Financial Performance - The net profit attributable to shareholders decreased by 74.08% compared to the same period last year due to delays in bidding, R&D, production, delivery, and acceptance caused by the pandemic[4]. - The company's operating revenue for 2020 was ¥125,155,641.31, a decrease of 48.15% compared to ¥241,367,321.98 in 2019[17]. - The net profit attributable to shareholders for 2020 was ¥21,209,443.59, down 74.08% from ¥81,814,326.66 in 2019[17]. - The net cash flow from operating activities was -¥59,512,862.48, a decline of 696.67% compared to ¥9,974,087.34 in 2019[17]. - Basic earnings per share decreased by 80.00% to ¥0.27 in 2020 from ¥1.35 in 2019[17]. - The company reported a quarterly revenue of ¥71,299,660.17 in Q4 2020, which was the highest among the four quarters[18]. - The net profit attributable to shareholders in Q4 2020 was ¥33,785,072.98, marking a significant recovery from losses in the previous quarters[18]. Dividend and Shareholder Returns - The company plans to distribute a cash dividend of 0.5 RMB per 10 shares (including tax) and to increase capital reserves by 5 shares for every 10 shares held[4]. - The cash dividend represents 18.55% of the net profit attributable to the company's ordinary shareholders, which was RMB 21,209,443.59 for 2020[116]. - The total share capital will increase to 118,050,000 shares after a capital reserve transfer of 39,350,000 shares, with a ratio of 5 shares for every 10 shares held[115]. - The profit distribution plan complies with the company's articles of association and relevant regulations, ensuring shareholder interests are protected[112]. - The company’s retained earnings will be carried forward to future years, as no undistributed profits were allocated for distribution[114]. Research and Development - The company increased its R&D investment to CNY 4,651.31 million, representing 37.16% of its operating revenue, a growth of 12.14% compared to the previous year[46]. - As of December 31, 2020, the company had a technical R&D team of 166 people, accounting for 68.31% of the total workforce[39]. - The company has 2 authorized invention patents, 13 utility model patents, 1 design patent, and 114 software copyrights, with 25 invention patents pending[37]. - The company plans to expand its R&D directions in response to market demands, focusing on multiple product types for bidding[48]. Market and Industry Outlook - The company expects the negative impact of the pandemic on performance to gradually diminish as production activities have fully resumed and communication with customers continues[4]. - With the completion of domestic product modifications and increasing national defense spending, market demand for the company's products is expected to maintain a growth trend in 2021[4]. - The industry is supported by a national defense budget of 13,795.44 billion in 2021, reflecting a 6.8% increase from the previous year, which benefits the company's product development[32]. Operational Challenges - Domestic and international environmental factors have led to adjustments in customer planning for sonar equipment deployment, affecting procurement progress in 2020[4]. - Inventory levels increased substantially, attributed to delays in product delivery and acceptance caused by the pandemic and military reforms[33]. - The company experienced a significant increase in fixed assets due to the acquisition of office spaces by its subsidiaries[33]. Corporate Governance and Compliance - The company has committed to ensuring compliance with all regulatory requirements and commitments made during its public offering[122]. - The company confirmed that all commitments made to minority shareholders were fulfilled on time[151]. - The company has engaged Beijing Zhongtonghua Asset Appraisal Co., Ltd. as its asset appraisal agency for the IPO process, ensuring compliance with regulatory requirements[142]. Social Responsibility - The company donated over 500,000 yuan for COVID-19 prevention efforts in Wuhan and provided 100,000 masks and other supplies to a local school[182]. - In 2020, the company invested over 10.48 million yuan in educational poverty alleviation, benefiting 140 impoverished students[186]. - The company is actively involved in community welfare and disaster relief efforts, demonstrating its corporate social responsibility[182]. Shareholding Structure - The largest shareholder, Ningbo Meishan Bonded Port Area Zhongke Haixun Technology Investment Partnership, holds 29.26% of the shares, totaling 23,031,216 shares[199]. - The second-largest shareholder, Pingdingshan Haixun Voice Technology Investment Partnership, holds 20.57% of the shares, totaling 16,187,500 shares[199]. - The total number of shareholders at the end of the reporting period was 13,468, with no preferred shareholders[199]. Future Plans - The company plans to strengthen market development efforts and improve cash flow by increasing accounts receivable collection[100]. - The company aims to enhance R&D investment and attract talent through equity incentives to boost core competitiveness[100]. - The company intends to expand its product offerings, including new training systems and high-frequency imaging sonar[101].

Financial Performance - Operating revenue for the reporting period was CNY 23,183,841.40, down 38.98% year-on-year, and CNY 53,855,981.14 for the year-to-date, down 62.92% compared to the same period last year[7] - Net profit attributable to shareholders was a loss of CNY 3,461,422.20 for the reporting period, a decrease of 229.26% year-on-year, and a loss of CNY 12,575,629.39 year-to-date, down 124.02% compared to the same period last year[7] - The basic earnings per share for the reporting period was -CNY 0.044, a decrease of 197.78% year-on-year, and -CNY 0.1598 year-to-date, down 118.01% compared to the same period last year[7] - The net cash flow from operating activities was -CNY 26,807,469.10 for the reporting period, a decrease of 16.93% year-on-year, and -CNY 87,778,947.32 year-to-date, down 1,270.88% compared to the same period last year[7] - The weighted average return on net assets was -0.36% for the reporting period, a decrease of 169.39% year-on-year, and -1.28% year-to-date, down 112.11% compared to the same period last year[7] Assets and Liabilities - Total assets at the end of the reporting period were CNY 1,065,151,421.09, a decrease of 2.68% compared to the end of the previous year[7] - Cash and cash equivalents decreased by 88.24% to ¥67,918,016.11 from ¥577,511,254.83 due to idle funds being used for wealth management products and poor sales collection[15] - Total liabilities reached CNY 99,679,647.56, with current liabilities at CNY 92,658,413.16 and non-current liabilities at CNY 7,021,234.40[60] - Total assets amounted to CNY 1,094,445,213.99, with current assets at CNY 1,045,705,024.84 and non-current assets at CNY 48,740,189.15[58] - The total liabilities to total assets ratio is approximately 9.1%, indicating a low leverage position[60] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 14,299[11] - The largest shareholder, Ningbo Meishan Bonded Port Area Zhongke Haixun Technology Investment Partnership, held 29.26% of the shares[11] - The total equity attributable to shareholders was CNY 982,938,149.20, down from CNY 997,321,256.28 in the previous period[31] Revenue and Cost Analysis - Total operating revenue for Q3 2020 was CNY 23,183,841.40, a decrease from CNY 37,995,967.02 in the previous period[33] - Total operating costs for Q3 2020 were CNY 26,020,463.93, down from CNY 38,639,051.04 in the previous period[34] - The company experienced a substantial decline in total revenue year-to-date, reporting ¥53,855,981.14 compared to ¥145,255,493.29 in the previous year[41] Research and Development - Research and development expenses increased to CNY 10,058,770.12 from CNY 9,274,323.57 year-over-year[34] - Research and development expenses for Q3 2020 were ¥7,922,930.34, slightly down from ¥8,338,533.93 in the previous year[38] - Research and development expenses for the year-to-date period were ¥23,263,713.77, down from ¥25,033,432.20 in the previous year[46] Cash Flow and Investment Activities - The net cash flow from operating activities for Q3 2020 was -87,778,947.32 CNY, compared to -6,403,091.44 CNY in Q3 2019, indicating a significant decline[51] - Total cash inflow from investment activities was 1,092,167,230.48 CNY, while cash outflow was 1,504,078,722.12 CNY, resulting in a net cash flow of -411,911,491.64 CNY for Q3 2020[52] - The company reported cash inflow from sales of goods and services of 33,124,203.00 CNY in Q3 2020, a decrease from 94,909,645.00 CNY in Q3 2019[51] Changes and Expectations - The company reported no significant changes in its strategy or new product developments during the reporting period[14] - The company expects a significant decline in operating revenue for 2020, projecting a net profit drop of 60% to 75% compared to 2019[18] - The company has not undergone an audit for the third quarter report[67] Accounting and Financial Policies - The new revenue recognition and leasing standards were implemented from January 1, 2020, without retrospective adjustments[66] - The company’s financial report reflects no significant changes in the accounting policies from previous periods[66]

Financial Performance - The company's operating revenue for the reporting period was ¥30,672,139.74, a decrease of 71.40% compared to ¥107,259,526.27 in the same period last year[20]. - The net profit attributable to shareholders was a loss of ¥9,114,207.19, representing a decline of 118.35% from a profit of ¥49,678,788.18 in the previous year[20]. - The net cash flow from operating activities was -¥60,971,478.22, a significant decrease of 469.03% compared to ¥16,522,080.82 in the same period last year[20]. - The basic earnings per share were -¥0.1158, down 113.75% from ¥0.8420 in the previous year[20]. - The total profit for the company was -11.85 million yuan, down 120.83% from 56.89 million yuan in the previous year[48]. - The net profit for the first half of 2020 was a loss of CNY 9,443,997.13, compared to a profit of CNY 49,236,633.96 in the same period of 2019, indicating a significant decline[154]. - The total comprehensive income for the period was -5,907,890.55 CNY, compared to 50,435,599.83 CNY in the previous period[159]. - The company reported a significant loss of -¥2,006,900.00 from its investments during the period[69]. Research and Development - The company is focused on developing new sonar technology for underwater detection and communication[11]. - The company has a strong emphasis on research and development for new products and technologies[11]. - The company has a technical R&D team of 147 members, with 60.49% of the total workforce dedicated to R&D, including 9 PhDs and 45 Master's degree holders[43]. - Research and development investment increased by 4.83% to ¥18,206,332.17, reflecting efforts to accelerate the localization of core products[55]. - The company is actively developing unmanned detection systems, with significant military and civilian demand expected in the coming years[50]. - The company is committed to enhancing its product offerings and technological capabilities in the sonar industry[70]. Compliance and Governance - The board of directors has confirmed the accuracy and completeness of the financial report[3]. - The company is committed to maintaining compliance with the relevant financial regulations and standards[10]. - The company did not have any discrepancies between financial reports prepared under international accounting standards and Chinese accounting standards[22]. - The half-year financial report has not been audited[97]. - The financial statements were approved by the board of directors on August 19, 2020, ensuring compliance with regulatory requirements[182]. Market and Strategic Position - The company is exploring market expansion opportunities in the marine technology sector[11]. - The company has established a strong position in the sonar equipment supply chain, focusing on R&D in signal processing platforms and sonar systems[35]. - The company maintains a direct sales model, primarily serving large state-owned enterprises and research institutions in the special electronic information industry[32]. - The company is exploring potential mergers and acquisitions to accelerate growth and market expansion[172]. - The company is focusing on expanding its business opportunities in new fields, including information equipment, through product localization efforts[90]. Assets and Liabilities - Total assets at the end of the reporting period were ¥1,062,383,495.30, a decrease of 2.93% from ¥1,094,445,213.99 at the end of the previous year[21]. - The net assets attributable to shareholders were ¥978,041,014.44, down 1.67% from ¥994,651,709.01 at the end of the previous year[21]. - The company's total liabilities decreased to CNY 84,484,725.76 from CNY 99,679,647.56, reflecting a decline of approximately 15.2%[146]. - The total equity attributable to the parent company at the end of the previous year was 994.76 million yuan[168]. Cash Flow and Financial Management - The net cash flow from operating activities was -¥60,971,478.22, a decline of 469.03% compared to ¥16,522,080.82 in the previous year, largely due to reduced sales collections[55]. - The net cash flow from investing activities was -419,136,772.38 CNY, compared to -1,410,812.88 CNY in the prior year[162]. - The company reported a significant increase in cash outflows for purchasing goods and services, totaling 39,663,979.97 CNY, compared to 27,931,766.92 CNY in the previous year[162]. - The company incurred a total of 10,104,584.90 CNY in other cash outflows related to operating activities, up from 6,678,681.35 CNY in the prior year[162]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period is 16,195[125]. - The largest shareholder, Ningbo Meishan Bonded Port Area Zhongke Haixun Technology Investment Partnership, holds 29.26% of shares, totaling 23,031,000 shares[125]. - The company has a total of 78,700,000 shares outstanding, with 74.97% being restricted shares[123]. - The company has not experienced any significant changes in its shareholding structure during the reporting period[122]. Challenges and Future Outlook - The COVID-19 pandemic negatively impacted the company's operations, delaying procurement and project implementation due to strict control measures[51]. - The company faced significant negative impacts from COVID-19, affecting production and delivery timelines due to strict pandemic control measures in Beijing and Wuhan[89]. - The overall financial performance indicates challenges that may affect future strategies and operations[169]. - The company plans to focus on expanding its market presence and developing new technologies in the upcoming quarters[172].

Financial Performance - Total revenue for Q1 2020 was ¥19,298,282.67, a decrease of 46.08% compared to ¥35,789,379.20 in the same period last year[7] - Net profit attributable to shareholders was ¥2,606,500.59, down 88.91% from ¥23,502,256.77 year-on-year[7] - Basic and diluted earnings per share were both ¥0.0331, a decline of 91.73% from ¥0.40 in the same period last year[7] - Operating revenue decreased by 46.08% year-on-year, mainly impacted by the pandemic affecting customer procurement and product delivery[16] - The company reported a significant decrease in other income, which fell to CNY 3,375,686.73 from CNY 24,302,239.95, a decline of approximately 86%[39] - The total profit for Q1 2020 was CNY 2,972,995.41, down from CNY 27,242,002.99 in the same period last year, a decrease of about 89%[40] Cash Flow and Liquidity - The net cash flow from operating activities was -¥51,142,705.86, representing a 21.91% increase in cash outflow compared to -¥41,952,557.58 in the previous year[7] - Cash and cash equivalents decreased by 82.30% compared to the beginning of the period, primarily due to significant cash outflows from operations and investments[16] - Cash inflow from operating activities amounted to CNY 9,841,678.89, significantly higher than CNY 4,324,335.48 in the previous period, indicating a growth of approximately 128.5%[47] - Cash outflow from operating activities totaled CNY 60,984,384.75, up from CNY 46,276,893.06, representing an increase of about 31.9%[48] - The net cash flow from financing activities was -CNY 2,480,000.00, compared to -CNY 200,000.00 in the previous period, indicating a significant increase in cash outflow[49] Assets and Liabilities - Total assets at the end of the reporting period were ¥1,070,278,174.26, a decrease of 2.21% from ¥1,094,445,213.99 at the end of the previous year[7] - The company's total liabilities decreased to CNY 73,261,877.53 from CNY 99,679,647.56, a significant decline of approximately 26.5%[32] - The company's total equity as of March 31, 2020, was CNY 997,016,296.73, slightly up from CNY 994,765,566.43, indicating a marginal increase of about 0.2%[33] - The company's total liabilities decreased to CNY 71,887,080.84 from CNY 98,066,362.94, reflecting a reduction of approximately 27%[39] Impact of COVID-19 - The company reported a significant decline in net profit primarily due to the impact of COVID-19, which disrupted normal operations, including logistics and project implementation[15] - The company expects a significant decline in net profit for the first half of the year compared to the same period last year due to delays in production and delivery caused by the pandemic[23] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 19,099[11] - The largest shareholder, Ningbo Meishan Bonded Port Area Zhongke Haixun Technology Investment Partnership, held 29.26% of the shares[11] Government Support - The company received government subsidies amounting to ¥1,010,000 during the reporting period[8] Changes in Financial Reporting - The company has implemented new revenue and leasing standards starting in 2020, affecting the financial statements[53] - The company has implemented new revenue recognition standards effective January 1, 2020, which do not involve retrospective adjustments[60]

Financial Performance - The company's operating revenue for 2019 was ¥241,367,321.98, a decrease of 19.09% compared to ¥298,311,769.47 in 2018[18]. - The net profit attributable to shareholders for 2019 was ¥81,814,326.66, down 4.65% from ¥85,806,351.06 in 2018[18]. - The net cash flow from operating activities decreased significantly by 78.28% to ¥9,974,087.34 from ¥45,924,755.70 in 2018[18]. - The total assets at the end of 2019 increased by 89.36% to ¥1,094,445,213.99 compared to ¥577,980,269.81 at the end of 2018[18]. - The net assets attributable to shareholders rose by 111.21% to ¥994,651,709.01 from ¥470,919,523.86 in 2018[18]. - The basic earnings per share for 2019 was ¥1.3491, a decrease of 7.23% from ¥1.4543 in 2018[18]. - The weighted average return on equity for 2019 was 14.91%, down from 20.05% in 2018, reflecting a decline of 5.14%[18]. - The company reported a net profit excluding non-recurring gains and losses of ¥78,541,695.97 for 2019, down 6.88% from ¥84,345,410.26 in 2018[18]. - The company achieved operating revenue of 241.37 million yuan in 2019, a decrease of 19.09% compared to 298.31 million yuan in 2018[46]. - The net profit attributable to shareholders was 81.81 million yuan, down 4.65% from 85.81 million yuan in the previous year[46]. Revenue Breakdown - Revenue from the signal processing platform increased by 41.05% to 216.19 million yuan, accounting for 89.57% of total revenue[51]. - Revenue from sonar systems plummeted by 88.05% to 16.05 million yuan, primarily due to limited product variety and unstable orders[47]. - Water acoustic big data and simulation system revenue surged by 232.17% to 8.09 million yuan, driven by a low base in the previous year[47]. - The gross profit margin for the signal processing platform was 71.67%, reflecting a 2.87% increase from the previous year[55]. Research and Development - The company has a technical R&D team of 122 members, with 55.45% of the total workforce dedicated to R&D[41]. - The company increased R&D expenditure to CNY 41.48 million, a rise of CNY 6.66 million or 19.14% compared to 2018, representing 17.18% of total revenue[66]. - The company is investing 200 million RMB in research and development for new technologies aimed at improving operational efficiency and product innovation[138]. - The company plans to develop new products such as high-frequency imaging sonar and a fourth-generation signal processing platform, enhancing its product variety[91]. Dividend Policy - The company plans to distribute a cash dividend of 0.94 RMB per 10 shares to all shareholders, based on a total of 78,700,000 shares[4]. - The cash dividend in 2019 accounted for 9.04% of the net profit attributable to the parent company[105]. - The company's profit available for distribution was CNY 221,344,771.02, indicating a strong profit position despite not distributing dividends in previous years[101]. - The total number of shares for the dividend distribution is 78,700,000, with no stock dividends or capital reserve transfers planned[104]. Strategic Focus - The company emphasizes R&D, with significant investments in core technologies across four key areas, enhancing its competitive edge in the sonar equipment market[33]. - The company intends to build strategic partnerships with large domestic groups to promote the development of the sonar equipment industry[94]. - The company plans to focus on underwater safety and the application of underwater acoustic technology in civilian markets, enhancing its core business in signal processing and sonar systems[90]. - The company aims to continue the industrial application of its mature core technologies and expand its market presence while investing in R&D for emerging core technologies[91]. Compliance and Governance - The board of directors has confirmed the accuracy and completeness of the annual report, ensuring no misleading statements or omissions[3]. - The company emphasizes that forward-looking statements regarding future plans and strategies do not constitute a commitment to investors, highlighting investment risks[4]. - The company is focused on maintaining compliance with regulatory requirements regarding share transfers and management[110]. - The management emphasized the importance of maintaining strong corporate governance and compliance with regulatory standards to protect shareholder interests[137]. Shareholder Information - The company issued 19.7 million shares at a price of 24.6 RMB per share, increasing total shares from 59 million to 78.7 million[183]. - The largest shareholder, Ningbo Meishan Bonded Port Area Zhongke Haixun Technology Investment Partnership, holds 29.26% of shares, totaling 23,031,216 shares[188]. - The second largest shareholder, Ningbo Meishan Bonded Port Area Haixun Acoustic Technology Investment Partnership, holds 20.57% of shares, totaling 16,187,500 shares[188]. - The company reported no changes in the controlling shareholder during the reporting period[190]. Market Outlook - The company provided a positive outlook for the next fiscal year, projecting a revenue growth of 10% to 1.32 billion RMB[131]. - New product launches are expected to contribute an additional 200 million RMB in revenue, with a focus on innovative technology solutions[132]. - The company plans to expand its market presence in Southeast Asia, targeting a 25% increase in market share within the next two years[133]. - Financial guidance indicates an expected EBITDA margin improvement to 25% by the end of the next fiscal year[133].