证券代码：002790 证券简称：瑞尔特 编号： 2022-006 | --- | --- | --- | |----------------|-----------------------------------|----------------------------------------------------------| | | □ √ 特定对象调研 | □分析师会议 | | 投资者关系 | □媒体采访 □业绩说明会 | | | 活动类别 | □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） | | | 调研人员： | 招商证券股份有限公司研究发展中心轻工新消费分析师：王鹏 | | | | 华创证券有限责任公司建筑建材组组长：王彬鹏 | | 活动参与人员 | 接受调研人员： | 财务总监：陈绍明 董事会秘书：陈雪峰 | | | 证券事务代表：吴燕娥 | | | | | | | 时 间 | 2022 年 9 月 27 日 14 | ： 00 至 15 ： 30 | | 地 点 | 厦门市海沧区后祥路 | 18 号办公楼一层会议室 | | 形 ...

Financial Performance - The company's revenue for Q3 2022 was ¥485,382,411.21, a decrease of 4.09% compared to the same period last year[4]. - Net profit attributable to shareholders for Q3 2022 was ¥70,734,718.13, an increase of 35.38% year-on-year[4]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥68,084,332.16, up 52.35% from the previous year[4]. - Basic earnings per share for Q3 2022 was ¥0.1692, reflecting a growth of 35.48% compared to the same period last year[4]. - Net profit for the third quarter was ¥152,356,869.84, representing a 40.16% increase from ¥108,735,923.86 in the previous year[16]. - The net profit attributable to the parent company shareholders for Q3 2022 was ¥154,159,147.33, an increase of 38.2% compared to ¥111,499,587.18 in the same period last year[17]. - The total comprehensive income for Q3 2022 was ¥154,011,430.44, up from ¥108,321,155.56 in Q3 2021, reflecting a growth of 42.3%[19]. - The basic and diluted earnings per share for Q3 2022 were both ¥0.3688, compared to ¥0.2665 in Q3 2021, representing a 38.3% increase[17]. Cash Flow - The operating cash flow net amount for the year-to-date period reached ¥302,350,177.95, a significant increase of 840.31%[4]. - Cash flow from operating activities for Q3 2022 was ¥302,350,177.95, significantly higher than ¥32,154,345.99 in the same period last year, marking an increase of 839.5%[19]. - The total cash inflow from operating activities was ¥1,455,843,887.13, compared to ¥1,211,393,822.88 in the previous year, showing a growth of 20.2%[19]. - The company received cash from sales of goods and services amounting to ¥1,423,056,996.18 in Q3 2022, an increase of 21.8% from ¥1,167,610,866.86 in Q3 2021[18]. - Cash and cash equivalents at the end of Q3 2022 totaled ¥584,261,771.24, up from ¥421,772,413.13 at the end of Q3 2021, indicating a growth of 38.5%[20]. - The company reported a net increase in cash and cash equivalents of ¥123,746,005.24 for Q3 2022, contrasting with a decrease of -¥61,526,031.70 in Q3 2021[20]. - The cash flow from investing activities for Q3 2022 was negative at -¥179,081,115.54, compared to -¥25,265,918.80 in Q3 2021, reflecting an increase in cash outflow[19]. - The cash flow from financing activities for Q3 2022 was negative at -¥44,389,617.85, an improvement from -¥68,669,785.83 in the same period last year[19]. Assets and Liabilities - Total assets as of September 30, 2022, were ¥2,350,250,655.52, representing a 4.97% increase from the end of the previous year[5]. - Total assets reached ¥2,350,250,655.52, an increase from ¥2,238,933,160.69, representing a growth of 4.97%[14]. - Total liabilities amounted to ¥488,231,759.16, up from ¥469,687,336.45, indicating a rise of 3.06%[14]. - Shareholders' equity attributable to the parent company was ¥1,868,526,062.29, up 5.33% from the previous year-end[5]. - The company's equity attributable to shareholders increased to ¥1,868,526,062.29 from ¥1,773,942,522.99, reflecting a growth of 5.33%[14]. Shareholder Information - The company reported a total of 11,722 common shareholders at the end of the reporting period[10]. - The top four shareholders each hold 12.49% of the shares, totaling 52,224,000 shares[10]. Operating Performance - Total operating revenue for the third quarter of 2022 reached ¥1,386,020,511.17, an increase of 5.85% compared to ¥1,309,377,510.73 in the same period last year[15]. - Total operating costs amounted to ¥1,226,462,819.06, up from ¥1,204,442,839.97, reflecting a year-over-year increase of 1.83%[16]. - Research and development expenses increased significantly to ¥54,373,308.91, compared to ¥35,812,047.11, marking a rise of 51.73%[16]. - Accounts receivable decreased to ¥327,184,538.63 from ¥467,978,197.82, a decline of 30.05%[14]. - Inventory levels increased to ¥301,734,061.01, compared to ¥287,497,183.50, reflecting a growth of 4.83%[14].

Financial Performance - The company's operating revenue for the reporting period was CNY 900,638,099.96, an increase of 12.11% compared to the same period last year [21]. - Net profit attributable to shareholders was CNY 83,424,429.20, representing a growth of 40.80% year-on-year [21]. - The net cash flow from operating activities reached CNY 157,515,475.60, up 146.57% from the previous year [21]. - Basic and diluted earnings per share were both CNY 0.1996, reflecting a 42.57% increase compared to the same period last year [21]. - The gross profit margin improved to 25.29%, up by 2.08% from the previous year, with a gross profit of ¥227,815,491.91 [45]. - The company's total equity attributable to shareholders reached RMB 1,796,215,346.82, compared to RMB 1,773,942,522.99 at the start of the year, marking an increase of about 1.3% [163]. - The company reported a net profit for the first half of 2022 was CNY 82,087,676.06, compared to CNY 57,444,175.67 in the first half of 2021, reflecting a growth of approximately 43% [169]. Research and Development - The company holds 1,612 patents, including 92 invention patents, indicating a strong focus on R&D and innovation in water-saving and smart bathroom products [30]. - Research and development expenses increased by 55.75% to ¥35,581,424.73, reflecting the company's commitment to enhancing product development in the home appliance sector [41]. - The company is focused on innovation-driven development as it transitions from high-speed growth to high-quality development [73]. - The company has a strong focus on research and development, with multiple new product development projects ongoing each year to maintain its competitive edge in water-saving technology [82]. Market Position and Strategy - The company has established stable partnerships with renowned brands such as ROCA, INAX, and KOHLER, enhancing its market position in the high-end bathroom product sector [34]. - The company emphasizes the development of smart toilet products, which are seen as the future direction of bathroom fixtures [29]. - The company is focused on expanding its market presence and enhancing product features through continuous innovation and upgrades in smart bathroom technology [35]. - The company is exploring potential mergers and acquisitions to enhance its market position and product offerings [182]. Risks and Challenges - The company faces risks from international macroeconomic fluctuations, including trade tensions and inflation, which could adversely affect its export growth [71]. - Domestic economic volatility poses a risk to future performance, particularly if fixed asset investment slows and consumer demand decreases [74]. - Trade protectionism in key export markets could impact demand for the company's products, affecting overall export performance [75]. - The company is monitoring the global supply chain dynamics, especially in light of the ongoing geopolitical tensions and their potential impact on operations [72]. Corporate Governance and Compliance - The financial report is guaranteed to be true, accurate, and complete by the company's board and management [3]. - The company has established a sound corporate governance structure and effective internal supervision mechanisms as it expands its business scale and operating performance [88]. - The company plans to continuously improve its corporate governance structure and internal control systems to enhance overall management quality [88]. Legal Matters - The company reported a litigation case involving a patent dispute with a claimed amount of 400,000 yuan, with the first-instance judgment requiring the defendant to pay this amount within ten days of the ruling [117]. - The company is actively managing its legal disputes, with some cases already resolved and others still pending [117]. - The company has incurred legal fees and costs related to these lawsuits, which may impact its financial performance in the short term [118]. Subsidiaries and Investments - The company has several subsidiaries, including Xiamen Paifute and Xiamen Yidian Intelligent Technology [12]. - The registered capital of Xiamen Paifute Bathroom Technology Co., Ltd. is CNY 600 million, with a net profit of CNY 5.48 million [68]. - The company established a new subsidiary, Xiamen Water Love Smart Home Co., Ltd., which had no significant impact on overall operations and performance [70]. Cash Flow and Financial Management - The company reported a significant increase in net cash and cash equivalents, reaching ¥70,550,577.95, a 302.05% increase from a negative balance of ¥34,917,498.83 in the previous year [41]. - Cash and cash equivalents increased to ¥531,066,343, representing 23.28% of total assets, up from 20.57% at the end of the previous year, a change of 2.71% [48]. - The company reported a cash inflow from financing activities of CNY 2,108,282.51, down from CNY 3,579,906.32 in the first half of 2021 [178]. Future Outlook - The company plans to continue expanding its market presence and investing in new product development to drive future growth [168]. - The company has set a performance guidance for the next half of the year, aiming for a revenue growth of 10% [182]. - The company aims to achieve a revenue growth target of 15% for the next half of the year [185].

厦门瑞尔特卫浴科技股份有限公司 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。 厦门瑞尔特卫浴科技股份有限公司 2022 年第一季度报告全文 证券代码：002790 证券简称：瑞尔特 公告编号：2022-025 3.第一季度报告是否经过审计 □ 是 √ 否 一、主要财务数据 (一)主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 □ 是 √ 否 | | 本报告期 | 上年同期 | 本报告期比上年同期增减 | | --- | --- | --- | --- | | 营业收入（元） | 406,830,257.49 | 332,203,230.55 | 22.46% | | 归属于上市公司股东的净利润（元） | 36,593,476.32 | 30 ...

Financial Performance - The company's operating revenue for 2021 was ¥1,868,289,949.01, representing a 45.48% increase compared to ¥1,284,195,761.57 in 2020[20]. - The net profit attributable to shareholders for 2021 was ¥139,363,785.19, which is a 21.58% increase from ¥114,626,954.52 in 2020[20]. - The net profit after deducting non-recurring gains and losses was ¥114,332,762.46, up 36.75% from ¥83,606,260.50 in 2020[20]. - The basic earnings per share for 2021 was ¥0.34, a 21.43% increase from ¥0.28 in 2020[21]. - The total assets at the end of 2021 were ¥2,238,933,160.69, reflecting a 7.15% increase from ¥2,089,487,820.67 at the end of 2020[21]. - The company reported a net cash flow from operating activities of ¥102,398,624.27, which is a 17.30% increase compared to ¥87,294,198.09 in 2020[20]. - The company's revenue for 2021 reached CNY 1,868.29 million, a year-on-year increase of 45.48%[62]. - Net profit for 2021 was CNY 133.56 million, reflecting a year-on-year growth of only 16.81% due to rising raw material costs and increased labor expenses[62]. - The gross profit margin for the main business decreased, primarily due to significant increases in raw material prices, with the gross margin for smart toilets at 19.09%[67]. Market Position and Strategy - The company is positioned in the mature and stable segment of the water-saving sanitary ware industry, with a focus on high-end market integration[32]. - The company ranks first in the domestic flushing component market and is estimated to be among the top three globally, providing products to numerous international and domestic high-end brands[43]. - The company has established stable strategic partnerships with well-known bathroom brands, enhancing its competitive advantage in the market[41]. - The company has maintained its main business without changes since its listing, indicating stability in its operational strategy[18]. - The company is focused on developing water-saving and smart bathroom products, aiming to become a leading provider of bathroom space and home water system solutions globally[136]. - The company aims to enhance its global market position in water-saving bathroom accessories and expand its presence in the domestic smart bathroom product market[136]. Research and Development - The company has developed 1,466 patents, including 90 invention patents, demonstrating its strong R&D capabilities in water-saving technology and smart bathroom products[51]. - Research and development expenses increased by 33.54% to ¥71,518,074.63 in 2021, up from ¥53,557,435.50 in 2020[77]. - The company is focused on expanding its market presence and enhancing product development capabilities to drive future growth[181]. - The company has a significant investment in research and development to innovate new products and technologies in the bathroom fixtures sector[181]. Product Development and Innovation - The company is developing several new products, including a one-piece flushing system and a non-contact drive module, to enhance its competitive advantage in the smart toilet market[78]. - The company emphasizes continuous improvement in product quality and innovation, aiming to enhance customer satisfaction and market presence[58]. - The company is focused on innovation and rapid commercialization of new products to stay competitive in the market[110]. - The company has made adjustments to its product layout in response to the emerging trends in the sanitary ware market[102]. Corporate Governance and Management - The company has established a robust corporate governance structure and internal control mechanisms to manage the complexities arising from its rapid growth and expansion[154]. - The board of directors consists of 9 members, including 3 independent directors, complying with legal and regulatory requirements[162]. - The company has established independent personnel files and management systems, ensuring that senior management does not hold positions in other enterprises controlled by actual controllers[166]. - The company has implemented a robust internal audit system to monitor the establishment and execution of internal control systems[163]. - The company has established a performance evaluation and incentive mechanism for directors and senior management, linking their compensation directly to the company's operating performance[163]. Risks and Challenges - The company faces risks from international macroeconomic fluctuations, particularly due to rising trade protectionism and geopolitical tensions, which could impact global trade dynamics[138]. - Trade protectionism from major economies, particularly the U.S., poses a risk to the company's export demand, as tariffs on its products could affect sales[141]. - The company's domestic sales are significantly affected by the health of the real estate market, which is subject to government policies aimed at stabilizing housing prices[145]. - The ongoing global pandemic and its variants pose a risk to the company's international sales and overall business operations[156]. Future Outlook - Future outlook indicates a projected revenue growth of 10% for 2022, with plans to launch three new product lines in the next quarter[177]. - The company is exploring market expansion opportunities in Southeast Asia, targeting a 30% increase in market share within the next two years[177]. - The company plans to invest in R&D and automation to improve production efficiency and maintain a competitive edge in the market[137]. - The company aims to enhance its operational efficiency and profitability through strategic initiatives and market expansion efforts[181].

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。 厦门瑞尔特卫浴科技股份有限公司 2021 年第三季度报告 证券代码：002790 证券简称：瑞尔特 公告编号：2021-070 厦门瑞尔特卫浴科技股份有限公司 2021 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。 3.第三季度报告是否经过审计 □ 是 √ 否 一、主要财务数据 (一)主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 □ 是 √ 否 | | 本报告期 | 本报告期比上年同期增 | 年初至报告期末 | 年初至报告期末比上年 | | --- | --- | --- | --- | --- | | | | 减 | | 同期增减 | | 营业收入（元） | 506,057,599.06 | 55.77% | 1,309,377,510.73 | ...

Financial Performance - The company reported a revenue of RMB 200 million for the first half of 2021, representing a year-on-year increase of 15%[15]. - The net profit for the first half of 2021 was RMB 30 million, up from RMB 25 million in the same period last year, marking a growth of 20%[15]. - The company's operating revenue for the first half of 2021 was ¥803,319,911.67, representing a 73.99% increase compared to ¥461,716,871.43 in the same period last year[20]. - The net profit attributable to shareholders was ¥59,249,967.92, up 31.51% from ¥45,052,622.53 year-on-year[20]. - The company reported a total revenue of 400 million yuan for the first half of 2021, reflecting a year-on-year increase of 20%[120]. - The net profit attributable to shareholders reached 50 million yuan, representing a growth of 15% compared to the same period last year[121]. - Total operating revenue for the first half of 2021 reached ¥803,319,911.67, a significant increase of 73.9% compared to ¥461,716,871.43 in the same period of 2020[175]. Research and Development - Research and development expenses increased by 25% year-on-year, amounting to RMB 10 million, focusing on smart toilet technology[15]. - The company invested ¥22,845,299.01 in R&D, a slight increase of 0.76% year-on-year[52]. - The company is actively pursuing market expansion strategies, including the introduction of new products and technologies in the bathroom fixtures sector[120]. - The company plans to enhance its research and development efforts to innovate new products, particularly focusing on water-saving technologies[120]. - The company has established a competitive advantage in the field of prefabricated bathrooms and non-drop floor drainage products, with 44 authorized patents, including 7 invention patents[75]. - The company holds 1,296 patents, including 85 invention patents, showcasing its strong R&D capabilities in water-saving technology[43]. Market Strategy and Expansion - The company plans to expand its market presence in Southeast Asia, targeting a 20% increase in market share by the end of 2022[15]. - The company aims to launch two new product lines by Q4 2021, including eco-friendly bathroom fixtures[15]. - The company is exploring potential mergers and acquisitions to enhance its product offerings and market reach[15]. - The company aims to increase its market share by 10% in the next fiscal year through strategic partnerships and acquisitions[121]. - The company is actively involved in research and development, manufacturing, and sales of various bathroom products, including smart home products[74]. Risks and Challenges - The management highlighted potential risks including supply chain disruptions and fluctuating raw material costs, which could impact future performance[4]. - The company faced significant risks from international macroeconomic fluctuations, including trade tensions and the impact of the COVID-19 pandemic on global supply chains[77]. - The company’s export markets are primarily emerging economies, which may be adversely affected by declines in infrastructure and real estate investments[78]. - The company is exposed to risks from trade protectionism in major economies, which could affect demand for its products in those regions[80]. - The company faces risks of slowing future performance growth due to domestic macroeconomic fluctuations, with potential impacts from reduced fixed asset investment and lower consumer demand[79]. Cash Flow and Financial Position - The company's cash flow from operating activities decreased by 43.89%, amounting to ¥63,883,452.60 compared to ¥113,847,608.12 in the same period last year[20]. - The total assets at the end of the reporting period were ¥2,134,768,317.05, a 2.17% increase from ¥2,089,487,820.67 at the end of the previous year[20]. - Cash and cash equivalents decreased to CNY 448,380,946.00, down 2.10% from CNY 482,751,863.52 at the end of the previous year[62]. - The company reported a fair value loss of CNY 2,901,800.00, which is a 4.58% decrease due to inconsistencies in foreign exchange rates[60]. - The net cash flow from operating activities for the first half of 2021 was CNY 63,883,452.60, a decrease of 44% compared to CNY 113,847,608.12 in the same period of 2020[185]. Corporate Governance and Shareholder Matters - The company has established a robust corporate governance structure and internal control mechanisms to manage risks associated with its expanding operations[94]. - The company did not engage in any significant equity investments during the reporting period, with total investments amounting to CNY 0.00, a 100% decrease from CNY 242,370,196.98 in the previous year[66]. - The company approved the repurchase and cancellation of 144,000 restricted stocks due to three individuals no longer qualifying for the incentive plan, at a repurchase price of 3.15 CNY per share[106]. - The company completed the first unlock of 2,612,700 restricted shares for 111 incentive targets as per the 2020 restricted stock incentive plan[144]. - The company’s independent directors provided independent opinions on the share repurchase and cancellation proposals[145].

厦门瑞尔特卫浴科技股份有限公司 2021 年第一季度报告全文 厦门瑞尔特卫浴科技股份有限公司 2021 年第一季度报告 公告编号：2021-040 2021 年 04 月 1 厦门瑞尔特卫浴科技股份有限公司 2021 年第一季度报告全文 第一节 重要提示 第二节 公司基本情况 一、主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 □ 是 √ 否 | | 本报告期 | 上年同期 | 本报告期比上年同期增减 | | | --- | --- | --- | --- | --- | | 营业收入（元） | 332,203,230.55 | 188,427,110.22 | | 76.30% | | 归属于上市公司股东的净利润（元） | 30,565,284.59 | 21,111,844.88 | | 44.78% | | 归属于上市公司股东的扣除非经常性损 益的净利润（元） | 26,726,063.68 | 17,355,494.75 | | 53.99% | | 经营活动产生的现金流量净额（元） | 46,008,240.45 | 50,199,455.22 | | -8.35% | | 基本每 ...

Financial Performance - The company reported a total revenue of RMB 418,329,000 for the year 2020, with a cash dividend of RMB 1.5 per 10 shares to all shareholders [4]. - The company's operating revenue for 2020 was ¥1,284,195,761.57, representing a 15.75% increase compared to ¥1,109,444,022.03 in 2019 [18]. - The net profit attributable to shareholders for 2020 was ¥114,626,954.52, a decrease of 36.86% from ¥181,538,751.50 in 2019 [18]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥83,606,260.50, down 48.42% from ¥162,087,279.24 in 2019 [18]. - The net cash flow from operating activities was ¥87,294,198.09, a decline of 56.16% compared to ¥199,099,070.83 in 2019 [18]. - The total assets at the end of 2020 were ¥2,089,487,820.67, an increase of 10.51% from ¥1,890,708,789.00 at the end of 2019 [19]. - The basic earnings per share for 2020 was ¥0.28, down 36.36% from ¥0.44 in 2019 [19]. - The total profit for the year was CNY 12,391,730, a decrease of 39.59% compared to CNY 20,511,910 in the previous year [67]. - Net profit fell to CNY 11,433,710, down 37.01% from CNY 18,151,910 in 2019 [67]. - The gross profit margin for the industrial sector was 24.16%, a decrease of 6.24% from the previous year [73]. Market Position and Strategy - The company plans to continue its market expansion and product development strategies, focusing on smart toilet technology and water-saving components [10]. - The company maintains a strong market position, ranking first in the domestic flushing component market and among the top three globally [43]. - The company focuses on water-saving bathroom products, with core products including water-saving flushing components and smart toilets [28]. - The company actively participates in industry exhibitions to explore business opportunities and enhance brand awareness [31]. - The company has established stable strategic partnerships with well-known domestic and international sanitary ware brands, enhancing its competitive advantage [42]. - The company aims to become a global leader in water-saving bathroom products and smart bathroom products, focusing on high-quality supply chain solutions [116]. - The company is committed to becoming a leading provider of water-saving and smart bathroom products globally [143]. Research and Development - The company holds 1,187 patents, including 71 invention patents, demonstrating a strong focus on R&D in water-saving and intelligent bathroom products [47]. - The company has obtained over 10 international certifications, including UPC and CE, which are essential for market entry in developed regions [51]. - In 2020, the company's R&D expenses amounted to ¥53,557,435.50, an increase of 23.24% compared to ¥43,458,189.23 in 2019 [84]. - The proportion of R&D expenses to total revenue rose to 4.17% in 2020 from 3.92% in 2019, reflecting a 0.25% increase [84]. - The number of R&D personnel increased by 15.70% to 199 in 2020, compared to 172 in 2019 [84]. Corporate Governance and Compliance - The board of directors has confirmed that all members attended the meeting to review the annual report, ensuring governance compliance [3]. - The company's financial statements have been verified by Lixin Certified Public Accountants, ensuring accuracy and reliability [17]. - The company has established a robust corporate governance structure and internal control mechanisms to manage risks associated with its expanding operations [162]. Dividend Policy - The company plans to distribute cash dividends of RMB 2.00 per 10 shares for the 2019 fiscal year, totaling RMB 83,694,600 [179]. - For the 2020 fiscal year, the company proposes a cash dividend of RMB 1.50 per 10 shares, amounting to RMB 62,749,350, pending shareholder approval [179]. - The company has a policy to distribute at least 20% of the annual distributable profit as cash dividends, provided certain conditions are met [172]. - The total cash dividend for 2020 amounted to ¥62,749,350, representing 54.74% of the net profit attributable to ordinary shareholders [180]. - The cash dividend per 10 shares is set at ¥1.50, based on a total share capital of 418,329,000 shares [181]. Industry Trends and Challenges - The domestic smart toilet industry is in its early development stage, experiencing explosive growth due to rising consumer demand for energy-saving and intelligent products [39]. - The global water crisis and national policies promoting water-saving products are driving the growth of the water-saving sanitary ware industry [36]. - The market for mid-to-high-end sanitary ware products remains robust, with increasing consumer awareness and demand for quality products [42]. - The competitive landscape in the flushing component industry emphasizes quality control, technological innovation, and integrated supply chain solutions [118]. - The ongoing emphasis on green manufacturing and energy-saving policies is pushing the industry towards a more sustainable and high-quality development phase [133]. Risks and Economic Factors - The company faces risks from international macroeconomic fluctuations, including trade tensions and protectionism, which could impact global trade and investment patterns [145]. - Domestic economic fluctuations pose a risk to the company's future performance, particularly if fixed asset investment slows and consumer demand decreases [147]. - The rise of trade protectionism in major economies could adversely affect the company's export demand, especially if significant trade disputes arise [148]. - The company's domestic sales are significantly tied to the health of the real estate market, which is subject to government policy and economic conditions [153].

Financial Performance - Operating revenue for the current period was CNY 324,885,302.06, representing a year-on-year growth of 20.88%[8] - Net profit attributable to shareholders decreased by 33.98% to CNY 31,023,516.75 compared to the same period last year[8] - The net profit after deducting non-recurring gains and losses fell by 48.99% to CNY 24,199,237.51[8] - Basic earnings per share decreased by 35.40% to CNY 0.0741[8] - The weighted average return on equity was 1.88%, down by 1.13% from the previous year[8] - Net profit decreased by 40.16% to ¥76,003,680.62, mainly due to a decline in gross profit[17] - The company reported a total profit of CNY 86.25 million for the third quarter, a decline of 41.2% from CNY 146.78 million in the same period last year[50] - The net profit for the third quarter of 2020 was CNY 76.00 million, down 40.1% from CNY 127.01 million in the previous year[50] - The total comprehensive income for Q3 2020 was CNY 30,569,230.81, down from CNY 46,988,535.25, reflecting a decrease of about 34.9%[43] Assets and Liabilities - Total assets increased by 3.70% to CNY 1,960,612,750.06 compared to the end of the previous year[8] - Total liabilities increased to CNY 290,267,264.33 from CNY 250,521,556.21 year-over-year[34] - Current liabilities totaled CNY 257,684,506.13, up from CNY 219,756,355.04 in the previous period[34] - Non-current liabilities amounted to CNY 32,582,758.20, compared to CNY 30,765,201.17 in the previous period[34] - The company's equity attributable to shareholders reached CNY 1,669,968,669.45, an increase from CNY 1,640,052,817.50[35] - Total liabilities and equity reached CNY 1,875,207,494.37[71] Cash Flow - The net cash flow from operating activities was negative at CNY -7,278,185.88, a decline of 135.01%[8] - The net cash flow from operating activities for Q3 2020 was ¥106,569,422.24, a decrease of 13.7% compared to ¥123,449,427.00 in Q3 2019[57] - Total cash inflow from operating activities was ¥789,145,303.74, down from ¥843,706,938.03 in the previous year, reflecting a decline of 6.4%[57] - Cash outflow from operating activities totaled ¥682,575,881.50, compared to ¥720,257,511.03 in Q3 2019, indicating a reduction of 5.2%[57] - The net cash flow from investing activities was -¥39,658,476.96, worsening from -¥9,669,814.81 in the same period last year[58] - The net cash flow from financing activities was -¥56,142,621.50, compared to -¥76,800,000.00 in Q3 2019, showing an improvement of 26.8%[58] Shareholder Information - The total number of shareholders at the end of the reporting period was 15,616[12] - The top four shareholders each hold 12.48% of the shares, totaling 52,224,000 shares[12] Research and Development - Research and development expenses rose by 36.45% to ¥35,106,192.12, reflecting increased investment in R&D[17] - Research and development expenses increased to CNY 12,433,573.28 from CNY 9,660,857.16, marking a rise of approximately 28.9%[41] - Research and development expenses increased to CNY 24.35 million, up 14.7% from CNY 21.37 million year-over-year[52] Inventory and Receivables - Accounts receivable decreased by 41.31% to ¥64,981,600.02 due to the implementation of new financial instrument standards[16] - Inventory increased to ¥234,982,448.79, up from ¥184,287,433.43, indicating a rise in stock levels[32] - Accounts receivable decreased to CNY 212,572,563.28 from CNY 240,350,735.16 year-over-year[36] - Inventory increased slightly to CNY 144,102,900.79 from CNY 142,210,832.48[36] Financial Management - The total amount of entrusted financial management reached ¥55,400,000, with no overdue amounts[24] - The company reported non-recurring gains of CNY 15,188,889.18 for the year-to-date[10] - Other income increased by 86.97% to ¥10,912,829.46, attributed to an increase in government subsidies received[16] Future Outlook - The company plans to invest approximately ¥29,973.17 million in the construction of a new smart bathroom product production base, with a total planned investment of ¥39,089.38 million[21] - The company plans to continue focusing on product innovation and market expansion to improve future performance[50] Audit and Compliance - The third quarter report was not audited[72] - The company implemented the new revenue recognition standard starting January 1, 2020, affecting the presentation of contract liabilities[71]