[Financial Summary and Operating Analysis](index=1&type=section&id=%E4%B8%80%E3%80%81%E4%B8%BB%E8%A6%81%E8%B4%A2%E5%8A%A1%E6%95%B0%E6%8D%AE) The company experienced a significant decline in financial performance year-to-date, driven by reduced revenue and impacting key financial indicators, while also detailing non-recurring items and balance sheet changes [Key Accounting Data and Financial Indicators](index=1&type=section&id=%E4%B8%80%E3%80%81%28%E4%B8%80%29%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) The company experienced a significant performance decline in Q3 2021 and year-to-date, with Q3 revenue at **RMB 711.05 million** (down 35.84%) and net profit attributable to shareholders at **RMB 23.80 million** (down 86.67%) Key Accounting Data and Financial Indicators | Indicator | Current Period (Q3) | YoY Change | Year-to-Date | YoY Change | | :--- | :--- | :--- | :--- | :--- | | **Operating Revenue (RMB)** | 711,051,313.94 | -35.84% | 1,861,843,781.21 | -38.18% | | **Net Profit Attributable to Shareholders (RMB)** | 23,801,382.16 | -86.67% | 178,214,830.04 | -60.83% | | **Net Profit Attributable to Shareholders (Excluding Non-recurring Items) (RMB)** | 43,004,001.25 | -75.64% | 184,790,004.35 | -58.81% | | **Net Cash Flow from Operating Activities (RMB)** | - | - | 143,664,439.28 | -68.70% | | **Basic Earnings Per Share (RMB/share)** | 0.05 | -86.11% | 0.36 | -60.87% | | **Total Assets (RMB)** | 7,875,691,413.95 | -2.59% (vs. prior year-end) | 7,875,691,413.95 | -2.59% (vs. prior year-end) | | **Shareholders' Equity Attributable to Parent (RMB)** | 4,177,542,114.02 | 3.45% (vs. prior year-end) | 4,177,542,114.02 | 3.45% (vs. prior year-end) | [Non-recurring Gains and Losses](index=1&type=section&id=%E4%B8%80%E3%80%81%28%E4%BA%8C%29%E9%9D%9E%E5%B8%B8%E8%A7%84%E6%80%A7%E6%8D%9F%E7%9B%8A%E9%A1%B9%E7%9B%AE%E5%92%8C%E9%87%91%E9%A2%9D) Year-to-date non-recurring losses totaled **RMB 6.58 million**, negatively impacting net profit, primarily due to fair value changes in financial assets and partially offset by government grants Non-recurring Gains and Losses (Year-to-Date) | Item (Year-to-Date) | Amount (RMB) | | :--- | :--- | | Gains/Losses on Disposal of Non-current Assets | 1,423.76 | | Government Grants | 6,367,374.95 | | Gains/Losses from Entrusted Investments or Asset Management | 3,789,440.14 | | Gains/Losses from Debt Restructuring | -1,439,561.00 | | Gains/Losses from Fair Value Changes of Financial Assets/Liabilities Held for Trading | -16,828,050.01 | | Other Non-operating Income and Expenses | 281,061.50 | | Income Tax Impact | 1,253,136.35 | | **Total** | **-6,575,174.31** | [Analysis of Changes in Key Financial Data](index=2&type=section&id=%E4%B8%80%E3%80%81%28%E4%B8%89%29%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87%E5%8F%91%E7%94%9F%E5%8F%98%E5%8A%A8%E7%9A%84%E6%83%85%E5%86%B5%E5%8F%8A%E5%8E%9F%E5%9B%A0) Revenue declined **38.18%** due to real estate demand, impacting net profit and cash flow, while prepayments and contract assets increased, and expenses decreased - Operating revenue decreased by **38.18%** year-on-year, primarily due to slowing demand from real estate clients, significantly impacting product sales and engineering projects[10](index=10&type=chunk) - Net cash flow from operating activities decreased by **68.70%** year-on-year, mainly due to reduced revenue and corresponding lower collection of receivables[10](index=10&type=chunk) Balance Sheet Item Changes | Balance Sheet Item | Period-End Balance (RMB) | Period-Beginning Balance (RMB) | Change Percentage | Reason | | :--- | :--- | :--- | :--- | :--- | | Financial Assets Held for Trading | 529,579,179.82 | 330,000,000.00 | 60.48% | Purchase of wealth management products | | Prepayments | 28,416,653.84 | 13,504,082.84 | 110.43% | Prepayment for some engineering and goods | | Other Receivables | 50,013,288.96 | 6,126,541.35 | 716.34% | Payment of performance bonds | | Contract Assets | 68,152,962.31 | 30,137,860.87 | 126.14% | Increase in quality assurance deposits | | Contract Liabilities | 53,658,201.87 | 162,350,913.20 | -66.95% | Active business progress, partial project completion | | Long-term Borrowings | - | 21,951,197.91 | -100.00% | Reclassified to non-current liabilities due within one year | Income Statement Item Changes | Income Statement Item | Current Period Amount (RMB) | Prior Period Amount (RMB) | Change Percentage | Reason | | :--- | :--- | :--- | :--- | :--- | | Research and Development Expenses | 55,850,817.38 | 92,806,684.27 | -39.82% | Strengthened cost control | | Financial Expenses | 26,014,577.21 | 70,617,484.20 | -63.16% | Adjustment of financing structure, lower interest expenses | | Gains from Fair Value Changes | -16,824,309.84 | 0.00 | 100% | Fair value changes of external investment in Yuexiu Services | | Credit Impairment Losses | 746,739.07 | -59,381,877.27 | -101.26% | Decrease in accounts receivable and notes receivable | | Asset Impairment Losses | -3,887,770.29 | -847.80 | 458471.63% | Increase in bad debt provision for contract assets | [Shareholder Information](index=3&type=section&id=%E4%BA%8C%E3%80%81%E8%82%A1%E4%B8%9C%E4%BF%A1%E6%81%AF) The company's shareholder structure includes **20,396** common shareholders, with controlling shareholders holding a significant stake and a majority of restricted shares being executive lock-up shares [Shareholding Status of Shareholders](index=3&type=section&id=%E4%BA%8C%E3%80%81%28%E4%B8%80%29%E6%99%AE%E9%80%9A%E8%82%A1%E8%82%A1%E4%B8%9C%E6%80%BB%E6%95%B0%E5%92%8C%E8%A1%A8%E5%86%B3%E6%9D%83%E6%81%A2%E5%A4%8D%E7%9A%84%E4%BC%98%E5%85%88%E8%82%A1%E8%82%A1%E4%B8%9C%E6%95%B0%E9%87%8F%E5%8F%8A%E5%89%8D%E5%8D%81%E5%90%8D%E8%82%A1%E4%B8%9C%E6%8C%81%E8%82%A1%E6%83%85%E5%86%B5%E8%A1%A8) As of the reporting period end, the company had **20,396** common shareholders, with the top two controlling shareholders, Ji Faqing and Li Zhaoqiang, holding a combined **46.7%** stake, notably with a significant portion of Ji Faqing's shares pledged - The total number of common shareholders at the end of the reporting period was **20,396**[12](index=12&type=chunk) Top 5 Shareholders | Top 5 Shareholders | Shareholding Percentage | Number of Shares Held | Restricted Shares | Pledged/Frozen Status | | :--- | :--- | :--- | :--- | :--- | | Ji Faqing | 23.59% | 117,567,621 | 90,846,897 | Pledged 84,789,900 | | Li Zhaoqiang | 23.11% | 115,194,849 | 86,396,137 | - | | Laiyang Weihong Investment Co., Ltd. | 5.04% | 25,106,075 | 0 | Pledged 11,930,000 | | Song Ye | 4.53% | 22,561,502 | 0 | - | | Ningbo Jundu Shangzuo Equity Investment Partnership | 1.79% | 8,939,080 | 0 | - | - Shareholder Ji Faqing and Laiyang Weihong Investment Co., Ltd. are parties acting in concert[13](index=13&type=chunk) [Changes in Restricted Shares](index=4&type=section&id=%E4%BA%8C%E3%80%81%28%E4%B8%89%29%E9%99%90%E5%94%AE%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) During the reporting period, the total number of restricted shares slightly decreased from **187.56 million** at the beginning to **187.00 million** at the end, primarily consisting of executive lock-up shares Restricted Shares Changes | Item | Restricted Shares at Period Beginning | Released in Current Period | Increased in Current Period | Restricted Shares at Period End | | :--- | :--- | :--- | :--- | :--- | | **Total** | **187,559,448** | **954,166** | **398,750** | **187,004,032** | - The primary reasons for restrictions are executive lock-up shares and equity incentive restricted shares, with executive lock-up shares forming the majority[15](index=15&type=chunk)[16](index=16&type=chunk) [Financial Statements](index=5&type=section&id=%E5%9B%9B%E3%80%81%E5%AD%A3%E5%BA%A6%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8) The consolidated financial statements reveal a decrease in total assets and liabilities, a significant decline in revenue and net profit, and a substantial drop in operating cash flow year-to-date [Consolidated Balance Sheet](index=5&type=section&id=1%E3%80%81%E5%90%88%E5%B9%B6%E8%B5%84%E4%BA%A7%E8%B4%9F%E5%80%BA%E8%A1%A8) As of September 30, 2021, total assets were **RMB 7.88 billion** (down 2.59% from year-end), total liabilities were **RMB 3.70 billion** (down 8.63%), and shareholders' equity attributable to the parent increased by **3.45%** to **RMB 4.18 billion** Consolidated Balance Sheet Summary | Major Item | September 30, 2021 (RMB) | December 31, 2020 (RMB) | Change | | :--- | :--- | :--- | :--- | | **Total Assets** | **7,875,691,413.95** | **8,085,292,188.39** | **-2.59%** | | Total Current Assets | 5,694,927,553.35 | 5,888,697,855.85 | -3.29% | | Total Non-current Assets | 2,180,763,860.60 | 2,196,594,332.54 | -0.72% | | **Total Liabilities** | **3,698,149,299.93** | **4,047,241,658.71** | **-8.63%** | | Total Current Liabilities | 3,690,006,406.75 | 4,017,391,219.06 | -8.15% | | Total Non-current Liabilities | 8,142,893.18 | 29,850,439.65 | -72.72% | | **Total Shareholders' Equity** | **4,177,542,114.02** | **4,038,050,529.68** | **+3.45%** | [Consolidated Income Statement](index=8&type=section&id=2%E3%80%81%E5%90%88%E5%B9%B6%E5%B9%B4%E5%88%9D%E5%88%B0%E6%8A%A5%E5%91%8A%E6%9C%9F%E6%9C%AB%E5%88%A9%E6%B6%A6%E8%A1%A8) Year-to-date, total operating revenue reached **RMB 1.86 billion** (down 38.18%), leading to a **60.81%** decline in operating profit to **RMB 203.55 million** and a **60.83%** drop in net profit attributable to the parent to **RMB 178.21 million** Consolidated Income Statement Summary | Major Item | Current Period Amount (RMB) | Prior Period Amount (RMB) | Change | | :--- | :--- | :--- | :--- | | **I. Total Operating Revenue** | **1,861,843,781.21** | **3,011,929,066.68** | **-38.18%** | | **II. Total Operating Costs** | **1,647,043,384.29** | **2,441,895,340.19** | **-32.55%** | | Including: Operating Costs | 1,381,220,205.91 | 2,092,809,030.64 | -34.00% | | Research and Development Expenses | 55,850,817.38 | 92,806,684.27 | -39.82% | | Financial Expenses | 26,014,577.21 | 70,617,484.20 | -63.16% | | **III. Operating Profit** | **203,549,993.54** | **519,197,953.21** | **-60.81%** | | **V. Net Profit** | **178,214,830.04** | **455,010,685.25** | **-60.83%** | | Net Profit Attributable to Owners of the Parent Company | 178,214,830.04 | 455,010,685.25 | -60.83% | | **VIII. Earnings Per Share (Basic)** | **0.36** | **0.92** | **-60.87%** | [Consolidated Cash Flow Statement](index=9&type=section&id=3%E3%80%81%E5%90%88%E5%B9%B6%E5%B9%B4%E5%88%9D%E5%88%B0%E6%8A%A5%E5%91%8A%E6%9C%9F%E6%9C%AB%E7%8E%B0%E9%87%91%E6%B5%81%E9%87%8F%E8%A1%A8) Year-to-date, net cash flow from operating activities significantly decreased by **68.70%** to **RMB 143.66 million**, while net cash outflow from investing activities decreased by **45.76%** to **RMB 210.80 million**, and net cash outflow from financing activities increased to **RMB 47.17 million** Consolidated Cash Flow Statement Summary | Item | Current Period Amount (RMB) | Prior Period Amount (RMB) | Change | | :--- | :--- | :--- | :--- | | **Net Cash Flow from Operating Activities** | **143,664,439.28** | **459,024,243.29** | **-68.70%** | | **Net Cash Flow from Investing Activities** | **-210,795,755.04** | **-388,664,889.73** | **-45.76%** | | **Net Cash Flow from Financing Activities** | **-47,171,703.52** | **-22,576,895.01** | **108.94%** | | **Net Increase in Cash and Cash Equivalents** | **-114,303,019.28** | **47,782,458.55** | **-339.21%** |

2021 年半年度报告 昇辉智能科技股份有限公司 2021 年半年度报告全文 2021-061 昇辉智能科技股份有限公司 1 公司负责人纪法清、主管会计工作负责人张毅及会计机构负责人(会计主管 人员)王明智声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本报告的董事会会议。 除历史事实陈述外，所有本公司预计或期待未来可能或即将发生的业务活 动、事件或发展动态的陈述（包括但不限于预测、目标、估计及经营计划）都 属于前瞻性陈述。受诸多可变因素的影响，未来的实际结果或发展趋势可能会 与这些前瞻性陈述出现重大差异。本半年度报告中的前瞻性陈述，不构成公司 对投资者的实质承诺，敬请投资者注意投资风险。 公司经营过程中可能存在下游行业政策及客户集中风险、应收款项余额较 大的风险、商誉减值的风险、存货余额较大的风险等主要风险，详细内容请参 见第三节"管理层讨论与分析"之"十、公司面临的风险和应对措施"。敬请广大 投资者注意投资风险。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 2 昇辉智能科技股份有限公司 2021 年半年度报告全文 第一节 重要提示、目录和释义 2021 年 08 月 ...

[Important Notice](index=2&type=section&id=%E7%AC%AC%E4%B8%80%E8%8A%82%20%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA) The company's board, supervisory board, and senior management, along with key financial officers, guarantee the accuracy and completeness of this quarterly report and its financial statements - The company's Board of Directors, Supervisory Board, and all senior management ensure the truthfulness, accuracy, and completeness of this quarterly report and assume corresponding legal responsibilities[4](index=4&type=chunk) - Company head Ji Faqing, chief accountant Zhang Yi, and head of accounting department Wang Mingzhi guarantee the truthfulness, accuracy, and completeness of the financial statements in this quarterly report[5](index=5&type=chunk) [Company Overview](index=3&type=section&id=%E7%AC%AC%E4%BA%8C%E8%8A%82%20%E5%85%AC%E5%8F%B8%E5%9F%BA%E6%9C%AC%E6%83%85%E5%86%B5) This section provides an overview of the company's key financial performance, shareholder structure, and changes in restricted shares during the reporting period [Key Accounting Data and Financial Indicators](index=3&type=section&id=%E4%B8%80%E3%80%81%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) In Q1 2021, the company experienced a **16.35% year-over-year decline** in operating revenue to **488.89 million Yuan** and an **18.48% decrease** in net profit attributable to shareholders to **58.48 million Yuan**, while net cash flow from operating activities significantly improved by **66.95%** to **-100.16 million Yuan** Key Financial Indicators for Q1 2021 | Indicator | Current Period | Prior Period | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue (Yuan) | 488,891,908.51 | 584,419,299.13 | -16.35% | | Net Profit Attributable to Shareholders (Yuan) | 58,478,170.32 | 71,731,794.94 | -18.48% | | Net Profit Attributable to Shareholders (Excluding Non-recurring Items) (Yuan) | 52,677,929.07 | 71,028,628.99 | -25.84% | | Net Cash Flow from Operating Activities (Yuan) | -100,155,028.19 | -303,042,583.40 | 66.95% | | Basic Earnings Per Share (Yuan/share) | 0.12 | 0.15 | -20.00% | | Weighted Average Return on Net Assets | 1.44% | 2.05% | -0.61% | | Total Assets (Yuan) | 8,014,283,873.33 | 8,085,292,188.39 | -0.88% (vs. end of previous year) | | Net Assets Attributable to Shareholders (Yuan) | 4,099,385,682.50 | 4,038,050,529.68 | 1.52% (vs. end of previous year) | - During the reporting period, the company's total non-recurring gains and losses amounted to **5.80 million Yuan**, primarily from government subsidies and wealth management income[9](index=9&type=chunk) [Shareholder Information](index=4&type=section&id=%E4%BA%8C%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E6%9C%AB%E8%82%A1%E4%B8%9C%E6%80%BB%E6%95%B0%E5%8F%8A%E5%89%8D%E5%8D%81%E5%90%8D%E8%82%A1%E4%B8%9C%E6%8C%81%E8%82%A1%E6%83%85%E5%86%B5%E8%A1%A8) As of the end of the reporting period, the company had **17,502 common shareholders**, with the top two shareholders, Ji Faqing and Li Zhaoqiang, holding **24.30%** and **23.11%** respectively, indicating a relatively concentrated equity structure Top Two Shareholders' Holdings | Shareholder Name | Holding Percentage | Number of Shares Held (shares) | Number of Pledged Shares (shares) | | :--- | :--- | :--- | :--- | | Ji Faqing | 24.30% | 121,129,196 | 83,929,900 | | Li Zhaoqiang | 23.11% | 115,194,849 | - | - As of the end of the reporting period, the company had a total of **17,502 common shareholders**[11](index=11&type=chunk) [Changes in Restricted Shares](index=5&type=section&id=3%E3%80%81%E9%99%90%E5%94%AE%E8%82%A1%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) During the reporting period, the company's total restricted shares decreased from **240 million** at the beginning to **187 million** at the end, primarily due to the release of restricted shares held by certain executives, with Li Zhaoqiang having the largest release of **27.97 million shares** - During this reporting period, the company collectively released **52,925,434 restricted shares**, with the total restricted shares at period-end being **187,298,743 shares**[15](index=15&type=chunk) - Changes in restricted shares were primarily due to the unlocking of executive lock-up shares and equity incentive restricted shares, with Li Zhaoqiang and Ji Faqing among others having portions of their shares released[14](index=14&type=chunk) [Significant Events](index=7&type=section&id=%E7%AC%AC%E4%B8%89%E8%8A%82%20%E9%87%8D%E8%A6%81%E4%BA%8B%E9%A1%B9) This section details significant financial and operational changes, business developments, and investor relations activities during the reporting period [Analysis of Significant Changes in Key Financial Data](index=7&type=section&id=%E4%B8%80%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E4%B8%BB%E8%A6%81%E8%B4%A2%E5%8A%A1%E6%95%B0%E6%8D%AE%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87%E5%8F%91%E7%94%9F%E9%87%8D%E5%A4%A7%E5%8F%98%E5%8A%A8%E7%9A%84%E6%83%85%E5%86%B5%E5%8F%8A%E5%8E%9F%E5%9B%A0) During the reporting period, several financial indicators showed significant changes, including a **33.68% decrease** in financial expenses due to financing structure adjustments, an **86.05% increase** in investment income from wealth management, and substantial improvements in operating and investing cash flows, alongside a significant increase in financing cash flow due to new borrowings Changes and Reasons for Key Financial Indicators | Item | Change Percentage | Explanation of Significant Change | | :--- | :--- | :--- | | Prepayments | 98.39% | Prepayment of some goods for operational needs | | Financial Expenses | -33.68% | Adjustment of financing structure, reduction in interest expenses | | Investment Income | 86.05% | Increase in wealth management and other income | | Other Income | 3502.94% | Increase in government subsidies | | Net Cash Flow from Operating Activities | 66.95% | Improved sales collection compared to the prior year | | Net Cash Flow from Investing Activities | 591.23% | Redemption of wealth management products, etc | | Net Cash Flow from Financing Activities | 1572.92% | Increased borrowings based on production and operational needs | [Business Review and Outlook](index=7&type=section&id=%E4%BA%8C%E3%80%81%E4%B8%9A%E5%8A%A1%E5%9B%9E%E9%A1%BE%E5%92%8C%E5%B1%95%E6%9C%9B) The company's Q1 operating revenue declined year-over-year, primarily due to macroeconomic real estate policy adjustments slowing major client projects and the company's proactive business structure optimization, yet **967 million Yuan** in outstanding orders provide future operational assurance - Q1 revenue decline was primarily due to: - National macroeconomic policy adjustments on real estate, leading major clients to slow down new project commencements - The company's proactive optimization of business structure, adjusting clients and markets, resulting in short-term revenue fluctuations[20](index=20&type=chunk) - As of the end of the reporting period, the company's outstanding orders for various products amounted to approximately **967 million Yuan**[22](index=22&type=chunk) [Investor Relations Activities](index=9&type=section&id=%E4%B9%9D%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E6%8E%A5%E5%BE%85%E8%B0%83%E7%A0%94%E3%80%81%E6%B2%9F%E9%80%9A%E3%80%81%E9%87%87%E8%AE%BF%E7%AD%89%E6%B4%BB%E5%8A%A8%E7%99%BB%E8%AE%B0%E8%A1%A8) During the reporting period, the company hosted two institutional on-site surveys, focusing on key areas such as major client relationships, cash flow, R&D center status, goodwill, innovation strategy, technology reserves, and operating performance - On January 7 and February 25, 2021, the company hosted on-site surveys from multiple institutional investors, including Shenwan Hongyuan, Haichuanghui Holdings, and China Jinmao[27](index=27&type=chunk) - Survey focus areas primarily included the company's cooperation with major clients, cash flow, R&D investment, strategic planning, and operating performance[27](index=27&type=chunk) [Financial Statements](index=10&type=section&id=%E7%AC%AC%E5%9B%9B%E8%8A%82%20%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8) This section contains the complete set of unaudited consolidated and parent company financial statements for the reporting period [Financial Statements](index=10&type=section&id=%E4%B8%80%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8) This section presents the company's unaudited detailed financial statements for Q1 2021, including consolidated and parent company balance sheets, income statements, and cash flow statements [Consolidated Balance Sheet](index=10&type=section&id=1%E3%80%81%E5%90%88%E5%B9%B6%E8%B5%84%E4%BA%A7%E8%B4%9F%E5%80%BA%E8%A1%A8) [Company Balance Sheet](index=13&type=section&id=2%E3%80%81%E6%AF%8D%E5%85%AC%E5%8F%B8%E8%B5%84%E4%BA%A7%E8%B4%9F%E5%80%BA%E8%A1%A8) [Consolidated Income Statement](index=15&type=section&id=3%E3%80%81%E5%90%88%E5%B9%B6%E5%88%A9%E6%B6%A6%E8%A1%A8) [Company Income Statement](index=17&type=section&id=4%E3%80%81%E6%AF%8D%E5%85%AC%E5%8F%B8%E5%88%A9%E6%B6%A6%E8%A1%A8) [Consolidated Cash Flow Statement](index=19&type=section&id=5%E3%80%81%E5%90%88%E5%B9%B6%E7%8E%B0%E9%87%91%E6%B5%81%E9%87%8F%E8%A1%A8) [Company Cash Flow Statement](index=21&type=section&id=6%E3%80%81%E6%AF%8D%E5%85%AC%E5%8F%B8%E7%8E%B0%E9%87%91%E6%B5%81%E9%87%8F%E8%A1%A8) [Audit Report](index=22&type=section&id=%E4%B8%89%E3%80%81%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A) The company's Q1 2021 financial report remains unaudited - The company's first quarter report is unaudited[52](index=52&type=chunk)

昇辉智能科技股份有限公司 2020 年年度报告全文 昇辉智能科技股份有限公司 2020 年年度报告 2021-012 2021 年 04 月 1 昇辉智能科技股份有限公司 2020 年年度报告全文 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证年度报告内容的真 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。 公司负责人纪法清、主管会计工作负责人张毅及会计机构负责人(会计主管 人员)王明智声明：保证本年度报告中财务报告的真实、准确、完整。 公司经营过程中可能存在下游行业政策及客户集中风险、应收款项余额较 大的风险、商誉减值的风险、存货余额较大的风险等主要风险，详细内容请参 见第四节"经营情况与分析"之"九、公司未来发展的展望（三）可能面对的风险 因素和应对措施"。 公司经本次董事会审议通过的利润分配预案为：以 498424190 为基数，向 全体股东每 10 股派发现金红利 1.05 元（含税），送红股 0 股（含税），以资本公 积金向全体股东每 10 股转增 0 股。 2 | 第一节 | 重要提示、目录和释义 2 | | --- | -- ...

[Important Notice](index=2&type=section&id=Item%201.%20Important%20Notice) The board of directors, supervisory board, and all senior management collectively affirm the truthfulness, accuracy, and completeness of this quarterly report, assuming legal responsibility - The company's board of directors, supervisory board, and all senior management ensure the truthfulness, accuracy, and completeness of this quarterly report and bear corresponding legal responsibilities[4](index=4&type=chunk) - The company's responsible person, the person in charge of accounting work, and the head of the accounting department jointly declare that the financial statements in the quarterly report are true, accurate, and complete[5](index=5&type=chunk) [Company Profile](index=3&type=section&id=Item%202.%20Company%20Profile) This section provides an overview of the company's key financial data, shareholder structure, and changes in restricted shares [Key Accounting Data and Financial Indicators](index=3&type=section&id=I.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) As of Q3 2020, total assets reached **8.199 billion yuan**, with year-to-date operating revenue of **3.012 billion yuan** and net profit attributable to shareholders of **455 million yuan**, while operating cash flow significantly improved by 167.09% 2020 Q3 Key Financial Indicators | Indicator | Year-to-Date (YTD) | YoY Change | This Period (Q3) | YoY Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue (yuan) | 3,011,929,066.68 | 6.43% | 1,108,325,714.81 | 10.84% | | Net Profit Attributable to Shareholders (yuan) | 455,010,685.25 | 4.47% | 178,547,611.59 | 14.93% | | Net Cash Flow from Operating Activities (yuan) | 459,024,243.29 | 167.09% | 203,900,670.89 | 108.91% | | Basic Earnings Per Share (yuan/share) | 0.92 | 2.22% | 0.36 | 12.50% | | Weighted Average Return on Net Assets | 12.35% | -1.87% | 4.66% | -0.22% | 2020 Q3 End Key Balance Sheet Indicators | Indicator | End of This Period (yuan) | End of Previous Year (yuan) | Change | | :--- | :--- | :--- | :--- | | Total Assets (yuan) | 8,198,615,397.02 | 7,841,356,297.06 | 4.56% | | Net Assets Attributable to Shareholders (yuan) | 3,912,860,437.30 | 3,464,365,317.25 | 12.95% | - From the beginning of the year to the end of the reporting period, the company's non-recurring gains and losses totaled **6.3987 million yuan**, primarily from government subsidies and wealth management income[9](index=9&type=chunk) [Shareholder Information](index=4&type=section&id=II.%20Total%20Number%20of%20Shareholders%20and%20Top%20Ten%20Shareholders%27%20Holdings%20at%20Period-End) As of the reporting period end, the company had **18,526** common shareholders, with top shareholders Ji Faqing and Li Zhaoqiang holding significant stakes, both with high proportions of pledged shares - As of the end of the reporting period, the company had a total of **18,526** common shareholders[12](index=12&type=chunk) Top Ten Shareholders' Holdings | Shareholder Name | Holding Percentage | Number of Shares Held | Number of Pledged Shares | | :--- | :--- | :--- | :--- | | Ji Faqing | 24.74% | 123,519,196 | 83,929,900 | | Li Zhaoqiang | 23.07% | 115,194,849 | 91,860,000 | | Laiyang Weihong Investment Co., Ltd. | 5.03% | 25,106,075 | 10,570,000 | - Shareholder Ji Faqing and Laiyang Weihong Investment Co., Ltd. are parties acting in concert; the company is unaware of any other associated relationships or concerted actions among other shareholders[13](index=13&type=chunk) [Changes in Restricted Shares](index=5&type=section&id=III.%20Changes%20in%20Restricted%20Shares) During the reporting period, total restricted shares decreased from **243 million** to **241 million**, primarily due to executive lock-up shares and equity incentive restrictions, with 75% of executive holdings locked Changes in Restricted Shares | Item | Restricted Shares at Period Start | Restricted Shares Released This Period | Restricted Shares Increased This Period | Restricted Shares at Period End | | :--- | :--- | :--- | :--- | :--- | | Total | 242,673,184 | 1,745,348 | 180,341 | 241,108,177 | - The reasons for restrictions primarily include executive lock-up shares, shares restricted after initial public offering, and equity incentive restricted shares, with a significant proportion held by executives such as Ji Faqing, Li Zhaoqiang, and Song Ye[15](index=15&type=chunk) [Significant Events](index=7&type=section&id=Item%203.%20Significant%20Events) This section details significant changes in financial data and other important matters during the reporting period [Significant Changes in Key Financial Data and Indicators During the Reporting Period and Their Reasons](index=7&type=section&id=I.%20Significant%20Changes%20in%20Key%20Financial%20Data%20and%20Indicators%20During%20the%20Reporting%20Period%20and%20Their%20Reasons) Multiple financial items showed significant changes, including substantial increases in prepayments and other current assets, a large decrease in other payables, and a 167.09% surge in net operating cash flow due to enhanced collection efforts Major Balance Sheet Item Changes and Reasons | Item | Change Percentage | Explanation for Change | | :--- | :--- | :--- | | Prepayments | 1031.80% | Due to operational needs, partial project payments and goods payments were made | | Other Current Assets | 2062.61% | Primarily due to the company's purchase of bank wealth management products | | Construction in Progress | 241.35% | Caused by the construction of new production lines by subsidiaries | | Other Payables | -77.64% | Due to payment of the remaining consideration for subsidiary acquisition and restricted stock unlocking | Major Income Statement Item Changes and Reasons | Item | Change Percentage | Explanation for Change | | :--- | :--- | :--- | | Selling Expenses | -48.67% | Due to a decrease in advertising and freight costs in this period | | Administrative Expenses | -60.26% | Primarily due to excess performance bonuses in the previous period | | Non-operating Expenses | 303.15% | The company increased donations due to the COVID-19 pandemic in 2020 | Major Cash Flow Statement Item Changes and Reasons | Item | Change Percentage | Explanation for Change | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 167.09% | The company emphasized cash flow management and increased collection efforts this period, leading to improved cash flow | | Net Cash Flow from Investing Activities | 203.89% | Primarily due to the payment of the remaining consideration for subsidiary acquisition in this period | | Net Cash Flow from Financing Activities | -104.72% | Improved operating cash flow in this period led to reduced demand for financing activities | [Other Significant Matters](index=8&type=section&id=II.%20Other%20Significant%20Matters) The company reported no share repurchases, overdue commitments, irregular external guarantees, or controlling shareholder fund occupation, and conducted two investor relations activities - The company had no share repurchases, overdue unfulfilled commitments, irregular external guarantees, or non-operating fund occupation by controlling shareholders during the reporting period[20](index=20&type=chunk)[21](index=21&type=chunk)[22](index=22&type=chunk) - The company did not provide a forecast for its 2020 annual operating performance[21](index=21&type=chunk) - The company hosted multiple institutional and individual investor surveys on August 20, 2020, and September 25, 2020, communicating via phone and other methods[23](index=23&type=chunk)[24](index=24&type=chunk) [Financial Statements](index=10&type=section&id=Item%204.%20Financial%20Statements) This section presents the company's unaudited consolidated and parent company financial statements for the third quarter of 2020, along with explanations for adjustments and the audit status [Financial Statements](index=10&type=section&id=I.%20Financial%20Statements) This chapter provides the company's unaudited consolidated and parent company financial statements for Q3 2020, including the balance sheet, income statement, and cash flow statement, reflecting financial position, operating results, and cash flows [Consolidated Balance Sheet](index=10&type=section&id=1.%20Consolidated%20Balance%20Sheet) As of September 30, 2020, consolidated total assets were **8.199 billion yuan**, total liabilities **4.286 billion yuan**, and owners' equity attributable to the parent company **3.913 billion yuan**, with a 52.28% debt-to-asset ratio Key Consolidated Balance Sheet Items (September 30, 2020) | Item | Amount (yuan) | | :--- | :--- | | Total Assets | 8,198,615,397.02 | | Total Liabilities | 4,285,754,959.72 | | Total Owners' Equity Attributable to Parent Company | 3,912,860,437.30 | [Consolidated Income Statement](index=15&type=section&id=3.%20Consolidated%20Income%20Statement) For the first three quarters of 2020, total operating revenue reached **3.012 billion yuan** (up 6.43%) and net profit attributable to the parent company was **455 million yuan** (up 4.47%), with Q3 single-quarter revenue of **1.108 billion yuan** and net profit of **179 million yuan** Key Consolidated Income Statement Items (Year-to-Date) | Item | Amount for This Period (yuan) | Amount for Previous Period (yuan) | | :--- | :--- | :--- | | Total Operating Revenue | 3,011,929,066.68 | 2,829,934,291.47 | | Operating Profit | 519,197,953.21 | 498,044,613.08 | | Net Profit Attributable to Parent Company Owners | 455,010,685.25 | 435,543,254.16 | [Consolidated Cash Flow Statement](index=22&type=section&id=7.%20Consolidated%20Cash%20Flow%20Statement) For the first three quarters of 2020, net cash flow from operating activities significantly improved to **459 million yuan** from a prior-year deficit, with net cash outflows from investing and financing activities, resulting in an ending cash and cash equivalents balance of **530 million yuan** Key Consolidated Cash Flow Statement Items (Year-to-Date) | Item | Amount for This Period (yuan) | Amount for Previous Period (yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 459,024,243.29 | -684,225,813.75 | | Net Cash Flow from Investing Activities | -388,664,889.73 | -127,894,468.38 | | Net Cash Flow from Financing Activities | -22,576,895.01 | 478,531,602.91 | | Cash and Cash Equivalents at Period End | 530,081,416.20 | 269,094,008.83 | [Explanation of Financial Statement Adjustments](index=26&type=section&id=II.%20Explanation%20of%20Financial%20Statement%20Adjustments) The company adopted new revenue recognition standards from January 1, 2020, retrospectively adjusting opening financial statements by reclassifying "Prepayments" to "Contract Liabilities" and "Other Current Liabilities," without adjusting comparable period data - The company adopted new revenue recognition standards from January 1, 2020, and adjusted the amounts of relevant items in the opening financial statements for 2020 based on the cumulative impact, without adjusting comparable period data[59](index=59&type=chunk)[60](index=60&type=chunk) Consolidated Balance Sheet Opening Balance Adjustment | Item | Before Adjustment (2019-12-31) | After Adjustment (2020-01-01) | Adjustment Amount | | :--- | :--- | :--- | :--- | | Prepayments | 285,832,626.09 | 0.00 | -285,832,626.09 | | Contract Liabilities | 0.00 | 264,159,804.53 | 264,159,804.53 | | Other Current Liabilities | 0.00 | 21,672,821.56 | 21,672,821.56 | [Audit Report](index=32&type=section&id=III.%20Audit%20Report) The company's 2020 third-quarter report is unaudited - The company's third-quarter report is unaudited[65](index=65&type=chunk)

Group 1: Event Announcement - The company will participate in the "2020 Annual Online Investor Collective Reception Day" organized by the Shandong Securities Regulatory Bureau and Shandong Listed Companies Association [2] - The event will be held online through the platform provided by Shenzhen Panorama Network Co., Ltd. [2] - Investors can log in to the "Panorama Roadshow" website to participate in the event on September 29, 2020, from 15:00 to 16:55 [2] Group 2: Communication Details - Company representatives, including Secretary of the Board Cui Jing and CFO Zhang Yi, will communicate with investors regarding corporate governance, development strategy, operational status, and sustainable development [2] - The company encourages active participation from investors during the online interaction [2] Group 3: Assurance of Information Disclosure - The company and its board members guarantee the authenticity, accuracy, and completeness of the disclosed information, ensuring no false records, misleading statements, or significant omissions [2]

Section I Important Notes, Table of Contents, and Definitions [Important Notes](index=2&type=section&id=%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA) The Board of Directors, Supervisory Committee, and senior management guarantee the report's accuracy, while investors should note forward-looking statements and key operational risks, with no interim dividend plan - The Company's Board of Directors, Supervisory Committee, and senior management declare the report's content to be true, accurate, and complete, assuming legal responsibility[3](index=3&type=chunk) - The report contains forward-looking statements, where actual results may differ significantly and do not constitute a substantive commitment, requiring investors to be aware of investment risks[4](index=4&type=chunk) - Key risks faced by the Company include downstream industry policies and customer concentration, significant accounts receivable balances, goodwill impairment, and large inventory balances[4](index=4&type=chunk) - The Company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for this half-year period[5](index=5&type=chunk) [Table of Contents](index=3&type=section&id=%E7%9B%AE%E5%BD%95) This section presents the complete report directory, covering all chapters from important notes to financial statements and reference documents for easy navigation - The report's table of contents clearly lists twelve main chapters, including Company Profile, Business Overview, Management Discussion and Analysis, Significant Events, Share Changes and Shareholder Information, and Financial Report[8](index=8&type=chunk) [Definitions](index=4&type=section&id=%E9%87%8A%E4%B9%89) This section defines common terms used in the report, such as company name, reporting period, and controlling shareholder, ensuring consistent understanding Key Definitions | Term | Definition | | :--- | :--- | | CSRC, China Securities Regulatory Commission | China Securities Regulatory Commission | | Company, This Company, Luyitong | Shandong Luyitong Intelligent Electrical Co., Ltd. | | Reporting Period, This Reporting Period | January 1, 2020 to June 30, 2020 | | Prior Period, Same Period Last Year | January 1, 2019 to June 30, 2019 | | Period-end, This Period-end | June 30, 2020 | | Company's Controlling Shareholder, Actual Controller | Ji Faqing | | Weihong Investment | Laiyang Weihong Investment Co., Ltd. | | Shenghui Holdings | Shenghui Holdings Co., Ltd., a wholly-owned subsidiary of the Company | Section II Company Profile and Key Financial Indicators [Company Profile](index=5&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B) This section provides the Company's basic information, including stock ticker, code, listing exchange, Chinese and English names, and legal representative Company Basic Information | Indicator | Content | | :--- | :--- | | Stock Abbreviation | Luyitong | | Stock Code | 300423 | | Stock Exchange Listed On | Shenzhen Stock Exchange | | Company's Chinese Name | Shandong Luyitong Intelligent Electrical Co., Ltd. | | Company's Legal Representative | Ji Faqing | [Contact Person and Contact Information](index=5&type=section&id=%E4%BA%8C%E3%80%81%E8%81%94%E7%B3%BB%E4%BA%BA%E5%92%8C%E8%81%94%E7%B3%BB%E6%96%B9%E5%BC%8F) This section provides contact details for the Company's Board Secretary and Securities Affairs Representative, including names, addresses, phone numbers, faxes, and email addresses, for investor communication Contact Person and Contact Information | Position | Name | Phone | Email | | :--- | :--- | :--- | :--- | | Board Secretary | Cui Jing | 0535-7962672 | lyt@luyitong.com | | Securities Affairs Representative | Zhang Xiaoyan | 0535-7962877 | lyt@luyitong.com | [Other Information](index=5&type=section&id=%E4%B8%89%E3%80%81%E5%85%B6%E4%BB%96%E6%83%85%E5%86%B5) During the reporting period, the Company's registered address, office address, website, email, and information disclosure newspapers and designated websites remained unchanged, consistent with the 2019 annual report - The Company's contact information, information disclosure, and document storage locations, as well as registration status, remained unchanged during the reporting period; specific details can be found in the 2019 annual report[15](index=15&type=chunk)[16](index=16&type=chunk)[17](index=17&type=chunk) [Key Accounting Data and Financial Indicators](index=6&type=section&id=%E5%9B%9B%E3%80%81%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) This period, operating revenue grew by **4.02%** to **RMB 1.904 billion**, while net profit attributable to shareholders decreased by **1.33%** to **RMB 276 million**, with significant improvement in operating cash flow Key Accounting Data and Financial Indicators (Year-on-Year Change) | Indicator | This Reporting Period (RMB) | Prior Period (RMB) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 1,903,603,351.87 | 1,829,964,054.86 | 4.02% | | Net Profit Attributable to Shareholders | 276,463,073.66 | 280,190,064.55 | -1.33% | | Net Profit Attributable to Shareholders After Deducting Non-recurring Gains and Losses | 272,043,693.19 | 275,674,482.21 | -1.32% | | Net Cash Flow from Operating Activities | 255,123,572.40 | -781,826,164.77 | 132.63% | | Basic Earnings Per Share (RMB/share) | 0.56 | 0.58 | -3.45% | | Diluted Earnings Per Share (RMB/share) | 0.56 | 0.57 | -1.75% | | Weighted Average Return on Net Assets | 7.70% | 9.36% | -1.66% | | **Period-end Indicators** | **This Period-end (RMB)** | **Prior Year-end (RMB)** | **Change from Prior Year-end** | | Total Assets | 8,135,104,012.23 | 7,841,356,297.06 | 3.75% | | Net Assets Attributable to Shareholders | 3,710,220,675.61 | 3,464,365,317.25 | 7.10% | [Differences in Accounting Data Under Domestic and International Accounting Standards](index=6&type=section&id=%E4%BA%94%E3%80%81%E5%A2%83%E5%86%85%E5%A4%96%E4%BC%9A%E8%AE%A1%E5%87%86%E5%88%99%E4%B8%8B%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%B7%AE%E5%BC%82) The Company had no differences in net profit and net assets between financial reports disclosed under International Accounting Standards or foreign accounting standards and Chinese Accounting Standards during the reporting period - The Company had no differences in net profit and net assets under domestic and international accounting standards during the reporting period[19](index=19&type=chunk)[20](index=20&type=chunk) [Non-recurring Gains and Losses Items and Amounts](index=6&type=section&id=%E5%85%AD%E3%80%81%E9%9D%9E%E7%BB%8F%E5%B8%B8%E6%80%A7%E6%8D%9F%E7%9B%8A%E9%A1%B9%E7%9B%AE%E5%8F%8A%E9%87%91%E9%A2%9D) This period, the Company's total non-recurring gains and losses amounted to **RMB 4.42 million**, primarily from government subsidies and entrusted investment income, net of income tax impact Non-recurring Gains and Losses Items and Amounts | Item | Amount (RMB) | | :--- | :--- | | Gains and Losses from Disposal of Non-current Assets | 8,271.71 | | Government Subsidies Recognized in Current Profit and Loss | 3,541,907.93 | | Gains and Losses from Entrusted Investment or Asset Management | 2,613,021.03 | | Other Non-operating Income and Expenses Apart from the Above | -905,434.89 | | Less: Income Tax Impact | 838,385.31 | | Total | 4,419,380.47 | - The Company had no instances of classifying non-recurring gains and losses as recurring gains and losses during the reporting period[22](index=22&type=chunk) Section III Company Business Overview [Main Businesses Engaged in by the Company During the Reporting Period](index=8&type=section&id=%E4%B8%80%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E4%BB%8E%E4%BA%8B%E7%9A%84%E4%B8%BB%E8%A6%81%E4%B8%9A%E5%8A%A1) The Company's main businesses include electrical equipment, LED lighting, smart communities, and public security, operating on a "make-to-order" model, driven by "new infrastructure" policies and technological advancements, achieving revenue growth despite the pandemic - The Company's main businesses include electrical complete equipment, LED lighting, smart community, and public security, covering the entire chain from R&D, design, procurement, production, sales, to after-sales service[25](index=25&type=chunk) - The Company primarily adopts a "make-to-order" business model, providing one-stop配套 services to customers[25](index=25&type=chunk)[28](index=28&type=chunk) - "New infrastructure" policies, LED technology iteration, smart city construction, and the growth of the "AI+security" market are the Company's main performance drivers[29](index=29&type=chunk)[30](index=30&type=chunk) - During the reporting period, the Company overcame the impact of the pandemic, achieving operating revenue of **RMB 1.904 billion**, a year-on-year increase of **4.02%**, and actively promoted informatization construction and R&D innovation[30](index=30&type=chunk)[31](index=31&type=chunk)[32](index=32&type=chunk) [Main Business Scope](index=8&type=section&id=%EF%BC%88%E4%B8%80%EF%BC%89%E4%B8%BB%E8%A6%81%E4%B8%9A%E5%8A%A1) The Company's core businesses span electrical equipment, LED lighting, smart communities, and public security, offering end-to-end services primarily through a "make-to-order" model - The Company's main businesses include electrical complete equipment, LED lighting, smart community, and public security, possessing a complete business system[25](index=25&type=chunk) - The Company primarily adopts a "make-to-order" business model, providing professional, convenient, high-quality, and efficient one-stop supporting services to customers[25](index=25&type=chunk) [Main Products and Uses](index=8&type=section&id=%EF%BC%88%E4%BA%8C%EF%BC%89%E4%B8%BB%E8%A6%81%E4%BA%A7%E5%93%81%E5%8F%8A%E7%94%A8%E9%80%94) The Company offers diverse products, including electrical equipment for industrial and civil use, LED lighting with smart pole integration, smart community solutions, and public security systems, including thermal imaging for epidemic prevention - Electrical complete equipment is divided into industrial use (power, petroleum, metallurgy, rail transit, etc.) and civil use (real estate, municipal engineering, etc.), covering high and low voltage complete equipment and various low voltage three-box products[26](index=26&type=chunk) - LED lighting products include landscape, home, light source, office, commercial, and outdoor lighting, with innovative R&D of high-quality products and smart light poles[26](index=26&type=chunk)[27](index=27&type=chunk) - Smart community provides intelligent solutions and products for cities, communities, hotels, commercial buildings, and homes, serving smart city scenarios[27](index=27&type=chunk) - Public security business focuses on smart policing and government affairs, launching thermal imaging rapid temperature screening solutions to aid epidemic prevention, and extending to police back-end business platforms, participating in "smart new supervision" construction[28](index=28&type=chunk) [Business Model](index=9&type=section&id=%EF%BC%88%E4%B8%89%EF%BC%89%E7%BB%8F%E8%90%A5%E6%A8%A1%E5%BC%8F) The Company operates on a "make-to-order" model, providing comprehensive services from R&D to after-sales based on customer needs, through long-term strategic or project collaborations - The Company has a complete business system and primarily adopts a "make-to-order" business model, with a small number of standardized products produced and sold based on market demand[28](index=28&type=chunk) - Through long-term strategic cooperation or project cooperation with customers, the Company provides one-stop services for electrical complete equipment, LED lighting, smart community, and public security businesses[28](index=28&type=chunk) [Key Performance Drivers](index=9&type=section&id=%EF%BC%88%E5%9B%9B%EF%BC%89%E4%B8%BB%E8%A6%81%E4%B8%9A%E7%BB%A9%E9%A9%B1%E5%8A%A8%E5%9B%A0%E7%B4%A0) Performance growth is driven by industry tailwinds like "new infrastructure" and smart city initiatives, coupled with the Company's proactive pandemic response, revenue growth, enhanced efficiency via ERP, and continuous R&D innovation - "New infrastructure" policies (such as State Grid's **RMB 460 billion** fixed asset investment) will drive demand growth for electrical equipment[29](index=29&type=chunk) - LED lighting products continue to increase market penetration due to technological advancements and cost-effectiveness[29](index=29&type=chunk) - Smart community and public security, as important components of smart cities, are supported by national policies and are rapidly expanding, with the security industry market size expected to reach nearly **RMB 1 trillion** by 2022[30](index=30&type=chunk) - The Company actively resumed work and production during the pandemic, achieving operating revenue of **RMB 1.904 billion**, a year-on-year increase of **4.02%**, with operating profit largely flat compared to the prior period[30](index=30&type=chunk) - The Company enhanced business response speed and operational efficiency through the implementation of ERP information systems, PLM, and SAP solutions, promoting digital transformation in intelligent manufacturing[31](index=31&type=chunk)[32](index=32&type=chunk) - The Company's R&D platform capabilities continue to improve, with a complete R&D team constantly innovating products to meet market demand[32](index=32&type=chunk) [Industry Development Stage and Cyclical Characteristics](index=10&type=section&id=%EF%BC%88%E4%BA%94%EF%BC%89%E6%89%80%E5%B1%9E%E8%A1%8C%E4%B8%9A%E7%9A%84%E5%8F%91%E5%B1%95%E9%98%B6%E6%AE%B5%E3%80%81%E5%91%A8%E6%9C%9F%E6%80%A7%E7%89%B9%E7%82%B9) The electrical equipment and LED lighting industries are advancing towards intelligence and energy efficiency, while smart community and public security sectors are upgrading with technology, all within cyclical power and real estate markets requiring strategic adjustments - The intelligent electrical complete equipment manufacturing industry is encouraged by national policies, developing towards intelligence and networking, benefiting from the construction of the ubiquitous power IoT[32](index=32&type=chunk) - LED lighting technology, due to its high efficiency, low consumption, safety, and reliability, is set to fully replace traditional lighting products under the promotion of national green lighting projects[33](index=33&type=chunk) - The smart community and public security industries, with the development of IoT, big data, cloud computing, and AI technologies, are progressing from intelligent to smart stages, benefiting from the rise of "AI+security"[33](index=33&type=chunk)[34](index=34&type=chunk) - Both the power industry and the real estate industry have cyclical characteristics and are susceptible to macroeconomic policies, requiring the Company to strengthen policy research and market strategy adjustments[34](index=34&type=chunk)[35](index=35&type=chunk) [Significant Changes in Major Assets](index=11&type=section&id=%E4%BA%8C%E3%80%81%E4%B8%BB%E8%A6%81%E8%B5%84%E4%BA%A7%E9%87%8D%E5%A4%A7%E5%8F%98%E5%8C%96%E6%83%85%E5%86%B5) During the reporting period, construction in progress increased due to a wholly-owned subsidiary's office facility upgrade project, with no significant overseas assets Significant Changes in Major Assets | Major Asset | Explanation of Significant Change | | :--- | :--- | | Construction in Progress | Increase in construction in progress due to Shenghui office facility improvement project | - The Company had no major overseas assets during the reporting period[38](index=38&type=chunk) [Analysis of Core Competitiveness](index=11&type=section&id=%E4%B8%89%E3%80%81%E6%A0%B8%E5%BF%83%E7%AB%9E%E4%BA%89%E5%8A%9B%E5%88%86%E6%9E%90) The Company's core competitiveness stems from its comprehensive strategic layout, stable client base, continuous R&D innovation, and strong qualifications and brand reputation, all contributing to enhanced market position - The Company expanded its production capacity by enlarging factory buildings, commissioning the Shenghui Holdings integrated building, and actively introducing intelligent production equipment, while focusing on smart city construction, smart communities, and public security to build basic IoT equipment and ecological platforms[38](index=38&type=chunk) - The Company possesses stable, high-quality clients in the power, real estate, petroleum, petrochemical, and metallurgy industries, having accumulated deep client resources and high recognition through efficient service and rapid response[38](index=38&type=chunk) - The new integrated building of Shenghui Holdings, including a design R&D center, creative incubation center, and analysis and testing center, has been put into use, continuously enhancing R&D platform capabilities with an R&D team of over **300** people, holding **270** patents and **12** software copyrights[39](index=39&type=chunk) - The Company's Shenzhen R&D center officially launched, focusing on cutting-edge application R&D in artificial intelligence, IoT, and big data, accelerating technological innovation and promoting high-quality business growth[39](index=39&type=chunk)[40](index=40&type=chunk) - The Company and its subsidiary Shenghui Holdings are both National High-tech Enterprises, having received numerous industry certifications and honors, such as "Shandong Famous Brand," "Sinopec Class A Supplier," and "Guangdong Top 500 Enterprise," and have established close cooperative relationships with Country Garden, ABB, Schneider, and others[41](index=41&type=chunk)[42](index=42&type=chunk) Section IV Management Discussion and Analysis [Overview](index=13&type=section&id=%E4%B8%80%E3%80%81%E6%A6%82%E8%BF%B0) The Company's core businesses include electrical equipment, LED lighting, smart communities, and public security, achieving **RMB 1.904 billion** in operating revenue, a **4.02%** increase, despite a **1.33%** net profit decline, with electrical equipment as the main driver - The Company's main businesses include electrical complete equipment (revenue share **67.52%**), LED lighting (revenue share **23.65%**), and smart community and public security (revenue share **8.83%**)[44](index=44&type=chunk) - During the reporting period, the Company overcame the impact of the COVID-19 pandemic, actively resumed work and production, achieving total operating revenue of **RMB 1.904 billion**, a year-on-year increase of **4.02%**[44](index=44&type=chunk)[45](index=45&type=chunk) - Operating profit was **RMB 320 million**, a year-on-year decrease of **0.42%**; total profit was **RMB 319 million**, a year-on-year decrease of **0.64%**; net profit was **RMB 276 million**, a year-on-year decrease of **1.33%**[45](index=45&type=chunk) [Analysis of Main Business](index=13&type=section&id=%E4%BA%8C%E3%80%81%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) Main business revenue increased by **4.02%**, but rising costs led to lower gross profit, while sales and administrative expenses significantly decreased, and operating cash flow improved by **132.63%**, with LED lighting and smart community showing strong growth Year-on-Year Changes in Key Financial Data | Indicator | This Reporting Period (RMB) | Prior Period (RMB) | Year-on-Year Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 1,903,603,351.87 | 1,829,964,054.86 | 4.02% | Sales increase | | Operating Cost | 1,338,747,329.64 | 1,074,827,753.06 | 24.55% | Decrease in gross profit, increase in cost | | Selling Expenses | 38,591,325.87 | 126,108,122.88 | -69.40% | Decrease in salaries, freight, and advertising expenses | | Administrative Expenses | 55,705,662.54 | 167,779,900.51 | -66.80% | Accrual of excess performance bonuses in prior period | | Financial Expenses | 52,503,581.38 | 37,810,818.65 | 38.86% | Increase in loan interest | | R&D Investment | 55,034,495.93 | 72,978,980.68 | -24.59% | R&D slowed due to pandemic | | Net Cash Flow from Operating Activities | 255,123,572.40 | -781,826,164.77 | 132.63% | Increased collection efforts and maturity of acceptance bills | | Net Cash Flow from Investing Activities | -119,887,449.54 | -71,517,492.39 | -67.63% | Payment for acquisition of Shenghui Holdings | | Net Cash Flow from Financing Activities | 113,271,729.13 | 435,468,014.52 | -73.99% | Improved operating cash flow, eased financing | | Net Increase in Cash and Cash Equivalents | 248,507,851.99 | -417,875,642.64 | 159.47% | More cash on hand due to collections and maturity of acceptance bills | Products or Services Accounting for Over 10% of Revenue | Product or Service | Operating Revenue (RMB) | Operating Cost (RMB) | Gross Profit Margin | Operating Revenue Year-on-Year Change | Operating Cost Year-on-Year Change | Gross Profit Margin Year-on-Year Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | High and Low Voltage Complete Equipment | 1,285,386,342.39 | 955,622,672.06 | 25.65% | -5.65% | 19.23% | -15.51% | | LED Lighting Equipment and Installation | 450,173,686.65 | 278,157,524.27 | 38.21% | 33.65% | 42.09% | -3.67% | | Smart Community | 168,043,322.83 | 104,967,133.31 | 37.54% | 28.47% | 35.30% | -3.15% | | Electrical Machinery and Equipment Manufacturing Industry | 1,887,643,309.90 | 1,335,341,943.05 | 29.26% | 3.59% | 24.91% | -12.08% | | South China Region | 753,687,731.92 | 552,396,535.71 | 26.71% | 52.80% | 74.73% | -9.20% | | East China Region | 546,053,892.07 | 374,129,943.60 | 31.48% | -18.78% | -1.79% | -11.85% | | Central China Region | 225,633,924.71 | 151,560,687.98 | 32.83% | -32.13% | -16.66% | -12.47% | [Analysis of Non-Core Business](index=15&type=section&id=%E4%B8%89%E3%80%81%E9%9D%9E%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) Non-core business primarily includes investment income, asset impairment (bad debt provisions), and non-operating income/expenses, with asset impairment having a higher proportion of total profit, and these items are not sustainable Non-Core Business Analysis | Item | Amount (RMB) | Proportion of Total Profit | Explanation of Formation | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Investment Income | 2,613,021.03 | 0.82% | Wealth management income, etc. | No | | Asset Impairment | 39,456,725.40 | 12.35% | Bad debt provisions | No | | Non-operating Income | 8,822.98 | 0.00% | Other | No | | Non-operating Expenses | 914,257.87 | 0.29% | Donation expenses and others | No | [Analysis of Assets and Liabilities](index=15&type=section&id=%E5%9B%9B%E3%80%81%E8%B5%84%E4%BA%A7%E3%80%81%E8%B4%9F%E5%80%BA%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) Period-end total assets increased by **3.75%**, with significant increases in cash and fixed assets, decreases in construction in progress and inventory, and some assets subject to restrictions Significant Changes in Asset Composition | Major Asset | Amount at This Period-end (RMB) | Proportion of Total Assets | Amount at Prior Period-end (RMB) | Proportion of Total Assets | Change in Proportion | | :--- | :--- | :--- | :--- | :--- | :--- | | Cash and Bank Balances | 1,089,309,692.04 | 13.39% | 449,056,369.33 | 6.17% | 7.22% | | Accounts Receivable | 1,584,923,492.65 | 19.48% | 1,365,485,778.56 | 18.77% | 0.71% | | Inventories | 1,093,705,328.99 | 13.44% | 1,383,677,505.11 | 19.02% | -5.58% | | Long-term Equity Investments | 19,768,459.47 | 0.24% | 3,967,085.96 | 0.05% | 0.19% | | Fixed Assets | 468,763,550.82 | 5.76% | 180,964,684.95 | 2.49% | 3.27% | | Construction in Progress | 26,233,026.92 | 0.32% | 97,186,894.16 | 1.34% | -1.02% | | Short-term Borrowings | 1,233,638,549.28 | 15.16% | 985,221,445.80 | 13.54% | 1.62% | | Long-term Borrowings | 153,634,140.62 | 1.89% | 340,000,000.00 | 4.67% | -2.78% | Asset Restrictions | Item | Period-end Carrying Amount (RMB) | Reason for Restriction | | :--- | :--- | :--- | | Cash and Bank Balances | 358,502,882.40 | Bank acceptance bill deposits and others | | Fixed Assets | 12,819,326.94 | Pledged for short-term borrowings | | Intangible Assets | 13,976,672.87 | Pledged for short-term borrowings | | Notes Receivable | 443,906,142.60 | Pledged for short-term borrowings | | Accounts Receivable | 8,238,787.33 | Pledged for short-term borrowings | | Total | 837,443,812.14 | -- | [Analysis of Investment Status](index=16&type=section&id=%E4%BA%94%E3%80%81%E6%8A%95%E8%B5%84%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) The Company had no significant equity or non-equity investments, nor fair value financial assets, but utilized **RMB 497.36 million** in raised funds, exceeding the committed investment for the acquisition of Shenghui Holdings, generating **RMB 1.795 billion** in cumulative benefits, with **RMB 8 million** in outstanding wealth management products Overall Utilization of Raised Funds | Indicator | Amount (RMB 10,000) | | :--- | :--- | | Total Raised Funds | 49,222.82 | | Total Raised Funds Invested in Reporting Period | 9,735.70 | | Total Raised Funds Cumulatively Invested | 49,735.70 | | Total Raised Funds with Cumulative Change in Use | 0 | | Proportion of Total Raised Funds with Cumulative Change in Use | 0.00% | - The raised funds were primarily used to pay the cash consideration for the acquisition of **100%** equity in Shenghui Holdings, having generated cumulative benefits of **RMB 1.795 billion** as of the end of the reporting period[63](index=63&type=chunk) - The Company's entrusted wealth management transactions amounted to **RMB 148 million** during the reporting period, with an outstanding balance of **RMB 8 million** at period-end, all being bank wealth management products with no overdue unrecovered amounts[69](index=69&type=chunk) [Significant Asset and Equity Sales](index=19&type=section&id=%E5%85%AD%E3%80%81%E9%87%8D%E5%A4%A7%E8%B5%84%E4%BA%A7%E5%92%8C%E8%82%A1%E6%9D%83%E5%87%BA%E5%94%AE) The Company did not engage in any significant asset or equity sales during the reporting period - The Company did not sell significant assets or equity during the reporting period[71](index=71&type=chunk)[72](index=72&type=chunk) [Analysis of Major Holding and Participating Companies](index=19&type=section&id=%E4%B8%83%E3%80%81%E4%B8%BB%E8%A6%81%E6%8E%A7%E8%82%A1%E5%8F%82%E8%82%A1%E5%85%AC%E5%8F%B8%E5%88%86%E6%9E%90) The main subsidiary, Shenghui Holdings, with **RMB 450 million** in registered capital, focuses on electrical equipment, LED lighting, smart communities, and public security, reporting **RMB 5.893 billion** in total assets, **RMB 1.952 billion** in net assets, **RMB 1.821 billion** in revenue, and **RMB 267 million** in net profit Financial Performance of Major Subsidiary Shenghui Holdings Co., Ltd. | Company Name | Company Type | Main Business | Registered Capital (RMB) | Total Assets (RMB) | Net Assets (RMB) | Operating Revenue (RMB) | Net Profit (RMB) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Shenghui Holdings Co., Ltd. | Subsidiary | High and Low Voltage Complete Equipment, LED Lighting, Smart Community and Public Security | 450,000,000 | 5,892,545,228.13 | 1,952,021,474.67 | 1,820,980,440.24 | 267,408,899.95 | - The Company did not acquire or dispose of any subsidiaries during the reporting period[74](index=74&type=chunk) [Information on Structured Entities Controlled by the Company](index=20&type=section&id=%E5%85%AB%E3%80%81%E5%85%AC%E5%8F%B8%E6%8E%A7%E5%88%B6%E7%9A%84%E7%BB%93%E6%9E%84%E5%8C%96%E4%B8%BB%E4%BD%93%E6%83%85%E5%86%B5) The Company had no controlled structured entities during the reporting period - The Company had no controlled structured entities during the reporting period[74](index=74&type=chunk) [Risks Faced by the Company and Countermeasures](index=20&type=section&id=%E4%B9%9D%E3%80%81%E5%85%AC%E5%8F%B8%E9%9D%A2%E4%B8%B4%E7%9A%84%E9%A3%8E%E9%99%A9%E5%92%8C%E5%BA%94%E5%AF%B9%E6%8E%AA%E6%96%BD) The Company faces risks from customer concentration, large accounts receivable, goodwill impairment, and high inventory, addressed by diversifying clients, improving receivables management, expanding financing, and enhancing inventory control - The Company's major customers are concentrated in the real estate industry, facing risks from downstream industry policies and customer concentration, which it is mitigating by expanding to well-known real estate developers like Vanke and Sunac, and increasing penetration into municipal engineering and rail transit projects[74](index=74&type=chunk)[75](index=75&type=chunk) - The Company has a large balance of accounts receivable, primarily from Country Garden, posing cash flow pressure risks; it has implemented strict internal controls, intensified collection efforts, and expanded financing channels, leading to significant improvement in operating cash flow during the reporting period[75](index=75&type=chunk)[76](index=76&type=chunk) - The Company faces goodwill impairment risk, but Shenghui Holdings achieved a net profit of **RMB 267 million** in the first half, demonstrating good profitability, and no goodwill impairment was recognized at period-end, with the Company leveraging M&A synergies to mitigate risk[76](index=76&type=chunk)[77](index=77&type=chunk) - The Company has a large inventory balance, accounting for **13.44%** of total assets, posing liquidity risk; operating primarily on a "make-to-order" model, the inventory balance proportion decreased by **5.58%** at period-end, and the Company will continue to strengthen inventory management to improve turnover speed[77](index=77&type=chunk) [Registration Form for Research, Communication, Interview, and Other Activities During the Reporting Period](index=21&type=section&id=%E5%8D%81%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E6%8E%A5%E5%BE%85%E8%B0%83%E7%A0%94%E3%80%81%E6%B2%9F%E9%80%9A%E3%80%81%E9%87%87%E8%AE%BF%E7%AD%89%E6%B4%BB%E5%8A%A8%E7%99%BB%E8%AE%B0%E8%A1%A8) During the reporting period, the Company hosted four institutional research activities, including phone calls and on-site visits, involving 19 institutions such as CITIC Securities, Guosheng Securities, and Tianhong Asset Management, with discussion content disclosed on Juchao Information Website - The Company hosted four institutional research activities on May 29, June 1, June 16, and June 30, 2020, including phone calls and on-site visits[79](index=79&type=chunk) - The participants included a total of **19** institutions such as CITIC Securities, Guosheng Securities, Tianhong Asset Management, Qianhai United, Winlion Investment, Zhengjian Investment, Chunjiang Capital, Leijun Asset, Dunhe Asset, Yuan Cheng Fund, and Wanlian Securities[79](index=79&type=chunk) - The main discussion content and provided materials have been disclosed on the Juchao Information Website[79](index=79&type=chunk) Section V Significant Events [Information on Annual General Meetings and Extraordinary General Meetings Held During the Reporting Period](index=22&type=section&id=%E4%B8%80%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%8F%AC%E5%BC%80%E7%9A%84%E5%B9%B4%E5%BA%A6%E8%82%A1%E4%B8%9C%E5%A4%A7%E4%BC%9A%E5%92%8C%E4%B8%B4%E6%97%B6%E8%82%A1%E4%B8%9C%E5%A4%A7%E4%BC%9A%E7%9A%84%E6%9C%89%E5%85%B3%E6%83%85%E5%86%B5) During the reporting period, the Company held its 2020 First Extraordinary General Meeting and 2019 Annual General Meeting, with investor participation rates of **50.00%** and **49.99%** respectively, and no requests for extraordinary meetings from preferred shareholders Shareholder Meetings During the Reporting Period | Meeting Session | Meeting Type | Investor Participation Rate | Date Held | Disclosure Date | Disclosure Index | | :--- | :--- | :--- | :--- | :--- | :--- | | 2020 First Extraordinary General Meeting | Extraordinary General Meeting | 50.00% | January 16, 2020 | January 16, 2020 | Juchao Information Website | | 2019 Annual General Meeting | Annual General Meeting | 49.99% | May 07, 2020 | May 07, 2020 | Juchao Information Website | - The Company had no preferred shareholders with restored voting rights requesting to convene an extraordinary general meeting[83](index=83&type=chunk) [Profit Distribution and Capital Reserve Conversion to Share Capital for This Reporting Period](index=22&type=section&id=%E4%BA%8C%E3%80%81%E6%9C%AC%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%88%A9%E6%B6%A6%E5%88%86%E9%85%8D%E5%8F%8A%E8%B5%84%E6%9C%AC%E5%85%AC%E7%A7%AF%E9%87%91%E8%BD%AC%E5%A2%9E%E8%82%A1%E6%9C%AC%E6%83%85%E5%86%B5) The Company plans no cash dividends, bonus shares, or capital reserve conversions to share capital for this half-year period - The Company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for this half-year period[83](index=83&type=chunk) [Commitments Fulfilled and Overdue Unfulfilled by Actual Controller, Shareholders, Related Parties, Acquirers, and the Company During and as of the End of the Reporting Period](index=22&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E5%AE%9E%E9%99%85%E6%8E%A7%E5%88%B6%E4%BA%BA%E3%80%81%E8%82%A1%E4%B8%9C%E3%80%81%E5%85%B3%E8%81%94%E6%96%B9%E3%80%81%E6%94%B6%E8%B4%AD%E4%BA%BA%E4%BB%A5%E5%8F%8A%E5%85%AC%E5%8F%B8%E7%AD%89%E6%89%BF%E8%AF%BA%E7%9B%B8%E5%85%B3%E6%96%B9%E5%9C%A8%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%B1%A5%E8%A1%8C%E5%AE%8C%E6%AF%95%E5%8F%8A%E6%88%AA%E8%87%B3%E6%8A%A5%E5%91%8A%E6%9C%AB%E8%B6%85%E6%9C%9F%E6%9C%AA%E5%B1%A5%E8%A1%8C%E5%AE%8C%E6%AF%95%E7%9A%84%E6%89%BF%E8%AF%BA%E4%BA%8B%E9%A1%B9) During the reporting period, performance commitments and compensation arrangements related to the acquisition of **100%** equity in Shenghui Holdings by Li Zhaoqiang and Song Ye were fulfilled, as were share reduction commitments by Ji Faqing and Laiyang Weihong Investment - Li Zhaoqiang and Song Ye's performance commitments and compensation arrangements for Shenghui Electronics for **2017-2019**, with a total promised net profit of no less than **RMB 655 million**, have been fulfilled[84](index=84&type=chunk)[85](index=85&type=chunk)[86](index=86&type=chunk)[87](index=87&type=chunk) - Ji Faqing and Laiyang Weihong Investment Co., Ltd.'s commitments to reduce shares within two years after the lock-up period, with a reduction price no lower than the issuance price, have been fulfilled[87](index=87&type=chunk) [Appointment and Dismissal of Accounting Firms](index=26&type=section&id=%E5%9B%9B%E3%80%81%E8%81%98%E4%BB%BB%E3%80%81%E8%A7%A3%E8%81%98%E4%BC%9A%E8%AE%A1%E5%B8%88%E4%BA%8B%E5%8A%A1%E6%89%80%E6%83%85%E5%86%B5) The Company's semi-annual financial report was unaudited, and no accounting firm was appointed or dismissed during the reporting period - The Company's semi-annual report is unaudited[88](index=88&type=chunk) [Explanation by the Board of Directors and Supervisory Committee on the Accounting Firm's "Non-Standard Audit Report" for This Reporting Period](index=26&type=section&id=%E4%BA%94%E3%80%81%E8%91%A3%E4%BA%8B%E4%BC%9A%E3%80%81%E7%9B%91%E4%BA%8B%E4%BC%9A%E5%AF%B9%E4%BC%9A%E8%AE%A1%E5%B8%88%E4%BA%8B%E5%8A%A1%E6%89%80%E6%9C%AC%E6%8A%A5%E5%91%8A%E6%9C%9F%22%E9%9D%9E%E6%A0%87%E5%87%86%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A%22%E7%9A%84%E8%AF%B4%E6%98%8E) The Company's semi-annual report was unaudited, thus the Board of Directors and Supervisory Committee do not need to provide an explanation for a "non-standard audit report" for this reporting period - The Company's semi-annual report is unaudited, so this explanation is not applicable[89](index=89&type=chunk) [Explanation by the Board of Directors on the "Non-Standard Audit Report" for the Prior Year](index=26&type=section&id=%E5%85%AD%E3%80%81%E8%91%A3%E4%BA%8B%E4%BC%9A%E5%AF%B9%E4%B8%8A%E5%B9%B4%E5%BA%A6%22%E9%9D%9E%E6%A0%87%E5%87%86%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A%22%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5%E7%9A%84%E8%AF%B4%E6%98%8E) The Company had no explanation regarding the "non-standard audit report" for the prior year during the reporting period - The Company had no explanation regarding the "non-standard audit report" for the prior year during the reporting period[89](index=89&type=chunk) [Bankruptcy and Reorganization Matters](index=26&type=section&id=%E4%B8%83%E3%80%81%E7%A0%B4%E4%BA%A7%E9%87%8D%E6%95%B4%E7%9B%B8%E5%85%B3%E4%BA%8B%E9%A1%B9) The Company had no bankruptcy or reorganization matters during the reporting period - The Company had no bankruptcy or reorganization matters during the reporting period[89](index=89&type=chunk) [Litigation Matters](index=26&type=section&id=%E5%85%AB%E3%80%81%E8%AF%89%E8%AE%BC%E4%BA%8B%E9%A1%B9) The Company had no major litigation or arbitration during the reporting period, but other litigation matters totaled **RMB 20.99 million**, without forming a provision - The Company had no major litigation or arbitration matters during this reporting period[90](index=90&type=chunk) Other Litigation Matters | Basic Information on Litigation (Arbitration) | Amount Involved (RMB 10,000) | Whether a Provision is Formed | | :--- | :--- | :--- | | Total Other Litigation | 2,099.33 | No | [Media Scrutiny](index=26&type=section&id=%E4%B9%9D%E3%80%81%E5%AA%92%E4%BD%93%E8%B4%A8%E7%96%91%E6%83%85%E5%86%B5) The Company had no widespread media scrutiny during the reporting period - The Company had no widespread media scrutiny during this reporting period[91](index=91&type=chunk) [Penalties and Rectification](index=26&type=section&id=%E5%8D%81%E3%80%81%E5%A4%84%E7%BD%9A%E5%8F%8A%E6%95%B4%E6%94%B9%E6%83%85%E5%86%B5) The Company had no penalties or rectification matters during the reporting period - The Company had no penalties or rectification matters during the reporting period[92](index=92&type=chunk) [Integrity Status of the Company, its Controlling Shareholder, and Actual Controller](index=26&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E5%8F%8A%E5%85%B6%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E3%80%81%E5%AE%9E%E9%99%85%E6%8E%A7%E5%88%B6%E4%BA%BA%E7%9A%84%E8%AF%9A%E4%BF%A1%E7%8A%B6%E5%86%B5) The Company had no issues regarding the integrity status of itself, its controlling shareholder, or its actual controller during the reporting period - The Company had no issues regarding the integrity status of itself, its controlling shareholder, or its actual controller during the reporting period[93](index=93&type=chunk) [Implementation of Company Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=27&type=section&id=%E5%8D%81%E4%BA%8C%E3%80%81%E5%85%AC%E5%8F%B8%E8%82%A1%E6%9D%83%E6%BF%80%E5%8A%B1%E8%AE%A1%E5%88%92%E3%80%81%E5%91%98%E5%B7%A5%E6%8C%81%E8%82%A1%E8%AE%A1%E5%88%92%E6%88%96%E5%85%B6%E4%BB%96%E5%91%98%E5%B7%A5%E6%BF%80%E5%8A%B1%E6%8E%AA%E6%96%BD%E7%9A%84%E5%AE%9E%E6%96%BD%E6%83%85%E5%86%B5) During the reporting period, conditions for the first tranche of the third restricted stock incentive plan and the second tranche of the second restricted stock incentive plan were met, allowing **14** grantees to unlock **1,239,139** restricted shares - The first tranche of the Company's third restricted stock incentive plan met its unlocking conditions, allowing **11** grantees to unlock **912,900** restricted shares, with **851,700** shares actually available for listing and circulation[94](index=94&type=chunk) - The second tranche of the Company's second restricted stock incentive plan's reserved grant shares met its unlocking conditions, allowing **3** grantees to unlock **326,239** restricted shares, with **32,624** shares actually available for listing and circulation[95](index=95&type=chunk) [Significant Related Party Transactions](index=27&type=section&id=%E5%8D%81%E4%B8%89%E3%80%81%E9%87%8D%E5%A4%A7%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) The Company had no related party transactions related to daily operations, asset or equity acquisitions/disposals, joint external investments, or related party debts and credits or other significant related party transactions during the reporting period - The Company had no related party transactions related to daily operations during the reporting period[96](index=96&type=chunk) - The Company had no related party transactions involving asset or equity acquisitions or disposals during the reporting period[97](index=97&type=chunk) - The Company had no related party debts or credits during the reporting period[99](index=99&type=chunk) [Significant Contracts and Their Performance](index=27&type=section&id=%E5%8D%81%E5%9B%9B%E3%80%81%E9%87%8D%E5%A4%A7%E5%90%88%E5%90%8C%E5%8F%8A%E5%85%B6%E5%B1%A5%E8%A1%8C%E6%83%85%E5%86%B5) The Company had no entrustment, contracting, or leasing matters, but provided several joint liability guarantees for its subsidiary Shenghui Holdings, totaling **RMB 1.002 billion** at period-end, representing **27.00%** of net assets, with no irregular external guarantees or other significant contracts - The Company had no entrustment, contracting, or leasing arrangements during the reporting period[101](index=101&type=chunk)[102](index=102&type=chunk)[103](index=103&type=chunk) Company Guarantees for Subsidiaries | Guaranteed Party Name | Guaranteed Amount (RMB 10,000) | Actual Guaranteed Amount (RMB 10,000) | Guarantee Type | Guarantee Period | Whether Fulfilled | | :--- | :--- | :--- | :--- | :--- | :--- | | Shenghui Holdings Co., Ltd. | 12,000 | 2,500 | Joint and Several Liability Guarantee | 2019/6/26-2020-6-14 | No | | Shenghui Holdings Co., Ltd. | 16,000 | 8,430 | Joint and Several Liability Guarantee | 2019/2/27-2020/1/27 | Yes | | Shenghui Holdings Co., Ltd. | 18,000 | 8,430 | Joint and Several Liability Guarantee | 2020/5/13-2021/5/12 | No | | Shenghui Holdings Co., Ltd. | 55,000 | 38,000 | Joint and Several Liability Guarantee | 2019/11/7-2020/11/7 | No | | Shenghui Holdings Co., Ltd. | 72,500 | 34,997.65 | Joint and Several Liability Guarantee | 2019/3/29-2020/3/28 | Yes | | Shenghui Holdings Co., Ltd. | 82,500 | 35,000 | Joint and Several Liability Guarantee | 2020/3/23-2022/3/22 | No | | Shenghui Holdings Co., Ltd. | 10,000 | 8,850 | Joint and Several Liability Guarantee | 2019/3/18-2020-3-17 | Yes | | Shenghui Holdings Co., Ltd. | 10,000 | 8,850 | Joint and Several Liability Guarantee | 2020/5/18-2021/5/17 | No | | Shenghui Holdings Co., Ltd. | 5,000 | 4,400 | Joint and Several Liability Guarantee | 2019/7/9-2020/7/9 | No | | Shenghui Holdings Co., Ltd. | 10,000 | 3,000 | Joint and Several Liability Guarantee | 2020/3/1-2021-2-28 | No | | Total Actual Guarantee Balance for Subsidiaries at Period-end | | 100,180 | | | | | Proportion of Total Actual Guarantee to Company's Net Assets | | 27.00% | | | | - The Company had no irregular external guarantees during the reporting period[107](index=107&type=chunk) - The Company had no significant contracts related to daily operations or other significant contracts during the reporting period[108](index=108&type=chunk)[109](index=109&type=chunk) [Social Responsibility](index=30&type=section&id=%E5%8D%81%E4%BA%94%E3%80%81%E7%A4%BE%E4%BC%9A%E8%B4%A3%E4%BB%BB%E6%83%85%E5%86%B5) The Company and its subsidiaries are not classified as key polluting entities by environmental protection authorities, and their product manufacturing processes do not involve heavy pollution; the Company prioritizes environmental protection and is ISO14001:2015 certified, ensuring compliance with national emission standards - The Company and its subsidiaries are not classified as key polluting entities by environmental protection authorities, and their product manufacturing processes do not involve heavy pollution[110](index=110&type=chunk) - The Company has obtained ISO14001:2015 environmental management system certification, ensuring effective disposal of industrial solid waste and compliance with national environmental standards for all pollutant emissions[110](index=110&type=chunk) [Explanation of Other Significant Matters](index=30&type=section&id=%E5%8D%81%E5%85%AD%E3%80%81%E5%85%B6%E4%BB%96%E9%87%8D%E5%A4%A7%E4%BA%8B%E9%A1%B9%E7%9A%84%E8%AF%B4%E6%98%8E) The Company had no other significant matters requiring explanation during the reporting period - The Company had no other significant matters requiring explanation during the reporting period[111](index=111&type=chunk) [Significant Matters of Company Subsidiaries](index=30&type=section&id=%E5%8D%81%E4%B8%83%E3%80%81%E5%85%AC%E5%8F%B8%E5%AD%90%E5%85%AC%E5%8F%B8%E9%87%8D%E5%A4%A7%E4%BA%8B%E9%A1%B9) The Company had no significant matters concerning its subsidiaries during the reporting period - The Company had no significant matters concerning its subsidiaries during the reporting period[112](index=112&type=chunk) Section VI Share Changes and Shareholder Information [Share Change Information](index=31&type=section&id=%E4%B8%80%E3%80%81%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) During the reporting period, total shares remained unchanged, but restricted shares decreased by **9,411,442**, with a corresponding increase in unrestricted shares, primarily due to executive transfer quota changes and restricted stock unlocks, without significant financial impact Share Change Information (shares) | Item | Quantity Before This Change | Proportion Before This Change | Increase/Decrease in This Change (Subtotal) | Quantity After This Change | Proportion After This Change | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 252,084,626 | 50.49% | -9,411,442 | 242,673,184 | 48.60% | | II. Unrestricted Shares | 247,223,564 | 49.51% | 9,411,442 | 256,635,006 | 51.40% | | III. Total Shares | 499,308,190 | 100.00% | 0 | 499,308,190 | 100.00% | - Share changes were primarily due to changes in the transferable quotas for directors, supervisors, and senior management, as well as the unlocking of the Company's third and second restricted stock incentive plans[115](index=115&type=chunk)[116](index=116&type=chunk)[117](index=117&type=chunk) - All share changes have been registered with the Shenzhen Branch of China Securities Depository and Clearing Corporation Limited[118](index=118&type=chunk) - The share changes had no significant impact on basic and diluted earnings per share, or net assets per common share attributable to the Company's common shareholders for the most recent year and period[118](index=118&type=chunk) Restricted Share Change Information (shares) | Shareholder Name | Restricted Shares at Period Start | Restricted Shares Released This Period | Restricted Shares Increased This Period | Restricted Shares at Period End | Reason for Restriction | | :--- | :--- | :--- | :--- | :--- | :--- | | Ji Faqing | 100,128,340 | 7,488,943 | 0 | 92,639,397 | Executive Lock-up Shares | | Li Zhaoqiang | 114,362,999 | 0 | 0 | 114,362,999 | Post-IPO Restricted Shares, Executive Lock-up Shares | | Song Ye | 22,561,502 | 0 | 0 | 22,561,502 | Post-IPO Restricted Shares | | CHANG PENG | 1,615,000 | 484,500 | 0 | 1,130,500 | Equity Incentive Restricted Shares | | Total | 252,084,626 | 9,411,442 | 0 | 242,673,184 | -- | [Securities Issuance and Listing Information](index=33&type=section&id=%E4%BA%8C%E3%80%81%E8%AF%81%E5%88%B8%E5%8F%91%E8%A1%8C%E4%B8%8E%E4%B8%8A%E5%B8%82%E6%83%85%E5%86%B5) The Company had no securities issuance or listing during the reporting period - The Company had no securities issuance or listing during the reporting period[121](index=121&type=chunk) [Number of Shareholders and Shareholding Information](index=33&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E8%82%A1%E4%B8%9C%E6%95%B0%E9%87%8F%E5%8F%8A%E6%8C%81%E8%82%A1%E6%83%85%E5%86%B5) At period-end, there were **12,913** common shareholders, with Ji Faqing as the controlling shareholder and actual controller, holding **29.77%** directly and indirectly, and the top three shareholders being Ji Faqing, Li Zhaoqiang, and Laiyang Weihong Investment, with some shares pledged - The total number of common shareholders at the end of the reporting period was **12,913**[122](index=122&type=chunk) Shareholding Information of Common Shareholders Holding 5% or More or Top 10 Shareholders | Shareholder Name | Shareholder Nature | Shareholding Proportion | Number of Shares Held at Period-end (shares) | Number of Restricted Shares Held (shares) | Number of Unrestricted Shares Held (shares) | Pledge or Freeze Status (number) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Ji Faqing | Domestic Natural Person | 24.74% | 123,519,196 | 92,639,397 | 30,879,799 | Pledged 79,429,900 | | Li Zhaoqiang | Domestic Natural Person | 23.07% | 115,194,849 | 114,362,999 | 831,850 | Pledged 111,860,000 | | Laiyang Weihong Investment Co., Ltd. | Domestic Non-state-owned Legal Person | 5.03% | 25,106,075 | 0 | 25,106,075 | Pledged 10,570,000 | | Song Ye | Domestic Natural Person | 4.52% | 22,561,502 | 22,561,502 | 0 | | | Ningbo Jundu Shangzuo Equity Investment Partnership (Limited Partnership) | Domestic Non-state-owned Legal Person | 4.40% | 21,982,253 | 0 | 21,982,253 | | - Ji Faqing and Laiyang Weihong Investment Co., Ltd. are parties acting in concert[123](index=123&type=chunk) [Changes in Controlling Shareholder or Actual Controller](index=34&type=section&id=%E5%9B%9B%E3%80%81%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E6%88%96%E5%AE%9E%E9%99%85%E6%8E%A7%E5%88%B6%E4%BA%BA%E5%8F%98%E6%9B%B4%E6%83%85%E5%86%B5) The Company's controlling shareholder and actual controller remained unchanged during the reporting period - The Company's controlling shareholder remained unchanged during the reporting period[125](index=125&type=chunk) - The Company's actual controller remained unchanged during the reporting period[125](index=125&type=chunk) Section VII Preferred Shares [Preferred Shares Information](index=36&type=section&id=%E4%BC%98%E5%85%88%E8%82%A1%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) The Company had no preferred shares during the reporting period - The Company had no preferred shares during the reporting period[127](index=127&type=chunk) Section VIII Convertible Corporate Bonds [Convertible Corporate Bonds Information](index=37&type=section&id=%E5%8F%AF%E8%BD%AC%E6%8D%A2%E5%85%AC%E5%8F%B8%E5%80%BA%E5%88%B8%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) The Company had no convertible corporate bonds during the reporting period - The Company had no convertible corporate bonds during the reporting period[130](index=130&type=chunk) Section IX Information on Directors, Supervisors, and Senior Management [Changes in Shareholdings of Directors, Supervisors, and Senior Management](index=38&type=section&id=%E4%B8%80%E3%80%81%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%91%E4%BA%8B%E5%92%8C%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E6%8C%81%E8%82%A1%E5%8F%98%E5%8A%A8) During the reporting period, the total shareholdings of the Company's directors, supervisors, and senior management slightly decreased, mainly due to reductions by He Zhibo and Wei Chunmei, with some executives holding restricted shares and changes in the number of restricted shares granted at period-end Changes in Shareholdings of Directors, Supervisors, and Senior Management (shares) | Name | Position | Shares Held at Period Start | Shares Reduced This Period | Shares Held at Period End | Number of Restricted Shares Granted at Period End | | :--- | :--- | :--- | :--- | :--- | :--- | | Ji Faqing | Chairman | 123,519,196 | 0 | 123,519,196 | 0 | | Li Zhaoqiang | Director, President | 115,194,849 | 0 | 115,194,849 | 0 | | Liu Yunpeng | Director, General Manager | 3,699,045 | 0 | 3,699,045 | 521,983 | | Cui Jing | Director, Board Secretary, Deputy General Manager | 1,898,233 | 0 | 1,898,233 | 440,422 | | Zhang Yi | Director, Financial Controller | 1,224,000 | 0 | 1,224,000 | 856,800 | | He Zhibo | Deputy General Manager | 992,593 | 99,031 | 893,562 | 81,561 | | Wei Chunmei | Deputy General Manager | 1,135,765 | 4,600 | 1,131,165 | 81,561 | | Xu Kefeng | Deputy General Manager | 456,156 | 0 | 456,156 | 81,561 | | Total | -- | 248,689,203 | 103,631 | 248,585,572 | 2,063,888 | [Changes in Company Directors, Supervisors, and Senior Management](index=38&type=section&id=%E4%BA%8C%E3%80%81%E5%85%AC%E5%8F%B8%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%91%E4%BA%8B%E3%80%81%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) The Company's directors, supervisors, and senior management remained unchanged during the reporting period, with specific details available in the 2019 annual report - The Company's directors, supervisors, and senior management remained unchanged during the reporting period; specific details can be found in the 2019 annual report[134](index=134&type=chunk) Section X Corporate Bonds [Corporate Bonds Information](index=39&type=section&id=%E5%85%AC%E5%8F%B8%E5%80%BA%E5%88%B8%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) The Company had no corporate bonds publicly issued and listed on a stock exchange that were not due or not fully redeemed as of the approval date of the semi-annual report - The Company had no corporate bonds publicly issued and listed on a stock exchange that were not due or not fully redeemed as of the approval date of the semi-annual report[136](index=136&type=chunk) Section XI Financial Report [Audit Report](index=40&type=section&id=%E4%B8%80%E3%80%81%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A) The Company's semi-annual financial report is unaudited - The Company's semi-annual financial report is unaudited[138](index=138&type=chunk) [Financial Statements](index=40&type=section&id=%E4%BA%8C%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8) This section presents the Company's 2020 semi-annual consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in equity, providing a comprehensive view of financial performance - The consolidated balance sheet shows period-end cash and bank balances of **RMB 1.089 billion**, notes receivable of **RMB 2.054 billion**, accounts receivable of **RMB 1.585 billion**, inventories of **RMB 1.094 billion**, and total assets of **RMB 8.135 billion**[140](index=140&type=chunk) - The consolidated income statement shows semi-annual total operating revenue of **RMB 1.904 billion**, net profit of **RMB 276 million**, and basic earnings per share of **RMB 0.56**[148](index=148&type=chunk)[150](index=150&type=chunk) - The consolidated cash flow statement shows net cash flow from operating activities of **RMB 255 million**, net cash flow from investing activities of **-RMB 120 million**, and net cash flow from financing activities of **RMB 113 million**[155](index=155&type=chunk)[157](index=157&type=chunk) [Consolidated Balance Sheet](index=40&type=section&id=1%E3%80%81%E5%90%88%E5%B9%B6%E8%B5%84%E4%BA%A7%E8%B4%9F%E5%80%BA%E8%A1%A8) As of June 30, 2020, consolidated total assets were **RMB 8.135 billion**, a **3.75%** increase from year-end, with total liabilities of **RMB 4.425 billion** and total owner's equity of **RMB 3.710 billion** Key Consolidated Balance Sheet Data (June 30, 2020) | Item | June 30, 2020 (RMB) | December 31, 2019 (RMB) | | :--- | :--- | :--- | | Cash and Bank Balances | 1,089,309,692.04 | 790,991,954.75 | | Notes Receivable | 2,053,862,974.43 | 2,291,037,188.81 | | Accounts Receivable | 1,584,923,492.65 | 1,107,237,853.21 | | Inventories | 1,093,705,328.99 | 1,390,796,653.11 | | Total Assets | 8,135,104,012.23 | 7,841,356,297.06 | | Short-term Borrowings | 1,233,638,549.28 | 964,586,519.12 | | Accounts Payable | 1,304,302,588.66 | 1,063,058,329.37 | | Total Liabilities | 4,424,883,336.62 | 4,376,990,979.81 | | Total Equity Attributable to Parent Company Owners | 3,710,220,675.61 | 3,464,365,317.25 | [Parent Company Balance Sheet](index=43&type=section&id=2%E3%80%81%E6%AF%8D%E5%85%AC%E5%8F%B8%E8%B5%84%E4%BA%A7%E8%B4%9F%E5%80%BA%E8%A1%A8) As of June 30, 2020, parent company total assets were **RMB 3.217 billion**, a **7.64%** decrease from year-end, with total liabilities of **RMB 558 million** and total owner's equity of **RMB 2.658 billion** Key Parent Company Balance Sheet Data (June 30, 2020) | Item | June 30, 2020 (RMB) | December 31, 2019 (RMB) | | :--- | :--- | :--- | | Cash and Bank Balances | 149,032,751.70 | 239,417,317.06 | | Accounts Receivable | 293,053,274.84 | 452,806,121.99 | | Long-term Equity Investments | 2,415,919,435.20 | 2,412,293,100.00 | | Total Assets | 3,216,737,017.34 | 3,482,662,016.10 | | Short-term Borrowings | 232,506,967.92 | 218,520,894.06 | | Total Liabilities | 558,312,935.59 | 927,921,482.65 | | Total Owner's Equity | 2,658,424,081.75 | 2,554,740,533.45 | [Consolidated Income Statement](index=46&type=section&id=3%E3%80%81%E5%90%88%E5%B9%B6%E5%88%A9%E6%B6%A6%E8%A1%A8) For the first half of 2020, consolidated total operating revenue was **RMB 1.904 billion**, up **4.02%**, with operating profit of **RMB 320 million**, net profit of **RMB 276 million**, and basic EPS of **RMB 0.56**, while sales and administrative expenses significantly decreased Key Consolidated Income Statement Data (First Half of 2020) | Item | First Half of 2020 (RMB) | First Half of 2019 (RMB) | | :--- | :--- | :--- | | Total Operating Revenue | 1,903,603,351.87 | 1,829,964,054.86 | | Total Operating Costs | 1,549,997,144.23 | 1,490,115,665.47 | | Selling Expenses | 38,591,325.87 | 126,108,122.88 | | Administrative Expenses | 55,705,662.54 | 167,779,900.51 | | Financial Expenses | 52,503,581.38 | 37,810,818.65 | | Operating Profit | 320,312,682.91 | 321,663,850.83 | | Net Profit | 276,463,073.66 | 280,190,064.55 | | Basic Earnings Per Share | 0.56 | 0.58 | [Parent Company Income Statement](index=48&type=section&id=4%E3%80%81%E6%AF%8D%E5%85%AC%E5%8F%B8%E5%88%A9%E6%B6%A6%E8%A1%A8) For the first half of 2020, parent company operating revenue was **RMB 250 million**, a **33.17%** decrease, while net profit increased by **61.90%** to **RMB 134 million**, driven by significant investment income growth and reduced operating expenses Key Parent Company Income Statement Data (First Half of 2020) | Item | First Half of 2020 (RMB) | First Half of 2019 (RMB) | | :--- | :--- | :--- | | Operating Revenue | 250,352,308.15 | 374,608,134.90 | | Operating Cost | 209,762,706.07 | 317,970,395.06 | | Selling Expenses | 5,618,007.58 | 8,818,671.27 | | Administrative Expenses | 10,426,817.09 | 13,748,064.91 | | R&D Expenses | 7,095,038.26 | 14,266,333.61 | | Investment Income | 126,904,500.00 | 71,765,067.61 | | Net Profit | 134,291,263.60 | 82,956,907.89 | | Basic Earnings Per Share | 0.27 | 0.17 | [Consolidated Cash Flow Statement](index=49&type=section&id=5%E3%80%81%E5%90%88%E5%B9%B6%E7%8E%B0%E9%87%91%E6%B5%81%E9%87%8F%E8%A1%A8) For the first half of 2020, net cash flow from operating activities significantly increased by **132.63%** to **RMB 255 million**, with increased investing outflows and decreased financing outflows, resulting in a period-end cash and cash equivalents balance of **RMB 731 million** Key Consolidated Cash Flow Statement Data (First Half of 2020) | Item | First Half of 2020 (RMB) | First Half of 2019 (RMB) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 255,123,572.40 | -781,826,164.77 | | Net Cash Flow from Investing Activities | -119,887,449.54 | -71,517,492.39 | | Net Cash Flow from Financing Activities | 113,271,729.13 | 435,468,014.52 | | Net Increase in Cash and Cash Equivalents | 248,507,851.99 | -417,875,642.64 | | Period-end Cash and Cash Equivalents Balance | 730,806,809.64 | 184,807,045.41 | [Parent Company Cash Flow Statement](index=51&type=section&id=6%E3%80%81%E6%AF%8D%E5%85%AC%E5%8F%B8%E7%8E%B0%E9%87%91%E6%B5%81%E9%87%8F%E8%A1%A8) For the first half of 2020, parent company net cash flow from operating activities turned positive to **RMB 37.74 million**, with net cash flow from investing activities at **RMB 36.91 million**, and financing activities at **-RMB 36.83 million**, resulting in a period-end cash and cash equivalents balance of **RMB 92.08 million** Key Parent Company Cash Flow Statement Data (First Half of 2020) | Item | First Half of 2020 (RMB) | First Half of 2019 (RMB) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 37,773,660.53 | -114,738,685.00 | | Net Cash Flow from Investing Activities | 36,908,936.32 | -131,687,482.30 | | Net Cash Flow from Financing Activities | -36,829,708.69 | 73,006,302.86 | | Net Increase in Cash and Cash Equivalents | 37,852,888.16 | -173,419,864.44 | | Period-end Cash and Cash Equivalents Balance | 92,075,101.67 | 24,362,363.91 | [Consolidated Statement of Changes in Owner's Equity](index=52&type=section&id=7%E3%80%81%E5%90%88%E5%B9%B6%E6%89%80%E6%9C%89%E8%80%85%E6%9D%83%E7%9B%8A%E5%8F%98%E5%8A%A8%E8%A1%A8) For the first half of 2020, consolidated owner's equity increased by **RMB 246 million**, primarily due to **RMB 276 million** in net profit attributable to parent company owners, **RMB 3.97 million** from share-based payments, and **RMB 44.94 million** in distributed dividends - Total comprehensive income attributable to parent company owners for this period was **RMB 276,463,073.66**[163](index=163&type=chunk) - Owner contributions and capital reductions increased owner's equity by **RMB 14,330,021.80** this period, including **RMB 3,971,735.20** from share-based payments recognized in owner's equity[163](index=163&type=chunk) - Profit distribution reduced owner's equity by **RMB 44,937,737.10** this period[163](index=163&type=chunk) - Total equity attributable to parent company owners at period-end was **RMB 3,710,220,675.61**[164](index=164&type=chunk) [Parent Company Statement of Changes in Owner's Equity](index=56&type=section&id=8%E3%80%81%E6%AF%8D%E5%85%AC%E5%8F%B8%E6%89%80%E6%9C%89%E8%80%85%E6%9D%83%E7%9B%8A%E5%8F%98%E5%8A%A8%E8%A1%A8) For the first half of 2020, parent company owner's equity increased by **RMB 104 million**, primarily from **RMB 134 million** in net profit and **RMB 3.97 million** from share-based payments, offset by **RMB 44.94 million** in distributed dividends - Total comprehensive income of the parent company for this period was **RMB 134,291,263.60**[171](index=171&type=chunk) - Owner contributions and capital reductions increased owner's equity by **RMB 14,330,021.80** this period, including **RMB 3,971,735.20** from share-based payments recognized in owner's equity[171](index=171&type=chunk) - Profit distribution reduced owner's equity by **RMB 44,937,737.10** this period[171](index=171&type=chunk) - Total owner's equity of the parent company at period-end was **RMB 2,658,424,081.75**[172](index=172&type=chunk) [Company Basic Information](index=60&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E5%9F%BA%E6%9C%AC%E6%83%85%E5%86%B5) Shandong Luyitong Intelligent Electrical Co., Ltd., established on December 11, 2003, with **RMB 499 million** in registered capital, listed on the Shenzhen Stock Exchange in 2015, primarily manufactures electrical machinery and equipment, and consolidates seven operating entities including Shenghui Holdings - The Company was established on December 11, 2003, with a registered capital of **RMB 499,308,190.00**, and its shares were listed on the Shenzhen Stock Exchange on February 17, 2015[176](index=176&type=chunk) - The Company's main business is the manufacturing of electrical machinery and equipment, with a business scope including R&D, production, sales of electrical equipment, power supply equipment, components, transmission and distribution and control equipment, and import/export business[176](index=176&type=chunk) - As of the end of the reporting period, the Company has included seven operating entities, including Shenghui Holdings Co., Ltd., in its consolidated scope[177](index=177&type=chunk) [Basis of Financial Statement Preparation](index=60&type=section&id=%E5%9B%9B%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E7%9A%84%E7%BC%96%E5%88%B6%E5%9F%BA%E7%A1%80) The Company's financial statements are prepared on a going concern basis, with no events or circumstances raising significant doubt about its ability to continue as a going concern for the next 12 months from the end of the reporting period - The Company's financial statements are prepared on a going concern basis[178](index=178&type=chunk) - The Company has no events or circumstances that would raise significant doubt about its ability to continue as a going concern for the next **12** months from the end of the reporting period[179](index=179&type=chunk) [Significant Accounting Policies and Estimates](index=60&type=section&id=%E4%BA%94%E3%80%81%E9%87%8D%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%94%BF%E7%AD%96%E5%8F%8A%E4%BC%9A%E8%AE%A1%E4%BC%B0%E8%AE%A1) This section details the Company's accounting policies and estimates for financial instrument impairment, fixed asset depreciation, intangible asset amortization, and revenue recognition, affirming compliance with accounting standards, with the new revenue standard adopted without prior period adjustments - The Company's financial statements comply with enterprise accounting standards, accurately and completely reflecting financial position, operating results, and cash flows[181](index=181&type=chunk) - In business c

山东鲁亿通智能电气股份有限公司 2020 年第一季度报告全文 山东鲁亿通智能电气股份有限公司 2020 年第一季度报告 2020-025 2020 年 04 月 1 山东鲁亿通智能电气股份有限公司 2020 年第一季度报告全文 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。 公司负责人纪法清、主管会计工作负责人张毅及会计机构负责人(会计主管 人员)王明智声明：保证季度报告中财务报表的真实、准确、完整。 2 山东鲁亿通智能电气股份有限公司 2020 年第一季度报告全文 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 追溯调整或重述原因 其他原因 | | 本报告期 | 上年同期 | | 本报告期比上年同 | | --- | --- | --- | --- | --- | | | | | | 期增减 | | | | 调整前 | 调整后 | 调整后 | | 营业总收入（元） | 584,41 ...

山东鲁亿通智能电气股份有限公司 2019 年年度报告全文 山东鲁亿通智能电气股份有限公司 2019 年年度报告 2020-012 2020 年 04 月 1 山东鲁亿通智能电气股份有限公司 2019 年年度报告全文 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证年度报告内容的真 实、准确、完整，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连 带的法律责任。 公司负责人纪法清、主管会计工作负责人张毅及会计机构负责人(会计主管 人员)王明智声明：保证年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本报告的董事会会议。 本年度报告中涉及未来计划或规划等前瞻性陈述，均不构成公司对投资者 的实质承诺，投资者及相关人士均应对此保持足够的风险认识，并且应当理解 计划、预测与承诺之间的差异。敬请投资者注意投资风险。 公司经营过程中可能存在下游行业政策及客户集中风险、应收账款及应收 票据余额较大的风险、商誉减值的风险、存货余额较大的风险等主要风险，详 细内容请参见第四节"经营情况与分析"之"九、公司未来发展的展望（三）可能 面对的风险因素和应对措施"。 公司经本次董事会审议通 ...

2019-062 2019 年 10 月 1 山东鲁亿通智能电气股份有限公司 2019 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。 山东鲁亿通智能电气股份有限公司 2019 年第三季度报告全文 山东鲁亿通智能电气股份有限公司 2019 年第三季度报告 所有董事均已出席了审议本次季报的董事会会议。 公司负责人纪法清、主管会计工作负责人张毅及会计机构负责人(会计主管 人员)王明智声明：保证季度报告中财务报表的真实、准确、完整。 2 山东鲁亿通智能电气股份有限公司 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 追溯调整或重述原因 其他原因 | | 本报告期末 | 上年度末 | | 本报告期末比上年度 | | --- | --- | --- | --- | --- | | | | | | 末增减 | | | | 调整前 | 调整后 | 调整后 | | 总资产（元） | 7,599, ...