2019 年第三季度报告 公司代码：603758 公司简称：秦安股份 重庆秦安机电股份有限公司 2019 年第三季度报告 1 / 29 | 目录 | | --- | | 一、 | 重要提示 | 3 | | --- | --- | --- | | 二、 | 公司基本情况 | 4 | | 三、 | 重要事项 | 7 | | 四、 | 附录 | 10 | 2019 年第三季度报告 一、 重要提示 3 / 29 1.1 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整， 不存在虚假记载、误导性陈述或者重大遗漏，并承担个别和连带的法律责任。 1.2 公司全体董事出席董事会审议季度报告。 1.3 公司负责人 YUANMING TANG、主管会计工作负责人许峥及会计机构负责人（会计主管人员） 黄容保证季度报告中财务报表的真实、准确、完整。 1.4 本公司第三季度报告未经审计。 2019 年第三季度报告 二、 公司基本情况 2.1 主要财务数据 单位：元 币种：人民币 √适用 □不适用 单位：元 币种：人民币 | 项目 | 本期金额 | 年初至报告期末金 | 说明 | | --- | --- | ...

[Definitions](index=4&type=section&id=%E7%AC%AC%E4%B8%80%E8%8A%82%20%E9%87%8A%E4%B9%89) [Definitions of Common Terms](index=4&type=section&id=%E5%B8%B8%E7%94%A8%E8%AF%8D%E8%AF%AD%E9%87%8A%E4%B9%89) This section defines common terms used in the report, including company names, subsidiaries, and major clients - "Qinan Mechanical & Electrical", "Qinan Investments", "the Company", and "this Company" all refer to Chongqing Qinan Mechanical & Electrical Co, Ltd[11](index=11&type=chunk) - Major subsidiaries listed include Chongqing Qinan Casting Co, Ltd (Qinan Casting) and Chongqing Meifeng Qinan Automotive Drive System Co, Ltd (Meifeng Qinan)[11](index=11&type=chunk) - Major customers specified include Changan Ford, Changan Automobile, SAIC-GM-Wuling, Geely, GAC, Beiqi Foton, FAW, and Quanchai Power[11](index=11&type=chunk) [Company Profile and Key Financial Indicators](index=5&type=section&id=%E7%AC%AC%E4%BA%8C%E8%8A%82%20%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B%E5%92%8C%E4%B8%BB%E8%A6%81%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) [Company Information](index=5&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E4%BF%A1%E6%81%AF) This section provides the company's basic registration information, including its name and legal representative - The company's Chinese name is 重庆秦安机电股份有限公司, with the short name 秦安股份[14](index=14&type=chunk) - The legal representative is YUANMING TANG[14](index=14&type=chunk) [Contact Person and Methods](index=5&type=section&id=%E4%BA%8C%E3%80%81%E8%81%94%E7%B3%BB%E4%BA%BA%E5%92%8C%E8%81%94%E7%B3%BB%E6%96%B9%E5%BC%8F) This section provides contact information for the company's Board Secretary and Securities Affairs Representative - The Board Secretary is Zhang Huaming, and the Securities Affairs Representative is Xu Rui[15](index=15&type=chunk) - The company's contact address is No 3, 701 Lanmei Road, Jiulongpo District, Chongqing[15](index=15&type=chunk) [Changes in Basic Information](index=5&type=section&id=%E4%B8%89%E3%80%81%E5%9F%BA%E6%9C%AC%E6%83%85%E5%86%B5%E5%8F%98%E6%9B%B4%E7%AE%80%E4%BB%8B) This section discloses the company's registered address and contact details, noting no changes during the period - The company's registered and office address is No 3, 701 Lanmei Road, Jiulongpo District, Chongqing[16](index=16&type=chunk) - There were no changes to the company's basic information during the reporting period[16](index=16&type=chunk) [Changes in Information Disclosure and Filing Location](index=5&type=section&id=%E5%9B%9B%E3%80%81%E4%BF%A1%E6%81%AF%E6%8A%AB%E9%9C%B2%E5%8F%8A%E5%A4%87%E7%BD%AE%E5%9C%B0%E7%82%B9%E5%8F%98%E6%9B%B4%E6%83%85%E5%86%B5%E7%AE%80%E4%BB%8B) This section specifies the designated media for information disclosure, with no changes during the period - The designated newspapers for information disclosure are Shanghai Securities News, China Securities Journal, and Securities Times[17](index=17&type=chunk) - The designated website for semi-annual reports is www.sse.com.cn[17](index=17&type=chunk) [Company Stock Profile](index=5&type=section&id=%E4%BA%94%E3%80%81%E5%85%AC%E5%8F%B8%E8%82%A1%E7%A5%A8%E7%AE%80%E5%86%B5) This section provides information on the company's A-share stock listing, ticker, and code - The company's A-shares are listed on the Shanghai Stock Exchange under the ticker Qinan Investments and stock code 603758[18](index=18&type=chunk) [Key Accounting Data and Financial Indicators](index=6&type=section&id=%E4%B8%83%E3%80%81%E5%85%AC%E5%8F%B8%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) The company's H1 2019 results show significant declines in revenue and net profit, with operating cash flow turning negative Key Accounting Data for H1 2019 | Indicator | Current Period (Jan-Jun) (CNY) | Prior Year Period (CNY) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 225,875,431.15 | 386,106,196.61 | -41.50 | | Net Profit Attributable to Shareholders | -56,915,169.43 | -7,380,466.92 | -671.16 | | Net Profit Attributable to Shareholders (Excluding Non-recurring Items) | -62,990,650.40 | -10,349,358.62 | -508.64 | | Net Cash Flow from Operating Activities | -47,890,321.38 | 136,418,314.73 | -135.11 | | Net Assets Attributable to Shareholders (End of Period) | 2,281,534,149.58 | 2,337,650,148.05 | -2.40 | | Total Assets (End of Period) | 2,424,039,940.20 | 2,496,392,153.11 | -2.90 | Key Financial Indicators for H1 2019 | Indicator | Current Period (Jan-Jun) | Prior Year Period | Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (CNY/share) | -0.13 | -0.02 | -550.00 | | Diluted Earnings Per Share (CNY/share) | -0.13 | -0.02 | -550.00 | | Basic EPS (Excluding Non-recurring Items) (CNY/share) | -0.14 | -0.02 | -600.00 | | Weighted Average Return on Equity (%) | -2.46 | -0.30 | Decreased by 2.16 percentage points | | Weighted Average ROE (Excluding Non-recurring Items) (%) | -2.73 | -0.42 | Decreased by 2.31 percentage points | [Non-recurring Profit and Loss Items and Amounts](index=6&type=section&id=%E4%B9%9D%E3%80%81%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) This section details the non-recurring profit and loss items for the reporting period, totaling CNY 6,075,480.97 Non-recurring Profit and Loss Items for H1 2019 | Item | Amount (CNY) | | :--- | :--- | | Gains/Losses on Disposal of Non-current Assets | 69,146.56 | | Government Grants Recognized in Current Profit or Loss | 4,728,245.77 | | Gains/Losses from Entrusted Investments or Asset Management | 2,373,084.57 | | Other Non-operating Income and Expenses | -22,852.23 | | Income Tax Impact | -1,072,143.70 | | **Total** | **6,075,480.97** | [Company Business Overview](index=9&type=section&id=%E7%AC%AC%E4%B8%89%E8%8A%82%20%E5%85%AC%E5%8F%B8%E4%B8%9A%E5%8A%A1%E6%A6%82%E8%A6%81) [Main Business, Operating Model, and Industry Overview](index=9&type=section&id=%E4%B8%80%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E6%89%80%E4%BB%8E%E4%BA%8B%E7%9A%84%E4%B8%BB%E8%A6%81%E4%B8%9A%E5%8A%A1%E3%80%81%E7%BB%8F%E8%90%A5%E6%A8%A1%E5%BC%8F%E5%8F%8A%E8%A1%8C%E4%B8%9A%E6%83%85%E5%86%B5%E8%AF%B4%E6%98%8E) The company specializes in core auto engine parts, operates on a build-to-order model, and faced severe auto industry downturns in H1 2019 - The company's main business is the R&D, production, and sales of core automotive engine components (cylinder blocks, cylinder heads, crankshafts, transmission housings, etc) for the OEM market[28](index=28&type=chunk) - The company operates on a **"build-to-order" model**, securing business through bidding, contracting, bulk purchasing, production, and delivery[29](index=29&type=chunk) - The company has entered the new energy vehicle sector through its wholly-owned subsidiary, Meifeng Qinan[28](index=28&type=chunk) - In the first half of 2019, **China's auto sales fell by 12.4% YoY**, with passenger vehicle production and sales declining by 14%, while new energy vehicle growth slowed to 49.6%[41](index=41&type=chunk) - The market downturn in H1 primarily affected low-end economy models, while high-end vehicle demand remained stable or even grew[42](index=42&type=chunk) [Main Business](index=9&type=section&id=%EF%BC%88%E4%B8%80%EF%BC%89%E4%B8%BB%E8%A6%81%E4%B8%9A%E5%8A%A1) The company is a professional manufacturer of core automotive engine components and has expanded into the new energy sector - The company is a domestic professional manufacturer of core automotive engine components, with main products including cylinder blocks, cylinder heads, crankshafts, and transmission housings[28](index=28&type=chunk) - All products are supplied to the passenger vehicle OEM market, serving vehicle and engine manufacturers[28](index=28&type=chunk) - The company established a wholly-owned subsidiary, Meifeng Qinan, to enter the new energy vehicle sector[28](index=28&type=chunk) [Operating Model](index=9&type=section&id=%EF%BC%88%E4%BA%8C%EF%BC%89%E7%BB%8F%E8%90%A5%E6%A8%A1%E5%BC%8F) The company's "build-to-order" model integrates procurement, production, and direct sales to OEM clients - The core operating model is **"build-to-order"**, involving bidding, contracting, bulk purchasing, production, and supply[29](index=29&type=chunk) - Production models include processing self-made casting blanks, processing outsourced casting blanks, and processing customer-supplied casting blanks[31](index=31&type=chunk) - The sales model is primarily direct sales to vehicle and engine manufacturers, with major clients including Changan Ford, SAIC-GM-Wuling, Changan Automobile, GAC, and Geely[34](index=34&type=chunk) - Tooling is generally owned by the vehicle/engine manufacturer, and the company recovers tooling costs through separate purchases or amortization[35](index=35&type=chunk)[36](index=36&type=chunk) [Industry Situation](index=12&type=section&id=%EF%BC%88%E4%B8%89%EF%BC%89%E8%A1%8C%E4%B8%9A%E6%83%85%E5%86%B5) In H1 2019, the Chinese auto market experienced a comprehensive sales decline, with the industry facing significant economic pressure - From January to June 2019, **China's auto sales reached 12.323 million units, a year-on-year decrease of 12.4%**[41](index=41&type=chunk) - Passenger vehicle production and sales **declined by 14% YoY**, while commercial vehicle production and sales fell by 4.1% YoY[41](index=41&type=chunk) - New energy vehicle production and sales **grew by 49.6% YoY**, a significant slowdown from the previous year's growth rate[41](index=41&type=chunk) - Key enterprises in the automotive industry showed a downward trend in economic indicators, with significant declines in profits and total tax payments[41](index=41&type=chunk) [Core Competitiveness Analysis](index=12&type=section&id=%E4%B8%89%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E6%A0%B8%E5%BF%83%E7%AB%9E%E4%BA%89%E5%8A%9B%E5%88%86%E6%9E%90) The company's core strengths lie in its advanced technology, integrated capabilities, product development, quality management, cost control, and scale - Possesses highly automated casting process technologies for ferrous and non-ferrous metals, and advanced machining processes for core engine components and transmission housings[44](index=44&type=chunk) - Equipped with internationally leading production equipment such as German HWS casting lines, Austrian FILL production lines, and Swiss Bühler die-casting cells, along with advanced inspection equipment like industrial CT and 3D laser scanners[45](index=45&type=chunk) - Features **integrated casting and machining capabilities** for product development and production, ensuring stable quality, short logistics, and high efficiency[47](index=47&type=chunk) - Employs an experienced product development team and a comprehensive development system, utilizing tools like MAGMA casting simulation software, and has received multiple "Excellent Innovation Awards" from customers[48](index=48&type=chunk)[49](index=49&type=chunk) - Completed the transition from ISO/TS16949 to IATF16949 and achieved **24 consecutive months of 0 PPM for products supplied to Changan Ford**, earning an "Excellent Quality Award"[50](index=50&type=chunk) - Demonstrates strong cost control through in-house integration of large production lines, alloy preparation capabilities, and the promotion of lean production management[51](index=51&type=chunk) - Holds advantages in production scale and market share, with a diverse product portfolio covering key engine and transmission components, which mitigates market risks[52](index=52&type=chunk) [Discussion and Analysis of Operations](index=15&type=section&id=%E7%AC%AC%E5%9B%9B%E8%8A%82%20%E7%BB%8F%E8%90%A5%E6%83%85%E5%86%B5%E7%9A%84%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) [Overview of Operations](index=15&type=section&id=%E4%B8%80%E3%80%81%E7%BB%8F%E8%90%A5%E6%83%85%E5%86%B5%E7%9A%84%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) In H1 2019, the company's revenue fell sharply, resulting in a net loss due to market decline, while maintaining a solid financial position and pursuing strategic initiatives - In H1 2019, the company's **operating revenue was CNY 225.88 million, a decrease of 41.5% YoY**; net profit attributable to shareholders was a **loss of CNY 56.92 million**[55](index=55&type=chunk) - The loss was mainly due to the overall decline in the auto market, reduced customer demand leading to lower production and higher unit depreciation, and new products not yet reaching mass production[55](index=55&type=chunk) Financial Position as of June 30, 2019 | Indicator | Amount (CNY billion) | Ratio (%) | | :--- | :--- | :--- | | Total Assets | 2.424 | - | | Total Liabilities | 0.143 | - | | Total Equity | 2.282 | - | | Debt-to-Asset Ratio | 5.9 | - | | Cash Ratio | 5.27 | - | - The company is actively expanding its customer base and has established a diversified client portfolio of joint venture and domestic brands[56](index=56&type=chunk) - In H1, the company initiated R&D for 9 new projects, delivered OTS samples for 6 projects, and began mass production for some Geely projects and small-batch production for key Changan Ford projects[58](index=58&type=chunk) - Implemented a comprehensive human resources strategy, including talent acquisition, training, and compensation system revisions[59](index=59&type=chunk) - Launched the 2019 stock option incentive plan, granting 27.42 million stock options to 95 participants[60](index=60&type=chunk) - Steadily advanced its new energy vehicle business by establishing a wholly-owned subsidiary, Chongqing Meifeng Qinan Automotive Drive System Co, Ltd, and investing in R&D[62](index=62&type=chunk)[63](index=63&type=chunk) [Analysis of Main Business](index=17&type=section&id=(%E4%B8%80)%20%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) The company's revenue and costs fell significantly, while cash flows from operations turned negative and investing cash flows increased sharply Analysis of Financial Statement Item Changes in H1 2019 | Item | Current Period (CNY) | Prior Year Period (CNY) | Change (%) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 225,875,431.15 | 386,106,196.61 | -41.50 | Weak market sales and reduced demand from major customers | | Operating Costs | 239,214,761.20 | 354,817,745.77 | -32.58 | Decrease in costs corresponding to lower revenue | | Selling Expenses | 5,889,533.27 | 8,346,281.16 | -29.44 | Reduction in warranty claim expenses | | Administrative Expenses | 43,329,677.14 | 24,581,774.26 | 76.27 | Increase in equipment depreciation and mold amortization | | Finance Costs | -10,871,030.89 | -7,780,174.40 | -39.73 | Increase in interest income from deposits | | R&D Expenses | 13,237,193.65 | 12,338,386.85 | 7.28 | Increase in R&D expenses for new projects | | Net Cash Flow from Operating Activities | -47,890,321.38 | 136,418,314.73 | -135.11 | Decreased sales revenue; shift from cash to bill settlements | | Net Cash Flow from Investing Activities | 155,177,192.37 | -279,593,060.40 | 155.50 | Recovery of investment funds and reduced investment in wealth management products | | Net Cash Flow from Financing Activities | 3.91 | -87,017,085.75 | 100.00 | No loan repayments or dividend distributions | [Analysis of Assets and Liabilities](index=18&type=section&id=(%E4%B8%89)%20%E8%B5%84%E4%BA%A7%E3%80%81%E8%B4%9F%E5%80%BA%E6%83%85%E5%86%B5%E5%88%86%E6%9E%90) The company's asset and liability structure changed due to accounting policy updates, increased bill settlements, and lower production volumes Changes in Assets and Liabilities as of June 30, 2019 | Item | Current Period-End (CNY) | % of Total Assets | Prior Period-End (CNY) | % of Total Assets | Change (%) | Explanation | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Trading Financial Assets | 90,636,880.92 | 3.74 | 0.00 | 0.00 | - | Reclassification of wealth management products due to accounting policy change | | Notes Receivable | 113,851,446.87 | 4.70 | 33,315,898.05 | 1.33 | 241.73 | Increased sales settled with notes | | Prepayments | 9,410,949.27 | 0.39 | 5,415,704.42 | 0.22 | 73.77 | Increased prepayments for molds to be sold | | Other Receivables | 976,472.01 | 0.04 | 2,015,640.94 | 0.08 | -51.56 | Collection of CNY 0.97 million in interest receivable | | Other Current Assets | 2,201,064.84 | 0.09 | 100,857,244.01 | 4.04 | -97.82 | Reclassification of wealth management products due to accounting policy change | | Deferred Tax Assets | 23,951,390.28 | 0.99 | 13,844,753.54 | 0.55 | 73.00 | Increase in un-remedied losses | | Other Non-current Assets | 13,220,122.86 | 0.55 | 5,573,557.07 | 0.22 | 137.19 | Increased prepayments for equipment and self-use molds | | Employee Benefits Payable | 6,042,758.51 | 0.25 | 10,632,192.56 | 0.43 | -43.17 | Lower production and payment of 2018 year-end bonuses | | Taxes Payable | 2,824,438.84 | 0.12 | 9,172,638.60 | 0.37 | -69.21 | Decrease in VAT payable | | Other Payables | 1,422,907.64 | 0.06 | 2,746,363.25 | 0.11 | -48.19 | Decrease in payables for垫款 | | Provisions | 190,351.82 | 0.01 | 382,453.03 | 0.02 | -50.23 | Settlement of accrued warranty expenses | Major Restricted Assets as of June 30, 2019 | Item | Period-End Book Value (CNY) | Reason for Restriction | | :--- | :--- | :--- | | Cash and Cash Equivalents | 1,462,716.61 | Letter of credit deposits, litigation freeze | | Notes Receivable | 4,522,000.00 | Pledged for bank acceptance bills | | **Total** | **5,984,716.61** | - | [Investment Analysis](index=19&type=section&id=(%E5%9B%9B)%20%E6%8A%95%E8%B5%84%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) The company invested CNY 459.85 million of idle funds in principal-protected and non-principal-protected wealth management products Outstanding Wealth Management Products as of June 30, 2019 | Trustee | Product Name | Product Type | Amount (CNY 10k) | Term | Start Date | End Date | Funding Source | Expected Annualized Return | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | China Guangfa Bank | "Wuhua Tianbao" Structured Deposit | Principal-Protected Floating Return | 10,000 | 182 days | 2019/3/29 | 2019/9/27 | Own Funds | 2.6% or 4.25% | | China Construction Bank | Qian Yuan-Xin (7-day) Fixed Income Net Value Product | Non-Principal-Protected Floating Return | 5,000 | Non-fixed | 2019/4/3 | Redeemable | Own Funds | Per CCB announcement | | China Merchants Bank | Tian Tian Jin 9250 | Non-Principal-Protected Floating Return | 3,984.72 | Non-fixed | 2019/4/2 | Redeemable | Own Funds | Per CMB announcement | | China Guangfa Bank | "Wuhua Tianbao" Structured Deposit | Principal-Protected Floating Return | 16,000 | 183 days | 2019/6/26 | 2019/12/26 | Own Funds | 2.6% or 4.05% | | Bank of Communications | Yuntong Wealth Fixed-Term Structured Deposit | Principal-Protected Floating Return | 11,000 | 182 days | 2019/6/28 | 2019/12/27 | Own Funds | 4.00%-4.10% | | **Total** | - | - | **45,984.72** | - | - | - | - | - | [Analysis of Major Subsidiaries](index=20&type=section&id=(%E5%85%AD)%20%E4%B8%BB%E8%A6%81%E6%8E%A7%E8%82%A1%E5%8F%82%E8%82%A1%E5%85%AC%E5%8F%B8%E5%88%86%E6%9E%90) The subsidiary Qinan Casting's net profit fell by 87.01% to a loss of CNY 32.41 million due to weak customer demand Financial Data of Major Subsidiaries | Company Name | Ownership (%) | Total Assets (CNY 10k) | Net Assets (CNY 10k) | Net Profit (CNY 10k) | | :--- | :--- | :--- | :--- | :--- | | Chongqing Qinan Casting Co, Ltd | 100% | 92,660.42 | 73,348.40 | -3,240.77 | | Chongqing Meifeng Qinan Automotive Drive System Co, Ltd | 100% | 22.83 | 14.13 | -35.87 | - Chongqing Qinan Casting Co, Ltd's net profit **decreased by 87.01% YoY**, primarily due to weak market sales from its customers, leading to lower revenue[79](index=79&type=chunk) [Warning of Potential Cumulative Net Loss](index=20&type=section&id=(%E5%85%AB)%20%E9%A2%84%E6%B5%8B%E5%B9%B4%E5%88%9D%E8%87%B3%E4%B8%8B%E4%B8%80%E6%8A%A5%E5%91%8A%E6%9C%9F%E6%9C%9F%E6%9C%AB%E7%9A%84%E7%B4%AF%E8%AE%A1%E5%87%80%E5%88%A9%E6%B6%A6%E5%8F%AF%E8%83%BD%E4%B8%BA%E4%BA%8F%E6%8D%9F%E6%88%96%E8%80%85%E4%B8%8E%E4%B8%8A%E5%B9%B4%E5%90%8C%E6%9C%9F%E7%9B%B8%E6%AF%94%E5%8F%91%E7%94%9F%E5%A4%A7%E5%B9%85%E5%BA%A6%E5%8F%98%E5%8A%A8%E7%9A%84%E8%AD%A6%E7%A4%BA%E5%8F%8A%E8%AF%B4%E6%98%8E) The company anticipates a cumulative net loss from the beginning of the year to the end of the third quarter - The company's net profit attributable to the parent company for H1 2019 was **-CNY 56.92 million, a decrease of 671.16% YoY**[80](index=80&type=chunk) - Based on demand forecasts from major customers, a cumulative net loss is expected from the beginning of the year to the end of the third quarter[80](index=80&type=chunk) [Potential Risks](index=20&type=section&id=(%E4%B9%9D)%20%E5%8F%AF%E8%83%BD%E9%9D%A2%E5%AF%B9%E7%9A%84%E9%A3%8E%E9%99%A9) The company faces risks from economic fluctuations, policy changes, new business ventures, customer concentration, and price pressures - Increasing downward pressure on the macroeconomy could significantly impact the company's operating performance[82](index=82&type=chunk) - Potential adjustments to automotive industry policies, including those aimed at curbing overcapacity, could affect the auto parts sector[83](index=83&type=chunk) - Entering the new energy vehicle sector will present new challenges and market competition risks[83](index=83&type=chunk) - **High concentration of major customers** means that any order shift or adverse performance from key clients would directly impact profitability[84](index=84&type=chunk) - The company faces pressure from annual price reductions or initial pricing that factors in future price cuts for auto parts[85](index=85&type=chunk)[86](index=86&type=chunk) - Fluctuations in the prices of major raw materials (aluminum ingots, carbon steel) will directly affect production costs and operating results[87](index=87&type=chunk) [Important Matters](index=23&type=section&id=%E7%AC%AC%E4%BA%94%E8%8A%82%20%E9%87%8D%E8%A6%81%E4%BA%8B%E9%A1%B9) [Shareholders' Meetings](index=23&type=section&id=%E4%B8%80%E3%80%81%E8%82%A1%E4%B8%9C%E5%A4%A7%E4%BC%9A%E6%83%85%E5%86%B5%E7%AE%80%E4%BB%8B) The 2018 Annual General Meeting was held on May 24, 2019, with resolutions disclosed the following day - The 2018 Annual General Meeting was held on May 24, 2019, and the resolutions were disclosed on the Shanghai Stock Exchange website on May 25, 2019[90](index=90&type=chunk) [Profit Distribution or Capitalization of Capital Reserves Plan](index=23&type=section&id=%E4%BA%8C%E3%80%81%E5%88%A9%E6%B6%A6%E5%88%86%E9%85%8D%E6%88%96%E8%B5%84%E6%9C%AC%E5%85%AC%E7%A7%AF%E9%87%91%E8%BD%AC%E5%A2%9E%E9%A2%84%E6%A1%88) The company will not distribute profits or capitalize capital reserves for the current reporting period - No profit distribution or capitalization of capital reserves will be conducted for this reporting period[91](index=91&type=chunk) [Performance of Commitments](index=24&type=section&id=%E4%B8%89%E3%80%81%E6%89%BF%E8%AF%BA%E4%BA%8B%E9%A1%B9%E5%B1%A5%E8%A1%8C%E6%83%85%E5%86%B5) All IPO-related commitments made by the company and its stakeholders were strictly fulfilled during the reporting period - The actual controller, YUANMING TANG, fulfilled commitments regarding non-competition, avoidance of related-party transactions, and share lock-ups[93](index=93&type=chunk)[95](index=95&type=chunk) - Shareholders Xianghe Hong'an, Shanghai Hongcheng, and Xianghe Yong'an fulfilled commitments on non-competition and share lock-ups[95](index=95&type=chunk)[97](index=97&type=chunk) - The company fulfilled its commitments to implement share price stabilization measures when triggered and to follow a differentiated cash dividend policy[100](index=100&type=chunk)[102](index=102&type=chunk) - All committing parties timely and strictly fulfilled their respective commitments during the reporting period[93](index=93&type=chunk)[95](index=95&type=chunk)[97](index=97&type=chunk)[99](index=99&type=chunk)[100](index=100&type=chunk)[102](index=102&type=chunk)[103](index=103&type=chunk) [Appointment and Dismissal of Accounting Firm](index=31&type=section&id=%E5%9B%9B%E3%80%81%E8%81%98%E4%BB%BB%E3%80%81%E8%A7%A3%E8%81%98%E4%BC%9A%E8%AE%A1%E5%B8%88%E4%BA%8B%E5%8A%A1%E6%89%80%E6%83%85%E5%86%B5) The company re-appointed Tianjian Certified Public Accountants as its auditor for the 2019 fiscal year - The company re-appointed Tianjian Certified Public Accountants (Special General Partnership) as its audit firm for the 2019 fiscal year[104](index=104&type=chunk) [Material Litigation and Arbitration](index=31&type=section&id=%E5%85%AD%E3%80%81%E9%87%8D%E5%A4%A7%E8%AF%89%E8%AE%BC%E3%80%81%E4%BB%B2%E8%A3%81%E4%BA%8B%E9%A1%B9) The company had no material litigation or arbitration matters during the reporting period - The company had no material litigation or arbitration matters during this reporting period[105](index=105&type=chunk) [Integrity Status](index=31&type=section&id=%E5%85%AB%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E5%8F%8A%E5%85%B6%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E3%80%81%E5%AE%9E%E9%99%85%E6%8E%A7%E5%88%B6%E4%BA%BA%E8%AF%9A%E4%BF%A1%E7%8A%B6%E5%86%B5%E7%9A%84%E8%AF%B4%E6%98%8E) The company and its controlling shareholders maintained a good integrity record with no major defaults - During the reporting period, the company, its controlling shareholder, and actual controller had no adverse integrity issues such as unfulfilled court judgments or significant overdue debts[105](index=105&type=chunk) [Equity Incentive Plan](index=31&type=section&id=%E4%B9%9D%E3%80%81%E5%85%AC%E5%8F%B8%E8%82%A1%E6%9D%83%E6%BF%80%E5%8A%B1%E8%AE%A1%E5%88%92%E3%80%81%E5%91%98%E5%B7%A5%E6%8C%81%E8%82%A1%E8%AE%A1%E5%88%92%E6%88%96%E5%85%B6%E4%BB%96%E5%91%98%E5%B7%A5%E6%BF%80%E5%8A%B1%E6%8E%AA%E6%96%BD%E7%9A%84%E6%83%85%E5%86%B5%E5%8F%8A%E5%85%B6%E5%BD%B1%E5%93%8D) The company has disclosed its 2019 stock option incentive plan, with no subsequent changes in implementation - The company has disclosed the summary of its 2019 stock option incentive plan (draft) and the announcement of the grant[106](index=106&type=chunk) - There have been no further developments or changes in the implementation of the equity incentive plan[106](index=106&type=chunk) [Material Contracts and Their Performance](index=33&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E9%87%8D%E5%A4%A7%E5%90%88%E5%90%8C%E5%8F%8A%E5%85%B6%E5%B1%A5%E8%A1%8C%E6%83%85%E5%86%B5) The company provided a CNY 70 million guarantee for its subsidiary and invested CNY 459.85 million in wealth management products - The company had no external guarantees during the reporting period (excluding guarantees for subsidiaries)[110](index=110&type=chunk) - The company provided a **CNY 70 million comprehensive credit guarantee** for its subsidiary Qinan Casting, representing 3.07% of the company's net assets[110](index=110&type=chunk)[111](index=111&type=chunk) Wealth Management Contracts in Effect as of June 30, 2019 | Trustee | Product Name | Product Type | Amount (CNY 10k) | Term | Start Date | End Date | Funding Source | Expected Annualized Return | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | China Guangfa Bank | "Wuhua Tianbao" Structured Deposit | Principal-Protected Floating Return | 10,000 | 182 days | 2019/3/29 | 2019/9/27 | Own Funds | 2.6% or 4.25% | | China Construction Bank | Qian Yuan Anxin (7-day) Fixed Income Net Value Product | Non-Principal-Protected Floating Return | 5,000 | Non-fixed | 2019/4/3 | Redeemable | Own Funds | Per CCB announcement | | China Merchants Bank | Tian Tian Jin 9250 | Non-Principal-Protected Floating Return | 3,984.72 | Non-fixed | 2019/4/2 | Redeemable | Own Funds | Per CMB announcement | | China Guangfa Bank | "Wuhua Tianbao" Structured Deposit | Principal-Protected Floating Return | 16,000 | 183 days | 2019/6/26 | 2019/12/26 | Own Funds | 2.6% or 4.05% | | Bank of Communications | Yuntong Wealth Fixed-Term Structured Deposit | Principal-Protected Floating Return | 11,000 | 182 days | 2019/6/28 | 2019/12/27 | Own Funds | 4.00%-4.10% | | **Total** | - | - | **45,984.72** | - | - | - | - | - | [Environmental Information](index=34&type=section&id=%E5%8D%81%E5%9B%9B%E3%80%81%E7%8E%AF%E5%A2%83%E4%BF%A1%E6%81%AF%E6%83%85%E5%86%B5) The company and its subsidiary comply with environmental regulations and have passed ISO14001:2015 recertification - The company and its subsidiary Qinan Casting strictly adhere to environmental regulations, promote clean production, and strengthen pollution control[114](index=114&type=chunk) - Environmental protection facilities at both the company and its subsidiary are operating normally, with major pollutants (waste gas, wastewater, solid waste, noise) consistently meeting discharge standards[114](index=114&type=chunk)[120](index=120&type=chunk) - Both the company and its subsidiary have passed the recertification for the ISO14001:2015 environmental management system standard[114](index=114&type=chunk) - Qinan Casting treats waste gas with baghouse dust collectors and wastewater through biochemical tanks and treatment stations, with an online monitoring system installed[116](index=116&type=chunk)[118](index=118&type=chunk) - Solid waste is sorted for disposal, with general industrial waste being recycled and hazardous waste handled by qualified third parties[119](index=119&type=chunk) [Other Important Matters](index=37&type=section&id=%E5%8D%81%E4%BA%94%E3%80%81%E5%85%B6%E4%BB%96%E9%87%8D%E5%A4%A7%E4%BA%8B%E9%A1%B9%E7%9A%84%E8%AF%B4%E6%98%8E) The company implemented accounting policy changes by revising financial statement formats and adopting new financial instrument standards - The company revised its 2019 general corporate financial statement format in accordance with the Ministry of Finance's "Caikuai [2019] No 6" document[122](index=122&type=chunk)[253](index=253&type=chunk) - The company adopted new financial instrument standards and made retrospective adjustments to the opening balance of retained earnings[122](index=122&type=chunk)[253](index=253&type=chunk)[259](index=259&type=chunk)[264](index=264&type=chunk) [Changes in Common Stock and Shareholder Information](index=38&type=section&id=%E7%AC%AC%E5%85%AD%E8%8A%82%20%E6%99%AE%E9%80%9A%E8%82%A1%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E5%8F%8A%E8%82%A1%E4%B8%9C%E6%83%85%E5%86%B5) [Changes in Share Capital](index=38&type=section&id=%E4%B8%80%E3%80%81%E8%82%A1%E6%9C%AC%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) The company's share structure changed as 17.3 million restricted shares became unrestricted, while total share capital remained constant Share Capital Change Table | Item | Pre-Change Quantity (shares) | Pre-Change Ratio (%) | Change (+/- shares) | Post-Change Quantity (shares) | Post-Change Ratio (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 305,298,169 | 69.58 | -17,300,000 | 287,998,169 | 65.64 | | 3. Other Domestic Holdings | 17,300,000 | 3.94 | -17,300,000 | 0 | 0 | | Domestic Individual Holdings | 17,300,000 | 3.94 | -17,300,000 | 0 | 0 | | 4. Foreign Holdings | 287,998,169 | 65.64 | 0 | 287,998,169 | 65.64 | | II. Unrestricted Circulating Shares | 133,498,880 | 30.42 | 17,300,000 | 150,798,880 | 34.36 | | 1. RMB Ordinary Shares | 133,498,880 | 30.42 | 17,300,000 | 150,798,880 | 34.36 | | III. Total Shares | 438,797,049 | 100 | 0 | 438,797,049 | 100 | - The change in share capital was primarily due to the lifting of restrictions on shares from the initial public offering[126](index=126&type=chunk) [Changes in Restricted Shares](index=39&type=section&id=(%E4%BA%8C)%20%E9%99%90%E5%94%AE%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) A total of 17,300,000 IPO-restricted shares held by 10 shareholders were released from lock-up on May 17, 2019 Details of Restricted Share Changes | Shareholder Name | Opening Restricted Shares | Restricted Shares Released | Restricted Shares Added | Closing Restricted Shares | Reason for Restriction | Release Date | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Tang Zizhang | 3,450,000 | 3,450,000 | - | - | IPO Lock-up | 2019/5/17 | | Yang Li | 3,400,000 | 3,400,000 | - | - | IPO Lock-up | 2019/5/17 | | Zhang Huaming | 3,200,000 | 3,200,000 | - | - | IPO Lock-up | 2019/5/17 | | Tang Yadong | 3,500,000 | 3,500,000 | - | - | IPO Lock-up | 2019/5/17 | | Luo Xiaochuan | 650,000 | 650,000 | - | - | IPO Lock-up | 2019/5/17 | | Zhou Bin | 1,700,000 | 1,700,000 | - | - | IPO Lock-up | 2019/5/17 | | Liu Jing | 600,000 | 600,000 | - | - | IPO Lock-up | 2019/5/17 | | Xu Zheng | 100,000 | 100,000 | - | - | IPO Lock-up | 2019/5/17 | | Yao Liguo | 400,000 | 400,000 | - | - | IPO Lock-up | 2019/5/17 | | Tang Xudong | 300,000 | 300,000 | - | - | IPO Lock-up | 2019/5/17 | | **Total** | **17,300,000** | **17,300,000** | **0** | **0** | - | - | [Shareholder Information](index=39&type=section&id=%E4%BA%8C%E3%80%81%E8%82%A1%E4%B8%9C%E6%83%85%E5%86%B5) The company had 17,783 shareholders, with YUANMING TANG being the largest, holding 65.63% as restricted shares - As of the end of the reporting period, the total number of common stock shareholders was 17,783[128](index=128&type=chunk) Top Ten Shareholders as of the End of the Reporting Period | Shareholder Name | Period-End Holdings (shares) | Percentage (%) | Restricted Shares Held (shares) | Share Status | Pledged or Frozen Shares | Shareholder Type | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | YUANMING TANG | 287,998,169 | 65.63 | 287,998,169 | None | - | Foreign Individual | | Xianghe Hong'an | 14,409,200 | 3.28 | - | None | - | Domestic Non-State-Owned Legal Entity | | Shanghai Hongcheng | 9,626,000 | 2.19 | - | None | - | Domestic Non-State-Owned Legal Entity | | Xianghe Yong'an | 9,221,385 | 2.10 | - | None | - | Domestic Non-State-Owned Legal Entity | | Tang Zizhang | 6,850,000 | 1.56 | - | Pledged | 3,580,000 | Domestic Individual | | Zhang Yushu | 4,176,397 | 0.95 | - | None | - | Domestic Individual | | Yang Li | 4,150,000 | 0.95 | - | None | - | Domestic Individual | | Lancheng Qinan | 4,060,934 | 0.93 | - | None | - | Domestic Non-State-Owned Legal Entity | | Zhang Huaming | 3,600,000 | 0.82 | - | Pledged | 2,150,000 | Domestic Individual | | Tang Yadong | 3,502,000 | 0.80 | - | None | - | Domestic Individual | - The 287,998,169 restricted shares held by YUANMING TANG will become tradable on May 17, 2020[133](index=133&type=chunk) [Preferred Stock Information](index=42&type=section&id=%E7%AC%AC%E4%B8%83%E8%8A%82%20%E4%BC%98%E5%85%88%E8%82%A1%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) [Preferred Stock Information](index=42&type=section&id=%E4%BC%98%E5%85%88%E8%82%A1%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) The company had no preferred stock during the reporting period - The company has no preferred stock-related matters[136](index=136&type=chunk) [Directors, Supervisors, and Senior Management](index=43&type=section&id=%E7%AC%AC%E5%85%AB%E8%8A%82%20%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%91%E4%BA%8B%E3%80%81%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E6%83%85%E5%86%B5) [Changes in Shareholdings](index=43&type=section&id=%E4%B8%80%E3%80%81%E6%8C%81%E8%82%A1%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) There were no changes in the shareholdings of the company's directors, supervisors, and senior management during the period Shareholding Changes of Directors, Supervisors, and Senior Management | Name | Position | Opening Holdings (shares) | Closing Holdings (shares) | Change during Period (shares) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | :--- | | YUANMING TANG | Director | 287,998,169 | 287,998,169 | 0 | N/A | | Tang Zizhang | Director | 6,850,000 | 6,850,000 | 0 | N/A | | Zhang Huaming | Director | 3,600,000 | 3,600,000 | 0 | N/A | | Luo Xiaochuan | Director | 2,450,000 | 2,450,000 | 0 | N/A | | Zhou Bin | Director | 2,100,000 | 2,100,000 | 0 | N/A | | Liu Hongqing | Director | 150,000 | 150,000 | 0 | N/A | | Yang Ying | Supervisor | 528,300 | 528,300 | 0 | N/A | | Yan Zhenggang | Supervisor | 284,100 | 284,100 | 0 | N/A | | Zhang Maoliang | Supervisor | 100,000 | 100,000 | 0 | N/A | | Tang Yadong | Senior Management | 3,502,000 | 3,502,000 | 0 | N/A | | Xu Zheng | Senior Management | 500,000 | 500,000 | 0 | N/A | [Corporate Bonds Information](index=44&type=section&id=%E7%AC%AC%E4%B9%9D%E8%8A%82%20%E5%85%AC%E5%8F%B8%E5%80%BA%E5%88%B8%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) [Corporate Bonds Information](index=44&type=section&id=%E5%85%AC%E5%8F%B8%E5%80%BA%E5%88%B8%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) The company had no corporate bonds during the reporting period - The company has no corporate bond-related matters[141](index=141&type=chunk) [Financial Report](index=45&type=section&id=%E7%AC%AC%E5%8D%81%E8%8A%82%20%E8%B4%A2%E5%8A%A1%E6%8A%A5%E5%91%8A) [Audit Report](index=45&type=section&id=%E4%B8%80%E3%80%81%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A) This semi-annual report has not been audited - This semi-annual report has not been audited[5](index=5&type=chunk) [Financial Statements](index=45&type=section&id=%E4%BA%8C%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8) This section presents the company's consolidated and parent company financial statements for H1 2019 - Includes Consolidated Balance Sheet, Parent Company Balance Sheet, Consolidated Income Statement, Parent Company Income Statement, Consolidated Cash Flow Statement, Parent Company Cash Flow Statement, Consolidated Statement of Changes in Equity, and Parent Company Statement of Changes in Equity[143](index=143&type=chunk)[147](index=147&type=chunk)[151](index=151&type=chunk)[156](index=156&type=chunk)[159](index=159&type=chunk)[162](index=162&type=chunk)[166](index=166&type=chunk)[172](index=172&type=chunk) [Company Basic Information](index=67&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E5%9F%BA%E6%9C%AC%E6%83%85%E5%86%B5) This section details the company's history, capital structure, industry, business scope, and consolidation scope - The company, formerly Chongqing Qinan Mechanical & Electrical Manufacturing Co, Ltd, was restructured into a joint-stock company in 2011 and listed on the Shanghai Stock Exchange on May 17, 2017[176](index=176&type=chunk) - The registered capital is CNY 438,797,049.00, and the company operates in the automotive parts manufacturing industry[176](index=176&type=chunk)[177](index=177&type=chunk) - The business scope includes the design, development, manufacturing, and sales of auto parts, transmissions, and yacht accessories[177](index=177&type=chunk) - The scope of consolidated financial statements includes Chongqing Qinan Casting Co, Ltd and Chongqing Meifeng Qinan Automotive Drive System Co, Ltd[179](index=179&type=chunk) [Basis of Preparation for Financial Statements](index=67&type=section&id=%E5%9B%9B%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E7%9A%84%E7%BC%96%E5%88%B6%E5%9F%BA%E7%A1%80) The financial statements are prepared on a going concern basis, with no material uncertainties identified - The financial statements are prepared on a going concern basis[180](index=180&type=chunk) - No events or conditions have been identified that cast significant doubt on the company's ability to continue as a going concern for the next 12 months[181](index=181&type=chunk) [Significant Accounting Policies and Estimates](index=68&type=section&id=%E4%BA%94%E3%80%81%E9%87%8D%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%94%BF%E7%AD%96%E5%8F%8A%E4%BC%9A%E8%AE%A1%E4%BC%B0%E8%AE%A1) This section outlines the company's key accounting policies, estimates, and recent policy changes - The company's financial statements comply with Business Accounting Standards, presenting a true and fair view of its financial position[183](index=183&type=chunk) - Detailed policies are provided for the classification, recognition, measurement, and derecognition of financial instruments, as well as methods for calculating impairment provisions[193](index=193&type=chunk)[194](index=194&type=chunk)[195](index=195&type=chunk)[196](index=196&type=chunk)[197](index=197&type=chunk)[198](index=198&type=chunk)[199](index=199&type=chunk)[200](index=200&type=chunk)[201](index=201&type=chunk)[202](index=202&type=chunk)[203](index=203&type=chunk)[204](index=204&type=chunk) - The company provides for bad debts on notes and accounts receivable based on an expected credit loss model[205](index=205&type=chunk)[207](index=207&type=chunk) - Inventories are measured at the lower of cost and net realizable value, with cost determined using the weighted average method at the end of the month[209](index=209&type=chunk)[210](index=210&type=chunk) - Fixed assets are depreciated using the straight-line method, and construction in progress is measured at actual cost[222](index=222&type=chunk)[224](index=224&type=chunk) - Intangible assets, including land use rights and software, are initially measured at cost and amortized using the straight-line method over their useful lives[227](index=227&type=chunk) - Revenue is recognized when the significant risks and rewards of ownership have been transferred, the amount is reliably measurable, economic benefits are probable, and costs can be reliably measured[243](index=243&type=chunk) - **Accounting policy changes** were made to revise the financial statement format and adopt new financial instrument standards, resulting in a retrospective adjustment to opening retained earnings[253](index=253&type=chunk)[254](index=254&type=chunk)[259](index=259&type=chunk)[264](index=264&type=chunk) [Taxes](index=95&type=section&id=%E5%85%AD%E3%80%81%E7%A8%8E%E9%A1%B9) The company benefits from a reduced corporate income tax rate of 15% under the Western Development Strategy Major Taxes and Tax Rates | Tax Type | Tax Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax (VAT) | Sales of goods or provision of taxable services | 16%, 13% | | Urban Maintenance and Construction Tax | Payable turnover tax amount | 7% | | Corporate Income Tax | Taxable income | 15%, 25% | | Education Surcharge | Payable turnover tax amount | 3% | | Local Education Surcharge | Payable turnover tax amount | 2% | | Property Tax | 1.2% of the residual value after a 30% deduction from the original property value | 1.2% | | Land Use Tax | Taxable area | 12.00 CNY/㎡ | - The company and its subsidiary Chongqing Qinan Casting Co, Ltd are eligible for tax incentives under the Western Development Strategy, with a **reduced corporate income tax rate of 15%**[266](index=266&type=chunk)[267](index=267&type=chunk) - Chongqing Meifeng Qinan Automotive Drive System Co, Ltd is subject to a corporate income tax rate of 25%[265](index=265&type=chunk) [Notes to Consolidated Financial Statement Items](index=96&type=section&id=%E4%B8%83%E3%80%81%E5%90%88%E5%B9%B6%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E9%A1%B9%E7%9B%AE%E6%B3%A8%E9%87%8A) This section provides detailed notes on key items within the consolidated financial statements - Cash and cash equivalents include restricted funds of **CNY 1,462,716.61** for letter of credit deposits, structured deposits, and litigation freezes[268](index=268&type=chunk)[376](index=376&type=chunk) - Trading financial assets at period-end were **CNY 90,636,880.92**, primarily wealth management products, with the change from the opening balance of CNY 100,799,170.96 due to reclassification under new accounting policies[269](index=269&type=chunk) - Notes receivable at period-end totaled **CNY 113,851,446.87**, of which CNY 4,522,000.00 was pledged and CNY 91,196,482.77 was endorsed or discounted but not yet matured[271](index=271&type=chunk)[273](index=273&type=chunk)[275](index=275&type=chunk) - The carrying amount of accounts receivable at period-end was **CNY 90,112,263.82**, with a bad debt provision of CNY 810,951.96, showing high customer concentration[280](index=280&type=chunk)[286](index=286&type=chunk) - The carrying amount of inventories at period-end was **CNY 277,148,651.64**, with an inventory write-down provision of CNY 21,638,932.57[303](index=303&type=chunk)[304](index=304&type=chunk) - The carrying amount of fixed assets at period-end was **CNY 865,039,227.10**, with machinery and equipment having an original cost of CNY 1,356,172,158.26[309](index=309&type=chunk) - Construction in progress at period-end was **CNY 210,342,087.14**, mainly related to equipment installation projects[314](index=314&type=chunk) - Operating revenue for the period was **CNY 225,875,431.15**, and operating costs were CNY 239,214,761.20[352](index=352&type=chunk) - Finance costs for the period were **-CNY 10,871,030.89**, primarily due to an increase in interest income[356](index=356&type=chunk) - The company received government grants of **CNY 4,728,245.77** during the period, recognized as other income[381](index=381&type=chunk) - Retained earnings at period-end were **CNY 1,007,907,066.32**, with the opening balance adjusted up by CNY 799,170.96 due to accounting policy changes[349](index=349&type=chunk) [Changes in Consolidation Scope](index=135&type=section&id=%E5%85%AB%E3%80%81%E5%90%88%E5%B9%B6%E8%8C%83%E5%9B%B4%E7%9A%84%E5%8F%98%E6%9B%B4) There were no changes in the company's consolidation scope during the reporting period - During the reporting period, there were no business combinations not under common control, business combinations under common control, reverse acquisitions, or disposals of subsidiaries leading to a loss of control[382](index=382&type=chunk) [Interests in Other Entities](index=137&type=section&id=%E4%B9%9D%E3%80%81%E5%9C%A8%E5%85%B6%E4%BB%96%E4%B8%BB%E4%BD%93%E4%B8%AD%E7%9A%84%E6%9D%83%E7%9B%8A) The company has two wholly-owned subsidiaries acquired through business combination under common control and establishment Corporate Group Structure | Subsidiary Name | Main Place of Business | Registered Office | Business Nature | Ownership (%) (Direct) | Acquisition Method | | :--- | :--- | :--- | :--- | :--- | :--- | | Chongqing Qinan Casting Co, Ltd | Chongqing | Chongqing | Manufacturing and sales of auto parts | 100.00 | Business combination under common control | | Chongqing Meifeng Qinan Automotive Drive System Co, Ltd | Chongqing | Chongqing | Development, manufacturing, and sales of automotive drive systems | 100.00 | Establishment | [Risks Related to Financial Instruments](index=138&type=section&id=%E5%8D%81%E3%80%81%E4%B8%8E%E9%87%91%E8%9E%8D%E5%B7%A5%E5%85%B7%E7%9B%B8%E5%85%B3%E7%9A%84%E9%A3%8E%E9%99%A9) The company manages credit, liquidity, and market risks through various control measures - The company is exposed to **credit risk, liquidity risk, and market risk** (including interest rate and foreign exchange risk)[385](index=385&type=chunk) - Credit risk arises mainly from bank deposits and receivables, managed through credit assessments and monitoring of receivable balances[385](index=385&type=chunk) - As of June 30, 2019, **85.07% of accounts receivable were from the top five customers**, indicating a certain degree of credit concentration risk[386](index=386&type=chunk) - Liquidity risk is managed by utilizing a mix of financing instruments like bill settlements and bank loans, and by optimizing the financing structure[388](index=388&type=chunk) - Interest rate risk is mainly related to borrowings, but with zero bank loans currently, the impact is not significant[389](index=389&type=chunk) - Foreign exchange risk is primarily associated with foreign currency deposits, but the amounts are small, and the market risk is not significant[390](index=390&type=chunk) [Fair Value Disclosures](index=140&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E5%85%AC%E5%85%81%E4%BB%B7%E5%80%BC%E7%9A%84%E6%8A%AB%E9%9C%B2) The company's trading financial assets had a fair value of CNY 90.64 million, measured using market-based valuation techniques Assets and Liabilities Measured at Fair Value as of June 30, 2019 | Item | Period-End Fair Value (CNY) | Level 1 Fair Value (CNY) | Level 2 Fair Value (CNY) | Level 3 Fair Value (CNY) | | :--- | :--- | :--- | :--- | :--- | | I. Continuous Fair Value Measurement | | | | | | (I) Trading Financial Assets | 90,636,880.92 | - | 90,636,880.92 | - | | 1. Financial assets at FVTPL | 90,636,880.92 | - | 90,636,880.92 | - | | (1) Debt instrument investments | 90,636,880.92 | - | 90,636,880.92 | - | | **Total Assets at Continuous Fair Value** | **90,636,880.92** | **-** | **90,636,880.92** | **-** | - Trading financial assets (entrusted wealth management) are valued using the market approach, with inputs based on the market value of the products[395](index=395&type=chunk) [Related Parties and Transactions](index=142&type=section&id=%E5%8D%81%E4%BA%8C%E3%80%81%E5%85%B3%E8%81%94%E6%96%B9%E5%8F%8A%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) This section discloses subsidiary information and key management personnel compensation, with no other major related-party transactions - Information on subsidiaries is detailed in Note IX, Interests in Other Entities, of these financial statements[396](index=396&type=chunk) Key Management Personnel Compensation | Item | Current Period Amount (CNY 10k) | Prior Period Amount (CNY 10k) | | :--- | :--- | :--- | | Key Management Personnel Compensation | 407.15 | 283.19 | - There were no related-party transactions involving the purchase or sale of goods, entrusted management, leasing, guarantees, fund lending, asset transfers, or debt restructuring during the reporting period[398](index=398&type=chunk)[399](index=399&type=chunk) [Commitments and Contingencies](index=145&type=section&id=%E5%8D%81%E5%9B%9B%E3%80%81%E6%89%BF%E8%AF%BA%E5%8F%8A%E6%88%96%E6%9C%89%E4%BA%8B%E9%A1%B9) The company had outstanding letters of credit totaling CNY 10.62 million and no other significant contingencies to disclose - As of June 30, 2019, the company had outstanding letters of credit amounting to CNY 10,617,786.44[403](index=403&type=chunk) - As of the balance sheet date, the company had no other significant contingencies to disclose[404](index=404&type=chunk)[405](index=405&type=chunk) [Other Important Matters](index=146&type=section&id=%E5%8D%81%E5%85%AD%E3%80%81%E5%85%B6%E4%BB%96%E9%87%8D%E8%A6%81%E4%BA%8B%E9%A1%B9) The company's operations are segmented into machining, casting, and Meifeng divisions, with financial data provided for each - The company determines its reportable segments based on its business operations, which include the Machining, Casting, and Meifeng segments[407](index=407&type=chunk) Reportable Segment Financial Information | Item | Machining Segment (CNY) | Casting Segment (CNY) | Meifeng Segment (CNY) | Inter-segment Elimination (CNY) | Total (CNY) | | :--- | :--- | :--- | :--- | :--- | :--- | | Main Business Revenue | 212,199,270.33 | 140,968,547.60 | - | 129,901,636.19 | 223,266,181.74 | | Main Business Costs | 219,621,036.68 | 153,502,046.04 | - | 134,924,680.77 | 238,198,401.95 | | Total Assets | 2,129,821,191.04 | 926,604,158.67 | 228,307.13 | 632,613,716.64 | 2,424,039,940.20 | | Total Liabilities | 75,311,908.54 | 193,120,133.46 | 87,053.50 | 126,013,304.88 | 142,505,790.62 | [Notes to Parent Company Financial Statement Items](index=147&type=section&id=%E5%8D%81%E4%B8%83%E3%80%81%E6%AF%8D%E5%85%AC%E5%8F%B8%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E4%B8%BB%E8%A6%81%E9%A1%B9%E7%9B%AE%E6%B3%A8%E9%87%8A) This section provides detailed notes on key items within the parent company's financial statements - The parent company's accounts receivable had a carrying amount of **CNY 80,036,524.01** at period-end, with a bad debt provision of CNY 532,549.88[416](index=416&type=chunk) - The parent company's long-term equity investments had a carrying amount of **CNY 508,531,349.49** at period-end, primarily consisting of investments in subsidiaries[433](index=433&type=chunk)[435](index=435&type=chunk) - The parent company's operating revenue for the period was **CNY 214,933,978.82**, and operating costs were CNY 220,667,688.48[437](index=437&type=chunk) - The parent company's investment income for the period was **CNY 893,403.65**, mainly from financial assets held at fair value through profit or loss[438](index=438&type=chunk)[439](index=439&type=chunk) [Supplementary Information](index=156&type=section&id=%E5%8D%81%E5%85%AB%E3%80%81%E8%A1%A5%E5%85%85%E8%B5%84%E6%96%99) This section provides details on non-recurring profit and loss, return on equity, and earnings per share Details of Non-recurring Profit and Loss for H1 2019 | Item | Amount (CNY) | | :--- | :--- | | Gains/Losses on Disposal of Non-current Assets | 69,146.56 | | Government Grants Recognized in Current Profit or Loss | 4,728,245.77 | | Gains/Losses from Entrusted Investments or Asset Management | 2,373,084.57 | | Other Non-operating Income and Expenses | -22,852.23 | | Income Tax Impact | -1,072,143.70 | | **Total** | **6,075,480.97** | Return on Equity and Earnings Per Share for H1 2019 | Profit for the Period | Weighted Average ROE (%) | Earnings Per Share (CNY) | | :--- | :--- | :--- | | Net profit attributable to common shareholders | -2.46 | -0.13 | | Net profit attributable to common shareholders (excluding non-recurring items) | -2.73 | -0.14 | [List of Documents for Inspection](index=159&type=section&id=%E7%AC%AC%E5%8D%81%E4%B8%80%E8%8A%82%20%E5%A4%87%E6%9F%A5%E6%96%87%E4%BB%B6%E7%9B%AE%E5%BD%95) [List of Documents for Inspection](index=159&type=section&id=%E5%A4%87%E6%9F%A5%E6%96%87%E4%BB%B6%E7%9B%AE%E5%BD%95) This section lists the original documents available for inspection, including signed financial statements and the semi-annual report - Documents available for inspection include the financial statements signed and sealed by the company's legal representative, chief financial officer, and head of the accounting department[446](index=446&type=chunk) - Documents available for inspection include the original 2019 semi-annual report signed by the company's legal representative[446](index=446&type=chunk)

Financial Performance - In 2018, the company's operating revenue was CNY 676,252,129.71, a decrease of 44.71% compared to CNY 1,223,073,404.05 in 2017[21] - The net profit attributable to shareholders was a loss of CNY 63,650,118.74, representing a decline of 133.85% from a profit of CNY 188,061,109.98 in the previous year[21] - The basic earnings per share for 2018 was -CNY 0.15, down 133.33% from CNY 0.45 in 2017[22] - The total assets at the end of 2018 were CNY 2,496,392,153.11, a decrease of 5.97% from CNY 2,654,824,996.89 in 2017[21] - The net assets attributable to shareholders decreased by 4.91% to CNY 2,337,650,148.05 from CNY 2,458,343,883.16 in 2017[21] - The cash flow from operating activities was CNY 224,188,523.03, down 53.15% from CNY 478,508,355.97 in the previous year[21] - The weighted average return on equity was -2.66%, a decrease of 11.58 percentage points from 8.92% in 2017[22] - The company achieved operating revenue of RMB 676.25 million in 2018, a decrease of 44.71% year-on-year due to a significant decline in customer sales and order demand[56] - The net profit for 2018 was a loss of RMB 63.65 million, a decrease of 133.85% compared to the previous year, primarily due to the downturn in the automotive industry and increased impairment provisions[56] - The total assets at the end of 2018 were RMB 2.496 billion, with total liabilities of RMB 159 million, indicating a low debt-to-asset ratio and high cash ratio, reflecting strong financial stability[56] Operational Performance - In Q1 2018, the company reported revenue of approximately ¥202.69 million, while Q4 revenue decreased to about ¥140.01 million, indicating a decline of 30.9% from Q1 to Q4[24] - The net profit attributable to shareholders was negative across all quarters, with Q4 showing a loss of approximately ¥48.03 million, compared to a profit of ¥2.31 million in Q1[24] - The company experienced a significant drop in net profit after deducting non-recurring items, with Q4 showing a loss of about ¥49.15 million, compared to a profit of ¥1.52 million in Q1[24] - The operating cash flow for Q1 was approximately ¥104.59 million, but it fell to ¥87.35 million by Q4, reflecting a decrease in cash generation capabilities[24] - The production volume of cylinder heads decreased by 54.62% year-on-year, while sales volume decreased by 49.88%[73] - The total sales volume of engine components decreased by 44.01% year-on-year, totaling 1,507,093 units[94] Research and Development - R&D expenses increased by 148.88% to RMB 30.54 million in 2018, reflecting the company's commitment to enhancing its technological capabilities[68] - The total R&D investment amounted to ¥30,537,577.87, representing 4.52% of the operating revenue[79] - The company completed the delivery of 11 new project samples and initiated R&D for 8 new projects in 2018, enhancing its product development capabilities[59] Market Position and Strategy - The company is a key supplier of core components for automotive engines, focusing on products like cylinder blocks and crankshafts, primarily serving the OEM market[30] - The company has established a wholly-owned subsidiary, Meifeng Qin'an, to engage in the new energy sector, indicating a strategic expansion into emerging markets[30] - The company secured 6 projects from 4 new clients, including major automotive manufacturers, to diversify its customer base and reduce dependency on core clients[57] - The company plans to invest 15,825.51 million CNY in the die-casting workshop, with an expected production capacity of 9,047 tons by May 2021[93] Risks and Challenges - The company faces risks from macroeconomic fluctuations, which could significantly impact its operating performance due to reliance on the automotive market[109] - The company benefits from national policies encouraging the automotive industry but may face risks if policies shift due to economic overheating or environmental concerns[110] - The company has a high concentration of sales from core customers, which poses a risk if there are significant changes in customer orders or their financial health[111] - The company’s product prices are under pressure due to market competition, which could adversely affect profitability if prices decline significantly[113] - Fluctuations in the prices of key raw materials like aluminum and carbon steel could impact production costs and overall financial performance[114] Corporate Governance - The company has a governance structure that complies with relevant laws and regulations, ensuring the protection of shareholder rights[188] - The company has implemented a network voting system for shareholder meetings to enhance participation rights for minority shareholders[190] - The company emphasizes the importance of information disclosure, ensuring that all information is accurate, complete, and timely[195] - The company has established a system for managing insider information to prevent insider trading[197] Environmental Management - The company and its subsidiary have passed the ISO14001:2015 environmental management system re-certification, ensuring compliance with environmental protection standards[146] - Qin'an Electromechanical's subsidiary, Qin'an Casting, has implemented advanced production processes and equipment to minimize emissions, including the use of imported induction furnaces and a waste sand regeneration system[148] - The company has conducted environmental risk assessments and emergency drills to effectively prevent and respond to environmental risks[148] - All pollutants from the company's operations are reported to be within compliance limits, demonstrating effective environmental management practices[153] Shareholder Information - The total number of ordinary shares is 438,797,049, with a significant reduction in restricted shares from 378,797,049 to 305,298,169[158] - The largest shareholder, Yuanming Tang, holds 287,998,169 shares, representing 65.63% of the total shares[164] - The company has no controlling shareholder or actual controller, ensuring independent management[170] - The company has no plans for new securities issuance during the reporting period[162]

[Item I. Important Notice](index=3&type=section&id=Item%20I.%20Important%20Notice) The company's management assures the truthfulness, accuracy, and completeness of this quarterly report [Report Authenticity and Audit Statement](index=3&type=section&id=1.1-1.4) The company's management guarantees the truthfulness, accuracy, and completeness of this quarterly report, noting that the financial report is unaudited - The company's board of directors, supervisory board, and all directors, supervisors, and senior management guarantee the truthfulness, accuracy, and completeness of the report content, free from false records, misleading statements, or major omissions[4](index=4&type=chunk) - The company's responsible person, chief financial officer, and head of accounting department all guarantee the truthfulness, accuracy, and completeness of the financial statements[5](index=5&type=chunk) - This company's Q1 2019 report is unaudited[5](index=5&type=chunk) [Item II. Company Overview](index=4&type=section&id=Item%20II.%20Company%20Overview) This section provides an overview of the company's key financial performance and shareholder structure for the reporting period [Key Financial Data and Non-Recurring Gains/Losses](index=4&type=section&id=2.1%20Key%20Financial%20Data) In Q1 2019, the company experienced a significant performance decline, with revenue down 43.21% and net profit attributable to shareholders turning into a loss of **$31.98 million**, primarily due to increased bill settlements impacting cash flow 2019 Q1 Key Financial Indicators | Indicator | Current Period | Prior Year Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue ($) | 115,099,459.77 | 202,690,514.78 | -43.21% | | Net Profit Attributable to Shareholders ($) | -31,978,210.25 | 2,314,541.84 | - | | Net Profit Attributable to Shareholders (Excluding Non-Recurring Items) ($) | -33,750,139.30 | 1,523,917.81 | - | | Net Cash Flow from Operating Activities ($) | -56,926,620.44 | 104,594,912.90 | -154.43% | | Basic Earnings Per Share ($/share) | -0.07 | 0.01 | - | | Weighted Average Return on Net Assets (%) | -1.38% | 0.09% | Decreased by 1.47 percentage points | - Net cash flow from operating activities significantly decreased, mainly due to a **$51.25 million** increase in sales to customers using bill settlements, leading to reduced cash collection[7](index=7&type=chunk) 2019 Q1 Non-Recurring Gains/Losses Items | Item | Amount ($) | | :--- | :--- | | Government grants included in current profit/loss | 1,035,000.00 | | Gains/losses from entrusted investments or asset management | 1,048,622.41 | | Other non-operating income and expenses | 1,000.00 | | Income tax impact | -312,693.36 | | **Total** | **1,771,929.05** | [Shareholder Information](index=6&type=section&id=2.2%20Total%20Shareholders%2C%20Top%20Ten%20Shareholders%2C%20and%20Top%20Ten%20Circulating%20Shareholders%20at%20Period-End) As of the reporting period end, the company had **17,509** shareholders, with controlling shareholder YUANMING TANG holding **65.63%** of shares, and some top ten shareholders having related party or family relationships - As of the reporting period end, the total number of common shareholders was **17,509**[12](index=12&type=chunk) - The largest shareholder, YUANMING TANG, an overseas natural person, holds a high proportion of **65.63%** of shares, all of which are restricted shares[12](index=12&type=chunk) - Among the top ten shareholders, Shanghai Xianghe Hongan, Shanghai Hongcheng, and Shanghai Xianghe Yongan are under the same controlling entity; Shanghai Lanchen Qin'an and Shanghai Lanchen Jiexie are under the same controlling entity; and some shareholders have family relationships[13](index=13&type=chunk) [Item III. Significant Matters](index=7&type=section&id=Item%20III.%20Significant%20Matters) This section details significant changes in key financial data and their causes for Q1 2019, along with a performance warning for the next reporting period, primarily due to weak customer demand leading to revenue decline and net loss [Analysis of Significant Changes in Key Financial Items](index=7&type=section&id=3.1%20Significant%20Changes%20in%20Key%20Financial%20Statement%20Items%20and%20Financial%20Indicators%20and%20Their%20Reasons) During the reporting period, multiple financial indicators underwent significant changes, including a **59.14%** increase in accounts receivable due to altered settlement methods, a **43.21%** decrease in operating revenue due to reduced customer demand, and a **154.43%** decrease in net cash flow from operating activities [(1) Balance Sheet Items](index=7&type=section&id=(1)%20Balance%20Sheet%20Items) Key balance sheet changes include a **59.14%** increase in notes and accounts receivable due to increased bill settlements, and a **39.98%** decrease in other current assets from partial redemption of wealth management products Balance Sheet Key Item Changes | Item | Change (%) | Reason for Change | | :--- | :--- | :--- | | Notes and Accounts Receivable | 59.14% | Mainly due to increased sales to customers using bill settlements, leading to an increase in notes receivable balance | | Other Current Assets | -39.98% | Partial redemption of wealth management products | | Other Non-Current Assets | 53.03% | Increase in equipment prepayments | | Employee Compensation Payable | -32.25% | Lower production and 2018 year-end bonuses paid in this period | [(2) Income Statement Items](index=7&type=section&id=(2)%20Income%20Statement%20Items) Core income statement changes include a **43.21%** year-over-year decrease in operating revenue due to weak major customer markets, a **90.48%** increase in administrative expenses due to depreciation of temporarily idle equipment, and a **50.33%** increase in R&D expenses from new projects Income Statement Key Item Changes | Item | Change (%) | Reason for Change | | :--- | :--- | :--- | | Operating Revenue | -43.21% | Major customer market sales weakened, demand decreased | | Operating Cost | -33.42% | Primarily due to decreased sales revenue | | Administrative Expenses | 90.48% | Increased depreciation of temporarily idle equipment | | Research and Development Expenses | 50.33% | Increase in new R&D projects, leading to higher R&D expenditures | | Asset Impairment Losses | -390.33% | Increase in inventory depreciation provision and bad debt provision for accounts receivable | | Income Tax Expense | -390.92% | Decrease in income tax expense due to losses | [(3) Cash Flow Statement Items](index=8&type=section&id=(3)%20Cash%20Flow%20Statement%20Items) The cash flow statement shows a significant **154.43%** year-over-year decrease in net cash flow from operating activities, turning from net inflow to net outflow, primarily due to increased bill settlements and declining sales revenue Cash Flow Statement Key Item Changes | Item | Change (%) | Reason for Change | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -154.43% | Mainly due to increased sales to customers using bill settlements, along with a significant decline in major customer sales revenue | | Net Cash Flow from Investing Activities | -127.46% | Partial recovery of investment in wealth management funds, while the amount used for wealth management investments decreased | | Net Cash Flow from Financing Activities | -100.00% | No financing activities income or expenditure in this period | [Performance Warning](index=8&type=section&id=3.4%20Warning%20and%20Explanation%20Regarding%20Potential%20Cumulative%20Net%20Loss%20or%20Significant%20Change%20from%20Prior%20Year%20Period-End%20to%20Next%20Reporting%20Period-End) The company issued a performance warning, projecting a cumulative net loss for the first half of 2019 based on major customer demand forecasts - The company predicts a net loss for the 2019 semi-annual report[16](index=16&type=chunk)[17](index=17&type=chunk) - This prediction is based on demand plans issued by the company's major customers[16](index=16&type=chunk) [Item IV. Appendix](index=9&type=section&id=Item%20IV.%20Appendix) This section provides the company's unaudited financial statements for Q1 2019, including the balance sheet, income statement, and cash flow statement [Financial Statements (Unaudited)](index=9&type=section&id=4.1%20Financial%20Statements) This section presents the company's unaudited consolidated and parent company financial statements for Q1 2019, including the balance sheet, income statement, and cash flow statement, showing total assets of **$2.453 billion**, operating revenue of **$115.10 million**, a net loss of **$31.98 million**, and net cash outflow from operating activities of **$56.93 million** [Consolidated Balance Sheet](index=9&type=section&id=Consolidated%20Balance%20Sheet) As of March 31, 2019, the company's total assets were **$2.453 billion**, a **1.74%** decrease from the beginning of the year, with total liabilities at **$147.19 million** and net assets attributable to shareholders at **$2.306 billion** Consolidated Balance Sheet Key Data (March 31, 2019) | Item | Amount ($) | | :--- | :--- | | Total Assets | 2,452,860,520.31 | | Total Liabilities | 147,188,582.51 | | Total Equity Attributable to Parent Company Shareholders | 2,305,671,937.80 | [Consolidated Income Statement](index=14&type=section&id=Consolidated%20Income%20Statement) In Q1 2019, the company's total operating revenue was **$115.10 million**, a **43.21%** year-over-year decrease, resulting in an operating loss of **$37.51 million** and a net loss attributable to parent company shareholders of **$31.98 million** Consolidated Income Statement Key Data (2019 Q1) | Item | Amount ($) | | :--- | :--- | | Total Operating Revenue | 115,099,459.77 | | Operating Profit | -37,506,907.09 | | Total Profit | -37,505,907.09 | | Net Profit | -31,978,210.25 | [Consolidated Cash Flow Statement](index=17&type=section&id=Consolidated%20Cash%20Flow%20Statement) In Q1 2019, net cash flow from operating activities was **-$56.93 million**, a **154.43%** year-over-year decrease, while net cash flow from investing activities was **$83.76 million**, primarily due to investment recovery, with cash and cash equivalents at period-end totaling **$208 million** Consolidated Cash Flow Statement Key Data (2019 Q1) | Item | Amount ($) | | :--- | :--- | | Net Cash Flow from Operating Activities | -56,926,620.44 | | Net Cash Flow from Investing Activities | 83,755,613.38 | | Net Cash Flow from Financing Activities | 0.00 | | Net Increase in Cash and Cash Equivalents | 26,738,639.15 |

1 / 22 | 目录 | | --- | 公司代码：603758 公司简称：秦安股份 重庆秦安机电股份有限公司 2018 年第三季度报告 2018 年第三季度报告 2018 年第三季度报告 | 一、 | 重要提示 | 3 | | --- | --- | --- | | 二、 | 公司基本情况 | 3 | | 三、 | 重要事项 | 7 | | 四、 | 附录 | 10 | 一、 重要提示 1.1 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整， 不存在虚假记载、误导性陈述或者重大遗漏，并承担个别和连带的法律责任。 1.2 公司全体董事出席董事会审议季度报告。 1.3 公司负责人 YUANMING TANG、主管会计工作负责人许峥及会计机构负责人（会计主管人员） 黄容保证季度报告中财务报表的真实、准确、完整。 1.4 本公司第三季度报告未经审计。 二、 公司基本情况 2.1 主要财务数据 单位：元 币种：人民币 | | 本报告期末 | 上年度末 | 本报告期末比上年度末 | | --- | --- | --- | --- | | | | | 增减(%) | | 总资产 | 2, ...

2018 年半年度报告 公司代码：603758 公司简称：秦安股份 重庆秦安机电股份有限公司 2018 年半年度报告 1 / 145 2018 年半年度报告 重要提示 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 本报告期不进行利润分配及资本公积金转增股本 六、 前瞻性陈述的风险声明 √适用 □不适用 十、 其他 □适用 √不适用 2 / 145 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半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、 本半年度报告未经审计。 四、 公司负责人 YUANMING TANG、主管会计工作负责人许峥及会计机构负责人（会计主管人 员）黄容声明：保证半年度报告中财务报告的真实、准确、完整。 本报告中所涉及的未来计划、发展战略等前瞻性描述不构成公司对投资者的实质承诺，敬请 投资者注意投资风险。 七、 是否存在被控股股东及其关联方非经营性占用资金情况 否 八、 是否存在违反规定决策程序对外提供担保的情况？ 否 九、 重大风险提示 公司可能存在的风险事项已在本报告"第 ...

[Important Disclosures](index=3&type=section&id=Item%20I.%20Important%20Disclosures) [Statement on Report Authenticity](index=3&type=section&id=1.1%20Statement%20on%20Report%20Authenticity) The Board, Supervisory Board, and senior management guarantee the quarterly report's accuracy and completeness, with all directors attending the review and the report being unaudited - The company's board of directors, supervisory board, and senior management guarantee the **truthfulness, accuracy, and completeness** of the quarterly report, free from false records, misleading statements, or major omissions, and assume individual and joint legal responsibility[6](index=6&type=chunk) - All company directors attended the board meeting to review the quarterly report[6](index=6&type=chunk) - This company's first quarter report is unaudited[6](index=6&type=chunk) [Company Profile](index=3&type=section&id=Item%20II.%20Company%20Profile) [Major Financial Data](index=3&type=section&id=2.1%20Major%20Financial%20Data) Total assets and net assets attributable to shareholders remained stable, but operating revenue declined **37%** and net profit attributable to shareholders fell **96.19%**, while operating cash flow increased [Key Financial Data from Consolidated Statements](index=3&type=section&id=2.1.1%20Key%20Financial%20Data%20from%20Consolidated%20Statements) As of the end of the reporting period, total assets slightly decreased, net assets attributable to shareholders slightly increased, operating revenue significantly dropped **37%**, net profit attributable to shareholders fell **96.19%**, and weighted average return on net assets decreased by **3.51** percentage points Key Financial Data from Consolidated Statements for Q1 2018 | Indicator | End of Reporting Period / Year-to-Date (Yuan) | End of Prior Year / Prior Year-to-Date (Yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Total Assets | 2,594,448,445.26 | 2,654,824,996.89 | -2.27 | | Net Assets Attributable to Shareholders of the Listed Company | 2,460,658,425.00 | 2,458,343,883.16 | 0.09 | | Net Cash Flow from Operating Activities | 104,594,912.90 | 97,984,725.30 | 6.75 | | Operating Revenue | 202,690,514.78 | 321,735,427.48 | -37.00 | | Net Profit Attributable to Shareholders of the Listed Company | 2,314,541.84 | 60,694,110.09 | -96.19 | | Net Profit Attributable to Shareholders of the Listed Company (Excluding Non-Recurring Gains and Losses) | 1,523,917.81 | 60,541,448.37 | -97.48 | | Weighted Average Return on Net Assets (%) | 0.09 | 3.60 | Decreased by 3.51 percentage points | | Basic Earnings Per Share (Yuan/share) | 0.01 | 0.16 | -93.75 | | Diluted Earnings Per Share (Yuan/share) | 0.01 | 0.16 | -93.75 | [Non-Recurring Gains and Losses Items and Amounts](index=4&type=section&id=2.1.2%20Non-Recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) During the reporting period, total non-recurring gains and losses amounted to **790,624.03 Yuan**, primarily from government subsidies and fair value changes and investment income from transactional financial assets Non-Recurring Gains and Losses Items and Amounts for Q1 2018 | Item | Amount for Current Period (Yuan) | | :--- | :--- | | Government subsidies recognized in current profit or loss | 123,000.00 | | Fair value changes and investment income from transactional financial assets, etc. | 806,745.92 | | Other non-operating income and expenses apart from the above | 400.00 | | Income tax impact | -139,521.89 | | Total | 790,624.03 | [Total Shareholders, Top Ten Shareholders, and Top Ten Holders of Unrestricted Shares as of the End of the Reporting Period](index=5&type=section&id=2.2%20Total%20Shareholders%2C%20Top%20Ten%20Shareholders%2C%20and%20Top%20Ten%20Holders%20of%20Unrestricted%20Shares%20as%20of%20the%20End%20of%20the%20Reporting%20Period) As of the end of the reporting period, the company had **22,370** shareholders; TANG YUANMING, the controlling shareholder, held **65.63%** of shares, all restricted, while the top ten holders of unrestricted shares had low proportions - As of the end of the reporting period, the company had **22,370** shareholders[9](index=9&type=chunk) Shareholding of Top Ten Shareholders | Shareholder Name (Full Name) | Shares Held at Period End | Proportion (%) | Number of Restricted Shares Held | Pledge/Freeze Status | Number Pledged or Frozen | Shareholder Nature | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | TANG YUANMING | 287,998,169 | 65.63 | 287,998,169 | None | - | Overseas Natural Person | | Shanghai Xianghe Hongan Equity Investment Partnership (Limited Partnership) | 15,000,000 | 3.42 | 15,000,000 | None | - | Domestic Non-State-Owned Legal Person | | Shanghai Hongcheng Equity Investment Partnership (Limited Partnership) | 10,000,000 | 2.28 | 10,000,000 | None | - | Domestic Non-State-Owned Legal Person | | Shanghai Xianghe Yongan Equity Investment Partnership (Limited Partnership) | 9,615,385 | 2.19 | 9,615,385 | None | - | Domestic Non-State-Owned Legal Person | | Tang Zichang | 6,850,000 | 1.56 | 6,850,000 | Pledged | 3,500,000 | Domestic Natural Person | - Significant related party relationships exist among major shareholders, such as Shanghai Xianghe Hongan, Shanghai Hongcheng, and Shanghai Xianghe Yongan being under the same controlling party; Shanghai Lancheng Qin'an and Shanghai Lancheng Jiexie being under the same controlling party; Yang Li being the brother-in-law of Tang Zichang; and Zhang Yushu being the spouse of YUANMING TANG[11](index=11&type=chunk) [Significant Events](index=6&type=section&id=Item%20III.%20Significant%20Events) [Analysis of Major Changes and Reasons in Key Financial Statement Items and Indicators](index=6&type=section&id=3.1%20Analysis%20of%20Major%20Changes%20and%20Reasons%20in%20Key%20Financial%20Statement%20Items%20and%20Indicators) During the reporting period, significant changes occurred across the balance sheet, income statement, and cash flow statement, including decreased accounts receivable and deferred tax assets, increased prepayments and other current assets, substantial declines in operating revenue and net profit, and increased investing cash outflows with reduced financing cash outflows [Balance Sheet Major Changes Analysis](index=6&type=section&id=3.1.1%20Balance%20Sheet%20Major%20Changes%20Analysis) As of the reporting period end, accounts receivable decreased **48.56%** due to lower sales, prepayments increased **48.23%** from higher purchases, other current assets rose **171.43%** due to increased investments, and short-term borrowings were fully repaid, decreasing **100%** Major Balance Sheet Item Changes | Item Name | Amount at Period End (Yuan) | Amount at Year Start (Yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Accounts Receivable | 72,273,184.68 | 140,489,978.45 | -48.56 | | Prepayments | 52,573,965.67 | 35,468,053.27 | 48.23 | | Other Current Assets | 190,000,000.00 | 70,000,000.00 | 171.43 | | Deferred Income Tax Assets | 1,235,074.98 | 2,601,375.78 | -52.52 | | Short-term Borrowings | - | 30,000,000.00 | -100.00 | | Employee Benefits Payable | 7,442,673.60 | 14,015,968.69 | -46.90 | | Taxes Payable | 3,889,782.75 | 15,325,081.67 | -74.62 | - Accounts receivable decreased **48.56%** year-on-year, primarily due to reduced sales revenue in February and March and lower customer credit sales[13](index=13&type=chunk) - Other current assets increased **171.43%** year-on-year, mainly due to increased wealth management investments[13](index=13&type=chunk) - Short-term borrowings decreased **100%** year-on-year, resulting from the repayment of bank loans[13](index=13&type=chunk) [Income Statement Major Changes Analysis](index=7&type=section&id=3.1.2%20Income%20Statement%20Major%20Changes%20Analysis) Operating revenue decreased **37.00%** to **202.69 million Yuan** due to major client product adjustments, financial expenses fell **243.76%** to **-3.21 million Yuan** from increased deposit interest and no loan interest, and operating profit, total profit, and net profit all declined over **94%** due to lower revenue and higher depreciation Major Income Statement Item Changes | Item Name | Amount for Current Period (Yuan) | Prior Year Same Period (Yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 202,690,514.78 | 321,735,427.48 | -37.00 | | Taxes and Surcharges | 2,353,915.14 | 4,316,826.31 | -45.47 | | Financial Expenses | -3,209,359.23 | 2,232,475.16 | -243.76 | | Operating Profit | 4,091,236.77 | 71,223,468.67 | -94.26 | | Non-operating Income | 123,400.00 | 208,124.30 | -40.71 | | Non-operating Expenses | - | 26,757.57 | -100.00 | | Total Profit | 4,214,636.77 | 71,404,835.40 | -94.10 | | Income Tax Expense | 1,900,094.93 | 10,710,725.31 | -82.26 | | Net Profit | 2,314,541.84 | 60,694,110.09 | -96.19 | - Operating revenue decreased **37.00%** year-on-year, attributed to major client product structure adjustments and reduced supply volume in the first quarter[14](index=14&type=chunk) - Financial expenses decreased **243.76%** year-on-year, primarily due to increased deposit interest income and no loan interest expenses[14](index=14&type=chunk) - Operating profit, total profit, and net profit all significantly declined, mainly due to decreased revenue and increased depreciation and amortization[15](index=15&type=chunk) [Cash Flow Statement Major Changes Analysis](index=7&type=section&id=3.1.3%20Cash%20Flow%20Statement%20Major%20Changes%20Analysis) Net cash flow from operating activities increased **6.75%** to **104.59 million Yuan**, while net cash flow from investing activities significantly decreased **850.99%** to **-305.01 million Yuan** due to increased investments, and net cash flow from financing activities rose **75.83%** to **-30 million Yuan** due to reduced bank loan repayments Major Cash Flow Statement Item Changes | Item Name | Amount for Current Period (Yuan) | Prior Year Same Period (Yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 104,594,912.90 | 97,984,725.30 | 6.75 | | Net Cash Flow from Investing Activities | -305,008,035.47 | -32,072,702.82 | -850.99 | | Net Cash Flow from Financing Activities | -30,000,000.00 | -124,132,896.22 | 75.83 | - Net cash flow from investing activities decreased **850.99%** year-on-year, primarily due to increased wealth management investments[17](index=17&type=chunk) - Net cash flow from financing activities increased **75.83%** year-on-year, mainly due to reduced bank loan repayments in 2018[17](index=17&type=chunk) [Analysis of Progress, Impact, and Solutions for Significant Events](index=8&type=section&id=3.2%20Analysis%20of%20Progress%2C%20Impact%2C%20and%20Solutions%20for%20Significant%20Events) No significant events requiring disclosure of progress, impact, or solutions during the reporting period - No analysis of progress, impact, or solutions for significant events during the reporting period[18](index=18&type=chunk) [Unfulfilled Commitments Overdue as of the Reporting Period](index=8&type=section&id=3.3%20Unfulfilled%20Commitments%20Overdue%20as%20of%20the%20Reporting%20Period) No unfulfilled commitments overdue as of the reporting period - No unfulfilled commitments overdue as of the reporting period[18](index=18&type=chunk) [Warning and Explanation for Potential Cumulative Net Loss or Significant Change in Net Profit from Year-Start to End of Next Reporting Period](index=8&type=section&id=3.4%20Warning%20and%20Explanation%20for%20Potential%20Cumulative%20Net%20Loss%20or%20Significant%20Change%20in%20Net%20Profit%20from%20Year-Start%20to%20End%20of%20Next%20Reporting%20Period) No warning or explanation regarding potential cumulative net loss or significant change in net profit from year-start to the end of the next reporting period - No warning or explanation regarding potential cumulative net loss or significant change in net profit from year-start to the end of the next reporting period[18](index=18&type=chunk) [Appendix](index=9&type=section&id=Item%20IV.%20Appendix) [Financial Statements](index=9&type=section&id=4.1%20Financial%20Statements) This section presents the company's unaudited consolidated and parent company balance sheets, income statements, and cash flow statements for Q1 2018, detailing financial position and operating results [Consolidated Balance Sheet](index=9&type=section&id=4.1.1%20Consolidated%20Balance%20Sheet) As of March 31, 2018, consolidated total assets were **2.59 billion Yuan**, slightly down from year-start, with decreased cash and accounts receivable but significantly increased other current assets, while total liabilities decreased to **133.79 million Yuan**, with short-term borrowings fully repaid - As of March 31, 2018, consolidated total assets amounted to **2,594,448,445.26 Yuan**, a **2.27%** decrease from **2,654,824,996.89 Yuan** at year-start[22](index=22&type=chunk) - Cash and cash equivalents within current assets decreased from **696,659,555.34 Yuan** at year-start to **621,131,208.09 Yuan**[21](index=21&type=chunk) - Short-term borrowings decreased from **30,000,000.00 Yuan** at year-start to **0 Yuan**[22](index=22&type=chunk) [Parent Company Balance Sheet](index=11&type=section&id=4.1.2%20Parent%20Company%20Balance%20Sheet) As of March 31, 2018, parent company total assets were **2.23 billion Yuan**, slightly down from year-start, with decreased cash, accounts receivable, and inventories, but increased prepayments and other current assets, while total liabilities decreased to **59.45 million Yuan** - As of March 31, 2018, parent company total assets amounted to **2,227,829,453.45 Yuan**, a slight decrease from **2,254,562,290.69 Yuan** at year-start[27](index=27&type=chunk) - Parent company cash and cash equivalents decreased from **677,769,350.01 Yuan** at year-start to **583,217,694.46 Yuan**[25](index=25&type=chunk) - Parent company prepayments increased from **139,164,737.67 Yuan** at year-start to **199,872,064.63 Yuan**[25](index=25&type=chunk) [Consolidated Income Statement](index=13&type=section&id=4.1.3%20Consolidated%20Income%20Statement) For January-March 2018, consolidated operating revenue was **202.69 million Yuan**, a **37.00%** year-on-year decrease, with operating profit, total profit, and net profit all significantly declining, and net profit at **2.31 million Yuan**, a **96.19%** year-on-year drop, while financial expenses turned negative due to increased deposit interest - For January-March 2018, consolidated operating revenue was **202,690,514.78 Yuan**, compared to **321,735,427.48 Yuan** in the prior year, a **37.00%** year-on-year decrease[28](index=28&type=chunk) - Consolidated net profit was **2,314,541.84 Yuan**, compared to **60,694,110.09 Yuan** in the prior year, a **96.19%** year-on-year decrease[29](index=29&type=chunk) - Financial expenses were **-3,209,359.23 Yuan**, compared to **2,232,475.16 Yuan** in the prior year, a **243.76%** year-on-year decrease[29](index=29&type=chunk) [Parent Company Income Statement](index=15&type=section&id=4.1.4%20Parent%20Company%20Income%20Statement) For January-March 2018, parent company operating revenue was **199.62 million Yuan**, a year-on-year decrease, with net profit at **3.63 million Yuan**, a significant decline from **38.37 million Yuan** in the prior year, and financial expenses also turning negative - For January-March 2018, parent company operating revenue was **199,616,799.28 Yuan**, compared to **304,411,777.40 Yuan** in the prior year[31](index=31&type=chunk) - Parent company net profit was **3,626,742.61 Yuan**, compared to **38,367,018.72 Yuan** in the prior year[32](index=32&type=chunk) - Parent company financial expenses were **-3,219,481.23 Yuan**, compared to **2,121,569.31 Yuan** in the prior year[31](index=31&type=chunk) [Consolidated Cash Flow Statement](index=16&type=section&id=4.1.5%20Consolidated%20Cash%20Flow%20Statement) For January-March 2018, consolidated net cash flow from operating activities increased **6.75%** to **104.59 million Yuan**, net cash flow from investing activities was **-305.01 million Yuan** due to increased investments, and net cash flow from financing activities was **-30 million Yuan** due to reduced debt repayments, with cash and cash equivalents at period end totaling **176.46 million Yuan** - Net cash flow from operating activities was **104,594,912.90 Yuan**, compared to **97,984,725.30 Yuan** in the prior year, a **6.75%** year-on-year increase[36](index=36&type=chunk) - Net cash flow from investing activities was **-305,008,035.47 Yuan**, compared to **-32,072,702.82 Yuan** in the prior year, primarily due to **610,000,000.00 Yuan** in cash paid for investments[35](index=35&type=chunk)[36](index=36&type=chunk) - Net cash flow from financing activities was **-30,000,000.00 Yuan**, compared to **-124,132,896.22 Yuan** in the prior year, mainly due to reduced cash paid for debt repayment[36](index=36&type=chunk) [Parent Company Cash Flow Statement](index=18&type=section&id=4.1.6%20Parent%20Company%20Cash%20Flow%20Statement) For January-March 2018, parent company net cash flow from operating activities increased to **40.37 million Yuan**, net cash flow from investing activities was **-292.74 million Yuan** due to increased investments, and net cash flow from financing activities was **0 Yuan** due to no new borrowings or debt repayments, with cash and cash equivalents at period end totaling **153.23 million Yuan** - Net cash flow from operating activities was **40,367,390.88 Yuan**, compared to **23,356,490.02 Yuan** in the prior year[38](index=38&type=chunk) - Net cash flow from investing activities was **-292,740,797.65 Yuan**, compared to **-9,308,827.05 Yuan** in the prior year, primarily due to **610,000,000.00 Yuan** in cash paid for investments[39](index=39&type=chunk) - Net cash flow from financing activities was **0 Yuan**, compared to **-58,296,856.25 Yuan** in the prior year[39](index=39&type=chunk) [Audit Report](index=19&type=section&id=4.2%20Audit%20Report) No audit report is available for the current reporting period - This company's first quarter report is unaudited[6](index=6&type=chunk) - No audit report is available for the current reporting period[39](index=39&type=chunk)

2017 年年度报告 公司代码：603758 公司简称：秦安股份 重庆秦安机电股份有限公司 2017 年年度报告 1 / 180 2017 年年度报告 重要提示 八、 是否存在违反规定决策程序对外提供担保的情况？ 三、 天健会计师事务所（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 YUANMING TANG、主管会计工作负责人许峥及会计机构负责人（会计主管人员） 黄容声明：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 公司2017年度利润分配预案为：以本公司2017年末总股本438,797,049股为基数，向全体 股东每10股派发现金股利1.3元（含税），共计分配现金股利57,043,616.4元（含税），占合 并报表中归属于上市公司普通股股东的净利润的30.33%。本次利润分配不送红股，不以资本 公积金转增股本。 六、 前瞻性陈述的风险声明 √适用 □不适用 本报告中所涉及的未来计划、发展战略等前瞻性描述不构成公司对投资者的实质承诺，敬请 投资者注意投资风险 七、 是否存在被控股股东及其关联方非经营性占用资金情况 否 否 ...

2017 年第三季度报告 公司代码：603758 公司简称：秦安股份 重庆秦安机电股份有限公司 2017 年第三季度报告 1 / 21 | 目录 | | --- | | 一、 | 重要提示 | 3 | | --- | --- | --- | | 二、 | 公司基本情况 | 7 | | 三、 | 重要事项 | 7 | | 四、 | 附录 | 9 | 2017 年第三季度报告 一、 重要提示 1.1 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整， 不存在虚假记载、误导性陈述或者重大遗漏，并承担个别和连带的法律责任。 1.2 公司全体董事出席董事会审议季度报告。 1.3 公司负责人 YUANMING TANG、主管会计工作负责人许峥及会计机构负责人（会计主管人员） 黄容保证季度报告中财务报表的真实、准确、完整。 1.4 本公司第三季度报告未经审计。 2.1 主要财务数据 单位：元 币种：人民币 | | 本报告期末 | | 上年度末 | 本报告期末比上年度末增 | | | --- | --- | --- | --- | --- | --- | | | | | | 减(%) | | | ...

2017 年半年度报告 公司代码：603758 公司简称：秦安股份 重庆秦安机电股份有限公司 2017 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半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、 本半年度报告未经审计。 四、 公司负责人 YUANMING TANG、主管会计工作负责人许峥及会计机构负责人（会计主管人员） 黄容声明：保证半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 本报告期不进行利润分配及资本公积金转增股本 六、 前瞻性陈述的风险声明 √适用 □不适用 本报告中所涉及的未来计划、发展战略等前瞻性描述不构成公司对投资者的实质承诺，敬请 投资者注意投资风险。 七、 是否存在被控股股东及其关联方非经营性占用资金情况 否 八、 是否存在违反规定决策程序对外提供担保的情况？ 否 1 / 122 2017 年半年度报告 九、 重大风险提示 公司可能存在的风险事项已在本报告第四节"经营情况讨论与分析"中详细描述，敬请投资 ...