浙江尤夫高新纤维股份有限公司 2022 年第三季度报告 证券代码：002427 证券简称：*ST 尤夫 公告编号：2022-085 浙江尤夫高新纤维股份有限公司 2022 年第三季度报告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 重要内容提示： 1.董事会、监事会及董事、监事、高级管理人员保证季度报告的真实、准确、完整，不存在虚假记载、 误导性陈述或重大遗漏，并承担个别和连带的法律责任。 2.公司负责人、主管会计工作负责人及会计机构负责人(会计主管人员)声明：保证季度报告中财务信息 的真实、准确、完整。 3.第三季度报告是否经过审计 □是 否 浙江尤夫高新纤维股份有限公司 2022 年第三季度报告 一、主要财务数据 （一） 主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 □是 否 | | 本报告期 | 本报告期比上年同期 | 年初至报告期末 | 年初至报告期末比上 | | --- | --- | --- | --- | --- | | | | 增减 | | 年同期增减 | | 营业收入（元） | 591,133,378.75 | -30. ...

浙江尤夫高新纤维股份有限公司 2022 年半年度报告全文 浙江尤夫高新纤维股份有限公司 2022 年半年度报告 2022 年 8 月 1 浙江尤夫高新纤维股份有限公司 2022 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容 的真实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担 个别和连带的法律责任。 公司负责人杨梅方、主管会计工作负责人霍善庆及会计机构负责人(会计 主管人员)霍善庆声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本报告的董事会会议。 公司已在本报告中详细描述可能存在的风险及应对措施，详细内容见本报 告第三节管理层讨论与分析之"十、公司面临的风险和应对措施"，请广大 投资者认真阅读！ 公司计划不派发现金红利，不送红股，不以公积金转增股本。 2 | 第一节 重要提示、目录和释义 | 2 | | --- | --- | | 第二节 公司简介和主要财务指标 | 6 | | 第三节 管理层讨论与分析 | 9 | | 第四节 公司治理 | 22 | | 第五节 环境和社会责任 | 23 | | 第六 ...

浙江尤夫高新纤维股份有限公司 2021 年年度报告全文 浙江尤夫高新纤维股份有限公司 2021 年年度报告 2022 年 04 月 1 浙江尤夫高新纤维股份有限公司 2021 年年度报告全文 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证年度报告内容的真 实、准确、完整，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连 带的法律责任。 公司负责人杨梅方、主管会计工作负责人霍善庆及会计机构负责人(会计主 管人员)霍善庆声明：保证本年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本报告的董事会会议。 利安达会计师事务所（特殊普通合伙）为本公司出具了带持续经营重大不 确定性段落的无保留意见审计报告，本公司董事会、监事会对相关事项已有详 细说明，请投资者注意阅读。 公司已在本报告中详细描述可能存在的风险及应对措施，详细内容见本报 告第三节管理层讨论与分析之"十一、公司未来发展的展望"，请广大投资者认 真阅读！ 公司计划不派发现金红利，不送红股，不以公积金转增股本。 5 2 | 目录 | | --- | | 第一节 | 重要提示、目录和释义 | 2 | | --- | ...

浙江尤夫高新纤维股份有限公司 2022 年第一季度报告全文 证券代码：002427 证券简称：ST尤夫 公告编号：2022-031 浙江尤夫高新纤维股份有限公司 2022 年第一季度报告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误 导性陈述或重大遗漏。 重要内容提示: 1.董事会、监事会及董事、监事、高级管理人员保证季度报告的真实、准确、完整，不存在 虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 2.公司负责人、主管会计工作负责人及会计机构负责人(会计主管人员)声明：保证季度报告中 财务信息的真实、准确、完整。 3.第一季度报告是否经过审计 □ 是 √ 否 一、主要财务数据 (一)主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 □ 是 √ 否 | | 本报告期 | 上年同期 | 本报告期比上年同期增 | | --- | --- | --- | --- | | | | | 减 | | 营业收入（元） | 713,277,488.96 | 645,979,308.59 | 10.42% | | 归属于上市公司股东的净利润（元） | -176,932 ...

浙江尤夫高新纤维股份有限公司 2021 年第三季度报告 证券代码：002427 证券简称：ST 尤夫 公告编号：2021-070 浙江尤夫高新纤维股份有限公司 2021 年第三季度报告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误 导性陈述或重大遗漏。 重要内容提示: 1.董事会、监事会及董事、监事、高级管理人员保证季度报告的真实、准确、完整，不存在 虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 2.公司负责人、主管会计工作负责人及会计机构负责人(会计主管人员)声明：保证季度报告中 财务信息的真实、准确、完整。 3.第三季度报告是否经过审计 □ 是 √ 否 一、主要财务数据 (一)主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 □ 是 √ 否 | | 本报告期 | 本报告期比上年 | 年初至报告期末 | 年初至报告期末比 | | --- | --- | --- | --- | --- | | | | 同期增减 | | 上年同期增减 | | 营业收入（元） | 847,804,367.81 | 37.78% | 2,240,733,978.41 | ...

浙江尤夫高新纤维股份有限公司 2021 年半年度报告全文 浙江尤夫高新纤维股份有限公司 2021 年半年度报告 2021 年 08 月 1 浙江尤夫高新纤维股份有限公司 2021 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的 真实、准确、完整，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和 连带的法律责任。 公司负责人杨梅方、主管会计工作负责人霍善庆及会计机构负责人(会计主 管人员)霍善庆声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本报告的董事会会议。 公司已在本报告中详细描述可能存在的风险及应对措施，详细内容见本报 告第三节管理层讨论与分析之"十、公司面临的风险和应对措施"，请广大投资 者认真阅读！ 公司计划不派发现金红利，不送红股，不以公积金转增股本。 2 | 目录 | | --- | | 第一节 | 重要提示、目录和释义 | 2 | | --- | --- | --- | | 第二节 | 公司简介和主要财务指标 | 6 | | 第三节 | 管理层讨论与分析 | 9 | | 第四节 | 公司治理 | 2 ...

浙江尤夫高新纤维股份有限公司 2021 年第一季度报告全文 浙江尤夫高新纤维股份有限公司 2021 年第一季度报告 2021 年 04 月 1 浙江尤夫高新纤维股份有限公司 2021 年第一季度报告全文 第一节 重要提示 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真 实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担个别和 连带的法律责任。 所有董事均已出席了审议本次季报的董事会会议。 公司负责人杨梅方、主管会计工作负责人霍善庆及会计机构负责人(会计主 管人员)霍善庆声明：保证季度报告中财务报表的真实、准确、完整。 2 浙江尤夫高新纤维股份有限公司 2021 年第一季度报告全文 第二节 公司基本情况 一、主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 □ 是 √ 否 | | 本报告期 | 上年同期 | 本报告期比上年同期增 | | --- | --- | --- | --- | | | | | 减 | | 营业收入（元） | 645,979,308.59 | 623,523,144.74 | 3.60% | | 归属于上市公司股东的净利润（元） | -62,4 ...

[Important Notices, Contents and Definitions](index=2&type=section&id=Section%201%20Important%20Notices%2C%20Contents%20and%20Definitions) [Important Notices](index=2&type=section&id=Important%20Notices) The board guarantees the report's accuracy, the auditor issued a qualified opinion on going concern, and no dividend is planned for 2020 - L&A CPA LLP issued an unqualified audit report with paragraphs on **material uncertainty related to going concern** and **emphasis of matter**, advising investors of the associated risks[4](index=4&type=chunk) - The company's proposed profit distribution plan for 2020 is **no cash dividends, no bonus shares, and no conversion of capital reserves into share capital**[4](index=4&type=chunk) [Company Profile and Key Financial Indicators](index=5&type=section&id=Section%202%20Company%20Profile%20and%20Key%20Financial%20Indicators) [Key Accounting Data and Financial Indicators](index=6&type=section&id=Key%20Accounting%20Data%20and%20Financial%20Indicators) The company's performance severely declined in 2020, with a significant drop in revenue, a net loss of 751 million Yuan, and shrinking assets Key Financial Data for 2020 | Indicator | 2020 (Yuan) | 2019 (Yuan) | Y-o-Y Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 2,446,411,662.89 | 3,084,044,798.89 | -20.68% | | Net Profit Attributable to Shareholders | -751,093,135.67 | 61,158,392.06 | -1,328.11% | | Net Profit Attributable to Shareholders (Excluding Non-recurring Items) | -635,329,308.53 | -436,150,693.76 | 45.67% | | Net Cash Flow from Operating Activities | 215,331,599.55 | 375,275,852.13 | -42.62% | | Basic Earnings Per Share (Yuan/Share) | -1.71 | 0.15 | -1,240.00% | | Total Assets | 5,402,419,797.17 | 5,909,745,732.46 | -8.58% | | Net Assets Attributable to Shareholders | 55,869,309.31 | 807,137,963.65 | -93.08% | - The company's net profit, both before and after non-recurring items, has been **negative for the last three fiscal years**, and the latest audit report indicates uncertainty about its ability to continue as a going concern[15](index=15&type=chunk) Key Quarterly Financial Indicators for 2020 (Unit: Yuan) | Indicator | Q1 | Q2 | Q3 | Q4 | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 623,523,144.74 | 693,304,246.45 | 615,329,699.85 | 514,254,571.85 | | Net Profit Attributable to Shareholders | -80,896,881.33 | -17,531,718.14 | -32,843,111.76 | -619,821,424.44 | [Company Business Summary](index=9&type=section&id=Section%203%20Company%20Business%20Summary) [Main Business](index=9&type=section&id=Main%20Business%20During%20the%20Reporting%20Period) The company's main operations are in polyester industrial yarn and lithium batteries, with a strategic investment in hydrogen fuel cells - The company operates two main business segments: **polyester industrial yarn and lithium batteries**, while also investing in the hydrogen fuel cell industry through equity participation[25](index=25&type=chunk) - The polyester industrial yarn business is a **domestic leader**, with products like industrial yarn, dipped cords, and tire cord fabric used in transportation, construction, and automotive sectors[26](index=26&type=chunk) - The lithium battery business, conducted through the acquisition of Zhixing New Energy, focuses on the design, R&D, production, and sales of **ternary power lithium batteries**[27](index=27&type=chunk) [Core Competitiveness Analysis](index=10&type=section&id=Core%20Competitiveness%20Analysis) Core strengths lie in the leading polyester industrial yarn business and hydrogen fuel cell investments, while the lithium battery segment faces challenges - The core advantages of the polyester industrial yarn business include **cost reduction through melt direct spinning technology**, a complete industry chain, strong R&D capabilities, global-leading production scale, and a mature management system[32](index=32&type=chunk)[33](index=33&type=chunk)[34](index=34&type=chunk)[35](index=35&type=chunk) - The affiliated company, Wuhan Zondy, holds nearly **170 patents** in the hydrogen fuel cell field, has participated in setting multiple national standards, and masters key technologies across the value chain[36](index=36&type=chunk)[37](index=37&type=chunk)[39](index=39&type=chunk) - Due to persistent losses in the lithium battery business, the company agreed in March 2020 to sell a **65% stake in Zhixing New Energy for 474.5 million Yuan**, but the buyer has only paid 10 million Yuan to date, causing payment delays[40](index=40&type=chunk)[41](index=41&type=chunk) [Discussion and Analysis of Operations](index=13&type=section&id=Section%204%20Discussion%20and%20Analysis%20of%20Operations) [Business Overview](index=13&type=section&id=Overview) In 2020, the company faced declining revenue and a significant net loss due to market pressures on its core polyester business - The polyester industrial yarn segment's revenue and gross margin declined due to **intensified competition, falling oil prices, the pandemic, exchange rate fluctuations, and rising shipping costs**[44](index=44&type=chunk) - The lithium battery segment's revenue increased year-over-year through a **"toll manufacturing" model**[44](index=44&type=chunk) Key Performance Indicators for 2020 | Indicator | 2020 | Y-o-Y Change | | :--- | :--- | :--- | | Total Assets | 5.402 billion Yuan | -8.58% | | Operating Revenue | 2.446 billion Yuan | -20.68% | | Net Profit Attributable to Parent | -751 million Yuan | -1,328.11% | | Earnings Per Share | -1.71 Yuan/Share | -1,240.00% | [Analysis of Main Business](index=15&type=section&id=Analysis%20of%20Main%20Business) The chemical fiber segment's revenue and margin declined, while the smaller lithium battery segment saw revenue growth and improved profitability Revenue Composition for 2020 (Unit: Yuan) | Category | 2020 Amount | % of Total Revenue | Y-o-Y Change | | :--- | :--- | :--- | :--- | | **By Industry** | | | | | Chemical Fiber Manufacturing | 2,319,117,784.27 | 94.80% | -23.12% | | Lithium Battery Industry | 127,293,878.62 | 5.20% | 89.06% | | **By Product** | | | | | Polyester Industrial Yarn | 1,887,946,491.13 | 77.17% | -27.34% | | **By Region** | | | | | Domestic Sales | 1,514,759,947.62 | 61.92% | -17.15% | | Export Sales | 931,651,715.27 | 38.08% | -25.81% | Gross Margin Changes in Main Business | Category | 2020 Gross Margin | Change from Prior Year | | :--- | :--- | :--- | | Chemical Fiber Manufacturing | 12.59% | -5.15% | | Lithium Battery Industry | 33.63% | +98.85% | | Domestic Sales | 10.20% | -7.26% | | Export Sales | 19.36% | +5.67% | - Sales volume in the lithium battery industry **increased by 34.24%** due to selling down existing inventory, while production volume **decreased by 31.28%**, leading to a **99.65% reduction in year-end inventory**[56](index=56&type=chunk) Expenses for 2020 (Unit: Yuan) | Expense Item | 2020 | 2019 | Y-o-Y Change | Reason for Significant Change | | :--- | :--- | :--- | :--- | :--- | | Selling Expenses | 41,925,908.37 | 139,910,288.69 | -70.03% | Freight and duties reclassified to cost of sales under new accounting standards | | Finance Expenses | 563,595,450.77 | 332,826,294.07 | 69.34% | Primarily due to accrued interest on overdue loans | - Net cash flow from operating activities **decreased by 42.62%** mainly due to lower sales revenue; net cash flow from investing activities **decreased by 112.19%** mainly due to reduced performance compensation received[67](index=67&type=chunk) [Analysis of Assets and Liabilities](index=21&type=section&id=Analysis%20of%20Assets%20and%20Liabilities) Total assets decreased, with a significant drop in cash, while 857 million Yuan of assets were restricted due to frozen accounts and collateral Major Changes in Balance Sheet Items | Item | Year-End Balance (Yuan) | % of Total Assets | Change from Beginning of Year | | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 194,875,235.46 | 3.61% | -50.3% | | Prepayments | 69,886,953.93 | 1.29% | +70.26% | | Construction in Progress | 410,123,185.72 | 7.59% | +18.4% | | Receivables Financing | 57,751,909.72 | 1.07% | -54.63% | - As of the end of the reporting period, a total of **857 million Yuan in assets were restricted**, including 112 million Yuan in frozen cash and 745 million Yuan in fixed assets and intangible assets pledged as collateral or seized[70](index=70&type=chunk)[71](index=71&type=chunk) [Analysis of Investment](index=22&type=section&id=Analysis%20of%20Investment) No major new investments were made, and previously raised funds are largely frozen, delaying project progress - As of the end of 2020, the company had cumulatively used 867 million Yuan of raised funds, with a remaining balance of **95.49 million Yuan**, and all dedicated fund accounts have been frozen[76](index=76&type=chunk) - In April 2021, the Huzhou Intermediate People's Court forcibly transferred **over 85 million Yuan** from the company's fundraising accounts to repay debts due to loan defaults[77](index=77&type=chunk) - The original "High-end Lightbox Advertising Materials Project" was changed, with funds reallocated to acquire a **51% stake in Zhixing New Energy (400 million Yuan)** and supplement working capital (57.3 million Yuan)[78](index=78&type=chunk)[83](index=83&type=chunk) - The "Ceiling Film Project" has only reached **70.75% completion** due to frozen fundraising accounts and failed to achieve expected benefits during its trial production phase[78](index=78&type-chunk)[80](index=80&type=chunk) [Future Outlook and Risks](index=28&type=section&id=Company's%20Future%20Development%20Outlook) The company will focus on its core polyester business and hydrogen fuel cells while facing significant market, legal, and debt risks - The company's strategy is to **solidify its leading position in polyester industrial yarn** while strategically developing the hydrogen fuel cell industry[91](index=91&type=chunk) - The 2021 business plan focuses on strengthening external cooperation, stabilizing core business operations and profitability, resolving existing lawsuits, and enhancing capital and compliance management[95](index=95&type=chunk)[96](index=96&type=chunk)[98](index=98&type=chunk) - The company faces multiple risks: - **Operational Risks**: Including market expansion, raw material price volatility, foreign exchange, human resources, environmental protection, and underperforming investment projects - **Legal Risks**: Numerous lawsuits and arbitrations have led to frozen bank accounts and seized assets, which could adversely affect operations - **Transaction Risks**: The sale of a 65% stake in Zhixing New Energy faces uncertainty due to the buyer's funding issues - **Debt Risks**: The company has substantial debt, with some creditors initiating enforcement actions; a final resolution plan has not yet been formed despite government intervention[100](index=100&type=chunk)[101](index=101&type=chunk)[102](index=102&type=chunk)[108](index=108&type=chunk)[109](index=109&type=chunk)[110](index=110&type=chunk) [Significant Matters](index=33&type=section&id=Section%205%20Significant%20Matters) [Profit Distribution](index=33&type=section&id=Profit%20Distribution%20and%20Capital%20Reserve%20Conversion%20to%20Share%20Capital) Due to a net loss of 751 million Yuan in 2020, the board proposes no profit distribution for the third consecutive year - The company has **not paid cash dividends for three consecutive years** (2018, 2019, 2020), and the 2020 proposal is for no dividend, bonus shares, or capital conversion[114](index=114&type=chunk)[116](index=116&type=chunk) - The primary reasons for not distributing profits are the **net losses reported in both the consolidated and parent company financial statements** for 2020 and the need to preserve working capital[120](index=120&type=chunk) [Fulfillment of Commitments](index=34&type=section&id=Fulfillment%20of%20Commitments) Most commitments were fulfilled, but the performance compensation for the Zhixing New Energy acquisition remains partially unpaid - The performance targets for Zhixing New Energy for 2016-2018 were not met, and according to the agreement, Zhou Fazhang was required to pay **1.01 billion Yuan in performance compensation**[124](index=124&type=chunk)[128](index=128&type=chunk) - The company has initiated arbitration regarding the performance compensation; while some of the compensation has been addressed through third-party payments and debt pledges, disputes and unfulfilled portions remain[128](index=128&type=chunk) [Explanation of Non-standard Audit Report](index=42&type=section&id=Explanation%20of%20Non-standard%20Audit%20Report) The board acknowledges the auditor's concerns about going concern and is taking measures to mitigate debt and operational risks - The Board of Directors acknowledges the risks identified in the audit report and has outlined corresponding measures, including: - Coordinating with government and financial institutions to resolve debt risks - Expanding the market for the polyester industrial yarn business to enhance profitability - Implementing comprehensive cost-saving and efficiency-improving initiatives - Adjusting the plan for selling Zhixing New Energy to include collateral and guarantees to secure payment[130](index=130&type=chunk)[131](index=131&type=chunk)[132](index=132&type=chunk) [Major Litigation and Arbitration](index=44&type=section&id=Major%20Litigation%20and%20Arbitration) The company is involved in numerous lawsuits over debt and contracts, leading to frozen assets and significant financial pressure - The company is a defendant in several major financial and private lending disputes involving substantial amounts, including cases with **AVIC Trust (550 million Yuan), Huarong (500 million Yuan), and Guotong Trust (250 million Yuan)**, many of which have entered the enforcement stage[138](index=138&type=chunk)[139](index=139&type=chunk) - Subsidiary Zhixing New Energy is involved in numerous sales contract disputes with suppliers (e.g., Soundon New Energy, Guangdong Jiana Energy) and customers (e.g., FAW Bus, Yantai Shuchi Bus), with most cases resulting in judgments against Zhixing[140](index=140&type=chunk)[141](index=141&type=chunk)[142](index=142&type=chunk)[143](index=143&type=chunk) - As a plaintiff, the company has initiated arbitration against Zhou Fazhang, the former shareholder of Zhixing New Energy, demanding **1.01 billion Yuan in performance compensation**[149](index=149&type=chunk) [Penalties and Rectification](index=57&type=section&id=Penalties%20and%20Rectification) The company was fined 600,000 Yuan by the CSRC for disclosure violations related to related-party transactions and guarantees - The company was issued a **warning and a 600,000 Yuan fine** by the China Securities Regulatory Commission (CSRC) for information disclosure violations, specifically the failure to disclose related-party transactions and external guarantees[152](index=152&type=chunk) [Changes in Share Capital and Shareholders](index=65&type=section&id=Section%206%20Changes%20in%20Share%20Capital%20and%20Shareholders) [Changes in Share Capital](index=65&type=section&id=Changes%20in%20Share%20Capital) Total share capital increased from 398 million to 438 million shares following a 1-for-10 bonus share issue from capital reserves - The company implemented its 2019 equity distribution plan, issuing **1 bonus share for every 10 shares held** from the capital reserve, increasing the total share capital from 398,154,658 to 437,970,123 shares[180](index=180&type=chunk) [Shareholders and Actual Controller](index=68&type=section&id=Shareholders%20and%20Actual%20Controller) The company has no actual controller, and the controlling shareholder's entire stake is pledged and frozen Top Five Shareholders | Shareholder Name | Shareholding Ratio | Shares Held at Period End | Share Status | | :--- | :--- | :--- | :--- | | Huzhou Youfu Holdings Co., Ltd. | 27.79% | 121,717,682 | Pledged/Frozen | | Shanghai Yaokuo Enterprise Management Center (LP) | 17.13% | 75,030,285 | - | | Jiayuan Co., Ltd. | 7.22% | 31,625,880 | Pledged | | Zhongrong International Trust Co., Ltd. - Zhengying No. 130 | 6.99% | 30,613,000 | - | | Huaxin International Trust Co., Ltd. - Huaxin Trust Xinhui No. 2 | 4.22% | 18,497,204 | - | - The controlling shareholder, Huzhou Youfu Holdings Co., Ltd., has had its entire holding of **121.7 million shares pledged and judicially frozen**[187](index=187&type=chunk) - The company has **no actual controller** as the ultimate controlling entity, Shandong Aerospace Yunfan Capital Management Co., Ltd., has a dispersed shareholding structure with no single shareholder able to exert control[192](index=192&type=chunk) [Financial Report](index=91&type=section&id=Section%2012%20Financial%20Report) [Audit Report](index=91&type=section&id=Audit%20Report) The auditor issued an unqualified opinion with emphasis on material uncertainty related to going concern due to overdue debts - **Audit Opinion Type**: **Unqualified opinion with an emphasis of matter paragraph**[258](index=258&type=chunk) - **Material Uncertainty Related to Going Concern**: As of year-end 2020, the company had **1.068 billion Yuan in overdue loan principal**, and some assets were judicially frozen, indicating the existence of a material uncertainty that may cast significant doubt on the company's ability to continue as a going concern[256](index=256&type=chunk) - **Emphasis of Matter**: The report draws attention to the fact that the buyer of the **65% stake in Zhixing New Energy has failed to make payments as scheduled**, which may impact the company[257](index=257&type=chunk) - **Key Audit Matters**: 1. **Revenue Recognition**: Due to its significance as a key performance indicator and the inherent risk of management override 2. **Litigation Matters**: Due to the material amount of accrued default interest and penalties totaling **345 million Yuan**[259](index=259&type=chunk)[260](index=260&type=chunk) [Financial Statement Summary](index=94&type=section&id=Financial%20Statements) The company's financial position weakened significantly, with total liabilities nearly equaling total assets and a net loss of 751 million Yuan Key Items from Consolidated Balance Sheet (Unit: Yuan) | Item | Dec 31, 2020 | Dec 31, 2019 | | :--- | :--- | :--- | | Total Assets | 5,402,419,797.17 | 5,909,745,732.46 | | Total Liabilities | 5,346,454,395.00 | 5,102,662,219.32 | | Short-term Borrowings | 1,600,490,575.87 | 1,888,532,899.59 | | Long-term Borrowings | 1,275,000,000.00 | 623,494,368.97 | | Total Equity Attributable to Parent Company | 55,869,309.31 | 807,137,963.65 | Key Items from Consolidated Income Statement (Unit: Yuan) | Item | 2020 | 2019 | | :--- | :--- | :--- | | Total Operating Revenue | 2,446,411,662.89 | 3,084,044,798.89 | | Total Operating Costs | 3,022,239,778.94 | 3,425,524,995.60 | | Of which: Finance Expenses | 563,595,450.77 | 332,826,294.07 | | Total Profit | -771,731,999.81 | 109,467,145.62 | | Net Profit Attributable to Parent Company Shareholders | -751,093,135.67 | 61,158,392.06 | Key Items from Consolidated Cash Flow Statement (Unit: Yuan) | Item | 2020 | 2019 | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 215,331,599.55 | 375,275,852.13 | | Net Cash Flow from Investing Activities | -23,380,452.14 | 191,857,024.86 | | Net Cash Flow from Financing Activities | -348,559,308.67 | -686,295,485.93 | | Net Increase in Cash and Cash Equivalents | -161,545,950.69 | -115,599,891.49 |

浙江尤夫高新纤维股份有限公司 2020 年第三季度报告全文 浙江尤夫高新纤维股份有限公司 2020 年第三季度报告 2020 年 10 月 1 浙江尤夫高新纤维股份有限公司 2020 年第三季度报告全文 第一节 重要提示 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真 实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担个别和 连带的法律责任。 所有董事均已出席了审议本次季报的董事会会议。 公司负责人杨梅方、主管会计工作负责人霍善庆及会计机构负责人(会计主 管人员)霍善庆声明：保证季度报告中财务报表的真实、准确、完整。 2 浙江尤夫高新纤维股份有限公司 2020 年第三季度报告全文 第二节 公司基本情况 一、主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 □ 是 √ 否 | | 本报告期末 | 上年度末 | | 本报告期末比上年度末增 | | --- | --- | --- | --- | --- | | | | | | 减 | | 总资产（元） | 5,774,194,838.28 | | 5,909,745,732.46 | -2.29% | | 归属于上市公 ...

[Important Notice, Table of Contents, and Definitions](index=2&type=section&id=第一节%20重要提示%E3%80%81目录和释义) This section presents the company's board, supervisory board, and management's declarations on the semi-annual report's integrity, outlines the report's structure and definitions, and confirms no profit distribution for the period - Company's board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the report content and bear legal responsibility[3](index=3&type=chunk) - Company's head, chief accountant, and head of accounting department declare the financial report is true, accurate, and complete[3](index=3&type=chunk) - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital[4](index=4&type=chunk) [Company Profile and Key Financial Indicators](index=5&type=section&id=第二节%20公司简介和主要财务指标) This section provides the company's basic information and key financial indicators, noting a **18.22%** revenue decrease, a **733.43%** net profit loss, and declines in total and net assets Company Basic Information | Indicator | Content | | :--- | :--- | | Stock Abbreviation | ST Youfu | | Stock Code | 002427 | | Listing Exchange | Shenzhen Stock Exchange | | Chinese Name | Zhejiang Youfu High-Tech Fiber Co., Ltd. | | Legal Representative | Yang Meifang | Key Financial Data for H1 2020 | Indicator | Current Period (yuan) | Prior Year (yuan) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 1,316,827,391.19 | 1,610,251,951.30 | -18.22% | | Net Profit Attributable to Shareholders | -98,428,599.47 | 15,539,031.79 | -733.43% | | Net Cash Flow from Operating Activities | 89,570,868.23 | 138,664,523.14 | -35.40% | | Basic Earnings Per Share | -0.2247 | 0.0390 | -676.15% | | Weighted Average Return on Net Assets | -13.00% | 2.06% | -15.06% | Key Financial Indicators as of H1 2020 | Indicator | End of Current Period (yuan) | End of Prior Year (yuan) | Change | | :--- | :--- | :--- | :--- | | Total Assets | 5,813,951,710.75 | 5,909,745,732.46 | -1.62% | | Net Assets Attributable to Shareholders | 708,709,364.18 | 807,137,963.65 | -12.19% | - Total non-recurring gains and losses amounted to **4,775,128.27 yuan**[20](index=20&type=chunk) [Business Overview](index=8&type=section&id=第三节%20公司业务概要) This section outlines the company's polyester industrial yarn, lithium battery, and hydrogen fuel cell businesses, highlighting leadership in industrial yarn and hydrogen fuel cells, while noting ongoing losses and planned divestment in lithium batteries [Main Businesses During the Reporting Period](index=8&type=section&id=一%E3%80%81报告期内公司从事的主要业务) The company primarily operates in polyester industrial yarn and lithium battery segments, with strategic investment in hydrogen fuel cells, focusing on diverse industrial applications and new energy vehicle components - The company has two major business segments: polyester industrial yarn and lithium batteries, and has strategically invested in the hydrogen fuel cell industry[23](index=23&type=chunk) - Polyester industrial yarn products are widely used in tire cord fabric, conveyor belt canvas, PVC coated fabrics, automotive seat belts, and other industrial fields[24](index=24&type=chunk) - The lithium battery business primarily involves the design, R&D, production, sales, and service of ternary power lithium batteries for new energy vehicles[25](index=25&type=chunk) - The hydrogen fuel cell business, through its investment in Wuhan Zhongyu, focuses on the development, production, sales, and technical services of fuel cell stacks and system products[26](index=26&type=chunk) [Significant Changes in Major Assets](index=9&type=section&id=二%E3%80%81主要资产重大变化情况) Major assets changed significantly, with increases in construction in progress and development expenditures, decreases in fixed and intangible assets due to amortization, and net losses recorded by overseas entities Major Asset Changes | Major Asset | Explanation of Change | | :--- | :--- | | Fixed Assets | Decreased by 6.18% from the beginning of the period, mainly due to fixed asset amortization | | Intangible Assets | Decreased by 2.37% from the beginning of the period, mainly due to intangible asset amortization | | Construction in Progress | Increased by 9.75% from the beginning of the period, mainly due to investment in boiler renovation | | Notes Receivable | Increased by 31.95% from the beginning of the period, mainly due to an increase in received letters of credit | | Receivables Financing | Increased by 16.54% from the beginning of the period, mainly due to an increase in received bills | | Development Expenditures | Increased by 1201.72% from the beginning of the period, mainly because some early R&D projects met capitalization conditions in this period | Profitability of Major Overseas Assets | Overseas Subsidiary | Net Profit for Current Period (yuan) | Undistributed Profit at Period-End (yuan) | Proportion of Overseas Assets to Company's Net Assets | | :--- | :--- | :--- | :--- | | Hong Kong Zhanyu Co., Ltd. | -47,871.50 | -3,260,202.91 | 0.47% | | UNIFULL AMERICA, INC. | -377,716.08 | -3,345,837.82 | 9.05% | | Unifull Europe GmbH | -148,658.67 | -842,689.51 | 0.09% | [Analysis of Core Competitiveness](index=10&type=section&id=三%E3%80%81核心竞争力分析) The company excels in polyester industrial yarn and hydrogen fuel cell technologies, but its lithium battery segment faces continuous losses, prompting a planned equity sale - The polyester industrial yarn business has new technology and cost advantages, utilizing melt direct spinning technology to reduce energy consumption, improve efficiency, and enhance product quality[31](index=31&type=chunk) - The polyester industrial yarn business has formed a complete industrial chain from polymerization to industrial yarn and industrial textiles, enhancing its ability to resist risks and generate profits[32](index=32&type=chunk) - The hydrogen fuel cell business (Wuhan Zhongyu) has cumulatively applied for nearly **170 patents**, with **34 granted**, including **7 US or EU invention patents**[36](index=36&type=chunk) - Wuhan Zhongyu's core technical personnel participated in the drafting of **24 fuel cell standards and specifications**, leading the development of the national standard "Fuel Cell Power Generation System for UAVs"[37](index=37&type=chunk) - Wuhan Zhongyu has fully mastered core technologies in key segments of the industrial chain, with some technologies being internationally leading[38](index=38&type=chunk) - The lithium battery business, due to industrial policy adjustments and subsidy reductions, led to continuous losses for Zhihang New Energy, and the company plans to transfer **65% of Zhihang New Energy's equity** for **474.5 million yuan**[39](index=39&type=chunk) [Management Discussion and Analysis](index=12&type=section&id=第四节%20经营情况讨论与分析) This section details the company's operating performance, noting revenue and margin declines in industrial yarn, growth in lithium battery contract manufacturing, and a significant overall net loss, alongside asset changes, fund use, equity sales, and risk management [Overview](index=12&type=section&id=一%E3%80%81概述) Polyester industrial yarn revenue and margins declined due to market factors and the pandemic, while lithium battery revenue grew via contract manufacturing; total assets slightly decreased, and net profit attributable to shareholders dropped by **733.43%** - The polyester industrial yarn segment's production and operation were generally normal, but operating revenue and gross profit margin declined, and net profit decreased year-on-year, due to intensified industry competition, the pandemic, and falling crude oil prices[42](index=42&type=chunk) - The lithium battery segment achieved an increase in operating revenue year-on-year through a "toll manufacturing" model[42](index=42&type=chunk) Key Financial Data for H1 2020 | Indicator | Amount (yuan) | Year-on-Year Change | | :--- | :--- | :--- | | Total Assets | 5,813,951,710.75 | -1.62% | | Operating Revenue | 1,316,827,391.19 | -18.22% | | Net Profit Attributable to Shareholders | -98,428,599.47 | -733.43% | | Basic Earnings Per Share | -0.22 | -675.84% | [Analysis of Main Business](index=12&type=section&id=二%E3%80%81主营业务分析) Main business revenue decreased by **18.22%** due to chemical fiber decline, despite a **564.68%** surge in lithium battery revenue; management and R&D expenses fell, while financial and income tax expenses rose, with operating cash flow down **35.40%** Year-on-Year Changes in Key Financial Data | Item | Current Period (yuan) | Prior Year (yuan) | Year-on-Year Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 1,316,827,391.19 | 1,610,251,951.30 | -18.22% | | | Operating Cost | 1,078,586,724.88 | 1,290,385,280.59 | -16.41% | | | Administrative Expenses | 56,263,729.95 | 76,807,545.65 | -26.75% | | | Financial Expenses | 162,608,791.89 | 141,583,649.38 | 14.85% | | | Net Cash Flow from Operating Activities | 89,570,868.23 | 138,664,523.14 | -35.40% | Mainly due to decreased sales revenue | | Net Cash Flow from Investing Activities | -46,498,139.93 | -66,874,149.85 | -30.47% | Mainly due to decreased investment in construction in progress in this period | | Net Cash Flow from Financing Activities | -126,081,348.14 | -295,355,524.67 | -57.31% | Mainly due to decreased repayment of loan principal and interest in this period | Operating Revenue Composition (by Industry) | Industry | Current Period Amount (yuan) | Proportion of Operating Revenue | Prior Year Amount (yuan) | Proportion of Operating Revenue | Year-on-Year Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Chemical Fiber Manufacturing | 1,200,439,086.93 | 91.16% | 1,592,741,468.07 | 98.91% | -24.63% | | Lithium Battery Industry | 116,388,304.26 | 8.84% | 17,510,483.23 | 1.09% | 564.68% | - The higher indicators for the lithium battery industry compared to the previous year were mainly due to the recognition of contract manufacturing revenue, and the higher indicators for power lithium batteries were mainly due to sales prices exceeding costs after impairment provisions[48](index=48&type=chunk) [Analysis of Non-Core Business](index=14&type=section&id=三%E3%80%81非主营业务分析) The company had no non-core business analysis during the reporting period - The company had no non-core business analysis during the reporting period[49](index=49&type=chunk) [Analysis of Assets and Liabilities](index=14&type=section&id=四%E3%80%81资产及负债状况分析) Total assets and net assets attributable to shareholders decreased; inventory fell due to subsidiary sales, fixed assets and construction in progress changed due to project capitalization, and new accounting standards introduced receivables financing and contract liabilities Significant Changes in Asset Composition | Item | Amount at End of Current Period (yuan) | Proportion of Total Assets | Amount at End of Prior Year (yuan) | Proportion of Total Assets | Change in Proportion | Explanation of Significant Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Inventory | 254,642,163.65 | 4.38% | 415,982,357.56 | 6.86% | -2.48% | Mainly due to sales of subsidiary Zhihang New Energy's inventory during the reporting period | | Fixed Assets | 1,731,246,422.69 | 29.78% | 1,664,606,730.15 | 27.45% | 2.33% | Mainly due to capitalization of the ceiling film project | | Construction in Progress | 380,148,280.37 | 6.54% | 546,425,226.79 | 9.01% | -2.47% | Mainly due to capitalization of the ceiling film project | | Short-term Borrowings | 1,827,157,044.48 | 31.43% | 2,164,199,252.11 | 35.68% | -4.25% | | | Long-term Borrowings | 516,000,000.00 | 8.88% | 511,500,000.00 | 8.43% | 0.45% | | | Notes Receivable | 29,333,418.82 | 0.50% | 96,790,351.32 | 1.60% | -1.10% | Adjusted due to implementation of new financial instrument standards | | Receivables Financing | 148,211,568.35 | 2.55% | | | 2.55% | Adjusted due to implementation of new financial instrument standards | | Contract Liabilities | 175,199,183.57 | 3.01% | | | 3.01% | Adjusted due to implementation of new revenue standards | - Details of restricted assets at the end of the reporting period can be found in "Section XI Financial Report, VII. Notes to Consolidated Financial Statements, Note 81"[52](index=52&type=chunk) [Analysis of Investment Status](index=15&type=section&id=五%E3%80%81投资状况分析) No major investments occurred; **950.673 million yuan** in raised funds were mostly invested, with **48.10%** reallocated; the ceiling film project was delayed by frozen funds and underperformed, while another project was terminated, with funds used for equity acquisition and working capital Overall Use of Raised Funds | Indicator | Amount (million yuan) | | :--- | :--- | | Total Raised Funds | 950.673 | | Total Raised Funds Invested in Current Period | 0 | | Total Raised Funds Cumulatively Invested | 867.281 | | Total Cumulatively Changed Use of Raised Funds | 457.3 | | Proportion of Total Cumulatively Changed Use of Raised Funds | 48.10% | - The ceiling film project has a cumulative investment of **209.981 million yuan**, an investment progress of **70.75%**, and has reached its intended usable state but has not achieved expected benefits, mainly due to trial production and gradual capacity release[57](index=57&type=chunk)[59](index=59&type=chunk) - The high-end light box advertising material project has been terminated, with **400 million yuan** used to pay for the acquisition of **51% equity in Jiangsu Zhihang New Energy Co., Ltd.**, and the remaining **57.3 million yuan** used to permanently supplement working capital[57](index=57&type=chunk)[62](index=62&type=chunk)[63](index=63&type=chunk) - The balance of the special raised funds account is **95.3474 million yuan**, which has been entirely frozen[56](index=56&type=chunk) [Major Asset and Equity Sales](index=19&type=section&id=六%E3%80%81重大资产和股权出售) No major assets were sold; the planned **474.5 million yuan** sale of **65%** of Jiangsu Zhihang New Energy is incomplete, with control retained and payment delays from the buyer - The company did not sell any major assets during the reporting period[66](index=66&type=chunk) - The company plans to transfer **65% of Zhihang New Energy's equity** to Jiangsu Ruihong Lithium Industry Co., Ltd. for **474.5 million yuan**[68](index=68&type=chunk) - As of the end of the reporting period, the equity transfer has not met the closing conditions, and the company has not lost control over Zhihang New Energy, thus it is still included in the consolidated financial statements for this period[68](index=68&type=chunk) - The counterparty has not paid the equity transfer payment as planned due to financial constraints, and the company has sent notices to the transferee and guarantor for collection[68](index=68&type=chunk) [Analysis of Major Holding and Associate Companies](index=21&type=section&id=七%E3%80%81主要控股参股公司分析) Key subsidiaries include Zhejiang Unifull Technology Industrial, Zhejiang Unifull Industrial Fiber, Jiangsu Zhihang New Energy, and Huzhou Unifull High-Performance Fiber; Jiangsu Zhihang New Energy reported a **-14.58 million yuan** net loss, with its planned sale not yet impacting current operations Financial Status of Major Subsidiaries | Company Name | Company Type | Main Business | Registered Capital | Total Assets (yuan) | Net Assets (yuan) | Operating Revenue (yuan) | Net Profit (yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Zhejiang Unifull Technology Industrial Co., Ltd. | Subsidiary | Cord fabric, canvas for engineering, etc. | 24.5786 million USD | 940,605,910.07 | 208,199,810.08 | 194,490,004.22 | 3,139,160.03 | | Zhejiang Unifull Industrial Fiber Co., Ltd. | Subsidiary | Production and processing of polyester industrial filament | 60 million yuan | 1,814,688,712.16 | 105,219,655.18 | 1,449,161,382.12 | 14,250,096.12 | | Jiangsu Zhihang New Energy Co., Ltd. | Subsidiary | Lithium battery production, sales | 114.67 million yuan | 1,606,148,807.85 | -305,862,428.17 | 116,388,304.26 | -14,584,043.34 | | Huzhou Unifull High-Performance Fiber Co., Ltd. | Subsidiary | Industrial yarn production, processing, sales | 100 million yuan | 522,969,469.94 | 2,455,324.88 | | 10,998,880.10 | - The company plans to sell its controlling stake in Jiangsu Zhihang New Energy Co., Ltd., but the closing conditions have not been met, thus having no impact on the current period's operations[71](index=71&type=chunk) [Structured Entities Controlled by the Company](index=21&type=section&id=八%E3%80%81公司控制的结构化主体情况) The company had no structured entities under its control during the reporting period - The company had no structured entities under its control during the reporting period[72](index=72&type=chunk) [Forecast of Operating Performance for January-September 2020](index=22&type=section&id=九%E3%80%81对%202020%20年%201-9%20月经营业绩的预计) The company did not issue any warning forecasts for losses or significant changes in operating performance for January-September 2020 - The company did not issue any warning forecasts for losses or significant changes in operating performance for January-September 2020[73](index=73&type=chunk) [Risks Faced by the Company and Countermeasures](index=22&type=section&id=十%E3%80%81公司面临的风险和应对措施) The company faces diverse operational risks, including market, raw material, foreign exchange, and pandemic impacts, alongside regulatory investigations, lawsuits, and shareholder issues, with various countermeasures planned or implemented - The company faces market sales risks from capacity expansion and will respond by improving technology, optimizing core processes, enhancing product structure, strengthening brand building, and deepening marketing efforts[73](index=73&type=chunk) - The company faces risks from raw material price fluctuations and will respond by implementing strict inventory management systems and actively developing high-margin, high-value-added differentiated and functional yarns[74](index=74&type=chunk) - The company faces foreign exchange risks and will respond by closely monitoring foreign exchange market trends, utilizing methods such as inward processing and exchange rate locking, and by increasing product selling prices and timely collection of payments[75](index=75&type=chunk) - The company faces impacts from the novel coronavirus pandemic and will actively respond and strictly implement prevention and control regulations to minimize adverse effects on its operations[81](index=81&type=chunk) - The company is under investigation by the China Securities Regulatory Commission (CSRC) and has received a "Prior Notice of Administrative Penalty and Market Ban", but it is judged not to trigger mandatory delisting due to major violations, and the company will timely fulfill its information disclosure obligations[82](index=82&type=chunk) - Multiple bank accounts of the company and its wholly-owned subsidiaries have been frozen, and some other assets have been seized or transferred for appraisal and auction; the company will continue to monitor subsequent developments and actively litigate to protect its legitimate rights and interests[82](index=82&type=chunk) - The company's stock trading had its delisting risk warning removed on August 4, 2020, but it continues to be subject to other risk warnings; investors are advised to be aware of investment risks[84](index=84&type=chunk) - The company plans to sell **65% equity of Jiangsu Zhihang New Energy Co., Ltd.**, but faces risks such as equity pledge, freezing, payment risk of equity transfer funds, and the company bearing guarantee liabilities[85](index=85&type=chunk)[86](index=86&type=chunk) [Significant Matters](index=26&type=section&id=第五节%20重要事项) This section covers general meetings, profit distribution, commitment fulfillment, auditor appointments, bankruptcy, major litigation, media scrutiny, penalties, integrity, incentives, related party transactions, shareholder fund occupation, contract performance, social responsibility, and other significant matters [General Meetings of Shareholders and Extraordinary General Meetings During the Reporting Period](index=26&type=section&id=一%E3%80%81报告期内召开的年度股东大会和临时股东大会的有关情况) The company held two extraordinary general meetings and one annual general meeting, approving multiple proposals with investor participation rates of **27.80%** and **47.85%** respectively - The first extraordinary general meeting of 2020 was held on January 7, 2020, with an investor participation rate of **27.80%**[89](index=89&type=chunk) - The second extraordinary general meeting of 2020 was held on February 4, 2020, with an investor participation rate of **27.80%**[89](index=89&type=chunk) - The 2019 annual general meeting was held on May 13, 2020, with an investor participation rate of **47.85%**[89](index=89&type=chunk) [Profit Distribution and Capital Reserve Conversion to Share Capital for the Reporting Period](index=27&type=section&id=二%E3%80%81本报告期利润分配及资本公积金转增股本情况) The company plans no cash dividends, bonus shares, or capital reserve conversions to share capital for the semi-annual period - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the semi-annual period[91](index=91&type=chunk) [Fulfillment of Commitments by the Company's Actual Controller, Shareholders, Related Parties, Acquirers, and Other Committed Parties During and Beyond the Reporting Period](index=27&type=section&id=三%E3%80%81公司实际控制人%E3%80%81股东%E3%80%81关联方%E3%80%81收购人以及公司等承诺相关方在报告期内履行完毕及截至报告期末超期未履行完毕的承诺事项) Mr. Zhou Fazhang failed to meet Jiangsu Zhihang New Energy's 2017-2018 performance commitments, with a **-38.20%** cumulative net profit completion rate, owing **1,009.8 million yuan** in compensation, of which **730.39 million yuan** remains unpaid, leading to company arbitration - Zhihang New Energy failed to meet its committed performance for both 2017 and 2018, with a cumulative net profit completion rate of **-38.20%** of the committed amount[92](index=92&type=chunk) - According to the "Equity Acquisition Agreement", Mr. Zhou Fazhang should pay performance compensation of **1,009.8 million yuan** to the company[92](index=92&type=chunk) - As of the disclosure date of this report, Mr. Zhou Fazhang still owes the company a total of **730,392,615 yuan** in performance commitment compensation[92](index=92&type=chunk) - Given that the company has initiated arbitration regarding Mr. Zhou Fazhang's performance commitment compensation, the final amount of performance compensation Mr. Zhou Fazhang should pay to the company will be subject to the arbitration result[92](index=92&type=chunk) [Appointment and Dismissal of Accounting Firms](index=27&type=section&id=四%E3%80%81聘任%E3%80%81解聘会计师事务所情况) The company's semi-annual financial report was not audited - The company's semi-annual report was not audited[93](index=93&type=chunk) [Explanations by the Board of Directors and Supervisory Board on "Non-Standard Audit Report"](index=27&type=section&id=五%E3%80%81董事会%E3%80%81监事会对%22非标准审计报告%22的说明) The company had no "non-standard audit report" issued by an accounting firm during the reporting period - The company had no "non-standard audit report" issued by an accounting firm during the reporting period[20](index=20&type=chunk) [Explanations by the Board of Directors on "Non-Standard Audit Report" for the Previous Year](index=28&type=section&id=六%E3%80%81董事会对上年度%22非标准审计报告%22相关情况的说明) The company had no explanations regarding "non-standard audit report" for the previous year during the reporting period - The company had no explanations regarding "non-standard audit report" for the previous year during the reporting period[95](index=95&type=chunk) [Bankruptcy Reorganization Matters](index=28&type=section&id=七%E3%80%81破产重整相关事项) The company had no bankruptcy reorganization matters during the reporting period - The company had no bankruptcy reorganization matters during the reporting period[95](index=95&type=chunk) [Litigation Matters](index=28&type=section&id=八%E3%80%81诉讼事项) The company and its subsidiaries face numerous significant lawsuits and arbitrations, involving substantial amounts, with some cases adjudicated or settled, but many still pending, adversely affecting operations - The company and its subsidiaries are involved in multiple significant lawsuits and arbitrations, with amounts ranging from several million to hundreds of millions of yuan[96](index=96&type=chunk)[97](index=97&type=chunk)[98](index=98&type=chunk)[99](index=99&type=chunk)[100](index=100&type=chunk)[101](index=101&type=chunk)[102](index=102&type=chunk)[103](index=103&type=chunk)[104](index=104&type=chunk)[105](index=105&type=chunk)[106](index=106&type=chunk)[107](index=107&type=chunk)[108](index=108&type=chunk) - Some cases have been finally adjudicated, with the company ordered to bear joint and several liability or pay sums, and some cases are under enforcement[96](index=96&type=chunk)[97](index=97&type=chunk)[98](index=98&type=chunk)[99](index=99&type=chunk)[100](index=100&type=chunk)[101](index=101&type=chunk)[102](index=102&type=chunk)[103](index=103&type=chunk)[104](index=104&type=chunk)[105](index=105&type=chunk)[106](index=106&type=chunk)[107](index=107&type=chunk)[108](index=108&type=chunk) - Some cases have reached civil settlement agreements and are currently being executed[96](index=96&type=chunk)[97](index=97&type=chunk)[98](index=98&type=chunk)[99](index=99&type=chunk)[100](index=100&type=chunk)[101](index=101&type=chunk)[102](index=102&type=chunk)[103](index=103&type=chunk)[104](index=104&type=chunk)[105](index=105&type=chunk)[106](index=106&type=chunk)[107](index=107&type=chunk)[108](index=108&type=chunk) - Some cases are still pending and have not yet resulted in a judgment[96](index=96&type=chunk)[97](index=97&type=chunk)[98](index=98&type=chunk)[99](index=99&type=chunk)[100](index=100&type=chunk)[101](index=101&type=chunk)[102](index=102&type=chunk)[103](index=103&type=chunk)[104](index=104&type=chunk)[105](index=105&type=chunk)[106](index=106&type=chunk)[107](index=107&type=chunk)[108](index=108&type=chunk) [Media Scrutiny](index=41&type=section&id=九%E3%80%81媒体质疑情况) The company had no widespread media scrutiny during the reporting period - The company had no widespread media scrutiny during the reporting period[110](index=110&type=chunk) [Penalties and Rectifications](index=41&type=section&id=十%E3%80%81处罚及整改情况) The company and several directors, supervisors, and senior management personnel face CSRC investigation and proposed warnings/fines for non-disclosure of related party transactions, external guarantees, and contingent liabilities, with the former actual controller banned for life - The company was investigated by the China Securities Regulatory Commission (CSRC) for failing to disclose related party transactions with the actual controller in periodic reports, failing to timely disclose and not disclosing external guarantees in periodic reports, and failing to disclose contingent liabilities in periodic reports; it is proposed to be ordered to rectify, given a warning, and fined **0.6 million yuan**[112](index=112&type=chunk) - The former actual controller, Yan Jinggang, was warned, fined **0.6 million yuan**, and banned from the securities market for life due to similar violations[112](index=112&type=chunk) - Several directors, supervisors, senior management personnel, and other relevant individuals were warned and fined varying amounts for similar violations[112](index=112&type=chunk)[113](index=113&type=chunk) [Integrity Status of the Company, its Controlling Shareholder, and Actual Controller](index=43&type=section&id=十一%E3%80%81公司及其控股股东%E3%80%81实际控制人的诚信状况) The company, its controlling shareholder, and actual controller had no integrity issues during the reporting period - The company, its controlling shareholder, and actual controller had no integrity issues during the reporting period[114](index=114&type=chunk) [Implementation of Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=43&type=section&id=十二%E3%80%81公司股权激励计划%E3%80%81员工持股计划或其他员工激励措施的实施情况) The company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures and their implementation during the reporting period - The company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures and their implementation during the reporting period[114](index=114&type=chunk) [Major Related Party Transactions](index=43&type=section&id=十三%E3%80%81重大关联交易) The company had no related party transactions concerning daily operations, asset/equity acquisition/disposal, joint external investments, or other major related party transactions - The company had no related party transactions related to daily operations during the reporting period[115](index=115&type=chunk) - The company had no related party transactions involving asset or equity acquisition/disposal during the reporting period[116](index=116&type=chunk) - The company had no related party transactions involving joint external investment during the reporting period[117](index=117&type=chunk) - The company had no other major related party transactions during the reporting period[119](index=119&type=chunk) [Non-Operating Funds Occupied by Controlling Shareholder and its Related Parties from the Listed Company](index=44&type=section&id=十四%E3%80%81控股股东及其关联方对上市公司的非经营性占用资金情况) The company had no non-operating funds occupied by its controlling shareholder and related parties during the reporting period - The company had no non-operating funds occupied by its controlling shareholder and its related parties from the listed company during the reporting period[120](index=120&type=chunk) [Major Contracts and Their Performance](index=44&type=section&id=十五%E3%80%81重大合同及其履行情况) The company had no entrustment, contracting, leasing, or wealth management; it and its subsidiaries have multiple external guarantees, primarily for subsidiaries, totaling **73.23%** of net assets, with some for Jiangsu Zhihang New Energy potentially incurring joint liability - The company had no entrustment, contracting, leasing, or wealth management situations during the reporting period[121](index=121&type=chunk)[122](index=122&type=chunk)[123](index=123&type=chunk)[130](index=130&type=chunk) External Guarantees by the Company and its Subsidiaries (Guarantees for Subsidiaries) | Guarantor Name | Guarantee Limit (million yuan) | Actual Guarantee Amount (million yuan) | Guarantee Type | Guarantee Period | Fulfilled | | :--- | :--- | :--- | :--- | :--- | :--- | | Jiangsu Zhihang New Energy Co., Ltd. | 200 | 200 | Joint and several liability guarantee | Two years from the maturity date of the main contract's principal debt or two years from the date the lessor repossesses the leased item early according to the main contract | No | | Jiangsu Zhihang New Energy Co., Ltd. | 59 | 59 | Joint and several liability guarantee | From the date of signing the guarantee contract until two years from the maturity date of all debts under the main contract | No | | Jiangsu Zhihang New Energy Co., Ltd. | 100 | 100 | Joint and several liability guarantee | From the date of signing the guarantee contract until two years from the maturity date of all debts under the main contract | Yes | | Zhejiang Unifull Technology Industrial Co., Ltd. | 60 | 60 | Joint and several liability guarantee | From the date of signing the guarantee contract until two years from the maturity date of all debts under the main contract | Yes | | Jiangsu Zhihang New Energy Co., Ltd. | 49 | 0 | Joint and several liability guarantee | From the date of signing the guarantee contract until two years from the maturity date of all debts under the main contract | No | | Jiangsu Zhihang New Energy Co., Ltd. | 97 | 97 | Joint and several liability guarantee | From the date of signing the guarantee contract until two years from the maturity date of all debts under the main contract | No | | Jiangsu Zhihang New Energy Co., Ltd. | 3 | 3 | Joint and several liability guarantee | From the date of signing the guarantee contract until two years from the maturity date of all debts under the main contract | No | | Zhejiang Unifull Technology Industrial Co., Ltd. | 60 | 60 | Joint and several liability guarantee | From the date of signing the guarantee contract until two years from the maturity date of all debts under the main contract | No | - As of the end of the reporting period, the total approved guarantee amount for subsidiaries was **468 million yuan**, with an actual guarantee balance of **419 million yuan**[125](index=125&type=chunk)[126](index=126&type=chunk) - The company's total guarantee amount (i.e., A4+B4+C4) accounted for **73.23%** of the company's net assets[127](index=127&type=chunk) - The company provided a guarantee for Zhihang New Energy's loan from Guangdong Yichuang Hengjian Financial Leasing Co., Ltd., for which arbitration has been initiated but not yet heard[128](index=128&type=chunk) - The company provided a guarantee for Zhihang New Energy's loan from Shanghai Pudong Development Bank Co., Ltd. Taizhou Branch, and the first-instance judgment ruled that the company bears joint and several liability for Zhihang New Energy's debt[129](index=129&type=chunk) [Social Responsibility](index=48&type=section&id=十六%E3%80%81社会责任情况) The company prioritizes environmental protection, ensuring compliance and no pollution incidents, but has not yet initiated targeted poverty alleviation efforts or planned future actions - The company highly values environmental protection, ensures pollutant discharge meets standards, and has not experienced any environmental pollution incidents or administrative penalties[132](index=132&type=chunk) - The company has not yet carried out targeted poverty alleviation work during the semi-annual reporting period and has no subsequent targeted poverty alleviation plans[133](index=133&type=chunk) [Explanation of Other Significant Matters](index=49&type=section&id=十七%E3%80%81其他重大事项的说明) Controlling shareholder Unifull Holdings experienced passive share reductions due to forced liquidation of **7.998 million shares**, with **2,402 shares** remaining unliquidated, not expected to significantly impact stock trading - The company's controlling shareholder, Unifull Holdings, experienced passive share reductions due to forced liquidation of some company shares pledged to China Post Securities Co., Ltd[134](index=134&type=chunk) - As of the disclosure date of this report, China Post Securities Co., Ltd. has cumulatively forcibly liquidated **7,997,598 shares** of the company's stock, with **2,402 shares** remaining unliquidated[134](index=134&type=chunk) - The remaining unliquidated shares are not expected to have a significant impact on the company's stock trading[134](index=134&type=chunk) [Significant Matters of Company Subsidiaries](index=49&type=section&id=十八%E3%80%81公司子公司重大事项) The company had no significant matters concerning its subsidiaries during the reporting period - The company had no significant matters concerning its subsidiaries during the reporting period[135](index=135&type=chunk) [Share Changes and Shareholder Information](index=50&type=section&id=第六节%20股份变动及股东情况) This section details the increase in total shares due to capital reserve conversion and changes in restricted shares, along with shareholder numbers, top ten shareholdings, related party relationships, and controlling shareholder's pledged/frozen shares [Share Change Status](index=50&type=section&id=一%E3%80%81股份变动情况) Total share capital increased from **398.15 million** to **437.97 million shares** due to the 2019 equity distribution, impacting H1 2020 EPS and net assets per share; restricted shares, mainly executive lock-up shares, also increased - The company's 2019 annual equity distribution plan was to convert capital reserves into **1.000000 share for every 10 shares** based on the company's existing total share capital of **398,154,658 shares**[138](index=138&type=chunk) Changes in Total Share Capital | Number of Shares Before Change (shares) | Number of Shares After Change (shares) | | :--- | :--- | | 398,154,658 | 437,970,123 | - After the share change, basic earnings per share for H1 2020 increased by **0.0225 yuan**, diluted earnings per share increased by **0.0225 yuan**, and net assets per share attributable to shareholders decreased by **0.1618 yuan**[139](index=139&type=chunk) - Restricted shares are primarily high-level executive restricted shares, with an increase of **87,930 restricted shares** in this period, bringing the total restricted shares at period-end to **967,234 shares**[138](index=138&type=chunk)[141](index=141&type=chunk) [Securities Issuance and Listing](index=52&type=section&id=二%E3%80%81证券发行与上市情况) The company had no securities issuance or listing during the reporting period - The company had no securities issuance or listing during the reporting period[52](index=52&type=chunk) [Number of Shareholders and Shareholding Status](index=52&type=section&id=三%E3%80%81公司股东数量及持股情况) At period-end, common shareholders totaled **9,400**; controlling shareholder Huzhou Unifull Holdings held **27.79%** of shares, all pledged and frozen, while Shanghai Yaokou held **17.13%**, with some shareholders having related party or concerted action relationships - The total number of common shareholders at the end of the reporting period was **9,400**[143](index=143&type=chunk) Shareholding of Common Shareholders Holding 5% or More or Top 10 Common Shareholders | Shareholder Name | Shareholder Nature | Shareholding Percentage | Number of Common Shares Held at Period-End | Pledge or Freeze Status (Share Status) | Pledged or Frozen Amount | | :--- | :--- | :--- | :--- | :--- | :--- | | Huzhou Unifull Holdings Co., Ltd. | Domestic Non-State-Owned Legal Person | 27.79% | 121,717,682 | Pledged | 121,715,000 | | | | | | Frozen | 121,717,682 | | Shanghai Yaokou Enterprise Management Center (Limited Partnership) | Domestic Non-State-Owned Legal Person | 17.13% | 75,030,285 | | | | Jiayuan Co., Ltd. | Overseas Legal Person | 7.22% | 31,625,880 | Pledged | 30,613,000 | | Zhongrong International Trust Co., Ltd. - Zhongrong - Zhengying No. 130 Collective Fund Trust Plan | Other | 6.99% | 30,613,000 | | | | Huaxin International Trust Co., Ltd. - Huaxin Trust · Xinhui No. 2 Collective Fund Trust Plan | Other | 4.22% | 18,497,204 | | | | Yunnan International Trust Co., Ltd. - Shengjin No. 43 Collective Fund Trust Plan | Other | 3.68% | 16,122,486 | | | | AVIC Trust Co., Ltd. - AVIC Trust · Tianshun [2019] No. 22 Shanghai Yaokou Investment Single Fund Trust | Other | 2.17% | 9,494,380 | | | | Tibet Boen Asset Management Co., Ltd. - Boen Guanghua Phase VI Private Securities Investment Fund | Other | 0.48% | 2,110,000 | | | | Zheng Wanwan | Domestic Natural Person | 0.43% | 1,902,780 | | | | Xu Jianxin | Domestic Natural Person | 0.39% | 1,724,580 | | | - Yunnan International Trust Co., Ltd. - Shengjin No. 43 Collective Fund Trust Plan was established by Mr. Zhou Fazhang; Shanghai Yaokou Enterprise Management Center (Limited Partnership), Zhongrong International Trust Co., Ltd. - Zhongrong - Zhengying No. 130 Collective Fund Trust Plan, and AVIC Trust Co., Ltd. - AVIC Trust · Tianshun [2019] No. 22 Shanghai Yaokou Investment Single Fund Trust are parties acting in concert[144](index=144&type=chunk)[145](index=145&type=chunk)[146](index=146&type=chunk) [Changes in Controlling Shareholder or Actual Controller](index=55&type=section&id=四%E3%80%81控股股东或实际控制人变更情况) The company's controlling shareholder and actual controller did not change during the reporting period - The company's controlling shareholder did not change during the reporting period[147](index=147&type=chunk) - The company's actual controller did not change during the reporting period[147](index=147&type=chunk) [Preferred Shares](index=56&type=section&id=第七节%20优先股相关情况) The company had no preferred shares during the reporting period - The company had no preferred shares during the reporting period[150](index=150&type=chunk) [Convertible Corporate Bonds](index=57&type=section&id=第八节%20可转换公司债券相关情况) The company had no convertible corporate bonds during the reporting period - The company had no convertible corporate bonds during the reporting period[153](index=153&type=chunk) [Directors, Supervisors, and Senior Management](index=58&type=section&id=第九节%20董事%E3%80%81监事%E3%80%81高级管理人员情况) This section discloses changes in shareholdings of directors, supervisors, and senior management, primarily due to capital reserve conversion, with no personnel changes during the reporting period [Changes in Shareholdings of Directors, Supervisors, and Senior Management](index=58&type=section&id=一%E3%80%81董事%E3%80%81监事和高级管理人员持股变动) Shareholdings of directors, supervisors, and senior management increased due to capital reserve conversion, with Vice Chairman and Co-President Weng Zhonghua's stake rising by **112,180 shares** Changes in Shareholdings of Directors, Supervisors, and Senior Management | Name | Position | Shares Held at Beginning of Period (shares) | Shares Increased in Current Period (shares) | Shares Held at End of Period (shares) | | :--- | :--- | :--- | :--- | :--- | | Weng Zhonghua | Vice Chairman and Co-President | 1,121,800 | 112,180 | 1,233,980 | | Meng Xiangong | Deputy General Manager | 5,906 | 591 | 6,497 | | Lv Bin | CFO (Resigned) | 28,700 | 2,870 | 31,570 | | Lai Jianqing | Board Secretary and Deputy General Manager (Resigned) | 16,000 | 1,600 | 17,600 | [Changes in the Company's Directors, Supervisors, and Senior Management](index=58&type=section&id=二%E3%80%81公司董事%E3%80%81监事%E3%80%81高级管理人员变动情况) There were no changes in the company's directors, supervisors, and senior management during the reporting period - There were no changes in the company's directors, supervisors, and senior management during the reporting period[156](index=156&type=chunk) [Corporate Bonds](index=59&type=section&id=第十节%20公司债相关情况) The company has no publicly issued and listed corporate bonds that are either not yet due or have not been fully redeemed as of the semi-annual report approval date - The company has no publicly issued and listed corporate bonds that are either not yet due or have not been fully redeemed as of the approval date of the semi-annual report[159](index=159&type=chunk) [Financial Report](index=60&type=section&id=第十一节%20财务报告) This section includes the company's unaudited consolidated and parent company financial statements, covering balance sheets, income statements, cash flows, and equity changes, along with detailed disclosures on company basics, accounting policies, taxation, financial statement notes, consolidation scope, interests in other entities, financial instrument risks, fair value, related parties, commitments, post-balance sheet events, other significant matters, and supplementary information [Audit Report](index=60&type=section&id=一%E3%80%81审计报告) The company's semi-annual financial report was not audited - The company's semi-annual financial report was not audited[161](index=161&type=chunk) [Financial Statements](index=60&type=section&id=二%E3%80%81财务报表) This section presents the company's H1 2020 consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity, illustrating financial position and operating results Consolidated Balance Sheet (June 30, 2020) | Item | Amount (yuan) | | :--- | :--- | | Total Assets | 5,813,951,710.75 | | Total Liabilities | 5,105,230,929.58 | | Total Owners' Equity Attributable to Parent Company | 708,709,364.18 | Consolidated Income Statement (H1 2020) | Item | Amount (yuan) | | :--- | :--- | | Total Operating Revenue | 1,316,827,391.19 | | Total Operating Costs | 1,404,808,758.85 | | Operating Profit | -79,828,540.80 | | Net Profit | -98,362,731.97 | | Net Profit Attributable to Parent Company Owners | -98,428,599.47 | | Basic Earnings Per Share | -0.2247 | Consolidated Cash Flow Statement (H1 2020) | Item | Amount (yuan) | | :--- | :--- | | Net Cash Flow from Operating Activities | 89,570,868.23 | | Net Cash Flow from Investing Activities | -46,498,139.93 | | Net Cash Flow from Financing Activities | -126,081,348.14 | | Net Increase in Cash and Cash Equivalents | -82,446,590.42 | [Company Basic Information](index=83&type=section&id=三%E3%80%81公司基本情况) Zhejiang Unifull High-Performance Fiber Co., Ltd., listed in 2010, specializes in differentiated polyester fiber, industrial fabrics, and energy technology; it now has no actual controller, consolidating **15 subsidiaries** - The company's shares were listed and traded on the Shenzhen Stock Exchange on **June 8, 2010**[202](index=202&type=chunk) - The company's business scope includes the production and sales of differentiated FDY polyester fiber, special industrial fabrics, polyester tapes, and ceiling films, sales of purified terephthalic acid and ethylene glycol, and technical development, consulting, and services for energy technology[202](index=202&type=chunk) - The company's actual controller has changed to **no actual controller**[204](index=204&type=chunk) - The company's consolidation scope for 2020 includes **15 subsidiaries**[205](index=205&type=chunk) [Basis of Financial Statement Preparation](index=83&type=section&id=四%E3%80%81财务报表的编制基础) The company's financial statements are prepared on a going concern basis, adhering to accounting standards and CSRC regulations, using accrual accounting and historical cost, with an assessment of its going concern ability - The company's financial statements are prepared on a going concern basis, in accordance with the "Enterprise Accounting Standards" issued by the Ministry of Finance and "Reporting Rules for Information Disclosure by Companies Issuing Securities No. 15 - General Provisions for Financial Reports" by the China Securities Regulatory Commission, based on actual transactions and events[207](index=207&type=chunk) - The company's accounting is based on the accrual basis, and except for certain financial instruments, these financial statements are measured at historical cost[207](index=207&type=chunk) - The company's management has assessed the company's ability to continue as a going concern for at least 12 months from the end of the reporting period and believes there are no matters or circumstances that could cause significant doubt about its ability to continue as a going concern[208](index=208&type=chunk) [Significant Accounting Policies and Estimates](index=84&type=section&id=五%E3%80%81重要会计政策及会计估计) This section details significant accounting policies and estimates, including business combinations, financial instruments, assets, revenue recognition, and deferred tax, noting the adoption of new revenue standards from January 1, 2020, and related adjustments - The company adopted new revenue standards from **January 1, 2020**, and adjusted relevant items in the opening balance sheet[309](index=309&type=chunk)[310](index=310&type=chunk) Consolidated Balance Sheet Adjustment (January 1, 2020) | Item | December 31, 2019 (yuan) | January 1, 2020 (yuan) | Adjustment Amount (yuan) | | :--- | :--- | :--- | :--- | | Advance Receipts | 123,930,189.00 | 0 | -123,930,189.00 | | Contract Liabilities | 0 | 123,930,189.00 | 123,930,189.00 | Parent Company Balance Sheet Adjustment (January 1, 2020) | Item | December 31, 2019 (yuan) | January 1, 2020 (yuan) | Adjustment Amount (yuan) | | :--- | :--- | :--- | :--- | | Advance Receipts | 12,625,043.92 | 0 | -12,625,043.92 | | Contract Liabilities | 0 | 12,625,043.92 | 12,625,043.92 | - The company primarily sells polyester industrial filament, cord fabric, canvas, new energy vehicle lithium batteries, and other goods; revenue recognition policies have been adjusted according to the new revenue standards[295](index=295&type=chunk) - The recognition method for financial asset impairment provisions is based on expected credit losses, using general or simplified methods, and considering all reasonable and evidence-based information, including forward-looking information[239](index=239&type=chunk)[241](index=241&type=chunk) Fixed Asset Depreciation Methods | Category | Depreciation Method | Depreciation Period | Salvage Rate | Annual Depreciation Rate | | :--- | :--- | :--- | :--- | :--- | | Buildings and Structures | Straight-line method | 20 years | 5% | 4.75% | | Machinery and Equipment | Straight-line method | 5, 10 years | 5% | 9.50%, 19.00% | Intangible Asset Amortization Methods | Item | Useful Life | Amortization Method | | :--- | :--- | :--- | | Land Use Rights | Based on remaining usable years at acquisition | Straight-line amortization | | Patent Rights | 5 years | Straight-line amortization | | Emission Rights | 3 years | Straight-line amortization | | Software | 10 years | Straight-line amortization | [Taxation](index=112&type=section&id=六%E3%80%81税项) This section lists the company's main tax types and rates, including VAT, urban maintenance tax, corporate income tax, property tax, and land use tax, noting preferential rates for high-tech subsidiaries and consumption tax exemption for some battery products Main Tax Categories and Rates | Tax Type | Tax Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax | Sales of goods or provision of taxable services | 13%, 9%, 6%, 0% (Export tax refund rate 13%) | | Urban Maintenance and Construction Tax | Amount of turnover tax payable | 7%, 5% | | Enterprise Income Tax | Taxable income | 25%, 15%, 8.25% | | Property Tax | Based on value/rent | 1.2%/12% | | Land Use Tax | Actual occupied land area | 8 yuan/sqm/year, 5 yuan/sqm/year | - The company, Zhejiang Unifull Technology Industrial Co., Ltd., and Jiangsu Zhihang New Energy Co., Ltd. enjoy a preferential enterprise income tax rate of **15%** as high-tech enterprises[319](index=319&type=chunk)[320](index=320&type=chunk)[321](index=321&type=chunk) - Jiangsu Zhihang New Energy Co., Ltd. is exempt from consumption tax for some battery products[321](index=321&type=chunk) [Notes to Consolidated Financial Statement Items](index=113&type=section&id=七%E3%80%81合并财务报表项目注释) This section provides detailed notes on consolidated financial statement items, including assets, liabilities, and equity, with period-end and opening balances, changes, and explanations for each account - Period-end monetary funds amounted to **276,132,612.28 yuan**, of which **113,880,303.15 yuan** was frozen due to pending lawsuits[323](index=323&type=chunk)[324](index=324&type=chunk) - Accounts receivable period-end balance was **1,450,402,761.04 yuan**, with bad debt provision of **670,212,955.58 yuan**; major customers include Taizhou Yingtai Lithium Battery Technology Co., Ltd. and Yantai Shuchi Bus Co., Ltd[341](index=341&type=chunk)[358](index=358&type=chunk) - Inventory period-end book value was **254,642,163.65 yuan**, with inventory impairment provision of **24,265,308.23 yuan**[390](index=390&type=chunk) - Long-term equity investment period-end book value was **105,839,164.82 yuan**, primarily an investment in associate Wuhan Zhongyu Power System Technology Co., Ltd[413](index=413&type=chunk) - Fixed assets period-end book value was **1,731,246,422.69 yuan**, of which buildings with a net value of **105.3688 million yuan** and machinery with a net value of **195.0930 million yuan** were pledged for some short-term borrowings and bank acceptance bills, and machinery with a net value of **279.3298 million yuan** was pledged for long-term payables[423](index=423&type=chunk)[431](index=431&type=chunk) - Construction in progress period-end book value was **378,942,252.23 yuan**, mainly including the ceiling film project and the third-phase high-performance lithium-ion battery production project[437](index=437&type=chunk) - Short-term borrowings period-end balance was **1,827,157,044.48 yuan**, of which **818,691,927.47 yuan** was overdue and unpaid[470](index=470&type=chunk)[475](index=475&type=chunk) - Long-term borrowings period-end balance was **516,000,000.00 yuan**, including pledged borrowings of **1,119,000,000.00 yuan**[510](index=510&type=chunk) - Accounts payable period-end balance was **818,453,768.89 yuan**, primarily for material costs, engineering costs, and equipment costs[481](index=481&type=chunk) - Share capital increased by **39,815,465.00 yuan** due to the 2019 annual equity distribution plan converting capital reserves into share capital, with period-end share capital of **437,970,123.00 yuan**[534](index=534&type=chunk) [Changes in Consolidation Scope](index=167&type=section&id=八%E3%80%81合并范围的变更) The company had no business combinations under non-common control, common control, or reverse acquisitions, nor any disposals leading to loss of control over subsidiaries during the reporting period - There were **no business combinations under non-common control** in this period[590](index=590&type=chunk) - There were **no business combinations under common control** in this period[595](index=595&type=chunk) - The company had no transactions involving step-by-step achievement of business combinations through multiple transactions and obtaining control during the reporting period[593](index=593&type=chunk) - The company had no single disposal of investment in subsidiaries resulting in loss of control[598](index=598&type=chunk) - The company had no step-by-step disposal of investment in subsidiaries through multiple transactions resulting in loss of control during this period[598](index=598&type=chunk) [Interests in Other Entities](index=169&type=section&id=九%E3%80%81在其他主体中的权益) This section lists the company's interests in **15 subsidiaries** and associate Wuhan Zhongyu Power System Technology Co., Ltd., with the latter accounted for by the equity method, showing a **105.84 million yuan** book value and a **-16.98 million yuan** net loss - The company has **15 subsidiaries**, including Zhejiang Unifull Technology Industrial Co., Ltd. and Jiangsu Zhihang New Energy Co., Ltd[599](index=599&type=chunk) - Huzhou Nanxun Taihe Paper Co., Ltd. is a significant non-wholly-owned subsidiary, with a minority shareholder stake of **30.00%** and net profit attributable to minority shareholders of **65,867.50 yuan** for this period[601](index=601&type=chunk) - The company holds a **25.00% stake** in associate Wuhan Zhongyu Power System Technology Co., Ltd. and accounts for it using the equity method[604](index=604&type=chunk) Key Financial Information of Wuhan Zhongyu Power System Technology Co., Ltd. (June 30, 2020) | Item | Amount (yuan) | | :--- | :--- | | Total Assets | 188,285,969.18 | | Total Liabilities | 95,161,291.81 | | Equity Attributable to Parent Company Shareholders | 92,577,437.86 | | Book Value of Equity Investment in Joint Ventures | 105,839,164.82 | | Net Profit | -16,982,546.11 | [Risks Related to Financial Instruments](index=174&type=section&id=十%E3%80%81与金融工具相关的风险) The company manages market, credit, and liquidity risks through floating-rate borrowings, credit policies, and monitoring cash and cash equivalents - The company's foreign exchange risk is primarily related to foreign currencies such as the US dollar and Euro, but its impact on the company's operating performance is relatively small[612](index=612&type=chunk) - The company's risk of changes in financial instrument cash flows due to interest rate fluctuations is primarily related to floating-rate bank borrowings[613](index=613&type=chunk) - The company has established appropriate credit policies and continuously monitors its exposure to these credit risks[614](index=614&type=chunk) - The company manages liquidity risk by maintaining and monitoring cash and cash equivalents that management deems sufficient to meet the company's operating needs and mitigate the impact of cash flow fluctuations[614](index=614&type=chunk) [Fair Value Disclosure](index=175&type=section&id=十一%E3%80%81公允价值的披露) This section discloses period-end fair values for assets and liabilities measured at fair value, with notes receivable financing valued at face amount - The fair value of notes receivable financing at period-end was **148,211,568.35 yuan**[616](index=616&type=chunk) - Notes receivable financing uses its face amount as fair value because its remaining term is short, and its book value is close to its fair value[617](index=617&type=chunk) [Related Parties and Related Party Transactions](index=176&type=section&id=十二%E3%80%81关联方及关联交易) This section details related parties, including the **27.79%** stake held by controlling shareholder Huzhou Unifull Holdings, the change to no actual controller, and various related party guarantees and borrowings, notably a **200 million yuan** loan from Zhongrong International Trust - The parent company, Huzhou Unifull Holdings Co., Ltd., holds a **27.79% stake** in the company[620](index=620&type=chunk) - The ultimate controlling party of the company is **no actual controller**[622](index=622&type=chunk) - Other related parties include Beijing Aerospace Zhirong Technology Center (Limited Partnership), Shanghai Yaokou Enterprise Management Center (Limited Partnership), and Zhongrong International Trust Co., Ltd[623](index=623&type=chunk) - The company, as guarantor, provides multiple guarantees for its subsidiaries Zhejiang Unifull Technology Industrial Co., Ltd. and Jiangsu Zhihang New Energy Co., Ltd[629](index=629&type=chunk)[631](index=631&type=chunk) - The company, as guarantee recipient, receives multiple guarantees from Huzhou Unifull Holdings Co., Ltd., Yan Jinggang, Shanghai Zhongji Enterprise Group Co., Ltd., Jiangsu Zhihang New Energy Co., Ltd., and others[632](index=632&type=chunk)[633](index=633&type=chunk) - Zhongrong International Trust Co., Ltd. lent **200,000,000.00 yuan** to the company, with a start date of September 25, 2019, and a maturity date of September 25, 2020[635](index=635&type=chunk) - At period-end, accounts receivable from Shanghai Yaokou Enterprise Management Center (Limited Partnership) for restructuring amounted to **684,300,996.55 yuan**[641](index=641&type=chunk) [Share-Based Payment](index=182&type=section&id=十三%E3%80%81股份支付) The company had no overall, equity-settled, or cash-settled share-based payment, nor any modifications or terminations of share-based payment during the reporting period - The company had no overall share-based payment situation, equity-settled share-based payment, cash-settled share-based payment, or modifications/terminations of share-based payment during the reporting period[114](index=114&type=chunk) [Commitments and Contingencies](index=182&type=section&id=十四%E3%80%81承诺及或有事项) The company faces multiple pending and adjudicated lawsuits and arbitrations, involving contingent liabilities, with some resulting in adverse judgments and joint liability, though the company disputes some claims; no significant contingent matters require disclosure at period-end - The company has multiple pending lawsuits and arbitrations, including contingent borrowings and contingent bills, with the company losing in the first instance in some cases[644](index=644&type=chunk)[645](index=645&type=chunk) - In adjudicated lawsuits and arbitrations, the company lost in multiple loan and factoring contract disputes and was ordered to bear joint and several liability[646](index=646&type=chunk)[647](index=647&type=chunk)[648](index=648&type=chunk) - The company believes that some borrowing and guarantee matters conducted in its name were not subject to internal review procedures and are unrelated to the company[648](index=648&type=chunk)[649](index=649&type=chunk) - The company had no significant contingent matters requiring disclosure[650](index=650&type=chunk) [Post-Balance Sheet Events](index=184&type=section&id=十五%E3%80%81资产负债表日后事项) This section discloses no significant non-adjusting events, profit distribution, or sales returns after the balance sheet date - The company had no significant non-adjusting events, profit distribution, or sales returns after the balance sheet date[652](index=652&type=chunk)[653](index=653&type=chunk) [Other Significant Matters](index=184&type=section&id=十六%E3%80%81其他重要事项) This section covers debt restructuring, segment information, judicial freezing of controlling shareholder shares (**121.72 million shares**), litigation progress, bank account unfreezing, debt restructuring agreement status, and unfulfilled performance commitments, with some subsidiary assets ordered for appraisal and auction - In January 2020, Jiangsu Zhihang New Energy Co., Ltd., Shenzhen Lianchang Electronics Co., Ltd., and Zhou Fazhang signed a supplementary repayment agreement, where Zhihang New Energy offered a **30% discount** on the remaining payment to Shenzhen Lianchang; after the discount, Shenzhen Lianchang still owed **1.44 million yuan**, with a bad debt provision of **1.16 million yuan** recognized at period-end, **1.4 million yuan** to be repaid by Zhou Fazhang on behalf, and the remainder by Shenzhen Lianchang[656](index=656&type=chunk) - The company's business operations are divided into **three reporting segments**: polyester industrial yarn, industrial textiles, and lithium batteries[658](index=658&type=chunk) - The company's controlling shareholder, Huzhou Unifull Holdings Co., Ltd., has **121,717,682 shares** frozen, representing a **27.79% stake**[662](index=662&type=chunk) - The company and its subsidiaries are involved in numerous pending and adjudicated litigation matters, including demands for deposit refunds, payment for goods, and bearing joint and several liability[663](index=663&type=chunk)[664](index=664&type=chunk)[665](index=665&type=chunk)[666](index=666&type=chunk)[667](index=667&type=chunk)[668](index=668&type=chunk)[669](index=669&type=chunk)[670](index=670&type=chunk)[671](index=671&type=chunk)[672](index=672&type=chunk)[673](index=673&type=chunk)[674](index=674&type=chunk)[675](index=675&type=chunk)[676](index=676&type=chunk)[677](index=677&type=chunk)[678](index=678&type=chunk)[679](index=679&type=chunk) - As of the date of issuance of these financial statements, the company had **71 bank accounts frozen**, and **5 bank accounts** were unfrozen on July 7, 2020[680](index=680&type=chunk)[681](index=681&type=chunk) - The "Debt and Equity Restructuring Agreement" signed with Shanghai Yaokou Enterprise Management Center (Limited Partnership) has been partially unfulfilled, with **469 million yuan** in contingent liabilities unresolved, of which **170 million yuan** resulted in the company losing in final judgment[682](index=682&type=chunk)[683](index=683&type=chunk) - Zhou Fazhang failed to meet the performance commitment for Jiangsu Zhihang New Energy, with a total compensation of **1,009.8 million yuan** due; **279.41 million yuan** has been paid, and the company has initiated arbitration for the remaining amount[686](index=686&type=chunk)[687](index=687&type=chunk) - The houses, state-owned land use rights, and ma