growth | 期末资产权利受限情况 | Item | Period-end Book Value (RMB) | Reason for Restriction | | :--- | :--- | :--- | | Cash and Cash Equivalents | 137,611,044.34 | Deposits, litigation freezes, etc | | Notes Receivable | 158,811,403.83 | Notes pledged | | Fixed Assets | 269,341,166.64 | Mortgaged | | Intangible Assets | 83,984,458.99 | Mortgaged | | Accounts Receivable | 139,348,244.33 | Pledged | | **Total** | **999,808,737.13** | | [Investment Analysis](index=14&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 completed a **RMB 40 million** capital increase in Chery New Energy Automobile Co., Ltd., acquiring a **40%** stake; concurrently, the company made significant adjustments to the use of raised funds, reallocating **RMB 829 million** (representing **64.03%** of total raised funds) originally intended for energy-efficient motors and sapphire projects to acquire equity in Shanghai Zhengyun and Jiangsu Dingyang, and to permanently supplement working capital 报告期内重大股权投资 | Investee Company | Investment Method | Investment Amount (RMB) | Shareholding Percentage | Source of Funds | Investment Gain/Loss for the Period (RMB) | | :--- | :--- | :--- | :--- | :--- | :--- | | Chery New Energy Automobile Co., Ltd. | Capital Increase | 40,000,000.00 | 40.00% | Own Funds | -5,582,732.93 | 募集资金总体使用情况 (单位：万元) | Item | Amount | | :--- | :--- | | Total Raised Funds | 129,438.77 | | Total Raised Funds Invested in Current Period | 27,158.68 | | Total Raised Funds Cumulatively Invested | 106,456.51 | | Total Raised Funds Whose Use Has Been Changed | 82,876.79 | | Percentage of Total Raised Funds Whose Use Has Been Changed | 64.03% | - Multiple original fundraising projects (such as intelligent direct-drive motors for oilfields and intelligent sapphire crystal growth furnaces) underwent significant changes in feasibility due to market environment shifts and uncertain prospects, leading to funds being reallocated for the acquisition of Shanghai Zhengyun, Jiangsu Dingyang, and to supplement working capital[61](index=61&type=chunk) [Analysis of Major Holding and Associate Companies](index=20&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) The company's primary profit contribution came from its wholly-owned subsidiary, Jiangsu Dingyang Green Energy Power Co., Ltd., which generated **RMB 900 million** in operating revenue and **RMB 178 million** in net profit during the reporting period, significantly impacting the company's overall performance; additionally, the company established Shanghai Fengmai Smart Control Technology Co., Ltd. as a wholly-owned subsidiary to optimize its product structure 主要子公司财务情况 (单位：元) | Company Name | Main Business | Operating Revenue | Operating Profit | Net Profit | | :--- | :--- | :--- | :--- | :--- | | Jiangsu Dingyang Green Energy Power Co., Ltd. | Solar power generation, PV power stations | 900,132,301.63 | 228,588,072.51 | 177,923,518.45 | [2018 Q1-Q3 Operating Performance Forecast](index=21&type=section&id=%E4%B9%9D%E3%80%81%E5%AF%B9%202018%20%E5%B9%B4%201-9%20%E6%9C%88%E7%BB%8F%E8%90%A5%E4%B8%9A%E7%BB%A9%E7%9A%84%E9%A2%84%E8%AE%A1) The company forecasts net profit attributable to shareholders for January-September 2018 to be between **RMB 180 million** and **RMB 230 million**, representing a change of **-22.92%** to **-1.51%** compared to **RMB 234 million** in the prior year, primarily due to increased financing costs resulting from changes in the economic environment, leading to a significant increase in financial expenses 2018年1-9月业绩预告 | Item | Forecasted Situation | | :--- | :--- | | Net Profit Attributable to Parent Change Range | RMB 180 million To RMB 230 million | | Net Profit Attributable to Parent Change Percentage | -22.92% To -1.51% | | Net Profit Attributable to Parent in 2017 Prior Period | RMB 234 million | | Reason for Performance Change | Changes in financing environment, rising financing costs, significant increase in financial expenses expected | [Risks Faced by the Company and Countermeasures](index=21&type=section&id=%E5%8D%81%E3%80%81%E5%85%AC%E5%8F%B8%E9%9D%A2%E4%B8%B4%E7%9A%84%E9%A3%8E%E9%99%A9%E5%92%8C%E5%BA%94%E5%AF%B9%E6%8E%AA%E6%96%BD) The company identified specific risks across its five major business segments: enameled wire and electromechanical businesses face raw material price volatility and uncertain downstream demand; sapphire business is constrained by key customer application strategies and high costs; new energy vehicle business faces intensifying competition; and the photovoltaic business requires significant capital and has long investment recovery periods, which the company plans to address through product structure adjustments, linked pricing, technological innovation, and adherence to national policies - **Enameled Wire Business Risk**: Intensifying industry competition and significant fluctuations in copper raw material prices. **Countermeasure**: Adjust product structure and adopt a 'benchmark copper price + processing fee' pricing principle to transfer risk[73](index=73&type=chunk) - **New Energy Vehicle Business Risk**: Market competition is expected to intensify further. **Countermeasure**: Increase market expansion and technological R&D, and expand the overall new energy vehicle business chain[74](index=74&type=chunk) - **Photovoltaic Business Risk**: EPC model requires significant upfront capital, and power station investments have long payback periods. **Countermeasure**: Actively respond to national 'Belt and Road' and 'Photovoltaic Poverty Alleviation' policies to continue business development[74](index=74&type=chunk) [Significant Events](index=23&type=section&id=%E7%AC%AC%E4%BA%94%E8%8A%82%20%E9%87%8D%E8%A6%81%E4%BA%8B%E9%A1%B9) This section details significant related party transactions and major contracts, including substantial guarantees provided to subsidiaries [Significant Related Party Transactions](index=25&type=section&id=%E5%8D%81%E4%B8%89%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 engaged in significant related party transactions in its ordinary course of business; its subsidiary, Jiangsu Dingyang, signed an EPC general contracting agreement worth **RMB 455 million** with Fengning Manchu Autonomous County Shunqi Solar Power Generation Co., Ltd., both under common control of the parent company, with **RMB 419 million** recognized during the period; additionally, the company received an interest-free loan of **RMB 356 million** from its controlling shareholder, Luxiao Group Co., Ltd 与日常经营相关的重大关联交易 | Related Party | Related Party Transaction Content | Related Party Transaction Amount (million RMB) | Proportion of Similar Transactions | | :--- | :--- | :--- | :--- | | Fengning Manchu Autonomous County Shunqi Solar Power Generation Co., Ltd. | EPC Construction | 41,857.98 | 47.92% | - Controlling shareholder Luxiao Group Co., Ltd. provided the company with an interest-free loan of **RMB 356 million**[90](index=90&type=chunk) [Significant Contracts and Their Performance](index=27&type=section&id=%E5%8D%81%E5%9B%9B%E3%80%81%E9%87%8D%E5%A4%A7%E5%90%88%E5%90%8C%E5%8F%8A%E5%85%B6%E5%B1%A5%E8%A1%8C%E6%83%85%E5%86%B5) The company provided substantial guarantees totaling **RMB 910 million** for several wholly-owned subsidiaries, including Shanghai Zhengyun, Zhejiang Luxiao Electronic Wire, Shuntong New Energy, and Zhejiang Lutong Electromechanical, to support their financing and business development as of the end of the reporting period 对子公司的担保情况 (部分) | Guaranteed Party Name | Guaranteed Amount (million RMB) | Guarantee Type | | :--- | :--- | :--- | | Shanghai Zhengyun New Energy Technology Co., Ltd. | 16,000 | Joint and Several Liability Guarantee | | Zhejiang Luxiao Electronic Wire Co., Ltd. | 30,000 | Joint and Several Liability Guarantee | | Shuntong New Energy Vehicle Services Co., Ltd. | 20,000 | Joint and Several Liability Guarantee | | Zhejiang Lutong Electromechanical Co., Ltd. | 25,000 | Joint and Several Liability Guarantee | [Share Changes and Shareholder Information](index=30&type=section&id=%E7%AC%AC%E5%85%AD%E8%8A%82%20%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 and provides an overview of its shareholder structure, including major shareholders and their pledged holdings [Share Changes](index=30&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) According to the 2017 annual profit distribution plan, the company converted capital reserves into shares, issuing **5** bonus shares for every **10** shares held by all shareholders, increasing the total share capital from **735 million** shares to **1.102 billion** shares Table | Item | Quantity Before Change (shares) | Quantity After Change (shares) | | :--- | :--- | :--- | | Restricted Shares | 37,081,723 | 55,622,584 | | Unrestricted Shares | 697,743,044 | 1,046,614,566 | | **Total Shares** | **734,824,767** | **1,102,237,150** | [Shareholder Information](index=31&type=section&id=%E4%BA%8C%E3%80%81%E5%85%AC%E5%8F%B8%E8%82%A1%E4%B8%9C%E6%95%B0%E9%87%8F%E5%8F%8A%E6%8C%81%E8%82%A1%E6%83%85%E5%86%B5) As of the end of the reporting period, the company had **14,241** shareholders; controlling shareholder Luxiao Group Co., Ltd. held **37.77%** of shares, with **87.33%** of its holdings pledged; among the top ten shareholders, Lu Xiaojun, Li Boying, and Lu Yong are related parties, and their shareholdings also show high pledge ratios, indicating financial pressure on major shareholders 前十大股东持股及质押情况 | Shareholder Name | Shareholding Percentage | Number of Shares Held | Pledged/Frozen Shares | | :--- | :--- | :--- | :--- | | Luxiao Group Co., Ltd. | 37.77% | 416,323,068 | 363,572,245 | | Lu Xiaojun | 5.55% | 61,200,000 | 60,000,000 | | Li Boying | 4.86% | 53,550,000 | 51,000,000 | | Lu Yong | 4.15% | 45,763,422 | 26,919,660 | - Among the top ten shareholders, Luxiao Group, Lu Xiaojun, Li Boying, and Lu Yong are related parties; the company is unaware of any other related party relationships among other shareholders[112](index=112&type=chunk) [Preferred Shares Information](index=34&type=section&id=%E7%AC%AC%E4%B8%83%E8%8A%82%20%E4%BC%98%E5%85%88%E8%82%A1%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) This section confirms that the company had no preferred shares during the reporting period - The company had no preferred shares during the reporting period[117](index=117&type=chunk) [Directors, Supervisors, and Senior Management Information](index=35&type=section&id=%E7%AC%AC%E5%85%AB%E8%8A%82%20%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%E6%83%85%E5%86%B5) This section details changes in the company's directors, supervisors, and senior management personnel [Changes in Directors, Supervisors, and Senior Management](index=35&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, company supervisor Ying Jianghui resigned due to personal reasons, and Zhao Junjun was appointed as the new supervisor; additionally, General Manager and Director Shen Dongchu resigned due to personal health reasons Table | Name | Position Held | Type | Reason | | :--- | :--- | :--- | :--- | | Ying Jianghui | Supervisor | Resignation | Resigned due to personal reasons | | Zhao Junjun | Supervisor | Appointment | Elected by Shareholders' Meeting | | Shen Dongchu | General Manager, Director | Resignation | Resigned due to personal health reasons | [Corporate Bonds Information](index=36&type=section&id=%E7%AC%AC%E4%B9%9D%E8%8A%82%20%E5%85%AC%E5%8F%B8%E5%80%BA%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) This section confirms the absence of outstanding corporate bonds that were publicly issued and listed on stock exchanges - The company has no publicly issued and listed corporate bonds on stock exchanges that were either unexpired or not fully redeemed by the approval date of the semi-annual report[123](index=123&type=chunk) [Financial Report](index=37&type=section&id=%E7%AC%AC%E5%8D%81%E8%8A%82%20%E8%B4%A2%E5%8A%A1%E6%8A%A5%E5%91%8A) This section presents the company's unaudited financial statements, including the balance sheet, income statement, and cash flow statement, along with detailed notes and supplementary information [Financial Statements](index=37&type=section&id=%E4%BA%8C%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8) This semi-annual financial report is unaudited; the consolidated balance sheet shows total assets of **RMB 6.52 billion**, total liabilities of **RMB 3.83 billion**, and an asset-liability ratio of **58.78%**; the consolidated income statement shows total operating revenue of **RMB 1.91 billion** and net profit of **RMB 140 million**; the consolidated cash flow statement indicates net cash outflow from operating activities of **RMB 5.81 million**, net cash outflow from investing activities of **RMB 155 million**, and net cash outflow from financing activities of **RMB 28.67 million** 合并利润表摘要 (单位：元) | Item | Current Period Amount | Prior Period Amount | | :--- | :--- | :--- | | I. Total Operating Revenue | 1,913,928,835.18 | 1,535,015,250.61 | | II. Total Operating Costs | 1,733,246,409.98 | 1,317,858,423.19 | | Including: Operating Costs | 1,573,351,124.03 | 1,221,258,313.35 | | Financial Expenses | 44,746,955.29 | 13,649,270.63 | | III. Operating Profit | 186,966,325.48 | 214,820,493.48 | | IV. Total Profit | 187,808,543.65 | 215,137,287.66 | | V. Net Profit | 140,473,841.27 | 160,151,464.39 | | Net Profit Attributable to Parent Company Owners | 140,473,841.27 | 160,075,744.86 | 合并现金流量表摘要 (单位：元) | Item | Current Period Amount | Prior Period Amount | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -5,809,995.55 | -433,065,418.24 | | Net Cash Flow from Investing Activities | -154,740,398.88 | -501,554,139.40 | | Net Cash Flow from Financing Activities | -28,669,873.50 | 509,854,943.65 | | Net Increase in Cash and Cash Equivalents | -189,188,216.78 | -424,797,845.44 | [Notes to Consolidated Financial Statements](index=80&type=section&id=%E4%B8%83%E3%80%81%E5%90%88%E5%B9%B6%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E9%A1%B9%E7%9B%AE%E6%B3%A8%E9%87%8A) Notes to the financial statements provide detailed disclosure of each accounting item's composition; accounts receivable had an ending balance of **RMB 2.20 billion**, with bad debt provisions of **RMB 63.73 million**, primarily within one year; short-term borrowings totaled **RMB 1.67 billion**, mainly comprising guaranteed and collateralized/pledged loans; goodwill had a book value of **RMB 677 million**, primarily from the acquisitions of Jiangsu Dingyang and Shanghai Zhengyun, with no impairment provision recognized at period-end [Accounts Receivable](index=82&type=section&id=5%E3%80%81%E5%BA%94%E6%94%B6%E8%B4%A6%E6%AC%BE) Accounts receivable had an ending book balance of **RMB 2.20 billion**, with bad debt provisions of **RMB 63.73 million**, resulting in a book value of **RMB 2.14 billion**, a **43.84%** increase from the beginning of the period; the top five customers' outstanding balances totaled **RMB 1.16 billion**, accounting for **52.90%** of the total, indicating high customer concentration 按欠款方归集的期末余额前五名的应收账款情况 | Unit Name | Period-end Balance (RMB) | Proportion of Total (%) | Bad Debt Provision (RMB) | | :--- | :--- | :--- | :--- | | 第一名 | 421,716,656.43 | 19.17 | 8,434,333.13 | | 第二名 | 318,000,000.00 | 14.46 | 6,360,000.00 | | 第三名 | 153,035,063.00 | 6.96 | 1,530,350.63 | | 第四名 | 148,500,000.00 | 6.75 | 1,485,000.00 | | 第五名 | 122,267,846.50 | 5.56 | 1,222,678.47 | [Goodwill](index=98&type=section&id=27%E3%80%81%E5%95%86%E8%AA%89) Goodwill had an ending book value of **RMB 677 million**, with no changes or impairment provisions recognized; goodwill primarily arose from non-common control business combinations with Jiangsu Dingyang Green Energy Power Co., Ltd. (**RMB 370 million**), Shanghai Zhengyun New Energy Technology Co., Ltd. (**RMB 268 million**), and Zhejiang Zhongke Zhengfang Electronic Technology Co., Ltd. (**RMB 39 million**) 商誉账面原值构成 | Item Forming Goodwill | Period-end Balance (RMB) | | :--- | :--- | | Jiangsu Dingyang Green Energy Power Co., Ltd. | 369,917,536.07 | | Shanghai Zhengyun New Energy Technology Co., Ltd. | 267,998,963.90 | | Zhejiang Zhongke Zhengfang Electronic Technology Co., Ltd. | 38,655,269.72 | | **Total** | **676,571,769.73** | [Related Parties and Related Party Transactions](index=136&type=section&id=%E5%8D%81%E4%BA%8C%E3%80%81%E5%85%B3%E8%81%94%E6%96%B9%E5%8F%8A%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) The company's ultimate controlling party is the Lu Xiaojun family; during the reporting period, the company engaged in transactions with multiple related parties, including providing EPC construction services to related party Fengning Manchu Autonomous County Shunqi Solar Power Generation Co., Ltd., recognizing **RMB 419 million** in revenue; the company also borrowed **RMB 356 million** interest-free from its controlling shareholder, Luxiao Group Co., Ltd.; additionally, the controlling shareholder and other related parties provided multiple loan guarantees for the company 购销商品、提供和接受劳务的关联交易 | Related Party | Related Party Transaction Content | Current Period Amount (RMB) | | :--- | :--- | :--- | | Bourns Luxiao Sapphire Co., Ltd. | Crystal Rod Procurement | 1,479,607.80 | | Fengning Manchu Autonomous County Shunqi Solar Power Generation Co., Ltd. | EPC Construction | 418,509,386.71 | 关联方资金拆借 | Related Party | Borrowing/Lending Direction | Borrowing/Lending Amount (RMB) | Description | | :--- | :--- | :--- | :--- | | Luxiao Group Co., Ltd. | Borrowed | 356,000,000.00 | Provided interest-free fund borrowing/lending | [Supplementary Information](index=152&type=section&id=%E5%8D%81%E5%85%AB%E3%80%81%E8%A1%A5%E5%85%85%E8%B5%84%E6%96%99) During the reporting period, non-recurring gains and losses totaled **RMB 7.76 million**, primarily from government subsidies; after deducting non-recurring gains and losses, the company's net profit attributable to the parent company was **RMB 133 million**; the weighted average return on net assets was **5.35%**, and basic earnings per share was **RMB 0.127** 当期非经常性损益明细表 (单位：元) | Item | Amount | Description | | :--- | :--- | :--- | | Gains/Losses on Disposal of Non-current Assets | 776,088.00 | - | | Government Subsidies Recognized in Current P&L | 8,135,899.94 | Amortization of deferred income and government subsidies received in current period | | Other | 1,428,828.21 | - | | Less: Income Tax Impact | 2,582,308.82 | - | | **Total** | **7,758,507.33** | -- | 净资产收益率及每股收益 | Profit for the Reporting Period | Weighted Average Return on Net Assets | Basic Earnings Per Share (RMB/share) | | :--- | :--- | :--- | | Net Profit Attributable to Ordinary Shareholders of the Company | 5.35% | 0.127 | | Net Profit Attributable to Ordinary Shareholders of the Company After Deducting Non-recurring Gains and Losses | 5.06% | 0.120 | [Reference Documents Catalog](index=155&type=section&id=%E7%AC%AC%E5%8D%81%E4%B8%80%E8%8A%82%20%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 announcements, and the semi-annual report, located at the company's Securities Investment Department - Reference documents include financial statements signed by the legal representative, original drafts of company announcements, and original copies of the semi-annual report signed by the chairman, all available at the company's Securities Investment Department[655](index=655&type=chunk)

露笑科技股份有限公司 2018 年第一季度报告正文 证券代码：002617 证券简称：露笑科技 公告编号：2018-059 露笑科技股份有限公司 Roshow Technology Co., Ltd. （浙江省诸暨市店口镇露笑路38号） 2018年第一季度报告正文 证券代码：002617 证券简称：露笑科技 披露日期：2018 年 04 月 25 日 1 露笑科技股份有限公司 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。 公司负责人鲁永、主管会计工作负责人尤世喜及会计机构负责人(会计主管 人员)胡晓宇声明：保证季度报告中财务报表的真实、准确、完整。 2 露笑科技股份有限公司 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 追溯调整或重述原因 会计政策变更 | | 本报告期 | 上年同期 | | 本报告期比上年同 | | - ...