[Important Notice, Table of Contents, and Definitions](index=2&type=section&id=Important%20Notice%2C%20Table%20of%20Contents%2C%20and%20Definitions) This section provides crucial risk warnings regarding the company's operations and defines key terms used throughout the report for clarity [Significant Risk Warnings](index=2&type=section&id=Significant%20Risk%20Warnings) The company explicitly outlines several core operational risks, including high reliance on national renewable energy policies, challenges from strategic transformation to wind farm operations and marine engineering manufacturing, volatile steel prices, intense market competition, rising financing costs, and the ongoing impact of the COVID-19 pandemic - Policy Change Risk: The wind power industry's development heavily relies on national support policies for feed-in tariffs, subsidies, and taxes; any policy change could impact the market demand for the company's tower products and the operating performance of new energy power stations[8](index=8&type=chunk) - Strategic Transformation Risk: The company's increased investment in wind farm operations and offshore wind power equipment manufacturing, new businesses significantly different from its original core operations, poses challenges in management, funding, technology, and talent[9](index=9&type=chunk) - Raw Material Price Volatility Risk: Steel, a primary raw material, presents a significant challenge to cost control due to price fluctuations; the company mitigates this through production-based sales, contract price adjustment mechanisms, and hedging[10](index=10&type=chunk) - Market Competition Risk: The domestic wind turbine tower industry's low concentration and intense competition result in generally low industry profit margins[14](index=14&type=chunk) - Rising Financing Cost Risk: Increased investment in wind farm development has significantly raised the company's capital requirements, with some projects utilizing higher-cost finance leases, leading to increased financial pressure[15](index=15&type=chunk) [Definitions](index=6&type=section&id=Definitions) This section defines key terms used in the report, including company entities, controlling shareholder (Zhuhai Port), actual controller (Zhuhai SASAC), main products (wind turbine towers/tower tubes), and business-related technical units (MW), providing a foundation for understanding the report's content [Company Profile and Key Financial Indicators](index=8&type=section&id=Company%20Profile%20and%20Key%20Financial%20Indicators) This section provides the company's fundamental information and presents key accounting data and financial indicators for the reporting period [Company Basic Information](index=8&type=section&id=Company%20Basic%20Information) This section provides the company's basic business registration information, including stock code (300569), full Chinese and English names, registered and office addresses, and contact details for the Board Secretary and Securities Affairs Representative [Key Accounting Data and Financial Indicators](index=9&type=section&id=Key%20Accounting%20Data%20and%20Financial%20Indicators) In 2021, the company's operating revenue grew by **19.16%** to **CNY 4.081 billion**, but net profit attributable to shareholders decreased by **7.53%** to **CNY 395 million**; net cash flow from operating activities turned negative, sharply declining by **211.08%** to **CNY -419 million**, while total assets and net assets attributable to shareholders increased by **29.83%** and **55.58%** respectively, boosted by a private placement Key Financial Performance | Indicator | 2021 (CNY) | 2020 (CNY) | YoY Change | | :--- | :--- | :--- | :--- | | **Operating Revenue** | 4,080,952,377.99 | 3,424,874,350.86 | 19.16% | | **Net Profit Attributable to Shareholders** | 395,404,335.86 | 427,584,013.95 | -7.53% | | **Net Cash Flow from Operating Activities** | -418,883,513.32 | 377,116,556.93 | -211.08% | | **Basic Earnings Per Share (CNY/share)** | 0.5441 | 0.6397 | -14.94% | | **Weighted Average Return on Net Assets** | 13.15% | 19.05% | -5.90% | | **Total Assets** | 9,871,831,329.09 | 7,603,468,408.43 | 29.83% | | **Net Assets Attributable to Shareholders** | 3,771,465,756.96 | 2,424,131,307.45 | 55.58% | Quarterly Financial Performance | Quarter | Operating Revenue (CNY) | Net Profit Attributable to Shareholders (CNY) | Net Cash Flow from Operating Activities (CNY) | | :--- | :--- | :--- | :--- | | **Q1** | 320,190,756.60 | 64,158,676.28 | -125,346,447.02 | | **Q2** | 680,123,642.22 | 90,218,252.40 | -43,246,734.36 | | **Q3** | 1,191,416,472.46 | 125,941,479.19 | -231,241,719.93 | | **Q4** | 1,889,221,506.71 | 115,085,927.99 | -19,048,612.01 | - Total non-recurring gains and losses for 2021 amounted to **CNY 8.61 million**, primarily comprising government grants of **CNY 8.43 million** and investment income and fair value changes from financial assets held for trading of **CNY 3.93 million**[44](index=44&type=chunk)[47](index=47&type=chunk) [Management Discussion and Analysis](index=12&type=section&id=Management%20Discussion%20and%20Analysis) This section provides an in-depth analysis of the company's industry, main operations, core competencies, financial performance, asset and investment status, and strategic outlook [Industry Overview](index=12&type=section&id=Industry%20Overview) Guided by China's "3060" dual carbon strategic goals, the wind power industry continues to improve; despite onshore and offshore wind power entering grid parity, short-term construction scale may fluctuate, but declining LCOE due to technological advancements significantly enhances wind power's economic viability, ensuring a positive medium-to-long-term development trend and sustained market demand for the company - Guided by the "3060" dual carbon strategic goals, national policies strongly support the development of non-fossil energy sources like wind and solar power, aiming for non-fossil energy consumption to reach **20%** by the end of the "14th Five-Year Plan" period, providing strong impetus for industry growth[53](index=53&type=chunk)[54](index=54&type=chunk) - With larger wind turbines and technological advancements, the Levelized Cost of Electricity (LCOE) for wind power continues to decline, significantly improving its economic viability, ensuring the wind power market remains highly prosperous even after subsidies are phased out[55](index=55&type=chunk) [Company's Main Businesses](index=13&type=section&id=Company%27s%20Main%20Businesses) The company adheres to a "dual-driven" strategy, with main businesses including wind turbine tower manufacturing and sales, and new energy power generation project operations; in 2021, tower business (including marine engineering) sales reached **395,000 tons**, with marine products accounting for nearly **30%**, while new energy power generation operations held an grid-connected capacity of **481.8 MW**, contributing **CNY 488 million** in revenue and **CNY 178 million** in profit, becoming a significant performance growth driver - The company adopts a "dual-driven strategy," with businesses covering wind turbine tower manufacturing and sales, as well as the development, investment, construction, and operation of new energy (wind and photovoltaic) power generation projects[59](index=59&type=chunk) Business Segment Performance | Business Segment | 2021 Performance | Key Indicators | | :--- | :--- | :--- | | **Wind Turbine Tower Manufacturing** | Sales of approximately 395,000 tons | Including approximately 118,800 tons of offshore wind turbine towers and monopiles | | **New Energy Power Generation Operations** | Revenue of approximately CNY 488 million, profit of approximately CNY 178 million | Total grid-connected capacity held approximately 481.8 MW (wind power 363.8 MW, photovoltaic 118 MW) | - As of March 31, 2022, the company's order backlog was approximately **CNY 3.207 billion**, with offshore wind turbine towers and monopiles accounting for approximately **CNY 1.236 billion**, or **38.5%**[62](index=62&type=chunk) - The company has **13** production bases nationwide (including those under construction), with a total planned capacity of approximately **830,500 tons**, and its extensive regional layout helps reduce transportation costs[71](index=71&type=chunk) [Analysis of Core Competencies](index=14&type=section&id=Analysis%20of%20Core%20Competencies) The company's core competencies are multifaceted: technologically, it holds **35** national patents and excels in high-end and offshore tower manufacturing; quality-wise, it possesses comprehensive domestic and international certifications; in terms of brand and customer relations, it maintains close ties with mainstream manufacturers and owners; its production capacity layout across **13** national bases effectively reduces costs; strategically, the "dual-driven" approach creates synergistic effects across the value chain; and its shareholder background, with controlling shareholder Zhuhai Port Group, provides strong financial and resource support - Technological Advantage: The company possesses technological barriers in offshore and high-end wind turbine tower manufacturing, holding **35** national utility model and invention patents, with core technologies in welding, rust removal, and coating processes[75](index=75&type=chunk)[78](index=78&type=chunk) - Production Capacity Layout Advantage: The **13** production bases nationwide (including those under construction) have a combined capacity of approximately **830,500 tons**, and their extensive regional distribution effectively reduces transportation costs and enhances customer stickiness[81](index=81&type=chunk) - Industrial Chain Expansion Advantage: The "dual-driven" strategy fosters mutual promotion between tower manufacturing and wind farm development, reducing industry volatility risks associated with a single business[82](index=82&type=chunk) - Shareholder Advantage: Controlling shareholder Zhuhai Port Group (under Zhuhai SASAC) provides strong financial backing, completing a private placement of approximately **CNY 1 billion** in 2021, empowering the company's development[83](index=83&type=chunk) [Analysis of Main Business Operations](index=16&type=section&id=Analysis%20of%20Main%20Business%20Operations) This section deeply analyzes the company's operating performance; in 2021, total revenue grew by **19.16%**, primarily driven by the **87.48%** high growth in new energy power generation, yet the manufacturing segment's gross margin sharply declined by **8.96** percentage points due to rising raw material costs, dragging down overall net profit by **7.53%**; concurrently, financial expenses surged by **44.88%** year-on-year to support power station construction, and operating cash flow turned significantly negative due to changes in collection structure and increased procurement expenditures [Revenue and Cost](index=16&type=section&id=Revenue%20and%20Cost) In 2021, total revenue reached **CNY 4.081 billion**, a **19.16%** year-on-year increase, with manufacturing revenue at **CNY 3.593 billion** (**+13.54%**) and new energy power generation revenue at **CNY 488 million** (**+87.48%**); affected by rising steel prices, the manufacturing gross margin decreased by **8.96** percentage points from **25.72%** to **16.76%**, while the new energy power generation business gross margin increased to **71.01%** Revenue and Cost by Segment | Industry/Product Segment | Operating Revenue (CNY) | Operating Cost (CNY) | Gross Margin | YoY Revenue Change | YoY Cost Change | YoY Gross Margin Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | **Manufacturing** | 3,592,984,249.96 | 2,990,704,347.11 | 16.76% | 13.54% | 27.24% | -8.96% | | **New Energy Power Generation** | 487,968,128.03 | 141,469,092.87 | 71.01% | 87.48% | 55.88% | 5.88% | - Manufacturing costs for wind power equipment, such as tower tubes, increased by **27.29%**, primarily due to rising raw material prices, especially steel, during the reporting period[98](index=98&type=chunk) [Expenses](index=20&type=section&id=Expenses) In 2021, the company's three major expenses and R&D expenses varied; financial expenses saw the largest increase, rising by **44.88%** year-on-year to **CNY 167 million**, mainly due to increased power station financing and convertible bond interest, while R&D expenses grew by **15.77%** to **CNY 107 million**, reflecting the company's continuous investment in technological innovation Expense Breakdown | Expense Item | 2021 (CNY) | 2020 (CNY) | YoY Change | Main Reason for Change | | :--- | :--- | :--- | :--- | :--- | | **Selling Expenses** | 13,871,396.66 | 15,161,711.03 | -8.51% | Decrease in bidding service fees | | **Administrative Expenses** | 142,813,749.38 | 134,965,842.27 | 5.81% | Increased expenses due to new plant operation | | **Financial Expenses** | 167,062,215.15 | 115,308,251.53 | 44.88% | Increased power station financing and convertible bond interest expenses | | **R&D Expenses** | 106,613,472.52 | 92,092,548.72 | 15.77% | Increased investment in R&D efforts | [Research and Development Investment](index=20&type=section&id=Research%20and%20Development%20Investment) In 2021, the company's total R&D investment was **CNY 107 million**, accounting for **2.61%** of operating revenue; R&D activities focused on improving manufacturing processes for large-megawatt and offshore wind power equipment, completing key technology research such as segmented tower tubes, crack-resistant welding, and multi-wire welding, with R&D personnel increasing to **78** individuals, a **23.81%** year-on-year growth R&D Investment Trends | Year | R&D Investment Amount (CNY) | R&D Investment as % of Operating Revenue | | :--- | :--- | :--- | | **2021** | 106,613,472.52 | 2.61% | | **2020** | 92,092,548.72 | 2.69% | | **2019** | 68,400,223.62 | 2.78% | - Key R&D projects aim to overcome manufacturing challenges for large-megawatt wind turbine towers, such as segmented tower tube technology for easier transportation, and multi-wire and root-pass-free welding processes to enhance efficiency and quality[109](index=109&type=chunk)[112](index=112&type=chunk) [Cash Flow](index=22&type=section&id=Cash%20Flow) In 2021, the company's net cash flow from operating activities was **CNY -419 million**, a significant year-on-year decrease of **211.08%**, primarily due to a higher proportion of bank acceptance bills in received payments and increased cash outflows for material purchases; net cash flow from financing activities was **CNY 950 million**, growing by **62.79%** year-on-year, benefiting from private placement and new power station financing Cash Flow Summary | Item | 2021 (CNY) | 2020 (CNY) | YoY Change | | :--- | :--- | :--- | :--- | | **Net Cash Flow from Operating Activities** | -418,883,513.32 | 377,116,556.93 | -211.08% | | **Net Cash Flow from Investing Activities** | -274,228,061.46 | -1,099,690,491.34 | 75.06% | | **Net Cash Flow from Financing Activities** | 950,478,285.52 | 583,874,824.56 | 62.79% | | **Net Increase in Cash and Cash Equivalents** | 257,377,770.65 | -138,699,109.85 | 285.57% | - A significant discrepancy exists between net operating cash flow and net profit, primarily due to a higher proportion of bank acceptance bills in received payments, increased cash outflows for material purchases, and a **CNY 416 million** increase in year-end inventory[121](index=121&type=chunk) [Analysis of Assets and Liabilities](index=23&type=section&id=Analysis%20of%20Assets%20and%20Liabilities) As of the end of 2021, the company's total assets reached **CNY 9.872 billion**, a **29.83%** year-on-year increase; the asset structure significantly changed, with fixed assets increasing from **28.13%** to **35.97%** of total assets, mainly due to the capitalization of multiple wind power projects, while construction in progress sharply decreased from **17.48%** to **3.36%**; benefiting from private placement funds, the asset-liability ratio decreased from **67.63%** to **61.41%** Asset Structure Changes | Asset Item | Amount at 2021 Year-End (CNY) | % of Total Assets | Amount at 2020 Year-End (CNY) | % of Total Assets | Explanation of Change | | :--- | :--- | :--- | :--- | :--- | :--- | | **Monetary Funds** | 1,455,381,632.84 | 14.74% | 725,468,999.63 | 9.54% | Increase in acceptance bills, guarantees, and other deposits | | **Accounts Receivable** | 2,344,399,030.47 | 23.75% | 1,710,890,197.61 | 22.50% | Due to increased product sales | | **Inventories** | 1,008,663,327.77 | 10.22% | 593,029,996.16 | 7.80% | Increase in outstanding orders at year-end | | **Fixed Assets** | 3,550,904,259.37 | 35.97% | 2,138,854,780.51 | 28.13% | Capitalization of multiple wind power projects and new Guangdong plant | | **Construction in Progress** | 331,391,622.47 | 3.36% | 1,329,413,486.58 | 17.48% | Capitalization of multiple wind power projects | - As of the end of the reporting period, the company had **CNY 3.475 billion** in restricted assets, primarily including **CNY 970 million** in pledged deposits, **CNY 1.713 billion** in mortgaged fixed assets, and a total of **CNY 591 million** in pledged accounts receivable and power station collection rights[131](index=131&type=chunk) [Analysis of Investment Status](index=25&type=section&id=Analysis%20of%20Investment%20Status) During the reporting period, the company completed two significant fundraising initiatives; the **CNY 700 million** raised from convertible bonds issued in 2020 has been fully utilized, primarily for the Dezhou Wind Farm project and bank loan repayment, while nearly **CNY 1 billion** raised from a private placement to the controlling shareholder in 2021 has been entirely used for debt repayment; all raised funds were utilized as planned, effectively supporting project construction and optimizing the capital structure Funds Raised and Utilized | Fundraising Year | Fundraising Method | Total Funds Raised (CNY 10,000) | Used in Current Period (CNY 10,000) | Total Used (CNY 10,000) | | :--- | :--- | :--- | :--- | :--- | | **2020** | Issuance of Convertible Corporate Bonds | 69,040 | 5,987.41 | 69,068.83 | | **2021** | Private Placement of Shares | 99,689.59 | 99,689.48 | 99,689.48 | | **Total** | -- | 168,729.59 | 105,676.89 | 168,758.31 | - Raised funds were primarily invested in the "Dezhou Xintianneng Zhaohuzhen Wind Farm Project" and its second phase, as well as for repaying bank loans and other debts; all projects have reached **100%** investment progress and achieved expected benefits[142](index=142&type=chunk) [Outlook on Company's Future Development](index=30&type=section&id=Outlook%20on%20Company%27s%20Future%20Development) The company will continue to deepen its "dual-driven" strategy; in manufacturing, it will leverage existing and new marine engineering bases (Dongying, **200,000 tons/year**) to vigorously develop offshore wind power and overseas markets; in new energy, it will continuously increase investment in wind and photovoltaic power station construction to expand operational scale; to support this development, the company plans to launch a new private placement in 2022, raising no more than **CNY 2.07 billion** - The company will continue to adhere to its "dual-driven strategy" of tower tube manufacturing and new energy power generation, deeply cultivating wind power tower tube manufacturing while actively expanding new energy development and utilization[159](index=159&type=chunk) - To align with offshore wind power development trends, the company has strategically established three marine engineering bases along the coast in Dalian, Jiangsu, and Guangdong, and plans to add a new **200,000-ton/year** marine engineering base in Dongying in 2022 to advance its "Two Seas Strategy" (offshore wind power and overseas wind power)[164](index=164&type=chunk) - The company plans to further expand the operational scale of its new energy power generation business, focusing on increasing the holding capacity of wind power farms to establish them as stable cash flow and significant profit sources[165](index=165&type=chunk) - To support wind farm construction and factory technological upgrades, the company launched a new private placement of shares in 2022, intending to raise a total of no more than **CNY 2.07 billion**[167](index=167&type=chunk) [Corporate Governance](index=35&type=section&id=Corporate%20Governance) This section details the company's corporate governance structure, information on its directors, supervisors, and senior management, and its profit distribution policies [Basic Status of Corporate Governance](index=35&type=section&id=Basic%20Status%20of%20Corporate%20Governance) During the reporting period, the company strictly adhered to the "Company Law," "Securities Law," and other relevant laws and regulations, continuously improving its corporate governance structure; the company maintained independence from its controlling shareholder in business, personnel, assets, organization, and finance, with standardized operations of its three key bodies and true, accurate, and complete information disclosure, ensuring its actual governance status complies with regulatory requirements [Information on Directors, Supervisors, and Senior Management](index=38&type=section&id=Information%20on%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) During the reporting period, the company completed the re-election of its Board of Directors and Board of Supervisors in January 2021, with Mr. Ouhuisheng from controlling shareholder Zhuhai Port Group elected as the new Chairman; this section details the appointments, professional backgrounds, work experience, and remuneration of all directors, supervisors, and senior management, with the total pre-tax remuneration paid to them in 2021 amounting to **CNY 7.0529 million** - In January 2021, the company completed its board re-election, with Mr. Ouhuisheng (Chairman of Zhuhai Port Group) elected as the Chairman of the company's Fourth Board of Directors, and several other directors and supervisors also changed accordingly[215](index=215&type=chunk) Remuneration of Directors, Supervisors, and Senior Management | Name | Position | Total Pre-tax Remuneration from Company (CNY 10,000) | Receives Remuneration from Company's Related Parties | | :--- | :--- | :--- | :--- | | Ouhuisheng | Chairman | 0 | Yes | | Zheng Xu | Vice Chairman, General Manager | 80.55 | No | | Zhang Xinghong | Director, Deputy General Manager | 156.9 | No | | Gu Longjiang | CFO | 60.43 | No | | Fang Ruizheng | Deputy General Manager, Board Secretary | 60.43 | No | | **Total** | **--** | **705.29** | **--** | [Profit Distribution and Capital Reserve to Share Capital Conversion](index=52&type=section&id=Profit%20Distribution%20and%20Capital%20Reserve%20to%20Share%20Capital%20Conversion) The company's 2021 profit distribution plan proposes a cash dividend of **CNY 1.50** (tax inclusive) per **10** shares to all shareholders, with no bonus shares or capital reserve to share capital conversion; based on a total share capital of **807 million** shares, the total cash dividend amounts to **CNY 121 million**, representing **30.63%** of the current period's net profit attributable to shareholders, and this plan complies with the company's articles of association and shareholder return plan Profit Distribution Plan | Item | Amount/Ratio | | :--- | :--- | | **Dividend Per 10 Shares (CNY) (Tax Inclusive)** | 1.50 | | **Cash Dividend Amount (CNY) (Tax Inclusive)** | 121,094,175.45 | | **Distributable Profit (CNY)** | 395,404,335.86 | | **Total Cash Dividend as % of Total Profit Distribution** | 100.00% | [Environmental and Social Responsibility](index=57&type=section&id=Environmental%20and%20Social%20Responsibility) This section addresses the company's significant environmental issues and its active engagement in social responsibility and poverty alleviation initiatives [Significant Environmental Issues](index=57&type=section&id=Significant%20Environmental%20Issues) The company and its subsidiary Qingdao Tianneng Heavy Industry are designated as key pollutant-discharging entities, with primary pollutants being particulate matter and VOCs from sandblasting and painting processes; the company has invested in and built exhaust gas treatment equipment and formulated emergency plans for environmental incidents, incurring no administrative penalties for environmental issues during the reporting period - The company is listed as a key pollutant-discharging entity, with primary pollutants being particulate matter, xylene, and VOCs, discharged through organized emissions; the company has invested **CNY 4.5 million** to build exhaust gas treatment equipment utilizing zeolite rotor + catalytic combustion technology, ensuring emissions meet standards[292](index=292&type=chunk)[293](index=293&type=chunk) [Social Responsibility and Poverty Alleviation](index=59&type=section&id=Social%20Responsibility%20and%20Poverty%20Alleviation) The company actively fulfills its social responsibilities by continuously carrying out targeted poverty alleviation through its photovoltaic power station projects in Qinghai; in 2021, the company paid a total of **CNY 5.004 million** in poverty alleviation funds to **1,668** registered impoverished households in Gonghe County, Xinghai County, and Guinan County, Qinghai, contributing to local poverty eradication through an industrial poverty alleviation model - The company integrates industrial poverty alleviation with its development through its photovoltaic power station projects in Qinghai, continuously carrying out targeted poverty alleviation efforts[302](index=302&type=chunk)[305](index=305&type=chunk) Poverty Alleviation Efforts | Indicator | Quantity/Status | | :--- | :--- | | **Funds Invested** | CNY 5.004 million | | **Number of Registered Impoverished Individuals Helped to Escape Poverty** | 1,668 individuals | | **Type of Poverty Alleviation Project** | Asset-based income generation | | **Number of Poverty Alleviation Projects** | 3 projects | [Significant Matters](index=62&type=section&id=Significant%20Matters) This section details the fulfillment of the company's commitments, significant related party transactions, and the status of major contracts [Fulfillment of Commitments](index=62&type=section&id=Fulfillment%20of%20Commitments) During the reporting period, the company and relevant parties duly fulfilled all commitments; controlling shareholder Zhuhai Port Group pledged a **18-month** lock-up period for its shares starting August 2, 2021, and committed to resolving horizontal competition issues with the listed company in wind farm operations within **5** years; former shareholders Zheng Xu and Zhang Shiqi have completed their share reduction commitments - Controlling shareholder Zhuhai Port Group committed not to transfer its shares in the company for **18** months from the completion date of share transfer registration (August 2, 2021)[316](index=316&type=chunk) - Regarding the overlapping wind farm operation business, controlling shareholder Zhuhai Port Group committed to resolving horizontal competition issues within **5** years from becoming the controlling shareholder, through asset injection or other legal means[203](index=203&type=chunk)[319](index=319&type=chunk) [Significant Related Party Transactions](index=71&type=section&id=Significant%20Related%20Party%20Transactions) During the reporting period, the company engaged in several significant related party transactions; notably, purchase and sales transactions with Shanghai Fengling New Energy Co., Ltd., controlled by a relative of a shareholder holding over **5%**, totaled **CNY 181 million**; additionally, the company's subsidiary conducted finance lease business totaling **CNY 255 million** with Zhuhai Ganghui Financial Leasing Co., Ltd., a subsidiary of the controlling shareholder; the company also privately placed **CNY 1.001 billion** in shares to controlling shareholder Zhuhai Port Group Related Party Transactions with Shanghai Fengling New Energy | Related Party | Related Transaction Content | Transaction Amount (CNY 10,000) | | :--- | :--- | :--- | | **Shanghai Fengling New Energy Co., Ltd.** | Related Sales (Tower tubes, etc.) | 6,582.86 | | **Shanghai Fengling New Energy Co., Ltd.** | Related Purchases (Concrete tower tubes) | 11,539.50 | | **Total** | -- | **18,122.36** | - The company's subsidiary engaged in sale-and-leaseback finance lease transactions totaling **CNY 255 million** with Zhuhai Ganghui Financial Leasing Co., Ltd., a subsidiary of the controlling shareholder[364](index=364&type=chunk) - The company conducted a private placement to controlling shareholder Zhuhai Port Group, raising **CNY 1.001 billion**[364](index=364&type=chunk) [Significant Contracts and Their Fulfillment](index=73&type=section&id=Significant%20Contracts%20and%20Their%20Fulfillment) This section primarily discloses the company's significant guarantee status; during the reporting period, all company guarantees were for subsidiaries, with no illegal external guarantees; as of the end of the period, the total approved guarantee limit for subsidiaries was **CNY 3.948 billion**, with an actual guarantee balance of **CNY 1.953 billion**, accounting for **51.79%** of the company's net assets - As of the end of the reporting period, the company's total actual guarantee balance for its subsidiaries was **CNY 1.953 billion**, representing **51.79%** of the company's net assets[371](index=371&type=chunk)[378](index=378&type=chunk) [Share Changes and Shareholder Information](index=78&type=section&id=Share%20Changes%20and%20Shareholder%20Information) This section details changes in the company's share capital and provides information on its shareholders and actual controller [Share Changes](index=78&type=section&id=Share%20Changes) During the reporting period, the company's total share capital significantly increased from **396 million** shares to **797 million** shares; the main reasons for the increase include: implementation of a "10-for-7" capital reserve to share capital conversion plan (increasing **280 million** shares), private placement of new shares to the controlling shareholder (increasing **111 million** shares), and stock option exercise and convertible bond conversion (totaling an increase of **10 million** shares) - The company's total share capital increased from **396,314,905** shares to **797,386,255** shares, primarily due to: - Implementation of the 2020 profit distribution, converting capital reserves to increase **279,977,836** shares at **7** shares for every **10** shares held - Issuance of **111,356,603** new shares to specific investors (controlling shareholder) - Exercise of stock options and conversion of convertible bonds, totaling an increase of **9,736,911** shares[390](index=390&type=chunk)[875](index=875&type=chunk) [Shareholders and Actual Controller Information](index=82&type=section&id=Shareholders%20and%20Actual%20Controller%20Information) As of the end of 2021, the company had **37,520** shareholders; the controlling shareholder is Zhuhai Port Holdings Group Co., Ltd., with a **29.01%** stake, and the actual controller is Zhuhai Municipal People's Government State-owned Assets Supervision and Administration Commission; the top three shareholders are Zhuhai Port Holdings Group (**29.01%**), Zheng Xu (**13.76%**), and Zhang Shiqi (**7.18%**) Top Shareholders | Shareholder Name | Shareholder Type | Shareholding Ratio | Number of Shares Held at End of Reporting Period | | :--- | :--- | :--- | :--- | | **Zhuhai Port Holdings Group Co., Ltd.** | State-owned Legal Person | 29.01% | 231,316,952 | | **Zheng Xu** | Domestic Natural Person | 13.76% | 109,729,687 | | **Zhang Shiqi** | Domestic Natural Person | 7.18% | 57,253,872 | | **Industrial Bank - Southern Xingrun Value One-Year Holding Period Mixed Fund** | Other | 3.15% | 25,123,264 | - The company's controlling shareholder is Zhuhai Port Holdings Group Co., Ltd., and its actual controller is the Zhuhai Municipal People's Government State-owned Assets Supervision and Administration Commission[423](index=423&type=chunk)[427](index=427&type=chunk) [Preferred Shares Related Information](index=87&type=section&id=Preferred%20Shares%20Related%20Information) This section clarifies the company's status regarding preferred shares [Explanation of Preferred Shares](index=87&type=section&id=Explanation%20of%20Preferred%20Shares) During the reporting period, the company had no preferred shares - The company had no preferred shares during the reporting period[433](index=433&type=chunk) [Bonds Related Information](index=88&type=section&id=Bonds%20Related%20Information) This section provides details on the company's convertible corporate bonds [Convertible Corporate Bonds](index=88&type=section&id=Convertible%20Corporate%20Bonds) The company's "Tianneng Convertible Bonds" entered their conversion period during the reporting period; due to stock price fluctuations, equity distributions, and private placements, the conversion price underwent multiple adjustments, from an initial **CNY 20.05/share** down to **CNY 7.91/share** by year-end; as of the end of the period, a cumulative **CNY 5.6827 million** in bonds had been converted into **726,200** company shares, with **CNY 694 million** in bonds remaining unconverted - The conversion price of "Tianneng Convertible Bonds" underwent multiple adjustments during the reporting period, from an initial **CNY 20.05/share**, it was subsequently adjusted downwards due to equity distributions and private placements, finally settling at **CNY 7.91/share**[440](index=440&type=chunk) Convertible Bond Status | Convertible Bond Abbreviation | Total Issuance Amount (CNY) | Cumulative Conversion Amount (CNY) | Cumulative Converted Shares (shares) | Unconverted Amount (CNY) | % of Unconverted Amount to Total Issuance Amount | | :--- | :--- | :--- | :--- | :--- | :--- | | **Tianneng Convertible Bonds** | 700,000,000.00 | 5,682,700.00 | 726,188 | 694,317,300.00 | 99.18% | [Financial Report](index=92&type=section&id=Financial%20Report) This section presents the company's audited financial report, including the audit opinion and detailed financial statements [Audit Report](index=92&type=section&id=Audit%20Report) Woxin Certified Public Accountants (Special General Partnership) issued a standard unqualified audit opinion on the company's 2021 financial statements, concluding that the financial statements fairly present the company's financial position and operating results in all material respects; key audit matters included "revenue recognition" and "allowance for doubtful accounts," for which auditors obtained sufficient and appropriate audit evidence through procedures such as internal control testing, detailed testing, and confirmations - The auditing firm issued a standard unqualified audit opinion, concluding that the financial statements fairly present the company's financial position, operating results, and cash flows[458](index=458&type=chunk)[459](index=459&type=chunk) - Key audit matters were "revenue recognition" and "allowance for doubtful accounts"; for revenue recognition, auditors performed internal control tests, contract reviews, detailed tests, and confirmation procedures; for allowance for doubtful accounts, auditors assessed the reasonableness of the bad debt policy and evaluated the adequacy of the allowance through confirmations and post-period collection checks[461](index=461&type=chunk)[465](index=465&type=chunk) [Financial Statements](index=95&type=section&id=Financial%20Statements) This section includes the company's audited consolidated and parent company financial statements for 2021, comprising the balance sheet, income statement, cash flow statement, statement of changes in owners' equity, and detailed notes to the financial statements, which serve as the basis for analyzing the company's financial position and operating results [Consolidated Balance Sheet](index=95&type=section&id=Consolidated%20Balance%20Sheet) This sub-section presents the company's consolidated financial position at the end of the reporting period [Consolidated Income Statement](index=101&type=section&id=Consolidated%20Income%20Statement) This sub-section details the company's consolidated financial performance over the reporting period [Consolidated Cash Flow Statement](index=105&type=section&id=Consolidated%20Cash%20Flow%20Statement) This sub-section outlines the company's consolidated cash inflows and outflows from operating, investing, and financing activities [Consolidated Statement of Changes in Owners' Equity](index=109&type=section&id=Consolidated%20Statement%20of%20Changes%20in%20Owners%27%20Equity) This sub-section illustrates the changes in the company's consolidated owners' equity during the reporting period [Notes to Financial Statements](index=117&type=section&id=Notes%20to%20Financial%20Statements) This sub-section provides detailed explanations and breakdowns for the figures presented in the financial statements

Financial Performance - The company's operating revenue for Q3 2021 reached ¥1,191,416,472.46, representing a 56.02% increase year-over-year[3] - Net profit attributable to shareholders was ¥125,941,479.19, up 33.25% compared to the same period last year[3] - The net profit excluding non-recurring gains and losses was ¥124,997,224.16, reflecting a 32.18% increase year-over-year[3] - Basic earnings per share for Q3 2021 were ¥0.1788, an increase of 25.63% year-over-year[3] - The weighted average return on equity was 4.55%, a slight increase of 0.15% compared to the previous year[3] - The net profit for the current period is CNY 281,863,338.55, an increase from CNY 279,406,795.49 in the previous period, reflecting a growth of approximately 0.88%[36] - The total profit for the current period is CNY 335,867,426.28, compared to CNY 339,358,226.23 in the previous period, indicating a decrease of about 1.46%[36] - The basic earnings per share for the current period is CNY 0.3980, compared to CNY 0.3787 in the previous period, reflecting an increase of about 5.5%[40] - The total comprehensive income for the current period is CNY 282,064,853.15, compared to CNY 279,406,795.49 in the previous period, indicating a growth of approximately 0.95%[40] Assets and Liabilities - Total assets at the end of Q3 2021 amounted to ¥9,987,940,230.05, a 31.36% increase from the end of the previous year[3] - The company's total assets reached approximately 9.99 billion yuan as of September 30, 2021, up from approximately 7.60 billion yuan at the end of 2020[28] - The company's total liabilities increased to approximately 6.32 billion yuan as of September 30, 2021, compared to approximately 5.14 billion yuan at the end of 2020[32] - The total assets decreased from 7,657,644,743.84 to 7,603,468,408.43, a reduction of approximately 0.71%[57] - The total liabilities decreased from 5,196,039,970.38 to 5,141,863,634.97, a reduction of approximately 1.05%[57] - The total equity attributable to shareholders was 2,424,131,307.45, remaining unchanged from the previous period[57] Cash Flow - The company's cash flow from operating activities showed a net outflow of ¥399,834,901.31, a significant decline of 262.52% compared to the previous year[3] - The company reported a cash flow from operating activities of 21,991,809.18, a decrease of 30.69% compared to 31,731,136.96 in the same period last year[11] - The cash flow from operating activities showed a net outflow of CNY -399,834,901.31, compared to a net inflow of CNY 246,022,700.33 in the previous period[41] - The company generated CNY 1,940,790,574.60 in cash from sales of goods and services, down from CNY 2,008,287,729.47 in the previous period, a decrease of approximately 3.9%[41] - The net cash inflow from financing activities was 891,828,320.62, compared to 394,202,044.16 in the previous period, representing an increase of approximately 126%[47] - The company's cash flow from financing activities increased significantly, with cash inflows totaling 3,796,945,946.73 compared to 1,535,271,897.17 in the previous period, marking an increase of approximately 147%[47] Equity and Shareholder Information - The company's total equity attributable to shareholders increased to ¥3,633,325,818.83, a growth of 49.88% from the previous year[5] - The total number of ordinary shareholders at the end of the reporting period was 55,300, with Zhuhai Port Holding Group holding 29.14% of the shares[12] Operational Highlights - The company achieved a wind tower production of approximately 226,500 tons and sales of about 196,300 tons in the first three quarters of 2021[22] - As of September 30, 2021, the company held grid-connected photovoltaic power stations totaling approximately 118 MW, generating revenue of about 91.79 million yuan and profit of approximately 37.86 million yuan[22] - The company also held grid-connected wind power plants totaling approximately 363.8 MW, with revenue of about 246.97 million yuan and profit of approximately 72.92 million yuan[22] - The company's total orders on hand amounted to 3.755 billion yuan as of September 30, 2021[22] Expenses - Cash paid for purchasing goods and services increased by 31.69% to 2,067,872,243.34 from 1,570,239,028.71, primarily due to increased raw material purchases and rising prices[11] - Cash paid for employee compensation rose by 42.91% to 86,592,292.09 from 60,592,400.54, attributed to an increase in employee numbers and steady wage growth[11] - The company reported a significant increase in financial expenses, totaling CNY 126,537,736.46, up from CNY 74,476,856.90, which is an increase of about 69.9%[36] - The company reported an increase in sales expenses to CNY 12,064,122.33 from CNY 10,454,290.14, which is an increase of about 15.4%[36] - Research and development expenses increased to CNY 60,529,358.51 from CNY 52,204,281.80, representing a rise of approximately 15.5%[36] Other Financial Activities - The company received cash from investment activities amounting to 280,002,809.21, a significant increase of 1636.34% compared to 16,126,074.11 in the previous year[11] - The company completed a private placement of 111,356,603 shares to Zhuhai Port Holding Group, raising a total of 1,001,095,860.97[20] - The company reported a net cash inflow from the disposal of fixed assets and other long-term assets of 9,097,845.00, a dramatic increase of 37473.29% compared to 24,213.60 in the previous year[11] - The company's cash outflow for repaying debts increased by 42.10% to 1,190,400,000.00 from 837,691,286.80, due to an increase in debt maturities[11] - The company’s cash outflow for other financing activities increased significantly by 956.45% to 1,554,163,497.06 from 147,111,277.22, primarily due to increased payments for discount financing guarantees[11] Changes in Accounting Standards - The company has adopted a new leasing standard effective January 1, 2021, which does not impact prior financial results[57]

Financial Performance - The company reported a significant increase in revenue, achieving a total of RMB 1.2 billion for the first half of 2021, representing a year-on-year growth of 25%[10] - The company achieved operating revenue of approximately CNY 1,000,314,398.82, a decrease of 18.73% compared to the same period last year[42] - The net profit attributable to shareholders was approximately CNY 154,376,928.68, down 1.64% year-on-year[42] - The net cash flow from operating activities was negative at CNY -168,593,181.38, a decline of 196.68% compared to the previous year[42] - The company reported a basic earnings per share of CNY 0.2274, a decrease of 3.97% compared to the previous year[42] Assets and Liabilities - Total assets at the end of the reporting period reached CNY 9,053,525,714.21, an increase of 19.07% from the end of the previous year[45] - The net assets attributable to shareholders amounted to CNY 2,499,514,586.46, reflecting a growth of 3.11% year-on-year[45] - The company has a total of CNY 4.14 billion in restricted assets, primarily due to pledges and guarantees[96] - The company has a total of CNY 1.12 billion in cash, with CNY 30.7 million in receivables under pledge[96] - Short-term borrowings increased by 9.35% to approximately ¥1.86 billion, driven by higher material procurement[92] Investment and Growth Strategy - The company plans to increase its investment in offshore wind power manufacturing, targeting a 30% increase in production capacity by the end of 2022[12] - The company is actively expanding its business in renewable energy, focusing on wind and solar power generation projects[55] - The company plans to actively pursue offshore wind power projects and expand its export business to enhance competitiveness in offshore wind equipment manufacturing[71] - The company aims to enhance its market share in the wind turbine tower sector by increasing marketing efforts and investing in technology research and new product promotion[71] - The company is committed to new product development and timely adjustments to business strategies in response to industry trends[120] Risk Management - The company has identified risks related to raw material price fluctuations, particularly steel, which could impact manufacturing costs significantly if prices rise by more than 10%[13] - The company aims to optimize its project management to mitigate risks associated with project delays, which could adversely affect financial performance[17] - The company is adopting a sales-based production model to mitigate raw material cost risks and is exploring hedging strategies[122] - The company has established a risk management system for futures trading, including measures for market risk, liquidity risk, and internal control risk[111] - Project delays due to various uncertainties, including the COVID-19 pandemic, could adversely affect the company's financial performance[123] Environmental and Social Responsibility - The company strictly adheres to national environmental protection laws and regulations, managing pollutants through dedicated personnel[157] - The company invested 4.5 million RMB in April 2020 to build waste gas disposal equipment, significantly improving the working environment and reducing pollution[158] - The company emphasizes energy conservation and emission reduction, continuously increasing environmental investment and improving pollution control capabilities[166] - The company actively participates in social responsibility initiatives, including poverty alleviation projects linked to its business development[167] - The company plans to spend a total of 5.004 million yuan on targeted poverty alleviation for 1,668 registered impoverished households through local poverty alleviation offices in the second half of 2021[172] Shareholder and Governance - The company will not distribute cash dividends or issue bonus shares for the reporting period, focusing instead on reinvestment for growth[20] - The company has implemented a shareholder return plan, emphasizing integrity and cooperation with stakeholders[165] - The independent directors agreed that the stock option incentive plan would not harm the interests of the company and its shareholders[143] - The company has not reported any significant changes in the feasibility of its projects during the reporting period[103] - The company adheres to strict compliance with corporate governance and legal regulations, ensuring clear responsibilities among its governing bodies[166]

证券代码：300569 证券简称：天能重工 公告编号：2020-085 青岛天能重工股份有限公司 关于参加青岛辖区上市公司投资者网上集体接待日活动的公告 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。 为进一步加强与投资者的互动交流工作，构建和谐投资者关系，青岛天能重 工股份有限公司（以下简称"公司"）将参加由青岛证监局、青岛市上市公司协 会、上证所信息网络有限公司共同举办的"2020 年青岛辖区上市公司投资者网 上集体接待日"活动，现将有关事项公告如下： 本次集体接待日活动将在上证所信息网络有限公司提供的平台举行，投资者 可以登录"上证路演中心"网站（http://roadshow.sseinfo.com）或关注微信 公众号：上证路演中心，参与公司本次投资者集体接待日活动，活动时间为 2020 年 9 月 25 日（星期五）下午 15:00 至 17:00。届时公司财务总监邢军先生、公 司副总经理、董事会秘书方瑞征先生将通过网络在线交流形式与投资者就公司治 理、发展战略、经营状况、融资计划、股权激励和可持续发展等投资者关注的问 题进行沟通。 欢迎广大投资者积 ...

证券代码：300569 证券简称：天能重工 公告编号：2019-096 青岛天能重工股份有限公司 关于参加投资者网上集体接待日活动的公告 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。 为进一步加强与投资者的互动交流工作，构建和谐投资者关系，青岛天能重 工股份有限公司（以下简称"公司"）将参加由青岛证监局、青岛市上市公司协 会、上证所信息网络有限公司共同举办的"2019 年青岛辖区上市公司投资者网 上集体接待日"活动，现将有关事项公告如下： 本次集体接待日活动将在上证所信息网络有限公司提供的平台举行，投资者 可以登录"上证路演中心"网站（http://roadshow.sseinfo.com）或关注微信 公众号：上证路演中心，参与公司本次投资者集体接待日活动，活动时间为 2019 年 9 月 20 日（星期五）下午 15:00 至 17:00。届时公司副总经理、财务总监刘 萍女士、公司副总经理、董事会秘书方瑞征先生将通过网络在线交流形式与投资 者就公司治理、发展战略、经营状况、融资计划、股权激励和可持续发展等投资 者关注的问题进行沟通。 欢迎广大投资者积极参与 ...

Financial Performance - Operating revenue for the period reached CNY 398,421,896.12, representing a 203.18% increase year-on-year[8] - Net profit attributable to shareholders was CNY 29,430,152.63, up 51.37% compared to the same period last year[8] - The net profit after deducting non-recurring gains and losses was CNY 24,932,846.19, an increase of 28.19% year-on-year[8] - Basic earnings per share rose by 61.54% to CNY 0.21[8] - The weighted average return on net assets was 1.71%, an increase from 0.53% at the end of the previous year[8] - Total operating revenue for Q3 2018 reached ¥398,421,896.12, a significant increase from ¥131,412,742.38 in the same period last year, representing a growth of approximately 202.5%[36] - Net profit for Q3 2018 was ¥31,017,465.72, compared to ¥19,671,780.63 in Q3 2017, marking an increase of about 57.5%[37] - Total operating revenue for the period reached ¥775,360,027.94, a significant increase from ¥472,695,712.93 in the previous period, representing a growth of approximately 64.1%[43] - Net profit for the period was ¥64,508,925.61, compared to ¥70,462,745.77 in the previous period, reflecting a decrease of approximately 8.5%[45] - The company reported a total comprehensive income of ¥67,847,309.11, compared to ¥70,462,745.77 in the previous period, showing a decline of about 3.6%[46] Assets and Liabilities - Total assets increased by 36.47% to CNY 3,377,262,705.79 compared to the end of the previous year[8] - The company's total assets increased to CNY 3,377,262,705.79 by the end of the reporting period, up from CNY 2,474,792,856.97 at the beginning[30] - Current assets rose to CNY 2,207,737,222.34, compared to CNY 1,664,534,273.58 at the start of the period[28] - The company's total liabilities reached CNY 1,620,099,599.15, up from CNY 763,475,259.43[30] - The total liabilities as of Q3 2018 were ¥1,443,520,654.32, up from ¥577,106,082.98 at the beginning of the year, reflecting an increase of approximately 150.0%[33] Cash Flow - The net cash flow from operating activities was negative at CNY -401,478,677.54, a decrease of 439.52% compared to the previous year[8] - Cash flow from financing activities increased by 1850.78% to ¥1,069,473,890.86, primarily from increased loans[18] - The company reported cash inflows from investment activities of CNY 876,763,094.50, significantly higher than CNY 534,682,887.67 in the previous year, marking an increase of approximately 63.9%[52] - Cash outflows from financing activities amounted to CNY 632,014,040.17, compared to CNY 130,051,273.76 in the same period last year, indicating a substantial increase in financing activities[52] - The company raised CNY 861,000,000.00 through borrowings during the period, which was a new source of funding compared to the previous year[52] - The company's operating cash flow outflows totaled CNY 1,031,040,567.91, significantly higher than CNY 444,664,621.33 in the previous year, indicating increased operational expenditures[50] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 16,400[12] - The largest shareholder, Zheng Xu, holds 30.00% of the shares, amounting to 45,000,000 shares[12] - Cash dividends of CNY 22,501,800 were distributed to shareholders based on a plan approved on March 27, 2018, with a payout of CNY 1.50 per 10 shares[22] Inventory and Receivables - Accounts receivable decreased by 36.19% to ¥16,630,560.10 as a result of reduced collections[16] - Inventory rose by 147.81% to ¥982,360,514.07 driven by increased orders compared to the previous year[16] - Inventory increased significantly to CNY 982,360,514.07 from CNY 396,411,452.65[28] Research and Development - Research and development expenses grew by 56.02% to ¥19,173,761.82 to enhance production efficiency[17] - Research and development expenses for Q3 2018 were ¥9,957,105.01, compared to ¥4,445,724.45 in Q3 2017, showing an increase of about 124.5%[36] - Research and development expenses for the period were ¥19,173,761.82, an increase from ¥12,289,194.89, indicating a growth of approximately 56.3%[43] Government Subsidies and Projects - The company received government subsidies totaling CNY 796,590.00 related to factory construction[9] - The company completed a non-public offering of A-shares approved by the board and shareholders, with the application accepted by the China Securities Regulatory Commission on September 27, 2018[19] - The company obtained approval for the Dezhou Zhao Hu Town Phase II 50MW wind power project in September 2018, following the approval of Phase I in November 2017[19] - The company is actively preparing for the construction of the Yulin Xiaohatu 50MW wind power project, which was approved in January 2018[19] Financial Performance Changes - The company incurred financial expenses of ¥4,626,628.91, compared to a financial income of -¥20,913,490.97 in the previous period, marking a significant shift in financial performance[43] - The total profit before tax was ¥69,707,415.32, down from ¥83,591,968.80, representing a decrease of about 16.6%[45] - The company reported a tax expense of ¥5,198,489.71, compared to ¥13,129,223.03 in the previous period, indicating a reduction of approximately 60.4%[45] - The company achieved a gross profit margin of approximately 24.5% for the current period, down from 28.0% in the previous period[43] Audit Information - The company did not undergo an audit for the third quarter report[57]

Financial Performance - Total revenue for the first half of 2018 was CNY 376,938,131.82, representing a 10.45% increase compared to CNY 341,282,970.55 in the same period last year[23]. - Net profit attributable to shareholders decreased by 39.62% to CNY 30,599,409.29 from CNY 50,674,855.79 year-on-year[23]. - Basic and diluted earnings per share fell by 41.18% to CNY 0.20 from CNY 0.34 in the same period last year[23]. - The company achieved operating revenue of 376.94 million yuan, a year-on-year increase of 10.45%[31]. - The net profit attributable to shareholders was 30.60 million yuan, a year-on-year decrease of 39.62%[31]. - The company reported a net profit for the current period of ¥33,491,459.89, a decrease of 34% from ¥50,790,965.14 in the previous period[156]. Cash Flow and Financial Position - The net cash flow from operating activities was negative at CNY -296,287,680.15, a decline of 579.51% compared to CNY 61,790,293.84 in the previous year[23]. - The total amount of cash and cash equivalents decreased by 115.33% to ¥22,632,075.83, reflecting increased material purchases and higher short-term borrowings[62]. - The cash flow from financing activities increased by 918.24% to ¥346,596,019.40, attributed to increased bank loans for material procurement[62]. - The total comprehensive income amounted to 14,332,411.44 CNY, with a significant increase from 49,401,521.36 CNY in the previous period[163]. - The total current assets reached ¥2,077,024,935.18, up from ¥1,664,534,273.58, marking a growth of around 24.8%[147]. Investments and Strategic Plans - The company plans to increase investments in wind and solar power operations, entering the offshore wind power construction sector[9]. - The company is in a strategic transition phase, with ongoing investments in wind farms and photovoltaic projects that have not yet contributed to profits[31]. - The company plans to expand its overseas wind power business through its marine equipment base, aiming to enhance competitiveness in high-end tower manufacturing[38]. - The company has committed a total investment of CNY 798.51 million for various projects, with 100% of the funds allocated for working capital already utilized[70]. Risks and Challenges - The company is facing risks related to raw material price fluctuations, particularly in steel, which could impact manufacturing costs[10]. - The company faces risks related to changes in industrial policies that could adversely affect the wind and solar power industries[81]. - The company is exposed to risks from fluctuations in raw material prices, particularly steel, which could impact manufacturing costs[83]. - The company is facing a tight domestic funding environment with high financing costs, which may impact its strategic transformation if funds are not secured or costs remain elevated[86]. Research and Development - The company is focused on improving product quality and market competitiveness through continuous technological research and development[40]. - Research and development investment increased by 17.51% to ¥9,216,656.81 compared to the previous year[62]. - The company holds 1 invention patent and 19 utility model patents related to tower manufacturing, showcasing its technological advantages[43]. Shareholder Information - The total number of common shareholders at the end of the reporting period was 15,718[130]. - Major shareholder Zheng Xu holds 30.00% of shares, totaling 45,000,000 shares[130]. - The company’s limited shares decreased from 69,918,750 (46.61%) to 65,418,750 (43.61%) due to the release of 4,500,000 shares[126]. Social Responsibility - The company has invested approximately CNY 400.1 million in poverty alleviation efforts, benefiting 1,334 households[59]. - The company plans to pay an additional RMB 1.001 million for poverty alleviation in 2018, aiming to assist 334 more registered poor households, bringing the total to approximately RMB 5.002 million and 1,668 households[121]. - The company has set up a photovoltaic power station for poverty alleviation, integrating social responsibility with business development[117]. Operational Efficiency - The company has established eight production bases with a total capacity of approximately 295,500 tons to meet market demand[34]. - The company operates approximately 60 MW of distributed photovoltaic power stations, contributing positively to revenue[32]. - The company has made significant progress in the renewable energy sector, with a total of approximately 60 MW of solar power stations in operation[55].

青岛天能重工股份有限公司 2018 年第一季度报告全文 青岛天能重工股份有限公司 2018 年第一季度报告 2018-034 所有董事均已出席了审议本次季报的董事会会议。 公司负责人郑旭、主管会计工作负责人刘萍及会计机构负责人(会计主管人 员)郑秀娟声明：保证季度报告中财务报表的真实、准确、完整。 2 青岛天能重工股份有限公司 2018 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 2018 年 04 月 1 青岛天能重工股份有限公司 2018 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。 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 | 上年同期 | 本报告期比上年同期增减 | | --- | --- | --- | --- | | 营业总收入（元） | 134,669,982.68 | 168,744,488.87 | -20.19% | | 归属于上市公司股东的净利润（元） | 18,754,934.44 ...

Financial Performance - The company's operating revenue for 2017 was approximately ¥738 million, a decrease of 23.19% compared to ¥961 million in 2016[19]. - The net profit attributable to shareholders for 2017 was approximately ¥95.58 million, down 44.22% from ¥171.35 million in 2016[19]. - The basic earnings per share for 2017 was ¥0.6372, a decrease of 57.00% compared to ¥1.4819 in 2016[19]. - In 2017, the company achieved total operating revenue of 1,038,005,875.95 CNY, with a net profit attributable to shareholders of 95,581,000 CNY, reflecting a 44.24% decrease compared to the previous year[21][28]. - The company reported a net cash flow from operating activities of 132,604,090.30 CNY for the year, indicating a strong cash generation capability despite profit declines[22]. - The total operating revenue for 2017 was ¥738,005,874.95, representing a decrease of 23.19% compared to ¥960,779,560.38 in 2016[59]. - The gross profit margin for the manufacturing sector was 25.29%, down from the previous year, with operating costs amounting to ¥551,357,577.93[61]. - The company faced a 23.19% decline in sales revenue and a 44.22% drop in net profit, attributed to reduced wind tower construction projects and rising raw material costs[45]. Cash Flow and Investments - The net cash flow from operating activities increased significantly to approximately ¥130.60 million, a 708.59% increase from -¥21.46 million in 2016[19]. - Operating cash inflow for 2017 was ¥778,323,529.07, a 7.75% increase compared to ¥722,339,999.98 in 2016, while cash outflow decreased by 12.92% to ¥647,719,508.77[80]. - Investment activities resulted in a net cash outflow of ¥490,119,742.42, a 64.76% increase in losses compared to the previous year[81]. - Cash flow from financing activities saw a drastic decline of 94.09%, with a net cash outflow of ¥83,618,962.13, primarily due to the previous year's fundraising of ¥800 million[82]. Assets and Liabilities - The total assets of the company at the end of 2017 were approximately ¥2.47 billion, an increase of 17.81% from ¥2.10 billion at the end of 2016[19]. - The net assets attributable to shareholders increased by 3.99% to approximately ¥1.68 billion at the end of 2017, compared to ¥1.61 billion at the end of 2016[19]. - The company's total assets included cash and cash equivalents of ¥224,630,014.55, which decreased by 19.86% from ¥607,897,976.67 in 2016[85]. - Accounts receivable increased to ¥439,717,456.00, accounting for 17.77% of total assets, a slight decrease of 2.49% from the previous year[85]. - Inventory rose to ¥396,411,452.60, representing 16.02% of total assets, an increase of 1.71% from 14.31% in 2016[86]. Market Strategy and Expansion - The company plans to increase investments in wind farms and photovoltaic power stations, entering the offshore wind power construction sector[7]. - The company plans to expand its market presence in 2018, focusing on regions such as Central China, North China, and Northeast China, anticipating improved wind power construction conditions[28][32]. - The company has established new production bases in Jiangsu, Shanxi, and Dezhou, increasing its production capacity by approximately 150,000 tons, enhancing its competitive edge in the market[30]. - The company is positioned as a leading manufacturer of wind turbine towers in China, with a focus on expanding its market share in the wind power industry, which is projected to grow significantly in the coming years[33]. - The company aims to improve its market share and competitiveness in the wind turbine tower manufacturing sector amid low industry concentration and intense competition[114]. Risk Management - The company faces risks related to fluctuations in raw material prices, particularly steel, which significantly impacted operating costs in 2017[8]. - The company initiated hedging tools in December 2017 to mitigate risks from raw material price fluctuations[46]. - The company has implemented a sales-based production model to mitigate raw material cost risks and is exploring hedging strategies[113]. - The company acknowledges potential project delays due to the lengthy investment decision processes in wind power projects, which could impact financial performance[114]. Research and Development - The company achieved significant results in R&D, obtaining 1 invention patent and 3 utility model patents related to tower structures[78]. - The company's R&D investment in 2017 amounted to ¥22,515,533.81, representing 3.05% of total revenue, an increase from 3.01% in 2016[79]. - The company plans to enhance the research and development of large-capacity wind turbine towers, particularly offshore wind turbine towers, to maintain industry leadership[101]. Profit Distribution - The profit distribution plan for shareholders includes a cash dividend of ¥1.50 per 10 shares, with no bonus shares issued[8]. - The cash dividend represents 100% of the total distributable profit of 89,263,787.95 CNY[119]. - The company has established a profit distribution policy that requires board approval and independent director consent for any adjustments[136]. - The company commits to a profit distribution policy that ensures cash dividends will not be less than 20% of the distributable profits in the current year[133]. - The company aims to maintain a stable and continuous profit distribution policy while considering long-term interests and overall shareholder benefits[132]. Subsidiaries and Acquisitions - The company successfully acquired 100% equity of Beijing Shangdian New Energy Investment Co., Ltd. on December 22, 2017, and operates three photovoltaic poverty alleviation power stations with a total scale of 50MW, contributing approximately 6 million CNY annually to poverty alleviation efforts[186]. - The company established a wholly-owned subsidiary, Qingyun TianNeng Heavy Industry Tower Manufacturing Co., Ltd., with a registered capital of 10 million RMB, fully paid by December 31, 2017[69]. - The company set up another wholly-owned subsidiary, Jiangsu TianNeng Marine Heavy Industry Co., Ltd., with a registered capital of 100 million RMB, but no capital was paid in by December 31, 2017[69]. - The company increased its investment in Jiyuan Jinkong New Energy Technology Co., Ltd. by RMB 600,000, resulting in an 85.72% ownership stake[162]. Compliance and Commitments - The company is in compliance with all commitments made during the asset restructuring process[123]. - The company has ongoing commitments related to shareholding restrictions for its executives and major shareholders[126]. - The company has made commitments to avoid competition with its own business and will not invest in competing entities[145]. - The company will ensure that any related party transactions are conducted at fair market prices and comply with legal requirements[142].

Financial Performance - Operating revenue decreased by 33.35% to CNY 131,412,742.38 for the current period, and by 37.83% to CNY 472,695,712.93 year-to-date[8] - Net profit attributable to shareholders decreased by 54.87% to CNY 19,443,082.78 for the current period, and by 54.06% to CNY 70,117,938.57 year-to-date[8] - Basic earnings per share dropped by 65.79% to CNY 0.13 for the current period, and by 65.44% to CNY 0.47 year-to-date[8] - Operating profit decreased by 55.33% to CNY 83,492,181.72 from CNY 186,898,087.43 year-on-year[20] - Net profit for the period was CNY 70,462,745.77, down 54.69% from CNY 155,506,764.22 in the previous year[20] - The company expects cumulative net profit for the year to decline by 45%-60% compared to the previous year, primarily due to revenue decline and the impact of steel prices[22] - Total operating revenue for the current period is 131,412,742.38, a decrease of 33.3% from 197,168,005.66 in the previous period[36] - Total operating revenue for the year-to-date is 472,695,712.93, a decrease of 37.8% from 760,373,053.90 in the previous year[44] - The company's operating revenue for the third quarter was CNY 461,519,189.79, a decrease of 32.2% compared to CNY 679,753,369.02 in the same period last year[48] - The net profit for the third quarter was CNY 70,462,745.77, down 54.8% from CNY 155,506,764.22 year-over-year[46] Assets and Liabilities - Total assets increased by 5.95% to CNY 2,225,704,635.97 compared to the end of the previous year[8] - Current assets rose to CNY 1,903,252,489.22 from CNY 1,840,667,051.21, an increase of about 3.39%[28] - Total liabilities rose to CNY 542,424,312.59 from CNY 465,980,956.30, marking an increase of approximately 16.38%[30] - The company's equity attributable to shareholders increased to CNY 1,653,186,213.23 from CNY 1,611,070,514.66, a growth of about 2.61%[31] - The total owner's equity reached CNY 1,683,280,323.38, up from CNY 1,634,719,817.60, reflecting an increase of about 2.96%[31] Cash Flow - Net cash flow from operating activities increased significantly by 341.53% to CNY 118,250,378.73 year-to-date[8] - Cash flow from operating activities showed a net increase of 341.53%, reaching CNY 118,250,378.73, attributed to reduced cash expenditures[20] - The cash flow from operating activities for the third quarter was CNY 118,250,378.73, a significant improvement compared to a negative cash flow of CNY 48,959,743.03 in the same period last year[52] - The total cash outflow from operating activities was ¥438,647,876.94, down from ¥545,028,077.76 in the previous year, indicating improved cash management[54] Inventory and Receivables - Accounts receivable decreased by 91.18% to CNY 3,729,471.00, indicating a significant reduction in cash received from sales[1] - Inventory increased by 41.93% to CNY 426,747,726.84, driven by rising material prices and increased procurement[1] - Accounts receivable decreased from CNY 425,499,495.70 to CNY 372,637,327.18, a decline of about 12.42%[28] - Inventory increased significantly from CNY 300,677,238.93 to CNY 426,747,726.84, representing a growth of approximately 42%[28] Financial Management - The company reported a financial expense of -20,913,490.97, compared to -2,321,096.24 in the previous year, indicating a significant increase in financial income[44] - The company's financial expenses for the third quarter were reported as CNY -20,923,875.47, compared to CNY -2,342,957.87 in the previous year, indicating a change in financial strategy[48] - The company experienced a decrease in management expenses to 37,017,907.33 from 34,823,333.65 in the previous year, reflecting a strategic cost control[44] - The company reported a significant increase in cash paid for the acquisition of fixed assets, totaling CNY 99,187,737.68, reflecting ongoing investments[20] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 17,715[12] - The largest shareholder, Zheng Xu, holds 30.00% of the shares, amounting to 45,000,000 shares, which are pledged[12] Government Support - The company received government subsidies totaling CNY 242,918.50 during the reporting period[9] Other Financial Metrics - The weighted average return on equity decreased to 1.18%, down by 4.57% compared to the previous year[8] - Tax expenses for the current period are reported at 3,712,847.39, down from 8,607,601.08 in the previous period, indicating a reduction in tax burden[37] - The income tax expense for the third quarter was CNY 13,129,223.03, down from CNY 30,216,991.49 in the same period last year, indicating a lower taxable income[46]