开山股份调研记录 时间：2016 年 1 月 8 日 地点：国泰君安上海总部会议室 参与方： 开山股份—曹克坚（董事长）、毛永彪（董事） 参与调研机构：浙商证券、新进创投、国泰君安、普尔投资、国联安基金、华 宝兴业、中欧基金、信诚基金、浦银安盛 调研记录： 1、第一部分： 曹董事长介绍开山股份的发展历史、公司的愿景与价值观，主要内容如下： 2004 年：为民族工业造芯 开山的技术创新结束了中国不会制造螺杆主机的历史，打破了跨国公司对 该项核心技术的垄断。 2009 年：为节约中国做贡献 •螺杆式空气压缩机能效水平领先全部跨国公司产品 10%以上，工艺气压 缩机组、中央空调冷水机、工业冷冻压缩机、热泵和商业冷冻压缩机组能效水平 均明显高于国际同类产品。 •两级压缩螺杆空压机获 2015"十大最佳节能技术"，代表中国参加全球 最佳节能产品评选； •ORC 螺杆膨胀发电机可以利用 90 度以上的热流体发电，被国家发改委 列入战略性新兴产业，获国家财政资助项目。 2015 年：成为一家绿色公司 今后 5 年将依托公司自有的全球领先的蒸汽膨胀发电与 ORC 技术，将公 司发展成为绿色能源开发利用世界级公司。 2、第二部 ...

Financial Performance - The company's revenue for Q3 2022 was ¥887,291,590.96, representing a 13.66% increase year-over-year[7]. - Net profit attributable to shareholders for the same period was ¥99,475,063.73, a 25.14% increase compared to the previous year[7]. - The net profit after deducting non-recurring gains and losses was ¥93,944,092.53, up by 20.99% year-over-year[7]. - Basic earnings per share for Q3 2022 were ¥0.1001, a 25.13% increase from the same period last year[7]. - The net profit for the current period is 334,909,575.95, an increase from 232,844,672.25 in the previous period, representing a growth of approximately 43.9%[35]. - The total comprehensive income for the current period is 847,849,294.25, compared to 215,997,572.26 in the previous period, indicating a significant increase of about 292.5%[35]. - The basic earnings per share for the current period is 0.3324, up from 0.2314 in the previous period, reflecting a growth of approximately 43.7%[38]. - The operating profit for the current period is 383,316,197.74, an increase from 264,072,807.24 in the previous period, reflecting a growth of approximately 45.1%[35]. Assets and Liabilities - The total assets at the end of the reporting period reached ¥12,862,008,670.15, reflecting a 10.80% increase from the end of the previous year[7]. - The company's total liabilities amounted to CNY 7.09 billion, up from CNY 6.68 billion, indicating an increase of about 6.16%[30]. - The total equity attributable to shareholders rose to CNY 5.77 billion, compared to CNY 4.93 billion, reflecting a growth of approximately 17.06%[32]. - The company's inventory as of September 30, 2022, was CNY 1.47 billion, up from CNY 1.27 billion, indicating an increase of approximately 15.00%[30]. - Long-term equity investments increased to CNY 71.83 million from CNY 64.60 million, reflecting a growth of about 11.00%[30]. - Deferred income tax assets rose to CNY 174.56 million from CNY 161.13 million, indicating an increase of about 8.33%[30]. Cash Flow - The net cash flow from operating activities for the year-to-date was ¥337,512,600.70, which is a 37.24% increase year-over-year[12]. - Cash flow from operating activities for the current period is 337,512,600.70, compared to 245,932,824.11 in the previous period, showing an increase of about 37.1%[39]. - Cash flow from investing activities resulted in a net outflow of 1,027,638,113.34, worsening from a net outflow of 984,444,734.79 in the previous period[42]. - Cash flow from financing activities generated a net inflow of 545,841,635.90, compared to 39,719,515.18 in the previous period, indicating a substantial increase[42]. Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 11,743[13]. - The company has released 135,635,018 restricted shares, with 37,350,000 shares held by executive Cao Kejian remaining restricted[19]. - The company’s largest shareholder, Kaishan Holding Group, holds 58.49% of the shares, making it the controlling shareholder[18]. - The total number of shares held by the top 10 unrestricted shareholders is 504,965,379, representing a significant portion of the company's equity[19]. - The company has not disclosed any known relationships or concerted actions among other shareholders[19]. Project Developments - The company completed the acquisition of 100% equity in Inter Investment Pte. Ltd. for $60 million, which holds rights to explore and develop seven geothermal projects in Indonesia with a total power generation potential of 990 MW[20]. - The SGI first power station with a capacity of 5 MW commenced commercial operations on March 28, 2022[21]. - The Star Peak project successfully connected to the NV Energy grid and began power production, with electricity sold at $70.25 per MWh[21]. - The third unit of SMGP officially started commercial operations with a net power generation capacity of 46.150 MW[21]. - OME Eurasia signed an agreement to invest $21 million for a 49% stake in TTG, which is developing geothermal resources in Turkey with a fixed electricity price of $105 per MWh until December 31, 2030[22]. - The Gulpinar project is expected to have a P90 power capacity of 15-18 MW and a P50 capacity of 25-27 MW, with a total capital investment of approximately $58 million[25]. Financial Ratios - The weighted average return on equity was 1.70%, an increase of 0.08% compared to the previous year[7]. - The company reported a net interest expense of CNY 97.57 million, compared to CNY 61.08 million in the previous period, an increase of approximately 59.83%[33]. - The income tax expense for the current period is 47,726,855.72, compared to 30,459,508.17 in the previous period, which is an increase of about 56.8%[35].

Financial Performance - The company reported a total revenue of RMB 1.5 billion for the first half of 2022, representing a year-on-year increase of 15%[24]. - The net profit attributable to shareholders was RMB 300 million, up 20% compared to the same period last year[24]. - The company's operating revenue for the reporting period was ¥1,812,271,428.75, representing a 1.08% increase compared to ¥1,792,912,786.69 in the same period last year[32]. - Net profit attributable to shareholders was ¥230,822,935.68, a significant increase of 53.42% from ¥150,454,038.04 year-on-year[32]. - The total profit reached 263.01 million yuan, reflecting a year-on-year growth of 44.24%[54]. - The basic earnings per share rose to ¥0.2323, a 53.43% increase from ¥0.1514 in the same period last year[32]. - The net cash flow from operating activities increased by 37.58% to ¥149,637,206.15, compared to ¥108,762,345.08 in the same period last year[32]. - The company has set a performance guidance of RMB 3 billion in revenue for the full year 2022, reflecting a growth target of 20%[24]. Market Expansion and Strategy - The company plans to expand its market presence in Southeast Asia, targeting a 30% market share by 2025[24]. - A strategic acquisition of a local competitor is anticipated to enhance the company's market position and is expected to close by Q4 2022[24]. - The company is focusing on expanding its geothermal power generation market, leveraging its proprietary screw expansion power generation technology[42]. - The company is transitioning towards becoming a major supplier of high-end geothermal power generation equipment and a globally influential geothermal power operator[42]. - The company is actively developing geothermal power projects in the US and Indonesia, leveraging its unique technology and development model to become a major supplier in the geothermal equipment market[63]. - The company is expanding its sales network in South America, with increased direct shipments to major countries[56]. Research and Development - The company has invested RMB 100 million in R&D for new technologies, focusing on renewable energy solutions[24]. - The company has a strong R&D capability with 152 valid patents, including 26 invention patents, 107 utility model patents, and 19 design patents, ensuring a leading position in core technology[65]. - Research and development expenses increased by 9.23% to ¥60,057,889.12, up from ¥54,985,256.95, indicating a focus on innovation[71]. Operational Efficiency - The company has implemented a market-driven production model, continuously upgrading software and hardware to enhance manufacturing efficiency and product competitiveness[60]. - The company has established a complete and strict procurement management process, including supplier evaluation and management, material procurement procedures, and price review procedures, aimed at controlling procurement costs and ensuring material availability for production[59]. - The company has established long-term cooperative relationships with key suppliers, ensuring stable raw material supply and cost control[59]. Environmental and Social Responsibility - The company emphasizes its commitment to environmental responsibility by developing energy-efficient products and contributing to carbon neutrality goals[133]. - The company has engaged in corporate social responsibility activities in project locations, including providing medical assistance and scholarships[133]. - The company reported a geothermal power generation of 345,316 MWh in the first half of 2022, which is equivalent to a reduction of over 300,000 tons of CO2 emissions compared to conventional coal-fired units[132]. Financial Management and Risks - The management highlighted potential risks including macroeconomic fluctuations and industry competition, with strategies in place to mitigate these risks[24]. - Financial costs are expected to increase due to significant upfront investments required for overseas geothermal projects, alongside risks from currency fluctuations during foreign exchange settlements[112]. - The company aims to reduce financing costs through multi-channel and multi-currency financing methods while controlling currency risk within manageable limits[112]. Corporate Governance - The company adheres to relevant laws and regulations, ensuring timely and accurate information disclosure to protect investor interests[134]. - The company has established a comprehensive performance evaluation system to protect employee rights and enhance their skills[137]. - The company has committed to not engaging in any competitive business activities that may harm its interests[144]. - The company has not reported any violations of commitments made by its actual controllers and shareholders during the reporting period[142].

Financial Performance - The company's operating revenue for Q1 2022 was ¥891,092,218.86, representing a 12.40% increase compared to the same period last year[3] - Net profit attributable to shareholders was ¥105,222,248.27, a significant increase of 75.24% year-on-year[3] - Basic earnings per share (EPS) was ¥0.1059, up 75.33% from ¥0.0602 in the same period last year[3] - The net profit for the period reached 106,550,969.67, representing a significant increase of 78.49% from 59,675,924.89 in the prior year[31] - The total comprehensive income attributable to the parent company's owners was 76,053,666.76, down from 88,217,973.27, representing a decrease of approximately 13.3% year-over-year[35] Cash Flow - The net cash flow from operating activities reached ¥84,194,198.34, marking a remarkable increase of 1,243.40% compared to the previous year[3] - Cash inflows from operating activities totaled 984,106,040.38, a decrease of about 4.3% compared to 1,028,662,182.66 in the previous period[36] - Cash outflows from operating activities amounted to 899,911,842.04, down from 1,022,394,935.96, indicating a reduction of approximately 12.0%[39] - Cash flow from investing activities showed a net outflow of 413,804,565.65, compared to a net outflow of 375,371,280.89 in the previous period, indicating a worsening of approximately 10.2%[39] - Cash flow from financing activities generated a net inflow of 266,290,266.25, contrasting with a net outflow of 72,217,502.63 in the prior period, representing a significant turnaround[39] - The ending balance of cash and cash equivalents was 478,380,435.95, down from 1,031,046,039.52, reflecting a decrease of approximately 53.7% year-over-year[42] Assets and Liabilities - Total assets at the end of the reporting period were ¥12,021,821,090.61, reflecting a 9.20% increase from the previous year[5] - The company's total liabilities increased to 7,020,364,125.14, compared to 6,682,843,984.70, marking a rise of 5.06%[27] - The total equity attributable to shareholders rose to 5,000,675,043.80, up from 4,920,903,754.33, indicating an increase of 1.04%[27] - The company's cash and cash equivalents decreased to CNY 956,223,650.54 from CNY 977,261,632.24, reflecting a decline of about 2.67%[18] - Accounts receivable increased to CNY 673,969,710.64 from CNY 621,223,306.10, marking an increase of approximately 8.5%[21] - Inventory rose significantly to CNY 1,398,375,712.62 from CNY 1,271,616,685.65, indicating a growth of around 9.95%[21] - The company's fixed assets increased to CNY 4,089,115,875.75 from CNY 3,689,245,818.63, reflecting a growth of about 10.83%[21] - The company’s non-current assets totaled CNY 8,342,619,597.59, up from CNY 8,089,040,668.36, representing an increase of approximately 3.13%[21] - The company’s total current assets reached CNY 3,679,201,493.02, an increase from CNY 3,519,159,978.32, indicating a growth of about 4.54%[21] Expenses - Total operating costs amounted to 774,964,425.79, up from 720,225,143.82, reflecting a growth of 7.57%[28] - Research and development expenses for the quarter were 28,757,063.33, compared to 23,142,391.80, reflecting a growth of 24.5%[28] - Tax expenses rose by 74.66% to ¥8,456,532.39, attributed to increased tax liabilities[6] - Financial expenses increased by 63.51% to ¥28,453,869.09, primarily due to higher interest expenses[6] - The financial expenses increased to 28,453,869.09, up from 17,401,900.71, which is a rise of 63.5%[28] Investments and Projects - The company completed the commercial operation of its first phase geothermal power station (5 MW) on March 28, 2022, with an expected annual revenue of approximately USD 5 million[16] - The company signed an agreement to acquire seven geothermal projects in Indonesia for USD 60 million, with a total generation capacity of 990 MW[16] - The company plans to prioritize exploration of the Gunung Talang and Geureudong projects post-acquisition, with resource potentials of 180 MW and 220 MW respectively[16] Future Outlook - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[30]

Financial Performance - The company reported a total revenue of RMB 1.5 billion for the year 2021, representing a year-on-year increase of 20% compared to 2020[19]. - The net profit attributable to shareholders was RMB 300 million, which is a 15% increase from the previous year[19]. - The company's operating revenue for 2021 was ¥3,484,737,325.03, representing a 14.91% increase compared to the previous year[26]. - The net profit attributable to shareholders for 2021 was ¥303,647,259.97, an 18.23% increase year-over-year[26]. - The net cash flow from operating activities reached ¥438,873,818.14, a significant increase of 63.15% compared to the previous year[26]. - The total assets at the end of 2021 amounted to ¥11,608,200,646.68, marking a 5.62% increase from the end of 2020[29]. - The net assets attributable to shareholders were ¥4,920,903,754, showing an increase from the previous year[29]. - The company reported a basic earnings per share of ¥0.31, a 3.33% increase compared to the previous year[26]. Research and Development - The company plans to invest RMB 200 million in research and development for new technologies and products in 2022[19]. - The company has established a research and development center in North America, enhancing its technological capabilities to international standards[43]. - The company has invested in the development of oil-free screw air compressors, centrifugal air compressors, and other green products to meet market demand, which will become future growth points[46]. - The company has established multiple R&D centers globally, including in the US and Austria, focusing on various compressor technologies, ensuring a strong competitive edge in innovation[50]. - The company has completed major R&D projects, including geothermal power generation systems, which are expected to enhance its competitiveness in the geothermal energy sector[139]. - The number of R&D personnel increased by 4.24% to 295, with a focus on enhancing the company's innovation capabilities[145]. - R&D investment amounted to ¥118,170,039.34, representing 3.39% of operating revenue, slightly down from 3.51% in the previous year[147]. Market Expansion and Strategy - The company has outlined a market expansion strategy targeting Southeast Asia, aiming for a 30% increase in market share by 2023[19]. - The company has achieved a market share of 8.6% in the US within three years, with projected revenue of approximately $40 million this year, indicating significant growth in overseas markets[53]. - The company is focusing on the development of geothermal energy as a clean, renewable, and stable energy source, especially in light of challenges faced by other renewable energy sources[61]. - The company is exploring new strategies in the geothermal energy sector, which is characterized by high investment density and long construction periods[64]. - The company is leveraging its expertise in geothermal energy to address the economic viability challenges associated with energy production[64]. Operational Efficiency and Risk Management - The company has identified and is addressing several operational risks, ensuring a stable business environment moving forward[6]. - The company has built a complete industrial chain, which helps mitigate the pressure from rising production costs due to inflation and raw material price increases[54]. - The company is actively involved in the transformation and upgrade of technology to address labor shortages and rising costs through automation[56]. - The company is committed to enhancing its independent innovation capabilities in energy equipment manufacturing, as highlighted in the "Made in China 2025" initiative[56]. Geothermal Energy Development - The company achieved nearly $50 million in revenue from geothermal energy development in 2021, with an expected growth of 8-10 times over the next five years[60]. - The company is focusing on geothermal energy development in Indonesia and the United States, with Indonesia having a potential geothermal resource capacity of 35,000 MW[70]. - The company has established a geothermal energy development business, transitioning from equipment manufacturing to geothermal power plant operation, with a focus on acquiring high-quality geothermal resources globally[98]. - The company has ongoing geothermal projects in Indonesia, with a total investment of approximately CNY 1.26 billion for the reporting period[159]. - The company has established drilling teams in both Indonesia and the U.S., indicating progress in its operational capabilities[77]. Financial Management and Investment - The company plans to focus on non-recourse and limited recourse project financing, exploring green bonds and asset securitization[109]. - The total investment amount for the reporting period was CNY 1.40 billion, a 201.75% increase compared to the previous year's investment of CNY 461.95 million[159]. - The company has committed to a total investment of CNY 107,297.34 million for various projects, with CNY 96,849.81 million already invested[166]. - The company has not encountered any major changes in the use of raised funds or their progress[166]. Corporate Social Responsibility - The company is actively involved in corporate social responsibility activities to build a positive public relations image[92].

Financial Performance - The company's revenue for Q3 2021 was ¥780,671,506.18, representing a 4.33% increase compared to the same period last year[3] - Net profit attributable to shareholders for Q3 2021 was ¥79,488,700.28, a 0.94% increase year-over-year[3] - The net profit excluding non-recurring gains and losses was ¥77,644,168.21, reflecting a 1.66% increase compared to the previous year[3] - Total revenue for the period reached CNY 2,573,584,292.87, an increase from CNY 2,167,663,957.84 in the previous period, representing a growth of approximately 18.76%[25] - Net profit for the period was CNY 232,844,672.25, compared to CNY 203,142,827.47 in the previous period, reflecting a growth of approximately 14.66%[28] - The total comprehensive income for the period was CNY 215,997,572.26, compared to CNY 110,695,099.44 in the previous period, representing a significant increase[32] Assets and Liabilities - The company's total assets at the end of the reporting period were ¥11,676,731,274.79, a 6.24% increase from the end of the previous year[5] - The company's total assets increased to CNY 11,676,731,274.79 from CNY 10,991,023,191.56, marking a rise of about 6.24%[24] - Non-current liabilities decreased to CNY 1,703,224,815.31 from CNY 1,786,829,991.21, a reduction of approximately 4.65%[24] - The total liabilities increased to CNY 6,755,681,745.95 from CNY 6,235,943,232.28, representing a growth of about 8.32%[24] - The total equity attributable to shareholders increased to CNY 4,920,533,993.06 from CNY 4,762,439,851.19, showing an increase of about 3.32%[24] Cash Flow - The net cash flow from operating activities for the year-to-date was ¥245,932,824.11, an increase of 29.50% compared to the previous year[3] - Cash inflow from operating activities totaled CNY 2,876,129,903.67, an increase from CNY 2,400,037,694.07 in the previous period[33] - The net cash flow from operating activities was CNY 245,932,824.11, compared to CNY 189,902,569.92 in the previous period, indicating improved operational efficiency[36] - The net cash flow from financing activities decreased by 90.14% due to increased loan repayments[9] - The net cash flow from financing activities was CNY 39,719,515.18, down from CNY 402,732,715.04 in the previous period, indicating a decrease in financing efficiency[39] Shareholder Information - The total number of common shareholders at the end of the reporting period is 10,170, with the top 10 shareholders holding 82.34% of the total shares[11] - Kaishan Holding Group Co., Ltd. holds 60.82% of the shares, amounting to 604,352,217 shares, with 135,635,018 shares under pledge[11] - The top 10 shareholders collectively hold 604,352,217 shares, which is 82.34% of the total share capital[13] Investment and Expenses - Research and development expenses for the period were CNY 91,000,312.71, up from CNY 79,374,155.15, indicating an increase of approximately 14.67%[28] - The company reported a financial expense of CNY 59,092,610.47, compared to CNY 50,994,347.57 in the previous period, reflecting an increase of about 15.67%[28] - Cash outflow for investing activities was CNY 1,027,045,629.47, up from CNY 584,182,008.02 in the previous period, reflecting increased investment efforts[36] Asset Management - The company experienced a 58.06% reduction in asset impairment losses, attributed to decreased inventory write-downs[9] - Accounts receivable increased from ¥570,784,148.51 in 2020 to ¥659,839,872.68 in 2021, representing a growth of about 15.6%[18] - Inventory rose from ¥1,176,699,749.17 at the end of 2020 to ¥1,341,995,400.80 by September 30, 2021, an increase of approximately 14.0%[18] - Long-term equity investments decreased from ¥90,320,499.81 in 2020 to ¥62,354,005.62 in 2021, a decline of approximately 30.9%[18] - Fixed assets increased significantly from ¥1,989,247,907.86 in 2020 to ¥3,318,288,239.38 in 2021, representing a growth of about 66.8%[18] Audit and Compliance - The company did not undergo an audit for the third quarter report, which may affect the reliability of the financial data presented[40]

Financial Performance - The company's operating revenue for the first half of 2021 was approximately ¥1.79 billion, representing a 26.32% increase compared to the same period last year[23]. - The net profit attributable to shareholders of the listed company was approximately ¥150.45 million, an increase of 27.38% year-on-year[23]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was approximately ¥143.62 million, reflecting a 32.35% increase compared to the previous year[23]. - The net cash flow from operating activities was approximately ¥108.76 million, which is an 82.68% increase from the same period last year[23]. - Basic earnings per share were ¥0.1514, marking a 9.95% increase compared to the previous year[23]. - The diluted earnings per share were also ¥0.1514, consistent with the basic earnings per share[23]. - Revenue for the reporting period reached ¥1,792,912,786.69, representing a year-on-year increase of 26.32%[37]. - Operating costs increased by 28.44% to ¥1,314,305,321.47, reflecting higher production expenses[37]. - The gross margin for screw compressors was 24.24%, with a revenue increase of 26.71%[39]. Assets and Investments - Total assets increased to ¥11,225,081,900.31, a growth of 2.13% compared to the previous period[24]. - Net assets attributable to shareholders rose to ¥4,826,891,145.32, reflecting a 1.35% increase[24]. - The company reported a total current assets of CNY 3,747,018,446.53 as of June 30, 2021, down from CNY 4,151,522,741.01 at the end of 2020, representing a decrease of approximately 9.8%[197]. - Cash and cash equivalents decreased significantly from CNY 1,720,688,771.99 at the end of 2020 to CNY 952,865,030.54, a decline of about 44.5%[197]. - Inventory increased from CNY 1,176,699,749.17 at the end of 2020 to CNY 1,474,012,166.67, reflecting a growth of approximately 25.3%[197]. - Total non-current assets rose from CNY 6,839,500,450.55 at the end of 2020 to CNY 7,478,063,453.78, an increase of about 9.3%[199]. - The total assets of the company increased to CNY 11,225,081,900.31 as of June 30, 2021, compared to CNY 10,991,023,191.56 at the end of 2020, marking a growth of approximately 2.1%[199]. Strategic Initiatives - The company is actively pursuing its transformation strategy to become a leading supplier of geothermal power generation equipment and operators globally[29]. - The company plans to expand the Turawell geothermal power station in Hungary, which has been operational since November 29, 2017[32]. - The company has launched geothermal power generation projects in Indonesia, the United States, and Hungary, providing stable and clean electricity to local residents[94]. - The company is expanding its geothermal power generation business globally through the establishment of Fish Lake Geothermal LLC[71]. - The company plans to actively pursue multi-channel financing to mitigate financial risks associated with currency fluctuations[77]. - The company has committed to investing 200 million RMB in research and development for new technologies over the next two years[118]. Risks and Compliance - The company has acknowledged potential macroeconomic risks and various risks associated with its transformation and development[4]. - Financial costs are expected to increase due to significant upfront investments in overseas geothermal projects, raising concerns about financial pressure[77]. - The company received a warning for inaccurate periodic report accounting and non-compliance in corporate governance, which will be recorded in the securities market integrity file[122]. - The company is required to submit a written rectification report to the Zhejiang Securities Regulatory Bureau by February 10, 2021[127]. - The company has not faced any administrative penalties related to environmental issues during the reporting period[93]. - The company has not identified any significant impairment risks related to its overseas assets[44]. Shareholder Information - The annual shareholders' meeting had a participation rate of 61.07%, indicating strong investor engagement[81]. - The company issued 135,635,018 new shares at a price of RMB 8.11 per share, increasing total shares to 993,635,018[164]. - The controlling shareholder, Kaishan Holding Group Co., Ltd., holds 63.49% of the company's total shares, amounting to 630,897,216 shares[176]. - The total number of ordinary shareholders at the end of the reporting period was 9,806[174]. - The company has a lock-up period of 18 months for the newly issued shares, which cannot be transferred during this time[171]. Operational Highlights - The first phase of the Indonesia SMGP geothermal project generated electricity revenue of $1,098,000, with a comprehensive availability rate exceeding 98%[30]. - The second phase of the SMGP project, with a capacity of 45MW, officially commenced commercial operation on July 27, 2021[31]. - The company has completed drilling work for six geothermal wells at the SMGP project, supporting over 140MW of power generation[31]. - The company acquired the Fish Lake geothermal project in Nevada, which includes five geothermal wells with temperatures between 170-200°C, expected to support a 10MW power station[33]. - The company has ongoing geothermal projects in Indonesia, with a total investment of CNY 502,436,768.02 and a cumulative actual investment of CNY 3,833,661,398.42[47]. Research and Development - R&D investment amounted to ¥54,985,256.95, up 22.45% compared to the previous year, with a total of 135 valid patents held[35]. - The company has established R&D centers in the US, Austria, and Shanghai, enhancing its technological capabilities and competitive edge in the geothermal energy sector[35]. - New product development includes the launch of a next-generation compressor, expected to enhance efficiency by 30% compared to previous models[118]. Environmental Commitment - The company is committed to developing green, efficient, and low-energy consumption screw compressor products, contributing to energy conservation and emission reduction[94]. - The management has outlined a new strategy focusing on sustainability, aiming to reduce carbon emissions by 40% by 2025[118].

Financial Performance - The company's revenue for Q1 2021 was ¥790,605,994.97, representing a 40.43% increase compared to ¥563,000,463.88 in the same period last year[8] - Net profit attributable to shareholders was ¥59,794,814.61, up 98.19% from ¥30,171,145.45 year-on-year[8] - The net profit after deducting non-recurring gains and losses was ¥55,202,687.27, a significant increase of 135.46% compared to ¥23,444,955.60 in the previous year[8] - The basic earnings per share rose to ¥0.0602, reflecting a 71.02% increase from ¥0.0352 in the same period last year[8] - The company achieved operating revenue of CNY 790.61 million, a year-on-year increase of 40.43%[21] - The net profit attributable to shareholders of the parent company was CNY 59.79 million, up 98.19% year-on-year[24] - The company reported a net profit of CNY 1,221,701,892.32, an increase from CNY 1,161,907,077.71, reflecting a growth of approximately 5.16%[47] - The total comprehensive income for the current period was ¥87,178,332.84, compared to ¥61,040,507.55 in the previous period, reflecting a growth of 42.9%[66] - The company's net profit for the current period reached ¥21,086,644.19, a significant increase from ¥1,595,441.24 in the previous period, representing a growth of approximately 1,220%[72] - Operating profit for the current period was ¥31,557,759.72, compared to ¥5,219,548.45 in the previous period, indicating a growth of about 504%[72] Assets and Liabilities - The total assets at the end of the reporting period were ¥10,980,977,300.16, a slight increase of 0.17% from ¥10,961,844,736.93 at the end of the previous year[8] - The net assets attributable to shareholders increased by 1.66% to ¥4,825,421,979.86 from ¥4,746,763,769.16 at the end of the previous year[8] - The company's total liabilities decreased, with accounts payable to employees dropping by 36.27% to CNY 25.11 million[21] - Total assets increased to CNY 10,980,977,300.16, up from CNY 10,961,844,736.93, reflecting a growth of approximately 0.17%[47] - Current liabilities decreased to CNY 4,283,520,941.50, down 3.42% from CNY 4,435,610,868.47[44] - Long-term borrowings rose to CNY 1,809,300,987.40, an increase of 5.27% from CNY 1,708,845,571.62[44] - Total liabilities decreased to CNY 6,167,116,611.96, down from CNY 6,222,440,859.68, a reduction of approximately 0.89%[44] - Owner's equity increased to CNY 4,813,860,688.20, up from CNY 4,739,403,877.25, reflecting a growth of about 1.48%[47] Cash Flow - The net cash flow from operating activities decreased by 65.83% to ¥6,044,529.37 from ¥17,689,860.59 in the same period last year[8] - Cash flow from operating activities showed a net decrease of 65.83%, totaling CNY 6.04 million, due to increased cash payments for goods and services[21] - The company reported a net cash flow from operating activities of ¥6,044,529.37, down from ¥17,689,860.59 in the previous period, indicating a decrease of about 65.8%[78] - The company incurred a net cash outflow from investing activities of ¥373,870,164.02, compared to a net outflow of ¥303,042,421.33 in the previous period[78] - The financing activities resulted in a net cash outflow of ¥72,133,739.56, contrasting with a net inflow of ¥241,061,506.63 in the previous period, indicating a significant change in financing strategy[80] - The net increase in cash and cash equivalents was -$92.65 million, compared to -$40.57 million in the previous period, indicating a worsening cash position[84] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 10,126[12] - The largest shareholder, Kaishan Holding Group Co., Ltd., held 63.49% of the shares, totaling 630,897,216 shares[12] Investments and Projects - As of the end of the reporting period, 44,796.4 million has been invested in the Indonesian SMGP 240MW geothermal power project, representing 42.66% of the committed investment[28] - The company completed the replacement of pre-invested self-raised funds amounting to 26.51 million for the fundraising projects[30] - The company reported no significant changes in the feasibility of investment projects or any unutilized raised funds[30][32] Operational Insights - The company plans to continue expanding its market presence while enhancing internal management practices[24] - There were no significant changes in the company's core technology team or major risks reported during the period[25] Other Financial Metrics - Research and development expenses for the current period were ¥23,142,391.80, an increase of 29.5% from ¥17,912,800.88 in the previous period[59] - Other income for the current period was reported at ¥9,000,781.62, compared to ¥8,182,696.89 in the previous period, showing an increase of 10%[59] Compliance and Standards - The company did not undergo an audit for the first quarter report, which may affect the reliability of the financial data presented[87] - The company did not apply the new leasing standards retroactively, which may impact future financial reporting[85]

Financial Performance - The company's operating revenue for 2020 was CNY 3,022,150,053.24, representing a 14.77% increase compared to the previous year[25]. - Net profit attributable to shareholders for 2020 was CNY 256,002,991.93, a 67.85% increase from CNY 152,522,160.42 in 2019[25]. - The net profit after deducting non-recurring gains and losses was CNY 229,722,370.87, up 67.67% from CNY 137,007,546.91 in 2019[25]. - The net cash flow from operating activities reached CNY 261,646,096.52, a significant increase of 801.42% compared to CNY 29,025,965.84 in 2019[25]. - Basic and diluted earnings per share for 2020 were both CNY 0.3, reflecting a 66.67% increase from CNY 0.18 in 2019[25]. - Total assets at the end of 2020 amounted to CNY 10,961,844,736.93, a 34.46% increase from CNY 8,152,223,247.60 in 2019[25]. - The company's net assets attributable to shareholders increased by 31.98% to CNY 4,746,763,769.00 from CNY 3,596,639,092.00 in 2019[25]. - The company achieved a revenue of 302,215.01 million CNY in 2020, representing a year-on-year increase of 14.77%[67]. - Net profit attributable to shareholders reached 25,600.30 million CNY, up 67.85% compared to the previous year[67]. - The total assets of the company increased by 34.46% year-on-year, amounting to 1,096,184.47 million CNY[67]. Dividend Distribution - The company reported a profit distribution plan, proposing a cash dividend of 0.3 RMB per 10 shares based on a total of 993,635,018 shares[8]. - The company achieved a net profit of ¥276,657,321 in 2020, with a proposed cash dividend of ¥0.3 per share, totaling ¥29,809,050.54, which represents 11.64% of the net profit attributable to shareholders[157]. - The cumulative distributable profit for the parent company at the end of 2020 was ¥1,127,963,811.06, with retained earnings of ¥1,098,154,760.52 to be carried forward to future distributions[157]. - The cash dividend distribution plan for 2020 was approved by the board on April 14, 2021, reflecting the company's commitment to returning value to shareholders[157]. - The company reported a total cash dividend of ¥29,809,050.54 for 2020, marking a significant increase from the previous year when no dividends were distributed[157]. Investment and Expansion - The company is expanding its overseas geothermal power market, facing potential political and policy risks in the countries of investment[6]. - Financial costs are expected to increase due to significant upfront investments in overseas geothermal projects, which may also expose the company to foreign exchange risks[8]. - The company will actively pursue multi-channel financing to reduce financial costs associated with overseas investments[8]. - The company has completed drilling work on 10 geothermal wells at the SMGP project, with an expected total resource capacity of approximately 100 MW[55]. - The company plans to complete the second phase of the 45MW geothermal power station in Indonesia by Q2 2021, despite delays caused by the pandemic[70]. - The company has signed an EPC contract worth 6.0352 million USD for a 3.2 MW project in Turkey, with expected operation in Q2 2021[57]. - The company plans to secure project financing from international financial institutions like the Asian Infrastructure Investment Bank, focusing on risk and cost control[146]. - The company has acquired geothermal assets in Turkey for $9.01 million, which includes five existing geothermal wells with an estimated resource capacity of 7-10MW[82]. - The company plans to expand its geothermal power business in the USA, capitalizing on the government's continued support for geothermal energy development[77]. Research and Development - The company aims to maintain a sustainable development team focused on research and development, management, and engineering technology[8]. - The company’s R&D investment for the reporting period was 10,637.55 million CNY, with a total of 135 valid patents held[63]. - The company has maintained a commitment to not occupy the funds of the listed company, ensuring compliance with regulatory requirements[161]. - The company has implemented measures to reduce related party transactions, including changing the electricity billing account to eliminate the need for advance payments to related parties[166]. - The company has established a commitment to avoid unnecessary related party transactions, adhering to market principles[176]. Risk Management - The company emphasizes the importance of a global recruitment strategy to optimize its teams for geothermal project development and compressor business operations[8]. - The company is committed to improving its risk assessment and control systems to minimize the impact of external risks on its overseas projects[6]. - The company acknowledges the ongoing macroeconomic risks, including the impact of the COVID-19 pandemic and trade tensions[6]. - The company faces risks related to macroeconomic conditions, including the ongoing COVID-19 pandemic and geopolitical tensions, which may adversely affect business development[149]. - The company anticipates increased financial costs due to significant upfront investments in overseas geothermal projects, alongside risks from currency fluctuations[150]. Operational Efficiency - The company has a procurement management system that includes supplier evaluation and management procedures, ensuring stable raw material supply and cost control[50]. - The company has transitioned its business model from selling compressors to providing compressed air service solutions, aiming to meet diverse customer needs and tap into existing markets[46]. - The company has established a complete and independent product R&D, manufacturing, marketing, and service system, focusing on the global expansion of its compressor business[46]. - The company has focused on the research, manufacturing, and sales of compressor products, maintaining a leading position in the industry[38]. - The company’s manufacturing scale ranks among the industry leaders, with a high self-manufacturing rate and advanced equipment levels, allowing effective control of production costs and product quality[50]. Corporate Governance - The company aims to enhance its governance structure and internal control mechanisms to ensure timely and accurate information disclosure, protecting the interests of investors[149]. - The company has adhered to all commitments made during the asset restructuring process, with no violations reported[161]. - The company has confirmed that there were no violations of commitments made by its controlling shareholders during the reporting period[170]. - The company has maintained compliance with all relevant laws and regulations, including those set forth by the China Securities Regulatory Commission[179].

Financial Performance - Operating revenue for the third quarter was ¥745,791,800.73, representing a year-on-year growth of 19.88%[8] - Net profit attributable to shareholders was ¥76,119,627.19, a significant increase of 100.37% compared to the same period last year[8] - The net profit after deducting non-recurring gains and losses was ¥73,690,768.54, up by 108.55% year-on-year[8] - Basic earnings per share increased to ¥0.0887, reflecting a growth of 100.23% year-on-year[8] - The company reported a net profit of ¥1,127,744,665.86, compared to ¥933,569,817.88 in the previous year, representing a growth of approximately 20.8%[42] - Net profit for the current period was ¥78,144,019.90, compared to ¥38,368,387.86 in the previous period, indicating a growth of approximately 103.5%[57] - Net profit attributable to the parent company was ¥194,174,847.98, compared to ¥93,691,498.12 in the previous period, indicating a year-over-year increase of 107.1%[71] - The company reported a total profit of ¥86,935,100.76 for the current period, up from ¥50,229,715.34, which is an increase of approximately 72.5%[57] Assets and Liabilities - Total assets at the end of the reporting period reached ¥9,406,358,018.16, an increase of 15.38% compared to the previous year[8] - The total liabilities reached ¥5,709,671,791.78, compared to ¥4,562,563,534.58, indicating a growth of approximately 25.1%[42] - Current liabilities rose to ¥3,891,645,370.74 from ¥2,725,315,227.80, marking an increase of approximately 42.9%[39] - Total current assets reached CNY 3,238,219,180.60, compared to CNY 2,807,199,550.64 at the beginning of the period[33] - Total equity attributable to shareholders reached ¥3,596,639,092.40, while total equity was ¥3,589,659,713.02[104] Cash Flow - The net cash flow from operating activities was ¥117,985,631.86, a remarkable increase of 4,165.52% compared to the previous year[8] - Cash flow from operating activities generated a net amount of ¥174,716,736.39, a significant recovery from a negative cash flow of -¥42,894,814.14 in the previous period[85] - Cash flow from investing activities resulted in a net outflow of -¥569,145,389.37, slightly improved from -¥654,452,664.49 in the previous period[88] - Cash inflow from financing activities was $1,232,799,694.56, an increase of 55.0% from $795,054,800.00 in the previous period[94] Shareholder Information - The company reported a total of 10,383 common shareholders at the end of the reporting period[12] - The largest shareholder, Kaishan Holding Group, holds 57.72% of the shares, with 225,000,000 shares pledged[12] - The total number of shares held by the controlling shareholder, Kaishan Holding Group Co., Ltd., is 495,262,198, accounting for 57.72% of the company's total share capital[23] Expenses - Total operating costs increased to ¥664,276,620.05 from ¥574,927,136.91, reflecting a rise of about 15.6%[54] - The company's R&D expenses rose to ¥34,471,074.70 from ¥18,502,948.15, marking an increase of about 86%[54] - Financial expenses surged by 99.18%, rising from CNY 25,602,774.08 to CNY 50,994,957.74, attributed to increased interest payments and exchange losses[23] - Tax expenses for the current period were ¥33,521,442.03, up from ¥25,306,641.29, which is an increase of 32.8%[71] Inventory and Receivables - The company's accounts receivable increased by 53.38%, from CNY 381,427,335.43 to CNY 585,034,314.85[23] - The company's inventory increased to CNY 1,189,486,368.96, up from CNY 1,114,714,411.54[33] - Accounts receivable rose to ¥652,108,070.64 from ¥446,017,782.93, reflecting an increase of approximately 46.2%[43] Other Financial Metrics - The weighted average return on equity rose to 2.11%, compared to 1.02% in the same period last year[8] - The company's cash and cash equivalents increased to ¥494,272,507.75 from ¥336,826,131.89, a rise of about 46.8%[43] - The company experienced a credit impairment loss of ¥7,089,165.65 during the current period[71] - The company has a capital reserve of ¥1,506,872,933.97, contributing to overall equity stability[113]