公司收到《第二轮审核问询函》后，按照要求会同相关中介机构就《第二轮 审核问询函》 提出的问题进行了认真研究和逐项落实，现对相关回复进行公开披 露。具体内容详见公司同日在上海证券交易所网站(http://www.sse.com.cn/) 披露 的《关于无锡阿科力科技股份有限公司向特定对象发行股票申请文件的第二轮审 核问询函的回复》。公司将于回复披露后按要求向上交所报送回复材料。 公司本次向特定对象发行股票事项尚需通过上交所审核，并获得中国证券监 督管理委员会(以下简称"中国证监会")同意注册后方可实施，最终能否通过上 交所审核，并获得中国证监会同意注册的决定及其时间尚存在不确定性。公司将 根据上述事项进展情况，严格按照有关规定及时履行信息披露义务，敬请广大投 资者注意投资风险。 特此公告。 证券代码：603722 证券简称：阿科力 公告编号： 2023-033 无锡阿科力科技股份有限公司 关于向特定对象发行股票申请文件的第二轮 审核问询函回复的提示性公告 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。 无锡阿科力科技股份有 ...

的 关于无锡阿科力科技股份有限公司 向特定对象发行股票申请文件的第二轮审核问询函的 回复 保荐机构（主承销商） （福建省福州市湖东路 268 号） 二零二三年八月 7-1-1 | | | | | | 上海证券交易所： 贵所于 2023 年 8 月 8 日出具的《关于无锡阿科力科技股份有限公司向特定 对象发行股票申请文件的第二轮审核问询函》（审核函〔2023〕559 号）（下称"审 核问询函"）已收悉。无锡阿科力科技股份有限公司（下称"阿科力""发行人""公 司"）与兴业证券股份有限公司（下称"保荐机构"或"保荐人"）、北京德恒律师事 务所（下称"发行人律师"）、致同会计师事务所（特殊普通合伙）（下称"申报会 计师"）等相关方，本着勤勉尽责、诚实守信的原则，就审核问询函所提问题逐 条进行了认真讨论、核查和落实，现回复如下，请予审核。 如无特别说明，本回复中的简称与《募集说明书》中简称具有相同含义。 | 格式 | 说明 | | --- | --- | | 黑体（加粗） | 审核问询函所列问题 | | 宋体（不加粗） | 对审核问询函所列问题的回复，或募集说明书中原披露本次未修订的 | | 内容 | | | 楷体（ ...

证券代码：603722 证券简称：阿科力 公告编号：2023-032 无锡阿科力科技股份有限公司 关于向特定对象发行股票申请收到上海证券交易所 第二轮审核问询函的公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记 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 别及连带法律责任。 无锡阿科力科技股份有限公司（以下简称"公司"）于 2023 年 8 月 8 日收到 上海证券交易所（以下简称"上交所"）出具的《关于无锡阿科力科技股份有限公 司向特定对象发行股票申请文件的第二轮审核问询函》（上证上审（再融资）〔2023〕 559 号），上交所审核机构对公司报送的向特定对象发行股票申请文件进行了审 核，并形成了第二轮问询问题。 公司将与相关中介机构按照上述问询函的要求，对问询函中的相关问题进行 逐项落实，并及时提交对问询函的回复，回复内容将通过临时公告方式及时披露， 并通过上交所发行上市审核业务系统报送相关文件。 公司本次向特定对象发行股票相关事项尚需通过上交所审核，并获得中国证 券监督管理委员会（以下简称"中国证监会"）做出同意注册的决定后方可实施， 最终能否通过上交所审核 ...

上海证券交易所文件 上证上审（再融资）〔2023〕559 号 关于无锡阿科力科技股份有限公司向特定对 象发行股票申请文件的第二轮审核问询函 无锡阿科力科技股份有限公司、兴业证券股份有限公司： 根据《证券法》《上市公司证券发行注册管理办法》《上海 证券交易所上市公司证券发行上市审核规则》等有关法律、法规 及本所有关规定等，本所审核机构对无锡阿科力科技股份有限公 司（以下简称发行人或公司）向特定对象发行股票申请文件进行 了审核，并形成了第二轮问询问题。 1.关于年产 1 万吨光学材料项目 根据申报材料，公司主要从事聚醚胺及光学材料的研发、生 产及销售。公司本次向特定对象发行股票的募集资金，将用于"年 产 2 万吨聚醚胺项目"、"年产 1 万吨光学材料（环烯烃单体及聚 合物）项目"。其中，"年产 1 万吨光学材料（环烯烃单体及聚合 1 ─────────────── 物）项目"主要产品包括环烯烃单体及环烯烃聚合物（COC/COP）， 与前次募投项目"年产 10,000 吨高透光材料新建项目"的产品一 致。 请发行人说明：（1）本次募投产品光学材料（环烯烃单体 及聚合物）与现有主营业务中的光学材料产品（丙烯酸异冰片酯 ...

Financial Performance - The company's revenue for Q1 2023 was CNY 143,476,476.53, representing a decrease of 41.27% compared to the same period last year[4] - The net profit attributable to shareholders for Q1 2023 was CNY 6,273,143.46, down 85.56% year-on-year[4] - The net profit attributable to shareholders after deducting non-recurring gains and losses decreased by 88.49% to CNY 4,867,505.81[4] - The basic and diluted earnings per share for Q1 2023 were both CNY 0.07, reflecting an 85.56% decline[8] - The net profit for Q1 2023 was CNY 6,117,559.19, a decrease of 86.9% compared to CNY 43,329,919.72 in Q1 2022[19] - The operating profit for Q1 2023 was CNY 7,284,896.08, down from CNY 51,424,988.40 in the same period last year[19] - The total comprehensive income for Q1 2023 was CNY 6,117,559.19, a decrease of 86.9% from CNY 43,329,919.72 in Q1 2022[20] Cash Flow - The company's cash flow from operating activities was negative at CNY -14,794,082.31, indicating cash outflow[4] - Cash flow from operating activities for Q1 2023 was negative at CNY -14,794,082.31, compared to a positive CNY 28,746,512.43 in Q1 2022[21] - The company reported cash outflow from investment activities of CNY 192,506,094.50, compared to CNY 19,468,276.71 in the previous year[21] - The company received CNY 5,203,135.91 in tax refunds during Q1 2023, compared to CNY 2,612,158.60 in Q1 2022[21] - The company reported a net increase in cash and cash equivalents of CNY -7,080,069.36 for Q1 2023, contrasting with an increase of CNY 99,263,854.80 in Q1 2022[21] Assets and Liabilities - Total assets at the end of the reporting period were CNY 917,196,397.01, down 3.19% from the end of the previous year[5] - Total assets as of March 31, 2023, amounted to RMB 917,196,397.01, down from RMB 947,426,215.67 at the end of 2022[16] - Total liabilities decreased to RMB 144,387,910.64 from RMB 185,170,488.49 at the end of 2022, indicating a reduction of 22.0%[15] - The company's total equity increased to RMB 772,808,486.37 from RMB 762,255,727.18, reflecting a growth of 1.8%[16] Operational Metrics - Total operating revenue for Q1 2023 was RMB 143,476,476.53, a decrease of 41.1% compared to RMB 244,291,718.66 in Q1 2022[18] - Total operating costs for Q1 2023 were RMB 137,915,259.97, down 29.2% from RMB 195,000,018.05 in Q1 2022[18] - Research and development expenses for Q1 2023 were RMB 3,849,805.23, down from RMB 9,854,040.59 in Q1 2022, a decrease of 60.0%[18] Market Conditions - The decline in revenue and profit was attributed to a significant drop in product prices due to a downturn in the industry and lower raw material prices[7] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 7,543[10] - Cash and cash equivalents as of March 31, 2023, were RMB 258,527,746.35, a decrease from RMB 269,024,215.71 as of December 31, 2022[13] - Accounts receivable increased to RMB 72,323,669.78 from RMB 66,856,640.45, representing an increase of 8.8%[13] - Inventory decreased to RMB 41,243,686.85 from RMB 53,437,606.04, a decline of 22.8%[14]

证券代码：603722 证券简称：阿科力 公告编号：2023-018 无锡阿科力科技股份有限公司 关于召开 2022 年度业绩暨现金分红说明会的公告 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。 重要内容提示： 会议召开时间：2023 年 04 月 21 日(星期五) 下午 15:00-16:00 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： http://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 财务总监：冯莉女士 独立董事：高烨先生 投资者可于 2023 年 04 月 14 日(星期五) 至 04 月 20 日(星期四)16:00 前登 录上证路演中心网站首页点击 " 提问预征集 " 栏目或通过公司邮箱 （zq@chinaacryl.com）进行提问。公司将在说明会上对投资者普遍关注的问题进 行回答。 无锡阿科力科技股份有限公司（以下简称"公司"）已于 2023 年 3 月 31 日发 布公司 2022 年度报告，为便于广大投 ...

Financial Performance - The company's operating revenue for 2022 was ¥713,094,612.12, a decrease of 18.99% compared to ¥880,230,613.67 in 2021[24]. - Net profit attributable to shareholders increased by 19.66% to ¥120,178,151.46 from ¥100,436,604.25 in the previous year[26]. - The basic earnings per share rose by 19.13% to ¥1.37, up from ¥1.15 in 2021[25]. - The company's total assets at the end of 2022 were ¥947,426,215.67, reflecting a 7.11% increase from ¥884,501,858.77 in 2021[24]. - The net cash flow from operating activities was ¥144,787,237.12, a slight decrease of 3.51% compared to ¥150,058,924.56 in the previous year[26]. - The company's net assets attributable to shareholders increased by 14.89% to ¥759,459,616.49 from ¥661,020,143.71 in 2021[24]. - The weighted average return on equity for 2022 was 17.18%, an increase of 0.75 percentage points from 16.43% in 2021[25]. - The company experienced a decline in sales volume due to weak downstream demand, contributing to the decrease in revenue[26]. - The net profit margin improved in the first three quarters of 2022, leading to an overall increase in net profit[26]. - The company maintained stable cash collection methods, resulting in consistent cash flow despite a slight decline[26]. Dividend Policy - The company plans to distribute a cash dividend of 3 CNY per 10 shares to all shareholders from the audited net profit of 2022 after allocating 10% to statutory surplus reserves[5]. - The cash dividend proposed is 3 RMB per 10 shares, amounting to a total of 26,381,250 RMB, which represents 21.95% of the net profit attributable to shareholders[172]. - The company plans to allocate at least 20% of the distributable profit for cash dividends annually, based on consolidated financial statements[165]. - The company aims to maintain a minimum cash dividend ratio of 80% for mature stages without major capital expenditures[164]. - The profit distribution policy requires approval from both the board and the supervisory board before being submitted to the shareholders' meeting[169]. Corporate Governance - The board of directors has confirmed the accuracy and completeness of the annual report, with all members present at the meeting[7]. - The company has not reported any violations of regulatory decision-making procedures[8]. - The board of directors consists of 8 members, including 3 independent directors, ensuring compliance with relevant laws and regulations[134]. - The company held a total of 9 board meetings during the year, with all directors participating in at least 8 of them[149]. - The company has appointed new independent directors as part of the board restructuring[145]. - The company has not faced any penalties from securities regulatory authorities in the past three years[146]. Risk Management - The company has outlined potential industry and operational risks in the management discussion section, emphasizing the importance of risk awareness for investors[7]. - The company does not anticipate any changes in the decision-making process regarding external guarantees[8]. - The company is addressing the risk of raw material price fluctuations, which could impact profit margins and production costs[129]. - The company has implemented comprehensive safety management and monitoring systems to minimize the risk of production interruptions due to accidents[131]. Research and Development - The company is actively engaged in research and development of new products and technologies to enhance market competitiveness[14]. - The company plans to continue focusing on product research and development and technological innovation as core strategies for future growth[36]. - The company emphasizes R&D investment to enhance product quality and develop new products with high added value[48]. - The company has established a leading competitive position in the domestic market through its advanced production processes and technology barriers[50]. - The company holds 24 authorized national invention patents and 1 U.S. patent, with 20 additional national invention patents pending[49]. - The company has successfully developed a new type of polyether amine product for elastic nylon, which is currently in the laboratory testing phase, providing a new approach for domestic synthetic nylon materials[92]. Environmental Commitment - The company is committed to carbon neutrality and has outlined strategies to achieve carbon peak and neutrality goals[14]. - The company has invested approximately 8.56 million yuan in environmental protection during the reporting period[182]. - The total wastewater discharge in 2022 was 32,995.9 tons, with a chemical oxygen demand of 1.083 tons[183]. - The company maintained compliance with national and local pollutant discharge standards, with no major environmental violations reported during the year[183]. - The company has implemented pollution control facilities and ensured their efficient operation to meet discharge standards[184]. Market Position and Strategy - The company is a leading domestic manufacturer of polyether amines, with advanced technology in product development and production processes, establishing a high competitive barrier[84]. - The company is actively expanding its market presence in the polyether amine sector, competing with major players like Huntsman and BASF, which dominate the global market[117]. - The company has established long-term partnerships with well-known clients such as Lankao Chemical and PPG, focusing on high-quality customer service[46]. - The company is exploring the use of COC in medical applications, particularly in spinal fusion devices, due to its superior properties[127]. Financial Management - The company has received a standard unqualified audit report from the accounting firm, ensuring the financial report's authenticity and completeness[4]. - There are no non-operating fund occupations by controlling shareholders or related parties, ensuring financial integrity[7]. - The company reported a significant increase in government subsidies, amounting to 298.64 million yuan in 2022, compared to 193.62 million yuan in 2021[30]. - The fair value changes of financial assets contributed 249.33 million yuan to the profit for the period[30]. - The company’s total investment in financial assets includes 635,000,000.00 million in purchases during the reporting period, with a significant reduction in receivables by 14,799,124.12 million[113]. Employee Relations - The company has a structured salary policy linked to employee performance and contributions, ensuring compliance with national and local regulations[160]. - The company employs a total of 257 staff, with 253 in the parent company and 4 in major subsidiaries[159]. - The workforce composition includes 164 production personnel, 15 sales personnel, 28 technical personnel, 6 financial personnel, and 44 administrative personnel[159]. - The company has implemented a comprehensive training program for employees, focusing on skill enhancement and knowledge sharing[161]. Strategic Initiatives - The company plans to invest CNY 1.05 billion to build a project with an annual capacity of 20,000 tons of polyether amine and 30,000 tons of optical materials in Qianjiang, Hubei[44]. - The company is preparing to establish a new production base in Q2 2023, including land auction and feasibility studies[126]. - The company plans to sign an investment agreement with the Qianjiang High-tech Industrial Development Zone on November 2, 2022, during its third extraordinary general meeting[137].

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法律责任。 重要内容提示： 2022 年第三季度报告 证券代码：603722 证券简称：阿科力 无锡阿科力科技股份有限公司 2022 年第三季度报告 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 信息的真实、准确、完整。 第三季度财务报表是否经审计 □是 √否 一、 主要财务数据 (一)主要会计数据和财务指标 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 | 年初至报告期末 | 年初至报告期 末比上年同期 增减变动幅度 | | --- | --- | --- | --- | --- | | | | 动幅度(%) | | | | | | | | (%) | | 营业收入 | 167,972,660.27 | -24.87 | 577,476,205.78 | -9.73 | | ...

Financial Performance - The company reported a revenue of RMB 1.2 billion for the first half of 2022, representing a year-on-year increase of 15% compared to the same period in 2021[1]. - The company expects a revenue growth of 10% to 15% for the second half of 2022, driven by new product launches and market expansion strategies[1]. - The gross profit margin for the first half of 2022 was reported at 35%, a slight decrease from 37% in the same period last year[1]. - The company's operating revenue for the first half of 2022 was CNY 409.50 million, a decrease of 1.60% compared to CNY 416.15 million in the same period last year[23]. - Net profit attributable to shareholders increased by 46.57% to CNY 74.70 million, up from CNY 50.96 million year-on-year[23]. - Basic earnings per share increased by 46.55% to CNY 0.85, compared to CNY 0.58 in the same period last year[24]. - The company's total assets at the end of the reporting period were CNY 896.38 million, a slight increase of 1.34% from CNY 884.50 million at the end of the previous year[23]. - The weighted average return on equity rose to 10.78%, an increase of 2.36 percentage points from 8.41% in the previous year[24]. - The company achieved operating revenue of 409.50 million yuan in the first half of 2022, a decrease of 1.60% year-on-year[44]. - Net profit attributable to the parent company reached 74.70 million yuan, an increase of 46.57% compared to the same period last year[44]. User Growth and Market Expansion - User data showed an increase in active users by 20% year-on-year, reaching 500,000 active users by June 30, 2022[1]. - The company plans to expand its market presence in Southeast Asia, targeting a 30% market share in the region by the end of 2023[1]. - The company has launched two new products in the optical materials segment, projected to contribute an additional RMB 200 million in revenue by the end of 2022[1]. - The company is exploring market expansion opportunities and potential mergers and acquisitions to enhance its growth strategy[60]. - Market expansion plans include entering two new international markets by Q4 2022, aiming for a 5% market share in each[88]. Research and Development - Research and development expenses increased by 25% year-on-year, totaling RMB 150 million, focusing on new technologies in the fuel cell sector[1]. - The company invests in R&D to enhance new product development, improve existing product quality, and increase production efficiency, with a focus on high-value, high-tech products[37]. - The company is investing in new technology development, allocating $10 million for R&D in AI and machine learning[88]. - The company has authorized 21 national invention patents and 1 U.S. invention patent, with 17 national invention patents pending[40]. - The company is developing a new optical-grade cyclic olefin copolymer (COC/COP) with high transparency and low water absorption, currently in customer validation[47]. Financial Management and Integrity - The company has no non-operating fund occupation by controlling shareholders or related parties, ensuring financial integrity[1]. - The company plans to continue enhancing its internal control systems and quality management processes, including ISO9001 compliance[48]. - The management highlighted potential risks including supply chain disruptions and regulatory changes that could impact future performance[1]. - The company reported no profit distribution or capital reserve transfer plans for the first half of 2022, with no dividends or stock bonuses proposed[69]. - The company has committed to transparency in its financial reporting and has established measures to ensure accurate disclosures[88]. Environmental and Social Responsibility - The company has implemented pollution control measures, with wastewater discharge in the first half of 2022 totaling 13,926.2 tons, which is within the annual permitted limit of 58,670 tons[74]. - The company’s air pollutant emissions for the first half of 2022 included 1.535 tons of volatile organic compounds, well below the annual limit of 20.00131 tons[74]. - The company faced an administrative penalty of RMB 236,000 due to violations of pollution discharge regulations, as per the decision issued by the Wuxi Ecological Environment Bureau[79]. - The company donated 20,000 RMB to support poverty alleviation efforts through the Jiangsu Provincial Poverty Alleviation Foundation in the first half of 2022[82]. - The company actively participates in charitable activities, receiving multiple recognitions from local government for its contributions to community development[82]. Production and Operations - The production of main products, including polyether amine and optical-grade polymer resin, is centralized in Wuxi City, utilizing automated production equipment to reduce labor costs and enhance product quality stability[33]. - The company employs a flexible production model for optical-grade polymer resin, allowing for co-line production and shared capacity among different product models[34]. - The company has established long-term partnerships with well-known enterprises, leveraging product quality, pricing, and service advantages to capture market share in industries such as wind power and automotive coatings[34]. - The company has maintained stable export volumes to regions such as Japan, South Korea, and North America, ensuring good relationships with key clients[44]. - The company emphasizes safety in its large-scale production processes, implementing comprehensive safety management systems to mitigate risks of production interruptions[61]. Risk Management - The management emphasized the importance of maintaining compliance with regulatory requirements to avoid penalties[89]. - The company faces risks related to raw material price fluctuations, particularly for key materials like propylene oxide and propylene glycol, which could impact profit margins if product prices do not align with raw material costs[60]. - The company is actively managing risks associated with product technology innovation, ensuring that new product developments meet market expectations to avoid potential financial impacts[60]. - The company has established an emergency response plan for environmental incidents, filed with the local environmental authority in July 2021[77]. - The company has implemented a safety production management system, enhancing safety awareness and reducing environmental risks[46].

Financial Performance - The company's operating revenue for Q1 2022 was CNY 244,291,718.66, representing a year-on-year increase of 28.81%[5] - The net profit attributable to shareholders for Q1 2022 was CNY 43,456,598.90, reflecting a significant increase of 104.58% compared to the same period last year[5] - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 42,281,056.97, up by 109.00% year-on-year[5] - The basic earnings per share for Q1 2022 was CNY 0.49, which is a 104.58% increase from the same period last year[5] - The company's net profit margin improved to 21.0% in Q1 2022 from 13.2% in Q1 2021, reflecting enhanced profitability[17] - The total comprehensive income for Q1 2022 was CNY 43,329,919.72, reflecting a 104.5% increase from CNY 21,184,136.56 in Q1 2021[18] Cash Flow and Investments - The net cash flow from operating activities for Q1 2022 was CNY 28,746,512.43, an increase of 87.82% compared to the previous year[5] - The operating cash flow for Q1 2022 was CNY 28,746,512.43, up 88.5% from CNY 15,305,065.35 in Q1 2021[21] - The net cash flow from investing activities for Q1 2022 was CNY 10,811,010.96, a significant improvement from a negative CNY 36,214,451.21 in Q1 2021[22] - The company recorded a net cash inflow from financing activities of CNY 59,932,625.00 in Q1 2022[22] - The total cash and cash equivalents at the end of Q1 2022 reached CNY 330,858,844.99, compared to CNY 151,741,167.39 at the end of Q1 2021, indicating a substantial increase[22] Assets and Liabilities - The total assets at the end of Q1 2022 were CNY 958,318,515.53, showing an increase of 8.35% from the end of the previous year[6] - Total liabilities as of March 31, 2022, were CNY 248,957,715.61, compared to CNY 220,060,978.57 at the end of 2021, showing an increase of 13.1%[15] - The total equity attributable to shareholders as of March 31, 2022, was CNY 706,066,742.62, an increase from CNY 661,020,143.71 at the end of 2021, representing a growth of 6.8%[15] Revenue and Costs - Total operating revenue for Q1 2022 was CNY 244,291,718.66, an increase of 28.8% compared to CNY 189,651,869.45 in Q1 2021[17] - Total operating costs for Q1 2022 were CNY 195,000,018.05, up from CNY 165,419,340.96 in Q1 2021, reflecting a growth of 17.9%[17] - Operating profit for Q1 2022 reached CNY 51,424,988.40, compared to CNY 24,984,592.15 in Q1 2021, indicating a year-over-year increase of 106.5%[17] - Total revenue from sales and services received in Q1 2022 was CNY 186,189,997.76, representing a 48.2% increase from CNY 125,601,884.23 in Q1 2021[21] Research and Development - Research and development expenses for Q1 2022 were CNY 9,854,040.59, compared to CNY 6,138,281.86 in Q1 2021, marking an increase of 60.5%[17] Other Financial Metrics - The weighted average return on equity for Q1 2022 was 6.36%, an increase from 2.79% in the same period last year[5] - The company reported a non-recurring gain of CNY 1,175,541.93, after accounting for tax effects[8] - The company's inventory as of March 31, 2022, was CNY 54,599,121.06, up from CNY 47,682,546.53 at the end of 2021, indicating a growth of 14.0%[13] - The company received CNY 2,612,158.60 in tax refunds during Q1 2022, compared to CNY 1,571,453.04 in Q1 2021[21] - Cash and cash equivalents as of March 31, 2022, were CNY 349,607,644.99, up from CNY 254,015,910.19 at the end of 2021, representing a growth of 37.7%[13]