[Definitions](index=5&type=section&id=%E9%87%8A%E4%B9%89) This section defines key abbreviations, related parties, regulatory bodies, and other technical terms used throughout the report[13](index=13&type=chunk) [Company Profile and Key Financial Indicators](index=5&type=section&id=%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B%E5%92%8C%E4%B8%BB%E8%A6%81%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) This section provides the company's basic information and summarizes its key financial data and indicators over the past three years [Company Information](index=5&type=section&id=%E5%85%AC%E5%8F%B8%E4%BF%A1%E6%81%AF) This section provides basic information about Guizhou Guihang Automotive Components Co, Ltd, including its name, stock code, and contact details - The company's full name is Guizhou Guihang Automotive Components Co, Ltd, with the stock ticker **Guihang Co, Ltd (600523)**, listed on the Shanghai Stock Exchange[15](index=15&type=chunk)[19](index=19&type=chunk) [Key Financial Data and Indicators](index=6&type=section&id=%E8%BF%91%E4%B8%89%E5%B9%B4%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) The company's revenue and net profit grew steadily in 2021, with enhanced core business profitability and robust operating cash flow Key Accounting Data for the Last Three Years (Unit: RMB) | Key Accounting Data | 2021 | 2020 | YoY Change (%) | 2019 | | :--- | :--- | :--- | :--- | :--- | | **Operating Revenue** | 2,394,314,320.13 | 2,236,106,610.57 | 7.08 | 2,207,998,805.40 | | **Net Profit Attributable to Shareholders** | 152,895,335.72 | 150,221,465.12 | 1.78 | 135,103,771.98 | | **Net Profit Attributable to Shareholders (Excluding Non-recurring Items)** | 144,269,544.72 | 132,937,078.72 | 8.52 | 95,635,318.11 | | **Net Cash Flow from Operating Activities** | 233,241,350.39 | 217,357,435.04 | 7.31 | 171,919,593.98 | | **Net Assets Attributable to Shareholders (Year-end)** | 2,726,991,200.92 | 2,624,867,567.92 | 3.89 | 2,542,151,936.42 | | **Total Assets (Year-end)** | 3,320,957,433.73 | 3,257,885,054.37 | 1.94 | 3,166,411,051.06 | Key Financial Indicators for the Last Three Years | Key Financial Indicators | 2021 | 2020 | YoY Change | 2019 | | :--- | :--- | :--- | :--- | :--- | | **Basic Earnings Per Share (RMB/share)** | 0.38 | 0.37 | 2.70% | 0.33 | | **Weighted Average Return on Equity (%)** | 5.74 | 5.81 | Decreased by 0.07 p.p. | 5.59 | | **Weighted Average ROE (Excluding Non-recurring Items) (%)** | 5.42 | 5.15 | Increased by 0.27 p.p. | 3.95 | Quarterly Key Financial Data for 2021 (Unit: RMB) | Indicator | Q1 | Q2 | Q3 | Q4 | | :--- | :--- | :--- | :--- | :--- | | **Operating Revenue** | 566,734,889.35 | 633,168,502.99 | 549,285,771.97 | 645,125,155.82 | | **Net Profit Attributable to Shareholders** | 33,211,423.60 | 52,977,194.94 | 42,774,954.72 | 23,931,762.46 | - The company's non-recurring profit and loss in 2021 totaled **RMB 8.63 million**, primarily from government grants (RMB 12.28 million) and fair value changes in trading financial assets (RMB 2.86 million)[28](index=28&type=chunk)[29](index=29&type=chunk) [Management's Discussion and Analysis](index=9&type=section&id=%E7%AE%A1%E7%90%86%E5%B1%82%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) This section details the company's operational performance, industry context, business model, core strengths, and future strategic direction [Discussion and Analysis of Operations](index=9&type=section&id=%E7%BB%8F%E8%90%A5%E6%83%85%E5%86%B5%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) In 2021, the company achieved stable operations and revenue growth by capitalizing on aviation industry opportunities while navigating automotive sector challenges Key Operating Indicators for 2021 | Indicator | 2021 | YoY Change | | :--- | :--- | :--- | | **Operating Revenue** | RMB 2.394 billion | +7.08% | | **Total Profit** | RMB 179 million | -2.84% | | **EVA** | RMB 99 million | +5.89% | | **Operating Cash Flow** | RMB 233 million | +7.31% | | **"Two Funds" Ratio** | 44.14% | Decreased by 3.11 p.p. | - The **aviation products business** maintained rapid growth for two consecutive years, with a **100% completion rate** for key product deliveries and R&D plans[34](index=34&type=chunk)[35](index=35&type=chunk) - Market expansion was effective, with new orders increasing by **32% year-over-year**, including 57 orders related to new energy vehicles[37](index=37&type=chunk) - The company strengthened internal management through comprehensive budgeting and cost control, reducing the proportion of **"two funds" (receivables and inventory) by 3.11 percentage points**[38](index=38&type=chunk)[39](index=39&type=chunk) [Industry Landscape and Trends](index=12&type=section&id=%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E6%89%80%E5%A4%84%E8%A1%8C%E4%B8%9A%E6%83%85%E5%86%B5) The automotive components industry is supported by national policies, with domestic manufacturers gaining competitiveness despite market fluctuations - National policies provide long-term support for the automotive components industry, aiming to overcome supply chain weaknesses and cultivate globally competitive suppliers[49](index=49&type=chunk) - China's auto parts market has significant potential, with domestic manufacturers enhancing their position through comprehensive industrialization and simultaneous development capabilities[50](index=50&type=chunk)[51](index=51&type=chunk) [Principal Business and Operating Model](index=13&type=section&id=%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E4%BB%8E%E4%BA%8B%E7%9A%84%E4%B8%9A%E5%8A%A1%E6%83%85%E5%86%B5) The company's principal business is automotive components, utilizing a centralized procurement, make-to-order production, and direct-to-OEM sales model - The company's main business is automotive components, with key products including electric wipers, window regulators, automotive sealing strips, and electronic switches[52](index=52&type=chunk) - Operating Model: - **Procurement**: Centralized procurement from certified suppliers based on customer plans, inventory levels, and lead times - **Production**: Centralized, pull-based production organized according to customer plans - **Sales**: Primarily direct sales to vehicle manufacturers, with a small portion supplied to Tier 1 suppliers and the retail market[53](index=53&type=chunk)[54](index=54&type=chunk)[55](index=55&type=chunk) [Core Competitiveness Analysis](index=13&type=section&id=%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E6%A0%B8%E5%BF%83%E7%AB%9E%E4%BA%89%E5%8A%9B%E5%88%86%E6%9E%90) The company's core competitiveness lies in its technology, diverse product line, and regional cost advantages in labor and energy - The company possesses technical advantages and full-chain design and manufacturing capabilities, enabling simultaneous development with OEMs and a resilient product portfolio[56](index=56&type=chunk) - Compared to foreign-funded enterprises, the company benefits from **cost advantages in labor and energy** due to its location in western China[56](index=56&type=chunk) [Analysis of Key Operations](index=13&type=section&id=%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E4%B8%BB%E8%A6%81%E7%BB%8F%E8%90%A5%E6%83%85) Revenue from the main business grew, driven by electronic and electrical products, while costs increased due to rising raw material prices Key Changes in Income Statement and Cash Flow Statement | Item | Current Period (RMB) | Prior Period (RMB) | Change (%) | | :--- | :--- | :--- | :--- | | **Operating Revenue** | 2,394,314,320.13 | 2,236,106,610.57 | 7.08 | | **Operating Costs** | 1,827,206,658.99 | 1,677,290,359.33 | 8.94 | | **Selling Expenses** | 46,326,337.78 | 80,217,636.97 | -42.25 | | **R&D Expenses** | 102,544,067.00 | 88,619,050.39 | 15.71 | | **Net Cash Flow from Operating Activities** | 233,241,350.39 | 217,357,435.04 | 7.31 | Main Business Breakdown by Product (Unit: RMB) | Product Segment | Operating Revenue | YoY Revenue Growth (%) | Gross Margin (%) | Change in Gross Margin | | :--- | :--- | :--- | :--- | :--- | | **Sealing Strips** | 531,705,782.13 | 8.40 | 22.01 | Decreased by 3.51 p.p. | | **Locks** | 218,844,679.32 | 3.80 | 26.80 | Increased by 1.24 p.p. | | **Wipers** | 333,581,683.60 | 0.77 | 12.35 | Decreased by 4.74 p.p. | | **Radiators** | 396,434,655.71 | -8.72 | 17.76 | Decreased by 3.52 p.p. | | **Electrical Switches** | 513,310,507.56 | 22.47 | 23.42 | Increased by 1.48 p.p. | | **Window Regulators** | 210,348,881.55 | 36.43 | 42.10 | Increased by 2.26 p.p. | - Sales to the top five customers accounted for **23.92%** of total annual sales, and purchases from the top five suppliers were **9.43%** of total procurement, indicating no significant dependency[68](index=68&type=chunk) - In 2021, total R&D investment was **RMB 103 million**, representing **4.28%** of operating revenue, with 736 R&D personnel accounting for **16.77%** of the total workforce[70](index=70&type=chunk)[71](index=71&type=chunk)[72](index=72&type=chunk) [Future Outlook](index=24&type=section&id=%E5%85%AC%E5%8F%B8%E5%85%B3%E4%BA%8E%E5%85%AC%E5%8F%B8%E6%9C%AA%E6%9D%A5%E5%8F%91%E5%B1%95%E7%9A%84%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) The company will focus on expanding aviation production capacity, developing new energy markets, and enhancing internal management and talent development - The company's development strategy is: technology-led, industry-supported; innovation-driven, industrial upgrading; platform-building, and cluster development[92](index=92&type=chunk) 2022 Business Plan Targets | Indicator | Target Amount | | :--- | :--- | | **Operating Revenue** | RMB 2.156 billion | | **Total Profit** | RMB 240 million | - Key initiatives for 2022 include: - **Aviation Business**: Accelerate investment and capacity building to ensure R&D and production delivery - **Market Development**: Seize opportunities in the new energy vehicle sector through a dedicated task force - **Internal Management**: Continue to promote comprehensive budget management, cost reduction, and lean management - **Reform and Innovation**: Implement the "14th Five-Year Plan," integrate resources, and prioritize R&D investment - **Talent Development**: Focus on building a leadership pipeline and enhancing employee skills[94](index=94&type=chunk)[95](index=95&type=chunk)[96](index=96&type=chunk)[97](index=97&type=chunk)[98](index=98&type=chunk) [Corporate Governance](index=27&type=section&id=%E5%85%AC%E5%8F%B8%E6%B2%BB%E7%90%86) This section outlines the company's governance structure, management team, board activities, and employee information [Overview of Corporate Governance](index=27&type=section&id=%E5%85%AC%E5%8F%B8%E6%B2%BB%E7%90%86%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5%E8%AF%B4%E6%98%8E) The company maintains a sound corporate governance structure in compliance with relevant laws, ensuring standardized operations and timely information disclosure - The company's corporate governance structure is well-established and operates in strict accordance with the "Company Law" and "Securities Law," with clearly defined roles for the Shareholders' Meeting, Board of Directors, and Board of Supervisors[103](index=103&type=chunk)[104](index=104&type=chunk)[105](index=105&type=chunk)[106](index=106&type=chunk) - During the reporting period, the Board of Directors revised the "Articles of Association" and "Rules of Procedure for the Board of Directors" and formulated new policies to further improve the governance structure[108](index=108&type=chunk) [Directors, Supervisors, and Senior Management](index=30&type=section&id=%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%91%E4%BA%8B%E5%92%8C%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E7%9A%84%E6%83%85%E5%86%B5) This section details the remuneration and tenure of management and discloses regulatory actions related to prior-year financial irregularities - The total pre-tax remuneration for all directors, supervisors, and senior management at the end of the reporting period was **RMB 4.073 million**[112](index=112&type=chunk)[118](index=118&type=chunk) - Chairman Tang Haibin retired due to age, and Yu Xianfeng was appointed as the General Manager[120](index=120&type=chunk) - Due to "related-party fund occupation and entrusted wealth management" in 2020, the company and relevant personnel received a **public criticism** from the Shanghai Stock Exchange and a **warning letter** from the CSRC Guizhou Bureau in August 2021; the issues were rectified by December 2020[121](index=121&type=chunk) [Board and Special Committee Meetings](index=34&type=section&id=%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%8F%AC%E5%BC%80%E7%9A%84%E8%91%A3%E4%BA%8B%E4%BC%9A%E6%9C%89%E5%85%B3%E6%83%85%E5%86%B5) The Board of Directors and its specialized committees held multiple meetings to review key matters including financial reports, profit distribution, and executive appointments - During the reporting period, the Board of Directors convened **7 meetings** to approve major resolutions such as the annual report, profit distribution, related-party transactions, and the appointment of the General Manager[122](index=122&type=chunk)[123](index=123&type=chunk) - The Board's specialized committees, including Audit, Strategy, Nomination, Remuneration and Appraisal, and Budget, held **5, 6, 3, 2, and 2 meetings** respectively, fulfilling their duties[128](index=128&type=chunk)[131](index=131&type=chunk)[133](index=133&type=chunk)[135](index=135&type=chunk)[136](index=136&type=chunk) [Employee Information](index=41&type=section&id=%E5%91%98%E5%B7%A5%E6%83%85%E5%86%B5) The company employs 4,388 people, primarily in production roles, with a performance-linked compensation policy and a multi-level training system Employee Composition by Function | Functional Category | Number of Employees | | :--- | :--- | | **Production Personnel** | 2,981 | | **Sales Personnel** | 90 | | **Technical Personnel** | 736 | | **Finance Personnel** | 75 | | **Administrative Personnel** | 506 | | **Total** | 4,388 | - The company's compensation policy is closely tied to corporate, departmental, and individual performance, complemented by a comprehensive training system to enhance employee capabilities[141](index=141&type=chunk)[142](index=142&type=chunk) [Environmental and Social Responsibility](index=45&type=section&id=%E7%8E%AF%E5%A2%83%E4%B8%8E%E7%A4%BE%E4%BC%9A%E8%B4%A3%E4%BB%BB) This section details the company's environmental protection measures and its contributions to social responsibility, particularly in rural revitalization [Environmental Information](index=45&type=section&id=%E7%8E%AF%E5%A2%83%E4%BF%A1%E6%81%AF%E6%83%85%E5%86%B5) The company adheres to environmental regulations, with its key subsidiary operating comprehensive wastewater and exhaust treatment facilities to ensure compliance - The subsidiary, Guiyang Huake Electroplating Co, Ltd, a key monitored enterprise, operates a **240 ton/day wastewater treatment station** and nine exhaust gas treatment systems, ensuring stable, compliant emissions[157](index=157&type=chunk)[158](index=158&type=chunk)[159](index=159&type=chunk) - The company effectively controls and reduces carbon emissions through technological upgrades, equipment replacement, and process optimization[163](index=163&type=chunk) [Social Responsibility](index=47&type=section&id=%E7%A4%BE%E4%BC%9A%E8%B4%A3%E4%BB%BB%E5%B7%A5%E4%BD%9C%E6%83%85%E5%86%B5) The company actively fulfills its social responsibilities by supporting rural revitalization in Ziyun County through financial aid, procurement, and educational programs - In 2021, the company supported rural revitalization in Ziyun County by implementing 4 projects, investing **RMB 2.49 million** in poverty alleviation funds, and procuring **RMB 168,600** worth of local goods[48](index=48&type=chunk)[165](index=165&type=chunk)[166](index=166&type=chunk) - Through its "Fledgling Eagle" program, the company sponsors underprivileged students' university education, recruiting 9 students from rural Guizhou in 2021[166](index=166&type=chunk) [Significant Matters](index=49&type=section&id=%E9%87%8D%E8%A6%81%E4%BA%8B%E9%A1%B9) This section covers the fulfillment of commitments by the controlling shareholder and details significant related-party transactions during the year [Fulfillment of Commitments](index=49&type=section&id=%E6%89%BF%E8%AF%BA%E4%BA%8B%E9%A1%B9%E5%B1%A5%E8%A1%8C%E6%83%85%E5%86%B5) The controlling shareholder, AVIC Automotive Systems Holding Co, Ltd, has strictly fulfilled its commitments regarding company independence and fair transactions - The controlling shareholder, AVIC Automotive, has strictly adhered to its commitments regarding ensuring the company's independence, avoiding competition, and regulating related-party transactions[170](index=170&type=chunk) [Significant Related-Party Transactions](index=50&type=section&id=%E9%87%8D%E5%A4%A7%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) The company engaged in routine related-party transactions and conducted a major non-routine transaction involving a capital increase through equity contribution - The company increased its capital in the related party HANDE (China) Automotive Sealing Co, Ltd by contributing its 100% stake in Guizhou Hongyang and 76.19% stake in Shanghai Hongyang, resulting in a **47.39%** holding in HANDE (China)[177](index=177&type=chunk) - The company maintained financial service agreements with AVIC Group Finance Co, Ltd, with a deposit balance of **RMB 612 million** at the end of 2021[180](index=180&type=chunk)[540](index=540&type=chunk) [Share Capital Changes and Shareholders](index=53&type=section&id=%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E5%8F%8A%E8%82%A1%E4%B8%9C%E6%83%85%E5%86%B5) This section provides information on the company's share capital structure and details its major shareholders and actual controller [Changes in Share Capital](index=53&type=section&id=%E8%82%A1%E6%9C%AC%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) The company's total share capital and structure remained unchanged during the reporting period, with 404,311,320 shares outstanding - The company's total number of shares and share capital structure did not change during the reporting period[183](index=183&type=chunk) [Shareholders and Actual Controller](index=54&type=section&id=%E8%82%A1%E4%B8%9C%E5%92%8C%E5%AE%9E%E9%99%85%E6%8E%A7%E5%88%B6%E4%BA%BA%E6%83%85%E5%86%B5) The company's controlling shareholder is China Aviation Automobile System Holding Co, Ltd, and the actual controller is Aviation Industry Corporation of China, Ltd Top Ten Shareholders' Holdings as of the Reporting Period End | Shareholder Name | Number of Shares Held (shares) | Percentage of Total Share Capital (%) | | :--- | :--- | :--- | | **China Aviation Automobile System Holding Co, Ltd** | 149,623,188 | 37.01 | | **China Guizhou Aviation Industry (Group) Co, Ltd** | 37,524,155 | 9.28 | | **Guiyang Industrial and Commercial Industry Investment Group Co, Ltd** | 25,234,177 | 6.24 | | **Linglong Group Co, Ltd** | 5,500,000 | 1.36 | | **China International Capital Corporation Limited** | 3,970,940 | 0.98 | - The company's controlling shareholder is **China Aviation Automobile System Holding Co, Ltd**, and the actual controller is **Aviation Industry Corporation of China, Ltd**[191](index=191&type=chunk)[193](index=193&type=chunk) [Financial Report](index=59&type=section&id=%E8%B4%A2%E5%8A%A1%E6%8A%A5%E5%91%8A) This section presents the auditor's report, key financial statements, and selected notes for the fiscal year 2021 [Auditor's Report](index=59&type=section&id=%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A) The auditor issued a standard unqualified opinion on the 2021 financial statements, identifying revenue recognition and accounts receivable impairment as key audit matters - The auditor, Tianjian Certified Public Accountants (Special General Partnership), issued a **standard unqualified audit opinion**[4](index=4&type=chunk)[201](index=201&type=chunk) - Key audit matters included: - **Revenue Recognition**: Risk that sales revenue may not be recognized in the correct period - **Impairment of Accounts Receivable**: The significant amount of receivables and the management judgment involved in impairment testing[203](index=203&type=chunk)[204](index=204&type=chunk)[205](index=205&type=chunk) [Key Financial Statements](index=62&type=section&id=%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8) The company's financial position remained solid with total assets of RMB 3.32 billion and a healthy operating cash flow of RMB 233 million in 2021 Key Items from Consolidated Balance Sheet (Unit: RMB) | Item | Dec 31, 2021 | Dec 31, 2020 | | :--- | :--- | :--- | | **Total Assets** | 3,320,957,433.73 | 3,257,885,054.37 | | **Total Liabilities** | 500,459,956.73 | 477,920,838.88 | | **Total Equity Attributable to Parent Company** | 2,726,991,200.92 | 2,624,867,567.92 | Key Items from Consolidated Income Statement (Unit: RMB) | Item | 2021 | 2020 | | :--- | :--- | :--- | | **Total Operating Revenue** | 2,394,314,320.13 | 2,236,106,610.57 | | **Operating Profit** | 182,753,867.60 | 189,647,893.82 | | **Total Profit** | 179,082,301.54 | 184,314,190.07 | | **Net Profit** | 161,077,473.13 | 161,890,699.94 | | **Net Profit Attributable to Parent Company Shareholders** | 152,895,335.72 | 150,221,465.12 | Key Items from Consolidated Cash Flow Statement (Unit: RMB) | Item | 2021 | 2020 | | :--- | :--- | :--- | | **Net Cash Flow from Operating Activities** | 233,241,350.39 | 217,357,435.04 | | **Net Cash Flow from Investing Activities** | -94,999,649.95 | -50,342,195.91 | | **Net Cash Flow from Financing Activities** | -104,398,544.77 | -72,923,867.95 | | **Net Increase in Cash and Cash Equivalents** | 33,310,082.69 | 94,080,570.36 | [Notes to the Financial Statements (Excerpts)](index=80&type=section&id=%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E9%99%84%E6%B3%A8) This section highlights the adoption of the new lease standard and provides a breakdown of financial information by geographical segment - The company adopted the new lease standard on January 1, 2021, resulting in an increase of **RMB 5.12 million** in both right-of-use assets and lease liabilities at the beginning of the period[324](index=324&type=chunk)[326](index=326&type=chunk) Segment Financial Information for 2021 (Unit: RMB) | Item | Southwest China | North China | East China | Inter-segment Elimination | Total | | :--- | :--- | :--- | :--- | :--- | :--- | | **External Revenue** | 1,975,463,336.76 | 131,461,846.16 | 287,389,137.21 | | 2,394,314,320.13 | | **Total Profit** | 296,430,190.03 | 6,045,086.66 | 13,608,578.78 | 137,001,553.93 | 179,082,301.54 | | **Total Assets** | 4,057,414,422.15 | 167,801,611.83 | 244,052,184.62 | 1,148,310,784.87 | 3,320,957,433.73 | - The Board of Directors proposed a 2021 profit distribution plan to pay a cash dividend of **RMB 1.33 (tax included) per 10 shares**, totaling **RMB 53.77 million**, which represents **35.17%** of the net profit attributable to the parent company[5](index=5&type=chunk)[548](index=548&type=chunk)[549](index=549&type=chunk)

Major Financial Data [Key Accounting Data and Financial Indicators](index=1&type=section&id=Item%20(I)%20Key%20Accounting%20Data%20and%20Financial%20Indicators) In Q3 2021, the company's operating revenue decreased by 7.99% year-on-year, while year-to-date revenue grew by 12.79%; net profit attributable to shareholders decreased by 9.68% in Q3 but increased by 27.16% year-to-date, showing quarterly volatility versus annual growth; net cash flow from operating activities significantly increased by 174.78% year-to-date Key Financial Indicators for Q3 2021 and Year-to-Date | Item | Current Period (Q3) | YoY Change (%) in Current Period | Year-to-Date (YTD) | YoY Change (%) Year-to-Date | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue (Yuan) | 549,285,771.97 | -7.99 | 1,749,189,164.31 | 12.79 | | Net Profit Attributable to Shareholders (Yuan) | 42,774,954.72 | -9.68 | 128,963,573.26 | 27.16 | | Net Profit Attributable to Shareholders (Excluding Non-recurring Items) (Yuan) | 52,570,612.26 | 19.49 | 128,253,050.90 | 44.39 | | Net Cash Flow from Operating Activities (Yuan) | N/A | N/A | 179,553,856.98 | 174.78 | | Basic Earnings Per Share (Yuan/Share) | 0.11 | -8.33 | 0.32 | 28.00 | | Total Assets (Period-end) (Yuan) | 3,376,050,878.81 | 3.63 (vs. end of prior year) | | | | Shareholders' Equity Attributable to Listed Company (Period-end) (Yuan) | 2,674,862,156.40 | 1.90 (vs. end of prior year) | | | [Non-recurring Gains and Losses Items and Amounts](index=2&type=section&id=Item%20(II)%20Non-recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) In the current period, total non-recurring gains and losses amounted to -9.80 million Yuan, primarily due to a -13.42 million Yuan loss from fair value changes in financial assets, partially offset by 2.31 million Yuan in government grants; year-to-date, total non-recurring gains and losses were 0.71 million Yuan, mainly from 6.94 million Yuan in government grants and -4.28 million Yuan in fair value changes of financial assets Details of Non-recurring Gains and Losses Items | Item | Current Period Amount (Yuan) | Year-to-Date Amount (Yuan) | | :--- | :--- | :--- | | Gains/Losses from Disposal of Non-current Assets | -341,780.90 | -1,024,430.71 | | Government Grants Included in Current Period P&L | 2,307,347.84 | 6,935,897.24 | | Fair Value Change Gains/Losses, etc | -13,419,127.48 | -4,279,541.04 | | Other Non-operating Income and Expenses | -30,762.29 | -490,207.96 | | **Total** | **-9,795,657.53** | **710,522.37** | [Analysis of Significant Changes in Key Financial Indicators](index=3&type=section&id=Item%20(III)%20Analysis%20of%20Significant%20Changes%20in%20Key%20Financial%20Indicators) Several key financial indicators experienced significant year-on-year changes during the reporting period; contract liabilities surged by 1348.62% due to increased advance product payments, directly driving a 174.78% increase in net cash flow from operating activities; construction in progress grew by 102.81% due to new project investments, and investment income soared by 11216.54% from recognized dividends from associate companies Significant Changes in Key Financial Indicators and Reasons | Item | Change (%) | Primary Reason | | :--- | :--- | :--- | | Contract Liabilities | 1,348.62 | Increase in advance product payments | | Net Cash Flow from Operating Activities | 174.78 | Increase in advance product payments in current period | | Other Receivables | 158.77 | Dividends receivable from associate companies by Huayang Electric Co | | Construction in Progress | 102.81 | Increase in new projects | | Investment Income | 11,216.54 | Recognition of dividends from associate companies in current period | | Fair Value Change Gains | -130.27 | Decrease in fair value of associate companies recognized in current period | Shareholder Information [Shareholding Status of Shareholders](index=4&type=section&id=Item%20(I)%20Total%20Number%20of%20Common%20Shareholders%20and%20Preferred%20Shareholders%20with%20Restored%20Voting%20Rights%20and%20Top%20Ten%20Shareholders%27%20Shareholding%20Status) As of the end of the reporting period, the company had 15,347 common shareholders; the top two shareholders, China Aviation Automobile Systems Holding Co., Ltd. and China Guizhou Aviation Industry (Group) Co., Ltd., are state-owned legal entities under the same ultimate controller, holding a combined 46.29%, indicating a relatively concentrated equity structure - As of the end of the reporting period, the company had **15,347** common shareholders[10](index=10&type=chunk) Top Ten Shareholders' Shareholding Status | Shareholder Name | Shareholder Nature | Shareholding Ratio (%) | Number of Shares Held | | :--- | :--- | :--- | :--- | | China Aviation Automobile Systems Holding Co., Ltd | State-owned Legal Entity | 37.01 | 149,623,188 | | China Guizhou Aviation Industry (Group) Co., Ltd | State-owned Legal Entity | 9.28 | 37,524,155 | | Guiyang Industrial Investment Group Co., Ltd | State-owned Legal Entity | 6.24 | 25,234,177 | | Linglong Group Co., Ltd | Unknown | 3.09 | 12,492,400 | - The top two shareholders are under the same ultimate controller, with no associated relationship with other shareholders[11](index=11&type=chunk) Other Significant Matters [Other Significant Matters](index=5&type=section&id=Item%20III.%20Other%20Significant%20Matters) During the reporting period, the company actively pursued several equity and organizational structure adjustments, including the conversion of Hongyang Sealing Company into a wholly-owned subsidiary (completed and consolidated in May), the acquisition of a 5.96% minority stake in controlling subsidiary Tianjin Daqi Company (state-owned asset filing completed), and plans to inject equity from two sealing subsidiaries into an associated party (asset appraisal filing in progress) - The company is undergoing a series of organizational structure and equity adjustments, primarily involving subsidiaries[12](index=12&type=chunk) - **Hongyang Sealing Company Restructuring**: Converted into a wholly-owned subsidiary and consolidated in **May 2021** - **Acquisition of Minority Stake**: State-owned asset filing completed for the acquisition of a **5.96%** stake in controlling subsidiary Tianjin Daqi Company - **Capital Increase for Associated Party**: Plans to inject equity from Guizhou Hongyang and Shanghai Hongyang, two sealing subsidiaries, into an associated party; asset appraisal filing is in progress Quarterly Financial Statements [Audit Opinion](index=5&type=section&id=Item%20(I)%20Audit%20Opinion%20Type) The quarterly financial statements are unaudited - The quarterly financial statements are **unaudited**[3](index=3&type=chunk)[13](index=13&type=chunk) [Financial Statements](index=5&type=section&id=Item%20(II)%20Financial%20Statements) This section presents core data from the consolidated balance sheet as of September 30, 2021, and the consolidated income statement and consolidated cash flow statement for January-September 2021 [Consolidated Balance Sheet](index=5&type=section&id=Consolidated%20Balance%20Sheet) As of September 30, 2021, total assets were 3.38 billion Yuan, up 3.63% from the prior year-end; total liabilities were 0.55 billion Yuan, up 14.40%, primarily driven by a significant increase in contract liabilities; shareholders' equity attributable to the listed company was 2.67 billion Yuan, up 1.90% from the prior year-end Key Items from Consolidated Balance Sheet | Item | September 30, 2021 (Yuan) | December 31, 2020 (Yuan) | Change | | :--- | :--- | :--- | :--- | | **Total Assets** | **3,376,050,878.81** | **3,257,885,054.37** | **+3.63%** | | Total Current Assets | 2,067,824,210.70 | 1,943,831,255.55 | +6.38% | | Total Non-current Assets | 1,308,226,668.11 | 1,314,053,798.82 | -0.44% | | **Total Liabilities** | **546,735,137.99** | **477,920,838.88** | **+14.40%** | | Total Current Liabilities | 519,249,065.21 | 452,802,421.20 | +14.68% | | **Total Owners' Equity** | **2,829,315,740.82** | **2,779,964,215.49** | **+1.78%** | | Owners' Equity Attributable to Parent Company | 2,674,862,156.40 | 2,624,867,567.92 | +1.90% | [Consolidated Income Statement](index=8&type=section&id=Consolidated%20Income%20Statement) For the first three quarters of 2021, the company achieved operating revenue of 1.75 billion Yuan, a 12.79% year-on-year increase; operating costs increased by 11.37%, with a slight improvement in gross margin; during the period, administrative expenses and R&D expenses grew by 14.6% and 21.2% respectively; ultimately, net profit attributable to shareholders reached 0.13 billion Yuan, up 27.16% year-on-year Key Items from Consolidated Income Statement (Q1-Q3 2021) | Item | Jan-Sep 2021 (Yuan) | Jan-Sep 2020 (Yuan) | YoY Change | | :--- | :--- | :--- | :--- | | Total Operating Revenue | 1,749,189,164.31 | 1,550,900,741.80 | +12.79% | | Total Operating Costs | 1,604,233,632.54 | 1,435,549,171.98 | +11.75% | | Operating Profit | 159,694,216.61 | 124,460,640.62 | +28.31% | | Total Profit | 159,204,008.65 | 121,440,165.75 | +31.10% | | Net Profit | 134,406,707.85 | 106,701,310.45 | +25.97% | | Net Profit Attributable to Parent Company Shareholders | 128,963,573.26 | 101,415,418.03 | +27.16% | | Basic Earnings Per Share (Yuan/Share) | 0.32 | 0.25 | +28.00% | [Consolidated Cash Flow Statement](index=10&type=section&id=Consolidated%20Cash%20Flow%20Statement) For the first three quarters of 2021, net cash flow from operating activities was 0.18 billion Yuan, a significant 174.78% year-on-year increase, primarily due to increased cash received from sales; net cash outflow from investing activities was 64.42 million Yuan, driven by increased expenditures on fixed asset purchases; net cash outflow from financing activities was 94.86 million Yuan, mainly for dividend distribution; cash and cash equivalents balance at period-end was 0.62 billion Yuan Key Items from Consolidated Cash Flow Statement (Q1-Q3 2021) | Item | Jan-Sep 2021 (Yuan) | Jan-Sep 2020 (Yuan) | YoY Change | | :--- | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 179,553,856.98 | 65,343,658.02 | +174.78% | | Net Cash Flow from Investing Activities | -64,417,684.97 | -50,956,819.88 | -26.42% | | Net Cash Flow from Financing Activities | -94,861,804.34 | -72,686,182.09 | -30.51% | | Net Increase in Cash and Cash Equivalents | 20,025,828.71 | -58,262,117.97 | N/A | | Cash and Cash Equivalents at Period-end | 620,099,656.12 | 447,731,139.08 | +38.50% | [Impact of Initial Adoption of New Lease Standards](index=11&type=section&id=Item%20(III)%20Adjustments%20to%20Financial%20Statements%20at%20the%20Beginning%20of%20the%20First%20Year%20of%20Initial%20Adoption%20of%20New%20Lease%20Standards%20from%202021) The company adopted new lease standards from January 1, 2021, retrospectively adjusting the financial statements at the date of initial application (January 1, 2021) by recognizing 1.56 million Yuan in 'right-of-use assets' and corresponding liabilities of 1.07 million Yuan in 'non-current liabilities due within one year' and 0.49 million Yuan in 'lease liabilities', with no impact on owners' equity - The company adopted the new Lease Standard (CAS 21 – Leases) issued by the Ministry of Finance, effective **January 1, 2021**[26](index=26&type=chunk)[27](index=27&type=chunk) Adjustments on Initial Adoption Date of New Lease Standards | Adjustment Item | Adjusted Amount (Yuan) | | :--- | :--- | | **Assets** | | | Right-of-use Assets | +1,557,775.33 | | **Liabilities** | | | Non-current Liabilities Due Within One Year | +1,065,891.54 | | Lease Liabilities | +491,883.79 | | **Total Impact** | **Assets and Liabilities both increased by 1,557,775.33 Yuan** |

2021 年半年度报告 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人唐海滨 、主管会计工作负责人孙冬云 及会计机构负责人（会计主管人员）张 晓璐声明：保证半年度报告中财务报告的真实、准确、完整。 公司代码：600523 公司简称：贵航股份 贵州贵航汽车零部件股份有限公司 2021 年半年度报告 1 / 124 2021 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实、准确、完 整，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 无 六、 前瞻性陈述的风险声明 √适用 □不适用 本报告所涉及的未来计划、发展战略等前瞻性陈述，不构成公司对投资者的实质承诺，请投 资者注意投资风险。 七、 是否存在被控股股东及其关联方非经营性占用资金情况 否 八、 是否存在违反规定决策程序对外提供担保的情况？ 否 九、 是否存在半数以上董事无法保证公司所披露半年度报告的真实性、准确性和完整性 否 十、 重大风险提示 本报告涉及未来计划等前瞻性陈述，不构成公司对 ...

2021 年第一季度报告 公司代码：600523 公司简称：贵航股份 贵州贵航汽车零部件股份有限公司 2021 年第一季度报告 1 / 22 一、 重要提示 二、 公司基本情况 2.1 主要财务数据 单位：元 币种：人民币 | | 本报告期末 | 上年度末 | 本报告期末比上年度 | | | --- | --- | --- | --- | --- | | | | | 末增减(%) | | | 总资产 | 3,168,141,312.03 | 3,257,885,054.37 | | -2.75 | | 归属于上市公司股东的净资产 | 2,652,983,394.33 | 2,624,867,567.92 | | 1.07 | | | 年初至报告期末 | 上年初至上年报告 期末 | 比上年同期增减(%) | | | 经营活动产生的现金流量净额 | -70,508,392.90 | -72,557,189.34 | | -2.82 | | | 年初至报告期末 | 上年初至上年报告 期末 | 比上年同期增减（%） | | | 营业收入 | 566,734,889.35 | 421,898,935.12 | | 34 ...

Financial Performance - The company's operating revenue for 2020 was CNY 2,236,106,610.57, representing a 1.27% increase compared to CNY 2,207,998,805.40 in 2019[22]. - The net profit attributable to shareholders for 2020 was CNY 150,221,465.12, an increase of 11.19% from CNY 135,103,771.98 in 2019[22]. - The net profit after deducting non-recurring gains and losses was CNY 132,937,078.72, which is a 39.00% increase from CNY 95,635,318.11 in 2019[22]. - The net cash flow from operating activities for 2020 was CNY 217,357,435.04, up 26.43% from CNY 171,919,593.98 in 2019[22]. - The total assets at the end of 2020 were CNY 3,257,885,054.37, a 2.89% increase from CNY 3,166,411,051.06 at the end of 2019[23]. - The net assets attributable to shareholders at the end of 2020 were CNY 2,624,867,567.92, reflecting a 3.25% increase from CNY 2,542,151,936.42 at the end of 2019[23]. - Basic earnings per share for 2020 were CNY 0.37, a 12.12% increase from CNY 0.33 in 2019[24]. - The weighted average return on equity for 2020 was 5.81%, an increase of 0.22 percentage points from 5.59% in 2019[24]. - Total profit for the year reached 184 million yuan, representing a year-on-year growth of 17.51%[43]. - Operating cash flow improved by 26.43% to 217 million yuan[43]. - The company reported a net profit of 150,221,465.12 RMB for 2020, with a cash dividend payout ratio of 53.83%[99]. Revenue and Sales Growth - In Q1 2020, the company reported revenue of ¥421,898,935.12, which increased to ¥685,205,868.77 by Q4 2020, reflecting a growth of approximately 62.5% over the year[25]. - The net profit attributable to shareholders was ¥772,198.82 in Q1 2020, reaching ¥48,806,047.09 by Q4 2020, indicating a significant increase in profitability[25]. - The company achieved a 33.04% increase in revenue from aviation products[44]. - New orders increased by 36%, with 251 new projects, including 16% in the new energy sector[45]. - The sales volume of automotive sealing strips reached 5,770 million meters, reflecting a year-on-year increase of 2.34%[81]. Cost Management and Efficiency - Operating costs decreased by 1.14% to ¥1,677,290,359.33 from ¥1,696,636,705.27, leading to improved profit margins[57]. - The total cost of main business decreased by 15.39% compared to the previous year, amounting to 365,319,982.79 CNY[64]. - Direct material costs for the sealing system decreased by 13.26% year-over-year, totaling 248,088,800.31 CNY[64]. - The overall main business cost for the electronic and electrical category increased by 11.71% year-over-year, amounting to 851,344,535.58 CNY[64]. Investment and Financial Management - The company engaged in a loan of CNY 40 million to a related party at an interest rate of 4%, which was fully repaid along with interest by November 2020[7]. - The company reported a significant increase in cash received from investment activities, totaling 308,772,516.27, up 2707.02% year-on-year[71]. - The company provided a total of 4,000 million RMB in entrusted loans at an interest rate of 4%, earning 1.1 million RMB in interest income[114]. - The company has committed to enhancing its financial management through various investment strategies, including trust and loan management[112]. Research and Development - Research and development expenses amounted to 88,619,050.39, representing 3.96% of total revenue[69]. - The company has committed to building a research and development platform and establishing manufacturing bases in industrial clusters[91]. - The company has 447 R&D personnel, making up 9.61% of the total workforce[69]. Corporate Governance and Compliance - The company has established a clear governance structure that complies with relevant laws and regulations, enhancing operational transparency[156]. - The internal control audit report issued by Tianjian Accounting Firm provided a standard unqualified opinion[166]. - The company confirmed that there were no insider trading incidents during the reporting period[161]. - The company has not identified any significant deficiencies in internal control during the reporting period[165]. Environmental and Social Responsibility - The company has established a wastewater treatment facility with a capacity of 240 tons per day, ensuring compliance with environmental standards[124]. - The company has implemented a comprehensive air pollution control system, with daily monitoring to ensure compliance with emission standards[125]. - The company is actively engaged in poverty alleviation efforts, including direct procurement of agricultural products from poverty-stricken villages[116]. - The company has committed to ongoing support for poverty alleviation projects, including purchasing agricultural products from poverty-stricken areas and organizing educational camps[122]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 17,649, an increase from 17,154 at the end of the previous month[131]. - The largest shareholder, China Aviation Automobile System Holding Co., Ltd., held 149,623,188 shares, representing 37.01% of the total shares[133]. - The total number of shares held by the board members at the end of the reporting period is 31,080 shares, unchanged from the beginning of the period[143]. Employee Management - The total number of employees in the parent company is 1,651, while the total number of employees in major subsidiaries is 2,758, resulting in a combined total of 4,409 employees[151]. - The company has implemented a performance-based salary system that links employee compensation closely with corporate performance[152]. - The company has a training plan aimed at improving the skills and qualifications of its employees across various levels[153].

2020 年第三季度报告 公司代码：600523 公司简称：贵航股份 贵州贵航汽车零部件股份有限公司 2020 年第三季度报告 1 / 25 | 目录 | | --- | | 一、 | 重要提示 | 3 | | --- | --- | --- | | 二、 | 公司基本情况 | 3 | | 三、 | 重要事项 | 6 | | 四、 | 附录 | 8 | 2020 年第三季度报告 一、 重要提示 二、 公司基本情况 2.1 主要财务数据 单位：元 币种：人民币 本报告期末 上年度末 本报告期末比上 年度末增减(%) 总资产 3,188,199,888.45 3,166,411,051.06 0.69 归属于上市公司股东的净资产 2,566,273,692.57 2,542,151,936.42 0.95 年初至报告期末 （1-9 月） 上年初至上年报告 期末 （1-9 月） 比上年同期增减 (%) 经营活动产生的现金流量净额 65,343,658.02 4,407,602.52 1,382.52 年初至报告期末 （1-9 月） 上年初至上年报告 期末 （1-9 月） 比上年同期增减 （%） 营业收入 1,550 ...

2020 年半年度报告 公司代码：600523 公司简称：贵航股份 贵州贵航汽车零部件股份有限公司 2020 年半年度报告 1 / 129 2020 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实、准确、完 整，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人唐海滨、主管会计工作负责人孙冬云及会计机构负责人（会计主管人员）张晓璐 声明：保证半年度报告中财务报告的真实、准确、完整。 五、 经董事会审议的报告期利润分配预案或公积金转增股本预案 无 六、 前瞻性陈述的风险声明 √适用 □不适用 本报告所涉及的未来计划、发展战略等前瞻性陈述，不构成公司对投资者的实质承诺，请投 资者注意投资风险。 七、 是否存在被控股股东及其关联方非经营性占用资金情况 否 八、 是否存在违反规定决策程序对外提供担保的情况？ 否 九、 重大风险提示 本报告涉及未来计划等前瞻性陈述，不构成公司对投资者的实质承诺，请投资者注意投资风 险。 十、 其他 □适用 √不适用 2 / 129 | ...

2020 年第一季度报告 公司代码：600523 公司简称：贵航股份 贵州贵航汽车零部件股份有限公司 2020 年第一季度报告 1 / 18 | 一、 | 重要提示 3 | | --- | --- | | 二、 | 公司基本情况 3 | | 三、 | 重要事项 5 | | 四、 | 附录 7 | 2020 年第一季度报告 3 / 18 单位：元 币种：人民币 本报告期末 上年度末 本报告期末比上年 度末增减(%) 总资产 3,042,191,732.29 3,166,411,051.06 -3.92% 归属于上市公司股东的净资产 2,543,557,377.48 2,542,151,936.42 0.06% 年初至报告期末 上年初至上年报告 期末 比上年同期增减(%) 经营活动产生的现金流量净额 -72,557,189.34 9,435,407.12 不适用 年初至报告期末 上年初至上年报告 期末 比上年同期增减（%） 营业收入 421,898,935.12 519,080,368.68 -18.72% 归属于上市公司股东的净利润 772,198.82 5,746,033.11 -86.56% 归属于上市公司 ...

2019 年年度报告 公司代码：600523 公司简称：贵航股份 贵州贵航汽车零部件股份有限公司 2019 年年度报告 1 / 170 2019 年年度报告 重要提示 三、 天健会计师事务所(特殊普通合伙)为本公司出具了标准无保留意见的审计报告。 四、 公司负责人唐海滨、主管会计工作负责人孙冬云 及会计机构负责人（会计主管人员） 张晓璐声明：保证年度报告中财务报告的真实、准确、完整。 五、 经董事会审议的报告期利润分配预案或公积金转增股本预案 公司拟以总股本404,311,320.00股为基数，向全体股东每10股派送现金1.67元（含税），合 计派发现金股利67,519,990.44元。 六、 前瞻性陈述的风险声明 √适用□不适用 本报告所涉及的未来计划、发展战略等前瞻性陈述，不构成公司对投资者的实质承诺，请投 资者注意投资风险。 七、 是否存在被控股股东及其关联方非经营性占用资金情况 否 八、 是否存在违反规定决策程序对外提供担保的情况？ 否 九、 重大风险提示 本年度报告涉及未来计划等前瞻性陈述，不构成公司对投资者的实质承诺，请投资者注意投 资风险。 十、 其他 □适用 √不适用 2 / 170 一、 本 ...

2019 年半年度报告 公司代码：600523 公司简称：贵航股份 贵州贵航汽车零部件股份有限公司 2019 年半年度报告 1 / 125 | 第一节 | 释义 2 | | --- | --- | | 第二节 | 公司简介和主要财务指标 4 | | 第三节 | 公司业务概要 6 | | 第四节 | 经营情况的讨论与分析 8 | | 第五节 | 重要事项 11 | | 第六节 | 普通股股份变动及股东情况 18 | | 第七节 | 优先股相关情况 21 | | 第八节 | 董事、监事、高级管理人员情况 21 | | 第九节 | 公司债券相关情况 21 | | 第十节 | 财务报告 21 | | 第十一节 | 备查文件目录 125 | 2019 年半年度报告 第一节 释义 在本报告书中，除非文义另有所指，下列词语具有如下含义： 常用词语释义 | 公司、本公司、贵航股份 | 指 | 贵州贵航汽车零部件股份有限公司 | | --- | --- | --- | | 上交所、交易所 | 指 | 上海证券交易所 | | 控股股东、中航汽车 | 指 | 中国航空汽车系统控股有限公司 | | 实际控制人、航空工业 | 指 | ...