西安派瑞功率半导体变流技术股份有限公司 2021 年第三季度报告 证券代码：300831 证券简称：派瑞股份 公告编号：2021-066 西安派瑞功率半导体变流技术股份有限公司 2021 年第三季度报告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 重要内容提示: 1.董事会、监事会及董事、监事、高级管理人员保证季度报告的真实、准 确、完整，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带 的法律责任。 2.公司负责人、主管会计工作负责人及会计机构负责人(会计主管人员)声 明：保证季度报告中财务信息的真实、准确、完整。 3.第三季度报告是否经过审计 □ 是 √ 否 一、主要财务数据 (一)主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 □ 是 √ 否 | | 本报告期 | 本报告期比上年同期 | 年初至报告期末 | 年初至报告期末比上 | | --- | --- | --- | --- | --- | | | | 增减 | | 年同期增减 | | 营业收入（元） | 65,333,094.62 | 248.79% | 136,401, ...

Financial Performance - The company reported a revenue of 100 million RMB for the first half of 2021, representing a 20% increase compared to the same period in 2020[15]. - The net profit attributable to shareholders for the first half of 2021 was 15 million RMB, up 25% year-on-year[15]. - The company's operating revenue for the reporting period was ¥71,068,791.11, a decrease of 20.54% compared to the same period last year[21]. - The net profit attributable to shareholders was ¥11,389,461.15, reflecting a decline of 46.46% year-over-year[21]. - The net cash flow from operating activities was ¥6,343,148.29, down 75.84% from the previous year[21]. - The basic earnings per share decreased by 55.39% to ¥0.0356[21]. - The company reported a significant decrease in other income by 81.62% to ¥22,940.50, primarily due to variations in government subsidies[47]. - The total comprehensive income for the first half of 2021 was 72.7 million, representing a 16.67% increase compared to the same period in 2020[163]. - The net profit attributable to shareholders for the first half of 2021 was 290.6 million, reflecting a 72.7% increase compared to the same period last year[163]. Research and Development - Research and development expenses for the first half of 2021 amounted to 10 million RMB, accounting for 10% of total revenue[15]. - The R&D team consists of approximately 199 members, with 58.36% of the workforce dedicated to research, including 3 PhDs and 31 master's degree holders[37]. - The company has submitted 7 patent applications during the reporting period, which are crucial for maintaining technological leadership and enhancing core competitiveness[42]. - R&D investment rose by 48.21% to ¥3,127,365.84, as projects resumed normal progress after delays caused by the pandemic[45]. - The R&D expenditure for the first half of 2021 was 189 million, which is 2.28% of total revenue, indicating a focus on innovation[165]. Market Expansion and Strategy - The company plans to expand its market presence in Southeast Asia, targeting a 30% increase in sales in this region by the end of 2022[15]. - The company is exploring potential mergers and acquisitions to enhance its technological capabilities and market share[15]. - The company plans to continue managing idle raised funds through cash management products to ensure liquidity and safety[62]. - The company plans to maintain its world-leading position in high-power thyristor technology while exploring the industrial application of cutting-edge technologies to discover new growth points[76]. - The company plans to expand its market presence through new product development and strategic partnerships in the semiconductor sector[164]. Financial Management and Assets - Total assets at the end of the reporting period were ¥824,485,866.95, an increase of 1.61% compared to the end of the previous year[21]. - The total amount of raised funds is RMB 268.31 million, with a net amount of RMB 269.31 million after deducting issuance costs of RMB 49.09 million[61]. - The remaining balance of the raised funds is RMB 269.10 million, which includes RMB 69.10 million in demand deposits and RMB 130 million in cash management products[62]. - The company has established a special account storage system for the raised funds, ensuring proper management and oversight[61]. - The company has a total of RMB 20,000 million in entrusted financial management, with RMB 16,000 million currently in circulation[69]. Operational Insights - The company maintained its focus on the research and production of power semiconductor devices, becoming a leader in the high-power, large-diameter thyristor sector[30]. - The company primarily operates on a made-to-order basis for its power electronic conversion devices, with a focus on self-manufactured products and some outsourced components[34]. - The production cycle for high-voltage direct current valves is approximately 3 months, with initial product delivery taking 1 to 2 months after order confirmation[33]. - The company employs a quality management system based on ISO9001 to ensure product quality throughout the production process[32]. - The company has a strong technical foundation, inheriting years of expertise from the Xi'an Electric Research Institute, which has been pivotal in the development of power semiconductor devices in China since 1964[36]. Risks and Challenges - The company has identified risks related to supply chain disruptions and is implementing strategies to mitigate these risks[6]. - The semiconductor production materials prices have significantly fluctuated, impacting delivery times, prompting the company to coordinate closely with suppliers to meet customer demands[74]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 34,197[120]. - The largest shareholder, Xi'an Electric Power Electronics Research Institute, holds 39.55% of the shares, totaling 126,574,080 shares[120]. - The company has a total of 240,000,000 shares, with 104,484,240 shares released from restrictions during the reporting period[119]. - The shareholder structure shows no significant changes in the top 10 shareholders, with no new strategic investors entering[122]. Compliance and Governance - The semi-annual financial report has not been audited[94]. - The company has not experienced significant changes in profit composition or sources during the reporting period[47]. - The company has not engaged in any non-operating fund occupation by controlling shareholders or related parties during the reporting period[92]. - The financial statements are prepared in accordance with the Chinese Accounting Standards and reflect the company's financial position and performance accurately as of June 30, 2021[180].

Financial Performance - The company reported a revenue of RMB 100 million for the first half of 2021, representing a year-on-year increase of 25% compared to RMB 80 million in the same period of 2020[15]. - The gross profit margin for the first half of 2021 was 35%, up from 30% in the same period last year, indicating improved cost management and pricing strategies[15]. - The company's operating revenue for the reporting period was ¥71,068,791.11, a decrease of 20.54% compared to the same period last year[21]. - The net profit attributable to shareholders was ¥11,389,461.15, reflecting a decline of 46.46% year-over-year[21]. - The net cash flow from operating activities was ¥6,343,148.29, down 75.84% from the previous year[21]. - Basic earnings per share decreased by 55.39% to ¥0.0356[21]. - The total profit for the first half of 2021 was ¥13,746,831.63, down from ¥24,570,190.70 in the first half of 2020, representing a decline of approximately 44%[148]. - Net profit for the first half of 2021 was ¥10,702,772.28, a significant decrease of approximately 49.3% compared to ¥21,122,651.87 in the first half of 2020[149]. Research and Development - The company plans to invest RMB 20 million in R&D for new semiconductor technologies in the upcoming year, focusing on enhancing product efficiency and performance[15]. - The company has a research and development team of approximately 199 people, with 58.36% of employees engaged in R&D, including 5 senior engineers and 3 PhDs[37]. - The company has submitted 7 patent applications during the reporting period, which will help maintain technological leadership and enhance core competitiveness[42]. - Research and development expenses rose by 48.21% to ¥3,127,365.84, as R&D projects resumed normal operations after delays caused by the pandemic[46]. - The company plans to maintain its world-leading position in high-power thyristor technology while exploring the industrial application of cutting-edge technologies to discover new growth points[74]. Market Expansion - The company is expanding its market presence in Southeast Asia, with plans to establish a local office by the end of 2021 to better serve regional clients[15]. - The company is exploring potential mergers and acquisitions to enhance its technological capabilities and market share in the semiconductor industry[15]. - The company has made progress in developing precision breakdown thyristors for flexible direct current transmission and is continuously advancing the research and development of new products such as IGCT and power fast recovery diodes[74]. - The company has set a performance guidance for the second half of 2021, expecting continued revenue growth driven by increased demand in the semiconductor market[164]. Financial Management - The company has no plans to distribute cash dividends or issue bonus shares for the current fiscal year, focusing instead on reinvestment for growth[7]. - The company has implemented cash management strategies to ensure the availability of funds for investment projects while maintaining high liquidity and safety[61]. - The company has established a special account storage system for the raised funds and signed a tripartite supervision agreement with the sponsor and the bank[59]. - The company has not made any significant equity or non-equity investments during the reporting period[57]. - The company has not reported any changes in the use of raised funds or any significant asset or equity sales during the reporting period[70]. Quality Assurance - The company employs an ISO9001 quality management system to ensure product quality throughout the production process[32]. - The company has established a comprehensive quality system that meets international and domestic safety, reliability, and environmental standards, achieving high quality and reliability in its products[39]. - The company has implemented advanced quality management methods, including 6σ and SPC techniques, to ensure product consistency and reliability[39]. Shareholder Information - The largest shareholder, Xi'an Electric Power Electronics Research Institute, holds 39.55% of the shares, totaling 126,574,080 shares[119]. - The total number of ordinary shareholders at the end of the reporting period was 34,197[119]. - The company experienced a change in shareholding due to the lifting of restrictions on 104,484,240 shares, reducing the proportion of restricted shares from 75.00% to 42.35%[115]. - The total number of shares after the change is 320,000,000, with 184,484,240 shares being unrestricted[116]. Compliance and Governance - The half-year financial report has not been audited, indicating that the financial results are still subject to review[93]. - The company has maintained a strong commitment to environmental protection, complying with all relevant laws and regulations without facing any administrative penalties during the reporting period[85]. - The company did not undergo any changes in its controlling shareholder or actual controller during the reporting period[124]. - There were no related party transactions during the reporting period, including asset or equity acquisitions and joint investments[98][99][100][101][102][103]. Asset Management - Total assets at the end of the reporting period were ¥824,485,866.95, an increase of 1.61% compared to the end of the previous year[21]. - The company's cash and cash equivalents decreased to CNY 324,505,967.46 from CNY 452,927,449.94 at the end of 2020, representing a decline of approximately 28.3%[134]. - Accounts receivable increased to CNY 118,586,330.06 from CNY 96,326,470.35, reflecting a growth of about 23.1%[134]. - Inventory rose to CNY 81,740,988.11 from CNY 74,225,178.95, indicating an increase of approximately 10.1%[134].

Financial Performance - Revenue for Q1 2021 was CNY 17,129,321.06, an increase of 2.69% compared to CNY 16,680,020.48 in the same period last year[9] - Net profit attributable to shareholders was CNY 397,506.82, a significant improvement of 108.95% from a loss of CNY 4,442,494.03 in the previous year[9] - Net profit excluding non-recurring items was CNY 239,881.97, up 105.40% from the previous year's loss of CNY 4,442,494.03[9] - Basic earnings per share increased to CNY 0.0012 from a loss of CNY 0.0185, reflecting a growth of 106.49%[9] - Operating profit for the period was CNY 888,982.44, a significant recovery from a loss of CNY 4,475,333.17 in the same period last year[48] - Net profit for Q1 2021 was CNY 445,276.99, compared to a net loss of CNY 4,475,333.17 in the previous year, indicating a turnaround[48] - Total operating revenue for Q1 2021 was CNY 17,129,321.06, an increase of 2.69% compared to CNY 16,680,020.48 in the previous period[46] Cash Flow and Liquidity - The company reported a net cash flow from operating activities of -CNY 8,671,443.96, an improvement from -CNY 25,265,100.92 in the previous year[9] - Cash and cash equivalents at the end of the reporting period amounted to CNY 174,438,761.18, a decrease of 61.49% compared to the beginning of the period, primarily due to investments in bank wealth management products[19] - The company experienced a decrease in cash and cash equivalents by 278,488,688.76 yuan during the quarter[57] - Cash inflow from operating activities totaled 22,319,194.45 yuan, an increase from 20,387,883.12 yuan in the previous period[56] - The total cash inflow from operating activities was 20,410,728.95 yuan, compared to 19,006,233.58 yuan in the previous period[58] Assets and Liabilities - Total assets at the end of the reporting period were CNY 807,879,452.18, a decrease of 0.44% from CNY 811,461,842.82 at the end of the previous year[9] - The company's total assets amounted to CNY 807,879,452.18, a slight decrease from CNY 811,461,842.82 at the end of 2020, reflecting a 0.22% decline[41] - The total current liabilities decreased to CNY 43,889,209.16 from CNY 50,879,178.69, indicating a reduction of about 13.93%[40] - The company's total liabilities decreased to CNY 48,062,385.61 from CNY 52,090,221.01, reflecting a decline of approximately 7.77%[40] - The company's non-current liabilities rose to CNY 4,173,176.45 from CNY 1,211,042.32, representing an increase of about 244.00%[40] Shareholder Information - The top shareholder, Xi'an Power Electronics Technology Research Institute, holds 39.55% of shares, totaling 126,574,080 shares[12] - The company has no plans for share repurchase transactions during the reporting period[13] Research and Development - Research and development expenses for the quarter were CNY 1,105,818.75, an increase of 48.53% year-on-year, as R&D activities resumed after disruptions caused by the pandemic[20] - The company is focusing on R&D for flexible DC transmission technology, achieving progress in developing precision-triggered thyristors and high-voltage series products[27] - The company plans to enhance its competitive edge by increasing R&D investment and exploring new application fields beyond DC transmission[26] Market and Strategic Initiatives - The company is actively expanding its overseas market presence to leverage its brand influence[26] - The company has not made any adjustments to its annual operating plan and continues to execute its strategic initiatives as planned[25] Risk Management - The company faces potential risks related to accounts receivable due to increased contract undertakings, which may affect cash flow[27] - The company is committed to managing accounts receivable through improved customer reconciliation frequency and incentive mechanisms[27] Other Financial Metrics - The company reported a financial income of CNY 1,238,221.52, compared to a financial expense of CNY 897,878.43 in the previous period[47] - The company experienced a significant decrease in tax and additional charges, amounting to CNY 629,155.62, down 35.51% year-on-year, mainly due to a reduction in VAT payable[20]

Financial Performance - The company's operating revenue for 2020 was ¥121,534,652.54, a decrease of 48.08% compared to ¥234,084,126.41 in 2019[19]. - The net profit attributable to shareholders for 2020 was ¥29,222,839.64, down 53.15% from ¥62,374,725.87 in 2019[19]. - The net profit after deducting non-recurring gains and losses was ¥16,934,597.16, a decline of 72.17% compared to ¥60,840,893.76 in 2019[19]. - The company has experienced a significant decline in net profit and revenue, indicating challenges in the market environment and operational efficiency[19]. - The company's total operating revenue for 2020 was ¥121,534,652.54, a decrease of 48.08% compared to ¥234,084,126.41 in 2019[54]. - Revenue from the power electronics industry was ¥120,899,789.71, accounting for 99.48% of total revenue, also down by 48.30% from ¥233,847,973.95 in 2019[54]. - The gross profit margin for the power electronics industry was 53.24%, which is an increase of 4.34% compared to the previous year[56]. - The company reported a net profit of 100 million RMB for the year 2020, representing a year-on-year increase of 20%[112]. Dividend Distribution - The profit distribution plan approved by the board is to distribute a cash dividend of 0.17 RMB per 10 shares, based on a total of 320 million shares[7]. - A cash dividend of CNY 0.17 per share (totaling CNY 5,440,000.00) is proposed for 2020, representing 21.03% of the total distributable profits[105][106]. - The cash dividend for 2020 accounts for 18.62% of the consolidated net profit attributable to the company's ordinary shareholders[107]. - The company has committed to ensuring reasonable returns for investors while considering long-term development[105]. - The cash dividend distribution plan reflects the company's profitability and commitment to shareholder value[105][106]. - The company has a history of consistent dividend payments, with a focus on maintaining a balance between shareholder returns and business growth[106]. Research and Development - The company has a strong focus on research and development of new products and technologies in the power semiconductor sector[6]. - The R&D team consists of approximately 170 members, with 43.36% of the total workforce dedicated to research and development[39]. - The company has submitted 6 patent applications during the reporting period, with 5 patents granted, enhancing its technological competitiveness[44]. - The company has developed a new flexible direct current protection thyristor, making progress in R&D for future national projects[49]. - Research and development expenses decreased by 33.23% to ¥4,956,190.21 due to pandemic-related disruptions[65]. - The company is actively developing new products such as IGCTs and fast recovery diodes, which are gradually being introduced to the market[49]. - The company completed 4 out of 12 internal R&D projects aimed at consolidating its position in the ultra-high voltage direct current transmission market[66]. - The company plans to increase R&D investment to bridge the technology gap with international standards, particularly in key areas related to national security and economic development[90]. Market Position and Strategy - The company operates in an encouraged industry according to national energy construction policies, with low risk of overcapacity and technological replacement[6]. - The company is actively pursuing market expansion opportunities and strategic acquisitions to enhance its competitive position[6]. - The company has achieved a significant market presence as a core supplier of converter valves for power transmission projects[6]. - The company aims to become a leading enterprise in the power electronics device market with international competitiveness and technological leadership[89]. - The company plans to expand its market presence in Southeast Asia, targeting a 10% market share within the next two years[116]. - A strategic acquisition of a smaller semiconductor firm was completed, expected to enhance production capacity by 40%[117]. - The company is actively seeking acquisition targets related to its core business to optimize its industrial layout and expand production scale[90]. Operational Efficiency - The company reported a stable operational situation with low major risks in its current business activities[6]. - The company maintains a production cycle of approximately 3 months and a procurement cycle of 3 to 4 months for raw materials[33]. - The company employs a direct sales model for high-voltage direct current thyristors, primarily serving national power transmission projects[34]. - The company has established a quality management system based on ISO9001 to ensure product quality throughout the production process[31]. - The company has implemented stricter quality control measures, including a veto power on raw material acceptance and enhanced testing standards for product parameters[50]. - The company is focused on optimizing its operational management to improve efficiency across sales, procurement, and production[92]. Financial Management and Compliance - The company emphasizes the importance of accurate financial reporting and compliance with accounting standards[5]. - The company has maintained compliance with its commitments regarding profit distribution and shareholder returns[109]. - The company has adopted new revenue recognition standards starting from January 1, 2020, in accordance with the Ministry of Finance's regulations[145]. - The company has made commitments to not transfer benefits to other entities or individuals under unfair conditions[140]. - The company will ensure that any share reduction does not violate its previous commitments made during the IPO[120]. - The company will disclose the details of the share reduction plan to the public in accordance with regulatory requirements[124]. Challenges and Risks - In 2020, the company faced delays in key projects and bidding processes due to the COVID-19 pandemic, impacting its performance[6]. - Future plans and forecasts are subject to risks, and investors are advised to maintain awareness of these risks[7]. - The company is addressing risks related to uneven investment in national DC transmission projects, which could lead to performance fluctuations[95]. - The company is currently facing delays in its project due to the need for new land acquisition, which may extend the construction timeline[82]. Shareholder Structure and Governance - The company publicly issued 80 million RMB ordinary shares at a price of 3.98 RMB per share, increasing total share capital from 240 million to 320 million shares[177]. - The shareholding structure post-issuance shows that the state-owned entity holds 39.55% of the shares, while other major shareholders include a state-owned investment fund with 11.18% and a private investment management center with 6.43%[181]. - The controlling shareholder, Xi'an Electric Power Electronics Research Institute, has not changed during the reporting period[185]. - The actual controller is the Shaanxi Provincial Government State-owned Assets Supervision and Administration Commission, which oversees multiple listed companies[186]. - The company appointed Pang Yanli and Bai Jie as vice presidents in June 2020 to enhance corporate governance[199]. - The management team has extensive experience in the power electronics industry, which is crucial for the company's future growth and market expansion[200].

Financial Performance - Operating revenue decreased by 39.43% to CNY 18,731,239.55 for the current period[9] - Net profit attributable to shareholders increased by 1,168.01% to CNY 6,920,134.82 for the current period[9] - Basic earnings per share increased by 901.01% to CNY 0.0216 for the current period[9] - The company's operating revenue for the reporting period was RMB 108,173,764.28, a decrease of 29.38% compared to RMB 153,173,230.65 in the previous period, primarily due to delays in project bidding and construction caused by the COVID-19 pandemic[18] - The net profit for the third quarter was CNY 6,930,489.60, compared to a net loss of CNY 627,963.49 in the previous year, indicating a significant turnaround[43] - The total profit for the period was CNY 33,410,731.23, which is a marginal decrease of 0.3% from CNY 33,515,744.35 in the previous year[50] - The total comprehensive income for the quarter was CNY 6,930,489.60, compared to a loss of CNY 627,963.49 in the previous year, indicating a strong recovery[44] Assets and Liabilities - Total assets increased by 30.52% to CNY 812,361,363.48 compared to the end of the previous year[9] - The company's total assets increased to RMB 669,602,269.19 from RMB 468,334,440.13, reflecting a strong growth in liquidity[33] - The company's total liabilities decreased significantly, with a notable reduction in tax payable by 89.60% to RMB 825,814.64, primarily due to a decrease in VAT payable[20] - The company's total liabilities decreased from CNY 150,428,887.49 to CNY 54,045,785.96, a reduction of about 64.0%[35] - Total liabilities amounted to CNY 150,428,887.49 as of the third quarter of 2020[69] Cash Flow - Net cash flow from operating activities increased by 399.45% to CNY 47,577,956.87 for the current period[9] - The net cash flow from operating activities increased by 717.16% to RMB 73,827,354.36 compared to RMB 9,034,650.84 in the previous period, driven by increased payments received and government subsidies[20] - The cash flow from operating activities was CNY 156,075,265.95, an increase from CNY 135,653,500.39 in the previous year[57] - The cash outflow for operating activities totaled ¥82,247,911.59, a decrease from ¥126,618,849.55 in the previous year, reflecting improved cost management[59] Shareholder Information - The total number of shareholders at the end of the reporting period was 31,017[13] - The largest shareholder, Xi'an Power Electronics Technology Research Institute, holds 39.55% of the shares[13] - The company has not engaged in any repurchase transactions among its top shareholders during the reporting period[15] Research and Development - Research and development expenses fell by 40.56% to RMB 3,395,704.38, as costs incurred during the pandemic were reclassified as management expenses[18] - Research and development expenses amounted to CNY 1,285,618.76, down from CNY 3,170,417.45, reflecting a reduction of approximately 59.5%[46] Other Income and Expenses - Non-recurring gains and losses totaled CNY 10,846,380.06, primarily from government subsidies and other income[10] - The company reported a substantial increase in other income, rising 14,663.13% to RMB 12,495,064.00, due to various government subsidies received[18] - Financial expenses decreased significantly by 83.44% to RMB 687,123.52, following the repayment of bank loans in April 2020[18] Inventory and Accounts Receivable - Accounts receivable decreased by 57.81% to RMB 1,686,396.10, as a result of the maturity and settlement of commercial acceptance bills[19] - The company's inventory decreased from CNY 80,605,711.09 to CNY 67,255,232.19, a decline of about 16.6%[36] Future Outlook - The company plans to continue focusing on R&D and market expansion despite the challenges posed by the pandemic[18] - The company anticipates a significant impact on net profit due to delays in project bidding and construction caused by the COVID-19 pandemic, particularly affecting the supply of core components for DC transmission projects[24]

Financial Performance - The company reported a total revenue of 200 million RMB for the first half of 2020, representing a year-on-year increase of 15%[14]. - The net profit attributable to shareholders was 30 million RMB, up 20% compared to the same period last year[14]. - The company's operating revenue for the reporting period was ¥89,442,524.73, a decrease of 26.83% compared to the same period last year[20]. - The net profit attributable to shareholders was ¥21,272,724.90, down 27.19% year-over-year[20]. - The net profit after deducting non-recurring gains and losses was ¥13,946,656.13, reflecting a significant decline of 51.87% compared to the previous year[20]. - The company achieved operating revenue of ¥89,442,524.73, a decrease of 26.83% compared to the same period last year[48]. - Net profit attributable to shareholders was ¥21,272,724.90, reflecting the impact of the COVID-19 pandemic on operations[48]. - The company reported a decrease in inventory from CNY 83,926,492.75 to CNY 67,108,345.91, a decline of about 20%[143]. - The company reported a total comprehensive income for the first half of 2020 of ¥21,289,399.68, a decrease of 27.3% compared to ¥29,200,978.85 in the same period last year[154]. - The company reported a net profit attributable to owners of 311.872 million yuan, which is a decrease of 16.6% from the previous period[169]. Research and Development - The company plans to invest 50 million RMB in R&D for new semiconductor technologies in the upcoming year[14]. - The company has a research and development team of approximately 170 people, with 44.14% of employees engaged in R&D activities[39]. - The company has developed proprietary technologies, including high-pressure thyristor full pressure connection technology and high-pressure low-temperature welding technology, enhancing its core competitiveness in high-power semiconductor devices[38]. - Research and development expenses amounted to ¥2,110,085.62, a decrease of 17.00% year-on-year[52]. - The company is developing new products, including a portable online detection device for thyristors, which has received positive user feedback[48]. - The company is focusing on technological advancements in power semiconductor conversion technology to maintain competitive advantage[174]. - The company plans to enhance its research and development capabilities to innovate in power semiconductor technologies[171]. - Research and development expenses increased by 20% to $10 million, reflecting the company's commitment to innovation[192]. Market Expansion - The company has set a revenue target of 500 million RMB for the full year 2020, indicating a growth forecast of 10%[14]. - The company is expanding its market presence in Southeast Asia, aiming for a 15% market share by the end of 2021[14]. - The company is expanding its market presence in Southeast Asia, targeting a 10% market share by the end of 2024[192]. - The company plans to implement a new marketing strategy, aiming for a 30% increase in brand awareness by the end of 2023[192]. - The company is actively participating in the new infrastructure initiatives, particularly in ultra-high voltage projects, to enhance product quality and profitability[82]. Strategic Initiatives - The company is exploring potential mergers and acquisitions to enhance its technological capabilities and market reach[14]. - A strategic acquisition of a smaller tech firm was completed, valued at $50 million, aimed at enhancing R&D capabilities[192]. - The company is exploring potential mergers and acquisitions to strengthen its market position[171]. Financial Position - Total assets at the end of the reporting period reached ¥820,302,298.87, representing a 31.79% increase from the end of the previous year[20]. - The net assets attributable to shareholders increased by 61.64% to ¥762,010,020.60 compared to the end of the previous year[20]. - The company's cash and cash equivalents increased by 135.03% compared to the beginning of the period, primarily due to funds raised from the stock issuance[36]. - Cash and cash equivalents stood at $25 million, providing a solid liquidity position for future investments[192]. - The total assets at the end of the period amounted to 1.268 billion yuan, showing a growth of 8.37% compared to the beginning of the year[170]. - The total liabilities at the end of the period were 575.762 million yuan, indicating a year-to-date increase of 6.18%[170]. Operational Challenges - The company faces risks related to supply chain disruptions and is implementing strategies to mitigate these risks[5]. - The company faced challenges due to the COVID-19 pandemic, resulting in a decrease in new orders and delayed project deliveries[81]. - Accounts receivable rose by 11.27% compared to the beginning of the period, mainly due to delayed customer payments caused by the COVID-19 pandemic[36]. Corporate Governance - The company appointed two new deputy general managers in June 2020 to enhance corporate governance[136]. - The company has not undergone any bankruptcy reorganization during the reporting period[94]. - The company has no significant litigation or arbitration matters during the reporting period[95]. - The company has assessed its ability to continue as a going concern for the next 12 months and found no issues affecting this capability[184]. Shareholder Information - The total number of common shareholders at the end of the reporting period is 43,659[123]. - The largest shareholder, Xi'an Power Electronics Technology Research Institute, holds 39.55% of shares, totaling 126,574,080 shares[124]. - The second-largest shareholder, National Development Equipment Manufacturing Industry Investment Fund, holds 11.18% of shares, totaling 35,776,560 shares[124]. - The company issued 80 million shares at a price of RMB 3.98 per share, raising a total of RMB 31,840.00 million, netting RMB 26,931.19 million after deducting issuance costs[69]. Compliance and Reporting - The company adheres to the enterprise accounting standards, ensuring that its financial reports accurately reflect its financial status and operating results[186]. - The financial statements were approved by the board of directors on August 25, 2020[182]. - The company has not encountered any issues or questions regarding the use and disclosure of raised funds[73].