| 证券代码：688680 | 证券简称：海优新材 | 公告编号：2023-051 | | --- | --- | --- | | 转债代码：118008 | 转债简称：海优转债 | | 上海海优威新材料股份有限公司 关于召开 2022 年度业绩暨现金分红说明会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 （二） 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： http://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2023 年 05 月 16 日(星期二)至 05 月 22 日(星期一)16:00 前登 录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 hiuv@hiuv.net 进行提问。公司将在说明会上对投资者普遍关注的问题进行回答。 上海海优威新材料股份有限公司（以下简称"公司"）已于 2023 年 4 月 28 日 发布公司 2022 年度报告，为便于广大投资者更全面深入地了解公司 2022 ...

Financial Performance - The company's operating revenue for Q1 2023 was ¥1,350,884,489.26, representing a year-on-year increase of 9.98%[5] - The net profit attributable to shareholders decreased by 70.56% to ¥22,745,698.07 compared to the same period last year[5] - Basic earnings per share fell by 70.65% to ¥0.27, while diluted earnings per share decreased by 71.74% to ¥0.26[6] - Net profit for Q1 2023 was ¥22,745,698.07, a significant decrease of 70.66% from ¥77,248,351.96 in Q1 2022[21] - Basic earnings per share for Q1 2023 were ¥0.27, down from ¥0.92 in Q1 2022, indicating a decline of 70.65%[22] Research and Development - Research and development expenses totaled ¥48,681,480.80, accounting for 3.60% of operating revenue, an increase of 0.42 percentage points[6] - The company plans to continue investing in R&D to enhance product offerings and address rising material costs[10] - Research and development expenses for Q1 2023 were ¥39,530,819.31, slightly up from ¥39,092,028.87 in Q1 2022, indicating a year-over-year increase of 1.12%[20] Cash Flow and Liquidity - The net cash flow from operating activities was negative at -¥720,599,081.09, indicating a significant cash outflow[5] - Cash flow from operating activities in Q1 2023 was ¥828,349,873.31, an increase of 28.00% compared to ¥647,524,083.83 in Q1 2022[24] - The net cash flow from operating activities was -720,599,081.09, compared to -689,553,708.17 in the previous year, indicating a decline in operational cash flow[25] - The total cash inflow from financing activities was 1,145,973,672.91, up from 812,208,902.62 year-over-year, reflecting increased borrowing and investment activities[26] - The ending balance of cash and cash equivalents was 534,097,704.82, up from 322,164,387.49 year-over-year, indicating a stronger liquidity position[26] Assets and Liabilities - Total assets at the end of the reporting period were ¥6,722,637,944.16, reflecting a 3.78% increase from the end of the previous year[6] - The company's current assets totaled CNY 5,528,989,315.58, compared to CNY 5,423,438,266.28 at the end of 2022, indicating an increase of about 1.96%[17] - Total liabilities as of March 31, 2023, were CNY 5,529,000,000, with short-term borrowings at CNY 2,607,492,362.91, an increase from CNY 2,547,430,837.38 at the end of 2022[17] - Total liabilities as of Q1 2023 amounted to ¥4,218,184,065.61, compared to ¥3,996,045,549.77 in the previous year, representing a growth of 5.55%[19] Operational Costs - Operating costs for Q1 2023 were ¥1,343,162,746.18, up from ¥1,132,717,072.66 in Q1 2022, reflecting a year-over-year increase of 18.59%[20] - The increase in costs was primarily due to rising prices of EVA resin, which affected the gross margin of the company's film products[10] - The cash paid for purchasing goods and services was 1,353,731,681.98, an increase from 1,222,845,245.57, reflecting higher operational costs[25] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 6,751, with the top shareholder holding 23.83% of the shares[12] Other Financial Metrics - Non-recurring gains and losses for the period amounted to -¥849,941.39, influenced by various factors including asset impairment and financial expenses[9] - Financial expenses in Q1 2023 were ¥21,213,005.61, significantly higher than ¥6,855,608.08 in Q1 2022, reflecting an increase of 209.66%[20] - The company reported a total of ¥540,411,811.44 in bonds payable as of Q1 2023, compared to ¥532,068,435.89 in the previous year, showing a slight increase of 1.28%[19] - The cash flow from investment activities was -203,601,992.17, compared to -34,296,253.77 in the previous year, indicating a significant increase in investment outflows[25] - The cash received from other financing activities was 568,803,822.91, compared to 447,208,902.62 in the previous year, indicating a rise in additional financing sources[26]

Financial Performance - The company's operating revenue for 2022 reached ¥5,306,849,727.12, representing a 70.90% increase compared to ¥3,105,284,071.95 in 2021[23]. - The net profit attributable to shareholders was ¥50,093,419.20, an increase of 80.14% from ¥252,178,402.41 in the previous year[23]. - The net profit after deducting non-recurring gains and losses was ¥28,404,673.11, down 88.34% from ¥243,673,641.88 in 2021[23]. - The total assets of the company increased by 76.35% to ¥6,477,827,753.46 from ¥3,673,231,687.31 in 2021[23]. - The basic earnings per share decreased by 80.46% to ¥0.60 from ¥3.07 in 2021[24]. - The weighted average return on net assets was 2.09%, a decrease of 9.99 percentage points from 12.08% in 2021[24]. - The company reported a net cash flow from operating activities of ¥2,915,002,767.55, compared to ¥1,401,972,789.35 in 2021[23]. - The net profit attributable to shareholders decreased by 80.14% year-on-year, mainly due to a substantial decline in EVA resin raw material prices, which led to a corresponding decrease in sales prices of film products and a slower decline in raw material costs[26]. - The gross profit margin for the photovoltaic encapsulation materials industry decreased to 7.50%, down from 7.56 percentage points year-on-year[109]. Dividend and Profit Distribution - The company plans to distribute a cash dividend of RMB 1.20 per 10 shares, totaling RMB 10.08 million, which represents 20.13% of the net profit attributable to shareholders[5]. - The total cash dividend amount (including tax) for the year 2022 is 10,082,424.84, which accounts for 20.13% of the net profit attributable to ordinary shareholders of the listed company[193]. - The company plans to retain a significant portion of profits for strategic investments and to support rapid growth, with the cash dividend being less than 30% of the net profit[189]. - The company has a structured profit distribution policy that prioritizes cash dividends over stock dividends[186]. Research and Development - The total R&D expenditure for the year reached approximately $247.48 million, a significant increase of 88.89% compared to the previous year's $131.02 million[76]. - R&D expenditure as a percentage of operating revenue increased to 4.66%, up by 0.44 percentage points from 4.22% in the previous year[76]. - The company has filed 37 new invention patents and obtained 3, bringing the total to 113 applications and 23 granted patents[73]. - The company is focusing on the development of n-TOPCon high-efficiency battery components, with an expected annual production capacity of 200 million square meters by 2026[79]. - The company has established a competitive advantage in the photovoltaic encapsulation film market, maintaining a market share within the top three globally[61]. Market and Industry Trends - The photovoltaic encapsulation film market is critical for solar module packaging, with the encapsulation film accounting for approximately 3% to 7% of the production cost of crystalline silicon battery modules[45]. - The global photovoltaic (PV) installed capacity increased from 2007 to 2021, reaching 220.8 GW, with a compound annual growth rate (CAGR) of 33.87%[46]. - The global PV industry is expected to add a total of 1,145 GW from 2022 to 2025, highlighting a clear development outlook for the sector[48]. - The domestic PV encapsulation film market is experiencing growth, with Chinese companies leading the global supply, capturing a significant market share[54]. - The demand for new types of encapsulation films is rising due to the rapid iteration of components and the development of N-type batteries, necessitating higher quality and performance standards[55]. Corporate Governance - The company has established a competitive advantage in the photovoltaic encapsulation film market, maintaining a market share within the top three globally[61]. - The company has a structured profit distribution policy that prioritizes cash dividends over stock dividends[186]. - The company has implemented a competitive salary policy linked to performance, aiming to attract and retain top talent[181]. - The company has established a robust governance structure to ensure compliance and protect shareholder interests, enhancing operational transparency[149]. - The company maintained independence from its controlling shareholders, with no significant related party transactions reported[150]. Risks and Challenges - The company faces risks related to significant fluctuations in performance due to upstream price volatility and changes in downstream demand[90]. - The company is at risk of losing its competitive edge if it fails to keep pace with technological advancements in the rapidly evolving photovoltaic industry[92]. - The company relies heavily on a limited number of suppliers for key raw materials, which could impact its operations if these suppliers fail to meet quality or supply demands[94]. - The photovoltaic industry continues to experience supply-demand imbalances, leading to significant price fluctuations that challenge operational stability[99]. Future Outlook - The company plans to continue expanding its production capacity and exploring new markets to sustain growth in the photovoltaic sector[107]. - The company aims to enhance production capacity and efficiency in the photovoltaic encapsulation film sector, focusing on cost control and quality management to improve profitability[145]. - The company is committed to becoming a leading manufacturer of specialty membrane materials, with a strategic focus on innovation and smart manufacturing[143]. - The company is exploring overseas project investments, which may diversify its revenue streams and reduce market risk[171].

投资者关系活动记录表 编号：2022-003 证券代码：688680 证券简称：海优新材 上海海优威新材料股份有限公司 | --- | --- | --- | |-----------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------- ...

投资者关系活动记录表 编号：2022-005 证券代码：688680 证券简称：海优新材 上海海优威新材料股份有限公司 | --- | --- | --- | |-----------------------------|----------------------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ...

证券代码：688680 证券简称：海优新材 上海海优威新材料股份有限公司 投资者关系活动记录表 编号：2022-004 | --- | --- | --- | --- | |-----------------------------|-----------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Financial Performance - The company's revenue for Q3 2022 was ¥1,318,119,555.09, representing a year-over-year increase of 66.35%[5] - The net profit attributable to shareholders for Q3 2022 was a loss of ¥74,687,865.20, a decline of 281.83% compared to the same period last year[5] - The company’s revenue for the year-to-date period reached ¥4,132,413,832.52, showing a significant increase of 106.42% compared to the same period last year[5] - Total operating revenue for the first three quarters of 2022 reached ¥4,132,413,832.52, a significant increase from ¥2,001,992,501.75 in the same period of 2021, representing a growth of approximately 106.4%[21] - Net profit for the first three quarters of 2022 was ¥133,377,490.14, compared to ¥120,450,356.80 in the previous year, reflecting an increase of about 10.5%[22] - Operating profit for the first three quarters of 2022 was ¥145,609,443.85, up from ¥129,171,285.48 in the same period of 2021, indicating a growth of approximately 12.8%[22] Assets and Liabilities - The total assets at the end of the reporting period were ¥6,277,179,051.89, reflecting a 70.89% increase from the end of the previous year[6] - Total liabilities as of the end of the third quarter of 2022 amounted to ¥3,712,619,818.39, compared to ¥1,366,847,375.62 at the end of the same period in 2021, showing a growth of approximately 171.5%[20] - The company’s total equity attributable to shareholders was ¥2,564,559,233.50, an increase of 11.19% from the previous year-end[6] - Total equity attributable to shareholders reached ¥2,564,559,233.50, an increase from ¥2,306,384,311.69 in the previous year, representing a growth of about 11.2%[20] Cash Flow - The company reported a cash flow from operating activities net amount of -¥125.41 million for the year-to-date period, indicating increased working capital needs[11] - Cash inflow from operating activities for the first three quarters of 2022 was approximately CNY 2.48 billion, compared to CNY 1.01 billion in the same period of 2021, representing an increase of 144.3%[26] - Cash outflow from operating activities increased to approximately CNY 5.20 billion in 2022 from CNY 2.22 billion in 2021, resulting in a net cash flow from operating activities of approximately -CNY 2.72 billion, compared to -CNY 1.21 billion in 2021[26] - The company's cash and cash equivalents at the end of the third quarter of 2022 amounted to approximately CNY 437.46 million, compared to CNY 399.02 million at the end of the same period in 2021, reflecting a net increase of CNY 41.50 million[27] Research and Development - Research and development expenses for Q3 2022 amounted to ¥60,672,791.16, an increase of 111.76% year-over-year[6] - Research and development expenses for the first three quarters of 2022 totaled ¥113,541,786.44, compared to ¥86,106,251.16 in the previous year, marking an increase of about 31.9%[21] - The company has shown a commitment to expanding its market presence and investing in new technologies, as evidenced by the increase in R&D spending and overall revenue growth[21] Operational Challenges - The company experienced a decrease in gross profit margin due to rising raw material costs and increased financial expenses from expanded financing[11] - The company reported a financial expense of ¥65,360,927.77 for the first three quarters of 2022, significantly higher than ¥6,864,542.80 in the previous year, indicating an increase of about 850.5%[21] Other Notable Information - The company has no significant new product launches or technological developments mentioned in the report[16] - There are no mergers or acquisitions reported during the quarter[16] - The company has not provided specific future guidance or market expansion strategies in the current report[16] - The report indicates no significant changes in shareholder structure or major shareholder activities[15]

Financial Performance - The company's revenue for Q3 2022 was ¥1,318,119,555.09, representing a year-over-year increase of 66.35%[5] - The net profit attributable to shareholders for Q3 2022 was a loss of ¥74,687,865.20, a decrease of 280.67% compared to the same period last year[5] - The basic earnings per share for Q3 2022 was -¥0.89, a decrease of 281.63% compared to the same period last year[6] - The net profit attributable to shareholders after deducting non-recurring gains and losses was a loss of ¥84,743,214.88, a decrease of 309.12% year-over-year[5] - Net profit for the first three quarters of 2022 was ¥133,377,490.14, up from ¥120,714,063.65 in the previous year, reflecting a growth of approximately 10.9%[22] Research and Development - The R&D investment for Q3 2022 totaled ¥60,672,791.16, an increase of 111.76% year-over-year, accounting for 4.60% of revenue[6] - The company plans to accelerate new product development, leading to increased R&D personnel and project investments[11] - Research and development expenses for the first three quarters of 2022 amounted to ¥113,541,786.44, compared to ¥86,106,251.16 in 2021, marking an increase of about 31.9%[21] Assets and Liabilities - Total assets at the end of Q3 2022 reached ¥6,277,179,051.89, reflecting a 70.89% increase from the end of the previous year[6] - The company's total liabilities as of the third quarter of 2022 were ¥3,712,619,818.39, a substantial rise from ¥1,366,847,375.62 in the same period of 2021, representing an increase of approximately 171.5%[20] - The total equity attributable to shareholders increased to ¥2,564,559,233.50, up 11.19% from the end of the previous year[6] - The total equity attributable to shareholders reached ¥2,564,559,233.50, compared to ¥2,306,384,311.69 in the previous year, indicating a growth of about 11.2%[20] Cash Flow - The cash flow from operating activities for the year-to-date period was negative, with a net outflow of ¥125.41 million[11] - The company's cash flow from operating activities for the first three quarters of 2022 showed a positive trend, contributing to overall financial stability[24] - Cash inflow from operating activities for the first three quarters of 2022 was approximately CNY 2.48 billion, compared to CNY 1.01 billion in the same period of 2021, representing an increase of 144.3%[26] - Net cash outflow from operating activities was CNY -2.72 billion for the first three quarters of 2022, worsening from CNY -1.21 billion in the same period of 2021[26] - The ending balance of cash and cash equivalents was CNY 437.46 million, compared to CNY 399.02 million at the end of the same period in 2021[27] Shareholder Information - The company reported a total of 7,281 common shareholders at the end of the reporting period[14] - The top shareholder, Li Min, holds 20,020,120 shares, representing 23.83% of the total shares[14] Market and Product Development - The company has no significant new product launches or technological developments reported in the current quarter[15] - There are no mergers or acquisitions mentioned in the latest financial report[15] - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[24] Operating Costs - Total operating revenue for the first three quarters of 2022 reached ¥4,132,413,832.52, a significant increase from ¥2,001,992,501.75 in the same period of 2021, representing a growth of approximately 106.4%[21] - Total operating costs for the first three quarters of 2022 were ¥3,971,866,091.07, compared to ¥1,874,074,092.04 in 2021, indicating an increase of about 111.7%[21]

Financial Performance - The company reported a total revenue of 500 million RMB for the first half of 2022, representing a 20% increase compared to the same period in 2021[11]. - The company's operating revenue for the first half of 2022 reached approximately CNY 2.81 billion, an increase of 132.66% compared to the same period last year[19]. - Net profit attributable to shareholders increased by 162.13% to approximately CNY 208.07 million, driven by higher product sales volume and profitability[19]. - The basic earnings per share rose by 150.51% to CNY 2.48, reflecting the significant increase in operating revenue and profits[20]. - Total revenue increased by 132.66% year-on-year, with net profit attributable to shareholders growing by 162.13%[64]. - The company reported a total revenue of 61,000 million RMB, with a net profit of 10,831 million RMB, representing a profit margin of approximately 17.7%[56]. Research and Development - The company has allocated 50 million RMB for R&D in new technologies, focusing on enhancing product performance and sustainability[11]. - The company increased its R&D investment by 88.53% year-on-year, totaling approximately ¥108.32 million in the current period[49]. - R&D investment accounted for 3.85% of operating revenue, a decrease of 0.90 percentage points compared to the previous year[49]. - The company has accumulated a total of 203 patent applications, with 101 granted, including 27 new invention patents in the current period[48]. - The company is focusing on enhancing the performance of polymer films and developing new materials for photovoltaic component production[47]. - The company is focusing on R&D for new encapsulant products to meet the evolving needs of large-size modules and N-type battery components, with increased investment in technology development[43]. Market Expansion and Strategy - The company plans to expand its market presence in Southeast Asia, targeting a 25% market share in the region by 2025[11]. - Future guidance estimates a revenue growth of 15-20% for the second half of 2022, driven by increased demand and new product launches[11]. - The company is exploring potential acquisitions to enhance its product portfolio and market reach, with a budget of 100 million RMB for strategic investments[11]. - The company aims to become an internationally leading manufacturer of special polymer films through continuous research and innovation[26]. - The company is expanding its product applications beyond photovoltaic fields, with new encapsulant products entering industrialization and trial order stages[44]. Operational Efficiency - The gross profit margin improved to 35%, up from 30% in the previous year, indicating better cost management and pricing strategies[11]. - The company has implemented new strategies to improve operational efficiency, aiming for a 10% reduction in production costs by the end of 2022[11]. - The company is focusing on supply chain management and cost reduction to mitigate performance volatility risks[69]. - Operating costs increased by 130.56% year-on-year, primarily due to higher production volumes of photovoltaic film products and rising raw material prices[76]. Environmental Responsibility - The company does not belong to heavily polluting industries, and the main pollutants generated are minimal, complying with local regulations[99]. - The company has implemented measures to reduce carbon emissions, including upgrading production processes and installing solar panels[102]. - The company has established a green management system to enhance environmental responsibility and reduce emissions[101]. - The company actively promotes green energy initiatives among employees, encouraging the use of electric vehicles[102]. Shareholder and Governance - The controlling shareholders, Li Min and Li Xiaoyu, committed to not transferring or entrusting the management of their shares for 36 months post-IPO[109]. - Shareholders are restricted from transferring shares for 12 months post-IPO, with a maximum of 25% of their holdings allowed to be sold annually during their tenure[110]. - The company has established a profit distribution policy and a three-year dividend return plan post-IPO, ensuring shareholder interests are protected[128]. - The company commits to repurchase all newly issued shares if there are significant misstatements in the prospectus, with the repurchase price adjusted based on bank deposit interest[117]. Risks and Challenges - The management highlighted risks related to supply chain disruptions and raw material price fluctuations, which could impact future performance[11]. - The company is exposed to liquidity risks due to long payment cycles from major customers and short payment cycles to suppliers[71]. - The company acknowledges risks from external factors such as industry demand fluctuations and cost volatility, which may impact future profitability[120].

Financial Performance - The company's operating revenue for 2021 reached ¥3,105,284,071.95, representing a 109.66% increase compared to ¥1,481,092,401.48 in 2020[22]. - The net profit attributable to shareholders was ¥252,178,402.41, a 12.97% increase from ¥223,232,234.39 in the previous year[22]. - The net cash flow from operating activities decreased by ¥1,401,972,789.35, a significant drop compared to a loss of ¥165,788,026.91 in 2020[22]. - The total assets of the company increased to ¥3,673,231,687.31, a 140.45% rise from ¥1,527,644,240.48 in 2020[22]. - The net assets attributable to shareholders grew by 206.40% to ¥2,306,384,311.69 from ¥752,733,058.33 in the previous year[22]. - Basic earnings per share decreased to ¥3.07, down 13.28% from ¥3.54 in 2020[23]. - The weighted average return on equity dropped to 12.08%, a decrease of 22.44 percentage points from 34.52% in 2020[23]. - The company's total revenue for the reporting period reached CNY 3,105.28 million, an increase of 109.66% compared to the previous year[96]. - The net profit attributable to shareholders increased by 12.97%, indicating sustained growth in the company's financial strength[95]. Dividend Policy - The company plans to distribute a cash dividend of RMB 6.10 per 10 shares, totaling RMB 51.25 million, which represents 20.32% of the net profit attributable to shareholders[5]. - The total cash dividend proposed is RMB 51.2522 million, which is less than 30% of the net profit attributable to shareholders, due to significant capital expenditures and the need for operational funds to support rapid growth[187]. - The company has established a cash dividend policy that requires positive distributable profits and sufficient cash flow, ensuring that dividends do not affect ongoing operations[186]. - The company's profit distribution policy must be approved by more than two-thirds of the voting rights at the shareholders' meeting[186]. - The independent directors are responsible for reviewing and providing independent opinions on the profit distribution plan[185]. Research and Development - Research and development expenses accounted for 4.22% of operating revenue, a slight decrease from 4.42% in 2020[23]. - The total R&D investment reached approximately ¥131 million, a 100.08% increase compared to the previous year, representing 4.22% of total revenue[73]. - The company has accumulated a total of 161 patent applications, with 92 patents granted, including 17 invention patents and 12 utility model patents[71]. - The company is focusing on the development of new products for large-sized components and N-type battery compatible components, increasing R&D investment in these areas[67]. - The company has made significant advancements in core technologies, including the development of multi-layer co-extruded POE films, which improve production efficiency and yield for component manufacturers[66]. Market Position and Strategy - The company aims to become a leading manufacturer of specialty polymer films, focusing on innovation and development in the renewable energy sector[35]. - The company attributed revenue growth to increased production capacity and a significant rise in sales of photovoltaic film products[24]. - The company plans to continue expanding its market presence and investing in new technologies to enhance product offerings[24]. - The company is positioned to leverage opportunities from the Belt and Road Initiative to enhance its international presence and technological capabilities in the specialty film materials sector over the next five to ten years[141]. - The company is actively pursuing market expansion strategies, targeting new geographical regions to increase its market share[162]. Operational Efficiency - The company has established a strong position in the photovoltaic encapsulation materials market, characterized by high technical barriers and a limited number of domestic manufacturers[60]. - The company maintains a high inventory turnover rate and improving accounts receivable turnover rate, indicating efficient operational performance compared to industry peers[83]. - The company is focused on supply chain management and cost reduction to mitigate risks associated with raw material price fluctuations and operational performance volatility[89]. - The company is committed to maintaining high standards of product quality and production efficiency to meet the growing market demand[76]. Corporate Governance - The audit report issued by Rongcheng Accounting Firm is a standard unqualified opinion[5]. - The company does not have any special arrangements for corporate governance[8]. - The board of directors held 9 meetings, and the supervisory board held 9 meetings during the reporting period, ensuring effective governance and decision-making[147]. - The company has established several specialized committees under the board, including an audit committee and a strategic committee[172]. Risks and Challenges - The company faces risks related to technological iteration and talent retention, which are critical for maintaining its competitive edge in the high-tech photovoltaic industry[87]. - The company is exposed to risks from potential changes in photovoltaic industry policies and international trade tensions, which could affect its operations[92]. - The company faces liquidity risks due to long payment cycles from major clients and short payment cycles to suppliers, impacting working capital[91]. Environmental and Social Responsibility - The company has released its first ESG report, emphasizing the importance of environmental, social responsibility, and corporate governance[195]. - In 2021, the company made donations to universities such as Shanghai Jiao Tong University and established scholarships, contributing to the education sector[195]. - The company plans to actively expand into the photovoltaic power generation industry, as well as the new energy vehicles and environmental consumption sectors[196]. - The company has set 2021 as the baseline year for greenhouse gas emissions and plans to strengthen management efforts in the future[200].