证券代码：002630 证券简称：华西能源 编号：2022-023 华西能源工业股份有限公司 投资者关系活动记录表 | --- | --- | --- | |-----------------------------|----------------------------------------------------------|-----------------------------------------------------------| | | | | | 投资者关系活动 | □特定对象调研 □分析师会议 | | | 类别 | □媒体采访 | ☑ 业绩说明会 | | | □新闻发布会 □路演活动 | | | | □现场参观 | | | | □其他 | （请文字说明其他活动内容） | | 参与单位名称及 人员姓名 | 社会公众股东、投资者。 | | | 时间 下午 | 15:00-17:00 | | | | 远程的方式召开。 | 地点 四川自贡，公司通过全景网"投资者关系互动平台"采用网络 | | 上市公司接待人 员姓名 | 涛先生、独立董事应千伟先生。 | 公司董事长黎仁超先生、董事会秘书徐琳 ...

华西能源工业股份有限公司 2022 年第三季度报告 证券代码：002630 证券简称：华西能源 公告编号：2022-064 华西能源工业股份有限公司 2022 年第三季度报告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导 性陈述或重大遗漏。 重要内容提示: 1.董事会、监事会及董事、监事、高级管理人员保证季度报告的真实、准确、完整，不存在 虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 2.公司负责人、主管会计工作负责人及会计机构负责人(会计主管人员)声明：保证季度报告中 财务信息的真实、准确、完整。 3.第三季度报告是否经过审计 □是 否 （一） 主要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 | 本报告期比上年同期 | 年初至报告期末 | 年初至报告期末比上年 | | --- | --- | --- | --- | --- | | | | 增减 | | 同期增减 | | 营业收入（元） | 167,364,910.80 | -20.89% | 479,422,022.78 | -42.93% | | 归属于上市公司 ...

Financial Performance - The company's operating revenue for the first half of 2022 was ¥312,057,111.98, a decrease of 50.35% compared to ¥628,566,273.20 in the same period last year[22]. - The net profit attributable to shareholders of the listed company was -¥330,893,079.11, representing a decline of 109.37% from -¥158,044,185.62 in the previous year[22]. - The net cash flow from operating activities increased by 101.04% to ¥78,879,793.62, compared to ¥39,235,028.21 in the same period last year[22]. - The total assets at the end of the reporting period were ¥10,858,357,410.81, down 3.12% from ¥11,208,432,382.18 at the end of the previous year[22]. - The net assets attributable to shareholders of the listed company decreased by 20.35% to ¥1,314,622,162.71 from ¥1,650,400,324.71 at the end of the previous year[22]. - The basic earnings per share were -¥0.2802, a decline of 109.42% from -¥0.1338 in the same period last year[22]. - The weighted average return on net assets was -22.28%, a decrease of 15.70% compared to -6.58% in the previous year[22]. - The company achieved total revenue of ¥312,057,111.98, a decrease of 50.35% compared to the same period last year[37]. - The company reported a net investment income of CNY 37,034,661.32, which accounted for 9.95% of the total profit, reflecting a 60.69% increase due to higher profits from long-term investments[68]. - The total comprehensive income for the first half of 2022 was a loss of CNY 353,114,372.82, compared to a loss of CNY 170,006,601.68 in the first half of 2021, reflecting a worsening of 107.5%[184]. Risks and Challenges - The company faces risks related to market demand decline and intensified competition, particularly in the power supply and municipal engineering sectors[4]. - The company acknowledges the risk of bad debts from accounts receivable, which may increase as the total accounts receivable grows[5]. - The company is exposed to risks from fluctuations in raw material prices, particularly steel, which can impact profit margins[6]. - The company highlighted the long payment cycles associated with large contracts, which may lead to insufficient working capital if payments are delayed[6]. - The company is at risk of project delays or cancellations due to macroeconomic policy changes or funding issues from clients[6]. - The company faces operational funding risks due to long payment cycles in large-scale projects, which could impact the execution of existing orders[86]. - There is a risk of inventory orders not being executed as expected due to macro policy adjustments and other uncontrollable factors, potentially leading to project delays or cancellations[87]. - The company faces risks related to declining market demand and increased competition, particularly in the boiler manufacturing and engineering contracting sectors[85]. Market and Industry Trends - The company operates in a highly competitive environment closely tied to macroeconomic conditions and industry developments[4]. - The production of power station boilers in China has been declining since 2017, with a total output of 257,362 tons in 2020, representing a year-on-year decrease of 6.50%[44]. - The share of non-fossil energy consumption in China is projected to increase from 15.8% at the end of 2020 to around 25% by 2030, with over 70% of energy increments coming from non-fossil sources[46]. - By 2050, China's non-fossil energy share is expected to reach 78%, with coal consumption decreasing by 90% compared to 2019 levels[45]. - The overall power generation capacity in China reached 2.44 billion kilowatts, with a year-on-year growth of 8.1%[40]. - The company is actively expanding into clean energy sectors such as solar thermal, wind, and nuclear power, in response to declining demand for traditional thermal power projects[38]. Operational Insights - The company operates under a "make-to-order" model due to the customized nature of its boiler products, which are high-value and have long production cycles[34]. - The company has developed a range of special boilers, including circulating fluidized bed boilers and biomass boilers, which have significant market development potential[47]. - The company has successfully exported various biomass fuel boilers, including a 300t/h boiler to Thailand, showcasing its industry-leading position in the biomass and renewable energy equipment sector[52]. - The company has a stable product quality and a comprehensive product series, which has helped establish a strong brand image in the market[51]. - The company’s R&D team includes numerous industry experts, contributing to continuous innovation and improvement in its technological capabilities[50]. Financial Management and Strategy - The company does not plan to distribute cash dividends or issue bonus shares[7]. - The company plans to enhance market development, optimize design, and improve product quality to maintain competitiveness[85]. - The company aims to ensure timely recovery of payments by improving service quality and maintaining strong client relationships[85]. - The company plans to address funding needs through self-funding, direct bank financing, capital market financing, and partnerships to ensure contract fulfillment[86]. - The company is well-positioned to capture more domestic and international engineering contract orders due to its qualifications and capabilities in power engineering[48]. Environmental Responsibility - The company has constructed two sets of flue gas purification devices, including SNCR desulfurization and denitrification equipment, which are operating normally[97]. - The wastewater treatment facilities have a processing capacity of 72 tons per day, with treated water reused for landscaping and dust control[98]. - The company has established a solid waste facility with a storage capacity of 5000 tons for domestic waste, which is functioning properly[99]. - An environmental risk prevention facility has been built, including an 800 m³ accident pool, to enhance safety measures[99]. - The company has completed its greening requirements for the factory area as part of its environmental responsibility[99]. - The company has not faced any administrative penalties due to environmental issues during the reporting period[103]. Legal and Compliance Matters - The company has not experienced any major litigation or arbitration matters during the reporting period[118]. - The company is involved in a lawsuit with Tianfu Nan Electric Co., claiming product defects, with a total amount of 24.0776 million yuan at stake[119]. - The company is currently in litigation regarding a claim for 85.8281 million yuan from China Machinery Construction Group due to contract termination[120]. - There are no penalties or rectification measures reported during the reporting period[121]. Shareholder Information - The total number of shares outstanding is 1,180,800,000, with 82.26% being unrestricted shares[159]. - The largest shareholder, Li Renchao, holds 23.05% of the shares, totaling 272,211,184 shares, with 216,200,000 shares pledged[161]. - The company has 121,846 common stock shareholders as of the report date[161]. - The controlling shareholder, Mr. Li Renchao, held 272,211,184 shares, representing 23.05% of the total share capital, but faced judicial disposal of 104,935,504 shares due to loan guarantees[164].

Financial Performance - The company's operating revenue for 2021 was ¥1,517,242,646.81, a decrease of 31.26% compared to ¥2,207,318,678.96 in 2020[22]. - The net profit attributable to shareholders was -¥682,080,613.84, representing a decline of 46.45% from -¥465,749,056.28 in the previous year[22]. - The net cash flow from operating activities was -¥186,962,291.57, a significant drop of 598.44% compared to ¥37,509,575.80 in 2020[22]. - The total assets at the end of 2021 were ¥11,208,432,382.18, down 9.75% from ¥12,419,837,727.04 at the end of 2020[22]. - The net assets attributable to shareholders decreased by 33.49% to ¥1,650,400,324.71 from ¥2,481,358,760.81 in 2020[22]. - The basic earnings per share for 2021 was -¥0.5776, a decline of 46.45% from -¥0.3944 in 2020[22]. - The weighted average return on equity was -31.87%, a decrease of 15.96% compared to -15.91% in 2020[22]. - The company reported a significant reduction in revenue from non-core activities, with a total of ¥72,795,668.51 deducted from operating revenue in 2021[23]. - The company achieved total operating revenue of ¥1,517,242,646.81, a decrease of 31.26% compared to the previous year[62]. - The net profit attributable to shareholders was -¥682,080,613.84, representing a decline of 46.45% year-on-year[60]. - The number and amount of new orders signed decreased significantly, with a total contract amount of ¥2,922,000,000, down 33.77% from the previous year[63]. - Research and development expenses were ¥40,344,200.97, a reduction of 47.50% due to decreased new orders and project design[62]. - The company reported a gross margin of 3.28% for the mechanical engineering and boiler manufacturing sector, down from the previous year[70]. Market and Competition - The company faces risks related to market demand decline and intensified competition, which could impact market share and profit margins[5]. - The company operates in a competitive energy sector, with a focus on transitioning to non-fossil energy sources, which accounted for 47.0% of total installed capacity by the end of 2021[35]. - The company is expected to face increasing competition and must adapt to the growing demand for renewable energy and energy storage solutions[40]. - The overall installed capacity of coal power is projected to be around 11.4 billion kilowatts by the end of 2022, indicating a continued reliance on traditional energy sources[38]. - The company anticipates a continuous decline in investment in thermal power generation, with traditional thermal boiler products facing increasing market restrictions[43]. - The company has identified risks related to project delays or cancellations due to macro policy adjustments and funding arrangements[75]. - The company faces risks from declining market demand and intensified competition, particularly in the energy and public utility sectors, which are closely tied to macroeconomic conditions[120]. Research and Development - The company has developed a diverse range of boiler products, including biomass boilers and waste incineration boilers, which are expected to see significant market growth[44]. - The company is recognized as a high-tech enterprise with the capability to independently research and produce supercritical boiler systems[49]. - The company has a total of 298 patents, including invention and utility model patents, focusing on energy-saving and emission-reduction technologies[56]. - The company obtained 52 new patents during the reporting period, contributing to its technological advancements[84]. - The company's R&D investment amounted to ¥40,344,200.97 in 2021, a decrease of 47.50% compared to ¥76,843,922.56 in 2020, representing 2.66% of operating revenue, down from 3.48%[85]. - The number of R&D personnel decreased by 6.11% from 131 in 2020 to 123 in 2021, while the proportion of R&D personnel in the total workforce increased from 10.51% to 11.46%[85]. Environmental Initiatives - The company reported a significant focus on energy-efficient boilers, environmental protection boilers, and new energy utilization boilers, which are critical to its product line[5]. - The company has implemented various energy-saving measures, including promoting green procurement and paperless operations, to improve environmental efficiency[189]. - The company has completed environmental impact assessments and received approvals for its projects, with the latest approval obtained on December 10, 2021[182]. - The company has established an environmental risk prevention facility, including an 800 m³ accident pool, which is in normal standby[181]. - The company has publicly displayed its environmental monitoring data on a large screen at the factory entrance, ensuring transparency[182]. Governance and Management - The company maintains complete independence from its controlling shareholder in terms of business, assets, personnel, organization, and finance, with a fully independent R&D, production, supply, and sales system[131]. - The company has established a robust governance structure that complies with relevant laws and regulations, ensuring transparency and accountability[132]. - The company has a clear and transparent hiring process for its management team, ensuring that all senior management personnel are exclusively employed by the company and not by the controlling shareholder[133]. - The company actively engages in investor relations management, providing timely responses to investor inquiries and maintaining open communication channels[132]. - The company has established a comprehensive internal control system covering financial, information, market, production, technology, safety, quality, investment, administration, and human resources, ensuring effective supervision and guidance over operations[130]. Strategic Plans - The company aims to leverage national strategies such as the Belt and Road Initiative to expand its presence in both domestic and international clean energy markets[44]. - The company plans to collaborate with new energy investment institutions to expand into fields such as waste-to-energy, biomass, wind energy, photovoltaics, hydrogen energy, and energy storage[117]. - The company aims to optimize its asset structure in 2022, focusing on reducing high leverage and improving cash flow from core operations[112]. - The company plans to dispose of underperforming assets in the solid waste treatment project through equity transfer or cooperative management to recover funds quickly[114]. - The company is committed to becoming a leading supplier of new energy utilization system solutions within the next three to five years[111]. Employee and Stakeholder Relations - The company has a cash dividend policy that stipulates at least 10% of the distributable profit should be distributed in cash, with a cumulative distribution of at least 30% over any three consecutive years[165]. - The company reported no cash dividend distribution plan for the current year, despite having positive distributable profits[168]. - The company employs a performance-based salary system, with management on an annual salary system and other employees on a performance wage system[161]. - The company has no current plans for stock dividends or capital reserve transfers to increase share capital[168]. - The company has established a comprehensive internal control system that meets the requirements for listed companies, ensuring effective decision-making, execution, and supervision mechanisms[170].

华西能源工业股份有限公司 2022 年第一季度报告全文 证券代码：002630 证券简称：华西能源 公告编号：2022-019 华西能源工业股份有限公司 2022 年第一季度报告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 重要内容提示: 1.董事会、监事会及董事、监事、高级管理人员保证季度报告的真实、准确、完整，不存在 虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 2.公司负责人、主管会计工作负责人及会计机构负责人(会计主管人员)声明：保证季度报告中 财务信息的真实、准确、完整。 3.第一季度报告是否经过审计 □ 是 √ 否 一、主要财务数据 (一)主要会计数据和财务指标 1 华西能源工业股份有限公司 2022 年第一季度报告全文 (二)非经常性损益项目和金额 √ 适用 □ 不适用 其他符合非经常性损益定义的损益项目的具体情况： □ 适用 √ 不适用 公司不存在其他符合非经常性损益定义的损益项目的具体情况。 将《公开发行证券的公司信息披露解释性公告第 1 号——非经常性损益》中列举的非经常性损益项目界定 为经常性损益项目的情况说明 公司是 ...

Financial Performance - The company's operating revenue for Q3 2021 was ¥211,555,108.36, a decrease of 77.01% compared to the same period last year[3]. - The net profit attributable to shareholders was -¥83,650,102.63, reflecting a significant decline of 1,262.66% year-on-year[3]. - Basic earnings per share were -¥0.0709, representing a decrease of 809.00% year-on-year[3]. - The company reported a 59.72% decline in operating revenue for the year-to-date period, totaling ¥840,121,381.56[11]. - Total operating revenue for Q3 2021 was ¥840,121,381.56, a decrease of 59.8% compared to ¥2,085,913,436.06 in the same period last year[24]. - The net profit for Q3 2021 was a loss of ¥244,990,245.76, compared to a profit of ¥18,296,912.38 in Q3 2020, marking a significant decline[25]. - The company reported a comprehensive income total of -¥244,581,912.19 for Q3 2021, compared to ¥18,769,421.63 in the previous year[26]. - Basic and diluted earnings per share for Q3 2021 were both -¥0.2047, a decrease from ¥0.0173 in Q3 2020[26]. Cash Flow and Assets - The cash flow from operating activities for the year-to-date period was ¥37,673,268.40, down 89.96% compared to the previous year[3]. - Cash flow from operating activities generated a net cash inflow of ¥37,673,268.40, down 89.9% from ¥375,199,298.99 in the same quarter last year[27]. - The cash received from sales of goods and services was ¥923,507,086.13, down 53.85% year-on-year[13]. - The company reported a significant increase of 1,415.15% in cash received from investment activities, totaling ¥15,000,000.00[14]. - The cash and cash equivalents at the end of the period totaled 183,041,724.20, compared to 398,042,970.50 at the end of the previous year[28]. - The company's current assets decreased to CNY 7,725,405,517.22 from CNY 8,551,205,699.63, reflecting a decline of approximately 9.7%[22]. - Accounts receivable decreased to CNY 1,313,672,832.53 from CNY 1,619,358,908.57, representing a reduction of about 19%[21]. - Inventory levels decreased to CNY 878,029,920.57 from CNY 982,824,017.42, indicating a decline of approximately 10.6%[22]. Liabilities and Equity - Total liabilities increased to CNY 9,871,657,105.15 from CNY 9,753,908,617.53, marking an increase of about 1.2%[23]. - The company's equity attributable to shareholders decreased to CNY 2,239,007,717.40 from CNY 2,481,358,760.81, a decline of about 9.8%[23]. - Long-term borrowings increased to CNY 2,423,500,000.00 from CNY 2,224,500,000.00, reflecting an increase of approximately 8.9%[23]. - The company's short-term borrowings remained relatively stable at CNY 2,190,400,000.00 compared to CNY 2,198,450,000.00 in the previous period[23]. Shareholder Information - Total number of common shareholders at the end of the reporting period is 62,307[16]. - The largest shareholder, Li Renchao, holds 23.05% of shares, totaling 272,211,184 shares, with 216,200,000 shares pledged[16]. - The second-largest shareholder, Jiang Zhongping, holds 2.22% of shares, totaling 26,218,895 shares[16]. - The top ten shareholders collectively hold significant stakes, with the first three shareholders accounting for 26.43% of total shares[16]. - The company’s shareholder structure shows a concentration of ownership, which may impact governance and decision-making processes[16]. Legal Matters - The company has ongoing litigation involving claims of 24.0776 million yuan related to product defects from a contract signed in 2005[18]. - A separate lawsuit involves a contract worth 186.1 million USD with Indian TRN ENERGY PVT.LTD, with a claim for 12 million yuan currently in court[18]. - The company has terminated contracts with China Machinery Construction Group due to severe delays, with claims totaling 85.8281 million yuan pending in court[18]. - The company is involved in multiple legal disputes, indicating potential financial implications and operational challenges[18]. - The report highlights the importance of monitoring shareholder dynamics and ongoing legal matters for future strategic decisions[17]. Research and Development - Research and development expenses decreased by 34.74% to ¥46,585,276.91 compared to the same period last year[11]. - Research and development expenses for Q3 2021 were ¥46,585,276.91, a decrease of 34.7% compared to ¥71,378,762.08 in Q3 2020[24]. Financial Adjustments and Standards - The company did not require adjustments to the beginning balance sheet items under the new leasing standards[30]. - The company did not engage in any new leasing arrangements that would necessitate adjustments to the financial statements[30]. - The third-quarter report was not audited, indicating a potential area for further scrutiny[31]. Other Financial Metrics - The company incurred financial expenses of ¥177,960,103.80, which included interest expenses of ¥180,632,586.07, up from ¥168,582,280.79 in the previous year[24]. - The company reported an increase in tax and additional fees to ¥13,475,809.11, compared to ¥10,518,996.61 in the same period last year[24]. - The net cash flow from investment activities was -118,266,246.31, a significant decrease compared to -1,209,111,219.01 from the previous year[28]. - Total cash inflow from financing activities amounted to 1,808,700,000.00, while cash outflow was 1,689,018,506.90, resulting in a net cash flow of 119,681,493.10[28]. - Cash received from borrowings was 1,793,700,000.00, a decrease from 2,903,948,333.33 in the previous year[28]. - The impact of exchange rate fluctuations on cash and cash equivalents was -22,378.22, reflecting a minor negative effect[28].

Market Risks and Competition - The company reported a significant risk of market demand decline and intensified competition, particularly in the power generation and municipal engineering sectors, which are closely tied to macroeconomic conditions [7]. - The company faces challenges such as reduced market demand for traditional thermal power projects and increased competition in the industry [39]. - The market for electric boilers is becoming increasingly competitive, with over 20 companies capable of large-scale production of power station boilers [48]. - The company faces risks from declining market demand and intensified competition, particularly in the boiler manufacturing and engineering contracting sectors [88]. Financial Performance - The company's operating revenue for the first half of 2021 was ¥628,566,273.20, a decrease of 46.07% compared to the same period last year [24]. - The net profit attributable to shareholders was a loss of ¥158,044,185.62, representing a decline of 1,299.42% year-on-year [24]. - The net cash flow from operating activities was ¥39,235,028.21, down 82.47% from the previous year [24]. - The basic earnings per share were -¥0.1338, a decrease of 1,294.64% compared to the same period last year [24]. - Total assets at the end of the reporting period were ¥12,332,476,213.79, a decrease of 0.70% from the end of the previous year [24]. - The net assets attributable to shareholders were ¥2,344,034,323.35, down 5.53% from the previous year [24]. - The weighted average return on net assets was -6.58%, a decline of 6.97% compared to the previous year [24]. - The company reported a significant increase in non-recurring losses, with a total of ¥1,869,436.66 after tax adjustments [29]. - Operating profit was -¥188,639,566.47, down 1131.07% year-on-year; total profit was -¥189,136,035.18, a decline of 1100.45% [38]. Production Costs and Raw Materials - The company highlighted that approximately 90% of the production costs for boiler products are attributed to raw materials, primarily steel, which poses a risk due to potential price fluctuations during the long production cycles of 1 to 2 years [8]. - The main raw materials for boiler products, including steel plates and pipes, account for approximately 90% of production costs, exposing the company to risks from price fluctuations [90]. - The company's gross margin for boiler and supporting products decreased by 26.52%, reflecting increased costs of raw materials and transportation [69]. Working Capital and Financing - The company faces a risk of insufficient working capital as the demand for large EPC project contracts increases, which could impact the execution of major orders [9]. - The company plans to address funding needs for major projects through self-funding, direct bank financing, capital market financing, and partnerships with third parties [91]. - The cash flow from financing activities decreased by 88.66% to ¥54,367,600.47, compared to ¥479,431,906.36, due to reduced cash from new borrowings [66]. Contracts and Orders - New signed contracts totaled ¥369 million, a decline of 73.43% year-on-year, indicating a significant reduction in new orders [39]. - The company has ongoing contracts with a total value of CNY 1.02 billion, with significant projects including a CNY 1.02 billion boiler project and a CNY 231.623 million PPP project [163]. - The company confirmed revenue of CNY 184.69 million from ongoing contracts, with CNY 90 million received during the reporting period [163]. Environmental and Social Responsibility - The company has constructed two sets of flue gas purification equipment and a monitoring facility that shares real-time data with local environmental authorities [100]. - The wastewater treatment facilities have a processing capacity of 100 m³/d, utilizing advanced treatment technologies to ensure compliance with environmental standards [102]. - The company has established a solid waste management system, including a 200 m² slag warehouse and a 60 m³ sludge storage tank, to handle waste effectively [103]. - The company has actively participated in social welfare activities, donating over 2 million RMB worth of medical supplies during the COVID-19 pandemic [118]. - The company has maintained a 100% compliance rate for hazardous waste disposal during the reporting period [117]. Legal Matters - The company is involved in a lawsuit with Tianfu South Thermal Power Co., claiming damages of 24.0776 million yuan due to product defects [127]. - The company is facing a lawsuit from China Machinery Construction Group for a total claim of 85.8281 million yuan due to contract termination and unpaid dues [129]. - The company has received a civil lawsuit from a contractor for 4.0373 million yuan related to construction payments [127]. - The company has reported no significant litigation or arbitration matters during the reporting period [127]. - The company is actively managing its legal disputes to mitigate financial impacts and ensure compliance with contractual obligations [127]. Research and Development - Research and development investment was ¥35,928,928.51, down 4.78% from ¥37,733,981.59, indicating a slight reduction in R&D activities [66]. - The company has a total of 284 patents, including invention and utility model patents, focusing on energy-saving and emission-reducing boiler technologies [60]. - The company has received numerous awards for its technological advancements, including the National Science and Technology Progress Award and provincial awards for various boiler projects [61]. Shareholder and Corporate Governance - The company did not issue any new shares or conduct any share buybacks during the reporting period [172]. - The company completed a board and supervisory committee election on November 5, 2020, leading to changes in the locked shares of senior management [171]. - The company reported no preferred shares or corporate bonds during the reporting period [180][183]. - The report indicates that there were no significant changes in the shareholding structure among the top ten shareholders [175].

Financial Performance - The company's operating revenue for Q1 2021 was ¥436,003,608.88, a decrease of 42.36% compared to ¥756,421,955.02 in the same period last year[8] - The net profit attributable to shareholders was -¥54,049,171.99, representing an increase in loss of 193.76% from -¥18,399,219.10 year-on-year[8] - The company reported a significant decrease in operating costs by 36.53% to ¥405,115,891.89, down from ¥638,281,350.99 year-on-year[19] - In Q1 2021, the company reported sales revenue of approximately ¥515.48 million, a year-on-year increase of 43.67% compared to ¥358.80 million in Q1 2020[21] - The company reported a net loss for Q1 2021 of CNY 55,091,469.71, worsening from a net loss of CNY 21,503,400.40 in the same period last year[46] - The total comprehensive income for the current period was -¥54,675,988.48, compared to -¥21,081,815.24 in the previous period[50] Cash Flow and Investments - The net cash flow from operating activities increased by 131.04% to ¥45,695,344.82, compared to ¥19,778,064.29 in the previous year[8] - Cash paid for purchasing goods and services increased by 37.82% to ¥416.71 million from ¥302.35 million in the same period last year[21] - The company received cash from investment recoveries amounting to ¥43.38 million, representing an 87.39% increase from ¥23.15 million in Q1 2020[21] - Cash paid for fixed assets and other long-term assets rose by 47.78% to ¥225.15 million, up from ¥152.35 million in the previous year[21] - The company reported a net cash outflow from investing activities of -¥181,438,939.36, compared to -¥128,393,878.26 in the previous period[53] - Cash inflow from financing activities was ¥50,000,000.00, a decrease from ¥1,525,000,000.00 in the previous period, indicating reduced borrowing[57] Assets and Liabilities - The total assets at the end of the reporting period were ¥12,255,410,840.80, a decrease of 1.32% from ¥12,419,837,727.04 at the end of the previous year[8] - The company's total liabilities as of March 31, 2021, were approximately 9.65 billion yuan, down from approximately 9.75 billion yuan at the end of 2020[38] - The company's equity attributable to shareholders decreased from approximately 2.48 billion yuan at the end of 2020 to approximately 2.43 billion yuan by March 31, 2021[39] - Total current assets decreased to CNY 4,117,945,430.78 from CNY 4,385,826,173.03[40] - The total assets decreased to CNY 8,616,223,959.67 from CNY 8,800,128,488.57, reflecting a contraction in the asset base[41] Research and Development - Research and development expenses rose by 122.47% to ¥13,422,404.66, up from ¥6,033,430.54 in the same period last year[19] - The company incurred research and development expenses of ¥12,008,840.69, up from ¥4,835,833.38 in the previous period, indicating a focus on innovation[49] Shareholder Information - The company had a total of 79,553 common shareholders at the end of the reporting period[11] - The company did not engage in any repurchase transactions during the reporting period[12] Legal and Contractual Matters - The company is currently involved in ongoing litigation related to product defects and contractual disputes, which may impact future operations[22] - The total amount of significant contracts includes a contract with Xinjiang Qiya Aluminum Electric Co., amounting to 1.02 billion yuan, with partial production completed but currently paused[27] - The company reported no significant differences in contract progress that would affect contract amounts by more than 30%[28] Compliance and Governance - The company has no entrusted financial management activities during the reporting period[29] - There were no violations regarding external guarantees during the reporting period[30] - The first quarter report was not audited, which may affect the reliability of the financial data presented[59]

Financial Performance - The company's operating revenue for 2020 was ¥2,207,318,678.96, a decrease of 39.08% compared to ¥3,623,174,397.03 in 2019[18]. - The net profit attributable to shareholders was -¥465,749,056.28 in 2020, a decline of 1370.60% from ¥36,655,786.62 in 2019[18]. - The net cash flow from operating activities was ¥37,509,575.80, down 94.66% from ¥702,195,094.38 in the previous year[18]. - The total assets at the end of 2020 were ¥12,419,837,727.04, a decrease of 3.53% from ¥12,874,812,962.80 at the end of 2019[18]. - The net assets attributable to shareholders decreased by 21.49% to ¥2,481,358,760.81 from ¥3,160,570,797.20 in 2019[18]. - The basic earnings per share for 2020 was -¥0.3944, compared to ¥0.0310 in 2019, reflecting a decline of 1372.26%[18]. - The weighted average return on equity was -15.91% in 2020, down from 1.16% in 2019[18]. - The company reported a significant drop in net profit after deducting non-recurring gains and losses, with a figure of -¥469,510,299.64 for 2020[18]. - The quarterly revenue peaked in Q3 at ¥920,365,643.54, but fell to ¥121,405,242.90 in Q4[23]. - The company achieved total operating revenue of ¥2,207,318,678.96, a decrease of 39.08% compared to the previous year[50]. - Operating profit was -¥602,727,677.54, down 32,521.68% year-on-year[50]. - The company reported a significant investment decrease of 191.91% year-on-year, with total investments amounting to ¥47,350,000.00[93]. Risks and Challenges - The company faces risks related to market demand decline and intensified competition, particularly in the power supply and municipal engineering sectors[5]. - The company acknowledges the risk of raw material price fluctuations impacting profit margins, particularly for steel used in production[5]. - The company has a substantial amount of accounts receivable, which poses a risk of bad debts, although the probability remains low due to the strong financial standing of its major clients[5]. - The company is exposed to raw material price fluctuations, with steel accounting for approximately 90% of production costs, which could impact profitability[121]. - The company is addressing operational funding shortages due to large EPC project orders, which require substantial working capital[122]. - The company is at risk of delays in executing large orders due to macroeconomic policy changes and other uncontrollable factors, which could affect project timelines[122]. - The company faced significant challenges in 2020 due to the COVID-19 pandemic, resulting in a slowdown of project execution and a decrease in new orders[50]. Strategic Initiatives - The company plans to expand its operations in the EPC (Engineering, Procurement, and Construction) sector, which requires increased working capital due to large contract amounts and long construction periods[6]. - The company aims to provide diversified energy system solutions, focusing on higher efficiency and cleaner energy technologies[29]. - The company’s strategy includes enhancing its capabilities in special boilers and expanding into new markets, supported by national initiatives like the Belt and Road[38]. - The company intends to leverage investment and mergers to explore quality projects in new energy, new materials, and intelligent manufacturing sectors[117]. - The company plans to improve its financing capabilities by utilizing various financing methods, including bank financing and equity financing, to support new growth[118]. - The company is committed to optimizing its long-term asset quality through effective risk management and control in investment projects[117]. Research and Development - The company has a professional team of about 300 personnel dedicated to R&D, design, manufacturing, and sales of power station and industrial boilers[42]. - The company has developed a biomass boiler that can adapt to 9 different types of fuel, showcasing its industry-leading position in biomass and renewable energy equipment[43]. - The company achieved significant progress in new product development, including the successful application of small-capacity high-parameter boilers and the first domestic special fuel boiler technology scheme[55]. - The company has established partnerships with several prestigious research institutions and universities to accelerate technology transfer and innovation[46]. - The company achieved 18 authorized patents in 2020, including 5 invention patents, reflecting ongoing innovation efforts[79]. Environmental and Social Responsibility - The company emphasizes its commitment to environmental protection, ensuring 100% compliance in hazardous waste disposal and strict adherence to national environmental standards[183]. - The company donated approximately 2 million yuan worth of medical supplies during the COVID-19 pandemic, supporting local communities and health organizations[183]. - The company has implemented an environmental monitoring plan and completed relevant monitoring for 2020, which has been reported and disclosed[195]. - The company has constructed a 800 m³ accident pool as part of its environmental risk prevention facilities, which is in normal standby[192]. - The company has established a real-time data sharing system with the Zhangye Ecological Environment Bureau for online monitoring of emissions[186]. Corporate Governance - The company’s financial report has been confirmed as true, accurate, and complete by its board of directors and management[4]. - The company has ensured that minority shareholders have opportunities to express their opinions and that their rights are protected[129]. - The company’s independent directors have fulfilled their responsibilities and played their roles effectively in the decision-making process[129]. - The company engaged Yongtuo Accounting Firm for internal control verification, with a total fee of 100,000 RMB for the year[139]. - The company has maintained its accounting firm for two consecutive years[139]. Subsidiaries and Investments - The company established four new subsidiaries in 2020, including Qingdao Huaxi Tai and Shaanxi Huaxi Lintai, with a total registered capital of 105 million CNY[71][72]. - The company plans to invest 3 million RMB to establish Qingdao Huarong Enterprise Development Co., holding a 30% stake with a registered capital of 10 million RMB[200]. - The company intends to increase its investment by 60 million RMB in Sichuan Jinruiqi Intelligent Technology Co., raising its stake to 12% as the registered capital increases from 12.5 million RMB to 14.2045 million RMB[200]. Legal Matters - The company is involved in a lawsuit with Tianfu South Thermal Power Co., with a claimed amount of 24.0776 million RMB, currently under trial[141]. - The company reached a settlement with Zigong First Construction Engineering Company, resolving a dispute over a contract worth 60 million RMB[142]. - The company is facing a lawsuit from China Machinery Construction for a total claim of 85.83 million RMB, which includes unpaid debts and contract termination losses[143].

Financial Performance - Operating revenue for the reporting period was ¥920,365,643.54, representing a year-on-year increase of 26.77%[8] - Net profit attributable to shareholders was ¥7,194,730.77, a decrease of 44.02% compared to the same period last year[8] - Net profit attributable to shareholders after deducting non-recurring gains and losses was ¥7,697,970.03, an increase of 709.91% year-on-year[8] - Basic earnings per share for the reporting period was ¥0.0100, down 8.26% year-on-year[8] - The weighted average return on net assets was 0.21%, a decrease of 0.19% compared to the previous year[8] - The company reported a net profit for the current period of ¥6,427,177.33, down from ¥8,434,378.47, marking a decrease of about 23.7%[53] - The total comprehensive income for the current period was ¥35,540,264.71, recovering from a loss of ¥122,273,131.96 in the previous year[64] Assets and Liabilities - Total assets at the end of the reporting period reached ¥14,069,519,925.96, an increase of 9.28% compared to the previous year[8] - The total liabilities increased from CNY 9.50 billion at the end of 2019 to CNY 10.70 billion, an increase of about 12.7%[44] - The company reported a significant adjustment in accounts receivable, decreasing by CNY 1,127,009,690.32 from CNY 2,790,178,339.77 to CNY 1,663,168,649.45[75] - Inventory saw a substantial reduction of CNY 3,010,099,052.73, dropping from CNY 3,281,885,908.33 to CNY 271,786,855.60[75] - The company has a contract liability of CNY 284,533,755.64, reflecting pre-received payments[76] Cash Flow - Net cash flow from operating activities was ¥151,414,971.37, up 73.19% from the previous year[8] - Cash received from operating activities decreased by 72.66% to ¥119,650,954.42, primarily due to a reduction in cash from guarantees and other sources[23] - The net cash flow from operating activities was 109,953,727.13, a decrease of 59.5% compared to 270,709,816.34 in the previous period[69] - The net cash flow from financing activities was 908,374,194.33, compared to 46,092,762.54 in the previous period, showing a substantial increase[70] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 59,349[12] - The largest shareholder, Li Renchao, holds 23.05% of the shares, with 272,211,184 shares pledged[12] Research and Development - Research and development expenses rose by 71.00% to ¥71,378,762.08, reflecting increased investment in new high-tech special boiler products[21] - Research and development expenses increased significantly to ¥33,644,780.49, compared to ¥16,220,704.39, reflecting a growth of approximately 107.5%[52] - The company is focusing on expanding its market presence and enhancing its product offerings through ongoing research and development initiatives[50] Legal Matters - The company is currently involved in a lawsuit with Tianfu Nanr Electric Co., claiming damages of approximately 24.08 million yuan due to product defects[25] - The company has paid over 50 million yuan of a total contract value of 60 million yuan to Zigong First Construction Engineering Co., with a court ruling requiring the company to pay 7.8 million yuan[25] - The company is contesting a demand for a bank guarantee payment of 18.61 million USD (approximately 120 million yuan) related to a contract with TRN Energy Pvt. Ltd[25] Investment Activities - The company plans to invest CNY 55 million in the ZG Zhanxin High-end Industry Investment Fund, with an initial payment of CNY 38.5 million already made[26] - The company intends to acquire 51% of JL Goslar GmbH for EUR 650.3 million (approximately CNY 51.59 million), with the acquisition funds pending payment[26] - The company has approved a cash investment of CNY 200 million to participate in the establishment of the Qinghe Jintainuo M&A Fund, with a planned contribution of CNY 300 million from a director[26] Financial Management - The company reported a decrease in financial expenses to ¥162,715,733.85 from ¥190,075,163.52, suggesting better financial management[63] - The company reported a decrease in sales expenses to CNY 18,102,690.85 from CNY 34,720,376.66 in the previous period, indicating improved cost management[59]