Financial Performance - The company's revenue for Q3 2021 reached ¥654,802,661.31, representing a 14.64% increase year-over-year[4] - Net profit attributable to shareholders was ¥161,351,599.84, a significant increase of 122.79% compared to the same period last year[4] - The basic earnings per share for the quarter was ¥0.40, reflecting a 122.22% increase year-over-year[4] - The company reported a net cash flow from operating activities of ¥443,665,389.50, showing a 106.00% increase year-to-date[4] - The company's net profit for Q3 2021 reached CNY 420,551,762.83, a 114.53% increase compared to the previous year[10] - Sales revenue increased by 30.00% to CNY 1,503,788,429.22, driven by higher product sales[10] - The total profit amounted to CNY 487,108,364.71, reflecting a 113.34% year-on-year growth attributed to increased sales[10] - Net profit for Q3 2021 was CNY 420,551,762.83, representing a significant increase of 114.4% from CNY 196,033,207.80 in Q3 2020[24] - The total comprehensive income for Q3 2021 was CNY 420,551,762.83, compared to CNY 196,033,207.80 in the same quarter last year, reflecting a growth of 114.4%[25] Assets and Liabilities - Total assets as of the end of Q3 2021 amounted to ¥4,482,953,696.43, which is a 15.59% increase from the end of the previous year[4] - The company's total liabilities increased to CNY 1,143,504,125.06, up from CNY 917,087,589.06 year-over-year, indicating a growth of 24.6%[22] - The company's total equity attributable to shareholders increased by 12.82% to ¥3,342,729,808.75 compared to the end of the previous year[4] - The total equity attributable to shareholders of the parent company rose to CNY 3,342,729,808.75, a 12.8% increase from CNY 2,962,989,969.76 in the previous year[22] - The accounts payable increased by 39.03% to CNY 263,071,129.20, mainly due to the expansion of new production capacity[10] - The total cash and cash equivalents at the end of Q3 2021 were CNY 765,963,122.07, down from CNY 1,243,662,696.19 at the beginning of the quarter, reflecting a net decrease of CNY 477,699,574.12[27] Cash Flow - Cash flow from operating activities improved by 106.00% to CNY 443,665,389.50, resulting from increased cash receipts from sales[10] - Cash inflow from operating activities was CNY 1,551,337,619.81, compared to CNY 1,179,888,809.53 in the previous year, reflecting a growth of 31.5%[26] - The net cash flow from operating activities for Q3 2021 was CNY 443,665,389.50, an increase of 106.3% compared to CNY 215,368,754.25 in Q3 2020[27] - The total cash outflow from investing activities was CNY 1,657,736,634.79, significantly higher than CNY 811,210,973.82 in the same period last year, resulting in a net cash flow from investing activities of -CNY 819,818,603.78[27] - Cash inflow from financing activities was CNY 800,000.00, a decrease of 98.5% from CNY 51,500,000.00 in Q3 2020, leading to a net cash flow from financing activities of -CNY 94,846,675.56[27] Investments and Expenditures - The company experienced a 701.83% increase in capital expenditures for fixed assets, totaling CNY 836,269,037.34, mainly due to new asset construction[11] - The cash outflow for purchasing fixed assets and intangible assets was CNY 836,269,037.34, a substantial rise from CNY 104,294,863.82 in the previous year[27] - Investment income rose significantly by 201.69% to CNY 12,056,628.06, primarily due to gains from financial products and forward contracts[10] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 12,866[13] - The company reported a total of 162,838,291 shares under lock-up agreements, with key executives holding significant portions[17] Operational Efficiency - The weighted average return on equity was 4.91% for the quarter, up by 2.28 percentage points compared to the previous year[4] - The total cost of operations for Q3 2021 was CNY 1,414,520,688.21, which is an increase of 12.4% from CNY 1,258,742,928.03 in the same period last year[22] - Research and development expenses for the period were CNY 69,869,120.98, up 20.2% from CNY 58,131,159.84 in the same quarter last year[22] Other Information - The company has no current plans for new product launches or major acquisitions as per the latest report[18] - The company did not undergo an audit for the Q3 2021 report, indicating that the financial results are unaudited[28] - The company has not applied the new leasing standards for the financial statements, as indicated in the report[28] - The company experienced a negative impact from foreign exchange fluctuations amounting to -CNY 6,699,684.28 during the quarter[27]

Production Capacity and Expansion - The company plans to increase its production capacity of glass fiber and products by 50%, adding to the existing annual capacity of 200,000 tons[8]. - The company is expanding its production capacity with a new 100,000-ton glass fiber pool kiln project, which will increase existing capacity by 50% upon completion[36]. - The company is currently constructing a new production line with an annual capacity of 100,000 tons of alkali-free glass fiber, which will increase its total capacity by 50% upon completion[68]. - The company has completed the expansion of one production line for thin felt and is currently installing the second line to enhance market competitiveness[36]. - The subsidiary, Tianma Group, is upgrading its unsaturated polyester resin production line to achieve an annual capacity of 100,000 tons, improving resource utilization and compliance with environmental regulations[36]. Financial Performance - The company's operating revenue for the reporting period reached ¥1,178,486,186.32, representing a 30.07% increase compared to the same period last year[25]. - Net profit attributable to shareholders was ¥259,501,437.39, marking a significant increase of 109.64% year-on-year[25]. - The net profit after deducting non-recurring gains and losses was ¥225,762,690.21, which is a 94.59% increase compared to the previous year[25]. - The net cash flow from operating activities was ¥297,848,522.24, reflecting a 107.25% increase from the same period last year[25]. - The total assets at the end of the reporting period amounted to ¥4,233,736,429.52, a 9.17% increase from the end of the previous year[25]. Market and Industry Trends - The company acknowledges the impact of macroeconomic uncertainties on its export business and plans to adapt its business structure accordingly[6]. - The overall economic recovery in China during the reporting period positively impacted the company's performance[37]. - The glass fiber industry is expected to maintain a high level of prosperity in the next 2-3 years, driven by demand in infrastructure, new energy, and automotive sectors[45]. - The market demand for thermoplastic composite materials is expected to grow significantly, with current application rates in automotive parts at only 8%-12% compared to 20%-30% in developed countries[45]. - The company is facing challenges due to intensified international competition and the ongoing impact of the COVID-19 pandemic on global supply chains[6]. Risk Management and Compliance - The company emphasizes the importance of maintaining good market development capabilities to avoid risks associated with market competition and potential declines in market share and gross margins[8]. - The company is focused on enhancing its risk resistance by actively exploring new business areas[7]. - The company is committed to strict compliance with environmental regulations and has increased its investment in environmental protection measures[9]. - The company has established a complete supply chain system, ensuring stable supply of raw materials and energy during the reporting period[77]. - The company has maintained a clear and transparent corporate governance structure, ensuring effective risk management and information disclosure[126]. Environmental Responsibility - The company is committed to continuous investment in environmental governance and protection, complying with environmental protection tax regulations[125]. - The company has ensured that all environmental monitoring meets standards and has established emergency response plans for environmental incidents[125]. - The company has not exceeded the discharge limits for any major pollutants during the reporting period[122]. - The existing pollutant discharge permit is valid from November 10, 2018, to November 9, 2021[121]. - The total discharge of COD is ≤93.86 tons per year, which is within the permitted limit[122]. Shareholder and Governance Matters - The company will not distribute cash dividends or issue bonus shares, nor will it increase capital using reserves[10]. - The company did not distribute cash dividends or issue bonus shares for the half-year period[115]. - The first temporary shareholders' meeting of 2021 had a participation rate of 2.97%[113]. - The company has no stock incentive plans or employee stock ownership plans in place during the reporting period[116]. - The company has appointed a new employee supervisor to ensure compliance with governance standards[114]. Research and Development - Research and development expenses increased by 23.31% to CNY 46,633,115.35, indicating a focus on innovation[82]. - The company has focused on R&D investments to enhance product quality and meet customer demands[130]. - The company has developed advanced production processes and core technologies for glass fiber products, achieving several high-tech products at a world-class level[74]. - The company aims to enhance product quality and optimize offerings to gradually transition towards high-end products, thereby improving core competitiveness[68]. - The company is focusing on technological upgrades and quality improvements to transition towards high-end products, enhancing its market competitiveness[76]. Strategic Initiatives - The company aims to enhance asset management and improve asset utilization rates through strategic asset sales[104]. - The company plans to negotiate long-term pricing with shipping companies to secure favorable shipping rates and resources, aiming to increase market share[108]. - The company emphasizes innovation and collaboration with its subsidiary, Tianma Group, to optimize resource allocation and enhance market competitiveness[78]. - The company has committed to monitoring market changes and adjusting strategies accordingly to ensure sustainable development and profitability[109]. - The company aims to enhance its industry competitiveness through the integration of its production chain from raw silk production to composite material manufacturing[157].

Financial Performance - The company's operating revenue for 2020 was ¥2,042,508,062.79, a decrease of 7.57% compared to ¥2,209,706,816.49 in 2019[22]. - The net profit attributable to shareholders for 2020 was ¥270,692,609.43, down 6.48% from ¥289,454,124.15 in 2019[22]. - The net profit after deducting non-recurring gains and losses was ¥253,093,483.14, a decrease of 6.72% compared to ¥271,330,239.05 in 2019[22]. - The net cash flow from operating activities increased by 14.31% to ¥433,361,680.37 from ¥379,119,771.77 in 2019[22]. - The total assets at the end of 2020 were ¥3,878,174,862.74, representing a 21.74% increase from ¥3,185,675,633.58 at the end of 2019[22]. - The net assets attributable to shareholders increased by 10.62% to ¥2,962,989,969.76 from ¥2,678,556,330.94 at the end of 2019[22]. - The basic earnings per share for 2020 was ¥0.66, down 7.04% from ¥0.71 in 2019[22]. - The weighted average return on equity for 2020 was 9.68%, a decrease of 1.59% from 11.27% in 2019[22]. - The company achieved operating revenue of RMB 2,042.51 million, a decrease of 7.57% compared to the previous year[109]. - The net profit attributable to the parent company was RMB 270.69 million, down 6.48% year-on-year[109]. Production Capacity and Expansion - The company plans to increase its production capacity by 50%, adding to the existing 200,000 tons/year capacity for glass fiber and products[8]. - The company is currently constructing a 100,000-ton glass fiber pool kiln, which will increase its existing capacity of 200,000 tons by 50% upon completion[38]. - The company is constructing a new production line with an annual capacity of 100,000 tons of alkali-free glass fiber, which will increase total capacity by 50% upon completion[98]. - The company plans to expand its subsidiary Tianma Group's production capacity of unsaturated polyester resin from 25,000 tons to 100,000 tons annually, with the project commenced in November 2020[64]. - The company is constructing 5 new production lines for non-woven fabrics, aiming for an annual production capacity of 1 billion square meters, with one line already expanded and the second under construction[65]. Market and Competition - The company emphasizes the importance of market expansion and aims to enhance its market share by actively seeking new customers while consolidating existing ones[8]. - The company recognizes the risk of market competition and the potential impact on its market share and gross margin[8]. - The company aims to maintain a market share of over 50% in the domestic short-cut felt market, which is primarily used in automotive applications, benefiting from the trend towards automotive lightweighting[151]. - The wet felt market, where the company is a leader, currently accounts for only about 3% of the total glass fiber industry in China, indicating significant growth potential[151]. - The company is focusing on enhancing its competitive edge in the market by improving the automation and mechanization of thermosetting composite material production technology[42]. Technological Innovation and R&D - The company is committed to improving its technological innovation and R&D capabilities to maintain competitiveness in a challenging market environment[8]. - The company has established a complete industrial chain from glass fiber production to deep processing and manufacturing of glass fiber composite materials, enhancing its competitive edge[55]. - The company aims to enhance its R&D capabilities by leveraging synergies from its subsidiaries and focusing on patent technology accumulation[159]. - The company has developed new products such as electronic non-woven fabrics and coated mats, indicating progress in its R&D efforts[159]. - In 2020, the company's R&D investment amounted to ¥83,706,875.17, accounting for 4.10% of total revenue, a decrease of 8.31% compared to 2019[122]. Impact of COVID-19 - The company acknowledges the impact of macroeconomic risks, particularly due to the COVID-19 pandemic, which has affected demand and production[6]. - The COVID-19 pandemic has significantly impacted the company's performance, leading to a decline in demand and production, particularly in North America and Europe, where the pandemic remains uncontrolled[41]. Cash Dividends and Shareholder Returns - The company reported a total cash dividend distribution of RMB 40,870,037.90, which translates to RMB 1.00 per 10 shares for all shareholders[10]. - A cash dividend of RMB 1.00 per 10 shares (including tax) was proposed, totaling RMB 40,870,037.90, which represents 15.10% of the net profit attributable to shareholders[171]. - The total cash dividend for 2020 was 100% of the profit distribution amount[168]. - The company distributed cash dividends of RMB 1.50 per 10 shares, totaling RMB 61.31 million, following the approval of its profit distribution plan[165]. Compliance and Governance - The company's financial report has been confirmed as true, accurate, and complete by its board of directors and management[4]. - The company has established a robust internal control system to ensure compliance and protect shareholder interests[70]. - The company has committed to avoiding competition and conflicts of interest as per its commitments made during the IPO and refinancing[172]. - The company has taken steps to ensure compliance with regulations protecting the rights of small and medium investors in the capital market[174]. Industry Trends and Future Outlook - The glass fiber industry is expected to benefit from the growing demand in wind power, environmental protection, and infrastructure sectors, following the recovery from the pandemic[150]. - The company plans to achieve a 50% growth in 2021, contingent on market conditions and operational efforts, as the glass fiber industry has shown strong recovery since Q4 2020[154]. - The company is focusing on developing thermoplastic continuous fiber composite materials, which are expected to become a new core product due to their advantages in lightweighting and performance[153]. - The "14th Five-Year Plan" anticipates the addition of 5,000 kilometers of urban rail transit, which will drive demand for glass fiber in the transportation sector[152].

Financial Performance - The company's revenue for Q1 2021 was ¥554,187,130.03, representing a 40.03% increase compared to ¥395,764,567.29 in the same period last year[8] - Net profit attributable to shareholders was ¥106,051,361.08, an increase of 89.16% from ¥56,065,684.55 year-on-year[8] - Basic earnings per share rose to ¥0.26, an increase of 85.71% from ¥0.14 in the same period last year[8] - Total operating revenue for Q1 2021 reached CNY 554.19 million, an increase of 40.03% compared to CNY 395.76 million in the same period last year[17] - Net profit attributable to shareholders of the parent company was CNY 106.05 million, up 89.16% from CNY 56.07 million year-on-year[17] - The total profit for Q1 2021 was CNY 121,510,278.52, significantly higher than CNY 66,837,925.34 in the prior year[51] - The operating profit for Q1 2021 was CNY 121,704,855.88, compared to CNY 67,003,820.29 in the previous year, indicating a growth of approximately 81.5%[51] Cash Flow and Liquidity - The net cash flow from operating activities reached ¥114,735,867.58, a significant increase of 210.51% compared to ¥36,950,669.60 in the previous year[8] - The company's cash and cash equivalents decreased to ¥916.51 million from ¥1,243.66 million as of December 31, 2020, representing a decline of approximately 26.3%[41] - The net cash flow from operating activities for Q1 2021 was ¥114,735,867.58, a significant increase from ¥36,950,669.60 in Q1 2020, representing a growth of approximately 210%[58] - The total cash and cash equivalents at the end of Q1 2021 stood at ¥916,508,677.57, down from ¥1,243,662,696.19 at the beginning of the period, reflecting a decrease of approximately 26.3%[59] - The net increase in cash and cash equivalents for the quarter was -¥327,154,018.62, compared to -¥52,351,334.90 in Q1 2020, indicating a worsening cash position[59] Assets and Liabilities - Total assets at the end of the reporting period were ¥4,003,924,722.20, up 3.24% from ¥3,878,174,862.74 at the end of the previous year[8] - The total liabilities stood at ¥936,729,058.09, compared to ¥917,087,589.06 in the previous year, showing a slight increase[44] - The total equity attributable to shareholders was ¥3,069,199,348.47, up from ¥2,962,989,969.76 year-on-year[44] - The total non-current liabilities were ¥482,204,938.17, slightly down from ¥484,314,270.85, indicating a stable long-term financial position[44] Investments and Capital Expenditures - The company plans to build a production line with an annual capacity of 100,000 tons of alkali-free glass fiber, with a total investment of RMB 1.0534861 billion[25] - The company has committed to a project for 100,000 tons/year of alkali-free glass fiber, with a total investment of ¥542.78 million, of which ¥157.32 million has been invested so far[33] - The cash outflow for the acquisition of fixed assets and intangible assets was ¥336,597,637.83, significantly higher than ¥7,796,222.21 in Q1 2020, indicating increased capital expenditures[62] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 8,574[12] - The top shareholder, Yang Pengwei, holds 41.71% of the shares, amounting to 170,474,412 shares[12] Risks and Compliance - The company faces risks related to the implementation of fundraising investment projects, including potential management and construction delays[21] - Market expansion risks are present, as increased competition may affect market share and profitability if the company fails to maintain its market development capabilities[22] - The company emphasizes compliance with increasingly strict environmental regulations, which poses operational risks[24] - The company has established strict operational standards to manage environmental protection, although risks remain due to potential human errors[24] Research and Development - Research and development expenses for the quarter were ¥22,235,501.79, compared to ¥17,427,287.11 in Q1 2020, reflecting a growth in investment in innovation[49] - The company is focusing on expanding its market presence and enhancing product development capabilities, as indicated by the increase in R&D spending[49] Fundraising and Financial Management - The company issued 5.5 million convertible bonds with a total amount of RMB 550 million, which began trading on January 15, 2021[26] - The total amount of raised funds is CNY 542.78 million, with CNY 157.32 million invested in the current quarter[32] - The company has made commitments to protect the legitimate rights and interests of small and medium investors, ensuring compliance with relevant regulations[30]

Production Capacity and Expansion - The company plans to increase its production capacity of glass fiber and products by 50%, adding to the existing capacity of 200,000 tons per year[8]. - The company is currently constructing a 100,000-ton glass fiber pool kiln, which will increase its production capacity by 50% on top of the existing 200,000 tons once completed[38]. - The company has completed the expansion of one production line for thin felt and is currently building a second line to further increase market share and competitiveness in this segment[38]. - The company is constructing 5 new production lines for non-woven fabrics, aiming for an annual production capacity of 1 billion square meters, with one line already expanded and the second under construction[65]. - The company plans to expand production lines for wet felt, which is in high demand for applications in PCB and batteries, driven by the growth of the new energy vehicle sector[103]. - The company is investing in a new production line with a capacity of 100,000 tons/year for alkali-free glass fiber, which is crucial for its long-term development strategy[155]. Financial Performance - The company's operating revenue for 2020 was ¥2,042,508,062.79, a decrease of 7.57% compared to 2019[22]. - The net profit attributable to shareholders for 2020 was ¥270,692,609.43, down 6.48% from the previous year[22]. - The net profit after deducting non-recurring gains and losses was ¥253,093,483.14, reflecting a decline of 6.72% year-over-year[22]. - The net cash flow from operating activities increased by 14.31% to ¥433,361,680.37 in 2020[22]. - The total assets at the end of 2020 reached ¥3,878,174,862.74, representing a growth of 21.74% compared to the end of 2019[22]. - The net assets attributable to shareholders increased by 10.62% to ¥2,962,989,969.76 at the end of 2020[22]. - The company reported a basic earnings per share of ¥0.66, down 7.04% from ¥0.71 in 2019[22]. - The weighted average return on equity for 2020 was 9.68%, a decrease of 1.59 percentage points from 2019[22]. - The company achieved operating revenue of RMB 2,042.51 million, a decrease of 7.57% compared to the previous year[109]. - The net profit attributable to the parent company was RMB 270.69 million, down 6.48% year-on-year[109]. Market and Industry Trends - The company emphasizes the importance of market expansion and intends to enhance its market share by actively seeking new customers while consolidating existing ones[8]. - The company acknowledges the impact of macroeconomic risks due to the COVID-19 pandemic, which may affect export orders and overall sales performance[6]. - The glass fiber industry in China has seen a total production of 5.41 million tons in 2020, with a year-on-year growth of 2.64%, indicating a recovery in demand despite the pandemic[45]. - The total production of pool kiln yarn in mainland China reached 5.02 million tons in 2020, reflecting a year-on-year increase of 2.01% due to effective capacity control measures[46]. - The production of various industrial felt products in China grew by 11.82% in 2020, driven by increased investment in real estate and infrastructure post-pandemic[48]. - The total output of glass fiber reinforced composite products in China was approximately 5.1 million tons in 2020, with a year-on-year increase of 14.6%[48]. - The new installed wind power capacity in China reached 71,670 MW in 2020, with a year-on-year growth rate of 178.7%, significantly driving the demand for glass fiber products[49]. - The company is focusing on enhancing its market position through technological advancements and expanding its production capabilities in response to rising demand in the wind power sector[45]. Risk Management - The company faces potential risks related to market competition, which could negatively impact its market share and profit margins[8]. - The company will closely monitor changes in the macroeconomic environment and adjust its business strategies accordingly to mitigate risks[6]. - The company is focused on risk management, particularly regarding project implementation and currency exchange fluctuations, to ensure stable development[155][156]. - The company recognizes the risks associated with not keeping pace with technological advancements and customer demands, which could impact its market position[157]. Research and Development - The company is committed to increasing investment in technological innovation to improve its overall technical level and research capabilities[8]. - The company reported a significant reduction in inventory for fiberglass products, primarily due to increased sales and decreased production[114]. - The company has developed new products such as electronic nonwovens and decorative panels, indicating progress in its R&D efforts[157]. - The company aims to enhance its core competitiveness by enriching its product structure and expanding its market share[154]. - The company is committed to maintaining a high level of R&D capability and efficiency through collaboration with subsidiaries and universities[157]. Dividend Distribution - The profit distribution plan proposes a cash dividend of RMB 1.00 per 10 shares, totaling RMB 40,870,037.90, based on a total share capital of 408,700,379 shares as of December 31, 2020[10]. - The company distributed cash dividends of RMB 1.50 per 10 shares, totaling RMB 61,305,056.85, following the approval of its profit distribution plan[163]. - The total distributable profit as of December 31, 2020, was RMB 1,072,775,774.04, with a capital reserve balance of RMB 863,864,628.00[166]. - The company’s total share capital for the dividend distribution was 408,700,379 shares[166]. Corporate Governance - The company has committed to avoiding competition and conflicts of interest as part of its corporate governance[170]. - The company has established a robust internal control system to ensure compliance and protect shareholder interests, enhancing governance and operational efficiency[70]. - The company has ensured that the remuneration system for directors and senior management is linked to the execution of measures to fill the immediate return gap[172]. - The company has maintained compliance with commitments made to small and medium-sized shareholders, with no overdue obligations reported[172].

Production Capacity and Expansion - The company plans to increase its production capacity of glass fiber and products by 50%, adding to the existing capacity of 200,000 tons per year[8]. - The company is currently constructing a 100,000-ton glass fiber pool kiln, which will increase its production capacity by 50% on top of the existing 200,000 tons once completed[38]. - The company has completed the expansion of one production line for thin felt and is currently building a second line to further increase its market share in this segment[38]. - The company plans to establish 5 new production lines for thin felt, aiming for an annual production capacity of 1 billion square meters[65]. - The company is investing in a new production line for 100,000 tons/year of alkali-free glass fiber yarn, with a focus on project management to mitigate implementation risks[155]. Financial Performance - The company's operating revenue for 2020 was ¥2,042,508,062.79, a decrease of 7.57% compared to ¥2,209,706,816.49 in 2019[22]. - The net profit attributable to shareholders for 2020 was ¥270,692,609.43, down 6.48% from ¥289,454,124.15 in 2019[22]. - The net cash flow from operating activities increased by 14.31% to ¥433,361,680.37 in 2020, compared to ¥379,119,771.77 in 2019[22]. - The total assets at the end of 2020 reached ¥3,878,174,862.74, reflecting a growth of 21.74% from ¥3,185,675,633.58 at the end of 2019[22]. - The net assets attributable to shareholders increased by 10.62% to ¥2,962,989,969.76 at the end of 2020, compared to ¥2,678,556,330.94 at the end of 2019[22]. Market and Industry Trends - The company emphasizes the importance of market expansion and intends to enhance its market share by actively seeking new customers while consolidating existing ones[8]. - The company acknowledges the impact of macroeconomic risks due to the COVID-19 pandemic, which has led to a significant decline in demand and production, affecting investment, consumption, and exports[6]. - The glass fiber industry in China has seen a total production of 5.41 million tons in 2020, with a year-on-year growth of 2.64% despite the pandemic's challenges[45]. - The total production of glass fiber reinforced composite materials in China reached approximately 5.1 million tons in 2020, with a year-on-year growth of 14.6%[48]. - The demand for glass fiber composite materials in the automotive lightweight sector is expected to grow rapidly in the next 10 years, as the current application ratio in vehicle parts is only 8%-12% compared to 20%-30% in foreign markets[52]. Risk Management - The company faces potential risks related to market competition, which could adversely affect its market share and gross profit margins[8]. - The company will closely monitor changes in the macroeconomic environment and adjust its business structure to enhance its ability to respond to uncertainties[6]. - The company is aware of the risks associated with exchange rate fluctuations, particularly with its export business primarily settled in USD, and is taking measures to mitigate these risks[156]. Research and Development - The company is committed to increasing its investment in technological innovation to improve overall technical capabilities and research and development[8]. - In 2020, the company's R&D investment amounted to ¥83,706,875.17, accounting for 4.10% of total revenue, a decrease of 8.31% compared to 2019[122]. - The company has held a total of 127 patents by the end of 2020, including 33 invention patents, 89 utility model patents, and 5 design patents[122]. Environmental and Safety Compliance - The company is focused on adhering to environmental regulations and has increased its investment in environmental protection measures to mitigate risks associated with safety and environmental protection[9]. - The company's subsidiary, Tianma Group, is involved in the production of glass fiber reinforced thermosetting resins and related chemical products, which are subject to strict environmental regulations[10]. - The investment in ecological protection and environmental governance in China increased by 8.6% year-on-year, contributing to the growth of related products such as winding pipes and desulfurization towers[49]. Profit Distribution - The profit distribution plan proposes a cash dividend of RMB 1.00 per 10 shares, totaling RMB 40,870,037.90, based on a total share capital of 408,700,379 shares as of December 31, 2020[10]. - The company declared a cash dividend of RMB 1.00 per 10 shares, totaling RMB 40,870,037.90 for the year 2020[165]. - The cash dividend for 2020 represented 15.10% of the net profit attributable to the company's ordinary shareholders[169]. Corporate Governance - The company has committed to not engaging in competitive business activities that may harm its interests or those of its shareholders[171]. - The company has adhered to all commitments made by its controlling shareholders, with no violations reported as of December 31, 2020[172]. - There were no non-operating fund occupations by the controlling shareholder or related parties during the reporting period[173].

Financial Performance - Operating revenue for the reporting period was ¥571,172,099.13, a decrease of 1.61% year-on-year[8] - Net profit attributable to shareholders of the listed company was ¥72,422,354.78, down 18.65% compared to the same period last year[8] - Basic earnings per share decreased by 14.29% to ¥0.1800[8] - The weighted average return on net assets was 2.63%, down 1.17% from the previous year[8] - The company reported a net loss attributable to minority shareholders of -171,599.83, a decrease of 130.22% year-on-year[20] - Total operating revenue for Q3 2020 was CNY 571,172,099.13, a decrease from CNY 580,494,540.16 in the previous period[43] - Net profit for Q3 2020 was CNY 72,319,912.34, down from CNY 89,571,636.24 in the same period last year, representing a decline of approximately 19.3%[45] - Total operating revenue for the period was CNY 1,477,182,718.87, a decrease of 11.3% compared to CNY 1,665,280,344.74 in the previous period[51] - Net profit for the period was CNY 41,160,462.14, a decline of 35.7% from CNY 64,133,912.62 in the previous period[50] Assets and Liabilities - Total assets at the end of the reporting period reached ¥3,240,545,424.86, an increase of 1.72% compared to the end of the previous year[8] - Current assets totaled CNY 1,583,933,848.44, slightly up from CNY 1,559,108,704.78 at the end of 2019[35] - Total liabilities were CNY 453,282,792.73, a slight decrease from CNY 453,848,935.16[37] - The company's equity attributable to shareholders was CNY 2,789,056,491.42, up from CNY 2,678,556,330.94[38] - Total liabilities decreased to CNY 254,874,284.78 from CNY 262,820,636.60, a reduction of about 3.0%[41] - Owner's equity rose to CNY 2,463,379,325.50 from CNY 2,396,674,660.23, indicating an increase of approximately 2.8%[41] Cash Flow - The net cash flow from operating activities was ¥71,650,848.48, a significant decline of 40.25%[8] - The company’s cash flow from financing activities showed a net outflow of -101,905,740.93, a decrease of 49.35% year-on-year[20] - The company’s cash inflow from borrowings was 51,500,000.00, a decrease of 76.48% compared to the previous period[20] - The company’s cash outflow for debt repayment was 90,500,000.00, a decrease of 72.53% year-on-year[20] - The cash flow from operating activities was ¥215,368,754.25, slightly down from ¥228,387,779.02 in the previous year[61] - The net cash flow from investing activities was -¥154,691,452.75, compared to -¥92,037,116.88 in the same period last year, indicating a larger outflow[62] Shareholder Information - The total number of shareholders at the end of the reporting period was 9,172[11] - The largest shareholder, Yang Pengwei, holds 41.71% of the shares, amounting to 170,474,412 shares[11] - The company has completed the repurchase of 6,490,300 shares, accounting for 1.53% of the total share capital, for a total payment of 57,574,675.35 RMB[23] - The company’s total share capital was reduced from 415,190,679 shares to 408,700,379 shares following the cancellation of repurchased shares[24] Commitments and Compliance - As of September 30, 2020, the actual controllers and shareholders have complied with commitments regarding avoiding competition and conflicts of interest[26] - The company has made commitments to compensate for any economic losses due to labor dispatch issues, ensuring protection for labor personnel[26] - The commitments made by the actual controllers regarding labor dispatch and social insurance payments have been adhered to without any violations as of September 30, 2020[26] - The company has maintained compliance with commitments related to the issuance of shares and the protection of minority shareholders' interests[27] Investment and Development - The company plans to issue convertible bonds to raise up to 550 million RMB for a new production line with a total investment of 1,053.49 million RMB[22] - The company aims to enhance market expansion and product development strategies in the upcoming quarters[54] - The company plans to upgrade its product quality and optimize its offerings to gradually transition to high-end products[22] Financial Adjustments - The company implemented new revenue and leasing standards starting from 2020, which required adjustments to the financial statements[66] - The financial adjustments were made in accordance with the revised accounting standards issued by the Ministry of Finance[75]

Financial Performance - The company's operating revenue for the current period is ¥906,010,619.74, a decrease of 16.48% compared to ¥1,084,785,804.58 in the same period last year [23]. - The net profit attributable to shareholders for the current period is ¥123,782,452.85, down 15.00% from ¥145,633,254.62 in the previous year [23]. - The net profit attributable to shareholders after deducting non-recurring gains and losses is ¥116,020,845.01, a decrease of 15.93% compared to ¥138,002,277.85 last year [23]. - The basic earnings per share for the current period is ¥0.3000, down 16.67% from ¥0.3600 in the previous year [23]. - The diluted earnings per share is also ¥0.3000, reflecting a 16.67% decrease compared to ¥0.3600 last year [23]. - The weighted average return on equity is 4.55%, down from 6.09% in the previous year, a decrease of 1.54% [23]. - The net cash flow from operating activities increased by 32.50% to ¥143,717,905.77 from ¥108,463,253.01 in the same period last year [23]. - The company reported non-recurring gains and losses totaling ¥7,761,607.84 for the current period [28]. Market and Industry Insights - The COVID-19 pandemic significantly impacted the company's performance, leading to a decline in operational metrics due to reduced demand and production [38]. - The demand for thermoplastic composite materials is expected to grow significantly in the automotive sector, with current application rates in vehicles at only 8%-12% compared to 20%-30% in developed countries [41]. - The glass fiber industry is expected to remain in a stable growth phase over the next 2-3 years, driven by urbanization and increased investment in transportation infrastructure [41]. - The company is one of the few in China with a complete industrial chain from glass fiber production to composite material manufacturing, enhancing its competitive edge [42]. - The domestic glass fiber industry is highly concentrated, with the top six suppliers accounting for approximately 80% of total capacity, suggesting a strong oligopolistic market structure [39]. Strategic Initiatives - The company plans to invest in the construction of 5 new non-woven fabric production lines to expand its market share and enhance competitiveness in the non-woven fabric sector [37]. - The subsidiary Tianma Group aims to upgrade its unsaturated polyester resin production line from an annual capacity of 25,000 tons to 100,000 tons, improving resource utilization and meeting stricter environmental regulations [37]. - The company plans to enhance its market competitiveness through the integration of its subsidiary, Tianma Group, optimizing resource allocation and reducing raw material costs [50]. - The company has implemented measures to mitigate exchange rate risks, including adjusting product pricing based on exchange rate changes and using financial instruments to hedge against currency fluctuations [8]. Environmental Compliance - The company emphasizes strict adherence to environmental regulations and has invested in environmental protection measures to comply with increasingly stringent laws [9]. - The company has established a robust operational management system to ensure compliance with safety and environmental standards [9]. - The company has committed to annual investments in environmental protection and regularly pays environmental protection taxes as required by law [128]. - The company has implemented effective wastewater and waste gas treatment facilities, ensuring compliance with environmental monitoring standards [128]. - The company reported a total emission of COD at ≤108.884 tons per year, with a concentration of 237 mg/L, which is compliant with local standards [126]. Shareholder and Governance Matters - The company has not declared any cash dividends or stock bonuses for the reporting period [10]. - The company has repurchased 6,490,300 shares, accounting for 1.53% of its total share capital, with a total expenditure of approximately RMB 57.57 million [56]. - The company plans not to distribute cash dividends or issue bonus shares for the half-year period [99]. - The actual controllers and shareholders have adhered to their commitments regarding labor dispatch and social insurance payments, with no violations reported as of June 30, 2020 [101]. - The company has made irrevocable commitments to protect the interests of minority investors in accordance with relevant regulations [102]. Financial Position and Assets - Total assets at the end of the current period are ¥3,187,518,701.40, a slight increase of 0.06% from ¥3,185,675,633.58 at the end of the previous year [23]. - The net assets attributable to shareholders at the end of the current period are ¥2,716,634,136.64, an increase of 1.42% from ¥2,678,556,330.94 at the end of the previous year [23]. - The company's trading financial assets increased by 46.55% compared to the beginning of the period, primarily due to an increase in bank wealth management products [48]. - Short-term borrowings decreased by 45.46% compared to the beginning of the period, mainly due to the repayment of short-term bank loans [48]. - The company's current assets totaled RMB 1,537,879,742.19, a decrease from RMB 1,559,108,704.78 at the end of 2019, primarily due to a reduction in cash and cash equivalents [162][163]. Risk Management - The company is closely monitoring macroeconomic conditions and is prepared to adjust its strategies accordingly to mitigate risks associated with economic downturns [6]. - The company faces market expansion risks due to intensified competition in the fiberglass products sector, which may adversely affect market share and gross margins [91]. - The company has conducted a thorough analysis of the impact of the non-public stock issuance on its key financial indicators and has taken measures to address the dilution of immediate returns [102]. Research and Development - The company has developed advanced production processes and high-tech products, achieving a competitive edge in the fiberglass industry through continuous innovation [64]. - Research and development expenses were CNY 37,816,949.43, down from CNY 42,320,666.31, indicating a reduction of approximately 10.5% [170]. - Research and development expenses for the first half of 2020 were CNY 22,535,627.80, slightly up from CNY 21,869,635.43 in the previous year, an increase of approximately 3.0% [175].

Financial Performance - Total operating revenue for Q1 2020 was ¥395,764,567.29, a decrease of 23.77% compared to ¥519,167,005.49 in the same period last year[7] - Net profit attributable to shareholders was ¥56,065,684.55, an increase of 1.87% from ¥55,037,121.83 year-on-year[7] - Net profit excluding non-recurring gains and losses was ¥52,032,649.94, up 2.27% from ¥50,877,259.55 in the previous year[7] - Basic earnings per share rose to ¥0.1400, reflecting a 7.69% increase from ¥0.1300[7] - Operating profit increased by 3.02% year-on-year to 67.00 million yuan, while total profit rose by 2.82% to 66.84 million yuan[21] - Net profit attributable to the parent company was 56.07 million yuan, reflecting a year-on-year growth of 1.87%[21] - The company reported a total comprehensive income of CNY 56,218,233.52 for Q1 2020, compared to CNY 54,712,222.64 in the previous year[44] - The total comprehensive income for the first quarter of 2020 was CNY 45,457,092.84, compared to CNY 44,703,821.58 in the previous period, reflecting a slight increase[48] Cash Flow - Net cash flow from operating activities reached ¥36,950,669.60, a significant increase of 283.26% compared to ¥9,641,068.17 in the same period last year[7] - Net cash flow from operating activities surged by 283.26% from CNY 9,641,068.17 to CNY 36,950,669.60[18] - Cash inflow from operating activities amounted to CNY 371,130,329.11, up from CNY 362,698,104.29 in the previous period, indicating a growth of approximately 0.12%[50] - The net cash flow from operating activities was CNY 36,950,669.60, significantly higher than CNY 9,641,068.17 in the previous period, marking an increase of 283.5%[51] - Cash outflow from investing activities totaled CNY 197,197,237.21, compared to CNY 227,837,804.73 in the previous period, showing a decrease of about 13.5%[51] - The net cash flow from investing activities was -CNY 82,002,957.94, worsening from -CNY 24,785,537.12 in the previous period[51] - Cash inflow from financing activities was CNY 20,000,000.00, down from CNY 145,000,000.00 in the previous period, a decline of approximately 86.2%[53] - The net cash flow from financing activities was -CNY 12,875,120.60, compared to a positive net flow of CNY 79,149,665.22 in the previous period[53] Assets and Liabilities - Total assets at the end of the reporting period were ¥3,218,363,486.62, a 1.03% increase from ¥3,185,675,633.58 at the end of the previous year[7] - Current assets totaled CNY 1,565,976,595.96, slightly up from CNY 1,559,108,704.78, indicating a growth of about 0.12%[34] - The company's cash and cash equivalents decreased to CNY 570,461,402.91 from CNY 624,276,737.81, representing a decline of approximately 8.63%[34] - Total liabilities decreased to CNY 444,069,875.13 from CNY 453,848,935.16, a reduction of approximately 2.18%[36] - Total liabilities increased to CNY 294,788,175.06 from CNY 262,820,636.60, indicating a rise of approximately 12.1%[42] - Total equity rose to CNY 2,442,131,753.07 from CNY 2,396,674,660.23, marking an increase of about 1.9%[42] Shareholder Information - The company had a total of 8,928 common shareholders at the end of the reporting period[11] - The largest shareholder, Yang Pengwei, held 41.06% of the shares, totaling 170,474,412 shares[11] - Minority shareholders' profit increased by 146.95% from CNY -324,899.19 to CNY 152,548.97[18] Operational Changes and Challenges - The company plans to upgrade and expand its unsaturated polyester resin production line from an annual capacity of 25,000 tons to 100,000 tons, enhancing competitiveness and compliance with environmental regulations[22] - The COVID-19 pandemic has negatively impacted production and sales due to reduced demand from downstream enterprises[22] - Macro-economic risks, including fluctuations in demand and production, may impact the company's export business and overall performance[24] - The company is implementing measures to mitigate exchange rate risks associated with its export business, primarily denominated in USD[25] Compliance and Governance - Environmental protection compliance is a priority, with the company adhering to regulations and investing in pollution control measures[26] - The company has made commitments to avoid competition and conflicts of interest, ensuring that neither the company nor its affiliates engage in activities that compete with its main business[28] - As of March 31, 2020, the company confirmed compliance with commitments made by major shareholders, with no violations reported[29] - The company has undertaken measures to analyze the impact of stock issuance on key financial indicators and has committed to protecting the interests of minority shareholders[31] - There are no reported instances of non-operating fund occupation by controlling shareholders or their affiliates during the reporting period[31] - The company has committed to compensating any economic losses incurred due to labor dispatch issues, ensuring accountability for wage and social security obligations[29] - The company has not engaged in any share buyback activities during the reporting period[28] - There are no violations of external guarantees reported for the company during the reporting period[30] - The company has made commitments regarding the payment of social insurance and housing funds, ensuring compliance with regulatory requirements[29] - The company has established a framework to link executive compensation to the execution of measures aimed at protecting shareholder interests[31] Financial Reporting - The company is implementing new revenue recognition standards effective January 1, 2020, impacting financial reporting[64] - The first quarter report for 2020 was not audited, indicating preliminary financial data[65]

Dividend Distribution - The company plans to distribute cash dividends of RMB 1.50 per 10 shares, totaling RMB 61,305,056.85, based on a distribution base of 408,700,379 shares after accounting for repurchased shares[11]. - The company's cash dividend represents 21.18% of the net profit attributable to the parent company, which is RMB 289,454,124.5 for the year 2019[126]. - The cash dividend amount is 100% of the total profit distribution for the reporting period[120]. - The cash dividend distribution plan is consistent with the company's articles of association and dividend management measures[120]. - The company has maintained a consistent cash dividend policy over the past three years, with dividends of RMB 42,449,607.6 in 2017 and RMB 81,740,075.8 in 2018[123][124]. - The company has ensured that minority shareholders have the opportunity to express their opinions and that their legal rights are protected[120]. - The company has a complete decision-making process and mechanism for the cash dividend policy[120]. - The independent directors have fulfilled their responsibilities and played their due role in the decision-making process[120]. Financial Performance - The company's operating revenue for 2019 was CNY 2,209,706,818, representing a 0.54% increase compared to CNY 2,197,941,700 in 2018[22]. - Net profit attributable to shareholders for 2019 was CNY 289,454,124, a 10.03% increase from CNY 263,080,308 in 2018[22]. - The net profit excluding non-recurring gains and losses was CNY 271,330,239, reflecting a 14.53% increase from CNY 236,914,375 in 2018[22]. - Cash flow from operating activities increased by 94.91% to CNY 379,119,771 from CNY 194,512,323 in 2018[22]. - Basic and diluted earnings per share for 2019 were CNY 0.71, up 12.70% from CNY 0.63 in 2018[22]. - Total assets at the end of 2019 were CNY 3,185,675,630, a 1.57% increase from CNY 3,136,320,090 at the end of 2018[22]. - Net assets attributable to shareholders increased by 8.26% to CNY 2,678,556,330 from CNY 2,474,138,820 in 2018[22]. - The company reported a total of CNY 18,123,885.10 in non-recurring gains for 2019, compared to CNY 26,165,932.82 in 2018[28]. Market and Industry Trends - The company is positioned as one of the largest comprehensive producers of non-woven glass fiber products in China, with a complete industrial chain from glass fiber production to deep processing[39]. - The domestic glass fiber industry is highly concentrated, with the top three players accounting for approximately 64% of total capacity, indicating a significant market share held by major companies[36]. - The demand for thermoplastic composite materials is expected to grow significantly in the automotive sector, driven by trends towards lightweight vehicles and increased application rates compared to international standards[38]. - The wind power market saw a 36.7% year-on-year increase in new installed capacity, reaching 28,900 MW in 2019, driving demand for fiberglass materials used in wind turbine blades[53]. - The real estate development investment in 2019 was 13.22 trillion yuan, a year-on-year growth of 9.9%, promoting the application of composite materials in construction[55]. Risk Management - The company acknowledges significant macroeconomic risks due to the COVID-19 pandemic, which may impact demand and production, potentially leading to reduced overseas orders and sales difficulties[6]. - The company is exposed to exchange rate risks, particularly with USD as the primary settlement currency for exports, and will adjust pricing and utilize financial instruments to mitigate these risks[8]. - Environmental policy changes pose risks, as the company adheres to strict regulations and has invested in pollution control measures, but still faces potential penalties for non-compliance[9]. - The company emphasizes the importance of adapting to macroeconomic changes and is focused on expanding into new business areas to enhance risk resilience[6]. - The company will continue to monitor international economic trends and adjust its strategies accordingly to mitigate risks associated with currency fluctuations and market demand[8]. Environmental Compliance - The company has implemented measures to monitor and manage environmental impacts, ensuring compliance with national standards for emissions[9]. - The company has complied with environmental protection laws and regulations, including the Environmental Protection Law and the Water Pollution Prevention Law[163]. - The company received environmental impact report approvals for its relocation and expansion projects in 2008 and 2009[164]. - The company has maintained compliance with pollution discharge standards, with no instances of exceeding discharge limits reported[165]. - The company has a well-managed hazardous waste classification and storage system[168]. - The company has committed to regular investments in environmental protection and pays environmental protection taxes as required by law[168]. Corporate Governance - The company has established a clear profit distribution policy that complies with regulatory requirements, ensuring transparency and protection of minority shareholders' rights[119]. - The company has committed to not interfere with management activities or infringe on company interests as part of its governance measures[131]. - There are no non-operating fund occupations by the controlling shareholders or their affiliates during the reporting period[132]. - The company has taken measures to ensure that the compensation for immediate returns is effectively implemented in accordance with regulatory requirements[131]. - The company has made irrevocable commitments regarding the payment of social insurance and housing funds for employees[130]. Shareholder Information - The total number of shareholders at the end of the reporting period was 8,928, with a decrease from 8,552 at the beginning of the period[180]. - Yang Pengwei holds 41.06% of the shares, totaling 170,474,241 shares, with a decrease of 127,855,803 shares during the reporting period[180]. - Yang Guowen owns 10.40% of the shares, amounting to 43,200,000 shares, with no change during the reporting period[180]. - The company has a total of 163,173,504 shares, with 75% of the shares held by executives locked up[177]. - The company reported a total of 480,000 shares released from lock-up on October 8, 2019[177]. - The largest shareholder, Yang Pengwei, has pledged 6,400,000 shares[181]. - The company has a total of 9,111,616 shares held by the state-owned enterprise Changzhou Industrial Investment Group, accounting for 2.19%[180]. - The company has not conducted any repurchase transactions among the top 10 shareholders during the reporting period[183]. Investment and Projects - The company has launched several investment projects, including the "environmentally friendly glass fiber pool kiln drawing production line" and "70,000 tons/year E-CH glass fiber production line expansion project," which are expected to enhance production capacity and market share[33]. - The company plans to expand production lines for wet-laid mats due to high demand, particularly in the PCB and battery sectors, driven by the growth of 5G and new energy vehicles[55]. - The company has completed its fundraising projects and allocated the remaining 23,154.26 million RMB to permanently supplement working capital[98]. - The company is advancing several key projects, including a 40,000 tons/year unsaturated polyester resin production upgrade and a 7,200 tons/year continuous fiber reinforced thermoplastic composite production line[110]. - The company reported a significant decline in the price of glass fiber yarn produced, impacting the expected benefits from the E-CH glass fiber project[97]. Research and Development - The company is actively involved in R&D for high-end glass fiber products, aiming to transition towards higher quality and optimized product offerings[34]. - The company is committed to increasing R&D investments to overcome technical barriers and enhance product competitiveness[106]. - The company has established a goal to become a leading research and development platform for glass fiber composite materials in China[107].