Financial Performance - The company's operating revenue for Q3 2021 was ¥45,786,511.37, a decrease of 55.02% compared to the same period last year[5]. - The net profit attributable to shareholders was -¥30,695,680.25, representing a decline of 277.48% year-on-year[5]. - The basic earnings per share for the period was -¥0.10, down 266.67% from the previous year[5]. - The company's net profit attributable to shareholders decreased by 58.07% to 194.92 million yuan, primarily due to dividend distributions and significant impairment losses[12]. - The company reported a net loss of CNY 255,899,682.99 for Q3 2021, compared to a net profit of CNY 46,455,848.10 in the same period last year, indicating a significant decline in profitability[24]. - Operating profit for the quarter was CNY -296,277,440.35, a decrease from CNY 54,815,428.55 in Q3 2020, reflecting operational challenges[24]. - The total profit for the quarter was CNY -296,396,759.75, compared to CNY 54,903,073.36 in the previous year, showing a substantial drop in overall financial performance[24]. Assets and Liabilities - Total assets at the end of the reporting period were ¥1,550,519,068.09, a decrease of 14.68% from the end of the previous year[5]. - The company's equity attributable to shareholders decreased by 24.72% to ¥878,675,933.92 compared to the end of the previous year[5]. - The balance of short-term borrowings at the end of the reporting period was 325 million yuan, an increase of 58.54% compared to the beginning of the year, attributed to increased working capital loans[12]. - The company's total liabilities increased slightly to RMB 666,143,831.57, compared to RMB 650,095,391.95 at the end of 2020, marking a rise of 2.3%[21]. - The company reported a decrease in the number of shares outstanding, with the total equity attributable to shareholders dropping to RMB 878,675,933.92 from RMB 1,167,223,430.06 at the end of 2020[22]. Cash Flow - Cash flow from operating activities showed a net outflow of -¥63,911,891.91, a decrease of 23.50% year-to-date[5]. - The company experienced a net cash outflow from operating activities of CNY -63,911,891.91, an improvement from CNY -83,541,589.55 in Q3 2020[28]. - Cash and cash equivalents at the end of the period increased to CNY 224,937,917.81 from CNY 198,310,947.57, indicating a positive cash flow trend despite operational losses[29]. - The company's net cash flow from financing activities increased by 133.43%, mainly due to an increase of 120 million yuan in bank working capital loans[13]. - Financing activities generated a net cash inflow of CNY 106,681,294.52, compared to CNY 45,701,570.11 in Q3 2020, reflecting improved financing conditions[29]. Inventory and Receivables - The company reported a significant decrease in accounts receivable, down 99.42% to ¥1,957,000, primarily due to the transfer and collection of commercial acceptance bills[11]. - The balance of inventory at the end of the reporting period was 196.18 million yuan, a decrease of 31.99% compared to the beginning of the year, mainly due to inventory write-downs[12]. - Accounts receivable rose to RMB 462,275,499.73, up 11.6% from RMB 413,976,143.59 at the end of 2020[19]. - The balance of other receivables at the end of the reporting period was 3.05 million yuan, an increase of 213.79% compared to the beginning of the year, mainly due to increased litigation service fees and bid deposits[12]. Impairment and Expenses - The company's credit impairment losses increased by 1,973.43% year-on-year, with a provision of 148.01 million yuan for credit impairment losses related to the multi-network cloud data processing communication machine business[12]. - The company faced credit impairment losses of CNY -175,463,755.15, a significant increase from CNY -8,462,503.02 in Q3 2020, indicating rising credit risk[24]. - Research and development expenses for Q3 2021 were RMB 11,394,898.22, an increase of 19.2% compared to RMB 9,559,672.97 in the same period last year[23]. Other Financial Metrics - Non-recurring gains and losses for the period amounted to ¥113,953.98, with a year-to-date total of ¥715,256.94[9]. - The balance of deferred income tax assets increased by 611.32% to 47.72 million yuan, primarily due to increased asset impairment losses and the recognition of deferred tax assets[12]. - The company reported investment income of CNY 623,979.60, a recovery from a loss of CNY -540,250.21 in the same quarter last year[24]. - The company has not made any adjustments or restatements to previous years' accounting data[5]. - The third quarter report for 2021 was not audited, indicating a potential area for further scrutiny[35].

Financial Performance - The company's operating revenue for 2020 was ¥384,634,794.20, a decrease of 20.88% compared to ¥486,133,135.94 in 2019[21]. - The net profit attributable to shareholders for 2020 was ¥68,189,243.05, down 20.87% from ¥86,169,854.49 in 2019[21]. - The basic earnings per share for 2020 was ¥0.23, a decline of 17.86% from ¥0.28 in 2019[21]. - Total assets at the end of 2020 amounted to ¥1,817,318,822.01, a decrease of 10.97% from ¥2,041,150,264.80 at the end of 2019[21]. - The net assets attributable to shareholders increased by 3.73% to ¥1,167,223,430.06 at the end of 2020, compared to ¥1,125,210,484.52 at the end of 2019[21]. - The company reported a quarterly revenue of ¥82,291,364.97 in Q1, ¥104,857,389.49 in Q2, ¥101,788,594.28 in Q3, and ¥95,697,445.46 in Q4 of 2020[24]. - The net profit attributable to shareholders in Q4 was ¥21,733,394.95, showing a recovery from earlier quarters[24]. - The revenue from the ship power distribution system was ¥110,874,071.40, down 39.91% from ¥184,527,733.94 in 2019, accounting for 28.83% of total revenue[59]. - The revenue from the ship engine automation system was ¥204,270,959.05, a decrease of 29.72% from ¥290,632,841.67 in 2019, representing 53.11% of total revenue[59]. - The gross profit margin for the ship power distribution system was 35.91%, down 10.98% from the previous year[61]. Investment and R&D - The company acknowledges the need for continuous investment in technology research and development to mitigate risks from technological advancements and competition[5]. - The company has committed to enhancing its research and development capabilities by increasing investment and collaborating with external research institutions[95]. - The company has a strong R&D team that has added 1 invention patent and 7 utility model patents during the reporting period, showcasing its commitment to innovation[43]. - The company has developed core technologies such as medium-voltage distribution boards and ship circuit breakers, achieving high-level domestic replacements for foreign products[41]. - The company has a total of 64 patents, including 25 invention patents, and has 20 additional patents under review[44]. - The company invested 50 million RMB in R&D for new technologies, focusing on energy efficiency and automation[191]. Governance and Management - The company has established a comprehensive governance structure to manage its rapid growth and ensure effective operational and financial management[6]. - The company highlights the potential impact of management risks on its long-term development if it fails to adapt to market changes[6]. - The company has not reported any significant internal control deficiencies or non-standard audit opinions for the reporting period[4]. - The company has maintained compliance with all commitments made by its controlling shareholders and related parties during the reporting period[105]. - The company underwent a significant change in its board of directors on September 14, 2020, due to a change in the controlling shareholder and actual controller[176]. - The new management team is expected to bring fresh perspectives and strategies to the company, focusing on market expansion and technological innovation[177]. Market and Competitive Landscape - The company emphasizes the importance of maintaining military qualifications, as military product revenue significantly impacts overall sales and profitability[5]. - The company recognizes the competitive landscape for skilled technical personnel and the associated risks of talent retention[5]. - The company is focused on maintaining its core competencies in electrical and automation systems for marine engineering[9]. - The company operates a direct sales model, engaging directly with shipowners, shipyards, and design institutes without intermediaries[32]. - The company has established stable long-term partnerships with major domestic shipyards and design institutes, enhancing its market position[46]. - The company aims to leverage opportunities in the domestic shipbuilding supply industry to contribute to national shipbuilding initiatives[94]. Shareholder and Dividend Policy - The company reported a profit distribution plan, proposing a cash dividend of 0.5 RMB per 10 shares based on a total of 296,847,720 shares[6]. - The cash dividend for 2020 represents 21.77% of the net profit attributable to ordinary shareholders, which is 68,189,243.05 yuan[104]. - The company has a clear cash dividend policy that aligns with its articles of association and shareholder resolutions[100]. - The company did not implement any stock increases or bonus shares for the 2020 fiscal year, maintaining a focus on cash dividends[101]. - The company has committed to fulfilling all promises made to minority shareholders[111]. Operational Efficiency - The company aims to reduce operational costs by 5% through process optimization initiatives in the upcoming year[191]. - The company’s R&D expenses for 2020 were ¥16,412,601.45, which is 4.27% of total operating revenue, down from 4.99% in 2019[70]. - Sales expenses decreased by 28.36% to ¥15,530,991.39 in 2020 compared to ¥21,679,585.27 in 2019[69]. - Management expenses decreased by 40.29% to ¥44,592,881.54, primarily due to the impact of stock incentive expenses[69]. - Financial expenses increased by 248.91% to ¥18,706,769.64, mainly due to increased interest expenses[69]. Future Outlook - The company provided a positive outlook for the next fiscal year, projecting a revenue growth of 10% to 1.32 billion RMB[191]. - The company aims to optimize its existing service system and expand its global service network to better serve high-end customers[94]. - A strategic acquisition of a local competitor is planned, which is anticipated to add 300 million RMB in annual revenue[191]. - The company is expanding its market presence in Southeast Asia, targeting a 25% increase in market share within the next two years[191].

Financial Performance - The company's revenue for Q1 2022 was ¥49,321,533.79, a decrease of 19.14% compared to ¥60,996,408.12 in the same period last year[5] - The net profit attributable to shareholders was a loss of ¥7,702,229.21, representing a decline of 272.13% from a profit of ¥4,474,722.36 in the previous year[5] - The company reported a significant increase in other income, which rose by 820.43% year-on-year, mainly due to increased government subsidies recognized[10] - Total operating revenue for Q1 2022 was ¥49,321,533.79, a decrease of 19.1% from ¥60,996,408.12 in the same period last year[22] - Net profit for Q1 2022 was a loss of ¥8,030,240.71, compared to a profit of ¥4,474,722.36 in Q1 2021[23] - The gross margin for Q1 2022 was reported at 35%, a slight improvement from 32% in Q1 2021[30] Cash Flow and Assets - The net cash flow from operating activities improved to ¥754,351.07, a significant increase of 101.88% compared to a negative cash flow of ¥40,166,551.60 in the same period last year[5] - The net cash flow from investing activities increased by 76.79% year-on-year, attributed to reduced cash payments for fixed assets and other long-term assets[11] - The cash and cash equivalents at the end of Q1 2022 were ¥90,482,443.60, down from ¥137,665,700.39 at the end of the previous year[28] - Total current assets amount to 789,105,748.73 CNY, down from 801,414,803.92 CNY at the beginning of the year[19] - Total non-current assets amount to 472,295,290.05 CNY, down from 478,036,255.35 CNY at the beginning of the year[20] - The total assets at the end of the reporting period were ¥1,261,401,038.78, down 1.41% from ¥1,279,451,059.27 at the end of the previous year[5] Shareholder Information - Total number of common shareholders at the end of the reporting period is 19,997[13] - Zhejiang Provincial Second Light Group holds 30.24% of shares, totaling 88,968,375 shares[13] - Gong Ruiliang, a natural person, holds 22.45% of shares, totaling 66,065,625 shares, with 49,549,219 shares under lock-up[13] - Total equity attributable to shareholders decreased by 0.89% to ¥858,489,612.99 from ¥866,191,842.20 at the end of the previous year[5] Research and Development - Research and development expenses increased by 98.69% year-on-year, primarily due to an increase in government subsidies recognized in the current period[10] - The company reported a significant increase in R&D expenses, which rose to ¥4,203,458.49, up 98.5% from ¥2,115,535.70 in the previous year[22] - Research and development expenses increased by 20% year-over-year, focusing on innovative technologies and product enhancements[30] Future Outlook and Strategy - The company provided a future outlook, projecting a revenue growth of 15% for the next quarter, driven by new product launches[30] - The company announced plans for market expansion into Southeast Asia, targeting a 25% market share within the next two years[30] - A strategic acquisition of a local tech firm was completed, expected to enhance the company's product offerings and increase market competitiveness[30] - The company aims to launch two new products by the end of Q2 2022, which are anticipated to contribute an additional 5 million in revenue[30] Operational Efficiency - Total operating costs increased to ¥59,183,015.61, up 13.6% from ¥52,071,534.19 year-over-year[22] - Operating expenses were controlled, showing a decrease of 5% compared to the previous quarter, enhancing overall profitability[30] Sustainability Commitment - The company reiterated its commitment to sustainability, with plans to reduce carbon emissions by 30% over the next five years[30]

Financial Performance - Operating revenue for the reporting period was CNY 101,788,594.28, a decrease of 30.84% year-on-year[6] - Net profit attributable to shareholders decreased by 58.09% to CNY 17,295,303.76 for the reporting period[6] - The net profit after deducting non-recurring gains and losses was CNY 15,800,048.03, down 44.33% year-on-year[6] - Basic earnings per share decreased by 57.14% to CNY 0.06 for the reporting period[6] - The weighted average return on net assets was 1.52%, a decrease of 2.16% compared to the same period last year[6] - Total operating revenue for Q3 2020 was ¥101,788,594.28, a decrease from ¥147,186,138.58 in the previous period[34] - Net profit for Q3 2020 was ¥17,295,303.76, down from ¥41,268,553.51 in the same period last year, representing a decline of approximately 58%[36] - Earnings per share for Q3 2020 were ¥0.06, compared to ¥0.14 in the previous year[37] - The total comprehensive income for Q3 2020 was CNY 19,080,743.15, compared to CNY 41,786,435.44 in the same period last year[41] Asset and Liability Changes - Total assets decreased by 12.45% to CNY 1,787,116,034.96 compared to the end of the previous year[6] - The company's cash and cash equivalents decreased to CNY 209,713,946.31 from CNY 281,165,482.13, representing a decline of approximately 25.5%[26] - Accounts receivable increased to CNY 512,489,250.19 from CNY 417,878,154.24, showing a growth of about 22.6%[26] - The company's inventory rose to CNY 261,939,539.80 from CNY 208,564,973.17, reflecting an increase of approximately 25.5%[26] - Total current liabilities decreased to CNY 632,888,905.54 from CNY 914,364,780.28, a reduction of about 30.8%[28] - The total assets of the company were CNY 2,041,150,264.80, with non-current assets totaling CNY 448,242,276.64, including fixed assets of CNY 353,347,272.07 and intangible assets of CNY 51,266,086.22[60] - Total liabilities reached CNY 915,939,780.28, with current liabilities accounting for CNY 914,364,780.28, including short-term borrowings of CNY 180,000,000.00 and accounts payable of CNY 145,142,434.55[59] Shareholder Information - The company reported a total of 12,230 common shareholders at the end of the reporting period[11] - The largest shareholder, Gong Ruiliang, holds 29.65% of the shares, totaling 88,087,500 shares[11] - Zhejiang Second Light Group holds 22.54% of the shares, totaling 66,946,500 shares[11] - The company completed the transfer of 66,946,500 shares, accounting for 22.54% of the total share capital, from the former controlling shareholder to Zhejiang Erqing Group[16] - The actual controller of the company changed from Gong Ruiliang to the State-owned Assets Supervision and Administration Commission of the Zhejiang Provincial People's Government[16] Cash Flow Analysis - The net cash flow from operating activities increased by 269.95% to CNY 61,887,795.84 compared to the same period last year[6] - The net cash flow from operating activities decreased by 34.51% compared to the same period last year, mainly due to an increase in cash paid for purchasing goods and receiving services[15] - The net cash flow from financing activities increased by 494.97% compared to the same period last year, primarily due to an increase in bank working capital loans[15] - Cash inflows from operating activities totaled ¥340,718,309.52, compared to ¥265,466,702.51 in the previous year, indicating an increase of about 28.3%[51] - The net cash flow from financing activities was ¥45,701,570.11, compared to -¥11,570,958.50 in the previous year, indicating a positive turnaround[55] Expense Management - Sales expenses decreased by 31.81% compared to the same period last year, mainly due to a reduction in travel and business entertainment expenses[15] - R&D expenses decreased by 41.89% compared to the same period last year, primarily due to a reduction in R&D investment[15] - Financial expenses increased by 859.03% compared to the same period last year, mainly due to increased interest on bank loans and bill discounting[15] - Research and development expenses for Q3 2020 were CNY 9,559,672.97, a decrease of 42.1% compared to CNY 16,450,858.55 in the same period last year[42] - The company is focusing on cost management, as evidenced by the reduction in sales and management expenses compared to the previous year[35] Regulatory and Reporting Changes - The company has adopted new revenue and leasing standards starting in 2020, which required adjustments to the financial statements[56] - The company adopted new revenue recognition standards starting January 1, 2020, adjusting the previous year-end balance of ¥33,010,091.43 from "pre-receivable accounts" to "contract liabilities"[64] - The third-quarter report was not audited, indicating a potential area for further scrutiny in financial reporting[65]

Financial Performance - In 2021, the company achieved operating revenue of CNY 220.09 million, a decrease of CNY 164.55 million (36.09%) compared to CNY 384.63 million in 2020, primarily due to the exclusion of specialized network communication business revenue[3]. - The net profit for 2021 was a loss of CNY 268.09 million, with CNY 246.46 million attributed to impairment losses in the specialized network communication business[3]. - The overall gross margin decreased from 31.64% in the previous year to 24.57% in 2021, with some civilian products experiencing gross margin losses[4]. - The company reported a total revenue of RMB 1.2 billion for the fiscal year 2021, representing a year-over-year increase of 15%[19]. - The net profit for the year was RMB 200 million, which is a 10% increase compared to the previous year[19]. - The company's operating revenue for 2021 was ¥220,089,747.81, a decrease of 42.78% compared to ¥570,252,522.80 in 2020[24]. - The net profit attributable to shareholders was -¥268,085,255.80, representing a decline of 493.15% from ¥68,189,243.05 in 2020[24]. - The basic earnings per share for 2021 was -¥0.90, down 491.30% from ¥0.23 in 2020[24]. - The total assets at the end of 2021 were ¥1,279,451,059, a decrease of 29.60% from ¥1,817,318,822 in 2020[24]. - The net cash flow from operating activities was -¥60,155,146.23, a decline of 86.13% compared to -¥32,319,718.31 in 2020[24]. Research and Development - Research and development expenses amounted to CNY 14.98 million, representing 6.8% of the company's sales revenue, with 119 technical and R&D personnel making up 24.68% of the total workforce[5]. - The company plans to enhance R&D efficiency and promote new products and businesses to create new profit growth points[6]. - The company has allocated RMB 50 million for research and development of new technologies in the upcoming year[19]. - The company invested nearly 15 million yuan in R&D in 2021, accounting for 6.8% of its annual revenue, despite a significant decline in income[45]. - As of the end of 2021, the company held 57 patents and 53 software copyrights, with an additional 18 patent applications under review[45]. - The company is developing a 10kW hydrogen fuel cell prototype and aims to create a hydrogen energy power system for marine propulsion[73]. - The company has completed the design and development of a 200W portable fuel cell, which has been recognized by relevant authorities, enhancing its product portfolio[52]. - The company added 3 invention patents, 6 utility model patents, and 1 software copyright in 2021, bringing the total to 57 patents, including 28 invention patents[177]. Market Strategy and Expansion - The company plans to expand its market presence in Southeast Asia, targeting a revenue growth of 20% in that region for 2022[19]. - A strategic acquisition of a local tech firm is anticipated to enhance the company's product offerings and market share by 15%[19]. - The company aims to achieve a gross margin of 30% in 2022, up from 28% in 2021[19]. - The board has provided guidance for 2022, projecting a revenue target of RMB 1.5 billion, reflecting a growth rate of 25%[19]. - The company plans to expand its market presence in Southeast Asia, targeting a 10% market share by 2023[126]. - A strategic acquisition was announced, with the company acquiring a competitor for CNY 500 million, expected to enhance its product offerings and market reach[141]. Corporate Governance - The company has established a governance structure that complies with relevant laws and regulations, ensuring independent operation from its controlling shareholders[103]. - The board of directors consists of 9 members, including 3 independent directors, complying with legal and regulatory requirements[104]. - The supervisory board has 3 members, including 1 employee supervisor, also meeting legal and regulatory standards[105]. - The audit committee comprises 3 members who review financial reports, internal controls, and major related transactions[105]. - The company maintains independence from its controlling shareholder, ensuring no interference in decision-making or operations[107]. - The company has established a performance evaluation system for determining the remuneration of directors and senior management based on operational performance and job responsibilities[132]. Operational Challenges - The company faces risks related to fluctuations in downstream market demand, technology risks, and uncertainties associated with its transformation strategy[7]. - The company faced challenges in 2021 due to the shift to public bidding for military products, impacting its business and profit margins[49]. - The overall economic environment for the shipbuilding industry remains complex and uncertain, influenced by factors such as the pandemic and international geopolitical tensions[37]. - The shipbuilding industry faces challenges from rising raw material prices and intensified competition, impacting profit margins for shipbuilding enterprises[38]. Sustainability and Social Responsibility - The company is committed to enhancing its corporate social responsibility initiatives, with a budget of RMB 10 million allocated for community development projects[19]. - The board emphasized the importance of sustainability initiatives, committing to reduce carbon emissions by 20% by 2025[145]. - The company is committed to sustainable practices, actively developing energy-saving products and improving resource utilization[174]. Employee and Compensation Policies - The total number of employees at the end of the reporting period was 482, including 370 from the parent company and 112 from major subsidiaries[147]. - The company has implemented a training program with 47 different training sessions aimed at enhancing management and technical skills among employees[151]. - The company emphasizes the importance of a fair and reasonable compensation performance system to ensure internal equity and external competitiveness[150]. - The company has established a performance evaluation mechanism for senior management, linking compensation to company performance[171]. Financial Management - The company has secured significant bank credit lines in 2021 to support long-term funding needs, ensuring financial stability[175]. - The company implemented strict credit rating measures for customers, focusing on reducing overdue receivables and improving cash flow management[175]. - The company has not utilized any of the raised funds from its public offering, with a total of CNY 30.51 million raised and CNY 30.68 million cumulatively used[87]. - The company has reported a total remuneration of 576.24 million yuan for directors, supervisors, and senior management during the reporting period[134].

Financial Performance - The company's operating revenue for Q3 2021 was ¥45,786,511.37, a decrease of 76.49% compared to the same period last year[5]. - The net profit attributable to shareholders was -¥30,695,680.25, representing a decline of 277.48% year-on-year[5]. - The basic earnings per share for the period was -¥0.10, down 266.67% from the previous year[5]. - The company's operating revenue decreased by 56.82% compared to the same period last year, primarily due to a decline in contract order volume and fewer project deliveries[12]. - The company's net profit attributable to shareholders decreased to RMB 194,921,760.62, down 58.2% from RMB 464,843,799.70 in the previous year[22]. - The net profit for Q3 2021 was -255,899,682.99 CNY, compared to a net profit of 46,455,848.10 CNY in the same period last year, indicating a significant decline[24]. - Operating profit for Q3 2021 was -296,277,440.35 CNY, a decrease from the previous year's profit of 54,815,428.55 CNY[24]. - The total profit for Q3 2021 was -296,396,759.75 CNY, compared to a profit of 54,903,073.36 CNY in Q3 2020[24]. - The total comprehensive income attributable to the parent company for Q3 2021 was -255,485,581.43 CNY, compared to 46,455,848.10 CNY in Q3 2020[25]. Assets and Liabilities - Total assets at the end of the reporting period were ¥1,550,519,068.09, a decrease of 14.68% from the end of the previous year[5]. - The total assets of the company as of September 30, 2021, were RMB 1,550,519,068.09, a decrease of 14.7% from RMB 1,817,318,822.01 at the end of 2020[20]. - The total liabilities increased slightly to RMB 666,143,831.57 from RMB 650,095,391.95 at the end of 2020, representing a rise of 2.0%[21]. - The company's equity attributable to shareholders decreased by 24.72% to ¥878,675,933.92 compared to the end of the previous year[5]. - Current liabilities reached CNY 648,790,391.95, with short-term borrowings at CNY 205,000,000.00 and accounts payable at CNY 78,783,303.12[33]. - Total liabilities were CNY 650,095,391.95, while total equity stood at CNY 1,167,223,430.06[34]. Cash Flow - Cash flow from operating activities showed a net outflow of -¥63,911,891.91, a decrease of 23.50% year-to-date[5]. - Cash flow from operating activities showed a net outflow of -63,911,891.91 CNY, an improvement from -83,541,589.55 CNY in the same quarter last year[28]. - The company's net cash flow from financing activities increased by 133.43% year-on-year, mainly due to an increase of 120 million yuan in bank working capital loans[13]. - Financing activities generated a net cash inflow of 106,681,294.52 CNY in Q3 2021, compared to 45,701,570.11 CNY in Q3 2020[29]. - The company's net increase in cash and cash equivalents was up by 124.52% year-on-year, primarily due to the increase in bank working capital loans[13]. - Cash and cash equivalents at the end of Q3 2021 amounted to 224,937,917.81 CNY, up from 198,310,947.57 CNY at the end of the previous quarter[29]. Inventory and Receivables - The company reported a significant decrease in accounts receivable, down 99.42% to ¥1,957,000, primarily due to the transfer and collection of commercial acceptance bills[11]. - Accounts receivable rose to RMB 462,275,499.73, up 11.6% from RMB 413,976,143.59 at the end of 2020[19]. - The balance of inventory at the end of the reporting period was 196.18 million yuan, a decrease of 31.99% from the beginning of the year, mainly due to inventory write-downs[12]. - Inventory decreased significantly to RMB 196,178,575.86, down 31.9% from RMB 288,476,658.65 at the end of 2020[19]. - The balance of other receivables at the end of the reporting period was 3.05 million yuan, an increase of 213.79% from the beginning of the year, mainly due to increased litigation service fees and bid deposits[12]. Impairment and Expenses - The company reported a credit impairment loss of 148.01 million yuan, a significant increase of 1,973.43% year-on-year, primarily related to the multi-network cloud data processing communication machine business[12]. - The company recorded a credit impairment loss of -175,463,755.15 CNY in Q3 2021, compared to -8,462,503.02 CNY in the previous year[24]. - Research and development expenses for Q3 2021 were RMB 11,394,898.22, an increase of 19.2% compared to RMB 9,559,672.97 in the same period last year[23]. - The company reported a significant reduction in financial expenses, which fell to RMB 6,828,415.13 from RMB 13,172,706.99 year-on-year, a decrease of 48.2%[23]. Other Financial Information - The company has not made any adjustments or restatements to previous years' accounting data[5]. - The balance of deferred income tax assets increased by 611.32% to 47.72 million yuan, mainly due to increased asset impairment losses and the recognition of deferred tax assets[12]. - The balance of investment properties at the end of the reporting period was 27.19 million yuan, an increase of 39.13% from the beginning of the year, due to the transfer of fixed assets to investment properties[12]. - The company's undistributed profits decreased by 58.07% to 194.92 million yuan, mainly due to dividend distributions and significant impairment losses[12]. - The third quarter report was not audited, indicating preliminary financial data[35].

Financial Performance - The company's operating revenue for the first half of 2021 was ¥119,111,021.32, a decrease of 36.35% compared to ¥187,148,754.46 in the same period last year[18]. - The net profit attributable to shareholders was -¥224,789,901.18, representing a decline of 870.87% from ¥29,160,544.34 in the previous year[18]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was -¥225,391,204.14, a decrease of 1052.17% compared to ¥23,671,413.77 last year[18]. - The basic earnings per share were -¥0.7573, down 878.31% from ¥0.0973 in the same period last year[18]. - The total comprehensive income for the first half of 2021 was -222,039,808.37 CNY, compared to 30,926,447.25 CNY in the same period of 2020[140]. - The company reported a significant drop in cash flow, with cash and cash equivalents nearly halving compared to the previous period[125]. - The company recorded a significant increase in credit impairment losses, amounting to -¥164,249,668.33 compared to -¥3,734,479.29 in the previous year[135]. Assets and Liabilities - Total assets at the end of the reporting period were ¥1,452,765,989.52, a decrease of 20.06% from ¥1,817,318,822.01 at the end of the previous year[18]. - The net assets attributable to shareholders decreased by 22.08%, amounting to ¥909,487,196.88 compared to ¥1,167,223,430.06 at the end of the previous year[18]. - The total liabilities decreased to CNY 543,278,792.64 from CNY 650,095,391.95, a decline of about 16.4%[127]. - The company's equity attributable to shareholders decreased from CNY 1,167,223,430.06 to CNY 909,487,196.88, representing a decrease of approximately 22.1%[128]. Cash Flow - The net cash flow from operating activities improved by 60.02%, amounting to -¥58,141,360.43, compared to -¥145,429,385.39 in the previous year[18]. - The total cash inflow from operating activities was 203,157,680.50 CNY, down from 215,188,354.11 CNY in the previous year[142]. - The cash outflow from operating activities totaled 261,299,040.93 CNY, compared to 360,617,739.50 CNY in the first half of 2020[142]. Research and Development - The company applied for 5 invention patents and 4 utility model patents during the reporting period, bringing the total to 64 patents, including 25 invention patents, 28 utility model patents, and 11 design patents[36]. - The company has completed the prototype testing of 2 types of film capacitors for high-speed locomotives, which meet the required standards and have begun trial operation on locomotives[32]. - The company is developing smart detection and maintenance systems in collaboration with CRRC Zhuzhou Institute, with ongoing projects in urban rail transit systems[30]. Market and Business Strategy - The company is focusing on new markets such as large luxury cruise ships, new energy vessels, and unmanned ships, which are expected to have high technical requirements and profit margins[29]. - The company has emphasized the need for continuous investment in technology research and development to mitigate potential risks from technological advancements and competition[5]. - The company operates a direct sales model without distributors, engaging directly with shipowners, shipyards, and design institutes[26]. Corporate Governance and Shareholder Information - The total number of common shareholders at the end of the reporting period was 24,104[110]. - The largest shareholder, Gong Ruiliang, holds 29.67% of the shares, totaling 22,021,875 shares[111]. - Gong Ruiliang has irrevocably waived voting rights for 53,412,848 shares, representing 17.98% of the total shares[112]. Compliance and Audit - The financial report for the first half of 2021 was not audited[123]. - The company's financial statements comply with the accounting standards issued by the Ministry of Finance, accurately reflecting the financial position as of June 30, 2021[173]. - The company has not issued any non-standard audit reports for the reporting period[85]. Risks and Challenges - The company faces risks related to economic cycles, military supply qualifications, and technology advancements that could impact future performance[4][5]. - The company has recognized a provision for bad debts of 148,013,775.40 CNY based on the accounts receivable balance[69]. - The company has also recognized an inventory impairment provision of 98,446,299.51 CNY, reflecting the challenges in liquidating specialized equipment[69].

Revenue and Profit - The company's revenue for Q1 2021 was ¥60,996,408.12, a decrease of 25.88% compared to ¥82,291,364.97 in the same period last year[6] - Net profit attributable to shareholders was ¥4,474,722.36, down 43.73% from ¥7,952,703.39 year-on-year[6] - Basic earnings per share decreased by 33.33% to ¥0.02 from ¥0.03 in the same period last year[6] - The total operating income for the first quarter was CNY 56,412,790.51, a decrease from CNY 84,465,308.41 in the previous period[42] - The operating profit for the quarter was CNY 5,079,857.54, down from CNY 9,603,678.80 year-over-year, representing a decline of approximately 47%[38] - The total comprehensive income for the quarter was CNY 4,474,722.36, compared to CNY 7,952,703.39 in the same period last year[39] Cash Flow and Liquidity - The net cash flow from operating activities improved to -¥40,166,551.60, a 72.64% increase compared to -¥150,929,652.93 in the previous year[6] - The company's cash and cash equivalents at the end of the period amounted to CNY 139.42 million, a decrease of 31.82% compared to the beginning of the year, primarily due to increased payments for goods[17] - The company reported a cash balance of 137,665,700.39 CNY at the end of the period, down from 219,340,331.36 CNY in the previous period[48] - Total cash inflow from operating activities was 152,905,623.06 CNY, while cash outflow was 193,072,174.66 CNY, resulting in a net cash flow deficit[47] - The company experienced a net decrease in cash and cash equivalents of -61,021,989.70 CNY during the period[48] Assets and Liabilities - Total assets at the end of the reporting period were ¥1,859,988,278.34, reflecting a 2.35% increase from ¥1,817,318,822.01 at the end of the previous year[6] - The company's total liabilities decreased by 35.49% for accounts payable, amounting to CNY 51.44 million, due to the maturity of notes payable during the reporting period[17] - Current liabilities rose to CNY 687,089,174.80, compared to CNY 648,790,391.95, indicating an increase of about 5.4%[29] - The total liabilities amounted to CNY 688,326,674.80, up from CNY 650,095,391.95, indicating an increase of approximately 5.9%[29] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 22,260[10] - The top shareholder, Gong Ruiliang, holds 29.67% of the shares, totaling 88,087,500 shares[11] Research and Development - The company's research and development expenses decreased by 53.43% compared to the same period last year, primarily due to reduced investment in R&D[18] - Research and development expenses were CNY 2,115,535.70, significantly lower than CNY 4,543,154.39 in the previous year, reflecting a reduction of approximately 53%[38] Financial Performance - The weighted average return on equity was 0.38%, down from 0.70% in the same period last year, a decrease of 0.32%[6] - The company's financial expenses decreased by 81.04% year-on-year, mainly due to reduced interest expenses[18] - The company incurred financial expenses of CNY 998,153.81, a decrease from CNY 5,263,803.29 in the previous year[38] Inventory and Receivables - The accounts receivable at the end of the period was CNY 191.58 million, down 43.32% from the beginning of the year, mainly due to the collection of matured notes[17] - The inventory at the end of the period increased to CNY 431.66 million, a growth of 49.64% compared to the beginning of the year, attributed to an increase in inventory goods[17] - Accounts receivable increased to CNY 454,235,440.71 from CNY 411,476,267.20, representing a growth of approximately 10.4%[31] - Inventory surged to CNY 423,760,913.86, up from CNY 281,471,727.50, marking an increase of about 50.4%[31] Non-Recurring Items - Non-recurring gains and losses amounted to ¥207,187.34 for the reporting period[7] - The company reported a credit impairment loss of CNY -3,682,791.89, compared to CNY -588,363.19 in the previous period, showing a substantial increase in losses[38] Other Income - The company's other income increased by 67.79% compared to the previous year, primarily due to a decrease in government subsidies recognized in the current period[18]

Financial Performance - The company's operating revenue for 2020 was CNY 570,252,522.80, representing a 17.30% increase compared to CNY 486,133,135.94 in 2019[21]. - The net profit attributable to shareholders for 2020 was CNY 68,189,243.05, a decrease of 20.87% from CNY 86,169,854.49 in 2019[21]. - The basic earnings per share for 2020 was CNY 0.23, down 17.86% from CNY 0.28 in 2019[21]. - The total assets at the end of 2020 were CNY 1,817,318,822.01, a decrease of 10.97% from CNY 2,041,150,264.80 at the end of 2019[21]. - The net assets attributable to shareholders increased by 3.73% to CNY 1,167,223,430.06 at the end of 2020, compared to CNY 1,125,210,484.52 at the end of 2019[21]. - The company reported a quarterly revenue of CNY 188,331,276.97 in Q4 2020, with a net profit of CNY 21,733,394.95 for the same quarter[24]. - The weighted average return on equity for 2020 was 5.81%, down from 7.60% in 2019[21]. - The total operating revenue for 2020 was ¥570,252,522.80, representing a year-on-year increase of 17.30% compared to ¥486,133,135.94 in 2019[59]. - The net profit for 2020 was 68.19 million yuan, a year-on-year decrease of 20.87%[51]. - The company reported a total revenue of 60 million yuan for the year 2020[114]. Investment and R&D - The company acknowledges the need for continuous investment in technology research and development to mitigate risks from technological advancements and product replacements[5]. - The company’s R&D expenditure for 2020 was ¥16,412,601.45, accounting for 2.88% of total operating revenue, a decrease from 4.99% in 2019[70]. - The company has invested 100 million RMB in R&D for new technologies, focusing on automation and energy efficiency[189]. - The company aims to enhance its research and development capabilities by increasing investment and collaborating with academic institutions and research organizations[95]. - The company is actively involved in research and development of new technologies, including uninterrupted power supplies and automated monitoring systems for naval vessels[177]. Market and Business Strategy - The company is focused on expanding its core business in marine electrical and automation systems, which are critical to its revenue generation[4]. - The company operates a direct sales model, engaging directly with shipowners, shipyards, and design institutes without intermediaries[32]. - The company is transitioning from a ship equipment manufacturer to a system integrator, enhancing its product system integration capabilities[95]. - The company aims to leverage opportunities in the domestic shipbuilding supply industry to contribute to national shipbuilding initiatives[94]. - The company plans to expand its market presence in Southeast Asia, targeting a 20% market share by 2025[189]. - The company is exploring potential mergers and acquisitions to enhance its product offerings and market reach[189]. Governance and Compliance - The company has established a comprehensive governance structure to support its rapid business and asset growth, requiring ongoing adjustments in management practices[6]. - The company has not reported any significant internal control deficiencies or non-standard audit opinions for the reporting period[4]. - The company emphasizes the independence of its operations from its controlling shareholders and actual controllers[199]. - The board of directors consists of 9 members, including 3 independent directors, complying with legal and regulatory requirements[200]. - The audit committee of the board has 3 members, fulfilling the requirements of laws, regulations, and the company's articles of association[200]. Risks and Challenges - The company faces risks related to market demand fluctuations, particularly in the shipbuilding industry, which is influenced by global economic conditions[4]. - The company highlights the potential impact of management risks on business operations and long-term development if unable to adapt to market changes[5]. - The company is aware of the risks associated with military product certifications and the need to maintain compliance to ensure ongoing revenue streams[5]. - The company has faced challenges due to the global pandemic and economic slowdown, impacting the shipbuilding market and production costs[38]. Shareholder and Dividend Information - The company reported a profit distribution plan, proposing a cash dividend of 0.5 CNY per 10 shares based on a total of 296,847,720 shares[6]. - The cash dividend distribution for 2019 was 0.6 yuan per 10 shares, amounting to 18,177,847.20 yuan, which accounted for 21.10% of the net profit[103]. - The company has maintained a consistent cash dividend policy over the past three years, with no stock bonuses or capital increases during the reporting period[104]. - The company’s cash dividend policy complies with its articles of association and has been approved by the shareholders' meeting[100]. Employee and Management - The total remuneration for directors and senior management during the reporting period amounted to 5.084 million CNY[193]. - The company employed a total of 480 staff, including 369 in the parent company and 111 in major subsidiaries[194]. - The company provided 47 various training programs to enhance employee skills and management capabilities[196]. - The management team has extensive experience in various sectors, including finance, technology, and management, which may enhance the company's strategic direction[175][179][180]. Product Development and Innovation - The company is developing new products including shipboard switches and energy recovery systems to enhance its product line and market share[94]. - The company has developed key technologies such as medium-voltage distribution boards and ship circuit breakers, achieving high-level domestic replacements for foreign products[41]. - New product development includes a state-of-the-art power supply system for naval applications, expected to launch in Q3 2021[189]. Share Structure and Changes - The company completed a share transfer of 66,946,500 shares, representing 22.5369% of the total share capital, from the controlling shareholder to Zhejiang Erqing Group on August 20, 2020[141][143][149]. - The controlling shareholder of the company changed to Zhejiang Erqing Group Co., Ltd. on August 20, 2020, holding 66,946,500 shares, which accounts for 22.54% of the total share capital[158]. - The company’s total share capital is significantly impacted by the recent share transfer, altering the control structure[158].

常熟市国瑞科技股份有限公司 2020 年第三季度报告 常熟市国瑞科技股份有限公司 2020 年第三季度报告 2020 年 10 月 29 日 1 常熟市国瑞科技股份有限公司 2020 年第三季度报告 第一节 重要提示 董事、监事、高级管理人员是否存在对季度报告内容存在异议或无法保证其真实、准确、完整的情况 □ 是 √ 否 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。 公司负责人郦几宁、主管会计工作负责人任增强及会计机构负责人(会计主管人员)施松声明：保证季度报告中财务报表的真 实、准确、完整。 非标准审计意见提示 □ 适用 √ 不适用 2 常熟市国瑞科技股份有限公司 2020 年第三季度报告 第二节 公司基本情况 一、主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 □ 是 √ 否 | | 本报告期末 | 上年度末 | | 本报告期末比上年度末增减 | | --- | --- | --- | --- | --- | | 总资产（元） | 1,787,116,034.96 | 2,041,1 ...