Business Overview - The company has a long history of supplying non-crystalline transformers to German photovoltaic customers and later expanded to Japanese clients like Hitachi and Meidensha [2] - The company adjusted its strategy to focus on the domestic market, targeting top-tier clients in the photovoltaic industry [2] - The company aims to achieve a revenue target of 10 billion yuan, leveraging its strong customer base and multiple product lines [4] Product and Market Performance - High-frequency inductor products are primarily supplied to major clients like Sungrow and Huawei, with recent expansions to other inverter manufacturers such as Ginlong Technologies [2] - High-frequency inductor products face significant margin pressure due to rising raw material costs, with competitors including Jingquanhua and Haiguang [2] - The company's boost transformer product, developed in 2019, achieved revenue of 24.61 million yuan in 2020 and 76.30 million yuan in the first half of 2021, with strong order backlogs [3] - The company supplies phase-shifting transformers for the Panama Power solution, which offers 50% less space and 40% savings in equipment and construction costs compared to traditional data center power solutions [3] Strategic Initiatives - The company is implementing digital transformation and process optimization projects to upgrade its supply chain, R&D, and management systems [4] - The company plans to focus on mergers and acquisitions primarily in the new energy sector, with secondary focus on lighting and industrial control industries [4] Industry Outlook - The company is optimistic about the long-term growth of the photovoltaic industry, driven by the trend of carbon neutrality and grid parity for photovoltaic power generation [3]

伊戈尔电气股份有限公司 2022 年第三季度报告 证券代码：002922 证券简称：伊戈尔 公告编号：2022-113 伊戈尔电气股份有限公司 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 伊戈尔电气股份有限公司 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 | --- | --- | --- | --- | --- | |------------------------------------------------------|------------------|-------------------------|------------- ...

伊戈尔电气股份有限公司 2022 年半年度报告全文 伊戈尔电气股份有限公司 2022 年半年度报告 2022-090 2022 年 08 月 19 日 1 伊戈尔电气股份有限公司 2022 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容 的真实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担 个别和连带的法律责任。 公司负责人肖俊承、主管会计工作负责人袁红波及会计机构负责人(会计 主管人员)刘德松声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本报告的董事会会议。 本报告中涉及公司未来发展规划、经营策略及盈利目标等事项的前瞻性 陈述，不构成公司对投资者的实质承诺，请投资者注意投资风险。投资者及 相关人士均应当对此保持足够的风险认识，并且应当理解计划、预测与承诺 之间的差异。 公司在本半年度报告第三节"管理层讨论与分析"中的第十小节"公司 面临的风险和应对措施"部分，描述了公司未来经营可能面临的主要风险， 敬请广大投资者注意风险。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 2 伊戈尔电气股份有限 ...

伊戈尔电气股份有限公司 2022 年第一季度报告全文 1 证券代码：002922 证券简称：伊戈尔 公告编号：2022-038 伊戈尔电气股份有限公司 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 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 | ...

[Important Notice, Table of Contents, and Definitions](index=2&type=section&id=Section%20I%20Important%20Notice%2C%20Table%20of%20Contents%2C%20and%20Definitions) [Important Notice](index=2&type=section&id=Important%20Notice) The company's board and management affirm the report's accuracy, with all directors present, and the 2021 profit distribution plan has been announced - The company's 2021 profit distribution plan is based on the total share capital of **296,320,455 shares** as of December 31, 2021, distributing a cash dividend of **CNY 2.00 per 10 shares** (including tax) to all shareholders, with no bonus shares or capital reserve conversions[14](index=14&type=chunk) [Risk Factors](index=2&type=section&id=Risk%20Factors) The company faces key risks including international operation (exchange rate fluctuations, trade friction), intensified market competition, management, technology iteration, intellectual property, raw material price volatility (silicon steel, copper), rising labor costs, and global pandemic uncertainties - The company identifies **nine major risks**, covering international operations, market competition, internal management, technology, raw materials, labor, exchange rates, and the pandemic, with **raw material price fluctuations** and **international operational risks** being particularly prominent[6](index=6&type=chunk)[9](index=9&type=chunk)[13](index=13&type=chunk) [Definitions](index=7&type=section&id=Definitions) This section defines key terms used in the report, including abbreviations for the company and its subsidiaries, as well as technical and industry terms related to core businesses like power supplies, transformers, photovoltaic power generation, and inverters, providing a foundation for understanding the report content [Company Profile and Key Financial Indicators](index=9&type=section&id=Section%20II%20Company%20Profile%20and%20Key%20Financial%20Indicators) [Company Information](index=9&type=section&id=Company%20Information) Igor Electric Co., Ltd. (Stock Code: 002922) is a company listed on the Shenzhen Stock Exchange, with Xiao Juncheng as its legal representative, focusing on the R&D and manufacturing of electrical products [Key Accounting Data and Financial Indicators](index=10&type=section&id=Key%20Accounting%20Data%20and%20Financial%20Indicators) In 2021, the company achieved significant performance growth, with **revenue up 58.61% to CNY 2.23 billion** and **net profit attributable to parent company surging 278.70% to CNY 195 million**, primarily due to non-recurring gains from non-current asset disposal; however, **net cash flow from operating activities turned negative**, decreasing by **377.51%** Key Financial Indicators for 2021 | Indicator | 2021 | 2020 | Year-on-year Change | | :--- | :--- | :--- | :--- | | Operating Revenue (CNY) | 2,230,103,076.67 | 1,406,042,508.54 | 58.61% | | Net Profit Attributable to Shareholders of Listed Company (CNY) | 194,782,993.71 | 51,434,187.95 | 278.70% | | Net Profit Attributable to Shareholders of Listed Company After Non-recurring Gains/Losses (CNY) | 68,876,734.28 | 36,832,719.71 | 87.00% | | Net Cash Flow from Operating Activities (CNY) | -67,826,362.46 | 24,440,838.85 | -377.51% | | Basic Earnings Per Share (CNY/share) | 0.66 | 0.20 | 230.00% | | Weighted Average Return on Net Assets | 12.75% | 5.01% | Increase of 7.74 percentage points | [Quarterly Key Financial Indicators](index=11&type=section&id=Quarterly%20Key%20Financial%20Indicators) The company's 2021 operating revenue showed steady quarterly growth, from **CNY 360 million** in Q1 to **CNY 690 million** in Q4; net profit attributable to parent peaked at **CNY 118 million** in Q1 due to non-recurring gains, with operating cash flow negative in the first two quarters before turning positive in Q3 2021 Quarterly Financial Data (Unit: CNY) | Indicator | Q1 | Q2 | Q3 | Q4 | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 360,093,918.39 | 544,319,686.79 | 631,822,636.10 | 693,866,835.39 | | Net Profit Attributable to Shareholders of Listed Company | 117,686,022.93 | 24,488,811.19 | 40,206,939.41 | 12,401,220.18 | | Net Cash Flow from Operating Activities | -57,274,562.94 | -50,262,567.30 | 44,259,196.79 | -4,548,429.01 | [Non-recurring Gains and Losses Items and Amounts](index=11&type=section&id=Non-recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) In 2021, the company's total non-recurring gains and losses amounted to **CNY 126 million**, significantly impacting net profit, primarily driven by **CNY 118 million** from the disposal of non-current assets, specifically the sale of land and buildings in Guicheng Science Park; government subsidies and wealth management income also contributed - Non-current asset disposal gains and losses amounted to **CNY 118 million**, representing the primary source of non-recurring gains and losses for the period, mainly due to the company's sale of land and buildings located in Guicheng Science Park[44](index=44&type=chunk) - Government subsidies recognized in current profit and loss totaled **CNY 13.44 million**, constituting another significant non-recurring gain and loss item[44](index=44&type=chunk) [Management Discussion and Analysis](index=13&type=section&id=Section%20III%20Management%20Discussion%20and%20Analysis) [Industry Overview](index=13&type=section&id=Industry%20Overview%20During%20the%20Reporting%20Period) The company's industry benefits from global 'carbon neutrality' trends and policy support, driving strong demand in new energy photovoltaic power generation, with high growth expected in domestic and international installed capacity, boosting the market for PV inverters and core components; industrial automation and LED lighting also offer broad market opportunities - Under 'dual carbon' goals, the photovoltaic industry gains attention with steady growth in domestic and international installed capacity; China's new grid-connected PV capacity reached **54.88 GW** in 2021, global new installations hit **183 GW**, and are projected to reach **270-330 GW** by 2025, presenting significant opportunities for the company's new energy transformer business[53](index=53&type=chunk) - The LED lighting industry retains growth potential driven by digitalization and intelligence, with promising prospects in emerging markets like health and smart lighting; China's health lighting market is projected to reach **CNY 17.2 billion** by 2023, and its smart LED lighting market reached **CNY 46.6 billion** in 2021[62](index=62&type=chunk) [Main Business and Core Competencies](index=15&type=section&id=Main%20Business%20During%20the%20Reporting%20Period) The company implements a '2+X' strategy, focusing on energy and lighting product lines while expanding into new areas like automotive and communication power supplies and energy storage; its core competencies include global client resources, strong R&D (172 patents), diverse product lines, quality advantages, global responsiveness, and an experienced management team - The company's strategic layout is '2+X', with core businesses in energy products (new energy transformers, industrial control transformers) and lighting products (lighting power supplies, luminaires), while actively expanding into new fields such as automotive power supplies, communication power supplies, and energy storage[63](index=63&type=chunk) - The company maintains a long-term, stable base of high-end clients, including Sungrow, IKEA, Hitachi, Meidensha, and Osram, utilizing a direct sales model to quickly respond to customer needs[76](index=76&type=chunk)[80](index=80&type=chunk) - As of the end of the reporting period, the company holds **172 patents**, including **14 invention patents**, demonstrating strong independent R&D and technological advantages[81](index=81&type=chunk) [Main Business Analysis](index=19&type=section&id=Main%20Business%20Analysis) In 2021, the company achieved record high revenue and profit, with **operating revenue up 58.61% to CNY 2.23 billion** and **non-recurring net profit up 87.00%**, primarily driven by **80.37% growth in energy products**, especially **136.22% surge in PV-related products**; however, **gross margin declined by 3.36 percentage points** due to rising raw material costs, and **operating cash flow was negative** due to long settlement cycles and increased raw material reserves 2021 Operating Performance Overview | Indicator | 2021 Amount (CNY 10,000s) | Year-on-year Growth | | :--- | :--- | :--- | | Operating Revenue | 223,010.31 | 58.61% | | Net Profit Attributable to Parent | 19,478.30 | 278.70% | | Net Profit Attributable to Parent (Excl. Non-recurring) | 6,887.67 | 87.00% | | Net Cash Flow from Operating Activities | -6,782.64 | -377.51% | Operating Revenue by Product Category (Unit: CNY 10,000s) | Product Category | 2021 Revenue | Share of Total Revenue | Year-on-year Growth | | :--- | :--- | :--- | :--- | | Energy Products | 124,901.67 | 56.01% | 80.37% | | Lighting Products | 88,460.32 | 39.67% | 32.89% | | Other Products | 9,648.32 | 4.33% | 101.36% | - Photovoltaic industry products became the company's fastest-growing business, achieving total revenue of **CNY 693 million**, a **136.22% year-on-year increase**; high-frequency inductors for PV inverters grew **58.11%**, and step-up grid-connected transformers surged **989.33%**[90](index=90&type=chunk) - Gross margin decreased by **3.36 percentage points**, primarily due to significant increases in raw material prices (**copper +35.51%**, **silicon steel +22.89%**)[88](index=88&type=chunk) - Net cash flow from operating activities decreased by **377.51% year-on-year**, mainly due to longer settlement periods for new energy business clients (mostly bank acceptance bills) and the company's proactive stocking of key materials to mitigate market changes[89](index=89&type=chunk)[121](index=121&type=chunk) [Analysis of Assets and Liabilities](index=27&type=section&id=Analysis%20of%20Assets%20and%20Liabilities) As of year-end 2021, total assets reached **CNY 2.73 billion**, up **18.04%**, with significant shifts in asset structure: accounts receivable and inventory proportions rose to **23.77%** and **15.27%** of total assets, reflecting business expansion and raw material stocking; liabilities saw substantial increases in accounts payable and notes payable, while **CNY 521 million** in assets were restricted, primarily for bill pledges and loan collateral Major Balance Sheet Item Changes | Item | Proportion of Total Assets at 2021 Year-end | Proportion of Total Assets at 2020 Year-end | Explanation of Change | | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 11.89% | 17.46% | Due to business scale growth, inventory stocking, and wealth management product purchases | | Accounts Receivable | 23.77% | 19.56% | Increased proportion of sales to major clients with unsettled accounts | | Inventory | 15.27% | 10.52% | Due to rising raw material prices and market shortages, proactive material stocking | | Short-term Borrowings | 4.69% | 13.17% | Use of idle raised funds to supplement working capital and repay borrowings | - As of the end of the reporting period, the company had **CNY 521 million** in restricted assets, including **CNY 231 million** in notes receivable, **CNY 226 million** in fixed assets, **CNY 15 million** in intangible assets, and **CNY 48 million** in cash and cash equivalents, primarily used for bill pledges and secured borrowings[131](index=131&type=chunk) [Investment Analysis](index=28&type=section&id=Investment%20Analysis) During the reporting period, the company's major non-equity investment was the 'Photovoltaic Grid-Connected Equipment Intelligent Manufacturing Project,' with **CNY 108 million** invested this period and **CNY 114 million** cumulatively, still under construction; the company also engaged in cash management and derivative investments like forward foreign exchange contracts to mitigate currency risks, with **CNY 468 million** raised in 2020, partially used for loan repayment and working capital, and the PV project ongoing - The company's ongoing major non-equity investment is the 'Photovoltaic Grid-Connected Equipment Intelligent Manufacturing Project,' with **CNY 108 million** invested in this reporting period, a cumulative investment of **CNY 114 million**, and a project progress of **29.61%**[134](index=134&type=chunk) - The company engaged in forward foreign exchange contracts to hedge against exchange rate risks, with an actual gain of **CNY 3.481 million** during the reporting period[139](index=139&type=chunk) - The net proceeds from the 2020 non-public offering amounted to **CNY 468 million**, with **CNY 337 million** cumulatively utilized as of the end of the reporting period, leaving **CNY 140 million** unused, primarily for wealth management product purchases and deposit in special fundraising accounts[143](index=143&type=chunk) [Future Development Outlook](index=35&type=section&id=Company%20Future%20Development%20Outlook) The company will continue its '2+X' strategy, deepening its core energy and lighting businesses while expanding into new areas like automotive power and energy storage; 2022 plans include strengthening core operations and major client relationships, accelerating PV project construction, advancing digital and intelligent manufacturing, enhancing human resources, and pursuing external growth through capital market investments and M&A - The company will continue to focus on its '2+X' strategy, building upon energy and lighting products to expand into new application areas such as automotive power supplies, communication power supplies, and energy storage[161](index=161&type=chunk) - For 2022, the company plans to accelerate the construction of the 'Photovoltaic Grid-Connected Intelligent Manufacturing Project,' aiming for early production to enhance product quality, reduce costs, and strengthen core competitiveness[163](index=163&type=chunk) - The company plans to fully leverage capital markets, integrating quality resources through investments and M&A to achieve both organic growth and external expansion[165](index=165&type=chunk) [Corporate Governance](index=38&type=section&id=Section%20IV%20Corporate%20Governance) [Overview of Corporate Governance](index=38&type=section&id=Basic%20Status%20of%20Corporate%20Governance) During the reporting period, the company operated in strict compliance with laws like the Company Law and Securities Law, continuously improving its governance structure, with no significant discrepancies from CSRC regulations; the company maintains independence from its controlling shareholder in assets, operations, personnel, organization, and finance [Directors, Supervisors, and Senior Management](index=40&type=section&id=Directors%2C%20Supervisors%2C%20and%20Senior%20Management%20Information) During the reporting period, the company's board, supervisory, and senior management teams remained stable with experienced core members; Independent Director Mr. Yan Guoxiang departed due to term expiration, and Employee Representative Supervisor Mr. Wang Hailong resigned for personal reasons, with replacements completed; total compensation for directors, supervisors, and senior management was **CNY 8.66 million** - Personnel changes during the reporting period included the departure of Independent Director Yan Guoxiang due to completing a six-year term and the resignation of Employee Representative Supervisor Wang Hailong for personal reasons, with both replacements completed[192](index=192&type=chunk)[193](index=193&type=chunk) Compensation of Selected Directors, Supervisors, and Senior Management (Unit: CNY 10,000s) | Name | Position | Total Pre-tax Compensation from the Company | | :--- | :--- | :--- | | Xiao Juncheng | Chairman | 93.85 | | Wang Yilong | Director, General Manager | 191.39 | | Zhang Tie Lei | Deputy General Manager | 125.97 | | Zhao Nannan | Deputy General Manager | 124.83 | | Total (All Disclosed Personnel) | -- | 866.07 | [Performance of the Board of Directors and Special Committees](index=47&type=section&id=Performance%20of%20the%20Board%20of%20Directors%20and%20Special%20Committees) During the reporting period, the company's board held 12 meetings, reviewing annual reports, profit distribution, equity incentives, and major investments, with all directors diligently performing their duties without dissent; the four special committees (Audit, Remuneration & Appraisal, Strategy, Nomination) also held meetings, reviewing financial reports, executive compensation, company strategy, and director nominations, supporting the board's scientific decision-making [Employee Information](index=53&type=section&id=Company%20Employee%20Information) As of the end of the reporting period, the company had **2,624 employees**, with production personnel being the largest group at **1,630**; the company has established a scientific compensation policy and comprehensive training system, focusing on talent development, and also utilized labor outsourcing, with total compensation paid of approximately **CNY 33.65 million** Employee Professional Composition | Professional Category | Number of Employees | | :--- | :--- | | Production Personnel | 1,630 | | Sales Personnel | 110 | | Technical Personnel | 315 | | Financial Personnel | 41 | | Administrative Personnel | 528 | | **Total** | **2,624** | [Profit Distribution and Capital Reserve Conversion](index=54&type=section&id=Company%20Profit%20Distribution%20and%20Capital%20Reserve%20to%20Share%20Capital%20Conversion) During the reporting period, the company implemented its 2020 profit distribution plan, converting **7 shares per 10 shares** from capital reserves and distributing a **CNY 2.00 cash dividend per 10 shares**; for 2021, the board approved a plan to distribute a **CNY 2.00 cash dividend per 10 shares** (including tax), totaling **CNY 59.26 million**, with no bonus shares or capital reserve conversions - The 2020 profit distribution plan has been completed: a cash dividend of **CNY 2.00 per 10 shares** (including tax) was distributed, and **7 shares per 10 shares** were converted from capital reserves[245](index=245&type=chunk) - The 2021 profit distribution proposal: a cash dividend of **CNY 2.00 per 10 shares** (including tax) is proposed, with no bonus shares or capital reserve conversions[248](index=248&type=chunk) [Equity Incentive Plan](index=55&type=section&id=Company%20Equity%20Incentive%20Plan) During the reporting period, the company continued its 2019 restricted stock incentive plan, repurchasing and canceling **102,450 restricted shares** held by **8 departing grantees**; it also completed the unlocking of the second tranche of both the initial grant (**1.975 million shares**) and the reserved grant (**535,500 shares**), with these shares now listed for trading - The company completed the unlocking of the second restricted period for both the initial and reserved grants under its 2019 restricted stock incentive plan[250](index=250&type=chunk) [Environmental and Social Responsibility](index=59&type=section&id=Section%20V%20Environmental%20and%20Social%20Responsibility) [Environmental and Social Responsibility Status](index=59&type=section&id=Environmental%20and%20Social%20Responsibility%20Status) The company and its subsidiaries are not designated as key polluting entities and had no environmental incidents or penalties during the reporting period; it upholds legal compliance, protects stakeholder rights, provides a safe work environment with diverse training, and actively engages in public welfare initiatives like establishing charity funds and school-enterprise cooperation [Significant Matters](index=60&type=section&id=Section%20VI%20Significant%20Matters) [Fulfillment of Commitments](index=60&type=section&id=Fulfillment%20of%20Commitments) During the reporting period, the company's actual controller, shareholders, and directors, supervisors, and senior management strictly fulfilled commitments made during IPO and refinancing, including share lock-up and information disclosure accuracy, with no breaches observed [Changes in Accounting Policies](index=65&type=section&id=Changes%20in%20Accounting%20Policies) Effective January 1, 2021, the company adopted the revised Accounting Standard for Business Enterprises No. 21—Leases, requiring lessees to recognize right-of-use assets and lease liabilities for all leases except short-term and low-value ones; this change had no significant impact on the company's financial position or operating results - The company adopted the new leasing standard effective **January 1, 2021**, adjusting its accounting policies accordingly, with no significant impact on its financial position or operating results[291](index=291&type=chunk)[296](index=296&type=chunk) [Changes in Consolidation Scope](index=66&type=section&id=Explanation%20of%20Changes%20in%20Consolidation%20Scope) During the reporting period, the company's consolidation scope changed: Foshan Igor Industrial Development Co., Ltd. was deconsolidated due to the sale of **95% equity**, while a new wholly-owned Singapore subsidiary and Ji'an Igor Electric Co., Ltd. Guangdong Branch were established and included in the scope from their respective incorporation dates - Foshan Igor Industrial Development Co., Ltd. is no longer included in the consolidated financial statements due to the sale of **95% equity**[297](index=297&type=chunk) - A new wholly-owned Singapore subsidiary and Ji'an Igor Guangdong Branch were established and included in the consolidated financial statements[297](index=297&type=chunk)[298](index=298&type=chunk) [Significant Related Party Transactions](index=67&type=section&id=Significant%20Related%20Party%20Transactions) During the reporting period, the company had no significant related party transactions related to daily operations; the primary related party transaction involved the actual controller, Mr. Xiao Juncheng, providing an unconditional joint and several liability guarantee for the company's and its subsidiaries' bank comprehensive credit lines (totaling up to **CNY 880 million**), supporting the company's financing activities - The company's actual controller, Mr. Xiao Juncheng, provided an unconditional joint and several liability guarantee for the company's and its subsidiaries' 2021 bank comprehensive credit lines, not exceeding **CNY 880 million**[313](index=313&type=chunk) [Significant Contracts and Their Performance](index=69&type=section&id=Significant%20Contracts%20and%20Their%20Performance) This section discloses the company's leasing and guarantee situations; the company and its subsidiaries leased various offices, factories, dormitories, and equipment; regarding guarantees, the company primarily provided guarantees for its subsidiaries, with approved guarantee limits totaling **CNY 500 million** and actual outstanding guarantees of **CNY 68.28 million** during the reporting period, with no irregular external guarantees Guarantees to Subsidiaries (Unit: CNY 10,000s) | Item | Amount | | :--- | :--- | | Total Approved Guarantee Limit for Subsidiaries During Reporting Period | 50,000 | | Total Actual Guarantee Balance for Subsidiaries at Period-end | 6,827.64 | [Share Changes and Shareholder Information](index=74&type=section&id=Section%20VII%20Share%20Changes%20and%20Shareholder%20Information) [Share Changes](index=74&type=section&id=Share%20Changes) During the reporting period, the company's total share capital increased from **174 million shares** to **296 million shares**, primarily due to the 2020 equity distribution, which converted **7 shares per 10 shares** from capital reserves, adding **122 million shares**, and the repurchase and cancellation of **102,450 restricted shares** due to grantee departures - The company's total share capital increased from **174,408,600 shares** to **296,320,455 shares**[344](index=344&type=chunk) - The primary reason for the increase in share capital was the implementation of the capital reserve to share capital conversion plan (**7 shares converted per 10 shares**), resulting in a total increase of **122,014,305 shares**[345](index=345&type=chunk) [Shareholders and Actual Controller Information](index=77&type=section&id=Shareholders%20and%20Actual%20Controller%20Information) As of the end of the reporting period, the company had **66,548 common shareholders**; the controlling shareholder is Foshan Max Investment Co., Ltd., holding **33.25%**, and the actual controller is Mr. Xiao Juncheng; the top ten shareholders' holdings are relatively concentrated, and the controlling shareholder's stake remains stable Top Five Shareholders' Holdings | Shareholder Name | Shareholder Type | Shareholding Percentage | Shares Held at Period-end | | :--- | :--- | :--- | :--- | | Foshan Max Investment Co., Ltd. | Domestic Non-State-Owned Legal Person | 33.25% | 98,536,571 | | Wang Yilong | Domestic Natural Person | 3.63% | 10,757,744 | | Xiao Juncheng | Domestic Natural Person | 1.88% | 5,569,207 | | Zhang Zexue | Domestic Natural Person | 1.35% | 4,015,000 | | Zheng Hongyan | Domestic Natural Person | 1.09% | 3,239,028 | [Preferred Shares Information](index=80&type=section&id=Section%20VIII%20Preferred%20Shares%20Information) [Preferred Shares Status](index=80&type=section&id=Preferred%20Shares%20Status) During the reporting period, the company had no preferred shares [Bonds Information](index=81&type=section&id=Section%20IX%20Bonds%20Information) [Bonds Status](index=81&type=section&id=Bonds%20Status) During the reporting period, the company had no bond-related information [Financial Report](index=82&type=section&id=Section%20X%20Financial%20Report) [Audit Report](index=82&type=section&id=Audit%20Report) Rongcheng Certified Public Accountants (Special General Partnership) issued a standard unqualified audit opinion on the company's 2021 financial statements, affirming they fairly reflect the company's financial position and operating results in all material respects; key audit matters included revenue recognition and inventory impairment provisions, for which sufficient audit procedures were performed - The auditing firm issued a standard unqualified opinion, affirming that the financial statements fairly reflect the company's financial position[377](index=377&type=chunk) - Key audit matters included revenue recognition and the provision for inventory impairment, indicating the auditors' focus on the authenticity of revenue and the valuation of inventory assets[379](index=379&type=chunk)[381](index=381&type=chunk)[389](index=389&type=chunk) [Financial Statements](index=85&type=section&id=Financial%20Statements) The financial statements detail the company's financial position: the balance sheet shows total assets grew to **CNY 2.73 billion** and owner's equity to **CNY 1.63 billion**; the income statement reflects **CNY 2.23 billion** in operating revenue and **CNY 195 million** in net profit attributable to parent; the cash flow statement indicates **CNY 67.83 million** net cash outflow from operations, **CNY 167 million** net inflow from investing, **CNY 222 million** net outflow from financing, with period-end cash and cash equivalents decreasing to **CNY 276 million** Consolidated Balance Sheet Summary (December 31, 2021) | Item | Amount (CNY) | | :--- | :--- | | **Total Assets** | **2,730,242,494.12** | | Total Current Assets | 1,900,522,199.96 | | Total Non-current Assets | 829,720,294.16 | | **Total Liabilities** | **1,104,086,154.25** | | Total Current Liabilities | 1,068,949,414.17 | | Total Non-current Liabilities | 35,136,740.08 | | **Total Owner's Equity** | **1,626,156,339.87** | | Total Owner's Equity Attributable to Parent Company | 1,617,248,523.39 | Consolidated Income Statement Summary (2021) | Item | Amount (CNY) | | :--- | :--- | | Total Operating Revenue | 2,230,103,076.67 | | Total Operating Costs | 2,136,033,482.24 | | Operating Profit | 216,400,092.54 | | Total Profit | 213,739,210.51 | | Net Profit | 188,649,861.31 | | Net Profit Attributable to Shareholders of Parent Company | 194,782,993.71 | Consolidated Cash Flow Statement Summary (2021) | Item | Amount (CNY) | | :--- | :--- | | Net Cash Flow from Operating Activities | -67,826,362.46 | | Net Cash Flow from Investing Activities | 167,402,746.86 | | Net Cash Flow from Financing Activities | -221,984,898.56 | | Net Increase in Cash and Cash Equivalents | -125,265,360.38 | | Cash and Cash Equivalents at Period-end | 276,115,780.08 |

伊戈尔电气股份有限公司 2021 年第三季度报告 1 证券代码：002922 证券简称：伊戈尔 公告编号：2021-120 伊戈尔电气股份有限公司 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。 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 | --- | --- | --- | --- | --- | |------------------------------------------------------|------------------|-------------------------|--------------------------| ...

伊戈尔电气股份有限公司 2021 年半年度报告全文 伊戈尔电气股份有限公司 2021 年半年度报告 2021-096 2021 年 08 月 1 伊戈尔电气股份有限公司 2021 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的 真实、准确、完整，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和 连带的法律责任。 公司负责人肖俊承、主管会计工作负责人陈林及会计机构负责人(会计主管 人员)刘德松声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本报告的董事会会议。 本报告中涉及公司未来发展规划、经营策略及盈利目标等事项的前瞻性陈 述，不构成公司对投资者的实质承诺，请投资者注意投资风险。投资者及相关 人士均应当对此保持足够的风险认识，并且应当理解计划、预测与承诺之间的 差异。本公司特别提醒投资者关注如下风险： | --- | |------------------------------------------------------------------------| | 一、国际化经营风险，公司出口业务占营业收入比重 ...

伊戈尔电气股份有限公司 2021 年第一季度报告全文 伊戈尔电气股份有限公司 2021 年第一季度报告 2021-055 2021 年 04 月 1 伊戈尔电气股份有限公司 2021 年第一季度报告全文 第一节 重要提示 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真 实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担个别和 连带的法律责任。 所有董事均已出席了审议本次季报的董事会会议。 公司负责人肖俊承、主管会计工作负责人陈林及会计机构负责人(会计主管 人员)刘德松声明：保证季度报告中财务报表的真实、准确、完整。 2 伊戈尔电气股份有限公司 2021 年第一季度报告全文 第二节 公司基本情况 一、主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 | --- | --- | --- | --- | |-----------------------------------------------------|------------------|------------------|---------------------------| | | 本报告期 | 上年 ...

[Important Notice, Table of Contents, and Definitions](index=2&type=section&id=Item%201.%20Important%20Notice%2C%20Table%20of%20Contents%2C%20and%20Definitions) This section provides important notices, the report's table of contents, and definitions of key terms used throughout the document [Important Notice](index=2&type=section&id=Important%20Notice) The company's board of directors ensures the annual report's truthfulness, accuracy, and completeness, highlighting nine major risks for investors, including international operations, market competition, management, technological updates, raw material price fluctuations, and exchange rate volatility - The company faces nine major operating risks, including: * **International Operation Risk**: Export revenue accounts for over **50%**, highly susceptible to international political, economic, exchange rate, and trade friction impacts[5](index=5&type=chunk) * **Increased Market Competition Risk**: Intense competition from domestic and international manufacturers challenges the company's technology and market expansion capabilities[6](index=6&type=chunk) * **Management Risk**: Company scale expansion demands higher comprehensive management capabilities[9](index=9&type=chunk) * **Technological Update and Iteration Risk**: Rapid industry technological updates pose adverse effects if R&D direction deviates or lacks advantage[12](index=12&type=chunk) * **Intellectual Property Risk**: Potential for infringement or being infringed upon intellectual property[12](index=12&type=chunk) * **Raw Material Price Fluctuation Risk**: Price fluctuations of bulk commodities like silicon steel sheets and copper affect costs[13](index=13&type=chunk) * **Rising Labor Cost Risk**: Continuous increase in labor costs may impact profits[13](index=13&type=chunk) * **Exchange Rate Fluctuation Risk**: Export business primarily settled in USD, EUR, JPY, facing exchange rate fluctuation impacts[13](index=13&type=chunk) * **Global COVID-19 Pandemic Risk**: Worsening pandemic may adversely affect the company's business operations[13](index=13&type=chunk) Profit Distribution Plan | Distribution Plan | Details | | :--- | :--- | | **Cash Dividend** | Cash dividend of RMB 2 per 10 shares (tax inclusive) | | **Bonus Shares** | 0 shares | | **Capital Reserve Conversion** | 7 shares converted per 10 shares | | **Distribution Base** | 174,306,150 shares (total share capital minus repurchased restricted shares) | [Table of Contents](index=6&type=section&id=Table%20of%20Contents) The report is divided into thirteen chapters, covering standard annual report content such as company overview, business summary, operational analysis, significant events, and financial reports [Definitions](index=7&type=section&id=Definitions) This section defines key terms and abbreviations used in the report, such as 'Company', 'Reporting Period', and subsidiaries' abbreviations [Company Profile and Key Financial Indicators](index=8&type=section&id=Item%202.%20Company%20Profile%20and%20Key%20Financial%20Indicators) This section introduces the company's profile and presents its key accounting data and financial performance indicators [Company Profile](index=8&type=section&id=Company%20Profile) Eaglerise Electric Co., Ltd. (Stock Code: 002922) is a company listed on the Shenzhen Stock Exchange, specializing in the R&D and sales of electrical and electronic products Company Basic Information | Item | Information | | :--- | :--- | | **Stock Abbreviation** | Eaglerise | | **Stock Code** | 002922 | | **Listing Exchange** | Shenzhen Stock Exchange | | **Legal Representative** | Xiao Juncheng | | **Company Website** | http://www.eaglerise.cn | [Key Accounting Data and Financial Indicators](index=9&type=section&id=Key%20Accounting%20Data%20and%20Financial%20Indicators) In 2020, the company's operating revenue increased by 8.44% year-on-year, but net profit attributable to shareholders decreased by 10.36%, while total assets significantly grew by 63.10% Key Financial Performance | Key Financial Indicators | 2020 (RMB) | 2019 (RMB) | YoY Change | | :--- | :--- | :--- | :--- | | **Operating Revenue** | 1,406,042,508.54 | 1,296,559,124.70 | 8.44% | | **Net Profit Attributable to Shareholders** | 51,434,187.95 | 57,376,997.10 | -10.36% | | **Net Profit Attributable to Shareholders (Excl. Non-recurring)** | 36,832,719.71 | 44,298,964.13 | -16.85% | | **Net Cash Flow from Operating Activities** | 24,440,838.85 | 45,857,422.36 | -46.70% | | **Basic Earnings Per Share (RMB/share)** | 0.36 | 0.43 | -16.28% | | **Total Assets** | 2,312,982,402.75 | 1,418,172,092.65 | 63.10% | | **Net Assets Attributable to Shareholders** | 1,444,333,311.39 | 928,549,698.64 | 55.55% | Quarterly Financial Data | Quarter | Operating Revenue (RMB) | Net Profit Attributable to Shareholders (RMB) | | :--- | :--- | :--- | | **Q1** | 198,978,773.88 | -3,227,361.79 | | **Q2** | 334,063,427.89 | 18,323,500.12 | | **Q3** | 351,533,050.54 | 16,609,624.36 | | **Q4** | 521,467,256.23 | 19,728,425.26 | - In 2020, total non-recurring gains and losses amounted to **RMB 14.60 million**, primarily from government grants (**RMB 14.53 million**) and wealth management product income (**RMB 3.78 million**)[37](index=37&type=chunk)[40](index=40&type=chunk) [Company Business Overview](index=12&type=section&id=Item%203.%20Company%20Business%20Overview) This section outlines the company's principal businesses, strategic focus, and analysis of its core competitive advantages [Principal Businesses Engaged by the Company](index=12&type=section&id=Principal%20Businesses%20Engaged%20by%20the%20Company) The company specializes in the R&D, production, and sales of power supplies and components for consumer and industrial sectors, implementing a '2+X' strategy with core businesses in energy and lighting products - The company implements a **"2+X" strategic layout**, focusing on energy products and lighting products as its foundation, while also expanding into new application areas such as automotive power supplies, communication power supplies, and energy storage[44](index=44&type=chunk) - **Main Product Categories**: * **Energy Products**: Applied in photovoltaic, wind power, and industrial control fields, with key clients including Sungrow Power Supply, Huawei, Hitachi, and Schneider[45](index=45&type=chunk)[46](index=46&type=chunk) * **Lighting Products**: Used in commercial, home, and outdoor lighting, with key clients including IKEA, Osram, and Home Depot, among other internationally renowned enterprises[50](index=50&type=chunk)[51](index=51&type=chunk) * **Other Products**: Expanding into emerging fields such as automotive power supplies and communication power supplies[52](index=52&type=chunk) - The company's operating model is primarily **direct sales**, with customized production based on client orders, and utilizes distributors or traders in specific regions to enhance market coverage[53](index=53&type=chunk) [Analysis of Core Competencies](index=15&type=section&id=Analysis%20of%20Core%20Competencies) The company's core competencies include stable international high-end client resources, strong independent R&D capabilities with 140 patents, a rich product line, rapid response through global presence, and an experienced management team - **International Clients and Localized Services**: Established long-term stable cooperation with international clients such as IKEA, Hitachi, Osram, and Home Depot, with branches in the US, Japan, and Malaysia providing localized customized services[66](index=66&type=chunk) - **R&D and Technology**: All products are independently developed, with **140 patents** (including **14 invention patents**) and **10 software copyrights** as of the reporting period end, recognized as a "High-Tech Enterprise" and "Provincial Enterprise Technology Center"[69](index=69&type=chunk) - **Product Line and Quality**: Products cover multiple fields including energy and lighting, having obtained numerous international quality and safety certifications such as ISO9001 and ISO14001[70](index=70&type=chunk) - **Rapid Response Capability**: Achieves rapid response to client needs and large-scale production through a global sales network, warehousing centers, and a business unit organizational structure[71](index=71&type=chunk) [Discussion and Analysis of Operations](index=17&type=section&id=Item%204.%20Discussion%20and%20Analysis%20of%20Operations) This section provides a comprehensive discussion and analysis of the company's operational performance, financial position, and investment activities [I. Overview](index=17&type=section&id=I.%20Overview) In 2020, the company achieved total operating revenue of RMB 1.41 billion, an 8.44% year-on-year increase, primarily driven by increased demand for photovoltaic products, despite a 10.36% decrease in net profit attributable to shareholders Key Financial Highlights | Indicator | 2020 Amount | YoY Change | | :--- | :--- | :--- | | **Total Operating Revenue** | RMB 1.41 billion | +8.44% | | **Net Profit Attributable to Shareholders** | RMB 51.43 million | -10.36% | | **Net Cash Flow from Operating Activities** | RMB 24.44 million | -46.70% | - Revenue growth was primarily driven by photovoltaic industry products, with revenue from high-frequency transformers for photovoltaic inverters increasing by **42.80%**, and new sales of step-up grid-connected transformers amounting to **RMB 24.61 million**[77](index=77&type=chunk) - Gross margin decreased by **3.53%** year-on-year, mainly due to rising raw material prices (copper, semiconductors), a **14.48%** increase in labor costs, and the reclassification of **RMB 17.84 million** in freight costs to cost of goods sold under the new revenue standard[78](index=78&type=chunk) - During the reporting period, the company completed the acquisition of **57%** equity in Shenzhen Dingshuo Tongbang and successfully raised **RMB 479 million** through a non-public offering for the photovoltaic power generation grid-connected equipment intelligent manufacturing project[85](index=85&type=chunk) [II. Analysis of Principal Business](index=18&type=section&id=II.%20Analysis%20of%20Principal%20Business) The company's principal business revenue primarily comes from energy and lighting products, with energy products showing significant growth and becoming the main driver, while overall gross margin declined due to rising operating costs Revenue by Business Segment | Business Category | 2020 Revenue (RMB) | % of Total Revenue | YoY Change | | :--- | :--- | :--- | :--- | | **Energy Products** | 692,463,016.05 | 49.25% | +23.02% | | **Lighting Products** | 665,664,682.85 | 47.34% | +0.93% | | **Other Products** | 47,914,809.64 | 3.41% | -35.36% | Revenue by Region | Region Category | 2020 Revenue (RMB) | % of Total Revenue | YoY Change | | :--- | :--- | :--- | :--- | | **Domestic - East China** | 339,600,616.81 | 24.15% | +9.35% | | **Overseas - North America** | 203,350,837.44 | 14.46% | +27.19% | | **Overseas - Asia** | 141,189,644.26 | 10.04% | +11.45% | - Total sales to the top five clients amounted to **RMB 440 million**, accounting for **31.30%** of total annual sales[105](index=105&type=chunk)[107](index=107&type=chunk) - Total purchases from the top five suppliers amounted to **RMB 152 million**, accounting for **15.56%** of total annual purchases[107](index=107&type=chunk) [III. Analysis of Non-Principal Business](index=25&type=section&id=III.%20Analysis%20of%20Non-Principal%20Business) In 2020, the company's non-principal businesses impacted total profit, with investment income from wealth management products and asset impairment losses from inventory and accounts receivable being key factors Non-Principal Business Impact on Profit | Item | Amount (RMB) | % of Total Profit | Reason for Formation | | :--- | :--- | :--- | :--- | | **Investment Income** | 2,970,845.59 | 5.90% | Primarily income from wealth management investments during the reporting period | | **Fair Value Change Gains/Losses** | 810,915.07 | 1.61% | Primarily expected returns from unexpired wealth management products during the reporting period | | **Asset Impairment** | -6,757,433.62 | -13.42% | Primarily impairment losses recognized for inventory and accounts receivable during the reporting period | | **Non-operating Income** | 292,896.04 | 0.58% | Primarily gains from disposal of fixed assets and insurance company refunds | | **Non-operating Expenses** | -1,375,977.51 | -2.73% | Primarily losses from disposal of fixed assets during the reporting period | [IV. Analysis of Assets and Liabilities](index=25&type=section&id=IV.%20Analysis%20of%20Assets%20and%20Liabilities) At the end of the reporting period, the company's total assets reached RMB 2.31 billion, a 63.10% year-on-year increase, with significant changes in asset structure and a substantial increase in short-term borrowings - Construction in progress significantly decreased, and fixed assets increased, mainly due to the capitalization of Jian Eaglerise's new factory building project (Phase II) upon reaching its intended usable state[64](index=64&type=chunk)[126](index=126&type=chunk) - Short-term borrowings at period-end amounted to **RMB 305 million**, an increase from the beginning of the period, primarily due to increased bank borrowings for future material procurement payments[126](index=126&type=chunk) Restricted Assets | Restricted Asset Item | Book Value at 2020 Year-End (RMB) | Reason for Restriction | | :--- | :--- | :--- | | **Accounts Receivable** | 46,941,276.95 | Pledge for short-term borrowings | | **Fixed Assets** | 226,041,498.66 | Mortgage for guaranteed loan contracts | | **Intangible Assets** | 15,579,552.10 | Mortgage for guaranteed loan contracts | | **Notes Receivable** | 8,000,000.00 | Pledge for bill issuance | | **Total** | **296,562,327.71** | - | [V. Analysis of Investment Status](index=27&type=section&id=V.%20Analysis%20of%20Investment%20Status) During the reporting period, the company's total investment amounted to RMB 102 million, with significant equity investments in DEG Malaysia and Shenzhen Dingshuo Tongbang, and progress on IPO and non-public offering funded projects Major Equity Investments | Investee Company | Investment Method | Investment Amount (RMB) | Shareholding % | | :--- | :--- | :--- | :--- | | **DEG INDUSTRIAL SUPPLIES SDN.BHD.** | Acquisition | 24,087,052.91 | 70.00% | | **Shenzhen Dingshuo Tongbang Technology Co., Ltd.** | Acquisition | 42,750,000.00 | 57.00% | - The IPO-funded "LED Lighting Power Supply Production Project" commenced operations in July 2020, achieving benefits of **RMB 8.96 million** during the reporting period, currently in the capacity ramp-up phase[135](index=135&type=chunk) - In 2020, the company raised **RMB 468 million** through a non-public offering, primarily for the "Photovoltaic Power Generation Grid-Connected Equipment Intelligent Manufacturing Project" and to supplement working capital; as of the reporting period end, **RMB 6.71 million** has been invested in this project, which is in its initial construction phase[138](index=138&type=chunk)[146](index=146&type=chunk)[150](index=150&type=chunk) [IX. Outlook on the Company's Future Development](index=34&type=section&id=IX.%20Outlook%20on%20the%20Company%27s%20Future%20Development) The company will continue to focus on its core business of power supplies and components, expanding its business footprint through organic growth and external M&A, with strategic plans for 2021 including business expansion, capacity upgrades, and digital transformation - **Development Strategy**: Continuously focus on the R&D, production, and sales of power supplies and components, concentrating on the main business while extending upstream and downstream, and continuously expanding the business footprint[166](index=166&type=chunk) - **Key Operating Plan for 2021**: * **Business Expansion**: Accelerate production localization in Malaysia, expand into photovoltaic grid-connected step-up transformers, data center phase-shifting transformers, and smart lighting businesses[167](index=167&type=chunk) * **Capacity Upgrade**: Prioritize the photovoltaic step-up transformer intelligent manufacturing project to build an intelligent and digital factory[168](index=168&type=chunk) * **Management Optimization**: Improve the talent system and performance appraisal, and continue to advance digital projects such as PLM and CRM[169](index=169&type=chunk)[170](index=170&type=chunk) * **Capital Operations**: Utilize the listed company platform to integrate high-quality resources through investments and M&A[171](index=171&type=chunk) [Significant Events](index=35&type=section&id=Item%205.%20Significant%20Events) This section details significant corporate events, including profit distribution, commitment fulfillment, and changes in accounting policies and consolidation scope [I. Common Share Profit Distribution and Capital Reserve to Share Capital Conversion](index=35&type=section&id=I.%20Common%20Share%20Profit%20Distribution%20and%20Capital%20Reserve%20to%20Share%20Capital%20Conversion) During the reporting period, the company executed its 2019 profit distribution plan and proposed the 2020 profit distribution plan, which includes a cash dividend of RMB 2 per 10 shares and a conversion of capital reserves to 7 shares per 10 shares Profit Distribution Plans (Past Three Years) | Year | Cash Dividend per 10 Shares (RMB) | Bonus Shares per 10 Shares (Shares) | Capital Reserve Conversion per 10 Shares (Shares) | | :--- | :--- | :--- | :--- | | **2020 (Proposed)** | 2.0 | 0 | 7 | | **2019** | 2.0 | 0 | 0 | | **2018** | 1.5 | 0 | 0 | Cash Dividend Ratio (Past Three Years) | Year | Cash Dividend Amount (RMB) | Ratio of Cash Dividend to Net Profit Attributable to Shareholders (Consolidated) | | :--- | :--- | :--- | | **2020** | 34,861,230.00 | 67.78% | | **2019** | 27,030,295.00 | 47.11% | | **2018** | 19,798,931.25 | 47.61% | [III. Fulfillment of Commitments](index=36&type=section&id=III.%20Fulfillment%20of%20Commitments) During the reporting period, the company's controlling shareholder, actual controller, and other relevant parties strictly fulfilled all commitments made during initial public offerings, refinancing, and equity incentive activities - The 36-month lock-up commitment by controlling shareholder Maiges Investment and actual controller Xiao Juncheng regarding the initial public offering of shares was fulfilled on **December 29, 2020**[185](index=185&type=chunk)[188](index=188&type=chunk) - The share lock-up commitments of subscribers to the 2020 non-public offering (including actual controller Xiao Juncheng) are currently being fulfilled, with lock-up periods of **36 months or 6 months**[191](index=191&type=chunk) [VI. Explanation of Changes in Accounting Policies, Accounting Estimates, and Accounting Methods Compared to Prior Year Financial Report](index=47&type=section&id=VI.%20Explanation%20of%20Changes%20in%20Accounting%20Policies%2C%20Accounting%20Estimates%2C%20and%20Accounting%20Methods%20Compared%20to%20Prior%20Year%20Financial%20Report) Effective January 1, 2020, the company adopted the revised 'Accounting Standard for Business Enterprises No. 14 – Revenue', primarily reclassifying performance-related freight costs to cost of goods sold and adjusting the presentation of contract liabilities - The company adopted the new revenue standard effective **January 1, 2020**, with key changes including judging revenue recognition based on **transfer of control** instead of transfer of risks and rewards[216](index=216&type=chunk)[217](index=217&type=chunk) - In accordance with transition provisions, the company adjusted the cumulative impact of contracts not yet completed at the initial adoption date, reclassifying advances from customers to contract liabilities, with no impact on retained earnings at the beginning of the period[217](index=217&type=chunk) [VIII. Explanation of Changes in Consolidation Scope Compared to Prior Year Financial Report](index=48&type=section&id=VIII.%20Explanation%20of%20Changes%20in%20Consolidation%20Scope%20Compared%20to%20Prior%20Year%20Financial%20Report) In 2020, the company's consolidation scope changed, adding four new subsidiaries through establishment and non-common control business combinations New Subsidiaries Included in Consolidation Scope | Subsidiary Name | Method of Acquisition | Date of Consolidation | | :--- | :--- | :--- | | **Guangdong Eaglerise Network Technology Co., Ltd.** | Establishment | April 26, 2020 | | **Guangdong Eaglerise Power Electronics Co., Ltd.** | Establishment | September 15, 2020 | | **DEG INDUSTRIAL SUPPLIES SDN. BHD.** | Non-common control business combination | January 1, 2020 | | **Shenzhen Dingshuo Tongbang Technology Co., Ltd.** | Non-common control business combination | August 31, 2020 | [XV. Implementation of Company Equity Incentive Plan, Employee Stock Ownership Plan, or Other Employee Incentive Measures](index=49&type=section&id=XV.%20Implementation%20of%20Company%20Equity%20Incentive%20Plan%2C%20Employee%20Stock%20Ownership%20Plan%2C%20or%20Other%20Employee%20Incentive%20Measures) During the reporting period, the company implemented two tranches of unlocking under the 2019 Restricted Stock Incentive Plan, with shares from both initial and reserved grants becoming tradable - On **July 3, 2020**, the conditions for the first unlocking period of the initially granted portion of the 2019 Restricted Stock Incentive Plan were met, and **1.2643 million shares** held by 73 incentive recipients became tradable[228](index=228&type=chunk) - On **December 22, 2020**, the conditions for the first unlocking period of the reserved granted portion of the 2019 Restricted Stock Incentive Plan were met, and **0.3150 million shares** held by 11 incentive recipients became tradable[229](index=229&type=chunk) [Share Changes and Shareholder Information](index=55&type=section&id=Item%206.%20Share%20Changes%20and%20Shareholder%20Information) This section reports on changes in the company's share capital and provides detailed information about its shareholders and actual controller [I. Share Changes](index=55&type=section&id=I.%20Share%20Changes) During the reporting period, the company's total share capital increased from 135 million shares to 174 million shares, primarily due to a non-public offering, which also led to a decrease in the proportion of restricted shares - The company's total share capital increased from **135,151,475 shares** to **174,408,600 shares**, mainly due to the non-public offering of **39,257,125 new shares** in November 2020[262](index=262&type=chunk)[265](index=265&type=chunk) - Restricted shares decreased from **78.03 million shares** at the beginning of the period to **49.00 million shares** at the end, while unrestricted shares increased from **57.12 million shares** to **125 million shares**[262](index=262&type=chunk) [III. Shareholder and Actual Controller Information](index=58&type=section&id=III.%20Shareholder%20and%20Actual%20Controller%20Information) As of the end of the reporting period, the company had 12,452 common shareholders, with Foshan Maiges Investment Co., Ltd. as the controlling shareholder and Mr. Xiao Juncheng as the actual controller Top Five Shareholders | Shareholder Name | Shareholder Nature | Shareholding % | Shares Held at Period-End | | :--- | :--- | :--- | :--- | | **Foshan Maiges Investment Co., Ltd.** | Domestic Non-State-Owned Legal Person | 34.45% | 60,089,750 | | **Wang Yilong** | Domestic Natural Person | 4.81% | 8,386,908 | | **Zhang Zexue** | Domestic Natural Person | 4.28% | 7,458,401 | | **Minmetals Securities Co., Ltd.** | Domestic Non-State-Owned Legal Person | 3.17% | 5,524,004 | | **Deng Guorui** | Overseas Natural Person | 2.03% | 3,543,728 | - The company's controlling shareholder is **Foshan Maiges Investment Co., Ltd.**, and the actual controller is **Mr. Xiao Juncheng**, who holds **100%** of Maiges Investment's equity[281](index=281&type=chunk)[287](index=287&type=chunk)[288](index=288&type=chunk) [Directors, Supervisors, Senior Management, and Employees](index=64&type=section&id=Item%209.%20Directors%2C%20Supervisors%2C%20Senior%20Management%2C%20and%20Employees) This section provides information on the company's directors, supervisors, senior management, and overall employee structure [I. Changes in Shareholdings of Directors, Supervisors, and Senior Management](index=64&type=section&id=I.%20Changes%20in%20Shareholdings%20of%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) During the reporting period, Chairman and actual controller Mr. Xiao Juncheng increased his shareholding by 3,276,004 shares through a non-public offering, while Director and General Manager Mr. Wang Yilong reduced his shareholding by 540,000 shares - Chairman Xiao Juncheng's total shares held at period-end were **63,365,754 shares**, having increased his shareholding by **3,276,004 shares** through participation in a non-public offering during the current period[301](index=301&type=chunk)[305](index=305&type=chunk) - Director and General Manager Wang Yilong held **8,386,908 shares** at period-end, having reduced his shareholding by **540,000 shares** during the current period[301](index=301&type=chunk) [VI. Company Employee Information](index=71&type=section&id=VI.%20Company%20Employee%20Information) As of the end of the reporting period, the company had a total of 2,457 active employees, with production personnel forming the largest group and the majority of employees having technical secondary school education or below Employee Professional Composition | Professional Composition | Number of Employees | | :--- | :--- | | **Production Personnel** | 1,614 | | **Sales Personnel** | 122 | | **Technical Personnel** | 301 | | **Financial Personnel** | 38 | | **Administrative Personnel** | 382 | | **Total** | **2,457** | Employee Education Level | Education Level | Number of Employees | | :--- | :--- | | **Master's and Above** | 21 | | **Bachelor's** | 335 | | **Associate's** | 251 | | **Technical Secondary School and Below** | 1,850 | | **Total** | **2,457** | [Corporate Governance](index=73&type=section&id=Item%2010.%20Corporate%20Governance) This section describes the company's corporate governance framework and the effectiveness of its internal control system [I. Basic Status of Corporate Governance](index=73&type=section&id=I.%20Basic%20Status%20of%20Corporate%20Governance) During the reporting period, the company operated strictly in accordance with relevant laws and regulations, with its corporate governance practices complying with CSRC requirements and maintaining independence from its controlling shareholder - The company's actual corporate governance status shows no significant discrepancies with the normative documents issued by the China Securities Regulatory Commission[341](index=341&type=chunk) - The company maintains independence from its controlling shareholder and actual controller in terms of assets, business, personnel, organization, and finance, possessing a complete business system and independent operating capabilities[342](index=342&type=chunk)[343](index=343&type=chunk) [IX. Internal Control Evaluation Report](index=76&type=section&id=IX.%20Internal%20Control%20Evaluation%20Report) The company's board of directors believes that as of December 31, 2020, a comprehensive internal control system has been established and maintained effectively, with no material weaknesses or significant deficiencies identified in financial or non-financial reporting - The company's self-evaluation report on internal control concluded that no material weaknesses were found in financial or non-financial reporting internal controls[359](index=359&type=chunk)[363](index=363&type=chunk) - The accounting firm issued a standard unqualified internal control attestation report, consistent with the board of directors' self-evaluation report opinion[364](index=364&type=chunk) [Financial Report](index=79&type=section&id=Item%2012.%20Financial%20Report) This section presents the company's audited financial statements, including the balance sheet, income statement, and cash flow statement [I. Audit Report](index=79&type=section&id=I.%20Audit%20Report) Rongcheng Certified Public Accountants (Special General Partnership) issued a standard unqualified audit opinion on the company's 2020 financial statements, confirming fair presentation of financial position and operating results Audit Opinion Summary | Item | Content | | :--- | :--- | | **Type of Audit Opinion** | Standard Unqualified Opinion | | **Audit Firm Name** | Rongcheng Certified Public Accountants (Special General Partnership) | | **Audit Report Signing Date** | March 29, 2021 | - **Key Audit Matters**: 1. **Revenue Recognition**: Due to revenue being a key indicator and the inherent risk of manipulating recognition timing[373](index=373&type=chunk) 2. **Provision for Inventory Impairment**: Inventory book value is material, and determining its net realizable value involves significant management accounting estimates and judgments[376](index=376&type=chunk) [II. Financial Statements](index=81&type=section&id=II.%20Financial%20Statements) The financial statements present the company's financial position at the end of 2020 and its full-year operating results and cash flows, showing total assets of RMB 2.31 billion and net profit attributable to owners of the parent of RMB 51.43 million Consolidated Balance Sheet Key Items | Consolidated Balance Sheet Key Items | December 31, 2020 (RMB) | December 31, 2019 (RMB) | | :--- | :--- | :--- | | **Total Current Assets** | 1,594,615,989.02 | 782,154,433.44 | | **Total Non-current Assets** | 718,366,413.73 | 636,017,659.21 | | **Total Assets** | 2,312,982,402.75 | 1,418,172,092.65 | | **Total Current Liabilities** | 834,206,733.63 | 477,344,268.69 | | **Total Non-current Liabilities** | 19,276,260.64 | 12,205,706.61 | | **Total Liabilities** | 853,482,994.27 | 489,549,975.30 | | **Total Equity Attributable to Owners of Parent** | 1,444,333,311.39 | 928,549,698.64 | | **Total Equity** | 1,459,499,408.48 | 928,622,117.35 | Consolidated Income Statement Key Items | Consolidated Income Statement Key Items | 2020 Annual (RMB) | 2019 Annual (RMB) | | :--- | :--- | :--- | | **I. Total Operating Revenue** | 1,406,042,508.54 | 1,296,559,124.70 | | **II. Total Operating Costs** | 1,366,226,595.76 | 1,232,021,228.66 | | **III. Operating Profit** | 51,433,280.91 | 62,140,009.18 | | **IV. Total Profit** | 50,350,199.44 | 60,352,474.54 | | **V. Net Profit** | 47,709,561.17 | 56,539,820.24 | | **Net Profit Attributable to Owners of Parent** | 51,434,187.95 | 57,376,997.10 | [Reference Documents](index=199&type=section&id=Item%2013.%20Reference%20Documents) This section lists the documents available for public inspection, ensuring transparency and accessibility of key corporate records - Reference documents include: * Financial statements signed and sealed by the company's responsible person, chief accounting officer, and head of accounting department[993](index=993&type=chunk) * Original audit report bearing the seal of the accounting firm and signatures and seals of certified public accountants[993](index=993&type=chunk) * Original copies of all company documents and announcements publicly disclosed on the CSRC-designated website during the reporting period[993](index=993&type=chunk)

[Important Notice](index=2&type=section&id=Part%20I%20Important%20Notice) The company's board, supervisors, and senior management guarantee the accuracy and completeness of this quarterly report and its financial statements - The company's board of directors, supervisory board, and all directors, supervisors, and senior management guarantee the truthfulness, accuracy, and completeness of this quarterly report, assuming legal responsibility for no false records, misleading statements, or major omissions[4](index=4&type=chunk) - The company's principal officer, head of accounting, and head of the accounting department ensure the truthfulness, accuracy, and completeness of the financial statements in the quarterly report[5](index=5&type=chunk) [Company Profile](index=3&type=section&id=Part%20II%20Company%20Profile) This section provides an overview of the company's key financial data, performance indicators, and shareholder structure as of the reporting period end [Key Accounting Data and Financial Indicators](index=3&type=section&id=I.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) Total assets grew significantly due to private placement, Q3 profit increased, but YTD profit declined, with strong operating cash flow Overview of Key Financial Indicators | Indicator | As of Report Period End / YTD | As of Prior Year End / Prior Period | Change | | :--- | :--- | :--- | :--- | | **Balance Sheet Items** | | | | | Total Assets (CNY) | 2,045,346,837.72 | 1,418,172,092.65 | 44.22% | | Net Assets Attributable to Shareholders (CNY) | 952,212,888.70 | 928,549,698.64 | 2.55% | | **Income Statement Items** | **Current Period (Q3)** | **Prior Period (Q3)** | **Change** | | Operating Revenue (CNY) | 351,533,050.54 | - | 6.14% | | Net Profit Attributable to Shareholders (CNY) | 16,609,624.36 | - | 4.14% | | | **YTD** | **Prior Year YTD** | **Change** | | Operating Revenue (CNY) | 884,575,252.31 | - | -2.15% | | Net Profit Attributable to Shareholders (CNY) | 31,705,762.69 | - | -8.65% | | **Cash Flow Statement Items** | | | | | Net Cash Flow from Operating Activities (CNY) | 64,312,467.20 | - | 16.72% | | **Per Share Indicators** | | | | | Basic Earnings Per Share (CNY/share) | 0.230 | - | -11.98% | - Year-to-date non-recurring gains and losses totaled **CNY 10.72 million**, primarily from government subsidies and wealth management product income[9](index=9&type=chunk)[12](index=12&type=chunk) [Shareholder Information](index=4&type=section&id=II.%20Total%20Number%20of%20Shareholders%20and%20Top%20Ten%20Shareholders%27%20Holdings%20at%20Period%20End) The company had **12,375** common shareholders at period-end, with the largest holding **44.46%** and some shares pledged - At the end of the reporting period, the company had **12,375** common shareholders[13](index=13&type=chunk) Top Three Shareholders' Holdings | Shareholder Name | Shareholder Type | Holding Percentage | Number of Shares Held | | :--- | :--- | :--- | :--- | | Foshan Maigesi Investment Co., Ltd. | Domestic Non-State-Owned Legal Person | 44.46% | 60,089,750 | | Wang Yilong | Domestic Natural Person | 6.21% | 8,386,908 | | Zhang Zexue | Domestic Natural Person | 4.40% | 5,945,400 | [Significant Events](index=6&type=section&id=Part%20III%20Significant%20Events) This section details significant financial changes, progress on key initiatives like private placement and asset sales, and the outlook for the full year's performance [Analysis of Major Financial Data Changes and Reasons](index=6&type=section&id=I.%20Major%20Changes%20in%20Financial%20Data%20and%20Indicators%20During%20the%20Reporting%20Period%20and%20Their%20Causes) Significant financial changes occurred, including a **221.54%** increase in monetary funds, a **7452.82%** surge in goodwill, a **909.79%** rise in other payables, and a dramatic shift in financing cash flow Major Balance Sheet Item Changes | Item | Change Rate | Reason for Change | | :--- | :--- | :--- | | Monetary Funds | 221.54% | Receipt of approximately CNY 470 million from private placement of shares | | Goodwill | 7452.82% | Due to acquisitions of DEG Company and Dingzhuo Tongbang | | Other Payables | 909.79% | Receipt of private placement funds, with issuance registration procedures not yet completed | | Construction in Progress | -96.91% | Ji'an and Shunde projects' factory buildings and R&D centers converted to fixed assets | Major Cash Flow Statement Item Changes | Item | Change Rate | Reason for Change | | :--- | :--- | :--- | | Net Cash Flow from Investing Activities | 173.44% (Increased Outflow) | Due to acquisitions of DEG Company, Dingzhuo Tongbang, and purchase of wealth management products | | Net Cash Flow from Financing Activities | -1066.88% (Shift from Negative to Positive) | Receipt of approximately CNY 470 million from private placement of shares | [Progress of Significant Events](index=7&type=section&id=II.%20Progress%20of%20Significant%20Events%2C%20Their%20Impact%2C%20and%20Analysis%20of%20Solutions) The company completed a private placement raising up to **CNY 479.33 million** for photovoltaic projects and other uses, and initiated an asset sale in Foshan, expected to boost 2020 net profit by approximately **CNY 90 million** - The company completed a private placement of shares, raising a total of up to **CNY 479.33 million**, with funds received and allocated for photovoltaic projects, loan repayment, and working capital supplementation[25](index=25&type=chunk) - The company plans to sell land, buildings in Nanhai District, Foshan, and all equity of its wholly-owned subsidiary, Igor Industrial, which is estimated to increase monetary funds by approximately **CNY 120 million** and boost 2020 consolidated net profit by about **CNY 90 million**[25](index=25&type=chunk)[28](index=28&type=chunk) [Progress of Raised Fund Investment Projects](index=8&type=section&id=V.%20Progress%20of%20Raised%20Fund%20Investment%20Projects) All initial public offering (IPO) fundraising projects have been completed and closed, with surplus funds permanently transferred to working capital for efficiency - The company's initial public offering (IPO) fundraising projects, including the 'New Energy High-Frequency Transformer Industrial Base Project,' 'LED Lighting Power Supply Production Project,' and 'Igor R&D Center Project,' have all been completed and put into operation[34](index=34&type=chunk) - The surplus raised funds from the aforementioned completed projects have been permanently transferred to supplement the company's working capital to enhance fund utilization efficiency[34](index=34&type=chunk) [2020 Annual Operating Performance Forecast](index=9&type=section&id=VI.%20Forecast%20for%202020%20Annual%20Operating%20Performance) The company forecasts a significant year-on-year increase in 2020 annual net profit, ranging from **CNY 135 million to CNY 150 million**, primarily driven by approximately **CNY 90 million** in non-recurring gains from asset sales 2020 Annual Performance Forecast | Item | Estimated Amount (CNY '000) | Prior Year Period (CNY '000) | Change | | :--- | :--- | :--- | :--- | | Accumulated Net Profit | 135,000 -- 150,000 | 57,377 | 135.29% -- 161.43% | | Basic Earnings Per Share (CNY/share) | 0.95 -- 1.06 | 0.43 | 120.93% -- 146.51% | - The significant performance growth is primarily due to the planned sale of the Foshan land plot and related assets, expected to add approximately **CNY 90 million** in non-recurring gains and losses[35](index=35&type=chunk) [Wealth Management](index=9&type=section&id=VIII.%20Wealth%20Management) The company invested **CNY 100 million** in bank wealth management products using idle raised funds and own funds, with an outstanding balance of **CNY 87 million** at period-end and no overdue unrecovered amounts Wealth Management Overview (Unit: CNY '000) | Source of Funds | Amount of Wealth Management Transactions | Outstanding Balance (Unmatured) | Overdue Unrecovered Amount | | :--- | :--- | :--- | :--- | | Partially Idle Raised Funds | 50,000 | 37,000 | 0 | | Own Funds | 50,000 | 50,000 | 0 | | **Total** | **100,000** | **87,000** | **0** | [Financial Statements](index=11&type=section&id=Part%20IV%20Financial%20Statements) This section presents the company's consolidated and parent company financial statements for Q3 2020, including balance sheets, income statements, and cash flow statements, along with explanations for accounting adjustments [Financial Statements](index=11&type=section&id=I.%20Financial%20Statements) This chapter provides the company's detailed Q3 2020 financial statements, including consolidated and parent company balance sheets, income statements, and cash flow statements, comprehensively reflecting the financial position, operating results, and cash flows for the period [Consolidated Balance Sheet](index=11&type=section&id=1.%20Consolidated%20Balance%20Sheet) As of September 30, 2020, total assets reached **CNY 2.045 billion**, up **44.22%** from year-start; total liabilities were **CNY 1.081 billion**, surging **120.77%** mainly due to increased other payables from raised funds, while equity attributable to the parent company slightly rose **2.55%** to **CNY 952 million** Consolidated Balance Sheet Key Data (September 30, 2020) | Item | Amount (CNY) | Change from Year-Start | | :--- | :--- | :--- | | Total Assets | 2,045,346,837.72 | 44.22% | | Total Liabilities | 1,080,748,076.49 | 120.77% | | Total Equity Attributable to Parent Company Owners | 952,212,888.70 | 2.55% | [Consolidated Income Statement (Third Quarter)](index=16&type=section&id=3.%20Consolidated%20Income%20Statement%20for%20the%20Current%20Reporting%20Period) In Q3 2020, the company achieved total operating revenue of **CNY 352 million**, a **6.14%** year-on-year increase, and net profit attributable to parent company owners of **CNY 16.61 million**, up **4.14%**, indicating a recovery in operating performance Consolidated Income Statement Key Data (Q3 2020) | Item | Current Period Amount (CNY) | Prior Period Amount (CNY) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Total Operating Revenue | 351,533,050.54 | 331,211,424.53 | 6.14% | | Operating Profit | 19,999,160.62 | 20,686,313.54 | -3.32% | | Net Profit Attributable to Parent Company Owners | 16,609,624.36 | 15,949,037.59 | 4.14% | [Consolidated Income Statement (Year-to-Date)](index=21&type=section&id=5.%20Consolidated%20Income%20Statement%20from%20Year-Start%20to%20Period%20End) For the first three quarters of 2020, the company's cumulative total operating revenue was **CNY 885 million**, a **2.15%** year-on-year decrease, and cumulative net profit attributable to parent company owners was **CNY 31.71 million**, down **8.65%** year-on-year Consolidated Income Statement Key Data (Jan-Sep 2020) | Item | Current Period Amount (CNY) | Prior Period Amount (CNY) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Total Operating Revenue | 884,575,252.31 | 904,006,139.96 | -2.15% | | Operating Profit | 39,884,271.54 | 43,480,450.13 | -8.27% | | Net Profit Attributable to Parent Company Owners | 31,705,762.69 | 34,709,347.49 | -8.65% | [Consolidated Cash Flow Statement (Year-to-Date)](index=25&type=section&id=7.%20Consolidated%20Cash%20Flow%20Statement%20from%20Year-Start%20to%20Period%20End) For the first three quarters of 2020, net cash flow from operating activities was **CNY 64.31 million**, up **16.72%**; net cash outflow from investing activities was **CNY 142 million** due to M&A and wealth management; net cash inflow from financing activities was **CNY 528 million** from private placement, significantly increasing period-end cash and cash equivalents to **CNY 652 million** Consolidated Cash Flow Statement Key Data (Jan-Sep 2020) | Item | Current Period Amount (CNY) | Prior Period Amount (CNY) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 64,312,467.20 | 55,099,265.17 | | Net Cash Flow from Investing Activities | -141,781,200.21 | -51,850,154.74 | | Net Cash Flow from Financing Activities | 527,606,646.20 | -54,568,044.54 | | Period-End Cash and Cash Equivalents Balance | 652,305,922.43 | 106,544,227.23 | [Explanation of Financial Statement Adjustments](index=29&type=section&id=II.%20Explanation%20of%20Financial%20Statement%20Adjustments) Effective January 1, 2020, the company adopted new revenue recognition standards, reclassifying 'Advances from Customers' to 'Contract Liabilities' in the opening financial statements, an adjustment that does not impact total assets or net assets - The company adopted new revenue recognition standards for the first time starting in 2020, leading to adjustments in relevant financial statement items[108](index=108&type=chunk) Major Accounting Subject Adjustments (January 1, 2020) | Item | Before Adjustment (CNY) | After Adjustment (CNY) | Adjustment Amount (CNY) | | :--- | :--- | :--- | :--- | | Advances from Customers | 17,878,287.62 | 0.00 | -17,878,287.62 | | Contract Liabilities | 0.00 | 17,878,287.62 | 17,878,287.62 |