Financial Performance - The company's operating revenue for Q1 2021 was ¥149,174,024.49, representing a 46.85% increase compared to ¥101,582,951.12 in the same period last year[9]. - Net profit attributable to shareholders for Q1 2021 was ¥36,117,221.05, a significant increase of 169.26% from ¥13,413,556.38 in the previous year[9]. - The net profit after deducting non-recurring gains and losses was ¥32,877,398.06, up 178.57% from ¥11,802,320.07 year-on-year[9]. - The basic earnings per share for Q1 2021 was ¥0.18, doubling from ¥0.09 in the same period last year[9]. - Operating profit reached CNY 42,892,051.14, reflecting a significant increase of 177.03% year-over-year[28]. - Total profit amounted to CNY 42,849,210.63, which is a 176.31% increase compared to the previous year[28]. - Total operating revenue for the first quarter reached ¥149,174,024.49, a 46.8% increase from ¥101,582,951.12 in the previous year[82]. - Net profit for the period was ¥36,117,221.05, representing a 168.5% increase compared to ¥13,413,556.38 in the same quarter last year[84]. - Total comprehensive income attributable to the parent company reached ¥36,117,221.05, a significant increase from ¥13,413,556.38 in the previous period, representing a growth of approximately 168%[87]. - Basic and diluted earnings per share both improved to ¥0.18, up from ¥0.09 in the prior period, indicating a 100% increase[87]. Assets and Liabilities - The total assets at the end of the reporting period were ¥1,155,680,755.45, an increase of 4.27% from ¥1,108,370,199.34 at the end of the previous year[9]. - The net assets attributable to shareholders at the end of the reporting period were ¥1,098,438,402.99, reflecting a 3.52% increase from ¥1,061,055,980.19 at the end of the previous year[9]. - Total liabilities increased to ¥57,242,352.46, up from ¥47,314,219.15, marking a 20.5% rise[80]. - The company's current assets total 850,764,701.83, slightly increasing from 846,314,782.55 at the end of 2020[72]. - Accounts receivable increased from 32,256,279.85 to 49,061,665.19, showing a growth of about 52%[72]. - Inventory rose from 192,948,702.93 to 220,738,496.59, indicating an increase of approximately 14%[72]. Cash Flow - The company reported a net cash flow from operating activities of -¥548,532.24, a 98.38% improvement compared to -¥33,928,921.86 in the same period last year[9]. - Cash inflow from operating activities totaled ¥126,872,112.13, compared to ¥74,679,161.01 in the previous period, reflecting an increase of about 70%[88]. - Cash outflow from operating activities was ¥127,420,644.37, up from ¥108,608,082.87, resulting in a net cash flow from operating activities of -¥548,532.24, an improvement from -¥33,928,921.86[91]. - The net increase in cash and cash equivalents was -¥52,113,723.02, an improvement from -¥68,973,849.03 in the prior period[94]. - The ending balance of cash and cash equivalents stood at ¥208,568,809.21, compared to ¥23,839,368.35 in the previous period, showing a significant increase[94]. Research and Development - The company reported a 127.12% increase in R&D expenses, totaling CNY 7,336,093.03, driven by project requirements[28]. - Research and development expenses increased to ¥7,336,093.03, up 127.5% from ¥3,230,064.53 year-over-year[82]. - The company is actively engaged in the research and development of new technologies and products, particularly in the military sector, to mitigate risks associated with product development failures[40]. Market and Customer Concentration - The company is focusing on developing the civilian market to reduce the risk associated with high customer concentration in the aerospace industry[37]. - The top five customers represented 75.55% of the total annual sales, with Customer 1 accounting for 58.04% and Customer 2 for 8.99%[36]. Governance and Management - The company completed the election of the new board of directors and supervisory board, appointing a new senior management team on January 28, 2021[49]. - The company approved a stock incentive plan to grant 2.68 million restricted shares at a price of RMB 18.58 per share, with performance targets set for revenue and net profit growth of at least 15% and 16% respectively for 2021[51]. Investment and Funding - The total amount of raised funds is 46,805.97 million, with 2,650.14 million invested during the reporting period, representing 5.65% of the total raised funds[60]. - The company has not changed the use of raised funds, and the cumulative investment progress is 4,870.49 million, which is 10.41% of the total[60]. - The company plans to invest RMB 40 million as a limited partner in the establishment of a venture capital partnership with a total registered capital of RMB 200 million, focusing on high-growth technology companies in military and electronic information new materials[50]. Risks and Challenges - The company faces risks related to rising raw material prices, particularly for electrolytic nickel, cobalt, and chromium, which could impact profit margins if not managed effectively[44]. - The company has established a robust confidentiality management system to prevent the leakage of sensitive information, which is critical in the high-temperature alloy industry[42]. - The company holds a confidentiality qualification certificate and prioritizes security in its operations to prevent potential leaks of national secrets[48].

Financial Performance - Net profit attributable to shareholders was ¥37,899,276.02, representing a year-on-year increase of 22.38%[9] - Operating revenue for the period was ¥153,216,507.98, up 14.53% from the same period last year[9] - The company reported a net profit of ¥35,618,473.19 after deducting non-recurring gains and losses, an increase of 22.55% year-on-year[9] - Total operating revenue for the current period reached ¥153,216,507.98, an increase of 14.6% compared to ¥133,778,075.82 in the previous period[57] - Net profit for the current period was ¥37,899,276.02, representing a 22.5% increase from ¥30,968,059.70 in the previous period[60] - Total profit for the current period was ¥88,920,186.44, compared to ¥83,595,179.13 in the previous period, indicating a growth of about 4.0%[67] - Operating profit increased to ¥88,862,796.07 from ¥83,236,656.43, marking a rise of approximately 6.0%[67] Assets and Liabilities - Total assets reached ¥1,090,301,801.33, an increase of 74.74% compared to the end of the previous year[9] - Cash and cash equivalents increased by 167.12% compared to the end of the previous year, primarily due to the proceeds from the initial public offering (IPO) of shares[24] - Total current assets reached ¥842,859,005.39, up from ¥359,892,143.23 at the end of 2019, indicating a significant increase of 134.8%[47] - The company's total liabilities decreased to ¥60,673,928.93 from ¥138,804,903.76, a reduction of 56.3%[52] - The company's equity increased significantly, with share capital rising to ¥200,000,000.00 from ¥150,000,000.00, an increase of 33.3%[52] Cash Flow - Net cash flow from operating activities surged by 493.79% to ¥44,545,778.22[9] - Net cash flow from operating activities increased by 84.01% compared to the same period last year, attributed to sales growth[26] - Cash flow from operating activities generated a net amount of ¥54,073,935.42, up from ¥29,386,123.23 in the previous period[75] - The company received cash inflows from financing activities totaling ¥520,304,245.28, compared to ¥103,000,000.00 in the previous period[75] Shareholder Information - The total number of shareholders at the end of the reporting period was 23,959[14] - The largest shareholder, Wan Baifang, holds 27.84% of the shares, totaling 55,672,000 shares[14] Government Support and Financial Management - The company received government subsidies amounting to ¥4,933,457.80 during the reporting period[9] - Financial expenses decreased by 51.41% compared to the same period last year, due to reduced bank loan interest payments[25] - The company signed a tripartite supervision agreement for raised funds, ensuring dedicated management of the funds[30] Research and Development - Research and development expenses were ¥6,708,163.61, slightly down from ¥6,819,614.32 in the previous period[57] - R&D expenses for the current period amounted to ¥18,618,099.76, slightly up from ¥18,554,193.82 in the previous period[67] - The company is actively developing new high-temperature alloy products and has outlined future development plans in its investor communications[41] Strategic Initiatives - The company is exploring market expansion opportunities and potential mergers and acquisitions as part of its growth strategy[41] - The company reported a military product sales ratio, which was a key focus during investor communications, indicating a strategic emphasis on defense-related products[41] Stock Market Activity - The company’s stock was listed on the Shenzhen Stock Exchange on July 23, 2020, with an issuance price of 10.51 CNY per share[29] - Total funds raised from the IPO amounted to 525.50 million CNY, with a net amount of 468.06 million CNY after deducting issuance costs[30] Changes in Business Operations - The company completed the registration of changes in business operations and received a new business license on September 7, 2020[34] - The company plans to use up to 300 million CNY of idle raised funds for cash management within a year[31] Financial Reporting Adjustments - The company adopted new revenue and lease standards starting from 2020, impacting the financial statements[90] - The report for the third quarter of 2020 was not audited[90]

Financial Performance - The company's operating revenue for the first half of 2020 was ¥256,100,842.59, representing a 17.03% increase compared to ¥218,835,755.28 in the same period last year[24]. - The net profit attributable to shareholders for the first half of 2020 was ¥39,753,388.22, a decrease of 5.24% from ¥41,950,354.37 in the previous year[24]. - The net profit after deducting non-recurring gains and losses was ¥36,948,972.82, showing a slight increase of 0.85% compared to ¥36,638,120.80 in the same period last year[24]. - The net cash flow from operating activities was ¥9,528,157.20, down 76.59% from ¥40,698,176.55 in the previous year[24]. - The basic earnings per share for the first half of 2020 was ¥0.27, a decrease of 3.57% from ¥0.28 in the same period last year[24]. - The total assets at the end of the reporting period were ¥618,395,337.50, a decrease of 0.89% from ¥623,968,929.75 at the end of the previous year[24]. - The net assets attributable to shareholders at the end of the reporting period were ¥524,585,989.14, an increase of 8.13% from ¥485,164,025.99 at the end of the previous year[24]. - The weighted average return on net assets was 7.66%, down from 10.08% in the same period last year, a decrease of 2.42%[24]. Cash Flow and Assets - The company's cash and cash equivalents decreased by 51.97% compared to the beginning of the year, primarily due to the repayment of short-term borrowings[68]. - Accounts receivable increased by 150.83% compared to the beginning of the year, mainly due to the expansion of sales scale[68]. - Short-term borrowings decreased by 58.14% compared to the beginning of the year, primarily due to the repayment of maturing short-term loans[68]. - Accounts payable increased by 56.68% compared to the beginning of the year, mainly due to the increase in procurement scale during the reporting period[68]. - Cash and cash equivalents at the end of the reporting period were ¥44,577,274.59, representing 7.21% of total assets, a slight decrease from 7.53% last year[98]. - Short-term borrowings decreased to ¥36,000,000.00, which is 5.82% of total assets, down from 18.13% last year, primarily due to repayment of maturing loans[98]. - Current assets totaled CNY 364,868,311.54, slightly up from CNY 359,892,143.23 at the end of 2019, indicating a growth of approximately 0.27%[194]. - Total liabilities decreased to CNY 93,809,348.36 from CNY 138,804,903.76, a reduction of approximately 32.4%[198]. Sales and Market Position - The revenue from high-temperature alloys reached ¥100,514,275.61, representing a 43.02% increase year-over-year[96]. - Domestic sales amounted to ¥210,150,312.32, reflecting a growth of 28.68% compared to the previous year[96]. - The company has established long-term stable cooperative relationships with major domestic aviation engine manufacturers, enhancing its market position in both military and high-end civilian sectors[71]. - The company has become a major supplier of high-temperature alloy products for domestic aerospace engines and complex components[35]. - The sales model includes direct sales to customers through contracts, with a focus on aerospace and nuclear power products[46]. Research and Development - The company has obtained 34 national invention patents and 3 utility model patents, reflecting its strong commitment to research and development[77]. - Research and development investment slightly increased by 1.49% to CNY 11.91 million, with 2 new utility model patents granted, totaling 34 invention patents and 3 utility model patents by the end of the reporting period[88]. - The company has developed ultra-pure high-temperature alloy production technology, achieving a content of O and S elements less than 10 ppm, which is at an advanced level in the domestic industry[74]. - The company is focusing on enhancing customer service capabilities and has established a rapid response mechanism to meet customer needs across major market regions[81]. - The company plans to continue strengthening its technological innovation and R&D capabilities to improve the competitiveness of its high-temperature alloy products[88]. Risks and Challenges - The company faces risks including high customer concentration, market development risks, and rising raw material prices, which are detailed in the report[6]. - The company has a high customer concentration risk due to its reliance on major aerospace clients, which could impact stability if demand decreases[114]. - To address the risk of rising raw material prices, the company plans to diversify its supplier base and enhance its market forecasting capabilities to adjust product prices in response to raw material cost changes[121]. - The prices of key raw materials such as electrolytic nickel, cobalt, and chromium have been on an upward trend over the past three years, which could negatively impact gross margins if product prices cannot be adjusted accordingly[121]. - The company is actively working to improve its customer diversification to mitigate risks associated with high customer concentration[114]. Quality Management - The company has implemented a comprehensive quality management system, certified by GB/T19001-2016 and AS9100D, to ensure product reliability and stability[56]. - The company's production process includes detailed quality control measures at every stage, from procurement to production and final inspection[59]. - The company has established a systematic quality management system, certified by GB/T19001-2016 and AS9100D, enhancing production efficiency and product quality[80]. - The company emphasizes the reliability of raw materials in military product procurement, ensuring quality through a dynamic management system for qualified suppliers[41]. - The company has established a strict management process for military products, ensuring compliance with military management requirements and obtaining contracts through its technological and product quality advantages[48]. Corporate Governance - The company did not distribute cash dividends or issue bonus shares during the reporting period, opting to retain earnings for reinvestment[127]. - There were no significant litigation or arbitration matters during the reporting period, indicating a stable legal environment for the company[133]. - The company has not engaged in any major related party transactions during the reporting period, maintaining transparency in its operations[136]. - The company did not have any major contracts or significant changes in contract performance during the reporting period[150]. - The semi-annual financial report was not audited, which may impact the reliability of the financial data presented[191].