Financial Performance - The company's operating revenue for Q3 2022 was ¥121,464,550.69, a decrease of 52.50% compared to the same period last year[6]. - The net profit attributable to shareholders was -¥34,572,559.67, with a year-to-date net profit of -¥94,611,106.05[6]. - The basic earnings per share for Q3 2022 was -¥0.35, with a year-to-date figure of -¥0.95[8]. - The net profit for Q3 2022 was -124,621,670.29 RMB, compared to -96,621,209.43 RMB in Q3 2021, indicating a worsening performance year-over-year[38]. - The total operating profit (loss) for the period was -142,631,579.55 RMB, an increase in loss from -119,009,315.63 RMB in the previous year[40]. - The company reported a net loss of RMB 172,291,058.73 for the first three quarters of 2022, compared to a net loss of RMB 77,679,952.68 in the same period of 2021[32]. - The total comprehensive income attributable to the parent company was -92,401,106.05 RMB, compared to -5,737,898.65 RMB in the same period last year[41]. Research and Development - Research and development expenses totaled ¥51,690,431.03 in Q3 2022, representing 42.56% of operating revenue, an increase of 27.84 percentage points year-on-year[8]. - The company has focused on enhancing its R&D capabilities to maintain industry leadership, with a total R&D investment of ¥130,283,180.64 year-to-date, up 11.56% from the previous year[8]. - Research and development expenses rose to 85,924,159.00 RMB, up from 58,887,959.64 RMB, reflecting a 45.9% increase[38]. Cash Flow and Liquidity - The company reported a net cash flow from operating activities of -¥215,384,571.17 year-to-date[8]. - The net cash flow from operating activities was -$215.38 million, compared to -$182.36 million in the previous period, indicating a decline in operational cash generation[44]. - The ending cash and cash equivalents balance was $708.81 million, down from $804.97 million at the beginning of the period, reflecting a decrease in liquidity[46]. - Total cash outflow from operating activities was $626.19 million, compared to $486.40 million in the previous period, indicating increased operational expenses[44]. - The company reported a total cash outflow of -$96.16 million for the period, an improvement from -$323.63 million in the previous period, suggesting better cash management[44]. Assets and Liabilities - Total assets at the end of the reporting period were ¥3,694,866,363.43, reflecting a 1.95% increase from the end of the previous year[8]. - Total assets as of September 30, 2022, were RMB 3,694,866,363.43, compared to RMB 3,624,255,752.67 at the end of 2021, indicating a growth of about 1.9%[30]. - Total liabilities as of September 30, 2022, amounted to RMB 886,039,772.35, up from RMB 731,377,829.50 at the end of 2021, representing an increase of approximately 21.2%[32]. - The company's total equity as of September 30, 2022, was RMB 2,808,826,591.08, a decrease from RMB 2,892,877,923.17 at the end of 2021, reflecting a decline of about 2.9%[32]. Revenue and Costs - Total operating revenue for the first three quarters of 2022 reached RMB 390,607,382.30, an increase from RMB 373,486,514.80 in the same period of 2021, reflecting a growth of approximately 4.5%[32]. - Total operating costs for the first three quarters of 2022 amounted to RMB 502,513,197.43, compared to RMB 427,250,258.09 in 2021, indicating an increase of about 17.6%[32]. - The company experienced a decline in average product prices due to rapid market changes, impacting revenue negatively[14]. Investment Activities - Cash inflow from investment activities totaled $957.01 million, a significant increase from $51.54 million in the prior period, primarily due to cash recovered from investments[44]. - The net cash flow from investment activities was $9.29 million, a recovery from a negative $425.96 million in the previous period, reflecting improved investment performance[44]. - Cash paid for investments was $817.00 million, significantly higher than $346.52 million in the prior period, showing increased capital expenditures[44]. Other Financial Metrics - The weighted average return on equity was -1.40%, an increase of 0.93 percentage points compared to the previous year[8]. - The company recorded government subsidies of ¥6,215,707.00 in Q3 2022, contributing to its financial performance[11]. - The company reported a tax expense of -21,992,551.70 RMB, slightly down from -22,094,322.67 RMB in the previous year[38]. - Other comprehensive income after tax was 2,210,000.00 RMB, a significant decrease from 65,017,771.35 RMB in the previous year[40]. - The net investment loss was -16,848,666.62 RMB, worsening from -7,688,536.17 RMB in the previous year[38].

Financial Performance - The company achieved a revenue of 629.37 million yuan in 2021, representing a year-on-year growth of 9.97%[6] - The net profit attributable to the parent company was -161.92 million yuan, a decrease of 139.40 million yuan compared to the previous year[7] - The company has not yet achieved profitability since its listing and reported a net loss of -178.40 million yuan after deducting non-recurring gains and losses[6] - The company's operating revenue for 2021 was CNY 62,936.88 million, representing a 9.97% increase compared to CNY 57,229.29 million in 2020[40] - The revenue after deducting non-core business income was CNY 61,811.18 million, an increase of 8.08% from CNY 57,190.31 million in the previous year[40] - The net profit attributable to shareholders decreased by CNY 169.19 million compared to the previous year, while the net profit excluding non-recurring gains and losses decreased by CNY 138.03 million[47] - The net cash flow from operating activities was CNY -121.31 million, an improvement of CNY 108.20 million year-on-year, primarily due to a 30.97 million increase in cash received from sales of goods and services[47] - Basic earnings per share decreased by CNY 1.91, and the weighted average return on equity decreased by 5.57 percentage points year-on-year[47] - The company reported a significant increase in other comprehensive income of ¥92,472,771.34, mainly due to the appreciation of equity in a joint venture[166] Research and Development - Research and development expenses accounted for 26.2% of operating revenue, an increase of 4.18 percentage points compared to the previous year[47] - The company plans to continue increasing R&D investment to drive product technology updates and iterations, focusing on the fuel cell vehicle market[55] - The company completed the R&D of two new high-power fuel cell system products, G120 and G80Pro, enhancing the system's rated power and stability, and launched a fuel cell system product with a rated power of 240 kW by the end of 2021[58] - The company has obtained 157 authorized patents and 6 software copyrights during the reporting period, reflecting its commitment to independent R&D[90] - The company applied for a total of 377 patents this year, with 163 granted, bringing the cumulative totals to 1,044 applications and 558 grants[91] - R&D investment amounted to 164.88 million yuan, accounting for 26.20% of revenue, indicating a strong commitment to meet customer and market demands[140] Market Position and Strategy - The company focuses on the development of fuel cell technology, which is a key area of its business strategy[30] - The company aims to enhance its market presence through new product development and technological advancements in fuel cell systems[30] - The company is exploring potential market expansion opportunities and strategic acquisitions to strengthen its competitive position[30] - The company is a pioneer in fuel cell system R&D and commercialization in China, holding independent core intellectual property rights and being one of the few domestic companies capable of mass production of fuel cell systems[75] - The hydrogen energy industry has been integrated into China's national energy development strategy, with over 10 provincial and municipal hydrogen energy industry plans established by the end of 2021, significantly promoting the development of the fuel cell industry[71] Operational Challenges - The company faces risks related to negative operating cash flow due to rapid growth in accounts receivable and inventory, which may lead to insufficient working capital[9] - The company faces risks related to unprofitability, with a negative cash flow from operating activities expected if market promotion does not meet expectations[135] - The company is experiencing increased competition in the fuel cell market, necessitating timely responses to maintain market share and product pricing[139] - The company is exposed to risks related to product quality and safety, particularly in the context of stringent regulations and public concerns regarding hydrogen safety[145] - The average collection period for accounts receivable is approximately 1-2 years, which poses a risk of delayed cash flow due to the strong position of vehicle manufacturers in the supply chain[149] Customer and Supplier Dynamics - The top five customers generated a total sales revenue of 529.68 million yuan, representing 84.16% of the company's total sales, with the largest customer contributing 339.90 million yuan, or 54.01% of total sales[143] - The company’s top five suppliers accounted for 298.26 million yuan in purchases, which is 55.19% of total annual procurement, indicating a high dependency on a limited number of suppliers[149] - The largest customer, A Company, saw a sales increase of 19,076.32 million yuan, with its proportion of total sales rising by 27.95 percentage points year-on-year[190] Financial Risks and Provisions - The company increased the provision for bad debts from 40% to 90% for certain receivables, leading to a significant increase in bad debt losses[7] - The company reported a significant increase in bad debt provisions for accounts receivable from a major customer, raising the provision ratio to 90% due to ongoing credit risk concerns[152] - Credit impairment losses increased by 79.14 million RMB year-on-year, reflecting a more cautious approach to bad debt provisions[198] - Asset impairment losses increased by 33.12 million RMB year-on-year, due to provisions for inventory depreciation[198] Investment and Financing Activities - The company plans to increase its total share capital by 28.54 million shares through a capital reserve transfer, resulting in a new total of 99.89 million shares[14] - The company issued 850,991 shares through a simplified procedure, raising a total of 199.99 million yuan to support its operational development and is in the process of applying for an initial public offering of H shares on the Hong Kong Stock Exchange[62] - The company’s investment activities generated a net cash outflow of ¥592,566,393.53, primarily due to investments in the second phase of the fuel cell system production base[166] - The company’s financing activities saw a net cash inflow decrease of 54.14% year-on-year, attributed to the previous year's IPO fundraising[166]

Financial Performance - The company's operating revenue for Q1 2022 was ¥97,059,251.34, representing a significant increase of 855.75% compared to the same period last year[6] - The net profit attributable to shareholders was -¥23,474,798.75, with a net profit excluding non-recurring gains and losses of -¥25,629,412.18[6] - The net loss for Q1 2022 was CNY 35,675,484.45, compared to a net loss of CNY 21,604,759.87 in Q1 2021, reflecting a deterioration in performance[34] - The basic and diluted earnings per share for Q1 2022 were both CNY -0.33, compared to CNY -0.22 in Q1 2021, indicating a worsening in earnings performance[34] Revenue and Costs - Total operating revenue for Q1 2022 was CNY 97,059,251.34, a significant increase from CNY 10,155,282.72 in Q1 2021, representing a growth of approximately 855.5%[30] - Total operating costs for Q1 2022 reached CNY 135,316,866.08, up from CNY 42,531,328.20 in Q1 2021, indicating an increase of about 218.5%[30] - The company attributed the increase in operating revenue to the early release of some order demand due to the announcement of the fuel cell vehicle demonstration application city cluster list[13] Research and Development - Research and development expenses totaled ¥33,797,186.99, accounting for 34.82% of operating revenue, a decrease of 313.42 percentage points year-on-year[10] - Research and development expenses for Q1 2022 amounted to CNY 21,275,160.00, which is more than double the CNY 9,095,813.84 spent in Q1 2021, showing a growth of approximately 134.5%[30] Cash Flow - The net cash flow from operating activities was -¥3,130,589.12, indicating a negative cash flow situation[6] - The company experienced a decrease in other comprehensive income, with a loss of CNY 14,875,000.00 reported for Q1 2022[34] - The cash inflow from operating activities was approximately ¥214.12 million, a significant increase from ¥67.24 million in Q1 2021, representing a growth of 218.5%[36] - The net cash outflow from operating activities was ¥3.13 million in Q1 2022, an improvement compared to a net outflow of ¥42.89 million in Q1 2021[36] Assets and Liabilities - The total assets at the end of the reporting period were ¥3,563,345,114.68, a decrease of 1.68% from the end of the previous year[10] - The total current assets as of March 31, 2022, amounted to ¥2,265,931,619.15, a decrease from ¥2,316,654,328.54 in the previous year[21] - The total liabilities decreased slightly from CNY 731,377,829.50 in the previous period to CNY 720,729,702.44[30] - The total equity attributable to shareholders decreased from CNY 2,502,636,528.17 to CNY 2,464,574,702.94, indicating a decline of about 1.5%[30] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 13,610, with the largest shareholder holding 18.61% of the shares[14] - The company reported a total of 10 major shareholders, with the largest being Yutong Bus Co., Ltd. holding 2,799,378 shares[20] Other Financial Activities - The company has not engaged in any financing or margin trading activities during the reporting period[20] - The company incurred additional costs related to personnel and H-share listing expenses, impacting net profit[13]

Financial Performance - The company achieved operating revenue of 629.37 million yuan in 2021, representing a year-on-year growth of 9.97%[6]. - The net profit attributable to the parent company was -161.92 million yuan, a decrease of 139.40 million yuan compared to the previous year[7]. - The company reported a net profit excluding non-recurring gains and losses of -178.40 million yuan[6]. - The net profit attributable to shareholders decreased by CNY 169.19 million compared to the previous year, while the net profit excluding non-recurring gains and losses decreased by CNY 138.03 million[45]. - The net cash flow from operating activities was CNY -121.31 million, an improvement of CNY 108.20 million year-on-year, primarily due to a 30.97 million increase in cash received from sales of goods and services[45]. - The company's total assets increased by 18.93% year-on-year, reaching CNY 362.43 billion, while net assets attributable to shareholders increased by 10.04% to CNY 250.26 billion[45]. - The company achieved operating revenue of ¥629,368,760.53, representing a year-on-year increase of 9.97%[164]. - Operating costs amounted to ¥390,949,856.80, which is a 21.12% increase compared to the previous year[164]. - The gross profit margin for the hydrogen fuel cell industry decreased by 5.74 percentage points to 37.83%[166]. - The revenue from fuel cell systems was ¥518,051,474.27, with a gross margin of 40.44%, down 4.69 percentage points[167]. Research and Development - Research and development expenses accounted for 26.2% of operating revenue, an increase of 4.18 percentage points compared to the previous year[45]. - The company completed the R&D of two new high-power fuel cell system products, G120 and G80Pro, enhancing the system's rated power and stability, and launched a fuel cell system product with a rated power of 240 kW by the end of 2021[56]. - The company obtained 157 authorized patents and 6 software copyrights during the reporting period, reflecting its commitment to independent R&D[88]. - The company filed 377 new patent applications this year, with 163 granted, bringing the total to 1,044 applications and 558 granted[89]. - R&D investment amounted to 164.88 million yuan, accounting for 26.20% of operating revenue, indicating a strong commitment to meet customer and market demands[138]. - The company has established a data visualization platform for fuel cell stack testing, enhancing testing capabilities during R&D and production phases[110]. - The company is conducting research on fuel cell systems for cold start capabilities in extreme environments, with a focus on applications for the 2022 Winter Olympics[101]. Market and Industry Trends - The hydrogen energy industry has been included in China's national energy development strategy, with over 10 provincial and municipal hydrogen energy industry plans established by the end of 2021, significantly promoting the development of the fuel cell industry[69]. - The fuel cell vehicle demonstration at the 2022 Beijing Winter Olympics involved over 700 vehicles equipped with the company's fuel cell systems, significantly promoting the commercialization and marketization of fuel cell vehicles[60]. - The fuel cell vehicle sales in China grew from 629 units in 2016 to 1,586 units in 2021, indicating a positive trend in the industry[70]. - The company is focused on the development of fuel cell demonstration city clusters and potential cities, with applications expanding to cold chain transportation, sanitation, and heavy trucks[58]. - The company anticipates a decline in product pricing and gross margin as fuel cell technology matures and competition increases, potentially affecting profitability[142]. - The hydrogen fuel cell vehicle market is still in its early stages, with low penetration rates compared to electric vehicles, posing market expansion challenges[153]. Operational Challenges - The company continues to face risks related to negative operating cash flow due to rapid growth in accounts receivable and inventory[9]. - The company is facing risks related to unprofitability, with a net profit of -17,839.56万元 after deducting non-recurring losses[133]. - The company reported a significant accounts receivable risk, with a collection period of 1-2 years, which may lead to cash flow instability if client financial conditions worsen[147]. - Operating cash flow has been negative due to rapid growth in accounts receivable and inventory, raising concerns about sufficient working capital[149]. - The company is exposed to debt repayment risks as it expands operations and increases bank loans, which could be exacerbated by policy changes affecting revenue stability[152]. Customer and Supplier Relationships - The top five customers contributed 84.16% of total annual sales, with the largest customer accounting for 54.01% of sales[188]. - The company’s reliance on a few major customers increased, with the first major customer’s sales growing by 27.95 percentage points year-on-year[188]. - The top five suppliers accounted for 55.19% of the total annual procurement, with the largest supplier contributing 34.36%[192]. - The company has established stable supply relationships with domestic component suppliers, which is crucial for large-scale industrialization[131]. Financial Management - The company has not declared any cash dividends or stock bonuses for the 2021 fiscal year[14]. - The company recorded a government subsidy of CNY 19.10 million, which is closely related to its normal business operations[48]. - The company’s financing activities generated a net cash inflow of ¥552,911,580.12, a decrease of 54.14% compared to the previous year[164]. - The company faces risks related to warranty provisions and potential adjustments in the capitalized R&D expenses due to the evolving nature of the fuel cell industry[158][159].

Financial Performance - The company's operating revenue for Q3 2021 was ¥255,712,801.34, representing a year-on-year increase of 146.08%[8] - The net profit attributable to shareholders for Q3 2021 was -¥53,302,561.76, a decrease of 2,142.47% compared to the same period last year[8] - The basic earnings per share for Q3 2021 was -¥0.75, a decrease of 1,795.13% compared to the same period last year[11] - The company reported a significant increase in operating revenue for the first three quarters of 2021, with a year-on-year growth of 189.26%[14] - Total operating revenue for the first three quarters of 2021 reached ¥373,486,514.80, a significant increase from ¥129,118,728.15 in the same period of 2020, representing a growth of approximately 189%[34] - Net profit for the first three quarters of 2021 was a loss of ¥96,621,209.43, worsening from a loss of ¥75,826,366.83 in the same period of 2020[36] - The total profit for the first three quarters of 2021 was a loss of ¥118,715,532.10, compared to a loss of ¥90,996,561.33 in the same period of 2020[36] Research and Development - The total R&D investment in Q3 2021 was ¥37,618,864.40, an increase of 20.36% year-on-year, accounting for 14.71% of operating revenue[11] - Research and development expenses increased to ¥58,887,959.64 in 2021 from ¥48,254,218.13 in 2020, reflecting a rise of approximately 22%[34] Assets and Liabilities - The total assets at the end of Q3 2021 were ¥3,361,004,471.97, reflecting a 10.29% increase from the end of the previous year[11] - The total equity attributable to shareholders at the end of Q3 2021 was ¥2,459,962,617.95, an increase of 8.16% from the previous year[11] - As of September 30, 2021, total current assets amounted to RMB 2,188,357,458.60, a decrease from RMB 2,318,442,440.55 as of December 31, 2020, reflecting a decline of approximately 5.63%[24] - The company's total equity rose to RMB 2,574,031,665.91 from RMB 2,421,750,764.20, an increase of about 6.29%[30] - Total liabilities increased to RMB 786,972,806.06 from RMB 625,758,807.28, reflecting an increase of approximately 25.73%[30] - The company's total assets increased to RMB 3,361,004,471.97 from RMB 3,047,509,571.48, reflecting an increase of about 10.27%[28] Cash Flow - The cash flow from operating activities for the year-to-date was -¥182,357,541.87, indicating a negative cash flow situation[11] - Operating cash inflows totaled $304,046,458.94, a significant increase from $152,798,737.43 in the previous period, reflecting a growth of approximately 99%[43] - Operating cash outflows amounted to $486,404,000.81, up from $345,551,167.88, indicating a rise of about 41%[43] - The net cash flow from operating activities was -$182,357,541.87, slightly improved from -$192,752,430.45 in the prior period[43] - Cash inflows from investment activities were $51,543,622.07, down from $75,890,509.82, representing a decrease of approximately 32%[43] - Cash outflows from investment activities reached $477,502,016.66, significantly higher than $196,365,546.79, marking an increase of about 143%[43] - The net cash flow from investment activities was -$425,958,394.59, worsening from -$120,475,036.97 in the previous period[43] - Cash inflows from financing activities totaled $410,794,932.13, compared to $1,379,781,811.95, a decrease of approximately 70%[45] - The net cash flow from financing activities was $284,682,652.03, down from $1,324,718,173.66, indicating a decline of about 78%[45] - The ending cash and cash equivalents balance was $642,295,836.24, down from $1,213,028,147.88, reflecting a decrease of approximately 47%[45] Inventory and Receivables - Accounts receivable decreased to RMB 700,221,954.12 from RMB 843,091,107.57, a reduction of approximately 17.00%[24] - The company's inventory increased to RMB 264,051,943.82 from RMB 172,553,912.86, representing an increase of about 53.00%[24] Other Financial Metrics - The company has increased the provision for bad debts for accounts receivable based on prudence, resulting in a bad debt loss of ¥65,879,600 in the reporting period[14] - The company recorded a tax expense of ¥22,094,322.67 for the first three quarters of 2021, compared to ¥15,170,194.50 in 2020, representing an increase of approximately 46%[36] - Other comprehensive income after tax for the first three quarters of 2021 was ¥65,017,771.35, with no comparable figure provided for 2020[36] - The company reported a net investment loss of ¥7,688,536.17 for the first three quarters of 2021, an improvement from a loss of ¥8,943,645.41 in 2020[34] Company Strategy and Market Position - The company has focused on the fuel cell engine system, benefiting from the favorable development of the hydrogen fuel cell industry and the impact of the Winter Olympics[14] - The company did not report any new product developments or market expansions during this period[52]

Financial Performance - The company's operating revenue for Q3 2021 was ¥256,009,801.32, representing a year-over-year increase of 146.37%[6] - The net profit attributable to shareholders for Q3 2021 was -¥54,577,946.41, a decrease of 999.06% compared to the same period last year[6] - The total revenue for the year-to-date reached ¥373,783,514.78, marking a significant increase of 189.49% compared to the same period last year[6] - The company reported a net profit of ¥14.35 million for the period, a significant decrease from ¥84.87 million in the previous year, representing a decline of approximately 83.1%[27] - Net profit for the first three quarters of 2021 was a loss of ¥98,239,069.86, compared to a loss of ¥70,163,598.74 in the same period of 2020[35] - The total profit for the first three quarters of 2021 was -¥119,884,614.75, compared to -¥84,709,434.26 in 2020, indicating a worsening financial performance[35] Research and Development - The total R&D investment for Q3 2021 was ¥39,087,583.89, which accounted for 15.27% of the operating revenue, a decrease of 14.81 percentage points year-over-year[9] - Research and development expenses increased to ¥58,882,159.64 in 2021 from ¥48,254,218.13 in 2020, marking a 22% rise[32] - The company has ongoing research and development efforts, particularly in new technologies, although specific details were not disclosed in the report[23] Assets and Liabilities - The total assets at the end of Q3 2021 were ¥3,297,756,265.88, an increase of 8.21% compared to the end of the previous year[9] - As of September 30, 2021, the company's total assets amounted to approximately ¥3.30 billion, an increase from ¥3.05 billion at the end of 2020, representing a growth of about 8.2%[23] - The company's total equity reached approximately ¥2.51 billion, up from ¥2.42 billion, which is an increase of about 3.6%[27] - The company reported a total liability of $1.45 billion, reflecting an increase from the previous year[44] - Total liabilities amounted to 625,758,807.28, a decrease from 639,015,314.81[47] Cash Flow - The net cash flow from operating activities for the year-to-date was -¥182,357,541.87[9] - Cash flow from operating activities for the first three quarters of 2021 was ¥255,750,837.53, compared to ¥119,539,480.49 in 2020, indicating a 114% increase[37] - Net cash flow from operating activities was -$182.36 million, an improvement from -$192.75 million year-over-year[40] - Cash and cash equivalents at the end of the period totaled $642.30 million, down from $1.21 billion at the end of the previous year[42] Shareholder Information - The top shareholder, Zhang Guoqiang, holds 18.59% of the shares, totaling 13,264,430 shares[15] Government Support - The company received government subsidies amounting to ¥10,850,657.31 during Q3 2021[10] Inventory and Receivables - Accounts receivable stood at ¥698.52 million, down from ¥843.09 million, indicating a decrease of about 17.2%[23] - The company's inventory increased to ¥261.84 million from ¥172.55 million, reflecting a growth of approximately 51.7%[23] Future Outlook - Future outlook includes potential market expansion strategies, although no specific figures or timelines were provided[23]

Financial Performance - The net profit attributable to shareholders, excluding non-recurring gains and losses, was -19.738 million yuan for the reporting period[5]. - The company's operating revenue for the first half of 2021 reached ¥117,773,713.46, a significant increase of 367.28% compared to ¥25,204,143.34 in the same period last year[26]. - The net profit attributable to shareholders was -¥17,453,108.24, improving from -¥63,507,669.48 year-on-year[29]. - The basic earnings per share improved to -¥0.25 from -¥1.20 in the previous year[30]. - The weighted average return on net assets increased by 5.40 percentage points to -0.77% compared to -6.17% in the same period last year[30]. - The company achieved a total revenue of approximately 2,284,904.15 million, with a significant impact from non-operating income and expenses[35]. - The company reported a year-on-year increase of 43.6% in hydrogen fuel cell vehicle production and a 5.7% increase in sales during the first half of 2021[39]. - The company achieved operating revenue of ¥117,773,713.46, a year-on-year increase of 367.28% driven by the development of the hydrogen fuel cell industry and the "subsidy for reward" policy[95]. Risks and Challenges - The company faces risks related to ongoing losses if product development and market sales do not meet expectations, which could impact cash flow and business expansion[5]. - The company has made provisions for bad debt losses due to credit risks associated with a major customer, which could affect future receivables[5]. - The company emphasizes the importance of monitoring risks related to customer credit and liquidity in the market[5]. - The company faces risks related to the recovery of accounts receivable, with collection periods typically ranging from 1 to 2 years, influenced by the financial health of its clients[89]. - The company is exposed to risks from the reliance on government subsidy policies for the fuel cell vehicle industry, which could impact its revenue if key cities are not selected for demonstration projects[88]. - The company anticipates a decline in product pricing and gross margins as fuel cell technology matures and competition increases, potentially affecting profitability[84]. - The company faces risks from product quality and safety standards, particularly in the context of increasing regulatory scrutiny in the automotive industry[84]. - The company faces potential impairment risks for its capitalized development expenditures, influenced by various factors including industry progress and project conditions[93]. Research and Development - The company increased its R&D investment to ¥79,168,491.71, a year-on-year growth of 117.75%[31]. - Research and development expenses accounted for 67.22% of operating revenue, a decrease of 77.03 percentage points from 144.25% year-on-year[30]. - The company has developed core technologies including electric-hybrid power system matching and control technology, long-life fuel cell system control technology, and high-reliability fuel cell system fault diagnosis technology[40]. - The company has established a hydrogen fuel cell technology innovation center, focusing on six key areas including common key technologies and intellectual property protection, with all project indicators met and accepted by the Science and Technology Commission[17]. - The company has developed a new generation of high-power hydrogen fuel cell engines, G120 and G80Pro, with significant breakthroughs in core parameters[43]. - The company has established a robust testing platform for matching hydrogen supply systems with fuel cells, addressing key technical issues for heavy-duty vehicles[24]. - The company has completed the development of high-power fuel cell systems, achieving an output power greater than 100kW and a power density of 1kW/L, with engine output power exceeding 80kW and an energy conversion efficiency of over 55%[5]. Market Position and Strategy - The company specializes in the research and development of hydrogen fuel cell engine systems, having established partnerships with major commercial vehicle manufacturers in China[36]. - The hydrogen fuel cell vehicle market in China has seen a total ownership of over 7,800 vehicles as of June 2021, indicating growth potential in the sector[39]. - The company is positioned within a rapidly developing industry, with hydrogen energy included in China's "14th Five-Year Plan" as a key future industry[39]. - The company has established a direct sales model targeting major domestic commercial vehicle manufacturers, ensuring a streamlined sales process[39]. - The company is actively involved in national high-tech research projects, enhancing its competitive edge in the hydrogen fuel cell market[36]. Financial Management - The company reported a significant increase in accounts receivable, with a balance of ¥122,479,540.00, up 283.82% from the previous year[102]. - Inventory levels rose to ¥351,358,333.35, a 103.62% increase, to meet related orders and market demand[102]. - The company's financial expenses decreased by 343.62%, primarily due to interest income from funds raised through its initial public offering[98]. - The net cash flow from financing activities decreased by 87.85%, mainly due to the repayment of bank loans that matured during the reporting period[98]. - The company’s operating cash flow has been negative due to rapid revenue growth and increasing accounts receivable and inventory, which may lead to insufficient working capital[92]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period is 4,581[195]. - The largest shareholder, Zhang Guoqiang, holds 13,264,430 shares, representing 18.81% of the total shares[196]. - The company has a diverse shareholder base, including both domestic and international investors[199]. - The voting rights of shareholders are not currently subject to any restrictions or agreements[199]. - The company has established relationships with various investment management entities, enhancing its strategic partnerships[199].

Financial Performance - The net profit attributable to shareholders for the reporting period was -22.52 million yuan, a decrease of 135.24% year-on-year[5]. - The company's operating revenue for the year was 572.29 million yuan, remaining stable compared to the previous year[5]. - The company reported a net profit of -40.37 million yuan after deducting non-recurring gains and losses[5]. - The net profit attributable to shareholders for 2020 was a loss of approximately ¥22.52 million, a decrease of 135.24% from a profit of ¥63.92 million in 2019[28]. - The net cash flow from operating activities for 2020 was a negative ¥229.50 million, worsening from a negative ¥169.97 million in 2019[28]. - The basic earnings per share for 2020 was -¥0.38, a decrease of 130.40% from ¥1.25 in 2019[29]. - The weighted average return on net assets for 2020 was -1.54%, a decrease of 8.28 percentage points from 6.74% in 2019[29]. - The company achieved operating revenue of ¥572,292,866.35, a year-on-year increase of 3.37%, but reported a net profit attributable to shareholders of -¥22,523,579.28, a decrease of 135.24%[114]. - The net cash flow from operating activities was -¥229,504,338.60, indicating a decline from -¥169,969,745.85 in the previous year[133]. Research and Development - The company reported a significant increase in research and development efforts, focusing on fuel cell technology advancements[1]. - The total R&D investment for the year was ¥126,032,598.95, a decrease of 2.48% compared to the previous year, which was ¥129,236,579.66[57]. - Research and development expenses accounted for 22.02% of operating revenue, a decrease of 1.32 percentage points[32]. - The company has established deep cooperation with major domestic commercial vehicle manufacturers, including Yutong and BAIC Foton, for hydrogen fuel cell engine systems[41]. - The company has increased its R&D investment and talent acquisition, resulting in a total of 205 patent applications in the reporting period, with 99 newly obtained patents, including 5 invention patents and 71 utility model patents[56]. - The company has completed the development of a fuel cell engine system for a 9-meter bus, aimed at the Winter Olympics, in collaboration with Toyota and BAIC Foton[61]. - The company has developed a high-power fuel cell engine system with an output power exceeding 80kW, achieving a lifespan of over 10,000 hours and an energy conversion efficiency exceeding 55%[64]. - The company has achieved a total of 19 major R&D projects progressing as planned without significant delays[80]. - The company has submitted intellectual property applications related to the development of intelligent testing equipment for fuel cell engines[83]. Market and Sales - The production and sales of fuel cell vehicles in 2020 were 1,199 units and 1,177 units, respectively, representing a year-on-year decline of 57.5% and 56.8%[5]. - The company reported a significant decline in fuel cell vehicle production and sales, with a total of 1,199 units produced and 1,177 units sold, representing year-on-year decreases of 57.5% and 56.8% respectively[116]. - The company is actively participating in the "Ten Cities, Thousand Vehicles" policy, which aims to promote over 1,000 fuel cell vehicles in demonstration cities[141]. - The local subsidy policy in Hebei provides a 1:1 match to national subsidies for fuel cell vehicle purchases, while Beijing offers a 1:0.5 ratio[142]. - The company has made significant progress in expanding its market presence, with fuel cell engine-equipped vehicles achieving commercial operations in multiple cities[114]. Risks and Challenges - The company faces risks related to ongoing losses and potential credit issues with clients, particularly concerning Shenchuan Bus[5]. - The company is at risk of declining gross margins as the fuel cell technology matures and competition increases, potentially leading to lower product pricing and profitability[121]. - The company has faced risks related to high customer concentration, primarily relying on a few major clients like BAIC Foton and Geely, which could impact its operational sustainability[121]. - The company is highly reliant on subsidy policies for the fuel cell vehicle industry, and any changes or uncertainties in these policies could adversely affect its business[124]. - The company has a significant risk of delayed collection of accounts receivable, with actual collection periods typically ranging from 1 to 2 years or longer due to the strong position of vehicle manufacturers in the supply chain[128]. - The company reported a bad debt provision of approximately ¥11.60 million for accounts receivable from a major customer, reflecting concerns over the customer's liquidity issues[128]. Strategic Initiatives - Future outlook includes plans for market expansion and potential mergers and acquisitions to enhance competitive positioning[1]. - The company aims to improve energy conversion efficiency in its fuel cell systems, which is critical for market competitiveness[1]. - The company is focused on maintaining its technological edge amid increasing competition in the fuel cell industry, which poses a risk to its market share and innovation capabilities[119]. - The company has established a joint venture with Toyota and others to develop fuel cell systems suitable for the Chinese market, with a registered capital of ¥10,477.13 million[182]. - The company aims to promote over 10,000 hydrogen fuel cell vehicles and achieve a cumulative industry chain output value of 24 billion yuan by 2025[186]. - The company plans to implement a market development strategy focusing on key cities like Beijing, Zhangjiakou, Chengdu, Zibo, and Shanghai, expanding to national and international markets[200]. Financial Position - The total assets at the end of 2020 were approximately ¥3.05 billion, an increase of 81.03% from ¥1.68 billion at the end of 2019[28]. - The net assets attributable to shareholders increased by 115.59% to approximately ¥2.27 billion at the end of 2020, up from ¥1.05 billion at the end of 2019[28]. - Cash and cash equivalents at the end of the period reached ¥1,057,525,886.22, accounting for 34.70% of total assets, a significant increase of 424.72% compared to the previous period[169]. - Accounts receivable increased by 32.62% to ¥843,091,107.57, primarily due to longer payment cycles in the new energy vehicle supply chain and impacts from the COVID-19 pandemic[169]. - Long-term equity investments rose by 73.42% to ¥130,269,235.86, indicating a strategic focus on expanding investment in key areas[169]. - The company reported a significant decrease in other payables, down 96.12% to ¥1,518,544.98, reflecting improved cash flow management[171].

Financial Performance - Operating revenue for the period was CNY 10,155,282.72, representing a decline of 41.97% year-on-year[12] - Net profit attributable to shareholders was a loss of CNY 15,577,685.46, an improvement from a loss of CNY 32,383,203.19 in the same period last year[12] - The company expects to incur losses in the first half of 2021 due to cyclical sales characteristics in the new energy vehicle industry[32] - Net profit for Q1 2021 was a loss of CNY 21,604,759.87, compared to a loss of CNY 37,252,131.34 in Q1 2020, representing a 42.1% improvement[52] - The company reported a total comprehensive income for the period was -3,171,785.19 RMB, compared to -591,627.04 RMB in the prior year, indicating a significant decline[60] Cash Flow - The net cash flow from operating activities was a negative CNY 42,886,678.91, an improvement from a negative CNY 55,903,414.39 in the previous year[12] - The company reported a significant increase in cash received from operating activities, totaling 67,244,687.53 RMB, up from 45,877,444.17 RMB year-over-year, a growth of approximately 46%[64] - The net cash flow from operating activities for Q1 2021 was -30,090,561.50 CNY, a significant decline compared to 7,777,889.63 CNY in Q1 2020[66] - The total cash outflow from operating activities rose to 96,857,438.75 CNY in Q1 2021, compared to 78,876,457.59 CNY in Q1 2020, indicating an increase of about 23%[66] Assets and Liabilities - Total assets at the end of the reporting period were CNY 2,989,598,615.09, a decrease of 1.90% compared to the end of the previous year[12] - Total liabilities decreased from 625,758,807.28 to 589,470,971.96, a reduction of approximately 5.5%[40] - Current liabilities decreased from 485,224,630.04 to 431,570,416.16, a decline of about 11.1%[40] - Total equity attributable to shareholders decreased from 2,274,344,154.84 to 2,258,766,469.38, a decline of approximately 0.7%[42] - The total assets decreased from 2,586,113,641.50 to 2,521,339,918.63, a reduction of about 2.5%[46] Shareholder Information - The total number of shareholders at the end of the reporting period was 4,482[22] - The top shareholder, Zhang Guoqiang, held 18.81% of the shares, totaling 13,264,430 shares[12] Expenses - Research and development expenses accounted for 348.24% of operating revenue, an increase of 271.90 percentage points compared to the previous year[12] - Sales expenses increased by 87.25% to 6,024,314.81 due to intensified marketing efforts[29] - Total operating costs for Q1 2021 were CNY 42,531,328.20, slightly up from CNY 42,329,306.40 in Q1 2020[52] - Financial expenses included interest expenses of 611,011.48 RMB, up from 186,833.34 RMB, indicating an increase of about 226%[59] Other Financial Metrics - Basic and diluted earnings per share were both CNY -0.22, an improvement from CNY -0.61 in the same period last year[12] - The weighted average return on net assets improved by 2.41 percentage points to -0.69%[12] - The company reported a significant increase in other income, which rose by 94.94% to 116,280.61 due to increased disposal income from waste[29] - The company incurred credit impairment losses of 1,064,503.94 RMB, compared to 192,955.08 RMB in the previous year, marking an increase of approximately 450%[59]

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].