杭州汽轮机股份有限公司 投资者关系现场活动记录表 编号： 2017-01 | --- | --- | --- | |------------------|---------------------------|------------------------------------------------------------------| | | | | | 投资者关系 | √特定对象调研 □分析师会议 | | | 活动类别 | □媒体采访 □业绩说明会 | | | | □ 新闻发布会 □路演活动 | | | | √现场参观 | □ 一对一沟通 | | | □ 其他 （ ） | | | 参与单位名称及人 | 海通国际证券有限公司 | | | 员姓名 | 何峰（投资经理） | | | 时间 | 2017 年 6 月 20 | 日上午 9:00 | | 地点 | 公司接待中心第二接待室 | | | 上市公司接待人员 | | 董秘：王钢 证券事务代表：王财华 | | 投资者关系活动 | 一、介绍海通国际证券集团 | | | 主要内容介绍 | 二、问答环节 | | | | 问 | 1、了解公司产品分类、业务经营及 ...

杭州汽轮机股份有限公司 投资者关系现场活动记录表 编号： 2017-03 | --- | --- | --- | |------------------|-------------------------------|-------------------------------------------------------| | | | | | 投资者关系 | □ | 特定对象调研 □分析师会议 | | 活动类别 | □ 媒体采访 □业绩说明会 | | | | □ 新闻发布会 □路演活动 | | | | □ 现场参观 | □ 一对一沟通 | | | √ 其他 （ 股东大会现场交流 ） | | | 参与单位名称及人 | 股东大会参会股东 | | | 员姓名 | | | | 时间 | 2017 年 6 月 30 | 日下午 13:30 | | 地点 | 公司接待中心第二会议室 | | | 上市公司接待人员 | | 公司董事、监事、高级管理人员、董事会秘书 | | 投资者关系活动 | （ 1 ）公司与西门子合作情况： | 公司与西门子合作为若干 | | 主要内容介绍 | 个进阶推进，第 | 1 阶段为项目合作阶 ...

杭州汽轮机股份有限公司 投资者关系现场活动记录表 编号： 2017-05 | --- | --- | --- | |--------------------|------------------------|-------------------------------------------------------------------| | | | | | 投资者关系 | □ | 特定对象调研 □分析师会议 | | 活动类别 | □ | 媒体采访 □业绩说明会 | | | □ | 新闻发布会 □路演活动 | | | □现场参观 | √ 一对一沟通 | | | □ 其他 （ ） | | | 参与单位名称及人员 | | 个人投资者（王先生、陈先生） | | 姓名 | | | | 时间 | 2017 年 8 月 | 31 日 | | 地点 | 公司 | | | 上市公司接待人员 | | 公司董事、董事会秘书王钢先生 | | 投资者关系活动 | 1 、问：公司对转 | A 是什么态度？ | | 主要内容介绍 | 答：公司对于 | B 股面临的困境一直谋求能有所突破。 2012 年下 | | | 半年以来，监管部 ...

杭州汽轮机股份有限公司 编号： 2017-04 投资者关系现场活动记录表 | --- | --- | --- | |--------------------|----------------------|-----------------------------------------------------------------------------------------------| | | | | | 投资者关系 | | □特定对象调研 □分析师会议 | | 活动类别 | □媒体采访 | √业绩说明会 (2017 年半年度网上业绩说明会 ) | | | □ | 新闻发布会 □路演活动 | | | □ 现场参观 | □ 一对一沟通 | | | □ 其他 （ ） | | | 参与单位名称及人员 | 投资者 | | | 姓名 | | | | 时间 | 2017 年 8 月 | 30 日下午 15:00—16:30 | | 地点 | | 公司接待中心第二接待室（接待方式：在线即时问答交流） | | 上市公司接待人员 | 总会计师濮阳烁女士； | 答复嘉宾：董事长郑斌先生、总经理叶钟先生、董事会秘书王钢先生 ...

Group 1: Acquisition Objectives and Strategy - The purpose of the equity acquisition is to integrate resources, reduce related transactions, and focus on strengthening the core business [1] - The board has identified risks associated with the acquired assets and implemented effective measures to manage them, ensuring normal operations post-acquisition [1] - Post-acquisition, the company will integrate and transform the acquired businesses to enhance operational efficiency through management output, technology integration, and resource sharing [1] Group 2: Research and Development Progress - The company aims to accelerate the development of gas turbines using advanced production processes and a complete supply chain after the acquisition [1] Group 3: New Business Ventures and Market Expansion - Besides thermal power generators, the company has technical capabilities and market reputation in water turbine generators and urban drainage pumps, aiming to explore new market areas post-transaction [1] - The engineering company plans to expand into distributed energy and waste heat utilization, leveraging market resources and technological advantages [2] Group 4: Financial Performance and Projections - The industrial turbine market is nearing saturation, prompting the company to focus on quality development amidst fierce competition [2] - Accounts receivable and inventory levels are normal, with a slight increase in accounts receivable expected due to higher unit deliveries in 2021 [2]

Financial Performance - The company's operating revenue for Q3 2022 was ¥1,204,092,736.67, representing a 7.94% increase compared to ¥1,114,367,481.21 in the same period last year[3] - Net profit attributable to shareholders for Q3 2022 was ¥79,920,825.31, a decrease of 51.58% from ¥151,725,602.91 in the previous year[3] - The net profit after deducting non-recurring gains and losses was ¥62,952,498.88, down 56.12% from ¥143,471,580.39 year-on-year[3] - The basic and diluted earnings per share for Q3 2022 were both ¥0.08, a decline of 52.94% from ¥0.16 in the same quarter last year[6] - The weighted average return on equity was 0.94%, down from 1.80% in the previous year[6] - Total revenue for the third quarter of 2022 was CNY 4,280,073,070.25, slightly up from CNY 4,279,413,160.47 in the same period last year, indicating a growth of 0.02%[25] - The net profit for the current period is 502,038,920.14, a decrease of 9.3% compared to 553,638,943.84 in the previous period[28] - The total profit for the current period is 578,084,353.88, down from 655,946,338.18 in the previous period, representing a decline of about 11.8%[28] Assets and Liabilities - Total assets at the end of the reporting period were ¥15,812,924,292.71, a decrease of 3.11% from the previous year-end[6] - The total assets of the company amounted to CNY 15,812,924,292.71, down from CNY 16,319,667,628.76[24] - Total liabilities decreased to CNY 6,788,421,593.82 from CNY 7,990,117,107.64, indicating a reduction of about 15.0%[25] - The total equity attributable to shareholders increased to CNY 8,426,156,894.86 from CNY 7,927,485,773.65, reflecting a growth of approximately 6.3%[25] Cash Flow - The net cash flow from operating activities for the year-to-date was ¥84,191,460.06, a significant improvement from a negative cash flow of ¥134,439,561.16 in the same period last year, representing a 174.36% increase[3] - Cash flow from operating activities generated a net cash inflow of 84,191,460.06, recovering from a net outflow of -113,223,697.05 in the previous period[32] - The total cash inflow from investment activities is 1,947,938,583.08, compared to 4,052,693,385.14 in the previous period, showing a decrease of about 52%[32] - Net cash flow from investment activities was $175.65 million, an increase from $87.63 million year-over-year[35] - Cash inflow from financing activities totaled $401.21 million, compared to $290.87 million in the previous year[35] Expenses and Costs - Total operating costs decreased to CNY 3,912,108,993.85 from CNY 3,927,678,552.13, reflecting a reduction of approximately 0.4%[25] - R&D expenses decreased by 28.62% to ¥195,605,314.43 due to a reduction in the number of research units[14] - Research and development expenses decreased to 195,605,314.43 from 274,024,213.51, reflecting a reduction of approximately 28.6%[28] Changes in Financial Position - The total equity attributable to shareholders increased by 6.29% to ¥8,426,156,894.86 compared to the previous year-end[6] - The company's equity increased by 30.00% to ¥980,179,980.00 as a result of a stock dividend distribution[11] - The company's minority interest increased by 48.76% to ¥598,113,706.79 due to capital contributions from shareholders[11] Other Financial Metrics - Non-recurring gains included government subsidies amounting to ¥17,517,830.64 for the current period[7] - The company reported a total of ¥4,365,579.73 in gains from the fair value changes of financial assets for the current period[7] - Financial expenses showed a significant decrease of 853.48% to -¥35,411,697.65 due to increased foreign exchange gains[14] - Other comprehensive income after tax for the current period is 331,468,541.19, a significant increase from 2,930,308.14 in the previous period[28] Inventory and Receivables - Inventory decreased by 23.11% to ¥2,338,715,951.04 primarily due to reduced procurement of raw materials and decreased inventory of finished goods[11] - Accounts receivable totaled CNY 1,997,483,542.19, showing a marginal decrease compared to CNY 1,997,950,120.70 from the previous period[22] - The company reported a decrease in contract liabilities to CNY 2,322,393,282.57 from CNY 3,052,515,293.06, a decline of about 24.0%[22] Audit Status - The third quarter report was not audited[36]

Financial Performance - The company's operating revenue for the first half of 2022 was ¥3,075,980,333.58, a decrease of 2.78% compared to the same period last year[30]. - The net profit attributable to shareholders was ¥348,340,310.01, representing an increase of 3.62% year-on-year[30]. - The net profit after deducting non-recurring gains and losses was ¥270,767,570.26, up by 4.74% compared to the previous year[30]. - The total profit for the period was 453.98 million yuan, a year-on-year decrease of 1.94%[46]. - Net profit reached 388.54 million yuan, with a year-on-year increase of 5.69%[46]. - The basic earnings per share were ¥0.36, reflecting a 2.86% increase from the previous year[30]. - The diluted earnings per share were also ¥0.36, consistent with the basic earnings per share[30]. - The weighted average return on equity was 4.24%, slightly up from 4.09% in the previous year[30]. - The company achieved operating revenue of 3,075.98 million yuan, a year-on-year decrease of 2.78%[46]. - The company's operating revenue for the reporting period was approximately ¥3.08 billion, a decrease of 2.78% compared to ¥3.16 billion in the previous year[59]. Cash Flow and Assets - The net cash flow from operating activities was ¥164,877,823.29, a decrease of 2.05% from the same period last year[30]. - Cash and cash equivalents at the end of the reporting period amounted to ¥1,620,500,753.16, representing 10.32% of total assets, a slight decrease from 10.32% at the end of the previous year[67]. - Accounts receivable decreased to ¥1,873,526,814.67, accounting for 11.93% of total assets, down from 12.24% in the previous year[67]. - Inventory decreased significantly to ¥2,391,047,743.93, now 15.22% of total assets, compared to 18.64% last year, reflecting a reduction of 3.42%[67]. - The total assets at the end of the reporting period were ¥15,707,267,144.88, down 3.75% from the end of the previous year[30]. - The company's current assets decreased from CNY 9,791,957,960.84 to CNY 8,612,995,874.88, a decline of approximately 12.03%[187]. - The total liabilities decreased from CNY 16,319,667,628.76 to CNY 15,707,267,144.88, representing a reduction of about 3.74%[190]. Investments and R&D - Research and development investment decreased by 27.46% to approximately ¥139.16 million, primarily due to a reduction in the number of research units[59]. - The company completed 25 research projects and accepted 13 projects during the reporting period, focusing on product expansion and efficiency improvement[50]. - The company is advancing product technology innovation through partnerships with universities and research institutions[42]. - The company achieved a net cash flow from investment activities of approximately ¥429.09 million, a significant increase of 458.99% compared to a net outflow of ¥119.53 million in the previous year[59]. Market Strategy and Risks - The company is focusing on digital transformation, implementing an ERP project with 201 specialized research sessions conducted[48]. - The company is enhancing its market presence by adjusting sales strategies and strengthening collaboration between domestic and foreign trade[47]. - The company is actively pursuing the distributed energy market in collaboration with Siemens, enhancing its capabilities in gas turbine projects[41]. - The company faces market risks due to overcapacity in the domestic turbine industry and increasing competition, which may impact product sales[89]. - The company plans to enhance its marketing channels and improve product quality to mitigate market risks[89]. - The average accounts receivable aging is increasing, posing a risk to the company's financial performance[91]. - The company will implement customer credit management to reduce the impact of overdue accounts receivable[91]. Corporate Governance and Social Responsibility - The company has implemented a stock incentive plan to motivate employees and align their interests with shareholders[102]. - The company emphasizes social responsibility, focusing on sustainable development and stakeholder engagement, including investor relations management[119]. - The company has established a comprehensive environmental management system since 2006, adhering to ISO14001 standards without any environmental pollution incidents[116]. - The company achieved a 100% safety disposal rate for hazardous waste during the reporting period[6]. - The company donated 500,000 yuan to the "Spring Breeze Action" initiative in response to local government calls[7]. Shareholder Information - The largest shareholder, Hangzhou Steam Turbine Holding Co., Ltd., holds 63.64% of the total shares, amounting to 623,772,240 shares[171]. - The company has a total of 11,108 common shareholders at the end of the reporting period[171]. - The total number of shares held by the top 10 unrestricted shareholders is 63,000,000 shares[171]. - The total number of shares after the change is 980,179,980, maintaining the same proportion of 100%[163]. - The total share capital increased from 754,010,400 shares to 980,179,980 shares after the 2021 profit distribution[165].

Financial Performance - The company's operating revenue for Q1 2022 was ¥1,788,987,236.29, representing a 43.06% increase compared to the adjusted ¥1,250,479,486.22 in the same period last year[2] - Net profit attributable to shareholders was ¥184,043,460.08, up 43.32% from the adjusted ¥128,410,233.92 in the previous year[2] - The net profit after deducting non-recurring gains and losses reached ¥138,956,828.84, a significant increase of 155.24% compared to ¥54,440,724.84 last year[2] - The basic and diluted earnings per share were both ¥0.25, reflecting a 47.06% increase from ¥0.17 in the same period last year[2] - Net profit for the current period was ¥197,921,661.25, representing a 34.6% increase from ¥146,939,808.33 in the previous period[28] - Basic and diluted earnings per share increased to ¥0.25 from ¥0.17, reflecting a growth of 47.1%[31] - The total comprehensive income for the current period was ¥491,410,946.13, down from ¥602,194,840.78 in the previous period, reflecting a decline of 18.4%[31] Assets and Liabilities - The company's total assets decreased by 1.50% to ¥16,074,299,760.82 from ¥16,319,667,628.76 at the end of the previous year[2] - Shareholders' equity attributable to the parent company increased by 6.22% to ¥8,420,244,930.35 from ¥7,927,485,773.65 at the end of the previous year[2] - The company's total current assets decreased from 9,791,957,960.84 to 9,307,295,032.03, a decline of approximately 4.9%[17] - Total liabilities decreased to ¥7,238,284,364.86 from ¥7,990,117,107.64, a reduction of 9.4%[24] - Total current liabilities decreased from 6,585,520,000.88 to 5,781,415,026.34, a reduction of about 12.2%[19] - The company reported a decrease in contract liabilities from 3,052,515,293.06 to 2,695,489,872.73, a decline of approximately 11.7%[19] Cash Flow - The net cash flow from operating activities was negative at -¥124,850,206.32, a decline of 193.82% compared to a positive cash flow of ¥133,076,407.99 in the same period last year[2] - Cash flow from operating activities showed a net outflow of ¥124,850,206.32, compared to a net inflow of ¥133,076,407.99 in the previous period[32] - Net cash flow from investing activities amounted to ¥126,672,172.27, a significant improvement from a net outflow of ¥780,529,009.29 in the previous period[36] - Cash inflow from investment activities totaled ¥660,409,994.81, compared to ¥1,147,095,123.77 last year, indicating a decrease of approximately 42.5%[36] - Cash outflow from investment activities was ¥533,737,822.54, down from ¥1,927,624,133.06, reflecting a reduction of about 72.2%[36] - Cash flow from financing activities showed a net outflow of ¥3,028,838.60, an improvement from a net outflow of ¥34,600,606.64 in the previous period[36] Shareholder Information - The total number of common shareholders at the end of the reporting period is 11,106, with the largest shareholder, Hangzhou Steam Turbine Power Group Co., Ltd., holding 63.64% of shares, equating to 479,824,800 shares[9] Investment and Subsidies - The company reported a significant increase in investment income of 382.31%, reaching ¥12,491,713.99 compared to ¥2,590,048.97 last year[8] - The company received government subsidies amounting to approximately ¥4 million, contributing to a 43.20% increase in special payables[8] Other Financial Metrics - Research and development expenses were ¥85,497,139.56, down 15.4% from ¥101,036,899.71 in the previous period[28] - Other comprehensive income after tax for the current period was ¥293,489,284.88, compared to ¥455,255,032.45 in the previous period, a decrease of 35.5%[30] - The total non-current assets increased from 6,527,709,667.92 to 6,767,004,728.79, reflecting a growth of about 3.7%[19] - Cash and cash equivalents increased slightly from 1,622,883,247.79 to 1,635,565,185.39, reflecting a growth of about 0.9%[17] - Accounts receivable rose significantly from 1,997,950,120.70 to 2,247,391,167.66, an increase of approximately 12.5%[17] - Inventory decreased from 3,041,643,747.35 to 2,500,247,923.86, a reduction of about 17.8%[17]

Financial Performance - The company reported a total revenue of RMB 1.2 billion for the year 2021, representing a year-on-year increase of 15%[20]. - The net profit attributable to shareholders was RMB 150 million, an increase of 10% compared to the previous year[20]. - The company's operating revenue for 2021 was ¥5,788,288,588.91, representing a 21.54% increase compared to ¥4,496,445,244.55 in 2020[31]. - The net profit attributable to shareholders for 2021 was ¥649,992,474.56, a 36.48% increase from ¥459,345,443.38 in 2020[31]. - The total sales revenue for the company in 2021 was approximately ¥4.09 billion, representing a year-on-year increase of 25.39%[76]. - The company achieved a total revenue of CNY 5,788.29 million in 2021, representing a year-on-year growth of 21.54%[66]. - The net profit attributable to shareholders was CNY 649.99 million, with a year-on-year increase of 36.48%[61]. - The company reported a total revenue of 1.5 billion RMB for the fiscal year 2021, representing a year-over-year increase of 10%[147]. Dividends and Profit Distribution - The company plans to distribute a cash dividend of RMB 4.0 per 10 shares, along with 3 bonus shares for every 10 shares held[6]. - The total cash dividend amount is 301,559,440 CNY, which accounts for 57.14% of the total distributable profit of 3,493,193,115.19 CNY[190]. - The company has a profit distribution policy that aims for a minimum cash dividend ratio of 40% during the mature development stage with significant capital expenditures[188]. - The company has committed to distributing no less than 30% of the average distributable profit over the last three years in cash dividends, provided it is profitable and cash flow is sufficient[189]. - The company has not proposed a cash dividend distribution plan for the reporting period despite having positive distributable profits[190]. Market Expansion and Strategy - The company aims to expand its market presence in Southeast Asia, targeting a 20% increase in sales in that region by 2023[20]. - The company plans to expand its market presence in Southeast Asia, targeting a 25% market share by 2025[147]. - The company has initiated a strategic partnership with a leading energy firm to enhance its product offerings and market reach[20]. - A strategic acquisition of a local competitor is in progress, expected to enhance the company's production capacity by 30%[147]. - The company is exploring potential acquisitions to strengthen its position in the renewable energy sector[20]. Research and Development - Research and development expenses accounted for 8% of total revenue, focusing on new turbine technologies and energy efficiency improvements[20]. - The company completed 29 research projects and launched 15 new products, marking a record high in product development[63]. - Research and development investment increased by 15% in 2021, totaling 150 million RMB[147]. - The company is currently developing the EUNG80/63 turbine model, which aims to improve power generation and reduce energy consumption[82]. Operational Efficiency and Cost Management - The company emphasizes cost control through organizational optimization and supply chain management to address rising labor costs and declining product prices[53]. - The company aims to implement new technologies in manufacturing processes, which are expected to reduce costs by 10%[147]. - The company is focusing on innovation by promoting cost reduction in design and optimizing the efficiency of back-pressure generator sets[118]. Governance and Management - The company held 12 board meetings, 8 supervisory meetings, and 5 shareholder meetings during the reporting period, ensuring compliance with governance regulations[128]. - The company has established an independent financial department with a standardized accounting system, ensuring independent financial decision-making[135]. - The company has implemented a comprehensive internal control system, regularly evaluated by its internal audit institution[130]. - The company has established specialized committees within the board, including strategy, audit, nomination, and remuneration committees, to support scientific decision-making[129]. Employee and Talent Management - The total number of employees at the end of the reporting period was 4,008, with 2,077 in the parent company and 1,931 in major subsidiaries[178]. - The professional composition of employees includes 2,260 production personnel, 342 sales personnel, 889 technical personnel, 83 financial personnel, and 434 administrative personnel[179]. - In 2021, the company conducted 108 training sessions, with a total of 4,600 participants, and plans to conduct over 160 training projects in 2022[182]. - The company adjusted its salary standards in 2021, considering annual performance, industry competition, and cost of living, ensuring timely payment of wages and overtime[181]. Risks and Challenges - The company anticipates risks from market competition and aims to leverage technological innovation to enhance product quality and service capabilities[119]. - The company is facing potential risks related to contract execution, including frequent changes and project delays, which may impact operational performance[121]. - The company is actively managing accounts receivable risks due to potential downturns in downstream industries, implementing stricter credit management[121]. Financial Position and Cash Flow - The net cash flow from operating activities decreased by 88.58% to ¥71,809,489.02 in 2021 from ¥454,416,600.69 in 2020[31]. - Operating cash inflow totaled ¥5,423,863,579.31 in 2021, an increase of 17.91% compared to ¥4,599,935,940.49 in 2020[86]. - Net cash flow from investment activities worsened by 220.87%, resulting in a deficit of ¥193,032,917.99 in 2021, compared to a deficit of ¥60,159,162.50 in 2020[86]. - The net increase in cash and cash equivalents was negative at ¥-382,815,680.03 in 2021, a decline of 401.81% from an increase of ¥126,841,422.98 in 2020[89].

Financial Performance - The company's revenue for Q3 2021 was ¥1,114,367,481.21, a decrease of 12.35% compared to the same period last year[3] - Net profit attributable to shareholders for Q3 2021 was ¥151,725,602.91, an increase of 14.71% year-on-year[3] - The net profit after deducting non-recurring gains and losses for Q3 2021 was ¥143,471,580.39, up 28.30% from the previous year[3] - The basic earnings per share for Q3 2021 was ¥0.20, reflecting an increase of 11.11% compared to the same period last year[3] - Total profit increased by 46.99% to CNY 743,637,832.55, driven by improved sales and compensation received from contract termination[10] - Operating profit for the current period was ¥700,083,078.97, representing a 38.9% increase compared to ¥503,638,280.89 in the previous period[30] - Net profit for the current period was ¥646,708,811.26, a 46% increase from ¥442,835,420.75 in the previous period[30] - Total profit for the current period was ¥743,637,832.55, compared to ¥505,926,151.00 in the previous period, marking a 46.9% increase[30] Assets and Liabilities - The total assets at the end of Q3 2021 amounted to ¥15,537,499,466.07, representing a 0.94% increase from the end of the previous year[3] - The equity attributable to shareholders at the end of Q3 2021 was ¥8,505,015,096.94, which is a 4.94% increase year-on-year[3] - Total current assets increased to CNY 8,830,112,717.07 from CNY 8,712,015,968.35, reflecting a growth of approximately 1.35%[22] - Total liabilities decreased to CNY 6,580,383,420.69 from CNY 6,842,514,645.92, a reduction of about 3.83%[26] - The company's equity attributable to shareholders increased to CNY 8,505,015,096.94 from CNY 8,104,788,941.36, reflecting a growth of approximately 4.94%[26] - The company reported a total non-current asset of CNY 6,707,386,749.00, slightly up from CNY 6,680,637,956.06[22] Cash Flow - The net cash flow from operating activities for the year-to-date was -¥134,439,561.16, a decline of 164.08% compared to the previous year[3] - Cash flow from operating activities totaled ¥3,417,997,411.24, compared to ¥2,706,989,488.22 in the previous period, indicating a significant increase[34] - Net cash outflow from operating activities was 3,552,436,972.40, compared to 2,497,198,838.20 in the previous period, resulting in a net cash flow from operating activities of -134,439,561.16, down from 209,790,650.02[38] - Total cash inflow from investment activities reached 4,052,574,326.90, an increase from 2,856,140,839.58, while cash outflow from investment activities was 3,964,636,044.73, compared to 3,179,052,160.22, leading to a net cash flow from investment activities of 87,938,282.17, recovering from -322,911,320.64[38] - Cash inflow from financing activities totaled 266,634,926.39, up from 187,700,000.00, while cash outflow was 586,576,562.25, compared to 492,734,703.24, resulting in a net cash flow from financing activities of -319,941,635.86, slightly worse than -305,034,703.24[38] Investments and Expenses - R&D expenses rose by 64.41% to CNY 245,059,239.44, reflecting increased investment in research and development[10] - Sales expenses increased by 24.90% to CNY 120,338,054.95, as business activities resumed post-pandemic[10] - Other income increased by 66.66% to CNY 114,508,551.87, mainly from compensation for asset transfer[10] - Investment income rose by 25.38% to CNY 164,218,127.24, attributed to convertible bond investments[10] - Cash paid to employees was 658,998,777.26, up from 575,081,051.90, while cash paid for taxes increased significantly to 475,337,117.75 from 206,435,051.56[38] Stock and Incentives - The company initiated a stock incentive plan, resulting in an increase in other payables by 80.55% to CNY 135,796,863.55[10] - The company received approval for its 2021 restricted stock incentive plan from the Hangzhou State-owned Assets Supervision and Administration Commission[16] - The company granted 18.17 million restricted shares to 457 incentive targets at a price of HKD 6.825 per share, effective from September 1, 2021[18] Other Information - The company did not undergo an audit for the third quarter report, which may affect the reliability of the financial data presented[41] - The company has not applied new leasing standards for the current financial reporting period, indicating a potential area for future compliance and reporting adjustments[41]