证券代码：300838 证券简称：浙江力诺 编号：2022-003 浙江力诺流体控制科技股份有限公司 投资者关系活动记录表 | --- | --- | --- | |-----------------------|-----------------------------------------------------------|----------------------------------------------------------| | | ☑ 特定对象调研 □分析师会议 | | | | □媒体采访 □业绩说明会 | | | 投资者关系活动 | □新闻发布会 | □路演活动 | | 类别 | □现场参观 | | | | □其他（请文字说明其他活动内容） | | | 参与单位名称及 | 交银施罗德基金管理有限公司 | | | 人员姓名 | 华安证券股份有限公司 | | | 时间 | 2022 年 10 月 27 日 | 14:00~14:30 | | 地点 | 线上交流 | | | 上市公司接待人 员姓名 | 董事长兼总经理：陈晓宇 董事、副总经理兼董事会秘书：冯辉彬 | | | | 证券事务代 ...

Financial Performance - The company's revenue for Q3 2022 reached ¥302,014,885.73, representing a 50.62% increase compared to the same period last year[5] - Net profit attributable to shareholders was ¥30,077,389.60, with a year-to-date net profit of ¥73,329,456.92, reflecting an 8.00% increase year-on-year[5] - The company reported a 43.13% increase in total revenue for the year-to-date, amounting to ¥714,627,943.53, driven by increased sales orders[11] - The company achieved operating revenue of 714.63 million RMB in the first three quarters of 2022, representing a year-on-year growth of 43.13%[19] - Total operating revenue for Q3 2022 reached CNY 714,627,943.53, an increase of 43.1% compared to CNY 499,291,197.42 in the same period last year[27] - Net profit for Q3 2022 was CNY 73,329,456.92, representing a 7.5% increase from CNY 67,900,171.92 in Q3 2021[28] - The total comprehensive income for the third quarter was approximately CNY 73.33 million, an increase from CNY 67.90 million in the same period last year, representing an increase of about 7.1%[32] - Basic and diluted earnings per share for the quarter were CNY 0.54, up from CNY 0.50 in the previous year, reflecting an increase of 8%[32] Assets and Liabilities - The total assets at the end of the reporting period amounted to ¥1,407,596,506.05, showing a 13.67% increase from the end of the previous year[5] - The total assets of the company reached CNY 1,407,596,506.05, an increase of 13.7% from CNY 1,238,317,529.45 at the start of the year[25] - Total liabilities increased to CNY 523,369,337.69, up 30.8% from CNY 400,151,818.01 at the beginning of the year[25] Cash Flow - The cash flow from operating activities showed a net outflow of ¥28,003,077.86, a significant decline of 203.59% compared to the previous period[12] - Cash inflow from operating activities was CNY 724.66 million, compared to CNY 528.21 million in the previous year, marking a growth of approximately 37.2%[31] - The net cash flow from operating activities was negative CNY 28.00 million, a decline from a positive CNY 27.03 million in the same period last year[32] - Cash inflow from investment activities was CNY 370.24 million, up from CNY 237.97 million, indicating an increase of about 55.4%[32] - The net cash flow from investment activities was CNY 87.91 million, a significant improvement from a negative CNY 117.38 million in the previous year[32] - Cash inflow from financing activities was CNY 134.76 million, compared to CNY 72.01 million in the previous year, reflecting an increase of approximately 87.5%[33] - The net increase in cash and cash equivalents for the period was CNY 39.22 million, contrasting with a decrease of CNY 77.80 million in the same period last year[33] - The ending balance of cash and cash equivalents was CNY 81.53 million, up from CNY 31.93 million at the end of the previous year[33] Inventory and Receivables - The company's inventory increased by 40.95% to ¥246,025,524.91, attributed to a rise in sales orders[9] - Accounts receivable rose to CNY 510,103,467.26, up 38.1% from CNY 369,158,003.06 at the start of the year[24] - Inventory levels increased to CNY 246,025,524.91, a rise of 41.0% compared to CNY 174,542,246.33 at the beginning of the year[24] Shareholder Information - The top 10 shareholders hold a total of 83.66 million shares, with the largest shareholder, Chen Xiaoyu, holding 28.55 million shares[18] - The company has not released any restricted shares during the reporting period, maintaining a total of 83.66 million restricted shares[18] - The company has not reported any changes in the number of preferred shareholders or their holdings[16] Corporate Actions - The company has terminated the acquisition of Wenzhou Valve Co., Ltd., leading to a significant increase of 906.73% in other receivables[9] - The company terminated the acquisition of Wuzhou Valve Co., Ltd. due to changes in cooperation conditions, and a deposit of 10 million RMB was returned as part of the share repurchase agreement[20][21] - The company plans to grant 2.74 million shares under the 2022 restricted stock incentive plan, with an initial grant of 2.37 million shares at a price of 8.20 RMB per share[21] - The company continues to monitor the performance of the share repurchase agreement and will fulfill its information disclosure obligations[21] Operational Developments - The company relocated its registered address to 2899 Wanghai Road, Wenzhou, covering an area of 82 acres with a building area of over 80,000 square meters, which will further enhance production capacity[20] - The company has completed the necessary legal and regulatory procedures for the relocation of its registered address[20] - The company has strengthened its market development and large customer acquisition efforts, leading to an increase in sales orders[19] Expenses - The financial expenses surged by 529.98% to ¥1,149,051.45, primarily due to increased bank borrowings[11] - Research and development expenses for Q3 2022 were CNY 25,015,391.29, an increase of 26.0% from CNY 19,812,475.13 in the same period last year[28] Audit Status - The report for the third quarter was not audited[34]

Financial Performance - The company's operating revenue for the first half of 2022 was CNY 412,613,057.80, representing a 38.10% increase compared to CNY 298,780,188.94 in the same period last year[19]. - The net profit attributable to shareholders of the listed company was CNY 43,252,067.32, an increase of 11.51% from CNY 38,788,084.61 in the previous year[19]. - Basic earnings per share increased by 14.29% to CNY 0.32 from CNY 0.28 in the previous year[19]. - The net profit after deducting non-recurring gains and losses was CNY 40,192,969.45, a 4.66% increase from CNY 38,403,361.41 in the same period last year[19]. - The company's operating revenue reached 412.61 million RMB, representing a year-on-year growth of 38.10%[32]. - The company's operating revenue for the reporting period was CNY 412,613,057.80, representing a year-on-year increase of 38.10% due to growth in sales orders[53]. - The net profit for the first half of 2022 was ¥43,252,067.32, representing a growth of 11.9% from ¥38,788,084.61 in the first half of 2021[152]. - The basic and diluted earnings per share for the first half of 2022 were both ¥0.32, compared to ¥0.28 in the first half of 2021, indicating an increase of 14.3%[153]. Cash Flow and Investments - The net cash flow from operating activities was negative at CNY -27,252,935.04, a decline of 176.86% compared to CNY 35,458,105.72 in the same period last year[19]. - The company reported a net increase in cash and cash equivalents of CNY 4,914,430.22, a 110.58% increase from the previous year, mainly due to an increase in bank deposit balances[54]. - Cash inflows from operating activities totaled ¥460,978,577.15, up from ¥351,581,882.21 in the previous year, reflecting a growth of 31.1%[155]. - The net cash flow from investment activities was ¥27,598,281.53, recovering from a negative cash flow of -¥24,576,260.59 in the first half of 2021[155]. - The total cash and cash equivalents at the end of the period were ¥47,224,899.84, down from ¥63,302,415.51 at the end of the previous year[156]. - The company has a total of RMB 19,500.00 million in bank wealth management products, with RMB 6,000.00 million remaining unexpired[79]. - Cash inflows from investment activities amounted to ¥300,133,031.02, significantly higher than ¥60,769,997.92 in the same period last year, marking an increase of 392.5%[155]. Assets and Liabilities - Total assets at the end of the reporting period were CNY 1,338,980,934.75, an increase of 8.13% from CNY 1,238,317,529.45 at the end of the previous year[19]. - The company's fixed assets increased to CNY 322,742,756.05, a rise of 14.11% due to investments in new production lines[61]. - The total current liabilities rose to ¥466,444,131.36, up from ¥398,237,553.00, marking a 17.1% increase[150]. - The company reported a significant increase in inventory, which reached ¥226,768,852.58, up 29.9% from ¥174,542,246.33[148]. Research and Development - Research and development investment rose by 12.96% to CNY 13,557,760.14, mainly due to an increase in new product development projects[53]. - The company has established a comprehensive R&D system focused on market demand and customer pain points, resulting in the development of customized products for major projects[1]. - The company plans to increase R&D investment to strengthen its technological barriers and expand its product structure[83]. - The company has a total of 81 patents, covering core technologies for various valve products including ball valves, regulating valves, butterfly valves, and gate valves[46]. Market Position and Industry Trends - The control valve industry is experiencing increased demand due to downstream industries upgrading and the implementation of national policies promoting green development and technological advancement[28]. - The domestic market share of local control valve brands has risen to 40.35%, up from 38.50% in the previous year, indicating a growing trend of import substitution[31]. - The company is positioned in the first tier of the domestic control valve industry, benefiting from strong customization capabilities and a solid reputation[32]. - The new energy sector, particularly in solar and lithium battery industries, is expected to drive significant growth in demand for control valves as these industries expand[29]. - The company focuses on providing customized control valve solutions across various industries, including petrochemical, energy, and environmental sectors[34]. Corporate Governance and Compliance - The company emphasizes the importance of risk awareness regarding its strategic planning and future outlook[3]. - The company has not faced any administrative penalties related to environmental issues during the reporting period[97]. - There were no significant lawsuits or arbitration matters during the reporting period[108]. - The company has not engaged in any significant related party transactions during the reporting period[110]. - The company has a solid talent foundation and plans to enhance its talent pool through various methods including internal training and recruitment[86]. Shareholder Information - The total number of shares is 136,340,000, with 61.36% being restricted shares[127]. - The largest shareholder, Chen Xiaoyu, holds 20.94% of the shares, amounting to 28,550,000 shares[133]. - The second-largest shareholder, Ren Xiang, holds 9.44% of the shares, amounting to 12,867,000 shares[133]. - The total number of common shareholders at the end of the reporting period is 13,021[133]. - The number of shareholders and their holdings remain unchanged during the reporting period[130]. Financial Reporting and Standards - The financial report was approved for release on August 22, 2022, by the company's board of directors[166]. - The semi-annual financial report has not been audited[146]. - The company adheres to the accounting standards set by the Ministry of Finance, ensuring the financial statements reflect its financial status accurately[171]. - The accounting period for the company runs from January 1 to December 31 each year[172].

Financial Performance - The company's revenue for Q1 2022 was CNY 167,304,764.47, representing a 63.54% increase compared to CNY 102,304,621.68 in the same period last year[4] - Net profit attributable to shareholders was CNY 18,054,223.47, up 29.29% from CNY 13,964,483.22 year-on-year[4] - The company achieved operating revenue of 167.30 million RMB, representing a year-on-year growth of 63.54%[22] - Net profit attributable to shareholders reached 18.05 million RMB, an increase of 29.29% compared to the previous year[22] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 17.16 million RMB, up by 23.84% year-on-year[22] - The total operating revenue for Q1 2022 was CNY 167,304,764.47, representing an increase of 63.6% compared to CNY 102,304,621.68 in the same period last year[28] - The net profit for Q1 2022 reached CNY 18,054,223.47, a 29.8% increase from CNY 13,964,483.22 in Q1 2021[30] - The basic and diluted earnings per share for Q1 2022 were both CNY 0.13, compared to CNY 0.10 in the previous year[30] Cash Flow and Liquidity - The net cash flow from operating activities was negative CNY 19,287,289.16, a decline of 361.96% compared to a positive CNY 7,362,794.77 in the previous year[15] - Cash inflows from operating activities totaled CNY 207,633,005.45, an increase from CNY 163,818,746.14 in Q1 2021[32] - The company reported a total cash outflow from operating activities of CNY 226,920,294.61, compared to CNY 156,455,951.37 in Q1 2021[32] - The net cash flow from investing activities was -22,198,576.78, compared to a positive cash flow of 4,756,029.70 in the previous period[33] - Cash inflow from financing activities totaled 37,700,000.00, while cash outflow was 21,892,113.26, resulting in a net cash flow of 15,807,886.74[33] - The net increase in cash and cash equivalents was -25,545,322.62, with a beginning balance of 42,310,469.62, leading to an ending balance of 16,765,147.00[33] - Cash and cash equivalents at the end of the period were 26.51 million RMB, down from 62.37 million RMB at the beginning of the year[25] Assets and Liabilities - Total assets increased by 29.38% to CNY 1,227,585,533.71 from CNY 948,847,792.91 at the end of the previous year[5] - The total liabilities decreased to CNY 371,365,598.80 from CNY 400,151,818.01 year-over-year[28] - The total equity attributable to shareholders increased to CNY 856,219,934.91 from CNY 838,165,711.44 in the previous year[28] - The company's inventory increased to 183.52 million RMB from 174.54 million RMB at the beginning of the year[25] - Short-term borrowings rose to 86.73 million RMB from 71.83 million RMB at the beginning of the year[26] - Accounts payable increased to 161.33 million RMB from 156.21 million RMB at the beginning of the year[26] Research and Development - Research and development expenses rose by 47.59% to CNY 5,734,436.47, reflecting increased investment in R&D[13] - Research and development expenses for Q1 2022 amounted to CNY 5,734,436.47, up from CNY 3,885,314.47 in Q1 2021, indicating a focus on innovation[28] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 14,421[16] - The total number of restricted shares at the end of the period was 83,656,000, unchanged from the beginning of the period[21] Government Support and Market Strategy - The company received government subsidies amounting to CNY 199,265.69 during the reporting period[7] - The company is actively expanding its market presence and enhancing product and service offerings to meet rising demand for control valves[22] - The company is focused on seizing development opportunities due to the ongoing transformation and upgrading of downstream industries[22] Audit Information - The company did not undergo an audit for the first quarter report[34]

Financial Performance - The company's operating revenue for 2021 was ¥688,359,532.75, representing a 46.53% increase compared to ¥469,768,361.77 in 2020[18]. - The net profit attributable to shareholders for 2021 was ¥85,265,603.29, a 37.34% increase from ¥62,083,446.32 in 2020[18]. - The net profit after deducting non-recurring gains and losses was ¥81,557,750.47, up 45.56% from ¥56,029,473.89 in 2020[18]. - The total assets at the end of 2021 reached ¥1,238,317,529.45, a 26.47% increase from ¥979,158,500.48 at the end of 2020[18]. - The net assets attributable to shareholders increased by 8.38% to ¥838,165,711.44 at the end of 2021 from ¥773,351,108.15 at the end of 2020[18]. - The company reported a basic earnings per share of ¥0.63 for 2021, which is a 21.15% increase from ¥0.52 in 2020[18]. - The cash flow from operating activities for 2021 was ¥51,172,321.29, a slight decrease of 2.78% compared to ¥52,638,287.61 in 2020[18]. - The company achieved a revenue of 688.36 million RMB in the reporting period, representing a year-on-year growth of 46.53%[34]. - The domestic market share of local control valve brands increased to 40.35% in 2021, up from 38.50% in 2020, indicating a strong trend towards import substitution[32]. - The chemical industry contributed 448.59 million yuan to total revenue, accounting for 65.17% of the company's total revenue, with a year-on-year growth of 51.26%[57]. Research and Development - The company reported a significant focus on research and development in control valves, which are critical in industrial automation, indicating a strong market position[10]. - The company has developed a comprehensive R&D model that combines independent research and industry-academia collaboration, resulting in 77 patents held by the end of the reporting period[46]. - Research and development expenses increased by 72.97% to ¥27,702,739.34 in 2021, compared to ¥16,015,778.77 in 2020, indicating a strong commitment to innovation[78]. - The number of R&D personnel increased by 33.33% to 92 in 2021, with a higher proportion of staff under 30 years old, rising from 11 to 21[81]. - The company is focusing on developing high-parameter valves and industrial process pumps, with ongoing research in laser cladding remanufacturing technology[80]. Corporate Governance - The company’s financial report has been confirmed as true, accurate, and complete by its board and management, ensuring transparency[2]. - The company’s governance structure includes a board of directors and supervisory board, ensuring accountability and oversight[2]. - The company emphasizes the importance of risk awareness among investors regarding forward-looking statements and future plans[3]. - The company has established a comprehensive internal control and management system to ensure compliance with governance standards[116]. - The company held its annual general meeting with a participation rate of 62.22% and a temporary meeting with 58.49% participation, ensuring shareholder engagement[127]. Market Position and Strategy - The company is positioned in the first tier of the domestic control valve industry, reflecting its strong market presence and brand reputation[34]. - The company is expected to continue expanding its production capacity and market presence through strategic acquisitions and industry consolidation[33]. - The company has established long-term stable partnerships with major clients, including China Petroleum and Chemical Corporation and China National Offshore Oil Corporation[49]. - The company is actively developing new industry clients, achieving good cooperation with several new energy companies[49]. - The company is recognized as a national high-tech enterprise and has established a provincial-level research and development center, enhancing its competitive edge[46]. Risk Management - The company has identified potential risks related to industry development policies that could impact its performance, particularly in relation to fixed asset investments in downstream industries[107]. - The company has implemented various risk management measures, including credit assessments and legal follow-ups on overdue debts, to mitigate collection risks[109]. - The company emphasizes the need for a high-quality management team and plans to enhance talent through training and recruitment to meet growth demands[111]. Shareholder Engagement and Profit Distribution - The company plans to distribute a cash dividend of 2.00 RMB per 10 shares to all shareholders, based on a total of 136,340,000 shares[3]. - The cash dividend distribution accounted for 100% of the total profit distribution amount, with no stock dividends or capital reserve transfers[161][162]. - The company aims to distribute profits at least once a year, within two months after the annual general meeting approval[186]. - The company will ensure that any repurchased shares will be canceled to avoid affecting the distribution of equity and capital scale[185]. - The company has committed to maintaining a consistent financial accounting system across its subsidiaries[188]. Environmental Commitment - The company is committed to achieving the dual carbon goals of peak carbon emissions by 2030 and carbon neutrality by 2060, aligning with national policies[10]. - The company emphasizes environmental protection and has implemented measures to reduce carbon emissions, including energy-saving initiatives[173]. - The control valve industry is supported by national policies, which emphasize the importance of automation and modernization in industrial manufacturing[28]. Employee Development - The company has implemented a comprehensive training system to enhance employee skills and support strategic goals, including various training programs and partnerships with universities[157]. - The company reported a total of 728 employees at the end of the reporting period, with 441 in production, 139 in sales, 80 in technical roles, and 56 in administration[154][155]. - The company has no current plans for stock incentive programs or employee stock ownership plans[163]. Financial Management - The company has maintained effective internal controls related to financial statements as of December 31, 2021, according to the internal control verification report[168]. - The company has fulfilled all commitments on time during the reporting period[192]. - The company has not faced any administrative penalties due to environmental issues during the reporting period[172].

Financial Performance - The company's revenue for Q3 2021 reached ¥200,511,008.48, representing a 58.39% increase year-over-year[4] - Net profit attributable to shareholders was ¥29,112,087.31, a significant increase of 103.99% compared to the same period last year[4] - The net profit after deducting non-recurring gains and losses was ¥28,609,450.86, up 130.82% year-over-year[4] - Total operating revenue for Q3 2021 reached ¥499,291,197.42, a significant increase of 62.7% compared to ¥306,744,906.02 in Q3 2020[28] - Net profit for Q3 2021 was ¥67,900,171.92, representing a 54.5% increase from ¥43,949,465.56 in Q3 2020[29] - The total comprehensive income attributable to the parent company for Q3 2021 was ¥67,900,171.92, compared to ¥43,949,465.56 in Q3 2020, representing an increase of approximately 54.5%[30] - Basic and diluted earnings per share for Q3 2021 were both ¥0.50, up from ¥0.32 in the same period last year, indicating a growth of 56.25%[30] Assets and Liabilities - Total assets at the end of the reporting period were ¥1,130,982,668.14, reflecting a 15.51% increase from the end of the previous year[5] - The company's total assets as of September 30, 2021, amounted to ¥1,130,982,668.14, up from ¥979,158,500.48 at the end of 2020[26] - Current assets totaled ¥800,686,969.00, an increase of 3.0% from ¥772,458,915.59 at the end of 2020[24] - The total liabilities as of September 30, 2021, were ¥310,182,388.07, up from ¥205,807,392.33 at the end of 2020[26] - The company’s total liabilities increased, with short-term loans rising by 106.24% to ¥70,000,000.00, primarily due to increased bank loans[10] - Short-term borrowings increased to ¥70,000,000.00, compared to ¥33,940,397.50 at the end of 2020, reflecting a 106.5% rise[25] Cash Flow - Cash received from sales and services was ¥508,974,251.73, a 39.77% increase from the previous year[13] - Cash inflow from operating activities totaled ¥528,211,406.74 in Q3 2021, compared to ¥376,528,436.93 in Q3 2020, reflecting an increase of about 40.3%[32] - The net cash flow from operating activities was ¥27,031,520.11 for Q3 2021, slightly up from ¥26,411,860.71 in Q3 2020, showing a growth of 2.3%[32] - Cash outflow from investment activities was ¥355,354,639.90 in Q3 2021, compared to ¥38,563,580.40 in Q3 2020, indicating a significant increase in investment expenditures[33] - The net cash flow from investment activities was -¥117,384,808.82 for Q3 2021, worsening from -¥35,626,569.33 in Q3 2020[33] - Cash inflow from financing activities was ¥72,010,000.00 in Q3 2021, down from ¥406,736,300.00 in Q3 2020, a decrease of approximately 82.3%[33] - The net cash flow from financing activities was ¥12,601,752.35 in Q3 2021, a decline from ¥252,052,133.56 in Q3 2020, reflecting a decrease of about 95%[33] - The ending balance of cash and cash equivalents was ¥31,933,171.63 as of the end of Q3 2021, down from ¥260,336,508.92 at the end of Q3 2020, a decrease of approximately 87.8%[33] Research and Development - Research and development expenses increased to ¥19,812,475.13, an 84.70% rise compared to the previous year, indicating a focus on innovation[11] - The company invested ¥19,812,475.13 in R&D during Q3 2021, which is an 84.5% increase from ¥10,726,726.47 in Q3 2020[28] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 14,508[16] - The top shareholder, Chen Xiaoyu, holds 20.94% of the shares, amounting to 28,550,000 shares[16] Future Plans and Acquisitions - The company plans to continue expanding its market presence and investing in new product development to sustain growth[4] - The company plans to acquire 51.2586% of Wuzhou Valve Co., Ltd., with cash payments of ¥31,500,000 for 11.1928% and ¥34,198,988 for 14.7834% of shares from two shareholders[19][20] - The acquisition of an additional 25.2824% of Wuzhou Valve is contingent upon the completion of the 2021 annual audit and valuation[20] - The net profit of Wuzhou Valve for the last accounting year was reported at -¥28,966,000, indicating potential risks if management does not improve[21] Employee Compensation - Employee compensation increased by 31.20% to ¥66,303,042.72 due to order growth[14] Operating Costs - Operating income for the year-to-date period was ¥499,291,197.42, showing a 62.77% increase year-over-year[11] - Operating costs for the same period were ¥422,947,226.20, up 63.1% from ¥259,230,147.36 in the previous year[28] Cash Management - Cash paid for operating activities rose by 79.35% to ¥58,159,356.29, reflecting increased sales revenue[14] - Cash paid for fixed assets and other long-term assets surged by 113.84% to ¥81,926,547.95, attributed to the construction of a new production line for high-performance control valves[14] - Cash received from bank loans increased by 83.23% to ¥72,010,000.00, indicating a rise in bank borrowings[14] Other Information - The company did not require adjustments to the balance sheet for the new leasing standards as it does not engage in leasing-related business[34]

Financial Performance - The company's operating revenue for the first half of 2021 was CNY 298,780,188.94, representing a 65.85% increase compared to CNY 180,152,015.76 in the same period last year[22]. - The net profit attributable to shareholders of the listed company was CNY 38,788,084.61, up 30.70% from CNY 29,678,137.22 in the previous year[22]. - The net profit after deducting non-recurring gains and losses was CNY 38,403,361.41, reflecting a 53.07% increase from CNY 25,088,325.33 year-on-year[22]. - The net cash flow from operating activities was CNY 35,458,105.72, an increase of 36.05% compared to CNY 26,062,748.77 in the same period last year[22]. - Basic earnings per share rose to CNY 0.28, a 27.27% increase from CNY 0.22 in the previous year[22]. - The gross profit margin for the switch valve product line decreased by 9.76% to 27.63%, while the revenue from switch valves was ¥181,280,606.19, accounting for 86.57% of the total revenue[60]. - The company reported an operating profit of ¥43,825,273.70, up 47.7% from ¥29,657,900.02 in the first half of 2020[150]. Assets and Liabilities - Total assets at the end of the reporting period were CNY 1,002,036,323.79, a 2.34% increase from CNY 979,158,500.48 at the end of the previous year[22]. - The total liabilities at the end of the reporting period were CNY 404,000,000.00, indicating a manageable debt level[162]. - The company's cash and cash equivalents decreased by 116.32% to a net decrease of ¥46,433,503.01, primarily due to cash dividends paid and bank loan repayments[58]. - The company's inventory increased by 4.42% to ¥164,519,646.47, driven by growth in sales orders[63]. - Accounts receivable increased to ¥306,212,765.49, up 12.3% from ¥272,676,501.78 at the end of 2020[144]. Research and Development - Research and development expenses increased by 89.83% to ¥12,002,132.40, driven by the expansion of new product development projects[57]. - The company has established a standardized and efficient research and development system to meet market demands and technological advancements[31]. - The company has committed to increasing its investment in technology innovation and collaborating with universities to improve product specifications and meet customer demands for new and high-quality products[80]. Market Position and Strategy - The company specializes in the research, production, and sales of industrial control valves, providing customized solutions for various industries[29]. - The company aims to strengthen its market presence in emerging sectors such as polysilicon, new energy, and biodegradable plastics[40]. - The control valve industry is expected to see continued growth due to advancements in industrial automation and smart manufacturing[34]. - The company is positioned to benefit from the increasing emphasis on domestic production of critical equipment, enhancing its competitive advantage[35]. Corporate Governance and Compliance - The financial report was approved by the board of directors on August 20, 2021[165]. - The company adheres to the accounting standards set by the Ministry of Finance, ensuring that the financial statements accurately reflect its financial position and operating results[169]. - The company reported no significant litigation or arbitration matters during the reporting period[102]. - There were no major penalties or rectification situations reported for the company in the current period[104]. Future Outlook - The company plans to enhance its market expansion strategies and invest in new product development to drive future growth[161]. - Future guidance indicates a focus on increasing revenue through strategic partnerships and potential acquisitions[161]. - The company plans to increase R&D investment and accelerate project construction to enhance its competitive capabilities and market share[79].

Dividend Distribution - The company plans to distribute a cash dividend of 1.5 RMB per 10 shares to all shareholders, based on a total of 136,340,000 shares[3]. - The company plans to distribute a cash dividend of RMB 1.50 per 10 shares, totaling RMB 20,451,000 for the year 2020[139]. - The cash dividend represents 32.94% of the net profit attributable to the company's ordinary shareholders for 2020, which was RMB 62,083,446.32[145]. - The company did not distribute any dividends in 2019, with the remaining undistributed profits carried forward to the next year[143]. - The cash dividend for 2020 is 100% of the total profit distribution amount, indicating a focus on returning value to shareholders[139]. - The board of directors approved the profit distribution plan on March 29, 2021, considering shareholder returns and future business plans[139]. - The company has a policy to ensure that cash dividends should account for at least 20% of profit distribution in growth stages with significant capital expenditures[139]. - The remaining distributable profit after the 2020 dividend will be carried forward for future distribution[139]. Financial Performance - The company's operating revenue for 2020 was ¥469,768,361.77, an increase of 3.83% compared to ¥452,446,430.10 in 2019[15]. - The net profit attributable to shareholders decreased by 8.40% to ¥62,083,446.32 in 2020 from ¥67,776,664.82 in 2019[15]. - The net profit after deducting non-recurring gains and losses was ¥56,029,473.89, down 12.40% from ¥63,962,566.10 in 2019[15]. - The net cash flow from operating activities increased by 39.27% to ¥52,638,287.61 in 2020, compared to ¥37,795,810.47 in 2019[15]. - The total assets at the end of 2020 reached ¥979,158,500.48, a significant increase of 58.15% from ¥619,132,658.27 at the end of 2019[15]. - The company's basic earnings per share decreased by 21.21% to ¥0.52 in 2020 from ¥0.66 in 2019[15]. - The weighted average return on equity was 10.70% in 2020, down from 18.94% in 2019, reflecting an 8.24% decline[15]. - The company achieved a sales revenue of 530 million yuan in 2020, marking a slight increase from 510 million yuan in 2019, and is one of the few domestic control valve companies with annual sales exceeding 500 million yuan[49]. Market Position and Strategy - The company ranks 5th among domestic brands in the control valve market, with a consistent position in the top 5 since 2017[49]. - The company specializes in the R&D, production, and sales of industrial control valves, serving various industries including petrochemical, energy, and pharmaceuticals[26][27]. - The company operates on a made-to-order business model, providing customized control valve solutions[28]. - The company's revenue model is based on customized products according to customer needs, generating reasonable profits through the sale of control valves and related services[29]. - The company has established a collaborative R&D model that integrates market demand and internal coordination, ensuring efficient product development processes[30]. - The company maintains a strict supplier management system, regularly evaluating suppliers based on delivery timeliness, quality, and service attitude[33]. - The company has seen stable demand from downstream industries, particularly in the chemical and petrochemical sectors, driven by investment needs and environmental upgrades[40]. - The company actively participates in industry exhibitions and employs marketing personnel to expand its domestic and international market presence[35]. Research and Development - The company has developed multiple patented technologies, ensuring a competitive edge in the industrial control valve market[54]. - The company has a total of 57 patents, with 5 new patents granted during the reporting period[65]. - The company has established a technology research and development innovation system, collaborating with universities and research institutions, enhancing its core product development capabilities[53]. - The company's R&D efforts have been bolstered by national policies supporting the development of smart manufacturing and automation technologies, creating a favorable market environment[43]. - The company plans to increase R&D investment to enhance product quality and expand its product range, particularly in high-end products like slurry knife gate valves and high-performance large-diameter control valves[124]. Financial Management and Investments - The company has invested ¥10,487.91 million of the planned ¥32,460.78 million in fundraising projects, which include the construction of a production line for 25,000 sets of high-performance control valves and a research and development center[69][70]. - The total amount of funds raised was RMB 367,436,300, with a net amount of RMB 324,607,847.64 after deducting issuance costs of RMB 42,828,452.36[104]. - The company has committed to projects totaling RMB 32,460.78 million, with RMB 10,487.91 million already invested, indicating a progress rate of 32.3%[108]. - The company has initiated a construction project for a production line with an annual capacity of 25,000 high-performance control valves, contributing to the increase in construction in progress[100]. - The company has a receivable account value of approximately ¥272.68 million, with measures in place to manage collection risks effectively[132]. Corporate Governance and Compliance - The company has established a commitment to ensure transparency and accountability in its financial reporting and investor communications[156]. - The company has not reported any instances of non-standard audit reports during the reporting period[158]. - The company’s management team has pledged to cease receiving dividends and salaries if they violate their commitments regarding share repurchase measures[155]. - The company has committed to repurchasing all newly issued shares if there are any false statements or significant omissions in the prospectus[153]. - The company will ensure that any adjustments to the profit distribution policy are thoroughly documented and presented to the shareholders for approval[152]. Industry Trends and Outlook - The control valve industry is expected to experience steady growth during the 14th Five-Year Plan period, driven by the increasing demand for automation in various sectors[45]. - The government aims to achieve a self-sufficiency rate of over 90% for key pumps and valves, indicating a strong trend towards domestic substitution in the control valve industry[118]. - The construction of chemical industrial parks is becoming a major trend, driven by safety and environmental regulations, which will increase demand for automatic control valves[119]. - The trend of import substitution in high-end control valve products is expected to provide significant growth opportunities for domestic manufacturers[118]. - The company aims to enhance its digital transformation by integrating digital economy with the real economy, focusing on data-driven approaches to improve production capacity, reduce costs, and increase efficiency[123].

Financial Performance - The company's operating revenue for Q1 2021 was ¥102,304,621.68, representing a 99.43% increase compared to ¥51,299,182.22 in the same period last year[7] - Net profit attributable to shareholders for Q1 2021 was ¥13,964,483.22, a 156.44% increase from ¥5,445,597.39 in the previous year[7] - The net cash flow from operating activities reached ¥7,362,794.77, a significant increase of 1,461.78% compared to a negative cash flow of ¥540,674.00 in the same period last year[7] - Basic and diluted earnings per share for Q1 2021 were both ¥0.10, doubling from ¥0.05 in the same period last year[7] - Total operating revenue for Q1 2021 reached ¥102,304,621.68, a significant increase of 99.7% compared to ¥51,299,182.22 in the same period last year[49] - Net profit for Q1 2021 was ¥13,964,483.22, representing a 156.5% increase from ¥5,445,597.39 in Q1 2020[49] - Operating cash flow for Q1 2021 was ¥7,362,794.77, recovering from a negative cash flow of ¥540,674.00 in the previous year[53] - Earnings per share for Q1 2021 were ¥0.10, doubling from ¥0.05 in the same quarter last year[50] - The company recorded investment income of ¥1,668,639.25, with no comparable figure from the previous year[49] Assets and Liabilities - The total assets at the end of the reporting period were ¥948,847,792.91, a decrease of 3.10% from ¥979,158,500.48 at the end of the previous year[7] - The net assets attributable to shareholders increased by 1.81% to ¥787,315,591.37 from ¥773,351,108.15 at the end of the previous year[7] - The company's total assets amounted to CNY 948,847,792.91, a decrease from CNY 979,158,500.48 at the end of 2020, reflecting a decline of approximately 3.3%[44] - The company's cash and cash equivalents decreased to CNY 87,530,733.55 from CNY 121,314,622.03, representing a decline of about 27.8%[44] - Accounts receivable stood at CNY 265,217,751.44, slightly down from CNY 272,676,501.78, indicating a decrease of approximately 2.7%[44] - Inventory increased to CNY 144,730,835.45 from CNY 117,530,361.66, marking an increase of around 23.1%[44] - The total current liabilities decreased to CNY 159,259,152.82 from CNY 203,424,699.71, a reduction of about 21.7%[46] - The company's total liabilities decreased to CNY 161,532,201.54 from CNY 205,807,392.33, reflecting a decline of approximately 21.5%[46] - The non-current assets increased to CNY 217,105,704.48 from CNY 206,699,584.89, showing an increase of about 5.3%[45] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 14,980[11] - The largest shareholder, Chen Xiaoyu, holds 20.94% of the shares, amounting to 28,550,000 shares[11] - The company did not conduct any repurchase transactions among the top 10 shareholders during the reporting period[13] Research and Development - Research and development expenses increased by 86.21% to CNY 3.89 million, reflecting the company's commitment to innovation[20] - The company plans to increase R&D investment to enhance its technology and product offerings in response to industry trends and market demands[29] - The company has established four research centers to accelerate technological upgrades and improve product specifications to meet market needs[30] - Research and development expenses increased to ¥3,885,314.47, up 86.1% from ¥2,086,500.76 in Q1 2020, indicating a focus on innovation[49] Operational Highlights - Cash received from sales of goods and services increased by 66.79% to CNY 153.98 million, driven by higher sales revenue and collections[22] - The company achieved operating revenue of CNY 102.30 million in the first quarter, representing a 99.43% increase compared to the same period last year[23] - The company has signed contracts with unfulfilled revenue obligations amounting to CNY 275 million (including tax) as of the end of the reporting period[25] - The company received a procurement framework agreement for 2021 from Sinopec International, indicating successful execution of its annual business plan[27] Risk Management - The company is facing risks related to industry policy changes and economic fluctuations that could impact future performance[29] - The company is committed to improving management efficiency and talent acquisition to address challenges arising from its expanding scale[32] - The company has implemented risk management measures for accounts receivable, linking collection efforts to employee performance incentives[31] Miscellaneous - The company received government subsidies amounting to ¥186,520.73 during the reporting period[8] - The company reported a gross profit margin of approximately 29.25% for the quarter, up from the previous year's margin[20] - The company reported no violations regarding external guarantees during the reporting period[38] - There were no non-operating fund occupations by controlling shareholders or related parties during the reporting period[39] - The company has not conducted any research, communication, or interview activities during the reporting period[40] - The first quarter report was not audited[56]

Financial Performance - The company's operating revenue for 2020 was CNY 469,768,361.77, representing a 3.83% increase compared to CNY 452,446,430.10 in 2019[16] - The net profit attributable to shareholders decreased by 8.40% to CNY 62,083,446.32 in 2020 from CNY 67,776,664.82 in 2019[16] - The net profit after deducting non-recurring gains and losses was CNY 56,029,473.89, down 12.40% from CNY 63,962,566.10 in the previous year[16] - The net cash flow from operating activities increased by 39.27% to CNY 52,638,287.61 in 2020, compared to CNY 37,795,810.47 in 2019[16] - The total assets at the end of 2020 reached CNY 979,158,500.48, a significant increase of 58.15% from CNY 619,132,658.27 at the end of 2019[16] - The net assets attributable to shareholders doubled to CNY 773,351,108.15 at the end of 2020, compared to CNY 386,659,814.19 at the end of 2019, marking a 100.01% increase[16] - Basic earnings per share decreased by 21.21% to CNY 0.52 in 2020 from CNY 0.66 in 2019[16] - The weighted average return on net assets fell to 10.70% in 2020, down from 18.94% in 2019, a decrease of 8.24 percentage points[16] Revenue Breakdown - The company's total revenue for 2020 was 369,168,461.77 CNY, with a quarterly breakdown of 51,299,182.22 CNY in Q1, 128,852,833.54 CNY in Q2, 126,592,890.26 CNY in Q3, and 163,023,455.75 CNY in Q4[18] - The net profit attributable to shareholders for the year was 62,083,446.32 CNY, with quarterly figures of 5,445,597.39 CNY in Q1, 24,232,539.83 CNY in Q2, 14,271,328.34 CNY in Q3, and 18,133,980.76 CNY in Q4[18] - The company's sales revenue for 2020 reached 530 million CNY, showing a slight increase from 510 million CNY in 2019, and it has consistently maintained sales above 500 million CNY for several years[51] - The company's revenue from the chemical industry increased by 29.22% year-on-year, accounting for 63.13% of total revenue[76] - The company's revenue from the petrochemical industry decreased by 52.61% year-on-year, accounting for 4.74% of total revenue[76] - The company's revenue from switch valves reached ¥269,961,907.62, accounting for 57.47% of total revenue, with a year-on-year increase of 7.73%[77] - The total revenue from domestic sales was ¥432,433,423.46, representing 92.05% of total revenue, with a year-on-year growth of 3.74%[77] Investment and R&D - The company plans to invest 324.61 million yuan in projects, including a production line for 25,000 high-performance control valves and a research and development center[72] - The company has significantly increased its investment in R&D for automatic control valves, optimizing its product structure to include various types of control valves such as electric and pneumatic[47] - The company's research and development expenses for 2020 were ¥16,015,778.77, accounting for 3.41% of operating revenue, with a year-on-year increase of 2.66%[89] - The company has established four research centers to accelerate technological upgrades and meet customer demands for new and high-quality products[138] - The company is focused on developing new technologies and products to enhance its competitive edge in the control valve market[120] Market Position and Strategy - The company ranked 15th among the top 50 domestic control valve manufacturers in terms of sales in 2020, and 5th among domestic brands[52] - The company emphasizes customer-centric marketing strategies, enhancing customer satisfaction through high-quality products and personalized services, which helps in acquiring new orders[38] - The company actively promotes brand building and has been recognized as a first-class supplier by major oil companies[69] - The company is positioned to benefit from the trend of chemical enterprises concentrating in industrial parks, which enhances production control and safety operations[123] - The company has established long-term cooperative relationships with several internationally renowned enterprises, exporting products to countries including the USA, Finland, Russia, South Africa, and Southeast Asia[63] Supply Chain and Production - The company maintains a stable supply chain with long-term suppliers for key raw materials, ensuring sufficient supply for production[34] - The company has established a strict evaluation system for suppliers, focusing on delivery timeliness, quality pass rate, and service attitude, ensuring only qualified suppliers are retained[35] - The production model is based on customer orders, utilizing an integrated ERP and MES system to control order management and ensure timely delivery of materials[36] - The company has accumulated extensive experience in R&D and production of key products such as single-seat and sleeve control valves, ball valves, butterfly valves, and knife gate valves, with a rich product line[58] Corporate Governance and Compliance - The company has not encountered any major changes in the controlled structured entities during the reporting period[116] - The company has not experienced any major litigation or arbitration matters during the reporting period[175] - The company has maintained its accounting policies in accordance with the new revenue recognition standards effective from January 1, 2020, without significant impact on its financial results[170][171] - The company has retained its accounting firm, Zhonghui Certified Public Accountants, for 9 years, with an audit fee of 477,000 RMB for the reporting period[173] - The company actively fulfills its corporate social responsibilities, creating value for shareholders while also considering employees, customers, and society[190] Dividend Policy - The company plans to distribute a cash dividend of ¥1.50 per 10 shares, totaling ¥20,451,000, which represents 100% of the distributable profit[144] - The company declared cash dividends of CNY 20,451,000 in 2020, representing 32.94% of the net profit attributable to ordinary shareholders[152] - The company plans to distribute at least 20% of the distributable profits as cash dividends annually, provided there are no major investment plans or cash expenditures[157] - The profit distribution policy can be adjusted in response to significant external impacts or major changes in the company's operations[159] Risk Management - The company acknowledges potential risks in its future development and has outlined corresponding measures in its report[3] - The company acknowledges risks related to industry policy changes and plans to increase R&D investment to strengthen its competitive position[136] - The company has established a plan to stabilize the stock price, which includes measures such as share repurchase and increasing shareholding by directors and senior management[155]