Revenue and Profit - Revenue for Q1 2023 was ¥87,189,398.88, a decrease of 17.69% compared to ¥105,927,214.63 in the same period last year[5] - Net profit attributable to shareholders increased by 56.77% to ¥19,660,758.68 from ¥12,541,204.13 year-on-year[5] - Total operating revenue for Q1 2023 was CNY 87,189,398.88, a decrease of 17.7% compared to CNY 105,927,214.63 in Q1 2022[21] - Net profit for Q1 2023 reached CNY 20,397,952.14, an increase of 54.4% compared to CNY 13,197,835.60 in Q1 2022[22] - Earnings per share for Q1 2023 were CNY 0.19, up from CNY 0.16 in Q1 2022[23] Cash Flow and Liquidity - Net cash flow from operating activities was negative at -¥7,091,746.02, a decline of 288.29% compared to ¥3,766,360.20 in the previous year[5] - The company's cash and cash equivalents at the end of Q1 2023 amount to ¥595,685,569.32, down from ¥615,200,844.15 at the beginning of the year, representing a decrease of approximately 1.83%[17] - Total cash inflow from operating activities is 93,117,459.35 yuan, down 18.8% from 114,996,292.76 yuan in the previous period[26] - Cash outflow from operating activities is 100,209,205.37 yuan, a decrease of 9.1% from 111,229,932.56 yuan in the previous period[26] - The ending balance of cash and cash equivalents is 595,476,269.32 yuan, compared to 50,689,852.21 yuan in the previous period, showing a significant increase[26] Assets and Liabilities - Total assets decreased by 2.27% to ¥1,293,131,640.99 from ¥1,323,134,286.10 at the end of the previous year[5] - Total liabilities decreased to CNY 242,623,348.53 from CNY 294,136,445.79 year-over-year[19] - Accounts receivable decreased from ¥169,008,485.04 at the beginning of the year to ¥158,735,512.92, a decline of about 6.5%[17] - Inventory decreased slightly from ¥142,680,136.02 to ¥138,942,545.70, a reduction of approximately 2.3%[17] Expenses - Total operating costs for Q1 2023 were CNY 80,964,516.72, down 13.4% from CNY 93,503,970.84 in the same period last year[21] - Management expenses rose by 50.23% to ¥7,710,678.04, attributed to increased depreciation and intermediary fees related to new facilities[9] - Research and development expenses for Q1 2023 were CNY 6,077,074.22, slightly up from CNY 5,858,427.04 in Q1 2022[22] - The company paid 27,167,663.52 yuan in employee compensation, a decrease of 12.5% from 30,873,429.22 yuan in the previous period[26] Shareholder Information - The total number of common shareholders at the end of the reporting period is 18,302[11] - The top shareholder, Hu Zhixing, holds 16.81% of the shares, totaling 17,225,016 shares[11] - The company has a total of 9.34% of shares held by Yejing City Xin Yi Te Investment Partnership, indicating a significant stake among the top shareholders[11] Investment Activities - Investment cash inflow totaled ¥36,011,554.70, a dramatic increase of 15,861.59% compared to ¥225,613.86 in the previous year[9] - The company reported a significant increase in asset disposal gains, amounting to ¥15,617,237.89, up 873,948.58% from ¥1,786.77[9] - The company reported a significant increase in investment income, totaling CNY 632.00 compared to CNY 276.97 in the previous year[22] Corporate Governance - The company held its first employee representative meeting and temporary shareholders' meeting in February 2023, resulting in the election of the ninth board and supervisory committee members[13] - The company has not reported any changes in the number of preferred shareholders or significant changes in restricted shares[13] Future Plans - The company plans to focus on market expansion and new product development in the upcoming quarters[20]

Financial Performance - The company's operating revenue for 2022 was ¥481,344,514.43, a decrease of 7.64% compared to ¥521,137,274.62 in 2021[18]. - The net profit attributable to shareholders for 2022 was ¥60,519,032.61, down 26.33% from ¥82,148,705.88 in 2021[18]. - The net profit after deducting non-recurring gains and losses was ¥52,616,577.13, a decrease of 24.87% from ¥70,035,909.05 in 2021[18]. - The basic earnings per share for 2022 was ¥0.75, down 29.91% from ¥1.07 in 2021[18]. - The weighted average return on equity for 2022 was 12.54%, a decrease of 12.50% from 25.04% in 2021[18]. - The main business revenue was CNY 472.65 million, down 8.63% year-on-year, with a net profit attributable to shareholders of CNY 60.52 million, a decline of 26.33%[58]. - The company achieved operating revenue of CNY 481.34 million in 2022, a decrease of 7.64% compared to the previous year[58]. Cash Flow and Investments - The net cash flow from operating activities increased by 20.57% to ¥66,607,294.16 from ¥55,244,644.14 in 2021[18]. - Operating cash inflow decreased by 19.15% to ¥398,131,950.55 in 2022 compared to ¥492,452,689.23 in 2021[80]. - The company reported a significant increase in financing cash inflow by 328.05% to ¥776,010,063.47 in 2022, primarily due to funds raised from the initial public offering[81]. - The investment cash inflow decreased by 99.07% to ¥3,275,129.92 in 2022, mainly due to reduced redemption of financial products[80]. - The company has RMB 45,347.23 million of unused fundraising funds, which are stored in a special fundraising account[101]. Research and Development - The company's R&D expenses amounted to 27.41 million yuan, accounting for 5.69% of its operating revenue, indicating a stable and significant investment in innovation[37]. - A total of 32 R&D projects were conducted during the reporting period, resulting in 411 authorized patents, including 15 invention patents, and the development of 10 proprietary technologies and 28 general technologies[37]. - The company is focusing on the development of servo motors, control relays, and sensors, aligning with the trend towards automation and intelligent control systems[36]. - The company has developed a strong capability for industrialization of R&D results, continuously launching new products to meet diverse customer needs across various industries[38]. - The company is forming specialized R&D teams for new energy products, including high-voltage direct current relays and charging pile control switches[114]. Market and Industry Trends - The company operates in the low-voltage electrical products sector, which is experiencing growth driven by investments in power and industrial sectors[28]. - The low-voltage electrical industry is evolving towards high performance, reliability, and digitalization, with potential breakthroughs from new technologies like AI and smart manufacturing[30]. - The low-voltage electrical equipment market is expanding due to the new "source + network + load + storage + charging" model, driven by carbon neutrality goals, with a notable increase in domestic export demand[31]. - The overall market for low-voltage electrical equipment is expected to grow steadily while narrowing the gap with international giants, giving domestic brands more influence[32]. - The company aims to narrow the gap with international giants in the low-voltage electrical field and enhance the influence of domestic brands[108]. Corporate Governance - The company has established a robust governance structure, with clear delineation of responsibilities among the board, supervisory board, and management team, enhancing overall governance capabilities[136]. - The board of directors consists of 7 members, including 3 independent directors, and held four meetings during the reporting period, adhering to legal and regulatory standards[129]. - The supervisory board comprises 3 members, including 1 employee representative, and conducted four meetings, fulfilling its supervisory responsibilities effectively[130]. - The company emphasizes transparent information disclosure, ensuring timely and accurate communication with stakeholders, with the chairman as the primary responsible person for disclosures[133]. - The company has established a comprehensive performance evaluation system linking assessment results to employee compensation and promotions, aimed at attracting and retaining talent[131]. Risk Management - The company has no significant risks affecting its normal operations, and it has outlined risk factors and countermeasures in its management discussion[3]. - The company faces risks from raw material price fluctuations, which significantly impact gross margin due to the high proportion of direct materials in total costs[116]. - The company is exposed to market competition risks, with a need to enhance production and service levels to maintain competitiveness[117]. - The company emphasizes the importance of timely technological updates to meet diverse customer demands and avoid market share loss[118]. Employee and Shareholder Relations - The company has a total of 1,047 employees, with 670 in production, 98 in sales, 23 in finance, 154 in research and development, and 102 in management[165]. - The company has established a stable and competitive salary system, ensuring compliance with national labor laws and providing social insurance for employees[166]. - The company organizes various employee welfare activities, such as holiday vouchers and health check-ups, to enhance employee benefits[183]. - The company has a cash dividend policy that ensures continuity and stability, protecting the rights of shareholders, especially minority investors[170]. - The company plans to distribute a cash dividend of 6 yuan per 10 shares (including tax), totaling 61,468,560 yuan (including tax) for the fiscal year 2022[174].