Financial Performance - The net profit attributable to shareholders, excluding non-recurring gains and losses, was -40.37 million yuan, indicating a significant loss for the year [5]. - The net profit for the year was -22.52 million yuan, a decrease of 135.24% compared to the previous year, primarily due to the loss of control over a subsidiary and increased bad debt provisions [5]. - The company's operating revenue for 2020 was approximately CNY 572.29 million, representing a 3.37% increase compared to CNY 553.62 million in 2019 [27]. - The net profit attributable to shareholders for 2020 was a loss of approximately CNY 22.52 million, a decrease of 135.24% from a profit of CNY 63.92 million in 2019 [27]. - The net cash flow from operating activities for 2020 was a negative CNY 229.50 million, worsening from a negative CNY 169.97 million in 2019 [27]. - The gross margin for the hydrogen fuel cell industry was 43.63%, down 1.61 percentage points year-on-year [109]. - The company achieved operating revenue of ¥572,292,866.35, a year-on-year increase of 3.37%, while the net profit attributable to shareholders was -¥22,523,579.28, a decrease of 135.24% [89]. Revenue and Sales - The total revenue for the year was 572.29 million yuan, remaining relatively stable compared to the previous year [5]. - The production and sales of fuel cell vehicles were severely impacted, with total production and sales of 1,199 and 1,177 units respectively, representing year-on-year declines of 57.5% and 56.8% [5]. - The company's hydrogen fuel cell vehicle production and sales in 2020 were 1,199 and 1,177 units, respectively, representing declines of 57.5% and 56.8% year-on-year due to the pandemic and delayed policy implementation [91]. Assets and Liabilities - The total assets at the end of 2020 were approximately CNY 3.05 billion, an increase of 81.03% from CNY 1.68 billion at the end of 2019 [27]. - The net assets attributable to shareholders at the end of 2020 were approximately CNY 2.27 billion, a significant increase of 115.59% from CNY 1.05 billion at the end of 2019 [27]. - Cash and cash equivalents increased by 424.72% to ¥1,057,525,886.22, primarily due to the funds raised from the company's initial public offering [139]. - Accounts receivable grew by 32.62% to ¥843,091,107.57, influenced by longer payment cycles in the new energy vehicle supply chain and market downturns [139]. Research and Development - Research and development expenses accounted for 22.02% of operating revenue, a decrease of 1.32 percentage points [31]. - The company is focused on expanding its market presence and developing new technologies in the hydrogen fuel cell sector [21]. - The company has achieved mass production capabilities for domestic fuel cell stacks, enhancing its supply chain resilience [42]. - The company has developed a comprehensive testing system for key components, ensuring quality and reliability in its fuel cell engine systems [89]. - The company has applied for a total of 205 patents during the reporting period, with 99 newly granted, including 5 invention patents and 71 utility model patents [56]. Risks and Challenges - The company faces risks related to ongoing losses, potential declines in performance, and customer credit issues that could impact cash flow and operations [5]. - The company anticipates a decline in gross margin due to increased competition and the maturation of fuel cell technology, which may lead to lower product pricing [96]. - The ongoing COVID-19 pandemic has impacted the global macroeconomic environment, which may continue to affect the company's operations [102]. - High customer concentration risk exists, with major clients including Beiqi Foton and Geely, which could impact the company's sustainability if these clients do not expand their business [96]. Strategic Initiatives - The company has plans for future product development and market expansion strategies to enhance its competitive position in the industry [21]. - The company aims to become the leading brand of hydrogen fuel cell engines in China, focusing on the development of fuel cell engine systems and key components like modules and membranes [153]. - The company is expanding its market presence by leveraging key cities such as Beijing, Zhangjiakou, Chengdu, Zibo, and Shanghai, aiming for nationwide and international growth [154]. Shareholder and Governance - The company reported a 36-month lock-up period for shares held by directors and senior management following the IPO, during which they cannot transfer or manage their shares [168]. - Directors and senior management are restricted from selling shares until the company achieves profitability, which is defined as three full fiscal years post-IPO [171]. - The company has committed to ensuring that any share sales within two years post-lock-up will not be below the IPO issue price, adjusted for any corporate actions [171].

2020 年第三季度报告 公司代码：688339 公司简称：亿华通 北京亿华通科技股份有限公司 2020 年第三季度报告 1 / 32 2020 年第三季度报告 重要捉示 一、 二、 公司基本情况 重要事项 三、 附求 四、 目 录 2 / 32 2020 年第三季度报告 2.1 主要财务数据 单位：元 币种：人民币 3 / 32 一、 重要提示 1.1 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整， 不存在虚假记载、误导性陈述或者重大遗漏，并承担个别和连带的法律责任。 1.2 公司全体董事出席董事会审议季度报告。 1.3 公司负责人张国强、主管会计工作负责人宋海英及会计机构负责人（会计主管人员）张红黎 保证季度报告中财务报表的真实、准确、完整。 1.4 本公司第三季度报告未经审计。 二、 公司基本情况 | --- | --- | --- | --- | |-------------------------------------------------|------------------------------|------------------------------ ...

Financial Performance - The company reported a total revenue of 1.5 billion CNY for the first half of 2020, representing a year-on-year increase of 25%[19]. - The company's operating revenue for the first half of the year was ¥25,204,143.34, a decrease of 62.02% compared to the same period last year[24]. - The company reported a net profit attributable to shareholders of -¥63,507,669.48, reflecting a significant decline due to lower-than-expected revenue and provisions for bad debts[24]. - The company anticipates a net profit of 300 million CNY for the full year, representing a growth of 50% year-on-year[19]. - The company achieved a revenue of CNY 25.20 million in 2020, a decrease of 62.02% year-on-year due to the impact of the COVID-19 pandemic and a decline in the domestic new energy vehicle industry[60]. - The total comprehensive income for the period was a loss of 63,507,669.48 CNY[180]. Research and Development - Research and development expenses increased by 15% to 200 million CNY, focusing on enhancing fuel cell technology[19]. - Research and development expenses accounted for 144.25% of operating revenue, significantly higher than 72.37% in the same period last year[24]. - The company invested a total of ¥36,356,774.80 in R&D during the reporting period, which represents 144.25% of its operating revenue[42]. - The company focuses on the research and industrialization of hydrogen fuel cell engine systems, achieving mass production capabilities for fuel cell stacks[31]. - The company has developed ten core technologies, including high-power density fuel cell stack design and control technology, which enhance performance and reduce costs[37]. - The company has established a professional and experienced R&D team, with over 37% of R&D personnel holding a master's degree or higher[55]. Market Expansion and Sales - The number of fuel cell vehicles sold reached 1,200 units, an increase of 30% compared to the same period last year[19]. - The company plans to expand its market presence by entering three new provinces by the end of 2020[19]. - A new fuel cell model is expected to launch in Q4 2020, projected to increase sales by 20%[19]. - The company’s fuel cell vehicle sales in the first half of 2020 were 403 units, a year-on-year decline of 63.4% due to the impact of the pandemic and subsidy adjustments[34]. - The company has established deep partnerships with major commercial vehicle manufacturers, including Yutong and BAIC Foton, for the application of its engine systems[31]. - The company is collaborating with Toyota and BAIC Foton to develop two fuel cell bus models for the Winter Olympics[42]. Financial Position and Assets - The net assets attributable to shareholders decreased by 4.53% to ¥1,007,119,454.40, while total assets decreased by 2.70% to ¥1,638,037,572.47[24]. - The company's total assets at the end of the period were not explicitly stated but can be inferred from the equity figures[186]. - The company’s total equity decreased to approximately 1,089.73 million from 1,146.21 million, a decline of 4.93%[149]. - The company’s cash and cash equivalents decreased by 35.21% to CNY 171,336,031.71, primarily due to previous year’s financing activities[74]. - The company’s total liabilities as of June 30, 2020, were approximately 548.31 million, up from 537.25 million, indicating an increase of 2.00%[149]. Operational Challenges - The company faced operational challenges due to the COVID-19 pandemic and a decline in the domestic new energy vehicle industry[24]. - The company is exposed to product quality and safety risks, particularly given the stringent regulations and standards in the automotive industry[63]. - The company faces product iteration risks due to rapid technological upgrades in the hydrogen fuel cell industry, which may hinder its ability to maintain a competitive edge[63]. - The penetration rate of hydrogen fuel cell vehicles in the new energy vehicle market remains low, with significant challenges in market expansion due to high costs and inadequate infrastructure[63]. Shareholder Commitments and Governance - The company has committed to a 12-month lock-up period for shares held by directors and senior management following the IPO, with an automatic extension of 6 months if the stock price falls below the issue price for 20 consecutive trading days[92]. - The controlling shareholder, Zhang Guoqiang, has pledged not to sell shares during the lock-up period and to limit sales to 25% of the total shares held in the following two years after the lock-up expires[98]. - The company emphasizes the importance of maintaining shareholder trust through these commitments and regulatory compliance[98]. - The company guarantees that there will be no fraudulent issuance of shares during the public offering and listing on the Sci-Tech Innovation Board[104]. Strategic Partnerships and Collaborations - The company has secured a strategic partnership with a major automotive manufacturer to co-develop hydrogen fuel cell systems[19]. - The company has identified potential acquisition targets in the renewable energy sector to enhance its technology portfolio[19]. - The company established a joint venture with Air Products (China) Investment Co., Ltd., named Air Huatong (Beijing) Hydrogen Energy Technology Co., Ltd., with a registered capital of ¥100 million, in which the company holds a 35% stake[79].