Financial Performance - The company reported a net profit of negative value for the year 2022, leading to no cash dividends or bonus shares being distributed [5]. - The company's operating revenue for 2022 was approximately ¥447.47 million, a decrease of 53.50% compared to ¥962.24 million in 2021 [25]. - The net profit attributable to shareholders of the listed company was approximately -¥87.27 million, a decline of 938.42% from a profit of ¥10.41 million in 2021 [25]. - The net cash flow from operating activities was approximately -¥53.83 million, a decrease of 125.97% compared to ¥207.27 million in 2021 [25]. - Total assets at the end of 2022 were approximately ¥2.13 billion, down 6.68% from ¥2.29 billion at the end of 2021 [25]. - The net assets attributable to shareholders of the listed company decreased by 5.72% to approximately ¥1.86 billion from ¥1.98 billion in 2021 [25]. - The company's basic earnings per share decreased significantly to -1.01 CNY, a decline of 773.33% compared to 0.15 CNY in the previous year [26]. - The company's gross margin decreased from 17.00% in 2020 to 5.58% in 2022, primarily due to a significant decline in production and sales volume, leading to increased fixed costs [106]. - The company's total revenue for the reporting period was CNY 442,789,553.20, representing a decrease of 5.03% compared to the previous year [120]. - The gross profit margin for the overall business was 5.03%, reflecting a decrease of 8.32 percentage points year-on-year [120]. Share Capital and Investments - The company plans to increase its total share capital from 86,034,976 shares to 120,448,966 shares by issuing 34,413,990 shares from capital reserves, representing a 40% increase in share capital [5]. - The company has invested a total of $6.6 billion in SOFC stack technology development, with $823.94 million in the current period and $1.5 billion cumulatively [77]. - The catalyst industrialization project has a total investment of $3.7 billion, with $716.94 million in the current period and $975.13 million cumulatively, achieving kilogram-level batch production [77]. - The fifth-generation catalyst development project has a total investment of $1.92 billion, with $1.23 billion invested in the current period, and has met performance requirements for key customers [77]. - The company aims to achieve a 30% reduction in precious metal costs for the second-generation gasoline vehicle catalyst, with a total investment of $1.36 billion and $315.89 million in the current period [79]. Research and Development - The company is focusing on the development of new technologies and products to enhance its market position [16]. - Research and development expenses accounted for 20.74% of operating revenue, an increase of 10.84 percentage points compared to the previous year [26]. - The company has obtained 17 models of natural gas heavy-duty trucks compliant with National VI standards, ranking first in the industry [39]. - The first-generation sodium-ion battery prototype has been developed with an energy density of 120 Wh/kg, and the second generation is under development [39]. - The company has established testing capabilities for hybrid vehicle emissions, with an investment of 279.40 million, aiming to develop competitive catalyst products for hybrid models [82]. - The company has applied for 53 new domestic patents, including 32 invention patents and 21 utility model patents, enhancing its R&D capabilities [72]. Market and Competitive Landscape - The market for industrial VOCs (volatile organic compounds) treatment is expanding, with government initiatives aimed at significantly reducing VOC emissions [57]. - The market size for volatile organic compounds (VOCs) treatment reached RMB 74.1 billion in 2020, expected to exceed RMB 130 billion by 2025, and surpass RMB 170 billion by 2030 [58]. - The company faces risks related to the high cost and price volatility of platinum group metals, which significantly impact its main business costs [102]. - The company is experiencing uncertainty regarding the certification of certain vehicle models, which could affect its ability to sell catalytic products to downstream customers [101]. - The market share of foreign environmental catalyst giants exceeds 71%, posing a competitive risk to the company if it cannot maintain technological advantages [104]. Operational Efficiency - The company has maintained a strategy of "production based on sales" and "ordering based on production," leading to an increase in raw material inventory levels [181]. - The overall utilization rate across production lines was 109.34% in Q1 2023, compared to 59.87% in 2022 and 64.56% in 2021, reflecting a substantial increase in order volume [174]. - The flexible production line was upgraded to accommodate multiple vehicle types, resulting in a saturated capacity due to increased order volumes in Q1 2023 [175]. - The average price of electricity increased by 16.82% year-on-year, contributing to higher operating costs despite a reduction in production volume [179]. - The company has not identified any significant impairment indicators for the diesel vehicle production line, indicating stable operational performance [176]. Risk Management - The company emphasizes the importance of risk awareness regarding forward-looking statements made in the report [8]. - The company is heavily reliant on bank loans for funding multiple new projects, increasing its financial risk and pressure on cash flow [109]. - The company faces risks from the rapid growth of the new energy vehicle market, which may adversely affect its traditional fuel vehicle market share [110]. - The company is facing potential delays in its fundraising projects due to external factors, which could adversely affect its future profitability [105]. Compliance and Governance - The company has received a standard unqualified audit report from the accounting firm Xin Yong Zhong He [5]. - The board of directors and management have confirmed the authenticity, accuracy, and completeness of the annual report [4]. - The company has not reported any violations in decision-making procedures for external guarantees [9]. - The company has not experienced any changes in its governance structure that would affect the annual report's integrity [9].

Financial Performance - The company's operating revenue for Q1 2023 reached ¥265,265,859.02, representing a year-on-year increase of 175.84%[5] - Net profit for Q1 2023 reached ¥5,679,800.90, compared to a net loss of ¥11,008,221.97 in Q1 2022, marking a turnaround in profitability[17] - Operating profit for Q1 2023 was ¥3,914,851.43, a recovery from an operating loss of ¥16,555,114.51 in the same period last year[17] - Total comprehensive income for Q1 2023 was ¥5,679,800.90, a significant improvement from a total comprehensive loss of ¥11,008,221.97 in Q1 2022[18] - The company reported a total operating cost of ¥256,528,621.31 in Q1 2023, compared to ¥120,675,012.92 in Q1 2022, indicating an increase of approximately 112.5%[16] Cash Flow and Liquidity - The net cash flow from operating activities was -¥176,529,262.31, indicating increased cash outflows due to higher material purchases[5][8] - Cash flow from operating activities showed a net outflow of ¥176,529,262.31 in Q1 2023, worsening from a net outflow of ¥21,323,327.11 in Q1 2022[20] - Cash and cash equivalents at the end of Q1 2023 totaled ¥446,660,734.02, down from ¥653,009,535.49 at the end of Q1 2022[21] - Investment activities generated a net cash inflow of ¥167,762,463.80 in Q1 2023, contrasting with a net cash outflow of ¥174,377,276.43 in Q1 2022[20] Assets and Liabilities - Total assets at the end of the reporting period were ¥2,273,726,792.16, reflecting a 6.52% increase from the end of the previous year[6] - The company's current assets totaled RMB 1,672,632,668.78, up from RMB 1,561,163,236.02, indicating an increase of about 7.1%[13] - The company's total liabilities reached RMB 414,481,476.49, up from RMB 264,071,881.68, which is an increase of approximately 57%[15] - The equity attributable to shareholders decreased slightly to RMB 1,853,721,238.25 from RMB 1,864,540,751.14, a decline of about 0.4%[15] Shareholder Information - The total number of common shareholders at the end of the reporting period was 8,868[9] - The largest shareholder, Chen Qizhang, holds 27,863,360 shares, accounting for 32.39% of the total shares[9] Research and Development - Research and development expenses totaled ¥19,334,220.74, accounting for 7.29% of operating revenue, a decrease of 14 percentage points compared to the previous year[6] - Research and development expenses for Q1 2023 were ¥18,039,191.73, slightly lower than ¥19,468,213.64 in Q1 2022[16] Market and Sales Performance - The company experienced significant sales growth in vehicle catalyst products due to the implementation of new emission standards and increased orders from major customers[8] - Accounts receivable rose significantly to RMB 406,629,213.31 from RMB 265,738,183.51, representing a growth of approximately 53%[12] - Inventory levels increased to RMB 360,249,933.76, compared to RMB 248,938,030.83, marking a rise of around 44.5%[13] - The company reported a significant increase in prepayments, which rose to RMB 54,084,125.94 from RMB 23,909,596.20, reflecting a growth of about 126%[13] Strategic Partnerships - The company has a strategic partnership with Shenwan Hongyuan Securities, which acquired 2,039,492 shares through a collective asset management plan[11] Return on Assets - The weighted average return on net assets was 0.33%[6]

Financial Performance - The company reported a net profit of negative for the year 2022, leading to no cash dividends or bonus shares being distributed [5]. - The company's operating revenue for 2022 was approximately ¥447.47 million, a decrease of 53.50% compared to ¥962.24 million in 2021 [25]. - The net profit attributable to shareholders of the listed company was approximately -¥87.27 million, a decline of 938.42% from a profit of ¥10.41 million in 2021 [25]. - The net cash flow from operating activities was approximately -¥53.83 million, a decrease of 125.97% compared to ¥207.27 million in 2021 [25]. - Total assets at the end of 2022 were approximately ¥2.13 billion, down 6.68% from ¥2.29 billion at the end of 2021 [25]. - The net assets attributable to shareholders of the listed company decreased by 5.72% to approximately ¥1.86 billion from ¥1.98 billion in 2021 [25]. - The company reported a significant decline in revenue from its main business, with a total of approximately ¥437.02 million, down 52.68% from ¥933.43 million in 2021 [25]. - The company's basic and diluted earnings per share for 2022 were both -1.01 CNY, a decrease of 773.33% compared to 0.15 CNY in 2021 [26]. - The net profit attributable to shareholders decreased significantly due to a sharp decline in operating revenue, with a net loss of 34.47 million CNY in Q4 2022 [29]. - The company achieved operating revenue of ¥447,470,475.77, a year-on-year decrease of 53.50% [37]. - The net profit attributable to the parent company was -¥87,272,708.49, indicating a loss compared to the previous profit [37]. - The weighted average return on equity was -4.54% in 2022, a decline from 1.30% in 2021, indicating deteriorating profitability [26]. - The gross profit margin fell significantly from 17.00% in 2020 to 5.58% in 2022, attributed to rising fixed costs and volatile precious metal prices [105]. Corporate Governance - The board of directors and supervisory board members have confirmed the authenticity, accuracy, and completeness of the annual report [4]. - There are no special arrangements for corporate governance applicable to the company [9]. - The company has not reported any instances of more than half of the directors being unable to guarantee the authenticity of the annual report [9]. - The company has not violated decision-making procedures for providing guarantees to external parties [9]. - The company has maintained a stable shareholding structure, with no significant changes in the ownership of key personnel during the reporting period [182]. - The board of directors has established specialized committees to provide professional advice for major decisions, ensuring effective governance [178]. - The company is committed to continuous improvement in internal controls and management systems to support business expansion [176]. - The company is enhancing its corporate governance by filling key positions with qualified individuals to drive future growth [192]. Research and Development - The company has been focusing on the development of new technologies and products, particularly in the environmental technology sector [18]. - Research and development expenses accounted for 20.74% of operating revenue, an increase of 10.84 percentage points from 9.90% in 2021 [26]. - The company aims to enhance its competitive edge through technological innovation and has expanded into hydrogen fuel cell catalysts and energy storage batteries [36]. - The company emphasizes independent research and development, establishing a technology innovation system that combines self-developed and collaborative research [52]. - The company has applied for 53 new domestic patents during the reporting period, including 32 invention patents and 21 utility model patents, enhancing its R&D capabilities [72]. - The company has accumulated a total of 202 domestic and international PCT invention patent applications, with 116 patents granted [72]. - The company is actively expanding its product offerings to include hydrogen fuel cell catalysts and energy storage batteries, with kilogram-level production capabilities already established [94]. - The company aims to enhance catalyst efficiency and reduce precious metal usage through ongoing research and development of new catalytic materials and formulations [57]. Market Conditions and Risks - The company has outlined potential risks in its operations, which are detailed in the management discussion and analysis section [4]. - Operating revenue for 2022 was impacted by macroeconomic downturns, industry cycle fluctuations, and geopolitical conflicts, resulting in a 31.90% and 31.20% year-on-year decline in commercial vehicle production and sales, respectively [36]. - The company faces risks related to the high cost and price volatility of precious metals, which constitute a significant portion of its operating costs [102]. - The company faces risks of continued revenue decline and potential losses if adverse market conditions persist without effective countermeasures [97]. - The market share of foreign catalyst giants in China is over 71%, posing a significant competitive risk to the company [104]. Strategic Initiatives - Future outlook includes potential market expansion and strategic initiatives to recover from the current financial downturn [18]. - The company is actively exploring opportunities for mergers and acquisitions to enhance its market position [18]. - The company plans to enhance its technological innovation capabilities and product performance in the environmental catalyst sector, aiming for steady growth in operational performance [172]. - The company will implement a market development plan targeting key customers in the exhaust treatment catalyst sector to ensure the achievement of annual goals [174]. - The company is exploring acquisition opportunities to enhance its market position, targeting firms with complementary technologies [190]. Human Resources and Management - The company has 197 R&D personnel, accounting for 35.55% of total employees, with a focus on cultivating core talents [41]. - The company is implementing a comprehensive human resources development plan to establish a talent pool and enhance management capabilities [176]. - The company reported a significant turnover in senior management, with Hu Shumei resigning as Vice General Manager and HR Director on April 7, 2023 [192]. - The company is focused on expanding its market presence and enhancing its governance structure through recent board changes [192]. Financial Management - The company plans to establish a subsidiary and expand into new business areas [199]. - The company will apply for a comprehensive credit line from banks and financial institutions [198]. - The company will revise its performance management system and salary management measures [199]. - Total remuneration for directors, supervisors, and senior management amounted to RMB 798 million [197]. - Total remuneration for core technical personnel reached RMB 273.5 million [197].

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Group 1: Company Performance - In Q1 2022, the company's sales revenue for natural gas vehicles was CNY 26.21 million, down 22.64% quarter-on-quarter; for diesel vehicles, it was CNY 18.63 million, down 84.75%; and for gasoline vehicles, it was CNY 25.85 million, up 5.44% [2] - The decline in sales was attributed to weakened terminal demand in the commercial vehicle market due to the pandemic and economic downturn, leading to a low demand for commercial vehicles [2] Group 2: Market Opportunities - The diesel vehicle market is estimated to be worth CNY 40 billion, with the non-road National IV market capacity around CNY 10 billion. The company has secured development opportunities with 15 major domestic manufacturers and has received production announcements for 8 models [3] - The company aims to capture a significant market share in the new non-road National IV market, leveraging its technological expertise in diesel engine after-treatment [3] Group 3: R&D and Production Capacity - The company is advancing in hydrogen fuel cell catalysts, with plans to achieve kilogram-level production capacity soon. It has completed sample deliveries to several domestic and international manufacturers [3] - The company is also developing solid oxide fuel cells, with a pilot production line expected to be completed by the end of 2022 [3] Group 4: Expansion Projects - The company has two capacity expansion projects, with the Chengdu new catalyst manufacturing park expected to start installation and debugging in June 2022 and reach operational status by November 2022 [4] - Once fully operational, the company will have an annual production capacity of 550,000 diesel vehicle catalysts, 1 million gasoline vehicle catalysts, and 100,000 natural gas catalysts [4] Group 5: Response to New Energy Development - In response to the rapid development of new energy vehicles, the company is expanding its product lines to include hybrid and fuel cell vehicles, with a focus on increasing market share in these segments [5] - The company is collaborating with universities to develop solid-state batteries, which are seen as a key technology for achieving carbon neutrality [5][6] Group 6: Future Directions - The company plans to establish a "Storage and Power Battery Division" to accelerate the industrialization of its battery products, focusing on the growing energy storage market [7] - The company is leveraging its existing expertise in automotive catalysts to support the development of battery technologies, ensuring a synergistic approach in its operations [6][7]

Financial Performance - The company's operating revenue for Q3 2022 was ¥115,795,813.27, representing a year-on-year increase of 0.87%[5] - The net profit attributable to shareholders was -¥19,942,995.04, a decrease of 334.83% compared to the same period last year[5] - The total operating revenue of CNY 310,585,980.27 for the first three quarters of 2022, a decrease of 58.0% compared to CNY 739,609,598.79 in the same period of 2021[23] - The company incurred a net loss of CNY 53,635,041.23 in the first three quarters of 2022, compared to a net profit of CNY 22,966,845.98 in the same period of 2021, representing a significant decline[24] - The basic earnings per share for the reporting period was -¥0.23, with a year-to-date figure of -¥0.61, a decrease of 274.29%[6] - The weighted average return on equity was -1.03%, a decrease of 6.66 percentage points year-on-year[6] Assets and Cash Flow - The total assets at the end of the reporting period were ¥2,140,635,452.05, reflecting a decrease of 6.42% from the end of the previous year[6] - The company's cash and cash equivalents decreased to CNY 458,133,994.19 as of September 30, 2022, from CNY 848,227,912.56 at the end of 2021, a reduction of 46.0%[21] - The cash inflow from operating activities in Q3 2022 was -CNY 103,723,598.56, compared to a positive cash flow of CNY 221,722,276.58 in Q3 2021[28] - The total cash inflow from investment activities in Q3 2022 was CNY 2,229,708,656.71, significantly higher than CNY 51,456.00 in Q3 2021[28] - The net cash flow from investment activities for Q3 2022 was -CNY 173,190,850.50, compared to -CNY 54,415,752.83 in Q3 2021[28] - The total cash and cash equivalents at the end of Q3 2022 were CNY 442,123,374.20, compared to CNY 46,758,704.50 at the end of Q3 2021[28] Research and Development - Research and development expenses totaled ¥22,140,306.23, accounting for 19.12% of operating revenue, an increase of 2.84 percentage points year-on-year[6] - The company has completed the construction and optimization of laboratories for both lithium and sodium battery projects, indicating a strong focus on R&D[17] - The company reported a significant increase in research and development expenses, totaling CNY 61,336,655.88 for the first three quarters of 2022, compared to CNY 53,554,145.39 in the same period of 2021[24] - The company completed the development of long-life large cylindrical lithium iron phosphate batteries, with the first batch of button batteries offline and tested by the end of September 2022[17] - The sodium battery project has also been initiated, with the first batch of button batteries completed and undergoing third-party testing, aiming for custom development by the end of the year[17] - The company has made progress in establishing a solid-state battery development team and is currently validating oxide solid electrolyte powder[17] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 9,484[13] - The company’s major shareholder, Chen Qizhang, holds 32.39% of the shares, while other significant shareholders include Nanjing Yinganling Ying New Energy Industry Investment Fund with 6.52%[14] - The strategic investor, Shenwan Hongyuan Securities, holds 2,039,492 shares through a collective asset management plan[15] Business Initiatives and Projects - The company established a new energy storage and power division on July 1, 2022, to accelerate the implementation of new business initiatives[16] - The company signed a strategic cooperation agreement with Qingdao Nengfeng Electric Co., Ltd. to develop the commercial energy storage and overseas household storage markets[18] - The "New Catalyst Intelligent Manufacturing Park Project" has been delayed due to COVID-19 and other factors, with the new expected completion date set for March 2023[18] - The company has completed the design and equipment selection for the 10MWh battery cell pilot line, with site selection and renovation plans confirmed[18] - The solid-state battery material pilot line is currently undergoing equipment procurement and debugging, expected to be operational by the end of 2022[18] Other Information - The company experienced a significant decline in government subsidies, impacting net profit for the reporting period[11] - The company has not yet disclosed the number of environmental information announcements related to the National VI emission standards due to a lack of supplier information[16] - The company did not apply new accounting standards for the first time in 2022[29] - The company’s management team includes Chen Qizhang as the responsible person, Gong Wenxu as the accounting supervisor, and Dai Huarong as the head of the accounting institution[26]

Financial Performance - The company reported a significant increase in revenue, achieving a total of 500 million RMB for the first half of 2022, representing a 20% growth compared to the same period last year[15]. - The company's operating revenue for the first half of 2022 was ¥194,790,167, a decrease of 68.82% compared to ¥624,814,052.93 in the same period last year[20]. - The net profit attributable to shareholders was -¥32,862,312.80, representing a decline of 214.45% from ¥28,713,047.71 in the previous year[20]. - The net cash flow from operating activities decreased by 104.90%, dropping to -¥14,475,468.28 from ¥295,462,441.84[20]. - The company's total assets at the end of the reporting period were ¥2,231,289,984.49, down 2.45% from ¥2,287,378,064.25 at the end of the previous year[20]. - The basic earnings per share for the first half of 2022 was -¥0.38, a decrease of 186.36% from ¥0.44 in the same period last year[21]. - The weighted average return on net assets fell to -1.68%, a decrease of 6.68 percentage points from 5.00% in the previous year[21]. - The company's gross profit margin has declined from 18.71% in 2019 to 9.35% in the first half of 2022, primarily due to rising fixed costs and volatile precious metal prices[103]. Market Expansion and Strategy - The company has set a future outlook with a revenue target of 1 billion RMB for the full year 2022, indicating a projected growth rate of 25%[15]. - The company is actively pursuing market expansion, with plans to enter two new provinces by the end of 2022, aiming for a 10% increase in market share[15]. - A strategic acquisition of a smaller competitor is in progress, which is expected to increase the company's production capacity by 40%[15]. - The company aims to expand its market share in the environmental catalyst sector, which is dominated by foreign giants like BASF and Umicore[29]. - The company has established business offices in Shandong, Guangxi, Chongqing, Guangdong, and Northeast China to enhance market outreach and customer service[38]. Research and Development - The company has allocated 50 million RMB for research and development in new technologies, focusing on sustainable environmental solutions[15]. - Research and development expenses accounted for 22.33% of operating revenue, an increase of 14.96 percentage points compared to 7.37% in the previous year[22]. - The company is focused on the research, production, and sales of environmental catalysts, particularly in the automotive exhaust treatment sector[29]. - The company has developed core technologies in high-performance rare earth oxygen storage materials and advanced coating techniques, breaking the technology monopoly of foreign competitors[29]. - The company is actively developing hydrogen fuel cell electrocatalysts and solid oxide fuel cells, aiming for mass production of new energy products[30]. - The company applied for a total of 26 new patents during the reporting period, including 20 invention patents and 6 utility model patents, and received 9 patent authorizations[74]. Environmental Compliance and Initiatives - The company has a complete and well-functioning pollution prevention and control facility, including a centralized wastewater treatment system and an exhaust gas treatment system[138]. - During the reporting period, the company conducted two environmental self-inspections, with all pollutant indicators meeting discharge standards[141]. - The company received a pollution discharge permit from the Chengdu Ecological Environment Bureau, valid from July 14, 2020, to July 13, 2023[142]. - The company has implemented measures to support poverty alleviation and rural revitalization by purchasing products from the Daliangshan region[143]. - The company has not faced any administrative penalties related to environmental issues during the reporting period[142]. Risks and Challenges - The company has identified potential risks, including regulatory changes that could impact operations, but has stated that no significant risks have materialized during the reporting period[5]. - The company faces risks of significant performance decline or losses due to geopolitical factors, supply chain disruptions, and macroeconomic downturns[96]. - The implementation of stricter emission regulations starting December 1, 2022, may affect the company's sales if it cannot meet the new standards[105]. - The rapid growth of the new energy vehicle market poses a risk to the company's traditional fuel vehicle market, as it has not yet achieved bulk sales in pure electric and fuel cell vehicles[107]. Shareholder Commitments and Governance - The company’s controlling shareholder, Chen Qizhang, committed not to transfer or entrust the management of shares held prior to the IPO for 36 months from the date of listing[149]. - The company has ensured compliance with all commitments made by its shareholders and management during the reporting period[145]. - The commitments are aimed at stabilizing the share price and protecting the interests of investors[145]. - The company has a lock-up period of 12 months for shares held directly and 36 months for shares held indirectly after the IPO[170]. - The company will not reduce shares if it is subject to significant legal violations or delisting standards[183].

Financial Performance - The company reported a year-end undistributed profit of RMB 198,093,288.26 as of December 31, 2021[5]. - A cash dividend of RMB 3.00 per 10 shares (including tax) is proposed, totaling RMB 25,810,492.80, which accounts for 247.96% of the net profit attributable to shareholders in 2021[5]. - The total share capital as of December 31, 2021, was 86,034,976 shares[5]. - The company has not yet achieved profitability since its listing[4]. - The company's operating revenue for 2021 was ¥962,240,014.30, a decrease of 62.66% compared to 2020[23]. - The net profit attributable to shareholders was ¥10,409,161.54, down 95.23% from the previous year[23]. - The basic earnings per share decreased by 95.80% to ¥0.15, reflecting the decline in operating revenue and increased R&D expenses[25]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was -¥17,910,381.66, indicating a significant loss[23]. - The company's net assets increased by 253.13% year-on-year, amounting to ¥1,977,623,952.43[26]. - The company's total assets grew by 52.54% year-on-year, reaching ¥2,287,378,064.25, largely due to the funds raised from the IPO[26]. Research and Development - The company invested 95.23 million yuan in R&D, an increase of 23.29% compared to the previous year, with R&D personnel accounting for 30.93% of total employees[39]. - R&D investment as a percentage of operating revenue rose to 9.90%, an increase of 6.90 percentage points from the previous year[25]. - The company has established multiple technology innovation platforms, including a national enterprise technology center and various provincial research institutes, enhancing its R&D capabilities[74]. - The company has developed high-performance rare earth oxygen storage materials that significantly enhance catalyst performance and thermal stability, addressing high-temperature structural stability challenges[108]. - The company has developed high-temperature, high-surface-area alumina materials that maintain stability after aging at 1,100℃ for 10 hours, significantly enhancing performance[109]. - The company has completed 26 R&D projects, with 19 still ongoing, indicating a strong pipeline of innovation[131]. Market and Sales - The company plans to expand its market presence in Southeast Asia, targeting a 10% market share within the next two years[22]. - The market for exhaust treatment catalysts is expected to grow due to increasing environmental regulations and the demand for cleaner vehicle emissions[46]. - The market size for exhaust treatment catalysts in China is projected to reach 93.8 billion yuan, representing a significant increase of 156% compared to the previous market size under the National V emission standards[87]. - The average price increase of exhaust treatment catalysts is expected to be 105.72% due to the transition to National VI emission standards, leading to a substantial rise in catalyst usage per vehicle[87]. - The company is focusing on expanding its product lines and enhancing its market presence despite the challenges faced in the natural gas vehicle segment[172]. Regulatory and Compliance - The company has outlined potential risks in its management discussion and analysis section, specifically in the "Risk Factors" part[4]. - The company emphasizes the importance of risk awareness regarding forward-looking statements in the report[8]. - The company faced significant risks from regulatory changes in vehicle emissions standards, which could impact product development and sales[153]. - The implementation of National VI emission standards began on July 1, 2020, for light-duty vehicles, with further regulations set to take effect on July 1, 2023[92]. - The Chinese government has emphasized the need for stringent air pollution control measures, with a focus on reducing heavy pollution days and improving air quality as part of its environmental strategy[88]. Production and Operations - The company has implemented new strategies to enhance supply chain efficiency, aiming for a 15% reduction in operational costs[22]. - The production process of catalytic materials involves several stages, including mixing, neutralization, crystallization, and drying, ensuring the final product meets performance requirements[75]. - The company operates within the "C26 Chemical Raw Materials and Chemical Products Manufacturing" industry, specifically in the "Chemical Reagents and Additives Manufacturing" sector[77]. - The company has achieved batch supply of its new generation exhaust treatment catalysts that meet the National VI emission standards to major engine manufacturers, indicating strong customer stickiness[140]. Environmental Impact - The implementation of the National VI emission standards resulted in a reduction of harmful emissions by 42% to 80% compared to National V standards[94]. - The transition to National VI standards has led to a substantial increase in the usage of catalysts, with the number of catalysts per vehicle rising significantly[87]. - The company emphasizes the importance of catalyst performance in meeting stricter emission regulations, which require advanced technology and materials[46]. Financial Strategy - The company raised approximately RMB 215 million through the issuance of 21,508,744 shares during its IPO on October 22, 2021[165]. - The company reported a significant increase in capital reserve, rising by 459.38% to 1,687.32 million from 301.64 million[198]. - The company’s investment activities generated a net cash outflow of ¥478,702,743.65, primarily due to investments in structured financial products[163]. - The company’s fixed asset impairment provision was ¥2,321.96 million, indicating ongoing pressure from regulatory compliance and technological upgrades[151]. Product Development - New product development includes the launch of a fuel cell technology that is expected to enhance efficiency by 30%[14]. - The company is developing platinum-carbon catalysts for hydrogen fuel cells, with kilogram-level production capacity expected to be established in 2022[139]. - The company has successfully developed a second-generation catalyst for natural gas vehicles, which has been validated by customers and third-party tests[129].

Financial Performance - The company's operating revenue for Q1 2022 was ¥96,166,056.69, representing a decrease of 68.16% compared to the same period last year[5]. - The net profit attributable to shareholders was -¥10,789,471.89, a decline of 211.43% year-over-year[5]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was -¥19,280,452.63, reflecting a decrease of 360.05%[5]. - The net cash flow from operating activities was -¥21,323,327.11, down 110.28% from the previous year[5]. - Basic and diluted earnings per share were both -¥0.13, a decrease of 186.67% compared to the previous year[6]. - Total revenue for Q1 2022 was CNY 96,166,056.69, a decrease of 68.15% compared to CNY 302,047,980.75 in Q1 2021[24]. - Net profit for Q1 2022 was a loss of CNY 11,008,221.97, compared to a profit of CNY 9,479,048.21 in Q1 2021, indicating a significant decline[25]. - The total comprehensive income for the first quarter of 2022 was -11,008,221.97 RMB, compared to 9,479,048.21 RMB in the same period of 2021[26]. - The company reported a gross profit margin of -25.51% for Q1 2022, compared to a positive margin in Q1 2021[24]. - The cash flow from operating activities decreased by approximately 72% compared to the previous year[28]. Assets and Liabilities - Total assets at the end of the reporting period were ¥2,275,502,408.39, a decrease of 0.52% from the end of the previous year[6]. - The company's total assets as of March 31, 2022, were CNY 2,275,502,408.39, slightly down from CNY 2,287,378,064.25 at the end of 2021[22]. - Current assets totaled CNY 1,915,596,462.24, a decrease from CNY 1,952,498,740.04 at the end of 2021, representing a decline of 1.89%[21]. - Current liabilities increased to CNY 238,105,837.24 from CNY 234,258,127.50, showing a rise of 1.19%[22]. - The total equity attributable to shareholders decreased to CNY 1,966,834,480.54 from CNY 1,977,623,952.43, a decline of 0.86%[22]. - The company's cash and cash equivalents decreased to CNY 655,010,355.30 from CNY 848,227,912.56, a decline of 22.83%[21]. - Total cash and cash equivalents at the end of the period were 653,009,535.49 RMB, down from 82,207,326.46 RMB at the end of Q1 2021[29]. Research and Development - Research and development expenses totaled ¥20,471,585.98, accounting for 21.29% of operating revenue, an increase of 14.05 percentage points[6]. - Research and development expenses for Q1 2022 were CNY 19,468,213.64, slightly down from CNY 20,398,580.93 in Q1 2021[25]. - The company’s subsidiary, Chengdu Zhongzi Guangming Catalytic Technology Co., has been recognized for its product development capabilities, enhancing its competitiveness in the passenger vehicle catalyst market[16]. Market and Sales Performance - The decline in operating revenue was primarily due to the impact of the COVID-19 pandemic and rising energy prices, leading to a significant drop in commercial vehicle sales[9]. - The sales revenue from natural gas products decreased by 85.35% year-over-year, while gasoline vehicle products saw a decline of 50.04% due to chip shortages and reduced end demand[10]. - Cash inflow from sales of goods and services was 99,462,307.17 RMB, down from 370,825,711.15 RMB year-over-year[27]. Investments and Projects - The company successfully won a bid for catalyst products for several models from Chongqing Changan Automobile Co., which is expected to positively impact future operating performance and market share[16]. - The company participated in a project that won the Tianjin Science and Technology Progress Award for key technology research and industrialization applications related to National VI standard diesel vehicle emissions[17]. - The company’s project "Intelligent Manufacturing Industrial Park for Automotive After-treatment Devices" in Changchun has experienced delays due to the pandemic, but efforts are being made to resume construction[17]. Shareholder Information - The company reported a total of 3,027,618 shares held by Chengdu Luxin Jingrong Equity Investment Fund Management Co., with a percentage of 3.52%[13]. - The company’s top ten shareholders include significant holdings from various investment funds, with the largest being China Industrial Bank Co., holding 1,412,542 shares[14]. - The company has a total of 2,039,492 shares allocated to the asset management plan under Shenwan Hongyuan Securities, which is involved in the strategic placement of shares[14].

Financial Performance - The company reported a year-end undistributed profit of RMB 198,093,288.26 as of December 31, 2021[5]. - A cash dividend of RMB 3.00 per 10 shares (including tax) is proposed, totaling RMB 25,810,492.80, which accounts for 247.96% of the net profit attributable to shareholders in 2021[5]. - The total share capital as of December 31, 2021, was 86,034,976 shares[5]. - The company has not achieved profitability since its listing[4]. - In 2021, the company's operating revenue was CNY 962,240,014.30, a decrease of 62.66% compared to CNY 2,577,294,090.68 in 2020[23]. - The net profit attributable to shareholders was CNY 10,409,161.54, down 95.23% from CNY 218,351,941.03 in the previous year[23]. - The company reported a net loss of CNY 17,910,381.66 after deducting non-recurring gains and losses, compared to a profit of CNY 229,202,786.44 in 2020[23]. - The company's gross profit margin decreased from 18.71% in 2019 to 15.14% in 2021, indicating a risk of further decline due to pricing pressures from downstream customers and volatility in precious metal prices[144]. - The company's operating revenue for the reporting period was 96,224.00 million yuan, a decrease of 62.66% year-on-year, and the net profit attributable to shareholders was 1,040.92 million yuan, down 95.23% year-on-year[136]. Risk Management - The company has outlined potential risks in its management discussion and analysis section, specifically in the "Risk Factors" part[4]. - The company emphasizes the importance of risk awareness regarding forward-looking statements in the report[8]. - The company is facing risks related to the significant decline in domestic natural gas heavy truck sales, which fell by 58% year-on-year in 2021[136]. - The company is at risk of not meeting future emission standards if it fails to innovate and develop cost-effective products, which could adversely affect its competitive position[137]. - The company has a high reliance on platinum group metals, which constitute a significant portion of its cost structure, and their prices are subject to volatility, impacting operational performance[141]. - The company is exposed to risks from changes in emission regulations, which can impact the timing and sales of its catalyst products[148]. Research and Development - The company is investing 100 million RMB in R&D for new catalytic materials, aiming to improve product performance by 20%[14]. - R&D investment reached 95.23 million yuan, an increase of 23.29% year-on-year, with R&D personnel accounting for 30.93% of total employees[39]. - The company has established multiple technology innovation platforms, including a national enterprise technology center and various provincial research institutes, to enhance its R&D capabilities[69]. - The company has applied for a total of 152 patents, including 105 domestic invention patents, and has received 62 domestic invention patent authorizations[113]. - The company has achieved significant technological advancements, including the development of a platinum-carbon catalyst for hydrogen fuel cells, with kilogram-level production capacity expected by 2023[134]. - The company is focusing on research and development in new catalyst materials, including rare earth and transition metal oxides[197]. - The company has reported a significant investment in R&D to support its growth and technological advancements[197]. Market Strategy - The company plans to expand its market presence in Southeast Asia, targeting a 30% market share by 2025[15]. - A strategic acquisition of a local competitor is anticipated to be finalized by Q3 2022, which is expected to increase market penetration by 15%[15]. - The company is exploring new strategies for market expansion and potential acquisitions to strengthen its market position[199]. - The company is committed to innovation in its product offerings, particularly in the automotive catalyst sector[197]. Product Development - New product development includes the launch of a fuel cell technology that is expected to enhance efficiency by 25%[14]. - The company has developed a second-generation natural gas catalyst product that meets National VI b emission standards, achieving over 20% reduction in performance compared to the first generation, and is currently in mass production with major manufacturers[125]. - The company has developed advanced rare earth oxygen storage materials that significantly enhance catalyst performance, maintaining stability at high temperatures[104]. - The company is currently constructing additional capacity for diesel vehicle catalysts, expected to be completed by November 2023, with an investment of 2,935.15 million RMB[200]. Environmental Compliance - The company has implemented ISO14001 and ISO45001 standards to enhance its environmental and occupational health management systems[14]. - The company is actively involved in national key R&D projects, focusing on high-performance fuel cell catalysts, with plans for kilogram-level production capacity by 2023[37]. - The company is preparing for the acceptance of several projects, indicating progress towards achieving design goals and meeting international standards[125]. - The company has established emission testing capabilities for hybrid vehicles, with a total investment of 279.40 million and 12.29 million invested this period[124]. Sales and Revenue - The sales volume of natural gas vehicles significantly declined, impacting overall revenue, while diesel and gasoline vehicle product lines continued to grow[37]. - Sales revenue from natural gas vehicle products was ¥415,071,653.76, down 80.93% year-on-year, while sales from diesel vehicle products increased by 44.60% to ¥219,454,419.68 due to the implementation of the National VI emission standards[154]. - The production and sales volume of natural gas vehicles decreased by 81.77% and 79.27% respectively, indicating a significant reduction in market demand[168]. - The company’s total equity increased by 33.33% to 86,034,976.00 following its IPO on October 22, 2021[187]. Supply Chain Management - The company employs a "make-to-order" procurement model, ensuring stable supply of raw materials like precious metals and rare earth materials through long-term partnerships with multiple suppliers[62]. - The company maintains a strict supplier management system, adhering to ISO/IATF16949 quality management standards[62]. - The top five customers contributed 63,854.70 million RMB, accounting for 66.36% of the total annual sales[176]. - The top five suppliers accounted for 64,847.65 million RMB, representing 83.92% of the total annual purchases[177].