来源:公司年报、国金证券研究所 买入(首次评级) 公司深度研究 证券研究报告 投资逻辑 国金证券研究所 分析师:陈传红(执业S1130522030001) chenchuanhong@gjzq.com.cn 分析师: 苏晨 (执业 S1130522010001) suchen@gjzq.com.cn 人民币(元) 成交金额(百万元) 177.00 500 450 161.00 400 350 145.00 300 129.00 250 200 113.00 150 100 97.00 81.00 春风动力 | 成交金额 沪深300 13.82 2.29 1 1、国内四轮及中大排两轮摩托车龙头.............................................................. 4 2.1 四轮车消费者收入水平高，北美市场份额占比超 8 成 ......................................... 4 2.3 品牌定位性价比，UZ 占比向上带动品牌提升 ................................................ ...

春风动力（603129）2023 年报&24Q1 季报点评 华创行业公司投资评级体系 基准指数说明： A 股市场基准为沪深 300 指数，香港市场基准为恒生指数，美国市场基准为标普 500/纳斯达克指数。 公司投资评级说明： 强推：预期未来 6 个月内超越基准指数 20%以上； 推荐：预期未来 6 个月内超越基准指数 10%－20%； 中性：预期未来 6 个月内相对基准指数变动幅度在-10%－10%之间； 回避：预期未来 6 个月内相对基准指数跌幅在 10%－20%之间。 行业投资评级说明： 推荐：预期未来 3-6 个月内该行业指数涨幅超过基准指数 5%以上； 中性：预期未来 3-6 个月内该行业指数变动幅度相对基准指数-5%－5%； 回避：预期未来 3-6 个月内该行业指数跌幅超过基准指数 5%以上。 分析师声明 每位负责撰写本研究报告全部或部分内容的分析师在此作以下声明： 分析师在本报告中对所提及的证券或发行人发表的任何建议和观点均准确地反映了其个人对该证券或发行人的看法和判断；分析师 对任何其他券商发布的所有可能存在雷同的研究报告不负有任何直接或者间接的可能责任。 免责声明 本报告仅供华创证券有限责任公 ...

证券研究报告·公司点评报告·摩托车及其他 2023 年年报&2024 年一季报点评：24Q1 业 绩好于预期，把握海内外消费新趋势 2024 年 04 月 21 日 | --- | --- | --- | --- | --- | --- | |------------------------------|--------|----------|----------|----------|----------| | 盈利预测与估值 [Table_EPS] | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 11,378 | 12,110 | 15,065 | 18,097 | 21,595 | | 同比（ % ） | 44.73 | 6.44 | 24.40 | 20.13 | 19.33 | | 归母净利润（百万元） | 701.37 | 1,007.52 | 1,108.92 | 1,524.55 | 1,872.50 | | 同比（ % ） | 70.43 | 43.65 | 10.06 | 37.48 | 22.82 | | EPS- 最新摊 ...

股 票 研 究 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |----------|---------------------------------------------------------------------------------------------------------------|------------------------|--------------------------------|--------------------------------------------------------|----------------------|-----------------------------|----------------------------------------------|--------------------------------|--------------|---------------------| | | [Table_Title] 春风动力 (60 ...

本报告仅供 Choice 东方财富 使用，请勿传阅。 2024 年 04 月 17 日 春风动力(603129.SH) 公司 2023 年营收 121.10 亿元，同比+6.4%，保持稳健增长，其中：1）四轮车 销售收入为 65.04 亿元，同比-4.88%，主要由于公司延迟新品发货节奏，调节 库存，销量同比下降-12.1%；2）两轮车内销收入为 21.89 亿元，同比+8.63%， 主要由于公司两轮车产品力较强，在国内中大排摩托车销量下滑的背景下，仍 然实现了逆势增长；3）两轮车外销收入为 22.91 亿元，同比+78.22%，主要由 于公司积极完善海外渠道及产品布局，出口销量实现高速增长。公司 2023 年 综合毛利率为 33.50%，同比+8.13pct，主要由于：1）四轮车产品结构持续改 善，高端 U/Z 系列占比提升，公司 2023 年四轮车单车平均售价为 4.44 万元， 同比+8.2%；2）国内两轮车产品结构升级，公司 2023 年陆续推出 450SR S/ 450NK/ 450CLC 等大排量新品，带动毛利率改善；3）汇率影响，2023 年人民 币贬值产生了一定正贡献。公司 2023 年期间费 ...

Financial Performance - Revenue for 2023 reached RMB 12,110,347,152.11, a 6.44% increase compared to 2022[24] - Net profit attributable to shareholders in 2023 was RMB 1,007,519,139.18, up 43.65% year-on-year[24] - Operating cash flow for 2023 was RMB 1,384,697,207.14, a decrease of 18.44% compared to 2022[24] - Shareholders' equity at the end of 2023 was RMB 5,038,823,536.91, a 19.63% increase from the end of 2022[24] - Total assets reached 10,313,748,347.1 yuan, with a year-on-year increase of 7.95%[26] - Basic earnings per share (EPS) for 2023 was 6.70 yuan, a 43.16% increase compared to 2022[26] - Diluted EPS for 2023 was 6.69 yuan, a 43.25% increase compared to 2022[26] - Weighted average return on equity (ROE) for 2023 was 21.67%, an increase of 3.74 percentage points compared to 2022[26] - Operating revenue for Q2 2023 was 3,626,345,726.46 yuan, the highest among all quarters[27] - Net profit attributable to shareholders for Q2 2023 was 341,325,937.81 yuan, the highest among all quarters[27] - Total operating revenue for 2023 was 12.11 billion yuan, a year-on-year increase of 6.44%[37] - Net profit attributable to shareholders for 2023 was 1.008 billion yuan, a year-on-year increase of 43.65%[37] - Revenue for the reporting period reached 12,110.35 million yuan, a year-on-year increase of 6.44%[91] - Net profit attributable to the parent company was 1,007.52 million yuan, up 43.65% year-on-year[91] - Total assets at the end of the reporting period were 10,313.75 million yuan, an increase of 7.95% compared to the end of the previous year[91] - Operating costs decreased by 5.16% to 8,052.88 million yuan[96] - Sales revenue from two-wheeled vehicles grew by 32.85% to 4,479.40 million yuan[97] - Sales revenue from four-wheeled vehicles decreased by 4.88% to 6,504.14 million yuan[97] - Sales revenue in Africa increased by 51.27% to 53.18 million yuan[100] - Sales revenue in South America grew by 52.17% to 457.64 million yuan[100] - Sales volume of two-wheeled vehicles increased by 35.65% to 197,038 units[102] - The net cash flow from operating activities decreased by 18.44% year-on-year to 1,384,697,200 yuan, while net cash flow from investing activities increased by 1,039.32% to -861,961,100 yuan[116] - The top five customers accounted for 17.67% of total annual sales, with sales of 2,140,167,300 yuan[107] - The top five suppliers accounted for 22.42% of total annual procurement, with procurement of 1,594,362,400 yuan[107] - The company's long-term equity investment increased by 598.71% year-on-year to 237,194,623.03 yuan, mainly due to increased investment in joint ventures[116] - Fixed assets increased by 39.46% year-on-year to 1,334,428,272.30 yuan, mainly due to the transfer of construction in progress to fixed assets[116] - The company's "other" cost items in the four-wheeled vehicle segment decreased by 46.64% year-on-year to 518,627,000 yuan[106] - Employee compensation increased by 36.65% to RMB 335,503,063.93 due to an increase in the number of employees[119] - Taxes payable increased by 65.55% to RMB 63,468,167.78 due to higher consumption tax, property tax, and withholding personal income tax[119] - Non-current liabilities due within one year increased by 106.52% to RMB 20,689,962.94 due to new leases[119] - Provisions increased by 49.58% to RMB 125,016,179.18 due to higher warranty and buyback obligation reserves[119] - Deferred tax liabilities decreased by 74.86% to RMB 1,321,409.52 due to changes in the fair value of other equity instrument investments[119] - Overseas assets amounted to RMB 1,990,292,800.13, accounting for 19.30% of total assets[119] - Motorcycle industry's total profit increased by 15.24% to RMB 8.028 billion in 2023[120] - Motorcycle industry's R&D expenses increased by 5.76% to RMB 4.37 billion in 2023[121] - Top 10 motorcycle companies' total profit increased by 32.26% to RMB 6.755 billion in 2023[124] - Notes receivable and accounts receivable increased by 22.05% to RMB 20.176 billion in 2023[125] - Domestic sales of motorcycles with a displacement above 250cc (excluding) increased from 7,210 units in 2011 to 525,400 units in 2023, showing strong growth[136] Dividend and Shareholder Information - The company plans to distribute a cash dividend of RMB 20.80 per 10 shares for 2023[9] - The company's stock is listed on the Shanghai Stock Exchange with the stock code 603129[23] - The company's registered address and office address are both located at No. 116 Wuzhou Road, Linping Economic Development Zone, Hangzhou[18] - The company's website is www.cfmoto.com and its email addresses are board@cfmoto.com and board01@cfmoto.com[21] - The company's annual report is disclosed on the Shanghai Securities News, China Securities Journal, and the Shanghai Stock Exchange website[22] - The company's audit report was issued by Ernst & Young Hua Ming LLP with a standard unqualified opinion[5] Product Sales and Market Performance - All-terrain vehicle sales for 2023 reached 146,500 units, generating revenue of 6.504 billion yuan, a 4.88% decrease compared to 2022[37] - The company's all-terrain vehicle export value accounted for 70.79% of the domestic export value of similar products, maintaining its leading position[37] - The company sold a total of 197,000 two-wheeled vehicles, generating revenue of 4.479 billion yuan, a year-on-year increase of 32.85%[40] - Domestic sales of two-wheeled vehicles reached 99,300 units, with revenue of 2.189 billion yuan, achieving a growth of 8.63% despite market challenges[40] - International sales of two-wheeled vehicles surged to 97,700 units, with revenue of 2.291 billion yuan, a year-on-year increase of 78.22%[40] - The company added over 400 new channels, bringing the total dealer network to nearly 1,700[40] - The company's all-terrain vehicle (ATV) series has maintained a leading position in the domestic export market, with export volumes accounting for 70.79% of the total domestic ATV exports in 2023[64] - The company's market share in the European ATV market ranks first, and it is steadily increasing its market share in the US, competing with top brands like Polaris, Bombardier, and Honda[64] - The company's motorcycles, particularly the 250NK and 250SR models, have consistently achieved top sales in their respective categories, with the 450SR, 800NK, and 450CLC models gaining high popularity and being in short supply[65] - The company has successfully entered the MotoGP, the world's top motorcycle racing series, and achieved a third-place finish in the 2023 season, marking the best performance by a Chinese manufacturer in the Moto3 250CC class[65] - The company has established a global sales network with over 4,000 international dealerships and more than 500 domestic "CFMOTO" dealerships, along with 190 "ZEEHO" and 35 "KTMR2R" dealerships[68] - The company has established over 4,000 retail outlets globally, covering more than 100 countries and regions[82] - The company's domestic dealer network exceeds 700, with 100% coverage in municipalities and provincial capitals, and over 90% coverage in prefecture-level cities[82] - The company's market share in the US has continued to grow, and it holds the top market share position in Europe[76] R&D and Innovation - R&D investment for the year was 924 million yuan, accounting for 7.63% of the company's revenue, a year-on-year increase of 22.88%[41] - The company launched new electric motorcycle models AE6+ and C!TY series, expanding its electric two-wheeled product lineup[45] - The company obtained 37 new invention patents, 215 utility model patents, and 19 design patents, bringing the total number of authorized patents to 1,326[46] - The company has a strong R&D capability, holding 1,326 patents (1,192 domestic and 134 international), including 104 invention patents, 1,044 utility model patents, and 178 design patents[73] - The company has participated in the formulation of 27 national/industry standards, demonstrating its influence and authority in the industry[73] - The company's total R&D investment in 2023 was 924,264,667.82 yuan, accounting for 7.63% of total revenue[113] - The number of R&D personnel is 1,431, accounting for 28.25% of the company's total workforce[109] - The company completed 10 two-wheeled vehicle projects, 6 four-wheeled vehicle projects, 4 electric vehicle projects, and 2 engine projects in 2023[111] - The company is enhancing its R&D capabilities globally, leveraging technology introduction, collaborative R&D, and independent R&D to strengthen its technical foundation[147] - The company is intensifying its focus on technological upgrades and intelligent processes, integrating smart connectivity into product technology to provide "smart mobility" solutions[147] - The company is embracing digital transformation, utilizing technologies like digital twins, data platforms, 5G, AI, and industrial internet to build a smart factory system[148] - The company is deepening its electric vehicle (EV) strategy, focusing on developing intelligent new energy products and enhancing its self-research capabilities[148] - The company is committed to sustainability, accelerating its EV product line development, and aiming to create a globally competitive high-performance mobility brand[151] - The company plans to accelerate the transformation of R&D achievements in areas such as electrification, intelligence, connectivity, and low-carbon environmental protection, and further expand its high-end product line[152] - The company will continue to increase its demand for high-quality R&D talents, and the loss or inability to replenish key technical personnel in a timely manner could adversely affect future business development[167] - The company plans to attract top industry talents, cultivate and retain technical personnel, and establish a competitive compensation and incentive system to enhance the stability of key employees[167] - The company will strengthen intellectual property protection by applying for patents domestically and internationally to safeguard R&D achievements and maintain product competitiveness[167] Global Expansion and Manufacturing - The company completed the first phase of its Mexico localization project, enhancing its global manufacturing capabilities[47] - The company has a global production layout with manufacturing bases in China, Thailand, and Mexico, enabling flexible and intelligent production to meet customer demands[69] - The company has established manufacturing bases in multiple locations including Hangzhou, Chongqing, Zhuzhou, Thailand, and Mexico[84] - The company is accelerating its globalization strategy, focusing on key markets such as North America and Europe, and expanding into emerging markets like South America and the Middle East[147] - The company is advancing its production layout globally, with manufacturing bases in Thailand, Mexico, and Chongqing, aiming to reduce logistics costs and improve competitiveness[147] - The company aims to build a globally competitive manufacturing capability by optimizing production capacity distribution and promoting lean and efficient production operations[152] Quality and Supply Chain Management - The company implemented a comprehensive quality management system, covering project, supplier, process, and customer quality management[48] - The company has a comprehensive supply chain management system, ensuring high-quality, cost-effective, and timely supply of components and materials[69] - The company has implemented a comprehensive quality control mechanism, ensuring traceability of quality issues to each process and corresponding suppliers[86] - The company will focus on building a stable supplier system to ensure supply chain security and reduce procurement costs[164] - The company faces risks from rising raw material prices and labor costs, which could impact its profitability[164] Market Trends and Industry Analysis - The global all-terrain vehicle (ATV) market is highly concentrated, with the top four manufacturers (Polaris, BRP, Honda, and CFMOTO) holding nearly 90% of the market share[52] - The North American market accounts for 73% of global ATV consumption, while Europe accounts for 16%, with the U.S. being the largest consumer market[52] - The global ATV market size grew from 670,000 units in 2010 to 1.16 million units in 2020, with a compound annual growth rate (CAGR) of 5.8%[52] - The ATV and UTV market is projected to grow at a CAGR of 9.6% from 2020 to 2030, reaching a market size of approximately $19.32 billion by 2030[52] - In 2023, global ATV sales reached 955,000 units, with UZ series products (including UTV and SSV) accounting for 64.92% of the market, up from 62.43% in the previous year[55] - China's ATV industry is primarily export-oriented, with the top four manufacturers accounting for 87.61% of export volume and 91.53% of export value in 2023[55] - CFMOTO, a leading Chinese ATV manufacturer, accounted for 70.79% of the country's total ATV export value in 2023[55] - The domestic ATV market in China remains niche, but the industry is narrowing the gap with international standards in terms of product safety, functionality, and design[56] - The global motorcycle industry revenue is expected to grow from $110 billion in 2021 to $160 billion by 2026, driven by demand for mid-to-large displacement motorcycles[60] - China's motorcycle exports in 2023 reached 8.32 million units, a year-on-year increase of 8.79%, with exports of 250CC+ motorcycles growing by 54.90% to 198,000 units[61] Corporate Governance and Leadership - The company held 1 general meeting of shareholders during the reporting period, with all procedures and participant qualifications in compliance with legal requirements[171] - The company's board of directors consists of 9 members, including 3 independent directors, and held 5 meetings to review 33 proposals during the reporting period[171] - The company's board of directors has four specialized committees: Audit, Strategic Decision, Nomination, and Compensation & Evaluation, which held a total of 9 meetings to review 29 proposals[171] - The company's supervisory board consists of 3 members, including 1 employee representative, and held 5 meetings to review 27 proposals during the reporting period[172] - The company has established a transparent performance evaluation and incentive mechanism for directors, supervisors, and senior management to promote sustainable development and achieve strategic goals[172] - The company's 2022 annual general meeting was held on May 5, 2023, with 12 proposals approved, including the 2022 Board of Directors Work Report and the 2022 Financial Final Accounts Report[180] - The company's Chairman, Lai Guogui, received a total pre-tax remuneration of 1.5244 million yuan in 2023[188] - The company's Vice Chairman and General Manager, Lai Minjie, held 461,238 shares at the end of 2023, with no change from the beginning of the year[188] - The company's Director and CFO, Si Wei, received a total pre-tax remuneration of 1.0393 million yuan in 2023[188] - The company's Director and Deputy General Manager, Ni Shuxiang, reduced his shareholding by 29,100 shares through centralized bidding in 2023[188] - The company's Deputy General Manager, Ma Gangjie, reduced his shareholding by 30,900 shares through centralized bidding in 2023[188] - The company's Deputy General Manager, Chen Keliang, reduced his shareholding by 30,500 shares through centralized bidding in 2023[188] - The company's Deputy General Manager, Chen Zhiyong, reduced his shareholding by 32,200 shares through centralized bidding in 2023[188] - The company's Board Secretary, Zhou Xiongxiu, reduced his shareholding by 30,400 shares through centralized bidding in 2023[188] - The company's former Deputy General Manager, Sun Quan, received a total pre-tax remuneration of 150,000 yuan before his departure on March 15, 2023[188] - Total compensation for executives in 2023 was 1,893,287, with a decrease of 153,100 compared to the previous year[190] - Zhang Suzhu was appointed as Vice President, responsible for the Human Resources Center, effective from March 15, 2023[191] Risk Factors - The company faces risks from macroeconomic fluctuations, which could impact demand for all-terrain vehicles and large-displacement motorcycles[156] - The company is exposed to risks from unfavorable changes in trade policies, particularly in its key export markets such as the US and Canada[156] - The company is vulnerable to exchange rate fluctuations due to its high proportion of export revenue, primarily settled in USD[156] - The company faces risks from rising raw material prices and labor costs, which could impact its profitability[164] - The company faces risks of core technology leakage, which could harm its competitive advantage and business operations if internal control systems are not effectively enforced[167] - The company is exposed to risks from unforeseen events such as pandemics, natural disasters, and other emergencies that could disrupt business operations and economic stability[167] Audit and Financial

| --- | --- | --- | |------------------------------------------------|------------------------------|--------------------------------| | | | | | 投资活动现金流入小计 | 73,310,951.63 | 66,017,401.03 | | 购建固定资产、无形资产和其他长期资产支付的现金 | 139,401,249.37 | 148,351,709.53 | | 投资支付的现金 | | 98,952,480.00 | | 质押贷款净增加额 | | | | 取得子公司及其他营业单位支付的现金净额 | | | | 支付其他与投资活动有关的现金 | | | | 投资活动现金流出小计 | 139,401,249.37 | 247,304,189.53 | | 投资活动产生的现金流量净额 | -66,090,297.74 | -181,286,788.50 | | 三、筹资活动产生的现金流量： | | | | 吸收投资收到的现金 | | 74,825,772.00 | | 其中： ...

全地形主要分为 ATV、UTV & SSV，其中 UTV & SSV 的舒适性、安全性更好。全地形车是一种 用于非高速公路行驶的，适合所有地形的四轮交通用具，越野性能好，集方便实用和休闲娱 乐为一体，适合在沙滩、山路、丛林等复杂地形驾驶，可应用于户外作业、运动休闲、抢险 救援、地质勘探等众多场景。全地形车主要分为 ATV、UTV & SSV 三类，其中 UTV & SSV 由 于搭载防滚架、安全带等防护措施，相较于 ATV 更舒适、更安全，售价也更高： 1）ATV（All Terrain Vehicle）：全地形四轮越野机车，ATV 的特点是把式操控，一般没有 顶棚和防滚架，小巧轻便，主要应用于越野； 2）UTV（Utility Vehicle）：俗称农夫车，其特点是方向盘操控，并且有防滚架、安全带等 防护设施，广泛应用于农场、沙滩、矿山、山区等场景； | --- | --- | --- | --- | |------------|--------------------------------------------------------------------------|--------------- ...

Revenue and Profit Performance - Revenue for the current reporting period was RMB 2,880,802,717.82, a decrease of 22.68% compared to the previous period[8] - Net profit attributable to shareholders of the listed company was RMB 250,087,083.98, a decrease of 5.45% compared to the previous period[8] - Net profit attributable to shareholders increased by 40.58% year-to-date, driven by product structure optimization and improved gross margin[23] - Net profit attributable to parent company shareholders increased to 801.72 million yuan from 570.28 million yuan, a growth of 40.6%[43] - Total operating revenue for the first three quarters of 2023 reached 9,386,452,047.61 RMB, an increase from 8,629,379,149.91 RMB in the same period of 2022[33] - Sales revenue from goods and services increased to 9.16 billion yuan, a 7.9% rise from 8.49 billion yuan[45] - Total profit for the period grew to 903.52 million yuan, up 38.5% from 652.12 million yuan[43] - Operating profit rose to 907.29 million yuan, up 38.7% from 654.02 million yuan[43] Earnings Per Share (EPS) and Return on Equity (ROE) - The company's basic earnings per share (EPS) for the current reporting period was RMB 1.67, a decrease of 5.65% compared to the previous period[21] - The weighted average return on equity (ROE) for the current reporting period was 5.19%, a decrease of 1.60 percentage points compared to the previous period[21] - The company's diluted earnings per share (EPS) for the first nine months of 2023 was RMB 5.32, an increase of 40.00% compared to the same period last year[15] - Basic earnings per share increased by 40.16% year-to-date, also due to product structure optimization and improved gross margin[23] - Diluted earnings per share increased by 40.00% year-to-date, similarly driven by product structure optimization and improved gross margin[23] Assets and Equity - Total assets as of the end of the reporting period were RMB 9,999,243,830.31, an increase of 4.66% compared to the end of the previous year[21] - Equity attributable to shareholders of the listed company was RMB 4,925,677,618.90, an increase of 16.94% compared to the end of the previous year[21] - Total assets increased to 9,999,243,830.31 from 9,554,158,074.57, reflecting overall growth[30] - Total equity attributable to owners of the parent company was 4,925,677,618.90 RMB as of the end of the third quarter of 2023, up from 4,211,991,036.63 RMB at the end of the same period in 2022[33] - Total liabilities and equity reached 9,999,243,830.31 RMB at the end of the third quarter of 2023, compared to 9,554,158,074.57 RMB at the end of the same period in 2022[33] - The company's total equity (including minority interests) was 5,046,626,175.40 RMB at the end of the third quarter of 2023, up from 4,295,042,249.93 RMB at the end of the same period in 2022[33] - The company's undistributed profit as of the end of the third quarter of 2023 was 2,108,637,696.30 RMB, compared to 1,519,059,756.70 RMB at the end of the same period in 2022[40] - The company's capital reserve increased to 2,547,770,819.42 RMB at the end of the third quarter of 2023, up from 2,435,423,037.28 RMB at the end of the same period in 2022[40] Cash Flow and Liquidity - The company's net cash flow from operating activities for the first nine months of 2023 was RMB 1,337,034,459.80, an increase of 3.42% compared to the same period last year[8] - Net cash flow from operating activities was 1,337,034,459.80, showing strong operational performance[32] - Net cash flow from investing activities was -666,571,250.47, indicating significant investment in fixed assets and other long-term assets[32] - Net cash flow from financing activities was -195,725,595.28, reflecting debt repayment and dividend payments[32] - Total operating cash inflow reached 9.85 billion yuan, up 7.1% from 9.19 billion yuan in the previous year[45] - Cash payments for goods and services decreased slightly to 6.07 billion yuan from 6.15 billion yuan[45] - Tax refunds received decreased to 486.38 million yuan from 571.93 million yuan[45] - Other operating cash inflows increased to 196.03 million yuan from 130.98 million yuan[45] - Cash and cash equivalents at the end of the period amounted to 4,514,113,310.72, up from 4,000,576,083.07 at the beginning[32] Operating Costs and Expenses - Operating costs for the first three quarters of 2023 were 6,296,737,595.15 RMB, compared to 6,592,184,101.37 RMB in the same period of 2022[33] - Sales expenses increased significantly to 1,147,014,533.74 RMB in the first three quarters of 2023, up from 622,134,786.07 RMB in the same period of 2022[33] - R&D expenses for the first three quarters of 2023 were 621,979,247.68 RMB, compared to 553,409,985.54 RMB in the same period of 2022[33] - Employee compensation and benefits increased to 899.81 million yuan, up 19.7% from 751.78 million yuan[45] Accounts Receivable and Inventory - Accounts receivable increased to 1,098,689,479.25 from 851,217,438.68, indicating higher sales on credit[28] - Inventory decreased to 1,490,642,474.81 from 2,067,450,294.23, suggesting improved inventory management[30] Government Subsidies and Other Income - Government subsidies received during the period amounted to RMB 5,503,157.52 for the current reporting period and RMB 33,706,840.51 year-to-date[1] - Other comprehensive income after tax improved significantly to 11.14 million yuan from a loss of 84.16 million yuan[43] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 6,945[36] Comprehensive Income - The company's comprehensive income for the first nine months of 2023 was RMB 850,104,094.04, with RMB 812,856,969.96 attributable to the parent company[15]

2023 年半年度报告 1 / 146 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确性、 完整性，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。 三、 本半年度报告未经审计。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 √适用 □不适用 七、 是否存在被控股股东及其他关联方非经营性占用资金情况 八、 是否存在违反规定决策程序对外提供担保的情况？ 九、 是否存在半数以上董事无法保证公司所披露半年度报告的真实性、准确性和完整性 十、 重大风险提示 十一、 其他 2 / 146 目录 | --- | --- | |--------------|-----------------------------------------------------------------------------------------| | | | | | 经现任法定代表人签字和公司盖章的2023年半年度报告全文 | | 备查文件目录 | 载有公司负责人、主管会计工作负责人及会计机构负责人（会计主管人 员）签名并盖章的会计报表 | | | 报告期内在中 ...