Financial Performance - The company's revenue for Q1 2021 was CNY 206,418,371.20, representing a 19.73% increase compared to CNY 172,408,206.84 in the same period last year[7]. - Net profit attributable to shareholders was CNY 11,704,439.68, up 3.81% from CNY 11,274,956.27 year-on-year[7]. - The total profit for the quarter was CNY 13,048,455.74, a decrease of 2.62% year-on-year, while the net profit attributable to shareholders was CNY 11,704,439.68, an increase of 3.81%[21]. - The company's total comprehensive income for the period was ¥11,704,439.68, compared to ¥11,274,956.27 in the previous year, marking an increase of 3.8%[44]. - The net profit for the first quarter was ¥10,701,837.85, slightly up from ¥10,676,555.38 year-on-year, reflecting a growth of 0.2%[47]. Cash Flow - The net cash flow from operating activities improved by 12.02%, reaching CNY -29,231,267.87 compared to CNY -33,224,920.99 in the same period last year[7]. - The cash flow from operating activities showed a net outflow of ¥29,231,267.87, an improvement from a net outflow of ¥33,224,920.99 in the same quarter last year[51]. - The net cash flow from operating activities was -33,111,611.89 yuan, slightly improved from -35,071,648.96 yuan in the previous period[24]. - Total cash inflow from operating activities decreased to 206,966,328.08 yuan from 249,988,266.94 yuan year-over-year[24]. - Cash outflow from operating activities was 240,077,939.97 yuan, down from 285,059,915.90 yuan in the previous period[24]. Assets and Liabilities - Total assets at the end of the reporting period were CNY 1,243,602,748.02, an increase of 7.88% from CNY 1,152,776,183.01 at the end of the previous year[7]. - The company's total assets as of March 31, 2021, were CNY 1,199,566,609.59, compared to CNY 1,102,464,664.61 at the end of 2020[39]. - The total liabilities as of March 31, 2021, were CNY 469,556,418.14, up from CNY 383,156,311.01[39]. - The company's equity attributable to shareholders reached CNY 730,010,191.45, compared to CNY 719,308,353.60 at the end of 2020[39]. - The company's total liabilities increased by 37.45% in accounts payable, reaching CNY 308,701,522.88, attributed to higher raw material purchases in Q1[16]. Investments and Expenses - Research and development expenses rose by 72.03% to CNY 7,317,808.72, reflecting the company's commitment to enhancing R&D efforts[17]. - Research and development expenses for Q1 2021 were CNY 7,317,808.72, an increase from CNY 4,253,729.19 in the previous year[42]. - Long-term equity investments reached CNY 23,750,000, marking a 100% increase as a result of increased external investments[16]. - The company reported a 383.91% increase in asset impairment losses, amounting to CNY 873,894.31, due to a reduction in the provision for inventory depreciation[17]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 15,679[10]. - Net assets attributable to shareholders increased by 1.59% to CNY 748,522,752.89 from CNY 736,818,313.21 at the end of the previous year[7]. Other Financial Metrics - Basic and diluted earnings per share decreased by 22.00% to CNY 0.117 from CNY 0.150 in the previous year[7]. - The weighted average return on net assets was 1.58%, down from 2.98% in the same period last year, a decrease of 1.40%[7]. - The company's cash and cash equivalents decreased from approximately ¥262.34 million at the end of 2020 to ¥201.42 million as of March 31, 2021[33]. - The company's fixed assets decreased slightly from approximately ¥64.46 million to ¥62.27 million during the same period[34].

Financial Performance - The company's operating revenue for 2020 was approximately ¥881.16 million, a decrease of 2.59% compared to ¥904.56 million in 2019[16]. - The net profit attributable to shareholders for 2020 was approximately ¥52.11 million, down 25.44% from ¥69.88 million in 2019[16]. - The net cash flow from operating activities was negative at approximately -¥65.43 million, a decline of 166.07% compared to ¥99.03 million in 2019[16]. - Basic earnings per share for 2020 were ¥0.63, a decrease of 32.26% from ¥0.93 in 2019[16]. - The total assets at the end of 2020 were approximately ¥1.15 billion, an increase of 23.13% from ¥936.21 million at the end of 2019[16]. - The net assets attributable to shareholders at the end of 2020 were approximately ¥736.82 million, up 97.83% from ¥372.45 million at the end of 2019[16]. - The total profit for 2020 was CNY 60.37 million, down 25.03% year-on-year, while the net profit attributable to shareholders was CNY 52.11 million, a decrease of 25.44%[48]. - The gross profit margin for the steel pipe segment was 12.83%, which is a decrease of 4.40% compared to the previous year[54]. - The company's main business gross margin for 2020 was 13.13%, indicating a risk of fluctuation due to high raw material cost proportion[91]. Revenue and Sales - The company's total revenue for the four quarters was approximately 172.41 million, 235.54 million, 226.47 million, and 246.74 million respectively, showing a strong performance in Q4[18]. - The net profit attributable to shareholders for the four quarters was 11.27 million, 11.15 million, 14.67 million, and 15.00 million, indicating a positive trend in profitability[18]. - The total revenue from domestic sales was approximately ¥880.62 million, with a year-on-year increase of 1.93%[54]. - The company's total revenue for the steel pipe segment was approximately ¥817.63 million, showing a year-on-year decrease of 1.10%[54]. - The company maintained a market share of 40% in the small-diameter alloy seamless pipes for power station boilers, with an annual production capacity of 60,000 tons[40]. Cash Flow and Investments - The net cash flow from operating activities showed a significant turnaround, with a negative cash flow of -33.22 million and -55.93 million in the first two quarters, followed by a positive cash flow of 80.04 million in Q4[18]. - The company reported a net increase in cash and cash equivalents of approximately ¥105.91 million, representing a 150.60% increase year-on-year[66]. - The total investment cash outflow increased significantly by 430.63% to approximately ¥197.66 million[65]. - The company plans to invest CNY 95 million in new materials and healthcare sectors through a partnership with Shenzhen Qinzhi Detai New Technology Venture Capital[48]. Customer and Market Dynamics - The company highlighted significant risks including customer concentration, raw material price fluctuations, and industry volatility[4]. - The top five customers accounted for 85.46% of total annual sales, with the largest customer contributing approximately ¥331.29 million, or 38.49%[58]. - The company has established a strong customer base, including major clients like Shanghai Boiler Works and Sinopec, enhancing its market position[25]. - The company adopts a direct sales model for its seamless steel pipe products, with high customer concentration primarily among large domestic power boiler manufacturers and oil refining enterprises[33]. - The oil refining industry shows high market concentration and increasing demand for specialized seamless steel pipes, benefiting companies that are qualified suppliers to major oil and petrochemical enterprises[39]. Research and Development - The company’s R&D team consists of 68 members, accounting for 14.41% of the total workforce, focusing on seamless steel pipe technology and innovation[42]. - The company developed new products including the S30432 high-grade stainless steel seamless pipes, with over 1,500 tons of orders completed in 2020[44]. - The company has successfully developed supercritical and ultra-supercritical alloy steel and high-value-added internal threaded pipes, indicating a focus on advanced material R&D[62]. - The company plans to enhance its product development efforts, particularly in high-tech seamless pipe products for energy, petrochemical, aerospace, and automotive sectors[88]. Dividend Policy - The company plans to distribute a cash dividend of ¥1.3 per 10 shares to all shareholders, based on a base of 100 million shares[4]. - The cash dividend represents 24.95% of the net profit attributable to the company's ordinary shareholders for the year 2020, which was RMB 52,106,034.55[104]. - The total distributable profit for the year was RMB 159,231,567.99, with the cash dividend accounting for 100% of the profit distribution[101]. - The company is in a growth phase and has significant capital expenditure plans, which is why the cash dividend is set at the minimum required 20%[101]. - The independent directors have expressed clear agreement with the profit distribution plan, ensuring compliance with relevant laws and regulations[102]. Environmental and Social Responsibility - The company has obtained ISO14001 environmental management certification and is committed to reducing resource consumption and emissions[173]. - The company actively participates in social responsibility initiatives, including timely tax payments and community support[173]. - The company has implemented strict environmental protection measures, resulting in no penalties from environmental authorities during the reporting period[184]. - The company has established an emergency response plan for environmental incidents, conducting annual drills to mitigate potential impacts[182]. Corporate Governance - The company has not faced significant issues with accounts receivable collection or inventory depreciation during the reporting period, but risks remain as operations scale[93]. - The company has not reported any significant changes in the feasibility of projects funded by raised capital[80]. - The company has maintained a stable relationship with its accounting firm, which has provided audit services for 10 years[148]. - The company has established a human resources management system to enhance employee rights protection, ensuring compliance with labor laws and timely payment of social insurance[171].

Financial Performance - Operating revenue decreased by 5.51% to CNY 226,471,525.81 compared to the same period last year[7] - Net profit attributable to shareholders decreased by 12.95% to CNY 14,673,894.83 compared to the same period last year[7] - Basic earnings per share decreased by 18.18% to CNY 0.18 compared to the same period last year[7] - Total operating revenue for the third quarter was CNY 226,471,525.81, a decrease from CNY 239,674,262.18 in the previous period[35] - Net profit for the period was CNY 14,673,894.83, compared to CNY 16,857,232.08 in the same period last year, reflecting a decline of approximately 7.0%[37] - Total comprehensive income for the period was CNY 14,673,894.83, reflecting a decrease from CNY 16,857,232.08 in the prior year[38] - Total operating revenue for the third quarter was ¥634,420,919.07, a decrease of 3.8% compared to ¥658,356,615.43 in the same period last year[44] - Net profit for the third quarter was ¥37,103,750.81, representing a decline of 19.4% from ¥46,019,491.25 in the previous year[45] - Basic earnings per share for the third quarter were ¥0.48, down from ¥0.61 in the same period last year[46] Assets and Liabilities - Total assets increased by 30.90% to CNY 1,225,492,905.88 compared to the end of the previous year[7] - The total number of ordinary shareholders at the end of the reporting period was 22,505[11] - The total equity increased by 33.33% to CNY 100,000,000.00 due to the issuance of new shares during the IPO[18] - The total liabilities decreased to CNY 503,637,044.03 from CNY 563,753,773.97, showing a reduction of approximately 11%[29] - The company's equity attributable to shareholders increased significantly to CNY 721,855,861.85 from CNY 372,452,945.86, representing a growth of about 94%[30] - Total liabilities decreased to CNY 463,808,279.99 from CNY 527,229,688.18, indicating a reduction in financial obligations[36] Cash Flow - Net cash flow from operating activities decreased by 276.15% to -CNY 56,318,879.10 compared to the same period last year[7] - The net cash flow from operating activities turned negative at CNY -145,469,773.77, a decline of 425.16% compared to CNY 44,738,040.49 in the same period last year, mainly due to delayed receivables[18] - Operating cash flow for the period was -145,469,773.77 CNY, a decrease from 44,738,040.49 CNY in the previous period[50] - The company reported a total operating cash inflow of 634,824,896.27 CNY, down from 647,021,232.80 CNY in the previous period[50] Investments and Expenses - The company reported a significant increase in investment activities, with net cash flow from investing activities at CNY -94,480,396.20, up 1194.85% from CNY -7,296,618.50, driven by new financial products[18] - Research and development expenses were CNY 7,208,037.57, down from CNY 9,527,486.36, indicating a reduction in investment in innovation[36] - Research and development expenses were ¥16,911,379.76, a decrease of 13.3% compared to ¥19,535,089.75 in the previous year[45] Shareholder Information - The largest shareholder, Zhou Wenqing, holds 43.50% of the shares[11] - The company reported no non-operating fund occupation by controlling shareholders or related parties during the reporting period[21] - There were no violations regarding external guarantees during the reporting period[22] Future Outlook - The company plans to continue focusing on market expansion and product development to drive future growth[36] - The company plans to continue focusing on market expansion and new product development to drive future growth[46]