Financial Performance - The company reported a total revenue of RMB 71,898,056 for the year 2020, with no cash dividends or bonus shares distributed to shareholders[4]. - The company's operating revenue for 2020 was CNY 316.69 million, an increase of 11.40% compared to CNY 284.28 million in 2019[18]. - The net profit attributable to shareholders for 2020 was CNY 74.93 million, representing a growth of 35.15% from CNY 55.44 million in 2019[18]. - The net cash flow from operating activities reached CNY 73.57 million, up by 19.22% from CNY 61.71 million in 2019[18]. - The total assets at the end of 2020 amounted to CNY 457.09 million, a 35.45% increase from CNY 337.45 million at the end of 2019[18]. - The company achieved a basic earnings per share of CNY 1.39, which is a 26.36% increase from CNY 1.10 in 2019[18]. - The company reported a total net profit of CNY 47,204.03 from non-recurring gains and losses in 2020, compared to a loss of CNY 1,654,744.07 in 2019[24]. - The weighted average return on equity for 2020 was 27.68%, down from 34.52% in 2019[18]. - The company reported a net profit of 20 million yuan for the fiscal year 2020, representing a 15% increase compared to the previous year[134]. - The company reported a net profit available for distribution to ordinary shareholders of 74,932,891.72 CNY in 2020, with a cash dividend payout ratio of 0%[130]. Market Strategy and Expansion - The company is focusing on expanding its product line, particularly in the field of cross-linked polyethylene and polypropylene foams, which are key products[10]. - The company plans to enhance its market presence through strategic partnerships and potential acquisitions in the new materials sector[10]. - The company aims to mitigate risks associated with market volatility by diversifying its supply chain and customer base[4]. - The company anticipates leveraging domestic economic recovery and international trade tensions to accelerate import substitution in high-end markets[113]. - The company plans to expand its overseas market presence, particularly in the consumer electronics and automotive sectors, to establish a dual-circulation business model[116]. - The company plans to increase R&D investment, focusing on application development in construction decoration, consumer electronics, and automotive interiors, to enhance product functionality and broaden its product line[114]. - The company is currently constructing a new production base in Guangxi to enhance its multi-regional operational advantage[55]. - The company plans to enhance its technical layout and expand its R&D team, increasing R&D investment to support product upgrades[130]. - The company is committed to improving its production capacity by advancing its investment projects, particularly in the Guangde Phase III production base, which will enhance delivery speed and capacity coordination[115]. Research and Development - The company is investing in research and development to innovate new technologies and improve existing product offerings[10]. - Research and development investment amounted to CNY 19,605,500, representing a 19.53% increase, accounting for 6.19% of total revenue[58]. - The company has developed 41 authorized patents, including 24 invention patents, enhancing its competitive edge in the polyolefin foam materials sector[51]. - The company has 12 ongoing R&D projects, focusing on material development and new product innovation, with several projects in the sample preparation stage[84]. - The company is enhancing its customer service capabilities to strengthen client relationships and provide comprehensive support for new product development[111]. - The company is developing biodegradable and recyclable foam products, which are expected to have broad applications in various industries[85]. Risk Management - The company highlighted risks including intellectual property and technology risks, market competition risks, and the impact of the COVID-19 pandemic on operations[4]. - Future performance guidance indicates a cautious outlook due to ongoing market uncertainties and potential trade tensions between China and the US[4]. - The company faces risks related to declining gross margins due to increased competition and potential price reductions in the market[119]. - The company is exposed to raw material price volatility, particularly for PE, EVA, and foaming agents, which significantly impact production costs[120]. - The company recognizes the risk of new product development failures, which could arise from misidentifying customer needs or technical challenges[121]. Corporate Governance and Compliance - The company is committed to transparency and accuracy in its financial reporting, ensuring compliance with regulatory standards[3]. - The company has established a comprehensive governance structure and continuously optimizes management methods to adapt to its expanding scale[123]. - The company acknowledges the management risks associated with rapid expansion and the need for effective operational mechanisms[123]. - The company will publicly disclose reasons for any failure to fulfill commitments in shareholder meetings and designated publications[144]. - The company has committed to effective risk management in fundraising projects to ensure smooth implementation[144]. Social Responsibility - The company donated CNY 1 million to charity in response to the COVID-19 pandemic, demonstrating its commitment to social responsibility[63]. - The company actively contributed 1,000,000 RMB to the local charity for pandemic prevention efforts[178]. Shareholder Relations - The board of directors has approved a profit distribution plan based on the company's financial performance, reflecting a commitment to shareholder value[4]. - The company implemented a cash dividend policy, distributing a total of 9,975,855.27 CNY in cash dividends for the reporting period, which represents 100% of the profit distribution amount[128]. - The company did not distribute any cash dividends, stock dividends, or capital reserve transfers in the 2020 fiscal year, opting to retain profits for future operational needs[129]. - The company has committed to linking the performance of its equity incentive plans to the execution of its return measures[146]. Operational Efficiency - The company has significantly increased production capacity by purchasing new equipment and expanding production lines, ensuring a rapid response to order demands[43]. - The company actively engaged in cost reduction and efficiency improvement initiatives, enhancing operational efficiency and product quality[61]. - The company aims to increase investment in its main business to boost sales revenue and net profit, mitigating the risk of diluted immediate returns[144]. - The company will enhance operational management and internal controls to improve operational efficiency and profitability[144].

Financial Performance - The company's operating revenue for Q1 2021 was CNY 104,446,541.94, representing a 183.47% increase compared to CNY 36,846,129.34 in the same period last year[8]. - The net profit attributable to shareholders for Q1 2021 was CNY 26,024,180.62, a significant increase of 270.76% from CNY 7,019,224.82 year-on-year[8]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 26,970,280.76, up 212.85% from CNY 8,620,855.72 in the previous year[8]. - The basic earnings per share for Q1 2021 was CNY 0.480, an increase of 269.23% compared to CNY 0.130 in the same period last year[8]. - The total operating revenue for the first quarter of 2021 was CNY 104,446,541.94, a significant increase from CNY 36,846,129.34 in the previous period[34]. - The net profit for the first quarter of 2021 reached CNY 26,024,180.62, up from CNY 7,019,224.82 in the same period last year, representing a growth of approximately 270%[36]. - The total profit for the first quarter was CNY 28,991,823.97, compared to CNY 8,778,969.43 in the same period last year, marking a growth of approximately 230%[36]. - The company's operating profit for the first quarter was CNY 28,848,489.56, compared to CNY 10,954,158.16 in the prior year, showing a growth of about 163%[36]. Assets and Liabilities - The total assets at the end of the reporting period were CNY 478,864,624.39, reflecting a 4.76% increase from CNY 457,086,477.58 at the end of the previous year[8]. - The net assets attributable to shareholders at the end of the reporting period were CNY 328,417,512.19, an increase of 8.03% from CNY 304,016,743.64 at the end of the previous year[8]. - The total liabilities decreased slightly to CNY 150,447,112.20 from CNY 153,069,733.94, indicating a reduction of about 1.6%[28]. - The owner's equity increased to CNY 328,417,512.19 from CNY 304,016,743.64, representing a growth of approximately 8%[29]. - The company's short-term borrowings increased by 43.12% to CNY 83,098,272.22 from CNY 58,060,556.94, attributed to increased bank loans[16]. Cash Flow - The net cash flow from operating activities for Q1 2021 was negative CNY 52,366,463.43, a decline of 481.82% compared to a positive CNY 13,715,000.20 in the same period last year[8]. - Cash inflow from operating activities totaled 82,226,884.32 CNY, up from 50,282,563.20 CNY in the previous period[43]. - Cash outflow from operating activities increased to 134,593,347.75 CNY, compared to 36,567,563.00 CNY in the previous period[44]. - The net cash flow from investing activities was -10,344,530.66 CNY, an improvement from -30,372,169.20 CNY in the previous period[44]. - The net cash flow from financing activities was 24,451,904.42 CNY, compared to -20,174,649.87 CNY in the previous period[45]. - The company received 25,000,000.00 CNY in cash from borrowings during the financing activities[45]. - The ending cash and cash equivalents balance was 31,933,506.63 CNY, down from 25,397,810.95 CNY in the previous period[45]. - The company reported a cash and cash equivalents net decrease of -38,104,262.14 CNY, compared to -36,756,020.12 CNY in the previous period[45]. Research and Development - Research and development expenses surged by 243.34% to CNY 6,636,817.51 in Q1 2021, compared to CNY 1,933,009.44 in Q1 2020, due to delays in projects caused by the pandemic[16]. - Research and development expenses for the first quarter totaled CNY 6,636,817.51, significantly higher than CNY 1,933,009.44 in the previous year, indicating a focus on innovation[35]. Customer and Supplier Dynamics - The first five customers accounted for 33.83% of total revenue in Q1 2021, down from 37.43% in Q1 2020, indicating a reduction in customer concentration risk[19]. - The company maintained a diversified supplier base, with no single supplier accounting for more than 50% of purchases, ensuring operational stability[18]. Investment Performance - The company reported a significant increase in investment income, which rose by 1346.45% to CNY 68,759.32 from CNY 4,753.67, due to higher returns from bank wealth management products[16]. - The company reported investment income of CNY 68,759.32, up from CNY 4,753.67 in the previous year, indicating improved investment performance[39].