Financial Performance - The company's operating revenue for the reporting period was ¥124,364,333.79, a decrease of 7.17% compared to the same period last year[20]. - The net profit attributable to shareholders was ¥9,036,800.79, down 65.85% year-on-year[20]. - The net profit after deducting non-recurring gains and losses was ¥5,310,875.76, a decline of 78.11% compared to the previous year[20]. - The net cash flow from operating activities was -¥58,735,452.02, a decrease of 267.47% compared to the same period last year[20]. - The total assets at the end of the reporting period were ¥908,710,053.01, an increase of 44.81% from the end of the previous year[21]. - The net assets attributable to shareholders at the end of the reporting period were ¥600,397,999.40, up 64.20% from the end of the previous year[21]. - The company's revenue for the reporting period was ¥124,364,333.79, a decrease of 7.17% compared to ¥133,963,150.39 in the previous year[66]. - Operating costs decreased by 8.79% to ¥64,076,830.93 from ¥70,255,204.48 year-on-year[66]. - Sales expenses increased by 16.73% to ¥14,172,039.62, while management expenses surged by 60.44% to ¥17,865,741.68 due to IPO-related costs and salary increases[66]. - The company's tax expenses decreased by 54.93% to ¥2,090,860.69, reflecting a significant drop in net profit compared to the previous year[66]. - The total comprehensive income for the first half of 2021 was CNY 9,525,248.85, down 64.4% from CNY 26,717,781.48 in the same period of 2020[188]. - The company reported a decrease in employee compensation payable to CNY 5.12 million from CNY 8.80 million, a decline of 41.0%[179]. Investment and Cash Flow - Net cash flow from investing activities dropped by 922.81% to -¥152,942,849.61, primarily due to funds used for purchasing financial products[67]. - Net cash flow from financing activities surged by 419.03% to ¥246,191,659.91, mainly from funds raised through the issuance of new shares[67]. - The company's cash and cash equivalents increased by ¥34,513,358.28, a decrease of 65.86% compared to the previous period, attributed to slower collections and investments in bank financial products[67]. - The total investment amount during the reporting period was CNY 484,597,895.95, representing a 151.82% increase compared to CNY 192,439,177.83 in the same period last year[80]. - The company reported a pre-investment amount of 19.8824 million yuan in projects funded by self-raised funds, with 16.0204 million yuan specifically allocated to these projects[92]. - The company received ¥310,000,000.00 from other investment-related cash inflows, a substantial increase from ¥210,000,000.00 previously, indicating robust investment returns[198]. - Cash outflows for investment activities totaled ¥484,597,895.95, compared to ¥192,439,177.83 in the prior period, suggesting increased capital expenditures[196]. Risk Management - The company has detailed potential risks and countermeasures in the report, emphasizing the importance of risk awareness for investors[4]. - The company faces risks related to fluctuations in downstream market demand, particularly in the railway locomotive sector, which could impact performance[100]. - The company has implemented measures to manage high accounts receivable balances, including categorizing receivables and enhancing collection efforts[103]. - High customer concentration poses a risk, as major clients like CRRC and China Railway Corporation significantly influence the company's operations; any adverse changes in their financial health could negatively affect the company[105]. - The company is at risk of declining product prices and profitability due to major clients demanding price reductions; failure to innovate or reduce costs could exacerbate this issue[106]. Corporate Governance and Compliance - The financial report is guaranteed to be true, accurate, and complete by the company's management, including the CEO and accounting head[3]. - All board members attended the meeting to review the report, ensuring collective responsibility for its content[4]. - The company has established a standardized corporate governance structure in compliance with laws and regulations, ensuring clear responsibilities and effective operation among its governance bodies[119]. - There were no changes in the board of directors or senior management during the reporting period[114]. - The company has not engaged in any major related party transactions during the reporting period[130]. Research and Development - The company aims to develop new generation products that are digital, intelligent, lightweight, and more efficient[28]. - The company has developed several key technologies, including the N+1 redundant power supply technology and water-cooled four-quadrant rectifier technology, enhancing its competitive edge in the market[55][56]. - R&D investment increased to ¥21,812,318.65, a rise of 53.60% compared to the previous period, primarily due to higher material, testing, and outsourced development service costs[67]. - The company possesses strong R&D capabilities with 43 patents and 22 software copyrights, indicating a commitment to innovation[54]. Shareholder Information - The total number of shares increased from 76,785,812 to 102,385,812 after the issuance of 25,600,000 new shares[154]. - The company issued new shares at a price of 12.08 CNY per share during the IPO[160]. - The number of shareholders at the end of the reporting period was 20,009[162]. - The top shareholder, Xie Wei, holds a 33.87% stake, while the second-largest shareholder, Shenzhen Yingweida Investment Management Partnership, holds 19.92%[163]. - The company has a significant portion of shares held by domestic natural persons, totaling 47,605,477 shares, or 46.50% of the total[154]. Operational Highlights - The company has established long-term cooperative relationships with major clients, including China Railway and CRRC, ensuring a stable customer resource base[51]. - The company has established a nationwide after-sales service network, gradually expanding its maintenance services to include products from other manufacturers[36]. - The service network has expanded significantly since 2012, covering 18 railway bureaus and multiple subway companies, improving customer response and reducing service costs[57]. - The company has maintained stable main business operations over nearly twenty years, expanding from power network products to a balanced focus on both new construction and maintenance markets[49].

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[12]. - The net profit attributable to shareholders was RMB 200 million, which is a 10% increase from the previous year[12]. - The company's operating revenue for 2020 was ¥317,786,359.17, a decrease of 18.37% compared to ¥389,284,496.22 in 2019[17]. - The net profit attributable to shareholders for 2020 was ¥73,678,793.42, a slight decrease of 0.72% from ¥74,213,981.14 in 2019[17]. - The net cash flow from operating activities increased by 71.74% to ¥76,910,664.67 in 2020, compared to ¥44,783,466.49 in 2019[17]. - The total assets at the end of 2020 were ¥627,527,019.41, an increase of 8.43% from ¥578,716,003.27 at the end of 2019[17]. - The net assets attributable to shareholders increased by 24.37% to ¥365,651,512.07 at the end of 2020, compared to ¥294,001,398.27 at the end of 2019[17]. - The company achieved a total sales revenue of 317.79 million yuan in 2020, a decrease of 18.37% compared to the previous year[64]. - The net profit attributable to shareholders was 73.68 million yuan, a slight decrease of 0.72% year-on-year[64]. - The gross profit margin improved by 3.71 percentage points, despite a decline in revenue, indicating effective cost control measures[64]. Dividend Policy - The company plans to distribute a cash dividend of RMB 4 per 10 shares, totaling approximately RMB 41 million[4]. - The company has established a comprehensive cash dividend policy that aligns with its articles of association and shareholder resolutions, ensuring the protection of minority shareholders' rights[122]. - The cash dividend for 2020 represents 58.71% of the net profit attributable to the parent company's shareholders[130]. - The cash dividend for 2020 is a significant increase compared to the previous year, where no dividends were distributed[130]. - The company plans to distribute cash dividends of no less than 10% of the distributable profits achieved in the current year, with a cumulative distribution of at least 30% of the average annual distributable profits over the last three years[133]. Market Expansion and Strategy - The company is focusing on expanding its market presence in Southeast Asia, targeting a 20% market share by 2023[12]. - The company aims to expand its maintenance service network to meet user demands for rapid response and efficient service[26]. - The company has expanded its market presence in urban rail and infrastructure services, actively developing the maintenance service market[60]. - The company plans to strengthen market development for traditional products like power cabinets and expand into new urban rail transit markets with a focus on cost and technology competitiveness[105]. Research and Development - The company has allocated RMB 100 million for research and development in 2021, aiming to innovate in semiconductor materials[12]. - The company is currently developing 13 major R&D projects, including a high-speed train emergency power supply and a smart air conditioning system[78]. - In 2020, the company's R&D investment amounted to ¥33,853,034.91, representing 10.65% of operating revenue, an increase from 9.26% in 2019[79]. - The company has a product development center that focuses on core technology R&D and product engineering, adhering to ISO/TS22163 standards[34]. Operational Risks - The management highlighted risks related to supply chain disruptions and regulatory changes that could impact future performance[4]. - The company faces risks from fluctuations in downstream market demand, which can impact performance due to uneven procurement by railway operators[110]. - The ongoing COVID-19 pandemic poses risks to the company's operations, with potential impacts on production and business expansion if further outbreaks occur[111]. - High customer concentration poses a risk, as major clients' financial difficulties could adversely affect the company's operations[114]. Customer and Supplier Relations - The company has established strong customer relationships with major clients such as China Railway Corporation and CRRC, ensuring stable and long-term business operations[43]. - The company maintains strong relationships with suppliers, ensuring mutual benefits and quality assurance through strict management practices[168]. Safety and Compliance - The company maintained zero fatalities and zero major accidents throughout the year, demonstrating strong operational safety[60]. - The company has complied with various environmental protection laws and has not faced any penalties for violations during the reporting period[172]. Corporate Governance - The governance structure includes a shareholders' meeting, board of directors, and supervisory board to protect the rights of shareholders and creditors[163]. - Employee rights are prioritized, with compliance to labor laws and regular health checks provided[164].

Financial Performance - The company's revenue for Q1 2021 was ¥47,364,167.28, representing an increase of 18.07% compared to ¥40,116,903.95 in the same period last year[8] - Net profit attributable to shareholders was ¥4,529,440.09, a significant increase of 206.93% from ¥1,475,711.61 year-on-year[8] - The net profit after deducting non-recurring gains and losses was ¥4,017,486.46, up 334.43% from ¥924,772.78 in the previous year[8] - The operating profit for Q1 2021 was 5.20 million RMB, representing a growth of 275.04% year-on-year[21] - The company's net profit for Q1 2021 was CNY 4,529,440.09, a significant increase from CNY 1,475,711.61 in the same period last year, representing a growth of approximately 206%[48] - The total comprehensive income of CNY 4,529,440.09 for Q1 2021, compared to CNY 1,475,711.61 in the previous year, showing a growth of approximately 206%[48] Assets and Liabilities - The company's total assets reached ¥919,805,948.32, reflecting a growth of 46.58% compared to ¥627,527,019.41 at the end of the previous year[8] - The total assets of the company as of March 31, 2021, were 919.81 million CNY, compared to 627.53 million CNY at the end of 2020[38] - Total liabilities amounted to CNY 260,448,904.38, compared to CNY 236,289,106.76 in the previous period[43] - Owner's equity increased to CNY 623,796,210.03 from CNY 352,956,763.45[43] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 31,789[12] - The company has not conducted any repurchase transactions among its top shareholders during the reporting period[15] Cash Flow - The net cash flow from operating activities was negative at -¥17,732,024.50, a decline of 329.51% compared to ¥7,726,002.84 in the previous year[8] - The cash flow from operating activities showed a net outflow of CNY -17,732,024.50, a decline from a net inflow of CNY 7,726,002.84 in the same period last year[54] - The net cash flow from investing activities was -100,043,282.60 CNY, worsening from -40,595,734.63 CNY year-over-year[58] - Cash inflow from financing activities totaled 312,889,509.43 CNY, compared to 53,000,000.00 CNY in the previous period, indicating a substantial increase[58] Capital and Reserves - Cash and cash equivalents increased by 87.93% to 321.45 million RMB as of March 31, 2021, primarily due to funds raised from the initial public offering[19] - The company’s capital reserve rose by 304.89% to 320 million RMB, reflecting the premium from the initial public offering[19] - The company has increased its capital reserve to CNY 332,233,820.01 from CNY 91,267,754.52, indicating strong financial health[43] Operational Efficiency - The weighted average return on equity was 1.17%, up 0.67% from 0.50% year-on-year[8] - The company reported a net profit margin improvement, with net profit for the period reflecting operational efficiency[46] - The company plans to enhance management levels, operational efficiency, and profitability while optimizing governance structures and internal controls[21] Market and Sales - The total amount of major contracts signed during the reporting period was 2,546.65 million CNY, with a revenue recognition of 159.17 million CNY, achieving a completion rate of 6.25%[22] - The total sales orders formed in Q1 2021 amounted to 6,585.83 million CNY, with an average order value of 67.2 million CNY[23] - The total sales amount from the top five customers was 2,096.94 million CNY, representing 44.27% of the total sales for the reporting period[26] Research and Development - Research and development expenses increased to CNY 8,079,329.38 from CNY 6,447,036.21 year-over-year[46] - Research and development expenses for the current period amounted to CNY 2,317,955.44, indicating a focus on innovation and product development[49] Future Outlook - The company plans to expand its market presence and invest in new technologies to drive future growth[46] - The company will continue to focus on marketing and customer development to mitigate the impacts of the COVID-19 pandemic[21] - The company maintained its annual business plan without changes, focusing on enhancing product competitiveness and internal management[27] - The company has no significant adverse risk factors or difficulties affecting future operations during the reporting period[28]