中泰证券股份有限公司 在现场检查过程中，保荐机构结合*ST亚星的实际情况，查阅、收集了公司 有关文件、资料，与公司管理人员进行了访谈，实施了包括审核、查证、询问等 必要程序，检查了公司治理和内部控制，信息披露，公司的独立性以及与控股股 东及其他关联方资金往来，募集资金使用，关联交易、对外担保、重大对外投资 以及经营状况等情况，并在前述工作的基础上完成了本次现场检查报告。 二、对现场检查事项逐项发表的意见 （一）公司治理和内部控制情况 关于扬州亚星客车股份有限公司 2023年度现场检查报告 上海证券交易所： 中泰证券股份有限公司（以下简称"保荐机构"）作为扬州亚星客车股份有 限公司（以下简称"*ST亚星"或"公司"）2021年非公开发行A股股票的保荐机构， 根据《证券发行上市保荐业务管理办法》以及《上海证券交易所上市公司自律监 管指引第11号——持续督导》等相关法规规定，担任公司2021年非公开发行A股 股票的持续督导保荐机构，于2024年4月15日、2024年4月24日、2024年5月5日- 2024年5月7日对公司进行了现场检查，现将本次现场检查情况报告如下： 一、本次现场检查的基本情况 保荐机构于2024 ...

中泰证券股份有限公司 关于扬州亚星客车股份有限公司 2023年度持续督导年度报告书 | 保荐机构名称 | 中泰证券股份有限公司 | 上市公司简称 | *ST亚星 | | --- | --- | --- | --- | | 保荐代表人姓名 | 林宏金 | 上市公司代码 | 600213 | | 保荐代表人姓名 | 万年帅 | 报告年度 | 2023 | 一、保荐机构持续督导工作情况 经中国证券监督管理委员会《关于核准扬州亚星客车股份有限公司非公开发行 股票的批复》（证监许可[2022]131号）核准，扬州亚星客车股份有限公司（以下简 称"公司"）非公开发行不超过66,000,000股新股。公司本次非公开发行人民币普 通股（A股）66,000,000股，每股面值1元，发行价格为每股5.14元，共募集资金人民 币339,240,000.00元。扣除与本次发行有关的保荐承销费、审计及验资费用等发行费 用合计人民币4,519,622.64元（不含增值税）后，公司本次非公开发行实际募集资金 净额为人民币334,720,377.36元。上述资金已于2022年2月14日全部到账，经和信会 计师事务所（特殊普通合伙）出具的和信 ...

中泰证券股份有限公司 关于扬州亚星客车股份有限公司 非公开发行股票持续督导保荐总结报告书 经中国证券监督管理委员会（以下简称"中国证监会"）《关于核准扬州亚星 客车股份有限公司非公开发行股票的批复》（证监许可〔2022〕131号）核准，并 经上海证券交易所（以下简称"上交所"）同意，扬州亚星客车股份有限公司（以 下简称"公司"）向特定对象非公开发行人民币普通股（A股）股票66,000,000股， 发行价格为每股人民币5.14元，募集资金总额为人民币339,240,000.00元，扣除各项 发行费用（不含税）人民币4,519,622.64元后，公司实际募集资金净额为人民币 334,720,377.36元。上述募集资金已于2022年2月14日全部到账，并经和信会计师事 务所（特殊普通合伙）审验，于2022年2月15日出具了和信验字(2022)第000007号 《扬州亚星客车股份有限公司验资报告》。 中泰证券股份有限公司（以下简称"中泰证券"、"保荐人"）作为公司本次 非公开发行股票的保荐人，负责公司非公开发行A股股票完成后的持续督导工作， 持续督导期为自证券上市之日起的当年剩余时间及其后一个完整会计年度。截至 2 ...

证券代码：600213 证券简称：*ST 亚星 公告编号：2024-042 扬州亚星客车股份有限公司 关于诉讼结果的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者 重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 重要内容提示： 对上市公司损益产生的影响：本次公告的诉讼对公司损益的影响有待于诉讼的 执行情况而定，公司将依据有关会计准则的要求和判决执行情况进行相应会计处理， 最终影响情况以年度审计结果为准。 一、诉讼的基本情况 特此公告。 扬州亚星客车股份有限公司董事会 二Ｏ二四年五月八日 扬州亚星客车股份有限公司（以下简称"本公司"或"公司"）、哈尔滨亚星汽 车销售有限公司（以下简称"哈尔滨亚星公司"）与原告哈尔滨市丰达公交客运有限 公司（以下简称"丰达客运公司"）侵权责任纠纷一案（案号：（2023）黑 0102 民初 50457 号），与原告哈尔滨浩达客运汽车有限责任公司（以下简称"浩达客运公司"） 侵权责任纠纷一案（案号：（2023）黑 0102 民初 50459 号），一审判决后，本公司不 服黑龙江省哈尔滨市道里区人民法院（2023）黑 0102 民初 50 ...

Financial Performance - The company's operating revenue for Q3 2023 was ¥247,882,167.92, a decrease of 38.65% compared to the same period last year[3] - The net profit attributable to shareholders for Q3 2023 was a loss of ¥27,215,972.62, with a year-to-date loss of ¥81,269,968.19[3] - The basic and diluted earnings per share for Q3 2023 were both -¥0.10, reflecting a significant decline[3] - Total operating revenue for the first three quarters of 2023 was ¥630,943,149.02, a decrease of 31.2% compared to ¥917,589,169.41 in the same period of 2022[18] - Net profit for the first three quarters of 2023 was -¥84,856,975.60, an improvement from -¥96,042,021.55 in the same period of 2022[19] - Basic and diluted earnings per share for the third quarter of 2023 were both -¥0.28, compared to -¥0.35 in the same quarter of 2022[20] Assets and Liabilities - The total assets at the end of Q3 2023 were ¥2,350,079,486.97, down 17.36% from the previous year-end[4] - The equity attributable to shareholders decreased by 50.39% to ¥78,525,864.52 compared to the previous year-end[4] - Total current assets as of September 30, 2023, are ¥2,138,525,404.98, down from ¥2,595,082,500.43 at the end of 2022[13] - Total current liabilities are ¥1,735,124,264.30, down from ¥1,979,164,947.06 at the end of 2022[15] - The total liabilities decreased to ¥2,202,162,529.90 in Q3 2023 from ¥2,612,655,386.56 in Q3 2022, reflecting a reduction of 15.7%[16] - The total equity attributable to shareholders decreased to ¥78,525,864.52 in Q3 2023 from ¥158,289,531.66 in Q3 2022, a decline of 50.5%[16] Cash Flow - The net cash flow from operating activities for the year-to-date period was ¥327,527,695.35, indicating a significant cash generation capability despite losses[3] - The net cash flow from operating activities for Q3 2023 was $327.53 million, a significant improvement compared to a net outflow of $3.17 million in Q3 2022[23] - Total cash outflow from operating activities amounted to $777.40 million, down from $1.14 billion in the same period last year[23] - Cash inflow from financing activities was $172.50 million, a decrease from $863.32 million in Q3 2022[23] - The net increase in cash and cash equivalents for Q3 2023 was $54.09 million, contrasting with a decrease of $195.86 million in Q3 2022[23] - The ending balance of cash and cash equivalents was $223.86 million, compared to $98.50 million at the end of Q3 2022[23] Expenses - Total operating costs for the first three quarters of 2023 were ¥714,030,650.40, down 30% from ¥1,018,272,148.03 in the previous year[18] - Research and development expenses for the first three quarters of 2023 were ¥44,232,350.41, a decrease of 19.4% from ¥54,819,198.78 in the same period of 2022[19] - Sales expenses for the first three quarters of 2023 were ¥65,287,128.60, down 17.5% from ¥78,944,346.86 in the previous year[19] Shareholder Information - Total number of common shareholders at the end of the reporting period is 25,916[10] - The largest shareholder, Weichai (Yangzhou) Investment Co., Ltd., holds 178,200,000 shares, accounting for 62.31% of total shares[10] Other Observations - The company reported a decrease in accounts receivable financing by 74.67% due to reduced bill settlement activities[7] - The company experienced a 50.94% decrease in prepaid expenses, attributed to a reduction in advance payments for materials[7] - The company noted an increase in other current liabilities by 35.54%, primarily due to a rise in domestic advance receipts[8] - The company reported a credit impairment loss of -¥12,373,647.31 in Q3 2023, worsening from -¥1,554,232.29 in the same quarter of 2022[19] - The company has no significant new product launches or technological developments reported in the current quarter[12]

Financial Performance - The company's operating revenue for Q1 2024 was ¥558,179,259.81, representing a year-on-year increase of 263.98%[2]. - Total operating revenue for Q1 2024 reached ¥558,179,259.81, a significant increase of 263.5% compared to ¥153,355,045.27 in Q1 2023[16]. - The net profit attributable to shareholders was a loss of ¥7,084,181.41, while the net profit excluding non-recurring items was ¥7,535,816.76[2]. - The net loss for Q1 2024 was ¥5,398,677.82, an improvement from a net loss of ¥33,780,527.38 in Q1 2023[17]. - The company's gross profit for Q1 2024 was ¥16,838,430.22, compared to a gross loss of ¥33,743,379.62 in Q1 2023[17]. - The total comprehensive income for Q1 2024 was a loss of ¥8.89 million, an improvement from a loss of ¥29.85 million in Q1 2023, indicating a reduction in comprehensive losses by approximately 70.2%[25]. Cash Flow and Liquidity - The net cash flow from operating activities was negative at ¥2,430,569.65, a decrease of 118.73% compared to the previous year[2]. - Cash generated from operating activities in Q1 2024 was ¥618,776,776.16, an increase from ¥261,442,730.22 in Q1 2023[20]. - The net cash flow from operating activities for Q1 2024 was -2,430,569.65 RMB, a decrease from 12,974,963.48 RMB in Q1 2023[21]. - Total cash and cash equivalents at the end of Q1 2024 amounted to 239,505,631.88 RMB, compared to 99,120,276.55 RMB at the end of Q1 2023[22]. - The cash and cash equivalents at the end of Q1 2024 were ¥143.43 million, a significant increase from ¥43.68 million at the end of Q1 2023[28]. - Cash inflow from financing activities was 235,901,644.31 RMB in Q1 2024, significantly higher than 89,500,000.00 RMB in Q1 2023[21]. Assets and Liabilities - Total assets at the end of Q1 2024 reached ¥2,988,426,398.67, reflecting a year-on-year increase of 24.82%[3]. - Total assets as of March 31, 2024, amounted to RMB 2,988,426,398.67, an increase from RMB 2,394,197,166.05 as of December 31, 2023, reflecting a growth of approximately 24.8%[12]. - The total liabilities as of Q1 2024 amounted to ¥3,097,092,330.45, compared to ¥2,497,863,914.65 in the previous year[14]. - Total current liabilities rose to RMB 2,732,478,644.08 from RMB 2,040,637,270.80, an increase of approximately 33.9%[13]. - The total liabilities as of March 31, 2024, were 2,979,718,432.75 RMB, up from 2,362,267,127.61 RMB at the end of 2023[23]. Inventory and Expenses - The company's inventory increased by 132.73%, primarily due to higher stock levels at the end of the period[5]. - Inventory significantly increased to RMB 691,538,696.96 from RMB 297,141,231.37, marking a growth of around 132.5%[12]. - The company reported a significant increase in sales expenses by 87.74%, driven by higher warranty and miscellaneous fees[5]. - Research and development expenses for Q1 2024 were ¥14,681,566.82, compared to ¥12,425,848.78 in Q1 2023, indicating a focus on innovation[17]. - The company incurred financial expenses of ¥1.35 million, a decrease from ¥8.86 million in the previous year, indicating a reduction of approximately 84.7%[24]. Shareholder Information - The company has no significant changes in the shareholding structure among the top 10 shareholders compared to the previous period[9]. - The company holds a total of 178,200,000 shares, representing 62.31% of the total shares, by Weichai (Yangzhou) Investment Co., Ltd.[9]. - The company has not reported any related party transactions among the top shareholders[9].

Financial Performance - The company's operating revenue for Q1 2023 was ¥153,355,045.27, representing a decrease of 45.27% compared to the same period last year[5]. - The net profit attributable to shareholders of the listed company was -¥31,869,896.32, indicating a significant loss[5]. - The basic and diluted earnings per share were both -¥0.11, reflecting the company's financial challenges[6]. - The company reported a net loss of RMB 821,026,268.95 for Q1 2023, compared to a net loss of RMB 789,156,372.63 in Q1 2022[15]. - The net profit for Q1 2023 was -33,780,527.38 RMB, compared to -43,592,244.04 RMB in Q1 2022, showing an improvement of approximately 22.5%[18]. - The total operating profit for Q1 2023 was -33,837,913.67 RMB, an improvement from -43,928,397.72 RMB in Q1 2022[18]. - The company's net loss for Q1 2023 was ¥29,849,776.70, an improvement from a net loss of ¥43,697,696.73 in Q1 2022, representing a reduction of 31.7%[26]. Assets and Liabilities - The total assets at the end of the reporting period were ¥2,538,086,410.57, down 10.75% from the previous year[6]. - The total assets decreased to ¥2,436,137,322.30 in Q1 2023 from ¥2,742,198,221.19 in Q1 2022, reflecting a decline of 11.1%[24]. - Total liabilities decreased to ¥2,339,885,713.44 as of March 31, 2023, from ¥2,612,655,386.56 at the end of 2022, a reduction of 10.4%[14]. - The total liabilities decreased to ¥2,298,488,681.02 in Q1 2023 from ¥2,575,264,894.61 in Q1 2022, a reduction of 10.8%[24]. - The company's total equity decreased to RMB 198,200,697.13 as of March 31, 2023, from RMB 231,029,619.76 at the end of 2022, a decline of 14.2%[15]. - The total owner's equity decreased to ¥137,648,641.28 in Q1 2023 from ¥166,933,326.58 in Q1 2022, a decline of 17.5%[24]. Cash Flow - The net cash flow from operating activities was ¥12,974,963.48, with no applicable comparison due to the nature of the data[5]. - Cash flow from operating activities generated a net amount of 12,974,963.48 RMB in Q1 2023, a significant recovery from -142,387,805.70 RMB in Q1 2022[20]. - Cash inflow from operating activities totaled 251,623,531.87 CNY, up 27.4% from 197,488,801.80 CNY in Q1 2022[27]. - Net cash flow from operating activities was 19,071,273.00 CNY, a significant recovery from -147,829,757.96 CNY in the same period last year[27]. - Cash outflow from operating activities totaled 265,993,436.53 RMB in Q1 2023, compared to 433,047,039.02 RMB in Q1 2022, indicating a reduction of about 38.5%[20]. - Total cash outflow from operating activities was 232,552,258.87 CNY, reduced from 345,318,559.76 CNY in Q1 2022[27]. - The cash flow from financing activities showed a net outflow of -81,176,829.59 RMB in Q1 2023, compared to a net inflow of 88,117,299.62 RMB in Q1 2022[20]. - Net cash flow from financing activities was -79,109,393.38 CNY, a decline from a positive 64,347,163.37 CNY in Q1 2022[28]. Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 27,230[10]. - The largest shareholder, Weichai (Yangzhou) Yaxing Automobile Co., Ltd., held 62.31% of the shares, totaling 178,200,000 shares[10]. Sales and Inventory - The company experienced a 45.27% decline in operating income due to a significant drop in domestic sales[7]. - The company reported a decrease in sales revenue from 275,036,641.89 RMB in Q1 2022 to 261,442,730.22 RMB in Q1 2023, a decline of approximately 4.5%[19]. - Inventory increased to RMB 240,649,591.07 as of March 31, 2023, compared to RMB 204,523,552.79 at the end of 2022, reflecting a rise of 17.6%[13]. - The company's inventory increased to ¥176,869,397.34 in Q1 2023 from ¥143,673,579.05 in Q1 2022, reflecting a growth of 23.1%[24]. Research and Development - The company’s R&D expenses for Q1 2023 were RMB 12,425,848.78, slightly down from RMB 13,397,028.23 in Q1 2022, indicating a decrease of 7.2%[17]. - Research and development expenses increased to ¥8,691,183.05 in Q1 2023, up from ¥8,110,714.58 in Q1 2022, indicating a growth of 7.2%[26].

Financial Performance - The company's operating revenue for the first half of 2023 was approximately ¥383.06 million, a decrease of 25.41% compared to ¥513.57 million in the same period last year[17]. - The net profit attributable to shareholders for the first half of 2023 was a loss of approximately ¥54.05 million, an improvement from a loss of ¥72.01 million in the previous year[17]. - The basic earnings per share for the first half of 2023 was -¥0.19, an improvement from -¥0.27 in the same period last year[17]. - The weighted average return on net assets was -40.95%, a decrease of 6.21 percentage points compared to -34.74% in the previous year[17]. - The company reported a net profit of -¥6,893,779.21 for Xiamen Fengtai in the first half of 2023, with sales revenue of ¥56,632,511.75[46]. - The company reported a net loss of ¥843,210,368.20, worsening from a loss of ¥789,156,372.63 at the end of 2022[112]. - The company reported a total of 610 million in capital reserves, which remained unchanged from the previous period[131]. - The total comprehensive income for the first half of 2023 was a loss of CNY 57,395,410.36, compared to a loss of CNY 71,733,790.85 in the first half of 2022[120]. Cash Flow and Liquidity - The net cash flow from operating activities was approximately ¥292.37 million, a significant recovery from a negative cash flow of ¥122.20 million in the same period last year[17]. - Cash flow from operating activities turned positive at CNY 292.37 million, compared to a negative CNY -122.20 million in the previous year, primarily due to increased recovery of new energy subsidies[39][41]. - The company's cash and cash equivalents at the end of the period were CNY 369.67 million, accounting for 16.11% of total assets[43]. - The company's cash and cash equivalents decreased to CNY 282,108,827.53 as of June 30, 2023, from CNY 311,517,469.00 at the end of 2022, a decline of 9.4%[114]. - The ending balance of cash and cash equivalents increased to ¥158,051,970.49 from ¥105,745,577.77, showing a growth of approximately 49.5%[128]. Assets and Liabilities - The total assets decreased by 19.30% to approximately ¥2.29 billion from ¥2.84 billion at the end of the previous year[17]. - The total liabilities decreased to ¥2,119,484,379.14, a reduction of 18.9% compared to ¥2,612,655,386.56 at the end of 2022[112]. - The total equity decreased to ¥175,499,990.40, down 24% from ¥231,029,619.76 at the end of 2022[112]. - The total liabilities to equity ratio improved to 12.06, compared to 11.31 at the end of 2022[112]. - The total current assets decreased to ¥2,070,762,663.07, a decrease of 20.2% from ¥2,595,082,500.43 on December 31, 2022[110]. Sales and Market Performance - The company reported a 17.6% year-on-year increase in sales of buses over 6 meters, totaling 39,332 units in the first half of 2023[31]. - Domestic sales of highway buses reached 13,951 units, reflecting a significant year-on-year growth of 59.9%[31]. - Exports of large and medium-sized buses surged by 84.9% year-on-year, totaling 14,598 units in the first half of 2023[31]. - In the first half of 2023, the company's overseas sales increased by 114% year-on-year, while total revenue was CNY 383.06 million, a decrease of 25.41% compared to CNY 513.57 million in the same period last year[37][39]. Research and Development - The company has a strong R&D capability with 124 R&D personnel, of which over 35% hold senior technical titles[23]. - As of June 2023, the company holds 79 authorized patents and 10 software copyrights, with 2 invention patents granted in 2023[23]. - R&D expenses decreased by 31.49% to CNY 24.13 million, reflecting a reduction in investment in research activities[39]. - Research and development expenses for the first half of 2023 were CNY 24,129,146.81, a decrease of 31.4% compared to CNY 35,217,482.46 in the first half of 2022[118]. Environmental Responsibility - The company reported actual COD emissions of 22 mg/L, significantly below the allowed limit of 500 mg/L, with a total annual discharge of 1.378 tons[58]. - The company has committed to environmental responsibility by maintaining emissions below regulatory limits across various pollutants[58]. - The company has implemented a wastewater treatment system that includes coagulation and sedimentation processes to manage wastewater effectively[61]. - The company has achieved compliance with the GB12348-2008 noise emission standards, ensuring that daytime and nighttime noise levels are within the prescribed limits[67]. Legal Matters - The company has ongoing significant litigation matters, including a lawsuit against Cao County Transportation City Bus Co., Ltd. for a total claim of 45.519 million yuan, which includes principal and interest[80]. - The company is currently involved in litigation with Anhui Rongzhi Tianjun New Energy Vehicle Co., Ltd., claiming overdue payments of 9.554 million yuan and damages of 93,412.50 yuan due to product quality issues[81]. - The company has been involved in multiple lawsuits, including a claim for 2,812,027.46 yuan and interest from Beijing Wangzhi Yuntong Technology Co., which has reached a civil mediation[82]. - The ongoing litigation may impact the company's financial position and operational focus in the near term[82]. Corporate Governance - CEO Dong Changjiang resigned on July 6, 2023, and was appointed as Deputy General Manager along with Wu Yongsong, who also resigned as Vice Chairman but continued as a board member[54]. - The company is in the process of electing a new chairman following Dong Changjiang's resignation as chairman on July 14, 2023[55]. - Liu Xingyin was elected as a director of the eighth board on July 31, 2023, with a term consistent with the current board[55]. Financial Management - The company has signed entrusted loan contracts with Weichai (Yangzhou) Yaxing Automobile Co., Ltd. and Jiangsu Bank, providing a total of RMB 360 million in loans, which are set to mature in August 2023[89]. - The company aims to optimize its capital management and improve fund utilization efficiency through financial services provided by Shandong Heavy Industry Group Finance Co., Ltd.[87]. - The total loan amount from Shandong Heavy Industry Group Financial Co., Ltd. is RMB 1,400,000,000, with an actual amount of RMB 607,171,331 disbursed[95].

Financial Performance - The company reported a net profit of -336,235,223.33 RMB for the year 2023, with a net profit attributable to shareholders of -337,064,184.08 RMB, marking a significant loss compared to the previous year[6]. - Total revenue for 2023 was 1,209,744,875.96 RMB, representing an 18.11% decrease from 1,477,316,792.08 RMB in 2022[22]. - The company's total assets decreased by 15.81% to 2,394,197,166.05 RMB from 2,843,685,006.32 RMB in the previous year[23]. - The net assets attributable to shareholders fell to -177,564,784.95 RMB, a decline of 212.18% from 158,289,531.66 RMB in 2022[22]. - Basic earnings per share for 2023 was -1.18 CNY, compared to -0.71 CNY in 2022, indicating a significant decline[24]. - The company reported a total revenue of 578,801,726.94 CNY in Q4 2023, with a net profit attributable to shareholders of -255,794,215.89 CNY[26]. - The company achieved operating revenue of 1.209 billion RMB, a year-on-year decrease of 18.11% due to intensified industry price competition and poor domestic order quality[56]. - The net profit attributable to shareholders was -337 million RMB, reflecting a significant decline compared to the previous year's loss of 196 million RMB[57]. Cash Flow and Assets - The net cash flow from operating activities increased by 69.59% to 495,957,161.37 RMB compared to 292,437,069.53 RMB in 2022[22]. - The company's cash and cash equivalents increased by 37.95% to ¥519,904,478.89, compared to ¥376,871,997.62 in the previous period, primarily due to an increase in bank deposits[72]. - Accounts receivable financing decreased by 81.35% to ¥13,525,958.91 from ¥72,534,448.97, mainly due to a reduction in bank acceptance bills[72]. - Inventory increased by 45.28% to ¥297,141,231.37, up from ¥204,523,552.79, primarily due to an increase in work-in-progress[72]. Operational Efficiency and Market Strategy - The company aims to stabilize its domestic market while actively expanding into overseas markets, focusing on cost reduction and efficiency improvement[32]. - The company implemented a results-oriented compensation system to enhance sales performance and operational efficiency[35]. - The company is focusing on the development of hydrogen fuel buses as a potential growth market following the exit of subsidies for new energy buses[48]. - The company has established strategic partnerships with major component manufacturers to reduce costs and enhance efficiency[39]. - The company is actively participating in centralized procurement to optimize purchasing resources and reduce costs[39]. Sales and Production - The company produced 2,021 buses, with sales of 1,988 units, reflecting a production decrease of 7.51% and a sales decrease of 8.13% year-over-year[63]. - The total sales volume of buses for the year was 1,988 units, a decrease of 8.13% compared to 2,164 units in the previous year[76]. - The domestic sales of highway buses increased by 79.9% to 31,680 units, while public bus sales decreased by 44.8% to 25,860 units in 2023[43]. - The company completed the development and batch delivery of hydrogen fuel buses in Shandong and aluminum-bodied hydrogen fuel buses in Yangzhou[38]. Research and Development - Research and development expenses increased by 14.52% to 87 million RMB, indicating a continued focus on innovation despite financial challenges[57]. - The company holds 70 authorized patents and 15 software copyrights, with 4 invention patents granted in 2023[49]. - The company has implemented a pure electric bus technology iteration project, aiming to reduce vehicle drive energy consumption by 5%[38]. Governance and Compliance - The company has not reported any major differences in governance practices compared to legal and regulatory requirements[101]. - The company is in the process of revising its articles of association and independent director work system as part of its governance improvements[103]. - The company ensures transparency and equal information access for all shareholders, with a designated board secretary responsible for information disclosure[101]. - The company has committed to resolving overlapping business situations with its controlling shareholder and related subsidiaries within five years[135]. Legal Matters - The company is involved in significant litigation, including a contract dispute with Cao County Public Transport, which resulted in a final judgment requiring payment of CNY 18 million and penalties, currently in execution[172]. - The company is pursuing a lawsuit against Anhui Rongzhi Tianjun New Energy Vehicle Co., Ltd. for the return of 300 vehicles, with a claim amount of CNY 45 million, which was dismissed in the final judgment[172]. - The company has been awarded a compensation of ¥2,792,513.93 from Anhui Rongzhi Tianjun due to product quality and after-sales issues[173]. - The company is actively involved in litigation to recover funds and damages from multiple parties, indicating ongoing legal challenges[176]. Environmental Protection - The company has implemented a wastewater treatment system that includes processes such as coagulation, sedimentation, and biological aeration filtration, ensuring treated wastewater is discharged into the municipal sewage system[143]. - The company has achieved stable operation of all environmental protection facilities, with all pollutants meeting discharge standards, and has not experienced any major environmental pollution incidents during the reporting period[147]. - The company has committed to sustainability, aiming for a 30% reduction in carbon emissions by 2025[113]. - The company reported actual COD emissions of 197 mg/L, significantly below the allowed limit of 500 mg/L[139]. Future Outlook - The company anticipates a recovery in the bus market in 2024, driven by the gradual weakening of the impact from the reduction of subsidies for new energy vehicles and the release of new vehicle purchase demand[92]. - The company aims to achieve revenue growth and strive for profitability and positive net assets in 2024 despite facing significant challenges[169]. - The company plans to enhance training for middle management and technical personnel in 2024, aiming for a 100% completion rate of training programs[128].