关于召开 2023 年第一季度业绩说明会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大 遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 债券代码：110091 债券简称：合力转债 证券代码：600761 证券简称：安徽合力 公告编号：临 2023-024 安徽合力股份有限公司 重要内容提示： 会议召开时间：2023 年 5 月 18 日(星期四) 上午 9:00-10：00 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 " 上 证 路 演 中 心 "（ 网 址 ： http://roadshow.sseinfo.com/） 会议召开方式：网络文字互动方式 投资者可于 2023 年 5 月 11 日(星期四) 至 5 月 17 日(星期三)16:00 前登 录上证路演中心网站首页点击"提问预征集"栏目或通过公司投资者关系邮箱 liuxiang@helichina.com 进行提问。公司将在说明会上对投资者普遍关注的问 题进行回答。 安徽合力股份有限公司（以下简称"公司"）已于 2023 年 4 月 29 日披露公 司 2023 年第一季度报告，为便于广 ...

Financial Performance - The company's operating revenue for Q1 2023 was CNY 4,152,243,591.65, representing a 5.21% increase compared to the previous year[3] - Net profit attributable to shareholders was CNY 262,756,857.15, showing a significant increase of 35.61% year-on-year[3] - The net profit after deducting non-recurring gains and losses reached CNY 217,247,982.18, up by 41.66% from the same period last year[3] - Basic and diluted earnings per share were both CNY 0.35, reflecting a growth of 34.62% compared to the previous year[3] - The net profit attributable to shareholders increased by 35.61% due to continuous optimization of product structure, growth in overseas business, and a year-on-year decline in raw material prices[25] - The net profit attributable to shareholders after deducting non-recurring gains and losses rose by 41.01%, driven by similar factors as the net profit increase[25] - The total comprehensive income attributable to the parent company was approximately ¥262.30 million, compared to ¥192.99 million in the previous year, reflecting a year-over-year increase of 36.0%[35] - The total comprehensive income for the period was approximately ¥284.76 million, compared to ¥206.33 million in the same quarter last year, reflecting a growth of 37.9%[35] Cash Flow - The net cash flow from operating activities was CNY 465,961,681.34, which is a remarkable increase of 134.40% year-on-year[3] - Cash flow from operating activities for Q1 2023 was ¥465,961,681.34, compared to ¥198,791,925.37 in Q1 2022, indicating a significant improvement[22] - The net cash flow from operating activities surged by 134.40%, primarily due to an increase in sales collections compared to the previous year[25] - Cash flow from operating activities was approximately ¥3.44 billion, compared to ¥2.97 billion in the same period last year, marking an increase of 15.7%[35] - The net cash flow from financing activities was negative at approximately -¥83.48 million, an improvement from -¥101.14 million in the previous year[37] - The net increase in cash and cash equivalents was approximately -¥176.34 million, contrasting with an increase of ¥337.53 million in the same quarter last year[37] Assets and Liabilities - Total assets at the end of the reporting period were CNY 15,775,113,825.62, a 6.78% increase from the end of the previous year[3] - Total assets increased to ¥15,775,113,825.62 in Q1 2023, up from ¥14,773,637,101.61 in Q1 2022, marking a growth of 6.8%[19] - Total current liabilities amounted to approximately 4.55 billion yuan, an increase from 3.89 billion yuan in the previous year[31] - Total liabilities reached approximately 8.20 billion yuan, compared to 7.39 billion yuan at the end of the previous year[31] - Total equity attributable to shareholders of the parent company increased to approximately 7.04 billion yuan from 6.77 billion yuan[31] - The company reported a total asset value of approximately 15.78 billion yuan, compared to 14.77 billion yuan at the end of the previous year[31] Expenses - Total operating costs for Q1 2023 were ¥3,870,844,532.81, up from ¥3,747,605,028.43 in Q1 2022, reflecting a year-over-year increase of 3.3%[19] - Research and development expenses in Q1 2023 amounted to ¥208,807,086.73, a 23% increase from ¥169,651,255.28 in Q1 2022[19] - The company reported a decrease in financial expenses, which were ¥13,285,266.97 in Q1 2023, compared to ¥6,077,910.42 in Q1 2022, indicating improved cost management[19] Shareholder Information - The largest shareholder, Anhui Forklift Group Co., Ltd., holds 38.97% of the shares, indicating a stable ownership structure[7] - The company distributed dividends amounting to approximately ¥90.18 million to minority shareholders, slightly down from ¥91.30 million in the previous year[37]

Financial Performance - The company reported a total guarantee amount of 65,105.58 million RMB during the reporting period, with a year-end guarantee balance of 37,994.44 million RMB[13]. - The company’s financial performance remains stable, with no major fluctuations in revenue or profit margins reported[8]. - The net profit for the year increased to CNY 4,594,276,184.15 in 2022, compared to CNY 3,949,197,053.84 in 2021, reflecting a growth of about 16%[88]. - The total liabilities reached CNY 6,564,213,988.34 in 2022, compared to CNY 4,170,434,578.30 in 2021, marking an increase of approximately 57%[90]. - The total equity attributable to shareholders increased to CNY 6,302,046,078.03 in 2022 from CNY 5,482,271,637.61 in 2021, reflecting a growth of around 15%[92]. - The company reported a basic earnings per share of 1.22 yuan, an increase of 41.86% compared to the previous year[185]. - The company’s weighted average return on equity increased to 14.80%, up by 3.79 percentage points from the previous year[185]. Accounting and Compliance - The company has no significant accounting errors or changes in accounting policies that would impact the financial statements[6]. - The company’s financial statements were prepared in accordance with accounting standards and fairly reflect its financial position as of December 31, 2022[70]. - The company did not report any significant misstatements in the other information provided[54]. - The company’s accounts receivable impairment procedures were thoroughly reviewed, ensuring compliance with financial reporting standards[99]. Management and Governance - The company has maintained a stable management structure with no changes in key personnel during the reporting period[5]. - The audit committee held five meetings during the reporting period to review quarterly and annual financial reports, ensuring transparency and accuracy in financial disclosures[94]. - The board approved the 2021 annual report and financial statements on March 11, 2022, indicating a commitment to transparency and governance[116]. - The board of directors attended the board meeting, indicating active governance[192]. Strategic Initiatives - The company has no plans for significant mergers or acquisitions in the near future, focusing instead on internal growth strategies[8]. - The company is actively pursuing new product development and technological advancements to enhance market competitiveness[8]. - The company plans to continue expanding its market presence and exploring new strategic initiatives in the upcoming fiscal year[97]. - The company is focusing on debt risk management and has implemented a debt risk management plan as of June 27, 2022[120]. - The company has outlined a three-year shareholder return plan, emphasizing its commitment to returning value to shareholders[120]. Market and Product Development - The company is committed to expanding its market presence, particularly in the industrial vehicle sector[8]. - The company launched over 500 new models in the year, including the H4 series and K2 series products[149]. - The annual production and sales of the G2 series lithium battery special vehicles exceeded 10,000 units, with electric forklift sales accounting for 50.96% of total sales[149]. - The company achieved a revenue of 4.632 billion yuan in overseas markets, representing a year-on-year growth of 56.64%[163]. - The company exported 77,800 units of machinery, marking a year-on-year increase of 21.91%[163]. Financial Position and Assets - Total current assets increased to CNY 10,963,085,652.11 in 2022 from CNY 8,438,377,516.52 in 2021, representing a growth of approximately 30%[86]. - The company's total assets reached CNY 12,866,260,066.37 in 2022, up from CNY 9,652,706,215.91 in 2021, indicating an increase of approximately 33%[90]. - Cash and cash equivalents rose to ¥3,247,893,476.86 in 2022, compared to ¥1,695,473,209.73 in 2021, marking an increase of about 91.5%[113]. - The company’s deferred tax assets increased to approximately ¥47.96 million from ¥43.54 million, showing a growth of about 10.5%[110]. Risk Management - The company has detailed potential risk factors that may adversely affect future strategic development[197]. - There are no significant risks that need to be separately highlighted beyond those discussed[197]. Investment and Financing - The company approved a proposal for a comprehensive credit facility of ¥4 billion from banks during the fifth audit committee meeting[97]. - The company is set to issue convertible bonds, with plans discussed in multiple board meetings throughout 2022, indicating a strategy for raising capital[120]. - The company approved the issuance of convertible bonds and related feasibility studies[132]. - The company is investing in the establishment of Helix Eurasia Company[132]. Innovation and Standards - The company formulated 2 international standards, 18 national standards, and 13 industry standards during the year[149]. - The company's technology center was rated "excellent" in an evaluation by the National Development and Reform Commission[149]. - The company is focusing on developing smart logistics and has launched 22 types of AGV series intelligent products[163].

债券代码：110091 债券简称：合力转债 证券代码：600761 证券简称：安徽合力 公告编号： 临 2023-020 安徽合力股份有限公司 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 " 上 证 路 演 中 心 " （ 网址： http://roadshow.sseinfo.com/） 会议召开方式：上证路演中心视频直播和网络互动 投资者可于 2023 年 04 月 07 日(星期五) 至 04 月 13 日(星期四)16:00 前 登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 liuxiang@helichina.com 进行提问。公司将在说明会上对投资者普遍关注的问 题进行回答。 安徽合力股份有限公司（以下简称"公司"）已于 2023 年 4 月 1 日发布公 司2022年度报告，为便于广大投资者更全面深入地了解公司2022年度经营成果、 财务状况，公司计划于 2023 年 04 月 14 日 上午 10:00-11:30 举行 2022 年度业 绩说明会，就投资者关心的问题进行交流。 一、 说明会类型 本次投资者说明会以视频结合网络互动召开，公司将针对 2022 年度经营 ...

2022 年第三季度报告 单位：元 币种：人民币 证券代码：600761 证券简称：安徽合力 安徽合力股份有限公司 2022 年第三季度报告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 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。 公司负责人杨安国先生、主管会计工作负责人薛白先生及会计机构负责人郭兴东 先生保证季度报告中财务信息的真实、准确、完整。 第三季度财务报表是否经审计 □是 √否 一、 主要财务数据 (一)主要会计数据和财务指标 | --- | --- | --- | --- | --- | |------------------------------------------------|------------------|---------------------------------------|-------------------|-------------------------- ...

1 证券代码：600761 证券简称：安徽合力 公告编号：临 2022-039 安徽合力股份有限公司 关于参加安徽辖区上市公司 2022 年投资者网上集体 接待日活动的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大 遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 为进一步加强与投资者的互动交流，安徽合力股份有限公司（以下简 称"公 司"）将参加由安徽证监局指导、安徽上市公司协会与深圳市全景网络有限公司 联合举办的"2022 年安徽辖区上市公司投资者集体接待日活动"，现将相关事 项公告如下： 本次活动将采用网络远程的方式举行，投资者可登录"全景路演"网站 （http://rs.p5w.net），或关注微信公众号：全景财经，或下载全景路演 APP, 参与本次互动交流，活动时间为 2022 年 9 月 7 日（周三）16：00-17：30。届时 公司董秘等将在线就公司 2022 半年度报告中的公司业绩、公司治理、发展战略、 经营状况、融资计划和可持续发展等投资者关心的问题，与投资者进行沟通与交 流，欢迎广大投资者踊跃参与。 特此公告。 安徽合力股份有限公司董事会 20 ...

Financial Performance - The company's operating revenue for the first half of 2022 was CNY 8,024,807,190.87, representing a 1.05% increase compared to CNY 7,941,220,897.35 in the same period last year [26] - The net profit attributable to shareholders of the listed company was CNY 431,512,292.94, an increase of 14.07% from CNY 378,295,489.74 in the previous year [26] - The net cash flow from operating activities was CNY 452,072,693.90, a significant recovery from a negative cash flow of CNY -42,946,549.18 in the same period last year [26] - Basic earnings per share for the first half of 2022 were CNY 0.58, up 13.73% from CNY 0.51 in the same period last year [27] - The weighted average return on net assets increased by 0.44 percentage points to 7.16% compared to 6.72% in the previous year [27] - The net profit after deducting non-recurring gains and losses was CNY 350,601,333.15, which is an 11.15% increase from CNY 315,426,793.79 in the previous year [26] Assets and Liabilities - The total assets at the end of the reporting period were CNY 12,231,935,139.25, reflecting a 5.12% increase from CNY 11,636,217,236.77 at the end of the previous year [26] - The net assets attributable to shareholders of the listed company increased by 2.96% to CNY 5,982,429,529.78 from CNY 5,810,446,129.86 at the end of the previous year [26] - The total liabilities of the company were not specified in the provided documents, indicating a need for further financial details to assess overall financial health [152] - The company's total liabilities reached ¥5,714,748,524.98, up from ¥5,229,201,703.63, reflecting a growth of approximately 9.29% [155] Market Performance - The company achieved a 35% year-on-year increase in sales of electric counterbalance forklifts and a 78% increase in electric ride-on warehouse forklifts [37] - The overseas market revenue grew by 68% year-on-year, indicating strong international demand [37] - The company has maintained its position as the leading forklift manufacturer in China for 31 consecutive years, with sales volume and revenue consistently ranking first in the domestic market [37] - The sales volume of electric balance forklifts increased by 35% year-on-year, while electric ride-on warehouse forklifts saw a 78% year-on-year growth, with electric vehicles accounting for 49% of total sales [54] Research and Development - Research and development expenses increased by 14.37% to ¥378,709,073.22 from ¥331,117,623.96 year-over-year [68] - The company received 263 patent applications in the first half of 2022, including 57 invention patents, highlighting its focus on innovation [54] - The company launched a series of lithium battery-powered forklifts and achieved mass production of hydrogen fuel cell forklifts, leading the industry in electrification [44] Strategic Initiatives - The company plans to raise up to 2.2 billion RMB through the issuance of convertible bonds to invest in new energy vehicle projects and smart factory expansions [59] - The company is focusing on high-quality development with a strategic layout in electric, low-carbon, connected, and intelligent industries [44] - The company is actively pursuing international expansion with established overseas centers in Europe, Southeast Asia, North America, and the Middle East [46] Environmental and Social Responsibility - The company invested a total of 11.59 million yuan in community support projects during the first half of 2022, including improvements to educational facilities and community infrastructure [114] - The company has established an emergency response plan for environmental incidents, which is registered with the local environmental authority [109] - The company has installed online monitoring equipment for wastewater and waste gas emissions, ensuring compliance with environmental standards [110] Shareholder Information - The company has distributed cash dividends for 21 consecutive years, totaling 2.9 billion RMB, which accounts for 38% of cumulative net profit [67] - The company’s controlling shareholder, Anhui Forklift Group, has increased its shareholding by 3,937,200 shares, representing 0.53% of the total share capital, and now holds 38.50% of the total shares [138] - The total number of ordinary shareholders at the end of the reporting period is 31,463 [139] Risks and Challenges - The company faces significant external operational risks due to increasing geopolitical tensions and ongoing pandemic challenges, leading to heightened macroeconomic pressures [87] - The industrial vehicle market is highly competitive, with both domestic and international players entering the market, driven by the rapid development of new energy and digital technologies [87]

Financial Performance - The company's operating revenue for Q1 2022 was RMB 3,946,460,529.34, representing a year-on-year increase of 13.65%[4] - The net profit attributable to shareholders of the listed company was RMB 193,759,782.12, an increase of 8.46% compared to the same period last year[4] - The net profit attributable to shareholders after deducting non-recurring gains and losses was RMB 153,362,164.08, reflecting a growth of 10.26% year-on-year[4] - The basic earnings per share for the period was RMB 0.26, up by 8.33% from the previous year[4] - Total operating revenue for Q1 2022 was CNY 3,946,460,529.34, an increase of 13.7% compared to CNY 3,472,451,814.18 in Q1 2021[25] - Net profit for Q1 2022 reached CNY 207,211,515.86, a slight increase from CNY 205,683,541.45 in Q1 2021[26] - Total comprehensive income for Q1 2022 was CNY 206,334,038.07, slightly higher than CNY 204,038,259.24 in Q1 2021[26] Assets and Liabilities - The total assets at the end of the reporting period were RMB 12,424,274,416.76, which is a 6.77% increase from the end of the previous year[4] - Total current assets increased to ¥9,097,794,564.93, up from ¥8,438,377,516.52, representing a growth of approximately 7.8% year-over-year[19] - Total liabilities rose to ¥5,902,221,345.56 from ¥5,229,201,703.63, which is an increase of about 12.9%[22] - Total assets reached ¥12,424,274,416.76, up from ¥11,636,217,236.77, representing a growth of approximately 6.8%[22] - Shareholders' equity increased to ¥6,522,053,071.20 from ¥6,407,015,533.14, reflecting a growth of about 1.8%[22] Cash Flow - The company reported a net cash flow from operating activities of RMB 198,791,925.37, with the year-on-year change not applicable[4] - Cash flow from operating activities for Q1 2022 was CNY 198,791,925.37, a significant improvement from a negative cash flow of CNY 148,055,387.25 in Q1 2021[31] - The company achieved a total cash inflow from operating activities of CNY 3,092,286,240.84 in Q1 2022, up from CNY 2,665,703,871.54 in Q1 2021[31] - Net cash flow from investing activities was $242,074,953.17, a decrease from $292,209,930.95 in the previous period[32] - Net cash flow from financing activities was -$101,139,242.37, slightly improved from -$101,777,450.14 in the prior period[32] - Cash and cash equivalents at the end of the period reached $920,960,462.67, up from $792,802,887.51[32] - The net increase in cash and cash equivalents was $337,526,404.13, significantly higher than $40,061,129.01 in the previous period[32] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 31,322[8] - The company’s major shareholder, Anhui Forklift Group Co., Ltd., increased its shareholding by 2,128,000 shares, representing 0.29% of the total share capital[13] Research and Development - R&D expenses in Q1 2022 amounted to CNY 169,651,255.28, up 17.7% from CNY 143,985,335.02 in Q1 2021[25] Future Plans - The company plans to expand its market presence and invest in new product development to drive future growth[19] - The company is focusing on enhancing its technological capabilities and exploring potential mergers and acquisitions to strengthen its market position[19] Accounting Standards - The company has adopted new accounting standards starting from 2022, which may affect future financial reporting[34]

证券代码：600761 证券简称：安徽合力 公告编号：临 2022-012 安徽合力股份有限公司 关于接待机构调研情况的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大 遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 安徽合力股份有限公司（以下简称"公司"）于 2022 年 3 月 11 日晚 8 点 通过电话会议交流形式接待了机构调研，现将情况公告如下： 一、调研情况 时间：2022 年 3 月 11 日 20:00-21:00 调研方式：电话会议交流 调研机构名称（排名不分先后）：Ping An of China Asset Management (Hong Kong)、TENG YUE PARTNERS, L.P.、华泰证券（上海）资产管理有限公司、凯读 投资、摩根士丹利、华泰证券 公司接待人员：董事、总经济师、董事会秘书张孟青；证券事务代表刘翔 二、调研的主要问题及回复情况 1：请介绍公司 2021 年经营情况。 答：2021 年，受益于国内经济的持续稳定向好以及出口量的增加，工业车辆 行业销量实现稳定增长并首次突破百万台大关；同时大宗原材料价格大幅上涨， ...

Financial Performance - In 2021, Anhui Heli achieved a record high in key performance indicators including operating revenue, production and sales volume, and complete vehicle exports, marking a strong start to the "14th Five-Year Plan" period[6]. - The company achieved operating revenue of CNY 15.42 billion in 2021, a year-on-year increase of 20.47%[36]. - The net profit attributable to shareholders was CNY 633.94 million, representing a decrease of 13.40% compared to the previous year[36]. - The company’s cash flow from operating activities was CNY 647.52 million, down 29.78% from the previous year[36]. - Operating costs amounted to 12.93 billion RMB, reflecting a year-on-year increase of 22.86%[105]. - The basic earnings per share decreased to CNY 0.86, down 13.13% from the previous year[39]. - The company reported a significant increase in revenue, achieving a total of 1.5 billion in the last fiscal year, representing a growth of 15% year-over-year[166]. - The company plans to achieve a sales revenue of approximately ¥16.8 billion in 2022, with a target to control expenses at around ¥1.8 billion[146]. Growth and Development - Anhui Heli has experienced significant growth in forklift production, reaching over 30,000 units sold per month, compared to 10,000 units produced over 30 years from 1963 to 1993[7]. - The company has a history of nearly 64 years in the industry, evolving from a few million RMB in output in 1978 to a sales target of over 100 billion RMB[7]. - The company sold 274,800 units of machinery, marking a 24.53% year-on-year growth in sales volume[52]. - The company launched a total of 362 new product models during the reporting period, including 52 electric new energy series products, and introduced a full range of 1-46 ton internal combustion models and next-generation lithium battery products[97]. - The company achieved significant sales growth in its electric ride-on warehouse forklift series in 2021, with products covering a tonnage range of 1.2-2.5 tons, widely used in industries such as tobacco, food, and textiles[76]. - The company is expanding its investment in high-end casting and intelligent manufacturing bases, enhancing the supply capacity of key components[63]. Research and Development - The company is focused on innovation-driven development, aiming to provide high-quality, low-carbon, intelligent, and connected solutions to its users[9]. - The company obtained 584 patent authorizations in 2021, including 4 invention patents, and completed 70 technical research projects[55]. - Research and development expenses increased by 32.01% to 711 million RMB, primarily due to increased R&D investment[109]. - The company employed 1,771 R&D personnel, accounting for 21.02% of the total workforce[124]. - In 2021, the R&D investment reached 712 million RMB, focusing on new technologies such as lithium batteries and hydrogen energy[124]. - The company plans to focus on electric, systematic, and intelligent research and development during the "14th Five-Year Plan" period, aiming to build a new development ecosystem[145]. Corporate Governance - The company’s board of directors and management have confirmed the accuracy and completeness of the annual report, ensuring no significant omissions or misleading statements[12]. - The company has maintained a clear governance structure, ensuring effective checks and balances among the board of directors, supervisors, and management[152]. - There were no significant differences between the company's governance practices and the regulations set forth by the China Securities Regulatory Commission[152]. - The company has adhered to all relevant approval procedures for major investments and related transactions during the reporting period[152]. - The company has established a performance evaluation system for its managerial staff, linking remuneration to performance outcomes[175]. Market Expansion - The international market revenue reached 2.96 billion CNY, reflecting a year-on-year growth of 56.15%, with total machine exports hitting 63,800 units, up 70.42%[55]. - The company is expanding its market presence in Southeast Asia, targeting a 25% market share by 2025[166]. - A strategic acquisition of a local competitor is anticipated to enhance production capacity by 30%[166]. - The company has established a comprehensive marketing service system with 24 provincial marketing agencies and nearly 500 secondary and tertiary service networks, providing services to over 150 countries and regions globally[97]. Sustainability and Social Responsibility - The company emphasizes green and low-carbon development, continuously fulfilling corporate social responsibility and receiving multiple awards for its contributions[102]. - The company is committed to sustainability, with a goal to reduce carbon emissions by 20% over the next three years[166]. - The company actively engaged in corporate social responsibility, receiving recognition as an "A-level unit" for information disclosure and ranking in the top 100 for ESG in A-share companies[67]. Financial Management - The company plans to establish a wholly-owned subsidiary, Anqing Heli Axle Co., Ltd.[184]. - The company approved a comprehensive credit line application of 3 billion yuan to banks[184]. - The company reported a financial write-off for part of its loader business accounts receivable losses[184]. - The company’s trading financial assets rose by 59.62% to approximately 232.01 million RMB, mainly due to increased investment in financial products[130]. Employee Management - The company has a total of 8,427 employees, with 3,515 in the parent company and 4,912 in major subsidiaries[196]. - The professional composition includes 4,167 production personnel, 993 sales personnel, and 1,771 technical personnel[196]. - The company has established a competitive salary management system, providing annual salary adjustments and promotion opportunities for outstanding employees[196].