证券代码：300040 证券简称：九洲集团 公告编号：2020-098 债券代码：123030 债券简称：九洲转债 哈尔滨九洲集团股份有限公司 关于参加投资者网上集体接待日活动公告 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。 为进一步加强与投资者的互动交流，哈尔滨九洲集团股份有限公司（以下简 称"公司"）将参加由黑龙江省上市公司协会、深圳市全景网络有限公司共同举 办的"黑龙江省上市公司 2020 年度投资者网上集体接待日"活动，现将有关事 项公告如下： 本次集体接待日活动将通过深圳市全景网络有限公司提供的互联网平台举 行，投资者可以登录"全景·路演天下"网站（http://rs.p5w.net）参与公司 本次投资者集体接待日活动，时间为 2020 年 11 月 12 日（周四）14:00 至 16:30。 届时公司董事、董事会秘书兼财务总监李斌先生，证券事务代表李真女士将 通过网络在线问答互动的形式，与投资者就公司治理、发展经营情况、融资情况 和可持续发展等投资者关注的问题进行交流。期间，公司高管将全程在线，实时 回答投资者的提问。欢迎广大投资者积极参与。 ...

Financial Performance - Operating revenue for the quarter reached CNY 309,819,211.35, a 126.93% increase year-over-year[9] - Net profit attributable to shareholders was CNY 14,626,327.59, representing a 73.52% increase compared to the same period last year[9] - The net profit after deducting non-recurring gains and losses was CNY 11,928,408.50, up 154.44% year-over-year[9] - Basic earnings per share for the quarter was CNY 0.04, a 100% increase compared to the same period last year[9] - Net profit for the third quarter increased by 33.99% to ¥62,006,480.22 compared to the same period last year, primarily due to increased revenue and gross profit[21] - Total operating revenue for Q3 2020 reached ¥309,819,211.35, a significant increase from ¥136,527,539.96 in the same period last year, representing a growth of approximately 126.5%[39] - Net profit for Q3 2020 was ¥15,918,308.53, up from ¥9,409,917.63 in Q3 2019, reflecting a growth of approximately 69.5%[41] - The total profit for the current period was ¥66,656,848.40, compared to ¥47,788,141.85 in the previous period, reflecting an increase of 39.5%[48] Assets and Liabilities - Total assets increased by 24.53% to CNY 6,170,363,097.93 compared to the end of the previous year[9] - Total liabilities increased to CNY 3.94 billion, up from CNY 2.90 billion, representing a growth of approximately 36.1%[33] - The company's equity attributable to shareholders rose to CNY 2.19 billion from CNY 2.02 billion, reflecting an increase of about 8.2%[34] - Total assets amounted to CNY 4,954,797,329.90, with current assets at CNY 2,197,160,855.52 and non-current assets at CNY 2,757,636,474.38[62] - Total liabilities reached CNY 2,897,152,538.31, with current liabilities at CNY 1,009,616,675.69 and non-current liabilities at CNY 1,887,535,862.62[64] Cash Flow - The net cash flow from operating activities was negative CNY 35,586,273.16, a 69.96% decrease compared to the same period last year[9] - Cash flow from financing activities decreased by 67.50% to ¥250,443,118.43, mainly due to the absence of funds from convertible bond issuance compared to the previous year[21] - The net cash flow from operating activities for the current period is -14,829,412.74, an improvement from -48,848,122.14 in the previous period[56] - Cash outflow from operating activities increased to 748,628,479.21 from 606,010,869.69, representing a rise of about 23.5%[54] Revenue and Costs - Operating revenue increased by 102.21% year-on-year to CNY 826,780,143.20, driven by progress in new energy projects and heating projects[20] - Operating costs rose by 173.19% year-on-year to CNY 608,400,105.14, primarily due to increased costs associated with new energy projects and heating projects[20] - Total operating costs for Q3 2020 were ¥288,047,528.85, compared to ¥126,238,915.05 in Q3 2019, indicating an increase of about 128.5%[40] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 24,457[13] - Major shareholder Li Yin holds 18.99% of the shares, with 53,455,276 shares pledged[13] Research and Development - Research and development expenses increased by 30.19% year-on-year to CNY 21,203,561.18, reflecting higher investment in R&D[20] - Research and development expenses for Q3 2020 were ¥9,347,300.85, which is a significant increase from ¥4,465,244.37 in Q3 2019, marking a growth of approximately 109.5%[40] Other Financial Metrics - The weighted average return on net assets increased to 0.70%, up from 0.26% in the previous year[9] - The company received government subsidies amounting to CNY 13,547,250.70 during the reporting period[10] - The company reported an investment income of ¥4,547,246.36 for Q3 2020, up from ¥1,105,857.76 in Q3 2019, representing an increase of approximately 311.5%[40] Changes and Approvals - The company changed its name to "Harbin Jiuzhou Group Co., Ltd" and its stock abbreviation to "Jiuzhou Group" during the reporting period[22] - The company has received approval for the issuance of convertible bonds from the Shenzhen Stock Exchange, enhancing its capital structure[22] Inventory and Receivables - Inventory increased by 30.38% to CNY 678,269,715.14, mainly due to unfinished inventory from completed new energy projects[20] - Accounts receivable increased to CNY 964.80 million, compared to CNY 844.08 million, indicating a rise of approximately 14.3%[31]

Financial Performance - The company's operating revenue for the first half of 2020 was ¥516,960,931.85, representing an increase of 89.82% compared to ¥272,339,418.86 in the same period last year[19]. - The net profit attributable to shareholders of the listed company was ¥41,581,659.38, up 22.63% from ¥33,908,659.80 year-on-year[19]. - The net cash flow from operating activities decreased by 70.18% to ¥20,756,860.42 from ¥69,598,019.21 in the previous year[20]. - The total assets at the end of the reporting period were ¥5,231,673,903.51, an increase of 5.59% from ¥4,954,797,329.90 at the end of the previous year[20]. - The company reported a basic earnings per share of ¥0.12, a 20.00% increase from ¥0.10 in the same period last year[20]. - The company achieved operating revenue of 516.96 million yuan, an increase of 89.82% compared to the same period last year[58]. - The net profit attributable to shareholders was 41.58 million yuan, reflecting a year-on-year increase of 22.63%[58]. - The company's operating revenue for the reporting period was approximately CNY 110 million, with a net profit of approximately CNY 14.96 million, representing a decrease of 13.5% compared to the previous period[91]. - The total assets of the company amounted to approximately CNY 982.23 million, while the net assets were approximately CNY 357.23 million[91]. - The company reported a significant investment in renewable energy projects, with a total investment of CNY 56.69 million in various photovoltaic power generation companies[94]. Investment and Projects - The company is focused on providing smart distribution network products and services, renewable energy power station business, and comprehensive energy development and utilization[30]. - The renewable energy power station business has become a significant revenue source, with a focus on self-developed and operated projects to ensure stable long-term income and cash flow[38]. - The company is currently constructing two wind power projects in Jiangsu, each with a capacity of 100 MW, and has several operational renewable energy projects in Heilongjiang, including a total of 48 MW in two wind farms under construction[39]. - The company has initiated three biomass power generation projects with a total capacity of 240MW, with significant construction progress reported[59]. - The company is actively constructing renewable energy projects, including a total of 200MW photovoltaic power projects and multiple wind power projects[58]. - The company has signed a strategic cooperation agreement for a 2 billion yuan renewable energy industry fund to invest in biomass power generation and heating projects[52]. - The company is focusing on biomass cogeneration projects, with a total capacity of 320 MW under construction in Heilongjiang Province[44]. - The company is developing a comprehensive energy system that integrates heat, electricity, and gas, enhancing energy efficiency and reducing costs through local production and consumption[41]. - The company has ongoing financing leases for solar power projects that extend beyond the reporting period, indicating continued investment in renewable energy[130]. Financial Management and Risks - The company reported non-recurring gains of ¥8,051,301.29 during the reporting period[24]. - The company has outlined potential risks and corresponding measures in its operational analysis section[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[96]. - 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[97]. - The company plans to optimize its capital structure and broaden funding sources, including issuing non-public shares and green bonds, to support its development needs[98]. - The company is cautious about project selection for renewable energy power stations to mitigate risks associated with project delays and investment recovery periods[100]. - The company has recognized goodwill of 126.65 million yuan from the acquisition of Haocheng Electric, which may face impairment risks if the company's performance does not meet expectations[99]. Corporate Governance and Compliance - The company reported a plan not to distribute cash dividends, issue bonus shares, or increase capital from reserves[5]. - The company maintains a commitment to transparency and regulatory compliance in its financial reporting[3]. - The company has a dedicated team for investor relations and financial communication[14]. - The company has not faced any penalties or regulatory measures from securities regulators in the past five years[146]. - The company has not undergone any bankruptcy restructuring or faced penalties during the reporting period, reflecting operational stability[112]. - The company did not have any stock incentive plans or employee stock ownership plans during the reporting period[116]. - There were no significant related party transactions related to daily operations during the reporting period[118]. Shareholder Information - The company reported a total share count of 343,091,560, with 27.58% being limited shares and 72.42% being unrestricted shares[150]. - The largest shareholder, Li Yin, holds 20.77% of shares, totaling 71,273,702 shares, with 43,500,000 shares pledged[156]. - The company’s asset-liability ratio at the end of the reporting period was 60.11%, an increase of 12.55 percentage points year-on-year[169]. - The interest coverage ratio improved to 2.28, up by 0.31 percentage points compared to the previous year[169]. - The company has not changed its controlling shareholder or actual controller during the reporting period[158]. - The top ten shareholders did not engage in repurchase transactions during the reporting period[157]. Social Responsibility - The company has helped 1,945 registered poor households to escape poverty, with a total investment of 5,835,000 yuan per year[141]. - The company has invested 28,500,000 yuan in poverty alleviation projects, specifically in asset income projects[142]. - Future poverty alleviation plans include projects that will benefit 86 individuals, with expected annual income increases of 114 yuan and 3,600 yuan per person[143].

Financial Performance - The company's operating revenue for 2019 was ¥791,481,332.82, a decrease of 22.69% compared to ¥1,023,786,713.18 in 2018[15]. - The net profit attributable to shareholders for 2019 was ¥50,328,181.37, representing an increase of 11.54% from ¥45,122,291.52 in 2018[15]. - The net cash flow from operating activities decreased by 90.91% to ¥56,166,686.46 in 2019 from ¥618,070,979.42 in 2018[15]. - The total assets at the end of 2019 were ¥4,954,797,329.90, an increase of 32.88% from ¥3,728,798,371.84 at the end of 2018[15]. - The basic earnings per share for 2019 was ¥0.15, up 15.38% from ¥0.13 in 2018[15]. - The company's total revenue for 2019 was 791.48 million yuan, a decrease of 22.69% compared to the previous year[46]. - The net profit attributable to shareholders increased by 11.54% to 50.33 million yuan[46]. - Cash flow from operating activities decreased significantly by 56.19 million yuan, totaling 56.17 million yuan[46]. - The company’s total assets reached 4.95 billion yuan, with a debt-to-asset ratio of 58.47%[46]. - The company reported a total of ¥19,482,492.27 in non-recurring gains and losses for 2019, compared to ¥16,998,886.61 in 2018[21]. Dividend Distribution - The company distributed a cash dividend of 0.5 yuan per 10 shares, totaling 17,151,600.20 yuan, which represents 34.08% of the net profit attributable to shareholders for the year 2019[190][195]. - The total distributable profit for the year was 50,328,181.37 yuan, with the cash dividend accounting for 100% of the profit distribution[190][195]. - The cash dividend amount for 2018 was also 17,151,600.20 yuan, representing 38.01% of the net profit attributable to shareholders[195]. - The cash dividend policy stipulates that if the company is in a mature stage without significant capital expenditure, the cash dividend should be at least 80% of the profit distribution[190]. - The company has a clear and complete decision-making process for profit distribution, ensuring the rights of minority shareholders are protected[190]. Business Development and Strategy - The company is actively pursuing the development of photovoltaic and wind power projects without subsidies, as initiated by the National Development and Reform Commission[4]. - The company aims to reduce reliance on fossil fuels and enhance energy security through the promotion of renewable energy utilization[24]. - The company is transitioning from a product-based model to providing comprehensive solutions, including design, construction, financial support, and general contracting services[28]. - The company is focused on expanding its market presence through innovative product development and strategic R&D initiatives[89]. - The company is actively pursuing international renewable energy investment opportunities, particularly in Cambodia and Laos, in line with the Belt and Road Initiative[171]. Research and Development - The company is focusing on the research and development of power electronic devices and systems to enhance reliability and reduce electrical stress[9]. - Research and development expenses for 2019 amounted to ¥43,091,461.02, representing a 17.11% increase compared to 2018[71]. - The total R&D expenditure for the year was ¥43,091,461.02, which is 5.44% of the operating income[72]. - The company completed 14 R&D projects in the smart grid sector during the reporting period[72]. - The company holds a total of 293 trademarks and patents as of December 31, 2019[72]. Renewable Energy Projects - The company has ongoing renewable energy projects, including two wind power projects in Jiangsu, each with a capacity of 100 MW[31]. - The company holds operational renewable energy projects totaling 392.1 MW, with several projects in Heilongjiang province currently under construction or connected to the grid[31]. - The company is implementing biomass (straw) cogeneration projects, with several projects under construction or in the approval stage, each capable of heating 1 million square meters[35]. - The biomass cogeneration projects are expected to become a new profit growth point, although they have not yet generated revenue[35]. - The company aims to build a comprehensive energy utilization system based on biomass (straw) cogeneration, contributing to clean energy heating and improving local living standards[50]. Financial Management - The company has established a strategic cooperation agreement for a 2 billion yuan renewable energy industry fund to invest in biomass power generation projects[42]. - The company raised a total of RMB 308 million through the issuance of convertible bonds, with a net amount of RMB 298.28 million after deducting fees[109]. - The company has committed to investing in renewable energy projects, including wind and biomass power generation[108]. - The company is aware of liquidity risks due to rapid expansion in capital-intensive renewable energy sectors and plans to optimize its capital structure and funding sources[176]. - The company has not experienced any significant changes in project feasibility or expected benefits[112]. Market Trends and Industry Outlook - The overall revenue and profit levels in the power equipment manufacturing industry have shown an upward trend, indicating a positive market outlook[128]. - The installed capacity for wind power in China grew to 210.05 GW in 2019, marking a year-on-year increase of 14.0%[134]. - The installed capacity for solar power reached 204.68 GW by the end of 2019, with a growth rate of 17.4% compared to the previous year[134]. - The global renewable energy generation capacity is expected to expand by 50% from 2019 to 2024, with solar photovoltaic accounting for nearly 60% of this growth[147]. - The company aims to enhance its renewable energy business by acquiring high-quality projects through its investment partnership, thereby increasing its holdings in renewable energy power stations[123].

Financial Performance - Total revenue for Q1 2020 was CNY 194,678,889.46, a slight increase of 0.23% compared to CNY 194,229,341.38 in the same period last year[7]. - Net profit attributable to shareholders decreased by 38.68% to CNY 15,873,772.51 from CNY 25,885,611.88 year-on-year[7]. - Net profit after deducting non-recurring gains and losses fell by 40.42% to CNY 12,524,059.12 compared to CNY 21,020,996.43 in the previous year[7]. - Basic and diluted earnings per share decreased by 37.50% to CNY 0.05 from CNY 0.08 year-on-year[7]. - Operating profit for Q1 2020 decreased to CNY 20,809,849.30 from CNY 27,329,362.75 in Q1 2019, reflecting a decline of approximately 23.7%[72]. - Net profit for Q1 2020 was CNY 17,788,523.28, down from CNY 26,468,025.44 in Q1 2019, showing a decrease of around 32.8%[72]. - Total comprehensive income for Q1 2020 was 17,788,523.28 CNY, down from 26,468,025.44 CNY in the same quarter last year[73]. Cash Flow and Assets - The net cash flow from operating activities was negative at CNY -13,894,916.84, a decline of 184.48% from CNY 16,448,465.43 in the same period last year[7]. - The company reported a net cash outflow from operating activities of -13,894,916.84 CNY, a decline of CNY 30,343,382.27 compared to the same period last year[32]. - As of March 31, 2020, total assets amounted to CNY 5,004,743,107.13, with total liabilities of CNY 2,929,233,752.02, resulting in a debt-to-asset ratio of 58.53%[32]. - Cash and cash equivalents decreased to CNY 167,634,064.15 from CNY 216,340,635.16 at the end of 2019, representing a decline of approximately 22.5%[66]. - Total assets as of March 31, 2020, were CNY 3,082,965,206.55, a slight decrease from CNY 3,099,660,865.03 at the end of 2019[68]. - Total liabilities as of March 31, 2020, were CNY 1,249,633,141.69, down from CNY 1,263,364,082.79 at the end of 2019, indicating a reduction of about 1.1%[69]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 22,202[11]. - Major shareholder Li Yin holds 20.78% of the shares, with 53,455,276 shares pledged[11]. - Net assets attributable to shareholders increased by 0.79% to CNY 2,039,209,721.05 from CNY 2,023,259,908.30 at the end of the previous year[7]. Research and Development - Research and development expenses fell by 51.64% to 3,500,482 due to reduced investment during the pandemic[16]. - The company is advancing multiple R&D projects, including a DC interlocking alarm detection device and a power system monitoring system, with feasibility studies and design tasks underway[36]. - The company aims to develop a high-efficiency combined transformer that is compact, low-noise, and has a long lifespan, with initial design and procurement activities in progress[36]. Renewable Energy Initiatives - The company is focusing on developing biomass power generation projects, with several projects under construction, each with a capacity of 40 MW[29]. - The company is transitioning to a renewable energy model, emphasizing self-owned power plants to secure stable long-term revenue and cash flow[23]. - The company plans to expand its environmental comprehensive energy business, leveraging biomass resources in Heilongjiang Province[26]. - The company is focusing on maintaining its smart manufacturing investments and expanding its renewable energy projects domestically and internationally[39]. Market Position and Strategy - The company is transitioning towards providing comprehensive solutions in smart grid systems and renewable energy utilization[22]. - The company aims to enhance energy efficiency and reduce reliance on fossil fuels through innovative renewable energy integration[18]. - The company is focusing on transforming from product provision to offering complete solutions, including design and financial support[22]. - The company is facing risks of overcapacity in its manufacturing sector due to intensified market competition and supply-side reforms[42]. Financing and Investments - The company plans to publicly issue convertible bonds worth 500 million yuan for the construction of a 200MW renewable energy photovoltaic project[41]. - The company has a guarantee balance of 127,954 million yuan for external guarantees, primarily for renewable energy project financing, which poses a potential compensation risk if the guaranteed entities face operational difficulties[50]. - Total raised funds amounted to 29,828.23 million yuan, with 177.58 million yuan invested in the current quarter[55]. Corporate Governance and Social Responsibility - The company donated 2 million yuan to the Heilongjiang Red Cross for COVID-19 prevention efforts[51]. - The company is committed to achieving its annual operational goals despite the impact of the COVID-19 pandemic on its first-quarter performance[42]. - The company is enhancing communication with investors through improved media and website efforts[41].

Dividend Distribution - The company plans to distribute a cash dividend of 0.5 RMB per 10 shares to all shareholders, based on a total of 343,032,004 shares [4]. - The company reported a cash dividend of 0.5 yuan per 10 shares, totaling 17,151,600.20 yuan, which represents 100% of the distributable profit [191]. - The total distributable profit for the year was 50,328,181.37 yuan [191]. - The cash dividend amount for 2019 was CNY 17,151,600.20, representing 34.08% of the net profit attributable to ordinary shareholders [196]. - The company has a policy to distribute at least 30% of the average distributable profit over the last three years as cash dividends [186]. - The cash dividend amount for 2018 was CNY 17,151,600.20, which accounted for 38.01% of the net profit attributable to ordinary shareholders [196]. - The cash dividend amount for 2017 was CNY 17,151,600.20, making up 17.13% of the net profit attributable to ordinary shareholders [196]. Financial Performance - The company's operating revenue for 2019 was ¥791,481,332.82, a decrease of 22.69% compared to ¥1,023,786,713.18 in 2018 [16]. - The net profit attributable to shareholders for 2019 was ¥50,328,181.37, an increase of 11.54% from ¥45,122,291.52 in 2018 [16]. - The net cash flow from operating activities decreased by 90.91% to ¥56,166,686.46 in 2019 from ¥618,070,979.42 in 2018 [16]. - The total assets at the end of 2019 were ¥4,954,797,329.90, representing a 32.88% increase from ¥3,728,798,371.84 at the end of 2018 [16]. - The company reported a basic earnings per share of ¥0.15 for 2019, up 15.38% from ¥0.13 in 2018 [16]. - The company’s weighted average return on equity for 2019 was 2.58%, an increase of 0.20% from 2.38% in 2018 [16]. - The company’s total net assets attributable to shareholders increased by 6.00% to ¥2,023,259,908.30 at the end of 2019 from ¥1,908,729,976.88 at the end of 2018 [16]. - The company’s revenue in the fourth quarter of 2019 was ¥382,614,374.00, contributing significantly to the annual revenue [18]. Renewable Energy Focus - The company is focusing on the development of power electronic technology, which is crucial for the transformation and control of electrical energy [10]. - The company is actively pursuing market expansion in renewable energy sectors, particularly in wind and solar power projects [4]. - The company is involved in investment and construction projects for new energy power stations, indicating a strategic focus on infrastructure development [10]. - The company aims to innovate in renewable energy utilization and provide comprehensive energy solutions, focusing on smart distribution networks and environmental energy development [24][26]. - Renewable energy power station business has become a significant revenue source, with two main business models: BT (Build-Transfer) contracting and self-developed, invested, and operated projects [30]. - The company has several renewable energy projects under construction, including two wind power projects in Jiangsu, each with a capacity of 100 MW [32]. - The company holds operational renewable energy projects totaling 392.1 MW, with 4 projects connected to the grid and 5 projects under construction [32]. - The company is actively pursuing biomass energy projects, with several under construction and in the early development stages, which are expected to become significant profit sources in the future [36]. - The company aims to address air pollution and enhance rural living standards through its biomass energy initiatives, contributing to a resource-saving and environmentally friendly society [36]. Strategic Partnerships and Investments - The company has established stable partnerships with international smart electrical manufacturers, enhancing its technological and market capabilities [28]. - The company has formed long-term partnerships with several universities and research institutions to enhance its technological innovation capabilities [39]. - The company has established a strategic cooperation agreement for a CNY 2 billion renewable energy industry fund to invest in biomass power generation and heating projects [44]. - The company has established a partnership fund with a total scale of 1 billion RMB, focusing on biomass power generation projects, including three 80MW biomass cogeneration projects [123]. - The company is currently engaged in major non-equity investments, although specific details were not disclosed in the report [108]. Research and Development - Research and development expenses for 2019 amounted to ¥43,091,461.02, representing a 17.11% increase compared to 2018 [73]. - The total R&D expenditure for the year was ¥43,091,461.02, which is 5.44% of the operating income [74]. - The company completed 14 R&D projects in the smart grid sector during the reporting period [74]. - The company holds a total of 293 trademarks and patents as of December 31, 2019 [74]. - The company has filed for 5 new patents related to environmentally friendly gas-insulated switchgear, indicating a focus on innovation in sustainable technology [80]. - Jiuzhou Electric's R&D efforts have led to the successful development of 13 new utility model patents, enhancing its product offerings in the wind power sector [81]. - The company is focusing on R&D for new products, including a series of photovoltaic inverters with power unit structures ranging from 100KW to 500KW, to meet growing market demand [84]. - The company has developed and patented an integrated monitoring panel called Wisdombox, enhancing its product offerings in the electrical equipment sector [88]. Market Expansion and Future Outlook - The company aims to expand its market presence by targeting international markets, aiming for a 20% increase in overseas sales in the next fiscal year [82]. - Jiuzhou Electric's market expansion strategy includes the introduction of a compact 35KV wind power generation substation, aimed at increasing its footprint in renewable energy solutions [87]. - The company anticipates a revenue target of 1.5 billion yuan for the next fiscal year, reflecting a growth forecast of 25% [82]. - The company has outlined a strategic goal to achieve a 30% market share in the domestic wind power converter market by 2025 [82]. - The company is exploring potential mergers and acquisitions to enhance its technological capabilities and expand its product portfolio [82]. Risks and Challenges - The company faces risks related to market competition, which may lead to overcapacity in its manufacturing sector, necessitating product upgrades and cost control measures [176]. - The company is experiencing liquidity risks due to rapid expansion in the renewable energy sector, which is capital-intensive and may lead to increased debt levels [178]. - The company acknowledges management and human resource risks associated with large-scale renewable energy projects, which may lead to delays in project completion [180]. - The company has recognized goodwill of 12.665 million yuan from the acquisition of Haoceng Electric, which may face impairment risks if performance does not meet expectations [179]. Regulatory Environment - The company is adapting to regulatory changes in the renewable energy sector, particularly regarding subsidy-free grid connection for photovoltaic projects [4]. - The Chinese government has accelerated the implementation of grid parity for renewable energy, establishing a stable market expectation for future development [158]. - In 2019, the wind power industry initiated a subsidy-free grid parity mechanism, with fixed electricity price contracts for 20 years being encouraged [159]. - The solar power sector also began its transition to subsidy-free grid parity in 2019, with guiding prices set for different resource zones [164]. Investment and Financing - The company raised RMB 298.28 million through a public offering of convertible bonds, with net proceeds after expenses amounting to RMB 301 million [113]. - The company utilized RMB 149.68 million of the raised funds for project expenditures and RMB 80 million for temporary working capital in 2019 [113]. - The company is enhancing its financing system by utilizing convertible bonds and private placements to secure long-term funding for projects [175]. - The company has committed investments totaling CNY 30,800 million, with an actual investment of CNY 29,828.23 million, achieving a progress rate of 97.5% [115]. Environmental Commitment - The company is committed to sustainability, with ongoing projects aimed at reducing carbon emissions in its manufacturing processes [83]. - The company aims to enhance the overload capacity of its new environmentally friendly transformer by 20% through innovative design and materials, promoting energy-efficient transformer development [91]. - The company is focusing on the development of a new type of gas-insulated switchgear that utilizes compressed air as an insulating medium, showcasing its commitment to environmentally friendly technologies [91].

Financial Performance - Net profit attributable to shareholders increased by 82.84% to CNY 8,429,031.04 for the current period[7] - Net profit attributable to shareholders after deducting non-recurring gains and losses increased by 156.95% to CNY 4,688,796.49[7] - Basic earnings per share increased by 100.00% to CNY 0.02 for the current period[7] - The net cash flow from operating activities decreased by 119.11% to CNY -48,848,122.14[7] - Total operating revenue for Q3 2019 was CNY 136,527,539.96, a decrease of 11.3% compared to CNY 153,839,881.81 in the same period last year[38] - The net profit for the third quarter was CNY 9,409,917.63, representing a significant increase from CNY 4,801,308.98 in the previous year, marking a growth of 96.5%[40] - The total profit for the third quarter was CNY 11,246,202.47, compared to CNY 5,238,335.23 in the previous year, reflecting a growth of 114.4%[39] - The company's total operating costs for the third quarter were CNY 22,680,999.64, down from CNY 197,260,362.13 in the same period last year, a decrease of 88.5%[42] Assets and Liabilities - Total assets increased by 16.27% to CNY 4,335,322,034.54 compared to the end of the previous year[7] - The total liabilities of the company as of September 30, 2019, were CNY 2,276,377,897.53, compared to CNY 1,807,658,513.47 at the end of 2018, marking an increase of around 25.9%[30] - The company's long-term borrowings rose to CNY 380,000,000.00 from CNY 17,500,000.00, showing a substantial increase of approximately 2068.6%[30] - The total liabilities amounted to CNY 1,156,688,588.85, an increase of 43% compared to CNY 808,838,316.80 in the previous year[35] - The company's total liabilities stood at CNY 1,039,461,837.73, reflecting a stable financial position[61] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 21,182[11] - The largest shareholder, Li Yin, holds 20.78% of the shares, amounting to 71,273,702 shares[11] - The company reported a significant increase in minority shareholder equity by 164.59% to ¥32,834,980.31, due to the acquisition of shares by minority shareholders[18] Cash Flow - The company received government subsidies amounting to CNY 15,217,491.81 during the reporting period[8] - The net cash flow from financing activities increased by 412.19% to ¥341,862,473.81, driven by higher cash inflows from investments following the acquisition of minority stakes[19] - The cash inflow from financing activities was CNY 787,940,000.00, significantly higher than CNY 181,646,054.11 in the previous year[53] - The net cash flow from financing activities was CNY 296,981,275.86, compared to a net outflow of CNY 126,722,335.63 in the previous period, indicating a turnaround[57] Inventory and Receivables - Accounts receivable decreased by 73.18% to ¥13,516,381.81, primarily due to an increase in bill payments during the period[18] - Inventory rose by 70.83% to ¥402,237,624.70, mainly due to an increase in inventory for new energy BT projects[18] - The company reported a decrease in accounts receivable to CNY 783,439,371.04 from CNY 874,849,718.27, which is a decline of approximately 10.4%[28] - Inventory levels increased to CNY 402,237,624.70 from CNY 235,454,574.81, indicating a rise of about 70.8%[28] Investment and Development - Investment income skyrocketed by 7500.12% to ¥16,802,409.45, due to increased investment returns from a partnership enterprise[18] - The company received a notice of winning a bid for a project from the Development and Reform Bureau, indicating ongoing expansion efforts[20] - The company incurred research and development expenses of CNY 7,610,204.91, down 40.5% from CNY 12,886,391.57 in the previous year[49] Accounting and Compliance - The company has not reported any violations regarding external guarantees during the reporting period[23] - There were no overdue commitments from the actual controller, shareholders, or related parties during the reporting period[22] - The company has not undergone an audit for the third quarter report, indicating a potential area for investor scrutiny[68] - The company adopted new accounting standards with no impact on the initial figures of the consolidated balance sheet[62]

Financial Performance - The company reported a significant increase in revenue, achieving a total of 1.2 billion RMB for the first half of 2019, representing a year-on-year growth of 15%[12]. - Total revenue for the reporting period was ¥272,339,418.86, a decrease of 51.15% compared to ¥557,460,967.43 in the same period last year[18]. - Net profit attributable to shareholders was ¥33,908,659.80, down 32.33% from ¥50,108,962.79 year-on-year[18]. - Net profit after deducting non-recurring gains and losses was ¥22,638,406.78, reflecting a decline of 46.00% compared to ¥41,920,454.04 in the previous year[18]. - Basic and diluted earnings per share were both ¥0.10, down 33.33% from ¥0.15 in the previous year[18]. - The company reported a weighted average return on equity of 1.76%, down from 2.65% year-on-year, a decrease of 0.89%[18]. - The company achieved operating revenue of 272.34 million RMB, a decrease of 51.15% compared to the same period last year[51]. - The net profit attributable to shareholders was 33.91 million RMB, down 32.33% year-on-year[51]. - The company reported a decrease in sales performance due to intensified market competition, leading to reduced profitability[78]. - The overall financial performance reflects a significant impact from external market conditions and internal project execution issues[78]. Cash Flow and Investments - Net cash flow from operating activities was ¥69,598,019.21, a significant drop of 70.64% from ¥237,040,844.47 in the same period last year[18]. - The net cash flow from investing activities improved by 67.25%, with a loss of ¥67,351,884.09 compared to a loss of ¥205,639,288.65 in the previous year, due to a subsidiary's minority shareholders purchasing equity[58]. - The net cash flow from financing activities worsened by 196.90%, resulting in a loss of ¥193,151,744.73 compared to a loss of ¥65,055,374.53, primarily due to repayment of finance lease and loan maturities[59]. - The company reported an investment income of ¥15,696,551.69, representing a significant increase of 7,224.29% compared to the previous period, due to equity method accounting for investments[63]. - The company has allocated 100 million RMB for research and development in advanced power electronics technology for the upcoming fiscal year[12]. Market and Product Development - The company has set a future outlook with a revenue target of 2.5 billion RMB for the full year 2019, which would require a growth rate of approximately 10% in the second half[12]. - New product development includes the launch of a high-efficiency power converter, expected to increase market share by 5% in the renewable energy sector[12]. - The company plans to expand its market presence by entering two new provinces in China by the end of 2019, aiming for a 10% increase in regional sales[12]. - The company is transitioning from a product-based model to providing comprehensive solutions, including design, construction, and financial support[29]. - The company is transitioning from an electrical equipment supplier to a provider of integrated renewable energy solutions[43]. Strategic Initiatives and Acquisitions - A strategic acquisition of a local competitor is in progress, which is projected to enhance the company's production capacity by 30%[12]. - The company has formed a renewable energy industry fund in collaboration with a state-owned investment group to support its entry into the renewable energy sector[47]. - The company has initiated construction on three wind power projects totaling 250 MW and aims to connect them to the grid by the end of 2019[51]. - The company plans to utilize various financing methods, including issuing convertible bonds worth 308 million RMB for renewable energy projects[54]. - The company has established a wholly-owned subsidiary in Hong Kong to support its international development strategy, with ongoing wind power projects in Cambodia and Laos[55]. Assets and Liabilities - The company’s total assets as of June 30, 2019, amounted to 3 billion RMB, reflecting a 12% increase from the previous year[12]. - Total assets at the end of the reporting period were ¥3,732,848,321.33, a slight increase of 0.11% from ¥3,728,798,371.84 at the end of the previous year[18]. - The company’s asset-liability ratio stands at 47.56%, with total assets of 3.73 billion RMB and total liabilities of 1.78 billion RMB[51]. - The company’s total liabilities amounted to CNY 806,446,287.79, slightly down from CNY 808,838,316.80 at the end of the previous period[169]. - The total owner's equity increased to CNY 1,957,341,130.19 from CNY 1,921,139,858.37, reflecting a growth of about 1.9%[164]. Risks and Challenges - The company has identified potential risks including market competition and regulatory changes, with strategies in place to mitigate these risks[4]. - The company faces risks of overcapacity in its manufacturing sector due to intensified market competition and increased production capacity from the completion of its technology park[93]. - The company's debt ratio has increased due to rapid expansion in renewable energy and energy storage, leading to potential liquidity risks[95]. - The company is focusing on improving operational efficiency and reducing costs in response to the financial challenges faced[195]. Shareholder and Governance Matters - The company will not distribute cash dividends for the current fiscal year, focusing instead on reinvestment for growth[5]. - The company has committed to not using raised funds for financial investments or trading securities[108]. - The company has not reported any significant changes in control or ownership of its subsidiaries during the reporting period[90]. - Major shareholder Li Yin holds 20.78% of shares, totaling 71,273,702 shares, with 39,470,000 shares pledged[145]. - Independent director Cui Lijing resigned on June 28, 2019, for personal reasons[155].

1 证券代码：300040 证券简称：九洲电气 公告编号：2019-059 哈尔滨九洲电气股份有限公司 关于参加2019年黑龙江省上市公司投资者网上集体接待日 活动的公告 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。 为进一步加强与投资者的互动交流，哈尔滨九洲电气股份有限公司（以下简 称"公司"）将参加由黑龙江省上市公司协会、深圳市全景网络有限公司共同举 办的"2019年黑龙江省上市公司投资者网上集体接待日"活动，现将有关事项公 告如下： 本次集体接待日活动将通过深圳市全景网络有限公司提供的互联网平台举 行，投资者可以登录"全景·路演天下"网站（http://rs.p5w.net）参与公司 本次投资者集体接待日活动，时间为2019年6月19日（周三）14:00至16:30。 届时公司董事、董事会秘书兼财务总监李斌先生，证券事务代表李真女士将 通过网络在线问答互动的形式，与投资者就公司治理、发展经营情况、融资情况 和可持续发展等投资者关注的问题进行交流。期间，公司高管将全程在线，实时 回答投资者的提问。欢迎广大投资者积极参与。 特此公告！ 哈尔滨九洲电气股份有 ...

Financial Performance - Total operating revenue for Q1 2019 was ¥194,229,341.38, a decrease of 1.18% compared to ¥196,547,150.22 in the same period last year[8]. - Net profit attributable to shareholders was ¥25,885,611.88, an increase of 8.06% from ¥23,955,393.74 year-on-year[8]. - Basic earnings per share rose to ¥0.08, reflecting a 14.29% increase compared to ¥0.07 in the previous year[8]. - The company reported a significant increase in tax and additional charges by 733.63% to ¥2,156,089.21, mainly due to higher city construction tax and education fees[18]. - The company achieved operating revenue of ¥194,229,341.38, a year-on-year decrease of 1.18%[33]. - The company's net profit attributable to shareholders was ¥25,885,611.88, reflecting a year-on-year increase of 8.06%[33]. - The total profit for Q1 2019 was CNY 27,264,666.66, down from CNY 27,626,504.64 in the previous period[78]. - Net profit for Q1 2019 was CNY 26,468,025.44, representing an increase of 10.5% compared to CNY 23,955,393.74 in the same period last year[78]. Cash Flow and Assets - Net cash flow from operating activities improved significantly to ¥16,448,465.43, compared to a negative cash flow of ¥1,165,955.55 in the same period last year[8]. - The company's cash and cash equivalents decreased by 75.87% to ¥58,847,840.97 due to loan repayments and financing lease payments[18]. - The ending cash and cash equivalents balance decreased to ¥39,394,952.69 from ¥213,228,046.76 at the beginning of the period, reflecting a net decrease of ¥173,833,094.07[86]. - The company reported a net cash outflow from investing activities of ¥76,127,519.23, compared to a smaller outflow of ¥2,740,768.44 in the previous year[85]. - Total assets at the end of the reporting period were ¥3,540,190,327.4, down 5.06% from ¥3,728,798,371.84 at the end of the previous year[8]. - The total assets of the company as of March 31, 2019, amounted to ¥3,540,190,327.40, with a debt-to-asset ratio of 45.01%[33]. - The company’s total assets amounted to ¥3,728,798,371.84, with current assets at ¥1,640,210,814.90 and non-current assets at ¥2,088,587,556.94[92]. Investments and Projects - The company is developing multiple biomass cogeneration projects in Heilongjiang, each with a capacity of 2*40 MW, aimed at utilizing agricultural waste for energy[31]. - The renewable energy power station business has become a significant revenue source, with two main business models: BT (Build-Transfer) construction and self-developed, invested, and operated projects[24]. - The company has a total of 10 renewable energy projects in various stages, including both grid-connected and under-construction projects, indicating a robust project pipeline[27]. - The company has signed contracts for two 100 MW wind power projects, with confirmed revenue of ¥17,171,900 and ¥17,526,000 respectively[35]. - The company plans to invest in biomass direct combustion cogeneration projects using straw and agricultural waste in major agricultural provinces, enhancing local energy systems' reliability and flexibility[41]. - The company has developed 10 biomass cogeneration projects in Qiqihar, Heilongjiang, and received approval for wind power projects in Cambodia, accelerating its international expansion[41]. Shareholder and Management Information - The total number of ordinary shareholders at the end of the reporting period was 22,156[11]. - Major shareholder Li Yin held 20.78% of the shares, with 53,455,276 shares pledged[11]. - The management shareholders agreed that the shares subscribed in this issuance cannot be transferred for 12 months from the date of listing, with additional restrictions extending up to 48 months for certain shares[55]. - The management team has agreed to compensate for any losses incurred due to violations of commitments regarding competitive activities[56]. - The management shareholders are subject to a lock-up period of 36 months from the date of listing for their shares, ensuring stability in shareholding[55]. Strategic Focus and Development - The company aims to establish a renewable integrated energy supply system to reduce the impact of fossil fuels on the environment[20]. - The company is focused on providing smart distribution network products and services, renewable energy power station business, and comprehensive energy development[20]. - The company is transitioning towards providing comprehensive solutions, including design, construction, financial support, and total contracting services, moving away from solely product offerings[23]. - The company aims to optimize energy utilization through integrated energy systems, focusing on local production and consumption, and plans to expand its business model nationwide based on its experience in Heilongjiang[28]. - The company is committed to addressing environmental concerns by promoting the utilization of agricultural waste, which has been a significant source of pollution due to previous burning practices[29]. Risks and Challenges - The company faces risks of overcapacity in its manufacturing segment due to intense market competition and increased production capacity from the completion of the Jiuzhou Technology Industrial Park[43]. - The company's current asset-liability ratio has increased due to rapid expansion in renewable energy and energy storage, leading to potential liquidity risks if profits do not meet expectations[44]. - The company is actively pursuing investments and acquisitions, with a focus on sectors closely related to its main business to enhance profitability and market scale, while managing the risk of goodwill impairment from previous acquisitions[45]. Compliance and Governance - The company has established a commitment to not allow major shareholders to occupy or misappropriate raised funds, ensuring proper use of capital[56]. - The company has not undergone an audit for the first quarter report, indicating that the figures are unaudited[97]. - There were no non-operating fund occupations by controlling shareholders or related parties during the reporting period[64].