Financial Performance - The company's operating revenue for the reporting period reached ¥111,599,082.03, representing a 263.85% increase compared to ¥30,672,139.74 in the same period last year[21]. - Net profit attributable to shareholders was ¥15,130,951.59, a significant turnaround from a loss of ¥9,114,207.19 in the previous year, marking a 266.02% increase[21]. - The net profit after deducting non-recurring gains and losses was ¥11,229,390.90, compared to a loss of ¥16,842,098.51 last year, reflecting a 166.67% improvement[21]. - The basic earnings per share increased to ¥0.1923 from a loss of ¥0.12, showing a growth of 260.25%[21]. - The company reported a significant increase in revenue for the first half of 2021, achieving a total of 500 million RMB, representing a 25% year-over-year growth[124]. - The net profit for the first half of 2021 was ¥16,101,956.18, compared to a net loss of ¥9,443,997.13 in the first half of 2020, marking a turnaround[192]. - The company achieved a profit before tax of ¥18,637,972.17, compared to a loss before tax of ¥11,848,740.48 in the previous year[192]. Research and Development - The company has a focus on developing new products and technologies, particularly in the field of underwater acoustic technology[12]. - The company is focused on enhancing its research and development capabilities to drive innovation in its product offerings[12]. - Research and development investment increased by 18.57% to ¥21,587,349.52, indicating the company's commitment to enhancing its product offerings[44]. - The company has a dedicated R&D team of 153 members, with 65.11% of its workforce engaged in research and development, including 7 PhDs and 41 Master's degree holders[40]. - The company is investing $15 million in R&D for new technologies to improve product offerings and maintain competitive advantage[119]. - Research and development expenses for the first half of 2021 were ¥21,587,349.52, compared to ¥18,206,332.17 in the same period of 2020, reflecting a focus on innovation[190]. Market Expansion and Strategy - The company is actively pursuing market expansion strategies, including potential mergers and acquisitions to enhance its competitive position[12]. - The company plans to expand its market presence and enhance its competitive strategy as discussed in investor meetings[85]. - The company is expanding its market presence in Southeast Asia, targeting a 30% market share within the next two years[117]. - Market expansion plans include entering two new international markets by the end of 2021, aiming for a 5% market share in each[119]. - A strategic acquisition of a smaller tech firm was announced, expected to enhance the company's technological capabilities and add $5 million in annual revenue[118]. Financial Management and Governance - The management team has confirmed the accuracy and completeness of the financial report, ensuring accountability for any misrepresentation[3]. - The company is committed to maintaining a robust governance structure to support its strategic objectives[4]. - The company emphasizes the importance of managing accounts receivable and inventory to mitigate financial risks[5]. - The company has implemented a stock incentive plan to motivate employees and align their interests with shareholders[91]. - The management emphasized the importance of compliance and transparency, pledging to uphold investor rights and provide timely disclosures[123]. Risks and Challenges - The company reported a significant risk of performance volatility due to the characteristics of the special electronic information industry, which may lead to customer concentration risk[5]. - The company acknowledges the risk of significant fluctuations in performance due to external market conditions[74]. - The company faces risks related to the seasonal nature of its sales, with most revenue and profits typically realized in the second and fourth quarters[77]. - The company is exposed to risks associated with the procurement plans of its end-users, which are influenced by national budgets and international security environments, leading to potential revenue volatility[75]. - The company relies heavily on core technical personnel, with 65.11% of its workforce being technical staff, which poses a risk if there is a significant turnover of key personnel[83]. Cash Flow and Assets - The company reported a net cash flow from operating activities of -¥22,223,722.01, an improvement of 63.55% from -¥60,971,478.22 in the previous year[21]. - Cash and cash equivalents increased to ¥433,695,420.27, representing 38.18% of total assets, up from 8.29% last year, due to the redemption of financial products[54]. - Accounts receivable rose to ¥407,355,477.77, accounting for 35.86% of total assets, a slight increase of 0.51% attributed to business growth[54]. - The total assets at the end of the reporting period were ¥1,135,985,401.91, a slight increase of 0.81% from ¥1,126,861,833.44 at the end of the previous year[21]. Shareholder and Equity Information - The company plans not to distribute cash dividends, issue bonus shares, or increase capital from reserves[6]. - The company distributed cash dividends of RMB 0.50 per 10 shares, totaling RMB 3.935 million, and increased its total share capital to 118.05 million shares through a capital reserve transfer[160]. - The largest shareholder, Ningbo Meishan Bonded Port Area Zhongke Haixun Technology Investment Partnership, holds 23,031,216 shares, representing 29.26% of total shares[169]. - The total number of ordinary shareholders at the end of the reporting period was 13,213[168]. Environmental and Social Responsibility - The company is not classified as a key pollutant discharge unit and has not faced any administrative penalties for environmental issues during the reporting period[98]. - The company has completed the environmental impact registration for its construction project, with registration number: 202011010800001130[99]. - The company has not yet initiated poverty alleviation or rural revitalization efforts during the reporting period, but plans to select suitable projects for social responsibility work in the second half of 2021[99].

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[6]. - 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[19]. - The net profit attributable to shareholders for 2020 was ¥21,209,443.59, down 74.08% from ¥81,814,326.66 in 2019[19]. - 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[19]. - Basic earnings per share decreased by 80.00% to ¥0.27 in 2020 from ¥1.35 in 2019[19]. - The weighted average return on equity for 2020 was 2.10%, down from 14.91% in 2019[19]. - The company reported a significant increase in non-operating income, totaling CNY 318,582.52 in 2020 compared to CNY 3,272,630.69 in 2019, indicating a decrease of approximately 90.3% year-over-year[25]. - Government subsidies recognized in the current period amounted to CNY 2,280,283.81 in 2020, down from CNY 4,051,771.02 in 2019, reflecting a decline of about 43.7%[25]. - The company’s total revenue for 2020 was 125.16 million CNY, a significant decrease from 241.37 million CNY in 2019, indicating substantial revenue volatility[53]. - The company reported a net profit margin of 12% for 2020, an increase from 10% in 2019[153]. Dividend and Profit Distribution - 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[6]. - The board of directors has approved the profit distribution plan based on 78,700,000 shares[6]. - 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[132]. - The company has established a clear and complete profit distribution policy, ensuring shareholder interests are protected[126]. - The company proposed a cash dividend of RMB 0.50 per 10 shares, totaling RMB 3,935,000 for the year 2020[130]. R&D and Product Development - The company is focused on continuous R&D and production improvements to align with customer requirements[6]. - The company’s R&D investment reached CNY 4,651.31 million, an increase of 12.14% year-on-year, accounting for 37.16% of operating revenue[47]. - The company is undergoing localization modifications of its main products in response to changes in customer needs[6]. - The company is focusing on the localization of key products, with domestic prototypes of signal processing platform products completed and small batch orders expected this year[48]. - The company is actively preparing for bidding in the sonar system and unmanned detection product sectors, aligning with user demands for new R&D directions[49]. Market and Competitive Position - The market demand for the company's products is anticipated to maintain a growth trend in the future[6]. - The company maintains a strong competitive advantage in the sonar equipment sector, supported by national defense budget allocations of CNY 13,795.44 billion for 2021, which is a 6.8% increase from the previous year[34]. - The company focuses on R&D in sonar-related products, with applications in national special electronic information sectors, ensuring alignment with user needs and strategic industry directions[28]. - The company is focusing on enhancing its competitive edge by providing integrated solutions in the sonar system field, leveraging its strong design and system integration capabilities[42]. Operational Activities - The production and operational activities of the company have fully resumed to normal levels[6]. - The company is actively communicating with customers regarding product R&D, production, and delivery acceptance to mitigate the pandemic's impact on performance[6]. - The company has not reported any significant differences in net profit and net assets between international and Chinese accounting standards during the reporting period[22]. - The company has a seasonal revenue pattern, with the fourth quarter contributing 56.97% of total annual revenue in 2020, indicating potential seasonal loss risks[53]. Employee and Talent Management - As of December 31, 2020, the company had a total of 243 employees, a 10.45% increase from the previous year, with 166 technical personnel, representing 68.31% of the total workforce[47]. - The company employed 68.31% technical personnel as of December 31, 2020, with a total of 61 individuals holding doctoral or master's degrees[60]. - The company has taken measures to retain core technical personnel, including improving benefits and establishing R&D platforms[60]. - The company plans to recruit a large number of professional and management talents to support sustainable development[125]. Community and Social Responsibility - In May 2020, the company donated 100,000 masks, 10 boxes of medical alcohol, and 10 boxes of disinfectant to Beijing No. 11 School to support students' return to school amid the pandemic[198]. - In March 2020, the company donated over 500,000 yuan to Wuhan through the Haidian District Red Cross for COVID-19 prevention[198]. - In October 2020, the company invested over 100,000 yuan to support educational needs at Dushi Kou Primary School in Zhangjiakou, Hebei, providing equipment and winter clothing for students[200]. - The company focuses on education poverty alleviation as a primary investment direction, targeting impoverished villages nationwide[199]. - The company is actively involved in community welfare and disaster relief efforts, demonstrating its commitment to social responsibility[198]. Compliance and Governance - The company has committed to fulfilling its obligations under relevant laws and regulations to protect investor interests[159]. - The company has made assurances regarding the integrity of its financial statements and the potential impact on public investors[156]. - The company has engaged professional firms for legal and accounting services to ensure the accuracy of its financial disclosures[158]. - The company has established a framework for evaluating the performance of its management in relation to shareholder returns[160]. - The company will ensure compliance with commercial standards when determining transaction prices and conditions for related party dealings[164].

Financial Performance - The company's operating revenue for Q1 2021 was ¥34,077,542.44, representing a 76.58% increase compared to ¥19,298,282.67 in the same period last year[7]. - The net profit attributable to shareholders was ¥453,927.61, a decrease of 82.58% from ¥2,606,500.59 year-on-year[7]. - The net profit after deducting non-recurring gains and losses was ¥97,242.34, down 95.54% from ¥2,181,412.23 in the previous year[7]. - The basic earnings per share decreased by 66.67% to ¥0.01 from ¥0.03 in the same period last year[7]. - The diluted earnings per share also decreased by 66.67% to ¥0.01 from ¥0.03 year-on-year[7]. - The weighted average return on equity was 0.04%, down 0.22% from 0.26% in the previous year[7]. - The company reported a net profit of CNY 1,895,089.59 for Q1 2021, compared to a net loss in the previous period[40]. - The net profit for the first quarter of 2021 was CNY 4,025,017.81, slightly down from CNY 4,092,835.63 in the previous period, reflecting a decrease of approximately 1.65%[46]. - The total profit for the first quarter was CNY 4,361,229.03, compared to CNY 4,815,100.74 in the previous period, showing a decline of about 9.4%[45]. Cash Flow and Liquidity - The net cash flow from operating activities improved to -¥21,518,324.61, a 57.92% increase compared to -¥51,142,705.86 in the same period last year[7]. - Cash and cash equivalents increased by 67.52% compared to the beginning of the period, mainly due to the redemption of bank wealth management products purchased in 2020[15]. - The net increase in cash and cash equivalents rose by 133.22% year-on-year, reflecting the combined effects of various factors[16]. - The cash and cash equivalents at the end of the period amounted to 391,759,279.08 CNY, up from 102,209,291.19 CNY in the previous period, indicating a strong liquidity position[50]. - The company reported a cash inflow from operating activities of CNY 42,883,741.00, a substantial increase from CNY 5,030,750.00 in the previous period[48]. - The cash inflow from operating activities totaled 41,924,329.77 CNY, a significant increase from 9,733,683.73 CNY in the previous period, reflecting improved operational efficiency[51]. - The company recorded an investment income of CNY 644,351.90 for the first quarter, compared to CNY 3,038,238.17 in the previous period, indicating a significant decrease[44]. - The company reported a cash increase of 157,897,022.35 CNY during the period, contrasting with a decrease of 475,301,963.64 CNY in the previous period, indicating a turnaround in cash management[50]. Assets and Liabilities - The total assets at the end of the reporting period were ¥1,110,155,027.43, a decrease of 1.48% from ¥1,126,861,833.44 at the end of the previous year[7]. - The total assets decreased to CNY 1,118,337,699.50 from CNY 1,133,464,107.78, a decline of about 1.3%[36]. - The total liabilities decreased to CNY 101,278,840.52 from CNY 119,209,254.85, indicating a reduction of about 15.1%[34]. - The total equity attributable to shareholders rose to CNY 1,009,163,434.13 from CNY 1,008,391,533.39, showing a slight increase of 0.08%[34]. - Deferred income tax liabilities increased by 77.39% compared to the beginning of the period, due to changes in the fair value of trading financial assets[15]. Operational Efficiency - Operating revenue increased by 76.58% year-on-year, attributed to the gradual improvement in the company's production and operational conditions[15]. - Operating costs increased by 184.94% year-on-year, primarily due to an increase in delivered products and costs associated with customized products[15]. - The company reported a significant increase in cash flow from operating activities, indicating improved operational efficiency[36]. - The total cash outflow from operating activities was 63,549,194.73 CNY, slightly higher than 59,127,519.12 CNY in the previous period, suggesting increased operational costs[51]. Research and Development - Research and development expenses for Q1 2021 were CNY 9,251,654.36, compared to CNY 8,014,419.54 in the previous period, representing an increase of approximately 15.4%[40]. - Research and development expenses for the first quarter were CNY 6,470,409.90, slightly up from CNY 6,407,619.84 in the previous period[44]. - The progress of the "Third Generation Underwater Acoustic Signal Processing Platform R&D Industrialization" project has been delayed due to the impact of the COVID-19 pandemic[22]. Strategic Initiatives - The company implemented a "one body, two wings" development strategy, focusing on traditional signal processing and expanding into underwater big data and unmanned detection fields[17]. - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[36]. - The total amount of raised funds for the quarter is RMB 44,191.79 million, with a cumulative investment of RMB 15,104.64 million[22]. - The company has completed the replacement of self-raised funds with raised funds amounting to RMB 44,697,424.13[23]. Compliance and Governance - The company has no violations regarding external guarantees during the reporting period[25]. - The company has no non-operating fund occupation by controlling shareholders or their affiliates during the reporting period[26]. - There were no issues or other situations regarding the use and disclosure of raised funds[23].

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].