证券代码：300040 证券简称：九洲集团 哈尔滨九洲集团股份有限公司投资者关系活动记录表 | --- | --- | --- | |----------------|-----------------------------------------|---------------------------------------------------------------------------------------------------------------| | | | 编号：2022-006 | | 投资者关系活动 | √ 特定对象调研 | □ 分析师会议 | | 类别 | □ 媒体采访 | □ 业绩说明会 | | | □ 新闻发布会 | □ 路演活动 | | | □ 现场参观 | | | | □ 其他 | （ ） | | 参与单位名称及 | | 参与单位名称：天风证券、首创证券、富邻投资、东方财富、 | | 人员姓名 | | 平安资产、山西证券、平安养老、国君资管、中泰资管、众安 | | | | 财险、中信证券、华安财保、凯丰投资、中邮理财、京华山一 国际、兴业基金、光大保德信、中泰资管、鑫 ...

证券代码：300040 证券简称：九洲集团 哈尔滨九洲集团股份有限公司投资者关系活动记录表 | --- | --- | --- | --- | |----------------|-----------------------------------------------------|-------------------------------------|--------------------------------------------------------| | | | | 编号：2022-005 | | 投资者关系活动 | √ 特定对象调研 | □ 分析师会议 | | | 类别 | □ 媒体采访 | □ 业绩说明会 | | | | □ 新闻发布会 | □ 路演活动 | | | | □ 现场参观 | | | | | □ 其他 | （ ） | | | 参与单位名称及 | | | 参与单位名称：信达证券、嘉实基金、宝盈基金、长信基金、 | | 人员姓名 | | | 光大保德信基金、华宝基金、浙商自营、德邦证券、复星恒利 | | | 证券 豪、郭雪、卢璇、刘正、區頌年 | | 参与人员：张弛、刘岚、 ...

Financial Performance - The company's revenue for Q3 2022 was ¥273,033,109.90, a decrease of 9.81% compared to the same period last year[6]. - Net profit attributable to shareholders was ¥29,937,859.22, an increase of 22.12% year-on-year[6]. - The net profit excluding non-recurring gains and losses was ¥11,690,174.07, down 14.14% from the previous year[6]. - Total operating revenue for the period was CNY 923,614,664.51, a decrease of 3.5% compared to CNY 953,760,843.34 in the previous period[29]. - The net profit for the third quarter of 2022 was CNY 140,618,471.93, an increase of 23.3% compared to CNY 114,046,223.10 in the same period last year[30]. - Operating profit reached CNY 148,774,295.90, up from CNY 119,014,691.32, reflecting a growth of 24.9% year-over-year[30]. - The total comprehensive income for the period was CNY 140,618,471.93, compared to CNY 114,046,223.10, reflecting a year-over-year increase of 23.3%[30]. Cash Flow and Liquidity - Cash flow from operating activities reached ¥468,225,952.22, a significant increase of 455.92%[6]. - Cash flow from operating activities increased by 455.92% compared to the same period last year, mainly due to the receipt of funds from new energy projects and value-added tax refunds[11]. - Cash received from tax refunds increased by 747.16% compared to the same period last year, primarily due to the return of value-added tax payments[11]. - The cash and cash equivalents at the end of the period amounted to CNY 493,756,583.97, an increase from CNY 364,690,188.68 year-over-year[32]. - The company reported a total cash inflow from financing activities of CNY 1,364,321,859.36, up from CNY 972,596,640.23, indicating a growth of 40.2%[32]. Assets and Liabilities - Total assets at the end of the reporting period were ¥7,536,003,043.24, a decrease of 11.51% from the end of the previous year[6]. - Total liabilities decreased to CNY 4,671,214,041.24 from CNY 5,519,476,505.56, a decline of 15.4%[28]. - Non-current liabilities decreased to CNY 3,402,305,428.54 from CNY 4,184,672,822.15, a drop of 18.7%[28]. - The company's equity attributable to shareholders was ¥2,814,164,959.64, up 3.50% compared to the previous year[6]. Investments and Projects - Long-term equity investments increased by 562.37% to ¥357,353,413.06, due to the disposal of subsidiaries and new investments in wind power projects[10]. - The company is expanding its construction projects, with in-progress projects increasing by 59.99% to ¥997,974,954.10[10]. - The biomass power generation project is expected to provide approximately 560 million kWh of green electricity annually, meeting heating demands for 3 million square meters in winter[19]. - The company received approval for the 100 MW wind power project, which will provide stable profit and cash flow once operational[20]. - The joint venture with Huadian New Energy received approval for two 100 MW wind power projects, expected to provide stable income post-construction[24]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 42,653[13]. - The company transferred 51% equity of five companies to Huadian Fuyuan New Energy Development Co., Ltd. for a total price of RMB 287,844,000[18]. - The company acquired the remaining 49% equity of the same five companies for RMB 276,556,000[18]. Operational Efficiency - Total operating costs amounted to CNY 823,128,672.25, down 2.1% from CNY 840,826,748.68 in the prior period[29]. - The company reported a net profit margin improvement, with operating costs decreasing at a faster rate than revenue[29]. - Research and development expenses were CNY 20,422,824.45, slightly up from CNY 19,827,988.79, reflecting a focus on innovation[30]. Other Financial Metrics - The basic earnings per share for the third quarter was CNY 0.21, compared to CNY 0.20 in the same quarter last year, showing a growth of 5%[30]. - Investment income increased by 176.58% compared to the same period last year, primarily due to the disposal of five subsidiaries[11]. - The company recorded investment income of CNY 25,703,546.33, significantly higher than CNY 9,293,377.95 in the previous year, indicating improved investment performance[30].

Renewable Energy Development - The company reported a significant increase in renewable energy project development, with a focus on wind and solar power, amid ongoing policy support from the government [4]. - The company has constructed, invested in, and operated renewable power stations exceeding 1000MW, focusing on wind, solar, and biomass energy projects [38]. - The company is actively expanding its renewable energy business, responding to national policies aimed at carbon neutrality and promoting clean energy transition [54]. - The company has ongoing projects in renewable energy, including a 100 MW wind power project in Heilongjiang, currently under construction [59]. - The company is focusing on biomass heat and power generation projects, leveraging the natural resource advantages in Heilongjiang Province [91]. - The company is actively expanding its renewable energy capabilities in wind and solar power, aligning with national energy policies [92]. Financial Performance - Harbin Jiuzhou Group reported a revenue of RMB 1.2 billion for the first half of 2022, representing a year-on-year increase of 15% [22]. - The company's net profit attributable to shareholders reached RMB 150 million, up 20% compared to the same period last year [22]. - The gross margin for the first half of 2022 was reported at 30%, a slight increase from 28% in the previous year [22]. - The company's operating revenue for the reporting period was ¥650,581,554.61, a decrease of 0.07% compared to the same period last year [29]. - Net profit attributable to shareholders increased by 9.56% to ¥94,568,172.27, while the net profit after deducting non-recurring gains and losses decreased by 42.61% to ¥38,388,280.17 [29]. - The company reported a significant increase in revenue, with total revenue reaching 47,384.17 million, representing a growth of approximately 10.5% compared to the previous period [125]. Investment and R&D - The company has invested RMB 50 million in research and development for new energy technologies, aiming to improve product efficiency by 10% [22]. - The company is focusing on innovation and increasing R&D investment to strengthen its market position and product quality [76]. - The company is engaged in the research and development of high and low voltage switchgear and power automation control equipment, enhancing its technological capabilities [122]. Market Risks and Challenges - The company faces risks related to delayed renewable energy price subsidies, which could adversely affect cash flow and investment returns if not addressed [4]. - The renewable energy market is undergoing reforms that may lead to price fluctuations, creating uncertainty in project profitability [10]. - The company is exposed to risks from changes in grid connection prices, which could impact profitability if generation costs do not decrease accordingly [9]. - The company faces risks related to market competition in the power equipment manufacturing sector, which could lead to overcapacity if not managed effectively [125]. - The asset-liability ratio has increased due to the rapid expansion of the company's operations, indicating potential liquidity risks [126]. Strategic Partnerships and Collaborations - The company has established international strategic partnerships with Schneider, Siemens, ABB, and Rockwell Automation to enhance product quality and management capabilities [40]. - The company is exploring potential mergers and acquisitions to enhance its technology capabilities, with a budget of RMB 300 million allocated for this purpose [22]. - The company has established strategic partnerships with three new suppliers to enhance its supply chain resilience, expected to reduce costs by 5% [22]. Compliance and Governance - The company emphasizes the importance of maintaining compliance with evolving industry policies to mitigate operational risks [6]. - The company’s financial report has been confirmed as accurate and complete by its management team, ensuring transparency [3]. - The company has maintained compliance with environmental regulations and has not faced any administrative penalties during the reporting period [142]. Cash Flow and Financing - The net cash flow from operating activities improved significantly by 515.21%, reaching ¥412,171,912.44, compared to a negative cash flow in the previous year [29]. - The company is exploring various financing options, including non-public stock issuance and green bonds, to support its development needs [126]. - The company reported a 63.96% increase in cash and cash equivalents, reaching approximately CNY 507.30 million, primarily due to the recovery of receivables from new energy projects [94]. Social Responsibility and Environmental Initiatives - The company actively participates in social responsibility initiatives, including poverty alleviation and support for local economic development [145]. - The company has established a 48.6MW centralized photovoltaic poverty alleviation project, benefiting 1,948 households with an annual income of 3,000 yuan per household, totaling 5.844 million yuan per year [146]. - The company emphasizes environmental protection as a key component of its sustainable development strategy, aiming for carbon neutrality in its operations [142].

Financial Performance - The company's operating revenue for Q1 2022 was CNY 319,048,335.96, representing a decrease of 13.25% compared to the same period last year[4] - Net profit attributable to shareholders was CNY 41,878,283.41, an increase of 28.45% year-on-year[4] - The net profit after deducting non-recurring gains and losses was CNY 39,419,481.26, up 41.63% from the previous year[4] - The company reported a basic earnings per share of CNY 0.07, which is a 16.67% increase from the previous year[4] - The net profit for Q1 2022 was CNY 44,805,044.68, an increase from CNY 34,235,945.15 in Q1 2021, representing a growth of approximately 30.5%[26] - The operating profit for the quarter was CNY 42,861,185.28, slightly up from CNY 42,459,734.90 in the same period last year[26] - The total profit for the quarter was CNY 42,399,506.27, slightly down from CNY 42,553,321.35 in Q1 2021[26] Cash Flow and Liquidity - The net cash flow from operating activities surged by 1,025.16% to CNY 233,119,391.75[4] - The company's cash and cash equivalents increased by 213.18% to CNY 968,993,880.96, primarily due to the recovery of receivables from new energy projects[10] - The company's cash and cash equivalents rose to CNY 968,993,880.96 from CNY 309,405,927.07, representing an increase of approximately 212.5%[21] - The cash flow from operating activities netted CNY 233,119,391.75, a significant increase from CNY 20,718,838.11 in the previous year[28] - The investment activities resulted in a net cash outflow of CNY 69,713,191.11, an improvement from a net outflow of CNY 334,175,556.96 in the same quarter last year[29] - The financing activities generated a net cash inflow of CNY 514,062,393.60, compared to CNY 46,081,471.13 in Q1 2021[29] Assets and Liabilities - Total assets at the end of the reporting period reached CNY 9,132,907,115.67, a growth of 7.24% from the end of the previous year[5] - The total assets of the company increased to CNY 9,132,907,115.67 as of March 31, 2022, compared to CNY 8,516,532,215.61 at the beginning of the year, reflecting a growth of approximately 7.25%[22] - The company's total liabilities increased to CNY 6,091,022,993.95 from CNY 5,519,476,505.56, reflecting a growth of approximately 10.4%[22] Expenses and Costs - Operating expenses increased by 1484.72% year-on-year, primarily due to an increase in uncollectible receivables[11] - The total operating costs decreased to CNY 296,814,213.52 from CNY 321,993,839.10, marking a reduction of approximately 7.8%[24] - Financial expenses rose by 70.30% year-on-year, mainly due to increased financing lease costs from the merger of Ronghe No.1[11] - The company's financial expenses increased significantly to CNY 60,281,514.94 from CNY 35,397,416.76, indicating an increase of approximately 70.2%[24] - R&D expenses increased by 35.37% year-on-year, reflecting higher investment in research and development[11] - Management expenses increased by 32.73% year-on-year, primarily due to the increase in operational new energy power stations and the merger of Ronghe No.1[11] Investments and Acquisitions - The company transferred 51% equity of five companies to Huadian Fuxin New Energy Development Co., Ltd. for a total price of CNY 287,844,000, while acquiring the remaining 49% equity for CNY 276,556,000[19] - The company plans to enhance its profitability through the successful operation of the biomass power generation project and strategic acquisitions in the renewable energy sector[18][19] Project Developments - The company successfully connected the second 40MW unit of the "Tailai Jiuzhou Xingtai Biomass Power Generation Project" to the grid, which will provide approximately 560 million kWh of green electricity annually, meeting the heating needs of 2.6 million square meters in the winter[18]

Financial Performance - The company reported a profit distribution plan, proposing a cash dividend of 0.50 RMB per 10 shares (including tax) based on a total of 587,645,532 shares[12]. - The company reported a significant increase in revenue, achieving a total of 1.5 billion RMB, representing a year-over-year growth of 20%[22]. - The company's operating revenue for 2021 was ¥1,409,967,921.68, representing a 10.17% increase compared to 2020[30]. - Net profit attributable to shareholders for 2021 reached ¥182,259,476.84, a significant increase of 159.94% from the previous year[30]. - The total assets of the company at the end of 2021 were ¥8,516,532,215.61, an 18.00% increase from the end of 2020[30]. - The company reported a total of ¥127,043,161.70 in non-recurring gains for 2021, compared to ¥19,166,524.55 in 2020[37]. - The company experienced a quarterly revenue of ¥456,207,078.34 in Q4 2021, which was the highest among the four quarters[33]. - The net profit attributable to shareholders in Q4 2021 was ¥71,426,087.55, showing strong performance in the last quarter[33]. - The company achieved a revenue of CNY 1,409.97 million in 2021, an increase of 10.17% compared to the previous year[115]. - The net profit attributable to shareholders reached CNY 182.26 million, a significant increase of 159.94% year-on-year[115]. Renewable Energy Projects - The company has invested in over 1000 MW of renewable power stations, including wind, solar, and biomass, by the end of 2021[67]. - The company is focusing on biomass power generation projects, with expected annual power generation of 5.6 billion kWh for each of the three biomass projects under construction[99]. - The company has established a biomass comprehensive smart energy project with a total scale of 650 MW, including 480 MW approved projects and 80 MW already connected to the grid[116]. - The company is actively participating in the carbon emissions trading market, which has seen a cumulative transaction volume of 179 million tons and a total transaction value of 7.661 billion yuan by the end of 2021[61]. - The company aims to establish a renewable integrated smart energy supply system, focusing on efficient biomass direct combustion and "zero-carbon" clean heating technologies[68]. - The company has signed a strategic cooperation agreement for a CNY 2 billion renewable energy industry fund to invest in biomass power generation and heating projects[107]. - The company has completed two strategic acquisitions, enhancing its capabilities in renewable energy solutions, with a combined value of 500 million RMB[28]. - The company has formed a comprehensive smart energy service model, integrating various energy supplies to improve overall energy efficiency and reduce costs[96]. Market Expansion and Strategy - The future outlook includes a projected revenue growth of 25% for the next fiscal year, driven by new product launches and market expansion strategies[25]. - Market expansion efforts include entering three new provinces, which are expected to contribute an additional 300 million RMB in revenue[27]. - The company has established partnerships with key industry players to enhance its supply chain efficiency, aiming for a 15% reduction in operational costs[29]. - The company is focused on the synergy between its smart distribution equipment manufacturing and its EPC construction and renewable energy investment operations, driving overall business growth[82]. - The company plans to increase its workforce by 10% to support its growth initiatives and improve service delivery[29]. - The company is positioned to benefit from policies promoting the integration of renewable energy and storage systems, with a target of 30 million kW for new energy storage capacity by 2025[52]. - The company has ongoing wind power projects, including the Daqing Dagang Wind Farm, which has a total investment of RMB 17 million, with 67.03% of the project completed by January 1, 2021[164]. Research and Development - The company is investing in R&D for new technologies, with a budget allocation of 200 million RMB for the development of advanced power electronic devices[26]. - The company is focusing on the development of intelligent dry-type transformers to meet the increasing demand for smart power management in the industry[141]. - The company has established a joint laboratory with Harbin Institute of Technology to accelerate the development of lead-carbon energy storage batteries[107]. - The R&D team is focusing on developing standardized solid-insulated ring network cabinets to improve operational convenience and reduce manufacturing costs[142]. - The company aims to improve the performance and lifespan of batteries through precise identification and maintenance measures, addressing strong market demand[141]. - The number of R&D personnel decreased by 14.77% from 176 in 2020 to 150 in 2021, with the proportion of R&D personnel dropping from 16.54% to 10.98%[142]. Operational Risks and Challenges - The renewable energy subsidy payment has been delayed, impacting cash flow and investment returns due to a growing funding gap in subsidy payments[6]. - The company faces risks from potential changes in national policies that could adversely affect operational performance in the renewable energy sector[8]. - The operational risk for biomass power generation projects is highlighted, as they will no longer receive central government subsidies after reaching a utilization limit of 82,500 hours or after 15 years of operation[10]. - The company is affected by fluctuations in grid-connected electricity prices, which could lead to uncertainty in project profitability[11]. - The company is gradually reducing the scale of BT construction projects to concentrate funds on self-owned power stations, which provide stable long-term revenue[94]. Sustainability and Carbon Neutrality - The company has set a target to achieve carbon neutrality by 2025, aligning with global sustainability trends and regulations[29]. - The goals of carbon peak and carbon neutrality are driving the rapid development of renewable energy, creating incremental demand for distribution network equipment; smart distribution solutions can achieve up to 85% energy consumption reduction[47]. - The company is committed to achieving carbon neutrality at the county level, promoting sustainable energy practices and reducing carbon emissions[68]. - The company is focused on reducing the cost of electricity generation through technological advancements in solar PV components and inverters, contributing to ongoing cost reductions in the industry[58]. - The company is committed to participating in carbon emissions trading to improve profitability and cash flow, leveraging its renewable energy capacity[198]. Financial Management and Investments - The total investment during the reporting period was ¥1,053,155,247.35, reflecting a substantial increase of 113.20% compared to ¥493,981,621.73 in the previous year[150]. - The company has raised a total of RMB 308 million from the issuance of 3,080,000 convertible bonds in 2019, with a net amount of RMB 298.28 million after deducting fees[160]. - The company has confirmed that all raised funds have designated projects and related usage plans, with remaining funds stored in a special account[167]. - The company has not encountered significant changes in the feasibility of its projects or the expected benefits from the investments[164]. - The company has plans for further market expansion in the renewable energy sector, focusing on biomass and photovoltaic projects[156].

Financial Performance - The company's operating revenue for Q3 2021 was CNY 302,714,298.32, representing a decrease of 2.29% compared to the same period last year[4]. - Net profit attributable to shareholders was CNY 24,515,815.38, an increase of 67.61% year-on-year[4]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 13,615,356.58, up 14.14% from the previous year[4]. - The basic earnings per share increased by 100% to CNY 0.04 compared to CNY 0.02 in the same period last year[5]. - The diluted earnings per share rose by 300% to CNY 0.04 from CNY 0.01 in the previous year[5]. - The net profit attributable to the parent company increased by 97.18% year-on-year, reaching CNY 110,833,389.29, primarily due to the increase in renewable energy power stations held[11]. - The net profit for the period reached CNY 114,046,223.10, representing a significant increase of 83.8% from CNY 62,006,480.22 in the previous year[27]. - The earnings per share (EPS) for the current period was CNY 0.20, compared to CNY 0.11 in the same quarter last year, indicating an increase of 81.8%[28]. Cash Flow and Liquidity - The net cash flow from operating activities was CNY 84,224,720.38, a significant increase compared to a negative cash flow of CNY 14,829,412.74 in the same period last year[5]. - Cash received from sales of goods and services increased by 33.45% year-on-year to CNY 885,605,183.65, attributed to repayments from the renewable energy BT Jinhu project[11]. - Cash received from tax refunds surged by 2276.41% year-on-year to CNY 20,916,835.18, mainly due to VAT refunds received during the period[11]. - Cash received from financing activities decreased by 45.83% year-on-year to CNY 289,687,595.67, primarily due to a reduction in financing lease proceeds[12]. - Cash paid for debt repayment increased by 375.68% year-on-year to CNY 289,470,571.20, mainly due to the repayment of working capital loans[12]. - The company reported a net cash flow from operating activities of CNY 84,224,720.38, a significant improvement compared to a negative cash flow in the previous year[11]. - The company experienced a net decrease in cash and cash equivalents of 273,821,212.18 RMB during the quarter[32]. Assets and Liabilities - Total assets at the end of the reporting period were CNY 7,245,595,363.75, reflecting a slight increase of 0.39% from the end of the previous year[5]. - The total liabilities amounted to CNY 4,556,736,794.50, a decrease from CNY 4,823,144,637.70, showing a reduction of 5.5%[24]. - The total equity attributable to shareholders of the parent company increased to CNY 2,644,231,048.18 from CNY 2,352,946,161.65, marking an increase of 12.4%[24]. - The total non-current liabilities were reported at CNY 3,045,849,692.01[36]. - The total assets of the company reached CNY 7,217,505,486.61[36]. Investments and Expenditures - Cash and cash equivalents decreased by 51.99% to ¥429,523,773.78 due to significant investments in fixed assets and early procurement of straw for biomass power plant operations[10]. - The company plans to acquire a 23.54% stake in the Jiaxing Fund using its own funds of RMB 145.83 million, which will increase its share in the fund to 60% and add 237.50MW of wind and solar capacity to its operations[18]. - The company’s investment activities resulted in a net cash outflow of 639,699,798.95 RMB, indicating ongoing investments in growth[31]. - Total cash outflow from investing activities amounted to 716,852,357.50 RMB, slightly lower than 759,918,238.67 RMB in the previous year[31]. Operational Highlights - The company successfully connected the second 40MW unit of the Qiqihar Jiuzhou Environmental Energy Co., Ltd. biomass cogeneration project to the grid, which is expected to provide approximately 560 million kWh of green electricity annually, meeting the heating needs of 1.07 million square meters in the winter[18]. - The company has signed a cooperation framework agreement with the State Power Investment Corporation to jointly develop biomass cogeneration and smart energy projects, aiming for a separate listing of the joint venture[19]. - The company is currently constructing the Dingbian Tianchi Pond Wind Farm, with major equipment and project bidding completed[19]. Financial Adjustments and Reporting - The company has made adjustments to its previous accounting data due to other reasons, indicating a need for transparency in financial reporting[4]. - The company reported a reclassification of CNY 1,188,264,951.56 from fixed assets to right-of-use assets due to the new leasing standards[39]. - Long-term payables were reclassified to lease liabilities amounting to CNY 1,716,816,727.08[39]. - The implementation of the new leasing standards began on January 1, 2021, affecting the financial reporting[38]. - The company has not undergone an audit for the Q3 report[40].

Financial Performance - The company's operating revenue for the reporting period was CNY 651,046,545.02, representing a year-on-year increase of 25.94% compared to CNY 516,960,931.85 in the same period last year [24]. - The net profit attributable to shareholders of the listed company was CNY 86,317,573.91, marking a significant increase of 107.59% from CNY 41,581,659.38 in the previous year [24]. - The net profit after deducting non-recurring gains and losses was CNY 66,890,599.37, which is a 99.49% increase compared to CNY 33,530,358.09 in the same period last year [24]. - The basic earnings per share increased to CNY 0.16, up 77.78% from CNY 0.09 in the previous year [24]. - During the reporting period, the company generated revenue of CNY 651,046,545.02, an increase of 25.94% year-on-year, with a net profit of CNY 86,317,573.91, up 107.59% year-on-year [48]. - The company reported a significant increase in financial expenses by 109.21% to ¥76,397,929.27, mainly due to increased financing lease and bond interest expenses [67]. - The company’s asset-liability ratio stands at 65.02%, with total assets of CNY 7,047,268,746.26 and total liabilities of CNY 4,582,028,316.96 as of June 30, 2021 [48]. Cash Flow and Assets - The company reported a net cash flow from operating activities of -CNY 99,268,927.57, a decline of 578.25% compared to CNY 20,756,860.42 in the previous year [24]. - The total assets at the end of the reporting period were CNY 7,047,268,746.26, a decrease of 2.36% from CNY 7,217,505,486.61 at the end of the previous year [24]. - The company’s cash and cash equivalents decreased to approximately ¥308 million, down from ¥894 million at the end of the previous year, a reduction of 8.01% [74]. - The accounts receivable increased to approximately ¥1.34 billion, representing 19.00% of total assets, up from 13.26% the previous year [74]. - The company’s fixed assets were reported at approximately ¥950 million, which is a decrease of 14.50% due to adjustments under new leasing standards [74]. - The company’s lease liabilities increased to approximately ¥1.80 billion, representing 25.52% of total liabilities, attributed to adjustments under new leasing standards [76]. Renewable Energy Initiatives - The company has established over 1,000 MW of renewable power stations, including wind, solar, and biomass power plants, as part of its commitment to sustainable energy solutions [33]. - The company aims to achieve "carbon neutrality" at the district and county levels, promoting a transition from "industrial civilization" to "ecological civilization" [33]. - The company is focused on developing integrated energy solutions, including smart energy systems and renewable energy technologies, to enhance energy efficiency and reduce carbon emissions [32]. - The company has established a biomass (straw) cogeneration project in Heilongjiang, with each 40MW unit capable of heating over 1 million square meters of urban buildings [45]. - The company has achieved a heating area of nearly 4 million square meters, positioning its integrated smart energy business as a new profit growth point [46]. - The company has cumulatively generated 3.329 billion kWh of electricity from renewable energy projects, resulting in a total carbon dioxide reduction of about 1.88 million tons [130]. Strategic Investments and Partnerships - The company signed a strategic cooperation agreement for a ¥2 billion renewable energy industry fund to invest in biomass power generation and heating projects [58]. - The company established a joint laboratory with Harbin Institute of Technology to accelerate the development of lead-carbon energy storage batteries, leveraging over 20 years of experience in lead-acid battery production [58]. - The company is focused on expanding its renewable energy business through strategic investments in high-potential projects [109]. - The company plans to optimize its capital structure and broaden funding sources, including non-public stock issuance and green bonds, to support its development needs [112]. Risks and Challenges - The management has highlighted potential risks in future operations and corresponding countermeasures in the report [4]. - The company faces risks of overcapacity in its manufacturing segment due to intensified market competition and increased production capacity from the completion of the Jiuzhou Technology Industrial Park [110]. - The company's liquidity risk has increased due to rapid expansion in renewable energy and environmental comprehensive energy utilization, leading to a rise in the debt-to-asset ratio [111]. - The company’s renewable energy projects are subject to national policies, which could affect the timely grid connection and investment recovery [115]. - As of the reporting period, the company has provided guarantees totaling CNY 193,518.41 million for its renewable energy projects, which poses a potential compensation risk if the projects face financial difficulties [117]. Shareholder and Corporate Governance - The company plans not to distribute cash dividends, issue bonus shares, or increase share capital from reserves [5]. - The company’s stockholder structure remains stable, with significant holdings by key executives, ensuring alignment of interests [173]. - Major shareholder Li Yin holds 16.73% of the shares, totaling 63,673,702 shares, with 10,218,426 shares pledged [179]. - Major shareholder Zhao Xiaohong holds 14.24% of the shares, totaling 54,170,602 shares, with 13,542,651 shares pledged [179]. - The company has not experienced any non-operating fund occupation by controlling shareholders or related parties during the reporting period [134]. - The company has not engaged in any illegal external guarantees during the reporting period [135]. Compliance and Regulatory Matters - The company has not undergone any bankruptcy reorganization during the reporting period [137]. - The company’s half-year financial report has not been audited [136]. - The company has not experienced any major litigation or arbitration matters during the reporting period [139]. - The company has not faced any penalties or rectification measures during the reporting period [139].

Financial Performance - Revenue for Q1 2021 reached ¥367,767,644.54, an increase of 88.91% compared to ¥194,678,889.46 in the same period last year[8] - Net profit attributable to shareholders was ¥32,603,737.14, up 105.39% from ¥15,873,772.51 year-on-year[8] - Net profit excluding non-recurring gains and losses was ¥27,832,262.81, representing a 122.23% increase from ¥12,524,059.12 in the previous year[8] - Basic earnings per share increased to ¥0.09, an 80.00% rise from ¥0.05 in the same period last year[8] - The net cash flow from operating activities was ¥20,718,838.11, a significant recovery from a negative cash flow of -¥13,894,916.84 in the previous year[8] - Operating revenue rose by 88.91% to ¥367,767,644.54 compared to the same period last year, driven by increased sales in the electrical equipment manufacturing sector and additional renewable energy projects[19] - Operating costs increased by 84.22% to ¥253,710,251.24, reflecting higher sales and costs associated with new renewable energy plants[19] - Cash received from sales and services increased by 45.81% to ¥216,349,104.79, attributed to higher returns from newly held renewable energy plants[20] - Cash paid for fixed assets and other long-term assets rose by 252.73% to ¥361,460,743.74, reflecting increased investments in renewable energy plant construction[20] - Tax expenses surged by 498.27% to ¥8,317,376.20, driven by increased taxable income from higher sales[20] Assets and Liabilities - Total assets at the end of the reporting period were ¥7,262,526,016.48, a slight increase of 0.62% from ¥7,217,505,486.61 at the end of the previous year[8] - Net assets attributable to shareholders rose to ¥2,385,549,898.78, up 1.39% from ¥2,352,946,161.65 at the end of the previous year[8] - The asset-liability ratio stands at 66.56%, with total assets of CNY 7,262,526,016.48 and total liabilities of CNY 4,833,929,222.43[37] - Current assets decreased to CNY 3,021,093,009.73 from CNY 3,176,071,297.16, representing a decline of about 4.87%[74] - Total liabilities increased to CNY 4,833,929,222.43 from CNY 4,823,144,637.70, indicating a growth of approximately 0.22%[76] - The company's cash and cash equivalents decreased significantly from CNY 894,609,544.33 to CNY 600,836,033.68, a drop of around 32.8%[74] Renewable Energy Initiatives - The company has established over 1000 MW of renewable power stations, including wind, solar, and biomass, by the end of 2020[22] - The company is focusing on self-owned renewable energy projects to enhance long-term stable revenue and cash flow, reducing reliance on BT (Build-Transfer) projects[27] - The company has a total of 458.3 MW of operational renewable energy projects, generating a total of 174,351,626 kWh in the first quarter of 2021[29] - The company is actively involved in the development of smart energy solutions, including integrated charging stations and energy storage solutions[25] - The company has ongoing renewable energy projects totaling 350 MW, with several projects already connected to the grid[28] - The company aims to achieve carbon neutrality and improve energy efficiency through the integration of various renewable energy sources[22] - The company is committed to reducing carbon emissions and promoting sustainable development through its renewable energy initiatives[22] Investments and Financing - The company secured loans amounting to ¥149,160,000.00, a 1391.60% increase, primarily for agricultural projects[20] - The company has strengthened its collaboration with financial institutions, broadening financing channels to support strategic development and business implementation[47] - The total amount of raised funds utilized by the company reached 206,019,400 yuan, with a cumulative investment in committed projects of 298,282,300 yuan[64] - The cumulative amount of raised funds used is 37,168.78 million yuan, with no changes in the use of raised funds reported[66] - The company plans to use up to 90 million yuan of idle raised funds to temporarily supplement working capital, which will be returned within 12 months[67] Operational Challenges and Risks - The company is facing liquidity risks due to rapid expansion in the renewable energy sector, which is capital-intensive and may lead to increased debt levels[50] - The company is addressing risks related to project delays and management challenges as it scales operations and increases the number of subsidiaries[52] - The company did not undergo an audit for the first quarter report, which may affect the reliability of the financial data presented[98] Technological Development - The company is actively developing multiple biomass cogeneration projects, with a total capacity of 720 MW in various stages of development[37] - The company is focusing on integrated smart energy solutions, leveraging biomass resources to enhance energy efficiency and reduce costs[33] - The company has completed preliminary designs for various energy-saving and environmental protection projects, including a standard type box-type substation[42] - The company has made significant progress in its core technology projects, with multiple feasibility studies and design tasks completed[41] Market Strategy - The company plans to focus on expanding its market presence and enhancing its product offerings in the upcoming quarters[76] - The company is enhancing its smart manufacturing capabilities to align with new infrastructure and smart electrical standards[36] - The company has established a multi-channel communication strategy to improve investor relations and provide timely updates on business progress[48]

Dividend and Capital Management - The company plans to distribute a cash dividend of 0.5 RMB per 10 shares to all shareholders, based on a total of 380,399,099 shares[5]. - The company will increase its capital reserve by converting 4 shares for every 10 shares held by shareholders[5]. - The cash dividend policy stipulates that the company will distribute at least 30% of the average distributable profit over the last three years, with a minimum of 80% for mature companies without major capital expenditures[179]. - For the fiscal year 2020, the company distributed a cash dividend of 0.5 yuan per 10 shares, totaling 19,019,954.95 yuan, which represents 27.13% of the net profit attributable to ordinary shareholders[186]. - The total distributable profit for the year was 70,453,019.71 yuan, with the cash dividend amounting to 100% of the total profit distribution[183]. - The company has not conducted any ordinary share dividend distribution in the past three years, with the current plan involving a capital reserve increase of 4 shares for every 10 shares held[184]. - The company’s cash dividend distribution plan aligns with its articles of association and relevant regulations, ensuring transparency and compliance[183]. Financial Performance - The company’s operating revenue for 2020 was ¥1,279,867,537.35, representing a 61.71% increase compared to ¥791,481,332.82 in 2019[18]. - The net profit attributable to shareholders for 2020 was ¥70,117,002.52, a 39.32% increase from ¥50,328,181.37 in 2019[18]. - The net profit after deducting non-recurring gains and losses was ¥50,950,477.97, up 65.18% from ¥30,845,689.10 in 2019[18]. - The total assets at the end of 2020 reached ¥7,217,505,486.61, a 45.67% increase from ¥4,954,797,329.90 at the end of 2019[18]. - The basic earnings per share for 2020 was ¥0.20, an increase of 33.33% from ¥0.15 in 2019[18]. - The company reported a negative net cash flow from operating activities of ¥76,385,767.56, a decrease of 236.00% compared to ¥56,166,686.46 in 2019[18]. - The asset-liability ratio stood at 66.83% as of December 31, 2020[54]. Operational Performance and Future Outlook - The report includes a comprehensive analysis of the company's operational performance and future outlook[13]. - The company is exploring market expansion opportunities and potential mergers and acquisitions[10]. - The company aims to achieve "carbon neutrality" at the district and county levels, promoting a sustainable energy supply system[28]. - The company is committed to developing new products and technologies in the power electronics field[10]. - The company is focusing on expanding its business nationwide, leveraging the biomass resources and market advantages in Heilongjiang[38]. - The company aims to enhance its renewable energy power station holdings through preferential purchase rights from its shareholders, expanding its renewable energy generation business[128]. - The company is set to capitalize on the growth opportunities in the smart distribution network sector, supported by national grid development plans and the push for renewable energy integration[129]. Research and Development - Research and development expenses for the year amounted to 44,249,286.89 CNY, a 2.69% increase compared to the previous year[78]. - The total R&D investment for the year was 44,249,300 CNY, representing 3.46% of the operating income[79]. - The company completed 12 R&D projects in the fields of smart grid and energy conservation during the reporting period[80]. - The company has developed a total of 21 software copyrights related to power systems and control systems, enhancing its technological capabilities[88]. - The company is actively pursuing technological advancements in power factor correction and active power filtering, which are essential for optimizing energy consumption[85]. Renewable Energy Initiatives - The company has constructed and invested in renewable power stations exceeding 1000MW, including wind, solar, and biomass power plants[28]. - The total installed capacity of renewable energy projects exceeded 1,000 MW by the end of 2020[53]. - The operational renewable energy projects have a total capacity of 458.3 MW, generating approximately 360.7 million kWh of electricity in 2020[34]. - The company is focusing on the development of a comprehensive energy system integrating biomass power generation and heating[57]. - The company is committed to contributing to China's goal of reaching peak carbon emissions by 2030 and achieving carbon neutrality by 2060 through the development of renewable energy[138]. Strategic Partnerships and Collaborations - The company has established partnerships with international manufacturers like Rockwell Automation and Siemens, enhancing its technological and market competitiveness[32]. - The company has established a strategic cooperation with Harbin Institute of Technology to develop lead-carbon energy storage batteries, enhancing its technological capabilities[43]. Market and Competitive Landscape - The competitive landscape in the renewable energy sector is intensifying, requiring companies to lower project development and operational costs to sustain profitability[142]. - The company is actively pursuing strategic investments and acquisitions, with a focus on integrating acquired companies to enhance overall performance and mitigate risks associated with goodwill impairment[171]. - The company is addressing potential delays in renewable energy project grid connections by aligning with national policies that support renewable energy integration into the grid[173]. Financial Management and Investor Relations - The company is committed to improving investor relations by enhancing communication channels to provide timely updates on business progress and development plans[167]. - The company has not reported any significant changes in the measurement attributes of its main assets during the reporting period[101]. - The company has not encountered any significant changes in project feasibility or major changes in the situation of committed investment projects[117].