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 2022 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法律责任。 重要内容提示： 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整， 不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保证季度报告中财务 信息的真实、准确、完整。 第三季度财务报表是否经审计 □是 √否 一、 主要财务数据 (一)主要会计数据和财务指标 单位：元 币种：人民币 项目 本报告期 本报告期比上 年同期增减变 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 268,193,412.33 17.85 753,024,572.89 7.63 归属于上市公司股东的净利润 31,676,187.23 -19.38 100,312,159.05 -23.01 归属于上市公司股东的扣除非 经常性损益的净利润 30,165,692. ...

Financial Performance - The company's operating revenue for the first half of 2022 was ¥484,831,160.56, representing a 2.70% increase compared to ¥472,085,017.78 in the same period last year[18]. - The net profit attributable to shareholders for the first half of 2022 was ¥68,635,971.82, a decrease of 24.58% from ¥91,003,169.62 in the previous year[18]. - The net cash flow from operating activities was ¥12,384,982.54, a significant improvement from a negative cash flow of ¥27,049,453.96 in the same period last year[18]. - Basic earnings per share for the first half of 2022 were ¥0.31, down 24.39% from ¥0.41 in the same period last year[20]. - The weighted average return on net assets was 3.48%, a decrease of 1.18 percentage points from 4.66% in the previous year[20]. - The net profit after deducting non-recurring gains and losses was ¥62,189,440.92, a decline of 25.53% compared to ¥83,510,761.46 in the same period last year[18]. - Operating profit was 77.95 million yuan, a decrease of 26.27% year-on-year[36]. - Net profit was 68.53 million yuan, down 24.69% year-on-year, with net profit attributable to shareholders of the listed company at 68.64 million yuan, a decrease of 24.58% year-on-year[36]. Assets and Liabilities - The total assets at the end of the reporting period were ¥2,189,318,379.59, down 2.61% from ¥2,247,916,842.70 at the end of the previous year[18]. - The net assets attributable to shareholders decreased by 1.40% to ¥1,900,513,768.41 from ¥1,927,545,930.59 at the end of the previous year[18]. - The company's accounts receivable increased by 30.46% to CNY 207,300,931.55, reflecting higher sales and outstanding payments[45]. - The company's total assets include CNY 287,743,569.70 in trading financial assets, a decrease of 25.79% from the previous year[45]. - The company's intangible assets surged by 254.05% to CNY 77,497,463.48, mainly due to the acquisition of land use rights[45]. - The expected liabilities increased by 86.66% to CNY 17,232,619.21, reflecting higher quality assurance provisions due to increased product output[46]. - Total liabilities decreased from CNY 319,971,075.68 to CNY 288,506,804.77, a decline of about 9.8%[94]. Cash Flow - The company's cash flow from operating activities was 12.39 million yuan, an increase of 145.79% year-on-year[36]. - The company's financing activities generated a net cash outflow of CNY -119,672,371.42, a decrease of 10.63% compared to the previous year[42]. - The company reported a net decrease in cash and cash equivalents of 52,443,483.93 RMB, compared to a smaller decrease of 12,623,163.14 RMB in the previous period, highlighting increased cash outflows[110]. Investment and R&D - Research and development expenses rose by 15.10% to CNY 25,956,825.56, attributed to an increase in R&D projects and associated costs[42]. - The company plans to continue focusing on market expansion and new product development in the upcoming quarters[100]. - The company plans to continue focusing on R&D and market expansion strategies to enhance future growth prospects[104]. Market and Industry Conditions - The automotive industry saw a production and sales completion of 12.12 million and 12.06 million vehicles, respectively, with a year-on-year decline of 3.7% and 6.6%[28]. - The market share of Chinese brand passenger cars increased to 47.2%, a year-on-year increase of 5.3 percentage points[29]. - New energy vehicle production and sales reached 2.66 million and 2.60 million units, respectively, with a year-on-year growth of 120%[30]. - The automotive industry is facing macroeconomic risks, with ongoing downward pressure on growth due to the impact of COVID-19 and international political changes[53]. - Supply chain risks are significant, as the global automotive supply chain has been severely impacted by the pandemic, leading to potential production halts for vehicle manufacturers[54]. - The company faces intense market competition, with many domestic automotive parts manufacturers and foreign firms holding significant market shares, necessitating continuous technological investment[55]. Compliance and Governance - The company has not disclosed any significant environmental violations or penalties during the reporting period, adhering to national environmental laws[65]. - All subsidiaries comply with environmental regulations, with no reported environmental pollution incidents or administrative penalties[65]. - The company has established strict environmental operation standards and emergency response plans to manage potential environmental incidents[64]. - The company has committed to strictly adhere to regulations regarding related party fund transactions, ensuring no funds are occupied improperly[70]. - The company has appointed Lixin Certified Public Accountants as its financial audit institution for the year 2022[73]. - There are no significant lawsuits or arbitration matters reported during the reporting period[73]. Shareholder Information - The total number of ordinary shareholders as of the end of the reporting period is 13,855[80]. - The largest shareholder, Ningbo Gaofa Holdings Co., Ltd., holds 83,790,000 shares, accounting for 37.56% of the total shares[82]. - The second largest shareholder, Great Wall Guorong Investment Management Co., Ltd., holds 11,620,000 shares, representing 5.21%[82]. - The company has not disclosed any significant changes in share capital structure during the reporting period[79]. Accounting Policies - The financial statements are prepared based on the going concern principle, with no significant doubts about the company's ability to continue operations for the next 12 months[125]. - The company's accounting policies comply with the requirements of the enterprise accounting standards, ensuring a true and complete reflection of its financial status[127]. - The company applies the equity method for investments in joint ventures, recognizing relevant items related to the share of interests[141]. - The company recognizes financial assets at fair value, with changes in value recorded in either profit or other comprehensive income depending on the asset type[151]. - The company uses a perpetual inventory system for inventory management[170].

Financial Performance - The company's operating revenue for Q1 2022 was CNY 243,322,156.60, representing an increase of 11.78% compared to the same period last year[4] - The net profit attributable to shareholders decreased by 12.16% to CNY 37,890,347.79, while the net profit after deducting non-recurring gains and losses fell by 15.13% to CNY 34,086,851.12[4] - Basic and diluted earnings per share were both CNY 0.17, down 10.53% from the previous year[4] - Net profit for Q1 2022 was CNY 37,839,055.32, a decrease of 12.5% from CNY 43,136,973.34 in Q1 2021[14] - The total comprehensive income attributable to the parent company's owners for Q1 2022 was CNY 37,890,347.79, compared to CNY 43,136,973.34 in Q1 2021, reflecting a decrease of approximately 12.5%[15] Cash Flow - The net cash flow from operating activities was negative at CNY -32,337,389.96, a decrease of 6.71% year-on-year[4] - Cash inflows from operating activities totaled CNY 274,238,955.36 in Q1 2022, slightly up from CNY 271,657,049.43 in Q1 2021, representing an increase of approximately 0.6%[18] - The net cash flow from operating activities for Q1 2022 was -CNY 32,337,389.96, an improvement from -CNY 34,664,946.73 in Q1 2021, showing a reduction in losses of about 6.8%[18] - The total cash outflow from operating activities was CNY 306,576,345.32 in Q1 2022, slightly up from CNY 306,321,996.16 in Q1 2021, showing a marginal increase of about 0.1%[18] - The company did not report any cash inflows from financing activities in Q1 2022, indicating a potential focus on internal funding strategies[18] Assets and Liabilities - Total assets at the end of the reporting period were CNY 2,226,773,657.31, a decrease of 0.94% from the end of the previous year[4] - Total assets decreased to CNY 2,226,773,657.31 from CNY 2,247,916,842.70, a decline of 0.9%[11] - Total liabilities decreased to CNY 260,988,834.97 from CNY 319,971,075.68, a reduction of 18.4%[11] - The company's equity attributable to shareholders increased by 1.97% to CNY 1,965,436,278.38 compared to the end of the previous year[4] - The company's equity attributable to shareholders increased to CNY 1,965,436,278.38 from CNY 1,927,545,930.59, reflecting a growth of 2.0%[11] Research and Development - Research and development expenses increased by 29.62% due to higher direct material and personnel costs compared to the same period last year[6] - Research and development expenses for Q1 2022 were CNY 12,469,431.79, compared to CNY 9,620,286.77 in Q1 2021, marking an increase of 29.3%[14] Investment Income - Investment income surged by 343.84% as a result of more financial products maturing compared to the previous year[6] - The company reported cash received from the recovery of investments amounting to CNY 175,000,000.00 in Q1 2022, compared to CNY 50,000,000.00 in Q1 2021, indicating a growth of 250%[18] Other Financial Metrics - Non-recurring gains and losses totaled CNY 3,803,496.67, primarily from government subsidies and investment management income[6] - The company reported a 163.22% increase in credit impairment losses due to a rise in accounts receivable compared to the same period last year[6] - Total operating costs for Q1 2022 were CNY 202,055,927.51, up from CNY 169,855,841.09 in Q1 2021, reflecting a year-over-year increase of 18.9%[14] - The company's cash and cash equivalents as of March 31, 2022, were CNY 886,564,894.72, slightly down from CNY 900,131,436.68 at the end of 2021[10] - Accounts receivable increased to CNY 171,037,295.86 from CNY 158,894,648.35, representing an increase of 7.1%[10] - Inventory as of March 31, 2022, was CNY 182,230,504.56, up from CNY 170,522,319.44, indicating a growth of 6.4%[10]

Financial Performance - The net profit attributable to the parent company for 2021 was CNY 145,463,099.06, with a statutory surplus reserve of CNY 14,769,546.86 deducted, resulting in a distributable profit of CNY 473,895,317.84[5] - The proposed cash dividend is CNY 5.00 per 10 shares, totaling CNY 111,532,534.00, which accounts for 76.67% of the net profit attributable to shareholders for 2021[6] - The company reported a total share capital of 223,065,068 shares as of December 31, 2021[6] - The company's operating revenue for 2021 was CNY 942 million, an increase of 5.67% compared to CNY 891 million in 2020[25] - The net profit attributable to shareholders decreased by 18.88% to CNY 145 million in 2021 from CNY 179 million in 2020[25] - The net profit after deducting non-recurring gains and losses was CNY 130 million, down 20.64% from CNY 164 million in 2020[25] - The net cash flow from operating activities was CNY 160 million, a decrease of 9.43% compared to CNY 177 million in 2020[25] - The basic earnings per share for 2021 was CNY 0.65, down 18.75% from CNY 0.80 in 2020[26] - The weighted average return on equity decreased by 1.96 percentage points to 7.63% in 2021 from 9.59% in 2020[26] Operational Developments - The company has expanded its product offerings to include electronic gear shifters and electronic throttle pedals for both fuel and new energy vehicles[35] - The company has begun supplying electronic gear shifters to Li Auto and electronic throttle pedals to GAC New Energy, entering the SAIC General supplier system[35] - The company is optimizing its supplier management to control raw material costs and enhance procurement efficiency[36] - The company implemented lean production management systems to improve production efficiency and product quality[36] - The automotive electronic gear shift project has begun to ramp up production, supplying major manufacturers such as Geely and Great Wall[37] - The company terminated the automotive virtual instrument project to mitigate investment risks and reallocate funds to working capital[38] - The company is focusing on developing new products in automotive electronics, electric control, and electromechanical integration[38] Market and Industry Insights - In 2021, China's automotive production and sales reached 26.08 million and 26.28 million units, respectively, with a year-on-year growth of 3.4% and 3.8%[39] - New energy vehicle sales exceeded 3.5 million units, with a market penetration rate of 13.4%, up 8 percentage points year-on-year[39] - The automotive industry in China saw a 3.4% increase in production and a 3.8% increase in sales, with new energy vehicles achieving a market share of 13.4%[71] - New energy vehicles (NEVs) achieved production and sales of 3.545 million and 3.521 million units respectively, representing a year-on-year growth of 160%, with a market penetration rate of 13.4%, an increase of 8 percentage points year-on-year[73] Financial Management and Investments - The company has invested a total of 76,205,000 RMB in bank and brokerage wealth management products, with an outstanding balance of 37,505,000 RMB[179] - The company has a structured deposit of 5,000,000 RMB with an annualized return of 3.90%, expected to yield 195,000 RMB[181] - The company has a total of 4,500,000 RMB in non-principal guaranteed floating income wealth management with an annualized return of 3.30%, expected to yield 37,020 RMB[181] - The total amount of structured deposits reached 90,705 million, with a total income of 719.98 million[182] - The average yield for structured deposits varied between 1.4% and 3.95% across different banks, showcasing competitive rates[182] Risk Management - The company has described significant risks that may adversely affect future development and operational goals in the report[10] - The company faces macroeconomic risks, including potential impacts from the ongoing COVID-19 pandemic and international political changes, which could adversely affect the automotive industry[89] - Supply chain risks are significant, as the automotive parts industry relies on a vast number of components, and disruptions due to the pandemic and geopolitical factors could impact production schedules[90] - The company acknowledges intense market competition, particularly from foreign and joint venture enterprises, which may require continuous technological investment and capacity expansion to meet customer demands[91] Governance and Compliance - The company has established a robust internal control system and governance structure to ensure compliance with legal regulations and protect shareholder interests[98] - The company has maintained an independent financial management process and software, ensuring compliance with corporate governance[104] - The company has not engaged in any related party transactions that have not been disclosed or approved through legal procedures[105] - The company has a clear separation between its operations and those of its controlling shareholders, ensuring independence in business activities[106] - The company has established specialized committees within the board, including audit, nomination, compensation, and strategy committees[118] Employee and Shareholder Engagement - The company’s training programs include new employee onboarding, team leader skills training, and management talent training[128] - The company has a structured approach to employee compensation, combining base salary with performance assessments[129] - The company actively engages with shareholders, especially minority shareholders, to gather feedback on dividend proposals[135] - The company’s profit distribution policy requires board approval and must be reviewed by independent directors and the supervisory board before being submitted to the shareholders' meeting[132] Shareholder Information - The largest shareholder, Ningbo Gaofa Holdings Co., Ltd., holds 83,790,000 shares, accounting for 37.56% of total shares[189] - The second largest shareholder, Great Wall Guorong Investment Management Co., Ltd., holds 11,620,000 shares, representing 5.21% of total shares[189] - The total number of ordinary shareholders decreased from 13,430 to 13,298 during the reporting period[186] - The company does not have any other shareholders holding more than 10% of shares[195]

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 2022 年第一季度报告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性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。 第一季度财务报表是否经审计 □是 √否 一、 主要财务数据 主要会计数据和财务指标 项目 本报告期 本报告期比上年同期 增减变动幅度(%) 营业收入 243,322,156.60 11.78 归属于上市公司股东的净利润 37,890,347.79 -12.16 归属于上市公司股东的扣除非经常性损益的净利润 34,086,851.12 -15.13 经营活动产生的现金流量净额 -32,337,389.96 -6.71 基本每股收益（元/股） 0.17 -10.53 稀释每股收益（元/股） 0.17 -1 ...

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].