江苏恒立液压股份有限公司 董事会审计委员会议事规则 第一章 总则 第二章 人员组成 第五条 审计委员会成员由 3 名或以上董事组成，其中独立董事过半数， 审计委员会成员应当为不在公司担任高级管理人员的董事，至少有 1 名独立董事 为专业会计人士。 第六条 审计委员会委员由董事长、1/2 以上独立董事或者全体董事的 1/3 以上（包括 1/3）提名，并由董事会选举产生。 第七条 审计委员会设召集人 1 名，由独立董事中的会计专业人士担任， 负责主持委员会工作。当审计委员会召集人无法履行职责或不履行职责时，由其 指定 1 名其他委员代行其职责；审计委员会召集人既不履行职责，也不指定其他 1 第一条 为强化江苏恒立液压股份有限公司（简称"公司"）董事会决策 功能，做到事前防范、专业审计，确保董事会对高管层的有效监督，进一步完善 公司治理结构，根据公司章程、《公司法》、《证券法》、《上市公司治理准则》、《企 业内部控制基本规范》、《上海证券交易所股票上市规则》、《上海证券交易所上市 公司自律监管指引第 1 号——规范运作》以及其他有关规定，公司董事会设审计 委员会，并制定本议事规则。 第二条 董事会审计委员会是董事会 ...

江苏恒立液压股份有限公司 董事会薪酬与考核委员会议事规则 第一章 总则 第一条 为进一步建立健全江苏恒立液压股份有限公司（简称"公司"） 董事及高级管理人员的考核和薪酬管理制度，完善公司治理结构，根据《公司法》、 《上市公司治理准则》、公司章程及其他有关规定，公司董事会设薪酬与考核委 员会，并制订本议事规则。 第二条 薪酬与考核委员会是董事会设立的专门工作机构，对董事会负 责。 第三条 薪酬与考核委员会主要职责是研究、审查董事及高级管理人员的 薪酬政策与方案；监督公司薪酬制度执行情况。 第四条 本议事规则所称的董事是指在公司任职并支取薪酬的董事，高级 管理人员是指董事会聘任的总经理、副总经理、财务总监、董事会秘书等其他高 级管理人员。 第二章 人员组成 第五条 薪酬与考核委员会成员由由 3 名或以上董事组成，其中独立董事 过半数。 第六条 薪酬与考核委员会委员由董事长、1/2 以上独立董事或者 1/3 以上 （包括 1/3）全体董事提名，并由董事会选举产生。 第七条 薪酬与考核委员会设召集人 1 名，由独立董事委员担任，负责主 持委员会工作。当薪酬与考核委员会召集人无法履行职责或不履行职责时，由其 指定 1 ...

公 公司深度报告 司 [Table_MainInfo] 国产液压龙头企业，多元化布局增强企业活力 研 ——恒立液压（601100）公司深度报告 究 分析师： 宁前羽 SAC NO： S1150522070001 2024年03月20日 [机Ta械bl设e_备An—aly—si工s] 程机械 [Table_Summary] 投资要点：  国产液压件龙头，生产、销售网络遍布全球 证券分析师 公司前身恒立液压气动有限公司成立于 1990 年，2005 年成立江苏恒立高压 宁前羽 油缸有限公司，并在常州建立生产基地，经过30余年深耕，恒立液压已成长 022-23839174 为国产液压件龙头企业，产品遍及工程机械、农业机械、工业工程、海洋工 ningqy@bhzq.com 程、能源科技、隧道工程等众多行业。此外，公司在中国、德国、美国、日 [ Table_Author] 本、墨西哥分别建有7个液压研发中心与11个生产制造基地，生产、销售网 证 络遍布全球。 [评Ta级bl：e_ Invest] 增持  我国为液压件第二大市场，下游需求向好 券 液压传动为制造业主流传动方式，2017 年发改委将“液气密元件及系统” ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Viewpoints - The domestic excavator demand cycle is at a low point, and the company's performance is expected to turn upward. Excavator sales in China have declined for three consecutive years, with 2023 sales at 89,980 units, down 69.3% from the peak of 292,900 units in 2020. It is anticipated that demand will bottom out in 2024, leading to a potential growth inflection point for the company's performance [1][31] - The company is actively pursuing a diversification strategy, expanding into industrial sectors and non-excavator markets. The company has established deep partnerships with leading manufacturers in the high-altitude machinery sector and is entering the high-end agricultural machinery market, which has a significant import substitution potential [1][22] - The linear actuator project is set to commence production, opening new growth opportunities. The company has established a subsidiary to develop electric cylinders and ball screws, with production capacity expected to reach approximately 2 billion RMB upon full operation [1][22] Summary by Sections Investment Logic - The report highlights that the company has become a rare comprehensive hydraulic component leader in China, evolving from a single hydraulic cylinder manufacturer to a large-scale enterprise covering various hydraulic products [23] - The company has a strong market position, with over 50% market share in excavator cylinders and over 30% in small excavator pumps and valves, indicating robust competitive strength [22][24] Financial Forecasts and Valuation - The projected net profits for 2023-2025 are 2.5 billion, 2.8 billion, and 3.25 billion RMB, respectively, with corresponding P/E ratios of 28, 25, and 22 times [2] - The report emphasizes the potential for growth in the high-altitude machinery and agricultural machinery markets, with a compound annual growth rate (CAGR) expected to exceed 30% from 2024 to 2025 [1][22] Market Dynamics - The global hydraulic market is estimated to be around 30.68 billion euros, with the company holding a market share of approximately 3.8%. The report suggests that the company has 3-5 times the growth potential compared to foreign competitors [22][26] - The report notes that the company is well-positioned to benefit from the increasing demand for hydraulic components in various sectors, including construction machinery and industrial applications [1][22]

证券研究报告 公 2024年02月26日 司 报 告 恒立液压(601100) │ 行 业： 机械设备/工程机械 公 投资评级： 买入（维持） 司 当前价格： 52.96元 点 海外市场+多元产品助力公司成长 目标价格： 62.10元 评 研 事件： 究 基本数据 CME预估2024年2月挖掘机销量13700台左右，同比下降约36%，降幅环 总股本/流通股本(百万股) 1,340.82/1,340.82 比扩大。其中国内市场销量5400台，同比下降约53%；出口市场销量8300 流通A股市值(百万元) 71,009.88 台，同比下降约 17%，降幅进一步扩大。按照 CME 观测数据，2024 年 1-2 每股净资产(元) 10.16 月，中国挖掘机械整体销量2.6万台，同比下降约18%，其中国内市场10821 资产负债率(%) 22.85 台，同比下降约27.5%，出口实现15255台，同比下降约10%。 一年内最高/最低(元) 73.33/47.41 ➢ 工程机械行业仍处于底部周期 我国工程机械行业仍处于底部周期，自 2021 年 5 月起，挖机销量持续下 股价相对走势 行，2023年我国累计销售挖掘机 ...

中国国际金融股份有限公司 关于江苏恒立液压股份有限公司 2023 年度持续督导现场检查报告 上海证券交易所： 经中国证券监督管理委员会（以下简称"中国证监会"）《关于核准江苏恒立液压股 份有限公司非公开发行股票的批复》（证监许可[2022]59号）核准，江苏恒立液压股份 有限公司（以下简称"恒立液压"、"公司"或"上市公司"）以非公开发行股票的方 式向8名特定对象合计发行人民币普通股（A股）35,460,992股，并于2023年1月6日在中 国证券登记结算有限责任公司上海分公司办理完毕新增股份登记托管手续。 中国国际金融股份有限公司（以下简称"中金公司"或"保荐机构"）作为恒立液压非 公开发行A股股票的保荐机构，根据《证券发行上市保荐业务管理办法》《上海证券交 易所上市公司自律监管指引第1号——规范运作》《上海证券交易所上市公司自律监管 指引第11号——持续督导》《上市公司监管指引第2号——上市公司募集资金管理和使 用的监管要求》等有关法律、法规和规范性文件的要求，中金公司于2024年1月18日至 19日对恒立液压进行了现场检查。现将本次检查的情况报告如下： 一、本次现场检查的基本情况 （一）公司治理和内部控 ...

Financial Performance - Q3 2023 revenue was CNY 1,892,440,735.75, a decrease of 6.92% year-over-year[3] - Net profit attributable to shareholders was CNY 474,714,558.18, down 31.41% compared to the same period last year[3] - Basic earnings per share for the quarter was CNY 0.35, a decline of 33.96% year-over-year[4] - Total operating revenue for Q3 2023 reached ¥6,344,363,521.49, an increase of 7.2% compared to ¥5,919,577,855.73 in the same period last year[18] - In Q3 2023, the company's net profit reached CNY 1,756,261,553.41, a slight increase from CNY 1,752,603,492.72 in Q3 2022, reflecting a growth of 0.15%[19] - The total comprehensive income for Q3 2023 was CNY 1,818,224,770.86, compared to CNY 1,804,119,792.50 in the same period last year, indicating an increase of 0.78%[20] - Operating profit for Q3 2023 was CNY 1,961,155,401.99, slightly down from CNY 1,961,412,241.31 in Q3 2022, a decrease of 0.01%[19] Assets and Liabilities - Total assets at the end of the quarter reached CNY 17,716,336,985.94, an increase of 9.35% from the previous year[4] - Total assets as of Q3 2023 were ¥17,716,336,985.94, an increase from ¥16,201,076,162.33 year-over-year[17] - Total liabilities for Q3 2023 reached ¥4,048,072,953.92, compared to ¥3,523,139,976.92 in the previous year, marking an increase of 14.9%[17] - Total current assets as of September 30, 2023, amounted to CNY 13,113,808,693.48, an increase from CNY 12,326,695,954.97 at the end of 2022[15] Cash Flow - Cash flow from operating activities for the year-to-date was CNY 1,618,061,273.35, up 13.97%[4] - Cash flow from operating activities for the first nine months of 2023 was CNY 5,481,042,595.08, compared to CNY 5,125,384,670.90 in the same period of 2022, showing an increase of 6.95%[22] - The net cash flow from investing activities in the first nine months of 2023 was -CNY 490,516,385.97, worsening from -CNY 169,186,807.96 in the same period last year[22] - The net cash flow from financing activities for the first nine months of 2023 was -CNY 381,550,420.81, compared to -CNY 554,487,974.41 in the same period of 2022, indicating an improvement[23] Cash and Equivalents - Cash and cash equivalents increased to CNY 7,923,283,765.34 from CNY 6,886,222,371.48 year-over-year[15] - The company's cash and cash equivalents at the end of Q3 2023 totaled CNY 7,784,804,297.28, up from CNY 4,656,496,264.11 at the end of Q3 2022, reflecting an increase of 67.5%[23] - The company reported a significant rise in cash and cash equivalents to ¥1,205,886,981.28 from ¥667,367,401.71, reflecting a rise of 80.5%[17] Expenses and Investments - Sales expenses increased by 61.00% year-to-date, primarily due to market expansion and increased personnel costs[8] - Research and development expenses for Q3 2023 amounted to ¥505,306,881.96, slightly higher than ¥499,655,393.87 in the previous year[18] - Cash paid for investments decreased by 98.06% due to a reduction in the scale of financial product purchases[9] - Cash paid for acquiring subsidiaries and other business units was down 100.00% as no investments or acquisitions were made during the period[9] - The company experienced an 82.22% decrease in trading financial assets due to the redemption of investment products[8] - Investment income for the year-to-date rose by 324.09%, attributed to increased returns from financial products[8] Other Financial Metrics - The company reported a decrease in asset impairment losses to CNY -19,806,108.63 in Q3 2023 from CNY -15,859,180.45 in Q3 2022[19] - The company recorded other comprehensive income after tax of CNY 61,963,217.45 in Q3 2023, compared to CNY 52,493,471.81 in Q3 2022, marking an increase of 18.1%[19] - The company expects to continue focusing on market expansion and new product development in the upcoming quarters[8]

Cash Flow - Net cash flow from operating activities was 430.55 million, a decrease from 747.43 million in the same period last year[77] - Net cash flow from investing activities was -1.41 billion, compared to 66.71 million in the same period last year[77] - Net cash flow from financing activities was -322.45 million, an improvement from -549.83 million in the same period last year[78] - The net increase in cash and cash equivalents was -1.13 billion, compared to 421.44 million in the same period last year[78] - Cash and cash equivalents at the end of the period were 5.2 billion, down from 6.33 billion at the beginning of the period[78] - Cash received from sales of goods and services was 2.59 billion, slightly down from 2.6 billion in the same period last year[77] - Cash paid for goods and services was 1.43 billion, up from 1.15 billion in the same period last year[77] - Cash paid for employee compensation was 451.18 million, up from 421.82 million in the same period last year[77] - Cash received from investments was 194.05 million, down from 1.59 billion in the same period last year[77] - Cash paid for investments was 1.55 billion, up from 1.4 billion in the same period last year[77] Financial Consolidation and Subsidiaries - The company evaluates the performance of almost all investments based on fair value[97] - The company consolidates financial statements by combining assets, liabilities, equity, income, expenses, and cash flows of the parent and subsidiaries[97] - Internal transactions between the parent and subsidiaries are fully offset, and any impairment losses are fully recognized[97] - For subsidiaries added through non-common control mergers, the company includes their income, expenses, and cash flows from the acquisition date to the reporting period end[97] - The company adjusts capital reserves when purchasing minority equity in subsidiaries, and if insufficient, it reduces retained earnings and undistributed profits[98] - In step-by-step acquisitions of subsidiaries, the company re-measures the fair value of previously held equity, with any gains or losses recognized in current investment income[98] - The company offsets unrealized internal sales profits and losses, adjusting net profit attributable to parent company owners and minority interests accordingly[98] - When minority shareholders' share of losses exceeds their initial equity, the excess is offset against minority interests[98] - The company restores "special reserves" and "general risk reserves" to the parent company's equity after offsetting long-term equity investments and subsidiary equity[98] - The company recognizes deferred tax assets or liabilities due to temporary differences arising from offsetting unrealized internal sales profits and losses[98] - Parent company partially disposed of long-term equity investment in subsidiaries without losing control, adjusting capital reserve (capital premium or share premium) for the difference between disposal price and the share of net assets attributable to the parent company since acquisition or merger date[99] - Disposal of long-term equity investment in subsidiaries resulting in loss of control, with the remaining equity remeasured at fair value at the date of loss of control, and the difference between the sum of disposal consideration and remaining equity fair value and the share of net assets attributable to the parent company since acquisition or merger date recognized as investment income in the current period[99] - Minority shareholders' capital increase in subsidiaries diluting the parent company's equity ratio, with the difference between the share of net assets attributable to the parent company before and after the capital increase adjusted in capital reserve (capital premium or share premium)[99] - Joint arrangements classified into joint operations and joint ventures, with joint operations recognizing assets, liabilities, revenues, and expenses based on the company's share[100][101] Inventory and Contract Management - Inventory is classified into raw materials, work-in-progress, semi-finished goods, finished goods, merchandise, and consumables[112] - The company uses the weighted average method for inventory valuation[112] - Inventory is accounted for using the perpetual inventory system, with at least one annual physical count[112] - Inventory is measured at the lower of cost or net realizable value, with provisions for inventory write-downs recognized in current period profits[112] - Contract assets and liabilities are presented separately in the balance sheet, with net amounts shown based on liquidity[113][114] - Contract costs are categorized into contract fulfillment costs and contract acquisition costs, recognized as assets under specific conditions[115] - Long-term equity investments include controlling, significant influence, and joint venture investments[116] - Significant influence is generally presumed when the company holds 20% or more but less than 50% of the voting rights in an investee[116] Lease Accounting - The company's operating lease accounting method involves recognizing rental expenses on a straight-line basis over the lease term, with any rent-free periods included in the total rental expense calculation[141] - For finance leases, the company recognizes the lower of the fair value of the leased asset or the present value of minimum lease payments as the asset value, with the difference recorded as unearned finance income[142] - The new lease standard effective from January 1, 2021 requires the company to assess whether a contract contains a lease based on control over identified assets[143] - Short-term leases (less than 12 months) and low-value asset leases are recognized on a straight-line basis over the lease term under the new standard[143] - The company recognizes right-of-use assets at cost, including initial direct costs and estimated restoration costs, and depreciates them using the straight-line method[144] - Lease liabilities are measured at the present value of lease payments, using the incremental borrowing rate if the implicit rate cannot be determined[144] - Variable lease payments not included in the lease liability are recognized in profit or loss when incurred[144] - For finance leases, the company recognizes finance lease receivables at the present value of lease payments and derecognizes the leased asset[144] - The company accounts for lease modifications as a separate lease if the modification increases the scope of the lease[144] Financial Assets and Liabilities - The company's monetary funds increased by 12.57% compared to the beginning of the period, mainly due to increased operating collections and the redemption of investment financial products[153] - The balance of trading financial assets decreased by 401,722,731.40 yuan compared to the previous period, primarily due to the redemption of company financial products[154] - The fair value financial assets measured at fair value and whose changes are included in current profit and loss decreased significantly from 470,345,646.79 yuan to 68,622,915.39 yuan, primarily due to a reduction in financial products[155] - The total amount of notes receivable increased by 16.57% to 560,310,504.90 yuan, driven by increased business collections[164] - Bank acceptance notes increased by 28.59% to 514,733,861.70 yuan, while commercial acceptance notes decreased by 43.32% to 45,576,643.20 yuan[156] - The bad debt provision for commercial acceptance notes decreased by 1,833,685.02 yuan, resulting in a final provision of 2,398,770.69 yuan[163] - The total accounts receivable amounted to 1,182,065,547.66 yuan, with 1,134,013,085.69 yuan (95.93%) being within 1 year[165] - The bad debt provision for accounts receivable increased to 65,979,818.32 yuan, representing a provision ratio of 5.58%[167] - A specific bad debt provision of 4,630,800.00 yuan was made for Tianjin Binhai Solar Thermal Tracking Technology Co., Ltd., with a 100% provision ratio due to expected non-recovery[169] Fixed Assets and Investments - Fixed assets increased by RMB 278.72 million in the first half of 2023, with the total fixed assets reaching RMB 5.69 billion at the end of the period[198] - The company invested RMB 138.31 million in new fixed asset purchases, including RMB 53.01 million in buildings and RMB 76.99 million in machinery[198] - The net book value of fixed assets increased by RMB 72.43 million to RMB 2.91 billion at the end of the period[198] - Construction in progress increased by RMB 190.38 million to RMB 580.49 million, driven by projects such as the Mexico factory and precision transmission linear actuator projects[199][200] - The Mexico factory project saw a significant increase in investment, with the balance rising by RMB 99.41 million to RMB 254.90 million[200] - The precision transmission linear actuator project grew by RMB 67.71 million to RMB 79.62 million, reflecting the company's focus on technological advancements[200] - The hydraulic pump and valve technical transformation project increased by RMB 23.18 million to RMB 36.76 million, indicating ongoing upgrades in production capabilities[200] - The company's total accumulated depreciation reached RMB 2.77 billion, with RMB 205.20 million added during the period[198] Taxation and Fees - The company applies a progressive rate for safety production fees based on revenue: 2.35% for revenue up to 10 million yuan, 1.25% for revenue between 10 million and 100 million yuan, 0.25% for revenue between 100 million and 1 billion yuan, 0.1% for revenue between 1 billion and 5 billion yuan, and 0.05% for revenue exceeding 5 billion yuan[146][147] - The company is eligible for a preferential corporate income tax rate of 15% as a high-tech enterprise, effective from 2022 to 2025[150] - The company's subsidiaries in different regions are subject to local tax policies, with corporate income tax rates ranging from 15% to 25% depending on the location[149] Foreign Currency and Financial Instruments - Cash and cash equivalents defined as cash on hand, deposits available for payment, and short-term investments with high liquidity and low risk of value change[102] - Foreign currency transactions initially recognized at the spot exchange rate on the transaction date or an approximate rate, with exchange differences recognized in current profit or loss[103] - Financial instruments recognized when the company becomes a party to the contract, with financial assets derecognized when certain conditions are met[104]

2023年第一季度报告 证券代码：601100 证券简称：恒立液压 江苏恒立液压股份有限公司 2023 年第一季度报告 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、主管会计工作负责人及会计机构负责人（会计主管人员）保证季度报告中财务信息 的真实、准确、完整。 第一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 ...

Financial Performance - The company achieved a net profit of ¥1,291,303,170.39 for the year 2022, with a statutory reserve of ¥77,015,000.18 and distributed dividends of ¥952,912,800.00 for the previous year[2]. - The proposed cash dividend for 2022 is ¥6.20 per 10 shares, totaling ¥831,309,015.04, with retained earnings of ¥2,607,059,817.46 to be carried forward[2]. - The total available profit for distribution to shareholders at the end of the reporting period was ¥3,438,368,832.50[2]. - The company's operating revenue for 2022 was ¥8,196,713,892.30, a decrease of 11.95% compared to ¥9,309,218,098.53 in 2021[15]. - The net profit attributable to shareholders for 2022 was ¥2,342,722,203.00, down 13.03% from ¥2,693,599,997.73 in the previous year[15]. - The net cash flow from operating activities decreased by 26.18% to ¥2,063,626,782.41 in 2022 from ¥2,795,650,375.60 in 2021[15]. - Basic earnings per share for 2022 were ¥1.79, a decline of 13.11% from ¥2.06 in 2021[16]. - The weighted average return on equity decreased to 22.60% in 2022 from 32.83% in 2021, a drop of 10.23 percentage points[16]. - The company reported a net profit of ¥692,106,722.94 in Q3 2022, with a total revenue of ¥2,033,133,653.67 for that quarter[19]. - Non-recurring gains and losses for 2022 amounted to ¥111,931,387.78, compared to ¥136,099,507.91 in 2021[20]. Market and Sales Performance - Revenue from hydraulic cylinder products fell by 12% year-on-year, while revenue from hydraulic pump and valve products decreased by 15% due to the downturn in the downstream industry[16]. - In 2022, excavator sales in China decreased by 44.6% year-on-year, totaling 151,889 units, while exports increased by 59.8%, reaching 109,457 units[25]. - The company achieved stable growth in non-standard hydraulic cylinder sales, particularly in emerging sectors, and increased its market share in overseas excavator cylinder sales[24]. - Domestic sales revenue was 6.414 billion RMB, a decrease of 20.43% year-on-year, while foreign sales revenue increased by 41.94% to 1.753 billion RMB[30]. Research and Development - The company has developed 538 new products in 2022, with 323 of them outside the construction machinery sector, maintaining a product quality rate above 98%[26]. - The company is focusing on electric control technology, with its electric control products gaining market share in the excavator sector[26]. - The company is committed to increasing R&D investment to drive future growth and profitability improvements[26]. - The company holds a total of 584 valid patents, including 13 foreign invention patents and 85 domestic invention patents[27]. - The company’s R&D expenses amounted to ¥649,953,443.75, representing 7.93% of total revenue, with no capitalized R&D expenses[40]. Strategic Development - The company plans to continue its strategic development and expansion in the hydraulic equipment market[2]. - The company plans to invest 25 million yuan in the Hengli Mexico project, which is currently under construction and expected to be operational by Q4 2023[24]. - The company is advancing its strategic projects, including the linear actuator project with an investment of 140 million yuan, expected to be operational by Q1 2024[24]. - The company aims for a 10% year-on-year growth in revenue for 2023[52]. - The company intends to accelerate its internationalization strategy, particularly in Europe, North America, and Southeast Asia[54]. Financial Position and Assets - The company's total assets increased by 31.37% to ¥16,201,076,162.33 at the end of 2022, compared to ¥12,332,043,327.93 at the end of 2021[15]. - Cash and cash equivalents at the end of the period reached ¥6,886,222,371.48, accounting for 42.50% of total assets, an increase of 89.04% compared to the previous period[43]. - The company's total equity rose to ¥12,677,936,185.41, which is 78.25% of total assets, reflecting a 37.22% increase due to funds raised from a private placement of shares[44]. - The company reported a significant increase in contract liabilities, which rose by 206.78% to ¥366,370,753.80, accounting for 2.26% of total assets, due to an increase in advance payments from signed sales contracts[43]. Governance and Compliance - The company’s financial report has been audited by Rongcheng Accounting Firm, which issued a standard unqualified audit opinion[2]. - The company’s board of directors and supervisory board members have all attended the board meeting, ensuring accountability for the report's accuracy[2]. - The company has established internal control systems and conducted audits, with no significant deficiencies reported during the period[90][92]. - The company has not faced any administrative penalties due to environmental issues during the reporting period[100]. - The company has not reported any changes in shareholding for its directors and senior management during the reporting period[62]. Environmental and Social Responsibility - The company has invested RMB 1,300,000 in environmental protection during the reporting period[94]. - The company plans to construct a grid-connected photovoltaic power generation system with a capacity of 5,245.9 kWp, expected to save 1,593.34 tons of standard coal and reduce carbon emissions by 9,120 tons per year[102]. - The company has allocated RMB 144,000 for social responsibility initiatives, including donations and public welfare projects[104]. - The company is focusing on sustainability initiatives, aiming to reduce operational carbon emissions by 25% over the next five years[65]. Shareholder Information - The company achieved a net profit of ¥1,291,303,170.39 in 2022, with a proposed cash dividend of ¥6.20 per 10 shares, totaling ¥831,309,015.04 to be distributed to shareholders[86]. - The total number of ordinary shareholders increased to 40,989 by the end of the reporting period, up from 39,119[122]. - The company declared a cash dividend of RMB 831,309,015.04, which accounts for 35.48% of the net profit attributable to ordinary shareholders in the consolidated financial statements[88]. Risk Management - The company faces risks related to policy changes, market fluctuations, exchange rate volatility, and raw material price fluctuations[54]. - The company has not reported any significant litigation or arbitration matters during the reporting period[111]. - The company will not engage in any competing business activities that may harm its interests, as per commitments from its controlling shareholders[107].