Financial Performance - The company's operating revenue for the first half of 2021 was ¥825,802,770.11, representing a 27.25% increase compared to ¥648,936,048.68 in the same period last year[17]. - The net profit attributable to shareholders for the first half of 2021 was ¥41,189,539.90, up 26.55% from ¥32,547,174.66 in the previous year[17]. - The net profit after deducting non-recurring gains and losses was ¥38,373,682.16, which is a significant increase of 71.27% compared to ¥22,405,037.18 in the same period last year[17]. - The net cash flow from operating activities was ¥17,722,795.74, a recovery from a negative cash flow of -¥77,305,220.43 in the previous year[17]. - The total assets at the end of the reporting period were ¥2,572,667,808.08, reflecting a 7.04% increase from ¥2,403,471,575.16 at the end of the previous year[17]. - The net assets attributable to shareholders increased by 4.10% to ¥1,052,091,488.80 from ¥1,010,638,317.77 at the end of the previous year[17]. - Basic earnings per share for the first half of 2021 were ¥0.14, a 27.27% increase from ¥0.11 in the same period last year[18]. - The diluted earnings per share also stood at ¥0.14, marking a 27.27% increase compared to the previous year[18]. - The weighted average return on equity decreased to 3.95%, down by 2.67 percentage points from 6.62% in the previous year[18]. Business Operations - The company's main business includes the research, design, production, and sales of engineering machinery seats, commercial vehicle seats, passenger car seats, aircraft seats, and child safety seats, with a revenue contribution of 97.71% from main business operations[22]. - The company has established an annual procurement contract with suppliers, managing raw material and component procurement to ensure timely production[23]. - The production model is order-based, with production plans developed according to sales department orders, ensuring efficient manufacturing processes[24]. - The company has a production capacity of 300,000 sets of passenger car seats annually, with significant supply to major clients like SAIC Motor[27]. - The aviation seat business has seen a decline in demand due to the pandemic, but sales and order volumes have started to recover since Q4 2020[28]. - The company has successfully entered the global procurement system of Caterpillar, enhancing its international competitiveness[26]. - The child safety seat segment is a new venture aimed at leveraging the company's experience in passenger car seats to provide high-quality products[28]. - The company’s engineering machinery and commercial vehicle seats are significantly influenced by the production and sales conditions of downstream mainframes[26]. - The company has received airworthiness certification from EASA and FAA for its aircraft seats, indicating compliance with international safety standards[28]. - The company utilizes a direct sales model for the mainframe supporting market, establishing cooperative relationships with clients through competitive bidding and direct partnerships[24]. Revenue Growth - The company's main business revenue increased from 640 million RMB to 807 million RMB, a growth of 25.99%[36]. - Revenue from engineering machinery and commercial vehicle seats grew from 398 million RMB to 528 million RMB, an increase of 32.49%[36]. - Passenger vehicle seat revenue rose by 21.87%, from 133 million RMB to 163 million RMB[36]. - Aircraft seat business revenue increased from 100 million RMB to 112 million RMB, a growth of 11.14%[36]. - The company has established stable partnerships with major clients, including Airbus and Boeing in the aircraft seat sector[31]. - The company has developed a carbon fiber composite aircraft seat, enhancing its competitive advantage in lightweight and comfort[30]. Financial Strategy - The company plans to raise up to 2 billion RMB through a private placement of shares at a price of 5.57 RMB per share[38]. - The company has multiple R&D centers in Shanghai, Zhejiang, and London, focusing on advanced seat technologies[30]. - The company has a total of 16 subsidiaries in China and 3 in the UK, facilitating global resource integration[32]. - The new Child Protection Law, effective June 1, 2021, is expected to positively impact the growth of the children's safety seat business[35]. - Operating costs increased by 31.96% to ¥655,859,636.40 from ¥497,019,640.77 year-on-year[42]. - Research and development expenses rose by 37.05% to ¥27,377,710.74, up from ¥19,976,693.91 in the previous period[42]. Market Challenges - The company reported a significant decline in China's automotive production and sales in June 2021, with production and sales down 16.5% and 12.4% year-on-year, respectively[59]. - The company plans to strengthen cooperation with vehicle manufacturers to address the challenges posed by the increasing competition in the automotive industry[59]. - The company aims to balance the development of domestic and international markets to mitigate the impact of cyclical fluctuations in the engineering machinery and commercial vehicle sectors[59]. - Raw material price fluctuations, particularly in steel and TDI chemical materials, have significantly increased production costs, prompting the company to implement cost-reduction measures[60]. Corporate Governance - The company has committed to a two-year lock-up period for shares after the expiration of the initial lock-up period, ensuring no impact on control and compliance with public commitments[75]. - The company has established long-term commitments to resolve industry competition issues, ensuring no direct or indirect competition with its controlled entities[76]. - The company has committed to avoid engaging in related party transactions with its controlled entities, ensuring fair market conditions and compliance with legal regulations[78]. - The company has outlined a plan for share reduction post-lock-up, limiting the amount to 10% in the first year and 20% in the second year after the lock-up period[75]. - The company has confirmed that it will not engage in similar business activities as its controlled entities to prevent competition[76]. - The company has committed to timely disclosure of any related party transactions and to ensure they are conducted under normal commercial terms[78]. - The company has stated that it will compensate for any losses incurred by its controlled entities due to violations of these commitments[79]. - The company has emphasized the importance of respecting the independent legal status of its controlled entities and ensuring their autonomous decision-making[80]. - The company has committed to notifying its controlled entities of any business opportunities that may lead to competition, allowing them the first right of refusal[76]. - The company has established a framework for governance to ensure compliance with commitments and to avoid conflicts of interest[78]. Legal and Compliance - The company is involved in significant litigation, including claims against Zhejiang Zhongtai Automobile Manufacturing Co., Ltd. for unpaid debts totaling RMB 3,693,200[85]. - The company reported no non-operating fund occupation by controlling shareholders during the reporting period[82]. - The company has not faced any major lawsuits or arbitration matters during the reporting period[83]. - The company has not received any non-standard audit opinions for the previous annual report[83]. - The company has committed to fair trading practices in its transactions with related parties[81]. - The company has not reported any violations or penalties against its directors, supervisors, or senior management during the reporting period[86]. Shareholder Information - The total number of shares outstanding is 370,225,434, with 290,986,132 shares being unrestricted[93]. - Major shareholders include China International Financial Co., Ltd. and Taizhou Jin Kong Asset Management Co., Ltd., each holding 15,847,860 and 7,923,930 shares respectively, all of which are from the private placement[96]. - The release of limited sale shares occurred on February 18, 2021, following the statutory holiday[94]. - The company has not reported any significant changes in shareholding structure or other major events during the reporting period[95]. - The total number of ordinary shareholders reached 20,549 by the end of the reporting period[99]. - Zhejiang Tiancheng Investment Co., Ltd. holds 136,738,500 shares, accounting for 36.93% of total shares[101]. - Chen Bangrui owns 16,958,613 shares, representing 4.58% of total shares[101]. - The top ten shareholders collectively hold significant stakes, with the largest shareholder having a 36.93% ownership[101]. Financial Reporting and Standards - The company operates in the specialized equipment manufacturing industry, focusing on the research, production, and sales of vehicle and aircraft seats[147]. - The financial statements include 16 subsidiaries, indicating a broad operational scope and market presence[148]. - The company adheres to the enterprise accounting standards, ensuring the financial statements accurately reflect its financial position and performance[152]. - The accounting period for the company runs from January 1 to December 31 each year, aligning with standard fiscal practices[153]. - The company has no significant doubts regarding its ability to continue as a going concern for the next 12 months[150]. - The company utilizes the RMB as its functional currency for accounting purposes[155]. - The financial reports are prepared based on the continuous operation assumption, indicating stability in operations[149].

Financial Performance - Operating revenue rose by 41.29% to CNY 374,006,853.58 year-on-year[5] - Net profit attributable to shareholders increased significantly by 515.06% to CNY 20,438,018.03 compared to the same period last year[5] - Basic and diluted earnings per share both increased to CNY 0.06, up 500% from CNY 0.01 in the same period last year[5] - The weighted average return on equity rose to 2.00%, an increase of 1.54 percentage points compared to the previous year[5] - The company reported a total of CNY 2,312,761.77 in non-recurring gains and losses for the period[8] - The total comprehensive income for Q1 2021 was CNY 21,400,290.43, compared to CNY 909,446.63 in Q1 2020, showing a substantial increase of approximately 2240%[29] - The company's net profit for Q1 2021 showed a significant improvement, with undistributed profits at -CNY 246,946,899.48 compared to -CNY 267,384,917.51 in the previous year[21] - The net profit for Q1 2021 reached CNY 20,438,018.03, compared to CNY 3,322,933.29 in Q1 2020, indicating a year-over-year increase of about 516%[28] Cash Flow - The net cash flow from operating activities improved to CNY 32,220,460.21, a recovery from a loss of CNY 46,156,444.24 in the previous year[5] - Cash flow from operating activities improved significantly, with a net cash flow of CNY 32,220,460.21 compared to a negative CNY 46,156,444.24 in the previous year[14] - The company's cash inflow from operating activities in Q1 2021 was CNY 344,243,508.62, compared to CNY 256,245,968.57 in Q1 2020, representing a growth of about 34%[33] - Total cash inflow from operating activities reached ¥338,254,309.44, compared to ¥125,000,031.14 in the same period last year, reflecting a year-over-year increase of approximately 170.0%[38] - The net cash flow from operating activities for Q1 2021 was ¥31,417,846.41, a significant improvement from -¥30,012,513.14 in Q1 2020, indicating a turnaround in operational performance[38] Assets and Liabilities - Total assets increased by 9.57% to CNY 2,633,573,058.13 compared to the end of the previous year[5] - The company's total assets increased to CNY 2,633,573,058.13, up from CNY 2,403,471,575.16, reflecting overall growth[19] - Total liabilities increased to CNY 1,601,534,449.93 in Q1 2021 from CNY 1,392,786,883.36 in the previous year, representing a rise of 15%[21] - Long-term borrowings doubled to CNY 200,259,197.89, reflecting increased financing activities[13] - Long-term borrowings increased significantly to CNY 200,259,197.89 from CNY 100,185,746.62, representing a 99.5% increase[24] - Current liabilities totaled ¥1,240,872,974.81, including short-term borrowings of ¥382,419,649.46 and accounts payable of ¥454,999,759.36[42] Shareholder Information - The total number of shareholders reached 17,714 by the end of the reporting period[10] - The largest shareholder, Zhejiang Tiancheng Ke Investment Co., Ltd., holds 36.93% of the shares, amounting to 136,738,500 shares[10] Operational Highlights - The company successfully launched a production line for carbon fiber composite components for aircraft seats, marking a significant milestone in its investment project[15] - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[15] Costs and Expenses - Operating costs increased by 46% to CNY 293,994,458.31, driven by revenue growth[13] - The company reported a 54% increase in tax payable, amounting to CNY 11,803,512.19, due to higher taxable income[13] - Research and development expenses for Q1 2021 were CNY 11,952,430.52, slightly higher than CNY 9,534,401.68 in Q1 2020, reflecting a growth of approximately 25%[31] - The company's financial expenses decreased to CNY 5,418,361.18 in Q1 2021 from CNY 10,781,601.14 in Q1 2020, a reduction of about 50%[28] - The company reported a decrease in employee compensation payable from CNY 16,630,539.38 to CNY 9,460,162.73, indicating a reduction of 43%[21] Inventory and Assets Management - The inventory balance rose to CNY 404,253,874.78, up from CNY 349,427,341.60, indicating increased stock levels[19] - The company's inventory as of March 31, 2021, was CNY 291,021,393.83, compared to CNY 266,041,087.83 at the end of 2020, showing an increase of 9.4%[22] Interest and Income - Interest income surged by 152% to CNY 535,505.74, attributed to increased deposit interest[13] - The company reported a decrease in interest expenses from CNY 10,937,209.98 in Q1 2020 to CNY 4,380,997.82 in Q1 2021, a reduction of about 60%[28] Comprehensive Financial Position - The total equity attributable to shareholders was CNY 1,032,038,608.20, an increase from CNY 1,010,638,317.77 in the previous year, reflecting a growth of 2.5%[21] - The company reported an accumulated deficit of $181,022,054.13, reflecting ongoing challenges in profitability[47] - Total equity stands at $1,072,722,095.09, indicating a stable financial position[47]

Financial Performance - The company's operating revenue for 2020 was CNY 1,427,717,717.78, a decrease of 1.95% compared to CNY 1,456,138,935.80 in 2019[21] - The net profit attributable to shareholders of the listed company was CNY 50,525,257.17, recovering from a loss of CNY 535,138,770.67 in the previous year[22] - The net cash flow from operating activities increased significantly to CNY 50,246,054.87, up 212.42% from CNY 16,082,755.92 in 2019[22] - The total assets at the end of 2020 were CNY 2,403,471,575.16, representing a 15.99% increase from CNY 2,072,079,447.03 in 2019[22] - The net assets attributable to shareholders of the listed company increased by 112.03% to CNY 1,010,638,317.77 from CNY 476,642,118.61 in 2019[22] - The basic earnings per share for 2020 was CNY 0.16, a recovery from a loss of CNY 1.84 per share in 2019[23] - The weighted average return on equity increased to 7.63%, up 80.34 percentage points from -72.71% in 2019[23] Revenue Breakdown - The company's main business revenue from various seating products accounted for 98.95% of total revenue, emphasizing the importance of these segments in driving overall performance[34] - The company's main business revenue for 2020 was CNY 1.41 billion, a slight decrease of 2.27% compared to 2019[44] - The engineering and commercial vehicle seating segment generated CNY 857.78 million, accounting for 60.72% of total revenue, with a growth of 35.96%[44] - The passenger vehicle seating segment achieved revenue of CNY 380.25 million, representing 26.92% of total revenue, with a growth of 7.57%[44] - The aviation seating segment's revenue was CNY 154.66 million, contributing 10.95% to total revenue, but saw a decline of 65.86%[44] Cash Flow and Financing - The cash flow from operating activities showed a significant turnaround with CNY -46.16 million in Q1, CNY -31.15 million in Q2, CNY -116.04 million in Q3, and a positive CNY 243.59 million in Q4, indicating improved cash management[26] - The company reported a significant increase in cash and cash equivalents, rising by 94.76% to CNY 217.26 million due to funds raised from a private placement[39] - Accounts receivable financing increased by 298.11% to CNY 91.99 million, attributed to an increase in receivable notes financing[39] - The net cash flow from financing activities increased by 96.62% to 123.89 million yuan, mainly due to funds raised from a private placement[80] Market Strategy and Development - The company plans to continue focusing on its development strategies while being aware of potential investment risks[6] - The company is focusing on expanding its market presence in the passenger car seat segment, with strategic partnerships with major clients like SAIC Motor Corporation[34] - The company aims to leverage its experience in passenger vehicle seating to enter the children's safety seat market, targeting global consumers[38] - The company is committed to leveraging its UK subsidiary's technology and reputation to enhance its global market share in aviation seats[105] Research and Development - The company is actively involved in R&D for new seating technologies, aiming to enhance product offerings and meet customer demands[32] - The company’s R&D expenses decreased by 28.60% to ¥51,150,516.32, indicating a focus on cost management[65] - The total amount of research and development investment was 60.11 million yuan, with 16.64% capitalized[78] Environmental Compliance - The company has established wastewater treatment facilities and an online monitoring system to ensure compliance with environmental standards[162] - The company is classified as a key pollutant discharge unit, generating over 100 tons of hazardous waste annually, and is subject to environmental regulations[162] - The company has implemented pollution control measures, including photocatalytic treatment for exhaust emissions[162] Shareholder and Governance - The company has a share repurchase plan that is not applicable for the reporting period[135] - The company has maintained strict compliance with its commitments regarding share lock-up periods and conditions for potential share reductions by major shareholders[136][137][139] - The company has a total of 9 directors and supervisors, with varying levels of compensation[194] - The total remuneration for all directors, supervisors, and senior management during the reporting period amounted to 4.5068 million yuan[200] Legal Matters - The company has no significant litigation or arbitration matters pending, indicating a stable legal standing[154] - The company has established a plan to notify Tiancheng Zikong of any business opportunities that may conflict with its operations, ensuring that such opportunities are offered to Tiancheng Zikong first[140]

2020 年第三季度报告 公司代码：603085 公司简称：天成自控 浙江天成自控股份有限公司 2020 年第三季度报告 1 / 21 | 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 | | 本报告期末 | | 上年度末 | | 本报告期末比上年度末增 | | | --- | --- | --- | --- | --- | --- | --- | | | | | | | 减(%) | | | 总资产 | 2,347,238,306.45 | | 2,072,079,447.03 | | | 13.28 | | 归属于上市公司 | 1,002,871,601.49 | | 476,642,118.61 | | | 110.40 | | 股东的净资产 | | | | | | | | | 年初至报告期末 | | 上年初至上年报告期末 | | 比上年同期增减(%) | | | | （1-9 月） | （ ...

Financial Performance - The company's operating revenue for the first half of 2020 was ¥648,936,048.68, a decrease of 14.17% compared to ¥756,065,468.31 in the same period last year[18]. - The net profit attributable to shareholders was ¥32,547,174.66, representing an increase of 4.82% from ¥31,050,924.43 in the previous year[18]. - The net cash flow from operating activities was -¥77,305,220.43, a significant decline compared to ¥26,318,046.26 in the same period last year, reflecting a decrease of 393.73%[18]. - The total assets at the end of the reporting period were ¥2,301,267,694.08, an increase of 11.06% from ¥2,072,079,447.03 at the end of the previous year[18]. - The net assets attributable to shareholders increased by 6.20% to ¥506,216,309.96 from ¥476,642,118.61 at the end of the previous year[18]. - The basic earnings per share remained stable at ¥0.11, unchanged from the same period last year[19]. - The weighted average return on net assets increased to 6.62%, up by 3.55 percentage points from 3.07% in the previous year[19]. - The company reported non-recurring gains and losses totaling ¥10,142,137.48 for the reporting period[20]. Revenue and Sales - The company's main business revenue accounted for 98.68% of total revenue, primarily from passenger car seats, aviation seats, engineering machinery, and commercial vehicle seats[26]. - The company's revenue decreased by 14.17% year-on-year, with engineering machinery and commercial vehicle sales growing by 45.62%, from 27.4 million to 39.9 million yuan[40]. - The aviation seat business in the UK declined by 58.85%, from 243 million to 100 million yuan[40]. - The passenger vehicle business saw a 56% drop in Q1, but recovered in Q2, achieving a revenue of 133 million yuan, down 32.44% year-on-year[40]. - The children's safety seat business experienced a 572% year-on-year increase in sales for the first half of 2020, with a 28% quarter-on-quarter growth[41]. Assets and Liabilities - The company's cash and cash equivalents increased by 48.2% to ¥165,290,730.75 due to an increase in acceptance guarantee deposits[30]. - Accounts receivable rose by 33.2% to ¥371,900,772.42, driven by sales growth in the commercial vehicle segment[30]. - Inventory increased by 34.3% to ¥412,708,624.53, attributed to sales growth in the commercial vehicle segment and production preparations[30]. - Total liabilities reached CNY 1,438,477,839.46 as of June 30, 2020, compared to CNY 1,205,365,918.87 at the end of 2019, reflecting a growth of 19.3%[99]. Operational Efficiency - Operating costs fell by 13.94% to ¥497,019,640.77 from ¥577,537,610.42 year-on-year[44]. - Sales expenses decreased significantly by 44.49% to ¥20,733,271.32, attributed to reduced sales scale and lower logistics costs[44]. - Management expenses declined by 12.99% to ¥62,398,677.98, due to lower employee compensation and depreciation[44]. - Research and development expenses were reduced by 18.57% to ¥19,976,693.91, resulting from decreased direct investment and lower depreciation[44]. Market Position and Competitiveness - The company's UK subsidiary, Acro Aircraft Seating Limited, is among the top five global suppliers of aviation seats, with products certified by EASA and FAA[27]. - The company has successfully entered the global procurement system of Caterpillar, showcasing its international competitiveness[28]. - The company is a new entrant in the child safety seat market, leveraging its extensive experience in the passenger car seat sector[29]. - The company has established long-term stable partnerships with major clients such as Airbus and Boeing in the aviation seat sector, with two series of economy class products included in the Airbus supplier directory[33]. Financial Strategy and Risks - Increased bank borrowings due to rapid revenue growth and overseas acquisitions have led to rising financial costs, posing liquidity risks for the company[59]. - The company plans to complete financing through a private placement of shares, with part of the raised funds allocated to supplement working capital and reduce the debt ratio[60]. - The company faces risks related to price fluctuations of its main products, with potential downward pressure on prices due to macroeconomic factors and increased competition[60]. - The company is exposed to cyclical risks in the engineering machinery and commercial vehicle seat markets, which significantly impact profitability due to the company's large market share in the engineering machinery seat sector[60]. Corporate Governance and Compliance - The company has no major litigation or arbitration matters during the reporting period[74]. - The company has initiated legal proceedings against Zhidou Electric Vehicle Co., Ltd. for unpaid debts amounting to ¥29,490,223.25, with an additional penalty of ¥321,914.92[75]. - The company guarantees that it will not engage in business activities that compete with its controlled subsidiary, Tiancheng Self-Control[69]. - The company will ensure that any unavoidable related transactions with Tiancheng Self-Control comply with legal regulations and will not seek preferential conditions[71]. Accounting Policies and Financial Reporting - The company prepares its financial statements based on the going concern assumption, with no significant doubts regarding its ability to continue operations for the next 12 months[133]. - The financial statements comply with the requirements of the accounting standards, accurately reflecting the company's financial position and operating results[135]. - The company recognizes revenue from the sale of goods when the risks and rewards of ownership are transferred to the buyer, and the amount can be reliably measured[193]. - The company recognizes deferred tax assets and liabilities based on the differences between the carrying amounts of assets and liabilities and their tax bases[200].

Financial Performance - In 2019, the company's operating revenue was CNY 1,456,138,935.80, representing a 52% increase compared to CNY 957,967,600.19 in 2018[20] - The net profit attributable to shareholders was a loss of CNY 535,138,770.67, a significant decline of 1,564.29% from a profit of CNY 36,545,959.96 in 2018[20] - The total assets decreased by 10.84% to CNY 2,072,079,447.03 at the end of 2019, down from CNY 2,324,084,801.10 in 2018[20] - The company's net assets attributable to shareholders fell by 52.13% to CNY 476,642,118.61 at the end of 2019, compared to CNY 995,659,484.67 at the end of 2018[20] - The basic earnings per share for 2019 was -CNY 1.84, a decrease of 1,515.38% from CNY 0.13 in 2018[21] - The weighted average return on equity dropped to -72.71% in 2019, a decrease of 76.42 percentage points from 3.71% in 2018[21] - The company did not distribute profits or increase capital reserves in 2019 due to a net loss and negative retained earnings[5] Cash Flow and Investments - The cash flow from operating activities showed a net inflow of CNY 16,082,755.92, recovering from a net outflow of CNY 62,546,467.36 in 2018[20] - The company reported a significant increase in cash paid for labor, which rose by 51.39% to 366,700,822.97 CNY, reflecting higher wage payments[74] - The company’s cash outflow for fixed asset investments decreased by 34.62% to 128,634,660.38 CNY, indicating reduced capital expenditures[74] - Cash flow from financing activities included an increase in bank loans, with cash received from borrowings rising by 24.37% to 1,034,795,171.22 CNY[74] Revenue Breakdown - The aviation business generated sales revenue of 396 million RMB, an increase of 143.28%, while aviation seat accessories revenue reached 57 million RMB, growing by 91.21%[47] - The passenger vehicle business saw sales revenue grow from 115 million RMB in 2018 to 353 million RMB in 2019, with the Zhengzhou factory contributing 270 million RMB and the Nanjing factory contributing approximately 86 million RMB[46] - The engineering and commercial vehicle business maintained slight growth, with total revenue increasing from 623 million RMB to 631 million RMB[48] - The company’s main business revenue accounted for 99.27% of total revenue, with passenger car seats, aircraft seats, engineering machinery, and commercial vehicle seats collectively contributing 91.25% to main business revenue[34] Research and Development - The company’s R&D expenditure increased by 31.20% to 8,156,827, driven by the growth in aircraft seat development[39] - The total R&D investment amounted to 85,064,222.26 CNY, representing 5.84% of total revenue, with 22.11% of R&D costs capitalized[72] - The company has established five R&D centers in Shanghai, Zhejiang, and London, focusing on automotive, aviation, and engineering machinery sectors, and holds numerous patent authorizations[40] Market Position and Strategy - The company is focused on expanding its product offerings and enhancing its R&D capabilities to meet customer demands and industry standards[30] - The company has established a close partnership with SAIC Motor, enhancing its market influence and industry position in the passenger car seat sector[102] - The company aims to become a leading supplier in the passenger car seat and child safety seat sectors domestically, and a global leader in aviation and commercial vehicle seats by the end of 2026[104] Risks and Challenges - The company faced significant risks regarding future development, as noted in the risk statement section of the report[7] - The company is facing risks related to price negotiations with major clients in the seating industry, which may affect product pricing[126] - The company anticipates a 55% decline in passenger revenue in 2020 due to the impact of COVID-19 on the global aviation industry, with significant revenue losses projected[124] Corporate Governance and Compliance - The board of directors has approved a stock incentive plan to align management interests with shareholder value creation[179] - The company has a well-defined mechanism for evaluating and incentivizing senior management, which is continuously improved[199] - The company’s governance structure complies with the requirements set by the China Securities Regulatory Commission[192] Shareholder Information - The company reported a net profit attributable to ordinary shareholders of -535.14 million RMB for 2019, with no cash dividends proposed[131] - The company has established a three-year shareholder return plan for 2020-2022, which was approved at the 2019 extraordinary general meeting[129] - The largest shareholder, Zhejiang Tiancheng Ke Investment Co., Ltd., holds 141,945,700 shares, accounting for 48.78% of total shares[168] Future Outlook - The company plans to achieve over 30% revenue growth in the engineering machinery and commercial vehicle business in 2020[107] - The company is actively pursuing mergers and acquisitions to strengthen its competitive position in the industry[179] - The management team highlighted the successful launch of new products, including high-strength lifting shock-absorbing seats and intelligent memory electric seats, contributing to increased market share[181]

2020 年第一季度报告 公司代码：603085 公司简称：天成自控 浙江天成自控股份有限公司 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 一、 重要提示 二、 公司基本情况 2.1 主要财务数据 | | 本报告期末 | 上年度末 | 本报告期末比上年度末增 | | | --- | --- | --- | --- | --- | | | | | 减(%) | | | 总资产 | 2,440,031,148.82 | 2,313,565,857.35 | | 5.47% | | 归属于上市公司 | 717,738,206.47 | 716,828,759.84 | | 0.13% | | 股东的净资产 | | | | | | | 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 | -46,156,444.24 | 45,855,368.84 | | -200.66% | | 现金流量净额 ...

Financial Performance - Operating revenue for the first nine months reached CNY 1,080,543,304.14, a significant increase of 74.37% year-on-year[6] - Net profit attributable to shareholders decreased by 37.76% to CNY 25,314,074.86 for the first nine months[6] - The company's operating profit decreased by 49.91% to ¥22,535,531.87 due to increased R&D expenses in the UK aircraft seat business and rising financial costs[11] - Net profit fell by 37.76% to ¥25,314,074.86, primarily attributed to the decline in operating profit[11] - Total revenue for the first three quarters of 2019 reached ¥836,294,605.40, a significant increase from ¥395,123,736.80 in the same period of 2018, representing a growth of approximately 111%[31] - Q3 2019 net profit was a loss of ¥5,736,849, compared to a profit of ¥10,666,357 in Q3 2018, indicating a significant decline[23] - The total profit for Q3 2019 was a loss of ¥9,989,463, compared to a profit of ¥10,639,780 in Q3 2018, indicating a significant downturn[22] Cash Flow - Cash flow from operating activities turned positive at CNY 27,492,100.12, compared to a negative CNY 69,061,672.51 in the same period last year[6] - Cash flow from operating activities improved significantly, with a net inflow of ¥27,492,100.12 compared to a net outflow of ¥69,061,672.51 in the previous period[11] - The company's cash inflow from operating activities for the first three quarters of 2019 was ¥935,608,406.75, compared to ¥435,510,259.93 in the same period of 2018, reflecting an increase of approximately 115%[31] - The net cash flow from operating activities for Q3 2019 was ¥27,492,100.12, a significant improvement compared to a net outflow of ¥69,061,672.51 in Q3 2018[32] - The company reported a total cash outflow from operating activities of ¥456,035,613.33 for the first nine months of 2019, down from ¥565,581,231.29 in the same period of 2018[35] Assets and Liabilities - Total assets increased by 9.42% to CNY 2,543,114,572.27 compared to the end of the previous year[6] - Current assets totaled CNY 1,494,161,808.96, significantly higher than CNY 881,648,770.59 at the end of 2018[18] - Total liabilities increased to CNY 1,160,600,787.27 as of September 30, 2019, compared to CNY 1,003,094,925.09 at the end of 2018[20] - The company reported a significant increase in inventory, which reached ¥423,999,690.91, up from ¥354,171,701.82 in the previous year[15] - Short-term borrowings increased to ¥411,746,936.68 from ¥367,352,400.00, reflecting a rise in financial leverage[15] Expenses - The company’s sales expenses rose by 38.64% to CNY 56,627,335.31, attributed to the consolidation of the UK subsidiary's financials[10] - Management expenses increased by 78.81% to CNY 109,827,105.70, mainly due to R&D investments in the UK aircraft seat business[10] - R&D expenses for Q3 2019 totaled ¥12,441,171, up from ¥11,349,551 in Q3 2018, reflecting an increase of about 9.6%[22] - Financial expenses in Q3 2019 were ¥6,261,759.3, compared to ¥3,449,702.78 in Q3 2018, showing an increase of approximately 81%[28] Earnings Per Share - Basic and diluted earnings per share fell by 35.71% to CNY 0.09[7] - The basic earnings per share for Q3 2019 was ¥0.09, down from ¥0.14 in Q3 2018[24] Government Support - The company received government subsidies amounting to CNY 9,962,008.47 for the year-to-date, which are closely related to its normal business operations[7] Inventory and Cash Management - Inventory levels rose to CNY 288,355,330.96, up from CNY 225,081,993.42 at the end of 2018, indicating a 28.1% increase[18] - Cash received from tax refunds surged by 289.98% to ¥76,312,325.47, driven by increased VAT refunds from the UK subsidiary[11]

Financial Performance - The company's operating revenue for the first half of 2019 reached ¥756,065,468.31, representing an increase of 86.22% compared to ¥406,001,035.44 in the same period last year[17]. - The net profit attributable to shareholders of the listed company was ¥31,050,924.43, a 3.47% increase from ¥30,008,249.06 in the previous year[17]. - The net cash flow from operating activities was ¥26,318,046.26, a significant recovery from a negative cash flow of ¥114,585,348.39 in the same period last year[17]. - The total assets of the company at the end of the reporting period were ¥2,512,599,066.94, an increase of 8.11% from ¥2,324,084,801.10 at the end of the previous year[17]. - The net assets attributable to shareholders of the listed company increased to ¥1,015,393,516.17, up 1.98% from ¥995,659,484.67 at the end of the previous year[17]. - Basic earnings per share for the first half of 2019 were ¥0.11, a 10.00% increase compared to ¥0.10 in the same period last year[18]. - The weighted average return on net assets was 3.07%, slightly up from 3.03% in the previous year[18]. Business Operations - The company's main business includes the research, design, production, and sales of aviation seats, passenger car seats, engineering machinery and commercial vehicle seats, and children's safety seats, with a revenue contribution of 99.72% from main operations[26]. - The total revenue from aviation seats, passenger car seats, engineering machinery, and commercial vehicle seats accounted for 94.26% of the main business income during the reporting period[26]. - The company has established five R&D centers in Shanghai, Zhejiang, and London, focusing on automotive, aviation, engineering machinery, and children's safety seats, and holds numerous patents[28]. - The S3 and S6 series aviation seats feature a carbon fiber design, significantly enhancing product lightweighting and gaining rapid market acceptance[29]. - The company has formed stable partnerships with major clients, including New Zealand Airlines and Airbus, with the S7 series expected to enter the Airbus supplier directory in 2019[30]. - The company has a strong procurement model, utilizing a "make-to-order" approach to ensure timely and adequate supply of materials[23]. - The company operates 12 subsidiaries in China and 3 in the UK, leveraging global resources for product development and market expansion[30]. Research and Development - The company’s R&D expenses increased by 11.93% to ¥24.53 million, primarily due to higher personnel costs[39]. - The company plans to enhance its product development capabilities and production management to further expand its market presence in the passenger vehicle sector[34]. - The children's safety seat flagship store launched on Tmall, ranking among the top 10 in the mid-to-high-end market segment[37]. - The company is set to participate in the September international baby and child products exhibition in Germany to expand its international market presence[37]. Financial Position - The total assets increased, with fixed assets rising by 9.94% to ¥632.07 million, attributed to the completion of certain fundraising investment projects[41]. - The company approved an increase in registered capital for its wholly-owned subsidiary Zhengzhou Tiancheng Automotive Parts Co., Ltd. from RMB 5 million to RMB 60 million, maintaining a 100% ownership stake[45]. - The company established a new wholly-owned subsidiary, Zhejiang Tiancheng Aviation Technology Co., Ltd., with a registered capital of RMB 50 million[45]. - The company completed the construction of a new intelligent production base for passenger car seats, with an annual production capacity of 300,000 passenger car seats and 1.4 million core components[46]. - The company plans to invest a total of RMB 1 billion in the Tiancheng Aviation Industrial Park, covering an area of approximately 245 acres, for the development of a technology research center and production lines[47]. Shareholder and Governance - The company has committed to a share lock-up period of two years after the expiration of the initial lock-up for major shareholders, ensuring no impact on control rights[64]. - Major shareholders, including Chen Bangrui and Zhongcheng Investment, have agreed to limit their share sales to 10% of their holdings within the first 12 months post-lock-up expiration, and 20% in the subsequent 12 months[66][67]. - The company has established a commitment to avoid interfering with its operational management, ensuring long-term effectiveness in its business strategy[65]. - Shareholders are required to announce any planned share reductions three trading days in advance, maintaining transparency in their actions[66]. - The company has outlined specific conditions under which shareholders can reduce their holdings, including not violating prior commitments made during the IPO[67]. Legal and Compliance - The company has confirmed that there are no significant litigation or arbitration matters pending, ensuring a stable operational environment[74]. - The company will ensure that its controlling entities also adhere to the commitments made regarding competition and related transactions with Tiancheng Self-Control[71]. - The company has pledged to notify Tiancheng Self-Control of any business opportunities that may conflict with its operations[68]. - The company will ensure that any related transactions with Tiancheng Self-Control are conducted under normal commercial conditions, protecting the interests of all shareholders[70]. Accounting and Financial Reporting - The company implemented new accounting standards starting January 1, 2019, affecting the presentation of financial statements[84]. - The company’s accounts receivable were reported at CNY 376.05 million, with accounts payable at CNY 501.94 million prior to adjustments[84]. - The company confirmed compliance with environmental protection regulations, not being classified as a key pollutant discharge unit[83]. - The company adheres to the enterprise accounting standards, ensuring the financial statements reflect a true and complete picture of its financial status[145]. Market Conditions - The automotive industry faced a 4.3% year-on-year decline in July 2019, with cumulative sales down 11.4% for the first seven months, indicating a continuous downward trend for 13 months[58]. - The company plans to optimize customer and product structures to achieve growth despite the declining demand for passenger vehicles[59]. - The company aims to balance domestic and international markets to mitigate the impact of cyclical fluctuations in the engineering machinery and commercial vehicle seating sectors[59].

Financial Performance - The company's operating revenue for 2018 was ¥957,967,600.19, representing a 22.33% increase compared to ¥783,092,965.28 in 2017[21] - The net profit attributable to shareholders decreased by 47.88% to ¥36,545,959.96 from ¥70,121,183.16 in the previous year[21] - The net profit after deducting non-recurring gains and losses fell by 69.19% to ¥19,938,483.86 compared to ¥64,704,700.32 in 2017[21] - The company's total assets increased by 52.28% to ¥2,324,084,801.10 from ¥1,526,164,173.30 in 2017[21] - The basic earnings per share decreased by 45.83% to ¥0.13 from ¥0.24 in 2017[22] - The weighted average return on net assets dropped to 3.71%, a decrease of 3.65 percentage points from 7.36% in the previous year[22] - The cash flow from operating activities was negative at -¥62,546,467.36, an improvement of 46.96% compared to -¥117,933,015.92 in 2017[21] - The company's total revenue for Q4 2018 was 338,296,287.72 RMB, with a total annual revenue of 1,058,967,600.06 RMB[25] - The net profit attributable to shareholders for Q4 2018 was -4,128,646.62 RMB, resulting in an annual net profit of 36,545,959.44 RMB[25] Revenue Breakdown - The main business revenue accounted for 97.08% of total revenue, with the combined revenue from passenger car seats, aviation seats, engineering machinery, and commercial vehicle seats making up 88.27% of the main business revenue[38] - The company's main business revenue increased from CNY 779,046,951.71 in 2017 to CNY 930,020,168.59 in 2018, representing a growth of 19.38%[48] - The revenue from aircraft seats reached CNY 162,742,812.15 in 2018, with a significant increase as there was no revenue from this segment in 2017[48] - The aviation seating business generated sales revenue of 193 million RMB in the second half of 2018, with a total order reserve exceeding 90 million GBP (approximately 780 million RMB) by the end of 2018[51] - The engineering machinery seating segment achieved sales of 269 million RMB, reflecting a year-on-year growth of 14.38%, driven by a 44.64% increase in sales to Sany Heavy Industry[52] - The commercial vehicle seating revenue reached 275 million RMB, marking a growth of 17.02%, with sales to Beiqi Foton Daimler increasing by 1032.21%[53] Investments and Acquisitions - In 2018, the company acquired Acro Aircraft Seating Limited, entering the aircraft seat market, and has since achieved rapid growth in business scale and sales revenue[39] - The company completed the acquisition of 100% equity of Acro Holdings Limited in July 2018, with the transaction being approved at the first extraordinary general meeting of shareholders[173] - The company established a wholly-owned subsidiary in Ningde, Fujian, with a registered capital of RMB 30 million on August 28, 2018[91] - The company plans to invest RMB 2.2 billion in an automotive seat project in Shiyan Industrial New District[93] - The company plans to invest RMB 1 billion in a manufacturing base for automotive parts in Ningde[93] Research and Development - The company has established a complete R&D, procurement, production, and sales system, focusing on customer needs for new product development[30] - The company has five R&D centers in Shanghai, Zhejiang, and London, focusing on automotive, aviation, and engineering machinery sectors, and has obtained numerous patent authorizations[43] - Research and development expenditures totaled 54,651,569.97 CNY, representing 5.70% of total operating revenue, with 272 R&D personnel accounting for 12.98% of the total workforce[80] - The company completed 33 new product launches in the engineering machinery and commercial vehicle seating sectors, achieving a completion rate of 106%[58] - The company plans to develop 45 new products in the engineering machinery and commercial vehicle sectors in 2019, including 16 for engineering machinery and 24 for commercial vehicles[125] Market Position and Strategy - The company’s passenger car seat market is the largest globally, benefiting from China's position as the world's largest automobile producer for ten consecutive years[38] - The company aims to become a leading supplier in the domestic passenger car seat and child safety seat markets by the end of 2026, targeting top three positions[115] - The company plans to increase its market share in passenger car seats, aiming for a production and sales breakthrough of 500,000 units by 2020[118] - The company aims to enhance its global aviation seat business and increase the proportion of Chinese procurement to improve overall strength and profitability[117] - The company targets sales of over 40,000 units in the child safety seat business, with a goal of selling over 10,000 units through flagship stores on Tmall and JD.com[122] Financial Management and Shareholder Policies - The company has established a cash dividend policy, with a clear distribution standard and process, aiming to enhance shareholder returns and promote long-term investment[141] - In 2018, the company distributed cash dividends totaling ¥11,639,445.28, which accounted for 31.85% of the net profit attributable to ordinary shareholders[144] - The company has a structured approach to communication with minority shareholders, ensuring their rights and interests are protected through various engagement channels[142] - The company reported a commitment to not transfer or delegate management of shares held prior to the IPO for 36 months from the listing date[149] - The company will announce any share reduction plans three trading days in advance and will conduct reductions through block trades or other legal methods[153] Risks and Challenges - The company anticipates risks from cyclical fluctuations in the engineering machinery and commercial vehicle markets and plans to balance domestic and international markets to mitigate these risks[135] - Major raw materials such as steel, fabric, and sponge accounted for a significant portion of production costs, with the company having limited bargaining power, making it vulnerable to price fluctuations[136] - The company has recognized potential bad debt from clients facing operational difficulties, such as the case with Zhidou Electric Vehicle Co., Ltd., and is taking measures to monitor and collect receivables[137] Compliance and Legal Matters - The company has implemented changes in accounting policies in accordance with new financial reporting standards effective January 1, 2018[166] - There are no significant litigation or arbitration matters reported for the year[169] - The company is involved in a lawsuit with Zhido Electric Vehicle Co., Ltd., with a claim amount of ¥29,859,536.5, which has not formed an expected liability[170] - The court ruled that Zhido Electric Vehicle Co., Ltd. must pay the company ¥29,490,223.25 in principal and ¥321,914.92 in penalty within ten days after the judgment becomes effective[170] Share Structure and Ownership - The company’s stock was listed on the Shanghai Stock Exchange on June 30, 2015, following approval from the China Securities Regulatory Commission[187] - The total number of shares held by the company’s major shareholders decreased by 44,850,000 shares after the lock-up period expired on October 15, 2018[188] - The company’s major shareholders included Zhejiang Tiancheng Technology Co., Ltd. with 140,400,000 restricted shares[191] - The company has no strategic investors or general legal entities becoming top ten shareholders during the reporting period[199] - The controlling shareholder is Zhejiang Tiancheng Investment Co., Ltd., which was established on December 22, 2009[199]