Financial Performance - Total revenue for the first nine months of 2022 reached RMB 248,298,740.40, an increase of 6.41% compared to RMB 233,351,905.35 in the same period last year[14] - Net profit attributable to shareholders for the first nine months of 2022 was RMB 29,111,093.12, a decrease of 6.37% from RMB 31,112,877.10 in the previous year[14] - In the third quarter of 2022, the company reported a revenue of RMB 89,079,555.84, an increase of 8.79% compared to RMB 81,881,637.51 in the same quarter of 2021[15] - The net profit attributable to shareholders in the third quarter of 2022 was RMB 7,703,411.57, a decline of 33.33% from RMB 11,553,932.04 in the same quarter of the previous year[15] - The basic earnings per share for the first nine months of 2022 was RMB 0.60, down 24.74% from RMB 0.80 in the previous year[14] - Basic earnings per share for Q3 2022 were 0.16, down from 0.30 in Q3 2021, reflecting a decline of about 46.7%[48] Assets and Liabilities - The company's total assets as of September 30, 2022, were RMB 427,505,642.74, a slight decrease of 0.4% from RMB 429,211,982.29 at the end of 2021[14] - The net asset attributable to shareholders increased by 13.07% to RMB 306,258,565.38 compared to RMB 270,850,293.14 at the end of the previous year[14] - The company's debt-to-asset ratio decreased to 28.36% from 36.89% in the previous year, indicating improved financial stability[14] - The total value of assets under restriction due to mortgages is CNY 57.01 million, accounting for 13.34% of total assets[33] - As of September 30, 2022, the company's total current assets amount to CNY 189.55 million, a decrease from CNY 224.51 million as of December 31, 2021[37] - The company's total non-current assets increased to CNY 237.95 million from CNY 204.71 million year-over-year[38] - Total liabilities decreased to ¥120,812,951.87 from ¥149,112,684.51 year-over-year, indicating a reduction of approximately 19%[43] Cash Flow - The cash flow from operating activities for the first nine months of 2022 was RMB 21,200,875.10, representing a significant increase of 39.44% from RMB 15,204,106.79 in the same period last year[14] - The net cash flow from operating activities was ¥21,200,875.10, a growth of 39.44% year-on-year, mainly due to the recovery of previous payments[19] - The cash flow from investing activities for the first nine months of 2022 was negative at CNY -46,182,486.33, compared to CNY -42,270,463.94 in 2021, indicating a worsening of cash outflow[55] - The cash flow from financing activities for the first nine months of 2022 was negative at CNY -10,974,926.85, compared to a positive cash flow of CNY 1,373,567.35 in 2021, reflecting a significant change in financing strategy[55] - The cash and cash equivalents at the end of the period were CNY 55,884,512.35, a decrease from CNY 91,676,860.83 at the beginning of the period, indicating a cash reduction of approximately 39.1%[55] Research and Development - R&D expenses for the period amounted to ¥10,704,199.10, an increase of 48.70% year-on-year, primarily due to increased investment in research projects related to internal gear pumps[18] - Research and development expenses increased to 3,546,530.25 in Q3 2022 from 1,874,312.05 in Q3 2021, marking an increase of about 89%[50] Shareholder Information - The total number of unrestricted shares increased from 10,260,631 to 12,010,829, representing a rise from 21.05% to 24.64% of total shares[24] - Major shareholders include Huai'an Haoxin Hydraulic Co., Ltd. holding 28.72% and Ma Jinxing holding 15.37% of the shares[25] - The company has 5,419 common stock shareholders at the end of the reporting period[24] Other Income and Expenses - Other income for the period was ¥635,217.92, up 89.92% year-on-year, attributed to an increase in government subsidies related to assets[18] - Exchange gains for the period reached ¥545,914.17, a significant increase of 253.07% year-on-year, largely influenced by currency fluctuations[18] - The total operating expenses for the first nine months of 2022 were CNY 233,007,199.97, compared to CNY 168,449,870.33 in 2021, representing an increase of about 38.3%[54] - The tax expenses for Q3 2022 were 835,423.86, down from 1,921,226.89 in Q3 2021, indicating a decrease of about 56.5%[47]

Company Overview - The company successfully listed on the Beijing Stock Exchange on January 6, 2022, after receiving approval from the China Securities Regulatory Commission for public stock issuance[5]. - The company was awarded the "Jiangsu Province Worker Pioneer" title in June 2022[6]. - The actual controller, Ma Jinxing, holds 15.37% of the shares, and together with Dong Lanbo, they control 62.54% of the company, posing a risk of improper control over strategic decisions[12]. Financial Performance - The company's operating revenue for the first half of 2022 was RMB 159,219,184.56, representing a 5.12% increase compared to RMB 151,470,267.84 in the same period last year[26]. - The net profit attributable to shareholders for the same period was RMB 21,407,681.55, which is a 9.45% increase from RMB 19,558,945.06 in the previous year[26]. - The gross profit margin decreased to 23.26% from 25.12% year-on-year[26]. - The total assets at the end of the reporting period were RMB 442,893,666.38, a 3.19% increase from RMB 429,211,982.29 at the end of the previous year[27]. - The total liabilities decreased by 8.85% to RMB 144,338,512.57 from RMB 158,353,713.64 year-on-year[27]. - The net cash flow from operating activities was RMB 11,718,978.06, down 34.49% from RMB 17,889,051.06 in the previous year[28]. - The company reported a basic earnings per share of RMB 0.44, a decrease of 12.27% from RMB 0.50 in the same period last year[26]. Market and Industry Insights - The company has established itself as a leading provider of hydraulic power units in the domestic warehousing and logistics sector, with increasing market competitiveness[32]. - The hydraulic components market in China reached €9.52 billion in 2019, with a year-on-year growth of 4.9%[38]. - Approximately 70% of high-end hydraulic products in China are reliant on imports, highlighting a significant opportunity for domestic manufacturers[39]. - The hydraulic industry in China has established a complete industrial system over nearly 70 years, but most manufacturers are small-scale with insufficient independent innovation capabilities, resulting in products being positioned at the mid-to-low end of the value chain[45]. - The hydraulic products are evolving towards high performance, high quality, reliability, and intelligence, with a focus on energy-saving and environmentally friendly technologies[46]. Risks and Challenges - The company faces risks related to market fluctuations, as its products are sensitive to the economic conditions of downstream industries such as automotive and engineering machinery[12]. - The company is exposed to foreign exchange risks due to its primary revenue being settled in foreign currencies, which may lead to exchange losses[13]. - The company faces risks related to the loss of technical personnel, which could impact operational performance and sustainable development[86]. - The company is exposed to market volatility risks due to its dependence on the hydraulic industry and related downstream sectors[84]. Research and Development - R&D expenditure accounted for 4.5% of operating revenue, indicating a commitment to innovation and product development[35]. - The company holds 4 invention patents and 18 utility model patents, showcasing its focus on proprietary technology[33]. - The company continues to develop new products, including the newly launched internal gear pump, contributing to revenue diversification[70]. Corporate Governance - The company has implemented measures to avoid conflicts of interest in transactions and has established an independent board system to enhance corporate governance[12]. - The company has established a strict product quality control system and passed the IATF16949 certification in June 2021, with no major quality incidents reported since its establishment[13]. - The company has a strict training program to enhance quality management awareness among all employees[88]. Shareholder and Stock Management - The company is currently fulfilling commitments to avoid competition and not occupy company funds[96]. - The company has implemented measures to ensure that no shares are transferred or managed by others during the lock-up period[97]. - Shareholders are required to report any changes in their shareholdings during their tenure, with a limit of 25% of their total shares transferable annually[99]. - The company has committed to not repurchase shares during the lock-up period[98]. - The company will ensure compliance with regulations regarding shareholding disclosures and transfer limits for its directors and senior management[99]. Social Responsibility and Environmental Compliance - The company actively engages in social responsibility, including timely tax payments and contributions to local charities[79]. - The company has implemented strict environmental protection measures, ensuring compliance with local standards for emissions of particulate matter, sulfur dioxide, and nitrogen oxides[81]. - The company has achieved "zero waste" in solid waste management, with hazardous waste disposed of by qualified units and general waste sold for recycling[82].

Company Overview - The company successfully listed on the Beijing Stock Exchange on January 6, 2022, after receiving approval from the China Securities Regulatory Commission for public stock issuance[5]. - The company was awarded the "Jiangsu Province Worker Pioneer" title in June 2022[6]. - The actual controller, Ma Jinxing, holds 15.37% of the shares, and together with Dong Lanbo, they control 62.54% of the company, posing a risk of improper control over strategic decisions[12]. Financial Performance - The company's operating revenue for the first half of 2022 was RMB 159,219,184.56, representing a 5.12% increase compared to RMB 151,470,267.84 in the same period last year[26]. - The net profit attributable to shareholders of the listed company was RMB 21,407,681.55, a 9.45% increase from RMB 19,558,945.06 in the previous year[26]. - The gross profit margin decreased to 23.26% from 25.12% year-on-year[26]. - The total assets at the end of the reporting period were RMB 442,893,666.38, up 3.19% from RMB 429,211,982.29 at the end of the previous year[27]. - The total liabilities decreased by 8.85% to RMB 144,338,512.57 from RMB 158,353,713.64 year-on-year[27]. - The net cash flow from operating activities was RMB 11,718,978.06, down 34.49% from RMB 17,889,051.06 in the previous year[28]. - The company reported a basic earnings per share of RMB 0.44, a decrease of 12.27% from RMB 0.50 in the same period last year[26]. Market Position and Industry Insights - The company has established itself as a leading provider of hydraulic power units in the domestic warehousing and logistics sector, with increasing market competitiveness[32]. - The hydraulic components market in China reached €9.52 billion in 2019, with a year-on-year growth of 4.9%[38]. - Approximately 70% of high-end hydraulic products in China are reliant on imports, highlighting a significant market opportunity[39]. - The domestic hydraulic market has a low concentration, suggesting substantial room for market consolidation and growth[52]. Research and Development - Research and development expenses accounted for 4.5% of operating revenue, indicating a commitment to innovation[35]. - The company holds 4 invention patents and 18 utility model patents, showcasing its focus on proprietary technology[35]. - Research and development expenses increased by 34.43% to CNY 7,157,668.85, reflecting the company's commitment to high-end pump and valve project development[62]. Risk Factors - The company faces risks related to market fluctuations, as its products are sensitive to the economic conditions of downstream industries such as automotive and engineering machinery[12]. - The company is exposed to foreign exchange risks due to its primary revenue being settled in foreign currencies, which may lead to exchange losses[12]. - The company faces risks related to the loss of technical personnel, which could impact operational performance and sustainability[87]. - The company is exposed to market volatility risks due to its dependence on the hydraulic industry and related sectors[85]. Corporate Governance - The company has implemented measures to avoid conflicts of interest in transactions and has established an independent board system to enhance corporate governance[12]. - The company has established a strict product quality control system and passed the IATF16949 certification in June 2021, with no major quality incidents reported since its establishment[12]. - The company has implemented measures to strengthen accounts receivable management and shorten the collection cycle for sales payments[89]. Shareholder Commitments and Regulations - The company is currently fulfilling commitments to avoid competition and not to occupy company funds, as per the commitments made since 2017[97]. - The company has committed to not repurchasing shares during the lock-up period[98]. - The company will ensure compliance with regulations regarding shareholding disclosures and transfer limitations for its executives[100]. - The company confirmed that it holds a commitment to ensure the authenticity, accuracy, and completeness of the information in the prospectus, bearing corresponding legal responsibilities[102]. Social Responsibility and Environmental Compliance - The company actively fulfills social responsibilities, including timely tax payments and contributions to local charities[80]. - The company adheres to environmental protection measures, ensuring compliance with local standards for emissions of particulate matter, sulfur dioxide, and nitrogen oxides[82]. - The company has achieved "zero waste discharge" by safely disposing of hazardous waste and recycling general waste[83].

Financial Performance - The net profit attributable to shareholders for the first quarter of 2022 was ¥7,704,735.02, a decrease of 13.26% year-over-year[16]. - Operating revenue for the first quarter of 2022 reached ¥64,968,547.78, reflecting a 15.76% increase compared to the same period last year[16]. - Basic earnings per share for the first quarter of 2022 decreased by 28.75% to ¥0.16[16]. - The decline in net profit was mainly attributed to increased management and research and development expenses[18]. - Total operating revenue for Q1 2022 reached ¥64,968,547.78, an increase of 15.9% compared to ¥56,124,616.59 in Q1 2021[48]. - The company's net profit for the current period is 7,704,735.02, a decrease of 13.3% compared to 8,882,857.42 from the previous period[49]. - Operating profit for the current period is 9,045,075.99, a slight decrease of 6.6% from 9,683,084.97 in the previous period[49]. - The total profit for the current period is 9,214,185.64, down 9.2% from 10,144,941.73 in the previous period[49]. - Basic earnings per share decreased to 0.16 from 0.23, reflecting a decline of 30.4%[50]. Assets and Liabilities - The total assets as of March 31, 2022, amounted to ¥435,894,128.71, representing a 1.56% increase compared to the end of the previous year[16]. - The company's net assets attributable to shareholders increased by 6.97% to ¥289,727,207.28 as of March 31, 2022[16]. - The asset-liability ratio for the consolidated entity was 33.53%, down from 36.89% at the end of the previous year[16]. - Total liabilities decreased to ¥146,166,921.43 in Q1 2022 from ¥158,353,713.64 in Q4 2021, a reduction of 7.5%[41]. - Shareholders' equity increased to ¥289,727,207.28 in Q1 2022 from ¥270,858,268.65 at the end of 2021, representing a growth of 6.9%[42]. Cash Flow - The company's cash flow from operating activities showed a net outflow of ¥3,377,316.23, a decline of 190.51% compared to the previous year[16]. - Cash inflow from operating activities for Q1 2022 was CNY 105,241,309.14, a significant increase of 73.4% compared to CNY 60,731,706.68 in Q1 2021[54]. - Net cash outflow from operating activities in Q1 2022 was CNY -3,377,316.23, contrasting with a positive cash flow of CNY 3,731,353.02 in Q1 2021[54]. - Cash outflow from investing activities in Q1 2022 totaled CNY 26,472,740.32, up from CNY 9,547,583.21 in Q1 2021, indicating a 77.7% increase[55]. - Net cash flow from financing activities in Q1 2022 was CNY 11,026,333.73, compared to a net outflow of CNY -786,302.77 in Q1 2021[55]. - The ending cash and cash equivalents balance for Q1 2022 was CNY 72,870,309.67, compared to CNY 27,731,509.79 at the end of Q1 2021, reflecting a growth of 162.5%[55]. Shareholder Information - The total number of shares increased from 47,478,261 to 48,750,000 due to the full exercise of the over-allotment option, adding 1,271,739 shares[23]. - The proportion of unrestricted shares decreased from 21.61% to 21.05%, while the proportion of restricted shares increased from 78.39% to 78.95%[23]. - The largest shareholder, Huai'an Haoxin Hydraulic Co., Ltd., holds 14,000,000 shares, representing 28.72% of the total shares[25]. - The second-largest shareholder, Ma Jinxing, holds 7,493,717 shares, accounting for 15.37% of the total shares[25]. - The total number of shareholders with more than 5% ownership is concentrated among the top ten shareholders, holding a combined 79.37% of the total shares[26]. - The total number of restricted shares held by the top ten shareholders is 37,393,717, while unrestricted shares amount to 1,300,000[26]. - The company has established relationships among major shareholders, including familial ties and shared control by government entities[27]. Operational Insights - The increase in operating revenue was primarily driven by the growth in sales volume and the variety of power unit products offered[17]. - Research and development expenses increased to 3,063,699.58, up 32% from 2,320,588.65 in the previous period[49]. - The company reported a net profit margin improvement, with net income for Q1 2022 expected to reflect the growth in revenue despite increased costs[48]. - Future outlook indicates a focus on market expansion and new product development to sustain growth momentum[48]. - The company has plans for market expansion and new product development, focusing on enhancing its competitive edge in the industry[49]. Legal and Compliance - The company is involved in a lawsuit against Hefei Yihang Machinery Technology Co., Ltd. for an outstanding payment of RMB 561,539.00, which is currently under court enforcement[32]. - The company has not engaged in any significant external guarantees or loans during the reporting period[30]. - The company has not faced any major penalties or investigations during the reporting period[31]. - The company has fulfilled its previously disclosed commitments in a timely manner[34].

Financial Reporting - The company corrected the 2021 annual report due to inaccuracies identified after its initial release[3]. - The correction announcement was made on April 22, 2022, following the initial disclosure on April 6, 2022[12]. - The company expressed apologies for any inconvenience caused to investors due to the corrections made[10]. - The report maintains that all other content remains unchanged aside from the corrections noted[10]. Board of Directors - The board of directors consists of 9 members, with 3 supervisors and 3 senior management personnel[8]. - The company has acknowledged the relationship between the actual controller and certain board members, including familial ties[9]. - The company maintains that there are no other significant relationships among board members and senior management[9]. Compensation - The annual pre-tax compensation for the chairman, Ma Jinxing, is 331,781.76 CNY, while the general manager, Xue Weizhong, receives 343,669.11 CNY[4]. - The report includes detailed compensation figures for all board members, with amounts ranging from 0.00 CNY to 343,669.11 CNY[7]. Disclosure Practices - The company emphasizes the importance of accurate and complete information in its disclosures[2].

Financial Performance - Jiangsu Vibo Hydraulics achieved a revenue of 871.245 million in 2021, reflecting a strong market presence in the Asia-Pacific region and extending to parts of Europe and America[1]. - The company's operating revenue for 2021 was CNY 316,850,694.62, representing a 45.23% increase compared to CNY 218,167,526.92 in 2020[29]. - The net profit attributable to shareholders for 2021 was CNY 42,229,536.00, a 59.11% increase from CNY 26,540,358.39 in 2020[29]. - The total assets increased by 49.39% to CNY 429,211,982.29 at the end of 2021, up from CNY 287,300,703.28 at the beginning of the year[31]. - The company's total liabilities rose by 22.05% to CNY 158,353,713.64 at the end of 2021, compared to CNY 129,746,054.74 at the beginning of the year[31]. - The weighted average return on equity for 2021 was 23.64%, up from 18.19% in 2020[29]. - The basic earnings per share for 2021 increased by 58.82% to CNY 1.08, compared to CNY 0.68 in 2020[29]. - The company's cash flow from operating activities for 2021 was CNY 33,536,573.56, a decrease of 46.04% from CNY 62,153,117.72 in 2020[33]. - The total equity attributable to shareholders increased by 71.91% to CNY 270,850,293.14 at the end of 2021, compared to CNY 157,554,648.54 at the beginning of the year[31]. - The company's inventory turnover rate improved to 6.05 in 2021, compared to 5.94 in 2020[33]. Market Position and Strategy - The company has established long-term and stable relationships with major clients, including Noli Group and Hangcha Group, ensuring a solid customer base with strong payment capabilities[12]. - Vibo Hydraulics has received the "Outstanding Supplier" award from Hangcha Group for the years 2019-2021, indicating recognition of its quality and service[3]. - The company is focused on continuous technological innovation and product development to maintain its competitive edge in the hydraulic power industry[5]. - The company’s business model remains unchanged, focusing on customized design and production based on customer needs[47]. - The company has maintained a competitive edge in the hydraulic power unit market, with a focus on technological innovation and quality[46]. - The company is committed to environmental protection, ensuring compliance with local environmental standards and effectively managing waste[120]. - The company is focused on the hydraulic component industry, which is a key part of China's manufacturing strategy, aiming for 70% self-sufficiency in core components by 2025[123]. Research and Development - The company holds 3 invention patents and 52 utility model patents as of December 31, 2021[46]. - Research and development expenses increased by 25.14% to ¥12,497,859.60, reflecting the company's commitment to innovation[86]. - The total number of R&D personnel decreased from 53 to 50, with the proportion of R&D staff to total employees dropping from 15.06% to 10.85%[112]. - The company plans to deepen R&D investments towards integrated, modular, and intelligent solutions in the hydraulic components sector[128]. - The company is collaborating with Nanjing Engineering Institute on a project to develop a high-end electro-hydraulic system with an annual production capacity of 150,000 sets[115]. Risks and Challenges - The company faces risks related to market fluctuations, as its products are closely tied to the performance of downstream industries such as warehousing logistics and automotive machinery[12]. - The company has a high proportion of accounts receivable in its current assets, which may increase the risk of collection if not managed effectively[12]. - The company is exposed to foreign exchange risks due to transactions with international clients, which may lead to exchange losses[131]. - The hydraulic product sector faces significant technical barriers, requiring long R&D cycles and complex production processes, which demand high levels of investment in technology and skilled personnel[74]. - The shortage of skilled professionals in the hydraulic industry hampers innovation and the ability to meet market demands, affecting the overall growth of the sector[82]. Corporate Governance and Compliance - The company has established a rigorous internal control system to ensure compliance with information disclosure obligations and sustainable development[5]. - The actual controllers hold a combined 64.23% of the company's shares, which poses a risk of improper control over strategic and operational decisions[127]. - The company has committed to strict adherence to public commitments made during its stock issuance process, including compensation for any direct losses incurred by investors[184]. - The company has established measures to prevent any potential competition arising from future business expansions[190]. - The company will ensure compliance with relevant laws and regulations during any share reduction activities[144]. Shareholder and Equity Management - The company completed a public offering of shares and listed on the Beijing Stock Exchange on April 29, 2021, ensuring the accuracy and completeness of the prospectus[144]. - Major shareholders are restricted from transferring or managing their shares for two months following the company's listing, with a commitment to not sell shares below the issuance price[143]. - The company has committed to a share repurchase program, ensuring that shares held by major shareholders will not be sold below the issuance price within two years after the lock-up period[142]. - The company will disclose any share reduction plans at least 15 trading days in advance, with additional disclosures required if the reduction exceeds 1% of total shares within three months[161]. - The company guarantees that the contents of the prospectus are true, accurate, and complete, and will bear legal responsibility for any misrepresentation[172].

Financial Corrections - The company announced a correction to its 2020 semi-annual report due to discrepancies found in financial data[2]. - The correction primarily involves accounting data, operational conditions, significant events, share changes, and financing[3]. - The revised financial statements accurately reflect the company's financial status and operational results, ensuring no harm to shareholders' interests[2]. - The corrected report was disclosed on November 17, 2021, on the designated information disclosure platform[4]. - Other contents of the semi-annual report remain unchanged following the correction[5]. Company Commitment - The company expressed apologies for any inconvenience caused to investors due to the correction[6]. - The company is committed to ensuring the reliability and authenticity of its financial information[2]. - The correction aligns with the requirements of the Accounting Standards for Enterprises and related guidelines[3]. - The company undertook this correction in light of its application for public stock issuance and listing on the Beijing Stock Exchange[2]. - The board of directors guarantees the truthfulness, accuracy, and completeness of the announcement content[2].

Quality Management and Certifications - The company received the IATF16949 quality management system certification from NSF, valid until June 28, 2024, covering the production of hydraulic components and hydraulic power units[6]. - The company has established a strict product quality control system and has not experienced major quality incidents since its inception[17]. - The company has established a robust product quality control system, adhering to ISO9001 standards, and has not experienced any major quality incidents since its inception[71]. Intellectual Property and Innovation - Five products obtained software copyrights in March 2021, enhancing the company's intellectual property portfolio[7]. - The company emphasizes its commitment to quality and aims to become a global leader in the hydraulic power industry, focusing on innovation and market responsiveness[9]. - The company has developed core technologies including noise control, low-pressure casting, and advanced product testing techniques, enhancing its competitive edge in the market[38]. Financial Performance - The company's operating revenue for the current period reached ¥151,470,267.84, representing a 64.61% increase compared to ¥92,018,051.47 in the same period last year[30]. - The net profit attributable to shareholders for the current period was ¥19,558,945.06, up 48.49% from ¥13,171,905.90 in the previous year[30]. - The net cash flow from operating activities increased by 14.87% to ¥17,889,051.06 from ¥15,573,334.34 year-on-year[30]. - The total assets at the end of the current period amounted to ¥300,897,549.85, a 4.73% increase from ¥287,300,703.28 at the beginning of the period[30]. - The company's debt-to-asset ratio decreased to 41.14% from 45.16% in the previous period, indicating improved financial stability[30]. - The weighted average return on equity based on net profit attributable to shareholders was 11.67%, up from 9.38% in the previous year[30]. - The basic earnings per share increased to ¥0.50, a rise of 47.06% from ¥0.34 in the same period last year[30]. - The company reported a net profit growth rate of 48.49%, compared to 51.68% in the previous year, indicating strong performance despite a slight decline in growth rate[31]. Market and Operational Risks - The company operates in a volatile market, with its products primarily used in warehousing logistics, automotive machinery, engineering machinery, and railway machinery, making it sensitive to macroeconomic conditions[16]. - The company faces risks related to the loss of technical personnel, which could impact its innovation and development capabilities[17]. - The company has a significant amount of accounts receivable, which poses a risk if large amounts are not collected in a timely manner[17]. - The company’s foreign sales are primarily denominated in USD, exposing it to exchange rate fluctuations, although the impact has been minimal in the reporting period[17]. - The company is exposed to risks from market fluctuations, particularly in the hydraulic industry, which is sensitive to macroeconomic conditions and national industrial policies[66]. Corporate Governance and Management - The company is committed to improving its operational management and information disclosure to ensure sustainable development as a public company[9]. - The company maintains a stable management team and has a strong ability to operate independently, with no significant adverse events affecting its going concern capability during the reporting period[64]. - The company has a risk management framework in place to address potential talent loss in its technical team, which is crucial for innovation and development[69]. - The company is currently implementing a "mentorship" program to improve the capabilities of veteran employees and facilitate the integration of new hires into the work environment[84]. Financial Reporting and Compliance - The company has not reported any changes in accounting policies or significant errors during the reporting period[34]. - The audit opinion for the financial statements was unqualified, indicating no significant issues found[111]. - The financial statements are prepared in accordance with the enterprise accounting standards, reflecting the company's financial position and operating results accurately[161]. Shareholder Information - The total number of unrestricted shares decreased from 31,500,000 to 22,993,717, representing a reduction of 27.1%[91]. - The total number of restricted shares increased from 7,500,000 to 30,493,717, indicating a growth of 305.2%[91]. - The total share capital remained unchanged at 39,000,000 shares[91]. - The largest shareholder, Huai An, holds 14,000,000 shares, accounting for 35.90% of total shares[93]. - The second-largest shareholder, Ma Jinxing, holds 7,493,717 shares, representing 19.21% of total shares[93]. - The total shares held by the top ten shareholders account for 99.56% of the total shares[94]. - There were no changes in the controlling shareholder or actual controller during the reporting period[95]. Research and Development - Research and development expenses increased by 15.32% to ¥5,324,314.22, attributed to an increase in subsidiary R&D projects[51]. - The company plans to expand its market presence and invest in new product development to drive future growth[135].