证券代码： 603788 证券简称：宁波高发 公告编号：2021-039 宁波高发汽车控制系统股份有限公司 关于参加"宁波辖区 2021 年度上市公司投资者 网上集体接待日活动"的公告 本公司及董事会全体成员保证公告内容不存在虚假记载、误导性陈述或者 重大遗漏，并对其内容的真实、准确和完整承担个别及连带责任。 为进一步加强宁波辖区上市公司与投资者的沟通交流，增强上市公司的透明 度，提升公司治理水平，促进公司规范运作，在宁波证监局指导下，宁波上市公 司协会联合深圳市全景网络有限公司共同举办"心系投资者、携手共行动—宁波 辖区 2021 年度上市公司投资者网上集体接待日活动"。活动将于 2021 年 11 月 18 日 15:00-17:00 举行，平台登陆地址为：https://rs.p5w.net/。届时，公司高管人员 将参加本次活动，通过网络在线交流形式，就公司治理、发展战略、经营状况、 可持续发展等投资者所关心的问题，与投资者进行"一对多"形式的沟通与交流。 欢迎广大投资者踊跃参与。 特此公告。 宁波高发汽车控制系统股份有限公司董事会 二零二一年十一月十日 ...

证券代码：603788 证券简称：宁波高发 宁波高发汽车控制系统股份有限公司 2021 年第三季度报告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 重要内容提示： 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整， 不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保证季度报告中财务 报表信息的真实、准确、完整。 第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 1 / 10 单位：元 币种：人民币 项目 本报告期 本报告期比 上年同期增 减变动幅度 (%) 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(%) 营业收入 227,577,385.60 -1.99 699,662,403.38 12.16 归属于上市公司股东的净利润 39,291,797.61 -21.91 130,294,967.23 -3.35 归属于上市公司股东的扣除非经 常性损益的净 ...

Financial Performance - The company's operating revenue for the first half of 2021 was ¥472,085,017.78, representing a 20.55% increase compared to ¥391,619,061.99 in the same period last year[18]. - The net profit attributable to shareholders for the first half of 2021 was ¥91,003,169.62, which is a 7.70% increase from ¥84,495,168.98 in the previous year[18]. - Operating profit reached 105.72 million RMB, reflecting a year-on-year increase of 6.05%[34]. - The company reported a total profit for the first half of 2021 of ¥106,327,410.89, up 6.3% from ¥100,268,312.88 in the previous year[101]. - The company maintained a strong financial position with a significant increase in total revenue and net profit, indicating positive future growth prospects[101]. Cash Flow - The net cash flow from operating activities was negative at -¥27,049,453.96, a significant decline of 140.42% compared to ¥66,915,836.76 in the same period last year[18]. - Total cash inflow from operating activities was ¥491,013,139.88, while cash outflow was ¥518,062,593.84, resulting in a net cash outflow[106]. - Cash inflow from investment activities amounted to ¥296,082,160.64, with a net cash flow from investment activities of ¥149,556,570.65, an increase from ¥122,263,122.46 in 2020[107]. - The cash flow from financing activities remained negative at -¥133,904,142.92, similar to the previous year's figure[110]. Assets and Liabilities - The total assets at the end of the reporting period were ¥2,161,719,495.39, down 4.43% from ¥2,261,983,128.11 at the end of the previous year[18]. - The total liabilities decreased to CNY 294,915,187.08 from CNY 352,740,047.68, reflecting a reduction of about 16.4%[98]. - The company's total current assets as of June 30, 2021, amount to ¥1,848,515,894.14, a decrease from ¥1,951,328,986.44 at the end of 2020[91]. - The company's financial assets decreased by 53.64% to ¥130,486,786.85, mainly due to a reduction in the repurchase of financial products after their maturity[44]. Shareholder Information - The total number of ordinary shareholders as of the end of the reporting period is 11,918[80]. - The top shareholder, Ningbo Gaofa Holdings Co., Ltd., holds 83,790,000 shares, representing 37.56% of the total shares[83]. - The company distributed CNY 133,839,040.80 to shareholders during the reporting period, indicating a significant profit allocation[117]. Risks and Challenges - The company faces risks related to overcapacity in the automotive industry, particularly in the new energy vehicle sector, due to increasing competition and market saturation[52]. - The company is also concerned about the long-term impact of the COVID-19 pandemic on macroeconomic development, which could adversely affect the automotive and automotive parts industries[53]. - There is a risk that fundraising investment projects may not yield expected returns due to rapidly changing market conditions and increasing competition[57]. Research and Development - Research and development expenses rose by 11.17% to ¥22,550,712.72, attributed to higher salaries for R&D personnel and reduced consumption of raw materials for projects[41]. - The automotive electronic shift system project has accumulated an investment of 54.14 million RMB[37]. - The automotive virtual instrument project has seen an investment of 4.03 million RMB, with a cautious approach due to increased market competition[38]. Compliance and Governance - The company has not proposed any profit distribution plan or capital reserve transfer to increase share capital for this reporting period[4]. - The company has not experienced any significant litigation or arbitration matters during the reporting period[73]. - The company has committed to strictly adhere to regulations regarding fund transactions with related parties[70]. Accounting and Financial Reporting - The financial statements are prepared in accordance with the accounting standards issued by the Ministry of Finance, ensuring a true and complete reflection of the company's financial status[127]. - The company has confirmed that there are no significant doubts regarding its ability to continue as a going concern for the next 12 months[125]. - The company recognizes revenue when it fulfills performance obligations in contracts, specifically when customers gain control of related goods or services[199].

Financial Performance - Operating revenue for the period was CNY 217,670,922.32, representing an increase of 28.01% year-on-year [11]. - Net profit attributable to shareholders was CNY 43,136,973.34, up 19.83% from the previous year [7]. - Basic earnings per share rose to CNY 0.19, an increase of 18.75% compared to the same period last year [7]. - Total operating revenue for Q1 2021 was ¥217,670,922.32, an increase of 28% compared to ¥170,046,868.60 in Q1 2020 [24]. - Net profit for Q1 2021 reached ¥43,136,973.34, a 20% increase from ¥35,998,122.23 in Q1 2020 [26]. - Earnings per share for Q1 2021 was ¥0.19, compared to ¥0.16 in Q1 2020, reflecting a 19% increase [26]. - The operating profit for Q1 2021 was CNY 50,914,313.38, an increase of 20.5% from CNY 42,232,450.66 in Q1 2020 [28]. Assets and Liabilities - Total assets at the end of the reporting period were CNY 2,222,149,851.84, a decrease of 1.76% compared to the end of the previous year [7]. - The total current assets as of March 31, 2021, were 1,926,509,681.67 RMB, a slight decrease from 1,951,328,986.44 RMB at the end of 2020 [16]. - The total liabilities decreased from 352,741,255.78 RMB at the end of 2020 to 269,771,006.17 RMB as of March 31, 2021 [18]. - The total assets as of March 31, 2021, were 2,222,149,851.84 RMB, down from 2,261,983,128.11 RMB at the end of 2020 [18]. - The equity attributable to shareholders increased from 1,909,241,872.33 RMB at the end of 2020 to 1,952,378,845.67 RMB as of March 31, 2021 [18]. - Total liabilities decreased to ¥267,336,996.11 in Q1 2021 from ¥352,740,047.68 in Q1 2020, a reduction of approximately 24% [22]. Cash Flow - The company reported a net cash flow from operating activities of CNY -34,664,946.73 for the period [7]. - The cash flow from operating activities for Q1 2021 was negative at CNY -34,664,946.73, compared to a positive CNY 2,347,488.24 in Q1 2020 [30]. - The total cash and cash equivalents at the end of Q1 2021 were CNY 969,263,916.26, down from CNY 989,273,169.76 at the end of Q1 2020 [32]. - The net increase in cash and cash equivalents was -32,357,496.18 CNY, contrasting with an increase of 3,875,296.92 CNY in the same period last year [34]. Expenses - The cost of goods sold increased in line with the revenue growth, influenced by rising material costs and freight being included in the cost accounting [12]. - Sales expenses increased due to the new revenue recognition standards that included freight in the cost of goods sold [12]. - Management expenses rose due to an increase in business entertainment expenses compared to the same period last year [12]. - Research and development expenses for Q1 2021 were ¥9,620,286.77, compared to ¥9,037,150.44 in Q1 2020, indicating a focus on innovation [25]. - The company reported a financial income of -¥7,837,280.81 in Q1 2021, compared to -¥7,201,250.41 in Q1 2020, reflecting increased financial costs [25]. - The financial expenses for Q1 2021 were CNY -7,423,674.62, compared to CNY -6,811,883.53 in Q1 2020 [27]. - The company reported a decrease in sales expenses to CNY 7,053,492.20 in Q1 2021 from CNY 8,658,538.69 in Q1 2020, indicating improved cost management [27]. Government Support - The company received government subsidies amounting to CNY 2,558,247.51 during the reporting period [7].

Financial Performance - The net profit attributable to the parent company for 2020 was CNY 179,327,948.79, with a statutory surplus reserve of CNY 18,156,254.53 deducted from the total[4]. - The total distributable profit for 2020 was CNY 471,440,806.44 after accounting for cash dividends of CNY 133,839,040.80, which represents 74.63% of the net profit attributable to shareholders[5]. - The proposed cash dividend is CNY 6.00 per 10 shares, amounting to a total of CNY 133,839,040.80, subject to shareholder approval[5]. - The company's operating revenue for 2020 was approximately ¥891.43 million, a decrease of 5.57% compared to ¥944.06 million in 2019[24]. - The net profit attributable to shareholders was approximately ¥179.33 million, reflecting a slight increase of 0.59% from ¥178.28 million in 2019[24]. - The net profit after deducting non-recurring gains and losses was approximately ¥164.27 million, an increase of 8.87% from ¥150.89 million in 2019[24]. - The basic earnings per share for 2020 was ¥0.80, up 2.56% from ¥0.78 in 2019[25]. - The weighted average return on equity increased to 9.59%, up 0.19 percentage points from 9.40% in 2019[25]. - The total assets at the end of 2020 were approximately ¥2.26 billion, an increase of 4.13% from ¥2.17 billion at the end of 2019[24]. - The company reported a significant decline in cash flow from operating activities, with the fourth quarter showing a net cash flow of approximately ¥88.14 million[27]. Cash Flow and Investments - The net cash flow from operating activities decreased by 46.53% to approximately ¥176.94 million from ¥330.94 million in 2019[24]. - The company’s cash flow from operating activities was 17,693.57 million RMB, a decrease of 46.53% year-on-year[58]. - The cash flow from investment activities was negative at CNY -21,202,513.34, a significant decrease compared to the previous year's inflow of CNY 486,921,258.61[73]. - The company has invested 4,993.36 million RMB in the automotive electronic shift system project, which has successfully expanded its customer base[54]. - The company has invested a total of RMB 49,200,000 in bank wealth management products from its own funds, with an outstanding balance of RMB 27,500,000[141]. - The company has also invested RMB 24,500,000 in bank/brokerage wealth management products using raised funds, with no outstanding balance[141]. Market and Industry Analysis - The automotive industry faced challenges in 2020, with a 2% decline in total vehicle production and sales, but showed signs of recovery in the second half of the year[36]. - New energy vehicle sales reached a record high of 136.7 million units, with a year-on-year growth of 10.9%[38]. - The automotive industry is facing changes with policies promoting lower import tariffs and increased competition from new entrants, leading to a focus on market share and efficiency[81]. - The automotive industry is facing challenges due to overcapacity, especially in the new energy vehicle sector, as competition intensifies among emerging manufacturers[97]. Research and Development - The company has maintained R&D expenses at 41,158.59 million RMB, a slight increase of 0.73% year-on-year[60]. - The company is committed to increasing R&D investment to develop new products in automotive electronics and control systems[94]. - The company obtained 17 utility model patents, 7 invention patents, and 28 design patents during the reporting period[72]. Risk Management and Compliance - The report includes a risk statement regarding forward-looking statements, emphasizing that future plans do not constitute a commitment to investors[7]. - The company is focused on risk management to ensure stable operations and sustainable development amid market uncertainties[94]. - The company has established strict compliance with regulations regarding fund transactions with related parties, with penalties for non-compliance including cessation of dividend payments[119]. - The company has committed to ensuring that the compensation system is linked to the execution of return measures[121]. Shareholder Relations and Dividend Policy - The company’s profit distribution policy emphasizes reasonable returns to investors, maintaining continuity and stability while considering sustainable development[106]. - The company has established a three-year shareholder return plan for 2019-2021, which includes provisions for cash and stock dividends[106]. - The company’s cash dividend policy mandates a minimum distribution of 30% of the distributable profits in profitable years, provided there are no significant investment plans or cash expenditures[107]. - The company has consistently maintained a cash dividend of RMB 6.00 per 10 shares over the past three years, reflecting a stable dividend policy[115]. Governance and Management - The company has no controlling shareholder or actual controller, ensuring independent governance[171]. - The company has maintained a stable management team with no significant changes in key operational roles[184]. - The company’s governance structure has been reinforced with the election of new independent directors to enhance oversight[184]. - The company’s board of directors is responsible for proposing the profit distribution plan, which must be approved by a majority of independent directors and submitted to the shareholders' meeting for approval[108]. Employee and Operational Insights - The total number of employees in the parent company is 1,380, with 1,040 in production, 150 in technical roles, and 18 in sales[186]. - Employee training programs include new employee orientation, skills training for team leaders, and management talent development[189]. - The company has implemented a performance evaluation system for senior management, which was completed successfully during the reporting period[197]. Environmental and Social Responsibility - All subsidiaries of the company complied with national environmental protection laws and regulations, with no violations or environmental pollution incidents reported[160]. - The company made charitable donations of CNY 405,000 during the reporting period[159]. - The company has implemented strict environmental operational standards and emergency response plans for environmental incidents[160].

Financial Performance - Operating revenue for the period was CNY 623,819,538.20, down 5.18% year-on-year[5] - Net profit attributable to shareholders was CNY 134,811,138.18, a decrease of 3.62% compared to the same period last year[5] - Net profit for the first three quarters of 2020 was CNY 623,819,538.20, down from CNY 657,927,126.14 in the same period of 2019, indicating a decline of approximately 5.2%[24] - Net profit for Q3 2020 was CNY 50.24 million, compared to CNY 51.22 million in Q3 2019, showing a decrease of about 1.92%[28] - Total profit for Q3 2020 was CNY 58.65 million, down from CNY 60.14 million in Q3 2019, reflecting a decline of approximately 2.45%[28] - The company reported a basic earnings per share of CNY 0.22 for Q3 2020, compared to CNY 0.23 in Q3 2019[26] - The company’s total comprehensive income for Q3 2020 was CNY 50.32 million, compared to CNY 51.37 million in Q3 2019, a decrease of approximately 2.04%[26] - The total comprehensive income for the first three quarters of 2020 was CNY 134,099,183.29, a decrease from CNY 138,742,542.94 in the same period of 2019, representing a decline of approximately 4.7%[29] Cash Flow - Net cash flow from operating activities was CNY 88,791,916.12, a significant decline of 70.01% year-on-year[5] - Cash inflows from operating activities amounted to CNY 742,421,713.58, down from CNY 953,921,168.27 in the previous year, indicating a decrease of about 22.1%[30] - The net cash flow from operating activities was CNY 88,791,916.12, significantly lower than CNY 296,041,212.55 in the same period of 2019, reflecting a decline of approximately 70%[30] - Cash inflows from investment activities totaled CNY 600,624,773.70, compared to CNY 917,305,517.04 in the previous year, marking a decrease of around 34.5%[30] - The net cash flow from investment activities was CNY 37,594,755.28, down from CNY 59,265,052.22 in the same period of 2019, representing a decline of approximately 36.6%[30] - Cash outflows from financing activities were CNY 134,695,413.73, compared to CNY 210,089,095.77 in the previous year, indicating a reduction of about 35.8%[30] - The company experienced a net decrease in cash and cash equivalents of CNY 8,308,742.33, contrasting with an increase of CNY 150,217,169.00 in the same period of 2019[30] Assets and Liabilities - Total assets at the end of the reporting period were CNY 2,133,662,251.99, a decrease of 1.78% compared to the end of the previous year[5] - Total liabilities as of September 30, 2020, were CNY 278,937,190.27, down from CNY 318,510,573.21 at the end of 2019[19] - Total current assets amounted to CNY 1,974,047,473.65 as of December 31, 2019[35] - Total non-current assets reached CNY 198,216,063.90, contributing to total assets of CNY 2,172,263,537.55[36] - Total liabilities were CNY 318,510,573.21, with current liabilities at CNY 313,815,240.24[37] - Total liabilities decreased to CNY 275,084,379.59 in Q3 2020 from CNY 319,954,667.02 in Q3 2019, a reduction of approximately 13.9%[23] Shareholder Information - The number of shareholders at the end of the reporting period was 8,864[10] - The top shareholder, Ningbo Gaofa Holdings Co., Ltd., held 37.56% of the shares[10] Investments and Expenses - Research and development expenses for Q3 2020 amounted to CNY 9,888,078.81, up from CNY 8,173,438.87 in Q3 2019, showing an increase of about 20.9%[24] - Financial expenses increased by 111.62% year-on-year, primarily due to increased interest income during the reporting period[13] - Investment income decreased by 33.39% year-on-year, mainly due to reduced wealth management purchases leading to decreased income[13] - The company plans to continue investing in new technologies and market expansion strategies to enhance future growth prospects[24] Other Financial Metrics - The weighted average return on equity was 7.24%, a decrease of 0.04 percentage points from the previous year[5] - The company's financial assets decreased by 37.84% to CNY 230,000,000.00 compared to the previous year-end[12] - Prepayments increased by 133.64% to CNY 10,968,655.76, primarily due to increased advance payments for equipment procurement[12] - Other receivables increased by 187.09% compared to the beginning of the year, mainly due to increased loans provided to suppliers during the reporting period[13] - Other equity instrument investments rose by 1000.00% compared to the beginning of the year, primarily due to new investment in "Equity in Junlian Zhixing" during the reporting period[13] - Tax payable increased by 53.17% compared to the beginning of the year, mainly due to the reduction of tax payable at the end of the previous year from R&D expense deductions[13]

Financial Performance - The company's operating revenue for the first half of 2020 was ¥391,619,061.99, a decrease of 10.44% compared to ¥437,250,219.77 in the same period last year[18]. - The net profit attributable to shareholders was ¥84,495,168.98, down 4.53% from ¥88,507,158.49 in the previous year[18]. - The net cash flow from operating activities decreased by 59.90%, amounting to ¥66,915,836.76 compared to ¥166,882,018.08 in the same period last year[18]. - The total assets at the end of the reporting period were ¥2,078,620,777.84, a decrease of 4.31% from ¥2,172,263,537.55 at the end of the previous year[18]. - The net assets attributable to shareholders were ¥1,804,409,092.52, down 2.66% from ¥1,853,752,964.34 at the end of the previous year[18]. - The basic earnings per share remained unchanged at ¥0.38 compared to the same period last year[19]. - The weighted average return on net assets was 4.51%, a slight decrease of 0.01 percentage points from 4.52% in the previous year[19]. - The company reported non-recurring gains and losses totaling ¥8,379,483.22, including government subsidies of ¥3,149,366.02[20]. Cash Flow and Investments - The company’s cash flow from operating activities was 66.92 million yuan, a decrease of 59.90% compared to the previous year[38]. - The company generated cash inflows from investment activities of ¥378,238,170.96, down from ¥725,615,091.65 in the first half of 2019, a decrease of 48%[104]. - Total cash outflows from investment activities were ¥255,975,048.50, compared to ¥642,986,242.00 in the previous year, reflecting a reduction of 60%[105]. - The company reported a net cash flow from investment activities of ¥122,263,122.46, an increase from ¥82,628,849.65 in the first half of 2019, representing a growth of 47.9%[105]. - The cash received from investment recoveries was ¥372,000,000.00, down significantly from ¥662,673,323.92 in the previous year[108]. - The company paid ¥247,340,000.00 for investments, a decrease of 60.6% compared to ¥626,000,000.00 in the same period last year[108]. Shareholder Information - The total number of common shareholders at the end of the reporting period was 9,018[77]. - The largest shareholder, Ningbo Gaofa Holdings Co., Ltd., held 83,790,000 shares, accounting for 37.56% of the total shares[79]. - The second-largest shareholder, Changcheng Guorong Investment Management Co., Ltd., held 11,620,000 shares, representing 5.21% of the total shares[79]. - The top five shareholders included three individuals, Qian Gaofa, Qian Guoyao, and Qian Guonian, each holding 4.91%, 4.37%, and 4.37% of the shares respectively[79]. - The company did not propose any profit distribution or capital reserve transfer plan for the first half of 2020[63]. Market and Industry Context - The production and sales of automobiles in China reached 10.11 million and 10.26 million units, respectively, with year-on-year declines of 16.8% and 16.9%[27]. - The sales of Chinese brand passenger cars totaled 2.85 million units, down 29% year-on-year, with a market share of 36.3%, a decrease of 3.4 percentage points[28]. - The production and sales of new energy vehicles were 397,000 and 393,000 units, respectively, reflecting year-on-year declines of 36.5% and 37.4%[29]. - The company faces risks from declining growth in the automotive industry, which could adversely affect product sales[57]. Corporate Governance and Compliance - The company has not faced any major litigation or arbitration matters during the reporting period[70]. - All subsidiaries of the company comply with national environmental protection laws and have not faced any environmental violations or penalties during the reporting period[73]. - The company has established strict measures to ensure that directors and senior management do not misuse company assets for unrelated investments[68]. - The company has committed to not interfere with the management activities of the company and to not infringe on company interests[68]. - The company has renewed its audit engagement with Lixin Certified Public Accountants for the 2020 financial year[69]. Equity and Capital Structure - The total equity attributable to the parent company at the end of the reporting period is CNY 1,804,409,092.52, a decrease from CNY 1,936,245,432.94 at the end of the previous year, representing a decline of approximately 6.8%[112]. - The retained earnings decreased to CNY 441,849,323.90, down from CNY 441,849,323.90 at the beginning of the year, indicating a need for improved profitability strategies[115]. - The company has not reported any new capital contributions or significant changes in equity instruments during the period[113]. Research and Development - Research and development expenses increased by 2.55% to $20.28 million, attributed to higher direct material and tooling investments[46]. - The company is actively expanding its product line in automotive electronics, aiming to increase the sales proportion of these products[38]. - The company has invested 43.77 million yuan in the automotive electronic shift system project, which has begun bulk supply to major manufacturers such as Geely and Great Wall[42]. Financial Instruments and Accounting Policies - Financial instruments are classified based on the company's management model and cash flow characteristics, including those measured at amortized cost and those measured at fair value[145]. - The company recognizes cash and cash equivalents as cash on hand and deposits that are readily available for payment, along with short-term investments meeting specific criteria[142]. - The company applies a percentage-based provision for accounts receivable based on aging analysis, with 5% for within 1 year, 20% for 1-2 years, 50% for 2-3 years, and 100% for over 3 years[178].

Financial Performance - Total revenue for Q1 2020 was CNY 170,046,868.60, a decrease of 23.50% compared to CNY 222,276,513.39 in the same period last year[13] - Net profit attributable to shareholders was CNY 35,998,122.23, down 15.31% from CNY 42,507,650.41 year-on-year[6] - The company reported a basic earnings per share of CNY 0.16, down 11.11% from CNY 0.18[6] - Net profit for Q1 2020 was CNY 35,998,122.23, a decline of 16.3% from CNY 42,977,719.61 in Q1 2019[30] - The total profit for Q1 2020 was CNY 42,354,461.06, a decrease of 8.5% from CNY 46,206,438.46 in Q1 2019[33] Cash Flow - The net cash flow from operating activities was CNY 2,347,488.24, a significant decline of 94.33% compared to CNY 41,422,134.60 in the previous year[6] - Cash inflow from operating activities totaled CNY 257,705,231.89, down 19.6% from CNY 320,611,413.93 in Q1 2019[36] - Cash outflow from operating activities was CNY 255,357,743.65, a decrease of 8.5% compared to CNY 279,189,279.33 in the previous year[36] - The net cash flow from investment activities for Q1 2020 was CNY 3,328,986.80, a decrease of 86.5% compared to CNY 24,690,862.66 in Q1 2019[39] - The company reported a cash inflow of CNY 5,000,000.00 from financing activities, with a net cash flow of CNY 4,924,749.07 after outflows[37] Assets and Liabilities - Total assets at the end of the reporting period were CNY 2,152,890,597.97, a decrease of 0.89% from CNY 2,172,263,537.55 at the end of the previous year[6] - Total liabilities decreased from CNY 318.51 million at the end of 2019 to CNY 263.14 million as of March 31, 2020[21] - Total assets as of the end of Q1 2020 amounted to CNY 2,149,233,492.90, slightly down from CNY 2,171,448,802.28 at the end of Q1 2019[25] - Total liabilities decreased to CNY 262,146,151.59 in Q1 2020 from CNY 319,954,667.02 in Q1 2019, a reduction of 18%[25] - The total equity of the company increased to CNY 1,887,087,341.31 in Q1 2020 from CNY 1,851,494,135.26 in Q1 2019, showing a growth of 1.9%[25] Operational Impact - Revenue decreased due to the impact of the COVID-19 pandemic on the automotive industry and the exclusion of Sherry Mann Electronics from the consolidation scope[14] - Operating costs decreased in line with the reduction in revenue and the exclusion of Sherry Mann Electronics from the consolidation scope[14] - Sales expenses declined due to lower warehousing and transportation costs, as well as the exclusion of Sherry Mann Electronics from the consolidation scope[14] - Management expenses decreased primarily due to social security fee reductions and the exclusion of Sherry Mann Electronics from the consolidation scope[14] - The overall impact of the pandemic on the company's financial status and operating results will depend on the effectiveness of pandemic control measures and the duration of the outbreak[15] Shareholder Information - The total number of shareholders was 7,581 at the end of the reporting period[10] - The company received government subsidies amounting to CNY 2,797,366.00 during the reporting period[6] Other Financial Metrics - The weighted average return on equity was 1.92%, a decrease of 0.25 percentage points from 2.17% in the previous year[6] - Accounts receivable decreased by 36.36% to CNY 126,762,129.95 from CNY 199,201,248.29[11] - Prepayments increased by 286.57% to CNY 18,147,919.16 from CNY 4,694,623.83[11] - Research and development expenses for Q1 2020 were CNY 9,037,150.44, down from CNY 10,684,850.02 in Q1 2019, indicating a 15.4% reduction[29] - Financial income increased due to higher interest income[14]

Financial Performance - The net profit attributable to the parent company for 2019 was CNY 178,282,959.31, with a statutory surplus reserve of CNY 18,034,454.32 deducted, resulting in a distributable profit of CNY 444,108,152.98[6] - The company's operating revenue for 2019 was ¥944,059,343.24, a decrease of 26.76% compared to ¥1,289,024,399.02 in 2018[27] - The net profit attributable to shareholders for 2019 was ¥178,282,959.31, down 17.12% from ¥215,099,602.59 in 2018[27] - The basic earnings per share for 2019 was ¥0.78, a decline of 28.44% from ¥1.09 in 2018[28] - Operating profit was CNY 212.28 million, down 14.59% year-on-year[58] - Net profit reached CNY 178.75 million, reflecting a year-on-year decline of 17.87%[58] - The weighted average return on equity decreased to 9.40% in 2019, down 2.10 percentage points from 11.5% in 2018[28] - The total assets at the end of 2019 were ¥2,172,263,537.55, a decrease of 3.63% from ¥2,253,989,574.68 at the end of 2018[27] Dividend Distribution - The company plans to distribute a cash dividend of CNY 6.00 per 10 shares, totaling CNY 133,839,040.80, with the remaining undistributed profits to be allocated in future years[6] - In 2019, the company maintained the cash dividend at RMB 6.00 per 10 shares, distributing a total of RMB 133,839,040.80, representing 75.07% of the net profit attributable to shareholders[111] - The company’s cash dividend policy stipulates that at least 30% of the distributable profit should be distributed in cash if there are no major investment plans or cash expenditures[105] - The company’s profit distribution policy allows for cash, stock, or a combination of both, with a preference for cash dividends[104] - The company’s cash dividend distribution is subject to the condition of having positive retained earnings and an unqualified audit report[105] Share Buyback - The company completed a share buyback of 7,029,131 shares, accounting for 3.06% of the total share capital, at an average price of CNY 14.23 per share, totaling CNY 99,999,900[11] - The company repurchased 7,029,131 shares, representing 3.06% of the total share capital, which will enhance earnings per share and net asset return rate for 2019[150] - The company completed a share buyback of 7,029,131 shares, representing 3.06% of the total share capital, reducing the total share capital to 223,065,068 shares[152][153] Operational Challenges - The company faced a 7.5% decline in national automobile production and an 8.2% decline in sales in 2019[39] - The market share of Chinese brand passenger cars fell by 2.9 percentage points to 39.2% in 2019, with sales dropping by 15.8%[40] - The company’s operating revenue decreased by 27.81% to ¥911,688,907.02, primarily due to a decline in demand for products amid negative growth in the automotive industry[63] - The gross profit margin for the main business decreased by 0.94 percentage points, attributed to rising unit labor and manufacturing costs as a result of declining sales[61] Risk Management - The company has described significant risks that may adversely affect its future development and operational goals in the report[9] - The company faces risks from declining growth in the automotive industry, economic crises, and intense market competition, which could adversely affect its future development[93][94][95] Corporate Governance - The audit report for the 2019 financial status was issued by Lixin Certified Public Accountants with a standard unqualified opinion[5] - The company’s financial report is guaranteed to be true, accurate, and complete by its management team[4] - The company has not reported any non-operating fund occupation by controlling shareholders or related parties[9] - The company has not violated any decision-making procedures for providing guarantees[9] Research and Development - The company’s R&D expenses decreased by 25.13% year-on-year, amounting to CNY 40.86 million[59] - The total R&D investment for the period was ¥40,861,548.89, accounting for 4.33% of the operating revenue[71] - The company plans to enhance R&D investment in new products, particularly in automotive electronics, electric control, and electromechanical integration[89] Employee and Management - The total number of employees in the parent company is 1,401[178] - The breakdown of employees includes 1,059 production personnel, 17 sales personnel, 146 technical personnel, 17 financial personnel, and 162 administrative personnel[178] - The total remuneration for all directors, supervisors, and senior management personnel at the end of the reporting period is 2.7049 million yuan[176] - The management team underwent an annual performance evaluation in accordance with company regulations, which was successfully completed[188] Financial Management - The company has engaged in structured deposits with a total amount of RMB 102.6 million from raised funds and RMB 55 million from self-owned funds, with no overdue amounts reported[128] - The company reported a total of 3,000 million in entrusted financial management for 2019, with an annualized return of 11.48%[131] - The company achieved a floating income of 102.06 million from a financial product with a return rate of 3.60%[131] Shareholder Engagement - The company engages with shareholders, especially minority shareholders, to gather opinions on dividend distribution proposals[108] - The company has committed to not transferring or entrusting the management of its shares for 36 months post-IPO, with a penalty for non-compliance[112] - Major shareholders have agreed to limit their share reduction to no more than 5% of the total share capital in any given year after three years post-IPO[114]

Financial Performance - Net profit attributable to shareholders decreased by 32.19% to CNY 139,873,003.32 year-on-year[6] - Operating revenue fell by 35.35% to CNY 657,927,126.14 compared to the same period last year[6] - Basic earnings per share decreased by 32.22% to CNY 0.61[6] - The company's revenue for the reporting period decreased by 35.35% compared to the same period last year, primarily due to a decline in sales volume in the automotive industry[13] - Net profit for the first three quarters of 2019 was CNY 12,822,436.95, a decline of 54.1% compared to CNY 27,958,276.14 in the same period of 2018[21] - The net profit for Q3 2019 reached CNY 51.37 million, up from CNY 50.64 million in Q3 2018, representing a growth of 1.4%[23] - The total profit for Q3 2019 was CNY 60.14 million, compared to CNY 54.69 million in Q3 2018, indicating an increase of 9%[25] - The total comprehensive income for Q3 2019 was CNY 51.37 million, slightly higher than CNY 50.64 million in Q3 2018[23] - The total comprehensive income for the third quarter of 2019 was CNY 51,218,565, compared to CNY 46,269,124 in the same period of 2018, representing an increase of approximately 10.5%[29] Assets and Liabilities - Total assets decreased by 5.76% to CNY 2,124,059,837.05 compared to the end of the previous year[6] - The company's total assets as of September 30, 2019, were approximately CNY 2.12 billion, a decrease from CNY 2.25 billion at the end of 2018[14] - The company's total liabilities as of September 30, 2019, were approximately CNY 282 million, down from CNY 317 million at the end of 2018[16] - Total assets amounted to CNY 2,114,141,141.77, a decrease of 3.8% from CNY 2,198,486,121.07[19] - Total liabilities decreased to CNY 277,579,715.85 from CNY 294,655,269.55, a decline of 5.8%[19] Cash Flow - Net cash flow from operating activities increased by 130.19% to CNY 296,041,212.55 year-to-date[6] - The net cash flow from operating activities for the first three quarters of 2019 was CNY 296,041,212.55, a significant increase from CNY 128,604,793.80 in the same period of 2018, marking an increase of approximately 130.5%[29] - Cash inflow from operating activities totaled CNY 953,921,168.27 for the first three quarters of 2019, down from CNY 1,166,248,944.32 in 2018, indicating a decrease of about 18.2%[28] - The cash outflow from operating activities was CNY 657,879,955.72, compared to CNY 1,037,644,150.52 in the previous year, reflecting a decrease of approximately 36.6%[29] - The net cash flow from investment activities was CNY 59,265,052.22 for the first three quarters of 2019, down from CNY 106,710,960.91 in 2018, a decrease of about 44.4%[29] - The company reported a decrease in cash received from sales of goods and services, totaling CNY 933,862,614.64 for the first three quarters of 2019, down from CNY 1,153,393,944.67 in 2018, a decline of about 19.0%[28] - The cash paid for purchasing goods and services was CNY 441,423,297.70, compared to CNY 745,735,620.67 in the previous year, indicating a decrease of approximately 40.7%[29] - The company’s cash flow from financing activities showed a net outflow of CNY 205,089,095.77, compared to a net outflow of CNY 164,827,818.29 in the same period of 2018, reflecting an increase in outflow of about 24.4%[31] Investments and Expenses - The company reported a significant increase in construction in progress by 256.81% to CNY 4,720,610.61[12] - The company's construction in progress increased by 256.81% compared to the beginning of the year, due to increased project investments during the reporting period[13] - Research and development expenses for Q3 2019 were CNY 8,173,438.87, down 38.0% from CNY 13,173,452.36 in Q3 2018[21] - Research and development expenses for Q3 2019 were CNY 8.17 million, a decrease of 38% from CNY 13.17 million in Q3 2018[24] - The company reported a significant increase in other income to CNY 8,381,127.10 for the first three quarters of 2019, compared to CNY 1,764,830.16 in the same period of 2018[21] Receivables and Cash Equivalents - Cash and cash equivalents increased by 35.18% to CNY 562,284,822.61 due to improved cash collection[12] - Accounts receivable decreased by 45.92% to CNY 249,380,227.30 compared to the previous year[12] - The company's accounts receivable decreased by 45.92% compared to the beginning of the year, reflecting a reduction in received notes due to decreased revenue[13] - Accounts receivable increased to CNY 194,664,519.97 from CNY 182,808,038.83, reflecting a rise of 6.5%[18] - The company’s cash and cash equivalents increased to CNY 796,000,000.00 from CNY 746,000,000.00, reflecting a growth of 6.7%[18] - The cash and cash equivalents at the end of the third quarter of 2019 amounted to CNY 544,504,822.61, an increase from CNY 262,885,355.36 at the end of the same period in 2018, representing a growth of approximately 106.6%[30]