| 证券代码：600818 | 证券简称：中路股份 | 公告编号：临 | 2023-038 | | --- | --- | --- | --- | | 900915 | 中路B股 | | | 中路股份有限公司 关于收到 《上海中路（集团）有限公司 撤销表决权委托协议的声明》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法律责任。 中路股份有限公司（以下称公司或本公司）于2023年6月21日披露的《中路股份有 限公司关于控股股东签署表决权委托协议的公告》（公告编号：临2023-019）。2023年 8月18日，公司收到控股股东上海中路（集团）有限公司（以下称"中路集团"）《上海 中路（集团）有限公司关于撤销表决权委托协议的声明》，具体内容如下： "致：海南众合恒峰一号投资管理合伙企业（有限合伙） 2023年8月19日 中路股份有限公司 鉴于：中路集团于2023年6月19日与海南众合恒峰一号投资管理合伙企业（有限合 伙）（以下称"海南众合"）签订《表决权委托协议》，拟将所持有的中路股份 83,919,034股、占公司股份总数的26. ...

证券代码：600818 股票简称：中路股份 编号：临 2023-036 900915 中路 B 股 | | | 本公司及董事会全体成员保证公告内容的真实、准确和完整，对公告的虚假记载、误 导性陈述或者重大遗漏负连带责任。 中路股份有限公司（以下简称"公司"）董事会近日收到公司董事张建军先 生的辞职报告，张建军先生因身体原因，申请自 2023 年 8 月 17 日起辞去公司董 事职务。根据《公司法》和《公司章程》的有关规定，张建军先生生辞去董事职 务未导致本公司董事人数低于法定最低人数。张建军先生辞去董事职务后仍担任 控股子公司广东高空风能技术有限公司董事长兼总经理，将更集中精力于公司高 空风能发电科技创新项目的试验。 公司及公司董事会对张建军先生在担任公司董事期间所做的辛勤工作和贡 献表示衷心感谢！ 特此公告。 中路股份有限公司董事会 2023 年 8 月 18 日 中路股份有限公司 关于董事辞职的公告 ...

证券代码：600818 证券简称：中路股份 编号：临 2023-034 900915 中路 B 股 中路股份有限公司 十届二十二次董事会决议公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，对公告的虚假记载、误导性陈述或者 重大遗漏负连带责任。 一、董事会会议召开情况 （一）本次会议的召开符合《公司法》、《公司章程》和《董事会议事规则》的有 关规定，会议合法有效。 方式：通讯方式书面签名表决。 董事会秘书：袁志坚 高级管理人员：孙云芳 二、董事会会议审议情况 1、《公司 2023 年半年度报告》及摘要； 表决结果：同意：6 票 反对：0 票 弃权：0 票 2、关于拟报损核销部分应收账款的议案：上海轺辂信息技术有限公司合计欠付货 款 1567.5 万元， 2022 年度经审计的公司财务报告显示该应收账款账面价值为 0，同意对该应收账款损失予以报损核销。 表决结果：同意：6 票 反对：0 票 弃权：0 票 上海轺辂信息技术有限公司成立于 2016 年 9 月，公司全资子公司上海永久自行车 有限公司于 2016 年 9 月、12 月出资 650 万元增资入股持有该公司 12.6016%的股权，其 主要业务 ...

证券代码：600818 股票简称：中路股份 编号：临 2023-035 900915 中路 B 股 中路股份有限公司 关于控股子公司莱迪科斯（安庆）靹米皮有限公司 清算歇业的公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，对公告的虚假记载、误导性陈述或者 重大遗漏负连带责任。 一、交易概述 中路股份有限公司（下称公司或本公司）2023 年 8 月 16 日召开十届二十二次董事 会，审议通过了《关于公司控股子公司莱迪科斯（安庆）靹米皮有限公司清算歇业的议 案》，同意莱迪科斯（安庆）靹米皮有限公司（下称安庆靹米皮）清算后歇业，详见同 日披露的《中路股份有限公司十届二十二次董事会决议公告》（编号：临 2023-033）。 根据《公司法》及《公司章程》的规定，上述事项不涉及关联交易，不构成重大资 产重组，无需提交公司股东大会审议。 （二）交易标的主要财务信息： 截止 2022 年度经审计和 2023 年上半年度未经审计财务指标如下： 单位:万元 | | 年份 | | 资产总额 | 净资产 | 营业收入 | 净利润 | | --- | --- | --- | --- | --- | --- | --- | ...

| 据悉证券代码：600818 | 股票简称：中路股份 | 编号：临 | 2023-033 | | --- | --- | --- | --- | | 900915 | 中路 B 股 | | | 中路股份有限公司 关于延期回复上海证券交易所《关于对中路股份有限公司 控股股东表决权委托事项的二次问询函》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法律责任。 特此公告！ 中路股份有限公司 2023 年 8 月 12 日 1 中路股份有限公司（以下称公司或本公司）2023 年 8 月 4 日晚上收到上海证券交易所《关 于对中路股份有限公司控股股东表决权委托事项的二次问询函》（上证公函【2023】0992 号， 以下简称"《问询函》"），具体内容详见公司 8 月 5 日披露的《中路股份有限公司关于收到上海 证券交易所<关于中路股份有限公司控股股东表决权委托事项的二次问询函>的公告》 （公告编 号：临 2023-031）。 公司收到《问询函》后高度重视，积极向控股股东、并转达受托方进行了解。据悉控股股 东、受托方正积极寻求律师进行探讨， ...

证券代码：600818 证券简称：中路股份 公告编号：临2023-016 900915 中路B股 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。 一、说明会类型 中路股份有限公司（以下简称"公司"）已于 2023 年 4 月 22 日、28 日在 会议召开时间：2023 年 6 月 19 日（星期一）11:00-12:00 会议召开平台：价值在线（www.ir-online.cn） 会议召开方式：网络互动方式 会议问题征集：投资者可于 2023 年 6 月 12—15 日使用微信扫描下方小 程序码或访问网址 https://eseb.cn/15ll38hIP9m 进行会前提问，公司将 通过本次业绩说明会，在信息披露允许范围内就投资者普遍关注的问题 进行回答。 上海证券交易所网站（www.sse.com.cn）披露了《2022 年年度报告全文》及摘要、 《2023 年第一季度报告》。 中路股份有限公司 关于召开2022年度暨2023年第一季度 业绩说明会的公告 重要内容提示： 四、投资者参加方式 联系电话：021-5286025 ...

Financial Performance - The company's operating revenue for Q1 2022 was ¥132,085,351.21, representing a decrease of 3.87% compared to the same period last year [5] - The net profit attributable to shareholders was ¥717,672.83, down 43.07% year-on-year [5] - The basic earnings per share decreased by 50.00% to ¥0.002 [5] - Total operating revenue for Q1 2022 was CNY 132,085,351.21, a decrease of 3.3% compared to CNY 137,406,559.60 in Q1 2021 [18] - Net profit for Q1 2022 was CNY -2,641,732.10, compared to a net loss of CNY -1,378,809.12 in Q1 2021 [20] - Operating profit for Q1 2022 was CNY 1,096,463.10, a significant improvement from a loss of CNY -208,890.30 in Q1 2021 [19] - The net profit for Q1 2022 reached CNY 1,640,361.14, significantly up from CNY 449,667.48 in Q1 2021, representing a growth of 264.5% [29] - The operating profit for Q1 2022 was CNY 2,414,370.09, compared to CNY 977,197.28 in Q1 2021, indicating an increase of 146.1% [28] - Basic earnings per share for Q1 2022 were CNY 0.002, down from CNY 0.004 in Q1 2021 [20] - The company reported a basic and diluted earnings per share of CNY 0.005 for Q1 2022, compared to CNY 0.001 in Q1 2021, marking a 400% increase [29] Assets and Liabilities - Total assets increased by 4.82% to ¥975,173,096.94 compared to the end of the previous year [5] - The company's total assets as of March 31, 2022, were RMB 975,173,096.94, compared to RMB 930,296,132.12 at the end of 2021, reflecting a growth of approximately 5% [15] - The total current assets reached RMB 282,742,587.68, up from RMB 217,082,268.92 at the end of 2021, indicating an increase of about 30% [14] - The total liabilities as of Q1 2022 were CNY 291,351,714.71, an increase from CNY 243,833,017.79 in the previous year [19] - The total liabilities increased to 224,702,199.32 RMB from 212,813,282.29 RMB, representing a rise of about 5.5% [27] - The company's long-term equity investments decreased slightly to RMB 63,926,812.37 from RMB 65,042,727.12, a decline of about 1.7% [15] - The company's long-term equity investments decreased slightly to 418,685,293.46 RMB from 419,801,208.21 RMB [26] Cash Flow - Cash flow from operating activities was ¥39,294,591.23, with a significant increase in cash received from sales of goods and patent licensing [6] - The net cash flow from operating activities was 39,294,591.23 RMB, a significant improvement compared to -28,518,103.99 RMB in the previous year [24] - Cash inflow from operating activities in Q1 2022 was CNY 203,788,335.08, up from CNY 163,127,368.99 in Q1 2021 [23] - The net cash flow from operating activities for Q1 2022 was CNY 15,978,921.52, a turnaround from a negative cash flow of CNY -1,480,249.98 in Q1 2021 [30] - The cash outflow from investing activities was 16,452,113.69 RMB, compared to 7,190,738.53 RMB in the previous year, showing a significant increase in investment spending [24] - The net cash flow from financing activities was -2,628,580.82 RMB, a decrease from -29,190,332.97 RMB, indicating improved cash management [24] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 30,515 [9] - The largest shareholder, Shanghai Zhonglu (Group) Co., Ltd., held 30.51% of the shares, with a significant portion pledged [9] Government and Contracts - The company recorded a government subsidy increase of 645.68% [6] - The company received a deposit of RMB 20,000,000 from BoNeng Technology for the authorization of offshore wind energy patents, with a total contract value of RMB 70,000,000 [12] - The company reported a 210.23% increase in contract liabilities, indicating a rise in prepayments for goods and patent licensing [6] - The company's contract liabilities surged to RMB 52,129,450.58, a significant increase from RMB 16,803,392.93, marking a rise of approximately 210% [15] Research and Development - Research and development expenses increased to CNY 8,540,441.66 in Q1 2022, compared to CNY 6,986,994.12 in Q1 2021, reflecting a growth of 22.2% [19] - Research and development expenses increased to CNY 486,328.05 in Q1 2022, up from CNY 216,290.73 in Q1 2021, reflecting a growth of 125.0% [28] Operational Developments - The company has completed the construction of all foundation works for the high-altitude wind power project and aims to commence operations within the year, contributing to the "2030 carbon peak" and "2060 carbon neutrality" goals [11] - The company is actively working with China Energy Construction Group to expedite the installation and commissioning of equipment for the wind power project, overcoming challenges posed by the pandemic [11]

Financial Performance - In 2021, the company achieved a net profit attributable to shareholders of CNY 37,121,329.50, a decrease of 61.39% compared to CNY 96,133,553.22 in 2020[4]. - The company's operating revenue for 2021 was CNY 722,118,127.08, down 1.67% from CNY 734,397,436.23 in 2020[17]. - The basic earnings per share for 2021 was CNY 0.12, a decline of 60% from CNY 0.30 in 2020[17]. - The net cash flow from operating activities was negative CNY 33,865,849.94 in 2021, compared to positive CNY 10,797,380.05 in 2020[17]. - The total assets at the end of 2021 were CNY 930,296,132.12, a decrease of 2.52% from CNY 954,386,311.94 at the end of 2020[17]. - The company's net assets attributable to shareholders increased by 5.75% to CNY 682,568,875.40 at the end of 2021, up from CNY 645,447,545.90 at the end of 2020[17]. - The weighted average return on equity decreased to 5.59% in 2021, down 10.46 percentage points from 16.05% in 2020[17]. - The company reported a total comprehensive income of RMB 24,084,014.20 for 2021, compared to RMB 83,141,017.91 in 2020[139]. - The company reported a net profit attributable to shareholders for the year was approximately 37.14 million RMB, with quarterly profits of 1.26 million RMB, 19.20 million RMB, 2.75 million RMB, and 13.91 million RMB respectively[18]. Revenue and Sales - The company achieved operating revenue of 722.12 million yuan, a decrease of 1.67% compared to the previous year[30]. - The revenue from bicycles and children's vehicles was 541.83 million yuan, down 6.38% year-on-year[32]. - The electric bicycle segment generated revenue of 122.16 million yuan, an increase of 58.38% compared to the previous year[32]. - The company produced 3,995,206 bicycles and children's vehicles, with a sales volume of 3,994,612 units, reflecting a decrease of 4.60% in production and 4.63% in sales year-on-year[34]. - The company has actively engaged in e-commerce and live streaming sales, with e-commerce revenue accounting for about 70% of total sales[23]. Costs and Expenses - Manufacturing raw material costs increased by 52.09% year-on-year, totaling 52,059,667.72, accounting for 92.20% of total costs[35]. - Labor costs in the manufacturing sector decreased by 24.49% year-on-year, amounting to 2,704,562.51, representing 4.79% of total costs[35]. - The company reported a significant reduction in financial expenses by 62.87%, attributed to decreased bank loans[30]. - Research and development expenses increased by 28.94% to 35.34 million yuan, indicating a focus on innovation[30]. - The company experienced a significant increase in sales expenses, which were RMB 31,900,007.88 in 2021, compared to RMB 41,478,299.38 in 2020, indicating a shift in marketing strategy[138]. Investments and Future Plans - The company plans to promote high-altitude wind power technology development to contribute to China's "2030 carbon peak" and "2060 carbon neutrality" goals[21]. - The company signed a strategic cooperation agreement with China Energy Construction Group to collaborate in the field of high-altitude wind power generation technology[22]. - The company plans to develop a large-scale cultural tourism complex in its advantageous geographical location near Shanghai Disneyland[28]. - The company is exploring equity investments in potential IPO candidates to maximize shareholder value[62]. - The company is focusing on expanding its service industry while stabilizing its manufacturing sector to maximize shareholder value[21]. Shareholder and Governance - The company plans to distribute a cash dividend of CNY 0.66 per 10 shares, totaling CNY 21,215,562.06, which represents 57.15% of the 2021 net profit[4]. - The company has not conducted a capital reserve transfer for the year 2021, opting to retain profits for future distribution[4]. - The company’s chairman, Chen Shan, has held various significant positions in governmental and industry associations, enhancing the company's influence[68]. - The company has a total of 11 directors and supervisors, with the highest individual compensation being 741,600 yuan for Zhang Jianjun[70]. - The company has established an audit committee to enhance governance and oversight functions[75]. Risks and Challenges - The company has indicated that there are risks associated with the commercialization of high-altitude wind power generation, particularly regarding the performance of the Jixi high-altitude wind power project[6]. - The company is facing uncertainties regarding the commercial viability of its high-altitude wind energy projects[63]. - The company has not reported any major deficiencies in internal controls during the reporting period, reflecting effective management oversight[82]. Audit and Compliance - The financial statements for the year ending December 31, 2021, were audited and deemed to fairly reflect the company's financial position and operating results[121]. - The audit report must highlight any significant uncertainties regarding the company's ability to continue as a going concern if applicable[128]. - The company adheres to the accounting standards set by the Ministry of Finance, ensuring accurate financial reporting[160]. - The audit identified key audit matters, including the confirmation of revenue recognition and the fair value of financial assets, which require significant management judgment[127]. Employee and Workforce - The total number of employees in the parent company is 186, while the main subsidiaries employ 527, resulting in a total of 713 employees[77]. - The company has implemented various training programs, including new employee training and specialized certifications[79]. - The company’s compensation policy includes a salary system for senior management and a performance-based system for other employees[78].

Financial Performance - The company's operating revenue for the first half of 2021 was approximately CNY 348.24 million, representing a 5.16% increase compared to CNY 331.17 million in the same period last year[16]. - The net profit attributable to shareholders for the first half of 2021 was approximately CNY 20.46 million, a 29.28% increase from CNY 15.83 million in the previous year[16]. - The basic earnings per share for the first half of 2021 was CNY 0.06, up 20% from CNY 0.05 in the same period last year[16]. - The weighted average return on equity increased to 3.12% from 2.77% year-on-year, reflecting a 0.35 percentage point improvement[16]. - The company reported a net profit of 1.42 billion RMB for the first half of 2021, a year-on-year increase of 53.86%[27]. Assets and Liabilities - The total assets at the end of the reporting period were approximately CNY 938.40 million, a decrease of 1.67% from CNY 954.39 million at the end of the previous year[16]. - The company reported a decrease in net assets attributable to shareholders to approximately CNY 665.91 million, a 3.17% increase from CNY 645.45 million at the end of the previous year[16]. - Total liabilities decreased from CNY 304.26 million to CNY 261.85 million, a decline of approximately 13.9%[62]. - The company's equity attributable to shareholders rose from ¥645.45 million to ¥665.91 million, an increase of about 3.2%[63]. Cash Flow - The net cash flow from operating activities was negative CNY 41.41 million, compared to negative CNY 27.13 million in the same period last year[16]. - Cash and cash equivalents decreased by 48.82% to ¥80,461,637.51, down from ¥157,221,270.60, primarily due to repayment of bank loans[28]. - The company reported a net cash flow from operating activities of -¥41.41 million, worsening from -¥27.13 million in the first half of 2020[73]. - Cash outflow from operating activities increased significantly to CNY 353,123,139.27, up from CNY 236,792,036.79 in the previous year, marking a 49.2% increase[76]. Inventory and Receivables - Inventory increased by 67.07% to ¥38,209,415.23, compared to ¥22,870,860.11, reflecting an increase in electric vehicle stock[28]. - Accounts receivable surged by 317.27% to ¥49,394,458.40 from ¥11,837,483.34, indicating a delay in collection of sales payments[28]. - The total accounts receivable at the end of the period amounted to ¥88,648,470.63, with a bad debt provision of ¥39,254,012.23, resulting in a net receivable balance of ¥49,394,458.40[193]. Research and Development - The company emphasizes the importance of product R&D and technology upgrades to optimize industry development and improve market competitiveness[19]. - The company’s research and development expenses were CNY 14,990,372.49, slightly up from CNY 14,541,921.98 in the same period last year[68]. - Research and development expenses increased to ¥580,867, up 24% from ¥469,041 in the previous year, indicating a focus on innovation[71]. Market and Industry Trends - In the first half of 2021, the production of bicycles by large-scale enterprises reached 25.187 million units, a year-on-year increase of 19.7%[20]. - The production of electric bicycles by large-scale enterprises reached 16.202 million units, a year-on-year increase of 33.6%[20]. - The revenue of large-scale bicycle enterprises was 35.71 billion RMB, a year-on-year increase of 45.4%[20]. - The profit margin for the bicycle industry increased to 3.82%, while the profit margin for the electric bicycle industry decreased by 1 percentage point compared to the previous year[20]. Corporate Governance and Compliance - The financial statements were approved by the board of directors on August 16, 2021, ensuring compliance with corporate governance standards[91]. - The company confirms its ability to continue as a going concern for at least 12 months from the end of the reporting period[94]. - The company has not reported any significant events affecting its ability to continue as a going concern[94]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period is 31,271[52]. - The largest shareholder, Shanghai Zhonglu (Group) Co., Ltd., holds 119,851,934 shares, representing 37.29% of the total shares, with 88,160,734 shares pledged[54]. - The company has not reported any changes in its share capital structure during the reporting period[51]. Environmental and Social Responsibility - The company is not classified as a key pollutant discharge unit and has no relevant environmental information to disclose[42]. - There are no updates on environmental measures taken to reduce carbon emissions during the reporting period[42]. Related Party Transactions - The company has engaged in related party transactions amounting to 616,100 RMB in the first half of 2021, with an expected total for the year not exceeding 8 million RMB[46]. - The company has no significant non-operating fund occupation by controlling shareholders or related parties[45]. Financial Instruments and Accounting Policies - The company recognizes financial assets when the contractual rights to cash flows expire or when the asset is transferred and the risks and rewards of ownership are substantially transferred[116]. - The company assesses whether the classification of financial assets can eliminate or significantly reduce accounting mismatches at initial recognition[112]. - The company adopted new leasing standards effective January 1, 2021, adjusting financial statements accordingly[169].

Financial Performance - Total revenue for Q1 2021 reached RMB 137,406,559.60, an increase of 36.38% compared to RMB 100,750,402.74 in the same period last year[6] - Net profit attributable to shareholders was RMB 1,260,556.01, a significant decrease of 95.59% from RMB 28,597,418.82 year-on-year[6] - The company's operating revenue increased by 36.38% to CNY 137,406,559.60 compared to CNY 100,750,402.74 in the same period last year, driven by increased sales of two-wheeled vehicles[12] - Operating costs rose by 34.23% to CNY 115,441,732.29, reflecting the increase in operating revenue[12] - The net profit attributable to the parent company decreased by 95.59% to CNY 1,260,556.01 from CNY 28,597,418.82 in the previous year, primarily due to the sale of equity in the previous period[12] - The basic and diluted earnings per share both fell by 95.59% to CNY 0.004 from CNY 0.089 in the same period last year[12] - Net profit for Q1 2021 was a loss of ¥1,378,809.12, compared to a profit of ¥25,625,354.54 in Q1 2020[29] - The total profit for Q1 2021 was a loss of ¥236,295.98, compared to a profit of ¥26,879,850.42 in Q1 2020[28] - The company’s total comprehensive income for Q1 2021 was a loss of ¥1,378,809.12, compared to a profit of ¥25,507,646.00 in Q1 2020[29] Cash Flow - The net cash flow from operating activities was negative at RMB -28,518,103.99, compared to RMB -11,407,249.07 in the same period last year[6] - Cash received from sales of goods and services increased by 35.86% to CNY 136,357,015.88 compared to CNY 100,368,537.97 in the previous year[15] - The net cash flow from operating activities was -CNY 28,518,103.99, worsening from -CNY 11,407,249.07 in the same period last year[37] - The cash outflow for purchasing goods and services was CNY 109,227,854.17, up from CNY 85,054,704.60 in Q1 2020, reflecting increased operational costs[37] - The company reported a cash outflow of CNY 59,954,469.01 related to other operating activities, significantly higher than CNY 18,843,097.52 in Q1 2020[37] - The cash outflow from investing activities totaled CNY 14,836,062.90, compared to CNY 5,657,000.00 in Q1 2020, indicating a significant increase in investment spending[41] - The net cash flow from investing activities was -CNY 14,809,385.11, a decline from a positive cash flow of CNY 3,476,085.87 in Q1 2020[41] - The cash inflow from financing activities was CNY 100,000.00, a decrease from CNY 20,400,000.00 in Q1 2020[41] - The net cash flow from financing activities was -CNY 20,000,000.00, compared to -CNY 17,487,742.74 in the previous year, indicating increased cash outflows[41] Assets and Liabilities - The company's total assets decreased by 2.96% to RMB 926,171,020.99 from RMB 954,386,311.94 at the end of the previous year[6] - Total assets decreased from ¥954,386,311.94 to ¥926,171,020.99, a decline of approximately 2.5%[20] - Current liabilities decreased from ¥242,599,505.46 to ¥199,138,573.07, a reduction of about 17.9%[20] - Non-current liabilities increased from ¥61,657,706.35 to ¥66,032,156.91, an increase of approximately 6.2%[20] - Total liabilities decreased from ¥304,257,211.81 to ¥265,170,729.98, a decrease of about 12.8%[20] - Owner's equity increased from ¥650,129,100.13 to ¥661,000,291.01, an increase of approximately 1.3%[20] - Total current assets decreased from ¥200,256,069.45 to ¥171,354,106.29, a decline of about 14.4%[24] - Total liabilities amounted to $269,913,477.07, a decrease of $13,309,935.64 compared to the previous period[50] Shareholder Information - The number of shareholders at the end of the reporting period was 33,448, with the largest shareholder holding 38.88% of the shares[10] Investment and Subsidies - The company recognized a government subsidy of RMB 53,751.14 related to its normal business operations[6] - The company has approved the transfer of a 42.60% stake in Tianjin Xiquan Technology Partnership for CNY 10,686,700[14] - The company received CNY 12,250,000.00 from investments in Q1 2021, marking a new source of cash inflow[38] Research and Development - Research and development expenses for Q1 2021 were ¥6,986,994.12, slightly up from ¥6,842,739.34 in Q1 2020[28]