本次发行股票拟在科创板上市，科创板公司具有研发投入大、经营风险高、业绩不稳定、 退市风险高等特点，投资者面临较大的市场风险。投资者应充分了解科创板的投资风险 及本公司所披露的风险因素，审慎作出投资决定。 西安高压电器研究院股份有限公司 Xi'an High Voltage Apparatus Research Institute Co., Ltd. （西安市莲湖区西二环北段 18 号） 首次公开发行股票并在科创板上市招股说明书 （注册稿） 本公司的发行申请尚需经上海证券交易所和中国证监会履行相应程序。本招股说明书 （注册稿）不具有据以发行股票的法律效力，仅供预披露之用。投资者应当以正式公告 的招股说明书作为投资决定的依据。 保荐人（主承销商） （北京市朝阳区建国门外大街 1 号国贸大厦 2 座 27 层及 28 层） 西安高压电器研究院股份有限公司 招股说明书（注册稿） 发行人声明 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对发行人注册 申请文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其对发行人的盈 利能力、投资价值或者对投资者的收益作出实质性判断或保证。任何与之相反的声明均 ...

Financial Performance - The company's operating revenue for 2022 was CNY 9,274,276,019.30, a slight increase of 0.01% compared to CNY 9,273,310,045.93 in 2021[20] - The net profit attributable to shareholders for 2022 reached CNY 212,095,564.31, representing a significant increase of 199.68% from CNY 70,774,235.93 in the previous year[20] - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 199,928,833.85, up 469.65% from CNY 35,096,638.13 in 2021[20] - The net cash flow from operating activities for 2022 was CNY 1,396,965,090.43, an increase of 16.63% compared to CNY 1,197,783,890.57 in 2021[20] - The total assets at the end of 2022 were CNY 17,846,794,070.38, a decrease of 6.93% from CNY 19,175,290,656.28 at the end of 2021[20] - The net assets attributable to shareholders increased to CNY 9,320,003,000.02, reflecting a growth of 2.01% from CNY 9,136,481,743.26 in 2021[20] - Basic earnings per share for 2022 were CNY 0.1563, a 199.43% increase from CNY 0.0522 in 2021[21] - The diluted earnings per share also stood at CNY 0.1563, marking a 199.43% rise compared to the previous year[21] - The weighted average return on net assets for 2022 was 2.30%, an increase of 1.52 percentage points from 0.78% in 2021[21] Market and Business Development - New contracts in the power grid market increased by 30% year-on-year, while contracts in the non-grid market (including international markets) surged by 109.31%[30] - The company launched several innovative products, including the world's first 550 kV 80 kA double-break circuit breaker and a 252 kV single-break vacuum arc extinguishing chamber[31] - The company received 61 authorized patents and achieved five provincial and ministerial-level scientific and technological awards in 2022[31] - Monthly production efficiency improved by over 30% through the implementation of a continuous flow production model[32] - The company completed 21 special power supply tasks for major events, showcasing its commitment to service quality[32] - The company established a new joint venture to focus on smart operation and maintenance services in the power sector[29] - The company is actively expanding its marketing network to cover domestic and international markets, enhancing its global business layout[44] Research and Development - Research and development expenses increased by 33.71% to 366.37 million RMB, reflecting the company's commitment to green low-carbon energy and smart electrical equipment technology[55] - The company successfully developed several high-end products, including the world's first 1100 kV environmentally friendly GIL and the first 252 kV high-speed breaking circuit breaker, showcasing its technological innovation capabilities[46] - The company aims to deepen its innovation system and increase investment in research and development to address key technological challenges and meet the demands of the new power system[100] Operational Efficiency - The company reported a significant reduction in operating costs by 4.48%, attributed to successful cost-cutting measures[55] - The company has implemented a comprehensive quality control system, ensuring standardized operations for equipment maintenance and enhancing service quality[50] - The company is focusing on lean production and smart manufacturing to optimize its production processes[42] - The company is implementing six major projects aimed at improving operational efficiency and enhancing its overall strength in the market[98] Environmental Commitment - The company has established an environmental protection mechanism and has not exceeded pollutant discharge standards[159] - The company has successfully constructed or upgraded advanced pollution control facilities, including a dust removal system and a waste gas treatment system[164] - The company has improved the efficiency of non-organized waste gas treatment significantly, ensuring compliance with emission standards[162] - The company is committed to improving energy efficiency and reducing energy consumption as part of its energy management system[177] - The company has disclosed its ESG report for 2022 on the Shanghai Stock Exchange website[179] Corporate Governance - The company is committed to maintaining a robust corporate governance structure in compliance with relevant laws and regulations[109] - The company has established a complete independent personnel system, including labor management and performance evaluation, ensuring independence from the controlling shareholder[116] - The financial department operates independently with its own accounting system and decision-making authority, without sharing bank accounts with the controlling shareholder[116] - The board of directors and supervisory board operate independently, ensuring effective governance and decision-making processes[112] - The company has implemented strict information disclosure and insider trading prevention measures, enhancing the quality and transparency of its disclosures[112] Future Outlook - The company expects a 6% increase in national electricity consumption in 2023, reaching approximately 9.15 trillion kWh[37] - The company aims to achieve an operating income of 10-11 billion CNY in 2023, although this target is subject to macroeconomic policies and market conditions[99] - The company provided a positive outlook for the next fiscal year, projecting a revenue growth of 25% based on new product launches and market expansion strategies[130] Related Party Transactions - The total amount of related party transactions for the year reached approximately 8.45 billion CNY, with significant sales to State Grid Corporation totaling 6.17 billion CNY[196] - The company recognized RMB 1,002,055,859.88 in sales transactions with related parties, representing 11.24% of similar transaction amounts[195] - The company’s related party transactions were conducted at market prices, ensuring fairness and compliance with regulations[196]

Financial Performance - The company's operating revenue for Q1 2023 was RMB 1,956,327,532.53, representing a year-on-year increase of 20.82%[4] - The net profit attributable to shareholders for Q1 2023 was RMB 150,526,232.46, showing a significant increase of 276.10% compared to the same period last year[4] - The net profit attributable to shareholders after deducting non-recurring gains and losses was RMB 152,656,148.59, reflecting a year-on-year growth of 289.10%[4] - The basic earnings per share for Q1 2023 was RMB 0.1109, an increase of 275.93% year-on-year[5] - The total operating profit for Q1 2023 was CNY 214,896,853.27, significantly up from CNY 74,847,842.27 in Q1 2022, marking an increase of 187.2%[17] - The total comprehensive income for Q1 2023 was CNY 180,777,219.91, compared to CNY 72,432,907.78 in Q1 2022, reflecting an increase of 149.5%[18] Assets and Liabilities - The total assets at the end of Q1 2023 amounted to RMB 18,179,326,293.93, up 1.86% from the end of the previous year[5] - Current assets totaled ¥12,519,820,797.80 as of March 31, 2023, up from ¥12,108,634,880.91 at the end of 2022, reflecting a growth of 3.4%[13] - Total assets amounted to ¥18,179,326,293.93, compared to ¥17,846,794,070.38 at the end of 2022, reflecting a growth of 1.9%[14] - Total liabilities increased to ¥8,255,320,961.38, up from ¥8,107,611,425.64, representing a rise of 1.8%[14] - The company's retained earnings reached ¥2,622,840,680.93, an increase from ¥2,472,314,448.47 in the previous year, showing a growth of 6.1%[14] Cash Flow - The company reported a net cash flow from operating activities of RMB 37,732,757.59 for Q1 2023, which is not applicable for year-on-year comparison[4] - The net cash flow from operating activities for Q1 2023 was CNY 37,732,757.59, a recovery from a negative cash flow of CNY -131,944,189.19 in Q1 2022[21] - The total investment cash outflow for Q1 2023 was CNY 63,847,974.70, compared to CNY 70,975,839.92 in Q1 2022, showing a decrease of 10.5%[21] - Cash and cash equivalents decreased by 72,889,294.94, compared to a decrease of 203,917,232.12 in the previous year[22] - Net cash flow from financing activities was -47,916,476.45, a decline from -15,130,268.40 in the same period last year[22] - The ending balance of cash and cash equivalents was 3,083,445,215.45, down from 2,176,161,223.24 year-over-year[22] Shareholder Information - The company has a total of 53,224 common shareholders at the end of the reporting period[8] Operational Metrics - The company experienced significant revenue growth due to key projects and regular product sales[7] - The total revenue from sales of goods and services received in Q1 2023 was CNY 1,643,098,849.08, down from CNY 1,723,138,897.28 in Q1 2022, indicating a decrease of 4.6%[19] - The total operating costs for Q1 2023 were CNY 1,747,359,189.74, compared to CNY 1,549,920,809.17 in Q1 2022, an increase of 12.8%[17] Research and Development - Research and development expenses for Q1 2023 were CNY 51,886,184.55, slightly down from CNY 51,933,883.47 in Q1 2022, showing a decrease of 0.1%[17] Taxation - The income tax expense for Q1 2023 was CNY 36,875,189.12, compared to CNY 17,977,981.88 in Q1 2022, indicating an increase of 104.5%[17] Accounting Standards - The company did not apply new accounting standards or interpretations for the first time in 2023[22]

●会议主题：沪市主板特高压行业上市公司集体业绩说明会 股票代码：600312 股票简称：平高电气 编号：临 2023-018 河南平高电气股份有限公司 关于参加沪市特高压行业上市公司 2022 年年报集体业绩说明会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 重要内容提示： ●会议召开时间：2023年4月25日（星期二）上午10:00-11:00 ●会议召开地点：上海证券交易所路演中心（网址http://roadshow.sseinfo.com） ● 会议召开方式：上证路演中心视频和网络互动 ● 投资者可于2023年4月18日(星期二)至4月24日(星期一)16：00前登录上证路演 中心网站首页点击"提问预征集"栏目或通过公司邮箱pinggao@pg.cee-group.cn进行 提问。公司将会在说明会上对投资者普遍关注的问题进行回答。 河南平高电气股份有限公司（以下简称"公司"）将于 2023 年 4 月 21 日（星期五） 发布公司 2022 年年度报告，为便于广大投资者更全面深入地了解公司 2022 年度 ...

本次发行股票拟在科创板上市，科创板公司具有研发投入大、经营风险高、业绩不稳定、 退市风险高等特点，投资者面临较大的市场风险。投资者应充分了解科创板的投资风险 及本公司所披露的风险因素，审慎作出投资决定。 西安高压电器研究院股份有限公司 Xi'an High Voltage Apparatus Research Institute Co., Ltd. （西安市莲湖区西二环北段 18 号） 首次公开发行股票并在科创板上市招股说明书 （注册稿） 本公司的发行申请尚需经上海证券交易所和中国证监会履行相应程序。本招股说明书 （注册稿）不具有据以发行股票的法律效力，仅供预披露之用。投资者应当以正式公告 的招股说明书作为投资决定的依据。 保荐人（主承销商） （北京市朝阳区建国门外大街 1 号国贸大厦 2 座 27 层及 28 层） 西安高压电器研究院股份有限公司 招股说明书（注册稿） 发行人声明 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对发行人注册 申请文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其对发行人的盈 利能力、投资价值或者对投资者的收益作出实质性判断或保证。任何与之相反的声明均 ...

Financial Performance - The company's operating revenue for Q3 2022 was ¥2,112,011,170.12, a decrease of 11.25% compared to the same period last year[4] - Net profit attributable to shareholders for the same period was ¥61,854,153.01, an increase of 28.21% year-on-year[4] - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥54,603,459.59, reflecting a year-on-year increase of 41.99%[4] - Basic earnings per share for Q3 2022 was ¥0.0456, up 28.09% from the previous year[4] - The net profit for Q3 2022 was 249,682,011.10, a significant increase from 136,777,646.52 in Q3 2021, representing an increase of approximately 82.5%[16] - The total profit for Q3 2022 reached 301,700,723.78, compared to 155,971,379.29 in the same period last year, marking an increase of about 93.5%[16] - The operating profit for Q3 2022 was 294,123,200.62, up from 137,467,115.67 in Q3 2021, reflecting an increase of approximately 114.5%[16] - The basic earnings per share for Q3 2022 was 0.1315, compared to 0.0770 in Q3 2021, indicating an increase of about 71.6%[17] - The total comprehensive income for Q3 2022 was 268,615,212.51, compared to 153,616,067.65 in Q3 2021, representing an increase of approximately 74.7%[17] Assets and Liabilities - Total assets at the end of the reporting period were ¥18,322,265,431.50, a decrease of 4.45% from the end of the previous year[5] - The company's total assets as of September 30, 2022, were CNY 18,322,265,431.50, down from CNY 19,175,290,656.28 at the end of 2021, showing a decrease of about 4.4%[14] - Total liabilities as of September 30, 2022, were CNY 8,600,482,236.64, compared to CNY 9,682,686,811.03 at the end of 2021, indicating a reduction of approximately 11.2%[13] - The company's total equity attributable to shareholders as of September 30, 2022, was CNY 9,319,405,709.05, compared to CNY 9,136,481,743.26 at the end of 2021, reflecting a growth of about 2.0%[14] Cash Flow - Cash flow from operating activities for the first three quarters of 2022 was 5,769,725,378.70, slightly up from 5,712,731,650.61 in the same period of 2021[18] - The net cash flow from operating activities in Q3 2022 was 76,404,760.24, a turnaround from a negative cash flow of -43,713,213.84 in Q3 2021[19] - The cash flow from financing activities in Q3 2022 showed a net outflow of -281,476,774.44, compared to a net inflow of 68,873,854.46 in Q3 2021[20] - The total cash and cash equivalents at the end of Q3 2022 were 1,894,539,895.01, compared to 1,617,094,286.38 at the end of Q3 2021, indicating an increase of approximately 17.1%[20] - The company reported a foreign exchange impact on cash and cash equivalents of 120,610.05 in Q3 2022, contrasting with a negative impact of -1,417,078.71 in Q3 2021[20] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 64,582[8] - The largest shareholder, Pinggao Group Co., Ltd., held 40.50% of the shares[8] Operational Insights - The company reported a significant increase in net profit due to the delivery of key projects and improvements in management efficiency[7] - Total operating revenue for the first three quarters of 2022 reached CNY 6,128,947,364.49, an increase from CNY 5,903,243,446.39 in the same period of 2021, representing a growth of approximately 3.9%[15] - Total operating costs for the first three quarters of 2022 were CNY 5,848,647,497.38, slightly up from CNY 5,800,566,256.32 in 2021, indicating a marginal increase of about 0.8%[15] - Research and development expenses for the first three quarters of 2022 amounted to CNY 224,314,034.73, compared to CNY 149,867,850.03 in the previous year, reflecting a significant increase of approximately 49.6%[15] - Accounts receivable increased to CNY 6,589,170,955.08 as of September 30, 2022, from CNY 6,268,456,335.39 at the end of 2021, marking an increase of about 5.1%[11] - Inventory as of September 30, 2022, was CNY 2,015,730,090.27, up from CNY 1,751,095,741.04 at the end of 2021, indicating an increase of approximately 15.1%[12]

Financial Performance - The company's operating revenue for the first half of 2022 was CNY 4,016,936,194.37, representing a 14.00% increase compared to CNY 3,523,492,084.69 in the same period last year[14]. - The net profit attributable to shareholders of the listed company reached CNY 116,581,991.48, a significant increase of 107.54% from CNY 56,173,801.29 in the previous year[14]. - The net profit after deducting non-recurring gains and losses was CNY 112,904,317.44, up 182.24% from CNY 40,003,530.34 in the same period last year[14]. - The basic earnings per share for the first half of 2022 was CNY 0.09, an increase of 125.00% compared to CNY 0.04 in the previous year[15]. - The company achieved a total revenue of 4.017 billion yuan in the first half of the year, representing a year-on-year growth of 14.00%[29]. - Net profit reached 158 million yuan, showing a significant increase of 129.10% year-on-year, while net profit attributable to the parent company was 117 million yuan, up by 107.54%[29]. - The company reported a total comprehensive income attributable to the parent company of CNY 131,224,159.11 for the first half of 2022, compared to CNY 63,470,293.47 in the first half of 2021[105]. Assets and Liabilities - The total assets of the company at the end of the reporting period were CNY 18,423,014,059.92, a decrease of 3.92% from CNY 19,175,290,656.28 at the end of the previous year[14]. - Total liabilities decreased from CNY 9.68 billion to CNY 8.80 billion, a reduction of approximately 9.1%[99]. - Shareholders' equity increased from CNY 9.49 billion to CNY 9.62 billion, an increase of about 1.4%[99]. - The company's total equity at the end of the period was 9,492,603,845.25 RMB, reflecting a stable financial position[113]. - The total owner's equity at the end of the reporting period is RMB 8,882,403,727.50, an increase from RMB 8,775,762,214.30 at the beginning of the period, reflecting a growth of approximately 1.22%[121]. Cash Flow - The company reported a net cash flow from operating activities of CNY -252,308,006.96, compared to CNY -444,070,038.18 in the same period last year[14]. - Cash flow from operating activities showed a net outflow of CNY -252,308,006.96 in the first half of 2022, an improvement from CNY -444,070,038.18 in the same period of 2021[108]. - The total cash inflow from financing activities was 743,514,274.10 RMB, while cash outflow was 21,694,508.55 RMB, resulting in a net cash flow of -21,694,508.55 RMB[112]. - The company reported a cash balance of 576,980,881.44 RMB as of June 30, 2022, compared to 598,121,227.85 RMB on December 31, 2021, indicating a decrease in cash reserves[200]. Research and Development - The gross profit margin for major products improved, with a notable increase in R&D expenses by 54.73% to ¥147,000,363.34, up from ¥95,006,801.00[33]. - The company has been recognized as a high-tech enterprise and has made significant breakthroughs in key technologies for high-voltage and ultra-high-voltage equipment[25]. - The company has developed the world's first 40.5 kV low-frequency switch cabinet and the first domestic 126 kV fluorine-free environmentally friendly GIS, which have successfully entered operation[29]. - Research and development expenses for the first half of 2022 were CNY 147,000,363.34, significantly higher than CNY 95,006,801.00 in the same period last year, reflecting a 54.83% increase[103]. Market and Industry Position - The company covers a wide range of businesses including R&D, manufacturing, sales, and services of power distribution equipment, with a focus on medium, high, ultra-high, and extra-high voltage switchgear[17]. - The company has established a global marketing network to enhance its presence in domestic and international markets, focusing on equipment manufacturing and value-added services[19]. - The company is actively involved in the construction of major renewable energy projects, with significant investments planned in ultra-high voltage projects exceeding 150 billion RMB[23]. - The company aims to enhance procurement efficiency through centralized public procurement and flexible procurement strategies, improving supplier evaluation and management[18]. Environmental and Sustainability Efforts - The company has been recognized for its product quality, with its 550kV SF6 circuit breaker winning the only quality gold award in China's ultra-high voltage switchgear sector[24]. - The company has established a comprehensive wastewater treatment system that includes various specialized treatment systems for different types of wastewater[60]. - The company has invested approximately 40 million yuan in advanced pollution control facilities, including a zero discharge system for heavy metal wastewater and a carbon adsorption device for exhaust treatment[59]. - The company has made no changes to its profit distribution or capital reserve increase plans during the reporting period[51]. - The company has a hazardous waste storage facility with a capacity of approximately 150 tons, meeting regulatory requirements[55]. Risk Management - The company has outlined various industry and market risks in the report, which investors should consider[4]. - The company faces macroeconomic and policy risks that could adversely affect future performance, particularly if the international economic environment worsens[44]. - Financial and exchange rate risks are significant due to high accounts receivable and inventory levels, necessitating improved credit management and diversified financing channels[45]. - The company is committed to strengthening its risk management capabilities to navigate the challenges posed by international operations and market competition[44]. Corporate Governance - The company held two shareholder meetings during the reporting period, including one annual and one temporary meeting, with no rejected proposals[48]. - Key personnel changes included the appointment of Song Hanguang as the chairman of the supervisory board and Li Yajun as a director[49]. - The company has strengthened its compliance management and internal control systems, revising nine governance policies to align with regulatory requirements[31]. Legal and Compliance - The company has incurred a litigation amount of RMB 8,336,000, with an estimated liability of RMB 2,081,962 recognized[81]. - The company has a good integrity status during the reporting period, with no violations or penalties reported[83]. - The company did not distribute profits or increase capital reserves during the half-year period[51].

Financial Performance - The company's operating revenue for Q1 2022 was RMB 1,619,205,570.37, representing a year-on-year increase of 56.60%[4] - The net profit attributable to shareholders of the listed company was RMB 40,022,860.11, with a net profit excluding non-recurring gains and losses of RMB 39,233,600.30[4] - The company's operating profit for Q1 2022 was ¥74,847,842.27, a significant improvement compared to a loss of ¥42,909,233.46 in Q1 2021[18] - Net profit for Q1 2022 reached ¥57,184,260.39, contrasting with a net loss of ¥36,527,740.45 in the same period last year[18] - The total comprehensive income for Q1 2022 was ¥72,432,907.78, compared to a loss of ¥23,867,616.87 in Q1 2021[19] - Basic earnings per share for Q1 2022 were ¥0.0295, while the previous year showed a loss per share of ¥0.0276[19] Cash Flow - The net cash flow from operating activities was negative at RMB -131,944,189.19[4] - Cash flow from operating activities in Q1 2022 was negative at ¥131,944,189.19, an improvement from a negative cash flow of ¥213,257,864.62 in Q1 2021[21] - The company reported cash inflows from operating activities of ¥1,791,917,580.51 in Q1 2022, slightly up from ¥1,785,206,306.09 in Q1 2021[20] - Total cash outflows from operating activities in Q1 2022 were ¥1,923,861,769.70, compared to ¥1,998,464,170.71 in Q1 2021[21] - Investment activities resulted in a net cash outflow of ¥55,763,139.92 in Q1 2022, worsening from a net outflow of ¥13,514,871.85 in Q1 2021[21] - Financing activities generated a net cash outflow of ¥15,130,268.40 in Q1 2022, compared to a net outflow of ¥25,984,195.70 in Q1 2021[21] Assets and Liabilities - Total assets at the end of the reporting period were RMB 18,972,472,593.75, a decrease of 1.06% compared to the end of the previous year[5] - The total assets as of Q1 2022 were CNY 18,972,472,593.75, a decrease from CNY 19,175,290,656.28 in the previous period[15] - Total liabilities for Q1 2022 were CNY 9,402,785,840.72, down from CNY 9,682,686,811.03 in the previous period, showing a reduction of about 2.9%[14] - The total equity attributable to shareholders as of Q1 2022 was CNY 9,191,753,250.76, an increase from CNY 9,136,481,743.26 in the previous period[15] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 74,754[8] - Shareholders' equity attributable to shareholders of the listed company increased by 0.60% to RMB 9,191,753,250.76[5] Operating Costs and Expenses - Total operating costs for Q1 2022 were CNY 1,549,920,809.17, compared to CNY 1,086,867,524.68 in Q1 2021, reflecting an increase of about 42.5%[16] - Research and development expenses in Q1 2022 amounted to CNY 51,933,883.47, up from CNY 36,918,531.02 in Q1 2021, indicating a growth of approximately 40.6%[16] Inventory and Receivables - Inventory increased to CNY 2,076,533,486.94 in Q1 2022 from CNY 1,751,095,741.04 in the previous period, representing a growth of approximately 18.6%[13] - Accounts receivable slightly decreased to CNY 6,261,130,701.91 in Q1 2022 from CNY 6,268,456,335.39 in the previous period[13] Non-Recurring Items - Non-recurring gains and losses totaled RMB 789,259.81, after accounting for tax and minority interests[6] - The increase in operating revenue was primarily due to an increase in executable contracts[7]

Financial Performance - The company's operating revenue for 2021 was CNY 9,273,310,045.93, a decrease of 5.19% compared to CNY 9,781,065,124.63 in 2020[18]. - The net profit attributable to shareholders of the listed company was CNY 70,774,235.93, down 43.87% from CNY 126,099,057.73 in the previous year[18]. - The net profit after deducting non-recurring gains and losses was CNY 35,096,638.13, a decrease of 23.79% compared to CNY 46,049,615.89 in 2020[18]. - The net cash flow from operating activities was CNY 1,197,783,890.57, down 10.29% from CNY 1,335,099,963.93 in the previous year[18]. - The total assets at the end of 2021 were CNY 19,175,290,656.28, a decrease of 7.59% from CNY 20,750,745,705.73 at the end of 2020[18]. - The basic earnings per share for 2021 were CNY 0.0522, a decrease of 43.81% from CNY 0.0929 in 2020[19]. - The diluted earnings per share were also CNY 0.0522, reflecting the same percentage decrease as basic earnings[19]. - The weighted average return on net assets was 0.78%, down 0.61 percentage points from 1.39% in 2020[19]. - The total profit for 2021 was 133 million RMB, down 34.6% year-on-year[25]. - The company reported a total cost of 7.906 billion RMB, a decrease of 6.72% compared to the previous year[44]. Research and Development - Research and development expenses increased by 32.55% to 310 million RMB, indicating a focus on innovation[38]. - The company successfully developed the world's first 1100 kV environmentally friendly GIL and other high-end products, showcasing its technological innovation capabilities[34]. - The company has implemented 32 measures to enhance quality and efficiency, including 18 design redundancy reduction measures and the localization of over 500 imported components in the past three years[28]. - The company achieved a 63-item implementation of material substitution and process improvement measures to address rising raw material costs[28]. - Total R&D investment reached 274,000,900.16 RMB, which is 2.95% of operating revenue, with 43.38% of R&D costs capitalized[51]. Market Performance - The company maintained a leading market share in collective bidding amounts for State Grid and Southern Grid, indicating strong market performance[26]. - The company’s marketing strategy focuses on direct sales to major clients, including State Grid Corporation and Southern Power Grid, with a centralized procurement approach[32]. - The company has established a complete overseas marketing network, successfully promoting products to over 60 countries and regions[36]. - The company anticipates a 5%-6% growth in total electricity consumption for 2022[30]. - The company is focusing on expanding its market presence in new energy and comprehensive energy sectors, aiming for diversified market development[72]. Corporate Social Responsibility - The company successfully provided high-quality power equipment and emergency repair services during the Zhengzhou flood, demonstrating its corporate social responsibility[26]. - The company has been recognized as a "national green factory," reflecting its commitment to sustainable practices in production[33]. - The company has received multiple honors, including "National Green Factory" and "National Environmental Protection Advanced Enterprise"[135]. - The company has continued to engage in energy-saving promotional activities, such as "National Energy Conservation Publicity Week" and "National Low Carbon Day," to foster a low-carbon development atmosphere[137]. Governance and Compliance - The company is committed to improving governance structures and ensuring compliance with legal regulations to protect shareholder interests[78]. - The board of directors operates in accordance with the Company Law and the company's articles of association, ensuring clear responsibilities and compliance with decision-making procedures[79]. - The company has established independent financial and operational structures, ensuring no guarantees were provided to controlling shareholders or their affiliates during the reporting period[80]. - The company has implemented strict information disclosure management systems, enhancing the quality and transparency of annual report disclosures[81]. - The company has a clear governance structure with defined roles for board members and management, ensuring accountability and oversight[94]. Environmental Management - The company has established a comprehensive environmental management system, ensuring that all pollutants are treated and discharged in accordance with regulatory standards[120]. - The company has invested approximately 40 million CNY in a zero discharge heavy metal wastewater treatment system and advanced pollution control facilities, with annual operating costs for wastewater treatment facilities reaching 3.265 million CNY[124]. - The company has enhanced its hazardous waste management practices in line with the new solid waste law, including the establishment of a solid waste pollution prevention IoT system[121]. - The company has constructed or upgraded advanced pollution prevention facilities, including a zero discharge treatment system for heavy metals in electroplating wastewater and a plasma purification device for painting exhaust[135]. - The company has implemented a carbon emission reduction strategy, focusing on low-carbon green development and supporting the clean transformation of the power grid[136]. Future Outlook - The company plans to achieve an operating revenue of 9.5 to 10 billion yuan in 2022, with the realization dependent on macro policies and market conditions[70]. - The company plans to continue focusing on market expansion and new product development in the upcoming year[195]. - The company is advancing the development of a 550 kV high-speed circuit breaker and promoting the research of environmentally friendly products[72]. - The company plans to invest in the development of smart products, including a 252 kV smart GIS, and aims to complete key tests for 72.5 kV GIS for offshore wind power[72]. - The company is positioned to benefit from the ongoing investment in the power grid, with a planned investment of 350 billion USD (approximately 2.23 trillion yuan) by the State Grid during the 14th Five-Year Plan[68].

[Major Financial Data](index=1&type=section&id=Item%20I.%20Major%20Financial%20Data) [Key Accounting Data and Financial Indicators](index=1&type=section&id=Key%20Accounting%20Data%20and%20Financial%20Indicators) Q3 2021 revenue slightly decreased by 3.13% with net profit attributable to parent company shareholders down 20.83%, while year-to-date core net profit (excluding non-recurring items) increased by 50.39% Key Financial Indicators for Q3 and YTD 2021 | Indicator | Current Period (Q3) | Q3 YoY Change (%) | YTD (Q1-Q3) | Q1-Q3 YoY Change (%) | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue (Billion CNY) | 2.38 | -3.13% | 5.90 | 3.94% | | Net Profit Attributable to Parent Company Shareholders (Million CNY) | 48.24 | -20.83% | 104.42 | -9.73% | | Net Profit Attributable to Parent Company Shareholders Excluding Non-Recurring Gains and Losses (Million CNY) | 38.45 | 247.45% | 78.46 | 50.39% | | Net Cash Flow from Operating Activities (Million CNY) | Not Applicable | Not Applicable | -43.71 | -215.48% | | Basic EPS (CNY/share) | 0.0356 | -20.71% | 0.0770 | -9.62% | Key Balance Sheet Indicators as of September 30, 2021 | Indicator | As of Current Period End (Sep 30, 2021) | As of Prior Year End (Dec 31, 2020) | Change from Prior Year End (%) | | :--- | :--- | :--- | :--- | | Total Assets (Billion CNY) | 20.53 | 20.75 | -1.09% | | Total Equity Attributable to Parent Company Shareholders (Billion CNY) | 9.16 | 9.08 | 0.93% | [Non-Recurring Gains and Losses Items and Amounts](index=2&type=section&id=Non-Recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) Non-recurring gains and losses for the first three quarters of 2021 totaled approximately 25.96 million CNY, primarily from government grants, significantly impacting the difference between reported and core net profit Non-Recurring Gains and Losses Items for YTD 2021 | Item | YTD Amount (Million CNY) | | :--- | :--- | | Government Grants Recognized in Current Period Profit/Loss | 18.51 | | Other Non-Operating Income and Expenses | 12.77 | | **Total** | **25.96** | [Changes and Reasons for Major Accounting Data and Financial Indicators](index=3&type=section&id=Changes%20and%20Reasons%20for%20Major%20Accounting%20Data%20and%20Financial%20Indicators) Significant changes in core net profit and operating cash flow are explained by a low prior-year base due to non-recurring items and temporary pandemic-related expense reductions, respectively - Net profit attributable to parent company shareholders excluding non-recurring gains and losses (current period) significantly increased by **247.45%** year-on-year, primarily because the prior period included substantial non-recurring gains and losses from stability subsidies, resulting in a lower comparative base[7](index=7&type=chunk) - Net cash flow from operating activities decreased by **215.48%** year-on-year, mainly due to reduced expenditures such as travel and labor costs in the prior period caused by the pandemic, leading to lower cash outflows[7](index=7&type=chunk) [Shareholder Information](index=3&type=section&id=Item%20II.%20Shareholder%20Information) [Shareholder Status](index=3&type=section&id=Total%20Number%20of%20Common%20Shareholders%20and%20Top%20Ten%20Shareholders'%20Shareholding%20Information) As of the reporting period end, the company had 63,462 common shareholders, with Pinggao Group Co., Ltd. as the controlling shareholder (40.50%), and a stable equity structure featuring prominent state-owned and asset management entities - As of the reporting period end, the company had a total of **63,462** common shareholders[8](index=8&type=chunk) Top Five Shareholders' Shareholding Information | Shareholder Name | Shareholder Type | Number of Shares Held | Shareholding Percentage (%) | | :--- | :--- | :--- | :--- | | Pinggao Group Co., Ltd. | State-owned Legal Entity | 549,497,573 | 40.50 | | China Great Wall Asset Management Co., Ltd. | State-owned Legal Entity | 34,000,000 | 2.51 | | Qingdao Urban Investment Financial Holdings Group Co., Ltd. | State-owned Legal Entity | 27,000,000 | 1.99 | | HuaAn Fund - ICBC - Guomin Trust | Other | 25,881,427 | 1.91 | | Shandong Hi-Speed Investment Holdings Co., Ltd. | State-owned Legal Entity | 22,000,000 | 1.62 | [Quarterly Financial Statements](index=4&type=section&id=Item%20IV.%20Quarterly%20Financial%20Statements) [Consolidated Balance Sheet](index=5&type=section&id=Consolidated%20Balance%20Sheet) As of September 30, 2021, total assets were 20.53 billion CNY (down 1.09%), with total liabilities at 11.02 billion CNY (debt-to-asset ratio 53.7%), and key components like accounts receivable and accounts payable remaining significant Key Balance Sheet Items (Billion CNY) | Item | Sep 30, 2021 | Dec 31, 2020 | Change | | :--- | :--- | :--- | :--- | | **Assets** | | | | | Cash and Cash Equivalents | 2.25 | 2.34 | -3.8% | | Accounts Receivable | 7.34 | 8.35 | -12.1% | | Inventories | 2.44 | 1.88 | +29.7% | | **Total Assets** | **20.53** | **20.75** | **-1.1%** | | **Liabilities** | | | | | Short-term Borrowings | 1.37 | 1.27 | +8.5% | | Notes Payable | 1.62 | 1.95 | -17.3% | | Accounts Payable | 6.22 | 6.45 | -3.7% | | **Total Liabilities** | **11.02** | **11.37** | **-3.0%** | | **Shareholders' Equity** | | | | | Equity Attributable to Parent Company | 9.16 | 9.08 | +0.9% | [Consolidated Income Statement](index=7&type=section&id=Consolidated%20Income%20Statement) YTD 2021, total operating revenue grew 3.94% to 5.90 billion CNY, R&D expenses increased 20.62% to 150 million CNY, while financial expenses significantly decreased, resulting in a 9.73% decline in net profit attributable to parent company shareholders Key Income Statement Items (YTD 2021) | Item | Jan-Sep 2021 (Million CNY) | Jan-Sep 2020 (Million CNY) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Total Operating Revenue | 5,903.24 | 5,679.59 | +3.94% | | Operating Cost | 5,177.79 | 5,007.45 | +3.40% | | R&D Expenses | 149.87 | 124.24 | +20.62% | | Financial Expenses | 23.24 | 43.08 | -46.05% | | Total Profit | 155.97 | 182.00 | -14.30% | | Net Profit Attributable to Parent Company Shareholders | 104.42 | 115.67 | -9.73% | [Consolidated Cash Flow Statement](index=10&type=section&id=Consolidated%20Cash%20Flow%20Statement) YTD 2021, net cash flow from operating activities significantly decreased to -43.71 million CNY, while investing outflows expanded, and financing activities shifted to a net inflow due to reduced debt repayments, indicating operational pressure Key Cash Flow Statement Items (YTD 2021) | Item | Jan-Sep 2021 (Million CNY) | Jan-Sep 2020 (Million CNY) | YoY Change | | :--- | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -43.71 | 37.85 | From positive to negative | | Net Cash Flow from Investing Activities | -42.24 | -31.82 | Net outflow increased | | Net Cash Flow from Financing Activities | 68.87 | -484.58 | From negative to positive | | Net Increase in Cash and Cash Equivalents | -18.49 | -478.72 | Net decrease narrowed | | Cash and Cash Equivalents at Period End (Billion CNY) | 1.62 | 1.07 | +50.9% | [Adjustments for First-Time Adoption of New Lease Standards](index=11&type=section&id=Adjustments%20for%20First-Time%20Adoption%20of%20New%20Lease%20Standards) Effective January 1, 2021, the company adopted new lease standards, retrospectively recognizing 5.35 million CNY in "Right-of-Use Assets" and "Lease Liabilities," impacting total assets and liabilities equally - Due to the adoption of new lease standards, the company's balance sheet as of January 1, 2021, recognized new "Right-of-Use Assets" of **5.35 million CNY** and new "Lease Liabilities" of **5.35 million CNY**[23](index=23&type=chunk)[24](index=24&type=chunk)