Financial Performance - The company's operating revenue for the first half of 2019 was approximately ¥5.12 billion, a decrease of 7.53% compared to the same period last year[22]. - The net profit attributable to shareholders was approximately ¥11.38 million, down 85.33% year-on-year[22]. - The net profit after deducting non-recurring gains and losses was approximately -¥9.20 million, a decrease of 114.93% compared to the previous year[22]. - The net cash flow from operating activities was approximately -¥401.15 million, indicating a significant cash outflow[22]. - Basic earnings per share for the first half of 2019 were ¥0.01, down 90.00% year-on-year[22]. - The weighted average return on net assets was 0.24%, a decrease of 1.29 percentage points compared to the previous year[22]. - The company reported a significant increase in non-recurring losses, totaling approximately -¥160.18 thousand[23]. - The company expects a significant decline in net profit attributable to the parent company for Q3 2019 compared to the same period last year, primarily due to reduced profits in the automotive market[49]. - The company reported a 60.29% decrease in investment amount during the reporting period, totaling ¥34.40 million, compared to ¥86.63 million in the previous year[45]. Revenue Breakdown - The company achieved a sales revenue of CNY 5.12 billion in the first half of 2019, a decrease of CNY 417 million or 7.53% compared to the same period last year[36]. - The revenue from the rail transit market was CNY 1.24 billion, an increase of CNY 280 million or 2.31% year-on-year[36]. - The automotive market revenue was CNY 3.14 billion, a decrease of CNY 202 million or 6.05% year-on-year[36]. - Wind power market revenue reached CNY 623 million, an increase of CNY 6 million or 0.97% year-on-year[36]. Assets and Liabilities - The total assets at the end of the reporting period were approximately ¥15.41 billion, an increase of 7.92% from the end of the previous year[22]. - The net assets attributable to shareholders were approximately ¥4.68 billion, a slight decrease of 0.54% compared to the previous year[22]. - The company's total assets as of June 30, 2019, were CNY 15.41 billion, with overseas assets accounting for 37.40%[27]. - Total liabilities increased to ¥10,652,803,163.80 from ¥9,485,664,004.51, representing a growth of about 12.3% year-over-year[103]. - Current liabilities rose to ¥8,727,914,936.51 from ¥8,027,923,011.71, an increase of about 8.7% year-over-year[103]. Cash Flow - The net cash flow from operating activities decreased due to a reduction in cash received from sales of goods and services[40]. - Cash inflow from operating activities totaled CNY 5,819,061,339.81, a decrease of 5.7% compared to CNY 6,172,635,380.45 in the same period last year[126]. - Cash outflow from operating activities amounted to CNY 6,220,208,316.89, slightly increased from CNY 6,199,570,951.24 year-on-year[126]. - The ending balance of cash and cash equivalents was CNY 1,283,516,093.06, an increase from CNY 981,162,025.18 year-on-year[127]. Research and Development - Research and development expenses increased due to higher investments in new wind power blade and aramid material projects[40]. - Research and development expenses for the first half of 2019 are 164,422,731.99 CNY, up from 145,340,092.21 CNY in the same period of 2018, indicating a growth of 13.2%[119]. Operational Risks - The company faces increased operational risks due to international expansion, including currency fluctuations and trade protectionism[51]. - The company is exposed to exchange rate risks due to its increasing international operations and assets across multiple countries, which could lead to significant fluctuations in overall income and profitability[54]. - The company faces a risk of bad debts due to its extensive customer base in the rail transit, wind power, and automotive sectors, with sales exceeding 10 billion RMB[56]. Compliance and Governance - The company received a warning letter from the China Securities Regulatory Commission regarding compliance issues, emphasizing the need for improved governance and information disclosure quality[69]. - The company has not disclosed any major risks that could materially affect its operations during the reporting period[8]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 45,214[83]. - The total number of shares held by the top ten shareholders includes 292,494,103 shares from CRRC Zhuzhou Electric Locomotive Research Institute Co., Ltd., accounting for 36.43% of the total shares[86]. - The top ten shareholders include several state-owned enterprises, indicating a strong state influence in the company's ownership structure[87]. Accounting Policies - The company has implemented new accounting policies effective January 1, 2019, in accordance with the revised leasing standards issued by the Ministry of Finance[80]. - The company's financial statements are prepared in accordance with the enterprise accounting standards[169]. - The company’s accounting currency is Renminbi (RMB)[177]. Environmental and Quality Management - The company has no significant environmental impact from its manufacturing processes and complies with local environmental regulations[79]. - The company has established a strict quality management system, but unforeseen quality issues could lead to product recalls and associated liabilities, negatively impacting operations[53].

Financial Performance - Operating revenue decreased by 1.35% to CNY 2,539,141,857.45 year-on-year[9] - Net profit attributable to shareholders decreased by 4.56% to CNY 32,205,886.83 compared to the same period last year[9] - The company reported a net profit excluding non-recurring gains and losses increased by 17.77% to CNY 25,387,382.39 year-on-year[9] - Net profit for Q1 2019 was CNY 28,751,415.72, compared to CNY 31,215,468.96 in Q1 2018, indicating a decline of 7.88%[35] - The company's revenue for Q1 2019 was ¥952,202,731.24, an increase of 21.4% compared to ¥784,516,058.36 in Q1 2018[38] - Net profit for Q1 2019 was ¥83,050,755.56, compared to ¥25,155,354.56 in Q1 2018, marking a year-over-year increase of 230.5%[40] - The total comprehensive income for Q1 2019 was ¥90,785,406.36, compared to ¥49,831,893.01 in Q1 2018, indicating a growth of 82.2%[40] Cash Flow - Net cash flow from operating activities was negative at CNY -597,396,441.44, worsening from CNY -253,523,197.01 in the previous year[14] - Net cash flow from operating activities decreased primarily due to a reduction in cash received from sales of goods and services[16] - The company reported a net cash outflow from operating activities of ¥597,396,441.44 in Q1 2019, worsening from a net outflow of ¥253,523,197.01 in Q1 2018[43] - The total cash outflow for operating activities was 2,035,661,414.96 RMB, compared to 1,691,941,663.99 RMB in the previous year, reflecting increased operational expenses[49] - Cash inflow from financing activities reached 968,000,000.00 RMB, with cash outflow totaling 393,290,055.00 RMB, leading to a net cash flow of 574,709,945.00 RMB from financing activities[49] - The total cash flow from all activities resulted in a net decrease of -216,071,466.90 RMB in cash and cash equivalents for the quarter[49] Assets and Liabilities - Total assets increased by 6.22% to CNY 15,165,488,263.66 compared to the end of the previous year[9] - Total current assets as of March 31, 2019, amounted to RMB 9,397,303,095.37, up from RMB 8,860,864,184.89 at the end of 2018, representing an increase of approximately 6.06%[20] - Total liabilities as of March 31, 2019, were RMB 10,379,322,811.45, compared to RMB 9,485,664,004.51 at the end of 2018, marking an increase of about 9.43%[24] - Total assets as of March 31, 2019, reached RMB 15,165,488,263.66, up from RMB 14,277,065,125.70 at the end of 2018, representing an increase of approximately 6.23%[24] - Total liabilities rose to CNY 7,370,177,651.30, compared to CNY 6,767,038,911.74, suggesting increased leverage[31] - Total liabilities reached approximately $6.77 billion, a decrease from approximately $6.96 billion in the previous period[62] Shareholder Information - The number of shareholders reached 45,934 at the end of the reporting period[10] - The total equity increased to CNY 4,851,403,618.28 from CNY 4,760,618,211.92, showing a strengthening of shareholder value[31] - Shareholders' equity totaled ¥4,791,401,121.19, remaining stable compared to the previous period[57] Expenses - Financial expenses decreased significantly by 84.91% to CNY 2,924,962.90 compared to the same period last year[13] - Financial expenses decreased due to foreign exchange gains from euro to RMB fluctuations, which were higher than the same period last year[16] - Research and development expenses increased to CNY 179,615,293.97 in Q1 2019, up from CNY 148,208,222.92 in Q1 2018, highlighting a focus on innovation[35] - The financial expenses for Q1 2019 included interest expenses of ¥20,949,965.71, an increase from ¥14,576,271.80 in Q1 2018[40] Inventory and Receivables - Accounts receivable increased to RMB 4,796,048,266.12 from RMB 4,158,734,756.71, reflecting a growth of about 15.34%[20] - Inventory increased to RMB 2,012,142,278.15 from RMB 1,763,272,892.98, indicating an increase of approximately 14.14%[20] - The company reported a decrease in inventory to CNY 959,768,733.53 from CNY 689,312,749.19, indicating improved inventory management[28] - Accounts receivable rose to CNY 2,025,200,092.06, an increase from CNY 1,358,667,278.01, indicating potential growth in sales[28] Financing Activities - Short-term borrowings increased by 49.13% to CNY 1,838,485,600.00 compared to the end of the previous year[14] - Short-term borrowings increased due to new bank short-term loans during the reporting period[16] - The company’s short-term borrowings increased significantly to CNY 1,778,000,000.00 from CNY 1,170,000,000.00, indicating a shift in financing strategy[31] Other Information - The company has not disclosed any new product developments or market expansion strategies in this report[15] - The company is implementing new accounting standards effective January 1, 2019, which may impact financial reporting[57]

Financial Performance - The company reported a net profit attributable to the parent company of -426,962,777.16 RMB for the year 2018, indicating a significant loss compared to the previous year[7]. - The total distributable profit for 2018, after accounting for a 10% statutory surplus reserve of 13,068,662.19 RMB, was 832,506,303.37 RMB[7]. - A cash dividend of 0.40 RMB per 10 shares is proposed, totaling 32,111,926.08 RMB to be distributed to shareholders[7]. - The remaining undistributed profit to be carried forward to future years is 800,394,377.29 RMB[7]. - The company's operating revenue for 2018 was approximately ¥11.996 billion, an increase of 5.23% compared to ¥11.400 billion in 2017[26]. - The net profit attributable to shareholders was a loss of approximately ¥427 million, a decrease of 716.79% from a profit of ¥69 million in 2017[26]. - The basic earnings per share for 2018 was -¥0.53, a decrease of 688.89% from ¥0.09 in 2017[27]. - The weighted average return on equity was -8.68%, a decrease of 10.09 percentage points from 1.41% in 2017[27]. - The company achieved a total sales revenue of 11.996 billion RMB, an increase of 5.96 billion RMB or 5.23% compared to the previous year, driven by growth in the wind power and rail product sectors[43]. - The net profit attributable to shareholders was -427 million RMB, a decrease of 4.96 billion RMB or 716.79% year-on-year, primarily due to a goodwill impairment of 530 million RMB recognized by the wholly-owned subsidiary BOGE[43]. - Excluding the impact of the goodwill impairment, the company realized a net profit of 103 million RMB, an increase of 30 million RMB or 48.73% compared to the previous year[43]. Operational Highlights - The company has expanded its overseas business in high-speed rail and urban rail, becoming a global leader in vibration and noise reduction for rail transportation[34]. - The company has successfully developed and industrialized polyimide films, with capabilities to supply major brands like Huawei and Apple in bulk[34]. - The company has installed and tested production lines for aramid materials, with small-scale trial production expected to begin within the year[34]. - The company reported total assets of approximately ¥14.277 billion, with overseas assets accounting for 38.03% of total assets[35]. - The company is focusing on high polymer materials research and engineering applications, with plans to enhance production capacity and improve management efficiency[47]. - The company aims to continue driving revenue growth in the rail and wind power sectors while implementing cost reduction and efficiency improvement strategies[47]. Research and Development - R&D investment totaled ¥673,555,356.30, accounting for 5.61% of total revenue, with 1,308 R&D personnel[64]. - The company applied for 250 patents in 2018, including 217 invention patents, enhancing its core competitiveness[76]. - The company established a dedicated research and development system for composite materials in rail transit, achieving breakthroughs in engineering applications[76]. - The company successfully developed a full set of vibration-damping elastic components for permanent magnet direct drive electric locomotives[76]. - The company formed a strategic partnership with DNV GL for product certification and new technology development in the wind power blade sector[76]. Market and Sales Performance - Sales revenue from the rail transportation market reached 2.593 billion RMB, an increase of 1.94 billion RMB year-on-year, with significant projects covering high-speed train components and new product qualifications[43]. - The wind power product market generated revenue of 2.286 billion RMB, an increase of 266 million RMB year-on-year, with overseas orders exceeding 700 million RMB, a growth of 190%[46]. - The automotive market sales revenue was 6.487 billion RMB, an increase of 170 million RMB year-on-year, with significant orders from major clients like Audi and Volkswagen[46]. - The company has established strategic partnerships with six major locomotive manufacturers globally, achieving a market share of 70% with top automotive clients[43]. Financial Management and Risks - The company has no significant risks that could materially affect its operations during the reporting period[9]. - Deloitte Huayong Certified Public Accountants issued a standard unqualified audit report for the company[4]. - The company has no non-operating fund occupation by controlling shareholders or related parties[9]. - The company has established a strict quality management system, but faces risks related to product quality due to the complexity of its production processes[114]. - The company has over half of its revenue and assets located overseas, increasing exposure to international operational risks and currency fluctuations[114]. Shareholder Information - The total number of ordinary shareholders as of the end of the reporting period is 49,867, an increase from 48,449 in the previous month[150]. - The largest shareholder, CRRC Zhuzhou Electric Locomotive Research Institute Co., Ltd., holds 292,494,103 shares, representing 36.43% of total shares[150]. - The company has approved a three-year shareholder return plan for 2018-2020 during the annual general meeting[191]. - The company has implemented a cash dividend policy in accordance with regulatory requirements, with a three-year shareholder return plan approved[120]. Future Outlook - The company plans to achieve a revenue of 11.8 billion yuan in 2019[110]. - The company is focused on developing new products in the wind power sector, including low-wind-speed and high-power blades[108]. - The company aims to become the largest automotive rubber and plastic parts supplier in China by improving product structure and expanding market share[108]. - The company is actively pursuing mergers and acquisitions to enhance its competitive position in the market[165]. - Future guidance indicates a positive outlook, with expectations for continued growth in user engagement and revenue generation[165].

Financial Performance - Net profit attributable to shareholders rose by 63.65% to CNY 85.70 million year-on-year[6] - Revenue for the first nine months reached CNY 8.32 billion, a 2.71% increase from the same period last year[12] - The weighted average return on equity increased by 0.61 percentage points to 1.67%[6] - Total revenue for the first nine months of 2018 reached ¥8,316,298,988.66, an increase from ¥8,097,062,372.42 in the same period last year, representing a growth of approximately 2.7%[25] - Total operating revenue for Q3 2018 was CNY 1,203,038,127.90, an increase of 6.6% compared to CNY 1,128,223,075.99 in the same period last year[29] - Net profit for the third quarter was CNY 10,827,994.08, compared to CNY 11,577,035.50 in the previous year, indicating a decrease of about 6.5%[30] - The total comprehensive income for Q3 2018 was CNY 90,293,662.23, compared to CNY 17,209,348.38 in Q3 2017, reflecting a substantial increase[28] Assets and Liabilities - Total assets increased by 2.07% to CNY 14.62 billion compared to the end of the previous year[6] - The company's total assets as of September 30, 2018, amounted to ¥11,142,361,102.63, slightly up from ¥11,077,944,139.78 at the beginning of the year[24] - The total liabilities increased to ¥6,433,596,139.37 from ¥6,392,270,593.85, indicating a rise of about 0.6%[24] - Total assets reached RMB 14.62 billion, with current assets totaling RMB 9.09 billion[19] Cash Flow - Cash flow from operating activities showed a significant improvement, with a net cash outflow of CNY -147.08 million compared to CNY -459.73 million in the previous year[12] - Operating cash flow for the first nine months showed a net outflow of CNY 147,081,143.29, an improvement from a net outflow of CNY 459,725,601.83 in the same period last year[31] - The net cash flow from operating activities was -$349.72 million, an improvement from -$674.55 million in the previous quarter, indicating a 48% reduction in cash outflow[34] - The total cash outflow from operating activities was $5.22 billion, slightly down from $5.29 billion in the previous quarter, indicating a marginal improvement[34] Borrowings - Short-term borrowings increased by 111.82% to CNY 1.76 billion[12] - Short-term borrowings rose to RMB 1.76 billion, primarily for repaying long-term loans and supplementing working capital[19] - Long-term borrowings decreased following the repayment of EUR 80 million in loans[14] - The company received $1.94 billion in cash from borrowings, significantly higher than $750 million in the previous quarter, indicating a 159% increase in financing[34] Research and Development - Research and development expenses increased by 14.71% to CNY 467.15 million[12] - R&D expenses increased due to higher investments in aramid and PI film industries[14] - Research and development expenses for Q3 2018 amounted to CNY 79,783,954.03, a 32.7% increase from CNY 60,125,083.38 in Q3 2017[29] Shareholder Information - The number of shareholders reached 50,798, with the top ten shareholders holding 56.06% of the shares[10] - The net profit attributable to the parent company for the first nine months was not explicitly stated, but the retained earnings increased to ¥647,143,104.08 from ¥602,462,563.19, showing a growth of approximately 7.4%[24] Operating Costs - Operating costs rose primarily due to increased revenue scale, changes in sales structure, and rising raw material prices[14] - Total operating costs for Q3 2018 were CNY 949,371,791.25, slightly up from CNY 939,237,305.22 in the same quarter last year[29] Financial Expenses - Financial expenses grew by 91.91% year-on-year, reaching RMB 63.89 million, excluding exchange rate impacts[14] - The company incurred financial expenses of CNY 54,042,140.49 in Q3 2018, which is an increase from CNY 31,706,176.98 in Q3 2017[29] Government Subsidies - The company received government subsidies amounting to CNY 19.40 million for the year-to-date[8]

Financial Performance - The company's operating revenue for the first half of 2018 was approximately RMB 5.54 billion, an increase of 4.50% compared to the same period last year[19]. - The net profit attributable to shareholders was approximately RMB 77.54 million, representing a significant increase of 138.26% year-on-year[20]. - The net profit after deducting non-recurring gains and losses was approximately RMB 61.63 million, up 859.31% from the previous year[20]. - Basic earnings per share increased to RMB 0.10, a rise of 150.00% compared to the same period last year[21]. - The company reported a net cash flow from operating activities of approximately RMB -26.94 million, showing an improvement from RMB -61.95 million in the same period last year[20]. - The total comprehensive income for the first half of 2018 was CNY 72,881,164.88, compared to a loss of CNY 8,061,326.36 in the previous year[94]. - The company reported a significant increase in retained earnings, which reached CNY 1,278,621,924.15, up from CNY 1,018,066,055.65, indicating a growth of approximately 25.6%[84]. - The company reported a net loss of RMB 80,279,815.20 for the first half of 2018[108]. Assets and Liabilities - The total assets of the company at the end of the reporting period were approximately RMB 14.46 billion, reflecting a 0.92% increase from the end of the previous year[20]. - The company's total liabilities were CNY 9,235,191,014.45, slightly down from CNY 9,311,317,060.34 at the beginning of the year[84]. - The company's current assets totaled CNY 9,011,008,429.36, compared to CNY 8,714,546,833.94 at the start of the year, reflecting a growth of approximately 3.4%[83]. - Short-term borrowings increased by 97.79% to ¥1,644,212,000.00 from ¥831,281,029.88, mainly to repay long-term loans and supplement working capital[40]. - Long-term borrowings decreased by 37.11% to ¥1,094,164,500.00 from ¥1,739,912,900.00, primarily due to the repayment of €80 million in loans[40]. Market and Sales Performance - The company achieved a sales revenue of 5.54 billion yuan, an increase of 4.50% compared to the same period last year, primarily driven by growth in the rail transit and automotive markets[34]. - The net profit for the first half of the year was 77.54 million yuan, representing a significant increase of 138% year-on-year, mainly due to changes in the sales structure of rail transit products[34]. - The rail transit market generated sales of 1.21 billion yuan, up by 20.2 million yuan year-on-year, while the automotive market reached 3.34 billion yuan, an increase of 22.8 million yuan[34]. Research and Development - Research and development expenses increased by 14.70% to 313.06 million yuan, reflecting the company's commitment to innovation[37]. - Research and development expenses increased due to heightened investment in aramid and PI film industries[39]. - Research and development expenses amounted to CNY 313,060,766.69, compared to CNY 272,932,532.75 in the previous year, indicating a focus on innovation[90]. Corporate Governance and Structure - The company held its 2017 annual general meeting on April 25, 2018, where it approved the 2017 annual report and financial statements[49]. - The company has undergone changes in its board of directors, with several members resigning and new members appointed during the reporting period[75]. - The company is controlled by CRRC Zhuzhou Electric Locomotive Research Institute Co., Ltd., which is ultimately controlled by CRRC Group[116]. Financial Management and Accounting - The company has implemented new accounting standards effective from January 1, 2018, which may impact financial reporting and accounting policies[62]. - The financial statements are prepared based on the assumption of going concern, with no significant doubts about the company's ability to continue operations[119]. - The company follows specific accounting policies and estimates, particularly in inventory valuation and revenue recognition[120]. Risk Management - The company did not face any significant operational risks during the reporting period[7]. - The company faces international operational risks following the acquisition of BOGE, with increased exposure to foreign exchange fluctuations and trade protectionism[45]. Shareholder Information - The top ten shareholders hold a total of 36.43% of shares, with the largest shareholder, CRRC Zhuzhou Electric Locomotive Research Institute Co., Ltd., holding 292,494,103 shares[68]. - The company issued 141,376,060 new ordinary shares (A shares) in a private placement, with a lock-up period of 36 months[52]. - The company distributed CNY 40,139,907.60 to shareholders during the reporting period, reflecting a significant allocation from retained earnings[107]. Legal and Compliance - The company reported a significant lawsuit involving its 60% owned subsidiary, with a total claim amounting to RMB 89.66 million[53]. - The company has no major related party transactions exceeding 5% of the latest audited net asset value during the reporting period[57]. - The company has no significant environmental impact and complies with local environmental regulations, producing only minor waste[61].

2018 年第一季度报告 公司代码：600458 公司简称：时代新材 株洲时代新材料科技股份有限公司 2018 年第一季度报告 1 / 16 | 一、 | 重要提示 3 | | --- | --- | | 二、 | 公司基本情况 3 | | 三、 | 重要事项 4 | | 四、 | 附录 6 | 2018 年第一季度报告 一、 重要提示 1.4 本公司第一季度报告未经审计。 单位：元 币种：人民币 | 项目 | 本期金额 | | --- | --- | | 非流动资产处置损益 | 48,943.77 | | 计入当期损益的政府补助，但与公司正常经营业务密切相关，符合国家政策规定、按照一 | 7,782,206.64 | | 定标准定额或定量持续享受的政府补助除外 | | | 除上述各项之外的其他营业外收入和支出 | 7,152,246.64 | | 少数股东权益影响额（税后） | -26,522.95 | | 所得税影响额 | -2,770,530.87 | | 合计 | 12,186,343.23 | 3 / 16 1.1 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整， 不 ...

Financial Performance - The company achieved a net profit attributable to the parent company of RMB 69,223,914.55 in 2017, with a 10% legal surplus reserve of RMB 2,917,973.59 extracted[6]. - The total distributable profit for 2017 was RMB 1,018,066,055.65, with a cash dividend of RMB 0.50 per 10 shares, totaling RMB 40,139,907.60 to be distributed to shareholders[6]. - The remaining undistributed profit carried forward to future years is RMB 977,926,148.05[6]. - The company's operating revenue for 2017 was CNY 11,399,612,587.07, a decrease of 2.90% compared to 2016[23]. - The net profit attributable to shareholders for 2017 was CNY 69,223,914.55, representing a decline of 71.59% year-over-year[23]. - The basic earnings per share for 2017 was CNY 0.09, down 70.00% from CNY 0.30 in 2016[24]. - The company reported a total revenue of 10 billion yuan for the fiscal year 2017, reflecting a year-over-year increase of 15%[138]. - The company plans to achieve a revenue of 11.7 billion RMB in 2018[81]. Cash Flow and Financial Position - The net cash flow from operating activities was negative CNY 90,562,325.32, a decrease of 114.04% compared to the previous year[23]. - Cash received from sales decreased by 3.07% to CNY 11,774,141,759.83, attributed to reduced cash collection from sales[53]. - Cash and cash equivalents decreased by 26.88% to ¥1,132,677,976.66, primarily due to reduced operating cash flow during the reporting period[55]. - Accounts receivable increased by 16.98% to ¥3,143,520,644.20, mainly due to decreased collections during the reporting period[56]. - Inventory rose by 15.71% to ¥1,957,994,877.31, attributed to shipment delays during the reporting period[58]. - The company's total liabilities reached CNY 9,311,317,060.34, an increase from CNY 8,605,059,105.32, indicating a rise of about 8.2%[178]. - The total equity attributable to shareholders decreased slightly to CNY 4,877,620,377.91 from CNY 4,915,387,629.29, a decline of approximately 0.8%[178]. Investments and Acquisitions - The company acquired 100% equity of Xiangyang Zhongtie Hongji Engineering Technology Co., Ltd. from CRRC Zhuzhou Institute on October 26, 2017[24]. - The company invested approximately 179 million RMB to establish Times Huaxian Company with a shareholding ratio of 67%[73]. - The company has invested several hundred million RMB in global cooperation projects following the acquisition of BOGE, with multiple new material industrialization projects underway domestically[83]. - The company has borrowed 203 million euros for the acquisition of BOGE, which has led to significant fluctuations in profitability due to exchange rate changes from 2014 to 2017[84]. Research and Development - R&D expenditure increased by 3.98% to 654.8 million RMB, reflecting the company's commitment to innovation[44]. - The company holds 878 authorized patents, including 325 invention patents, and has developed five core technologies in vibration reduction, noise reduction, insulation, lightweight, and seismic resistance[32]. - The company is investing 500 million yuan in R&D for renewable energy technologies, aiming to reduce carbon emissions by 50% by 2025[138]. Market and Business Strategy - The company has expanded its overseas business in high-speed rail and urban rail transit, aligning with national strategic initiatives[30]. - The company aims to expand its international market presence in the rail transit industry, leveraging the integration opportunities following the merger of China South and North Rail[79]. - The automotive industry strategy includes increasing the share of high-value-added products and expanding market share in emerging countries[80]. - The company is actively promoting the localization of production bases for rail transit components in Australia, the United States, and India[82]. Governance and Compliance - The audit report issued by Deloitte Huayong was a standard unqualified opinion[5]. - The company has established a cash dividend policy in compliance with regulatory requirements, ensuring shareholder returns[87]. - The company has a governance structure that complies with relevant laws and regulations, ensuring the protection of shareholder interests[149]. - The company has not faced any penalties from securities regulatory agencies in the past three years[143]. Risks and Challenges - The company reported no significant risks that could materially affect its operations during the reporting period[9]. - The wind power segment experienced a revenue decline of over 20%, with a significant drop in profit due to falling sales prices and rising raw material costs[38]. - Financial expenses increased due to foreign exchange losses from euro fluctuations, with net financial expenses at CNY 51,229,400, a decrease of 34.12% compared to CNY 77,762,000 in the previous year[45]. Shareholder Information - The total number of ordinary shareholders as of the end of the reporting period was 54,153, an increase from 53,178 at the end of the previous month[122]. - The largest shareholder, CRRC Zhuzhou Electric Locomotive Research Institute Co., Ltd., holds 292,494,103 shares, accounting for 36.43% of total shares[124]. - A total of 141,376,060 shares were privately placed to the controlling shareholder at a price of 10.61 RMB per share, with a lock-up period of 36 months[127].

[Item I. Important Notice](index=3&type=section&id=Item%20I.%20Important%20Notice) [1.1 Core Statements](index=3&type=section&id=1.1%20Core%20Statements) The company's board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of this quarterly report, confirming it is unaudited - Management assures the quarterly report's content is true, accurate, and complete, free from false records, misleading statements, or material omissions[5](index=5&type=chunk) - This company's third-quarter report is unaudited[6](index=6&type=chunk) [Item II. Company Overview](index=3&type=section&id=Item%20II.%20Company%20Overview) [2.1 Key Financial Data](index=3&type=section&id=2.1%20Key%20Financial%20Data) As of Q3 2017, total assets slightly increased by 2.73% from year-end, but year-to-date operating performance significantly declined with revenue down 3.39%, net profit attributable to shareholders down 75.25%, and operating cash flow turning negative with a 4,568.07% decrease Key Financial Data for Q1-Q3 2017 | Indicator | Year-Beginning to End of Reporting Period (Jan-Sep) | Prior Year Same Period (Jan-Sep) | Year-over-Year Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | CNY 7,985,492,731.80 | CNY 8,265,386,181.54 | -3.39% | | Net Profit Attributable to Shareholders of Listed Company | CNY 50,477,229.04 | CNY 203,933,404.33 | -75.25% | | Net Profit Attributable to Shareholders (Excluding Non-Recurring Items) | CNY 15,203,104.24 | CNY 126,925,406.22 | -88.02% | | Net Cash Flow from Operating Activities | CNY -469,551,924.69 | CNY 10,509,065.96 | -4,568.07% | | Basic Earnings Per Share (CNY/share) | CNY 0.06 | CNY 0.25 | -76.00% | | Weighted Average Return on Net Assets | 1.02% | 4.26% | Decreased by 3.24 percentage points | | **Balance Sheet Items** | **End of This Reporting Period** | **End of Prior Year** | **Change from Year-Beginning to Period End (%)** | | Total Assets | CNY 13,773,767,592.11 | CNY 13,407,106,792.09 | 2.73% | | Net Assets Attributable to Shareholders of Listed Company | CNY 4,847,920,697.68 | CNY 4,836,310,836.63 | 0.24% | - In Q1-Q3 2017, the company's total non-recurring gains and losses amounted to **CNY 35.27 million**, primarily from government subsidies and non-operating income/expenses[8](index=8&type=chunk) [2.2 Shareholder Ownership](index=4&type=section&id=2.2%20Shareholder%20Ownership) As of the reporting period end, the company had 56,262 shareholders, with CRRC Zhuzhou Institute Co., Ltd. as the controlling shareholder holding 36.43%, indicating a concentrated equity structure with most top ten shareholders being CRRC Group affiliates - As of the reporting period end, the company had a total of **56,262 shareholders**[9](index=9&type=chunk) Top Ten Shareholders' Ownership | Shareholder Name | Shares Held at Period End | Percentage (%) | | :--- | :--- | :--- | | CRRC Zhuzhou Institute Co., Ltd. | 292,494,103 | 36.43 | | CSR Investment Management Co., Ltd. | 66,029,078 | 8.22 | | Central Huijin Asset Management Co., Ltd. | 17,434,400 | 2.17 | | CRRC Zhuzhou Electric Locomotive Co., Ltd. | 12,338,786 | 1.54 | | CRRC Group Zhuzhou Rolling Stock Plant | 8,909,666 | 1.11 | | CRRC Ziyang Co., Ltd. | 7,179,675 | 0.89 | | CRRC Group Nanjing Puzhen Rolling Stock Plant | 7,070,109 | 0.88 | | PICC Property and Casualty Company Limited - Traditional - Income Portfolio | 7,003,108 | 0.87 | | National Council for Social Security Fund 404 Portfolio | 5,815,525 | 0.72 | | China People's Health Insurance Company Limited - Traditional - Ordinary Insurance Product | 5,671,798 | 0.71 | - Among the top ten shareholders, several have CRRC Corporation Limited or CRRC Group as their controlling shareholder, indicating related party relationships or concerted actions[10](index=10&type=chunk) [2.3 Preferred Shareholder Information](index=5&type=section&id=2.3%20Preferred%20Shareholder%20Information) At the end of the reporting period, the company had no preferred shareholders - The company had no preferred share-related matters during this reporting period[10](index=10&type=chunk) [Item III. Significant Matters](index=5&type=section&id=Item%20III.%20Significant%20Matters) [3.1 Analysis of Significant Changes in Key Financial Statement Items and Indicators](index=5&type=section&id=3.1%20Analysis%20of%20Significant%20Changes%20in%20Key%20Financial%20Statement%20Items%20and%20Indicators) During the reporting period, several financial indicators underwent significant changes: net cash flow from operating activities turned sharply negative due to declining collections; inventory surged by 45.06% due to delayed wind blade deliveries; short-term borrowings increased by 312.31% for liquidity; and non-current liabilities due within one year plummeted by 80.03% due to repayment of medium-term notes Significant Changes in Financial Indicators | Item | Change Percentage (%) | Reason for Change | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -4568.07 | Decline in collection amount and low cash collection ratio during the reporting period | | Inventory | 45.06 | Delayed delivery period in the wind blade industry led to an increase in blade inventory | | Short-term Borrowings | 312.31 | New short-term bank borrowings during the reporting period | | Non-current Liabilities Due Within One Year | -80.03 | Repayment of matured CNY 700 million medium-term notes during the reporting period | | Financial Expenses | 33.07 | Increased exchange losses due to changes in Euro and US Dollar exchange rates | | Other Current Assets | -75.07 | Collection of matured short-term bank wealth management products | [3.3 Unfulfilled Commitments Beyond Due Date During the Reporting Period](index=7&type=section&id=3.3%20Unfulfilled%20Commitments%20Beyond%20Due%20Date%20During%20the%20Reporting%20Period) The controlling shareholder, CRRC Corporation Limited, committed to resolving the horizontal competition issue with Times New Material by August 4, 2020, through asset restructuring and business integration, a commitment currently being fulfilled - Controlling shareholder CRRC Corporation Limited committed to resolving horizontal competition issues with the company within five years (by August 4, 2020)[14](index=14&type=chunk) [3.4 Warning and Explanation Regarding Potential Loss or Significant Change in Cumulative Net Profit from Year-Beginning to End of Next Reporting Period](index=7&type=section&id=3.4%20Warning%20and%20Explanation%20Regarding%20Potential%20Loss%20or%20Significant%20Change%20in%20Cumulative%20Net%20Profit%20from%20Year-Beginning%20to%20End%20of%20Next%20Reporting%20Period) The company has not issued a warning regarding potential losses or significant changes in cumulative net profit from the beginning of the year to the end of the next reporting period - The company has not issued a forecast warning for significant changes or losses in future performance[14](index=14&type=chunk) [Item IV. Appendix](index=8&type=section&id=Item%20IV.%20Appendix) [4.1 Financial Statements](index=8&type=section&id=4.1%20Financial%20Statements) This appendix includes the company's unaudited consolidated and parent company financial statements for Q3 2017, comprising the balance sheet, income statement, and cash flow statement [Consolidated Balance Sheet](index=8&type=section&id=Consolidated%20Balance%20Sheet) As of September 30, 2017, the company's consolidated total assets were **CNY 13.77 billion**, total liabilities **CNY 8.79 billion**, and equity attributable to parent company owners **CNY 4.85 billion**, with a debt-to-asset ratio of 63.83% Key Items from Consolidated Balance Sheet (September 30, 2017) | Item | Balance at Period End (CNY) | | :--- | :--- | | **Total Assets** | **13,773,767,592.11** | | Total Current Assets | 8,404,597,723.06 | | Total Non-current Assets | 5,369,169,869.05 | | **Total Liabilities** | **8,791,614,503.91** | | Total Current Liabilities | 5,494,984,693.77 | | Total Non-current Liabilities | 3,296,629,810.14 | | **Total Owners' Equity** | **4,982,153,088.20** | | Total Owners' Equity Attributable to Parent Company | 4,847,920,697.68 | [Parent Company Balance Sheet](index=10&type=section&id=Parent%20Company%20Balance%20Sheet) As of September 30, 2017, the parent company's total assets were **CNY 10.80 billion**, total liabilities **CNY 6.20 billion**, and owners' equity **CNY 4.60 billion** Key Items from Parent Company Balance Sheet (September 30, 2017) | Item | Balance at Period End (CNY) | | :--- | :--- | | **Total Assets** | **10,800,053,013.03** | | **Total Liabilities** | **6,199,448,091.43** | | **Total Owners' Equity** | **4,600,604,921.60** | [Consolidated Income Statement](index=12&type=section&id=Consolidated%20Income%20Statement) In Q1-Q3 2017, the company's total operating revenue was **CNY 7.99 billion**, a 3.39% year-over-year decrease, with net profit attributable to parent company owners at **CNY 50.48 million**, a significant 75.25% year-over-year decline Key Items from Consolidated Income Statement (January-September 2017) | Item | Amount from Year-Beginning to End of Reporting Period (CNY) | | :--- | :--- | | I. Total Operating Revenue | 7,985,492,731.80 | | II. Total Operating Costs | 7,953,525,834.77 | | III. Operating Profit | 35,037,462.93 | | IV. Total Profit | 79,249,757.61 | | V. Net Profit | 45,384,818.87 | | Net Profit Attributable to Parent Company Owners | 50,477,229.04 | [Parent Company Income Statement](index=15&type=section&id=Parent%20Company%20Income%20Statement) In Q1-Q3 2017, the parent company's operating revenue was **CNY 3.05 billion**, a year-over-year decrease, with net profit at **CNY 3.52 million**, a significant reduction from **CNY 136 million** in the prior year Key Items from Parent Company Income Statement (January-September 2017) | Item | Amount from Year-Beginning to End of Reporting Period (CNY) | | :--- | :--- | | I. Operating Revenue | 3,048,171,987.28 | | II. Operating Profit | -20,498,242.26 | | III. Total Profit | 4,650,716.66 | | IV. Net Profit | 3,515,709.14 | [Consolidated Cash Flow Statement](index=16&type=section&id=Consolidated%20Cash%20Flow%20Statement) In Q1-Q3 2017, net cash flow from operating activities was **-CNY 470 million**, a significant deterioration from the prior year's net inflow, with net cash inflow from investing activities at **CNY 73 million** and net cash outflow from financing activities at **CNY 150 million**, resulting in an ending cash and cash equivalents balance of **CNY 986.41 million** Consolidated Cash Flow Statement Summary (January-September 2017) | Item | Amount (CNY) | | :--- | :--- | | Net Cash Flow from Operating Activities | -469,551,924.69 | | Net Cash Flow from Investing Activities | 73,353,601.79 | | Net Cash Flow from Financing Activities | -150,033,816.43 | | Net Increase in Cash and Cash Equivalents | -552,984,900.46 | | Cash and Cash Equivalents at Period End | 986,412,706.36 | [Parent Company Cash Flow Statement](index=18&type=section&id=Parent%20Company%20Cash%20Flow%20Statement) In Q1-Q3 2017, the parent company's net cash flow from operating activities was **-CNY 675 million**, also showing a net outflow, with an ending cash and cash equivalents balance of **CNY 571.73 million** Parent Company Cash Flow Statement Summary (January-September 2017) | Item | Amount (CNY) | | :--- | :--- | | Net Cash Flow from Operating Activities | -674,554,018.47 | | Net Cash Flow from Investing Activities | 293,667,895.37 | | Net Cash Flow from Financing Activities | -95,295,036.96 | | Net Increase in Cash and Cash Equivalents | -481,276,018.03 | | Cash and Cash Equivalents at Period End | 571,726,863.90 | [4.2 Audit Report](index=19&type=section&id=4.2%20Audit%20Report) The financial statements in this quarterly report are unaudited - The company explicitly states that the audit report is not applicable, confirming this quarterly report is unaudited[36](index=36&type=chunk)

Financial Performance - The company's operating revenue for the first half of 2017 was approximately RMB 5.24 billion, a decrease of 11.63% compared to the same period last year[14]. - The net profit attributable to shareholders was approximately RMB 30.73 million, down 83.12% year-on-year[14]. - The net cash flow from operating activities was negative RMB 63.26 million, a decline of 137.73% compared to the previous year[14]. - The company achieved a sales revenue of RMB 5.23 billion in the first half of the year, a decrease of RMB 689 million or 11.63% compared to the same period last year[30]. - The net profit for the first half of the year was RMB 30.73 million, representing a significant decrease of 83.12% year-on-year, primarily due to declining revenue and adverse factors in the wind power business[30]. - Revenue from the wind power market was RMB 527 million, down RMB 583 million year-on-year, while revenue from the rail transit market was RMB 1.01 billion, a decrease of RMB 307 million[30]. - The profit attributable to the parent company's shareholders was ¥30,733,818.10, down from ¥182,094,092.71, indicating a decrease of about 83.1% year-over-year[80]. - Comprehensive income totalled ¥69,354,601.64, down from ¥228,216,391.77, a decline of approximately 69.7% year-over-year[80]. - Basic earnings per share for the first half of 2017 was RMB 0.04, down 82.61% year-on-year[16]. - The company reported a net profit of 132.03 million yuan from its subsidiary Zhuzhou Times Electric Insulation Co., Ltd.[41]. Assets and Liabilities - The total assets as of June 30, 2017, were approximately RMB 13.24 billion, a decrease of 1.22% from the end of the previous year[15]. - The company's net assets attributable to shareholders were approximately RMB 4.83 billion, a slight decrease of 0.14% from the previous year-end[15]. - The proportion of overseas assets accounted for 41.68% of total assets, amounting to approximately RMB 551.95 million[21]. - The company's total assets include accounts receivable of RMB 2.61 billion, which accounted for 19.73% of total assets, showing a slight increase of 1.04% from the previous year[34]. - Total assets decreased from CNY 13,407,106,792.09 to CNY 13,243,508,275.86, a decline of approximately 1.22%[74]. - Total liabilities decreased from CNY 8,505,460,081.83 to CNY 8,349,515,877.74, a decline of approximately 1.83%[74]. - Owner's equity decreased from CNY 4,901,646,710.26 to CNY 4,893,992,398.12, a slight decrease of about 0.16%[75]. - The total owner's equity at the end of the reporting period is CNY 4,931,598,495.14, an increase from CNY 4,677,369,027.66 at the end of the previous year, representing a growth of approximately 5.4%[96]. Cash Flow - The net cash flow from operating activities was -63,256,815.94 RMB, a decrease compared to 167,634,875.82 RMB in the previous period[86]. - Total cash inflow from operating activities amounted to 6,040,391,262.17 RMB, while cash outflow was 6,103,648,078.11 RMB, resulting in a net cash outflow[86]. - Cash inflow from investment activities was 652,676,579.91 RMB, down from 999,031,023.17 RMB in the previous period, while cash outflow was 448,259,869.14 RMB[86]. - The net cash flow from investment activities improved to 204,416,710.77 RMB from -327,083,840.23 RMB in the previous period[86]. - Cash inflow from financing activities totaled 676,780,000.00 RMB, an increase from 558,500,000.00 RMB in the previous period[87]. - The ending balance of cash and cash equivalents was 1,459,835,872.30 RMB, down from 1,902,896,435.26 RMB in the previous period[87]. - The company's cash and cash equivalents at the end of the period amounted to CNY 1,459,835,872.30, down from CNY 1,543,501,673.38 at the beginning of the period, representing a decrease of approximately 5.4%[195]. Investments and R&D - The company invested 84.57 million yuan during the reporting period, a significant increase of 378.54% compared to 17.67 million yuan in the same period last year[38]. - The company is investing heavily in new material projects, including polyimide films and aramid fibers, with total project investments reaching several hundred million yuan[43]. - The company’s research and development expenditure was RMB 270.80 million, a decrease of 4.28% compared to the previous year[33]. - The company has established strategic partnerships with six major locomotive manufacturers globally, achieving bulk supply as the only supplier[24]. Market Position and Strategy - The company is focusing on high-end products and expanding into international markets, particularly in rail transit and wind power sectors[20]. - The company has positioned itself in the wind power sector, with revenue from wind turbine blades ranking among the top three in China[20]. - The company’s strategic customer order share reached 85% in the wind power market, making it the largest supplier for several key clients[25]. - The company has expanded its international presence through acquisitions in Australia and Germany, establishing subsidiaries in multiple countries[26]. Shareholder Information - The largest shareholder, CRRC Zhuzhou Electric Locomotive Research Institute Co., Ltd., holds 292,494,103 shares, representing 36.43% of total shares[64]. - The second largest shareholder, Nanchang Investment Management Co., Ltd., holds 66,029,078 shares, accounting for 8.22%[64]. - The company has 141,376,060 restricted shares that will become tradable on January 14, 2019, due to a non-public offering[66]. Legal and Regulatory Matters - The company has ongoing litigation involving its 60% owned subsidiary, with a total claim amount of RMB 89.66 million related to two contract disputes[53]. - The company has committed to resolving competition issues with Zhuzhou Times New Material Technology Co., Ltd. within five years through recognized regulatory methods[51]. Risk Factors - The company faces international operational risks due to its expansion into overseas markets, which increases management complexity and exposure to currency fluctuations[42]. - The company anticipates potential risks related to information technology upgrades and automation to meet international operational demands[45]. Accounting Policies - The company adheres to the accounting standards issued by the Ministry of Finance, ensuring that financial statements reflect the true financial condition and operating results[112]. - The company uses Renminbi as its functional currency for domestic operations, while foreign subsidiaries use currencies such as Euro, Hong Kong Dollar, and Australian Dollar[115]. - The company recognizes deferred tax assets and liabilities based on temporary differences between the carrying amount of assets and liabilities and their tax bases, with a focus on the likelihood of future taxable income to utilize these assets[180].

Financial Performance - Total revenue for Q1 2017 was CNY 2,480,829,627.52, a decrease of 17.97% compared to CNY 3,024,411,545.00 in the same period last year[11] - Net profit attributable to shareholders was CNY 20,830,237.25, down 69.47% from CNY 68,237,183.36 year-on-year[6] - Net profit for Q1 2017 was CNY 19,291,873.66, down 71.54% from CNY 67,838,537.07 in Q1 2016[22] - The total comprehensive income attributable to the parent company was CNY 32,163,888.86, down from CNY 100,450,614.90 in the previous year, a decrease of 68.06%[23] - Earnings per share (EPS) for Q1 2017 was CNY 0.03, compared to CNY 0.08 in Q1 2016, indicating a decline of 62.5%[23] - Operating costs for Q1 2017 were CNY 2,456,435,420.73, a decrease of 16.83% from CNY 2,954,169,308.13 in Q1 2016[21] Cash Flow - The net cash flow from operating activities was CNY -485,289,374.33, compared to CNY -259,244,914.21 in the previous year, indicating a worsening cash flow situation[11] - Operating cash inflow from sales increased to ¥2,477,729,539.01, up from ¥2,148,417,115.85, representing a growth of approximately 15.3% year-over-year[26] - Total cash inflow from operating activities was ¥2,528,531,747.46, compared to ¥2,205,338,355.76, indicating a growth of approximately 14.7%[26] - Cash inflow from investment activities totaled ¥384,497,576.00, significantly higher than ¥135,370,141.83, marking an increase of about 184.5%[27] - Net cash flow from investment activities improved to ¥179,129,737.79 from a negative ¥-846,932,270.81, indicating a positive turnaround[27] - Cash outflow from financing activities decreased to ¥6,902,666.35 from ¥407,115,214.61, showing a reduction of approximately 98.3%[27] - The net increase in cash and cash equivalents was ¥-312,456,738.27, an improvement from ¥-1,497,631,225.71 in the previous period[27] Assets and Liabilities - The company's total assets decreased by 0.97% to CNY 13,276,549,136.35 from CNY 13,407,106,792.09 at the end of the previous year[6] - Total current assets decreased from CNY 8,344,285,027.97 to CNY 8,160,093,642.30, a decline of approximately 2.2%[14] - Total non-current assets increased from CNY 5,062,821,764.12 to CNY 5,116,455,494.05, an increase of approximately 1.1%[15] - Total liabilities decreased from CNY 8,505,460,081.83 to CNY 8,344,033,824.28, a reduction of about 1.9%[16] - The company's total liabilities decreased to CNY 5,640,366,623.33 from CNY 6,093,380,760.37, reflecting a reduction of 7.43%[20] - Total liabilities and equity decreased to CNY 10,323,981,887.40 from CNY 10,770,749,788.03, a decline of 4.13%[20] Shareholder Information - The company recorded a total of 53,090 shareholders at the end of the reporting period[9] Investments and Expenses - The company experienced a 54.57% reduction in financial expenses, amounting to CNY 36,093,171.68, due to a significant decrease in borrowings compared to the previous year[11] - The company reported a financial expense of CNY 36,093,171.68, significantly lower than CNY 79,447,198.80 in the same quarter last year, a reduction of 54.5%[22] - The construction in progress increased by 16.00% to CNY 540,994,666.82, reflecting investments in PI membranes and the automotive industry[12] - The company recorded an investment income of CNY 1,504,777.77, up from CNY 751,384.20 in the previous year, an increase of 100.03%[22] Inventory and Receivables - The company reported a significant increase in accounts receivable, which rose by 17.99% to CNY 3,051,079,534.27, attributed to slower payments in the rail transit and wind power markets[11] - Accounts receivable increased from CNY 2,585,900,524.25 to CNY 3,051,079,534.27, an increase of approximately 18.0%[14] - Inventory increased from CNY 1,647,673,487.93 to CNY 1,761,369,820.20, reflecting an increase of about 6.9%[14] - Accounts payable decreased from CNY 2,475,549,077.10 to CNY 2,243,591,953.34, a decrease of approximately 9.4%[15] Equity - Total equity increased from CNY 4,901,646,710.26 to CNY 4,932,515,312.07, reflecting an increase of approximately 0.6%[16] - The total equity of the company increased slightly to CNY 4,683,615,264.07 from CNY 4,677,369,027.66, reflecting a growth of 0.13%[20]