Financial Performance - The company's revenue for Q3 2022 reached ¥1,725,246,751.79, representing a 102.91% increase year-over-year[3] - Net profit attributable to shareholders for the same period was ¥305,169,822.79, up 144.37% compared to the previous year[3] - The net profit after deducting non-recurring gains and losses was ¥344,536,620.07, reflecting a significant increase of 247.84%[3] - Basic earnings per share for Q3 2022 were ¥0.83, a rise of 151.52% year-over-year[3] - The company's operating revenue for the year-to-date reached CNY 4,166,642,167.52, an increase of 80.86% compared to CNY 2,303,767,814.91 in the same period last year[7] - Net profit for the period was CNY 703,369,576.01, reflecting a growth of 93.75% from CNY 363,020,815.22 year-on-year[7] - The company's gross profit margin improved, with gross profit amounting to CNY 1,399,869,981.07, representing a growth of 80.86% year-on-year[7] - The net profit for Q3 2022 was CNY 703,369,576.01, a significant increase from CNY 363,020,815.22 in Q3 2021, representing a growth of approximately 93.8%[18] - The total comprehensive income for the quarter was CNY 705,519,868.37, compared to CNY 363,249,888.82 in Q3 2021, showing an increase of about 94.3%[19] Assets and Liabilities - Total assets at the end of the reporting period amounted to ¥12,869,112,643.66, an increase of 103.92% from the previous year[3] - The company's equity attributable to shareholders reached ¥3,889,101,401.65, up 73.60% compared to the end of the previous year[3] - Long-term borrowings rose to CNY 3,189,467,351.76, a 163.21% increase from CNY 1,211,734,724.25, primarily due to increased project financing[7] - The total liabilities increased significantly, with current liabilities reaching CNY 325,489,911.94, a 175.59% rise from CNY 118,105,757.03[7] - Current liabilities totaled ¥5,748,327,363.49, an increase from ¥2,848,904,241.96, representing a rise of 101.4% year-over-year[16] - Non-current liabilities increased to ¥3,231,683,878.52 from ¥1,221,797,936.08, marking a growth of 164.1%[16] Cash Flow - Cash flow from operating activities for the year-to-date was ¥713,782,852.52, a 136.85% increase year-over-year[3] - The company reported a cash inflow from operating activities of CNY 3,528,103,298.43, compared to CNY 1,879,497,716.62 in the previous year, indicating a growth of about 88.1%[20] - The net cash flow from operating activities for Q3 2022 was ¥594,991,162.32, an increase of 70% compared to ¥349,862,558.09 in Q3 2021[21] - The total cash outflow from investing activities reached ¥3,174,508,951.99, significantly higher than ¥1,489,228,201.15 in the same period last year[21] - The net cash flow from financing activities was ¥2,949,756,460.72, compared to ¥590,960,531.32 in Q3 2021, indicating a substantial increase[21] Inventory and Receivables - Accounts receivable increased by 146.22% to ¥1,187,694,915.17, driven by expanded sales[6] - Inventory grew by 49.60% to ¥1,931,084,594.69, attributed to rapid sales growth and increased raw material stocking[6] - Accounts receivable reached ¥1,187,694,915.17, up from ¥482,368,604.79 at the start of the year, indicating a growth of about 146%[14] - Inventory levels rose to ¥1,931,084,594.69, compared to ¥1,290,839,711.60, indicating a year-over-year increase of 49.7%[15] Research and Development - Research and development expenses increased by 105.22% to CNY 210,428,293.52, driven by higher investments in R&D talent and projects[7] - Research and development expenses rose to CNY 210,428,293.52, compared to CNY 102,537,639.92 in the previous year, marking an increase of about 105.5%[18] - The company is actively investing in new technologies and research and development to enhance its competitive edge in the market[17] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 25,005, with the largest shareholder holding 26.50% of the shares[9] - The company reported a total of 77,279,944 restricted shares at the beginning of the period, with no shares released or added during the current period[11] - The company has a total of 74,954,866 restricted shares held by executive Wang Yiming, which remain locked[11] Future Outlook - Future outlook includes plans for market expansion and potential new product launches, although specific details were not disclosed in the current report[17] - The company is actively pursuing market expansion and new strategies, as indicated by its ongoing stock issuance and engagement with investors[13]

Financial Performance - The company reported a total revenue of 1.5 billion RMB for the first half of 2022, representing a year-on-year increase of 25%[4]. - The company's revenue for the reporting period reached ¥2,441,395,415.73, representing a 67.96% increase compared to ¥1,453,522,440.94 in the same period last year[15]. - The company achieved operating revenue of ¥2,441,395,415.73, an increase of 67.96% compared to the same period last year[30]. - The net profit attributable to shareholders was ¥398,199,753.22, up 67.21% from ¥238,140,728.92 year-on-year[15]. - The net profit for the period was CNY 398,199,753.22, representing a 67.21% growth driven by increased production and sales[41]. - The company reported a total revenue of 103,355 million for the period, with significant debt obligations maturing in the next two years[112]. - The company reported a total of 1,800 million in loans with various subsidiaries, with the lowest loan amount recorded at 1,000 million[121]. Research and Development - The company plans to invest 200 million RMB in R&D for new product development and technology innovation in 2022[4]. - Research and development investment rose to ¥119,300,021.97, an increase of 85.80%, reflecting the company's commitment to enhancing R&D capabilities[39]. - The company has a strong emphasis on research and development, with 149 patents obtained as of June 30, 2022[32]. - The company is focusing on new product development to meet market demands, but the time from R&D to production poses risks to profitability[71]. - Research and development expenses increased to CNY 119,300,021.97, up 85.9% from CNY 64,207,350.41 in the previous year[155]. Market Expansion - The company is expanding its market presence in Southeast Asia, aiming for a 10% market share by the end of 2023[4]. - The company is expanding its market presence in Southeast Asia, targeting a 15% market share by the end of 2023[95]. - The company has established a global market presence, actively expanding into key markets such as the USA, UK, Australia, and India[31]. - The company is actively monitoring the impact of exchange rate fluctuations and international market conditions on its operations and future strategies[81]. Product Development - The company has launched a new series of solar inverters, which are expected to contribute an additional 500 million RMB in revenue by the end of 2022[4]. - The company is focusing on technological innovation and product iteration, enhancing the efficiency and stability of its inverter products[30]. - The company is exploring potential acquisitions to enhance its supply chain efficiency and product offerings[4]. - The company is considering strategic acquisitions to enhance its market position, with a budget of 500 million yuan allocated for potential mergers and acquisitions[97]. Financial Management - The company has no plans to distribute cash dividends or issue bonus shares for the current fiscal year[3]. - The company has established a comprehensive risk control and management system for solar power plant development, ensuring project quality and reliability[38]. - The company has implemented strict management systems and quality control processes, certified by ISO9001 and ISO14001 standards[26]. - The company has a structured debt repayment strategy, with guarantees in place for debt obligations that extend for three years following the maturity of the main debt[125]. Operational Efficiency - The company achieved a net cash flow from operating activities of ¥298,883,795.18, a 21.15% increase from ¥246,697,102.49 in the previous year[15]. - The company is positioned to benefit from the rapid development phase of the photovoltaic industry, driven by favorable policies and the goal of carbon neutrality[21]. - The company aims to improve operational efficiency, targeting a 10% reduction in costs by the end of 2022[97]. - The company has established long-term stable partnerships with qualified suppliers for raw material procurement, ensuring production efficiency[24]. Shareholder Relations - The company emphasizes the protection of shareholder rights, particularly for minority shareholders, ensuring their participation in decision-making processes[89]. - The company maintains a stable profit distribution policy to provide consistent returns to shareholders, reflecting its commitment to shareholder value[89]. - The company has fulfilled all commitments made by actual controllers, shareholders, related parties, and acquirers during the reporting period[92]. - The company guarantees that its board and senior management will not engage in unfair benefit transfers or misuse company assets, ensuring shareholder interests are protected[98]. Environmental Commitment - The company has implemented measures for environmental protection and sustainability, including pollution control and resource conservation initiatives[90]. - The company is committed to sustainability initiatives, planning to reduce carbon emissions by 15% over the next three years[97]. - No significant environmental violations or penalties were reported during the reporting period, indicating compliance with environmental regulations[88]. Risks and Challenges - The company faces risks related to fluctuating raw material prices and regulatory changes in the renewable energy sector[4]. - The company is experiencing intensified competition in the photovoltaic inverter industry, which may impact market share and pricing strategies[68]. - The global photovoltaic market is subject to fluctuations due to macroeconomic trends and trade policies, which could adversely affect the company's business if not managed properly[77]. - The company has experienced a significant increase in inventory levels, which could lead to risks of impairment and increased provisions for inventory write-downs if market conditions change[72].

Financial Performance - The company's operating revenue for the first quarter reached ¥1,102,213,029.27, representing a 78.72% increase compared to ¥616,714,827.30 in the same period last year[3]. - Net profit attributable to shareholders was ¥164,369,327.24, up 54.97% from ¥106,064,279.73 year-on-year[3]. - Basic earnings per share rose to ¥0.67, a 59.52% increase from ¥0.42 in the same period last year[3]. - The total profit for the quarter was ¥184,063,121.23, marking a 50.18% increase from ¥122,558,065.34 year-over-year[7]. - Net profit for the current period was ¥164,369,327.24, compared to ¥106,064,279.73 in the previous period, reflecting an increase of approximately 55%[19]. - The total revenue for the first quarter of 2022 reached ¥1,102,213,029.27, representing a 78.72% increase compared to ¥616,714,827.30 in the same period last year[7]. Cash Flow and Liquidity - The net cash flow from operating activities increased by 123.89%, amounting to ¥57,459,668.08 compared to ¥25,664,055.73 in the previous year[3]. - Cash inflow from operating activities totaled ¥892,272,665.58, compared to ¥486,867,158.76 in the previous period, showing an increase of about 83.3%[21]. - The company reported a significant increase in cash and cash equivalents, which reached ¥1,372,389,569.14, up 83.64% from ¥747,325,455.09[6]. - The net increase in cash and cash equivalents was CNY 625,208,891.08, contrasting with a decrease of CNY 58,371,611.77 in the same period last year[23]. - The ending balance of cash and cash equivalents reached CNY 1,372,171,600.69, up from CNY 932,020,168.10 year-over-year[23]. Assets and Liabilities - Total assets at the end of the reporting period were ¥8,598,676,453.70, reflecting a 36.25% increase from ¥6,310,960,707.68 at the end of the previous year[3]. - Total liabilities amounted to CNY 6,071,213,971.77, compared to CNY 4,070,702,178.04 at the beginning of the year, which is an increase of approximately 49.2%[16]. - The company's total equity reached CNY 2,527,462,481.93, up from CNY 2,240,258,529.64, representing a growth of about 12.8%[17]. - Accounts receivable rose to CNY 646,732,925.41 from CNY 482,368,604.79, reflecting a growth of approximately 34.1%[15]. - Inventory increased to CNY 1,476,713,945.23 from CNY 1,290,839,711.60, marking a rise of about 14.4%[15]. Investment and Expenses - Research and development expenses increased by 101.51% to ¥51,787,909.27, reflecting the company's commitment to enhancing R&D capabilities[7]. - The company invested ¥441,413,143.17 in fixed assets, a 219.83% increase compared to the previous year, aimed at enhancing production capacity[7]. - Financial expenses surged to ¥31,698,071.05 from ¥2,846,681.08, indicating a significant increase of approximately 1,050%[18]. - The total cash outflow from investing activities was CNY 788,905,142.08, compared to CNY 327,315,589.15 in the same period last year[22]. - The cash paid for fixed assets and intangible assets was CNY 441,413,143.17, significantly higher than CNY 138,014,973.83 in the previous year[22]. Financing Activities - The company issued convertible bonds during the period, leading to an increase in long-term borrowings to ¥1,634,390,778.52, a rise of 34.88%[6]. - The cash flow from financing activities increased by 484.93% to ¥1,379,267,728.92, attributed to expanded financing activities and convertible bond issuance[7]. - The net cash flow from financing activities was CNY 1,340,641,337.98, compared to CNY 233,243,298.38 in the previous year[23]. Strategic Plans - The company plans to continue expanding its marketing network and increasing R&D investment to drive future growth[7]. - The company plans to expand its market presence and invest in new product development as part of its growth strategy[13].

Financial Performance - The company's revenue for 2021 reached approximately ¥3.31 billion, representing a 58.92% increase compared to ¥2.08 billion in 2020[20]. - Net profit attributable to shareholders was approximately ¥473.83 million, up 48.96% from ¥318.10 million in the previous year[20]. - The net cash flow from operating activities increased by 73.42% to approximately ¥632.51 million, compared to ¥364.73 million in 2020[20]. - Basic earnings per share rose to ¥1.93, a 41.91% increase from ¥1.36 in 2020[20]. - The company's total assets at the end of 2021 were approximately ¥6.31 billion, reflecting a 112.73% increase from ¥2.97 billion at the end of 2020[20]. - The company's net assets attributable to shareholders increased by 22.50% to approximately ¥2.24 billion, compared to ¥1.83 billion in 2020[20]. - The company reported a diluted earnings per share of ¥1.92, which is a 42.22% increase from ¥1.35 in the previous year[20]. - The weighted average return on equity was 23.05%, down from 29.05% in 2020, indicating a decrease of 6.00%[20]. - The net profit after deducting non-recurring gains and losses was approximately ¥392.03 million, a 40.46% increase from ¥279.10 million in 2020[20]. - The company achieved a revenue of 3,312.41 million CNY, an increase of 58.92% compared to the same period last year[37]. Inventory and Accounts Receivable - Accounts receivable increased from 244.78 million yuan in 2019 to 482.37 million yuan in 2021, reflecting the company's expanding business scale[5]. - The company's inventory balance grew significantly from 128.83 million yuan in 2019 to 1.30 billion yuan in 2021, raising concerns about potential inventory management risks[6]. - The company's inventory balance increased significantly from 128.83 million in 2019 to 1,298.48 million in 2021, raising concerns about potential inventory write-downs due to market changes[93]. - Accounts receivable rose by 55.62% to ¥482,368,604.79, attributed to the expansion of sales scale[43]. Market and Competition - The company is exposed to intense competition in the photovoltaic industry, which may impact market share, pricing, and profit levels[5]. - The global PV inverter market is expected to grow, with a projected scale of 72GW from 2020 to 2024, driven by increasing energy and environmental concerns[26]. - The company is focusing on distributed photovoltaic power generation, which is gaining market share due to its flexibility and lower land requirements[26]. - The photovoltaic market is experiencing healthy growth, influenced by environmental demands and technological advancements, with a shift from centralized to distributed generation models in China[28]. - The company faces risks related to the rapid technological advancements in the photovoltaic inverter industry, which may affect its product competitiveness if new products are not launched timely[91]. Research and Development - R&D expenses surged by 83.48% to CNY 173,063,508.53, reflecting the company's commitment to enhancing research and development capabilities[45]. - The company has a professional R&D team led by a nationally appointed expert, enhancing its innovation capabilities and market competitiveness[39]. - The company is focusing on technology research and product quality improvement, establishing a strong brand reputation and obtaining export qualifications for overseas markets[34]. - The company is optimizing its product lines for the sixth and fifth generation inverters to enhance market competitiveness and respond to global policy changes[59]. - The company plans to enhance its product offerings in the small commercial market through new inverter models, responding to market demands and optimizing customer experience[60]. Financial Risks and Management - The company faces risks from raw material price fluctuations, particularly for electronic components, which are primarily imported and subject to supply shortages and price increases[3]. - The company has engaged in forward foreign exchange contracts to mitigate currency risk, but potential losses may arise if the agreed rates are lower than market rates[5]. - The company has established a comprehensive risk control and management system for photovoltaic power station projects, ensuring quality and reliability in construction and operation[42]. - The company has a structured approach to managing its guarantees, with specific terms outlined for each guarantee period[190]. Corporate Governance - The company maintains complete independence from its controlling shareholders in terms of assets, personnel, finance, organization, and business operations[100]. - The company has established a performance evaluation and incentive mechanism for senior management, linking their interests with the company's long-term development through a restricted stock incentive plan[99]. - The company adheres to strict information disclosure practices, ensuring timely and accurate communication with investors[98]. - The company has established a comprehensive internal control system to regulate its operations and ensure compliance with relevant laws and regulations[99]. Sustainability and Environmental Responsibility - The company is committed to achieving carbon neutrality by promoting clean energy solutions and integrating green, low-carbon concepts into product innovation[86]. - The company has committed to sustainable development through technological innovation, focusing on energy conservation and pollution reduction, with no environmental incidents reported during the year[149]. - The company has not faced any administrative penalties related to environmental issues during the reporting period and is not classified as a key pollutant discharge unit[146]. Future Outlook - The company plans to increase its production capacity to 77,000 units per year, up from the current 40,000 units per year[49]. - The company provided guidance for the next fiscal year, projecting a revenue growth of 25% and aiming to reach 1.875 billion RMB[113]. - The company plans to enhance digitalization and automation in manufacturing processes to improve operational efficiency and product quality[88]. - The company is exploring potential mergers and acquisitions to enhance its product portfolio and market presence, targeting a deal by Q3 2022[153].

Financial Performance - The company's revenue for Q3 2021 reached ¥850,245,373.97, representing a year-on-year increase of 36.35%[3] - Net profit attributable to shareholders was ¥124,880,086.30, up 35.94% compared to the same period last year[3] - The net profit after deducting non-recurring gains and losses was ¥99,051,620.70, reflecting a 36.40% increase year-on-year[3] - The company's basic earnings per share for the period was ¥0.50, an increase of 31.58% year-on-year[3] - The company's operating revenue increased by 70.52% to approximately CNY 2.30 billion compared to CNY 1.35 billion in the same period last year[9] - Net profit surged by 72.71% to CNY 363.02 million, driven by expanded production and sales scale[9] - The net profit for Q3 2021 was CNY 363,020,815.22, a significant increase of 72.6% compared to CNY 210,190,505.25 in Q3 2020[22] - The total comprehensive income for Q3 2021 reached CNY 363,249,888.82, up from CNY 210,202,130.89 in the same period last year, reflecting a growth of 73%[23] Assets and Liabilities - Total assets at the end of the reporting period amounted to ¥5,315,220,891.46, a 79.17% increase from the end of the previous year[3] - The company's total assets as of Q3 2021 were CNY 5,315,220,891.46, compared to CNY 2,966,596,805.66 at the end of the previous year, marking an increase of about 79.4%[20] - Total liabilities reached CNY 3,176,717,325.56 in Q3 2021, up from CNY 1,137,770,366.43 in the same period last year, representing an increase of approximately 179.5%[20] - The company's inventory increased by 124.03% to ¥1,027,098,550.11, driven by rapid sales growth and increased raw material stock[5] - Accounts receivable rose to CNY 520,350,232.34 in Q3 2021, compared to CNY 309,962,391.42 in the previous year, reflecting an increase of approximately 77.7%[19] Cash Flow and Financing - The company's cash flow from operating activities for the year-to-date was ¥349,862,558.09, an increase of 62.34%[3] - Cash flow from operating activities saw a rise of 85.09% to CNY 139.05 million due to increased export amounts and corresponding tax refunds[10] - The company increased its bank financing, leading to cash inflow from borrowings of CNY 780.47 million, a 1023.78% increase[10] - The net cash inflow from financing activities for Q3 2021 was CNY 590,960,531.32, a turnaround from a net outflow of CNY 62,459,695.16 in Q3 2020[25] Research and Development - R&D expenses grew by 64.29% to CNY 102.54 million, reflecting the company's commitment to enhancing R&D capabilities[9] - Research and development expenses amounted to CNY 102,537,639.92 in Q3 2021, up from CNY 62,411,991.78 in Q3 2020, reflecting a year-over-year increase of approximately 64.3%[21] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 31,263, with the largest shareholder holding 26.91%[11] - The company's major shareholders include Ningbo Dongyuan Venture Capital Co., Ltd., holding 16,624,769 shares, and Hong Kong Central Clearing Limited, holding 5,308,190 shares[13] Future Outlook - Future outlook includes plans for market expansion and potential new product launches to capitalize on the growing demand in the renewable energy sector[21] - The company plans to issue convertible bonds totaling no more than RMB 987 million, with the specific issuance scale to be determined by the board of directors[16]

Financial Performance - The company reported a significant increase in revenue, with a year-on-year growth of 30% in the first half of 2021[2]. - The company's revenue for the first half of 2021 reached approximately RMB 1.45 billion, representing a 99.80% increase compared to RMB 727.50 million in the same period last year[17]. - Net profit attributable to shareholders was approximately RMB 238.14 million, up 101.26% from RMB 118.33 million year-on-year[17]. - The net profit after deducting non-recurring gains and losses was approximately RMB 202.32 million, a 69.12% increase compared to RMB 119.63 million in the previous year[17]. - The net cash flow from operating activities was approximately RMB 246.70 million, reflecting a 62.17% increase from RMB 152.12 million in the same period last year[17]. - Basic earnings per share increased to RMB 0.96, an 88.24% rise from RMB 0.51 in the previous year[17]. - The company achieved operating revenue of ¥1,453,522,440.94, an increase of 99.80% year-on-year[33]. - The gross profit margin for grid-connected inverters decreased by 9.55%, with revenue of ¥1,294,760,055.73 and cost of sales at ¥948,619,288.60, indicating an increase in sales volume but higher costs[46]. Assets and Liabilities - The total assets of the company reached 1.5 billion RMB, reflecting a 15% increase compared to the previous year[3]. - Total assets as of June 30, 2021, were approximately RMB 4.72 billion, a 58.94% increase from RMB 2.97 billion at the end of the previous year[17]. - The company's total liabilities stood at approximately CNY 2.48 billion, which is an increase from CNY 1.58 billion at the end of 2020, indicating a growth of about 56.8%[150]. - The company's long-term borrowings increased to CNY 622.65 million, reflecting a rise of 8.71% due to financing for distributed photovoltaic power stations[50]. Market and Strategic Initiatives - The company is focused on expanding its market presence and enhancing its product offerings in the photovoltaic sector[12]. - The company aims to enhance its competitive edge through new product development and talent acquisition, although there are uncertainties in achieving expected outcomes[5]. - The company is actively expanding its photovoltaic power station investments and exploring international markets to achieve a global layout, responding to potential policy risks in the renewable energy sector[70]. - The company is expanding its global market presence, actively targeting regions such as the US, UK, Netherlands, Australia, Mexico, India, Brazil, and Southeast Asia[33]. - The company plans to expand its market presence in Southeast Asia, targeting a 10% market share by the end of 2022[110]. Research and Development - The company continues to invest in research and development for new technologies and products to maintain competitive advantage[12]. - Research and development investment increased by 101.81% to ¥64,207,350.41, reflecting the company's commitment to enhancing R&D capabilities[44]. - The company is investing heavily in R&D, with a budget increase of 40% for new technology development[106]. - The company has developed multiple series of string inverters, with the latest 5G series enhancing efficiency and reliability for distributed photovoltaic systems[22]. Risks and Challenges - The company is facing risks from global economic slowdown and supply chain disruptions due to the COVID-19 pandemic, which may impact future performance[4]. - The company has reported a significant reliance on imported electronic components, which poses risks related to supply chain stability[6]. - The company faces risks related to the fluctuation of raw material prices and supply shortages, particularly for electronic components, and has strengthened strategic partnerships with suppliers to mitigate these risks[72]. - The ongoing impact of the COVID-19 pandemic remains a concern, with potential adverse effects on the company's operational performance, prompting a focus on international market expansion[71]. Shareholder Returns and Dividends - The company plans to distribute a cash dividend of 5 RMB per 10 shares, based on a total of 247,580,246 shares[7]. - The total cash dividend distributed to shareholders is RMB 123,790,123, which accounts for 100% of the total profit distribution[78]. - The company is committed to maintaining a minimum cash dividend ratio of 20% in its profit distribution plan, balancing shareholder returns with developmental needs[77]. Corporate Governance and Compliance - The company has established measures to manage related party transactions, ensuring transparency and compliance with legal regulations[93]. - The company has committed to repurchasing shares to stabilize stock prices, ensuring that the results will not lead to a non-compliant equity distribution[95]. - The company has successfully fulfilled all commitments made during the issuance of A-shares, indicating compliance with regulatory requirements[85]. Environmental and Social Responsibility - The company emphasizes environmental protection and has established a comprehensive pollution control facility[81]. - The company has committed to sustainability initiatives, aiming to reduce carbon emissions by 30% by 2025[110]. User Engagement and Market Outlook - User data showed a total of 2 million active users, with a 15% increase compared to the previous year[103]. - The company provided a positive outlook for the second half of 2021, projecting a revenue growth of 30% year-on-year[104]. - The company is exploring potential mergers and acquisitions to enhance its competitive position in the market[169].