Group 1: Market Position and Financial Performance - The company holds a leading position in the low and high voltage electrical equipment sector with an annual output value of approximately 2.3 billion CNY [2] - In 2019, the company's revenue reached 3.942 billion CNY, with a net profit of 593 million CNY [2] - The compound annual growth rate (CAGR) of revenue from 2017 to 2019 was 286.4% [2] - In Q3 of the current year, the company's revenue increased by 6.4% compared to the same period last year [5] Group 2: Research and Development Initiatives - The company has established a 1,000 square meter R&D center in Shenzhen, focusing on breakthroughs in image and voice recognition and IoT applications [3] - The company has set up multiple R&D institutions, including a postdoctoral research station, to enhance its technological innovation capabilities [3] - Collaborations with major real estate companies and state-owned enterprises have been established to explore smart community and smart construction business opportunities [3] Group 3: Cash Flow and Financial Health - The company achieved a net operating cash flow of 459 million CNY in the first three quarters of 2020 [6] - Recent improvements in cash flow are attributed to policies prioritizing cash recovery and inter-departmental collaboration [6] - The company maintains a healthy financial status, with sufficient cash flow and no longer requiring stock pledges for financing [5] Group 4: Impact of COVID-19 - The COVID-19 pandemic has had a certain impact on the company's performance, but proactive measures have been taken to mitigate losses [5] - The company quickly responded to the pandemic by launching thermal imaging temperature screening solutions for crowded areas [5]

昇辉智能科技股份有限公司 2022 年第三季度报告 证券代码：300423 证券简称：昇辉科技 公告编号：2022-042 昇辉智能科技股份有限公司 2022 年第三季度报告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 重要内容提示： 1.董事会、监事会及董事、监事、高级管理人员保证季度报告的真实、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。 2.公司负责人、主管会计工作负责人及会计机构负责人(会计主管人员)声明：保证季度报告中财务信息的真实、准确、 完整。 3.第三季度报告是否经过审计 一、主要财务数据 （一） 主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 □是 否 | | 本报告期 | 本报告期比上年同期 | 年初至报告期末 | 年初至报告期末比上 | | --- | --- | --- | --- | --- | | | | 增减 | | 年同期增减 | | 营业收入（元） | 483,270,746.40 | -32.03% | 1,745,344,960.96 | -6.26% | | 归属于 ...

1 昇辉智能科技股份有限公司 2022 年半年度报告全文 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、高级管理人员保证半年度报告内容 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。 昇辉智能科技股份有限公司 2022 年半年度报告全文 昇辉智能科技股份有限公司 2022 年半年度报告 2022 年 8 月 30 日 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的主要风险，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。 ...

昇辉智能科技股份有限公司 2022 年第一季度报告全文 证券代码：300423 证券简称：昇辉科技 公告编号：2022-032 昇辉智能科技股份有限公司 2022 年第一季度报告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 重要内容提示: 1、董事会、监事会及董事、监事、高级管理人员保证季度报告的真实、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。 2、公司负责人、主管会计工作负责人及会计机构负责人(会计主管人员)声明：保证季度报告中财务信息的真实、准确、完 整。 3、第一季度报告是否经过审计 □ 是 √ 否 一、主要财务数据 (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 1 昇辉智能科技股份有限公司 2022 年第一季度报告全文 | 除同公司正常经营业务相关的有效套期保值业务外，持有交易 性金融资产、交易性金融负债产生的公允价值变动损益，以及 | 6,629.77 | | | --- | --- | --- | | 处置交易性金融资产、交易性金融负债和可供出售金融资产取 | | | ...

昇辉智能科技股份有限公司 2021 年年度报告全文 昇辉智能科技股份有限公司 2022-010 2022 年 03 月 1 昇辉智能科技股份有限公司 2021 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。 所有董事均已出席了审议本报告的董事会会议。 2021 年度，公司实现营业收入 270,982.81 万元，较上年同期减少 35.39%； 归属于上市公司股东的净利润 20,889.09 万元，比上年同期减少 63.82%。公司 业绩出现下滑，主要原因系报告期内国内房地产市场持续调控，融资政策进一 步收紧，公司营收占比较高的房地产客户需求放缓所致。 2021 年，受宏观地产政策与金融政策的调整影响，房企新开工面积、施工 面积及竣工面积两极分化，房企以加速竣工回款为主，开工意愿明显下降。2021 年全国房地产开发企业新开工面积为 ...

[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)