Financial Performance - Total revenue for the year ended December 31, 2024, reached RMB 2,693,468,867.27, representing a 48.04% increase compared to RMB 1,819,442,221.52 in 2023[2] - Net profit attributable to shareholders increased by 93.15% to RMB 149,123,766.76 from RMB 77,204,342.79 in the previous year[2] - The net profit excluding non-recurring gains and losses rose by 112.56% to RMB 136,834,644.64, up from RMB 64,374,816.28 in 2023[2] - Basic and diluted earnings per share improved by 87.22% to RMB 0.1831, compared to RMB 0.0978 in the prior year[2] - The company reported a total profit of RMB 152,268,408.84 for the year, up from RMB 84,003,146.19 in 2023[7] - The gross profit margin for the main business improved to 19.82% in 2024, compared to 17.09% in the previous year[36] - The company’s overall gross profit margin for 2024 was 20.94%, up from 19.33% in the previous year, indicating improved cost management[36] Assets and Liabilities - Total assets increased by 23.16% to RMB 3,264,667,069.57 from RMB 2,650,678,847.84 in 2023[2] - Net assets attributable to shareholders grew by 32.19% to RMB 1,943,079,732.36, up from RMB 1,469,865,219.48[2] - The total short-term borrowings decreased from RMB 147,820,497.81 in 2023 to RMB 81,109,472.22 in 2024, reflecting a reduction of about 45%[22] - The long-term borrowings remained unchanged at RMB 34,836,594.99 as of December 31, 2024, compared to the previous year[24] - The total assets minus current liabilities as of December 31, 2024, is RMB 1,987,568,329.69, compared to RMB 1,527,444,754.65 in 2023[33] Cash Flow - Cash flow from operating activities decreased by 63.51% to RMB 1,166,381.31, down from RMB 3,196,715.47 in the previous year[2] - Operating cash flow net amount decreased by 63.51% to RMB 1,166,381.31, primarily due to increased cash payments for employee compensation and bank guarantees[45] - Total cash and cash equivalents increased by 360.07% to RMB 93,137,145.34, compared to a decrease of RMB 35,812,236.20 in 2023[45] Expenses - Total operating costs for 2024 were RMB 2,492,270,418.86, compared to RMB 1,753,706,339.00 in 2023[7] - Research and development expenses increased to RMB 159,714,979.19 from RMB 118,196,951.05, indicating a focus on innovation[7] - Financial expenses for 2024 amounted to RMB 1,132,390.28, a decrease from RMB 6,072,232.49 in 2023, showing a reduction of about 81%[26] - The company reported a decrease in financial expenses by 81.35% to RMB 1,132,390.28, due to repayment of bank loans and increased interest income[37] Taxation and Incentives - The company and its subsidiaries have been recognized as high-tech enterprises, allowing them to pay corporate income tax at a reduced rate of 15% for the period 2023-2025[18] - The corporate income tax rate for the company and several subsidiaries is set at 15%, while other entities face a rate of 25%[17] - The company benefits from a VAT policy allowing advanced manufacturing enterprises to deduct an additional 5% from their payable VAT from January 1, 2023, to December 31, 2027[18] - The company benefited from tax incentives for employing self-employed veterans and poverty alleviation personnel, which will apply until December 31, 2027[7] Shareholder Information - The company plans to distribute a cash dividend of RMB 0.60 per share, totaling RMB 49,357,943.04, based on a total share capital of 822,632,384 shares as of December 31, 2024[28] - The profit distribution plan for 2024 is pending approval at the annual general meeting, with the final cash dividend expected to be paid to H shareholders on August 30, 2025[54] Operational Insights - The automotive parts and accessories manufacturing segment contributed RMB 2,609,786,667.29, accounting for 96.89% of total revenue, with a year-on-year growth of 50.04%[42] - Sales volume of automotive parts reached 4,458,978 units, representing a significant increase of 58.04% compared to 2,821,409 units in 2023[43] - The self-developed Rack Electric Power Steering System (R-EPS) has achieved mass production, supporting the company's ongoing development[55] - The company anticipates an increase in the production and sales of electric and intelligent vehicle steering systems in 2024, which will drive operational performance[55] - The company is focusing on new technology research and commercialization, including steer-by-wire and rear-wheel steering, to assist in advanced autonomous driving and localization of automotive components[55] Employee and Talent Management - The company has 2,224 full-time employees as of December 31, 2024, and emphasizes employee training and talent retention strategies[57] - The company has established a flexible talent introduction and incentive policy to attract external talent[57] Accounting Policies - The company will implement changes to accounting policies starting January 1, 2024, including the classification of current and non-current liabilities, which will not impact the financial statements[14] - The company has implemented several new accounting standards effective January 1, 2024, which include disclosures related to supplier financing arrangements and accounting for sale-leaseback transactions[14] Other Information - The company reported no significant asset or equity acquisitions or disposals during the reporting period[50] - As of December 31, 2024, the company has no significant contingent liabilities[53] - There are no significant other matters that require explanation during the reporting period[56] - The company has not purchased, sold, or redeemed any of its listed securities as of December 31, 2024[62]

Financial Performance - The company's operating revenue for Q3 2024 reached RMB 691,206,782.78, representing a year-on-year increase of 54.09%[3] - Net profit attributable to shareholders for Q3 2024 was RMB 45,094,915.16, a significant increase of 115.88% compared to the same period last year[3] - The net profit attributable to shareholders after deducting non-recurring gains and losses was RMB 40,801,103.34, reflecting a year-on-year growth of 172.09%[3] - Total operating revenue for the first nine months of 2024 reached RMB 1,817,567,758.66, a 54.5% increase from RMB 1,176,522,433.74 in the same period of 2023[13] - Net profit for the first nine months of 2024 was RMB 127,340,842.49, compared to RMB 42,457,184.81 in 2023, representing a 199.5% increase[14] - Basic and diluted earnings per share for the first nine months of 2024 were both RMB 0.1380, up from RMB 0.0516 in 2023[14] - Total comprehensive income attributable to the parent company for the first nine months of 2024 was RMB 111,982,671.15, compared to RMB 40,726,450.14 in 2023, marking a 174.5% increase[14] Assets and Liabilities - The total assets as of September 30, 2024, amounted to RMB 2,974,816,731.55, an increase of 12.23% from December 31, 2023[3] - The net assets attributable to shareholders reached RMB 1,905,938,636.75, showing a growth of 29.67% compared to the end of the previous year[3] - Current assets reached RMB 1,995,979,325.46, up from RMB 1,682,158,653.02 in the previous year[11] - Total liabilities decreased to RMB 1,065,421,539.21 from RMB 1,192,715,244.11, reflecting improved financial health[12] - The equity attributable to shareholders increased to RMB 1,905,938,636.75 from RMB 1,469,865,219.48, showing a strong growth in shareholder value[12] Cash Flow - The company reported a net cash flow from operating activities of RMB -4,820,372.51 for the first nine months of 2024, improving by 76.62% year-on-year[6] - Cash flow from operating activities showed a net outflow of RMB 4,820,372.51 in 2024, an improvement from a net outflow of RMB 20,619,730.80 in 2023[15] - Cash and cash equivalents at the end of September 2024 amounted to RMB 221,269,967.57, significantly up from RMB 92,079,020.74 at the end of September 2023[15] - The company received cash from financing activities totaling RMB 488,487,745.02 in 2024, compared to RMB 158,000,000.00 in 2023[15] Operational Highlights - The company attributed revenue growth to the acceleration of trends in automotive electrification, intelligence, and globalization, as well as an increase in market share of Chinese passenger vehicles[6] - Research and development expenses increased to RMB 100,595,342.38 in 2024 from RMB 79,309,832.33 in 2023, reflecting a 26.8% rise[13] - The company reported a total operating cost of RMB 1,701,232,030.19 for the first nine months of 2024, up from RMB 1,146,106,492.73 in 2023, which is a 48.4% increase[13] Shareholder Information - Zhejiang Shibao Holding Group Co., Ltd. remains the largest shareholder, holding 295,336,898 shares, representing 35.90% of the total share capital[9] Inventory and Receivables - The company reported a significant increase in inventory, which rose to RMB 511,567,895.23 from RMB 478,208,228.06[11] - Accounts receivable rose to RMB 963,215,179.74 compared to RMB 717,577,606.43 at the end of 2023, indicating a significant growth in receivables[11] Debt Management - Short-term borrowings decreased to RMB 61,109,342.47 from RMB 147,820,497.81, indicating a reduction in debt levels[12]

Financial Performance - Operating revenue for the first half of 2024 reached CNY 1,126,360,975.88, a 54.73% increase compared to CNY 727,947,938.24 in the same period of 2023[9] - Net profit attributable to shareholders of the listed company was CNY 66,887,755.99, representing a significant increase of 237.18% from CNY 19,837,169.51 in the first half of 2023[9] - Net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 63,997,448.86, up 652.24% from CNY 8,507,594.78 in the previous year[9] - Basic and diluted earnings per share increased to CNY 0.0830, up 230.68% from CNY 0.0251 in the same period last year[9] - Operating profit for the first half of 2024 was RMB 73,770,308.63, up from RMB 20,762,286.27 in the first half of 2023, representing a growth of 255%[20] - The company achieved a total profit of RMB 73,016,236.07 in the first half of 2024, compared to RMB 20,441,696.41 in the same period of 2023, representing an increase of 257%[20] Cash Flow and Liquidity - Net cash flow from operating activities improved to CNY 15,607,460.23, a turnaround from a negative cash flow of CNY -61,917,321.13 in the first half of 2023, marking a 125.21% increase[9] - Total cash inflow from operating activities increased to RMB 586,695,208.19 in H1 2024, up from RMB 460,607,704.96 in H1 2023, representing a growth of approximately 27.3%[25] - The net cash flow from financing activities was RMB 143,659,737.82 in H1 2024, compared to RMB 20,420,275.69 in H1 2023, indicating a substantial increase[25] - The ending cash and cash equivalents balance as of June 30, 2024, was RMB 211,911,549.12, up from RMB 143,451,383.11 at the end of June 2023[25] Assets and Liabilities - Total assets increased by 4.38% to RMB 2,766,828,436.06 as of June 30, 2024, compared to RMB 2,650,678,847.84 at the end of 2023[10] - Total liabilities decreased by 25.49% to RMB 888,674,365.25 from RMB 1,192,715,244.11[12] - Short-term borrowings significantly reduced to RMB 11,009,342.47 from RMB 147,820,497.81, a decrease of 92.56%[11] - The company's equity attributable to shareholders increased by 27.96% to RMB 1,880,840,720.49, indicating strong financial health[12] Research and Development - Research and development expenses increased to RMB 64,477,581.03 in the first half of 2024, up from RMB 50,292,023.37 in the first half of 2023, reflecting a growth of 28%[20] - Direct input costs for R&D activities include expenses for materials, fuel, power, and costs for molds and equipment development, totaling RMB X million[97] - Design costs for new products and processes incurred during development reached RMB A million, focusing on innovative and breakthrough designs[100] Taxation and Incentives - The company and its subsidiaries benefit from a reduced corporate income tax rate of 15% due to high-tech enterprise certification, valid from 2023 to 2025[136] - The company enjoys a VAT deduction policy allowing a 5% additional deduction on payable VAT for advanced manufacturing enterprises from 2023 to 2027[136] - The company reported a VAT exemption of RMB 58,500 for hiring self-employed veterans under specific tax policies[136] Inventory and Receivables - Accounts receivable grew by 18.69% to RMB 851,874,375.47 from RMB 717,577,606.43[11] - The provision for bad debts was RMB 32,171,934.35, which is 3.64% of total accounts receivable[145] - The total inventory at the end of the period is RMB 522,032,542.75 million, with a provision for inventory depreciation of RMB 37,912,868.24 million[162] Employee Compensation and Benefits - Total salary, bonuses, allowances, and subsidies increased to CNY 118,805,041.01 during the period, resulting in a year-end total of CNY 27,815,668.39[197] - The company contributed CNY 8,429,394.04 to the basic pension insurance during the period, leading to a year-end balance of CNY 839,226.16[198] - The total employee benefits expenses, including social insurance, amounted to CNY 29,208,178.70 at the end of the period[197] Compliance and Governance - The company’s financial statements have been approved by the board on August 23, 2024, ensuring compliance with regulatory requirements[36] - The company has no significant doubts regarding its ability to continue as a going concern for the next 12 months[38] - The company adheres to accounting standards, ensuring that financial statements accurately reflect its financial position, operating results, and cash flows[40]

香港交易及結算所有限公司及香港聯合交易所有限公司（「香港聯交所」）對本公告之內容概不 負責，對其準確性或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內 容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 1 Zhejiang Shibao Company Limited* 浙 江 世 寶 股 份 有 限 公 司 （於中華人民共和國註冊成立的股份有限責任公司） （股份代號：1057） 截至2024年6月30日止6個月之中期業績公告 主要會計數據和財務指標 | --- | --- | --- | --- | |-----------------------------------------------|----------------------------------------------------|----------------------------------------------|----------| | | 2024 年 1-6 月 \n人民幣 \n( 未經審計 ) ( | 2023 年 1-6 月 \n人民幣 \n未經審計 ) | 同比增減 | | 營業收入 | 1 ...

Financial Performance - Revenue for Q1 2024 reached RMB 493,440,384.78, an increase of 43.03% compared to RMB 345,001,524.92 in Q1 2023[8] - Net profit attributable to shareholders was RMB 21,779,300.91, up 140.12% from RMB 9,070,150.47 in the same period last year[8] - Net profit excluding non-recurring gains and losses was RMB 20,383,045.41, representing a 272.95% increase from RMB 5,465,326.94[8] - Total operating revenue for Q1 2024 reached RMB 493,440,384.78, a significant increase of 43% compared to RMB 345,001,524.92 in Q1 2023[13] - Net profit for Q1 2024 was RMB 25,576,044.10, up 158% from RMB 9,936,100.98 in Q1 2023[15] - The company reported a total comprehensive income of RMB 25,576,044.10 for Q1 2024, significantly higher than RMB 9,936,100.98 in Q1 2023[15] - Operating profit for Q1 2024 was RMB 24,678,312.76, compared to RMB 9,667,601.52 in Q1 2023, marking an increase of 155%[13] Earnings and Cash Flow - Basic and diluted earnings per share increased to RMB 0.0276, up 140.00% from RMB 0.0115[8] - Basic and diluted earnings per share for Q1 2024 were both RMB 0.0276, compared to RMB 0.0115 in Q1 2023, reflecting a growth of 140%[15] - Operating cash flow for the quarter was RMB 4,182,677.79, a significant improvement of 125.18% from a negative RMB 16,609,425.13 in Q1 2023[8] - Cash flow from operating activities generated a net amount of RMB 4,182,677.79 in Q1 2024, a recovery from a negative cash flow of RMB -16,609,425.13 in Q1 2023[17] - The net cash flow from operating activities was RMB 4,182,677.79, reflecting a year-on-year increase of 125.18%, mainly due to an increase in cash collected from sales[24] - The net cash flow from financing activities in Q1 2024 was RMB 331,346,988.71, a significant increase from RMB 7,623,874.92 in Q1 2023, reflecting strong capital inflow[17] Assets and Liabilities - Total assets as of March 31, 2024, were RMB 2,880,939,833.18, an increase of 8.69% from RMB 2,650,678,847.84 at the end of 2023[9] - Net assets attributable to shareholders rose to RMB 1,835,732,265.41, a 24.89% increase from RMB 1,469,865,219.48[9] - Cash and cash equivalents increased to RMB 495,054,624.71 from RMB 158,481,484.94, showing a substantial growth[9] - The company reported a decrease in total liabilities to RMB 1,053,312,440.33 from RMB 1,192,715,244.11, indicating improved financial health[11] Investment and R&D - Research and development expenses for Q1 2024 were RMB 25,779,797.06, slightly up from RMB 25,280,891.98 in Q1 2023, indicating continued investment in innovation[13] - The company received government grants amounting to RMB 972,450.00, contributing positively to the financial results[21] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 86,364, with the top ten shareholders holding significant stakes, including Zhejiang Shibao Holding Group Co., Ltd. at 37.40% and Hong Kong Central Clearing Limited at 27.51%[28] - The company issued 32,987,747 new ordinary shares, increasing the total share capital from 789,644,637 shares to 822,632,384 shares, approved by the China Securities Regulatory Commission[33] Strategic Focus - The company is focused on enhancing its operational efficiency and expanding its market presence in the upcoming quarters[8] - The company achieved operating revenue of RMB 493,440,384.78, representing a year-on-year growth of 43.03%, primarily due to significant increases in sales of various steering system products and key components[24]

Financial Performance - The total loans and borrowings at the end of the reporting period amounted to RMB 207,540,000, an increase of RMB 10,760,000 compared to the beginning of the year, primarily due to increased credit borrowings[1]. - The company's debt-to-capital ratio at the end of the reporting period was 5.69%, up from 2.92% at the end of the previous year[2]. - Total assets of Hangzhou Shibao were RMB 925,792,913.04, with net assets of RMB 435,629,895.73 and operating income of RMB 946,085,516.05[4]. - The operating profit for Hangzhou Shibao was RMB 43,315,018.08, while the net profit was RMB 44,418,246.87[4]. - Jilin Shibao reported an operating loss of RMB 21,540,898.63 and a net loss of RMB 22,698,310.93[4]. - The company reported a strong focus on R&D, with significant investments in electric power steering systems and intelligent steering solutions, enhancing its competitive edge in the automotive sector[21]. - The company achieved operating revenue of RMB 181,944,000, an increase of 31.24% compared to RMB 138,640,000 in 2022[38]. - The total profit for the year was RMB 8,400,000, significantly up from RMB 1,863,000 in the previous year[35]. - Net profit reached RMB 8,487,000, compared to RMB 1,826,000 in 2022, indicating strong growth[35]. - The gross profit margin for the main business improved to 18.43%, up from 17.43% in the previous year[39]. - The company’s non-current assets totaled RMB 96,852,000, a slight decrease from RMB 98,933,000 in 2022[36]. - Current assets increased to RMB 168,216,000 from RMB 140,016,000 in the previous year, reflecting improved liquidity[36]. - The net profit attributable to shareholders for the reporting period was RMB 77,204,342.79, a significant increase of 387.91% year-on-year[50]. - Total operating revenue was RMB 1,819,442,221.52, representing a year-on-year growth of 31.24%[58]. - Revenue from automotive parts and components manufacturing was RMB 1,740,240,817.04, accounting for 95.65% of total operating revenue, with a year-on-year increase of 31.04%[58]. - The gross profit margin for automotive parts and components manufacturing was 18.43%, showing an increase of 1.00 percentage points compared to the previous year[60]. Capital Structure and Management - The company plans to balance its capital structure through dividend distribution, issuing new shares, or repaying bank loans[2]. - The company will continue to monitor capital risk through its debt-to-capital ratio, calculated as net debt divided by total capital[2]. - The company is committed to enhancing its capital structure while managing funding costs and various capital risks[2]. - The company plans to distribute cash dividends of RMB 20,000,000.00 (including tax), which translates to approximately RMB 0.25 per 10 shares based on a total share capital of 789,644,637 shares as of March 27, 2024[116]. - The company has established a cash dividend policy that prioritizes cash dividends when there are distributable profits, with a minimum of 20% of the annual distributable profits to be distributed in cash[109]. - The company’s profit distribution policy emphasizes reasonable returns to shareholders while ensuring sustainable development[108]. Research and Development - The company focuses on the research and development of automotive steering products, including steering gears and key components of steering systems[141]. - The company has a strong technical capability with seven core technologies in steering system design and manufacturing, enhancing its innovation potential[21]. - R&D expenses reached RMB 118,196,951.05, up 18.59% year-on-year, representing 6.50% of operating revenue, down 0.69 percentage points from the previous year, primarily focused on core technologies in steering electrification, intelligence, and automation[44]. - The company has established a provincial-level technology center and research institute, focusing on mainstream and intelligent steering system technologies[152]. - The company plans to mass-produce its self-developed Rack Electric Power Steering System (R-EPS) in 2024, focusing on electric and intelligent steering systems[67]. - The number of R&D personnel increased to 426 in 2023, representing an 11.81% growth compared to 381 in 2022[79]. Operational Efficiency - The company emphasizes a flexible production model, utilizing multiple CNC machining centers to quickly adapt to diverse product demands, which improves operational efficiency[27]. - The company has established five production bases in Hangzhou, Yiwu, Siping, and Wuhu, and has a research institute and an intelligent technology R&D center in Beijing, indicating a robust operational footprint[20]. - The company has developed a comprehensive product line, including various steering systems for passenger and commercial vehicles, which enhances its market offerings and customer solutions[27]. - The company maintains a rigorous quality control system throughout the supply chain, ensuring product reliability and customer satisfaction[26]. - The company aims to enhance driving safety and comfort, focusing on providing intelligent driving solutions and products to leading global automotive groups[56]. Market Position and Strategy - The company has accumulated over 30 years of experience in the automotive industry, establishing a diverse and international customer base, which strengthens its market position[20]. - The company is one of the pioneers in developing electric power steering systems in China, positioning itself as a key player in the autonomous driving sector[20]. - The company plans to adopt a dual strategy of independent development and mergers and acquisitions to strengthen its position in the automotive parts industry, particularly in the steering sector[56]. - The Chinese automotive market is expected to maintain stable growth in 2024, driven by government policies and consumer demand recovery[53]. - The company aims to provide intelligent driving solutions and products to leading global automotive groups, aligning with industry trends towards automation and smart technologies[20]. Employee and Governance - The total employee compensation and benefits for the reporting period amounted to RMB 246,070,420.51, an increase from RMB 210,230,126.66 in 2022, reflecting a growth of approximately 17.1%[111]. - The company has 1,940 employees as of December 31, 2023, compared to 1,697 employees in 2022, indicating an increase of about 14.3%[111]. - The company maintains a stable and experienced team with an average of over 15 years of industry experience among core personnel[31]. - The company’s independent directors have fulfilled their responsibilities and ensured that minority shareholders' rights are adequately protected[108]. - The remuneration committee has recommended individual compensation for directors, supervisors, and senior management based on industry standards and internal employment conditions[193]. Risks and Challenges - The company faces risks related to industry fluctuations and product quality, which could significantly impact its operations and financial performance[90][91]. - The management discussion and analysis section includes insights on major risks and uncertainties faced by the company[141]. Environmental and Social Responsibility - The company emphasizes enhancing product technology performance and optimizing production processes for environmental protection[150]. - The company aims to minimize pollution during production by using low-toxicity materials and energy-efficient equipment[151]. - Subsidiaries have obtained ISO 14001 environmental management system certification[144]. - The company has a commitment to sustainable development principles and effective risk management[150]. Cash Flow and Financial Activities - The net cash flow from operating activities for the reporting period was RMB 3,196,715.47, a decrease of 97.12% year-on-year, primarily due to an increase in accounts receivable related to sales growth[81]. - The net cash flow from investing activities was RMB -50,417,812.86, an increase of 56.96% year-on-year, mainly due to increased cash received from the redemption of short-term financial products[81]. - The net cash flow from financing activities was RMB 11,159,896.43, a decrease of 42.75% year-on-year, primarily due to a reduction in the net amount of bank loans obtained and repaid[81]. - The net increase in cash and cash equivalents for the reporting period was RMB -35,812,236.20, a decline of 374.83% year-on-year[81]. Inventory and Accounts Receivable - Accounts receivable increased to RMB 717,577,606.43, accounting for 27.07% of total assets, up from 18.85% in the previous year, reflecting an increase of 8.22%[86]. - Inventory increased to RMB 478,208,228.06, representing 18.04% of total assets, compared to 17.53% in the previous year, showing a slight increase of 0.51%[86]. - The company reported a total inventory of 395,853 units in 2023, which is a 24.07% increase from 319,049 units in 2022[68]. Shareholder Information - Mr. Zhang Shiquan holds 26,391,580 A shares, representing approximately 4.61% of the same class of shares and 3.34% of the total issued share capital of the company[179]. - Mr. Zhang Shizhong holds 7,500 A shares, representing approximately 0.0013% of the same class of shares and 0.0009% of the total issued share capital of the company[179]. - Zhejiang Shibao Holdings owns 287,440,498 A shares, accounting for 50.18% of the issued A shares and 36.40% of the total issued share capital of the company[189]. - The company maintains a shareholder communication policy to ensure timely and clear information dissemination[159]. - The company is committed to maintaining high transparency standards in its information disclosure practices[160]. Audit and Compliance - The audit fees paid to the auditor for the year ending December 31, 2023, totaled RMB 924,500, which includes RMB 724,500 for statutory audit services and RMB 200,000 for non-statutory audit services related to internal controls[115]. - The company has complied with relevant laws and regulations during the reporting period[153]. - The company has not made any interim cash dividend distributions due to uncertainties in the final operating results for the year[109]. - There were no related party transactions that required disclosure under the Hong Kong Stock Exchange Listing Rules during the reporting period[194]. - The company has not entered into any stock-linked agreements during the reporting period[165]. - The company has not issued any convertible securities, options, or similar rights during the reporting period[170]. - The company has not adopted any share purchase plans as of December 31, 2023[191]. - The company does not have any service contracts with directors and supervisors that would prevent termination without compensation within one year[185]. - There were no significant transactions or arrangements involving directors and supervisors that could create a conflict of interest during the reporting period[199]. - The company has not engaged in any competitive interests that could conflict with its business during the reporting period[200].

Financial Performance - Total revenue for 2023 reached RMB 1,819,442,221.52, representing a year-on-year increase of 31.24% from RMB 1,386,395,566.38 in 2022[10] - Net profit attributable to shareholders of the listed company surged to RMB 77,204,342.79, a remarkable increase of 387.91% compared to RMB 15,823,592.47 in the previous year[10] - Basic earnings per share improved to RMB 0.10, reflecting a 400.00% increase from RMB 0.02 in 2022[10] - The gross profit from main business was RMB 320,744,815.32, up RMB 89,221,698.58 year-on-year, with a gross margin of 18.43%[35] - The company reported a net profit attributable to ordinary shareholders of RMB 77,204,342.79 for the current period, with basic earnings per share of RMB 0.02, down from RMB 0.10 in the previous year[58] Assets and Liabilities - The company's total assets as of December 31, 2023, amounted to RMB 2,650,678,847.84, up 10.93% from RMB 2,389,483,168.38 in 2022[10] - The total liabilities of the company were not explicitly stated, but the increase in total assets suggests a potential increase in leverage[10] - Total current liabilities increased to RMB 1,123,234,093.19 from RMB 938,866,486.73 in 2022, reflecting a growth of approximately 19.6%[14] - The company reported a total debt of RMB 1,192,715,244.11, up from RMB 1,016,385,196.52 in 2022, indicating a year-over-year increase of about 17.3%[14] - The company’s total assets minus current liabilities stood at RMB 1,527,444,754.65 as of December 31, 2023, compared to RMB 1,450,616,681.65 in 2022[27] Cash Flow - The net cash flow from operating activities for 2023 was RMB 3,196,715.47, a significant decline of 97.12% from RMB 110,871,280.81 in the previous year[10] - The net increase in cash and cash equivalents was RMB -35,812,236.20, a decline of 374.83% compared to an increase of RMB 13,030,787.85 in the previous year[29] - The company’s investment activities generated a net cash flow of RMB -50,417,812.86, an increase of 56.96% from the previous year[29] Research and Development - Research and development expenses increased to RMB 118,196,951.05, compared to RMB 99,668,577.85 in 2022[6] - Research and development expenses were RMB 118,196,951.05, up 18.59% year-on-year, representing 6.50% of operating revenue[37] - The company is focusing on expanding its market presence and enhancing its product offerings through ongoing research and development initiatives[12] - The company reported a significant increase in sales of its intelligent electric steering systems for new energy commercial vehicles, contributing to the overall growth in the automotive sector[90] Market Presence - Domestic sales contributed 94.63% of total revenue, highlighting the company's strong market presence in the domestic market[25] - The automotive parts and accessories segment accounted for 95.65% of total revenue, with revenue from this segment increasing by 31.04% to RMB 1,740,240,817.04[23] Employee and Talent Management - As of December 31, 2023, the company had a total of 1,940 full-time employees across various functions including production, sales, technology, finance, and administration[93] - The company has established a flexible talent introduction and incentive policy to attract outstanding external talent, ensuring personnel reserves meet development needs[120] - The company is implementing a training plan focused on job skills and management training to enhance employee capabilities[115] Tax and Regulatory Benefits - The subsidiary Wuhu Shiterui has obtained a high-tech enterprise certificate valid from 2023 to 2025, resulting in a 15% corporate income tax rate[44] - The corporate income tax rate for the company is set at 15%, with other entities subject to a 25% rate[107] - The company has obtained high-tech enterprise certification for its subsidiaries, allowing a reduced corporate income tax rate of 15% for the period from 2023 to 2025[67] - The company benefited from a VAT reduction policy allowing advanced manufacturing enterprises to deduct an additional 5% from their payable VAT from January 1, 2023, to December 31, 2027[68] Future Plans - In 2024, the company will commence mass production of its self-developed Rack Electric Power Steering System (R-EPS) and will advance projects for various steering systems to meet customer order demands[112] - The company plans to distribute cash dividends of RMB 20,000,000.00, equating to approximately RMB 0.25 per 10 shares, pending approval at the annual general meeting[57]

Financial Performance - Total comprehensive income for the first nine months of 2023 reached RMB 42,457,184.81, a significant increase from RMB 7,924,051.15 in the same period of 2022, representing a growth of 436.36%[5] - Net profit attributable to shareholders for the first nine months of 2023 was RMB 40,726,450.14, up 546.38% from RMB 6,300,744.99 in the previous year[5] - Basic earnings per share for the first nine months of 2023 was RMB 0.0516, a 545.00% increase compared to RMB 0.0080 in the same period last year[5] - The company reported a net profit of RMB 20,889,280.63 for Q3 2023, a remarkable increase of 283.63% compared to the same quarter last year[12] - For the period from January to September 2023, the net profit attributable to shareholders of the listed company was RMB 40,726,450.14, representing an increase of 546.38% year-on-year[26] - The net profit attributable to shareholders after deducting non-recurring gains and losses was RMB 23,503,241.54, up 262.51% compared to the same period last year[26] - Operating revenue for the first nine months of 2023 reached ¥1,176,522,433.74, a 27% increase from ¥926,736,014.87 in the same period of 2022[42] - Net profit for the first nine months of 2023 was ¥42,457,184.81, compared to ¥7,924,051.15 in the previous year, representing a significant increase[42] Revenue and Sales Growth - Operating revenue for Q3 2023 was RMB 448,574,495.50, reflecting a year-on-year increase of 20.36%[12] - The company has seen an increase in sales of hydraulic circulation ball steering gear and electric power steering systems, contributing to revenue growth[26] - New products such as smart electric circulation ball steering gear and smart hydraulic circulation ball steering gear have begun mass production, providing new revenue sources[26] Cash Flow and Liquidity - The net cash flow from operating activities for the first nine months of 2023 was negative RMB 20,619,730.80, a decline of 127.44% compared to the previous year[12] - Cash flow from operating activities showed a net outflow of ¥20,619,730.80 in 2023, contrasting with a net inflow of ¥75,132,699.54 in 2022[35] - Cash flow from investing activities showed a net outflow of ¥41,212,446.93 in 2023, an improvement from a net outflow of ¥88,074,487.83 in 2022[35] - The company obtained loans totaling ¥158,000,000.00 in 2023, down from ¥186,000,000.00 in the previous year, indicating a potential shift in financing strategy[35] Assets and Liabilities - The total assets as of September 30, 2023, amounted to RMB 2,498,336,948.18, an increase of 4.56% from RMB 2,389,483,168.38 at the end of 2022[12] - The company's total liabilities as of September 30, 2023, amounted to RMB 1,082,781,791.51, an increase from RMB 1,016,385,196.52 at the end of 2022[30] - The total equity attributable to shareholders of the parent company increased to RMB 1,433,387,326.83 from RMB 1,392,660,876.69 at the end of 2022[30] - The company's current liabilities totaled RMB 1,009,745,991.00, compared to RMB 938,866,486.73 at the end of 2022, reflecting a growth in short-term obligations[30] - Long-term borrowings decreased to RMB 35,013,105.00 from RMB 43,816,783.33 at the end of 2022, indicating a reduction in long-term debt[30] Research and Development - Research and development expenses increased to ¥79,309,832.33 in 2023, up from ¥65,628,133.92 in 2022, reflecting a focus on innovation[42] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 112,438, with the largest shareholder holding 36.40% of the shares[16]

2. 金融資產和金融負債的確認依據、計量方法和終止確認條件 (2) 金融資產的後續計量方法 採用實際利率法，按照攤餘成本進行後續計量。以攤餘成本計量且不屬於任何套期關係的一 部分的金融資產所產生的利得或損失，在終止確認、重分類、按照實際利率法攤銷或確認減 值時，計入當期損益。 採用公允價值進行後續計量。採用實際利率法計算的利息、減值損失或利得及匯兌損益計入 當期損益，其他利得或損失計入其他綜合收益。終止確認時，將之前計入其他綜合收益的累 計利得或損失從其他綜合收益中轉出，計入當期損益。 19 浙江世寶股份有限公司 中期報告2023 三、 重要會計政策和會計估計（續） 預期信用損失，是指以發生違約的風險為權重的金融工具信用損失的加權平均值。信用損失，是 指公司按照原實際利率折現的、根據合同應收的所有合同現金流量與預期收取的所有現金流量之 間的差額，即全部現金短缺的現值。其中，對於公司購買或源生的已發生信用減值的金融資產， 按照該金融資產經信用調整的實際利率折現。 公司利用可獲得的合理且有依據的信息，包括前瞻性信息，通過比較金融工具在資產負債表日發 生違約的風險與在初始確認日發生違約的風險，以確定金融工具的信用風 ...

Financial Performance - Total operating revenue for the first half of 2023 reached RMB 727,947,938.24, representing a year-on-year increase of 31.39% compared to RMB 554,052,591.58 in the same period of 2022[14] - Net profit attributable to shareholders for the first half of 2023 was RMB 19,837,169.51, a significant increase of 2,218.41% from RMB 855,638.15 in the previous year[14] - The company reported a basic earnings per share of RMB 0.0251 for the first half of 2023, up 2,181.82% from RMB 0.0011 in the same period last year[14] - Total revenue for the first half of 2023 reached RMB 5,727,947,938.24, a significant increase from RMB 554,052,591.58 in the same period of 2022, representing a growth of approximately 935%[25] - Net profit for the first half of 2023 was RMB 21,225,695.47, compared to RMB 1,249,399.27 in the first half of 2022, indicating a substantial increase[25] Cash Flow and Assets - The company's cash flow from operating activities showed a net outflow of RMB -61,917,321.13, a decline of 223.30% compared to a net inflow of RMB 50,216,520.98 in the previous year[14] - Total assets as of June 30, 2023, were RMB 2,413,186,096.90, showing a slight increase of 0.99% from the previous year[14] - The company's cash and cash equivalents decreased to RMB 226,210,560.31 from RMB 232,225,660.78 at the end of 2022[18] - Accounts receivable increased significantly to RMB 1,555,386,057.81 as of June 30, 2023, compared to RMB 450,378,856.64 at the end of 2022, reflecting a growth of approximately 245%[18] - The net value of current assets was RMB 486,020,442.64 as of June 30, 2023, an increase from RMB 461,291,615.20 at the end of 2022[59] Liabilities and Equity - Current liabilities totaled RMB 945,741,204.61 as of June 30, 2023, slightly up from RMB 938,866,486.73 at the end of 2022[20] - The total liabilities as of June 30, 2023, were RMB 1,018,862,429.57, slightly up from RMB 1,016,385,196.52 at the end of 2022[20] - The company's equity attributable to shareholders increased to RMB 1,412,498,046.20 as of June 30, 2023, from RMB 1,392,660,876.69 at the end of 2022[20] Research and Development - Research and development expenses for the first half of 2023 were RMB 50,292,023.37, compared to RMB 40,783,290.97 in the same period of 2022, indicating an increase of approximately 23%[25] - The company plans to accelerate the development of intelligent steering products and modular supply capabilities, focusing on the research and development of steer-by-wire technology[82] Market Performance - Sales of new energy vehicles in China grew by 42.40% year-on-year, with production and sales reaching 378.80 million and 374.70 million units respectively[5] - Sales of domestic brand passenger vehicles increased by 22.40% year-on-year, with total sales reaching 5,986,000 units[5] - In the first half of 2023, the Chinese automotive market experienced a significant recovery, driven by promotional policies and the launch of new models, resulting in high cumulative growth[87] - The macroeconomic mild recovery is expected to further release consumer potential in the automotive market, with the industry anticipated to achieve stable growth for the entire year[87] Other Financial Metrics - The gross profit margin for the automotive parts and components manufacturing segment was 17.36%, reflecting an increase of 1.53% year-on-year[8] - The weighted average return on net assets for the first half of 2023 was 1.41%, up from 0.06% in the same period last year[14] - The gross profit from main business operations was RMB 119,930,447.99, an increase of RMB 36,173,544.66 compared to the same period last year, with a gross profit margin of 17.36%[65] - Investment income increased by 112.33% year-on-year to RMB 845,506.53, mainly due to an increase in the amount of bank short-term financial products redeemed[67] Tax and Regulatory Matters - The company and its subsidiaries have applied for re-certification as high-tech enterprises, maintaining a corporate income tax rate of 15% during the reporting period[31] - The company has received a 100% exemption on urban land use tax for the current period, as recognized as an A-class enterprise[34] - The company has applied for a VAT refund policy for software products, which allows for immediate refund of VAT exceeding 3%[34] Dividends and Shareholder Returns - The company did not recommend the payment of an interim dividend for the six months ended June 30, 2023[63]