证券代码：688667 证券简称：菱电电控 公告编号：2023-034 武汉菱电汽车电控系统股份有限公司 关于2023年半年度募集资金存放与使用情况 的专项报告 一、募集资金基本情况 经中国证券监督管理委员会（以下简称"中国证监会"）《关于同意武汉菱 电汽车电控系统股份有限公司首次公开发行股票注册的批复》（证监许可〔2021〕 146 号）同意，并经上海证券交易所同意，武汉菱电汽车电控系统股份有限公司 （以下简称"公司"或"菱电电控"）首次公开发行人民币普通股 1,290 万股，每 股发行价格 75.42 元，募集资金总额为人民币 972,918,000.00 元，扣除承销和保 荐费用 67,185,506.00 元后实际收到的募集资金金额为 905,732,494.00 元。另外减 除其他发行费用 24,619,433.97 元后，募集资金净额为 881,113,060.03 元。本次募 集资金已于 2021 年 3 月 5 日全部到位，中汇会计师事务所（特殊普通合伙）于 2021 年 3 月 5 日对资金到位情况进行了审验，并出具了《验资报告》（中汇会验 [2021]0656 号）。公司依照规定对募集资金 ...

证券代码：688667 证券简称：菱电电控 公告编号：2023-033 武汉菱电汽车电控系统股份有限公司 董事、副总经理减持时间过半暨减持股份进展公告 本公司董事会、全体董事及相关股东保证本公告内容不存在任何虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律 责任。 重要内容提示： 一、减持主体减持前基本情况 1 | | 5%以上非第一大股 | | | IPO | 前取得：3,003,569 | | --- | --- | --- | --- | --- | --- | | 吴章华 | | 3,003,569 | 5.80% | | | | | 东 | | | 股 | | 注： 1、以上数据若有尾数差异系四舍五入所致； 股东持股的基本情况 公司董事、副总经理、财务总监吴章华先生直接持有公司股份 2,703,474 股， 占公司总股本的 5.22%；通过宁波梅山保税港区灵控投资合伙企业（有限合伙） 间接持有公司股份 300,095 股（四舍五入取整），合计持有公司股份 3,003,569 股， 占公司总股本的 5.80%。 减持计划的进展情况 公司于 2023 年 4 月 20 ...

Financial Performance - The total revenue for 2022 was CNY 71,200.12 million, a decrease of 14.7% compared to 2021[24]. - The net profit attributable to shareholders was CNY 6,702.88 million, down 51.27% year-on-year[24]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 4,067.46 million, a decline of 64.10% compared to the previous year[24]. - The net cash flow from operating activities was CNY -3,116.48 million, a decrease of 175.31% year-on-year[25]. - The net assets attributable to shareholders at the end of 2022 were CNY 151,845.66 million, an increase of 7.97% from the end of 2021[25]. - The total assets at the end of 2022 were CNY 191,946.04 million, up 8.65% year-on-year[25]. - Basic earnings per share were CNY 1.30, a decrease of 54.23% compared to 2021[25]. - The company achieved operating revenue of 712.00 million yuan, a year-on-year decrease of 14.70%[105]. - The net profit attributable to shareholders was 67.03 million yuan, down 51.27% year-on-year[105]. - The net profit excluding non-recurring gains and losses was 40.67 million yuan, a decline of 64.10% compared to the previous year[105]. Research and Development - The proportion of R&D investment to revenue was 23.77%, an increase of 11.65 percentage points year-on-year[26]. - R&D expenses increased by 63.61% to CNY 13,508.35 million, with R&D personnel growing from 428 to 628, a 46.73% increase[35][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 company's operating revenue, indicating a strong commitment to innovation[74]. - The number of R&D personnel increased to 628, representing 73.71% of the total workforce, up from 70.16% in the previous year[86]. - Total R&D personnel compensation rose to ¥9,522.79 million, compared to ¥5,713.14 million in the previous year, reflecting a significant increase in investment in talent[86]. Market Trends and Strategy - The company faced a slowdown in demand for commercial vehicles, with production and sales down 31.9% and 31.2% respectively[24]. - The company is committed to transitioning towards electric vehicle technology and has made significant progress in developing hybrid and electric vehicle control systems[35]. - The automotive industry is transitioning towards "green, low-carbon, and intelligent networking" products, with a significant shift in product structure[62]. - The company is focusing on the transition to electric products and the development of passenger vehicle projects to align with market trends[93]. - The company is actively investing in electric vehicle technology and expanding its product offerings in the electric vehicle market[61]. Corporate Governance - The board of directors has approved the profit distribution plan, which is subject to shareholder approval at the annual general meeting[5]. - The company has not yet achieved profitability since its listing[4]. - There are no non-operating fund occupations by controlling shareholders or related parties[7]. - The company has received a standard unqualified audit report from Zhonghui Certified Public Accountants[5]. - The company does not have any special arrangements for corporate governance[7]. - The company has not violated decision-making procedures for external guarantees[7]. - The company has not faced any issues with a majority of directors being unable to ensure the accuracy and completeness of the annual report[7]. Risks and Challenges - The company has detailed potential risks in its report, which investors should review[4]. - The company faces risks related to the rapid turnover of core technical personnel, which could impact its continuous innovation and market competitiveness[94]. - The company is at risk of product price declines due to competitive pressures in the automotive industry, which could negatively affect profitability[98]. - The company faced risks related to inventory accumulation due to potential product obsolescence and price drops[101]. Product Development and Innovation - 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[38]. - The company is developing a Gasoline Direct Injection (GDI) engine EMS, which has not yet been mass-produced, resulting in a smaller market share in mainstream passenger vehicles[61]. - The company has developed multiple technologies to meet the National VI emission standards, including a light gasoline vehicle OBD software V1.0[64]. - The company has implemented a dual-fuel control strategy that allows simultaneous control of two types of fuel, improving fuel efficiency and emissions performance[64]. - The company has developed a direct injection technology for gasoline engines that supports multiple injection modes, significantly improving fuel economy and emissions performance[66]. Customer and Market Engagement - The company’s top five customers accounted for 65.51% of total revenue, indicating a high customer concentration risk[96]. - The company has established a technical service advantage by diagnosing engine control system issues quickly, improving customer support and satisfaction[88]. - The company emphasizes customer rights protection through improved product quality and service[192]. Employee and Talent Management - The company has implemented a stock incentive plan, resulting in an increase of 15.52 million yuan in R&D personnel-related expenses compared to the previous year[75]. - The average salary for R&D personnel increased to ¥16.25 million, up from ¥15.18 million, reflecting the company's commitment to attracting skilled professionals[86]. - The company has established R&D centers in Beijing, Shanghai, and Shenzhen to attract high-end talent, further driving its innovation strategy[75]. Environmental and Social Responsibility - The company emphasizes ESG principles, ensuring the protection of stakeholders' rights and actively fulfilling social responsibilities[182]. - The company has not faced any administrative penalties related to environmental issues during the reporting period[186]. - The company has not implemented any carbon reduction measures during the reporting period[187]. Future Outlook - The company has projected a revenue guidance of 1.8 billion for 2023, indicating an expected growth of 20%[144]. - New product launches are expected to contribute an additional 300 million in revenue in the next fiscal year[144]. - The company aims to reduce operational costs by 10% through efficiency improvements in the supply chain[144].

本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 重要内容提示： 武汉菱电汽车电控系统股份有限公司（以下简称"公司"）已于 2023 年 4 月 29 日发布公司 2022 年年度报告、2023 年第一季度报告，为便于广大投资者 更全面深入地了解公司 2022 年度及 2023 年第一季度的经营成果以及利润分配 情况，公司计划于 2023 年 6 月 5 日下午 13:00-14:00 举行 2022 年度暨 2023 年第 一季度业绩暨现金分红说明会，就投资者关心的问题进行交流。 证券代码：688667 证券简称：菱电电控 公告编号：2023-024 武汉菱电汽车电控系统股份有限公司 关于召开 2022 年度暨 2023 年第一季度业绩 暨现金分红说明会的公告 一、说明会类型 本次投资者说明会以网络互动形式召开，公司将针对 2022 年度及 2023 年第 一季度的经营成果、财务状况和利润分配的具体情况与投资者进行互动交流和沟 通，在信息披露允许的范围内就投资者普遍关注的问题进行回答。 二、说明会召开的时间、地点 会议召 ...

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].

Group 1: Company Strategy and Development - The company is focusing on strategic layouts in GDI passenger vehicles, electric vehicle VCU and MCU, hybrid vehicle control systems, and T-BOX, investing heavily in R&D and attracting high-end industry talent to enhance overall R&D capabilities [2][3] - The company aims to transition its products towards electrification and connectivity, while maintaining a focus on its core business to achieve competitive products in the industry [3] Group 2: R&D Investment and Progress - Since its establishment, the company has consistently adhered to an independent R&D path, increasing R&D personnel from 286 to 428, a growth of 49.65%, which now constitutes 70.16% of the total workforce [3] - R&D expenses reached 101.17 million yuan, reflecting a year-on-year increase of 113.38% [3] Group 3: Acquisition Progress - The company has reached an agreement with VT GmbH and Weipai Changchun regarding acquisition terms, with the signing of the agreement completed and related work progressing steadily [3]

Key Financial Data [Key Accounting Data and Financial Indicators](index=1&type=section&id=1.1%20Key%20Accounting%20Data%20and%20Financial%20Indicators) The company experienced a YoY decline in operating revenue and net profit attributable to shareholders in Q3 2022 and YTD, with Q3 net profit turning to a loss of RMB 4.91 million, despite R&D investment increasing over 100% Key Financial Indicators for Q3 2022 and Year-to-Date | Indicator | Current Period (Q3) (RMB million) | YoY Change (Q3) | Year-to-Date (YTD) (RMB million) | YoY Change (YTD) | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 170.00 | -2.41% | 530.00 | -11.36% | | Net Profit Attributable to Shareholders | -4.91 | -113.43% | 53.61 | -53.63% | | Net Profit Attributable to Shareholders Excluding Non-recurring Items | -9.17 | -132.73% | 33.58 | -65.63% | | Basic Earnings Per Share (RMB/share) | -0.10 | -114.08% | 1.04 | -57.45% | | Total R&D Investment | 52.72 | 118.99% | 138.00 | 137.16% | Key Balance Sheet Indicators at Period End | Indicator | End of Current Period (RMB billion) | Change from End of Previous Year | | :--- | :--- | :--- | | Total Assets | 1.87 | +5.56% | | Total Equity Attributable to Shareholders | 1.51 | +7.66% | [Non-recurring Gains and Losses and Amounts](index=2&type=section&id=1.2%20Non-recurring%20Gains%20and%20Losses%20and%20Amounts) In the first three quarters of 2022, the company's total non-recurring gains and losses amounted to RMB 20.03 million, significantly contributing to net profit, primarily from fair value changes and investment income (RMB 15.21 million) and government grants (RMB 8.55 million) Major Non-recurring Gains and Losses for the First Three Quarters of 2022 | Item | Year-to-Date Amount (RMB) | | :--- | :--- | | Government Grants | 8,553,060.84 | | Fair Value Changes and Investment Income from Financial Assets Held for Trading | 15,205,022.08 | | Other Non-operating Income and Expenses | -58,101.67 | | Income Tax Impact | -3,541,188.67 | | **Total** | **20,028,059.76** | [Analysis of Changes in Key Financial Indicators and Their Causes](index=4&type=section&id=1.3%20Analysis%20of%20Changes%20in%20Key%20Financial%20Indicators%20and%20Their%20Causes) Profitability indicators like net profit and EPS significantly declined YoY during the reporting period due to decreased revenue from a sluggish commercial vehicle market, substantial increases in R&D expenses for new energy and passenger vehicle transformation, and a sharp rise in share-based payment expenses from the 2021 equity incentive plan - Reasons for Decline in Net Profit Attributable to Shareholders: * **Revenue Side**: Company revenue decreased YoY due to the sluggish commercial vehicle market * **Cost and Expense Side**: R&D expenses significantly increased due to the introduction of high-end R&D talent and increased external testing costs for new energy and passenger vehicle transformation * **Share-based Payments**: Accrued share-based payment expenses (**RMB 45.19 million**) from the equity incentive plan were significantly higher than the same period last year (**RMB 5.98 million**)[11](index=11&type=chunk)[12](index=12&type=chunk) - R&D investment surged by **137.16%** YoY, primarily due to: * Increased employee compensation and benefits from the introduction of a large number of R&D personnel * Increased testing and R&D material costs due to new passenger vehicle and new energy development projects * Significant increase in R&D expenses due to accrued share-based payment expenses[12](index=12&type=chunk) Shareholder Information [Common Shareholder Holdings](index=5&type=section&id=2.1%20Common%20Shareholder%20Holdings) As of the end of the reporting period, the company had 4,325 common shareholders, with a relatively concentrated equity structure where the top two shareholders, Wang Heping and Gong Benhe, acting in concert, collectively held 49.63% of shares, and the top ten also included Dajia Life, Beijing Yuyuan Asset, and multiple Xingquan and Huaan funds - As of the end of the reporting period, the company had a total of **4,325** common shareholders[14](index=14&type=chunk) - Shareholders Wang Heping and Gong Benhe are parties acting in concert, with a combined shareholding of **49.63%** (**25.86%** + **23.77%**), serving as the company's actual controllers[14](index=14&type=chunk)[16](index=16&type=chunk) Top Ten Shareholder Holdings | Shareholder Name | Number of Shares Held (shares) | Shareholding Percentage (%) | | :--- | :--- | :--- | | Wang Heping | 13,397,369 | 25.86 | | Gong Benhe | 12,313,579 | 23.77 | | Ningbo Meishan Bonded Port Area Lingkong Investment Partnership (Limited Partnership) | 2,706,000 | 5.22 | | Wu Zhanghua | 2,703,474 | 5.22 | | Tan Chun | 2,579,984 | 4.98 | | Dajia Life Insurance Co., Ltd. - Universal Product | 1,354,440 | 2.61 | | Beijing Yuyuan Asset Management Co., Ltd. | 679,850 | 1.31 | | Yu Junfa | 526,789 | 1.02 | | China Merchants Bank - Xingquan Herun Mixed Securities Investment Fund | 513,477 | 0.99 | | Industrial and Commercial Bank of China - Huaan Ankang Flexible Allocation Mixed Fund | 351,236 | 0.68 | Other Reminders [Other Reminders](index=7&type=section&id=三、%20其他提醒事项) There is no other significant operating information requiring special attention from investors during the current reporting period - The company has no other significant operating information requiring special attention from investors during the current reporting period[17](index=17&type=chunk) Quarterly Financial Statements [Type of Audit Opinion](index=7&type=section&id=4.1%20Type%20of%20Audit%20Opinion) The financial statements for this quarter are unaudited - The company's Q3 2022 financial statements are unaudited[4](index=4&type=chunk)[17](index=17&type=chunk) [Financial Statements](index=7&type=section&id=4.2%20Financial%20Statements) This section presents the company's consolidated balance sheet as of September 30, 2022, and the consolidated income statement and cash flow statement for January-September 2022 [Consolidated Balance Sheet](index=7&type=section&id=4.2.1%20Consolidated%20Balance%20Sheet) As of September 30, 2022, total assets reached RMB 1.87 billion (+5.56% YoY) and equity attributable to shareholders RMB 1.51 billion (+7.66% YoY), primarily driven by increased construction in progress and inventories, with liabilities remaining stable Key Items from Consolidated Balance Sheet (Unit: RMB) | Item | September 30, 2022 (RMB) | December 31, 2021 (RMB) | Change | | :--- | :--- | :--- | :--- | | **Total Assets** | **1,864,780,825.86** | **1,766,621,195.58** | **+5.56%** | | Inventories | 331,807,739.02 | 172,573,410.04 | +92.27% | | Construction in Progress | 153,761,150.43 | 25,640,944.73 | +499.67% | | **Total Liabilities** | **350,596,386.37** | **360,198,600.02** | **-2.67%** | | **Total Equity Attributable to Shareholders** | **1,514,184,439.49** | **1,406,422,595.56** | **+7.66%** | [Consolidated Income Statement](index=10&type=section&id=4.2.2%20Consolidated%20Income%20Statement) In the first three quarters of 2022, operating revenue was RMB 530 million (-11.36% YoY) and net profit attributable to shareholders was RMB 53.61 million (-53.63% YoY), primarily due to operating cost reduction (-21.06%) not offsetting revenue decline, coupled with significant increases in R&D (+137.16%), selling (+27.36%), and administrative expenses (+58.67%) Key Items from Consolidated Income Statement (Q1-Q3 2022 vs Q1-Q3 2021) | Item | Jan-Sep 2022 (RMB) | Jan-Sep 2021 (RMB) | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 530,276,188.94 | 598,224,346.21 | -11.36% | | Operating Cost | 329,841,040.79 | 417,863,481.86 | -21.06% | | R&D Expenses | 138,319,662.52 | 58,323,396.39 | +137.16% | | Operating Profit | 45,320,977.21 | 122,810,783.75 | -63.09% | | Net Profit Attributable to Shareholders | 53,609,545.27 | 115,613,292.39 | -53.63% | [Consolidated Cash Flow Statement](index=13&type=section&id=4.2.3%20Consolidated%20Cash%20Flow%20Statement) In the first three quarters of 2022, net cash flow from operating activities was RMB -4.54 million, remaining weak; net cash flow from investing activities significantly turned positive to RMB 99 million, mainly from increased cash received from investment disposals; and net cash flow from financing activities was RMB -24.95 million due to reduced debt repayment and capital contributions Key Items from Consolidated Cash Flow Statement (Q1-Q3 2022 vs Q1-Q3 2021) | Item | Jan-Sep 2022 (RMB) | Jan-Sep 2021 (RMB) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -4,541,182.97 | -5,206,207.37 | | Net Cash Flow from Investing Activities | 99,078,171.11 | -784,906,001.82 | | Net Cash Flow from Financing Activities | -24,950,500.34 | 842,571,585.35 | | Net Increase in Cash and Cash Equivalents | 69,586,487.80 | 52,459,359.23 | - Cash inflow from investing activities primarily stemmed from **RMB 2.418 billion** received from investment disposals, while **RMB 2.176 billion** was paid for investments[27](index=27&type=chunk)

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'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].