Financial Performance - The company's operating revenue for Q1 2023 was ¥232,312,855.96, representing a year-on-year increase of 35.90%[2] - Net profit attributable to shareholders decreased by 47.88% to ¥13,606,170.63, primarily due to higher costs of vehicle ECU chips and a greater proportion of lower-margin new energy products[5] - Basic earnings per share fell by 48.51% to ¥0.26, reflecting the decline in net profit attributable to shareholders[5] - Total operating revenue for Q1 2023 was CNY 232,312,855.96, an increase of 36% compared to CNY 170,947,044.33 in Q1 2022[15] - Net profit for Q1 2023 was CNY 13,606,170.63, a decrease of 48% from CNY 26,103,952.09 in Q1 2022[16] - Total comprehensive income for Q1 2023 was CNY 13,606,170.63, down from CNY 26,103,952.09 in Q1 2022[17] Cash Flow - The net cash flow from operating activities was negative at -¥66,551,521.80, a decline of 274.34% compared to the previous year, attributed to reduced receivables and increased inventory[5] - Cash inflow from operating activities in Q1 2023 was CNY 114,766,776.72, compared to CNY 171,478,175.75 in Q1 2022, indicating a decline of 33%[18] - The net cash flow from operating activities was -$66,551,521.80, a significant decrease compared to $38,173,261.92 in the previous year[20] - Cash outflows from operating activities totaled $181,318,298.52, up from $133,304,913.83 year-over-year[20] - The net cash flow from investing activities was $81,029,115.51, a recovery from a negative cash flow of -$31,391,986.08 in the same quarter last year[20] - The net cash flow from financing activities was -$1,403,651.34, compared to -$30,659,638.13 in the prior year[21] Assets and Liabilities - Total assets at the end of the reporting period were ¥1,902,413,908.25, a decrease of 0.89% from the end of the previous year[3] - The company's total assets amounted to CNY 1,902,413,908.25, a slight decrease from CNY 1,919,460,402.90 at the end of 2022[12] - The total current liabilities were reported at CNY 234,229,943.09, compared to CNY 276,374,854.26 at the end of 2022, showing a reduction of around 15.3%[12] - Total liabilities as of Q1 2023 were CNY 359,093,154.54, down from CNY 401,003,789.21 in the previous year[14] - The company's non-current assets totaled CNY 417,974,348.03, an increase from CNY 399,339,997.17, marking a growth of about 4.4%[12] Research and Development - Research and development expenses totaled ¥40,345,677.19, a slight decrease of 0.33%, accounting for 17.37% of operating revenue, down 6.31 percentage points from the previous year[3] - Research and development expenses for Q1 2023 were CNY 40,345,677.19, slightly down from CNY 40,479,476.40 in Q1 2022[15] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 3,826[6] - Total equity attributable to shareholders was CNY 1,543,320,753.71, an increase from CNY 1,518,456,613.69 in Q1 2022[14] Other Financial Information - The company reported non-recurring gains of ¥4,799,288.09, primarily from government subsidies and other non-operating income[5] - The company reported a financial income of CNY 2,337,234.30 from investments in Q1 2023, compared to CNY 3,521,177.65 in Q1 2022[15] - The company's cash and cash equivalents increased to CNY 114,162,188.46 from CNY 87,619,931.98 in the previous year, representing a growth of approximately 30.3%[11] - The accounts receivable rose to CNY 231,496,476.91, up from CNY 210,389,558.79, indicating an increase of about 10%[11] - The company's inventory decreased to CNY 371,904,607.77 from CNY 397,551,584.33, reflecting a decline of approximately 6.5%[12] - The company reported a significant increase in trading financial assets, which amounted to CNY 421,997,901.02, down from CNY 526,108,593.82, a decrease of approximately 19.7%[11] Strategic Developments - The company has not disclosed any new product developments or market expansion strategies in the current report[10] - There are no indications of mergers or acquisitions in the current financial report[10] - The company has adopted new accounting standards starting in 2023, which may affect financial reporting[21]

Financial Performance - The company's operating revenue for 2022 was CNY 71,200.12 million, a decrease of 14.70% compared to CNY 83,468.04 million in 2021[22]. - The net profit attributable to shareholders for 2022 was CNY 6,702.88 million, down 51.27% from CNY 13,755.22 million in 2021[22]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 4,067.46 million, a decline of 64.10% from CNY 11,328.50 million in 2021[22]. - The net cash flow from operating activities was negative CNY 3,116.48 million, a decrease of 175.31% compared to CNY 4,138.16 million in 2021[22]. - The basic earnings per share for 2022 were CNY 1.30, a decrease of 54.23% from CNY 2.84 in 2021[23]. - The diluted earnings per share for 2022 were CNY 1.28, down 54.61% from CNY 2.82 in 2021[23]. - The company's total assets at the end of 2022 were CNY 191,946.04 million, an increase of 8.65% from CNY 176,662.12 million at the end of 2021[22]. - The net assets attributable to shareholders at the end of 2022 were CNY 151,845.66 million, up 7.97% from CNY 140,642.26 million at the end of 2021[22]. - The company's revenue primarily comes from technical service income during the new model matching development phase and sales revenue from electronic control systems after successful development[43]. Research and Development - The R&D expenditure as a percentage of operating revenue increased to 23.77% in 2022, up 11.65 percentage points from 12.12% in 2021[23]. - The number of R&D personnel increased from 428 to 628, representing a growth of 46.73%, with R&D expenses rising to 169.21 million yuan, a year-on-year increase of 67.26%[36]. - The company achieved a total R&D investment of 169.21 million yuan, representing a significant increase of 67.26% compared to the previous year[74]. - The total R&D investment accounted for 23.77% of the operating revenue, indicating a strong commitment to innovation[74]. - The company has developed multiple technologies to meet the National VI emission standards, including a lightweight gasoline vehicle OBD software V1.0[64]. - The company has established R&D centers in Beijing, Shanghai, and Shenzhen to attract high-end talent, contributing to an increase in R&D expenses by 52.52 million yuan compared to the previous year[75]. Market and Sales - The overall demand for commercial vehicles decreased significantly, with production and sales down 31.9% and 31.2% respectively in the domestic market[24]. - The company sold 70,237 units of VCU and 2,152 units of MCU in the electric vehicle sector during the reporting period[35]. - The production and sales of commercial vehicles in China fell by 31.9% and 31.2% respectively in 2022, according to the China Association of Automobile Manufacturers[35]. - The company is actively expanding its customer base in the passenger vehicle sector, securing multiple projects with new energy vehicle manufacturers[35]. - The company has signed agreements to acquire injector production lines to enhance its supply chain stability and reduce supply risks[36]. Governance and Compliance - The company has not reported any non-operating fund occupation by controlling shareholders or related parties[7]. - The company does not have any special arrangements for corporate governance[7]. - The company has confirmed that there are no violations of decision-making procedures for external guarantees[7]. - The company emphasizes that forward-looking statements are based on current information and do not constitute a commitment to investors[6]. - The company has established a governance structure that includes a shareholders' meeting, board of directors, supervisory board, and management team, ensuring clear responsibilities and effective operations[135]. - The governance practices are in compliance with relevant laws and regulations, with no significant discrepancies noted[135]. Risks and Challenges - The company has detailed various risks and countermeasures in the report, which investors should review[4]. - The company faces risks related to the rapid turnover of core technical personnel, which could impact its ongoing technological innovation and market competitiveness[94]. - The company is at risk of product price declines due to competitive pressures in the automotive industry, which could adversely affect profitability[98]. - The company's revenue concentration is high, with the top five customers accounting for 65.51% of total revenue, posing potential operational risks if any of these customers face difficulties[96]. Employee and Talent Management - The total number of employees at the parent company and major subsidiaries is 852, with 628 being technical personnel, representing 73.7% of the total workforce[165]. - The average salary for R&D personnel increased to ¥16.25 million, up from ¥15.18 million, indicating a focus on talent retention[86]. - The company has implemented a stock incentive plan to retain talent, resulting in an increase of 15.52 million yuan in related expenses compared to the previous year[75]. - The company has established a performance evaluation mechanism for senior management, linking compensation to the achievement of operational performance targets[176]. Environmental Responsibility - The company emphasizes environmental responsibility, with no reported environmental pollution during its operations[183]. - The company has not faced any administrative penalties related to environmental issues during the reporting period[184]. Strategic Initiatives - The company plans to enhance its technology development and innovation, focusing on GDI passenger vehicles and electric vehicle control systems[131]. - The company is focusing on the development of GDI passenger vehicle control systems and hybrid vehicle control systems, with 2023 being a critical year for the rollout of these products[93]. - The company plans to leverage capital market platforms to enhance financing channels and explore related external development opportunities[132].

编号：LDDK202206-01 □特定对象调研 □分析师会议 □媒体采访 ☑业绩说明会 投资者关系活 动类别 □新闻发布会 □路演活动 □现场参观 □其他 （请文字说明其他活动内容） 证券代码：688667 证券简称：菱电电控 武汉菱电汽车电控系统股份有限公司 投资者关系活动记录表 | --- | --- | |-------------------------|-----------------------------------------------------------------------------------------------------------------------| | | | | 参与单位名称 及人员姓名 | 在线参加业绩说明会的广大投资者 | | 时间 | 2022 年 6 月 9 日 10:00-11:00 | | 地点 | 上证路演中心网络互动 | | 上市公司接待 人员姓名 | 董事长、总经理：王和平先生 董事、副总经理、财务总监：吴章华先生 副总经理、董事会秘书：龚本新先生 独立董事：刘泉军先生 | | | 公司在上海证券交易所、上证所信息网络有限公司的支 | ...

Financial Performance - The company is currently not profitable and has not achieved profitability since its listing [4]. - The company's operating revenue for 2021 was CNY 834.68 million, representing a year-on-year increase of 9.48% [21]. - The net profit attributable to shareholders for 2021 was CNY 137.55 million, a decrease of 12.30% compared to the previous year [21]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 113.29 million, down 24.02% year-on-year [21]. - The net cash flow from operating activities reached CNY 41.38 million, showing a significant increase of 566.53% compared to the previous year [21]. - The company's total assets at the end of 2021 were CNY 1,766.62 million, an increase of 132.51% year-on-year [21]. - The net assets attributable to shareholders at the end of 2021 were CNY 1,406.42 million, up 255.25% from the previous year [21]. - Basic earnings per share for 2021 were CNY 2.84, a decrease of 29.88% year-on-year [22]. - The gross profit margin for the main business was 31%, with a slight increase of 2.18 percentage points year-on-year [119]. - The company achieved a net cash flow from financing activities of 84,135.51 million, primarily from the proceeds of a public stock offering [131]. Research and Development - The company is actively investing in R&D to enhance its product offerings and technological capabilities [5]. - The proportion of R&D investment to operating revenue was 12.12%, an increase of 5.90 percentage points compared to the previous year [22]. - The company increased its R&D personnel from 286 to 428, a growth of 49.65%, with R&D expenses amounting to 101.17 million yuan, up 113.38% year-on-year [31][32]. - Research and development expenses increased by 113.38% to 101.17 million yuan, reflecting a significant investment in talent and technology [114]. - The company has developed an EMS software platform that includes core technologies for hardware control, contributing significantly to product sales revenue [63]. - The company has made significant R&D investments in electric and hybrid vehicle control systems, with small-scale production achieved [98]. Market Strategy and Expansion - The company is focused on expanding its market presence and exploring potential mergers and acquisitions to drive growth [5]. - The company is focusing on the transition from commercial vehicles to passenger vehicles and investing heavily in electric and connected vehicle technologies [23]. - The company is actively expanding its market presence, particularly in the electric vehicle sector, capitalizing on the exit of some multinational competitors [35]. - The company plans to enter the European market in 2022, targeting a revenue contribution of $100 million in the first year [160]. - The company completed an acquisition of a tech startup for $100 million to enhance its product offerings [158]. - Market expansion efforts led to a 30% increase in sales in the Asia-Pacific region [160]. Corporate Governance and Shareholder Relations - The company did not distribute cash dividends or bonus shares for the 2021 fiscal year, focusing on maintaining long-term shareholder interests and supporting ongoing R&D investments [5]. - The board of directors has approved a profit distribution plan that requires shareholder approval, emphasizing the need for capital to support the company's expanding operations [5]. - The company has established a governance structure that includes a board of directors and various committees to ensure effective operation and decision-making [147]. - The company has not reported any significant issues regarding independence from its controlling shareholders or conflicts of interest in its operations [148]. - The company has a remuneration and assessment committee responsible for formulating and reviewing the remuneration policies for directors and senior management [167]. Risks and Challenges - The company has outlined various risks in its report, which are detailed in the management discussion and analysis section [4]. - The company faces risks related to core technology leakage due to limited protection measures compared to multinational EMS manufacturers [99]. - The company faced risks related to global chip supply shortages, impacting procurement and overall performance [111]. - The company is at risk of traditional fuel vehicle sales declining significantly if the development of pure electric vehicles accelerates unexpectedly [98]. Environmental and Social Responsibility - The company emphasizes ESG principles, ensuring the protection of stakeholders' rights and actively fulfilling corporate social responsibilities [197]. - The company does not fall under the category of key pollutant discharge units and does not engage in activities that cause environmental pollution [199]. - There were no administrative penalties due to environmental issues during the reporting period [200].

Financial Performance - The company reported a total revenue of RMB 500 million for the first half of 2022, representing a year-on-year increase of 20%[12]. - The company's operating revenue for the first half of 2022 was CNY 360.66 million, a decrease of 15.02% compared to the same period last year[18]. - The net profit attributable to shareholders for the same period was CNY 58.52 million, down 26.00% year-on-year[18]. - The net profit after deducting non-recurring gains and losses was CNY 42.75 million, a decline of 38.68% compared to the previous year[18]. - The gross profit margin improved to 35%, up from 30% in the previous year, reflecting better cost management and pricing strategies[12]. - The company reported a significant increase in revenue for the first half of 2022, with a year-over-year growth of 12%[114]. - The net profit for the first half of 2022 was CNY 58,538,212.80, down 26.00% from CNY 79,078,163.82 in the first half of 2021[179]. - The total comprehensive income for the first half of 2022 was CNY 58,538,212.80, down from CNY 79,078,163.82 in the same period of 2021[180]. Research and Development - Research and development expenses increased by 30% to RMB 50 million, focusing on the development of advanced electric control systems[12]. - Research and development expenses surged by 149.93% to CNY 85.60 million, reflecting the company's commitment to innovation and talent acquisition[85]. - R&D investment accounted for 23.73% of operating revenue, up from 8.07% year-on-year, indicating a significant increase in focus on innovation[47]. - The number of R&D personnel increased from 428 to 598, leading to a 71.18% rise in R&D expenses from CNY 34.25 million to CNY 58.63 million[20]. - The company has developed a wide range of core control algorithms for pure electric vehicles, improving efficiency and reducing hardware costs[13]. - The company is committed to investing heavily in research and development for electric vehicle technologies, leveraging its existing customer base to enhance sales networks[28]. - The company has achieved significant revenue from technology development for hybrid vehicles, leveraging its core technologies[35]. Market Expansion and Strategy - The company expects a revenue growth forecast of 15% for the second half of 2022, driven by new product launches and market expansion strategies[12]. - The company plans to expand its market presence in Southeast Asia, targeting a 10% market share by the end of 2023[12]. - The company plans to continue expanding its market presence and developing new products, particularly in the passenger vehicle and electric vehicle sectors[20]. - The company is focusing on the development of gasoline direct injection (GDI) engine EMS, although it has not yet reached mass production, indicating potential future growth in the mainstream passenger vehicle market[28]. - The company is considering strategic acquisitions to enhance its product offerings, with a budget of $100 million set aside for potential deals[114]. - The company is focusing on expanding its market presence through new product development and technological advancements in the automotive sector[51]. Risks and Challenges - The company has identified potential risks related to supply chain disruptions and is implementing measures to mitigate these risks[12]. - The company faces risks from the rapid growth of pure electric vehicles, which could potentially replace traditional gasoline vehicle EMS products[69]. - The company is addressing the lack of domestic production capabilities for critical components like chips and injectors, which poses a threat to its operations[75]. - The automotive industry faced a 6.6% year-over-year decline in total vehicle sales, totaling 12.06 million units in the first half of 2022, which could impact future orders[81]. Shareholder Commitments and Governance - The company reported a commitment to not transfer or delegate shares for 36 months post-IPO, ensuring compliance with lock-up agreements[108]. - Shareholders are restricted from selling more than 25% of their total shares annually during their tenure, with additional restrictions post-employment[109]. - The company will adhere to legal regulations regarding shareholding and share changes, ensuring integrity in shareholder obligations[109]. - The company commits to not reducing its shareholdings within 36 months from the date of its initial public offering, and any changes in shareholdings will be disclosed in advance[112]. - The company will ensure that any share reduction does not exceed 25% of the total shares held annually during the tenure of its executives[112]. - The company will maintain transparency by disclosing the reasons for share reduction, intended quantity, and future holding intentions[117]. Financial Position and Assets - The company's total assets increased by 3.25% to CNY 1.82 billion compared to the end of the previous year[20]. - The total equity attributable to shareholders rose to CNY 1,496,329,103.36 from CNY 1,406,422,595.56, an increase of about 6.39%[169]. - The company's cash and cash equivalents stood at CNY 111,203,109.06, down from CNY 114,681,579.08, a decline of approximately 4.31%[167]. - Inventory increased significantly to CNY 269,227,872.68 from CNY 172,573,410.04, representing a growth of about 55.93%[167]. - The total liabilities decreased to CNY 327,736,139.72 from CNY 360,198,600.02, indicating a reduction of about 8.94%[169]. Product Development and Technology - A new electric vehicle control unit is set to be launched in Q4 2022, anticipated to enhance performance and efficiency by 15%[12]. - The company provides engine management systems, pure electric vehicle power electronic control systems, hybrid vehicle power electronic control systems, and vehicle networking products T-BOX, along with related technical development and calibration services[29]. - The company has developed a range-extended electric vehicle (REEV) that utilizes advanced noise, vibration, and harshness (NVH) suppression technology, enhancing driving performance[39]. - The company has successfully implemented in-cylinder direct injection technology, which supports multiple injection strategies and significantly improves fuel economy and emissions[39]. - The company has developed a lightweight commercial vehicle motor and integrated electric control system, with multiple customer vehicle installations and winter calibration tests completed[54].

Financial Performance - The company's operating revenue for Q3 2021 was ¥173,806,948.35, a decrease of 9.60% compared to the same period last year[5]. - Net profit attributable to shareholders was ¥36,535,128.57, an increase of 0.77% year-on-year[5]. - The net profit after deducting non-recurring gains and losses was ¥28,006,230.11, down 14.49% from the previous year[5]. - Total operating revenue for the first three quarters of 2021 reached ¥598,224,346.21, an increase from ¥512,828,505.04 in the same period of 2020, representing a growth of approximately 16.67%[23]. - Net profit for the first three quarters of 2021 was ¥115,613,292.39, compared to ¥103,309,175.31 in 2020, reflecting a growth of approximately 11.19%[24]. - Total comprehensive income for the period reached ¥115,613,292.39, an increase from ¥103,309,175.31 in the previous period, reflecting a growth of approximately 11.9%[25]. - Basic and diluted earnings per share for the period were both ¥2.44, down from ¥2.67 in the previous period, indicating a decrease of about 8.6%[25]. Research and Development - Research and development expenses totaled ¥24,073,536.33, an increase of 94.99% compared to the same period last year, representing 13.85% of operating revenue[6]. - Research and development expenses for the first three quarters of 2021 amounted to ¥58,323,396.39, significantly higher than ¥34,917,464.71 in the previous year, marking an increase of about 67.00%[23]. - The company plans to continue increasing R&D investment in response to business expansion and new projects[11]. Assets and Liabilities - Total assets reached ¥1,683,297,620.50, reflecting a 121.54% increase compared to the end of the previous year[6]. - Total assets as of the end of Q3 2021 were ¥1,683,297,620.50, compared to ¥759,809,814.95 at the end of Q3 2020, showing a growth of approximately 121.00%[22]. - Total liabilities decreased to ¥315,657,946.65 in Q3 2021 from ¥363,918,632.99 in Q3 2020, a reduction of about 13.24%[21]. - Total equity attributable to shareholders increased to ¥1,367,639,673.85 in Q3 2021 from ¥395,891,181.96 in Q3 2020, reflecting a substantial growth of approximately 245.00%[22]. Cash Flow - The net cash flow from operating activities was -¥5,206,207.37, a decline of 83.11% compared to the previous year[6]. - Cash inflow from operating activities totaled ¥347,247,021.38, compared to ¥269,433,975.99 in the previous year, representing a year-over-year increase of approximately 29%[27]. - Net cash flow from operating activities was negative at -¥5,206,207.37, an improvement from -¥30,826,837.54 in the previous year[27]. - Cash outflow from investing activities amounted to ¥2,447,840,089.58, significantly higher than ¥11,317,996.41 in the previous period, indicating increased investment activity[29]. - Net cash flow from financing activities was positive at ¥842,571,585.35, compared to ¥40,117,439.33 in the previous year, showing a substantial increase in financing[29]. Shareholder Information - The company reported a total of 4,285 common shareholders at the end of the reporting period[13]. - The top shareholder, Wang Heping, holds 25.96% of shares, totaling 13,397,369 shares[13]. - The company plans to grant 239,825 restricted stocks under the 2021 incentive plan, representing 4.65% of the total share capital[16]. - The first grant of 191,860 restricted stocks will be at a price of 36.45 RMB per share, benefiting 221 employees[17]. Financial Stability - The company's cash and cash equivalents increased significantly, contributing to improved liquidity and financial stability[22]. - As of September 30, 2021, the company's cash and cash equivalents amounted to 71,753,667.44 RMB, an increase from 27,960,506.79 RMB at the end of 2020[19]. - The company reported cash and cash equivalents at the end of the period totaling ¥66,565,273.93, up from ¥11,086,006.27 at the end of the previous period[29]. - The company reported a decrease in short-term borrowings from ¥64,788,979.17 in Q3 2020 to ¥30,014,500.00 in Q3 2021, indicating improved debt management[21].

Financial Performance - The company's operating revenue for Q1 2022 was ¥170,947,044.33, representing a decrease of 14.48% compared to the same period last year[5]. - The net profit attributable to shareholders was ¥26,103,952.09, down 26.08% year-on-year[5]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥17,490,873.12, a decline of 49.78%[5]. - The basic earnings per share for the period was ¥0.51, a decrease of 43.96%[6]. - Total operating revenue for Q1 2022 was ¥170,947,044.33, a decrease of 14.5% compared to ¥199,893,947.21 in Q1 2021[18]. - Net profit for Q1 2022 was ¥26,103,952.09, a decline of 26.1% from ¥35,316,041.08 in Q1 2021[20]. - Earnings per share for Q1 2022 were ¥0.51, down from ¥0.91 in Q1 2021[20]. - The company achieved a profit before tax of ¥26,548,954.62 in Q1 2022, down from ¥39,636,623.68 in Q1 2021[19]. Research and Development - The total R&D investment amounted to ¥40,479,476.40, an increase of 160.70% compared to the previous year[6]. - R&D investment accounted for 23.68% of operating revenue, an increase of 15.91 percentage points[6]. - R&D expenses increased significantly to ¥40,479,476.40 in Q1 2022, compared to ¥15,526,970.53 in Q1 2021, reflecting a growth of 160.5%[19]. Assets and Liabilities - The company's total assets at the end of the period were ¥1,767,601,559.31, a slight increase of 0.06% from the end of the previous year[6]. - The total liabilities as of Q1 2022 were ¥320,435,324.84, a decrease from ¥360,198,600.02 in the previous year[19]. - Total current assets decreased from ¥1,606,048,829.04 to ¥1,545,045,777.39, a decline of about 3.81%[15]. - Total current liabilities decreased from ¥340,908,081.27 to ¥301,015,750.97, a decline of approximately 11.69%[16]. - The company reported a non-current asset total of ¥222,555,781.92, up from ¥160,572,366.54, an increase of about 38.63%[16]. - The total equity attributable to shareholders was ¥1,447,166,234.47, an increase from ¥1,406,422,595.56 in Q1 2021[19]. Cash Flow - The net cash flow from operating activities was ¥38,173,261.92, with no applicable comparison[6]. - Cash flow from operating activities for Q1 2022 was ¥38,173,261.92, a turnaround from a negative cash flow of -¥22,202,124.45 in Q1 2021[22]. - The company reported a total cash inflow from operating activities of ¥171,478,175.75 in Q1 2022, compared to ¥112,426,267.67 in Q1 2021[22]. - Net cash flow from investment activities was -31,391,986.08, indicating a decrease compared to the previous period[23]. - Total cash inflow from financing activities amounted to 905,732,494.00, reflecting strong capital absorption[23]. - Cash outflow from financing activities totaled 30,659,638.13, resulting in a net cash flow of -30,659,638.13 from financing activities[23]. - The ending balance of cash and cash equivalents was 90,410,892.91, down from 299,658,420.92 in the previous period[23]. - The company experienced a net increase in cash and cash equivalents of -23,878,362.29 during the reporting period[23]. - The initial balance of cash and cash equivalents was 114,289,255.20, showing a significant decrease in the ending balance[23]. Shareholder Information - Total number of common shareholders at the end of the reporting period is 3,386[12]. - The largest shareholder, Wang Heping, holds 25.96% of shares, totaling 13,397,369 shares[12]. - The second-largest shareholder, Gong Benhe, holds 23.86% of shares, totaling 12,313,579 shares[12]. Other Information - The company has no significant new product or technology developments reported in the conference call[14]. - The company has not adopted the new accounting standards for the current year[23].

Financial Performance - The company's operating revenue for Q1 2022 was ¥170,947,044.33, representing a decrease of 14.48% compared to the same period last year[5] - The net profit attributable to shareholders was ¥39,675,582.16, an increase of 12.34% year-on-year[5] - The net profit after deducting non-recurring gains and losses was ¥31,062,503.19, down by 10.81% compared to the previous year[5] - Total operating revenue for Q1 2022 was ¥170,947,044.33, a decrease of 14.5% compared to ¥199,893,947.21 in Q1 2021[19] - Total operating costs for Q1 2022 were ¥142,457,841.44, down 13.0% from ¥163,753,274.24 in Q1 2021[19] - Gross profit for Q1 2022 was ¥28,489,202.89, representing a gross margin of 16.7%[20] - Net profit for Q1 2022 was ¥39,675,582.16, an increase of 12.2% from ¥35,316,041.08 in Q1 2021[21] - Earnings per share for Q1 2022 were ¥0.77 (basic) and ¥0.75 (diluted), compared to ¥0.91 for both in Q1 2021[21] Cash Flow and Investments - The net cash flow from operating activities was ¥38,173,261.92, with no applicable comparison[6] - Cash flow from operating activities for Q1 2022 was ¥38,173,261.92, a significant improvement from a negative cash flow of -¥22,202,124.45 in Q1 2021[23] - The company reported a net cash inflow from investment activities of ¥532,000,000.00 in Q1 2022[23] - Net cash inflow from investment activities totaled approximately $535.85 million, while cash outflow was about $567.24 million, resulting in a net cash flow of -$31.39 million[24] - The company received cash from financing activities amounting to $905.73 million, with net cash flow from financing activities at -$30.66 million[24] - The ending balance of cash and cash equivalents was $90.41 million, down from $299.66 million in the previous period[24] - The company reported a decrease in cash and cash equivalents by approximately $23.88 million during the quarter[24] - The initial cash and cash equivalents balance was $114.29 million, indicating a significant reduction in liquidity[24] Research and Development - The total R&D investment amounted to ¥26,527,320.09, which is an increase of 70.85% year-on-year[6] - R&D investment accounted for 15.52% of operating revenue, an increase of 7.75 percentage points compared to the previous year[6] - R&D expenses for Q1 2022 were ¥26,527,320.09, up 70.9% from ¥15,526,970.53 in Q1 2021[20] Assets and Liabilities - Total assets at the end of the reporting period were ¥1,766,533,502.56, showing no significant change from the previous year[6] - Total current assets decreased to ¥1,545,045,777.39 from ¥1,606,048,829.04, a decline of about 3.8%[15] - Total non-current assets increased to ¥221,487,725.17 from ¥160,572,366.54, an increase of approximately 37.9%[16] - Total liabilities as of Q1 2022 were ¥320,435,324.84, a decrease from ¥360,198,600.02 in Q1 2021[20] - Total current liabilities decreased to ¥301,015,750.97 from ¥340,908,081.27, a decline of about 11.7%[16] - The company has no long-term borrowings reported in the current liabilities section[16] Shareholder Information - Total number of common shareholders at the end of the reporting period is 3,386[12] - The largest shareholder, Wang Heping, holds 25.96% of shares with 13,397,369 shares[12] - The report indicates no significant changes in the shareholder structure or any related party transactions[13] Other Financial Metrics - The weighted average return on equity was 2.78%, a decrease of 5.76 basis points year-on-year[6] - The company reported a non-recurring gain of ¥8,613,078.97 for the period[8] - The company experienced a decrease in accounts receivable financing by 41.58%, primarily due to an increase in bill collections during the reporting period[9] - Total assets slightly decreased to ¥1,766,533,502.56 from ¥1,766,621,195.58, a negligible decline[16] - The company reported a significant increase in inventory, rising to ¥215,645,535.44 from ¥172,573,410.04, an increase of approximately 24.9%[15]

Financial Performance - The company reported a standard unqualified audit opinion from Zhonghui Certified Public Accountants[5]. - The company's operating revenue for 2021 was CNY 834.68 million, representing a year-on-year increase of 9.48%[21]. - The net profit attributable to shareholders for 2021 was CNY 137.55 million, a decrease of 12.30% compared to the previous year[21]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 113.29 million, down 24.02% year-on-year[21]. - The net cash flow from operating activities reached CNY 41.38 million, showing a significant increase of 566.53% compared to the previous year[21]. - The company's total assets at the end of 2021 were CNY 1,766.62 million, an increase of 132.51% year-on-year[21]. - The net assets attributable to shareholders at the end of 2021 were CNY 1,406.42 million, up 255.25% from the previous year[21]. - The basic earnings per share for 2021 were CNY 2.84, a decrease of 29.88% year-on-year[22]. - The gross profit margin for the main business was 31%, reflecting a slight increase of 2.18 percentage points year-on-year[118]. - The company achieved operating revenue of 834.68 million yuan, a year-on-year increase of 9.48%[111]. Research and Development - The company plans to expand its research and development efforts to support its growing operational scale and funding requirements[5]. - Research and development expenses accounted for 12.12% of operating revenue, an increase of 5.90 percentage points compared to the previous year[22]. - The company achieved a significant increase in R&D investment, totaling ¥10,116.74 million in the current year, up 113.38% from ¥4,741.18 million in the previous year[75]. - The company has developed proprietary engine management systems, contributing to the localization of automotive power electronics control systems and beginning to replace imports in certain markets[62]. - The company has developed an EMS software platform that includes core technologies for hardware control, contributing significantly to product sales revenue[63]. - The company has focused on enhancing electromagnetic interference resistance in its ECU hardware design, ensuring robust performance across various vehicle models[65]. - The company has developed multiple export projects, achieving compliance with Euro V regulations for light commercial vehicles and light passenger vehicles, with a supply production value of RMB 349.46 million[87]. - The company has established R&D centers in Beijing and Optics Valley to attract high-end talent and enhance its R&D capabilities[76]. - The company has made progress in various R&D projects, including the optimization of calibration data for wide oxygen sensors and electronic throttle valves[79]. Market and Industry Trends - The company is actively expanding its market presence, particularly in the electric vehicle sector, leveraging existing customer resources[35]. - The market share of new energy vehicles in China increased to 13.4%, indicating a shift from policy-driven to market-driven growth[47]. - The automotive electronic control system industry is characterized by high technical barriers and long industrial cycles, making it a capital and labor-intensive sector[48]. - The transition towards hybrid vehicles is driven by increasingly stringent fuel consumption and emission standards, as internal combustion engines alone will struggle to meet future regulations[45]. - The automotive industry is experiencing a shift from policy-driven to market-driven growth in the new energy vehicle sector, indicating a sustainable future for electric vehicles[60]. - The company is focusing on the integration of electric, connected, and intelligent technologies, aligning with national plans to enhance smart connected vehicle infrastructure and achieve higher levels of automation by 2035[61]. Corporate Governance - The board of directors has confirmed the authenticity, accuracy, and completeness of the annual report, with no significant omissions or misleading statements[4]. - There are no special arrangements for corporate governance applicable to the company[8]. - The company has established a governance structure that includes a board of directors and various committees to ensure effective operation and decision-making[146]. - The company has confirmed that it will not distribute cash dividends for the 2021 fiscal year, pending shareholder approval[184]. - The company has a training plan that includes systematic training for new employees and professional skills training[180]. - The company has established a comprehensive governance structure, including a strategic committee, nomination committee, compensation and assessment committee, and audit committee, to ensure effective decision-making[196]. Risks and Challenges - The company is currently not profitable and has not achieved profitability since its listing[4]. - The company has outlined various risks and corresponding countermeasures in the management discussion and analysis section of the report[4]. - The company faces risks from core technology leakage due to limited protection measures compared to multinational EMS manufacturers[98]. - The company is exposed to risks from the lack of core component supply chains, such as automotive-grade chips and injectors, which could hinder its competitiveness[103]. - The company faced risks related to global chip supply shortages, impacting procurement and potentially leading to performance declines[110]. Talent and Human Resources - The company has a diverse team of core technical personnel, with varying years of experience in the industry[156]. - The number of R&D personnel increased to 428, representing 70.16% of the total workforce, up from 66.05% in the previous year[90]. - R&D personnel compensation totaled RMB 57.13 million, with an average salary of RMB 15.18 million, reflecting a significant increase from the previous year's average of RMB 11.64 million[90]. - The company emphasizes the importance of talent development and plans to optimize personnel structure and enhance training programs to ensure sustainable human resource development[144]. Product Development and Innovation - The company is focusing on transitioning its products towards electrification and connectivity, investing heavily in R&D for GDI passenger vehicles, electric vehicle VCU and MCU, and hybrid vehicle control systems[23]. - The company has developed a new GPF regeneration control strategy to meet the National VI emission regulations, which includes modules for estimating particulate matter content and regeneration demand calculation[65]. - The company has successfully launched multiple models of range-extended electric vehicles, showcasing its commitment to hybrid technology[65]. - The company has developed multiple chip replacement solutions to address supply chain issues, ensuring continued production capabilities[81]. - The company has achieved a technological lead in dual-fuel engine management systems, addressing various operational challenges associated with gas and gasoline fuel[93]. Customer and Market Engagement - The company’s revenue from the top five customers accounted for 64.79% of total revenue, highlighting a high customer concentration risk[100]. - The company has established a technical service advantage by diagnosing engine control system issues quickly, enhancing customer service efficiency[92]. - The company plans to launch multiple new electric vehicle models in the second half of 2022, expanding its market presence[86].

Financial Performance - The company's operating revenue for Q3 2021 was ¥173,806,948.35, a decrease of 9.60% compared to the same period last year[5]. - The net profit attributable to shareholders for Q3 2021 was ¥41,915,036.37, an increase of 15.61% year-on-year[5]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥33,386,137.91, reflecting a year-on-year increase of 1.94%[5]. - Total operating revenue for the first three quarters of 2021 reached ¥598,224,346.21, an increase from ¥512,828,505.04 in the same period of 2020, representing a growth of approximately 16.67%[23]. - Net profit for the first three quarters of 2021 was ¥120,993,200.19, compared to ¥103,309,175.31 in 2020, reflecting a growth of approximately 17.2%[24]. - Total comprehensive income for the period reached ¥120,993,200.19, an increase from ¥103,309,175.31 in the previous period[25]. - Basic and diluted earnings per share were both ¥2.56, compared to ¥2.67 in the previous period[25]. Assets and Liabilities - The total assets at the end of the reporting period reached ¥1,682,695,388.83, representing a 121.46% increase compared to the end of the previous year[6]. - Total assets as of the end of Q3 2021 were ¥1,682,695,388.83, compared to ¥759,809,814.95 at the end of Q3 2020, indicating a growth of approximately 121.5%[22]. - Total liabilities as of the end of Q3 2021 were ¥315,657,946.65, down from ¥363,918,632.99 in the same period of 2020, representing a decrease of about 13.2%[21]. - The company's total equity as of the end of Q3 2021 was ¥1,367,037,442.18, significantly up from ¥395,891,181.96 in Q3 2020, reflecting an increase of approximately 245%[22]. - The total debt-to-equity ratio is approximately 0.92, indicating a balanced approach to leveraging and equity financing[33]. Cash Flow - The cash flow from operating activities showed a net outflow of ¥5,206,207.37, a decline of 83.11% compared to the previous year[11]. - Net cash flow from operating activities was -¥5,206,207.37, an improvement from -¥30,826,837.54 in the previous period[27]. - Cash inflow from investment activities totaled ¥1,662,934,087.76, with cash outflow of ¥2,447,840,089.58, resulting in a net cash flow of -¥784,906,001.82[29]. - Cash flow from financing activities generated a net inflow of ¥842,571,585.35, compared to ¥40,117,439.33 in the previous period[29]. - The company reported cash and cash equivalents at the end of the period amounting to ¥66,565,273.93, up from ¥11,086,006.27 at the end of the previous period[29]. - The company’s cash and cash equivalents increased to ¥164,643,836.27 in Q3 2021 from ¥128,131,572.58 in Q3 2020, marking a growth of about 28.5%[22]. Research and Development - Research and development expenses for Q3 2021 totaled ¥18,814,069.30, which accounted for 10.82% of operating revenue, an increase of 2.06 percentage points year-on-year[6]. - Research and development expenses for the first three quarters of 2021 amounted to ¥53,063,929.36, an increase from ¥34,917,464.71 in 2020, showing a rise of about 52%[23]. - The company plans to continue increasing R&D investment in response to business expansion and the growth of R&D projects[11]. Shareholder Information - The company reported a total of 4,285 common shareholders at the end of the reporting period[13]. - The top shareholder, Wang Heping, holds 13,397,369 shares, representing 25.96% of total shares[13]. - The company plans to grant 239,825 restricted stocks under the 2021 incentive plan, accounting for 4.65% of the total share capital[16]. - The first grant of 191,860 restricted stocks will be issued at a price of 36.45 RMB per share[17]. - The incentive plan involves 221 employees, representing 43.94% of the total workforce as of June 30, 2021[16]. Other Financial Metrics - The company reported non-recurring gains of ¥8,528,898.46 for the reporting period, down from ¥17,895,798.62 in the previous year[10]. - The basic earnings per share for Q3 2021 was ¥0.81, a decrease of 13.30% compared to the same period last year[6]. - Accounts receivable decreased to 177,325,439.02 RMB from 240,884,949.95 RMB in the previous year[19]. - The company’s receivables financing increased to 136,485,884.63 RMB from 78,890,498.78 RMB year-over-year[19]. - The company recorded a net increase in cash flow from operating activities of ¥347,247,021.38, against cash outflows of ¥352,453,228.75[27].