Financial Performance - The company's operating revenue for the third quarter was RMB 162.76 million, representing a 16.40% increase compared to RMB 139.84 million in the same period last year[3]. - The net loss attributable to shareholders for the quarter was RMB -116.66 million, slightly higher than the previous year's loss of RMB -116.54 million[3]. - The basic earnings per share for the quarter was RMB -0.50, compared to RMB -0.51 in the same period last year[3]. - Total operating revenue for the first three quarters of 2024 reached ¥316,608,045.88, an increase from ¥293,356,721.02 in the same period of 2023, representing an increase of approximately 7.8%[19]. - Total revenue for the first three quarters of 2024 was -318,484,610.39, compared to -243,504,289.69 in the same period of 2023, indicating a decline of approximately 30.9% year-over-year[23]. - Operating profit for the first three quarters of 2024 was -347,470,985.51, compared to -270,110,613.37 in 2023, reflecting an increase in losses of about 28.7%[23]. - Net profit attributable to shareholders for the first three quarters of 2024 was -258,150,402.55, compared to -193,048,512.35 in 2023, representing a year-over-year increase in losses of approximately 33.8%[23]. - The total comprehensive income attributable to shareholders for the first three quarters of 2024 was -258,150,402.55, compared to -193,048,512.35 in 2023, indicating a decline of approximately 33.8%[23]. - The basic and diluted earnings per share for the first three quarters of 2024 were both -1.11, compared to -0.84 in 2023, reflecting a worsening in earnings performance[23]. Assets and Liabilities - Total assets at the end of the reporting period amounted to RMB 497,543.99 million, reflecting a 0.60% increase from RMB 494,572.08 million at the end of the previous year[4]. - The company's total equity decreased to ¥3,096,560,307.75 as of September 30, 2024, down from ¥3,407,142,849.00 at the end of 2023, a decline of approximately 9.1%[18]. - Current liabilities rose to ¥1,636,745,666.51 as of September 30, 2024, up from ¥1,322,112,247.94 at the end of 2023, an increase of about 23.8%[17]. - Total liabilities increased to ¥1,878,879,603.48 as of September 30, 2024, compared to ¥1,538,577,927.24 at the end of 2023, reflecting a growth of approximately 22.1%[18]. - The company's total non-current liabilities amounted to ¥242,133,936.97 as of September 30, 2024, up from ¥216,465,679.30 at the end of 2023, an increase of about 11.8%[18]. Cash Flow - The net cash flow from operating activities for the year-to-date period was RMB -22,136.03 million, an improvement from RMB -40,348.62 million in the previous year[3]. - Cash flow from operating activities for the first three quarters of 2024 was -221,360,346.09, an improvement from -403,486,173.16 in 2023, indicating a reduction in cash outflow of about 45%[25]. - Cash received from sales of goods and services in the first three quarters of 2024 was 196,208,190.71, up from 152,631,720.23 in 2023, marking an increase of approximately 28.5%[24]. - Cash paid for purchasing goods and services in the first three quarters of 2024 was 195,384,828.44, down from 263,629,872.45 in 2023, showing a decrease of about 26%[25]. - Cash outflow from investment activities totaled $46.08 million in the first three quarters of 2024, down from $807.22 million in 2023, indicating a reduction of about 94.3%[27]. - Net cash flow from financing activities in the first three quarters of 2024 was $236.00 million, a decrease of approximately 79.3% compared to $1.14 billion in the same period of 2023[27]. - The ending balance of cash and cash equivalents as of September 30, 2024, was $569.89 million, down from $630.87 million at the end of the same period in 2023, reflecting a decline of approximately 9.7%[28]. Shareholder Information - The total number of common shareholders at the end of the reporting period is 14,508[9]. - Zhang Guoqiang, the largest shareholder, holds 36,444,469 shares, accounting for 15.73% of total shares[9]. - The second-largest shareholder, HKSCC NOMINEES LIMITED, holds 35,859,552 shares, representing 15.48% of total shares[9]. - The company has committed to not reducing shareholdings for 12 months starting from October 18, 2023[13]. - The company has no significant changes in the shareholding structure due to margin trading activities[11]. Research and Development - Research and development expenses for the quarter totaled RMB 31.42 million, accounting for 19.30% of operating revenue, down from 29.75% in the same period last year[3]. - Research and development expenses decreased to ¥70,476,606.08 in 2024 from ¥105,716,539.49 in 2023, a reduction of approximately 33.3%[19].

FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2024年9月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 北京億華通科技股份有限公司（「本公司」） 呈交日期: 2024年10月7日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | A | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 688339 | 說明 | | 於上海證券交易所科創板上市 | | | | | | | | 法定/註冊股份數目 | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 195,787,119 | RMB | | 1 RMB | | 195,787,119 | | 增加 / 減少 (-) | | | | | | RMB | | | | 本月底結存 | | | 195,787,119 | RMB | | 1 RMB | | 195,787,119 | | 2. 股 ...

Financial Performance - Net loss attributable to shareholders increased by RMB 64.98 million to RMB 141.49 million, primarily due to a larger decrease in product selling prices compared to cost reductions, increased interest expenses from higher bank loans, and reduced foreign exchange gains[5] - Revenue for the reporting period was RMB 153.84 million, a slight increase of 0.21% year-over-year, but future performance may be adversely affected if market demand continues to decline or industry competition intensifies[5] - Revenue for the reporting period (1-6 months) was RMB 153.84 million, a slight increase of 0.21% compared to the same period last year[16] - Net profit attributable to shareholders of the listed company was a loss of RMB -141.49 million, compared to a loss of RMB -76.51 million in the same period last year[16] - Basic earnings per share (EPS) for the reporting period was a loss of RMB -0.86, compared to a loss of RMB -0.47 in the same period last year[17] - Weighted average return on equity (ROE) was -4.76%, a decrease of 2.27 percentage points compared to the same period last year[17] - Revenue for the first half of 2024 reached RMB 1.538 billion, a year-on-year increase of 0.21%[18] - Net loss attributable to shareholders was RMB 1.415 billion, an increase of RMB 649.78 million compared to the same period last year[18] - Operating cash flow was negative RMB 1.831 billion, an increase of RMB 932.47 million year-on-year[18] - Non-recurring gains and losses amounted to RMB 16.53 million, including government subsidies of RMB 12.57 million[20] - The company achieved a revenue of RMB 153.84 million in the first half of 2024, a year-on-year increase of 0.21%[50] - The net loss attributable to shareholders was RMB 141.49 million, an increase of RMB 64.98 million compared to the same period last year[50] - Operating cash flow was negative RMB 183.12 million, an increase of RMB 93.25 million year-on-year[50] - Total assets reached RMB 4.98 billion, a 0.63% increase from the end of the previous year[50] - Shareholders' equity decreased by 4.6% to RMB 2.90 billion compared to the end of the previous year[50] - Net loss attributable to shareholders increased by RMB 64.98 million to RMB 141.49 million, primarily due to a larger decline in product prices compared to costs, increased interest expenses from bank loans, and reduced foreign exchange gains[53] - Revenue for the reporting period was RMB 1.54 billion, a slight increase of 0.21% year-over-year, but future performance may be impacted by declining market demand and intensified competition[53] - Operating income increased by 0.21% to RMB 153.84 million compared to the same period last year[66] - Operating costs rose by 30.14% to RMB 126.59 million due to increased product sales[66] - Sales expenses decreased by 7.41% to RMB 27.92 million[66] - Management expenses dropped by 11.08% to RMB 104.47 million[66] - R&D expenses decreased by 8.44% to RMB 50.53 million[66] - Other income increased by 36.04% to RMB 19.78 million, mainly due to higher government subsidies[66][69] - Fair value change income decreased by 85.57% to RMB 7.03 million due to reduced exchange gains[66][69] - Net cash flow from operating activities improved by RMB 93.25 million, driven by increased sales collections and government subsidies[68] - Net cash flow from financing activities decreased by 81.60% due to the completion of the company's listing on the Hong Kong Stock Exchange in the previous year[68] - Total operating revenue for the first half of 2024 was RMB 153.84 million, a slight increase of 0.21% compared to RMB 153.52 million in the same period of 2023[167] - Total operating costs for the first half of 2024 increased by 10.94% to RMB 311.11 million, up from RMB 280.42 million in the first half of 2023[167] - R&D expenses decreased by 8.44% to RMB 50.53 million in the first half of 2024, compared to RMB 55.19 million in the same period of 2023[167] - The company reported a net loss of RMB 170.39 million in the first half of 2024, a significant increase from the net loss of RMB 103.39 million in the first half of 2023[168] - Basic and diluted earnings per share for the first half of 2024 were both RMB -0.86, compared to RMB -0.47 in the same period of 2023[169] - The company's investment losses increased to RMB 17.45 million in the first half of 2024, up from RMB 15.78 million in the first half of 2023[167] - Management expenses decreased by 11.08% to RMB 104.47 million in the first half of 2024, compared to RMB 117.48 million in the same period of 2023[167] - The company's credit impairment losses increased to RMB 19.91 million in the first half of 2024, up from RMB 14.02 million in the first half of 2023[167] - Other income increased by 36.04% to RMB 19.78 million in the first half of 2024, compared to RMB 14.54 million in the same period of 2023[167] - The company's comprehensive income loss widened to RMB 170.39 million in the first half of 2024, compared to RMB 103.39 million in the first half of 2023[169] - Operating cash flow from sales of goods and services increased to RMB 131,046,180.34 in H1 2024, up from RMB 99,788,999.87 in H1 2023, reflecting a 31.3% year-over-year growth[170] - Total operating cash inflow for H1 2024 was RMB 199,387,377.90, compared to RMB 119,805,126.61 in H1 2023, marking a 66.4% increase[170] - Net cash flow from operating activities improved to RMB -183,120,171.18 in H1 2024, compared to RMB -276,367,270.27 in H1 2023, indicating a 33.7% reduction in cash outflow[170] - Cash outflow for purchasing goods and services decreased to RMB 157,296,466.19 in H1 2024, down from RMB 172,876,263.86 in H1 2023, a 9.0% reduction[170] - Net cash flow from investing activities was RMB -29,922,810.48 in H1 2024, significantly improved from RMB -700,781,640.41 in H1 2023[172] - Cash inflow from financing activities in H1 2024 was RMB 478,582,719.62, a decrease from RMB 1,262,445,749.54 in H1 2023, reflecting a 62.1% decline[172] - Net cash flow from financing activities was RMB 203,931,173.91 in H1 2024, down from RMB 1,108,462,911.36 in H1 2023, a 81.6% decrease[172] - Cash and cash equivalents at the end of H1 2024 stood at RMB 584,679,290.57, compared to RMB 767,516,225.22 at the end of H1 2023, a 23.8% decline[173] - Total monetary funds at the end of the period amounted to RMB 597,725,865.05, a decrease of 1.89% compared to the beginning of the period[179] - Restricted monetary funds totaled RMB 13,046,574.48, a decrease of 24.14% compared to the beginning of the period[180] - Trading financial assets at the end of the period amounted to RMB 715,829,010.87, an increase of 3.69% compared to the beginning of the period[181] - Accounts receivable within 1 year amounted to RMB 829,013,585.87, a decrease of 0.84% compared to the beginning of the period[188] - Accounts receivable aged 1 to 2 years amounted to RMB 592,969,056.68, a decrease of 10.28% compared to the beginning of the period[188] - Accounts receivable aged 2 to 3 years amounted to RMB 339,815,265.49, an increase of 48.41% compared to the beginning of the period[188] - Accounts receivable aged 3 to 4 years amounted to RMB 23,581,181.27, a decrease of 38.86% compared to the beginning of the period[188] - Accounts receivable aged 4 to 5 years amounted to RMB 218,810,000.00, a decrease of 2.45% compared to the beginning of the period[188] - Accounts receivable aged over 5 years amounted to RMB 92,175,480.45, an increase of 6.03% compared to the beginning of the period[188] - Total accounts receivable at the end of the period amounted to RMB 2,096,364,569.76, an increase of 0.99% compared to the beginning of the period[188] - The total accounts receivable is RMB 2,096,364,569.76, with a bad debt provision of RMB 473,379,785.24, accounting for 22.58% of the total[189] - The bad debt provision for accounts receivable aged 2-3 years is RMB 98,469,435.85, representing 29.00% of the total for that category[192] - The top five accounts receivable and contract assets amount to RMB 1,725,885,076.30, accounting for 81.65% of the total[194] - The bad debt provision for contract assets is RMB 697,148.12, representing 4.00% of the total contract assets[197] - The bad debt provision for accounts receivable aged 1-2 years is RMB 35,578,143.41, representing 6.00% of the total for that category[192] - The bad debt provision for accounts receivable aged 3-4 years is RMB 11,773,334.00, representing 50.00% of the total for that category[192] - The bad debt provision for accounts receivable aged 4-5 years is RMB 445,000.00, representing 100.00% of the total for that category[192] - The bad debt provision for accounts receivable aged 5 years and above is RMB 2,832,805.45, representing 100.00% of the total for that category[192] - The bad debt provision for accounts receivable aged 1 year and below is RMB 33,160,542.64, representing 4.00% of the total for that category[192] - The bad debt provision for contract assets aged 1 year and below is RMB 697,148.12, representing 4.00% of the total for that category[198] - Accounts receivable financing increased to 51,949,064.76 RMB from 31,009,909.60 RMB at the beginning of the period[200] - The total accounts receivable financing at the end of the period was 51,949,064.76 RMB[200] - The company has endorsed or discounted receivables financing that has not yet matured as of the balance sheet date[200] R&D and Innovation - R&D investment accounted for 50.45% of revenue, an increase of 0.56 percentage points compared to the same period last year[17] - The company focuses on the R&D and industrialization of fuel cell systems, with applications in commercial vehicles such as buses and logistics trucks[21] - The company follows a "research, develop, and promote" R&D model, emphasizing vertical integration and collaboration with universities and industry leaders[22] - Key materials for fuel cell systems include stacks, air compressors, and DC voltage converters, with domestic stack production capabilities[23] - The company has developed core technologies including hybrid power system matching and control, long-life fuel cell system control, fault diagnosis and fault-tolerant control, low-temperature rapid start-up, and high-power density fuel cell system integration[31] - The company has expanded its product market coverage by collaborating with domestic mainstream vehicle manufacturers to develop new models such as buses, sanitation vehicles, tractors, and cold chain logistics vehicles[28] - The fuel cell industry in China has achieved batch domestic production of core components, leading to improvements in system cost and product reliability[29] - The company has strengthened its R&D capabilities by increasing investment and introducing professional talent, maintaining its core competitiveness[30] - The company has developed a self-heating technology for fuel cell stacks, enabling rapid temperature increase and reducing cold start energy consumption[31] - The company's high-power density fuel cell system integration technology reduces energy loss and system weight through high integration[31] - The company has developed high-efficiency fuel cell waste heat utilization technology, which improves system energy conversion efficiency through multi-thermal domain coupling control strategies[32] - The company has obtained 72 new patents and 2 software copyrights during the reporting period, bringing the total to 1,111 patents and 106 software copyrights[34] - The company's R&D investment totaled 77.62 million yuan, with a 1.34% increase compared to the previous year, accounting for 50.45% of total revenue[36] - The company has been recognized as a national-level "Little Giant" specialized and innovative enterprise for hydrogen fuel cell engines from 2020 to 2023 and again from 2023 to 2026[33] - The company is developing a high-power, long-life fuel cell engine system for long-distance heavy-duty commercial vehicles, with a total investment of 900 million yuan and 493.36 million yuan already invested[37] - The company is working on a hydrogen production and refueling integrated station project, with a total investment of 2.4 billion yuan and 23.5 million yuan invested in the current period[38] - The company has achieved breakthroughs in high-power fuel cell stack design, focusing on improving power density, cost reduction, and durability[32] - The company has established a comprehensive testing and evaluation system for fuel cell systems, covering five major aspects including hybrid power systems and hydrogen systems[32] - The company's capitalised R&D investment increased by 26.54% to 27.09 million yuan, accounting for 34.90% of total R&D investment[36] - The company is developing a high-consistency, high-power fuel cell stack, with 335.91 million yuan invested in the project so far[38] - The company has developed fuel cell systems for various vehicle types, including logistics vehicles, buses, and trucks, with a focus on optimizing system architecture and control strategies to reduce the lifespan decay rate of fuel cell systems[39] - The company has invested RMB 6,492.56 million in the development of fuel cell stack series products, with a cumulative investment of RMB 10,701.64 million, aiming to upgrade and iterate fuel cell systems through the development and verification of key components[39] - The company has completed the development of a high-performance membrane electrode and its key materials, with a cumulative investment of RMB 326.85 million, and has designed a fuel cell cogeneration system architecture with a cumulative investment of RMB 82.57 million[40] - The company has developed a high-efficiency megawatt-level fuel cell cogeneration system, with a cumulative investment of RMB 1,370.89 million, and has completed the development of fuel cell components with a cumulative investment of RMB 1,200.00 million[40] - The company has completed the development of a high-power fuel cell stack testing equipment, with a cumulative investment of RMB 464.22 million, and is currently testing the lifespan and decay performance of single cells and short stacks[41] - The company has developed a hybrid power system with multi-energy efficient coupling control and key devices, with a cumulative investment of RMB 168.57 million, and has completed the development of a fuel cell-hydrogen internal combustion engine hybrid power system integration and demonstration, with a cumulative investment of RMB 3.91 million[42] - The company has 300 R&D personnel, accounting for 32.89% of the total workforce, with a total R&D salary of RMB 374.127 million and an average R&D salary of RMB 115,800[43] - The company's R&D team consists of 29 PhDs (9.67%), 156 master's degree holders (52.00%), and 94 bachelor's degree holders (31.33%), with 97 R&D personnel under 30 years old (32.33%) and 176 R&D personnel under 40 years old (58.67%)[44] - The company has formed strong technical and R&D advantages, large-scale production and promotion advantages, market layout advantages, core component supply advantages, and talent advantages through years of technical and operational accumulation[45] Market and Industry Trends - Hydrogen energy is a strategic focus for China's carbon neutrality goals, with significant policy support at both national and local levels[26] - Hydrogen fuel cell vehicle sales in China exceeded 2,600 units in the first half of 2024, representing a year-on-year growth of over 9%[27] - The company holds a leading position in the industry, with 157 vehicle models equipped with its fuel cell systems out of a total of 1,069 fuel cell vehicle models announced nationwide as of June 2024[28] - China aims to achieve a fuel cell vehicle ownership target of approximately 50,000 units by 2025[29] - The application scenarios for fuel cell vehicles in China have diversified from public transportation to include sanitation, urban logistics, cold chain transportation, and heavy-duty cargo transport[27] - The company operates on a direct sales model, primarily targeting domestic commercial vehicle manufacturers[25] - The company faces risks of continued losses if it cannot secure sufficient orders and expand sales to reach economies of scale necessary for profitability[5] - The company faces risks from high customer concentration, with major clients including Beiqi Foton and Yutong Bus, which could affect independent operations if new markets or clients are not developed[55] - Gross margin is at risk of decline as fuel cell technology matures and market competition intensifies, leading to rapid cost and price reductions[56] - The company's fuel cell systems are critical for vehicle safety, and

Financial Performance - Total revenue for the six months ended June 30, 2024, was RMB 153.84 million, an increase of 0.21% year-on-year[2] - Net loss attributable to shareholders for the six months ended June 30, 2024, was RMB 141.49 million, compared to a net loss of RMB 76.51 million in the same period last year[2] - Basic loss per share for the six months ended June 30, 2024, was RMB 0.86, compared to RMB 0.47 in the same period last year[2] - Total revenue for the six months ended June 30, 2024, was RMB 153,843,525.55, a slight increase from RMB 153,519,255.42 in the same period of 2023, representing a growth of approximately 0.21%[7] - Operating profit for the six months ended June 30, 2024, was negative, with a net loss of RMB 170,390,756.85 compared to a loss of RMB 103,390,207.85 in the prior year, indicating a deterioration in profitability[11] - The net loss attributable to shareholders of the listed company was RMB 141,489,332.28 for the six months ended June 30, 2024, compared to a loss of RMB 76,511,130.16 in the same period of 2023[11] - Revenue for the first half of 2024 was RMB 153.84 million, a slight increase of 0.21% compared to RMB 153.52 million in the same period of 2023[30] Assets and Liabilities - Total current assets as of June 30, 2024, amounted to RMB 3,376.64 million, an increase from RMB 3,341.04 million as of December 31, 2023[3] - Total non-current assets as of June 30, 2024, were RMB 1,600.09 million, slightly down from RMB 1,604.68 million as of December 31, 2023[4] - Total assets as of June 30, 2024, reached RMB 4,976.73 million, compared to RMB 4,945.72 million as of December 31, 2023[4] - Current liabilities as of June 30, 2024, totaled RMB 1,512.17 million, an increase from RMB 1,322.11 million as of December 31, 2023[5] - Total liabilities increased to RMB 1,738,133,203.37 as of June 30, 2024, from RMB 1,538,577,927.24 at the end of 2023, marking an increase of approximately 12.96%[6] - Non-current liabilities totaled RMB 225,967,173.51 as of June 30, 2024, up from RMB 216,465,679.30 at the end of 2023, reflecting an increase of about 4.3%[6] - The company's total equity decreased to RMB 3,238,599,794.51 as of June 30, 2024, from RMB 3,407,142,849.00 at the end of 2023, indicating a decline of approximately 4.95%[6] Operating Costs and Expenses - Total operating costs for the same period increased to RMB 311,105,634.20 from RMB 280,417,141.31, reflecting a rise of about 10.5%[8] - Operating costs increased by 30.14% year-on-year to RMB 126.59 million, primarily due to an increase in product sales volume[30] - Research and development expenses for the six months ended June 30, 2024, were RMB 50,534,103.58, down from RMB 55,192,267.56 in the same period of 2023, representing a decrease of about 8.5%[9] - The company reported a total income tax expense of approximately RMB -11.28 million for the first half of 2024, compared to RMB -17.60 million for the same period in 2023, indicating a reduction in tax expenses[23] Revenue Breakdown - The main business revenue decreased to RMB 152.56 million in 2024 from RMB 153.18 million in 2023, a decline of 0.4%[19] - The revenue from fuel cell systems was RMB 109.42 million, down from RMB 118.78 million in the previous year, indicating a decrease of 7.3%[19] Cash Flow and Investments - The company reported a net cash outflow from operating activities of RMB 183.12 million, a decrease in outflow of RMB 93.25 million year-on-year[28] - The company plans to continue R&D investments focused on improving the performance and reliability of fuel cell systems, targeting key performance indicators[28] - The company aims to expand its fuel cell stack production capacity to meet growing market demand and achieve economies of scale[34] Market Strategy and Operations - The company is focused on expanding its market presence in the fuel cell systems sector, targeting commercial vehicles such as buses and trucks[14] - The company plans to maintain and expand its customer base to increase market share, focusing on the application of fuel cell systems in commercial vehicles such as heavy trucks[35] - The company aims to strengthen its supply chain by deepening relationships with well-known fuel cell system component suppliers and pursuing vertical integration to reduce material costs and ensure supply chain stability[36] - The company intends to enhance brand awareness through product promotion and multi-channel marketing, including participation in industry events and product launches[37] - As of June 30, 2024, the company had 157 vehicle announcements equipped with its fuel cell systems, maintaining a leading position in the industry[28] Corporate Governance and Reporting - The audit committee has reviewed and confirmed the unaudited interim results for the six months ending June 30, 2024[40] - The board of directors did not recommend an interim dividend for the six months ended June 30, 2024[27] - The company completed a capital increase by issuing 66,186,309 new shares, raising its registered capital to RMB 231,652,081[44] - The mid-term report for the six months ending June 30, 2024, will be published on the company's website and the Hong Kong Stock Exchange website[45] - The announcement is made by the Chairman of the Board, Zhang Guoqiang, indicating ongoing corporate governance and leadership[45] - The board of directors includes a mix of executive, non-executive, and independent non-executive members, ensuring diverse oversight[45] - The company is committed to transparency by publishing financial results and updates on its official platforms[45] - The announcement date is August 29, 2024, suggesting timely communication of financial performance to stakeholders[45] - The report will provide insights into the company's performance metrics and strategic direction for the upcoming periods[45] - The mid-term report is expected to include key financial data and performance indicators relevant to investors[45] - The company is preparing to share detailed financial results, which may include revenue, profit margins, and user data[45] - The announcement reflects the company's ongoing commitment to investor relations and market transparency[45] Future Outlook - The company anticipates continued strong government support for the hydrogen energy industry, projecting significant growth potential in the fuel cell sector[32] - The company has established several wholly-owned subsidiaries to expand its operational footprint in the hydrogen energy sector[38]

Financial Performance - The company's operating revenue for the first quarter was CNY 13,143,998.29, a decrease of 72.83% compared to the same period last year[2]. - The net profit attributable to shareholders was a loss of CNY 91,204,404.13, representing a decline of 136.07% year-on-year[5]. - Total revenue for Q1 2024 was CNY 13,143,998.29, a decrease of 72.8% compared to CNY 48,373,299.34 in Q1 2023[16]. - Operating profit for Q1 2024 was CNY -109,580,956.01, compared to CNY -53,783,857.28 in Q1 2023, indicating a worsening performance[17]. - Net loss for Q1 2024 was CNY -105,373,005.48, compared to a net loss of CNY -47,747,711.58 in Q1 2023, reflecting increased financial challenges[19]. - The company’s total comprehensive loss attributable to shareholders for Q1 2024 was CNY -105,373,005.48, compared to CNY -47,747,711.58 in Q1 2023, indicating a significant increase in overall losses[19]. Cash Flow - The net cash flow from operating activities was a negative CNY 79,890,325.92, showing a slight improvement from a negative CNY 94,301,140.70 in the same period last year[2]. - In Q1 2024, cash received from sales and services was ¥56,852,221.69, a decrease of 30.9% compared to ¥82,351,683.82 in Q1 2023[20]. - The company reported a total cash outflow from operating activities of ¥169,344,205.85 in Q1 2024, compared to ¥189,924,827.47 in Q1 2023[20]. - Cash inflow from investment activities in Q1 2024 was ¥2,606,273.98, significantly lower than ¥65,486,938.81 in Q1 2023[21]. - The net cash flow from investment activities in Q1 2024 was -¥22,967,355.31, compared to -¥30,125,994.96 in Q1 2023[21]. - Cash inflow from financing activities in Q1 2024 was ¥189,298,575.89, down from ¥1,037,511,882.98 in Q1 2023[22]. - The net cash flow from financing activities in Q1 2024 was ¥92,109,964.38, a decrease from ¥968,639,010.54 in Q1 2023[22]. - The ending balance of cash and cash equivalents as of Q1 2024 was ¥581,795,133.25, down from ¥1,476,800,569.91 in Q1 2023[23]. Assets and Liabilities - Total assets at the end of the reporting period were CNY 4,966,062,697.71, a slight increase of 0.41% from the previous year[2]. - Total liabilities as of March 31, 2024, amounted to CNY 1,663,344,163.47, an increase from CNY 1,538,577,927.24 as of December 31, 2023[15]. - Current liabilities totaled CNY 1,454,305,780.63 as of March 31, 2024, up from CNY 1,322,112,247.94 at the end of 2023, indicating rising short-term financial obligations[14]. - The company's total current assets as of March 31, 2024, amount to RMB 3,379,855,422.14, an increase from RMB 3,341,036,086.57 as of December 31, 2023, representing a growth of approximately 1.15%[12]. - The company's total non-current assets as of March 31, 2024, are RMB 1,586,207,275.57, down from RMB 1,604,684,689.67, indicating a decrease of about 1.15%[13]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 15,265[6]. - The total number of shareholders for the company's common stock is 15,265, with 15,253 being A-share holders and 12 being H-share holders[9]. - The largest shareholder, Zhang Guoqiang, holds 26,031,764 shares, representing 15.73% of the total shares[7]. - HKSCC Nominees Limited holds 25,617,830 shares, accounting for 15.48% of the total shares, with no restrictions on these shares[8]. - There are no significant changes in the shareholding structure of the top 10 shareholders compared to the previous period[9]. Research and Development - The R&D investment totaled CNY 32,978,569.27, accounting for 250.90% of operating revenue, an increase of 170.01% compared to the previous year[2]. - Research and development expenses for Q1 2024 were CNY 23,397,306.09, slightly up from CNY 23,278,091.00 in Q1 2023, showing continued investment in innovation[16]. Earnings Per Share - The basic and diluted earnings per share were both -0.55, compared to -0.35 in the same period last year[2]. - The company reported a basic and diluted earnings per share of CNY -0.55 for Q1 2024, compared to CNY -0.24 in Q1 2023, indicating a decline in profitability per share[19]. Financial Costs - The company’s financial costs in Q1 2024 included interest expenses of CNY 6,005,675.45, significantly higher than CNY 2,805,814.57 in Q1 2023, reflecting increased borrowing costs[16]. Revenue Volatility - The company experienced significant revenue volatility due to its position in the fuel cell industry, which is still in the early stages of industrialization[5].

Financial Performance - The company reported a total operating revenue of RMB 800.70 million for the year 2023, representing a year-on-year growth of 8.48%[4]. - The net loss attributable to shareholders was RMB 243.20 million, an increase of RMB 76.47 million compared to the previous year[5]. - The net loss excluding non-recurring gains and losses was RMB 287.84 million[4]. - The company has maintained a negative operating cash flow due to significant accounts receivable and inventory levels[6]. - The net cash flow from operating activities was a negative RMB 56,063.82 million, a decrease of RMB 22,852.64 million compared to the previous year[29]. - The company reported a net loss of RMB 30,007.70 million, with a significant cash outflow from operating activities of RMB 6,063.82 million[98]. - The company reported a significant increase in revenue, achieving a total of 1.5 billion in Q3 2023, representing a 20% year-over-year growth[158]. - The company reported a gross margin of 45%, which is a 5% improvement from the previous quarter, reflecting better cost management[158]. Research and Development - The management is focused on R&D-driven development, which has impacted current operating performance due to high R&D expenditures[5]. - The company has allocated RMB 200 million for research and development in 2024, focusing on hydrogen fuel technology[18]. - Research and development expenses accounted for 21.31% of operating revenue in 2023, a slight decrease from 21.65% in 2022[26]. - The company continues to invest in R&D and attract specialized talent to enhance its core technological capabilities[49]. - The company has developed a fuel cell system prototype with a rated power of ≥240 kW and aims to obtain at least 5 invention patents[61]. - The company is conducting research on proton exchange membranes to improve performance and lifespan, aiming for commercialization of various technical products[59]. - The company has developed a strategy to expand its market presence in key cities and applications, including cold chain transportation and sanitation vehicles[41]. Market Position and Strategy - The company faces risks related to industry competition and market demand fluctuations, which could further affect its financial performance[5]. - The company is in the early stages of industrialization in the fuel cell sector, facing limited market size but increasing competition[5]. - The company aims to achieve a gross margin of 35% in the upcoming fiscal year, up from 30%[18]. - Future guidance estimates revenue growth of 20-25% for 2024, driven by increased demand for clean energy solutions[18]. - The company plans to expand its market presence in Europe, targeting a 20% market share by 2025[18]. - The company is exploring potential acquisitions to bolster its technology portfolio and accelerate growth[18]. - The company aims to achieve a target of approximately 50,000 fuel cell vehicles in operation by 2025 as part of the national development goals[48]. Operational Challenges - The company has increased provisions for expected credit loss on receivables due to a decrease in sales collections year-on-year[29]. - The overall market scale for the fuel cell industry remains small, impacting the company's financial performance[29]. - The company faces risks related to high customer concentration, with major clients including Beiqi Foton and Yutong Bus, which could impact its operational sustainability if these clients face challenges[74]. - The company is at risk of losing market share and facing price declines if it cannot keep pace with technological advancements and market changes in the fuel cell sector[73]. - The company is exposed to debt repayment risks due to increasing bank borrowings amid business expansion in the hydrogen fuel cell vehicle industry[78]. Corporate Governance and Management - The board is responsible for risk management, internal control, and compliance management, ensuring the effectiveness of these systems[127]. - The company has established a comprehensive credit limit for 2023, which includes guarantees for subsidiaries[175]. - The company has a defined profit distribution policy outlined in its articles of association[138]. - The company has established a compensation policy that emphasizes legality, competitiveness, and fairness, aimed at attracting and retaining talent[190]. - The total remuneration for directors, supervisors, and senior management during the reporting period amounted to RMB 853.31 million[173]. - The company has implemented a management control system for subsidiaries to enhance operational efficiency and risk management[195]. Investment and Financial Activities - The company plans to increase its total share capital from 165,465,772 shares to 231,652,081 shares through a capital reserve conversion plan, distributing 4 new shares for every 10 shares held[7]. - The company completed its listing on the Hong Kong Stock Exchange, raising approximately RMB 886 million, which supports its operational and international development[42]. - The company’s fundraising activities generated a net cash flow of RMB 1,276,801,074.12, a significant increase of 765.30% compared to RMB 147,555,789.35 in the previous year[80]. - The company has a total of RMB 919.65 million in financial assets, with trading financial assets amounting to RMB 690.33 million[109]. - The company has established several new subsidiaries in 2023, including Hebei Guochuang Hydrogen Energy Technology Co., Ltd. and Guangdong Yihua Technology Co., Ltd.[137]. Employee and Talent Management - The company’s employee count increased from 1,014 to 1,044, contributing to higher personnel expenses[5]. - The number of R&D personnel has increased to 346, accounting for 33.14% of the total workforce, with an average salary of 25.17 thousand RMB[63]. - The company has a talent reserve with over 60% of R&D personnel holding a master's degree or higher, supporting rapid development in the fuel cell industry[70]. - The average salary of R&D personnel increased from 24.03 thousand RMB to 25.17 thousand RMB compared to the previous period[63]. Product Development and Innovation - New product development includes a next-generation fuel cell system expected to improve energy conversion efficiency by 10%[18]. - The company has developed high-power density fuel cell systems that reduce energy loss and auxiliary system energy consumption through high integration[51]. - The company has focused on the development of fuel cell systems with an emphasis on environmental adaptability, durability, and reliability, continuously improving product performance[40]. - The company has optimized the design and integration of fuel cell stacks to improve power density and reduce costs through domestic production and material optimization[52]. Future Outlook - The company will continue to focus on market-driven and customer-centric business strategies in 2024, aiming to enhance product development and quality control capabilities[118]. - The company is exploring strategic acquisitions to enhance its technology capabilities and market reach, with a budget of 200 million allocated for potential deals[158]. - The company is committed to maintaining strong corporate governance practices as reflected in its management structure and reporting[157].

Financial Performance - Total revenue for 2023 reached RMB 800.70 million, an increase of 8.48% year-on-year[2] - Net loss attributable to shareholders for 2023 was RMB 243.20 million, compared to a net loss of RMB 166.73 million in the same period last year[2] - Basic loss per share for 2023 was RMB 1.48, compared to RMB 1.19 in the previous year[2] - The company reported a net loss of RMB 300,077,038.04 for the year, compared to a net loss of RMB 195,128,044.54 in 2022, reflecting a deterioration in financial performance[6] - Basic and diluted earnings per share for the year were both RMB (1.48), compared to RMB (1.19) in the previous year[7] - Other comprehensive income attributable to shareholders was RMB 18,708,500.00, significantly higher than RMB 2,210,000.00 in 2022, indicating improved performance in this area[7] Assets and Liabilities - Total current assets as of December 31, 2023, amounted to RMB 3,341.04 million, up from RMB 2,261.03 million a year earlier[3] - Total assets as of December 31, 2023, were RMB 4,945.72 million, compared to RMB 3,783.96 million in the previous year[4] - Total liabilities as of December 31, 2023, were RMB 1,538.58 million, an increase from RMB 1,040.04 million in the previous year[4] - Total equity attributable to shareholders was RMB 3,044.85 million, compared to RMB 2,342.10 million a year earlier[4] - The company reported a deferred tax asset of $135,525,491.45 as of December 31, 2023, an increase from $130,545,747.97 prior to adjustments[14] - The total liabilities increased to $30,248,893.97 for deferred tax liabilities as of December 31, 2023, from $24,631,301.24 before adjustments[14] Operational Highlights - The company has plans for market expansion and new product development, although specific details were not disclosed in the earnings call[2] - The company plans to expand its market presence and enhance its product offerings in the fuel cell systems sector, focusing on commercial vehicles[8] - The company has been actively involved in the development of new technologies and products to strengthen its competitive position in the market[8] - The company aims to strategically expand its customer base and regional coverage to increase market share, focusing on commercial vehicle applications[35] - The company is enhancing and strengthening its supply chain to ensure stability and improve product quality while reducing raw material costs[36] Research and Development - Research and development expenses amounted to RMB 140,907,189.33, up from RMB 101,264,578.71 in 2022, reflecting the company's commitment to innovation[6] - The company plans to deepen R&D on fuel cell systems and core components, focusing on improving performance under harsh conditions and enhancing energy conversion efficiency[33] - The company intends to explore overseas R&D layouts and develop core components such as fuel cell stacks[33] Market and Product Development - The company’s fuel cell vehicles accounted for 20.22% of the 1,548 vehicles equipped with its products out of a total of 7,654 newly added fuel cell vehicles in 2023[30] - The company plans to expand fuel cell stack production capacity to meet growing market demand and achieve economies of scale[34] - The company intends to increase brand awareness and promote the application of fuel cell systems through various marketing channels and industry events[37] Corporate Actions - The company successfully listed on the Hong Kong Stock Exchange, raising HKD 1.022 billion, which will support its operational development and internationalization[31] - The company established a wholly-owned subsidiary, Guangdong Yihua Tong Technology Co., Ltd., to enhance its business development in Guangdong's fuel cell demonstration city cluster[31] - The company established several subsidiaries in 2023, including Hebei Guochuang Hydrogen Energy Technology Co., Ltd. and Guangdong Yihua Tong Technology Co., Ltd.[38] - The company's registered capital increased to 165,465,772 shares following a capital reserve capitalization, including 139,847,942 A-shares and 25,617,830 H-shares[42] - The company issued H-shares at HKD 60 per share, selling a total of 17,628,000 shares and an overallotment of 670,450 shares, resulting in net proceeds of approximately HKD 1,022 million after deducting underwriting fees and other expenses[43] Future Outlook - The company aims to contribute to China's "carbon peak and carbon neutrality" goals by leveraging advanced hydrogen fuel cell technology[32] - The financial statements were prepared based on the assumption of going concern, indicating no significant doubts about the company's ability to continue operations[9] - The company plans to implement the new accounting standards effective January 1, 2024, with no significant impact on its financial statements[16] - The board has not declared a final dividend for the year ending December 31, 2023, and will consider a proposal for a final dividend at a board meeting in April 2024[44] Cash Flow - The net cash outflow from operating activities was RMB 560.64 million, an increase of RMB 228.53 million year-on-year, primarily due to increased R&D investments and expansion of application scenarios[28]

Financial Performance - Total revenue for the third quarter was RMB 139,837,465.60, representing a decrease of 24.90% compared to the same period last year[3]. - Basic earnings per share for the reporting period was RMB 0.51, while diluted earnings per share was -0.51[3]. - Total revenue for the first three quarters of 2023 was CNY 293,356,721.02, a decrease of 25% compared to CNY 390,607,382.30 in the same period of 2022[26]. - The company reported a net loss of CNY 283,191,337.61 for the first three quarters of 2023, compared to a loss of CNY 146,614,221.99 in the same period of 2022[27]. - The net profit attributable to shareholders for the first three quarters of 2023 was -193,048,512.35 RMB, compared to -94,604,209.98 RMB in the same period of 2022, representing a 104.7% increase in losses year-over-year[28]. - The total comprehensive income for the first three quarters of 2023 was -243,504,289.69 RMB, compared to -122,405,248.81 RMB in the same period of 2022, indicating a 99.0% increase in losses year-over-year[30]. - The basic and diluted earnings per share for the first three quarters of 2023 were both -1.18 RMB, compared to -0.68 RMB in the same period of 2022, reflecting a 73.5% increase in losses per share[30]. Assets and Liabilities - Total assets at the end of the reporting period amounted to RMB 4,713,710,153.60, reflecting an increase of 24.57% from the end of the previous year[4]. - Current assets totaled RMB 3.11 billion, up from RMB 2.26 billion, marking a significant increase of about 37.5%[22]. - Total liabilities increased to CNY 1,287,276,928.51 as of September 30, 2023, compared to CNY 1,040,039,059.76 at the end of 2022[24]. - The company's total equity rose to CNY 3,426,433,225.09 as of September 30, 2023, up from CNY 2,743,917,247.49 at the end of 2022[25]. - The company’s long-term equity investments increased to RMB 349.57 million from RMB 333.85 million, showing a growth of about 4.7%[22]. Cash Flow - Cash inflows from operating activities for the first three quarters of 2023 totaled 184,648,621.89 RMB, down 55.0% from 410,800,658.68 RMB in the same period of 2022[32]. - Cash outflows from operating activities for the first three quarters of 2023 were 588,134,795.05 RMB, compared to 626,185,229.85 RMB in the same period of 2022, showing a decrease of 6.1%[33]. - Cash inflows from investment activities for the first three quarters of 2023 were 65,486,938.81 RMB, down 93.1% from 957,012,123.90 RMB in the same period of 2022[34]. - Cash outflows from investment activities for the first three quarters of 2023 totaled 807,215,755.81 RMB, compared to 947,724,706.34 RMB in the same period of 2022, indicating a decrease of 14.8%[34]. - Cash inflows from financing activities for the first three quarters of 2023 were 1,372,950,993.59 RMB, significantly up from 276,271,174.38 RMB in the same period of 2022, representing a 397.5% increase[37]. - The net cash flow from financing activities for the first three quarters of 2023 was 1,141,662,390.32 RMB, compared to 109,941,281.55 RMB in the same period of 2022, reflecting a 938.5% increase[37]. - The ending balance of cash and cash equivalents as of September 30, 2023, is approximately $630.87 million, down from $708.81 million at the end of September 2022[38]. Operational Costs and Investments - The company increased investments in talent reserves and market expansion, leading to higher operational costs[7]. - Research and development expenses increased by RMB 65,247,100 compared to the previous year[7]. - Research and development expenses rose to CNY 105,716,539.49 in 2023, up from CNY 85,924,159.00 in 2022, indicating a focus on innovation[26]. - Total operating costs increased slightly to CNY 504,234,884.72 in 2023 from CNY 502,513,197.43 in 2022, with operating costs specifically decreasing from CNY 229,664,102.87 to CNY 182,133,327.13[26]. - The company is focusing on new product development and market expansion strategies to enhance its competitive position in the fuel cell sector[8]. - The company anticipates continued growth in the fuel cell market, prompting strategic investments[7]. Miscellaneous - The financial statements for the third quarter have not been audited[2]. - Non-operating income and expenses resulted in a total of -RMB 7,216,528.97 for the reporting period[6]. - The cash flow from operating activities is not applicable, reflecting the current state of the fuel cell industry[9]. - The diluted earnings per share for the year-to-date period is not applicable, reflecting ongoing investments in growth[8]. - The company holds cash and cash equivalents of approximately RMB 646.65 million as of September 30, 2023[21]. - The company’s short-term borrowings increased significantly to CNY 462,915,438.52 from CNY 229,872,186.96 year-over-year[23]. - Deferred income decreased slightly to CNY 103,950,498.39 in 2023 from CNY 109,666,422.97 in 2022, reflecting changes in revenue recognition[24]. - The company’s cash and cash equivalents were not detailed, but the increase in short-term borrowings suggests a potential liquidity challenge[23]. - The company reported a cash flow impact from foreign exchange fluctuations of 17,632,788.79 RMB in the first three quarters of 2023[37].

Financial Performance - The company reported a revenue of RMB 1.2 billion for the first half of 2023, representing a year-on-year increase of 25%[6] - The company reported a revenue of RMB 153.52 million for the first half of the year, a decrease of 42.96% compared to RMB 269.14 million in the same period last year[14] - The net loss attributable to shareholders was RMB 76.51 million, an increase of RMB 16.51 million from the previous year's loss of RMB 60.00 million[14] - The gross margin for the first half of 2023 was reported at 35%, an increase from 30% in the previous year[6] - Future outlook remains positive, with anticipated growth in the hydrogen energy sector, supported by government policies promoting clean energy solutions[6] - The company achieved operating revenue of RMB 153.52 million in the first half of 2023, a decrease of 42.96% year-on-year, and reported a net loss attributable to shareholders of RMB 76.51 million, an increase in loss of RMB 16.51 million year-on-year[50] Research and Development - The company is investing RMB 200 million in R&D for new hydrogen storage technologies, aiming to improve durability and performance[6] - Research and development expenses accounted for 49.89% of revenue, an increase of 20.69 percentage points from the previous year's 29.20%[16] - The company’s R&D investment for the period was RMB 76.60 million, comparable to RMB 78.59 million in the same period last year[17] - The company focuses on the research and development of fuel cell systems, achieving mass production capabilities[20] - The company adheres to a research and development model of "pre-research, development, and promotion," focusing on improving power density and reducing costs[21] - The company has developed low-temperature rapid start technology for fuel cells, improving cold start efficiency and enhancing user experience[28] - The company has developed a high-efficiency fuel cell waste heat utilization technology, enhancing energy conversion efficiency[29] - The company has developed a fuel cell system prototype with a rated power of ≥240kW and has filed over 5 invention patents[36] - The company has completed the development of testing equipment for high-power fuel cell stacks, enhancing testing capabilities[34] - The company has completed the research on the preparation technology of core materials for fuel cells, focusing on enhancing system output performance and durability[40] Market and Sales - User data indicates that the number of fuel cell vehicles sold increased by 30% compared to the same period last year, reaching 5,000 units[6] - The company plans to expand its market presence in Southeast Asia, targeting a 10% market share by the end of 2024[6] - A strategic partnership was formed with a leading automotive manufacturer to co-develop hydrogen fuel cell vehicles, expected to generate additional revenue of RMB 500 million over the next three years[6] - The hydrogen fuel cell vehicle market is in its early commercialization stage, with significant growth potential driven by national policies and global carbon neutrality goals[23] - The company is actively involved in multiple application scenarios for fuel cell vehicles, including public transport, urban logistics, and new fields like shipping[23] Financial Position and Cash Flow - Total assets increased to RMB 4.82 billion, up 27.33% from RMB 3.78 billion at the end of the previous year[14] - Net assets attributable to shareholders rose to RMB 3.19 billion, reflecting a 36.23% increase from RMB 2.34 billion at the end of the previous year[14] - The company is experiencing negative operating cash flow, primarily due to high accounts receivable and inventory levels, which may lead to insufficient working capital if financing channels are not expanded[60] - The company’s cash inflow from operating activities for the first half of 2023 was CNY 119,805,126.61, a decrease of 67.6% compared to CNY 369,151,140.17 in the same period of 2022[132] - The net cash outflow from operating activities was CNY -276,367,270.27, worsening from CNY -22,723,511.45 year-on-year[132] Strategic Initiatives - The company has initiated a merger with a complementary technology firm, projected to enhance its product offerings and market competitiveness[6] - The company has established a hydrogen technology subsidiary to integrate resources in the upstream hydrogen production sector and gradually expand into the hydrogen energy market[51] - The company plans to enhance R&D capabilities, expand stack production capacity, improve supply chain management, and increase brand awareness to address ongoing operational losses[53] Risks and Challenges - The company faces risks from high customer concentration, with major clients like Beiqi Foton and Yutong Bus dominating sales, potentially impacting independent operational capabilities if these clients face business challenges[57] - The company is heavily reliant on government subsidy policies for revenue, with recent adjustments to these policies posing risks to the fuel cell system business[61] - The rapid development of the hydrogen fuel cell industry has led to increased competition, necessitating continuous innovation and market responsiveness[55] Employee and Talent Management - The number of R&D personnel has increased to 336, representing 30.71% of the total workforce, with an average salary of 11.14 million RMB[43] - The company has implemented a performance-based salary system to attract and retain talent, focusing on strategic goals and employee capabilities[101] - The workforce increased from 879 to 1,094 employees year-on-year, reflecting the company's commitment to market expansion and talent acquisition[54] Shareholder and Capital Structure - Major shareholders hold significant stakes, with Zhang Guoqiang owning 18.61% of A shares, equivalent to 18,594,117 shares[81] - The company raised a total of RMB 886.26 million, with 50.20% allocated to developing a next-generation integrated R&D platform, amounting to RMB 444.90 million[77] - The company's debt-to-asset ratio improved to 26.00% at the end of the period from 27.49% at the beginning[95]

Financial Performance - Total revenue for the six months ended June 30, 2023, was RMB 153.52 million, a decrease of 42.96% year-on-year[2] - Net loss attributable to shareholders for the same period was RMB 76.51 million, compared to a net loss of RMB 60.00 million in the previous year[2] - Basic loss per share for the six months ended June 30, 2023, was RMB 0.67, compared to RMB 0.60 in the same period last year[2] - Total operating costs for the same period were RMB 280,417,141.31, down from RMB 341,350,134.33 in 2022, reflecting a reduction of 17.9%[8] - The net loss attributable to shareholders for the six months ended June 30, 2023, was RMB 76,511,130.16, compared to a net loss of RMB 60,004,630.05 in the same period of 2022, indicating a worsening of 27.4%[11] - The company reported a net loss of RMB 81,775,987.03 for the six months ended June 30, 2023, compared to a net loss of RMB 81,813,170.15 in the same period of 2022[19] - The net cash outflow from operating activities was RMB 276.37 million, an increase of RMB 253.64 million year-on-year[31] Assets and Liabilities - Total current assets as of June 30, 2023, amounted to RMB 3,230.94 million, an increase from RMB 2,261.03 million as of December 31, 2022[4] - Total liabilities as of June 30, 2023, were RMB 1,028.50 million, up from RMB 828.98 million as of December 31, 2022[5] - Short-term borrowings increased to RMB 430.31 million from RMB 229.87 million as of December 31, 2022[5] - Long-term equity investments as of June 30, 2023, were RMB 343.12 million, compared to RMB 333.85 million at the end of 2022[4] - Total assets as of June 30, 2023, reached RMB 4,818.26 million, up from RMB 3,783.96 million as of December 31, 2022[4] - The total liabilities as of June 30, 2023, amounted to RMB 1,252,506,132.47, up from RMB 1,040,039,059.76 at the end of 2022, marking an increase of 20.4%[6] - Non-current liabilities increased to RMB 224,002,098.54 as of June 30, 2023, from RMB 211,060,369.94 at the end of 2022, representing a rise of 6.1%[6] - The company's total equity attributable to shareholders increased to RMB 3,190,713,254.36 as of June 30, 2023, from RMB 2,342,103,146.24 at the end of 2022, reflecting a growth of 36.3%[6] Research and Development - Research and development expenses for the six months ended June 30, 2023, were RMB 55,192,267.56, slightly down from RMB 60,264,171.88 in the same period of 2022, a decrease of 8.5%[9] - Research and development investment for the first half of 2023 was RMB 76.60 million, focusing on core technology indicators of fuel cell systems[32] - The company plans to enhance R&D for fuel cell systems and core components, focusing on improving performance under adverse conditions[37] Business Strategy and Market Position - The company is focusing on enhancing its product development and market expansion strategies moving forward[2] - The company continues to focus on the development and manufacturing of fuel cell systems and components for commercial vehicles[14] - The company anticipates significant growth potential in the fuel cell vehicle industry, with projections indicating over 1 million fuel cell vehicles in China by 2035[36] - The company aims to strategically expand its customer base and regional coverage to increase market share[39] - Strengthening supplier relationships is a key strategy to ensure component supply and reduce raw material costs[40] - The company intends to enhance brand awareness through marketing activities and participation in industry events[41] Capital and Shareholder Information - The company issued H-shares at HKD 60 per share, selling a total of 17,628,000 shares and an overallotment of 670,450 shares, resulting in net proceeds of approximately HKD 1,022 million after deducting underwriting fees and other expenses[47] - The company does not recommend the distribution of an interim dividend for the six months ended June 30, 2023, consistent with no interim dividend in 2022[48] - As of March 31, 2023, the company's total share capital was 118,189,837 shares, and it issued 47,275,935 new shares through a capital increase, raising the registered capital to RMB 165,465,772[48] Operational Developments - The company has established partnerships with universities for technology innovation and talent cultivation[33] - The company has launched fuel cell vehicles in multiple cities, with 133 models equipped with its fuel cell systems announced as of June 2023[33] - The company completed its listing on the Hong Kong Stock Exchange, enhancing its capital for operational development[34] - The company is expanding its hydrogen energy business through the establishment of a new subsidiary focused on upstream hydrogen production[33] Compliance and Governance - The company has not identified any significant doubts regarding its ability to continue as a going concern for the next 12 months[15] - The financial statements are prepared in accordance with the relevant accounting standards and regulations applicable in China[15]