Financial Performance - The company's operating revenue for 2020 was CNY 165,487,175.95, a decrease of 18.42% compared to CNY 202,843,904.50 in 2019[16] - The net profit attributable to shareholders for 2020 was CNY 74,259,742.72, down 31.38% from CNY 108,214,236.29 in 2019[16] - The net profit after deducting non-recurring gains and losses was CNY 68,359,545.65, a decline of 35.42% from CNY 105,845,311.32 in 2019[16] - The basic earnings per share for 2020 was CNY 1.14, a decrease of 36.67% compared to CNY 1.80 in 2019[16] - The total assets at the end of 2020 were CNY 1,057,563,766.77, an increase of 152.74% from CNY 418,439,722.08 at the end of 2019[16] - The net assets attributable to shareholders at the end of 2020 were CNY 1,004,006,918.68, up 168.40% from CNY 374,074,888.08 at the end of 2019[16] - The net cash flow from operating activities for 2020 was CNY 102,184,192.71, a decrease of 19.49% from CNY 126,923,799.30 in 2019[16] - The weighted average return on equity for 2020 was 13.50%, down 19.30% from 32.80% in 2019[16] Dividend Distribution - The company plans to distribute a cash dividend of CNY 6 per 10 shares, totaling CNY 48,000,000 based on 80,000,000 shares[4] - The company declared a cash dividend of CNY 48,000,000 for the year 2020, which accounts for 64.64% of the net profit attributable to shareholders[104] - The cash dividend distribution plan is based on a total share capital of 80,000,000 shares, with a payout of CNY 6 per 10 shares[104] - The total distributable profit for the year 2020 was CNY 252,460,550.38, with the cash dividend representing 100% of the profit distribution[104] Government Support and Subsidies - The company reported a significant increase in government subsidies, totaling ¥5,042,223.40 in 2020, compared to ¥1,326,667.68 in 2019, marking a growth of 279.5%[21] Market Position and Business Operations - The company operates as an independent third-party testing institution with three national quality supervision and inspection centers, enhancing its market position in the power equipment industry[24] - The core business includes testing services for power system secondary equipment, which remains unchanged during the reporting period[24] - The company has established six specialized testing laboratories and two comprehensive testing bases, enhancing its testing capabilities across various domains[24] - The company is actively developing new products and standards, focusing on automation in testing equipment to improve operational efficiency[28] - The company is positioned in a growing market due to supportive national industrial policies aimed at enhancing energy efficiency and promoting clean energy[28] - The company engages in full-staff marketing and technical marketing strategies to enhance brand influence and market recognition[26] - The company has implemented strict procurement management systems to ensure efficient procurement processes for testing equipment and materials[27] - The company is expanding its market capacity by exploring emerging markets and enhancing its testing capabilities through research and development[28] Revenue Breakdown - Revenue from electric power system protection and control equipment detection was ¥88,131,678.77, a decline of 45.79% due to delays in client R&D plans caused by the pandemic[45] - Revenue from electric vehicle charging and swapping system detection increased by 89.41% to ¥40,164,929.25, driven by national policy support for the electric vehicle charging industry[46] - Revenue from new energy control equipment and systems rose by 24.24% to ¥12,945,796.23, reflecting growth in the domestic new energy generation sector[46] - Sales revenue from detection equipment reached ¥17,854,867.21, a significant increase of 199.64%, largely due to a major contract worth ¥14.28 million[46] - Other technical service revenue grew by 284.5% to ¥5,315,848.81, indicating a strong demand for additional services[47] Research and Development - The company applied for 20 invention patents and 7 utility model patents during the reporting period, showcasing its commitment to innovation[39] - The company launched 10 new products that passed the China Machinery Industry Federation's new product and technology appraisal, with one product achieving international leading performance[48] - The company has been actively developing new technologies, including a real-time digital simulation system for energy internet and a smart detection cloud platform[66] Initial Public Offering (IPO) - The company successfully listed on the Shenzhen Stock Exchange on September 23, 2020, raising a total of CNY 608,400,000.00 from the public offering of 20 million shares[52] - The company raised a total of ¥608,400,000.00 through its initial public offering, with a net amount of ¥555,672,287.88 after deducting issuance costs[81] Asset Management and Financial Health - The company reported a significant increase in trading financial assets, amounting to ¥440,848,939.73, which accounted for 41.69% of total assets[71] - The company's fixed assets decreased by 32.50% from ¥214,827,910.47 at the beginning of the year to ¥199,220,124.01 at the end of the year[71] - The company has no significant changes in accounts receivable, which stood at ¥15,828,133.12, representing 1.50% of total assets[71] - The company has not engaged in any securities or derivative investments during the reporting period[77][78] Shareholder Structure and Governance - The company has no significant changes in accounts receivable, which stood at ¥15,828,133.12, representing 1.50% of total assets[71] - The company has no controlling shareholder or actual controller, as no single shareholder can control the shareholder meeting or board of directors[170] - The board of directors consists of five members, with no single shareholder able to dominate board decisions[168] - The company has not engaged in any repurchase transactions during the reporting period[166] Employee Management and Development - The company employs a total of 85 staff members, including 64 technical personnel and 6 sales personnel[195] - The educational background of employees includes 20 with a master's degree or higher, 49 with a bachelor's degree, and 16 with a diploma or lower[196] - The company emphasizes employee training and development, creating a tiered training and talent development system to meet diverse training needs[198] - New employee training includes corporate culture and skills training, with a mentorship system to facilitate integration into the company[198] Compliance and Risk Management - The company emphasizes compliance with laws and regulations, ensuring transparency and protecting shareholder rights[143] - The company has committed to avoiding any business activities that may directly or indirectly compete with its main business operations[117] - The company has implemented a new revenue recognition policy effective January 1, 2020, transitioning to a control transfer basis for revenue recognition[121]

Financial Performance - Net profit attributable to shareholders decreased by 35.15% to ¥18,139,746.51 for the reporting period[7] - Operating revenue for the period was ¥34,087,430.08, down 34.13% year-on-year[7] - Basic earnings per share decreased by 38.30% to ¥0.29[7] - The weighted average return on equity was 4.73%, down 56.08% year-on-year[7] - Operating revenue decreased by 28.08% to ¥119,731,741.63 from ¥166,486,399.32, primarily due to a decline in testing revenue impacted by the COVID-19 pandemic[16] - Net profit attributable to shareholders decreased by 28.32% to ¥67,646,490.85 from ¥94,379,189.61, reflecting a decline in operating performance[16] - Basic earnings per share decreased by 28.66% to ¥1.12 from ¥1.57, consistent with the decline in net profit[16] - Net profit for Q3 2020 was CNY 18,139,746.51, down from CNY 27,970,408.75 in the same period last year, representing a decline of approximately 35%[40] - Earnings per share (EPS) for Q3 2020 was CNY 0.29, compared to CNY 0.47 in the previous year[41] - Net profit for the period was CNY 67,646,490.85, representing a decline of 28.29% compared to CNY 94,379,189.61 in the previous period[48] Assets and Liabilities - Total assets increased to ¥1,033,943,366.01, representing a 147.09% increase compared to the previous year[7] - Total assets as of September 30, 2020, were ¥1,033,943,366.01, up from ¥418,439,722.08 at the end of 2019[33] - The total current assets reached ¥705,101,010.02, compared to ¥94,460,538.55 at the end of 2019, indicating a substantial growth[30] - The total liabilities decreased to ¥36,549,699.20 from ¥44,364,834.00, reflecting improved financial stability[32] - Total liabilities decreased to CNY 31,904,555.64 from CNY 36,950,208.91[36] - Owner's equity rose significantly to CNY 999,620,448.26 from CNY 377,074,561.78[36] - The company reported a decrease in accounts payable from ¥17,722,264.72 to ¥10,715,909.79, indicating better management of liabilities[32] Cash Flow - The net cash flow from operating activities was ¥32,563,300.07, an increase of 6.82% compared to the same period last year[7] - Cash flow from operating activities decreased by 26.42% to ¥70,983,327.86 from ¥96,465,464.79, primarily due to reduced testing revenue and operating expenses[16] - The net cash flow from operating activities was CNY 70,983,327.86, down 26.4% from CNY 96,465,464.79 in the previous year[55] - The cash inflow from sales of goods and services was CNY 121,757,463.03, down from CNY 156,699,849.28 in the same quarter last year[55] - The company raised ¥585,378,867.92 from fundraising activities, contributing to cash accumulation[17] - Total cash and cash equivalents at the end of the period increased to CNY 676,368,620.05, compared to CNY 66,745,005.80 at the end of the previous year[56] Government Subsidies - The company received government subsidies amounting to ¥3,424,697.88 during the reporting period[8] - The company received government subsidies, increasing cash from other operating activities by 124.97% to ¥5,456,765.02 from ¥2,425,568.79[16] Shareholder Information - The total number of shareholders at the end of the reporting period was 26,034[11] - The largest shareholder, Xuchang Kaipu Electric Research Institute Co., Ltd., holds 22.50% of the shares[11] - The company's equity attributable to shareholders increased to ¥997,393,666.81 from ¥374,074,888.08, showing strong growth in shareholder value[33] Research and Development - There were no significant new strategies or product developments mentioned in the report[14] - The company has not engaged in any significant research and development activities or new product launches during the reporting period[25] - Research and development expenses were CNY 1,635,555.42, down from CNY 2,502,446.36[39] - Research and development expenses amounted to CNY 4,565,190.27, down 33.33% from CNY 6,855,519.78 in the previous period[46] Financial Adjustments - The company is adjusting its financial statements in accordance with new revenue and leasing standards effective from 2020[60] - The company implemented a new revenue recognition standard starting January 1, 2020, which changed the criteria for revenue recognition[70] - The adjustment for the new revenue standard resulted in a decrease of CNY 12,864,906.15 in advance payments and an increase of CNY 12,364,016.31 in contract liabilities[70] - The company did not adjust comparative period information for the impact of the new revenue standard on the 2019 financial statements[70] Other Income and Expenses - Other income increased to CNY 323,500.80 from CNY 93,415.02[39] - Other income for the period was CNY 1,804,797.88, an increase from CNY 281,252.66 in the previous period[47] - Tax expenses for the period were CNY 10,879,803.11, a decrease from CNY 16,291,555.21 in the previous period[47] - The company reported a credit impairment loss of CNY 119,675.51, compared to a gain of CNY 275,168.50 in the previous period[39] - The company reported a credit impairment loss of CNY 18,111.98, compared to a loss of CNY 446,109.88 in the previous period[47]