2022 年第一季度报告 证券代码：603586 证券简称：金麒麟 山东金麒麟股份有限公司 2022 年第一季度报告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整，不存 在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保证季度报告中财务报表 信息的真实、准确、完整。 第一季度财务报表是否经审计 □是 √否 一、 主要财务数据 (一)主要会计数据和财务指标 | | | 单位：元 币种：人民币 | | | --- | --- | --- | --- | | 项目 | 本报告期 | 本报告期比上年同期增减 | | | | | 变动幅度(%) | | | 营业收入 | 411,306,015.52 | | 34.67 | | 归属于上市公司股东的净利润 | 9,357,076.78 | | 139.70 | | 归属于上市公司股东的扣除非经常 | 14,107 ...

证券代码：603586 证券简称：金麒麟 公告编号：2021-068 山东金麒麟股份有限公司 关于参加山东辖区上市公司 2021 年度 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。 为进一步增强与投资者的沟通互动，构建和谐投资者关系，切实提高公司 透明度和治理水平，山东金麒麟股份有限公司（以下简称"公司"）拟定于 2021 年 11 月 16 日参加由山东证监局、山东上市公司协会联合举办并由深圳市全景网 络有限公司承办的"山东辖区上市公司 2021 年度投资者网上集体接待日"活动， 现将有关事项公告如下： 一、 活动时间 2021 年 11 月 16 日（星期二）14:00-16:00 二、 活动形式 本次集体接待日活动将采取网络在线交流形式举行，投资者可以登录"全 景·路演天下"（http://rs.p5w.net）参与本次活动。 三、 参加人员 届时，公司董事会秘书张金金女士将参与本次投资者网上集体接待日活动， 与投资者进行在线交流，欢迎广大投资者积极参与。 特此公告。 山东金麒麟股 ...

[Key Financial Data](index=2&type=section&id=%E4%B8%80%E3%80%81%20%E4%B8%BB%E8%A6%81%E8%B4%A2%E5%8A%A1%E6%95%B0%E6%8D%AE) [Key Accounting Data and Financial Indicators](index=2&type=section&id=%E4%B8%80%E3%80%81%28%E4%B8%80%29%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) In Q3 2021, operating revenue increased to 377 million RMB, but net profit attributable to shareholders turned to a loss, with year-to-date cumulative net profit significantly declining to a 40.97 million RMB loss, indicating overall financial deterioration 2021 Q3 and YTD Core Financial Indicators | Indicator | Current Period (Q3) | YoY Change | YTD (as of Report End) | YoY Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue (RMB) | 377,206,347.94 | 21.34% | 1,007,685,853.11 | 2.15% | | Net Profit Attributable to Shareholders (RMB) | -1,041,487.71 | -103.89% | -40,965,581.84 | -135.70% | | Net Profit Excluding Non-Recurring Items (RMB) | 4,683,183.65 | -77.06% | 27,507,031.79 | -70.99% | | Net Cash Flow from Operating Activities (RMB) | N/A | N/A | 2,767,003.75 | -98.93% | | Basic EPS (RMB/share) | -0.01 | -107.14% | -0.21 | -136.21% | | Total Assets (RMB) | 2,622,474,368.76 | 0.43% (vs. End of Prior Year) | 2,622,474,368.76 | 0.43% (vs. End of Prior Year) | | Owners' Equity Attributable to Shareholders (RMB) | 2,000,558,418.86 | -7.75% (vs. End of Prior Year) | 2,000,558,418.86 | -7.75% (vs. End of Prior Year) | [Non-Recurring Gains and Losses and Their Amounts](index=3&type=section&id=%E4%B8%80%E3%80%81%28%E4%BA%8C%29%E9%9D%9E%E7%BB%8F%E5%B8%B8%E6%80%A7%E6%8D%9F%E7%9B%8A%E9%A1%B9%E7%9B%AE%E5%92%8C%E9%87%91%E9%A2%9D) Year-to-date non-recurring losses totaled 68.47 million RMB, primarily driven by 99.32 million RMB in fair value and investment losses from financial assets, significantly impacting net profit despite government grants YTD Key Non-Recurring Gains and Losses Items | Item | Amount (RMB) | | :--- | :--- | | Fair Value Changes and Investment Income from Financial Assets/Liabilities Held for Trading | -99,315,058.30 | | Government Grants Recognized in Current P&L | 7,164,070.63 | | Other Non-Operating Income and Expenses | 1,529,256.76 | | Gains/Losses from Entrusted Investments/Asset Management | 1,428,294.58 | | **Total** | **-68,472,613.63** | [Analysis of Changes in Key Financial Indicators](index=4&type=section&id=%E4%B8%80%E3%80%81%28%E4%B8%89%29%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87%E5%8F%91%E7%94%9F%E5%8F%98%E5%8A%A8%E7%9A%84%E6%83%85%E5%86%B5%E3%80%81%E5%8E%9F%E5%9B%A0) The company attributes the significant year-to-date decline in key financial indicators to RMB appreciation, rising raw material prices, and subsidiary's futures investment losses, with operating cash flow also sharply decreasing due to increased raw material purchases - Net profit attributable to shareholders decreased by **135.70%** YoY, primarily due to: * Significant appreciation of RMB against USD * Increase in raw material prices * Subsidiary's futures investment losses[11](index=11&type=chunk) - Net cash flow from operating activities decreased by **98.93%** YoY, mainly due to increased cash payments for raw material purchases[11](index=11&type=chunk) [Shareholder Information](index=5&type=section&id=%E4%BA%8C%E3%80%81%20%E8%82%A1%E4%B8%9C%E4%BF%A1%E6%81%AF) [Total Number of Common Shareholders and Top Shareholders' Holdings](index=5&type=section&id=%E4%BA%8C%E3%80%81%28%E4%B8%80%29%E6%99%AE%E9%80%9A%E8%82%A1%E8%82%A1%E4%B8%9C%E6%80%BB%E6%95%B0%E5%92%8C%E8%A1%A8%E5%86%B3%E6%9D%83%E6%81%A2%E5%A4%8D%E7%9A%84%E4%BC%98%E5%85%88%E8%82%A1%E8%82%A1%E4%B8%9C%E6%95%B0%E9%87%8F%E5%8F%8A%E5%89%8D%E5%8D%81%E5%90%8D%E8%82%A1%E4%B8%9C%E6%8C%81%E8%82%A1%E6%83%85%E5%86%B5%E8%A1%A8) As of the report end, the company had 14,789 common shareholders, with a concentrated ownership structure where the top two shareholders held over 54% of shares, and related party relationships exist among major shareholders - The total number of common shareholders at the end of the reporting period was **14,789**[13](index=13&type=chunk) Top Five Shareholders' Holdings | Shareholder Name | Number of Shares | Shareholding Percentage (%) | | :--- | :--- | :--- | | Shandong Jinqilin Investment Management Co., Ltd. | 90,672,757 | 44.57 | | Sun Zhongyi | 19,300,062 | 9.49 | | Leling Jinfeng Investment Management Co., Ltd. | 7,012,698 | 3.45 | | Guosheng Huaxing Investment Co., Ltd. | 6,300,000 | 3.10 | | Shandong Xinmu Investment Co., Ltd. | 4,691,400 | 2.31 | - Explanation of Shareholder Related Party Relationships: The controlling shareholders of Shandong Jinqilin Investment Management Co., Ltd. and Leling Jinfeng Investment Management Co., Ltd. are Sun Zhongyi and Sun Peng, respectively, who are father and son[14](index=14&type=chunk) [Other Reminders](index=6&type=section&id=%E4%B8%89%E3%80%81%20%E5%85%B6%E4%BB%96%E6%8F%90%E9%86%92%E4%BA%8B%E9%A1%B9) [Other Reminders](index=6&type=section&id=%E4%B8%89%E3%80%81%20%E5%85%B6%E4%BB%96%E6%8F%90%E9%86%92%E4%BA%8B%E9%A1%B9) The company reports no other significant operating information requiring special attention from investors during this period - No other significant information regarding the company's operating situation requiring investors' attention during the reporting period[15](index=15&type=chunk) [Quarterly Financial Statements](index=6&type=section&id=%E5%9B%9B%E3%80%81%20%E5%AD%A3%E5%BA%A6%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8) [Consolidated Balance Sheet](index=7&type=section&id=%E5%9B%9B%E3%80%81%28%E4%BA%8C%29%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8-%E5%90%88%E5%B9%B6%E8%B5%84%E4%BA%A7%E8%B4%9F%E5%80%BA%E8%A1%A8) As of September 30, 2021, total assets remained stable at 2.62 billion RMB, while total liabilities increased significantly to 620 million RMB due to new borrowings, and owners' equity attributable to the parent company decreased by 7.75% due to losses Balance Sheet Key Item Changes | Item | September 30, 2021 (RMB) | December 31, 2020 (RMB) | Change Rate | | :--- | :--- | :--- | :--- | | Total Assets | 2,622,474,368.76 | 2,611,297,356.92 | 0.43% | | Total Liabilities | 619,546,503.05 | 440,344,410.74 | 40.69% | | Total Owners' Equity Attributable to Parent Company | 2,000,558,418.86 | 2,168,616,456.31 | -7.75% | [Consolidated Income Statement](index=10&type=section&id=%E5%9B%9B%E3%80%81%28%E4%BA%8C%29%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8-%E5%90%88%E5%B9%B6%E5%88%A9%E6%B6%A6%E8%A1%A8) In the first three quarters of 2021, total operating revenue grew to 1.01 billion RMB, but a significant increase in operating costs, coupled with substantial investment losses and reduced fair value gains, led to a 60.15 million RMB operating loss and a 40.97 million RMB net loss attributable to parent company shareholders Income Statement Key Item Changes (2021 Q1-Q3 vs 2020 Q1-Q3) | Item | 2021 Q1-Q3 (RMB) | 2020 Q1-Q3 (RMB) | YoY Change | | :--- | :--- | :--- | :--- | | Total Operating Revenue | 1,007,685,853.11 | 986,440,485.11 | 2.15% | | Operating Cost | 838,178,624.16 | 668,999,182.11 | 25.29% | | Investment Income | -101,023,010.61 | 18,259,241.76 | -653.26% | | Operating Profit | -60,145,625.18 | 136,171,602.86 | -144.17% | | Net Profit Attributable to Parent Company Shareholders | -40,965,581.84 | 114,743,098.62 | -135.70% | [Consolidated Cash Flow Statement](index=13&type=section&id=%E5%9B%9B%E3%80%81%28%E4%BA%8C%29%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8-%E5%90%88%E5%B9%B6%E7%8E%B0%E9%87%91%E6%B5%81%E9%87%8F%E8%A1%A8) In the first three quarters of 2021, net cash flow from operating activities sharply declined to 2.77 million RMB due to increased raw material payments, while investing activities resulted in a 172 million RMB net outflow, leading to a 106 million RMB net decrease in cash and cash equivalents Cash Flow Statement Key Item Changes (2021 Q1-Q3 vs 2020 Q1-Q3) | Item | 2021 Q1-Q3 (RMB) | 2020 Q1-Q3 (RMB) | YoY Change | | :--- | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 2,767,003.75 | 257,479,897.45 | -98.93% | | Net Cash Flow from Investing Activities | -172,140,400.11 | 14,531,851.71 | -1284.58% | | Net Cash Flow from Financing Activities | 23,601,992.84 | -264,640,197.10 | N/A | | Net Increase in Cash and Cash Equivalents | -106,390,837.20 | 6,890,006.09 | -1644.13% |

Financial Performance - The company's operating revenue for the first half of 2021 was ¥630,479,505.17, a decrease of 6.68% compared to ¥675,584,008.93 in the same period last year[22]. - The net profit attributable to shareholders of the listed company was -¥39,924,094.13, representing a decline of 145.39% from ¥87,966,380.60 in the previous year[22]. - The net cash flow from operating activities was -¥10,312,151.78, a significant decrease of 105.12% compared to ¥201,498,702.24 in the same period last year[22]. - Basic earnings per share were -¥0.20, a decrease of 145.45% from ¥0.44 in the same period last year[23]. - The weighted average return on net assets was -1.92%, a decrease of 6.08 percentage points from 4.16% in the previous year[23]. - The company reported a non-recurring loss of approximately 62.75 million RMB, primarily due to losses from financial assets and other non-operating income[27]. - The company's revenue for the first half of 2021 was 630 million yuan, a year-on-year decrease of 6.68%, with brake pad revenue at 476 million yuan (down 15.61%) and brake disc revenue at 146 million yuan (up 39.70%) [44]. - The net profit attributable to shareholders was -39.92 million yuan, a decline of 145.39% year-on-year, while the net profit after deducting non-recurring gains and losses was 22.82 million yuan, down 69.33% [44]. Market and Industry Context - The company operates in the friction materials and braking products industry, primarily focusing on the research, production, and sales of automotive brake pads and discs[30]. - In the first half of 2021, global automotive sales reached approximately 40.97 million units, a year-on-year increase of 26%[31]. - In China, automotive production and sales for the first half of 2021 were 12.57 million and 12.89 million units, respectively, representing year-on-year growth of 24.2% and 25.6%[31]. - The automotive aftermarket demand is expected to grow steadily, supported by the increasing number of vehicles in use and their average age[33]. - The global automotive ownership reached approximately 1.57 billion vehicles by mid-2021, indicating a stable demand for automotive brake products[32]. - The company's industry is influenced by macroeconomic cycles and the automotive consumption cycle, which directly affects market conditions[36]. Research and Development - The company has over 260 brake friction material formulas, capable of producing more than 6,500 types of brake pads and over 4,300 types of brake discs[39]. - The company has developed over 260 brake friction material formulas and possesses an independent research and development system for friction material formulas[40]. - The company is actively expanding its research and development efforts in the field of new energy vehicles, focusing on high-end brake products for these vehicles[48]. - Research and development expenses rose by 18.43% to RMB 30,199,647.83, reflecting increased R&D activities during the reporting period[49]. Financial Position and Assets - The total assets remained relatively stable, with a slight increase of 0.04% to ¥2,612,334,114.31 compared to ¥2,611,297,356.92 at the end of the previous year[22]. - The net assets attributable to shareholders of the listed company decreased by 7.77% to ¥2,000,219,329.59 from ¥2,168,616,456.31 at the end of the previous year[22]. - The company's cash and cash equivalents decreased by 11.93% to RMB 713,868,104.46, down from RMB 810,580,359.75 at the end of the previous year[52]. - Inventory increased by 40.33% to RMB 318,988,003.88, attributed to rising procurement prices and increased stock levels[52]. - Total liabilities reached CNY 609,745,590.37, an increase from CNY 440,344,410.74, indicating a rise of approximately 38.5%[107]. - The company's total equity at the end of the reporting period was CNY 2,002,588,523.94, compared to CNY 2,188,219,066.20 at the end of the previous period, reflecting a decrease of approximately 8.5%[129]. Operational Challenges - The company faced significant impacts from the appreciation of the RMB against the USD, rising raw material prices, and losses from futures investments by subsidiaries[24]. - The price of raw materials, particularly steel coils, has increased significantly, impacting profit margins, with prices rising from 3,200 yuan/ton to a peak of 6,700 yuan/ton[45]. - The company faced significant losses from futures investments, impacting overall profit, as detailed in the futures investment progress announcement[50]. - The ongoing COVID-19 pandemic continues to pose risks to the global and Chinese economy, affecting the company's production and operations[60]. - The international shipping market faces high freight costs and resource shortages, which are expected to persist in the short term[60]. Environmental and Regulatory Compliance - The company is classified as a key pollutant discharge unit, with particulate matter emissions of 4.45 tons and volatile organic compounds (VOCs) emissions of 2.20 tons in the first half of 2021[68]. - The company has implemented pollution control measures, ensuring that emissions meet regulatory standards[70]. - The company has implemented an environmental self-monitoring plan, regularly commissioning qualified third-party monitoring companies to test emissions, ensuring compliance with standards[72]. - The company has established a VOCs online monitoring system for major emissions, which is connected to the ecological environment authorities for real-time monitoring[72]. - The company strictly adheres to national carbon neutrality and peak carbon policies, focusing on reducing emissions through the elimination of non-road mobile machinery and road transport vehicles[75]. Shareholder and Corporate Governance - The company has committed to not engaging in any competitive business activities that could harm its interests or those of its subsidiaries[78]. - The company has established commitments regarding stock transfer limits for directors and senior management to maintain stability post-IPO[79]. - The company committed to not transferring its directly or indirectly held shares during the lock-up period, with a maximum annual reduction of 25% after the lock-up expires[80]. - The company has not engaged in any non-operating fund occupation by controlling shareholders or related parties[83]. - There were no significant lawsuits or arbitration matters during the reporting period[84]. - The company has not received any penalties or corrective actions related to illegal activities by its directors, supervisors, senior management, or controlling shareholders[84]. Future Outlook and Strategic Initiatives - The company aims to improve its financial performance and is focusing on strategic initiatives to enhance market presence and operational efficiency moving forward[114]. - The company plans to focus on expanding its market presence and enhancing product development in the upcoming quarters[128]. - The company is exploring strategic acquisitions to bolster its market position and drive future growth[128].

Financial Performance - Operating revenue for the current period was CNY 305,424,976.23, representing a decrease of 10.77% year-on-year[6] - Net profit attributable to shareholders was a loss of CNY 23,568,729.76, a decline of 193.70% compared to the same period last year[6] - Basic and diluted earnings per share were both CNY -0.12, reflecting a 200.00% decrease from the previous year[6] - The company anticipates a potential decline in cumulative net profit compared to the same period last year due to the impact of exchange rate changes and high raw material costs[16] - Total operating revenue for Q1 2021 was ¥305,424,976.23, a decrease of 10.74% compared to ¥342,291,972.91 in Q1 2020[28] - Net profit for Q1 2021 was a loss of ¥23,567,067.82, compared to a profit of ¥25,147,958.17 in Q1 2020, representing a significant decline[29] - Basic and diluted earnings per share for Q1 2021 were both -¥0.12, compared to ¥0.12 in Q1 2020[30] - The total profit for Q1 2021 was a loss of ¥36,088,620.07, compared to a profit of ¥28,383,155.06 in Q1 2020[29] - The company’s total comprehensive income for Q1 2021 was a loss of ¥23,567,067.82, compared to a profit of ¥25,147,958.17 in Q1 2020[30] Cash Flow - Net cash flow from operating activities decreased by 69.47% to CNY 36,004,192.82[6] - The net cash flow from operating activities decreased by 69.47% from CNY 117,932,316.88 to CNY 36,004,192.82 due to reduced accounts receivable collections[14] - Cash flow from operating activities in Q1 2021 was ¥36,004,192.82, a significant drop of 69.5% compared to ¥117,932,316.88 in Q1 2020[32] - Cash inflow from operating activities totaled ¥341,376,511.47 in Q1 2021, down 22.5% from ¥440,533,217.10 in Q1 2020[32] - Cash outflow from operating activities was ¥305,372,318.65 in Q1 2021, a decrease of 5.3% compared to ¥322,600,900.22 in Q1 2020[32] - The net cash flow from investing activities was -¥234,846,871.26 in Q1 2021, slightly worse than -¥234,584,401.07 in Q1 2020[33] - Cash flow from financing activities generated a net inflow of ¥57,066,327.79 in Q1 2021, compared to a net outflow of -¥34,596,291.90 in Q1 2020[33] - In Q1 2021, the net cash flow from operating activities was ¥23,950,834.06, a decrease of 70.0% compared to ¥79,801,942.14 in Q1 2020[35] - Total cash inflow from operating activities was ¥220,433,815.53, down 22.8% from ¥285,616,506.10 in the same period last year[35] Assets and Liabilities - Total assets at the end of the reporting period reached CNY 2,630,561,625.92, an increase of 0.74% compared to the end of the previous year[6] - The company reported a decrease in net assets attributable to shareholders by 0.71% to CNY 2,153,212,126.49[6] - The total number of shareholders at the end of the reporting period was 15,849[10] - The largest shareholder, Shandong Jinqilin Investment Management Co., Ltd., held 44.52% of the shares[10] - The total current liabilities rose to ¥400,909,850.74 from ¥358,059,134.30, marking an increase of around 11.9%[25] - Total liabilities increased to ¥409,255,725.77 from ¥367,681,134.30, representing a rise of about 11.3%[26] - The company's total equity as of March 31, 2021, was ¥1,774,804,439.10, compared to ¥1,748,631,831.13 at the end of 2020, indicating an increase of approximately 1.5%[26] Expenses - Sales expenses decreased by 50.46% from CNY 25,717,680.53 to CNY 12,740,127.14 due to changes in revenue recognition standards[14] - Research and development expenses increased to ¥15,364,181.71 in Q1 2021, up 20.06% from ¥12,799,481.31 in Q1 2020[28] - Financial expenses turned negative at CNY -7,224,534.45 compared to CNY 1,920,367.66 in the previous year, primarily due to exchange rate fluctuations[14] - The company reported an investment loss of ¥2,380,300.13 in Q1 2021, contrasting with a gain of ¥2,154,144.85 in Q1 2020[28] Investments - Derivative financial assets decreased by 41.09% from CNY 70,579,913.49 to CNY 41,581,129.42 due to fluctuations in the value of futures and forward contracts[13] - Prepayments decreased by 44.73% from CNY 8,294,174.93 to CNY 4,584,405.47 primarily due to invoicing in the current period[13] - Other current assets increased significantly by 1,441.42% from CNY 11,092,450.18 to CNY 170,981,043.92 mainly due to an increase in bank wealth management products[13] - Short-term borrowings increased by 100% to CNY 60,000,000.00 as a result of additional bank loans taken during the period[13]

Financial Performance - The company's operating revenue for 2020 was RMB 1,286,781,515.19, a decrease of 20.67% compared to RMB 1,622,080,434.07 in 2019[21] - The net profit attributable to shareholders for 2020 was RMB 163,108,294.71, down 19.70% from RMB 203,134,868.85 in the previous year[21] - The net profit after deducting non-recurring gains and losses was RMB 126,908,034.27, a decrease of 27.58% compared to RMB 175,248,803.18 in 2019[21] - Basic earnings per share decreased by 18.00% to CNY 0.82 in 2020 from CNY 1.00 in 2019[22] - The company's total revenue for 2020 was CNY 1.287 billion, a decrease of 20.67% year-on-year[51] - Net profit for 2020 was CNY 163 million, down 19.71% compared to the previous year[51] - Brake pad revenue decreased by CNY 226 million, a decline of 17.69%, while brake disc revenue fell by CNY 92 million, a drop of 29.60%[52] Cash Flow and Assets - The net cash flow from operating activities increased by 33.09% to RMB 351,062,497.77 from RMB 263,769,215.94 in 2019[21] - As of the end of 2020, the total assets were RMB 2,611,297,356.92, a decrease of 6.98% from RMB 2,807,246,296.49 at the end of 2019[21] - The net assets attributable to shareholders at the end of 2020 were RMB 2,168,616,456.31, a slight decrease of 0.79% from RMB 2,185,869,575.18 in 2019[21] - The company's cash and cash equivalents at the end of the period were ¥722,728,349.08, a decrease of 15.10% compared to the previous year[72] Market and Sales - The company primarily operates in the foreign AM market, which is the main source of sales revenue and profit, with most products being ODM products sold under clients' brands[36] - The domestic AM market is served through self-owned brands and a dealer model, with the company establishing direct sales channels including physical and online stores[38] - The global automotive ownership reached approximately 1.55 billion vehicles by 2020, supporting stable market demand for automotive brake pads and discs[41] - Over 80% of the company's main business revenue is generated from exports, primarily to Europe, North America, the Middle East, and Southeast Asia[97] Research and Development - The company has developed over 6,500 types of automotive brake pads and 4,200 types of brake discs, primarily targeting the international market[31] - The company has developed 260 brake friction material formulas and possesses an independent R&D system for these materials[46] - The company is actively investing in the development of new energy vehicle products, aligning with national policies to promote electric vehicle production[83] - The company is committed to enhancing its R&D capabilities by improving product formulations and developing new brake pad models to increase product coverage[94] Risk Management - The company has disclosed potential risks in its report, which investors should review carefully[7] - The company faces risks related to potential product quality issues that could lead to significant financial losses and affect sales[97] - The appreciation of the RMB against the USD poses a risk of foreign exchange losses for the company, as most export transactions are settled in USD[98] - The company has implemented strict quality control measures to mitigate risks associated with potential leaks of commercial technology and trade secrets[98] Corporate Governance - The company has established a fair and transparent governance structure, ensuring compliance with relevant laws and regulations[182] - The company has a diverse board of directors with members holding various positions in other organizations, enhancing its governance and industry connections[171] - The management team has a strong commitment to corporate governance, with independent directors overseeing key decisions[170] - The company has not faced any penalties from securities regulatory authorities in the past three years[174] Shareholder Relations - The company plans to distribute a cash dividend of RMB 7.00 per 10 shares to shareholders, subject to approval at the annual general meeting[4] - The company will ensure that any share reductions after the lock-up period will not be below the issuance price, maintaining shareholder value[107] - The company has committed to a stock price stabilization plan if the closing price falls below the latest audited net asset value per share for twenty consecutive trading days[109] Environmental Responsibility - The company has implemented various environmental protection measures, including a wastewater treatment station and air purification systems[137] - The company is committed to energy conservation and pollution reduction, adhering to national environmental protection policies[132] - The company emitted 6.97 tons of particulate matter and 5.16 tons of volatile organic compounds (VOCs) in 2020[135] - The company has established a VOCs online monitoring system connected to environmental authorities for real-time emissions tracking[140] Employee Welfare - The company has established a comprehensive employee welfare system, ensuring compliance with labor laws and protecting employee rights[132] - The company has implemented a performance-based remuneration policy that links employee compensation directly to company performance and individual work performance[176] - The company provided direct relative pensions totaling CNY 447,840 for 5,188 employees' eligible relatives[133] Future Plans - In 2021, the company plans to focus on high-quality development, aiming to create greater value for shareholders and increase employee income while effectively controlling costs[91] - The company will continue to optimize its product structure and enhance customer satisfaction by providing high-quality brake products, aiming to maintain its market leadership in the international AM market[91] - The company plans to issue convertible bonds to fund the construction of intelligent factories, improving production capacity and efficiency to meet growing customer demand[96]

Financial Performance - The company's operating revenue for 2020 was RMB 1,286,781,515.19, a decrease of 20.67% compared to RMB 1,622,080,434.07 in 2019[21] - The net profit attributable to shareholders for 2020 was RMB 163,108,294.71, down 19.70% from RMB 203,134,868.85 in the previous year[21] - The net profit after deducting non-recurring gains and losses was RMB 126,908,034.27, a decrease of 27.58% compared to RMB 175,248,803.18 in 2019[21] - Basic earnings per share decreased by 18.00% to CNY 0.82 in 2020 compared to CNY 1.00 in 2019[22] - The company's total revenue for 2020 was CNY 1.287 billion, a decrease of 20.67% year-on-year[51] - Net profit for 2020 was CNY 163 million, down 19.71% compared to the previous year[51] - Brake pad revenue decreased by CNY 226 million, a decline of 17.69%, while brake disc revenue fell by CNY 92 million, a decrease of 29.60%[52] Cash Flow and Assets - The net cash flow from operating activities increased by 33.09% to RMB 351,062,497.77 from RMB 263,769,215.94 in 2019[21] - As of the end of 2020, the total assets were RMB 2,611,297,356.92, a decrease of 6.98% from RMB 2,807,246,296.49 at the end of 2019[21] - The net assets attributable to shareholders at the end of 2020 were RMB 2,168,616,456.31, a slight decrease of 0.79% from RMB 2,185,869,575.18 in 2019[21] - Operating cash flow for the year was CNY 351 million, an increase of 33.09% year-on-year[57] Market and Product Development - The company has developed over 6,500 types of automotive brake pads and 4,200 types of brake discs, primarily targeting the international market[31] - The company primarily operates in the foreign AM market, which is the main source of sales revenue and profit, with most products being ODM products sold under clients' brands[36] - The company actively engages in independent R&D of new products based on market demand and technological trends, promoting these innovations to clients[37] - The company has successfully developed and supplied products for multiple domestic electric vehicle models, marking its entry into the new energy vehicle market[54] - The company is focused on developing innovative, high-value-added brake products and establishing a rapid market response system to maintain its leading position in the brake product market[91] Risk Management and Compliance - The company has provided a detailed description of potential risks in the report, which investors should review[7] - The company faces risks related to product quality, which could lead to significant losses and negatively affect sales and certifications[97] - The company has implemented strict quality control measures to mitigate risks associated with product quality issues[97] - The company is committed to developing innovative, high-value-added brake products and establishing a rapid market response system to maintain its leading position in the brake product market[91] Shareholder and Executive Commitments - The company reported a commitment to not engage in any competitive activities that could harm its business or subsidiaries, effective from April 6, 2017, for a long-term period[106] - The company’s executives have committed to limit their share transfers to no more than 25% of their total holdings annually during their tenure, with a six-month restriction post-departure[107] - The company has established a plan to compensate for any economic losses incurred due to violations of the commitments made by its executives[106] - The commitments made by the executives will remain in effect even if they cease to hold their positions within the company[107] Corporate Governance - The company emphasizes strict adherence to these commitments to maintain market integrity and shareholder trust[106] - The company has a diverse board of directors with members holding various positions in other organizations, enhancing its industry connections[171] - The board of directors includes independent members, ensuring governance and oversight in corporate decisions[171] - The company strictly adheres to information disclosure regulations, ensuring fair and transparent communication with shareholders[184] Environmental and Social Responsibility - The company has implemented a modern safety and health management system, ensuring no major environmental pollution or safety incidents have occurred[132] - The company is committed to energy conservation and pollution reduction, adhering to national environmental protection policies[132] - The company reported a total of RMB 220 million in donations for social responsibility initiatives, including RMB 1.1 million to the Le Ling Charity Association and RMB 300,000 to the Jinan Charity Association[127] Future Plans and Strategies - The company plans to enhance its R&D capabilities by improving product formulations and developing new brake pad models to increase product coverage[94] - The company intends to optimize its capital structure and expand financing channels, including plans for a public offering of convertible bonds to fund smart factory projects[96] - The company will continue to expand its market presence in the domestic AM market by increasing the number of distributors and optimizing promotional strategies to quickly boost market share[92]

Financial Performance - Operating income for the first nine months was CNY 9,864,404,85.11, down 16.91% year-on-year[6] - Net profit attributable to shareholders was CNY 114,743,098.62, a decrease of 23.50% compared to the same period last year[6] - Basic earnings per share decreased by 20.55% to CNY 0.58[6] - The company reported a net loss of CNY 198,940.47 from the disposal of non-current assets in the third quarter[8] - Total operating revenue for Q3 2020 was ¥310,856,476.18, a decrease of 21.3% compared to ¥394,757,955.23 in Q3 2019[30] - Net profit for the first three quarters of 2020 was ¥18,259,241.76, compared to ¥19,461,992.00 in the same period of 2019, reflecting a decrease of 6.1%[30] - Q3 2020 net profit reached CNY 26.77 million, down 43.1% from CNY 47.05 million in Q3 2019[32] - Total profit for Q3 2020 was CNY 31.66 million, down 49.5% from CNY 62.61 million in Q3 2019[31] - The company reported a total profit of CNY 142.40 million for the first three quarters of 2020, down 20.5% from CNY 186.01 million in the same period of 2019[31] Assets and Liabilities - Total assets at the end of the reporting period were CNY 2,641,109,939.30, a decrease of 5.92% compared to the end of the previous year[6] - Current assets totaled ¥1,528,919,257.19, down from ¥1,709,423,035.23, indicating a decrease of about 10.6%[22] - Total liabilities decreased to ¥517,929,932.12 from ¥619,027,230.29, a decline of about 16.4%[23] - Shareholders' equity decreased to ¥2,123,180,007.18 from ¥2,188,219,066.20, representing a decrease of approximately 3.0%[23] - Total assets as of September 30, 2020, were ¥2,153,304,424.46, down from ¥2,355,774,836.97 at the end of 2019, a decline of 8.6%[28] - Total liabilities decreased to ¥453,885,019.16 from ¥547,869,738.27, representing a reduction of 17.1%[28] Cash Flow - Net cash flow from operating activities increased by 47.85% to CNY 257,479,897.45 for the first nine months[6] - The company reported a net cash flow from operating activities of CNY 257,479,897.45, an increase of 47.85% compared to the previous period[14] - Cash flow from operating activities for the first three quarters of 2020 was ¥257,479,897.45, an increase of 48.0% compared to ¥174,145,947.75 in the same period of 2019[38] - The company reported cash inflow from investment activities of ¥617,526,441.63 in the first three quarters of 2020, up 14.7% from ¥538,461,130.32 in 2019[38] - The company reported a net cash flow from investment activities of ¥228,889,506.40, a significant recovery from a net outflow of ¥307,170,788.21 in the previous year[41] Financial Ratios and Metrics - The weighted average return on equity decreased by 1.90 percentage points to 5.31%[6] - The company’s financial expenses increased by 121.93%, reaching CNY 12,740,205.59, attributed to greater fluctuations in the RMB to USD exchange rate[14] - The company’s total financial expenses for Q3 2020 were ¥9,225,298.29, compared to ¥3,387,673.32 in Q3 2019[34] Inventory and Investments - The company’s inventory stock increased by 181.41%, from CNY 43,307,933.10 to CNY 121,871,498.60, due to share buybacks[14] - The company experienced a 100% decrease in trading financial assets, dropping from CNY 80 million to zero, due to the redemption of financial products[14] - The total amount of convertible bonds approved for public issuance is CNY 463.44 million, with a term of 6 years[15] Government Support and Other Income - Government subsidies recognized during the reporting period amounted to CNY 6,803,271.17[8] - Other income increased by 34.14%, amounting to CNY 8,356,679.14, primarily from government subsidies[14] Future Outlook - The company anticipates a potential decline in cumulative net profit compared to the same period last year due to the impact of the COVID-19 pandemic on export trade[17] - The company plans to focus on market expansion and new product development in the upcoming quarters[30]

Financial Performance - The company's operating revenue for the first half of 2020 was approximately ¥675.58 million, a decrease of 14.75% compared to ¥792.43 million in the same period last year[20]. - The net profit attributable to shareholders for the first half of 2020 was approximately ¥87.97 million, down 14.55% from ¥102.95 million in the previous year[20]. - Basic earnings per share for the first half of 2020 were ¥0.44, down 8.33% from ¥0.48 in the same period last year[21]. - The operating profit for the same period was 106 million yuan, down 10.56% year-on-year[50]. - The total amount of non-recurring gains and losses for the reporting period is approximately 13.55 million, with a tax impact of -3.17 million[25]. - The total comprehensive income for the first half of 2020 was approximately ¥87.96 million, compared to ¥102.95 million in the same period of 2019, reflecting a decrease of 14.5%[120]. - The company reported a net profit of -118,754,088.00 for the current period, compared to a profit in the previous period, highlighting a challenging financial environment[136]. Cash Flow and Assets - The net cash flow from operating activities increased by 122.99% to approximately ¥201.50 million, primarily due to a reduction in cash paid for raw materials as a result of decreased production volume[20]. - The total assets at the end of the reporting period were approximately ¥2.63 billion, a decrease of 6.21% from ¥2.81 billion at the end of the previous year[20]. - Cash inflow from investment activities increased to CNY 667,913,493.97 in H1 2020, compared to CNY 462,378,007.49 in H1 2019, marking a growth of approximately 44.4%[128]. - The cash and cash equivalents at the end of H1 2020 stood at CNY 861,401,327.67, up from CNY 806,431,408.62 at the end of H1 2019, reflecting an increase of approximately 6.8%[128]. - Current assets totaled CNY 1,215,231,810.95 as of June 30, 2020, a decrease of 16.63% from CNY 1,457,527,100.72 at the end of 2019[116]. - The company's total revenue for the first half of 2020 was approximately ¥437 million, a decrease of 21.2% compared to ¥555 million in the same period of 2019[123]. Market and Operations - The company primarily engages in the research, production, and sales of friction materials and braking products, with a focus on automotive brake components, including over 6,400 types of brake pads and 4,100 types of brake discs[28]. - The company operates mainly in the foreign aftermarket (AM) market, which is the primary source of sales revenue and profit, with most products sold as ODM products to clients with their own brands[34]. - The company has established a procurement strategy that includes "inventory-based procurement" for bulk commodities and "order-based procurement" for hardware and packaging materials, ensuring cost optimization[29]. - The company has signed framework sales contracts with most clients, typically for one to five years, allowing for phased order placements based on client needs[35]. - The company’s OEM market clients are primarily automotive manufacturers, with production specifications determined by the clients[36]. Environmental and Social Responsibility - The company donated a total of RMB 1.73 million for poverty alleviation, including RMB 1 million to the Le Ling Charity Association and RMB 530,000 for medical assistance to 16 individuals[75]. - The company’s subsidiary, Jinan Golden Qilin Brake System Co., Ltd., was listed as a key pollutant discharge unit by the Jinan Ecological Environment Bureau[79]. - The company reported particulate matter emissions of 3.38 tons and volatile organic compounds (VOCs) emissions of 1.63 tons during the reporting period[79]. - The company has implemented various environmental protection measures, including the use of dust collectors and UV photolysis systems[81]. - The company completed the environmental protection self-inspection for the "Annual Production of 3.3 Million Sets of Automotive Brake Pads Technical Renovation Project" and received approval for solid waste inspection in May 2020[82]. Shareholder and Governance - No profit distribution or capital reserve fund increase is planned for the half-year period, with no dividends or stock bonuses proposed[65]. - The company has committed to not engage in any competitive activities that could harm its interests or those of its subsidiaries[67]. - Shareholders have committed to not transfer their shares for a period of 36 months following the company's successful listing[67]. - The company has established a lock-up period for shareholders, during which they cannot sell their shares, ensuring stability post-IPO[67]. - The company has committed to ensuring the accuracy and completeness of its prospectus and related disclosures, with legal liability for any false statements or omissions[68]. Risks and Challenges - The company has outlined potential risks in its operations, which are detailed in the discussion and analysis section of the report[6]. - The company faces risks related to product quality, export business, raw material price fluctuations, and exchange rate losses[59][60]. - The COVID-19 pandemic has caused temporary impacts on production and operations, with the extent of the impact depending on the progress and duration of pandemic control measures[61]. - Global automotive sales are expected to decline by 22% to 70.3 million units in 2020 due to the COVID-19 pandemic, with U.S. sales dropping by 26.6% to 12.5 million units[38]. Research and Development - The company has developed 249 brake material formulas and possesses a proprietary friction material formula system, enhancing its R&D capabilities[44]. - The company reported a significant increase in research and development expenses by 2.86% to CNY 25,499,886.22[51]. - The company has 249 friction material formulas, indicating a strong capability in product development and customization[28]. Financial Management - The company has committed to strict self-discipline regarding the consumption behavior of its directors and senior management, ensuring no misuse of company assets[69]. - The company will implement measures to ensure the effective execution of its compensation measures linked to performance[69]. - The company has reappointed Lixin Certified Public Accountants as its financial audit institution for the year 2020, with the management authorized to negotiate audit service fees based on market conditions[71]. - The company has established a stock incentive plan, ensuring that all disclosures are accurate and complete, with no misleading statements or omissions[70].

Financial Performance - In 2019, the company's operating income reached RMB 1,622,080,434.07, representing a year-on-year increase of 15.91% compared to RMB 1,399,413,850.71 in 2018[23]. - The net profit attributable to shareholders of the listed company was RMB 203,134,868.85, a significant increase of 129.93% from RMB 88,347,914.85 in the previous year[23]. - The net cash flow from operating activities was RMB 263,769,215.94, up 148.72% from RMB 106,049,787.19 in 2018[23]. - The company's total assets as of the end of 2019 were RMB 2,807,246,296.49, a decrease of 2.07% from RMB 2,866,671,538.14 at the end of 2018[23]. - The net assets attributable to shareholders of the listed company increased by 2.07% to RMB 2,185,869,575.18 from RMB 2,141,599,839.58 in 2018[23]. - Basic earnings per share for 2019 were RMB 1.00, a 143.90% increase compared to RMB 0.41 in 2018[24]. - The weighted average return on net assets rose to 9.50%, an increase of 5.30 percentage points from 4.20% in 2018[24]. - The company's total revenue for the reporting period reached RMB 1.622 billion, representing a year-on-year increase of 15.91%[58]. - Net profit for the period was RMB 203 million, up 129.93% compared to the previous year, driven by increased revenue and gross margin[58]. Revenue Breakdown - Brake pad revenue increased by RMB 207 million, a growth of 19.37%, while brake disc revenue grew by RMB 15 million, a rise of 5.26%[57]. - The company's revenue from automotive parts and accessories reached ¥1,603,673,790.85, with a gross margin of 30.28%, reflecting a year-on-year increase of 15.33% in revenue[64]. - Brake pads generated revenue of ¥1,275,122,375.98, with a gross margin of 35.36%, showing a year-on-year increase of 19.42%[64]. - The overseas revenue amounted to ¥1,439,934,832.76, with a gross margin of 27.87%, indicating a year-on-year increase of 20.64%[65]. Market and Industry Insights - In 2019, global automotive sales reached 91.3 million units, a year-on-year decline of 3.95%, with China's automotive production and sales dropping by 7.5% and 8.2% respectively[45]. - As of the end of 2019, China's automotive ownership reached 260 million vehicles, a year-on-year growth of 8.83%, indicating a stable market demand for automotive brake pads and discs[46]. - The AM market is characterized by a strong correlation with automotive ownership, average vehicle age, and driving habits, leading to a steady growth trend in market demand[46]. - The automotive industry’s growth positively influences the demand for the company's products, as it is closely tied to the automotive sector's performance[49]. Research and Development - The company has developed 240 brake material formulas and possesses an independent R&D system for friction materials[51]. - R&D expenses totaled RMB 60 million, reflecting a year-on-year increase of 21.13% due to higher investment in research activities[62]. - The company engages in independent R&D of new products annually, promoting them actively to clients based on market feedback[41]. - The company plans to enhance its R&D capabilities by improving its formulation matrix and developing new brake pad models to increase product coverage[92]. Operational Strategy - The company adopts a "make-to-order" production model, with production plans based on customer orders and market forecasts[39]. - The company has established a direct sales contract model with clients, typically on an annual basis, allowing for flexible order placements based on actual monthly demand[42]. - The company has begun establishing self-operated channels, including physical and online stores, to enhance its domestic market presence[42]. Risk Management - The company emphasizes the importance of risk awareness regarding forward-looking statements and potential risks outlined in the report[7]. - The company faces risks related to potential quality issues with its main products, brake pads and discs, which are critical safety components in the automotive industry[97]. - The appreciation of the RMB against the USD poses a risk of foreign exchange losses, as the company primarily settles export revenues in USD[100]. - The company faces operational risks due to fluctuations in raw material prices, particularly steel, which significantly impacts production costs and gross margins[99]. Shareholder and Corporate Governance - The company plans to distribute a cash dividend of RMB 6.00 per 10 shares for the 2019 fiscal year, totaling approximately 119.15 million RMB (including tax) to shareholders[106]. - The company has not proposed any additional forms of profit distribution beyond the cash dividend for the 2019 fiscal year[108]. - The company’s controlling shareholder and actual controller promised not to interfere with the company's management activities or infringe on company interests[115]. - The company’s management has confirmed that they will not repurchase their own shares during the lock-up period[111]. Social Responsibility and Environmental Impact - The company donated a total of RMB 116.40 million for social responsibility initiatives, including RMB 0.90 million for supporting impoverished students and RMB 1.08 million for medical assistance to 30 individuals[135][138]. - The company has implemented a modernized safety and health management system, ensuring no major environmental pollution or safety incidents occurred during the reporting period[139]. - The company has committed to energy conservation and pollution reduction, actively managing hazardous waste and enhancing emergency management for environmental incidents[147]. Employee and Management Information - The total number of employees in the parent company is 1,795, while the number in major subsidiaries is 1,520, totaling 3,315 employees[184]. - The company has established a comprehensive training system to enhance management capabilities and professional knowledge[186]. - The total remuneration paid to directors, supervisors, and senior management in 2019 amounted to 7.872533 million yuan[181].