On September 7, 2021, Xingshuai (002860) announced that Li Guanhua, an analyst of China Yinhe Securities Co., Ltd., Liu Ye, an investment manager of Zhongrong Fund Management Co., Ltd., and Fan Pengcheng, a researcher, investigated our company on September 7, 2021. Lu Qunfeng, deputy general manager and secretary of the board of directors, and Tian Bihua, representative of securities affairs, were responsible for receiving the survey.

The main contents of this survey are as follows:
Lu Qunfeng, deputy general manager and secretary of the board of directors, briefly introduced the basic situation of the company. Thank you very much for your research on Xing Shuai er by researchers and investors. This research activity is in the form of a conference call. Welcome to come to the company for on-site research, visit and guidance. Xingshuai was listed on the small and medium-sized board of the Shenzhen Stock Exchange in April 2017. as a high-tech enterprise, it has strong innovation ability and independent research and development ability. it organizes or participates in the formulation of national or industry standards and is highly recognized by customers. The company's main business is R & D, production and sales of various types of thermal protectors for refrigeration compressors, starters, sealed terminal posts, temperature controllers for small household appliances, small and medium-sized and micro motor products, and solar photovoltaic modules. in the future, the company will focus on the photovoltaic field. In the first half of 2021, the company continued to give full play to the advantages of the industry, solidly carried out production, operation and management activities, actively opened up new markets, increased revenue and reduced expenditure, and made sufficient orders, achieving an operating income of 734 million yuan and a net profit of 85.23 million yuan, up 76.20% and 60.68% respectively over the same period last year.
II. Question session
1. The construction progress of the first phase of Fuller New Energy "1GW Photovoltaic Module Project"? The construction plan has been determined, the earthwork of the infrastructure has been completed, and the equipment manufacturers have basically determined. We will continue to communicate and dock with the development zone and construction units, and strive to be completed and put into production by the end of this year.
2. When will the second phase of the "1GW Photovoltaic Module Project" start? The docking of the land supply is being negotiated with the development zone, and the specific situation of production depends on the development of the market. If there is any new progress, the company will announce it in time.
3. What is the status of the order of Fuller New Energy? At present, there are sufficient orders, especially the signing of the annual procurement framework strategic cooperation agreement with Tai Heng New Energy, which stipulates that Tai Heng New Energy shall purchase no less than 5GW monocrystalline silicon 182 solar modules from Fuller New Energy; at the same time, Fuller New Energy buys solar panels from Tai Heng New Energy. Other potential high-quality customers are also in cooperation and negotiation.
4. What are the company's expectations for the future performance of the white goods business? For the whole year, the company is expected to achieve an operating income of about 1 billion yuan (excluding Fuller New Energy), with an operating income of 734 million yuan and a net profit of 85.23 million yuan in the first half of the year. In the future, we will create a development model with one body and two wings "based on the home appliance plate and guided by the new energy plate" to give back to the majority of investors.

Xingshuai's main business: production: relays, kitchen electronic equipment, chip components, sensitive components, frequency conversion controllers, sealed wiring sockets. Sales: products produced by the company; import and export of goods (except for projects prohibited by laws and administrative regulations, projects restricted by laws and administrative regulations can be operated only after obtaining permission) (projects that must be approved according to law, business activities can only be carried out with the approval of the relevant departments).

According to the 2021 medium report of Xingshuai, the company's main income was 734 million yuan, up 76.2% from the same period last year; the net profit from the return to the mother was 85.2304 million yuan, up 60.68% from the same period last year; deducting 77.9914 million yuan from non-net profit, up 62.57% from the same period last year; debt ratio 40.76%, investment income 6.8339 million yuan, financial expenses 8.0746 million yuan, gross profit margin 23.42%.