证券代码：688129 证券简称：东来技术 公告编号：2023-029 东来涂料技术(上海)股份有限公司 第二届董事会第二十次会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性 陈述或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责 任。 东来涂料技术(上海)股份有限公司（以下简称"公司"）第二届董事会第 二十次会议通知已于2023年8月14日以书面方式发出，会议于2023年8月21日在 公司会议室以现场与通讯表决相结合的方式召开。会议应参与表决董事7名，实 际参与表决董事7名。公司监事、高级管理人员列席了本次会议。会议的召集与 召开符合《中华人民共和国公司法》和《东来涂料技术(上海)股份有限公司章 程》等相关规定，表决形成的决议合法、有效。 一、审议通过《关于调整公司2021年限制性股票激励计划授予价格的议案 》 表决结果：同意 5 票，反对 0 票，弃权 0 票 1 具体内容详见公司于同日刊登在上海证券交易所网站（www.sse.com.cn） 的《关于调整公司 2021 年限制性股票激励计划授予价格的公告》（公告编号： 2023-031）。 二、审议通过《关于作废公 ...

证券代码：688129 证券简称：东来技术 公告编号：2023-024 东来涂料技术（上海）股份有限公司 关于召开 2022 年度暨 2023 年第一季度业绩说明会 的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： 东来涂料技术（上海）股份有限公司（以下简称"公司"）已于 2023 年 4 月 25 日在上海证券交易所网站（www.sse.com.cn）披露了公司《2022 年年度报告》 及其摘要，于 2023 年 4 月 29 日在上海证券交易所网站（www.sse.com.cn）披露 了公司《2023 年第一季度报告》。为加强与投资者的深入交流，使投资者更加全 面、深入地了解公司 2022 年度暨 2023 年第一季度的经营成果及财务状况，公司 拟于 2023 年 5 月 26 日（星期五）下午 13：00-14：00 以网络互动的方式召开 2022 年度暨 2023 年第一季度业绩说明会，就投资者关心的问题进行交流，欢迎 广大投资者积极参与。 一、说明会类型 本次投资者说明会以网络互动方式召开， ...

2023 年第一季度报告 证券代码：688129 证券简称：东来技术 东来涂料技术（上海）股份有限公司 2023 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、准确性和完整性依法承担法律责任。 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。 公司负责人朱忠敏、主管会计工作负责人卢大川及会计机构负责人（会计主管人员）卢大川保证 季度报告中财务信息的真实、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 (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(%) | | | 营业收入 | 83,260,112.22 | | 8.87 | | 归属于上市公司股东的净利润 | 3,051,849.07 | | -72.32 | | 归属于上市公司股东的扣除非 | -6,665 ...

Financial Performance - In 2022, the company's operating revenue declined significantly due to macroeconomic downturn, resulting in a net profit decrease of 77.10%[4] - In 2022, the company's operating revenue was CNY 393.65 million, a decrease of 20.27% compared to CNY 493.70 million in 2021[21] - The net profit attributable to shareholders was CNY 21.51 million, down 77.10% from CNY 93.93 million in the previous year[21] - The basic earnings per share decreased to CNY 0.18, a decline of 76.92% from CNY 0.78 in 2021[23] - The net cash flow from operating activities dropped by 71.22% to CNY 19.51 million, compared to CNY 67.79 million in 2021[24] - The gross profit margin for the reporting period was 33.09%, a decrease of 9.45 percentage points year-on-year[97] - Revenue from automotive aftermarket repair coatings was 195.01 million RMB, down 35.78% year-on-year[99] - Revenue from new automotive interior and exterior parts and body coatings was 142.95 million RMB, an increase of 28.32% year-on-year[99] Shareholder Returns - The company repurchased a total of 1,199,906 shares for a total amount of RMB 16,104,020.96, which accounted for 74.87% of the net profit attributable to shareholders[5] - The company plans not to distribute cash dividends for the 2022 fiscal year, opting instead to retain undistributed profits for future allocation[5] - The company plans to maintain a cash dividend policy where at least 10% of the distributable profit will be distributed in cash annually, with specific ratios depending on the development stage and capital expenditure plans[184] - The company’s cash dividend distribution for the year was not less than 30% of the average distributable profit over the last three years[184] Research and Development - The company is in a phase of continuous R&D investment and market development, indicating a focus on long-term growth despite current challenges[4] - Research and development expenses accounted for 6.08% of operating revenue, an increase of 0.73 percentage points from 5.35% in 2021[23] - The company invested a total of ¥23,953,003.99 in R&D during the reporting period, a decrease of 9.36% compared to ¥26,425,953.50 in the previous year[70] - The company has 58 invention patents and 17 utility model patents, with 168 invention patents under application[34] - The company is currently working on 5 key R&D projects, with total expected investments ranging from ¥130 million to ¥160 million for each project[73] - The company has developed a fast-drying intermediate paint for automotive repairs, which significantly reduces drying time and improves operational efficiency[63] Market Conditions and Risks - There is a risk of continued performance decline or losses if market demand does not recover, compounded by rising labor costs[4] - The company experienced a significant decline in terminal consumer market demand, impacting revenue and increasing production costs due to rising raw material prices[24] - The company faces risks from rising labor costs and fluctuating prices of raw materials, which constitute 70% of production costs[89] - The company has outlined various risks and corresponding mitigation measures in the report, emphasizing the importance of monitoring market conditions[4] Corporate Governance - The company has established a clear governance structure with defined roles and responsibilities among shareholders, the board, and management[155] - The total remuneration for the chairman and general manager, Zhu Zhongmin, was 846,100 RMB[158] - The company has not reported any issues regarding independence or operational autonomy from its controlling shareholders[155] - The company’s board of directors must provide detailed explanations if no cash dividend proposal is made despite positive distributable profits[191] Strategic Focus - The company is currently focused on enhancing its core competitiveness and maintaining stable operations amid economic challenges[4] - The company aims to enhance production capacity and improve product quality through the new plant project, integrating into the customer value chain[37] - The company plans to continue expanding its market presence and enhancing its product offerings through ongoing R&D efforts[74] - The company has a strategic focus on R&D, maintaining an independent team to continuously innovate and develop high-end automotive coatings[45] Operational Efficiency - The company has established a flat direct sales network with 9 subsidiaries and offices, covering key markets such as Beijing, Shanghai, and Guangzhou[85] - The company has a mature marketing network that extends to lower-tier cities, enhancing its market penetration[85] - The company plans to strengthen its management system to improve operational efficiency and risk management[151] - The company emphasizes collaboration with upstream suppliers for material development, enhancing its core competencies in polymer chemical materials[80]

Financial Performance - The company reported a total revenue of RMB 200 million for the first half of 2022, representing a year-on-year increase of 15%[20]. - The gross profit margin for the reporting period was 30%, which is a slight decrease from 32% in the same period last year[20]. - Basic earnings per share decreased by 55.56% to CNY 0.16 compared to the same period last year[21]. - Net profit attributable to shareholders decreased by 55.86% to CNY 19.21 million, while net profit excluding non-recurring gains and losses decreased by 75.26% to CNY 8.19 million[23]. - Operating revenue fell by 22.81% to CNY 161.93 million compared to the same period last year[23]. - The company reported a net profit margin of approximately 5.0% for the first half of 2022, compared to 12.0% in the same period of 2021[160]. - The net profit for the first half of 2022 was CNY 19,210,866.50, down 56.0% from CNY 43,519,412.26 in the first half of 2021[162]. - The company reported a total of 53,352,000 restricted shares eligible for trading starting from October 23, 2023[145]. Research and Development - The company is investing RMB 50 million in R&D for new eco-friendly coating technologies aimed at reducing VOC emissions by 25%[20]. - The proportion of R&D investment to operating revenue increased by 0.83 percentage points to 6.50%[21]. - The company has a fully independent R&D team and system, continuously investing in the development of automotive coatings, industrial coatings, and color development, aiming to meet the standards of high-end automotive brands[35]. - The company achieved a total R&D investment of ¥10,531,894.06, a decrease of 11.53% compared to the previous year's ¥11,904,071.40[58]. - The company obtained 4 new invention patents during the reporting period, bringing the total number of invention patents to 54[56]. - The company is currently working on 5 key R&D projects with a total expected investment of ¥725 million, of which ¥367.69 million has been invested to date[60]. - The company has developed a high-performance water-based two-component epoxy primer with improved sanding properties, fast drying speed, and high hardness compared to existing technologies[51]. Market Expansion and Strategy - Future outlook indicates a projected revenue growth of 20% for the second half of 2022, driven by new product launches and market expansion strategies[20]. - Market expansion efforts include entering two new provinces in China, which are expected to contribute an additional RMB 30 million in revenue by the end of 2022[20]. - The company aims to expand its market presence and enhance product offerings in the automotive and electronics sectors[27]. - The company is focusing on expanding its market presence through innovative product development and environmentally friendly technologies[52]. - The company is considering strategic acquisitions to bolster its product offerings, with a budget of 100 million allocated for potential deals[110]. Governance and Compliance - The company has maintained a stable governance structure with all board members confirming the accuracy of the financial report[11]. - There are no significant non-operating fund occupations by controlling shareholders or related parties reported[8]. - The company has maintained compliance with environmental regulations, with no incidents of pollution reported during the reporting period[99]. - The company has implemented regular inspections and third-party assessments to ensure environmental protection measures are effective[99]. - The company has not faced any administrative penalties related to environmental issues[99]. Risks and Challenges - The company faced challenges due to pandemic-related restrictions, impacting production and market demand[21]. - The company faces risks related to rising labor costs, intellectual property protection, and fluctuations in raw material prices[78]. - The company is facing potential risks related to safety production and environmental protection due to the nature of its chemical products[82]. Shareholder and Capital Management - The company announced no profit distribution or capital reserve transfer for the first half of 2022, with no dividends or stock bonuses planned[95]. - The company has committed to a share lock-up period of 36 months from the date of listing, during which no shares will be transferred or managed by others[102]. - The company will not repurchase shares held by the controlling shareholder during the lock-up period[103]. - The company will publicly disclose any failure to fulfill commitments and compensate investors for losses incurred due to non-compliance[107]. Product Development and Innovation - The company is focused on high-performance coatings for automotive and 3C consumer electronics, with a strong emphasis on R&D[27][29]. - The company has developed a technology for ultra-fast drying intermediate paint for automotive repairs, which saves energy and reduces construction time[50]. - The company has introduced a fast-drying automotive repair paint that can be polished within 25 minutes at room temperature, enhancing operational efficiency[51]. - The company has developed a new VOC water-based paint cleaner that is more environmentally friendly and cost-effective compared to existing technologies[54]. Financial Position and Assets - The company's total assets as of June 30, 2022, were 995.43 million yuan, a slight decrease of 0.28% compared to the same period last year[73]. - The total current assets decreased from CNY 917,172,695.63 to CNY 837,041,217.53, representing a decline of approximately 8.7%[153]. - Cash and cash equivalents decreased significantly from CNY 665,335,459.00 to CNY 69,322,971.35, a drop of about 89.6%[153]. - The company reported a total of 184 patent applications, with 72 patents granted to date[56].

Revenue and Profit - Revenue for Q1 2022 was CNY 76,476,430.92, representing a decrease of 19.92% compared to the same period last year[5] - Net profit attributable to shareholders was CNY 11,027,121.07, down 41.14% year-on-year[5] - Net profit excluding non-recurring gains and losses decreased by 60.57% to CNY 7,231,082.24[5] - Basic and diluted earnings per share were both CNY 0.09, down 43.75% year-on-year[5] - Total revenue for Q1 2022 was CNY 76,476,430.92, a decrease of 20% compared to CNY 95,495,368.63 in Q1 2021[17] - Net profit for Q1 2022 was CNY 11,027,121.07, a decline of 41% from CNY 18,733,747.82 in Q1 2021[19] - Basic and diluted earnings per share for Q1 2022 were CNY 0.09, down from CNY 0.16 in Q1 2021[19] Cash Flow and Assets - Operating cash flow turned negative at CNY -23,380,974.24, a decline of 451.36% compared to the previous year[5] - The company's cash and cash equivalents decreased significantly from ¥665,335,459.00 to ¥60,548,254.09, indicating a reduction of about 90.9%[14] - The total cash and cash equivalents at the end of Q1 2022 were CNY 60,548,254.09, down from CNY 91,468,231.23 at the end of Q1 2021[24] - The company’s cash flow from operating activities turned negative, contrasting with a positive cash flow of CNY 6,654,368.94 in Q1 2021[22] - The company reported a significant increase in cash paid for purchasing goods and services, totaling CNY 87,812,327.96, compared to CNY 60,764,700.77 in the previous year[22] - The company’s cash flow challenges are reflected in the overall net decrease in cash and cash equivalents of -CNY 604,787,204.91 for the quarter[24] Research and Development - R&D expenses totaled CNY 5,790,028.97, accounting for 7.57% of revenue, an increase of 1.04 percentage points[6] - Research and development expenses were CNY 5,790,028.97 in Q1 2022, down from CNY 6,235,456.70 in Q1 2021, indicating a potential shift in R&D focus[18] Assets and Liabilities - Total assets at the end of the reporting period were CNY 983,700,618.69, a decrease of 1.45% from the end of the previous year[6] - Total assets decreased to CNY 983,700,618.69 in Q1 2022 from CNY 998,179,453.09 in Q1 2021[16] - Total liabilities decreased to CNY 106,769,803.91 in Q1 2022 from CNY 134,383,324.84 in Q1 2021[16] - Non-current liabilities totaled CNY 3,818,377.35 in Q1 2022, slightly up from CNY 3,755,364.55 in Q1 2021[16] Market and Strategic Direction - The decline in profits was primarily attributed to the outbreak of COVID-19 in Shanghai and rising raw material prices[7] - The company increased inventory reserves significantly due to rising procurement costs[7] - The company has not disclosed any new product developments or market expansion strategies in the current report[12] - There are no significant changes in the company's strategic direction or mergers and acquisitions mentioned in the report[12] Shareholder Information - The company has a major shareholder, Shanghai Donglai Technology Co., Ltd., holding 44.46% of shares, and another significant shareholder, Zhu Zhongmin, holding 17.27%[10] - The company reported a total of 1,500,000 shares lent out through margin trading as of the reporting period[11] Financial Performance - The weighted average return on equity was 1.28%, a decrease of 1.08 percentage points[5] - The company reported a financial expense of CNY -513,379.75 in Q1 2022, an improvement from CNY -968,784.78 in Q1 2021[18] - Deferred tax assets were CNY 5,077,197.09 in Q1 2022, a decrease from CNY 5,572,034.82 in Q1 2021, reflecting changes in tax strategy[16]

Financial Performance - The net profit attributable to shareholders for 2021 was RMB 93.9262 million, with a proposed cash dividend of RMB 2.4 per 10 shares, totaling RMB 28.8 million, which represents 30.66% of the net profit[5]. - The company has not yet achieved profitability since its listing[4]. - The company's operating revenue for 2021 was ¥493.70 million, representing a 21.01% increase compared to ¥407.99 million in 2020[20]. - The net profit attributable to shareholders for 2021 was ¥93.93 million, up 19.88% from ¥78.35 million in 2020[20]. - The net asset attributable to shareholders increased by 9.27% to ¥863.80 million at the end of 2021, compared to ¥790.53 million at the end of 2020[20]. - Total assets rose by 12.63% to ¥998.18 million at the end of 2021, compared to ¥886.21 million at the end of 2020[20]. - The basic earnings per share for 2021 was ¥0.78, a decrease of 4.88% from ¥0.82 in 2020[21]. - The net cash flow from operating activities for 2021 was ¥67.79 million, a decrease of 27.34% from ¥93.29 million in 2020[20]. - The company reported non-recurring gains of ¥20.95 million in 2021, compared to ¥7.73 million in 2020[25]. - The gross profit margin for the main business was 42.54%, a decrease of 3.07 percentage points compared to the previous year[103]. Research and Development - The R&D expenditure as a percentage of operating revenue was 5.35% in 2021, down from 6.26% in 2020[22]. - The company achieved a total R&D investment of ¥26,425,953.50 in 2021, representing a 3.48% increase from ¥25,536,368.36 in the previous year[71]. - The company obtained 8 new invention patents during the reporting period, bringing the total number of invention patents to 50[68]. - The company has developed core technologies in environmentally friendly water-based coatings, achieving significant advantages in safety and VOC reduction[63]. - The company continues to invest in R&D to enhance existing products and develop new ones, reflecting its commitment to innovation and market leadership[68]. - The company has invested a total of ¥485.12 million in the research of UV light absorbers and functional coatings, with an ongoing development of four invention patents[73]. - The company has developed a water-based infrared stealth coating, which is positioned as a leading product in the domestic market and advanced internationally, showcasing its competitive edge in high-tech materials[75]. Market and Industry Insights - The automotive paint industry in China had a market size of approximately $4.5 billion in 2019, accounting for 25% of the global market[51]. - The expected annual growth rate for the automotive paint market in China is 4.9%, with a projected market size of $5.6 billion by 2025[51]. - The automotive aftermarket repair coatings segment accounted for over 60% of the company's main business revenue, emphasizing its significance to overall performance[96]. - The automotive aftermarket repair coatings industry has high technical barriers, making it difficult for new entrants to replicate existing products quickly[55]. - The company is focusing on green and efficient technologies, including fully water-based products and high solid content coatings[59]. Operational and Strategic Initiatives - The company plans to maintain the total distribution amount unchanged even if the total share capital changes before the dividend record date[5]. - The company plans to continue expanding its market presence and invest in new product development to drive future growth[19]. - The company aims to enhance its market position by leveraging its unique competitive advantages and broad development prospects in the automotive repair coatings sector[58]. - The company is committed to long-term R&D processes, as evidenced by its advanced water-based automotive repair coatings and other innovative products that lead the global market[82]. - The company plans to enhance its internal management system, including risk control and internal audit mechanisms, to mitigate operational risks[147]. Corporate Governance and Management - The management has confirmed the accuracy and completeness of the financial report[5]. - There are no non-operational fund occupations by controlling shareholders or related parties[7]. - The company has not violated decision-making procedures for external guarantees[7]. - The report includes a standard unqualified audit opinion from Lixin Certified Public Accountants[4]. - The company has maintained independence and operational capability without any significant issues related to its controlling shareholder[157]. - The board of directors and senior management have maintained their shareholdings without any changes during the reporting period[161]. Employee and Talent Management - The number of R&D personnel increased to 78, representing 11.43% of the total workforce, up from 11% in the previous year, highlighting a commitment to innovation[80]. - The average salary for R&D personnel rose to 11.14 million RMB, an increase from 9.6 million RMB in the previous year, reflecting the company's investment in talent[80]. - The company has a competitive salary and benefits policy, linking employee compensation directly to their contributions and performance, with a focus on a performance-centered incentive system[186]. - The company has implemented a series of training programs to enhance employee skills and corporate culture, including onboarding and skills training[187]. Risks and Challenges - The company faces environmental risks due to increasing regulatory requirements and potential cost increases related to environmental compliance[98]. - The company's accounts receivable at the end of the reporting period stood at CNY 112.2568 million, representing 11.25% of total assets, highlighting potential bad debt risks[92]. - The company's inventory net amount was CNY 76.4907 million, making up 7.66% of total assets, indicating risks related to inventory turnover[93]. - The company enjoys a 15% corporate income tax rate as a high-tech enterprise, which could be adversely affected by changes in tax policies[94].

Financial Performance - The net profit attributable to shareholders for 2020 was RMB 78.3533 million, with a cash dividend distribution plan of RMB 2 per 10 shares, totaling RMB 24 million, which represents 30.63% of the net profit[5]. - The company's operating revenue for 2020 was CNY 407.99 million, a decrease of 12.75% compared to CNY 467.60 million in 2019[20]. - The net profit attributable to shareholders for 2020 was CNY 78.35 million, down 4.43% from CNY 81.99 million in 2019[20]. - The net cash flow from operating activities increased by 32.99% to CNY 93.29 million, primarily due to a reduction in accounts receivable and decreased expenses during the COVID-19 pandemic[25]. - The company's total assets at the end of 2020 reached CNY 886.21 million, reflecting a 121.22% increase from CNY 400.60 million at the end of 2019, mainly due to funds raised from the IPO[25]. - The weighted average return on equity decreased to 19.35% in 2020, down 10.64 percentage points from 29.99% in 2019[21]. - The basic earnings per share for 2020 was CNY 0.82, a decrease of 9.89% compared to CNY 0.91 in 2019[21]. - The net assets attributable to shareholders increased by 161.42% to CNY 790.53 million at the end of 2020, compared to CNY 302.40 million at the end of 2019[25]. - The company achieved a total revenue of 407.99 million RMB and a net profit attributable to shareholders of 78.35 million RMB in 2020, with earnings per share of 0.82 RMB[29]. Research and Development - Research and development expenses accounted for 6.26% of operating revenue in 2020, an increase of 0.49 percentage points from 5.77% in 2019[22]. - The company achieved a total R&D investment of ¥25,536,368.36 in 2020, a decrease of 5.33% compared to ¥26,975,287.81 in the previous year[64]. - R&D investment accounted for 6.26% of total revenue, an increase of 0.49 percentage points from 5.77% in the previous year[64]. - The company applied for 22 new invention patents and obtained 7 patents during the reporting period, bringing the total to 152 applied and 42 obtained[62]. - The company is currently developing a water-based scratch-resistant matte black paint, with a total investment of ¥155 million and a patent application submitted[66]. - The company has developed a high-quality pearl effect paint, with a patent application number 201611246235.4[61]. - The company is focusing on the development of safety and environmentally friendly water-based cleaning agents, which are produced by mixing volatile organic solvents and water[59]. - The company has a total of 170 patents, including 60 granted patents across various categories[62]. Market Position and Strategy - The company is positioned as a representative Chinese brand in a market dominated by five major international brands, indicating a unique competitive advantage[52]. - The automotive coatings industry in China is expected to grow at an average annual rate of 4.9%, reaching a market size of $5.6 billion by 2025[45]. - The company plans to continue expanding its market presence and invest in new product development to drive future growth[25]. - The company has established partnerships with new energy vehicle manufacturers like NIO and XPeng, collaborating on color design and customization for vehicle exteriors[164]. - The company aims to enhance its market position in the automotive aftermarket repair paint sector by developing new customers and increasing product offerings to existing clients, targeting a larger market share[162]. - The company plans to invest CNY 40,000 million in a new project for "10,000 tons of water-based environmentally friendly automotive coatings" to enhance production capacity and quality[94]. Operational Risks and Management - The company has outlined various operational risks and corresponding mitigation measures in the report[4]. - The report includes a forward-looking statement risk disclaimer, indicating uncertainties in future plans and strategies[6]. - The company is committed to enhancing its management system, including risk control and internal audit mechanisms, to mitigate operational risks and improve overall management efficiency[171]. - The company will focus on talent recruitment and training to optimize employee structure and enhance skills, aiming to support rapid future growth[172]. Shareholder and Dividend Policies - The company emphasizes a cash dividend policy, ensuring that at least 10% of the distributable profit is allocated as cash dividends annually, with a cumulative minimum of 30% over three years[177]. - The company will maintain a stable cash dividend policy, with specific conditions for adjustments based on future investment plans and financial performance[178]. - The company reported a net profit of RMB 78.35 million for 2020, with a proposed cash dividend of RMB 2 per 10 shares, totaling RMB 24 million, which represents 30.63% of the net profit attributable to shareholders[179]. - The company did not propose a cash profit distribution plan for the reporting period despite having positive distributable profits[184]. Compliance and Governance - The company has adhered to relevant laws and regulations regarding the transfer of shares by controlling shareholders[186]. - The company has established measures to ensure compliance with shareholding commitments, including returning any profits gained from unfulfilled commitments to the company[191]. - The company is subject to restrictions on share reduction during investigations or penalties by regulatory authorities[190]. - The company must disclose the details of any share reduction plan, including the number of shares, source, and reasons for reduction[190].

Financial Performance - The company's operating revenue for Q3 2021 was ¥117,663,280.91, representing a year-over-year increase of 6.57%[5] - The net profit attributable to shareholders for Q3 2021 was ¥20,584,909.05, a decrease of 13.17% compared to the same period last year[5] - The basic earnings per share for Q3 2021 was ¥0.17, down 34.02% due to an increase in the number of shares issued and a decline in net profit[10] - The net profit attributable to shareholders for the year-to-date period was ¥64,104,321.31, an increase of 16.96% compared to the same period last year[5] - Total operating revenue for the first three quarters of 2021 reached ¥327,453,709.68, an increase of 16.6% compared to ¥280,852,730.07 in the same period of 2020[19] - Net profit for the first three quarters of 2021 was ¥64,104,321.31, representing a 16.5% increase from ¥54,809,263.34 in the same period of 2020[21] Research and Development - Research and development expenses totaled ¥6,462,271.15 for Q3 2021, an increase of 43.11% year-over-year, accounting for 5.49% of operating revenue[6] - Research and development expenses for the first three quarters of 2021 were ¥18,366,342.55, up from ¥15,371,234.74 in the same period of 2020[19] Cash Flow and Liquidity - The cash flow from operating activities for the year-to-date period decreased by 51.15%, primarily due to increased procurement costs from rising raw material prices[10] - Cash and cash equivalents decreased significantly to ¥97,259,031.68 from ¥569,873,310.18, indicating a decline of about 83%[15] - Net cash flow from operating activities decreased to CNY 25,762,530.15 in Q3 2021, down 51.1% from CNY 52,736,098.32 in Q3 2020[24] - Cash inflow from investment activities surged to CNY 779,351,972.83 in Q3 2021, compared to CNY 10,530,870.54 in Q3 2020[24] - The company reported a net decrease in cash and cash equivalents of CNY -472,614,278.50 in Q3 2021, contrasting with an increase of CNY 57,140,705.20 in Q3 2020[25] Assets and Liabilities - Total assets at the end of Q3 2021 were ¥928,153,505.10, reflecting a 4.73% increase from the end of the previous year[6] - Total current assets as of September 30, 2021, amounted to ¥848,559,579.77, an increase from ¥812,635,454.94 at the end of 2020, reflecting a growth of approximately 4.5%[15] - Total liabilities at the end of the third quarter of 2021 were ¥95,462,820.39, slightly down from ¥95,685,323.65 in the previous year[17] - Non-current assets totaled ¥79,593,925.33, an increase from ¥73,577,123.85 in the previous year[17] Shareholder Information - The company reported a total of 6,212 ordinary shares outstanding at the end of the reporting period[12] - The largest shareholder, Shanghai Donglai Technology Co., Ltd., holds 53,352,000 shares, representing 44.46% of total shares[12] - The second-largest shareholder, Zhu Zhongmin, owns 20,718,000 shares, accounting for 17.27%[12] Other Notable Information - The company has not disclosed any significant new product developments or market expansion strategies during the reporting period[14] - There are no significant mergers or acquisitions reported in the current financial period[14]

Financial Performance - The company's operating revenue for the first half of the year reached ¥209.79 million, representing a year-on-year increase of 23.08%[20]. - Net profit attributable to shareholders increased by 39.93% to ¥43.52 million compared to the same period last year[21]. - The basic earnings per share rose to ¥0.36, up 2.86% from ¥0.35 in the previous year[20]. - The net profit after deducting non-recurring gains and losses was ¥33.11 million, an increase of 11.89% year-on-year[20]. - The company reported a total revenue of 2,810.00 million RMB for the period, with a net profit of 1,190.40 million RMB, representing a year-on-year increase of 73.01%[68]. - The net profit attributable to the parent company was 43.52 million yuan, reflecting a year-on-year growth of 39.93%[80]. - The company reported a total of 53,352,000 shares held by Shanghai Donglai Technology Co., Ltd., with a lock-up period ending on October 23, 2023[157]. Research and Development - The company achieved a total R&D investment of ¥11,904,071.40, representing a 9.66% increase compared to the previous period's ¥10,855,749.86[59]. - R&D investment accounted for 5.67% of total revenue, a decrease of 0.70 percentage points from the previous year's 6.37%[59]. - The company obtained 4 new invention patents during the reporting period, bringing the total number of invention patents to 152[55]. - The company has a fully independent R&D team focused on high-end automotive coatings, continuously investing in technology to meet international standards[34]. - The company is focusing on developing new products, including high-performance coatings with improved durability and aesthetic qualities, targeting the automotive industry[72]. Market Position and Strategy - The company is listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board under the stock code 688129[18]. - The automotive paint market in China was valued at approximately $4.5 billion in 2019, with a projected annual growth rate of 4.9%, potentially reaching $5.6 billion by 2025[42]. - Major competitors in the automotive aftermarket repair coatings market include international brands such as PPG, BASF, Axalta, and AkzoNobel, indicating high industry barriers and stable competition[45]. - The company has established a unique competitive advantage as the only Chinese brand in the "5+3+2+1" market structure of automotive repair coatings, which includes 5 European and American brands, 3 Japanese brands, and 2 Korean brands[49]. - The company emphasizes long-term market accumulation to maintain stable sales channels and a comprehensive service network, which poses challenges for new entrants[47]. Environmental and Social Responsibility - The company strictly complied with environmental laws and regulations, with no incidents of environmental pollution reported during the reporting period[112]. - The company actively participates in poverty alleviation and rural revitalization initiatives, demonstrating its commitment to social responsibility[113]. - The company's environmentally friendly products reduce VOC emissions and improve worker safety, aligning with industry trends towards sustainability[50]. - The company has established a mechanism for regular environmental inspections and third-party assessments to ensure compliance with environmental standards[112]. Corporate Governance - The board of directors confirmed that all members attended the board meeting, ensuring the report's authenticity and completeness[5]. - The company has not faced any issues with more than half of the directors being unable to guarantee the report's authenticity[11]. - The company has not violated decision-making procedures for external guarantees[10]. - The company has committed to adhering to relevant laws and regulations regarding the transfer of shares by major shareholders and executives[118]. Financial Position and Assets - The company's total assets grew by 2.63% to ¥909.52 million compared to the end of the previous year[20]. - Cash and cash equivalents decreased by 74.87% to ¥143,233,094.39, primarily due to significant investments in financial products during the reporting period[101]. - The net value of accounts receivable at the end of the reporting period was CNY 80.72 million, accounting for 8.88% of total assets, posing a potential bad debt risk[96]. - The company has a production capacity of 10,000 tons for oil-based coatings and 2,000 tons for water-based coatings, facing risks from the industry's shift towards water-based products[92]. Shareholder Commitments and Stock Management - The company has implemented a stock lock-up commitment for 36 months from the date of listing, prohibiting the transfer or management of shares held prior to the IPO[116]. - The company will disclose any share reduction plans 15 trading days prior to the first sale, including details such as quantity and price range[120]. - The company has committed to holding shares according to Chinese laws and regulations, with a lock-up period of 4 years for core technical personnel[122]. - The company will initiate a share repurchase plan within 10 trading days if stock price stabilization measures are triggered, with the repurchase price not exceeding the latest audited net asset value per share[123].