Financial Performance - The company reported a total revenue of RMB 1.2 billion for the first half of 2022, representing a year-on-year increase of 25%[11]. - The company's operating revenue for the first half of 2022 was ¥6,894,794,543.62, representing a 75.76% increase compared to ¥3,922,916,380.56 in the same period last year[17]. - The net profit attributable to shareholders for the first half of 2022 was ¥1,395,801,985.89, an increase of 80.13% from ¥774,869,887.26 in the previous year[17]. - The company achieved a basic earnings per share of ¥1.01, up 80.36% from ¥0.56 in the previous year[18]. - The company reported a significant increase in contract liabilities to ¥3,830,001,729.90 from ¥1,726,185,172.24, which is an increase of approximately 121.5%[110]. - The total comprehensive income for the first half of 2022 was CNY 1,513,648,628.61, compared to CNY 775,971,514.67 in the previous year[117]. - The company reported a net profit margin improvement, with net profit for the first half of 2022 showing a positive trend compared to the previous year[115]. Market Expansion and Growth Strategy - Future outlook indicates a projected revenue growth of 30% for the second half of 2022, driven by new product launches and market expansion strategies[11]. - Market expansion efforts include entering two new provinces, which are expected to contribute an additional RMB 300 million in revenue by the end of 2022[11]. - The company plans to launch three new products in Q3 2022, targeting a 20% increase in sales from these new offerings[11]. - The company is focusing on the development of new products such as silicon-based anodes and composite graphite, aiming to maintain a leading industry position in capacity layout and new material research[41]. Research and Development - The company is investing RMB 200 million in R&D for new technologies aimed at enhancing product efficiency and sustainability[11]. - The company has developed a new type of coating agent containing conductive additives, which has been recognized by customers, and is advancing the R&D of silicon-oxygen, silicon-carbon, and hard carbon projects[33]. - The company has achieved breakthroughs in the application of high-temperature resistant binders and small particle size ceramics in separator coating, enhancing safety and performance indicators[34]. - The company is actively investing in the development of new products and technologies in the fields of liquid and nano coating materials[43]. Operational Efficiency and Challenges - The gross profit margin for the first half of 2022 was 18%, a decrease from 22% in the same period last year[11]. - The company faced production and operational pressures due to rising energy and logistics prices, as well as tight upstream raw material supply[19]. - The company has been improving its self-sufficient production capacity in key processes such as granulation and graphitization to address cost pressures[19]. - The company is enhancing its production efficiency through automation and continuous improvement measures to address rising material and labor costs[42]. Financial Position and Cash Flow - The company maintains a strong cash position with RMB 500 million in cash reserves, ensuring liquidity for future investments[11]. - The net cash flow from operating activities decreased by 71.36% to ¥345,403,125.11, down from ¥1,206,216,770.59 in the same period last year[17]. - Cash and cash equivalents increased to ¥4,830,733,520.31 from ¥3,883,942,623.70, representing a growth of approximately 24.4%[109]. - The company's inventory increased by 58.28% to 7,856.09 million yuan, driven by business expansion and increased raw material procurement[50]. Environmental and Social Responsibility - The company reported total emissions of 1.45 tons of particulate matter, 1.87 tons of sulfur dioxide, and 5.12 tons of nitrogen oxides from its subsidiary during the reporting period, all compliant with national standards[70]. - The company has established pollution prevention facilities that operate in accordance with environmental assessment requirements, with no environmental pollution incidents reported during the period[71]. - The company donated a total of 1,412,108 RMB for social welfare initiatives, including 1,369,108 RMB specifically for poverty alleviation projects[80]. - The company has committed to reducing carbon emissions through various measures, including the promotion of distributed photovoltaic projects[77]. Corporate Governance and Shareholder Information - The company approved a stock option and restricted stock incentive plan, granting a total of 7.4383 million rights to 78 individuals, with 6.37 million stock options awarded to 17 individuals[67]. - The largest shareholder, Liang Feng, holds 366,559,228 shares, representing 26.35% of the total shares[98]. - The total number of ordinary shareholders as of the end of the reporting period is 37,231[97]. - The company has no preferred shareholders with restored voting rights as of the end of the reporting period[98]. Accounting Policies and Financial Reporting - The financial statements are prepared based on the going concern principle and comply with the accounting standards issued by the Ministry of Finance[136]. - The company’s financial statements reflect its financial position, operating results, changes in shareholders' equity, and cash flows accurately and completely[138]. - The company has established specific accounting policies and estimates based on its actual production and operational characteristics[137]. - The group recognizes foreign currency translation differences as other comprehensive income, which are reclassified to profit or loss upon disposal of foreign operations[146].

2021 年年度报告 公司代码：603659 ————————————————————————公司简称：璞泰来 上海璞泰来新能源科技股份有限公司 2021 年年度报告 1 / 212 2021 年年度报告 重要提示 一、本公司董事会、监事会及董事、监事、高级管理人员保证年度报告内容的真实性、准确性、 完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、公司全体董事出席董事会会议。 三、安永华明会计师事务所（特殊普通合伙）为本公司出具了标准无保留意见的审计报告。 四、公司负责人梁丰、主管会计工作负责人韩钟伟及会计机构负责人（会计主管人员）张文武声 明：保证年度报告中财务报告的真实、准确、完整。 五、董事会决议通过的本报告期利润分配预案或公积金转增股本预案 2021 年年度利润分配预案：以实施权益分派股权登记日的总股本为基数进行利润分配，向全 体股东每 10 股派发现金红利 5.04 元（含税），以截止 2021 年 12 月 31 日公司总股本 694,383,539 股为基数进行测算，本次拟派发现金红利 349,969,303.66 元（含税）。同时拟向全体股东每 10 股以资本公 ...

[Report Overview](index=1&type=section&id=Report%20Overview) This report presents the unaudited third-quarter financial statements of Shanghai Putailai New Energy Technology Co., Ltd. for 2021, with the Board, Supervisory Board, and senior management guaranteeing its accuracy - This quarter's financial statements are unaudited[3](index=3&type=chunk) - The company's Board of Directors, Supervisory Board, and senior management guarantee the truthfulness, accuracy, and completeness of the report content[3](index=3&type=chunk) [Key Financial Data](index=1&type=section&id=Item%20I.%20Key%20Financial%20Data) The company demonstrated strong financial performance during the reporting period, with significant year-over-year increases in operating revenue and net profit, continuous asset expansion, and improved operating cash flow [Key Accounting Data and Financial Indicators](index=1&type=section&id=%28I%29Key%20Accounting%20Data%20and%20Financial%20Indicators) For Q3 2021 and year-to-date, the company achieved substantial growth in operating revenue and net profit attributable to shareholders, with corresponding increases in EPS, total assets, and owner's equity Key Accounting Data and Financial Indicators for Q3 2021 and Year-to-Date | Item | Current Period (RMB) | YoY Change (%) - Current Period | Year-to-Date (RMB) | YoY Change (%) - Year-to-Date | End of Current Period (RMB) | End of Prior Year (RMB) | Change from Prior Year-End (%) | | :---------------------------------------------------------------- | :------------------- | :------------------------------ | :----------------- | :---------------------------- | :-------------------------- | :------------------------ | :----------------------------- | | Operating Revenue | 2,372,194,767.04 | 62.59 | 6,295,111,147.60 | 88.10 | | | | | Net Profit Attributable to Shareholders of the Listed Company | 456,068,706.75 | 108.61 | 1,230,938,594.01 | 196.38 | | | | | Net Profit Attributable to Shareholders of the Listed Company, Excluding Non-recurring Gains and Losses | 440,381,226.90 | 115.21 | 1,156,527,979.12 | 204.36 | | | | | Net Cash Flow from Operating Activities | N/A | N/A | 1,384,760,100.31 | 364.89 | | | | | Basic Earnings Per Share (RMB/share) | 0.66 | 83.33 | 1.77 | 160.29 | | | | | Diluted Earnings Per Share (RMB/share) | 0.66 | 83.33 | 1.77 | 160.29 | | | | | Weighted Average Return on Net Assets (%) | 4.68 | decreased by 1.34 percentage points | 13.07 | increased by 1.54 percentage points | | | | | Total Assets | | | | | 18,072,582,346.70 | 14,486,275,424.65 | 24.76 | | Total Equity Attributable to Shareholders of the Listed Company | | | | | 9,964,890,572.00 | 8,914,163,998.06 | 11.79 | [Non-recurring Gains and Losses and Amounts](index=2&type=section&id=%28II%29Non-recurring%20Gains%20and%20Losses%20and%20Amounts) Non-recurring gains and losses totaled **RMB 15,687,479.85** for the current period and **RMB 74,410,614.89** year-to-date, primarily comprising government grants and other non-operating income/expenses Non-recurring Gains and Losses and Amounts | Item | Amount - Current Period (RMB) | Amount - Year-to-Date (RMB) | | :---------------------------------------------------------------- | :---------------------------- | :-------------------------- | | Gains and Losses from Disposal of Non-current Assets | 82,105.75 | -3,074,944.03 | | Government Grants Included in Current Profit and Loss | 16,251,427.37 | 86,360,825.88 | | Other Non-operating Income and Expenses Apart from the Above | -374,258.53 | -867,784.98 | | Other Profit and Loss Items Meeting the Definition of Non-recurring Gains and Losses | 2,222,573.56 | 5,222,534.77 | | Less: Income Tax Impact | -2,550,317.68 | -13,303,094.80 | | Minority Interests Impact (After Tax) | 55,949.38 | 73,078.05 | | Total | 15,687,479.85 | 74,410,614.89 | [Changes and Reasons for Key Accounting Data and Financial Indicators](index=3&type=section&id=%28III%29Changes%20and%20Reasons%20for%20Key%20Accounting%20Data%2C%20Financial%20Indicators) Significant growth in operating revenue and net profit is attributed to robust global lithium-ion battery demand, capacity expansion, and enhanced cost control, while increased operating cash flow stems from higher sales collections due to rapid business growth - Operating revenue for July-September increased by **62.59%** year-over-year, and by **88.10%** year-to-date, driven by strong global lithium-ion battery market demand, accelerated capacity expansion, and effective integrated business synergy, leading to rapid sales growth across all business segments[35](index=35&type=chunk)[37](index=37&type=chunk) - Net profit attributable to shareholders of the listed company for July-September increased by **108.61%** year-over-year, and by **196.38%** year-to-date, primarily due to continuous process improvements, enhanced production efficiency, active promotion of raw material optimization and domestic substitution, sustained cost reduction efforts, and reasonable control of various expenses, further strengthening the company's profitability[35](index=35&type=chunk)[37](index=37&type=chunk) - Net cash flow from operating activities for January-September increased by **364.89%** year-over-year, mainly due to a rapid increase in business volume and higher cash received from sales of goods and services during the period[37](index=37&type=chunk) [Shareholder Information](index=4&type=section&id=Item%20II.%20Shareholder%20Information) As of the end of the reporting period, the company had **22,893** common shareholders, with a high concentration of shares among the top ten, and significant combined holdings by the actual controller Liang Feng and his related parties [Total Common Shareholders and Top Ten Shareholders' Holdings](index=4&type=section&id=%28I%29Total%20Common%20Shareholders%20and%20Top%20Ten%20Shareholders%27%20Holdings) At the end of the reporting period, there were **22,893** common shareholders, with actual controller Liang Feng as the largest shareholder at **26.39%**, and his related parties Fujian Shengyue and Nanyang Kuoneng also among the top three, with some shares pledged - Total common shareholders at the end of the reporting period were **22,893** households[38](index=38&type=chunk) Top 10 Shareholders' Holdings | Shareholder Name | Shareholder Type | Number of Shares Held | Shareholding Ratio (%) | Share Status | Pledged, Marked, or Frozen Shares | | :---------------------------------------------------------------------------- | :----------------------- | :-------------------- | :--------------------- | :----------- | :-------------------------------- | | Liang Feng | Domestic Natural Person | 183,279,614 | 26.39 | Pledged | 10,910,800 | | Fujian Shengyue Equity Investment Partnership (Limited Partnership) | Domestic Non-State Legal Person | 79,400,457 | 11.43 | Pledged | 54,880,000 | | Nanyang Kuoneng Enterprise Management Partnership (Limited Partnership) | Domestic Non-State Legal Person | 68,896,395 | 9.92 | None | | | Chen Wei | Domestic Natural Person | 60,169,712 | 8.66 | None | | | Hong Kong Securities Clearing Company Limited | Other | 46,106,144 | 6.64 | None | | | Qi Xiaodong | Domestic Natural Person | 13,100,000 | 1.89 | None | | | Industrial and Commercial Bank of China Co., Ltd. - ABC-CA New Energy Theme Flexible Allocation Mixed Securities Investment Fund | Other | 10,432,841 | 1.50 | None | | | China Construction Bank Corporation - China Asset Management Energy Innovation Stock Fund | Other | 6,675,287 | 0.96 | None | | | Agricultural Bank of China Co., Ltd. - Cathay Smart Car Stock Investment Fund | Other | 4,068,585 | 0.59 | None | | | China Construction Bank Corporation - Cinda Asset Management Aoyuan New Energy Industry Stock Investment Fund | Other | 3,939,197 | 0.57 | None | | - Fujian Shengyue Equity Investment Partnership (Limited Partnership) is a limited partnership where Ms. Shao Xiaomei, wife of actual controller Mr. Liang Feng, serves as the general partner and executive partner; Nanyang Kuoneng Enterprise Management Partnership (Limited Partnership) is a limited partnership where Mr. Liang Feng serves as the general partner and executive partner[39](index=39&type=chunk) [Other Reminders](index=5&type=section&id=Item%20III.%20Other%20Reminders) The company declares no other significant operational information requiring special investor attention during this reporting period - There is no other significant information regarding the company's operations requiring investor attention in this reporting period[40](index=40&type=chunk) [Quarterly Financial Statements](index=5&type=section&id=Item%20IV.%20Quarterly%20Financial%20Statements) This section provides the company's unaudited consolidated balance sheet, income statement, and cash flow statement, along with an explanation of the impact of the new lease standards adopted in 2021 on the financial statements [Type of Audit Opinion](index=5&type=section&id=%28I%29Type%20of%20Audit%20Opinion) This quarter's financial statements are unaudited - This quarter's financial statements are unaudited[40](index=40&type=chunk) [Consolidated Balance Sheet](index=5&type=section&id=Consolidated%20Balance%20Sheet) As of September 30, 2021, total assets reached **RMB 18.07 billion**, a **24.76%** increase from the end of the prior year, with significant growth in both current and non-current assets, and a corresponding increase in total liabilities Consolidated Balance Sheet Key Data (As of September 30, 2021) | Item | September 30, 2021 (RMB) | December 31, 2020 (RMB) | Change (%) | | :-------------------------------------------- | :----------------------- | :---------------------- | :--------- | | Cash and Cash Equivalents | 4,010,667,733.00 | 5,029,617,919.89 | -20.26 | | Financial Assets Held for Trading | 720,815,754.24 | 973,167,940.24 | -25.93 | | Accounts Receivable | 1,875,404,641.66 | 1,699,762,402.87 | 10.33 | | Prepayments | 521,399,267.70 | 123,964,569.66 | 320.61 | | Inventories | 3,877,567,011.44 | 2,236,512,184.76 | 73.38 | | Total Current Assets | 11,402,744,763.99 | 10,373,288,216.30 | 9.92 | | Long-term Equity Investments | 368,660,271.91 | 246,745,408.99 | 49.40 | | Fixed Assets | 3,665,076,186.27 | 2,457,094,183.65 | 49.16 | | Construction in Progress | 1,201,072,785.43 | 811,201,838.39 | 48.06 | | Intangible Assets | 396,578,040.13 | 241,541,951.03 | 64.19 | | Total Non-current Assets | 6,669,837,582.71 | 4,112,987,208.35 | 62.17 | | Total Assets | 18,072,582,346.70 | 14,486,275,424.65 | 24.76 | | Short-term Borrowings | 565,478,086.12 | 1,227,726,013.89 | -53.94 | | Notes Payable | 1,346,504,395.35 | 609,607,807.07 | 120.89 | | Accounts Payable | 2,198,053,965.16 | 1,645,715,163.97 | 33.57 | | Contract Liabilities | 1,549,869,456.37 | 728,195,433.33 | 112.84 | | Total Current Liabilities | 7,031,410,832.76 | 5,301,677,903.05 | 32.63 | | Long-term Borrowings | 738,835,317.52 | 0.00 | N/A | | Total Non-current Liabilities | 930,190,539.69 | 269,298,472.42 | 245.40 | | Total Liabilities | 7,961,601,372.45 | 5,570,976,375.47 | 42.90 | | Equity Attributable to Owners of the Parent Company | 9,964,890,572.00 | 8,914,163,998.06 | 11.79 | | Minority Interests | 146,090,402.25 | 1,135,051.12 | 12771.00 | | Total Equity | 10,110,980,974.25 | 8,915,299,049.18 | 13.41 | [Consolidated Income Statement](index=8&type=section&id=Consolidated%20Income%20Statement) For the first three quarters of 2021, total operating revenue reached **RMB 6.295 billion**, an **88.10%** year-over-year increase, with net profit reaching **RMB 1.242 billion**, up **175.94%**, demonstrating significantly enhanced profitability Consolidated Income Statement Key Data (First Three Quarters of 2021) | Item | First Three Quarters of 2021 (RMB) | First Three Quarters of 2020 (RMB) | Change (%) | | :-------------------------------------------- | :--------------------------------- | :--------------------------------- | :--------- | | Total Operating Revenue | 6,295,111,147.60 | 3,346,677,736.93 | 88.10 | | Operating Costs | 4,033,903,781.53 | 2,271,433,383.13 | 77.60 | | Taxes and Surcharges | 37,179,955.97 | 25,614,411.72 | 45.15 | | Selling Expenses | 124,906,161.07 | 148,674,254.91 | -15.99 | | Administrative Expenses | 250,009,789.27 | 137,952,998.80 | 81.23 | | Research and Development Expenses | 356,500,902.05 | 159,434,493.00 | 123.60 | | Financial Expenses | -4,652,658.38 | 106,681,111.67 | -104.36 | | Other Income | 86,353,007.32 | 43,672,795.23 | 97.74 | | Investment Income | 5,222,534.77 | 3,054,011.82 | 71.00 | | Credit Impairment Losses | -50,733,456.39 | -37,347,975.24 | -35.86 | | Asset Impairment Losses | -70,567,087.47 | 4,629,163.40 | -1625.00 | | Operating Profit | 1,468,040,669.38 | 510,876,232.47 | 187.39 | | Total Profit | 1,463,620,512.16 | 511,941,339.98 | 185.88 | | Net Profit | 1,242,030,036.84 | 450,074,020.18 | 175.94 | | Net Profit Attributable to Owners of the Parent Company | 1,230,938,594.01 | 415,328,620.91 | 196.38 | | Minority Interest Income/Loss | 11,091,442.83 | 34,745,399.27 | -68.07 | | Basic Earnings Per Share (RMB/share) | 1.77 | 0.68 | 160.29 | | Diluted Earnings Per Share (RMB/share) | 1.77 | 0.68 | 160.29 | [Consolidated Cash Flow Statement](index=11&type=section&id=Consolidated%20Cash%20Flow%20Statement) In the first three quarters of 2021, net cash flow from operating activities significantly increased to **RMB 1.385 billion**, while cash outflows from investing activities rose substantially, and financing activities shifted to a net outflow Consolidated Cash Flow Statement Key Data (First Three Quarters of 2021) | Item | First Three Quarters of 2021 (RMB) | First Three Quarters of 2020 (RMB) | Change (%) | | :---------------------------------------------------------------- | :--------------------------------- | :--------------------------------- | :--------- | | Cash Received from Sales of Goods and Services | 5,233,996,812.38 | 2,477,690,724.38 | 111.25 | | Subtotal of Cash Inflows from Operating Activities | 5,681,895,040.10 | 2,605,810,539.58 | 118.05 | | Cash Paid for Goods and Services | 3,036,232,958.69 | 1,670,186,257.26 | 81.79 | | Cash Paid to and for Employees | 658,768,326.91 | 350,610,303.61 | 87.90 | | Subtotal of Cash Outflows from Operating Activities | 4,297,134,939.79 | 2,307,939,452.63 | 86.11 | | Net Cash Flow from Operating Activities | 1,384,760,100.31 | 297,871,086.95 | 364.89 | | Cash Paid for Acquisition of Fixed Assets, Intangible Assets, and Other Long-term Assets | 1,649,296,298.89 | 633,342,608.91 | 160.42 | | Net Cash Flow from Investing Activities | -2,103,912,595.63 | -817,109,741.01 | -157.48 | | Cash Received from Borrowings | 1,327,400,000.00 | 2,603,300,000.00 | -49.01 | | Cash Paid for Debt Repayment | 1,253,000,000.00 | 1,581,310,000.00 | -20.76 | | Net Cash Flow from Financing Activities | -381,805,009.64 | 1,030,998,315.78 | -137.03 | | Net Increase in Cash and Cash Equivalents | -1,108,678,044.98 | 500,967,735.73 | -321.39 | | Cash and Cash Equivalents at End of Period | 3,798,153,890.20 | 948,126,346.96 | 300.50 | - Cash paid for the acquisition of fixed assets, intangible assets, and other long-term assets significantly increased, reflecting the company's investments in capacity expansion and technological research and development[49](index=49&type=chunk) [Adjustments for New Lease Standards](index=12&type=section&id=%28III%29Adjustments%20to%20Financial%20Statements%20at%20the%20Beginning%20of%20the%20First%20Year%20of%20Adoption%20of%20New%20Lease%20Standards%20from%202021) Effective January 1, 2021, the company adopted new lease standards, recognizing **RMB 70,216,122.23** in right-of-use assets and **RMB 54,630,036.39** in lease liabilities, while reducing prepayments by **RMB 15,586,085.84**, leading to increases in both total assets and total liabilities - The company adopted the revised "Accounting Standard for Business Enterprises No. 21 – Leases" issued by the Ministry of Finance starting January 1, 2021[53](index=53&type=chunk) Impact of New Lease Standards Adjustments | Item | December 31, 2020 (RMB) | January 1, 2021 Adjusted (RMB) | Adjustment Amount (RMB) | | :------------- | :---------------------- | :----------------------------- | :---------------------- | | Prepayments | 123,964,569.66 | 108,378,483.82 | -15,586,085.84 | | Right-of-Use Assets | 0.00 | 70,216,122.23 | 70,216,122.23 | | Total Assets | 14,486,275,424.65 | 14,540,905,461.04 | 54,630,036.39 | | Lease Liabilities | 0.00 | 54,630,036.39 | 54,630,036.39 | | Total Liabilities | 5,570,976,375.47 | 5,625,606,411.86 | 54,630,036.39 | - In accordance with the new standards and related transitional provisions, right-of-use assets of **RMB 70,216,122.23** and lease liabilities of **RMB 54,630,036.39** were recognized, with a corresponding reduction in prepayments of **RMB 15,586,085.84**[53](index=53&type=chunk)

2020 年年度报告 公司代码：603659 公司简称：璞泰来 上海璞泰来新能源科技股份有限公司 2020 年年度报告 1 / 201 2020 年年度报告 重要提示 一、本公司董事会、监事会及董事、监事、高级管理人员保证年度报告内容的真实、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。 二、公司全体董事出席董事会会议。 三、安永华明会计师事务所（特殊普通合伙）为本公司出具了标准无保留意见的审计报告。 四、公司负责人梁丰、主管会计工作负责人韩钟伟及会计机构负责人（会计主管人员）韦富桂声 明：保证年度报告中财务报告的真实、准确、完整。 五、经董事会审议的报告期利润分配预案或公积金转增股本预案 2020年年度利润分配预案：以实施权益分派股权登记日的总股本为基数进行利润分配，向全 体股东每10股派发现金红利4.1元（含税），以截止2020年12月31日公司总股本496,028,364股为 基数进行测算，本次拟派发现金红利203,371,629.24元。同时拟向全体股东每10股以资本公积金 转增4股，以截止2020年12月31日公司总股本496,028,364股为基数进行测算，本次转 ...

[Definitions](index=4&type=section&id=第一节%20释义) This chapter defines professional terms, abbreviations for the company and its subsidiaries, and key customers used in the report - Defines terms, company/subsidiary abbreviations, and major customers (e.g., ATL, CATL, Samsung SDI, LG Chem) used in the report[7](index=7&type=chunk) - The reporting period is defined as January 1, 2020, to June 30, 2020[9](index=9&type=chunk) [Company Profile and Key Financial Indicators](index=6&type=section&id=第二节%20公司简介和主要财务指标) This section provides an overview of the company's basic information and analyzes its key financial performance during the first half of 2020 [Company Profile](index=6&type=section&id=公司简介) This chapter provides the company's basic information, including its Chinese and English names, legal representative, contact details, registered and office addresses, and information disclosure channels Company Basic Information | Item | Content | | :--- | :--- | | **Chinese Name** | 上海璞泰来新能源科技股份有限公司 | | **Chinese Abbreviation** | 璞泰来 | | **English Name** | Shanghai Putailai New Energy Technology Co., Ltd. | | **Legal Representative** | 梁丰 | | **Stock Abbreviation** | 璞泰来 | | **Stock Code** | 603659 | [Key Accounting Data and Financial Indicators](index=7&type=section&id=主要会计数据和财务指标) In the first half of 2020, the company's operating revenue and net profit attributable to shareholders both declined, with revenue down 13.30% and net profit down 25.44%, while net cash flow from operating activities increased by 14.13% Key Accounting Data for H1 2020 (Unit: Yuan) | Key Accounting Data | Current Period (Jan-Jun) | Prior Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 1,887,637,120.26 | 2,177,300,177.60 | -13.30 | | Net Profit Attributable to Shareholders of Listed Company | 196,700,787.56 | 263,803,143.72 | -25.44 | | Net Profit Attributable to Shareholders of Listed Company After Deducting Non-recurring Gains and Losses | 175,353,180.84 | 239,671,376.33 | -26.84 | | Net Cash Flow from Operating Activities | 224,320,788.39 | 196,547,072.45 | 14.13 | | **Asset Status** | **Current Period End** | **Prior Year End** | **Period-end vs. Prior Year-end Change (%)** | | Net Assets Attributable to Shareholders of Listed Company | 3,519,474,954.49 | 3,409,416,053.27 | 3.23 | | Total Assets | 9,255,442,865.22 | 8,130,924,461.78 | 13.83 | Key Financial Indicators for H1 2020 | Key Financial Indicators | Current Period (Jan-Jun) | Prior Period | Change | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (Yuan/share) | 0.45 | 0.61 | -26.23% | | Diluted Earnings Per Share (Yuan/share) | 0.45 | 0.61 | -26.23% | | Weighted Average Return on Net Assets (%) | 5.45 | 8.93 | Decreased by 3.48 percentage points | | Weighted Average Return on Net Assets After Deducting Non-recurring Gains and Losses (%) | 4.86 | 8.11 | Decreased by 3.25 percentage points | - During the reporting period, the company's non-recurring gains and losses totaled **21.35 million Yuan**, primarily from government subsidies[19](index=19&type=chunk) [Company Business Overview](index=9&type=section&id=第三节%20公司业务概要) This section details the company's core business, operating model, and industry landscape, highlighting its competitive advantages in technology, integrated supply chain, market resources, and management team [Main Business, Operating Model, and Industry Overview](index=9&type=section&id=主要业务、经营模式及行业情况说明) The company's main business involves R&D, production, and sales of key materials (anode materials, coated separators, aluminum-plastic film) and automated process equipment for new energy lithium batteries, serving major manufacturers like ATL, CATL, and LG Chem - The company is dedicated to providing comprehensive solutions for key materials and automated process equipment for the new energy lithium-ion battery industry, covering anode materials, wet-process separators and coating, automation equipment, and aluminum-plastic packaging film[20](index=20&type=chunk) - The company adopts a "build-to-order with market forecast consideration" production model and a direct sales model, with major clients including ATL, CATL, LG Chem, Samsung SDI, and other leading domestic and international lithium battery manufacturers[23](index=23&type=chunk)[24](index=24&type=chunk)[25](index=25&type=chunk) - Industry trends indicate broad demand in the consumer battery market, a sustained long-term growth trend in the power battery market despite short-term pandemic impacts, and accelerating development in the energy storage market[26](index=26&type=chunk)[30](index=30&type=chunk)[31](index=31&type=chunk) [Core Competitiveness Analysis](index=13&type=section&id=报告期内核心竞争力分析) The company's core competitiveness lies in its technological R&D, integrated industrial chain, market resources, and experienced management team, enabling cost control and strong client relationships - **Technology and R&D Advantages**: The company possesses unique core technologies and continuous R&D investment across various segments, including anode materials, lithium battery equipment, coated separators, and aluminum-plastic film, with superior product performance and entry into international high-end supply chains[36](index=36&type=chunk)[37](index=37&type=chunk)[38](index=38&type=chunk) - **Integrated Industrial Chain Advantage**: The company has achieved full coverage in anode materials from raw coke to graphitization processing, extended its coated separator business upstream to base film, and formed synergistic effects through self-supply of core equipment, effectively enhancing product quality and cost control capabilities[41](index=41&type=chunk) - **Market Resource Advantage**: The company has established long-term stable cooperative relationships with renowned domestic and international lithium battery and automotive manufacturers such as ATL, CATL, LG Chem, Samsung SDI, Panasonic, and Tesla, demonstrating strong customer stickiness[42](index=42&type=chunk) - **Team Advantage**: The company's core management team possesses rich industry experience and foresight, maintaining team stability and motivation through equity incentives and other means[43](index=43&type=chunk) [Discussion and Analysis of Operations](index=18&type=section&id=第四节%20经营情况的讨论与分析) This section provides a comprehensive analysis of the company's operational performance, including overall financial results, segment-specific performance, and changes in key financial statement items [Overall Analysis of Operations](index=18&type=section&id=经营情况总体分析) In the first half of 2020, the company faced operational challenges due to the COVID-19 pandemic and reduced domestic new energy vehicle subsidies, resulting in a 13.30% decrease in operating revenue to **1.888 billion Yuan** and a 25.44% decrease in net profit attributable to shareholders to **197 million Yuan** H1 2020 Performance Overview | Indicator | Amount (10K Yuan) | YoY Change | | :--- | :--- | :--- | | Operating Revenue | 188,763.71 | -13.30% | | Net Profit Attributable to Shareholders of Listed Company | 19,670.08 | -25.44% | - In the first half of the year, domestic new energy vehicle production and sales decreased by over **35%** year-on-year, exerting significant downward pressure on the industry chain, which primarily impacted the company's performance[44](index=44&type=chunk) [Analysis of Operations by Business Segment](index=18&type=section&id=分业务经营情况分析) Business segments showed mixed performance, with anode material shipments increasing by **6.02%** due to overseas orders, while coated separator shipments decreased by **8.41%** due to domestic demand, and lithium equipment revenue significantly dropped by **45.96%** due to delayed deliveries Operating Data for Each Business Segment in H1 2020 | Business Segment | Indicator | Value | YoY Change | | :--- | :--- | :--- | :--- | | **Anode Materials** | Shipment Volume | 22,226 Tons | +6.02% | | | Main Business Revenue | 1.367 billion Yuan | -1.65% | | **Coated Separators** | Shipment Volume | 219 million sqm | -8.41% | | | Main Business Revenue | 282 million Yuan | -16.93% | | **Aluminum-Plastic Film** | Shipment Volume | 2.53 million sqm | -0.57% | | | Main Business Revenue | 32 million Yuan | YoY flat | | **Nano Alumina** | Shipment Volume | 506 Tons | +103.51% | | | Main Business Revenue | 13 million Yuan | +735.33% | | **Lithium Equipment** | Main Business Revenue (Excluding Internal) | 127 million Yuan | -45.96% | [Main Business Analysis](index=22&type=section&id=主营业务分析) This chapter analyzes the company's first-half operating status through changes in financial statement items, noting revenue decline due to the pandemic, a greater decrease in operating costs from raw material price drops, increased sales expenses from overseas growth, higher financial expenses due to convertible bond issuance, and improved operating cash flow from enhanced collections Analysis of Major Financial Statement Item Changes | Item | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | Change Ratio (%) | Main Reason | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 1,887,637,120.26 | 2,177,300,177.60 | -13.30 | Impact of COVID-19 pandemic, insufficient demand for power batteries | | Operating Cost | 1,309,599,095.46 | 1,590,871,512.93 | -17.68 | Decrease in raw material prices and cost control | | Selling Expenses | 90,209,827.41 | 71,430,313.59 | 26.29 | Increase in overseas market revenue | | Financial Expenses | 60,879,363.51 | 45,774,281.57 | 33.00 | Issuance of convertible bonds and increased bank financing | | Net Cash Flow from Operating Activities | 224,320,788.39 | 196,547,072.45 | 14.13 | Strengthened collections, controlled payments | | Net Cash Flow from Financing Activities | 1,199,793,704.04 | 299,113,556.00 | 301.12 | Issuance of convertible bonds | [Analysis of Assets and Liabilities](index=23&type=section&id=资产、负债情况分析) At the end of the reporting period, the company's total assets reached **9.255 billion Yuan**, an increase of **13.83%** from the end of the previous year, primarily driven by a **90.66%** surge in monetary funds due to convertible bond issuance, while liabilities saw a **1085.87%** increase in bonds payable Changes in Major Balance Sheet Items | Item Name | Current Period End Amount (Yuan) | Change Ratio from Prior Year End (%) | Main Reason | | :--- | :--- | :--- | :--- | | Monetary Funds | 1,644,061,091.44 | 90.66 | Issuance of convertible bonds and customer collections | | Prepayments | 127,385,196.91 | 57.23 | Increase in prepaid electricity and other payments | | Other Non-current Assets | 185,139,562.41 | 36.36 | Increased investment in construction projects, increased equipment prepayments | | Bonds Payable | 778,310,243.11 | 1,085.87 | Issuance of convertible bonds | | Long-term Payables | 136,764,634.53 | 237.65 | Subsidiaries engaged in finance lease sale-and-leaseback transactions | [Analysis of Investment Status](index=25&type=section&id=投资状况分析) During the reporting period, the company made several equity investments, including capital increases for Ningde Zhuogao and Jiangsu Zhongguancun Jiatuo, and established Dongguan Zhuogao New Energy, while also planning to acquire the remaining **49%** equity in Shandong Xingfeng for **735 million Yuan** - The company plans to acquire **49%** of Shandong Xingfeng's minority equity for **735 million Yuan** in cash, making Shandong Xingfeng a wholly-owned subsidiary upon completion, contingent on CSRC approval for non-public issuance[66](index=66&type=chunk)[67](index=67&type=chunk) - The company increased capital in its wholly-owned subsidiary Ningde Zhuogao by **60 million Yuan**, in Jiangsu Zhongguancun Jiatuo by **100 million Yuan**, and invested **50 million Yuan** to establish Dongguan Zhuogao New Energy Technology Co., Ltd[64](index=64&type=chunk)[65](index=65&type=chunk) Progress of Major Non-Equity Investment Projects | Project Name | Project Amount (10K Yuan) | Amount Invested This Year (10K Yuan) | Cumulative Investment (10K Yuan) | Project Progress | | :--- | :--- | :--- | :--- | :--- | | High-Safety Lithium-Ion Battery Functional Coated Separator Production Base | 43,200.00 | 22,486.92 | 22,486.92 | Construction phase | | Annual Production of 30,000 Tons of High-Performance Lithium-Ion Battery Anode Materials (Carbonization, etc.) | 23,300.00 | 10,123.76 | 10,123.76 | Partial processes completed and trial production | [Analysis of Major Holding and Participating Companies](index=27&type=section&id=主要控股参股公司分析) This chapter discloses the financial performance of major holding subsidiaries, with Jiangxi Zichen (anode materials) contributing the majority of operating revenue and net profit at **154.55 million Yuan**, while Ningde Zhuogao and Inner Mongolia Xingfeng also reported profits, and Jiangsu Zhuogao incurred losses Operating Performance of Major Holding Subsidiaries in H1 2020 (Unit: 10K Yuan) | Company Name | Main Business | Operating Revenue for Reporting Period | Net Profit for Reporting Period | | :--- | :--- | :--- | :--- | | Jiangxi Zichen | Anode Materials | 136,862.97 | 15,455.45 | | Inner Mongolia Xingfeng | Graphitization Processing | 21,750.79 | 3,346.61 | | Shenzhen Xinjia Tuo | Lithium Equipment | 20,531.23 | 2,639.81 | | Ningde Zhuogao | Coated Separators | 21,488.84 | 3,444.43 | | Jiangsu Zhuogao | Coated Separators | 4,111.49 | -328.46 | [Potential Risks](index=28&type=section&id=可能面对的风险) The company faces risks from macroeconomic fluctuations, policy changes, intensified market competition, raw material price volatility, and technological substitution, which could lead to demand contraction, price pressure, and adverse impacts on performance - Macroeconomic downturn, reduced new energy vehicle subsidies, and overcapacity in downstream industries may lead to demand contraction and customer credit risk[73](index=73&type=chunk) - Intensified market competition may lead to product price reductions, affecting the company's profitability[75](index=75&type=chunk) - Fluctuations in raw material prices and the risk of substitution by emerging battery technologies (such as solid-state batteries) may adversely affect the market competitiveness of the company's products[76](index=76&type=chunk)[78](index=78&type=chunk) [Significant Matters](index=30&type=section&id=第五节%20重要事项) This section covers key corporate events, including shareholder meetings, profit distribution plans, major litigations, related party transactions, significant contracts, guarantees, and details regarding convertible corporate bonds [Shareholder Meetings and Profit Distribution](index=30&type=section&id=股东大会与利润分配) During the reporting period, the company held three shareholder meetings, and the board of directors resolved not to distribute profits or convert capital reserves into share capital for the first half of 2020 - The company held three shareholder meetings during and after the reporting period, reviewing proposals such as the annual report, routine related party transactions, and non-public issuance of shares[79](index=79&type=chunk) - The company plans not to distribute profits or convert capital reserves into share capital for the first half of 2020[80](index=80&type=chunk) [Major Litigations and Related Party Transactions](index=32&type=section&id=重大诉讼与关联交易) The company had one major litigation where its wholly-owned subsidiary Jiangxi Zichen sought enforcement against Jiangsu Zhihang New Energy for **92.04 million Yuan** in payment disputes, and significant related party transactions included the planned **735 million Yuan** acquisition of minority equity in Shandong Xingfeng - Wholly-owned subsidiary Jiangxi Zichen Technology Co., Ltd. applied to the court for compulsory enforcement against Jiangsu Zhihang New Energy Co., Ltd. due to payment disputes, involving a total amount of **92.04 million Yuan**[85](index=85&type=chunk) - The company plans to acquire **29.40%** and **19.60%** equity in Shandong Xingfeng for a total of **735 million Yuan** in cash, constituting a significant related party transaction[89](index=89&type=chunk) - The company expects routine related party transactions with associated parties in 2020 to not exceed **240 million Yuan** (excluding tax)[87](index=87&type=chunk) [Significant Contracts and Guarantees](index=35&type=section&id=重大合同与担保) As of the end of the reporting period, the company's total guarantee balance for its subsidiaries amounted to **3.516 billion Yuan**, representing **93.24%** of its net assets, with **608 million Yuan** provided for guaranteed entities with an asset-liability ratio exceeding **70%** Company Guarantee Status (Unit: 10K Yuan) | Item | Amount | | :--- | :--- | | Total Guarantees Provided to Subsidiaries During Reporting Period | 124,500.00 | | Total Guarantee Balance for Subsidiaries at End of Reporting Period | 351,554.90 | | Ratio of Total Guarantees to Company's Net Assets (%) | 93.24 | [Convertible Corporate Bonds](index=37&type=section&id=可转换公司债券情况) The company publicly issued **870 million Yuan** in convertible corporate bonds ("Putailai Convertible Bonds") on January 2, 2020, which began trading on February 4, with the conversion period starting July 8, 2020, and the conversion price adjusted from **83.18 Yuan/share** to **82.73 Yuan/share** due to the 2019 equity distribution - The company publicly issued **870 million Yuan** in convertible corporate bonds in January 2020, with the bond abbreviation "Putailai Convertible Bonds" and code "113562"[100](index=100&type=chunk) - As of the end of the reporting period, the unconverted amount was **870 million Yuan**, representing **100%** of the total issuance[105](index=105&type=chunk) - Due to the implementation of the 2019 equity distribution, the conversion price was adjusted from **83.18 Yuan/share** to **82.73 Yuan/share** effective May 12, 2020[107](index=107&type=chunk) [Changes in Ordinary Shares and Shareholder Information](index=41&type=section&id=第六节%20普通股股份变动及股东情况) This section details the company's share capital structure and the holdings of its major shareholders [Shareholder Information](index=41&type=section&id=股东情况) As of the end of the reporting period, the company had **12,838** ordinary shareholders, with the top three shareholders, Liang Feng, Ningbo Shengyue Investment, and Ningbo Huineng Investment, collectively holding over **55%** of the shares, and Liang Feng being the actual controller Top Ten Shareholders' Holdings | Shareholder Name | Number of Shares Held | Percentage (%) | | :--- | :--- | :--- | | Liang Feng | 130,914,010 | 30.08 | | Ningbo Shengyue Investment Partnership (Limited Partnership) | 56,714,612 | 13.03 | | Ningbo Huineng Investment Partnership (Limited Partnership) | 51,955,111 | 11.94 | | Chen Wei | 42,978,366 | 9.88 | | Hong Kong Securities Clearing Company Limited | 11,088,665 | 2.55 | - Ningbo Shengyue and Ningbo Huineng are limited partnerships controlled by Mr. Liang Feng, the actual controller, forming a concerted action relationship[116](index=116&type=chunk)[117](index=117&type=chunk) [Information on Directors, Supervisors, and Senior Management](index=45&type=section&id=第八节%20董事、监事、高级管理人员情况) This section provides details on the company's board of directors, supervisory board, and senior management team [Changes in Shareholdings](index=45&type=section&id=持股变动情况) During the reporting period, some directors, supervisors, and senior management reduced their company shareholdings in the secondary market according to disclosed plans, while controlling shareholder Liang Feng's shareholding remained unchanged Changes in Shareholdings of Directors, Supervisors, and Senior Management | Name | Position | Change in Shareholdings During Reporting Period (Shares) | Reason for Change | | :--- | :--- | :--- | :--- | | Chen Wei | Director | -4,306,000 | Reduced shareholdings in the secondary market according to disclosed reduction plan | | Han Zhongwei | Director | -650,000 | Reduced shareholdings in the secondary market according to disclosed reduction plan | | Liu Fang | Supervisor | -746,502 | Reduced shareholdings in the secondary market according to disclosed reduction plan | | Feng Suning | Senior Management | -900,000 | Reduced shareholdings in the secondary market according to disclosed reduction plan | | Qi Xiaodong | Senior Management | -999,331 | Reduced shareholdings in the secondary market according to disclosed reduction plan | [Corporate Bonds Information](index=46&type=section&id=第九节%20公司债券相关情况) This section provides details on the company's corporate bonds, including their basic information, interest payments, redemption, and analysis of the company's solvency and bank credit lines [Basic Information and Interest Payment/Redemption of Corporate Bonds](index=46&type=section&id=公司债券基本情况与付息兑付) During the reporting period, the company timely and fully redeemed the principal and interest of "PR Putailai 01" and delisted it, while also timely redeeming part of the principal and interest of "18 Putailai," which was renamed "PR Putailai 02" and remains in circulation - The corporate bond "PR Putailai 01" completed principal and interest redemption and was delisted on May 18, 2020[122](index=122&type=chunk) - The corporate bond "18 Putailai" redeemed 1/3 of its principal and interest on March 19, 2020, and its bond abbreviation was changed to "PR Putailai 02," with a remaining bond balance of **67 million Yuan** at period-end[122](index=122&type=chunk)[123](index=123&type=chunk) [Solvency and Bank Credit Lines](index=49&type=section&id=偿债能力与银行授信) At the end of the reporting period, the company's current ratio and quick ratio both improved, while the asset-liability ratio slightly increased to **59.26%**, and the EBITDA interest coverage ratio decreased to **5.36** times due to increased interest accrual from convertible bonds Solvency Related Financial Indicators | Key Indicator | Current Period End / Current Period | Prior Year End / Prior Period | Reason for Change | | :--- | :--- | :--- | :--- | | Current Ratio | 1.28 | 1.19 | Issuance of convertible bonds and strengthened cash flow management | | Quick Ratio | 0.74 | 0.65 | Issuance of convertible bonds and strengthened cash flow management | | Asset-Liability Ratio (%) | 59.26 | 55.18 | Increase in liabilities due to convertible bond issuance exceeded asset increase | | EBITDA Interest Coverage Ratio | 5.36 | 8.07 | Increased interest accrual due to convertible bond business | - As of the end of the reporting period, the company and its subsidiaries collectively obtained bank credit lines totaling **4.134 billion Yuan**, with **2.612 billion Yuan** utilized and **1.523 billion Yuan** unused, indicating timely repayment of all credit lines[134](index=134&type=chunk) [Financial Report](index=51&type=section&id=第十节%20财务报告) This section presents the company's unaudited consolidated and parent company financial statements for the first half of 2020, including the balance sheet, income statement, cash flow statement, and statement of changes in owners' equity [Financial Statements](index=51&type=section&id=财务报表) This chapter provides the company's unaudited consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity for the first half of 2020 Consolidated Income Statement Summary (Jan-Jun 2020) | Item | Amount (Yuan) | | :--- | :--- | | **Total Operating Revenue** | **1,887,637,120.26** | | Total Operating Cost | 1,652,381,215.22 | | Operating Profit | 231,257,213.94 | | Total Profit | 232,083,556.09 | | **Net Profit** | **212,525,567.32** | | **Net Profit Attributable to Parent Company Shareholders** | **196,700,787.56** | Consolidated Balance Sheet Summary (As of June 30, 2020) | Item | Amount (Yuan) | | :--- | :--- | | **Total Assets** | **9,255,442,865.22** | | Total Current Assets | 5,707,169,391.22 | | Total Non-current Assets | 3,548,273,474.00 | | **Total Liabilities** | **5,484,961,529.54** | | Total Current Liabilities | 4,453,411,869.99 | | Total Non-current Liabilities | 1,031,549,659.55 | | **Total Owners' Equity** | **3,770,481,335.68** | | Total Owners' Equity Attributable to Parent Company | 3,519,474,954.49 | Consolidated Cash Flow Statement Summary (Jan-Jun 2020) | Item | Amount (Yuan) | | :--- | :--- | | Net Cash Flow from Operating Activities | 224,320,788.39 | | Net Cash Flow from Investing Activities | -373,880,036.99 | | Net Cash Flow from Financing Activities | 1,199,793,704.04 | | **Net Increase in Cash and Cash Equivalents** | **1,051,460,256.66** | [Significant Accounting Policies and Estimates](index=75&type=section&id=重要会计政策及会计估计) The company adopted new revenue recognition standards from January 1, 2020, reclassifying sales-related advances to contract liabilities and adjusting opening financial statements accordingly, with detailed explanations for other key policies like financial instrument recognition, inventory valuation, and fixed asset depreciation - The company adopted new revenue recognition standards from January 1, 2020, primarily reclassifying advances from customers to contract liabilities, adjusting the opening balance sheet for 2020, but not retrospectively adjusting comparative period data[241](index=241&type=chunk) - Due to the adoption of new revenue standards, the company's advances from customers decreased by **717 million Yuan** and contract liabilities increased by **717 million Yuan** as of January 1, 2020[236](index=236&type=chunk) [Reference Documents](index=188&type=section&id=第十一节%20备查文件目录) This chapter lists the reference documents, including financial statements signed and sealed by the company's legal representative, chief accountant, and head of accounting department, as well as originals of all company documents and announcements publicly disclosed during the reporting period - This chapter lists reference documents, including financial statements signed and sealed by the company's legal representative, chief accountant, and head of accounting department, as well as originals of all company documents and announcements publicly disclosed in designated newspapers during the reporting period[459](index=459&type=chunk)