Financial Performance - The company's operating revenue for the first half of 2021 was ¥488,804,163.60, representing a 31.42% increase compared to ¥371,946,122.31 in the same period last year[21]. - The net profit attributable to shareholders of the listed company was ¥63,469,745.93, up 22.61% from ¥51,766,270.44 in the previous year[21]. - The net profit after deducting non-recurring gains and losses was ¥61,105,334.90, reflecting a 25.53% increase from ¥48,678,564.33 in the same period last year[21]. - The basic earnings per share increased by 25.00% to ¥0.15 from ¥0.12 in the previous year[21]. - The company achieved total revenue of 488.80 million yuan, a year-on-year increase of 31.42%[43]. - The net profit attributable to shareholders was 63.47 million yuan, reflecting a growth of 22.61% compared to the previous year[43]. - The revenue from the refrigerator compressor parts business reached 346.80 million yuan, up 26.63% year-on-year[44]. - The revenue from radar and aerospace electronics business was 138.91 million yuan, representing a growth of 44.45%[45]. Assets and Liabilities - The total assets at the end of the reporting period were ¥2,159,742,746.40, a 3.60% increase from ¥2,084,657,267.24 at the end of the previous year[21]. - The total liabilities reached RMB 646,057,157.74, compared to RMB 567,952,946.47 at the end of 2020, indicating a rise of approximately 13.7%[148]. - The company's total assets at the end of the reporting period were 6,065.00 million yuan, compared to 5,166.95 million yuan at the end of the previous year, showing an increase of about 17.4%[172]. Cash Flow - The net cash flow from operating activities was negative at -¥55,333,460.42, a significant decline of 184.13% compared to ¥65,773,296.91 in the same period last year[21]. - The company's cash flow from operating activities showed a significant decline, with a net cash outflow of ¥-55,333,460.42 compared to a net inflow of ¥65,773,296.91 in the previous year, marking a decrease of 184.13%[54]. - The net cash flow from operating activities for the first half of 2021 was ¥3,033,173.03, a significant decrease of 96.96% compared to ¥99,612,354.33 in the first half of 2020[167]. Research and Development - Research and development expenses amounted to ¥43,304,099.62, reflecting a 12.14% increase from ¥38,616,018.05 year-on-year[54]. - The company has established a mature technology platform to adapt to the rapid updates in equipment and increasing complexity in systems[41]. - The company is focusing on strengthening its technological advantages and expanding its sales team to address increasing market competition[76]. Market and Competition - The company operates primarily in two segments: "refrigerator compressor parts" and "radar and aerospace electronics"[27]. - The company has developed a no-power starter with a power consumption of less than 0.05W, significantly lower than the 2-5W of traditional PTC starters, showcasing its energy-saving capabilities[29]. - The demand for variable frequency controllers is expected to increase, with industry goals set for 30% usage by 2020 and 50% by 2025[34]. - The radar and aerospace electronics segment focuses on electromagnetic spectrum security and electronic warfare equipment, leveraging strong technical barriers and core technologies[35]. Corporate Governance and Shareholder Rights - The company emphasizes the protection of shareholder rights and has improved its corporate governance structure to ensure transparency and fairness in information disclosure[91]. - The company has ongoing commitments to protect the legitimate rights of investors, especially minority shareholders, in accordance with relevant laws and regulations[96]. - The company has a long-term commitment to not transfer or delegate management of its directly or indirectly held shares within 36 months of its initial public offering[97]. Risks and Challenges - The company has outlined potential risks related to macroeconomic conditions, raw material prices, market competition, seasonal fluctuations, and employee turnover in its risk management section[5]. - Seasonal fluctuations in demand are expected, with stronger performance typically in the first half of the year[78]. Future Plans - The company plans to enhance its product structure and increase market share in high-value energy-saving products in response to new energy efficiency standards[74]. - The company plans not to distribute cash dividends or issue bonus shares for the half-year period[86]. - The company is actively expanding its market presence, with new projects including satellite ground station equipment and various radar signal processing platforms[45].

Financial Performance - The company's operating revenue for 2020 was ¥898,386,035.02, a decrease of 4.97% compared to ¥945,337,267.60 in 2019[16] - The net profit attributable to shareholders for 2020 was ¥127,579,308.33, down 9.87% from ¥141,545,479.17 in 2019[16] - The total profit amounted to 146.38 million yuan, down 8.92% year-on-year[57] - The net profit attributable to shareholders was 127.58 million yuan, reflecting a decline of 9.87% from the previous year[57] - The company reported a net profit excluding non-recurring gains and losses of ¥121,569,488.32, which is an increase of 2.09% from ¥119,078,871.98 in 2019[16] - The basic earnings per share for 2020 was ¥0.30, a decrease of 9.09% from ¥0.33 in 2019[16] - The weighted average return on equity for 2020 was 8.77%, down from 10.38% in 2019[16] Cash Flow and Assets - The net cash flow from operating activities increased significantly by 250.82% to ¥175,941,651.63 from ¥50,151,826.87 in 2019[16] - The total assets at the end of 2020 reached ¥2,084,657,267.24, reflecting a growth of 12.04% from ¥1,860,703,369.69 at the end of 2019[16] - Cash and cash equivalents increased by 50.84% at the end of the period compared to the beginning, due to tax payments received from shareholders[46] - Long-term equity investments rose by 87.08% compared to the beginning of the period, attributed to the final investment payment to a joint venture[46] - Inventory increased by 43.28% at the end of the period, mainly due to higher levels of work-in-progress and raw materials[46] Market and Industry Position - The company is a leading supplier of refrigerator compressor components, providing products to major domestic manufacturers such as Casibella and Embraco[26] - The market share and brand recognition of the company remain leading in the industry, supported by a stable customer base of downstream leading enterprises[34] - The total production of household refrigerators in China for 2020 reached 90.147 million units, representing a year-on-year growth of 8.4%[31] - The company has established a stable procurement model, ensuring quality and reliability by selecting multiple suppliers for raw materials[29] - The company is focusing on expanding its presence in international markets, including Europe, Southeast Asia, and South America, while strengthening its domestic market position[116] Research and Development - The company has established a complete independent intellectual property system and maintains a leading position in product R&D and technological innovation within the industry[49] - The company's total R&D investment for 2020 was ¥86,887,726.75, accounting for 9.67% of its revenue[78] - The number of R&D personnel increased to 376 in 2020, representing 30.95% of the total workforce[78] - The company has developed its core technology for variable frequency refrigerator controllers independently, showcasing high-level software algorithms[33] - The company is focusing on the development of new technologies, including high-precision long-life star sensors for satellite applications[60] Dividend and Profit Distribution - The company plans to distribute a cash dividend of ¥1.5 per 10 shares to all shareholders, based on a total of 425,035,113 shares[5] - The company plans to distribute 10% of its net profit as a legal surplus reserve, amounting to 10,012,599.12 yuan for the 2020 fiscal year[129] - The company has a clear profit distribution policy, ensuring that minority shareholders have opportunities to express their opinions during the decision-making process[126] - The company has consistently maintained a cash dividend payout ratio of around 45% to 50% over the past three years[133] - The total cash dividends distributed over the three years amounted to 191,300,000 CNY, reflecting a stable return to shareholders[133] Risks and Challenges - The company highlighted potential risks in its future outlook, including macroeconomic factors, raw material prices, and market competition[5] - The company faced delays in production and delivery due to the COVID-19 pandemic and a shortage of chips, which impacted the project's capacity and increased production costs, leading to a decrease in gross margin[96] - The company is facing intensified competition in the compressor market, prompting increased R&D investment and the development of new products to maintain a competitive edge[118] - Seasonal fluctuations impact the company's performance, with typically stronger results in the first half of the year; strategies are in place to develop new products during off-peak seasons[119] Corporate Governance and Compliance - The company has a legal commitment to avoid related party transactions that could harm shareholder interests, ensuring fair practices in its operations[134] - The company is committed to maintaining the stability of its core management and technical teams during the performance commitment period[139] - The company has ensured compliance with fair and reasonable pricing principles in related party transactions[139] - The company has not reported any non-standard audit reports for the current period[142] - The company has established a comprehensive supplier management system to ensure quality, cost, and timely delivery from suppliers[176] Shareholder Information - The largest shareholder, Foshan Lanhai Rui Xing Equity Investment Partnership, holds 28.53% of the shares, totaling 123,200,000 shares[199] - The second-largest shareholder, Changshu Tianheng Investment Management Co., Ltd., holds 8.66% of the shares, totaling 37,390,213 shares, with 14,009,900 shares pledged[199] - The total number of shareholders at the end of the reporting period was 30,351[198] - The company’s total share capital after the repurchase reflects a minor adjustment, indicating a strategic move to manage equity incentives[196] - The company has not conducted any agreed repurchase transactions among the top 10 shareholders during the reporting period[200]

Financial Performance - The company's revenue for Q1 2021 was ¥224,791,839.47, representing a 24.62% increase compared to ¥180,380,053.31 in the same period last year[8] - Net profit attributable to shareholders was ¥26,454,069.77, an increase of 11.36% from ¥23,754,513.57 year-on-year[8] - The net profit after deducting non-recurring gains and losses was ¥25,553,985.04, up 10.85% from ¥23,052,238.97 in the previous year[8] - The company achieved total operating revenue of 224.79 million yuan in Q1 2021, representing a year-on-year growth of 24.62%[21] - Net profit attributable to the parent company was 26.45 million yuan, an increase of 11.36% compared to the same period last year[21] - The company reported a total comprehensive income of ¥25,934,759.99, up from ¥23,474,957.76, indicating an increase of approximately 10.5%[58] - The net profit for the first quarter of 2021 was CNY 25,357,490.87, an increase of 31.5% compared to CNY 19,236,514.34 in the same period last year[61] - The total comprehensive income for the first quarter was CNY 24,837,290.87, up from CNY 19,011,214.49, reflecting a growth of 30.8% year-over-year[62] Cash Flow and Assets - The net cash flow from operating activities was -¥52,547,200.81, a decline of 250.10% compared to ¥35,008,256.64 in the same period last year[8] - Cash and cash equivalents decreased by 69.45 million yuan, a decline of 230.67% compared to the previous year[20] - The company's current assets totaled CNY 1,243,798,058.71, down from CNY 1,285,083,094.92, indicating a decrease of about 3.2%[46] - Cash and cash equivalents at the end of the period decreased to CNY 41,421,029.88 from CNY 188,233,876.54, indicating a drop of 78.0%[66] - The ending balance of cash and cash equivalents was 7,531,295.65, down from 164,344,418.64 in the previous period[69] Liabilities and Equity - Total assets at the end of the reporting period were ¥2,040,891,224.28, down 2.10% from ¥2,084,657,267.24 at the end of the previous year[8] - The company's total liabilities decreased from ¥329,779,924.92 to ¥304,505,261.20, a reduction of about 7.7%[56] - Total liabilities decreased to CNY 499,661,517.49 from CNY 567,952,946.47, a reduction of about 12%[48] - The company's equity attributable to shareholders rose to CNY 1,526,726,283.76 from CNY 1,500,792,413.99, an increase of approximately 1.7%[49] - The total liabilities to equity ratio improved, reflecting a stronger financial position as total liabilities decreased while equity increased[48] Research and Development - Research and development expenses increased by 39.05% to 198.30 million yuan, primarily due to increased personnel costs[19] - The company is committed to increasing R&D investment to strengthen its technological advantages and develop new products to address intensifying market competition[28] - Research and development expenses rose to ¥19,830,302.34, compared to ¥14,261,116.05 in the previous year, representing an increase of about 39.2%[56] Market and Competition - The company plans to enhance its market share of high value-added energy-saving and environmentally friendly products in response to the structural adjustment opportunities in the refrigerator market due to new energy efficiency standards[26] - The company faces significant risks from fluctuations in raw material prices, particularly for stainless steel, copper, silver, and nickel, which could impact its operational performance[27] - Seasonal fluctuations affect the company's performance, with typically stronger results in the first half of the year due to the nature of the refrigerator and freezer market[29] - The company is expanding its market presence in Europe, Southeast Asia, and South America while strengthening its domestic market position[26] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 27,500[12] - The largest shareholder, Foshan Lanhai Ruixing Equity Investment Partnership, held 28.53% of the shares, totaling 123,200,000 shares[12] - The controlling shareholder plans to increase its stake in the company by acquiring between 2.12 million and 4.24 million shares within six months, reflecting confidence in the company's future[34] - The company has experienced a share reduction of 1.49 million shares by a major shareholder, accounting for 0.351% of the total share capital[35] Financial Management - The company received government subsidies amounting to ¥1,002,869.61 during the reporting period[9] - The company’s short-term borrowings decreased by 42.11% to 27.54 million yuan, reflecting loan repayments during the period[19] - The company’s total liabilities decreased by 33.11% to 137.48 million yuan, primarily due to tax payments made by subsidiaries[19] - The company incurred a credit impairment loss of CNY 188,216.53 during the quarter[61] - The company paid CNY 50,570,060.47 in employee compensation, which is an increase of 50.3% from CNY 33,687,374.42 in the previous year[65] Miscellaneous - The company has received re-certification as a high-tech enterprise, allowing it to benefit from a reduced corporate income tax rate of 15% for three years[33] - The company is actively working to retain and attract talent through improved incentive systems and partnerships with prestigious universities[31] - The company has established a mature technology platform to enhance its competitive advantage in the military electronics sector amid increasing competition[28] - The company did not apply the new leasing standards for the first quarter of 2021[70] - The first quarter report was not audited[71]

Financial Performance - The company's operating revenue for 2020 was ¥898,386,035.02, a decrease of 4.97% compared to ¥945,337,267.60 in 2019[16] - The net profit attributable to shareholders for 2020 was ¥127,579,308.33, down 9.87% from ¥141,545,479.17 in 2019[16] - The net cash flow from operating activities increased significantly by 250.82% to ¥175,941,651.63 from ¥50,151,826.87 in 2019[16] - The total assets at the end of 2020 were ¥2,084,657,267.24, reflecting a growth of 12.04% from ¥1,860,703,369.69 at the end of 2019[16] - The net assets attributable to shareholders increased by 5.49% to ¥1,500,792,413.99 from ¥1,422,667,035.41 in 2019[16] - The basic earnings per share for 2020 were ¥0.30, a decrease of 9.09% compared to ¥0.33 in 2019[16] - The weighted average return on equity for 2020 was 8.77%, down from 10.38% in 2019[16] - The company reported a net profit excluding non-recurring gains and losses of ¥121,569,488.32, which is a 2.09% increase from ¥119,078,871.98 in 2019[16] - The net profit attributable to shareholders for 2020 was CNY 23,754,513.57, a decrease from CNY 28,011,756.87 in 2019, representing a decline of approximately 15%[19] - The net profit after deducting non-recurring gains and losses was CNY 23,052,238.97 in 2020, down from CNY 25,626,325.36 in 2019, indicating a decrease of about 10%[19] Cash Flow and Investments - The net cash flow from operating activities for 2020 was CNY 35,008,256.64, an increase from CNY 30,765,040.27 in 2019, reflecting a growth of approximately 14%[19] - The company’s cash and cash equivalents increased by 50.84% at the end of the period, primarily due to tax payments received from a shareholder prior to acquisition[48] - Long-term equity investments rose by 87.08% due to the final investment payment to a joint venture[48] - The company’s inventory increased by 43.28%, mainly due to higher levels of work-in-progress and raw materials[48] - The company reported a decrease in investment cash inflow by 32.59%, totaling ¥132,188,959.40[83] - The total amount of cash and cash equivalents decreased by 90.06%, resulting in a net decrease of ¥24,206,295.17[83] Market and Industry Position - The company is a leading supplier of refrigerator compressor components, providing products to major domestic manufacturers such as Casibella and Embraco[26] - The total production of household refrigerators in China for 2020 reached 90.147 million units, representing a year-on-year increase of 8.4%[32] - The company has established a stable market share in the refrigerator compressor parts industry, having covered major manufacturers and accumulated a long-term client base[35] - The company has developed a no-power consumption starter for refrigerator compressors, which has a power consumption of less than 0.05W, significantly lower than the 2-5W of PTC starters[27] - The market for variable frequency compressors is projected to reach a usage rate of 30% by 2020, 50% by 2025, and 60% by 2030, indicating a growing demand for variable frequency controllers[36] Military Electronics Sector - The defense budget in China has been increasing annually, benefiting companies with core technologies in the military electronics sector[44] - The company has developed a comprehensive technical platform that enhances the rapid development of new products and technologies in the military electronics business[43] - The company’s military electronic products are strictly produced according to national military standards, ensuring compliance and quality[43] - The company has accumulated significant engineering experience and technical data, creating strong competitive barriers against potential rivals[45] - The military electronics business achieved revenue of 292.67 million yuan, a year-on-year increase of 49.40%[71] Research and Development - Research and development (R&D) investment for 2020 was ¥86,887,726.75, accounting for 9.67% of total operating revenue[78] - The number of R&D personnel increased to 376, making up 30.95% of the total workforce[79] - The company has a strong technological foundation, having pioneered the development of electronic starters for compressors since the 1980s[33] - The company has developed its core technology for variable frequency refrigerator controllers independently, showcasing high-level software algorithms[34] Risk Management - The company has identified potential risks in macroeconomic conditions, raw material prices, market competition, and employee turnover, along with corresponding countermeasures[5] - The company is facing risks from macroeconomic fluctuations and raw material price volatility, which could significantly impact its operational performance[119] - The company faces intensified competition risks in the compressor industry, necessitating increased R&D investment and market expansion efforts[120] Profit Distribution and Shareholder Rights - The company plans to distribute a cash dividend of ¥1.5 per 10 shares to all shareholders, based on a total of 425,035,113 shares[4] - The cash dividends for 2020 represented 49.97% of the net profit attributable to ordinary shareholders[137] - The company has consistently proposed a cash dividend of 1.50 CNY per 10 shares over the past three years[136] - The company has a clear and structured profit distribution policy, ensuring transparency and protection of minority shareholders' rights[128] - The company is committed to protecting investor rights by enhancing overall financial planning and asset management practices[116] Corporate Governance - The company has implemented a robust corporate governance structure to protect the interests of all shareholders, especially minority shareholders[179] - The company emphasizes shareholder rights protection by ensuring accurate and timely information disclosure and facilitating shareholder participation in meetings[179] - The company has established a long-term effective commitment to avoid any form of fund occupation or resource misappropriation[142] Stock and Shareholder Structure - The company repurchased and canceled 66,000 restricted shares, accounting for 0.0153% of the total share capital before the repurchase[162] - The total number of shares after the repurchase and cancellation decreased from 431,844,272 to 431,778,272 shares[199] - The company’s stock structure and shareholder composition underwent changes during the reporting period[198] - The company has implemented a lock-up period for 76.44% of shares post-IPO, restricting transfer for 36 months[140]

常熟市天银机电股份有限公司 2020 年第三季度报告全文 常熟市天银机电股份有限公司 2020 年第三季度报告 2020-074 2020 年 10 月 1 常熟市天银机电股份有限公司 2020 年第三季度报告全文 第一节 重要提示 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真 实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担个别和 连带的法律责任。 所有董事均已出席了审议本次季报的董事会会议。 公司负责人骆玲、主管会计工作负责人梁锦霞及会计机构负责人（会计主 管人员）梁锦霞 声明：保证季度报告中财务报表的真实、准确、完整。 2 常熟市天银机电股份有限公司 2020 年第三季度报告全文 第二节 公司基本情况 一、主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 □ 是 √ 否 | | 本报告期末 | 上年度末 | | 本报告期末比上年度末增减 | | --- | --- | --- | --- | --- | | 总资产（元） | 1,920,094,775.25 | 1,860,703,369.69 | | 3.19% | | 归属于上市公司股东的净资产 | ...

Financial Performance - The company's operating revenue for the first half of 2020 was ¥371,946,122.31, a decrease of 13.16% compared to ¥428,300,856.29 in the same period last year[18]. - The net profit attributable to shareholders was ¥51,766,270.44, down 33.19% from ¥77,478,613.83 in the previous year[18]. - The net profit after deducting non-recurring gains and losses was ¥48,678,564.33, a decrease of 17.52% compared to ¥59,021,286.99 last year[18]. - Basic earnings per share decreased to ¥0.12, down 33.33% from ¥0.18 in the previous year[18]. - The company's total revenue for the first half of 2020 was 371.95 million yuan, a decrease of 13.16% compared to the same period last year[56]. - The net profit attributable to shareholders was 51.77 million yuan, down 33.19% year-on-year, while the net profit after deducting non-recurring gains and losses was 48.68 million yuan, a decrease of 17.52%[56]. - The total comprehensive income for the first half of 2020 was CNY 48,563,605.39, compared to CNY 68,243,315.45 in the same period of 2019, reflecting a decline of 28.9%[187]. - The total comprehensive income for the period decreased by 32.85% compared to the previous year, amounting to 77,445,000 yuan[197]. Cash Flow and Assets - The net cash flow from operating activities was ¥65,773,296.91, a significant increase of 209.33% from -¥60,162,916.43 in the same period last year[18]. - The company's cash and cash equivalents decreased to ¥151,573,934.75, accounting for 8.16% of total assets, down from 16.11% in the previous year[69]. - Inventory increased by 32.48% to ¥349,784,677.17, reflecting a rise in stock levels compared to the previous year[69]. - The company's total assets at the end of the reporting period were ¥1,858,282,264.41, a slight decrease of 0.13% from ¥1,860,703,369.69 at the end of the previous year[18]. - The company's current assets totaled CNY 743,074,120.28, a decrease of 3.92% from CNY 768,115,259.30 at the end of 2019[178]. - The company's cash and cash equivalents increased to CNY 112,749,184.03 from CNY 100,801,104.05, marking a growth of 11.56%[177]. - The total liabilities stood at CNY 428,535,361.63, slightly up from CNY 422,579,945.30 at the end of 2019[175]. Market Position and Strategy - The company is a leading supplier of refrigerator compressor components, including starters, suction silencers, and variable frequency controllers, serving major domestic manufacturers[25]. - The company has a strong market position with a focus on high-end energy-efficient refrigerators, aligning with national energy efficiency standards introduced in 2015[32]. - The company anticipates a growing demand for variable frequency controllers, with a target of 30% usage in compressors by 2020, increasing to 60% by 2030[33]. - The company plans to strengthen its market share in high-value energy-saving products while expanding into European, Southeast Asian, and South American markets[93]. - The company employs a direct sales model, maintaining stable relationships with leading downstream enterprises and actively participating in industry exhibitions[30]. Research and Development - The company has established a complete independent intellectual property system and maintains a leading position in product R&D and technological innovation within the industry[51]. - The company has formed a high-quality management and R&D team, ensuring its technological innovation capabilities remain at the forefront of the industry[52]. - The company has developed a no-power-loss starter with a power consumption of less than 0.05W, significantly lower than the 2-5W consumption of PTC starters, showcasing its energy-saving capabilities[26]. - The company has established a quality control system throughout its production process, ensuring high standards from raw material procurement to final product inspection[29]. Risks and Challenges - The company has outlined risks related to macroeconomic fluctuations, market competition, and raw material price volatility in its risk management section[4]. - The company is facing risks from macroeconomic fluctuations, raw material price volatility, and intensified market competition, and is implementing strategies to mitigate these risks[94][95]. - The impact of the COVID-19 pandemic on the company's operations remains uncertain, with ongoing measures to ensure normal operations[96][98]. Shareholder and Governance - The company plans not to distribute cash dividends or issue bonus shares[5]. - The company will distribute cash dividends of no less than 20% of the distributable profits each year, subject to board approval[107]. - The company has a profit distribution policy that allows for cash, stock, or a combination of both for dividends, depending on the company's earnings situation[107]. - The company has committed to achieving audited net profits of no less than RMB 150 million, RMB 165 million, and RMB 181.5 million for the years 2019, 2020, and 2021 respectively[109]. - The company has not encountered any significant changes in project feasibility or expected benefits[83]. Military Electronics Segment - The military electronics segment focuses on electromagnetic spectrum security equipment and electronic warfare systems, with products including ATE and military electronic system testing services[36]. - The company has developed a range of electronic warfare equipment, including the W20 electronic warfare drone and portable electronic warfare systems, tailored for tactical military needs[37]. - The ultra-wideband signal capture and analysis systems are positioned for significant market opportunities in defense and military applications, with industry-leading performance metrics[38]. - The company benefits from a growing defense budget and supportive policies for military-civilian integration, driving demand for core technology[43]. Employee and Management - The company has implemented an employee stock ownership plan, with 5 million restricted stocks to be granted to 49 selected individuals[116]. - The company aims to maintain the stability of its core management and technical teams[109]. - The company has not undergone any changes in its board of directors, supervisors, or senior management during the reporting period[165].

Financial Performance - Total revenue for Q1 2020 was ¥180,380,053.31, a decrease of 19.45% compared to ¥223,948,756.11 in the same period last year[8] - Net profit attributable to shareholders was ¥23,754,513.57, down 46.15% from ¥44,113,466.45 year-on-year[8] - Basic and diluted earnings per share were both ¥0.06, a decrease of 40.00% from ¥0.10 in the same period last year[8] - The total profit for the reporting period was 26.77 million yuan, down 48.42% year-on-year, while net profit was 23.70 million yuan, a decline of 46.27%[22] - The significant decline in net profit was primarily due to delays in production and sales caused by the COVID-19 pandemic, affecting both the refrigerator compressor parts business and military electronics projects[22] Cash Flow and Liquidity - Net cash flow from operating activities increased by 309.79%, reaching ¥35,008,256.64, compared to a negative cash flow of ¥16,687,097.04 in the previous year[8] - Cash and cash equivalents increased by 38.37% to ¥188,532,876.54 compared to the beginning of the period due to cash settlements on receivables[20] - The net cash flow from financing activities increased by 269.70% to ¥34,458,713.50, reflecting a decrease in cash outflows for debt repayment[21] - Cash inflow from sales of goods and services reached $219,466,593.05, up from $138,555,047.43 in the previous period[64] - The total cash inflow from operating activities was $219,866,408.14, while total cash outflow was $140,238,736.07[64] Assets and Liabilities - Total assets at the end of the reporting period were ¥1,876,632,445.98, reflecting a slight increase of 0.86% from ¥1,860,703,369.69 at the end of the previous year[8] - The total liabilities decreased to ¥414.76 million from ¥422.58 million, a reduction of approximately 1.9%[45] - The company's total assets amounted to ¥1,876.63 million, slightly up from ¥1,860.70 million, indicating a growth of about 0.9%[44] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 23,493[12] - The largest shareholder, Foshan Lanhai Ruixing Equity Investment Partnership, held 28.53% of the shares, totaling 123,200,000 shares[12] - The company did not engage in any repurchase transactions among the top 10 shareholders during the reporting period[13] Research and Development - Research and development expenses increased by 40.82% to ¥14,261,116.05, reflecting the company's commitment to enhancing R&D efforts[20] - The company plans to continue focusing on R&D and market expansion strategies to drive future growth[20] - Research and development expenses for Q1 2020 were CNY 14,261,116.05, significantly higher than CNY 10,126,939.59 in the previous period, suggesting a focus on innovation[52] Market and Economic Conditions - The ongoing COVID-19 pandemic has introduced uncertainty into the macroeconomic environment, impacting the company's future performance[28] - The company faces risks from macroeconomic fluctuations, raw material price volatility, and intensified market competition, particularly in the home appliance sector[25][27] - The company plans to closely monitor the COVID-19 situation and adjust its business strategies accordingly to mitigate adverse impacts and achieve its operational goals[22] Investment Projects - Total raised funds amounted to 23,094.96 million, with 12,342.6 million cumulatively invested[34] - The project "New Generation Radar Target and Electronic Warfare Simulator" has achieved a completion status with an investment of 5,329.5 million[34] - The project "Integrated Avionics Support Modules and Equipment" has also reached its intended use status with an investment of 5,283.48 million[34] - The cumulative investment in committed projects is 12,342.6 million, with a total of 4,514.8 million realized in the current report period[34] Financial Management - Financial expenses decreased by 79.79% to ¥1,244,991.64, attributed to lower bank borrowings and favorable exchange rate changes[20] - The company reported a decrease in financial expenses, with interest expenses dropping to CNY 2,599,586.50 from CNY 5,327,036.09, indicating better debt management[52] - The company has utilized ¥485.14 million of raised funds to replace self-raised funds for investment projects, ensuring project continuity[36]

Financial Performance - The company's operating revenue for 2019 was CNY 945,337,267.60, representing a 26.76% increase compared to CNY 745,747,569.10 in 2018[16] - The net profit attributable to shareholders for 2019 was CNY 141,545,479.17, a 45.46% increase from CNY 97,309,450.26 in the previous year[16] - The net profit after deducting non-recurring gains and losses was CNY 119,078,871.98, up 26.35% from CNY 94,246,996.05 in 2018[16] - The basic earnings per share for 2019 was CNY 0.33, an increase of 43.48% compared to CNY 0.23 in 2018[16] - The total profit reached 160.72 million yuan, up 44.73% year-on-year[60] - Net profit amounted to 141.98 million yuan, reflecting a 45.49% increase from the previous year, with net profit attributable to shareholders of the listed company at 141.55 million yuan, also up 45.46%[60] Assets and Cash Flow - The total assets at the end of 2019 were CNY 1,860,703,369.69, a decrease of 2.65% from CNY 1,911,270,652.88 at the end of 2018[16] - The net cash flow from operating activities was CNY 50,151,826.87, down 73.56% from CNY 189,708,088.05 in the previous year[16] - Cash and cash equivalents decreased by 64.16% due to reduced net cash flow from operating activities and significant decrease in financing cash flow[49] - The total cash and cash equivalents decreased by 243,429,033.30 yuan in 2019, marking a decline of 559.74% compared to the previous year[86] - The net cash flow from operating activities decreased by 73.56% compared to the previous year, primarily due to an increase in orders settled by notes, leading to a significant decline in cash inflow[88] Dividends and Profit Distribution - The company plans to distribute a cash dividend of CNY 1.5 per 10 shares, totaling CNY 63,765,166.95 based on 425,101,113 shares[4] - The company distributed cash dividends of 1.50 CNY per 10 shares, totaling 63,779,566.95 CNY for the 2018 fiscal year, which was approved by the shareholders' meeting[135] - For the 2019 fiscal year, the company plans to distribute cash dividends of 1.50 CNY per 10 shares, totaling 63,765,166.95 CNY, pending shareholder approval[140] - The company has a cash dividend policy that mandates a minimum of 80% of profits to be distributed as dividends during mature stages with no major capital expenditures[139] - The company has a stable cash dividend payout ratio, with 100% of the profit distribution in 2019 allocated to cash dividends[137] Research and Development - The company has established a mature technology platform to enhance competitive advantages in military electronics[54] - The company is focusing on the development of new technologies and products, having applied for 2 invention patents and 2 software copyrights during the reporting period[66] - Research and development expenses for 2019 were 80,965,946.69 yuan, a significant increase of 52.12% compared to 2018, reflecting the company's commitment to innovation[84] - The company has accumulated a total of 150 patents, including 83 invention patents, as of the end of 2019, showcasing its strong focus on R&D[84] Market Position and Strategy - The company has established a strong market presence, with a stable customer base among top domestic compressor manufacturers, contributing to its competitive advantage[34] - The refrigerator compressor industry showed stable growth in 2019, with a production increase of 8.1% year-on-year, totaling 79.04 million units[32] - The domestic refrigerator market saw a total sales volume of 33.77 million units in 2019, reflecting a year-on-year growth of 6.65%[33] - The company has been a pioneer in technology, having developed the first no-power electronic starter relay in the 1980s and a leading variable frequency controller for refrigerators in 2012[34] - The company’s operational strategy includes a just-in-time production model to minimize inventory costs and respond effectively to market demand fluctuations[30] Military Electronics - The company has developed a range of electromagnetic spectrum security products, including ATE systems and electronic warfare equipment, to meet military demands[38] - The ATE products are currently used in multiple military aircraft, showcasing the company's capability in automated testing and maintenance[39] - The company benefits from a rising national defense budget and supportive policies for military-civilian integration, enhancing its market position[45] - The company anticipates intensified competition in the military industry due to ongoing reforms and will leverage its established technology platform for competitive advantage[128] Risks and Challenges - The company faces risks from macroeconomic fluctuations, which could impact demand in the home appliance sector, and will adapt to changes in market conditions[125] - The company is exposed to raw material price volatility risks, particularly for stainless steel, copper, and other metals, and will seek to mitigate these risks through supplier negotiations and product innovation[126] - The company experienced seasonal fluctuations, with better performance in the first half of the year compared to the second half, due to the seasonal nature of the refrigerator and freezer markets[129] Corporate Governance and Compliance - The company has improved its corporate governance structure to protect shareholders' rights, ensuring timely and accurate information disclosure[187] - The company has committed to avoiding and minimizing related party transactions, ensuring fair pricing and conditions in transactions with related parties[147] - The company has established good communication channels with investors to safeguard the rights of all shareholders, especially minority shareholders[187] - The company has committed to achieving audited net profits of no less than 150 million CNY, 165 million CNY, and 181.5 million CNY for the years 2019, 2020, and 2021 respectively[160]

2019-081 2019 年 10 月 第一节 重要提示 2019 年第三季度报告 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真 实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担个别和 连带的法律责任。 1 常熟市天银机电股份有限公司 2019 年第三季度报告全文 常熟市天银机电股份有限公司 2019 年第三季度报告全文 常熟市天银机电股份有限公司 所有董事均已出席了审议本次季报的董事会会议。 公司负责人骆玲、主管会计工作负责人梁锦霞及会计机构负责人（会计主 管人员）梁锦霞声明：保证季度报告中财务报表的真实、准确、完整。 2 常熟市天银机电股份有限公司 2019 年第三季度报告全文 第二节 公司基本情况 一、主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 □ 是 √ 否 | | 本报告期末 | 上年度末 | | 本报告期末比上年度末增减 | | --- | --- | --- | --- | --- | | 总资产（元） | 1,903,243,667.70 | 1,911,270,652.88 | | -0.42% | | 归属于上市公司股东的净资产 | ...

Financial Performance - Total operating revenue for the first half of 2019 was RMB 428,300,856.29, representing a 7.95% increase compared to RMB 396,774,907.27 in the same period last year[19]. - Net profit attributable to shareholders was RMB 77,478,613.83, up 3.41% from RMB 74,921,000.27 year-on-year[19]. - Net profit after deducting non-recurring gains and losses decreased by 19.10% to RMB 59,021,286.99 from RMB 72,953,794.08 in the previous year[19]. - The total profit for the period was 88.15 million yuan, up 1.32% compared to the same period last year, while net profit reached 77.48 million yuan, growing by 3.38% year-on-year[53]. - The company's refrigerator compressor parts business generated revenue of 356.73 million yuan, a year-on-year increase of 2.92%[55]. - The military electronics business reported revenue of 71.57 million yuan, a significant increase of 42.68% year-on-year[56]. - The total operating costs for the first half of 2019 were CNY 352,531,387.39, up from CNY 307,207,804.92 in the first half of 2018, reflecting a growth of 14.74%[190]. - The total profit for the first half of 2019 was approximately CNY 80.25 million, an increase from CNY 78.06 million in the same period of 2018, representing a growth of about 2.7%[196]. Cash Flow and Assets - The net cash flow from operating activities was negative at RMB -60,162,916.43, a decline of 168.23% compared to RMB 88,176,276.33 in the same period last year[19]. - Cash inflows from operating activities amounted to CNY 354.83 million, a decrease of approximately 27.4% from CNY 488.78 million in the first half of 2018[198]. - Cash inflows from investment activities totaled CNY 138.15 million, significantly higher than CNY 35.66 million in the first half of 2018[200]. - The company paid CNY 250.92 million in debt repayments during the first half of 2019, compared to CNY 334.76 million in the same period of 2018[200]. - Cash and cash equivalents decreased by 3.78% to RMB 316,329,036.13, representing 16.11% of total assets, compared to 19.89% in the previous year[78]. - Accounts receivable increased by 4.36% to RMB 398,522,576.32, now making up 20.29% of total assets, up from 15.93% year-on-year[78]. - Inventory rose by 0.68% to RMB 263,858,436.39, representing 13.44% of total assets, compared to 12.76% in the previous year[78]. Research and Development - The company's total R&D investment reached 31.19 million RMB, accounting for 7.28% of operating revenue, an increase of 89.43% compared to the same period last year[64]. - Research and development expenses rose significantly to CNY 31,186,092.03 in the first half of 2019, compared to CNY 16,462,691.40 in the first half of 2018, marking an increase of 89.00%[190]. - The company emphasizes a platform-based R&D model to improve development efficiency and reduce costs while meeting diverse customer needs[45]. Market and Business Strategy - The company primarily engages in the refrigerator compressor parts business and military electronics, with main revenue sources from refrigerator compressor starters, suction silencers, and various military electronic products[26]. - The company plans to continue expanding into emerging international markets and enhance marketing management levels[66]. - The company is actively pursuing market opportunities in the space internet sector, having engaged in negotiations for the supply of satellite optical sensors[59]. - The company is focusing on high-end transformation in the refrigeration industry, driven by national policies promoting energy efficiency and green consumption[54]. - The company is actively seeking investment and acquisition opportunities within the military-civilian integration industry chain[110]. Risks and Challenges - The company faced risks related to macroeconomic fluctuations, product market competition, and raw material price volatility, among others[4]. - The company faces risks from macroeconomic fluctuations that could impact the home appliance industry and its overall performance[104]. - Competition in the market is intensifying, prompting the company to strengthen its technological advantages and increase R&D investment[106]. Shareholder and Governance - The company plans to distribute cash dividends amounting to no less than 20% of the distributable profits achieved in the current year[118]. - The company has a profit distribution policy that emphasizes reasonable returns for investors while considering the company's sustainability[117]. - The company has committed to achieving audited net profits of no less than RMB 150 million, RMB 165 million, and RMB 181.5 million for the years 2019, 2020, and 2021 respectively[120]. - The company has established a policy to ensure that no more than 25% of shares held by key personnel can be transferred annually after the lock-up period[117]. - The company has a long-term commitment to avoid conflicts of interest with its controlling shareholders[116]. Corporate Governance and Compliance - The company has not experienced any major litigation or arbitration matters during the reporting period[125]. - The company has not engaged in any significant related party transactions during the reporting period[130]. - The half-year financial report has not been audited[122]. - The company has not undergone any bankruptcy reorganization during the reporting period[124]. - The company has maintained its core management and technical team stability[120].