Company Overview - T-MAX successfully listed on the Beijing Stock Exchange on September 2, 2022[4]. - The company was recognized as a national-level "specialized, refined, distinctive, and innovative" small giant enterprise, valid from July 1, 2022, to June 30, 2025[5]. - The company is a high-tech enterprise with a reduced corporate income tax rate of 15%, applicable until the end of 2022[14]. - The company maintained its status as a national-level high-tech enterprise and a "specialized, refined, and innovative" small giant enterprise[48]. Financial Performance - The company's operating revenue for 2022 was CNY 165,308,051.60, a decrease of 12.92% compared to CNY 189,834,776.86 in 2021[29]. - The net profit attributable to shareholders for 2022 was CNY 44,022,459.45, representing a growth of 22.48% from CNY 35,942,960.14 in 2021[29]. - The total assets increased by 98.33% to CNY 419,416,025.05 in 2022, compared to CNY 211,477,462.51 in 2021[31]. - The company's gross profit margin improved to 41.49% in 2022, up from 36.94% in 2021[29]. - The basic earnings per share for 2022 was CNY 1.19, an increase of 9.17% from CNY 1.09 in 2021[29]. - The company's total liabilities decreased by 7.56% to CNY 48,844,176.65 in 2022, down from CNY 52,838,450.91 in 2021[31]. - The cash flow from operating activities for 2022 was CNY 27,095,598.79, a significant increase of 341.76% compared to CNY 6,133,508.27 in 2021[34]. - The net profit growth rate for 2022 was 22.48%, compared to 25.28% in 2021[35]. - Non-operating income for 2022 amounted to ¥11,162,253.41, a significant increase from ¥2,704,938.72 in 2021, reflecting a growth of approximately 312%[40]. - Government subsidies recognized in the current period reached ¥10,157,060.01 in 2022, compared to ¥5,050,786.58 in 2021, indicating a year-over-year increase of about 101%[40]. Customer and Market Dynamics - Sales revenue from the top five customers accounted for 61.49% of total sales, with the largest customer contributing 27.25%[13]. - The company has established long-term partnerships with major automotive manufacturers such as Great Wall Motors and Dongfeng Motor, enhancing its market position in the automotive modification sector[43]. - The automotive modification market is being driven by both the aftermarket and the original equipment manufacturer (OEM) segments, with the OEM market becoming a significant revenue growth point for the company[43]. - The company is expanding its business scale and enhancing its core competitiveness by entering multiple nodes in the automotive modification industry chain[43]. - The company has a high reliance on export sales, which are significantly affected by fluctuations in the USD exchange rate[13]. Cost and Risk Management - Direct material costs constitute approximately 80% of the main business costs, with fluctuations in prices of aluminum and copper posing risks[13]. - The company has identified foreign exchange rate fluctuations as a potential risk factor affecting its operations[103]. - The company has a high reliance on export sales, with an export tax rebate rate of 13%, and any reduction or cancellation of this rebate could harm cash flow and operating results[105]. - The company plans to enhance inventory procurement management and optimize product structure to mitigate the impact of raw material price fluctuations on profitability[104]. Research and Development - The company has established a strong focus on intellectual property protection through patents and trademarks[13]. - The company developed new products including shock absorbers and hydraulic jacks, enhancing its product portfolio[52]. - The company’s R&D expenses increased by 8.10% to 12.19 million yuan, reflecting its commitment to innovation[60]. - The company is developing several new products, including an upgraded electric winch and a high-voltage brushless motor winch, aimed at expanding its product range and increasing sales revenue[90]. Governance and Shareholder Structure - The actual controllers of the company hold over 70% of the voting rights, which may impact corporate governance[13]. - The company has established an effective internal control management system to ensure compliance and proper operation[155]. - The board of directors consists of 7 members, while the supervisory board has 3 members[138]. - The company has made significant efforts to enhance its governance structure in line with the requirements of the Beijing Stock Exchange[156]. - The company has committed to ensuring equal rights for all shareholders, particularly minority shareholders, in its governance practices[164]. Audit and Compliance - The audit report issued by Tianjian Accounting Firm confirmed no reservations, indicating a clean audit opinion for the financial statements[181]. - The company has not experienced any significant accounting errors or omissions during the reporting period, maintaining high standards of information disclosure[175]. - The audit identified revenue recognition as a key audit matter due to the inherent risk of management's inappropriate revenue recognition practices[185]. - The company is responsible for ensuring that financial statements are prepared in accordance with accounting standards and reflect a true and fair view[190].

Financial Performance - Net profit attributable to shareholders for Q1 2023 reached ¥11,755,985.14, representing a significant increase of 71.75% year-over-year[8]. - Operating revenue for the first quarter of 2023 was ¥43,162,177.91, reflecting an 18.35% growth compared to the same period last year[8]. - Operating profit for Q1 2023 was ¥13,584,496.30, up 78.5% from ¥7,602,385.38 in Q1 2022[35]. - Total operating revenue for Q1 2023 reached ¥43,162,177.91, a 18.5% increase from ¥36,470,323.47 in Q1 2022[34]. - Net profit for Q1 2023 was ¥11,755,985.14, representing a 72.5% increase compared to ¥6,844,632.69 in Q1 2022[35]. - The total comprehensive income for Q1 2023 was ¥11,755,985.14, significantly higher than ¥6,844,632.69 in Q1 2022[36]. - Basic and diluted earnings per share for Q1 2023 were both ¥0.27, compared to ¥0.20 in Q1 2022[36]. Cash Flow - The net cash flow from operating activities surged to ¥26,832,985.24, a remarkable increase of 843.12% year-over-year, primarily due to increased customer sales receipts[9]. - Operating cash flow for Q1 2023 was CNY 26,832,985.24, a significant improvement from a negative CNY 3,610,844.73 in Q1 2022, representing a turnaround of over 840%[42]. - The company reported a net cash flow from operating activities of CNY 27,004,102.77 for Q1 2023, compared to a loss of CNY 4,032,833.52 in Q1 2022, marking a recovery of over 770%[45]. - Cash inflow from other investment-related activities was CNY 315,289,704.21 in Q1 2023, compared to CNY 9,475,091.00 in Q1 2022, showing a growth of approximately 3,228%[45]. - Total cash inflow from investment activities in Q1 2023 reached CNY 315,441,909.21, compared to CNY 9,480,639.67 in Q1 2022, indicating a growth of approximately 3,228%[43]. - Cash outflow from investment activities surged to CNY 366,381,647.76 in Q1 2023, up from CNY 31,654,395.05 in Q1 2022, reflecting an increase of about 1,157%[43]. - The net cash flow from investment activities was negative CNY 50,939,738.55 in Q1 2023, worsening from negative CNY 22,173,755.38 in Q1 2022[43]. Assets and Liabilities - Total assets as of March 31, 2023, amounted to ¥419,846,377.21, a slight increase of 0.10% compared to the end of the previous year[8]. - The company's asset-liability ratio decreased to 8.94% for the consolidated entity, down from 11.65% at the end of the previous year[8]. - Total liabilities decreased to ¥37,518,543.67 from ¥48,844,176.65, indicating a reduction of about 23.2%[28]. - The total equity attributable to shareholders rose to ¥382,327,833.54 from ¥370,571,848.40, marking an increase of approximately 3.5%[28]. - The company's cash and cash equivalents decreased to ¥171,247,917.07 from ¥195,581,039.73, reflecting a decline of approximately 12.3%[26]. - Trading financial assets increased significantly to ¥87,796,758.78, up from ¥41,818,586.67, representing a growth of approximately 109.8%[26]. - The company's accounts receivable decreased to ¥18,179,395.82 from ¥47,079,456.77, a decline of about 61.3%[26]. - The company reported a significant reduction in short-term borrowings and other liabilities, contributing to improved financial stability[28]. Shareholder Information - The number of ordinary shareholders as of the end of the reporting period was 10,275[16]. - The company reported a total shareholding of 34,632,422 shares, representing 79.4504% of the total shares outstanding[19]. - The largest shareholder, Hangzhou Chuanming Holdings, holds 11,999,984 shares, accounting for 27.5292% of the total shares[19]. - The second-largest shareholder, Zhang Song, has 11,722,014 shares, which is 26.8915% of the total shares[19]. Other Information - The company has no significant litigation or arbitration matters during the reporting period[22]. - There were no external guarantees or loans provided by the company during the reporting period[22]. - The company has not engaged in any share buyback activities during the reporting period[22]. - There are no significant related party transactions outside of the expected sales to Qingdao Tianming during the reporting period[22]. - The company has not reported any assets being seized, frozen, or pledged during the reporting period[22]. - The company has not faced any investigations or penalties during the reporting period[22]. - The company expects to sell products worth no more than 5 million yuan to Qingdao Tianming International Trade Co., Ltd. in 2023, with actual sales during the reporting period amounting to 226,931.20 yuan[23].

Financial Performance - The company's operating revenue for 2022 was CNY 165.31 million, a decrease of 12.92% compared to the previous year[3] - Net profit attributable to shareholders increased by 21.74% to CNY 43.76 million, while the net profit excluding non-recurring gains and losses was CNY 34.39 million, up 0.86%[5] - Basic earnings per share rose by 8.88% to CNY 1.19, while the weighted average return on equity decreased to 18.50% from 23.59%[3] Assets and Equity - Total assets at the end of the reporting period reached CNY 418.93 million, reflecting a significant increase of 98.10% year-on-year[5] - Shareholders' equity attributable to the company increased by 133.43% to CNY 370.31 million, with net asset value per share rising by 79.88% to CNY 8.50[5] Revenue Decline Factors - The decline in operating revenue was attributed to decreased domestic and international sales, with external sales declining more significantly due to the impact of the pandemic and inflation on consumer purchasing power[6] Profit Increase Factors - The increase in net profit was primarily due to product structure optimization and increased government subsidies received by the company[6] Capital Raising - The company completed a public offering of shares to unspecified qualified investors, contributing to the growth in total assets and equity[6] Cautionary Notes - Investors are advised to exercise caution as the financial data presented is preliminary and unaudited, with final figures to be disclosed in the annual report[7] - The company emphasizes the importance of understanding investment risks associated with the preliminary financial data[7]

Financial Performance - Operating income for the first nine months decreased by 17.43% to CNY 109,506,665.14 from CNY 132,624,580.87 in the same period last year[14] - Net profit attributable to shareholders increased by 41.92% to CNY 31,817,941.87 compared to CNY 22,419,271.21 in the same period last year[14] - Basic earnings per share increased by 35.29% to CNY 0.92 from CNY 0.68 in the same period last year[14] - Net profit for Q3 2022 reached CNY 11,799,068.64, representing a 76.5% increase from CNY 6,689,653.00 in Q3 2021[37] - Operating profit for the first nine months of 2022 was CNY 32,411,475.26, up 25.7% from CNY 25,876,231.95 in the same period of 2021[37] - The company reported a total profit of 35,955,560.15 CNY for the first nine months of 2022, which is a 42.0% increase from 25,357,350.88 CNY in 2021[40] Assets and Liabilities - Total assets increased by 92.69% to CNY 407,501,353.25 compared to CNY 211,477,462.51 at the end of the previous year[14] - Total liabilities decreased to CNY 49.13 billion from CNY 52.84 billion, a decline of 6.4%[31] - Current assets totaled CNY 363.42 billion, up from CNY 189.33 billion, representing an increase of 92.0% year-over-year[30] - Total cash and cash equivalents at the end of September 2022 were 187,084,937.80 CNY, compared to 47,840,477.57 CNY at the end of September 2021, indicating a substantial increase[43] Shareholder Information - Net assets attributable to shareholders increased by 125.90% to CNY 358,367,330.82 from CNY 158,639,011.60 at the end of the previous year[14] - The total number of unrestricted shares increased from 5,600 to 8,005,600, representing 18.37% of total shares[20] - The total number of restricted shares increased from 33,584,400 to 35,584,400, now accounting for 81.63% of total shares[20] - The total share capital rose from 33,590,000 to 43,590,000 shares[20] - The number of shareholders holding more than 5% of shares includes Hangzhou Chuanming with 27.53% and Zhang Song with 26.82%[21][22] Cash Flow - Net cash flow from operating activities improved to CNY 19,889,158.64 from a negative CNY 16,938,675.08 in the same period last year, a change of 217.42%[14] - The company generated 120,870,350.71 CNY in cash inflows from operating activities in the first nine months of 2022, compared to 143,364,110.19 CNY in 2021, reflecting a decline of 15.7%[42] - Cash inflow from financing activities increased significantly to 189,600,000.00 CNY in 2022 compared to 11,050,000.00 CNY in 2021, leading to a net cash flow of 168,665,094.33 CNY[45] Operational Efficiency - The company reported a total operating cost of CNY 27,728,039.01 for Q3 2022, down 27.0% from CNY 38,121,780.20 in Q3 2021[36] - Sales expenses decreased to 3,006,938.53 CNY in the first nine months of 2022, down 26.9% from 4,112,035.98 CNY in the same period of 2021[39] - Cash received from sales of goods and services was 107,253,425.68 CNY in 2022, down from 126,809,325.78 CNY in 2021, reflecting a decline in operational performance[44] Research and Development - Research and development expenses for Q3 2022 were CNY 3,435,093.96, slightly down from CNY 3,528,278.16 in Q3 2021[36] - Research and development expenses for the first nine months of 2022 were 8,255,183.07 CNY, an increase of 15.3% from 7,162,191.77 CNY in the same period of 2021[39] Other Information - There were no significant legal disputes or external guarantees during the reporting period[25] - The company did not implement any profit distribution or capital increase from reserves during the reporting period[26] - The financial report was not audited[28] - The company has not disclosed any major events or compliance issues during the reporting period[24]