2021 年第一季度报告 公司代码：603178 公司简称：圣龙股份 宁波圣龙汽车动力系统股份有限公司 2021 年第一季度报告 二〇二一年四月 1 / 20 2021 年第一季度报告 í 二、 11Í 四、 目录 | --- | |----------------| | | | 重要提示 . | | 公司基本情况 . | | 重要事项 . | | 附录 . | 2 / 20 2021 年第一季度报告 单位：元 币种：人民币 一、 重要提示 1.1 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、误导性陈述或者重大遗漏，并承担个别和连带的法律责任。 1.2 公司全体董事出席董事会审议季度报告。 1.3 公司负责人罗玉龙、主管会计工作负责人张勇及会计机构负责人（会计主管人员）刘新华保 证季度报告中财务报表的真实、准确、完整。 1.4 本公司第一季度报告未经审计。 二、 公司基本情况 2.1 主要财务数据 | --- | --- | --- | --- | |-------------------------------------------------|--- ...

Financial Performance - The company's operating revenue for the first half of 2020 was CNY 508.32 million, a decrease of 4.37% compared to CNY 531.54 million in the same period last year[22]. - The net profit attributable to shareholders of the listed company was CNY 16.72 million, a significant recovery from a net loss of CNY 48.40 million in the previous year[22]. - The net cash flow from operating activities increased by 59.40%, reaching CNY 101.17 million compared to CNY 63.47 million in the same period last year[22]. - The total assets at the end of the reporting period were CNY 1.87 billion, a decrease of 2.74% from CNY 1.93 billion at the end of the previous year[22]. - The net assets attributable to shareholders of the listed company increased by 2.02%, amounting to CNY 633.73 million compared to CNY 621.17 million at the end of the previous year[22]. - Basic earnings per share for the first half of 2020 were CNY 0.08, a recovery from a loss of CNY 0.24 per share in the same period last year[25]. - The weighted average return on net assets increased by 8.60 percentage points to 2.66% compared to -5.94% in the previous year[25]. - The company achieved a significant reduction in management costs, with a decrease of 5.85% in management expenses compared to the previous year[60]. - Research and development expenses decreased by 34.37% to CNY 22,916,816.11, reflecting cost control measures[60]. - The company reported a 125.04% increase in other income, primarily from the forgiveness of a portion of the PPP loan[60]. Operational Developments - The company has become the exclusive supplier for the global BEV3 platform oil pump project, indicating a shift towards integrated product development[30]. - The company has achieved mass production of the 9-speed automatic transmission oil pump for SAIC General, filling a domestic gap in high-performance components[31]. - The company is actively developing electric drive systems and components for hybrid and pure electric vehicles, leveraging its experience in pump and core component technologies[32]. - The company has established a complete business process from customer planning to final performance testing, ensuring efficient production based on customer orders[36]. - The company has set up two R&D centers in Ningbo, China, and Michigan, USA, enhancing its international technical development capabilities[41]. - The company has completed a total of 56 technology achievements, including 4 national torch plan projects and 52 municipal new products as of June 30, 2020[44]. - The company holds 49 domestic invention patents and 136 utility model patents, along with 18 invention patents from countries such as the USA, Germany, Japan, and France[44]. - The company has established long-term technical cooperation with various research institutions and enterprises, including Tsinghua University and Tongji University, to enhance its research capabilities[43]. - The company has developed core technologies with independent intellectual property rights, focusing on energy-saving and intelligent components, which are widely applied in mainstream products[43]. - The company has entered the global supply chain of renowned automotive brands such as Ford, General Motors, and Jaguar Land Rover, establishing stable long-term partnerships[48]. Market Conditions - The automotive industry in China saw a decline in production and sales in the first half of 2020, with a total of 10.11 million vehicles produced, down 16.8% year-on-year[39]. - The production and sales of new energy vehicles in the first half of 2020 were 397,000 and 393,000 units, respectively, reflecting a year-on-year decline of 36.5% and 37.4%[39]. - The company focused on enhancing performance management and optimizing project delivery to counteract industry challenges[56]. - The company is actively diversifying its customer base, engaging with new entrants in the automotive sector[56]. Financial Position - Cash and cash equivalents at the end of the period amounted to 199.06 million, a decrease of 10.05% compared to the same period last year[63]. - Accounts receivable increased by 16.90% to 242.23 million, primarily due to changes in sales revenue[63]. - Long-term equity investments rose by 33.66% to 133.25 million, attributed to increased profits from associated companies[66]. - The balance of inventory decreased by 4.25% to 186.66 million, mainly due to a reduction in product costs[63]. - Accounts payable increased significantly by 380.85% to 105.42 million, driven by higher bank acceptance amounts payable to suppliers[66]. - The company reported a 64.95% decrease in undistributed profits, amounting to 78.11 million, primarily due to losses in the previous year[66]. - The balance of construction in progress decreased by 44.27% to 172.86 million, as projects were transferred to fixed assets[66]. - The company expects to achieve a turnaround in net profit for the next reporting period, with significant growth anticipated due to improved gross margins on camshaft and transmission parts, as well as increased investment income[74]. Shareholder and Governance Matters - The company has committed to not transferring or entrusting the management of its shares for 36 months from the date of the IPO, including any derived shares[87]. - If the closing price of the company's stock is below the IPO price for 20 consecutive trading days within six months post-IPO, the lock-up period will automatically extend for an additional six months[86]. - The company will not engage in any business that directly or indirectly competes with its main operations, ensuring no conflicts of interest[89]. - The company guarantees that it will not utilize related transactions to transfer profits away from the company or harm the interests of other shareholders[92]. - The company has pledged to repurchase shares if any false statements or omissions are found in the IPO prospectus, ensuring investor protection[93]. - The company will limit any share transfers by directors and senior management to no more than 25% of their total holdings per year during their tenure[86]. - The company will not repurchase shares during the lock-up period, ensuring stability in shareholding[87]. - The company will announce any planned share reductions three trading days in advance, adhering to regulatory requirements[88]. - The company will implement stock repurchase measures if the stock price falls below the net asset value for 20 consecutive trading days[104]. - The total amount used for stock repurchase will not exceed 50% of the previous year's net profit attributable to the parent company[106]. Compliance and Legal Matters - The company has not faced any significant litigation or arbitration matters during the reporting period[112]. - The company has not received any administrative penalties related to the securities market during the reporting period[112]. - The company has not disclosed any significant changes in accounting policies or estimates during the reporting period[126]. - The company has not reported any environmental issues or significant changes in environmental information during the reporting period[126].

Financial Performance - The company's operating revenue for 2019 was approximately ¥1.22 billion, a decrease of 6.87% compared to ¥1.31 billion in 2018[22]. - The net profit attributable to shareholders for 2019 was a loss of approximately ¥209.61 million, compared to a profit of ¥38.13 million in 2018[23]. - The basic earnings per share for 2019 was -¥1.04, down from ¥0.19 in 2018, indicating a significant decline in profitability[23]. - The weighted average return on equity for 2019 was -28.68%, a decrease of 33.31 percentage points from 4.63% in 2018[23]. - The net cash flow from operating activities for 2019 was approximately ¥170.71 million, down 20.09% from ¥213.63 million in 2018[22]. - The company's total assets at the end of 2019 were approximately ¥1.93 billion, a decrease of 8.10% from ¥2.10 billion at the end of 2018[22]. - The gross margin decreased by 39.46%, with a current gross margin of 11.04%[80]. - Sales revenue from engine oil pumps decreased by 10.34%, while sales revenue from transmission oil pumps decreased by 23.39%[82]. - The revenue from transmission parts increased significantly by 712.86%[82]. - The company reported an asset impairment loss of CNY 164.44 million, primarily due to a decline in customer sales and market conditions[79]. Audit and Compliance - The company received a standard unqualified audit report from Tianjian Accounting Firm[8]. - The company has no non-operating fund occupation by controlling shareholders or related parties[10]. - The company has no violations in decision-making procedures for providing guarantees[10]. - The company has passed multiple quality management system certifications, including ISO/TS 16949:2012 and ISO 14001:2004, enhancing product competitiveness[57]. Research and Development - The company has developed a range of products including engine oil pumps and electronic oil pumps, which are now in the validation and system integration stages[31]. - The company is actively pursuing opportunities in the new energy vehicle sector, collaborating with research institutions to accelerate product validation for hybrid and electric vehicles[32]. - The company has established a national-level high-tech enterprise and has R&D centers in both China and the U.S., focusing on automotive powertrain lubrication systems and key components for automatic transmissions[44]. - The company has completed a total of 51 technology achievements, including 4 national torch plan projects and 47 municipal new products by December 31, 2019[49]. - The company holds 48 domestic invention patents and 136 domestic utility model patents, along with 17 invention patents from countries such as the USA, Germany, Japan, and France[49]. - The company has established a modern product design and verification method using digital design software like AutoCAD and Catia, ensuring quality and reducing development cycles[50]. - The company has enhanced its CAE analysis capabilities, achieving structural strength, fluid simulation, and electromagnetic field simulation, and has integrated CAE analysis into the product development process[50]. Market and Industry Trends - In 2019, global automotive sales reached 91.3 million units, a year-on-year decline of 3.95%[37]. - In China, automotive production and sales were 25.72 million and 25.77 million units respectively, with year-on-year declines of 7.5% and 8.2%[38]. - The automotive parts industry is under pressure due to declining vehicle sales, with manufacturers demanding higher quality and cost control[43]. - The automotive market in China still has considerable growth potential, with a relatively low vehicle ownership rate compared to developed countries[121]. - The automotive parts industry in China is expected to continue growing, with significant opportunities for innovation and structural adjustments[121]. Production and Operations - The company employs a "make-to-order" production model, aligning production with customer orders to enhance efficiency[34]. - The company has established a stable global supply chain system, leveraging long-term relationships with key raw material suppliers to reduce procurement costs and mitigate the pressure of declining customer prices[58]. - The production scale of the company's engine oil pumps is at a leading position domestically, with significant benefits from large-scale production[58]. - The company has implemented lean production methods, achieving operational cost savings exceeding 30 million in 2019 through various improvement projects[65]. - The production capacity for the 8F35 and 8F24 transmission parts has increased from 11,000 sets/month to 18,000 sets/month due to effective line layout and process improvements[65]. - The GF9 transmission oil pump project has achieved a production capacity increase from the forecasted 180,000 units/year to 240,000 units/year, with plans to further increase to 450,000 units/year by the end of 2020[70]. Customer and Supplier Relations - The company has entered the global supply chain of renowned automotive brands, establishing long-term stable partnerships with major manufacturers like Ford, General Motors, and Jaguar Land Rover[55]. - The company has a diversified customer base across North America, Germany, the UK, Japan, South Korea, and Australia, reducing operational risks from market fluctuations[55]. - The company’s top five customers contributed CNY 94,816.53 million, accounting for 83.07% of total annual sales[94]. - The company’s top five suppliers accounted for CNY 28,497.96 million, representing 41.62% of total annual purchases[94]. Financial Strategy and Dividend Policy - The company emphasizes a stable profit distribution policy, prioritizing cash dividends while considering sustainable growth[146]. - The company plans to distribute cash dividends, maintaining a minimum of 20% of the distributable profit for the year[147]. - The company distributed a cash dividend of 0.6 RMB per 10 shares for the 2018 fiscal year, totaling 12,192,600 RMB, which is 31.98% of the net profit attributable to shareholders[153]. - The company ensures consistency and stability in its dividend distribution policy, adjusting only under significant changes in operational conditions[152]. Risks and Challenges - The company faces risks from fluctuations in downstream product demand, which could adversely affect performance[134]. - The company is at risk of significant performance decline due to the rapid expansion of investment and potential downturns in core customer demand[137]. - The company plans to focus on cost control and efficiency improvements in response to the current market challenges[76]. Corporate Governance - The company will not engage in any business that directly or indirectly competes with its main operations, ensuring no conflicts of interest[174]. - The company guarantees that there are no significant related transactions with the issuer, except for those already disclosed[175]. - The company commits to maintaining the independence of the issuer in terms of assets, personnel, finance, business, and organization[175].

Financial Performance - Operating revenue for the first quarter was CNY 247,295,906.41, down 11.39% from CNY 279,089,493.34 in the same period last year[10] - Net profit attributable to shareholders was CNY 653,011.56, a significant recovery from a loss of CNY 26,702,918.47 in the previous year[10] - Cash flow from operating activities was CNY 70,957,436.63, compared to a negative cash flow of CNY -19,488,671.52 in the same period last year[10] - The weighted average return on equity increased by 3.33 percentage points to 0.11% from -3.22% in the previous year[10] - The basic earnings per share for the first quarter was CNY 0.0032, compared to a loss of CNY -0.1314 in the same period last year[10] - Operating profit increased by 30,573,767.73, resulting in a significant improvement compared to the previous year's loss[16] - Net profit reached 24,443.21, a turnaround from a loss of 29,153,687.00 in the previous year[16] - Total profit increased by 30,555,546.04, reflecting improved product margins and reduced operating expenses[16] - Net profit increased by CNY 29.18 million compared to the same period last year, mainly due to increased product gross profit and reduced period expenses[17] - The net profit attributable to the parent company increased by CNY 27.36 million, primarily driven by increased product gross profit and reduced period expenses[18] Cash Flow and Liquidity - Cash flow from operating activities showed a significant improvement, reaching 70,957,436.63 compared to a negative cash flow in the previous year[18] - Cash inflow from financing activities increased by CNY 64.42 million, a growth of 183.57%, mainly due to new bank loans[41] - Cash outflow from financing activities increased by CNY 121.92 million, a rise of 813.97%, primarily due to debt repayment[44] - Cash received from other operating activities decreased by CNY 4.77 million, a decline of 48.18%, mainly due to reduced government subsidies[27] - Cash and cash equivalents increased to CNY 169.39 million from CNY 141.97 million year-on-year[31] - Cash and cash equivalents increased from 71,094,219.42 to 115,210,509.76, an increase of approximately 62%[36] - The cash flow from operating activities in Q1 2020 was approximately ¥70.96 million, compared to a negative cash flow of ¥19.49 million in Q1 2019[58] - The total cash inflow from operating activities was approximately ¥306.92 million in Q1 2020, an increase from ¥271.11 million in Q1 2019[58] - The total cash outflow from operating activities was approximately ¥235.97 million in Q1 2020, down from ¥290.60 million in Q1 2019[58] - The financing activities generated a net cash outflow of approximately ¥37.39 million in Q1 2020, contrasting with a net inflow of ¥20.11 million in Q1 2019[58] Assets and Liabilities - Total assets at the end of the reporting period were CNY 1,898,178,106.3, a decrease of 1.47% compared to the end of the previous year[10] - Total liabilities decreased from 1,296,840,378.55 to 1,268,402,346.39, a reduction of about 2.2%[36] - Current liabilities decreased from 1,145,254,682.93 to 1,115,704,918.20, a reduction of about 2.6%[34] - Total assets decreased from 1,926,418,217.18 to 1,898,178,106.38, a decline of approximately 1.5%[34] - Accounts receivable increased by 4,109,228.73, a rise of 71.28% compared to the previous year, mainly due to increased customer acceptance payments[16] - Inventory increased from 80,816,334.10 to 88,636,784.57, an increase of approximately 9.5%[40] - Long-term equity investments increased from 363,829,277.92 to 374,595,842.27, an increase of about 3.5%[40] - Non-current liabilities decreased from 151,585,695.62 to 152,697,428.19, an increase of approximately 0.7%[36] Shareholder Information - The number of shareholders at the end of the reporting period was 14,793[12] - The largest shareholder, Ningbo Shenglong (Group) Co., Ltd., held 60.79% of the shares[12] Research and Development - Research and development expenses decreased by 5,619,691.48, a reduction of 30.45%, attributed to cost control measures[16] - The company's research and development expenses in Q1 2020 were approximately ¥6.63 million, down 36.5% from ¥10.47 million in Q1 2019[53] Government Subsidies - Government subsidies recognized in the current period amounted to CNY 3,203,506.39[12] Forecast and Market Conditions - The company forecasts a potential cumulative net loss for the year due to a significant decline in domestic automobile production and sales, with a year-on-year drop of 45.2% and 42.4% respectively[27]

Financial Performance - Operating income for the period was CNY 818,831,906.39, representing an 18.66% decrease compared to the same period last year[11]. - Net profit attributable to shareholders of the listed company was a loss of CNY 95,992,273.76, compared to a profit of CNY 43,277,202.12 in the same period last year[11]. - Basic earnings per share were CNY -0.47, compared to CNY 0.21 in the same period last year[13]. - The weighted average return on net assets was -12.17%, a decrease of 17.39 percentage points compared to the previous year[13]. - Total net profit was -130.67 million, a decrease of 174.81 million compared to the previous period[25]. - The total comprehensive income attributable to the parent company was -94.91 million, a decrease of 140.47 million compared to the previous period[25]. - Net profit attributable to the parent company decreased by 13,926.95 thousand yuan compared to the same period last year, primarily due to reduced sales revenue and increased impairment losses[26]. - The total comprehensive income attributable to the parent company decreased by 14,046.94 thousand yuan compared to the same period last year, mainly due to reduced sales revenue and increased impairment losses[32]. - The company reported a total comprehensive loss of ¥70,059,131.75 for Q3 2019, compared to a comprehensive income of ¥11,013,990.20 in Q3 2018[63]. Assets and Liabilities - Total assets at the end of the reporting period were CNY 2,006,760,203.16, a decrease of 4.27% compared to the end of the previous year[11]. - Net assets attributable to shareholders of the listed company were CNY 736,022,376.17, down 12.70% year-on-year[11]. - Total liabilities increased to ¥1,260,905,685.93 from ¥1,208,684,677.07, marking an increase of approximately 4.3%[46]. - Owner's equity attributable to shareholders decreased to ¥736,022,376.17 from ¥843,125,409.38, a decline of about 12.7%[46]. - Non-current liabilities increased to ¥138,740,306.76 from ¥76,387,292.99, indicating a growth of approximately 81.6%[46]. - Long-term borrowings increased by 2064.46% compared to the beginning of the year, mainly due to new project loans[9]. - Short-term borrowings increased by 35.28% from the beginning of the year, mainly due to the use of short-term borrowings to repay long-term borrowings due within one year[23]. Cash Flow - Net cash flow from operating activities was CNY 42,869,901.60, down 72.12% year-on-year[11]. - The net cash flow from operating activities decreased by 72.12% compared to the same period last year, mainly due to reduced operating income and the impact of overdue payments[38]. - Cash inflow from operating activities totaled ¥390,141,294.05, a decrease of 15.2% compared to ¥460,192,114.70 in the previous year[77]. - Net cash flow from operating activities was ¥28,991,498.21, a significant improvement from a loss of ¥3,397,783.41 in the same period last year[77]. - Cash inflow from investment activities amounted to ¥176,252,290.42, compared to ¥86,894,646.56 in the previous year, marking a 102.5% increase[77]. - The company received ¥158,176,766.83 from investment recoveries, significantly higher than the ¥85,000,000.00 received in the previous year[77]. Shareholder Information - The total number of shareholders at the end of the reporting period was 12,053[19]. - The largest shareholder, Ningbo Shenglong Group Co., Ltd., held 60.38% of the shares[20]. Other Financial Metrics - Accounts receivable decreased by 45.07% from the beginning of the year, primarily due to a decline in revenue[23]. - Prepayments decreased by 52.22% from the beginning of the year, mainly due to a reduction in prepayments[23]. - Other receivables decreased by 49.96% from the beginning of the year, primarily due to the recovery of social security refunds[23]. - Construction in progress decreased by 38.97% from the beginning of the year, mainly due to the transfer of construction in progress to fixed assets[23]. - Development expenditures decreased by 58.26% from the beginning of the year, primarily due to the transfer of development expenditures to intangible assets[23]. - Deferred income rose by 51.74% compared to the beginning of the year, primarily due to government subsidies received[10]. - Other comprehensive income surged by 365.28% compared to the beginning of the year, mainly due to fluctuations in the USD exchange rate[12].

Financial Performance - The company's operating revenue for the first half of the year was ¥531,535,413.60, a decrease of 21.39% compared to the same period last year [27]. - The net profit attributable to shareholders was a loss of ¥48,395,790.65, compared to a profit of ¥32,481,466.14 in the previous year [27]. - The net cash flow from operating activities was ¥63,470,890.95, down 46.04% from ¥117,632,214.88 in the same period last year [27]. - Basic earnings per share were -¥0.24, compared to ¥0.16 in the same period last year [27]. - The company reported a significant decrease in asset impairment losses, which fell by 696.11% to -¥16,428,637.32 from ¥2,755,952.25 in the previous year [65]. - The company reported a net loss attributable to shareholders of RMB -48,539,418.59, compared to a profit of RMB 32,969,779.58 in the previous period, indicating a significant decline in performance [180]. - Total comprehensive income for the period was RMB -59,527,402.89, down from RMB 35,411,509.29 in the same period last year, reflecting a challenging financial environment [180]. Revenue and Sales - The overall automotive parts industry is experiencing significant pressure, with a general decline in production and sales [38]. - In the first half of 2019, the production and sales of passenger cars in China reached 9.978 million and 10.127 million units, respectively, representing a year-on-year decline of 15.8% and 14% [40]. - Changan Ford's sales dropped by 67% to 75,200 units, while Dongfeng Motor's sales fell by 60.05% to 63,000 units in the same period [61]. - The company's major products include engine oil pumps, camshafts, and transmission oil pumps, with performance directly impacted by the production and sales of passenger vehicles [82]. Research and Development - The company continues to focus on R&D and product upgrades in the automotive powertrain component sector, maintaining its role as a primary supplier to major automotive manufacturers [35]. - The company has established a national-level technology center recognized by various government departments, enhancing its R&D capabilities [44]. - As of June 30, 2019, the company completed 51 technology achievements, including 45 domestic invention patents and 17 international patents [45]. - The company has formed strategic partnerships with research institutions like Tsinghua University to advance the development of electric drive systems for new energy vehicles [49]. - The company emphasizes quality over quantity in product development, adapting to market demands and avoiding blind expansion [40]. Cash Flow and Financing - The company's cash and cash equivalents increased by 51.59% to ¥221,311,900.75 from ¥145,993,139.59 at the end of the previous period [71]. - Short-term borrowings increased by 43.03% to ¥799,160,299.38 from ¥558,732,635.78 year-on-year [71]. - Financial expenses increased by 42.25% to ¥20,143,695.05, primarily due to increased capital expenditures for new projects [67]. - The company reported a significant increase in short-term borrowings, rising to RMB 608,000,000.00 from RMB 412,000,000.00, an increase of 47.6% [172]. Market Challenges - The company faced challenges due to a decrease in sales volume of key products like camshafts and oil pumps, attributed to market conditions affecting major customers [30]. - The company predicts a cumulative net profit loss for the period from the beginning of the year to the next reporting period due to unfavorable market conditions, with overall vehicle production and sales having declined for 12 consecutive months [81]. - The company faces risks from high customer concentration, as its primary clients are major automotive manufacturers, making it vulnerable to changes in their purchasing behavior [82]. - Rapid expansion of investment to meet core customer demand may adversely affect the company's performance if demand from these customers declines [83]. Corporate Governance and Compliance - The company has committed to a 36-month lock-up period for shares held by major shareholders, including Saint Dragon Group and actual controllers, starting from the date of the company's IPO [93]. - The company has confirmed that all commitments related to resolving competition and related transactions have been strictly adhered to [93]. - The company has maintained its independence in operations, personnel, and finances, avoiding any actions that could compromise its independence [103]. - The company has a long-term commitment to maintaining the integrity of its financial practices and ensuring compliance with relevant regulations [101]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 14,005 [143]. - The largest shareholder, Ningbo Shenglong (Group) Co., Ltd., held 122,698,500 shares, accounting for 60.38% of total shares [143]. - There were no changes in the total number of shares or share capital structure during the reporting period [143]. - The company did not experience any changes in controlling shareholders or actual controllers during the reporting period [151].

2019 年第一季度报告 公司代码：603178 公司简称：圣龙股份 宁波圣龙汽车动力系统股份有限公司 2019 年第一季度报告 1 / 29 2019 年第一季度报告 í 二、 11Í 四、 目录 | --- | |----------------| | | | 重要提示 . | | 公司基本情况 . | | 重要事项 . | | 附录 . | 2 / 29 2019 年第一季度报告 2.1 主要财务数据 单位：元 币种：人民币 3 / 29 一、 重要提示 1.1 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、误导性陈述或者重大遗漏，并承担个别和连带的法律责任。 1.2 公司全体董事出席董事会审议季度报告。 1.3 公司负责人罗玉龙、主管会计工作负责人钱毅及会计机构负责人（会计主管人员）许萍保证 季度报告中财务报表的真实、准确、完整。 1.4 本公司第一季度报告未经审计。 | --- | --- | --- | --- | --- | |-------------------------------------------------|--------- ...

Financial Performance - The company achieved a net profit attributable to shareholders of RMB 38,129,563.25 in 2018, with a proposed cash dividend of RMB 0.6 per share, totaling RMB 12,192,600.00[4] - The retained earnings available for distribution at the end of 2018 amounted to RMB 283,481,465.97 after accounting for the cash dividends paid[4] - The company plans to allocate 10% of the net profit to statutory surplus reserves, amounting to RMB 2,277,176.72[4] - The company's operating revenue for 2018 was approximately ¥1.31 billion, a decrease of 16.81% compared to ¥1.58 billion in 2017[23] - The net profit attributable to shareholders for 2018 was approximately ¥38.13 million, down 59.64% from ¥94.48 million in 2017[23] - The net profit after deducting non-recurring gains and losses was approximately ¥22.94 million, a decline of 69.36% from ¥74.89 million in 2017[25] - Basic earnings per share for 2018 were ¥0.19, down 62.00% from ¥0.50 in 2017[26] - The weighted average return on equity decreased by 8.89 percentage points to 4.63% in 2018, compared to 13.52% in 2017[26] - The gross profit margin for the reporting period was 18.23%, a decrease of 4.27 percentage points year-on-year[85] - The company's total revenue for the automotive parts segment was CNY 1,243,633,602.54, representing a year-over-year decrease of 20.02%[87] Cash Flow and Dividends - The net cash flow from operating activities increased by 47.91% to approximately ¥213.63 million, compared to ¥144.43 million in 2017[25] - The company’s cash flow from operating activities increased by 47.91% to ¥213,634,208.19[81] - The company has a stable cash dividend policy, distributing at least 20% of the annual distributable profit as cash dividends[156] - In 2018, the company distributed cash dividends of 12,192,600.00 RMB, representing 31.98% of the net profit attributable to ordinary shareholders[164] - The cash dividend per 10 shares was 0.60 RMB in 2018, compared to 1.5 RMB in 2017 and 1.2 RMB in 2016[164] Market and Industry Trends - In 2018, global automotive sales declined for the first time in seven years, totaling 95.6 million units, a decrease of 1.24% year-on-year[41] - China's automotive ownership reached 231 million vehicles, accounting for 20% of the global total, with a year-on-year increase of 22.15 million vehicles, or 10.60%[42] - In 2018, China's new energy vehicle production and sales reached 1.27 million and 1.256 million units, respectively, representing year-on-year growth of 59.9% and 61.7%[45] - The company faces risks from fluctuations in downstream product demand, which could adversely affect its performance if automotive production and sales decline significantly[143] - The company must continuously innovate and upgrade its products to meet the increasing technical demands of automakers, or risk losing business to competitors[144] Research and Development - The company continues to focus on R&D and product upgrades in the automotive powertrain components sector, maintaining its role as a primary supplier to automotive manufacturers[36] - The company has developed core technologies for engine oil pumps and automatic transmission oil pumps, enhancing its competitive edge in the market[47] - The company has completed 51 technology achievements, including 4 national torch plan projects and 47 municipal new products, as of December 31, 2018[52] - R&D expenses totaled ¥91,761,032.72, with ¥75,987,648.81 being expensed and ¥15,773,383.91 capitalized, reflecting a shift in focus from R&D to production for certain projects[100] - The proportion of total R&D investment to operating revenue was 7.00%, with R&D personnel accounting for 15.85% of the total workforce[103] Customer and Supplier Relationships - The decline in net profit was primarily due to a decrease in sales from the company's major client, Changan Ford[26] - The company has established stable long-term partnerships with domestic manufacturers, including SAIC Motor and Changan Ford, enhancing customer resource advantages[61] - The top five customers accounted for 73.11% of total sales, with no sales to related parties[98] - The company is actively developing new customers, with small batch supplies completed for Changan Ford and SAIC Passenger Cars in the first half of the year[72] Production and Operations - The company has implemented inventory and receivables control measures, which positively impacted cash flow in 2018[26] - The company has adopted lean production methods to reduce costs, achieving significant production efficiency while maintaining high precision and quality[67] - The company is enhancing its lean production and cost reduction efforts, with significant upgrades to production lines and the implementation of smart factory technologies[72] - The company plans to increase production capacity from 180,000 units per year to 360,000 units by the end of 2019[77] Quality Control and Certifications - The company has implemented a strict quality management system, achieving multiple certifications including ISO/TS 16949:2012 and ISO 14001:2004, ensuring product quality[62] - Product quality control is critical, as any quality issues leading to recalls could severely damage the company's market reputation and financial results[152] Governance and Compliance - The company has established a modern governance structure and a stable, professional management team, laying a solid foundation for sustainable development[69] - The company has commitments from major shareholders regarding share transfer restrictions for a period of 36 months post-IPO[165] - The company commits to not engaging in any business that competes directly or indirectly with the issuer and its subsidiaries[180] - The company will ensure the independence of the issuer in terms of assets, personnel, finance, business, and organization[181] Risks and Challenges - The company faces high customer concentration risk as it primarily serves the OEM market, making its performance heavily reliant on major clients[145] - Rapid expansion of investment is crucial to meet the growing orders from core clients like Changan Ford, but any decline in demand could adversely affect financial performance[149] - The company is significantly affected by raw material price volatility, as direct material costs constitute a large portion of production costs[151]

Financial Performance - Operating revenue for the first nine months was CNY 1,006,648,904.96, down 7.47% year-on-year[6] - Net profit attributable to shareholders was CNY 43,277,191.19, a decline of 31.38% compared to the same period last year[6] - Basic and diluted earnings per share were both CNY 0.21, a decrease of 38.24% year-on-year[6] - The weighted average return on equity decreased by 8.54 percentage points to 5.22%[6] - Total operating revenue for Q3 2018 was ¥330,471,492.69, a decrease of 14.2% compared to ¥384,895,462.47 in Q3 2017[27] - Net profit for Q3 2018 was ¥9,220,563.75, a decline of 72.2% from ¥33,167,041.79 in Q3 2017[29] - Earnings per share for Q3 2018 was ¥0.05, compared to ¥0.14 in Q3 2017[29] - Operating profit for the first nine months was CNY 28,943,855.70, a decline of 46.3% from CNY 53,864,329.22 in the same period last year[31] Cash Flow - Net cash flow from operating activities increased by 49.06% to CNY 143,542,296.43 for the first nine months[6] - Cash flow from operating activities for the first nine months was CNY 143,542,296.43, an increase of 49.1% compared to CNY 96,299,467.35 last year[35] - Operating cash flow for the year-to-date period (January to September) was negative at -$3.40 million, a significant decline from $32.58 million in the same period last year, indicating a decrease of approximately 110.4%[38] - The cash flow from operating activities was impacted by a total cash outflow of $463.59 million, which is an increase from $451.18 million year-over-year, indicating a rise of about 2.9%[38] - The company reported a cash flow net increase of -$8.34 million, contrasting with a positive increase of $40.68 million in the same period last year, reflecting a decline of approximately 120.5%[39] Assets and Liabilities - Total assets at the end of the reporting period were CNY 2,036,607,544.89, a decrease of 3.27% compared to the end of the previous year[6] - Total current assets decreased from CNY 979,094,495.70 at the beginning of the year to CNY 774,067,076.10, a decline of approximately 21%[19] - Total liabilities decreased from CNY 1,239,400,718.99 to CNY 1,148,209,757.71, a decline of about 7%[21] - Non-current assets increased from CNY 1,126,382,676.98 to CNY 1,262,540,468.79, an increase of approximately 12%[20] - The company's total assets decreased from CNY 2,105,477,172.68 to CNY 2,036,607,544.89, a decline of about 3%[21] - The company's cash and cash equivalents decreased from CNY 170,595,799.73 to CNY 108,224,722.23, a decrease of approximately 37%[19] - Cash and cash equivalents decreased by 36.56% from the beginning of the year, totaling RMB 108,224,722.23[12] - Short-term borrowings increased significantly from CNY 400,599,331.52 to CNY 544,978,879.94, an increase of approximately 36%[20] Shareholder Information - The total number of shareholders at the end of the reporting period was 14,989[10] - The largest shareholder, Ningbo Shenglong Group Co., Ltd., held 60.34% of the shares[10] Income and Expenditures - The company reported non-operating income from government subsidies amounting to CNY 7,633,933.94 for the first nine months[7] - Investment income rose by 63.05% year-on-year, reaching RMB 19,623,195.21[13] - Other income decreased by 54.65% year-on-year, totaling RMB 7,830,144.69[13] - The company reported a significant increase in income from non-operating activities, rising by 699.26% year-on-year[14] - The company received cash from investment recoveries amounting to RMB 85,000,000.00, a 70.00% increase year-on-year[14] - Research and development expenses for Q3 2018 were ¥18,534,699.07, a decrease of 10.2% from ¥20,639,239.25 in Q3 2017[28] - Research and development expenses increased to CNY 9,542,960.78, up 23.8% from CNY 7,704,932.21 year-over-year[31] Future Plans - The company plans to focus on market expansion and new product development in the upcoming quarters[30] - The company plans to continue investing in R&D to enhance product offerings and market competitiveness[31] - The company is exploring opportunities for market expansion and potential acquisitions to drive future growth[31]

Financial Performance - The company's operating revenue for the first half of 2018 was ¥676,177,412.27, a decrease of 3.82% compared to ¥702,998,496.55 in the same period last year[20]. - The net profit attributable to shareholders for the first half of 2018 was ¥32,481,466.14, down 7.46% from ¥35,101,449.04 in the previous year[20]. - Basic earnings per share for the first half of 2018 were ¥0.16, a decrease of 20.00% from ¥0.20 in the same period last year[21]. - The weighted average return on net assets decreased by 3.95 percentage points to 3.93% from 7.88% in the previous year[21]. - The company achieved operating revenue of 676.18 million RMB, a year-on-year decrease of 3.82%[44]. - Net profit attributable to shareholders was 32.48 million RMB, down 7.46% year-on-year[44]. - The company reported a total comprehensive income of CNY 35,411,509.29, down from CNY 40,517,725.83 in the same period last year[123]. Cash Flow - The net cash flow from operating activities increased significantly by 96.28%, reaching ¥107,943,214.88 compared to ¥54,995,265.05 in the same period last year[20]. - The net cash flow from operating activities increased by 96.28% compared to the same period last year, mainly due to the maturity of large acceptance bills during the period[22]. - Total cash inflow from operating activities was ¥800,940,204.60, compared to ¥758,918,405.93 in the prior period, indicating an increase of about 5.5%[127]. - Cash outflow from operating activities decreased to ¥692,996,989.72 from ¥703,923,140.88, reflecting a reduction of approximately 1.3%[127]. - The net cash flow from investing activities was negative at -¥67,310,881.14, an improvement from -¥223,994,836.74 in the previous period[128]. - The net cash flow from financing activities was negative at -¥12,729,168.54, compared to a positive ¥262,517,361.39 in the previous period[128]. Assets and Liabilities - The total assets at the end of the reporting period were ¥2,062,464,589.93, a decrease of 2.04% from ¥2,105,477,172.68 at the end of the previous year[20]. - The company's overseas assets amounted to CNY 508.30 million, accounting for 24.65% of total assets[32]. - Current liabilities due within one year increased by 108.88% to ¥230,000,000.00, mainly due to long-term borrowings maturing within the year[51]. - Long-term borrowings decreased by 92.54% to ¥17,340,677.63, primarily due to the maturity of long-term loans[51]. - Total assets decreased from CNY 2,105,477,172.68 to CNY 2,062,464,589.93, a decline of approximately 2.0%[115]. - Current assets decreased from CNY 979,094,495.70 to CNY 852,459,933.24, a reduction of about 12.9%[115]. Market and Industry - In the first half of 2018, domestic automobile production and sales reached 14.05 million and 14.07 million units, respectively, representing year-on-year growth of 4.15% and 5.57%[28]. - New energy vehicle sales in June 2018 reached 84,000 units, a year-on-year increase of 42.4%, with cumulative sales for the first half of the year at 412,000 units, up 111% year-on-year[28]. - The automotive parts market in China has grown significantly, with the market size increasing from CNY 2 trillion to CNY 3.8 trillion from 2011 to 2017[29]. Research and Development - As of June 30, 2018, the company had 415 technical personnel, including 90 foreign technical team members, enhancing its R&D capabilities[33]. - The company has completed 51 various scientific and technological achievements, including 4 national torch plan projects and 47 municipal new products as of June 30, 2018[35]. - The company has a strong focus on technological innovation and product development, supported by an experienced international technical team[33]. - The company has established strategic cooperation agreements with institutions like Tsinghua University to jointly develop electric drive systems for new energy vehicles[37]. Risks and Challenges - The company faces risks from fluctuations in downstream product demand, which could adversely affect performance[56]. - High customer concentration poses a risk, as the company primarily serves major automotive manufacturers[56]. - The company faces risks from fluctuations in the prices of key raw materials, which constitute a high proportion of production costs, impacting overall profitability stability[57]. - The company is obligated to compensate for any recalls of vehicles due to product quality issues, which could adversely affect its market image and operational performance[59]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 15,861[100]. - The largest shareholder, Ningbo Shenglong (Group) Co., Ltd., held 122,698,500 shares, representing 60.34% of the total shares[102]. - The top ten shareholders collectively held a significant portion of the company's shares, with the largest three shareholders alone accounting for over 69%[102]. Corporate Governance - The company did not distribute profits or increase capital reserves during the reporting period[4]. - There were no significant related party transactions with the company or its controlled entities, ensuring independence in operations[72]. - The company has committed to repurchase shares if any false statements or omissions are found in the IPO prospectus, ensuring accountability[73]. Accounting and Financial Reporting - The company adheres to the enterprise accounting standards, ensuring that financial statements accurately reflect its financial position and operating results[146]. - The accounting period for the company runs from January 1 to December 31 each year[147]. - The company uses the Chinese Yuan (RMB) as its functional currency[149]. - The company applies the equity method for joint ventures, recognizing its share of assets, liabilities, and income from joint operations[152].