Financial Performance - The company achieved a consolidated net profit of CNY 200,584,148.36 for the year 2020, representing a 50.47% increase compared to CNY 133,306,612.36 in 2019[4]. - Total operating revenue for 2020 was CNY 1,770,306,191.79, up 16.87% from CNY 1,514,774,256.12 in 2019[19]. - The company's basic earnings per share (EPS) increased by 54.55% to CNY 0.34 in 2020 compared to CNY 0.22 in 2019[20]. - Net profit for the reporting period rose by 50.47%, while net profit excluding non-recurring gains increased by 55.13% due to higher operating income and reduced costs from pandemic relief policies[20]. - The weighted average return on equity (ROE) improved by 2.85 percentage points to 9.14% in 2020 from 6.29% in 2019[20]. - The net profit attributable to shareholders was 200.58 million yuan, up 50.47% year-on-year, while the net profit after deducting non-recurring gains and losses was 149.51 million yuan, an increase of 55.13% year-on-year[48]. - The gross profit margin for the automotive and internal combustion engine parts sector was 25.73%, with a year-on-year increase of 0.14 percentage points[63]. Cash Flow and Dividends - The net cash flow from operating activities decreased by 21.69% to CNY 272,107,984.70 in 2020 from CNY 347,486,955.06 in 2019[19]. - The company plans to distribute a cash dividend of CNY 2.00 per 10 shares, totaling CNY 118,403,742.00, based on a total share capital of 592,018,710 shares[4]. - For the year 2020, the cash dividend was increased to 2.00 RMB per 10 shares, amounting to 118,403,742.00 RMB, with a payout ratio of 59.03%[125]. - The company distributed a cash dividend of 1.5 RMB per 10 shares for the year 2019, totaling 89,288,806.50 RMB, with a payout ratio of 66.98%[125]. Assets and Liabilities - The company's total assets increased by 5.52% to CNY 3,389,635,667.74 at the end of 2020, compared to CNY 3,212,353,820.64 at the end of 2019[19]. - The net assets attributable to shareholders of the listed company rose by 5.32% to CNY 2,264,816,923.56 at the end of 2020 from CNY 2,150,327,481.70 at the end of 2019[19]. - The company's cash and cash equivalents increased by 48.92% to ¥227,165,139.21, representing 6.70% of total assets[73]. - The accounts receivable rose by 13.45% to ¥500,386,330.75, accounting for 14.76% of total assets[73]. Production and Sales - The production of crankshafts reached 1,121,670 units, with sales of 1,108,261 units, marking an increase of 27.91% in production and 22.68% in sales year-on-year[64]. - Sales of crankshafts increased by 22.68% to 1,108,261 units, compared to 903,363 units in the previous year[79]. - The company achieved an annual production of over 100 large molds, enhancing its manufacturing capabilities and extending its product supply chain[39]. Research and Development - The company invested nearly 90 million yuan in R&D, accounting for 5.05% of operating revenue in 2020[53]. - The company filed for and received acceptance of 70 patents in 2020, including 23 invention patents[54]. - The company has advanced production equipment, including CNC machines and heat treatment lines, ensuring high product quality and efficiency[36][37]. Market Position and Strategy - The company aims to expand its customer base from primarily domestic manufacturers to include international clients[30]. - The company has established long-term partnerships with major domestic engine and vehicle manufacturers, significantly strengthening its industry position and increasing its supply scale[41]. - The company is focused on resolving supply chain issues with raw material suppliers to reduce costs and improve competitiveness[114]. Corporate Governance and Compliance - The company has maintained compliance with environmental regulations and has not faced any administrative penalties during the reporting period[155]. - The company has a governance structure that complies with the requirements of the Company Law and the Securities Law[191]. - The company emphasizes internal control and performance evaluation as key research areas for its independent directors[178]. Social Responsibility - The company actively participated in poverty alleviation efforts, with over 90% of its 2,000 employees involved in related activities[148]. - The company donated RMB 300,000 to develop a chili planting demonstration base, resulting in an additional income of over RMB 100,000 for poor households[149]. - A total of 2.208 million RMB was allocated for poverty alleviation efforts, including employment support for 37 registered impoverished households[151].

Financial Performance - Net profit attributable to shareholders increased by 60.79% to CNY 132,115,313.22 for the first nine months of the year[7]. - Operating income rose by 17.54% to CNY 1,259,025,873.05 year-on-year[7]. - Basic earnings per share increased by 57.14% to CNY 0.22 per share[7]. - The weighted average return on equity increased by 2.20 percentage points to 6.10%[7]. - Net profit increased by 60.79% to ¥132,115,313.22, driven by an increase in operating income[12]. - Net profit for the first three quarters of 2020 was ¥119,691,287.89, compared to ¥66,887,738.87 in the same period of 2019, indicating an increase of 79.0%[24]. - The net profit for Q3 2020 reached CNY 9,045,931.48, compared to a net loss of CNY 1,614,974.27 in Q3 2019, indicating a significant turnaround[29]. - The total profit for Q3 2020 was CNY 11,485,342.68, compared to a loss of CNY 1,550,194.66 in the same period last year[29]. Assets and Liabilities - Total assets increased by 6.69% to CNY 3,427,303,719.25 compared to the end of the previous year[7]. - Total assets increased to ¥3,427,303,719.25 from ¥3,212,353,820.64, reflecting overall growth[17]. - Total liabilities increased to ¥1,063,048,333.30 from ¥876,330,026.46, indicating a rise in financial obligations[17]. - Total current liabilities were CNY 876,330,026.46 as of the third quarter of 2020[37]. - Total liabilities amounted to CNY 1,062,026,338.94 as of the third quarter of 2020[38]. - Total equity attributable to shareholders was CNY 2,150,327,481.70 as of the third quarter of 2020[38]. Cash Flow - Net cash flow from operating activities increased by 17.90% to CNY 365,275,942.99 for the first nine months[7]. - The total cash inflow from operating activities for the first three quarters of 2020 was CNY 1,286,561,312.92, an increase of 12.2% compared to CNY 1,145,950,905.96 in the same period of 2019[30]. - The net cash flow from operating activities for the first three quarters of 2020 was CNY 365,275,942.99, up from CNY 309,813,177.15 in 2019, representing a growth of 17.9%[30]. - The net cash flow from investing activities was negative at -¥86,866,904.69, primarily due to reduced fixed asset purchases[13]. - The cash outflow for investing activities in the first three quarters of 2020 was CNY 88,303,384.79, a decrease of 38.8% compared to CNY 144,279,158.45 in the same period of 2019[31]. - The net cash flow from investing activities for the first three quarters of 2020 was -CNY 86,866,904.69, an improvement from -CNY 141,796,103.31 in 2019[31]. - The cash inflow from financing activities for the first three quarters of 2020 was CNY 518,000,000.00, slightly down from CNY 519,332,450.00 in 2019[31]. - The net cash flow from financing activities for the first three quarters of 2020 was -CNY 82,985,235.49, compared to -CNY 177,537,495.11 in 2019, indicating a reduction in cash outflow[31]. Shareholder Information - The company had a total of 22,882 shareholders at the end of the reporting period[10]. - The largest shareholder, Fuda Holdings Group, holds 69.66% of the shares, with 203,150,000 shares pledged[10]. Other Income and Expenses - Non-operating income from government subsidies amounted to CNY 53,075,636.48 for the first nine months[9]. - Other income increased by 88.55% to ¥53,075,636.48, primarily due to an increase in government subsidies received[12]. - The company reported a decrease in other receivables to ¥71,262,201.21 from ¥171,837,520.45, a decline of 58.6%[20]. - Research and development expenses for Q3 2020 were ¥22,666,468.01, up from ¥19,628,441.11 in Q3 2019, indicating a growth of 10.4%[24]. - Interest expenses for Q3 2020 were CNY 1,191,006.70, compared to CNY 867,848.82 in Q3 2019, indicating increased borrowing costs[28].

Financial Performance - The company's operating revenue for the first half of 2020 was CNY 802,780,566.10, representing a 6.31% increase compared to CNY 755,107,084.36 in the same period last year[18]. - The net profit attributable to shareholders of the listed company increased by 30.00% to CNY 88,525,768.92 from CNY 68,098,891.72 in the previous year[18]. - The net profit attributable to shareholders after deducting non-recurring gains and losses rose by 10.74% to CNY 58,752,606.60[18]. - The basic earnings per share for the first half of 2020 was CNY 0.15, a 36.36% increase from CNY 0.11 in the same period last year[19]. - The weighted average return on net assets increased by 0.91 percentage points to 4.09% compared to 3.18% in the previous year[19]. - The total amount of non-recurring losses from asset disposals was RMB -11,210.84, indicating some financial adjustments during the reporting period[23]. - The company reported a total comprehensive income for the period was CNY 68,098,891.72, contributing positively to the equity[130]. Cash Flow and Assets - The net cash flow from operating activities decreased by 32.18% to CNY 163,661,116.38, primarily due to a reduction in bank acceptance bill discounting compared to the previous year[20]. - The total assets at the end of the reporting period were CNY 3,326,834,459.88, an increase of 3.56% from CNY 3,212,353,820.64 at the end of the previous year[18]. - Cash and cash equivalents increased by 42.20% to CNY 216,910,591.35, compared to CNY 152,539,980.21 in the previous year, primarily due to increased bank loans[61]. - The company's total liabilities increased by 10.55% to CNY 1,174,075,915.76, up from CNY 1,062,026,338.94, indicating a rise in short-term borrowings[60]. - The company's inventory increased by 10.17% to CNY 456,752,482.38, compared to CNY 414,590,630.51, suggesting a buildup in stock levels[60]. Business Operations and Strategy - The company’s main business includes the R&D, production, and sales of engine crankshafts, clutches, spiral bevel gears, precision forgings, and high-strength bolts, with a focus on commercial vehicles, passenger vehicles, and agricultural machinery[32]. - The company has established a wholly-owned subsidiary in Europe, Fuda Technology (Europe) Co., Ltd., to enhance technical R&D, customer maintenance, and market expansion efforts[33]. - The company is expanding its product offerings to include marine and large engineering machinery crankshafts through joint ventures[32]. - The company has undergone a leadership change, with new appointments including Li Fuchao as Chairman and Zhao Hongwei as General Manager[28]. - The company has made significant progress in developing new products and markets, particularly in the crankshaft business, with successful product development for high-end overseas clients like Cummins and Caterpillar[50]. Market and Industry Context - In the first half of 2020, the automotive industry in China saw production and sales of 10.11 million and 10.26 million vehicles, respectively, representing year-on-year declines of 16.8% and 16.9%[35]. - Passenger vehicle production and sales reached 7.75 million and 7.87 million units, with year-on-year declines of 22.5% and 22.4%[36]. - Commercial vehicle production and sales increased to 2.36 million and 2.38 million units, showing year-on-year growth of 9.5% and 8.6%[36]. - New energy vehicle production and sales fell significantly to 397,000 and 393,000 units, with declines of 36.5% and 37.4% year-on-year[36]. Research and Development - Research and development expenses increased by 21.47% to CNY 41,934,524.77, up from CNY 34,521,794.56, indicating a focus on enhancing product development[57]. - The company has been recognized as a high-tech enterprise and has developed 147 patents, enhancing its R&D capabilities[43]. - The company has established a post-doctoral innovation practice base and collaborates with renowned research institutions to strengthen its talent pool and innovation capabilities[43]. Environmental and Social Responsibility - The company has successfully passed the clean production audit and is committed to reducing waste and emissions through the use of clean energy sources[91]. - The company has implemented a green manufacturing project, with two subsidiaries recognized as green factories in Guangxi Zhuang Autonomous Region[91]. - The company has not faced any administrative penalties for environmental violations during the reporting period[91]. Corporate Governance and Compliance - The company has conducted three shareholder meetings during the reporting period, all compliant with legal regulations[72]. - The company has not faced any penalties or corrective actions against its directors, supervisors, senior management, or controlling shareholders during the reporting period[80]. - The financial statements were approved by the board of directors on August 18, 2020, indicating a commitment to transparency and compliance with accounting standards[144]. Financial Management and Capital Structure - The company confirmed that there were no significant changes in the integrity status of its controlling shareholders during the reporting period[81]. - The company reported a profit distribution of CNY -89,657,806.50, which includes allocations to shareholders[130]. - The total equity attributable to the parent company at the end of the reporting period was CNY 2,088,193,898.56, a decrease from CNY 2,106,243,450.84 at the end of the previous year[129].

Financial Performance - Operating revenue for the first quarter was CNY 306,737,908.31, down 19.98% year-on-year[5] - Net profit attributable to shareholders was CNY 29,512,908.16, a decline of 36.15% compared to the same period last year[5] - Net profit decreased by 36.15% compared to the same period last year, attributed to reduced government subsidies and decreased sales revenue due to the pandemic[11] - Total operating revenue for Q1 2020 was ¥306,737,908.31, a decrease of 20% compared to ¥383,343,468.63 in Q1 2019[24] - Net profit for Q1 2020 was ¥29,512,908.16, a decline of 36% from ¥46,222,094.91 in Q1 2019[25] - The net profit for Q1 2020 was a loss of ¥3,440,576.11, compared to a profit of ¥652,793.99 in Q1 2019, indicating a significant decline in profitability[28] Cash Flow - Net cash flow from operating activities was CNY 9,464,213.69, a significant drop of 90.08% year-on-year[5] - Net cash flow from operating activities decreased by 90.08% year-on-year, mainly due to reduced government subsidies and a decrease in the amount of discounted bank acceptance bills[11] - The net cash flow from operating activities for Q1 2020 was ¥9,464,213.69, down 90.1% from ¥95,431,318.23 in Q1 2019[31] - Cash inflow from financing activities totaled $124,800,000.00, while cash outflow was $74,762,862.50, resulting in a net cash flow of $50,037,137.50[35] - The company experienced a net cash outflow of ¥10,561,695.35 in Q1 2020, contrasting with a net increase of ¥88,569,262.42 in Q1 2019[32] Assets and Liabilities - Total assets at the end of the reporting period were CNY 3,202,038,553.74, a decrease of 0.27% compared to the end of the previous year[5] - Total current assets as of March 31, 2020, amounted to CNY 1,273,358,946.42, compared to CNY 1,245,794,943.75 as of December 31, 2019[16] - Total assets as of March 31, 2020, were CNY 3,202,038,553.74, slightly down from CNY 3,210,776,555.69 as of December 31, 2019[18] - Total liabilities as of March 31, 2020, were CNY 1,012,766,229.17, compared to CNY 1,051,511,239.28 as of December 31, 2019[18] - Total liabilities for Q1 2020 were ¥424,223,601.52, a decrease from ¥435,060,253.67 in Q1 2019[22] Shareholder Information - The number of shareholders at the end of the reporting period was 22,465[9] - The largest shareholder, Fuda Holdings Group, held 69.28% of the shares, with 203,150,000 shares pledged[9] Research and Development - Research and development expenses for Q1 2020 were ¥19,732,671.98, up from ¥16,824,290.64 in Q1 2019, representing an increase of approximately 17.0%[25] - The company's research and development expenses for Q1 2020 were ¥4,999,266.50, an increase of 20.9% compared to ¥4,135,880.23 in Q1 2019[27] Other Financial Metrics - The weighted average return on equity decreased by 0.81 percentage points to 1.36%[5] - Earnings per share for Q1 2020 were ¥0.050, compared to ¥0.077 in Q1 2019, indicating a decrease of 35%[26] - The company reported a credit impairment loss of ¥4,903,196.57 in Q1 2020, indicating a new challenge in asset quality[25] - Cash outflow for dividend distribution and interest payments was $362,862.50, compared to $945,037.50 in the previous year[35]

Financial Performance - In 2019, the company achieved a consolidated net profit of CNY 142,244,447.07, representing a 26.87% increase compared to CNY 112,119,782.66 in 2018[7]. - The company's operating revenue for 2019 was CNY 1,514,774,256.12, which is a 7.83% increase from CNY 1,404,809,777.12 in 2018[24]. - The company's basic earnings per share increased by 26.32% to CNY 0.24 in 2019 compared to CNY 0.19 in 2018[25]. - Net profit for the reporting period rose by 26.87%, while net profit excluding non-recurring gains increased by 20.20% due to higher government subsidies and increased operating revenue[25]. - The net cash flow from operating activities for 2019 was CNY 347,486,955.06, an increase of 10.60% from CNY 314,192,905.06 in 2018[24]. - The company's net assets attributable to shareholders at the end of 2019 were CNY 2,159,265,316.41, a 2.52% increase from CNY 2,106,243,450.84 in 2018[24]. - The total assets of the company at the end of 2019 were CNY 3,210,776,555.69, showing a slight increase of 0.18% from CNY 3,204,856,713.32 in 2018[24]. - The company plans to distribute a cash dividend of CNY 1.5 per 10 shares, totaling CNY 89,288,806.50 for the year 2019[7]. Market and Industry Context - In 2019, the automotive industry in China faced significant pressure, with production and sales of vehicles decreasing by 7.5% and 8.2% year-on-year, totaling 25.72 million and 25.77 million vehicles respectively[37]. - Passenger vehicle production and sales dropped more significantly, with a decline of 9.2% and 9.6%, accounting for 83% of total automotive production and sales[37]. - Commercial vehicle production and sales performed better than passenger vehicles, with production increasing by 1.9% to 4.36 million units, while sales decreased by 1.1%[38]. - New energy vehicle production and sales fell by 2.3% and 4.0%, totaling 1.24 million and 1.21 million units respectively, with plug-in hybrid vehicles seeing a significant decline of 22.5% in production[38]. Operational Efficiency and Production - The company has invested in advanced production equipment, including CNC machines and automated assembly lines, to enhance production efficiency and product quality[40][41]. - The company is focusing on intelligent transformation and the construction of fully automated production lines to improve operational efficiency[40]. - The production process involves specialized divisions for different components, ensuring quality management and efficient production planning[35]. - The company has established a comprehensive procurement system for raw materials and components, ensuring quality through supplier selection and supervision[36]. - The company has developed advanced heat treatment technologies for crankshafts, including induction hardening, which enhances product quality and competitiveness[106]. Research and Development - The company has developed a robust R&D environment, with 155 patents and recognition as a high-tech enterprise, focusing on technological innovation and collaboration with universities[46]. - Research and development expenses rose to ¥77,564,704.96, marking a 13.35% increase year-on-year[63]. - The number of R&D personnel was 350, accounting for 13.47% of the total workforce[76]. - The company reported a 67.5% increase in patent applications, with 66 patents filed in 2019, including 26 invention patents, which is a 108% increase from 2018[58]. Corporate Governance and Management - The company is committed to ensuring the accuracy and completeness of its financial reports as stated by its management[6]. - The company has established a strong management team through training programs and knowledge sharing initiatives, ensuring its leadership in technology and management capabilities[50]. - The company has implemented the SAP ERP management software to enhance resource utilization and streamline operations across finance, sales, production, and quality management[49]. - The board of directors consists of 2 internal directors, 2 directors appointed by the parent company, 2 external non-independent directors, and 3 independent directors[197]. Social Responsibility and Community Engagement - The company has actively participated in poverty alleviation efforts, purchasing a total of RMB 748,000 worth of agricultural products from impoverished villages in 2019[156]. - The company has created 135 job opportunities for impoverished individuals, generating over RMB 7 million in income for them[157]. - In response to the COVID-19 pandemic, the company donated 5,000 masks, 148 protective goggles, and 60 infrared thermometers to frontline hospitals[161]. - The company has been recognized as a "green factory" by the national government, promoting environmentally friendly manufacturing practices[163]. Future Outlook and Strategic Initiatives - The company plans to continue expanding its market presence and invest in new product development to enhance competitiveness[68]. - The company is focusing on smart manufacturing and adjusting its product structure to enhance competitiveness in high-end equipment manufacturing[112]. - The company aims to expand its market network nationwide while gradually entering international markets, leveraging partnerships for resource integration[111]. - The company has secured a partnership with a leading technology firm to enhance its product offerings, which is anticipated to drive a 20% increase in sales[186].

Financial Performance - Operating revenue for the first nine months was CNY 1,071,131,740.79, an increase of 0.76% year-on-year[6] - Net profit attributable to shareholders for the first nine months was CNY 87,267,408.31, representing a growth of 9.24% compared to the same period last year[6] - Basic earnings per share rose by 15.38% to CNY 0.15[6] - The net profit excluding non-recurring gains and losses for the first nine months was CNY 59,008,882.91, a decrease of 1.95% year-on-year[6] - Total operating revenue for Q3 2019 reached ¥316,024,656.43, a 12.1% increase from ¥281,867,123.44 in Q3 2018[25] - Operating profit for Q3 2019 was ¥16,859,111.09, up from ¥13,699,910.63 in Q3 2018, reflecting a growth of 23.7%[26] - Net profit for the first three quarters of 2019 was ¥87,267,408.31, compared to ¥79,531,595.46 in the same period of 2018, indicating a year-on-year increase of 9.4%[27] - The company reported a total profit of ¥16,832,168.93 for Q3 2019, compared to ¥13,864,428.22 in Q3 2018, marking a 21.2% increase[26] - The company achieved total comprehensive income of ¥14,068,516.59 in Q3 2019, compared to ¥12,296,935.75 in Q3 2018, an increase of 14.4%[27] Cash Flow - The net cash flow from operating activities for the first nine months was CNY 309,813,177.15, a slight decrease of 0.33% year-on-year[6] - Net cash flow from investing activities decreased significantly due to the absence of financial product recoveries in the current period, compared to a net recovery of 61 million yuan in the same period last year[13] - Net cash flow from financing activities decreased by 1,261.87% compared to the same period last year, primarily due to increased cash payments for debt repayment[13] - Operating cash inflow for the first three quarters of 2019 was $307.4 million, a 65.7% increase from $185.4 million in the same period of 2018[36] - Net cash flow from operating activities for the first three quarters of 2019 was $20.3 million, compared to $2.8 million in 2018, reflecting a significant improvement[36] - Cash outflow from investing activities for the first three quarters of 2019 totaled $29.6 million, a decrease from $79.4 million in the same period of 2018[37] - Net cash flow from financing activities for the first three quarters of 2019 was $20.9 million, down from $43.6 million in 2018[37] Assets and Liabilities - Total assets at the end of the reporting period were CNY 3,119,855,178.80, a decrease of 2.65% compared to the end of the previous year[6] - Total liabilities decreased from CNY 1,098,613,262.48 in 2018 to CNY 1,011,320,419.90 in 2019, a reduction of approximately 7.95%[19] - Current assets increased from CNY 273,008,064.58 in 2018 to CNY 322,363,028.55 in 2019, representing an increase of about 18.09%[21] - Non-current assets slightly increased from CNY 1,901,480,485.43 in 2018 to CNY 1,906,506,127.47 in 2019, a growth of approximately 0.13%[21] - The company's total liabilities to equity ratio improved from 0.13 in 2018 to 0.10 in 2019, indicating a stronger equity position[22] - The total current liabilities increased from CNY 195,433,739.69 in 2018 to CNY 338,557,205.18 in 2019, an increase of approximately 73.25%[22] Shareholder Information - The total number of shareholders at the end of the reporting period was 23,686[10] - The largest shareholder, Fuda Holdings Group, held 69.28% of the shares, with 203,150,000 shares pledged[10] Expenses and Income - The company reported a government subsidy of CNY 34,148,984.14 for the first nine months, contributing to non-operating income[9] - Other income increased by 59.71% compared to the same period last year, mainly due to an increase in government subsidies received[13] - Investment income decreased by 592.35% compared to the same period last year, primarily due to increased losses from Guilin Fuda Alfin Large Crankshaft Co., Ltd.[13] - Income tax expense increased by 48.61% compared to the same period last year, mainly due to increased total profits from Guilin Crankshaft Company and Fuda Forging Company[13] - Research and development expenses increased to ¥19,628,441.11 in Q3 2019, up 38.7% from ¥14,120,504.94 in Q3 2018[25] - The company incurred financial expenses of CNY 3,848,830.56 for the first nine months of 2019, compared to CNY 2,274,334.74 in the previous year, marking an increase of about 69.2%[29] - The company’s sales expenses for the first nine months of 2019 were CNY 23,616,802.49, an increase from CNY 22,363,554.46 in the same period last year, representing a growth of about 5.6%[29]

Financial Performance - The company's operating revenue for the first half of 2019 was CNY 755.11 million, a decrease of 3.34% compared to CNY 781.17 million in the same period last year[18]. - The net profit attributable to shareholders of the listed company increased by 8.52% to CNY 73.20 million, up from CNY 67.45 million in the previous year[18]. - The net cash flow from operating activities was CNY 241.31 million, down 4.97% from CNY 253.92 million in the same period last year[19]. - The basic earnings per share rose to CNY 0.12, reflecting a 9.09% increase from CNY 0.11 in the same period last year[20]. - The weighted average return on net assets increased by 0.26 percentage points to 3.42% compared to the previous year[20]. - The net profit after deducting non-recurring gains and losses decreased by 0.98% to CNY 53.05 million, primarily due to a decline in main business income[20]. - The company reported a net profit of 20,145,043.56 for the first half of 2019, with a loss from trading financial assets amounting to -2,149,748.56 and an income tax impact of -2,508,024.10[23]. - The total profit for the first half of 2019 was CNY 82,501,469.98, compared to CNY 73,786,726.26 in the previous year, indicating an increase of about 11.6%[106]. - The total comprehensive income for the first half of 2019 was CNY 73,198,891.72, compared to CNY 67,234,659.71 in the previous year, indicating an increase of about 8.7%[109]. Assets and Liabilities - The total assets of the company increased by 3.82% to CNY 3.33 billion, compared to CNY 3.20 billion at the end of the previous year[19]. - The net assets attributable to shareholders of the listed company decreased by 0.61% to CNY 2.09 billion compared to CNY 2.11 billion at the end of the previous year[19]. - Total assets as of June 30, 2019, amounted to CNY 2,209,488,237.22, an increase from CNY 2,174,488,550.01 at the end of 2018[102]. - Total liabilities as of June 30, 2019, were CNY 395,798,823.25, compared to CNY 277,484,138.23 at the end of 2018, reflecting a significant increase[103]. - The company's total current liabilities were RMB 1,045,920,723.34, up from RMB 899,622,208.01, which is an increase of approximately 16.3%[98]. - The company's total liabilities increased to RMB 1,060,258,511.50, compared to RMB 912,630,614.33, indicating a rise of about 16.2%[98]. Industry Overview - The automotive industry faced a significant decline in production and sales, with total vehicle production and sales down by 13.7% and 12.4% year-on-year, respectively, for the first half of 2019[29]. - Passenger vehicle production and sales decreased by 15.8% and 14% year-on-year, with Chinese brand passenger cars seeing a 21.7% drop in sales, accounting for 39.5% of total passenger vehicle sales[29]. - The automotive industry is experiencing a slowdown in growth due to increased vehicle ownership and government restrictions, impacting the company's performance[56]. Strategic Initiatives - The company has established a joint venture with ALFING to focus on the design, development, production, and sales of large crankshafts, expanding its product offerings[26]. - The company has introduced advanced production lines, including the Austrian AICHELIN heat treatment line and five automatic assembly lines for clutches, enhancing product quality and production efficiency[32]. - The company has implemented a smart manufacturing strategy, enhancing the application of the MES system for comprehensive real-time management of production processes[44]. - The company plans to focus on market expansion and new product development to drive future growth[104]. Risk Management - There were no significant risk events reported during the reporting period, and potential risks were discussed in the operational analysis section of the report[6]. - The company faces risks related to raw material price fluctuations, particularly in steel, which could significantly affect operational results[56]. - The company is exposed to market expansion risks as it enters new product areas, requiring strict quality control and certification from downstream manufacturers[57]. Corporate Governance - The company has committed to reducing related party transactions to avoid conflicts of interest and ensure fair pricing[64]. - The company has retained Rongcheng Accounting Firm (formerly Huapu Tianjian) for the 2019 financial audit, approved by the board and shareholders[68]. - The company’s independent directors have expressed agreement on the relevant matters regarding stock incentives and repurchase plans[70]. Cash Flow - Operating cash flow decreased by 4.97% to ¥241,306,992.97, while financing cash flow saw a significant decline of 82.91% to ¥31,288,574.67 due to increased loan repayments[49]. - Cash inflow from financing activities totaled CNY 499,000,180.00, slightly down from CNY 518,936,600.00 in the first half of 2018[111]. - The ending cash and cash equivalents balance was CNY 309,596,939.77, down from CNY 552,131,864.91 at the end of the first half of 2018[111]. Research and Development - Research and development expenses increased to CNY 8,170,574.92 in the first half of 2019, compared to CNY 6,194,394.40 in the previous year, marking a rise of about 31.9%[108]. - The company has established a robust R&D environment, recognized as a high-tech enterprise, and has developed multiple core technologies and patents[38]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period is 26,209[84]. - The largest shareholder, Fuda Holdings Group Co., Ltd., holds 412,408,011 shares, representing 69.00% of the total shares[85]. - The company has not proposed any profit distribution or capital reserve transfer for the half-year period[62].

证券代码：603166 证券简称：福达股份 公告编号：2019-024 桂林福达股份有限公司 关于参加投资者网上集体接待日活动的公告 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。 为进一步加强与投资者的互动交流，桂林福达股份有限公司（简称"公司"） 将参加由广西上市公司协会、上证所信息网络有限公司、深圳市全景网络有限公司 共同举办的"2019 年广西地区上市公司投资者网上集体接待日活动"，现将有关事 项公告如下： 本次集体接待日活动将通过上证所信息网络有限公司提供的互联网平台举行， 投资者可以登录"上证路演中心"网站（http：//roadshow.sseinfo.com ）或关注 微信公众号：上证路演中心（sse_roadshow），参与公司本次投资者集体接待日活 动，活动时间为 2019 年 5 月 28 日（星期二）14:00 至 17:00。 届时公司副总经理兼财务总监吕桂莲女士、董事会秘书张海涛先生将通过网络 在线问答互动的形式，与投资者就公司治理、发展经营情况、融资情况和可持续发 展等投资者关注的问题进行交 ...

[Important Notice](index=3&type=section&id=Item%20I.%20Important%20Notice) This section provides assurances from the company's board, supervisors, and senior management regarding the accuracy and completeness of the unaudited quarterly report - The company's board, supervisors, and senior management assure the truthfulness, accuracy, and completeness of this quarterly report[6](index=6&type=chunk) - The company's responsible persons for finance and accounting assure the truthfulness, accuracy, and completeness of the financial statements[6](index=6&type=chunk) - This Q1 2019 report remains unaudited[5](index=5&type=chunk) [Company Profile](index=3&type=section&id=Item%20II.%20Company%20Profile) This section provides an overview of the company's key financial data and shareholder information as of the report period end [Key Financial Data](index=3&type=section&id=2.1%20Key%20Financial%20Data) In Q1 2019, revenue saw a slight increase, while net profit attributable to parent company shareholders grew significantly due to government grants, despite a decline in core profitability and operating cash flow Key Financial Data for Q1 2019 | Indicator | Current Period (Yuan) | Prior Year Period (Yuan) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue (Yuan) | 383,343,468.63 | 379,230,586.68 | 1.08% | | Net Profit Attributable to Parent Company Shareholders (Yuan) | 46,222,094.91 | 38,644,802.33 | 19.61% | | Net Profit Excluding Non-recurring Gains/Losses (Yuan) | 30,847,855.26 | 31,310,350.53 | -1.48% | | Net Cash Flow from Operating Activities (Yuan) | 95,431,318.23 | 115,938,736.96 | -17.69% | | Basic Earnings Per Share (Yuan/share) | 0.077 | 0.065 | 18.46% | | Weighted Average Return on Net Assets (%) | 2.17% | 1.82% | Increase 0.35 percentage points | | **Balance Sheet Items** | **End of Current Period (Yuan)** | **End of Prior Year (Yuan)** | **Period-end vs. Year-start Change (%)** | | Total Assets (Yuan) | 3,334,187,976.60 | 3,204,856,713.32 | 4.04% | | Net Assets Attributable to Parent Company Shareholders (Yuan) | 2,153,865,645.75 | 2,106,243,450.84 | 2.26% | - The **19.61% year-over-year increase** in net profit attributable to parent company shareholders was primarily due to increased government subsidies received in the current period[6](index=6&type=chunk) - The **1.48% year-over-year decrease** in net profit excluding non-recurring gains/losses was mainly due to increased bad debt provisions resulting from a higher accounts receivable balance at period-end[6](index=6&type=chunk) Details of Non-recurring Gains and Losses | Item | Amount for Current Period (Yuan) | | :--- | :--- | | Government Grants Recognized in Current Period Profit/Loss | 18,493,189.38 | | Gains/Losses from Fair Value Changes of Financial Instruments | -930,417.71 | | Income Tax Impact | -2,166,051.41 | | **Total** | **15,374,239.65** | [Shareholder Ownership](index=5&type=section&id=2.2%20Total%20Shareholders%2C%20Top%20Ten%20Shareholders%2C%20and%20Top%20Ten%20Non-restricted%20Shareholders%20as%20of%20Report%20Period%20End) As of the report period end, the company had 24,591 shareholders, with a highly concentrated ownership structure where the controlling shareholder holds **69.00%** of shares, some of which are pledged - At the end of the reporting period, the company had a total of **24,591** common shareholders[11](index=11&type=chunk) Top Ten Shareholders' Ownership | Shareholder Name | Number of Shares Held | Percentage (%) | | :--- | :--- | :--- | | Fuda Holding Group Co Ltd | 412,408,011 | 69.00% | | Li Fuchao | 24,000,000 | 4.02% | | Lv Guilian | 6,139,600 | 1.03% | | Li Feng | 6,084,000 | 1.02% | - Controlling shareholder Fuda Holding Group Co Ltd pledged **124,550,000** of its shares[11](index=11&type=chunk) - Company executives Lv Guilian and Wang Changshun are concerted parties with the controlling shareholder; the actual controller Li Fuchao and his children Li Feng, Li Li, Li Hai, and Li Bin are also concerted parties[11](index=11&type=chunk) [Preferred Shareholder Information](index=5&type=section&id=2.3%20Total%20Preferred%20Shareholders%2C%20Top%20Ten%20Preferred%20Shareholders%2C%20and%20Top%20Ten%20Non-restricted%20Preferred%20Shareholders%20as%20of%20Report%20Period%20End) At the end of the reporting period, the company had no preferred shareholders - The company had no preferred shareholders during this reporting period[11](index=11&type=chunk) [Significant Matters](index=6&type=section&id=Item%20III.%20Significant%20Matters) This section details significant changes in key financial items and indicators, along with updates on major events and commitments [Analysis of Significant Changes in Key Financial Statement Items and Indicators](index=6&type=section&id=3.1%20Significant%20Changes%20and%20Reasons%20for%20Key%20Financial%20Statement%20Items%20and%20Indicators) During the reporting period, significant changes occurred across several financial items, including substantial increases in cash, other receivables, taxes payable, and asset impairment losses, while investment income and investing cash flow significantly decreased, and financing cash flow substantially increased Significant Changes in Financial Indicators | Item | Change (%) | Primary Reason | | :--- | :--- | :--- | | Cash and Cash Equivalents | 38.95% | Increase in bank loans in current period | | Other Receivables | 249.93% | Increase in prepaid social security and housing funds, and employee advances in current period | | Taxes Payable | 137.21% | Increase in VAT and surtaxes payable | | Asset Impairment Losses | 301.37% | Increase in bad debt provisions due to higher accounts receivable balance | | Investment Income | -277.85% | Loss from equity method accounting for joint ventures in current period | | Net Cash Flow from Investing Activities | -641.88% | Recovery of wealth management products in prior year period | | Net Cash Flow from Financing Activities | 161.91% | New bank loans received in current period | [Progress of Significant Matters](index=7&type=section&id=3.2%20Analysis%20of%20Progress%2C%20Impact%2C%20and%20Solutions%20for%20Significant%20Matters) During the reporting period, the company had no significant matters requiring disclosure of progress - The company had no significant matters requiring explanation of progress during this reporting period[15](index=15&type=chunk) [Fulfillment of Commitments](index=7&type=section&id=3.3%20Commitments%20Overdue%20and%20Unfulfilled%20During%20the%20Reporting%20Period) During the reporting period, the company had no overdue and unfulfilled commitments - The company had no overdue and unfulfilled commitments during this reporting period[15](index=15&type=chunk) [Performance Forecast and Warning](index=7&type=section&id=3.4%20Warning%20and%20Explanation%20Regarding%20Potential%20Loss%20or%20Significant%20Change%20in%20Cumulative%20Net%20Profit%20from%20Year-start%20to%20End%20of%20Next%20Reporting%20Period) The company has not issued a forecast for potential loss or significant change in cumulative net profit from year-start to the end of the next reporting period - The company has not issued a warning regarding significant changes in cumulative net profit from year-start to the end of the next reporting period[16](index=16&type=chunk) [Appendix](index=8&type=section&id=Item%20IV.%20Appendix) This section includes the unaudited financial statements for Q1 2019, details on new accounting standard implementation, and the audit report status [Financial Statements](index=8&type=section&id=4.1%20Financial%20Statements) This section presents the company's unaudited consolidated and parent company financial statements for Q1 2019, including balance sheets, income statements, and cash flow statements [Consolidated Balance Sheet](index=8&type=section&id=Consolidated%20Balance%20Sheet) As of March 31, 2019, total assets were **3.33 billion Yuan**, total liabilities were **1.18 billion Yuan** driven by short-term borrowings, and total equity attributable to parent company shareholders was **2.15 billion Yuan** Consolidated Balance Sheet Summary (March 31, 2019) | Item | Period-end Balance (Yuan) | Year-start Balance (Yuan) | | :--- | :--- | :--- | | Total Assets | 3,334,187,976.60 | 3,204,856,713.32 | | Total Liabilities | 1,180,322,330.85 | 1,098,613,262.48 | | Total Equity Attributable to Parent Company Shareholders | 2,153,865,645.75 | 2,106,243,450.84 | [Parent Company Balance Sheet](index=10&type=section&id=Parent%20Company%20Balance%20Sheet) As of March 31, 2019, parent company total assets were **2.24 billion Yuan**, total liabilities were **338 million Yuan** due to increased short-term borrowings and other payables, and total owner's equity was **1.90 billion Yuan** Parent Company Balance Sheet Summary (March 31, 2019) | Item | Period-end Balance (Yuan) | Year-start Balance (Yuan) | | :--- | :--- | :--- | | Total Assets | 2,236,800,581.19 | 2,174,488,550.01 | | Total Liabilities | 337,743,275.42 | 277,484,138.23 | | Total Owner's Equity | 1,899,057,305.77 | 1,897,004,411.78 | [Consolidated Income Statement](index=13&type=section&id=Consolidated%20Income%20Statement) In Q1 2019, total operating revenue reached **383 million Yuan**, operating profit was **52.26 million Yuan**, and net profit attributable to parent company shareholders was **46.22 million Yuan**, primarily due to government grants Consolidated Income Statement Summary (Q1 2019) | Item | Amount for Current Period (Yuan) | Amount for Prior Period (Yuan) | | :--- | :--- | :--- | | Total Operating Revenue | 383,343,468.63 | 379,230,586.68 | | Operating Profit | 52,260,443.74 | 42,567,363.56 | | Total Profit | 52,259,690.53 | 42,597,007.74 | | Net Profit | 46,222,094.91 | 38,644,802.33 | | Net Profit Attributable to Parent Company Shareholders | 46,222,094.91 | 38,644,802.33 | [Parent Company Income Statement](index=15&type=section&id=Parent%20Company%20Income%20Statement) In Q1 2019, parent company operating revenue reached **101 million Yuan**, but operating profit was only **0.14 million Yuan** and net profit was **0.65 million Yuan** due to increased expenses and investment losses Parent Company Income Statement Summary (Q1 2019) | Item | Amount for Current Period (Yuan) | Amount for Prior Period (Yuan) | | :--- | :--- | :--- | | Operating Revenue | 100,941,207.23 | 91,206,908.75 | | Operating Profit | 142,433.03 | 2,756,697.24 | | Total Profit | 142,429.82 | 2,776,558.78 | | Net Profit | 652,793.99 | 2,928,011.39 | [Consolidated Cash Flow Statement](index=16&type=section&id=Consolidated%20Cash%20Flow%20Statement) In Q1 2019, net cash flow from operating activities was **95.43 million Yuan**, investing activities resulted in a net outflow of **60.50 million Yuan**, and financing activities generated a net inflow of **53.64 million Yuan** primarily from bank borrowings Consolidated Cash Flow Statement Summary (Q1 2019) | Item | Amount for Current Period (Yuan) | Amount for Prior Period (Yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 95,431,318.23 | 115,938,736.96 | | Net Cash Flow from Investing Activities | -60,502,717.97 | 11,165,397.84 | | Net Cash Flow from Financing Activities | 53,640,662.16 | -86,639,971.89 | | Net Increase in Cash and Cash Equivalents | 88,569,262.42 | 40,464,158.06 | [Parent Company Cash Flow Statement](index=18&type=section&id=Parent%20Company%20Cash%20Flow%20Statement) In Q1 2019, parent company operating activities resulted in a net cash outflow of **9.98 million Yuan**, investing activities a net outflow of **14.14 million Yuan**, and financing activities a net inflow of **30.96 million Yuan** Parent Company Cash Flow Statement Summary (Q1 2019) | Item | Amount for Current Period (Yuan) | Amount for Prior Period (Yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -9,977,973.55 | -12,582,457.92 | | Net Cash Flow from Investing Activities | -14,144,417.03 | 4,058,883.67 | | Net Cash Flow from Financing Activities | 30,964,962.50 | 10,079,687.54 | | Net Increase in Cash and Cash Equivalents | 6,842,571.92 | 1,556,113.29 | [Implementation of New Accounting Standards](index=19&type=section&id=4.2%20Adjustments%20to%20Financial%20Statements%20at%20Year-start%20Upon%20First-time%20Adoption%20of%20New%20Financial%20Instruments%2C%20Revenue%2C%20and%20Lease%20Standards) During this reporting period, the company did not adopt new financial instrument, revenue, or lease standards, thus no adjustments were made to year-start financial statements - During the reporting period, the company did not adjust year-start financial statements due to the first-time adoption of new financial instrument, revenue, or lease standards[37](index=37&type=chunk) [Audit Report](index=19&type=section&id=4.3%20Audit%20Report) This quarterly report is unaudited - This quarterly financial report is unaudited[37](index=37&type=chunk)

Financial Performance - The company achieved a consolidated net profit of CNY 112,119,782.66 for the year 2018, a decrease of 17.62% compared to CNY 136,094,605.68 in 2017[5] - The total operating revenue for 2018 was CNY 1,404,809,777.12, representing a year-on-year increase of 5.35% from CNY 1,333,530,289.80 in 2017[20] - The company's basic earnings per share decreased by 17.39% to CNY 0.19 in 2018 compared to CNY 0.23 in 2017[21] - Net profit for the reporting period decreased by 17.62% year-on-year, while net profit excluding non-recurring gains increased by 4.07%[21] - The weighted average return on equity decreased by 1.14 percentage points to 5.34% in 2018 from 6.48% in 2017[21] - The net profit attributable to shareholders was 112.12 million yuan, a decrease of 17.62% year-on-year, primarily due to a previous year's investment income of 27.32 million yuan from the transfer of equity[49] Cash Flow and Dividends - The net cash flow from operating activities for 2018 was CNY 314,192,905.06, a significant increase of 3,564.51% compared to CNY 8,573,935.23 in 2017[20] - The company plans to distribute a cash dividend of CNY 1.5 per 10 shares, totaling CNY 89,657,806.50, based on a total share capital of 597,718,710 shares[5] - In 2018, the cash dividend per 10 shares was 1.50 RMB, amounting to 89,657,806.50 RMB, representing 79.97% of the net profit attributable to ordinary shareholders[128] - The company has a cash dividend policy that mandates a minimum of 15% of distributable profits to be paid out as cash dividends, with higher percentages during periods of no major capital expenditures[125] Assets and Liabilities - The total assets of the company at the end of 2018 were CNY 3,204,856,713.32, reflecting a 1.40% increase from CNY 3,160,703,517.88 at the end of 2017[20] - The company's net assets attributable to shareholders at the end of 2018 were CNY 2,106,243,450.84, a slight decrease of 0.13% from CNY 2,108,886,535.18 in 2017[20] - The total liabilities increased by 4.45% year-on-year to 1,098,613,262.48, accounting for 34.28% of total equity and liabilities[77] - Total current liabilities amounted to 899,622,208.01, representing 28.07% of total liabilities, an increase of 6.83% from the previous year[77] Production and Sales - In 2018, the company's automotive production and sales reached 27.81 million and 28.08 million units, respectively, representing a year-on-year decline of 4.2% and 2.8%[34] - Passenger vehicle production and sales were 23.53 million and 23.71 million units, down 5.2% and 4.1% year-on-year, accounting for 84.6% and 84.4% of total automotive production and sales[35] - New energy vehicle production and sales reached 1.27 million and 1.256 million units, showing significant growth of 59.9% and 61.7% year-on-year[35] - Commercial vehicle production and sales were 4.28 million and 4.371 million units, with year-on-year growth of 1.7% and 5.1%, although the growth rate has slowed down significantly[35] Market Position and Strategy - The company is expanding its customer base to include both domestic and international clients, moving beyond just domestic vehicle manufacturers[30] - The company maintains a strong competitive advantage in the production of engine crankshafts, automotive clutches, and precision forgings, supported by advanced technology and equipment[37] - The company has established a competitive geographical advantage due to its proximity to major clients in Guangxi, resulting in lower logistics costs[44] - The company is focusing on upgrading its fastener products from low-end to high-end due to overcapacity in low-end standard parts and high raw material prices[103] Research and Development - Research and development expenses amounted to CNY 68.43 million, a slight decrease of 2.57% compared to the previous year[60] - The company applied for 33 patents in 2018, including 11 invention patents, and achieved a technical cost reduction benefit of over 6 million yuan[51] - The company has been recognized as a high-tech enterprise and has developed several key technologies and patents, enhancing its R&D capabilities[45] Environmental and Social Responsibility - The company was recognized as one of the first "Green Manufacturing Demonstration Factories" in Guangxi Zhuang Autonomous Region in 2018[154] - The company has prioritized environmental management in its long-term planning, increasing investments in environmental protection and upgrading production lines[154] - The company completed poverty alleviation contributions totaling RMB 625,000, primarily for agricultural product purchases and donations in Guilin Sanjiang and Longsheng regions[149] Governance and Management - The company’s leadership team includes experienced professionals with backgrounds in engineering, finance, and management, enhancing its operational capabilities[177] - The board of directors consists of 2 internal directors, 2 directors from Fuda Group, 2 external non-independent directors, and 3 independent directors[194] - The company has established and continuously improved the evaluation and incentive mechanism for senior management[200] - The total pre-tax remuneration for all directors and senior management amounted to 5.4402 million yuan for the reporting period[176]