证券代码：002760 证券简称：凤形股份 安徽省凤形耐磨材料股份有限公司 投资者关系活动记录表 编号： | --- | --- | --- | |----------------|---------------------|--------------------------------------------| | | □ | 特定对象调研 □分析师会议 | | 投资者关系活动 | | □媒体采访 □业绩说明会 | | 类别 | □ | 新闻发布会 □路演活动 | | | ☑现场参观 | | | | □ 其他 | | | | | 国海创新资本 王俊；东海基金 章韧； | | | | 盛宇投资 石先志；国鑫投资 徐成、王晓亮； | | | 兴证证券 | 卓佳亮；海胜汇祥投资 高星； | | | | 申万宏源 王欢；毅达投资 杨葆、陈志强； | | 参与单位名称及 | | 华融证券 胡文浩、张成雯、郝亮； | | 人员姓名 | | 浙大九智投资 沈悦惺；雅利资产，黄坤柳； | | | | 东源投资 徐少伟；郭临资本 王韧、沈杰 | | | | 杭州炬元资产 章昊秋；华商基金 席红辉 | | | | 虎甲投资 ...

凤形股份有限公司 2022 年第三季度报告 证券代码：002760 证券简称：凤形股份 公告编号：2022-047 凤形股份有限公司 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 1 凤形股份有限公司 2022 年第三季度报告 一、主要财务数据 （一） 主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 □是 否 | | 本报告期 | 本报告期比上年同 | 年初至报告期末 | 年初至报告期末比上 | | --- | --- | --- | --- | --- | | | | 期增减 | | 年同期增减 | | 营业收入（元） | 180,161,561.38 | -26.98% | 569,941,154. ...

Financial Performance - The company's operating revenue for the first half of 2022 was ¥389,779,593.33, a decrease of 6.89% compared to ¥418,602,813.43 in the same period last year[21]. - The net profit attributable to shareholders was ¥28,078,966.47, down 31.88% from ¥41,221,382.58 in the previous year[21]. - The net profit after deducting non-recurring gains and losses was ¥12,969,865.23, a decline of 60.19% compared to ¥32,582,484.31 in the same period last year[21]. - The basic earnings per share decreased by 44.68% to ¥0.26 from ¥0.47 in the previous year[21]. - The company's revenue for the reporting period was ¥389,779,593.33, a decrease of 6.89% compared to ¥418,602,813.43 in the same period last year, primarily due to factory relocation[39]. - The company reported a total revenue of 288.9 million, maintaining a 100% market price stability[89]. - The company reported a revenue increase of 3.66% to 353.68 million in the first half of 2022[90]. - The company reported a revenue increase of 26.28% in the first half of 2022 compared to the same period last year[92]. - The total comprehensive income for the first half of 2022 was approximately ¥28.08 million, down from ¥48.42 million in the first half of 2021[142]. - The total comprehensive income for the first half of 2022 was 78.9 million, showing a significant increase compared to the previous period[153]. Assets and Liabilities - The total assets at the end of the reporting period were ¥1,679,471,067.53, an increase of 5.12% from ¥1,597,632,171.92 at the end of the previous year[21]. - The total liabilities rose to CNY 726,105,513.54 as of June 30, 2022, compared to CNY 672,353,354.30 at the start of the year, indicating an increase of approximately 8.0%[134]. - The company reported a total owner's equity of CNY 953,365,553.99 as of June 30, 2022, compared to CNY 925,278,817.62 at the beginning of the year, reflecting an increase of about 3.0%[134]. - The total equity at the end of the reporting period was 996.1 million yuan, with a capital reserve of 567.8 million yuan[162]. - The total liabilities at the end of the period were 72.35 million yuan, indicating a manageable debt level relative to equity[162]. Cash Flow - The company reported a net cash flow from operating activities of ¥40,659,991.80, a slight decrease of 0.25% compared to ¥40,762,749.73 in the same period last year[21]. - The net cash flow from operating activities was ¥40,659,991.80, showing a slight decrease of 0.25% compared to ¥40,762,749.73[39]. - The total cash inflow from financing activities increased significantly to CNY 138,445,558.42 in the first half of 2022, compared to CNY 86,709,749.27 in the first half of 2021, marking an increase of 59.8%[148]. - The net cash flow from investing activities was negative at CNY -14,421,354.56 for the first half of 2022, an improvement from CNY -16,058,290.62 in the same period of 2021[148]. - The company reported a net increase in cash and cash equivalents of CNY 104,944,849.22 for the first half of 2022, compared to a decrease of CNY -1,778,099.82 in the first half of 2021[148]. Research and Development - Research and development expenses increased by 2.83% to ¥19,087,182.04, reflecting higher investment in R&D projects[39]. - The company holds 12 invention patents and 130 utility model patents in the motor field, indicating a robust R&D capability and commitment to innovation[34]. - The R&D efforts are focused on meeting diverse customer needs, with a commitment to rapid commercialization of research outcomes to achieve economic benefits[34]. - The company plans to invest in research and development to innovate new technologies in the manufacturing process[91]. - The company is focusing on market expansion and has implemented a new procurement strategy for second-hand equipment valued at 2.65 million[89]. Market Position and Strategy - The company primarily operates in wear-resistant materials and special motors, with a focus on R&D, production, and sales of high-chromium grinding media and efficient special motors[29]. - The wear-resistant materials segment is led by the subsidiary Fengxing New Materials, which has established a strong market presence in industries such as metallurgy, cement, and power generation[29]. - The special motors segment, managed by subsidiary Kangfu Technology, has developed products widely used in shipbuilding, military, and communication sectors, showcasing a strong market application[31]. - The company is actively expanding its market presence in high-end grinding materials, aiming to increase product value and capture more market share[36]. - The company is focusing on expanding its market presence and enhancing product offerings in the power generation sector[91]. Risks and Challenges - The company has outlined potential risks and countermeasures in its report, urging investors to remain aware of investment risks[4]. - The company is facing risks related to the cyclical fluctuations in product procurement, particularly in the special motor and wear-resistant materials sectors, which are closely tied to the economic recovery[68]. - The company has implemented measures to mitigate risks from raw material price fluctuations, including developing new products and adjusting product structures[68]. - The company plans to continue expanding its business through external mergers and acquisitions, which may pose integration risks due to cultural and management differences[67]. Shareholder Information - The total number of shares is 107,988,706, with 18.53% being limited shares[115]. - The largest shareholder, Taihao Group, holds 23.28% of shares, totaling 25,142,857 shares, which are pledged[118]. - The report indicates no changes in the controlling shareholder or actual controller during the reporting period[122]. - The company did not conduct any repurchase transactions among the top 10 shareholders during the reporting period[120]. Corporate Governance - The company has maintained a stable management team with no changes in directors or senior management during the reporting period[72]. - The half-year financial report has not been audited, which may affect the perception of financial transparency[84]. - The company has not faced any administrative penalties related to environmental issues during the reporting period[77]. - The company has not engaged in any non-operating fund occupation by major shareholders during the reporting period[82]. Future Outlook - Future guidance indicates a stable growth trajectory with an emphasis on new product development and market expansion strategies[90]. - The company aims to enhance shareholder value through strategic mergers and acquisitions in the upcoming quarters[157]. - The overall market outlook remains positive, with expectations of sustained demand in key sectors[93].

Financial Performance - The company's revenue for Q1 2022 was ¥194,491,776.11, a decrease of 10.23% compared to ¥216,662,049.95 in the same period last year[3] - Net profit attributable to shareholders was ¥18,691,057.41, down 7.47% from ¥20,199,325.60 year-on-year[3] - The net profit after deducting non-recurring gains and losses was ¥11,940,838.47, representing a decline of 22.50% from ¥15,406,794.85 in the previous year[3] - Basic earnings per share decreased by 26.09% to ¥0.17 from ¥0.23 year-on-year[3] - Total operating revenue for Q1 2022 was CNY 194,491,776.11, a decrease of 10.2% compared to CNY 216,662,049.95 in Q1 2021[19] - Net profit for Q1 2022 was CNY 18,691,057.41, a decline of 16.0% from CNY 22,481,160.22 in Q1 2021[20] - Earnings per share for Q1 2022 was CNY 0.17, compared to CNY 0.23 in the same period last year, reflecting a decrease of 26.1%[20] Cash Flow - The net cash flow from operating activities was -¥10,070,450.14, a significant decrease of 169.90% compared to ¥14,405,999.73 in the same period last year[3] - Cash flow from operating activities for Q1 2022 was negative CNY 10,070,450.14, compared to a positive CNY 14,405,999.73 in Q1 2021[22] - The net cash flow from investment activities was -9,384,757.46, compared to -13,098,409.75 in the previous period, indicating an improvement[24] - Cash inflow from financing activities totaled 50,967,558.42, significantly higher than 20,000,000.00 in the prior period[24] - The net cash flow from financing activities was 49,363,855.99, contrasting with -14,765,275.01 in the previous period, showing a positive shift[24] - The net increase in cash and cash equivalents was 29,941,419.65, compared to a decrease of -13,347,897.02 in the previous period[24] - The ending balance of cash and cash equivalents reached 426,532,554.98, up from 192,123,480.38 in the prior period[24] Assets and Liabilities - Total assets at the end of the reporting period were ¥1,618,566,123.90, an increase of 1.31% from ¥1,597,632,171.92 at the end of the previous year[3] - The total liabilities as of Q1 2022 were CNY 674,588,478.97, a slight increase from CNY 672,353,354.30 in the previous year[18] - The total liabilities include accounts payable of ¥88,007,110.90, down from ¥99,337,959.02, a decrease of 11.5%[16] - The company has a total of ¥59,241,750.00 in short-term borrowings, slightly up from ¥58,270,418.91[16] Shareholder Information - The total number of common shareholders at the end of the reporting period is 11,305[11] - The largest shareholder, Taihao Group Co., Ltd., holds 23.28% of shares, totaling 25,142,857 shares[11] - The company's equity attributable to shareholders increased by 2.02% to ¥943,977,644.93 from ¥925,278,817.62 at the end of the previous year[3] - The total equity attributable to shareholders of the parent company was CNY 943,977,644.93, up from CNY 925,278,817.62 in Q1 2021[18] Research and Development - Research and development expenditures increased by 609.72% to ¥2,017,211.04 from ¥284,224.91 year-on-year, indicating a significant investment in new projects[7] - Research and development expenses for Q1 2022 were CNY 7,197,128.41, slightly up from CNY 7,134,612.89 in the previous year[19] Strategic Initiatives - The company is in discussions to acquire a 60% stake in Jiangxi Runpeng Mining Co., Ltd., with negotiations impacted by recent pandemic restrictions[13] - The company is actively pursuing new strategies for market expansion and product development, as indicated by ongoing acquisition discussions[13] Other Financial Metrics - The company received government subsidies amounting to ¥6,844,598.25, which are closely related to its normal business operations[5] - Accounts receivable decreased to ¥160,163,171.63 from ¥165,219,618.93, a decline of 3.2%[15] - Inventory decreased to ¥167,747,013.49 from ¥173,024,843.23, a reduction of 3.1%[16] - The company reported a credit impairment loss of CNY 870,589.72 in Q1 2022, compared to a loss of CNY 1,743,372.35 in the same period last year[19] - The company did not undergo an audit for the first quarter report[25]

Financial Performance - The company's operating revenue for 2021 was CNY 945,042,595.12, representing a 34.16% increase compared to CNY 704,424,279.16 in 2020[21]. - The net profit attributable to shareholders for 2021 was CNY 95,474,340.49, a 56.61% increase from CNY 60,964,960.45 in the previous year[21]. - The net profit after deducting non-recurring gains and losses was CNY 70,825,832.32, which is an increase of 78.10% compared to CNY 39,767,292.73 in 2020[21]. - The net cash flow from operating activities for 2021 was CNY 150,261,502.82, up 24.35% from CNY 120,838,100.84 in 2020[21]. - The total assets at the end of 2021 were CNY 1,597,632,171.92, reflecting a 19.00% increase from CNY 1,342,572,896.60 at the end of 2020[21]. - The net assets attributable to shareholders increased by 44.51% to CNY 925,278,817.62 at the end of 2021, compared to CNY 640,281,228.02 at the end of 2020[21]. - The basic earnings per share for 2021 were CNY 1.03, a 49.28% increase from CNY 0.69 in 2020[21]. - The weighted average return on equity for 2021 was 13.76%, up from 10.00% in 2020, an increase of 3.76 percentage points[21]. Market and Industry Outlook - The shipbuilding industry is expected to grow by 3.4% in 2022, driven by increased international trade demand and a recovery in the shipping market, which may benefit the company's ship electric equipment segment[32]. - The company is positioned to leverage the growing demand for energy-efficient generators in the shipbuilding sector, particularly in the large fishing vessel market, where it holds a significant market share[33]. - The wear-resistant materials industry in China is experiencing stable growth, with consumption exceeding 4 million tons, indicating a robust demand environment for the company's products[30]. Operational Strategy - The company operates primarily in wear-resistant materials and special motors, with a focus on high-chromium grinding media and high-efficiency special motors[34]. - The company employs a "sales-driven production" model, ensuring production aligns with customer demand and maintaining a flexible procurement strategy[35]. - The company aims to expand its high-end grinding materials segment to increase product value and market reach[40]. - The company is focusing on technological innovation to enhance product quality in response to increasing environmental and performance standards from downstream customers[31]. Research and Development - The company holds 21 invention patents and 161 utility model patents in the motor field, showcasing its strong R&D capabilities[38]. - The company's R&D investment amounted to ¥48,414,289.66 in 2021, representing a 17.00% increase from ¥41,379,194.85 in 2020[60]. - R&D expenditure accounted for 5.12% of total revenue, down from 5.87% in the previous year, indicating a decrease of 0.75%[60]. - The company is conducting research on high chromium cast iron grinding balls to improve their corrosion and wear resistance under harsh conditions[58]. Risk Management - The company has identified potential market, management, and operational risks in its future development outlook[5]. - The company faces risks related to business transformation and potential delays in achieving expected outcomes[89]. - The company is also exposed to cyclical fluctuations in product procurement, particularly in the special motor and integrated product sectors[89]. - The company faces risks from fluctuations in raw material prices, particularly silicon steel sheets, cold-rolled plates, and enameled wire, which are influenced by the prices of steel and copper[90]. Corporate Governance - The company operates independently from its controlling shareholder in terms of business, personnel, assets, and finance, ensuring autonomous operational capabilities[98]. - The company maintained strict compliance with corporate governance regulations, ensuring transparency and protecting shareholder rights[95]. - The company has established a robust internal control and risk management system to safeguard shareholder interests and maintain operational integrity[97]. - The company emphasizes resource integration and operational efficiency through information management to address integration risks from new acquisitions[91]. Shareholder Engagement - The company held multiple shareholder meetings with participation rates ranging from 41.07% to 42.36% throughout the year, ensuring shareholder engagement[100]. - The company reported a positive profit available for distribution to shareholders but did not propose a cash dividend distribution for the reporting period, citing long-term strategic planning[126]. - The company plans to retain undistributed profits primarily for supporting external mergers and acquisitions and reducing reliance on external borrowings[126]. Employee Management - The total number of employees at the end of the reporting period was 944, with 12 from the parent company and 932 from major subsidiaries[122]. - The professional composition includes 486 production personnel, 94 sales personnel, 195 technical personnel, 35 financial personnel, and 134 administrative personnel[122]. - The company achieved a 100% training rate for all employees in 2021, focusing on professional skills enhancement and continuous improvement[124]. Financial Transactions and Investments - The company completed a non-public offering of 19,988,700 shares at a price of 17.71 yuan per share, raising a total of 354 million yuan for project development and debt repayment[42]. - The company raised a total of ¥353,999,983.26 through a non-public offering, with a net amount of ¥350,359,427.94 after deducting issuance costs[78]. - The company reported a total investment income of ¥1,101,295.57, contributing 0.97% to the total profit[63]. Related Party Transactions - The company engaged in related transactions with controlling shareholders, with transaction amounts of CNY 7.08 million and CNY 3.9 million, representing 2.16% and 0.02% of the total transaction amounts respectively[162]. - The company has not disclosed any significant related party transactions that should have been reported[169].

Financial Performance - The company's revenue for Q3 2021 reached ¥246,725,212.76, representing a 100.08% increase year-over-year[3] - Net profit attributable to shareholders was ¥25,984,865.13, a significant increase of 157.24% compared to the same period last year[3] - The net profit after deducting non-recurring gains and losses was ¥21,569,750.71, reflecting a 261.82% increase year-over-year[3] - Total operating revenue for the third quarter reached ¥665,328,026.19, a significant increase of 60.4% compared to ¥414,774,189.84 in the same period last year[20] - Operating profit for the period was ¥85,158,510.19, up 43.7% from ¥59,245,984.16 year-on-year[21] - Net profit attributable to the parent company was ¥67,206,247.71, representing a 71.2% increase from ¥39,298,498.52 in the previous year[22] - Earnings per share (EPS) for the quarter was ¥0.76, compared to ¥0.45 in the same quarter last year, reflecting a 68.9% increase[22] - The company reported a total comprehensive income of ¥74,406,994.64, compared to ¥54,742,294.60 in the previous year, an increase of 35.9%[22] Assets and Liabilities - Total assets at the end of the reporting period amounted to ¥1,591,103,341.71, an 18.51% increase from the previous year[4] - Current assets reached CNY 885,703,125.33, up from CNY 658,643,815.28 at the end of 2020, indicating a growth of about 34.4%[16] - Cash and cash equivalents increased to CNY 439,361,638.72 from CNY 234,587,989.95, reflecting an increase of approximately 87.5%[16] - Inventory levels rose to CNY 199,636,821.95, compared to CNY 151,877,436.20 at the end of 2020, marking an increase of around 31.4%[16] - Total liabilities amounted to CNY 834,059,814.62, up from CNY 706,360,462.39 at the end of 2020, indicating an increase of about 18.1%[17] - Total liabilities rose to ¥695,260,830.76, compared to ¥622,228,180.89 in the previous year, reflecting a 11.7% increase[21] - The company’s total equity as of September 30, 2021, was CNY 756,043,526.09, compared to CNY 636,212,434.21 at the end of 2020, showing an increase of about 18.8%[17] - The total equity attributable to shareholders reached ¥895,842,510.95, up from ¥640,281,228.02, marking a 40.0% increase[21] Cash Flow - The company's cash flow from operating activities showed a net amount of ¥11,619,758.96, down 58.66% year-to-date[9] - Cash flow from operating activities generated a net amount of ¥11,619,758.96, down from ¥28,104,651.46 in the previous year[24] - The net cash flow from investment activities was -22,341,310.60 CNY, indicating a decrease compared to -22,389,564.01 CNY in the previous period[25] - The total cash inflow from financing activities reached 471,797,468.44 CNY, significantly higher than 80,000,000.00 CNY in the previous period[25] - The net cash flow from financing activities was 171,894,218.48 CNY, a substantial improvement from -30,920,147.80 CNY in the previous period[25] Research and Development - The company increased its research and development expenditure by 829.72%, reaching ¥5,825,380.22, indicating a focus on innovation[8] - Research and development expenses increased to ¥20,730,297.17, up 27.5% from ¥16,279,104.45 year-on-year, indicating a focus on innovation[21] Shareholder Information - The company completed a private placement of shares, issuing 19,988,706 new shares, all of which are subject to a 36-month lock-up period, with the listing date on September 29, 2021[14] - The weighted average return on equity was 4.88%, an increase of 3.23% from the previous year[3] Inventory and Receivables - The company reported a significant increase in inventory, which rose by 31.45% to ¥199,636,821.95 due to increased production[8] - The company reported accounts receivable of CNY 157,421,724.31, an increase from CNY 128,709,532.52, reflecting a growth of approximately 22.3%[16] Audit and Disclosure - The company has not disclosed any new product or technology developments, market expansion, or acquisition strategies in the report[14] - The company has not undergone an audit for the third-quarter report[30]

Financial Performance - The company's operating revenue for the first half of 2021 was CNY 418,602,813.43, representing a 43.62% increase compared to CNY 291,463,820.02 in the same period last year[20]. - The net profit attributable to shareholders of the listed company was CNY 41,221,382.58, up 41.18% from CNY 29,196,903.72 year-on-year[20]. - The net profit after deducting non-recurring gains and losses reached CNY 32,582,484.31, marking a significant increase of 95.37% compared to CNY 16,677,693.56 in the previous year[20]. - The basic earnings per share increased to CNY 0.47, a rise of 42.42% from CNY 0.33 in the same period last year[20]. - The total revenue for the first half of 2021 reached CNY 364,004,990.33, representing a 25.23% increase compared to the previous year[45]. - The operating profit increased by 37.90% to ¥55,948,871.00, driven by revenue growth[42]. - The company achieved a significant increase in foreign sales, which grew by 186.73% to ¥54,597,823.10, while domestic sales increased by 33.62% to ¥364,004,990.33[44]. - The company reported a 116.36% increase in income tax expenses to ¥7,585,524.84, attributed to higher profits[42]. - The company reported a net profit of 19,260,378.44 CNY for the first half of 2021, compared to a net profit of 39,648,687.77 CNY in the same period of 2020, indicating a decrease of approximately 51.3% year-over-year[159]. Assets and Liabilities - The total assets at the end of the reporting period were CNY 1,352,528,355.47, reflecting a slight increase of 0.74% from CNY 1,342,572,896.60 at the end of the previous year[20]. - The net assets attributable to shareholders decreased by 18.86% to CNY 519,497,971.27 from CNY 640,281,228.02 at the end of the previous year[20]. - The total liabilities rose to CNY 833,030,384.20, up from CNY 622,228,180.89, indicating an increase of approximately 33.8%[126]. - The company's total liabilities increased to CNY 430,055,475.79, compared to CNY 230,403,656.64 in the previous year, indicating a growth of 86.7%[135]. - The company's equity attributable to shareholders decreased to CNY 519,497,971.27 from CNY 640,281,228.02, a decline of approximately 18.8%[127]. - The total assets of Anhui Fengxing Wear-resistant Materials Co., Ltd. are approximately 854.76 million CNY, with net assets of about 568.40 million CNY[61]. Cash Flow - The net cash flow from operating activities was CNY 40,762,749.73, which is a 3.82% increase compared to CNY 39,263,469.66 in the same period last year[20]. - Cash inflows from operating activities amounted to CNY 468,060,875.65, up from CNY 331,363,269.66 in the first half of 2020, representing an increase of approximately 41.2%[142]. - The net cash flow from financing activities was negative at CNY -26,635,733.64, an improvement from CNY -54,780,281.13 in the previous year[143]. - The ending cash and cash equivalents balance was CNY 203,693,277.58, compared to CNY 105,160,826.10 at the end of the first half of 2020[143]. - Cash outflows for purchasing goods and services were CNY 313,236,053.75, compared to CNY 202,001,163.00 in the first half of 2020, reflecting a 55.1% increase[142]. Research and Development - Research and development investment rose by 15.89% to ¥18,562,774.17, reflecting increased focus on innovation[42]. - The company emphasizes technology innovation and market expansion to enhance product quality and overall profitability in the competitive generator market[34]. - The company actively collaborates with research institutions and universities to advance its R&D capabilities and stay updated with industry trends[29]. - Research and development expenses for the first half of 2021 amounted to CNY 13,433,882.63, which is an increase of 21.3% from CNY 11,070,655.53 in the same period of 2020[132]. Market and Industry Position - The domestic generator market is experiencing a growth rate of over 5% annually, driven by increasing demand due to population growth and equipment upgrades[34]. - The company has established a direct sales model, with a sales department responsible for market research, brand promotion, product sales, and customer relationship management[30]. - The company's main products in the wear-resistant materials sector are widely used in industries such as metallurgy, cement, and thermal power generation, positioning it as a leading supplier in China[31]. - The wear-resistant materials industry is expected to expand, with over 1,000 domestic producers consuming more than 200,000 tons annually, indicating significant growth potential[35]. - The company is actively expanding its market presence in the marine power sector by collaborating with ship design institutes and shipyards[39]. Risks and Challenges - The report highlights potential risks and countermeasures that the company may face in its future operations[5]. - The company faces risks from macroeconomic fluctuations and cyclical purchasing patterns, particularly affecting its marine electric integration systems and high-efficiency environmental motors business[62]. - The fluctuation in raw material prices, particularly for steel and copper, poses a risk to the company's production costs and overall financial performance[63]. - The company plans to develop new products and adjust its product structure to counteract the pressures from raw material price volatility[63]. Corporate Governance and Compliance - The company plans not to distribute cash dividends or issue bonus shares for this reporting period[6]. - There were no non-operating fund occupations by controlling shareholders or other related parties during the reporting period[78]. - The company did not engage in any major litigation or arbitration matters during the reporting period[82]. - The company maintained compliance with all commitments made during the reporting period[77]. - There were no violations regarding external guarantees during the reporting period[79]. Acquisitions and Investments - The company acquired the remaining 49% stake in Kangfu Technology, solidifying its position in the efficient and environmentally friendly motor and ship power integration industry[28]. - The company has completed the acquisition of 49% equity in Kangfu Technology Co., Ltd. for a total price of 22,638 million yuan[87]. - Anhui Fengxing is pursuing strategic transformation through external mergers and acquisitions to expand its business direction[64]. Shareholder Information - The largest shareholder, Taihao Group Co., Ltd., holds 28.57% of the shares, totaling 25,142,857 shares, with 18,856,270 shares pledged[110]. - Chen Xiao, a significant shareholder, holds 12.41% of the shares, totaling 10,922,231 shares[110]. - The total number of shareholders with more than 5% ownership includes Taihao Group and Chen Xiao, with no other significant changes reported[110]. Financial Reporting and Audit - The half-year financial report was not audited[80]. - The financial statements are prepared based on the going concern assumption, with no identified issues affecting the company's ability to continue operations[168]. - The company’s accounting policies comply with the relevant enterprise accounting standards, ensuring accurate reflection of financial status and performance[170].

Financial Performance - The company's operating revenue for 2020 was ¥704,424,279.16, representing a 15.37% increase compared to ¥610,567,643.75 in 2019[16] - The net profit attributable to shareholders for 2020 was ¥60,964,960.45, a decrease of 7.84% from ¥66,152,543.07 in 2019[16] - The net cash flow from operating activities increased by 29.57% to ¥120,838,100.84 in 2020, up from ¥93,262,645.23 in 2019[16] - The basic earnings per share for 2020 was ¥0.69, down 8.00% from ¥0.75 in 2019[16] - Total assets at the end of 2020 were ¥1,342,572,896.60, a 7.38% increase from ¥1,250,319,816.21 at the end of 2019[16] - The net assets attributable to shareholders increased by 10.59% to ¥640,281,228.02 at the end of 2020, compared to ¥578,992,086.24 at the end of 2019[16] - The weighted average return on net assets for 2020 was 10.00%, down from 12.12% in 2019[16] - The company reported a decrease in net profit after deducting non-recurring gains and losses, with a net profit of ¥39,767,292.73 in 2020, down 5.77% from ¥42,203,587.88 in 2019[16] Revenue Breakdown - Revenue from the generator manufacturing and related industries surged by 208.12%, amounting to ¥316,225,309.42, compared to ¥102,630,692.80 in 2019[43] - Domestic sales accounted for 93.09% of total revenue at ¥655,750,828.76, while international sales increased by 29.24% to ¥48,673,450.40, representing 6.91% of total revenue[44] - The company experienced a 24.59% decrease in sales volume for the wear-resistant ball segment, with total sales volume at 55,337.03 tons compared to 73,377.05 tons in 2019[47] - The gross profit margin for the generator manufacturing and related industries was 25.17%, with a significant increase in revenue and cost of sales[46] Cash Flow and Investments - Operating cash inflow increased by 23.21% to ¥744,817,155.32, while cash outflow rose by 22.05% to ¥623,979,054.48, resulting in a net cash flow of ¥120,838,100.84, up 29.57%[58] - Investment cash inflow decreased by 49.36% to ¥85,203,563.53, primarily due to reduced purchases of bank wealth management products[59] - Total investment outflow decreased by 58.03% to ¥135,265,422.23, mainly due to the previous year's acquisition of Kangfu Technology[59] Research and Development - The company invested ¥41,379,194.85 in R&D in 2020, a significant increase of 89.72% compared to ¥21,810,425.83 in 2019, representing 5.87% of operating revenue[56] - R&D expenses rose by 49.97% to ¥31,965,867.10, attributed to increased investment and the inclusion of subsidiaries in the consolidated financial statements[53] Dividend Policy - The company plans to distribute a cash dividend of ¥1.2 per 10 shares, based on a total of 88,000,000 shares[5] - The cash dividend for 2020 represented 17.32% of the net profit attributable to shareholders, marking the first dividend distribution since 2018[92] - The company did not distribute dividends in 2018 and 2019, with retained earnings carried forward to subsequent years[90] Market Position and Strategy - The company is positioned in the high-end generator market, particularly in marine, special, and military applications, where competition is limited to a few strong players[28] - The domestic generator market is expected to grow at an annual rate of approximately 5%, driven by urbanization and infrastructure development[27] - The company plans to continue expanding its market presence while focusing on high-quality development and innovation[40] Management and Governance - The company appointed Yang Jian as Chairman on July 8, 2020, following a board election[153] - The company experienced a leadership change with multiple board members and supervisors appointed on July 8, 2020, including independent directors Hu Huayong, Li Jian, and Zhong Gang[153] - The company has a diverse management team with backgrounds in finance, law, and engineering, enhancing its operational capabilities[155][156] - The governance structure adheres to legal regulations, ensuring equal rights for all shareholders, especially minority shareholders[168] Risks and Challenges - The company faces risks from macroeconomic fluctuations and cyclical demand in its customer industries, which are closely tied to the national economy[83] - The company is exposed to raw material price volatility risks, particularly for steel and copper, which could impact production costs[84] - The company will continue to expand through mergers and acquisitions, which may introduce management integration challenges[85] Related Party Transactions - The company reported a related party transaction amounting to 1,765.6 million yuan, accounting for 5.51% of the same type of transactions[110] - The company engaged in a related party transaction with Jiangxi Taihao Military Group, with a transaction amount of 66.54 million yuan, representing 0.21% of the same type of transactions[110] Audit and Compliance - The audit opinion issued was a standard unqualified opinion, confirming that the financial statements fairly reflect the company's financial position as of December 31, 2020[187] - The company has not experienced any insider trading violations during the reporting period, ensuring transparency and protecting shareholder rights[170] - There were no major accounting errors that required retrospective restatement during the reporting period[104]

Financial Performance - The company's operating revenue for Q1 2021 was ¥216,662,049.95, representing a 66.49% increase compared to ¥130,137,835.73 in the same period last year[8] - Net profit attributable to shareholders was ¥20,199,325.60, up 42.11% from ¥14,214,281.14 year-on-year[8] - The net profit excluding non-recurring gains and losses was ¥15,406,794.85, reflecting an 85.59% increase from ¥8,301,355.50 in the previous year[8] - The basic earnings per share increased to ¥0.23, a rise of 43.75% compared to ¥0.16 in the same period last year[8] - Total revenue for the reporting period reached ¥216,662,049.95, a 66.49% increase compared to ¥130,137,835.73 in the same period last year, primarily due to increased sales volume[15] - The company reported a total profit of ¥25,375,721.98, compared to ¥17,369,400.23 in the previous period, indicating an increase of about 46.2%[39] - Net profit for the current period was ¥22,481,160.22, compared to ¥16,521,937.57 in the previous period, reflecting a growth of approximately 36.0%[39] Assets and Liabilities - The company's total assets at the end of the reporting period were ¥1,363,880,530.24, a 1.59% increase from ¥1,342,572,896.60 at the end of the previous year[8] - The net assets attributable to shareholders increased to ¥660,402,625.03, up 3.14% from ¥640,281,228.02 at the end of the previous year[8] - Total current assets increased to CNY 664,258,356.92 as of March 31, 2021, compared to CNY 658,643,815.28 at the end of 2020, reflecting a growth of approximately 0.9%[29] - Total assets reached CNY 1,363,880,530.24, up from CNY 1,342,572,896.60, indicating an increase of about 1.6%[30] - Total liabilities decreased slightly to CNY 621,132,582.90 from CNY 622,228,180.89, a reduction of approximately 0.2%[31] - The company's total liabilities increased from CNY 622,228,180.89 to CNY 633,927,772.26, reflecting an increase of CNY 11,699,591.37[55] Cash Flow - The net cash flow from operating activities was ¥14,405,999.73, down 41.99% from ¥24,835,682.76 in the same period last year[8] - The company reported a net cash outflow from investing activities of ¥13,098,409.75, an improvement of 64.18% compared to the previous period[16] - The total cash inflow from operating activities was CNY 252,636,111.99, an increase from CNY 165,653,448.03 in the previous period, representing a growth of approximately 52.5%[47] - Cash outflow for purchasing goods and services was CNY 182,981,518.27, up from CNY 95,610,638.90, indicating an increase of about 91.2%[47] - The net cash flow from financing activities was negative at CNY -14,765,275.01, worsening from CNY -2,715,245.49 previously[48] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 8,050[11] - The largest shareholder, Taihao Group Co., Ltd., holds 28.57% of the shares, totaling 25,142,857 shares[11] - The company has a total of CNY 88,000,000.00 in share capital, remaining unchanged during the reporting period[55] Expenses and Investments - Research and development expenses rose by 52.47% to ¥7,134,612.89, reflecting increased investment in R&D projects[15] - Operating costs increased by 79.96% to ¥167,313,805.69, driven by revenue growth and the adjustment of freight costs from sales expenses to operating costs[15] - The company’s tax expenses increased by 241.56% to ¥2,894,561.76, driven by higher profit levels and applicable tax rates[16] - Other income increased by 48.17% to ¥6,908,962.57, mainly due to government subsidies related to daily operations[15] - The company experienced a credit impairment loss of ¥-1,743,372.35, compared to a gain of ¥684,293.84 in the previous period, indicating a significant change in financial performance[38] Government Subsidies - The company received government subsidies amounting to ¥6,945,780.08 during the reporting period[9] - Other income for the current period was ¥6,908,962.57, up from ¥4,662,752.50, reflecting a growth of about 48.1%[38]

Financial Performance - Net profit attributable to shareholders decreased by 15.56% to CNY 10,101,594.80 for the reporting period[8] - Operating income for the reporting period was CNY 123,310,369.82, down 8.44% year-on-year[8] - The weighted average return on net assets decreased by 0.54% to 1.65% for the reporting period[8] - Total operating revenue for the third quarter was CNY 123,310,369.82, a decrease from CNY 134,675,952.48 in the previous period[38] - The company's operating revenue for the third quarter was CNY 226,132,662.42, a decrease of 39.6% compared to CNY 373,933,675.85 in the same period last year[50] - Net profit for the third quarter was CNY 16,811,825.16, compared to CNY 11,962,913.48 in the same period last year, reflecting an increase of approximately 40.6%[40] - The total comprehensive income for the third quarter was CNY 54,742,294.60, reflecting a strong performance compared to CNY 40,409,669.73 in the same period last year[48] Assets and Liabilities - Total assets increased by 1.13% to CNY 1,264,449,341.70 compared to the end of the previous year[8] - The company’s net assets attributable to shareholders increased by 6.83% to CNY 618,537,776.58 compared to the previous year[8] - Total liabilities decreased to CNY 563,402,072.99 from CNY 604,262,033.92, indicating a decline of about 6.77%[32] - Current liabilities decreased to CNY 289,524,913.91 from CNY 345,506,197.33, representing a reduction of approximately 16.19%[32] - Long-term borrowings increased by 60.42% to CNY 77,000,000.00, reflecting new long-term financing arrangements[16] - Long-term equity investments increased to CNY 66,937,959.47 from CNY 64,473,253.23, reflecting a growth of approximately 3.83%[31] Cash Flow - Cash flow from operating activities showed a significant decline of 368.83%, resulting in a net outflow of CNY 11,158,818.20[8] - Net cash flow from operating activities rose by 308.00% to ¥28,104,651.46, attributed to the consolidation of Kangfu Technology[18] - Total cash inflow from operating activities reached CNY 500,594,979.86, compared to CNY 434,233,094.99 in the same period last year, indicating an increase of about 15.2%[55] - Cash outflow from operating activities was CNY 472,490,328.40, up from CNY 427,344,685.76, reflecting a rise of approximately 10.5%[55] - The net cash flow from investing activities was negative at CNY -22,389,564.01, an improvement from CNY -40,022,225.61 in Q3 2019[56] Research and Development - Research and development expenses rose by 339.72% to CNY 7,759,030.83, indicating increased investment in innovation[16] - R&D expenses increased by 30.92% to ¥16,279,104.45 due to higher investment and the consolidation of Kangfu Technology[17] - Research and development expenses for the first three quarters totaled CNY 16,279,104.45, an increase from CNY 12,433,953.89, showing a growth of about 30.5%[46] - Research and development expenses for the third quarter were CNY 11,125,329.96, slightly down from CNY 12,433,953.89 in the previous year[50] Financial Ratios and Metrics - The company's retained earnings increased to CNY 254,038,252.69 from CNY 214,739,754.17, showing a growth of approximately 18.36%[33] - The total owner's equity rose to CNY 701,047,268.71 from CNY 646,057,782.29, reflecting an increase of approximately 8.52%[33] - The total liabilities to equity ratio is approximately 0.93, indicating a balanced capital structure[64] Future Outlook - Future outlook remains cautious due to market conditions, with a focus on cost control and efficiency improvements[50] - The company plans to issue non-public shares, pending further review by the China Securities Regulatory Commission[20] Other Notable Points - The company has no significant non-operating fund occupation by controlling shareholders or related parties during the reporting period[26] - The company has not reported any significant new product launches or technological advancements during this quarter[50] - The company implemented new revenue and leasing standards starting January 1, 2020[68]