无锡帝科电子材料股份有限公司 2022 年第三季度报告 证券代码：300842 证券简称：帝科股份 公告编号：2022-111 无锡帝科电子材料股份有限公司 2022 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 1 无锡帝科电子材料股份有限公司 2022 年第三季度报告 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 | --- | --- | --- | --- | --- | |--------------------------------------------------------|------------|--------------------------------- ...

Financial Performance - The company reported a total revenue of RMB 500 million for the first half of 2022, representing a year-on-year increase of 15%[25]. - Gross profit margin for the first half of 2022 was 30%, a decrease of 5% compared to the same period last year[25]. - The company's operating revenue for the reporting period was ¥1,670,403,270.70, representing a 19.71% increase compared to ¥1,395,367,834.99 in the same period last year[33]. - The net profit attributable to shareholders of the listed company decreased by 59.35% to ¥27,752,783.71 from ¥68,266,427.55 in the previous year[33]. - The net profit after deducting non-recurring gains and losses was ¥15,398,509.14, down 74.03% from ¥59,303,645.32 in the same period last year[33]. - The net cash flow from operating activities increased by 248.54% to ¥249,483,425.79, compared to a negative cash flow of ¥167,956,147.77 in the previous year[33]. - The operating cost increased by 26.30% to CNY 1,546,658,044.21, compared to CNY 1,224,617,401.60 in the previous year[83]. - The company reported a significant increase in financial expenses by 145.28% to CNY 18,064,767.34, primarily due to foreign exchange losses from USD loans[83]. - The investment income showed a loss of CNY 19,743,804.90, accounting for -70.28% of total profit, mainly from silver futures and foreign exchange derivatives[89]. Research and Development - The company plans to invest RMB 100 million in R&D for new product development in the next fiscal year[25]. - The company invested ¥50,994,700 in R&D during the first half of 2022, maintaining a leading position in the industry[75]. - The company plans to increase R&D investment and market promotion efforts, focusing on the development of next-generation photovoltaic cell metallization solutions, including N-type TOPCon and HJT technologies[51]. - The company is focusing on the development of new technologies, including advanced solar cell materials, to maintain competitive advantage[25]. - The company’s R&D team has created a market-oriented and customer-driven independent R&D system, mastering several core technologies in the conductive silver paste field[50]. - The company plans to enhance R&D innovation, optimize supply chains, and promote high-margin products like N-type TOPCon battery conductive silver paste to maintain competitive advantages[131]. Market and Sales - User data indicates a 20% increase in customer base, reaching 1 million active users by June 2022[25]. - The company has expanded its market presence in Southeast Asia, achieving a 25% growth in sales in that region[25]. - Future guidance estimates a revenue growth of 10-15% for the second half of 2022[25]. - The sales revenue from photovoltaic conductive silver paste was CNY 1,462,483,709.36, reflecting an 8.25% increase from CNY 1,341,783,601.47[86]. - The sales strategy primarily involves direct sales to high-quality customers, supplemented by distributors for smaller clients, enhancing sales efficiency[66]. Risks and Challenges - The company faces risks including market competition and fluctuations in raw material prices, which may impact profitability[5]. - The company acknowledges the cyclical nature of the photovoltaic industry, which may impact the demand for its key product, conductive silver paste for solar cells[125]. - The company faces increasing market competition as domestic firms improve the quality and performance of conductive silver paste, challenging the previous reliance on foreign suppliers[126]. - The company has a significant amount of foreign currency borrowings and relies on imported silver powder, making it vulnerable to exchange rate fluctuations that could impact operational performance[132]. - There is a risk of negative net cash flow from operating activities as the company provides customers with credit terms while needing to prepay suppliers, potentially leading to working capital shortages[133]. - The accounts receivable balance is growing rapidly, primarily due to increased sales scale and settlement cycles, which could lead to collection risks if economic conditions worsen[134]. Corporate Governance and Social Responsibility - The company has established a robust corporate governance structure to protect shareholder rights, particularly for minority shareholders[151]. - Employee welfare is prioritized through various benefits, including housing arrangements and health check-ups, ensuring comprehensive health protection[154]. - The company continues to integrate social responsibility into its development strategy, balancing economic and social benefits[155]. - The company has not faced any administrative penalties related to environmental issues during the reporting period[150]. Investments and Acquisitions - The company is exploring potential mergers and acquisitions to enhance its product portfolio and market reach[25]. - The company plans to apply for a comprehensive credit line not exceeding RMB 2.3 billion from financial institutions for operational and strategic needs[176]. - The company is planning to issue shares to acquire 100% equity of Jiangsu Suote Electronic Materials Co., Ltd. and raise matching funds through a private placement[179]. - The company has received a notice from the Shenzhen Stock Exchange regarding the acceptance of its application for the issuance of shares to purchase assets and raise matching funds[180]. - The company has applied for a suspension of the review of the major asset restructuring due to the expiration of the audit and valuation reports[182].

Financial Performance - The company reported a total revenue of RMB 1.2 billion for the year 2021, representing a year-on-year increase of 25% compared to 2020[18]. - The company's operating revenue for 2021 was ¥2,814,456,026.02, representing a 77.96% increase compared to ¥1,581,544,560.49 in 2020[24]. - The net profit attributable to shareholders for 2021 was ¥93,935,699.23, an increase of 14.43% from ¥82,086,519.78 in 2020[24]. - The net profit after deducting non-recurring gains and losses was ¥105,358,110.58, which is a 31.60% increase from ¥80,059,617.83 in 2020[24]. - The company achieved a revenue of ¥2,814,456,026.02, representing a year-on-year growth of 77.96%[56]. - The net profit attributable to shareholders was ¥93,935,699.23, with a year-on-year increase of 14.43%[56]. - The company reported a total revenue of 1,932.67 million CNY for the reporting period[155]. - The company reported a significant increase in revenue for the year 2021, with total revenue reaching 1.5 billion RMB, representing a year-over-year growth of 20%[200]. Research and Development - The company plans to invest RMB 200 million in R&D for new product development in the solar energy sector in 2022[18]. - The company invested ¥98,189,000 in R&D in 2021, maintaining a leading position in the industry[59]. - The company has a total of 116 R&D personnel, accounting for 44.79% of the total workforce[59]. - The R&D expenditure for new products and technologies reached 150 million yuan, accounting for 12.5% of total revenue[169]. - The company is focusing on next-generation N-type battery industrialization opportunities, including TOPCon, HJT, and IBC battery technologies[120]. - The company aims to leverage its R&D capabilities to drive innovation and improve product competitiveness[159]. - Investment in R&D increased by 30% year-over-year, totaling 300 million RMB, focusing on new technologies and product innovations[200]. Market Expansion and Strategy - User data indicates a 15% increase in the number of active customers, reaching 10,000 by the end of 2021[18]. - The company has set a revenue target of RMB 1.5 billion for 2022, reflecting a growth forecast of 25%[18]. - Market expansion efforts include entering two new international markets in Southeast Asia by Q3 2022[18]. - The company plans to expand its market presence in Southeast Asia, targeting a 30% increase in market share by 2023[169]. - The company is actively expanding its market presence and optimizing its customer structure in response to supply chain fluctuations[63]. - The company aims to increase its production and sales volume, as well as market share in the photovoltaic industry, particularly with P-type solar cells[118]. Product Development - The company is developing new technologies in the field of Tunnel Oxide Passivated Contact (TOPCon) solar cells, aiming for commercial production by 2023[18]. - The company is also developing conductive adhesives for semiconductor packaging, leveraging its conductive silver paste technology platform[43]. - The company introduced two new product lines, which are expected to contribute an additional 300 million yuan in revenue over the next year[169]. - The company aims to launch three new products in 2022, which are anticipated to contribute an additional 200 million RMB in revenue[200]. Financial Management and Governance - The company has no plans to distribute cash dividends or issue bonus shares for the fiscal year 2021[6]. - The company emphasizes continuous investment in technology R&D and has built a high-quality R&D team to ensure rapid response to market changes[55]. - The company has established an independent human resources department and governance structure, ensuring no shareholder interference in personnel decisions[142]. - The company has an independent financial department with a standardized accounting system, allowing for autonomous financial decision-making[143]. - The company is committed to maintaining transparency and accountability in its financial reporting practices[156]. Risks and Challenges - The company faces risks including market competition and fluctuations in raw material prices, which could impact future profitability[6]. - The company acknowledges risks from industry cyclicality and market competition, emphasizing the need for continuous R&D and innovation to maintain its market position[124][125]. - The company's operating cash flow was negative due to long cash conversion cycles and increased prepayments for raw materials, leading to potential liquidity risks if business scales rapidly[128]. - Accounts receivable increased significantly, primarily due to expanded sales and settlement cycles, with most receivables aging within one year, but economic downturns could heighten collection risks[128]. Customer and Supplier Relations - The top five customers accounted for 61.90% of total sales, with the largest customer contributing ¥570,696,872.04, or 20.28% of total sales[80]. - The top five suppliers represented 95.43% of total purchases, with the largest supplier, DOWA Electronics Materials CO.,LTD, accounting for ¥1,876,822,961.20, or 67.56% of total purchases[80]. - The company has established a strong customer resource advantage, being recognized as a top supplier in the global photovoltaic conductive silver paste supply chain[62]. Operational Efficiency - The company increased its production capacity and inventory levels in response to growing downstream demand, with production volume rising by 50.17% year-on-year[71]. - The company has implemented new strategies to enhance customer engagement, resulting in a 15% increase in customer retention rates[200]. - The company plans to enhance cash management and optimize settlement methods to alleviate financial pressure, including measures like bill pledging and strengthening collection management[128].

无锡帝科电子材料股份有限公司 2022 年第一季度报告全文 证券代码：300842 证券简称：帝科股份 公告编号：2022-050 无锡帝科电子材料股份有限公司 2022 年第一季度报告 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.第一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 本报告期比上年同期增 | --- | --- | --- | --- | |-----------------------------------------------------|------------------|------------------|----------------------- ...

Financial Performance - The company reported a total revenue of RMB 1.2 billion for the year 2021, representing a year-on-year increase of 25%[18]. - The company's operating revenue for 2021 was ¥2,814,456,026.02, representing a 77.96% increase compared to ¥1,581,544,560.49 in 2020[24]. - The net profit attributable to shareholders for 2021 was ¥93,935,699.23, which is a 14.43% increase from ¥82,086,519.78 in 2020[24]. - The company achieved a revenue of ¥2,814,456,026.02, representing a year-on-year growth of 77.96%[62]. - Revenue from photovoltaic conductive silver paste reached ¥2,691,105,455.71, an increase of 70.27% year-on-year[69]. - The company reported a total revenue of 1,932.67 million CNY for the fiscal year 2021[165]. - The company experienced a year-on-year growth of 19.30% in revenue compared to the previous year[165]. - The company reported a total revenue of 1.2 billion yuan for the fiscal year 2021, representing a year-over-year increase of 15%[176]. Profitability and Margins - Gross profit margin for 2021 was 30%, a decrease from 35% in 2020, indicating pressure on profitability[18]. - The net profit after deducting non-recurring gains and losses was ¥105,358,110.58, up 31.60% from ¥80,059,617.83 in 2020[24]. - The weighted average return on equity for 2021 was 10.64%, down from 13.27% in 2020[24]. - The gross profit margin for electronic materials was 11.67%, down 1.66% from the previous year[76]. Research and Development - The company plans to invest 15% of its revenue into R&D for new product development and technological advancements in 2022[18]. - The company invested ¥98,189,000 in R&D in 2021, maintaining a leading position in the industry[65]. - The R&D expenditure for new products and technologies was 150 million yuan, accounting for 12.5% of total revenue[176]. - The company has established a self-driven R&D system focused on market orientation and customer demand, leading to multiple core technologies in conductive silver paste[62]. - The company has a strong R&D team with members holding advanced degrees and extensive experience in the industry[167]. Market Expansion and Strategy - The company is expanding its market presence in Southeast Asia, targeting a 20% market share by 2025[18]. - The company plans to expand its market presence in Southeast Asia, targeting a 25% increase in market share by 2023[176]. - The company aims to increase its market share through strategic partnerships and potential acquisitions[167]. - The company is focusing on expanding its market share in advanced printing and semiconductor packaging materials through ongoing R&D initiatives[88]. Product Development and Innovation - New product lines, including advanced conductive adhesives, are projected to contribute an additional RMB 200 million in revenue in 2022[18]. - The company is also expanding its product applications into the semiconductor electronic packaging sector, developing conductive adhesives that meet varying thermal performance requirements[47]. - The company is developing new products such as conductive silver paste for 5G filters and low-temperature conductive silver paste for heterojunction (HJT) batteries, aiming to enhance market competitiveness[89]. - The company is focused on developing conductive silver paste for photovoltaic cells, with an emphasis on enhancing efficiency and reducing costs in the solar industry[129]. Risks and Challenges - The management highlighted risks including market competition and potential fluctuations in raw material costs impacting future performance[6]. - The company faces risks from industry cyclicality, with potential impacts on its operating performance due to fluctuations in the photovoltaic market[132]. - The company is aware of the risk of declining gross margins due to intensified competition and is taking measures to control costs and enhance supply chain management[136]. - The company is managing foreign exchange risks related to its import of raw materials, primarily silver powder, by engaging in foreign exchange derivative transactions[137]. Corporate Governance and Management - The board of directors consists of 9 members, including 3 independent directors, complying with legal and regulatory requirements[145]. - The company has established independent financial, personnel, and operational systems, ensuring complete independence from its controlling shareholder[150]. - The company has maintained compliance with corporate governance standards, with no significant discrepancies from regulatory requirements[149]. - The company has implemented a performance evaluation and incentive mechanism for its senior management, ensuring transparency in the hiring process[147]. Cash Flow and Financial Position - The net cash flow from operating activities for 2021 was -¥259,398,093.53, an improvement of 50.17% compared to -¥520,598,228.39 in 2020[24]. - The net cash flow from operating activities increased significantly due to expanded sales and good customer collections[96]. - The company's cash and cash equivalents increased to approximately 236.32 million, representing 10.43% of total assets, up from 8.80% at the beginning of the year[100]. - Accounts receivable rose to approximately 651.36 million, making up 28.75% of total assets, reflecting a significant increase in sales revenue[100]. Shareholder Engagement - The company held its first temporary shareholders' meeting in 2021 with an investor participation rate of 33.81% on February 19, 2021[157]. - The second temporary shareholders' meeting in 2021 had a participation rate of 30.50% on April 14, 2021[157]. - The annual shareholders' meeting for 2020 recorded a participation rate of 41.42% on May 18, 2021[157].

Revenue and Profitability - Revenue for Q3 2021 reached ¥830,322,736.25, an increase of 61.41% compared to the same period last year[4] - Net profit attributable to shareholders was ¥23,769,493.24, a decrease of 23.26% year-over-year[4] - Net profit excluding non-recurring gains and losses was ¥19,275,311.69, down 47.26% from the previous year[4] - Revenue for Q3 2021 reached CNY 2,225,690,571.24, a 119.52% increase compared to CNY 1,013,871,353.50 in the same period last year[7] - Net profit for the period led to an increase in undistributed profits to CNY 283,260,451.57, up 48.13% from CNY 191,224,530.78[7] - The net profit for Q3 2021 was CNY 92,035,920.79, an increase of 16.5% compared to CNY 79,257,535.10 in the same period last year[20] Assets and Liabilities - Total assets at the end of the reporting period were ¥2,275,033,939.65, reflecting a 40.55% increase from the end of the previous year[4] - Total liabilities amounted to CNY 1,346,418,540.09, compared to CNY 784,019,127.53 at the end of 2020, reflecting an increase of approximately 71.8%[17] - The company reported a significant increase in accounts receivable by 30.15% to ¥664,053,013.02 due to higher sales revenue[6] - Inventory increased by 50.38% to ¥296,949,747.69 as the company prepared for expanded production and sales[6] Cash Flow - Cash flow from operating activities showed a net outflow of ¥400,668,672.94, a 25.15% increase in outflow compared to the same period last year[4] - The cash and cash equivalents at the end of the period totaled 139,704,307.05 CNY, down from 227,965,303.78 CNY in the previous year, representing a decline of approximately 38.7%[28] - The cash flow from operating activities showed a net outflow of CNY -400,668,672.94, worsening from CNY -320,142,760.92 in the same quarter last year[26] Expenses - Operating costs increased to CNY 1,985,803,206.87, reflecting a 130.76% rise from CNY 860,560,583.47, primarily due to increased sales volume and rising silver prices[7] - R&D expenses doubled to CNY 73,171,575.67, a 100.60% increase from CNY 36,476,818.34, as the company focused on enhancing its R&D capabilities[7] - The financial expenses increased to CNY 9,716,909.18, compared to CNY 4,535,365.64 in the same period last year, indicating a rise of 114.4%[20] Investments and Financing - The company is actively advancing its fundraising projects, leading to a 16,367.09% increase in construction in progress to ¥76,538,369.01[6] - The total cash inflow from financing activities amounted to 1,819,224,493.94 CNY, compared to 1,326,737,733.46 CNY in the same period last year, reflecting a growth of approximately 37%[28] - The company experienced an investment loss of CNY -14,093,912.29, contrasting with an investment gain of CNY 17,704,997.36 in the previous year[20] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 16,943, with the top ten shareholders holding significant stakes[9] - The company reported a total of 30,488,826 restricted shares held by major shareholders, with no shares released during the reporting period[11] - The company’s major shareholder, Qian Yaping, plans to reduce her holdings by up to 3,000,000 shares, representing 3.00% of the total share capital[13] Corporate Actions and Legal Matters - The company plans to issue shares to acquire 100% equity of Jiangsu Suote Electronic Materials Co., Ltd. and raise supporting funds from no more than 35 specific investors[12] - The company has reported ongoing litigation involving Jiangsu Suote related to patent infringement disputes[13] - The company completed the registration of changes in its business scope and amendments to its articles of association as of September 13, 2021[13] Miscellaneous - The company has not disclosed any other significant matters beyond those mentioned[13] - The third quarter report was not audited, indicating that the financial figures are preliminary and subject to change[32]

Financial Performance - The company reported a total revenue of RMB 200 million for the first half of 2021, representing a year-on-year increase of 15% compared to the same period in 2020[19]. - The company's operating revenue for the reporting period was ¥1,395,367,834.99, representing a 179.38% increase compared to the same period last year[26]. - Net profit attributable to shareholders was ¥68,266,427.55, an increase of 41.38% year-over-year[26]. - The net profit after deducting non-recurring gains and losses was ¥59,303,645.32, showing a significant increase of 170.90% compared to the previous year[26]. - The company achieved a revenue of ¥1,395,367,834.99, representing a year-on-year growth of 179.38%[50]. - The revenue from photovoltaic conductive silver paste was ¥1,393,688,684.00, accounting for 99.88% of total revenue, with a year-on-year increase of 179.21%[73]. - The gross profit margin for photovoltaic conductive silver paste was 12.22%, a decrease of 2.71% compared to the same period last year[73]. - The company reported a basic and diluted earnings per share of ¥0.68, reflecting a 6.25% increase from the previous year[26]. Research and Development - The company plans to invest RMB 50 million in research and development for new product lines, focusing on advanced photovoltaic materials[19]. - Research and development expenses amounted to ¥48,843,255.92, a 191.30% increase year-on-year, reflecting the company's commitment to enhancing its R&D capabilities and team[71]. - The company is focused on high-performance electronic materials for photovoltaic and semiconductor applications, emphasizing the development of conductive silver paste products[37]. - The company has developed DK92K, a dual-sided aluminum passivated PERC conductive silver paste, which improves battery efficiency and supports mass production printing with design line widths of ≥ 26 um for non-mesh and ≥ 28 um for conventional mesh[43]. - DK93A, designed for multi-crystalline black silicon PERC LDSE batteries, features an upgraded glass system that supports lower contact resistance and better mass production yield, with lower silver paste usage under the same conditions[43]. - DK93B is tailored for mono-crystalline PERC LDSE batteries, significantly reducing metal area recombination losses and enhancing open-circuit voltage (Uoc), while also optimizing the formulation for better mass production yield[43]. - The company has developed DECA series conductive adhesives with varying thermal conductivity, suitable for high-reliability integration applications[44]. Market Strategy and Expansion - The company has outlined a market expansion strategy targeting Southeast Asia, aiming for a 25% increase in market share by the end of 2022[19]. - User data indicates a 20% increase in customer base, with significant growth in the solar energy sector[19]. - The company is exploring potential mergers and acquisitions to enhance its technological capabilities and market presence[19]. - The company plans to strengthen its market share in P-type conductive silver paste while advancing the development of next-generation photovoltaic battery solutions like N-type TOPCon and HJT[61]. - The company is actively pursuing new strategies for market expansion and potential mergers and acquisitions to enhance growth prospects[183]. Financial Health and Cash Flow - The company's total assets at the end of the reporting period reached ¥2,053,536,095.27, a 26.87% increase from the end of the previous year[26]. - The net cash flow from operating activities was -¥167,956,147.77, an improvement of 20.11% compared to -¥210,246,652.93 in the same period last year[26]. - The company's cash and cash equivalents increased to ¥260,107,347.73, up from ¥142,380,302.94 at the end of the previous year, reflecting a significant increase in liquidity[76]. - Accounts receivable rose to ¥668,582,696.97, up from ¥510,236,240.63, due to a substantial increase in sales revenue[76]. - Short-term borrowings increased to ¥962,350,333.30, up from ¥697,161,996.12, to support inventory procurement for expanded sales[78]. - The company reported an investment loss of ¥22,078,822.10, accounting for 29.75% of total profit, primarily due to silver futures contracts[74]. Risks and Challenges - The company faces risks including market competition and fluctuations in raw material prices, which may impact future performance[19]. - The company faces risks of declining gross margins due to intensified market competition and the impact of policies promoting cost reduction across the photovoltaic industry[116]. - The company is exposed to foreign exchange risks as it primarily imports silver powder and settles transactions in USD and JPY, which may affect its operating performance[120]. - The rapid growth of accounts receivable poses a risk to the company's operational efficiency, although the overall aging of accounts receivable remains reasonable[122]. Corporate Governance and Social Responsibility - The company emphasizes the protection of shareholder rights and has established a governance structure to ensure transparency and communication with shareholders[136]. - The company is committed to employee welfare, providing various benefits and training programs to enhance employee satisfaction and performance[136]. - The company has committed to integrating social responsibility into its development strategy for harmonious growth with society[141]. - The company actively promotes energy-saving initiatives and environmental awareness among employees[140]. - The company has not faced any administrative penalties related to environmental issues during the reporting period[135]. Shareholder Information - The total number of common shareholders at the end of the reporting period was 16,876, with a shareholding ratio of 5%[182]. - The largest shareholder, Shi Weili, holds 19.30% of the shares, totaling 19,302,669 shares, with 6,480,000 shares pledged[182]. - The company reported a total share count of 100,000,000, with 75% being restricted shares prior to the recent changes[176]. - The number of restricted shares decreased by 44,511,174, resulting in 30,488,826 restricted shares remaining, which is 30.49% of the total[176].

Financial Performance - The company reported a total revenue of RMB 1.2 billion for the year 2020, representing a year-on-year increase of 15% compared to 2019[16]. - The gross profit margin for 2020 was 30%, a decrease of 5% from the previous year, indicating challenges in maintaining profitability[16]. - The company's operating revenue for 2020 was ¥1,581,544,560.49, representing a year-over-year increase of 21.71%[21]. - The net profit attributable to shareholders for 2020 was ¥1,299,421,610.08, an increase of 16.10% compared to 2019[21]. - The net profit after deducting non-recurring gains and losses was ¥80,059,617.83, reflecting a growth of 15.30% year-over-year[21]. - The total assets at the end of 2020 amounted to ¥1,618,609,280.55, showing an increase of 82.85% from the previous year[21]. - The company's operating cash flow was negative, raising concerns about liquidity and operational sustainability[6]. - The company's cash flow from operating activities was negative at -¥520,598,228.39, a significant decline of 907.55% compared to the previous year[21]. - The company reported a weighted average return on equity of 13.27% for 2020, down from 19.24% in 2019, a decrease of 5.97%[21]. - The company achieved a net profit attributable to shareholders of 82,086,519.78 yuan for the year 2020[153]. Research and Development - The company plans to invest 10% of its revenue into R&D for new product development and technological innovation in the upcoming year[16]. - The company invested CNY 57,161,200 in R&D in 2020, maintaining its leading position in the industry[66]. - The company has established a self-research and development system, focusing on market-oriented and customer-driven innovation, leading to multiple core technologies in conductive silver paste[48]. - The company is focused on developing conductive silver paste for photovoltaic cells, which is crucial for enhancing conversion efficiency in solar energy applications[33]. - The company is actively researching conductive adhesives for semiconductor packaging to meet diverse thermal conductivity requirements[126]. - The company plans to strengthen its product offerings in the semiconductor electronic packaging field, expanding its product application areas[64]. - The company is constructing a new R&D center in Shanghai, expected to be operational by mid-2021, to enhance its R&D capabilities[66]. Market Strategy and Expansion - The company has outlined a market expansion strategy targeting Southeast Asia, aiming for a 25% increase in market share within the next two years[16]. - User data showed an increase in customer base by 20%, reaching a total of 500,000 active users by the end of 2020[16]. - The company aims to enhance its market share in conductive silver paste for solar cells, focusing on high-performance products and expanding into N-type solar cell applications[124]. - The company has established a long-term stable partnership with major photovoltaic manufacturers, enhancing its brand image as "efficient, stable, and reliable" in the market[64]. - The company has implemented a direct sales model primarily targeting high-quality customers, supported by a responsive sales and R&D team[43]. - The company is enhancing service quality for existing customers, aiming to increase market share and expand sales resources towards leading clients in the photovoltaic sector[49]. Risks and Challenges - The company is facing risks including market competition and fluctuations in exchange rates, which could impact future performance[6]. - The company is at risk of declining gross margins due to intensified competition and market pressures, which may affect pricing strategies[135]. - The company is exposed to foreign exchange risks due to its reliance on imported raw materials, primarily settled in USD and JPY[136]. - The company faces risks from increasing market competition, as domestic firms improve the quality of conductive silver paste, attracting more competitors into the market[132]. - The company has implemented measures to manage cash flow risks, including optimizing settlement methods and enhancing receivables management[139]. Shareholder and Governance - The company has no plans to distribute cash dividends or issue bonus shares for the fiscal year 2020[6]. - The company proposed not to distribute cash dividends, issue bonus shares, or convert capital reserves into share capital for the year 2020, with undistributed profits carried forward to the next year[153]. - The cash dividend total for 2020 was 0.00 yuan, representing 0.00% of the total profit distribution[148]. - The company has not distributed any cash dividends in the past three years, maintaining a consistent policy of reinvesting profits into business development[156]. - The company emphasizes the importance of using undistributed profits to support daily operations and long-term development needs[158]. - The company is committed to improving its governance structure and ensuring compliance with relevant laws and regulations[77]. Legal and Compliance - The company has ongoing litigation involving a total amount of RMB 736.03 million related to unpaid debts from a contract with Zhongdian Nanjing[195]. - The company has a pending lawsuit against Nantong Sumin New Energy Technology Co., Ltd. for RMB 30.03 million, with a repayment agreement reached in January 2021[198]. - The company received RMB 610,000 from a previous lawsuit settlement related to Jiangyin Xinhui Solar Energy Co., Ltd. after the bankruptcy proceedings were concluded[198]. - There are no penalties or rectification measures reported during the reporting period[199]. - The company has not experienced any bankruptcy reorganization matters during the reporting period[194].

Financial Performance - The company's operating revenue for Q1 2021 was CNY 658,334,928.03, representing a 198.69% increase compared to CNY 220,408,102.43 in the same period last year[7]. - The net profit attributable to shareholders of the listed company decreased by 12.71% to CNY 30,763,161.10 from CNY 35,242,183.62 year-on-year[7]. - The net profit attributable to shareholders after deducting non-recurring gains and losses increased by 34.78% to CNY 21,531,677.20 compared to CNY 15,975,594.00 in the previous year[7]. - The basic and diluted earnings per share decreased by 34.04% to CNY 0.31 from CNY 0.47 in the same period last year[7]. - The weighted average return on equity was 3.62%, down 4.76% from 8.38% in the previous year[7]. - The company reported a net profit of ¥221,987,691.88, up from ¥191,224,530.78, indicating a growth of approximately 16.1%[61]. - The net profit for Q1 2021 was CNY 30,587,940.86, a decrease of 13.5% compared to CNY 35,264,969.45 in the same period last year[71]. - The total comprehensive income for Q1 2021 was CNY 30,587,940.86, down from CNY 35,264,969.45 in the same period last year, reflecting a decrease of 13.5%[73]. Cash Flow and Liquidity - The net cash flow from operating activities was negative at CNY -160,654,258.82, a decline of 15.29% from CNY -139,597,233.53 in the same period last year[7]. - Cash received from sales increased by 200.35% to CNY 641,715,861.29 due to expanded sales scale[24]. - The company reported a significant increase in cash inflow from operating activities, totaling CNY 648,044,978.45, compared to CNY 215,793,445.75 in the previous year, an increase of 200.5%[76]. - Cash and cash equivalents at the end of Q1 2021 totaled CNY 128,269,988.37, up from CNY 33,200,588.31 at the end of Q1 2020, representing an increase of 285.5%[77]. - The total cash and cash equivalents at the end of the period reached 118,900,986.92 CNY, significantly higher than 32,880,290.08 CNY at the end of the previous period, marking an increase of about 261.5%[80]. Assets and Liabilities - The total assets at the end of the reporting period were CNY 1,940,302,461.34, an increase of 19.87% from CNY 1,618,609,280.55 at the end of the previous year[7]. - The total liabilities amounted to ¥1,074,910,061.90, up from ¥784,019,127.53, indicating an increase of approximately 37.0%[61]. - Current assets increased to ¥1,789,194,492.80 as of March 31, 2021, up from ¥1,500,998,285.21 as of December 31, 2020, representing a growth of approximately 19.2%[55]. - Accounts receivable increased to ¥648,889,043.60 from ¥510,236,240.63, reflecting a growth of approximately 27.2%[55]. - Inventory levels grew to ¥298,394,250.65, up from ¥197,462,573.06, indicating a rise of about 50.9%[55]. Research and Development - Research and development expenses surged by 327.63% to RMB 21.74 million as the company focused on enhancing its R&D capabilities and attracting high-end talent[22]. - The company has established a market-oriented R&D system, focusing on conductive silver paste for solar cells, with significant product upgrades completed[27]. - The company is focused on the research, production, and sales of new electronic materials, particularly photovoltaic conductive silver paste, which is closely tied to the fluctuations in the photovoltaic industry[33]. Market and Competition - The company plans to continue expanding its market presence and investing in technology development to capitalize on growth opportunities in the photovoltaic sector[22]. - The company is experiencing intensified market competition, which may affect product pricing and profit margins, necessitating continuous improvement in technology and management[36]. - The company acknowledges the risk of declining gross margins due to increased competition and market dynamics, and plans to strengthen R&D and cost control measures[37]. Risks and Challenges - The company faces risks from industry cyclical fluctuations, which may impact the market demand for photovoltaic conductive silver paste due to changes in policies and international trade environments[34]. - The company is exposed to foreign exchange risks due to its reliance on imported raw materials, primarily settled in USD and JPY, and is implementing foreign exchange risk management strategies[38]. - The company faces a risk of negative net cash flow from operating activities due to long collection cycles from customers and prepayment requirements to suppliers[39]. - The company has established a strict accounts receivable management system to mitigate the risk of collection from rapidly growing accounts receivable[40]. Investment and Funding - The total amount of raised funds is CNY 35,056.26 million, with no changes in usage reported[43]. - The company has invested CNY 1,292.54 million in projects during the reporting period, with a cumulative investment of CNY 15,912.78 million[43]. - The company plans to use up to CNY 26,000 million of idle raised funds for cash management, ensuring no impact on the normal operation of investment projects[49]. Other Information - The first quarter report was not audited, which may affect the reliability of the financial data presented[83].

Financial Performance - Operating revenue for the period was CNY 514,418,764.35, representing a 2.63% increase year-on-year[8] - Net profit attributable to shareholders was CNY 30,972,706.46, an increase of 80.48% compared to the same period last year[8] - Net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 36,546,395.53, up 21.22% year-on-year[8] - Basic earnings per share increased by 61.02% to CNY 0.31[8] - The company's net profit for the period is not explicitly stated, but the increase in revenue suggests potential growth in profitability[56] - The total operating revenue for the current period is CNY 1,013,871,353.50, an increase from CNY 987,923,432.55 in the previous period, representing a growth of approximately 2.0%[73] - The net profit for the current period is CNY 30,999,839.78, compared to CNY 12,504,605.47 in the previous period, indicating a significant increase of approximately 148.5%[69] - The total profit for the current period was CNY 90,161,719.14, compared to CNY 50,599,103.31 in the previous period, representing an increase of approximately 78.3%[80] Assets and Liabilities - Total assets increased by 63.18% to CNY 1,444,507,037.17 compared to the end of the previous year[8] - Total liabilities as of September 30, 2020, were 612,013,938.27 CNY, compared to 482,524,423.34 CNY at the end of 2019[45] - The company's total liabilities increased to ¥612,995,171.65 from ¥483,506,056.09, reflecting higher financial obligations[55] - Total assets rose to ¥1,444,251,415.39 from ¥884,868,248.46, indicating strong asset growth[55] - Current liabilities amounted to CNY 482,524,423.34, with short-term borrowings at CNY 275,214,828.11[106] - The total non-current assets were CNY 48,291,879.34, including fixed assets of CNY 33,239,983.36[103] Cash Flow - The company reported a net cash flow from operating activities of -CNY 109,896,107.99, a decrease of 560.04% year-on-year[8] - The net cash flow from operating activities decreased significantly to -320,142,760.92 CNY, a decline of 560.04% compared to the previous year[26] - Cash inflow from operating activities totaled 1,015,197,037.73 CNY, up from 963,829,112.34 CNY year-over-year[89] - Cash outflow from operating activities increased to 1,335,339,798.65 CNY, compared to 894,238,887.40 CNY in the previous period[89] - The net increase in cash and cash equivalents was 192,119,486.81 CNY, a significant increase of 1,662.62% compared to the previous year[26] - The ending balance of cash and cash equivalents stood at 227,965,303.78 CNY, up from 14,687,822.04 CNY year-over-year[92] Shareholder Equity - Net assets attributable to shareholders increased by 106.74% to CNY 832,493,098.90 compared to the end of the previous year[8] - The company's equity attributable to shareholders increased to ¥832,493,098.90 from ¥402,672,963.80, indicating enhanced shareholder value[48] - The company's total equity increased significantly, with capital reserves rising to 522,554,751.53 CNY from 196,785,446.03 CNY year-over-year[45] Expenses and Costs - Total operating costs amounted to ¥465,277,265.18, up from ¥386,835,704.92 in the previous period, reflecting rising expenses[59] - The total operating costs for the current period amount to CNY 934,070,800.24, slightly higher than CNY 922,472,479.44 in the previous period, showing a marginal increase of about 1.6%[73] - Financial expenses decreased to CNY 4,535,365.64 from CNY 46,786,291.77, showing a substantial reduction[80] - Research and development expenses for the quarter were ¥19,709,761.69, compared to ¥16,891,622.16 in the previous period, highlighting a focus on innovation[59] - Research and development expenses for the current period are CNY 36,476,818.34, compared to CNY 35,708,330.99 in the previous period, indicating an increase of approximately 2.1%[73] Market and Operational Strategy - The company is actively pursuing market expansion and product development, as evidenced by increased R&D spending and asset growth[59] - The company executed a new revenue recognition standard, resulting in the reclassification of prepayments to contract liabilities[22] - The company has implemented new revenue and leasing standards starting January 1, 2020, requiring adjustments to the financial statements[100]