2022 年第三季度报告 证券代码：603166 证券简称：福达股份 桂林福达股份有限公司 2022 年第三季度报告 | | | | | 单位：元 币种：人民币 | | | --- | --- | --- | --- | --- | --- | | | | 本报告期比 | | 年初至报告期 | | | | | 上年同期增 | | 末比上年同期 | | | 项目 | 本报告期 | 减变动幅度 | 年初至报告期末 | | 增减变动幅度 | | | | (%) | | | (%) | | 营业收入 | 265,840,535.29 | -23.34% | 819,030,767.26 | | -41.29% | | 归属于上市公司股东 | 8,562,270.48 | -78.42% | 48,688,683.24 | | -69.35% | | 的净利润 | | | | | | | 归属于上市公司股东 | | | | | | | 的扣除非经常性损益 | 371,470.79 | -98.85% | 26,912,735.69 | | -82.14% | | 的净利润 | | | | | | | 经营活动产生的现金 ...

Financial Performance - The company's operating revenue for the first half of 2022 was CNY 553,190,231.97, a decrease of 47.23% compared to CNY 1,048,233,636.75 in the same period last year[19]. - The net profit attributable to shareholders for the first half of 2022 was CNY 40,126,412.76, down 66.33% from CNY 119,158,743.36 in the previous year[19]. - The net profit after deducting non-recurring gains and losses was CNY 26,541,264.90, a decline of 77.56% compared to CNY 118,273,328.91 in the same period last year[19]. - Basic earnings per share for the first half of 2022 were CNY 0.06, down 70.00% from CNY 0.20 in the same period last year[20]. - The total profit for the first half of 2022 was CNY 45,135,233.40, a decline of 67.5% compared to CNY 138,415,934.04 in the previous year[118]. - The company's total comprehensive income for the first half of 2022 was CNY 40,126,412.76, down 66.3% from CNY 119,158,743.36 in the first half of 2021[118]. Cash Flow and Assets - The net cash flow from operating activities was CNY 288,060,441.99, showing a slight increase of 1.94% from CNY 282,576,399.36 in the previous year[19]. - The company's cash and cash equivalents decreased by 21.66% to 373.92 million yuan, compared to 477.33 million yuan at the end of the previous year[54]. - The total assets at the end of the reporting period were CNY 3,380,456,661.02, a decrease of 8.05% from CNY 3,676,446,622.64 at the end of the previous year[19]. - The company's total liabilities decreased by 1.25% to CNY 1,025,622,860.60, representing 30.34% of total assets[55]. - The company's cash flow from operating activities decreased by 35.1% compared to the previous year, reflecting challenges in the operational environment[126]. Industry Challenges - In the first half of 2022, the automotive industry faced significant challenges, with vehicle production and sales dropping sharply in March and April, but rebounding in June[27]. - The total automotive production and sales reached 12.117 million and 12.057 million units, respectively, representing a year-on-year decline of 3.7% and 6.6%[27]. - The automotive industry is facing risks due to macroeconomic conditions, supply chain disruptions, and ongoing chip shortages, which may affect market demand[62]. - The company has experienced a significant decline in customer installation volumes due to the resurgence of COVID-19, particularly in the Yangtze River Delta region[65]. Technological Advancements - The company has invested in smart manufacturing technologies, establishing four fully automated crankshaft production lines[30]. - The company is committed to continuous technological innovation and process improvement to maintain its competitive edge in the automotive parts industry[29]. - The company has developed core technologies such as crankshaft medium-frequency quenching and corner rolling, enhancing its ability to meet diverse customer needs[40]. - The implementation of the MES system has improved production efficiency and reduced overall production costs, enhancing product competitiveness[47]. Research and Development - The company has strengthened its research and development capabilities through partnerships with universities and research institutions, enhancing its ability to independently develop new products[41]. - Research and development expenses for the first half of 2022 were CNY 40,474,989.58, down 22.5% from CNY 52,204,785.09 in the previous year[117]. - The company has implemented a project responsibility system and innovation incentives to foster a strong research and development environment[41]. Environmental and Social Responsibility - The company reported zero environmental pollution incidents in 2022, adhering strictly to national environmental laws and regulations[78]. - The company actively participated in rural revitalization efforts, purchasing agricultural products worth 200,000 yuan and creating 103 job opportunities for rural laborers[50]. - The company committed to using clean energy sources like natural gas and electricity to minimize air pollution and achieve low-carbon operations[80]. Legal and Compliance Issues - The company is involved in a significant lawsuit with the State Grid Hubei Electric Power Company, claiming an amount of RMB 29,814,700 for unpaid electricity fees from May 2011 to February 2015[86]. - The court ruled in favor of the company on December 10, 2018, but the State Grid Hubei Electric Power Company appealed, leading to a final judgment on May 6, 2021, requiring the company to pay RMB 17,396,719.40[86]. - The company has not reported any major litigation or arbitration matters that could significantly impact its financial position[86]. Corporate Governance - The company appointed a new board secretary, Jiang Weilong, following the resignation of the previous secretary and deputy general manager[72]. - The company has not proposed any profit distribution or capital reserve transfer plans for the first half of 2022[73]. - There were no significant violations or penalties reported against the company or its executives during the reporting period[90].

Financial Performance - The company's operating revenue for Q1 2022 was CNY 302,895,139.88, a decrease of 43.69% compared to the same period last year[5] - The net profit attributable to shareholders was CNY 30,107,816.22, reflecting a decline of 51.58% year-on-year[5] - The net cash flow from operating activities was CNY 2,903,850.35, down 97.52% from the previous year[5] - Basic earnings per share were CNY 0.051, a decrease of 51.43% compared to the same period last year[5] - The company reported a total profit of ¥33,388,807.78 for Q1 2022, down 54.4% from ¥73,357,543.89 in Q1 2021[17] - The net profit for Q1 2022 was a loss of ¥2,334,210.39, compared to a profit of ¥6,409,831.86 in Q1 2021, indicating a significant decline[27] Assets and Liabilities - Total assets at the end of the reporting period were CNY 3,719,387,001.43, an increase of 1.17% from the end of the previous year[5] - The total assets of the company amount to ¥3,719,387,001.43, up from ¥3,676,446,622.64, reflecting a growth of about 1.2%[13] - Total liabilities as of Q1 2022 amounted to ¥1,051,467,472.05, slightly up from ¥1,038,634,909.48 in Q1 2021[17] - The company's total equity as of March 31, 2022, was ¥2,420,787,184.86, down from ¥2,423,121,395.25 at the end of 2021[24] Cash Flow - The company's cash and cash equivalents as of March 31, 2022, amount to ¥408,352,787.89, a decrease from ¥477,325,177.41 as of December 31, 2021, representing a decline of approximately 14.5%[12] - The net cash flow from operating activities for Q1 2022 was ¥2,903,850.35, a significant decrease from ¥117,169,744.98 in Q1 2021[20] - Total cash inflow from operating activities was ¥278,190,932.18, while cash outflow was ¥275,287,081.83, resulting in a net increase of ¥2,903,850.35[20] - The cash inflow from investment activities totaled ¥21,680,655.39, while cash outflow was ¥78,154,320.33, resulting in a net cash flow of -¥56,473,664.94[20] Cost Management - The company experienced a 43.80% reduction in operating costs, amounting to CNY 228,291,890.38, due to decreased revenue[7] - Total operating costs for Q1 2022 were ¥278,487,980.26, down 40.9% from ¥471,006,302.02 in Q1 2021[17] - The company incurred financial expenses of ¥146,651.94 in Q1 2022, significantly lower than ¥904,853.04 in Q1 2021, indicating improved financial management[26] - The company’s management expenses were reduced to ¥9,971,241.92 in Q1 2022 from ¥11,575,407.80 in Q1 2021, indicating a tighter control on overhead costs[26] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period is 646,208,651[9] - The largest shareholder, Fuda Holdings Group Co., Ltd., holds 381,937,285 shares, accounting for 59.10% of total shares[9] - The company has a total of 16,759,776 shares held by Guangxi Agricultural Reclamation Capital Management Group Co., Ltd., representing 2.59% of total shares[9] Research and Development - Research and development expenses for Q1 2022 were ¥21,602,716.14, down 6.2% from ¥23,035,398.29 in Q1 2021[17] - The company has not reported any significant new product developments or market expansion strategies during the reporting period[10]

Financial Performance - The company achieved a consolidated net profit of CNY 208,327,029.50 for the year 2021, while the parent company reported a net profit of CNY 234,652,468.45[4]. - The total distributable profit for the parent company after accounting for legal surplus reserves and previous dividends was CNY 378,711,012.80[4]. - The proposed cash dividend for 2021 is CNY 5.00 per 10 shares, amounting to a total cash dividend of CNY 323,104,325.50[4]. - The company's operating revenue for 2021 was approximately ¥1.81 billion, representing a 2.50% increase compared to ¥1.77 billion in 2020[23]. - Net profit attributable to shareholders increased by 3.86% to approximately ¥208.33 million in 2021 from ¥200.58 million in 2020[23]. - The net profit after deducting non-recurring gains and losses rose by 26.73% to approximately ¥189.46 million in 2021 from ¥149.51 million in 2020[24]. - The net cash flow from operating activities increased by 18.60% to approximately ¥322.73 million in 2021 from ¥272.11 million in 2020[23]. - The company's total assets increased by 8.46% to approximately ¥3.68 billion at the end of 2021 compared to ¥3.39 billion at the end of 2020[23]. - Basic earnings per share remained stable at ¥0.34 in 2021, unchanged from 2020[24]. - The company reported a weighted average return on equity of 8.53%, a decrease of 0.61 percentage points from 9.14% in 2020[24]. Risk Management - The company has no significant risk events reported during the reporting period[9]. - The company has not faced any major risks that could impact its future development[9]. - The company has not engaged in any non-operating fund occupation by controlling shareholders or related parties[6]. - There are no violations of decision-making procedures regarding external guarantees[7]. - The company has received a standard unqualified audit opinion from the accounting firm Rongcheng[10]. Strategic Focus and Development - The company plans to continue its shareholder return strategy as outlined in its three-year plan from 2020 to 2022[4]. - The company is focusing on digital management, efficient operations, and high-quality development while expanding into new markets and enhancing R&D efforts[32]. - The company is actively developing its presence in the new energy vehicle sector, achieving significant progress to lay a solid foundation for future growth[32]. - The company has established a comprehensive strategic partnership with SANY Heavy Industry, covering a full range of products including crankshafts and clutches, which is expected to accelerate future business development[34]. - The company has implemented a digital transformation strategy, including the completion of 5G network construction and the introduction of MES and WMS systems to enhance production efficiency and quality[36]. Research and Development - The company invested 101.73 million yuan in R&D in 2021, representing a 13.84% increase compared to the previous year, and was awarded multiple industry honors[39]. - The company has established a postdoctoral research workstation and deepened cooperation with several universities to enhance its R&D capabilities[61]. - The company is undergoing a business transformation towards intelligent and high-end manufacturing, leading to increased R&D investments[78]. - The company plans to fully launch R&D and production of key components for new energy vehicles, leveraging its unique high-end manufacturing technology[124]. Market and Industry Trends - The automotive industry showed resilience with a production and sales increase of 3.4% and 3.8% respectively in 2021, ending a three-year decline[32]. - The domestic automotive market showed recovery in 2021, with total vehicle production reaching 26.08 million units, and new energy vehicles accounting for 13.4% of the market share[41]. - In 2021, the production and sales of new energy vehicles reached 3.545 million and 3.521 million units, respectively, representing a year-on-year growth of 160% and a market share of 13.4%, up 8 percentage points from the previous year[44]. - The company is focusing on high-end crankshaft production, which is increasingly concentrated among larger, technologically advanced firms[94]. - The automotive industry demands high-performance fasteners with strength grades above 9.8, and some require tensile strength greater than 1400 MPa[107]. Corporate Governance - The board of directors consists of 9 members, including 3 independent directors, complying with the guidelines for independent director systems[132]. - The supervisory board has 3 members, including 1 employee supervisor, ensuring compliance with legal requirements[132]. - The company emphasizes strict adherence to information disclosure regulations, ensuring timely and accurate communication with all shareholders[132]. - The company has established a strategic committee, a compensation and assessment committee, a nomination committee, and an audit committee to enhance governance[132]. Social Responsibility - The company is actively participating in social responsibility initiatives, including contributions to education and rural revitalization efforts[125]. - The company donated 1 million yuan for flood relief efforts in Henan and provided educational support worth 400,000 yuan to local schools[182]. - The company created 226 job opportunities for rural laborers in 2021, contributing over 10 million yuan in wages and benefits[183]. - The company actively participated in rural revitalization by purchasing agricultural products worth 400,000 yuan from local cooperatives[183]. Financial Management - The company has established a clear and structured cash dividend policy, ensuring transparency and adherence to shareholder interests[168]. - The board of directors is responsible for formulating and discussing profit distribution plans, ensuring independent oversight and shareholder engagement[166]. - The company has implemented measures to ensure the independence of its operations from controlling shareholders[133]. - The company has not reported any non-operating fund occupation by controlling shareholders or related parties during the reporting period[189].

Financial Performance - The company achieved a consolidated net profit of CNY 208,327,029.50 for the year 2021[4]. - The parent company reported a net profit of CNY 234,652,468.45, with a statutory surplus reserve of CNY 23,465,246.85 deducted[4]. - The total distributable profit for the parent company was CNY 378,711,012.80 after accounting for previous dividends of CNY 118,403,742.00[4]. - A cash dividend of CNY 5.00 per 10 shares (including tax) will be distributed, totaling CNY 323,104,325.50[4]. - The company does not plan to increase capital reserves or distribute stock dividends for the year[4]. - The company's operating revenue for 2021 was approximately ¥1.81 billion, representing a 2.50% increase compared to ¥1.77 billion in 2020[23]. - Net profit attributable to shareholders increased by 3.86% to approximately ¥208.33 million in 2021 from ¥200.58 million in 2020[23]. - The net profit after deducting non-recurring gains and losses rose by 26.73% to approximately ¥189.46 million in 2021, compared to ¥149.51 million in 2020[24]. - The net cash flow from operating activities increased by 18.60% to approximately ¥322.73 million in 2021 from ¥272.11 million in 2020[23]. - The total assets of the company at the end of 2021 were approximately ¥3.68 billion, an increase of 8.46% from ¥3.39 billion at the end of 2020[23]. - The basic earnings per share remained stable at ¥0.34 in 2021, unchanged from 2020[24]. - The company reported a weighted average return on equity of 8.53% in 2021, a decrease of 0.61 percentage points from 9.14% in 2020[24]. Risk Management - There are no significant risk events reported during the reporting period[9]. - The company has not faced any non-operational fund occupation by controlling shareholders or related parties[6]. - The company has not faced any risks of delisting or bankruptcy reorganization[188]. - The company faced a lawsuit involving the State Grid Hubei Electric Power Company, with the claimed amount of 29,814,700 RMB, which was not deemed significant to the company's net profit[190]. - The court ruled in favor of the company on May 6, 2021, dismissing the original plaintiff's claims, which included a total amount of 29,814,700 RMB plus penalties[190]. Research and Development - The company invested 101.73 million yuan in R&D in 2021, representing a 13.84% increase compared to the previous year, and was awarded multiple industry honors[39]. - The company has established a post-doctoral research workstation and collaborated with several universities to enhance its R&D capabilities[61]. - The company has 356 R&D personnel, accounting for 13.60% of the total workforce[77]. - Research and development expenses increased by 13.84% to CNY 101.73 million, reflecting a focus on innovation[67]. - The company is focusing on new product development and technological advancements to enhance its competitive edge in the market[138]. Market and Industry Trends - The automotive industry showed resilience with a production and sales increase of 3.4% and 3.8% respectively in 2021, ending a three-year decline[32]. - The domestic automotive market saw a total production of 26.08 million vehicles in 2021, with new energy vehicles accounting for over 3.5 million units, representing a market share of 13.4%[41]. - In 2021, the production and sales of new energy vehicles reached 3.545 million and 3.521 million units, respectively, representing a year-on-year growth of 160% and a market share of 13.4%, up 8 percentage points from the previous year[44]. - The company is actively developing in the new energy vehicle sector, achieving significant progress to lay a solid foundation for future growth[32]. - The company is focusing on high-end crankshaft production, as the market is increasingly concentrated among larger, technologically advanced firms[94]. Corporate Governance - The board of directors consists of 9 members, including 3 independent directors, complying with the guidelines for independent director systems[130]. - The supervisory board has 3 members, including 1 employee supervisor, ensuring compliance with legal requirements[130]. - The company adheres to strict information disclosure regulations, ensuring accurate and timely communication with all shareholders[130]. - The company has established various specialized committees, including a strategy committee and an audit committee, to ensure effective governance[130]. - The company has implemented measures to maintain independence from its controlling shareholders[131]. Social Responsibility and Community Engagement - The company is committed to social responsibility, planning to invest in educational support and rural revitalization initiatives in 2022[123]. - The company donated 1 million yuan for flood relief efforts in Henan, demonstrating its commitment to social responsibility and community support[179]. - The company provided over 226 job opportunities for rural laborers, contributing more than 10 million yuan in wages and benefits[181]. - The company has actively engaged in risk supervision, with no dissenting opinions reported by the supervisory board during the reporting period[158]. - The company is committed to reducing carbon emissions through various initiatives, including optimizing transportation methods and implementing green logistics[178]. Strategic Initiatives - The company has established a comprehensive digital application strategy, including the implementation of a warehouse logistics management system to enhance operational efficiency[120]. - The company plans to enhance production efficiency and reduce manufacturing costs to remain competitive in the crankshaft market[94]. - The company aims to recruit graduates from "985" and "211" universities, focusing on digital application and management professionals to enhance its talent pool[122]. - The company is focusing on digital management, efficient operations, and high-quality development while expanding into new markets and enhancing R&D efforts[32]. - The company plans to optimize its gear product structure, focusing on high-value and high-technology products for military and export vehicles[119].

证券代码：603166 证券简称：福达股份 公告编号：2022-002 桂林福达股份有限公司 关于接待机构调研情况的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大 遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 桂林福达股份有限公司（以下简称"公司"）于 2022 年 1 月 18 日通过电话会议交流 形式接待了机构调研，现将情况公告如下： 一、调研情况 时间：2022 年 1 月 18 日 16:00-17:00 调研方式：电话会议交流 调研机构名称（排名不分先后）：上海证券、复星高科技、东北证券、早行人创投、 翰畔创投 公司接待人员：董事、副总经理、财务总监、董事会秘书张海涛；证券事务代表蒋卫龙 二、交流的主要问题及公司回复概要 1. 公司业务结构和占比情况？竞争对手有哪些？ 答：公司主营业务分为乘用车、商用车和非道路领域三个产品配套板块，各业务板块 配套产品占比为：非道路配套产品占比接近 30%、乘用车配套产品占比超过 20%、商用车配 套产品占比近 50%。曲轴产品是公司的核心业务，相关竞争对手有天润工业和丹东五一八 等公司。 2. 公司目前比亚迪 DM ...

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2021 年第三季度报告 证券代码：603166 证券简称：福达股份 桂林福达股份有限公司 2021 年第三季度报告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 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 报表信息的真实、准确、完整。 第三季度财务报表是否经审计 □是 √否 一、 主要财务数据 (一)主要会计数据和财务指标 1 / 11 单位：元 币种：人民币 项目 本报告期 本报告期比 上年同期增 减变动幅度 (%) 年初至报告期末 年初至报告 期末比上年 同期增减变 动幅度(%) 营业收入 346,764,592.61 -24.00% 1,394,998,229.36 10.80% 归属于上市公司股东的净利润 39,681,298.42 -8.97% 158,840,041.78 20.23% 归属于上市公司股东 ...

Financial Performance - The company's operating revenue for the first half of 2021 reached ¥1,048,233,636.75, representing a 30.58% increase compared to ¥802,780,566.10 in the same period last year[20] - Net profit attributable to shareholders increased by 34.60% to ¥119,158,743.36 from ¥88,525,768.92 year-on-year[20] - The net profit after deducting non-recurring gains and losses surged by 101.31%, amounting to ¥118,273,328.91 compared to ¥58,752,606.60 in the previous year[20] - The net cash flow from operating activities increased by 72.66% to ¥282,576,399.36 from ¥163,661,116.38 in the same period last year[20] - Basic earnings per share rose to ¥0.20, reflecting a 33.33% increase from ¥0.15 in the same period last year[22] - The weighted average return on net assets increased to 5.17%, up by 1.08 percentage points from 4.09% in the previous year[22] - The company reported a significant increase in cash receipts from sales due to higher operating revenue, contributing to improved cash flow[23] Assets and Liabilities - The total assets of the company at the end of the reporting period were ¥3,882,194,897.65, a 14.53% increase from ¥3,389,635,667.74 at the end of the previous year[21] - The net assets attributable to shareholders increased by 12.57% to ¥2,549,600,209.97 from ¥2,264,816,923.56 at the end of the previous year[21] - Total liabilities increased by 18.47% to CNY 1.33 billion from CNY 1.12 billion year-on-year[59] - Total assets increased to ¥2,757,986,427.22, up from ¥2,494,631,757.62 at the end of the previous period[113] - Total liabilities rose to ¥559,935,395.27, compared to ¥470,830,590.92 in the previous period[113] - The company's equity attributable to shareholders rose to CNY 2,549,600,209.97 from CNY 2,264,816,923.56, reflecting an increase of about 12.6%[109] Market and Industry Insights - In the first half of 2021, the automotive industry saw production and sales of 12.569 million and 12.891 million vehicles, respectively, representing year-on-year growth of 24.2% and 25.6%[30] - The production and sales of passenger vehicles reached 9.840 million and 10.007 million units, with year-on-year growth of 26.8% and 27.0%[31] - Commercial vehicle production and sales were 2.730 million and 2.884 million units, showing year-on-year growth of 15.7% and 20.9%[31] - New energy vehicle production and sales exceeded 1.215 million and 1.206 million units, marking a year-on-year increase of 200%[31] - The automotive market is expected to maintain stable recovery, although challenges such as chip supply issues and rising raw material costs persist[30] Production and Operations - The company has established advanced intelligent production lines for passenger and commercial vehicle crankshafts, enhancing production efficiency and product quality[33] - The company operates six forging production lines with a total capacity of 14,000 tons, 8,000 tons, 6,300 tons, and two 4,000 tons hot forging presses, making it a leading forging center in China[35] - The company has invested in advanced equipment, including CNC machines and testing devices, to ensure product quality and precision[34] - The company has implemented lean production strategies, significantly improving production efficiency and reducing costs[41] Research and Development - Research and development expenses amounted to CNY 52.2 million, reflecting a 24% increase from CNY 41.93 million year-on-year, indicating a strong commitment to innovation[54] - The company has developed 162 patents and has been involved in setting industry standards, showcasing its innovation capabilities[40] - The company has achieved IATF16949/ISO14001/OHSAS18001 certifications, enhancing its product quality and management systems[36] Corporate Governance and Compliance - The company held its first extraordinary general meeting on February 24, 2021, approving a proposal to provide related guarantees for a joint venture[70] - The company convened its 2020 annual general meeting on April 23, 2021, approving 13 proposals including the full annual report and profit distribution plan for 2020[70] - The company has committed to compensating for any losses incurred due to violations of commitments by the controlling shareholder[82] - The company has established measures to ensure compliance with regulatory requirements regarding stock issuance and related commitments[82] Environmental and Social Responsibility - The company continues to adhere to environmental management policies, achieving compliance with emission standards for wastewater, waste gas, and noise in the first half of 2021[75] - The company has implemented energy-saving and ecological protection projects, improving energy efficiency and reducing pollutant emissions[77] - The company actively participates in discussions on achieving "carbon neutrality" and enhances its energy-saving awareness and skills[78] Legal Matters - The company is involved in a significant lawsuit with the State Grid Hubei Electric Power Company, claiming a total of RMB 29,814,700 for unpaid electricity fees and penalties[85] - The court ruled in favor of the company, dismissing the original claim, but the State Grid has appealed the decision, which may impact the company's financials[85] - The company has prepared to appeal a court ruling regarding the electricity fee lawsuit, indicating ongoing legal challenges[85] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 21,290[99] - The largest shareholder, Fuda Holdings Group Co., Ltd., held 412,408,011 shares, accounting for 69.66% of total shares[100] - The company reported a profit distribution of CNY -88,235,806.50, indicating a loss allocation to owners[138] Financial Instruments and Risk Management - The company uses the expected credit loss model to measure impairment for loan commitments and financial guarantee contracts[175] - Financial instruments are classified into three stages based on credit risk: Stage 1 for low credit risk, Stage 2 for significant increase in credit risk, and Stage 3 for credit-impaired[179] - The company assesses expected credit losses for receivables and contract assets individually when there is objective evidence of impairment[180]