上海加冷松芝汽车空调股份有限公司 2022 年第一季度报告全文 证券代码：002454 证券简称：松芝股份 公告编号：2022-016 上海加冷松芝汽车空调股份有限公司 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） | 882,631,565.24 | 940,837,294.28 | -6.19% | | 归属于上市公司股东的净利润（元） | 20,169,586.74 ...

Revenue and Profit - The company's revenue for Q3 2021 was ¥947,547,373.10, representing an increase of 11.23% compared to the same period last year[3] - The net profit attributable to shareholders for Q3 2021 was ¥5,783,946.07, a significant decrease of 92.05% year-on-year[3] - The net profit attributable to shareholders after deducting non-recurring gains and losses was -¥6,058,127.91, down 109.86% compared to the previous year[3] - Total revenue for the third quarter reached CNY 2,958,448,100.08, an increase from CNY 2,321,160,817.20 in the previous period[15] - Net profit for the quarter was CNY 123,570,002.63, down from CNY 152,125,489.51 in the same period last year[16] - The net profit attributable to the parent company for Q3 2021 was ¥100,647,786.45, a decrease of 32.2% compared to ¥148,510,259.36 in the same period last year[17] - The total comprehensive income attributable to the parent company was ¥101,222,056.32, down from ¥149,369,256.46, reflecting a decline of 32.3% year-over-year[17] - Basic and diluted earnings per share for Q3 2021 were both ¥0.16, compared to ¥0.24 in Q3 2020, indicating a 33.3% decrease[17] Assets and Liabilities - The total assets at the end of Q3 2021 amounted to ¥6,905,819,441.02, reflecting a growth of 5.46% from the end of the previous year[3] - The company's total assets increased to CNY 6,905,819,441.02 from CNY 6,548,453,988.90[13] - Current assets totaled CNY 4,869,486,140.93, up from CNY 4,563,767,963.16[12] - The total liabilities rose to CNY 2,797,630,405.68, compared to CNY 2,470,909,560.66 in the previous year[13] - Total liabilities amounted to CNY 2,470,909,560.66, with current liabilities at CNY 2,379,490,519.82[25] - Non-current liabilities totaled CNY 91,419,040.84, with lease liabilities at CNY 20,990,194.22[25] Cash Flow - The cash flow from operating activities for the year-to-date period was ¥331,048,096.15, down 20.71% compared to the previous year[3] - Cash inflow from operating activities for the period was ¥2,956,523,299.38, an increase from ¥1,853,152,884.48 in the previous year[19] - The net cash flow from operating activities was ¥331,048,096.15, down 20.7% from ¥417,514,853.88 in the same period last year[19] - The net cash flow from investing activities was negative at -¥607,762,575.43, compared to -¥66,883,256.39 in the previous year, indicating increased investment outflows[21] - The cash and cash equivalents at the end of the period were ¥394,214,233.35, a decrease from ¥767,575,758.62 at the end of the previous year[21] Equity and Expenses - The company's total equity attributable to shareholders was ¥3,648,922,105.13, a slight increase of 0.34% from the previous year[4] - The total equity attributable to shareholders increased slightly to CNY 3,648,922,105.13 from CNY 3,636,699,714.22[13] - The company’s management expenses increased by 31.56% year-to-date, mainly due to rising personnel costs[8] - Research and development expenses for the quarter were CNY 155,468,403.21, an increase from CNY 126,362,615.11 in the prior year[16] Other Financial Metrics - The company reported a significant increase in cash and cash equivalents compared to the beginning of the year, primarily due to increased investments in financial products[8] - The company experienced a 113.78% increase in trading financial assets compared to the beginning of the year, also due to increased investments in financial products[8] - The company reported a significant increase in accounts receivable, which reached CNY 1,069,786,132.00, compared to CNY 1,230,500,062.45 previously[12] - The company reported an unallocated profit of CNY 1,972,583,703.96, indicating strong retained earnings[26] - The company has a capital reserve of CNY 750,982,775.34, which supports its equity structure[26] - Other comprehensive income reported a negative value of CNY -1,214,539.72, indicating potential losses in this area[26] - The company has a provision for expected liabilities amounting to CNY 37,888,782.88, reflecting its risk management strategy[25] - The company’s total accounts payable reached CNY 1,107,607,895.33, indicating significant operational liabilities[25] Audit and Reliability - The company did not undergo an audit for the third quarter report, which may affect the reliability of the financial data presented[26]

Financial Performance - The company's operating revenue for the first half of 2021 was CNY 2,010,900,726.98, representing a 36.86% increase compared to CNY 1,469,293,648.39 in the same period last year[20]. - The net profit attributable to shareholders was CNY 94,863,840.38, up 28.65% from CNY 73,739,752.82 year-on-year[20]. - The basic earnings per share increased by 25.00% to CNY 0.15 from CNY 0.12 in the previous year[20]. - The company reported non-recurring gains of CNY 27,262,348.78 during the reporting period[25]. - The total operating revenue for the first half of 2021 reached ¥2,010,900,726.98, a significant increase of 36.8% compared to ¥1,469,293,648.39 in the first half of 2020[138]. - Operating profit for the first half of 2021 was ¥135,116,084.62, up 47.9% from ¥91,355,336.11 in the same period last year[139]. - Net profit for the first half of 2021 was ¥113,619,689.07, representing a 48.5% increase from ¥76,530,056.50 in the first half of 2020[140]. - Total operating costs for the first half of 2021 were ¥1,899,487,232.37, an increase of 37.1% from ¥1,384,769,833.97 in the first half of 2020[138]. Cash Flow and Liquidity - The net cash flow from operating activities decreased by 50.26% to CNY 121,018,787.58, down from CNY 243,323,291.22 in the previous year[20]. - The cash flow from operating activities for the first half of 2021 was ¥1,500,937,506.68, an increase from ¥1,244,688,908.22 in the first half of 2020[146]. - The net cash flow from investment activities was -¥364,831,497.09, worsening from -¥64,961,111.63 in the first half of 2020[148]. - Cash and cash equivalents at the end of the period decreased to ¥431,798,022.16 from ¥793,372,274.06, reflecting a decline of about 45%[148]. - The company’s cash and cash equivalents decreased by 4.81% to ¥467,817,963.00, while accounts receivable decreased by 1.77% to ¥1,140,474,779.00[55]. Assets and Liabilities - The total assets at the end of the reporting period were CNY 6,701,205,706.01, a 2.33% increase from CNY 6,548,453,988.90 at the end of the previous year[20]. - Total liabilities rose to CNY 2,559,674,157.89 from CNY 2,470,909,560.66, marking an increase of approximately 3.59%[130]. - The total equity attributable to the parent company at the end of the reporting period was 4,141 million RMB, a decrease of 239 million RMB compared to the previous period[154]. - The total liabilities decreased to 1,214 million yuan, indicating improved financial stability[159]. Revenue Breakdown - Revenue from the industrial sector was ¥1,913,136,158.76, accounting for 95.14% of total revenue, with a year-on-year growth of 41.18%[49]. - Revenue from small vehicle thermal management products surged by 79.53% to ¥1,393,601,632.98, while the revenue from large and medium bus thermal management products decreased by 23.62% to ¥396,844,992.16[49][51]. - Domestic revenue constituted 98.09% of total revenue at ¥1,972,501,396.89, reflecting a 42.41% increase year-on-year[49]. Research and Development - Research and development investment rose by 19.16% to ¥95,488,477.92, reflecting the company's commitment to technological advancement[46]. - The company’s R&D team consists of over 300 members, with core personnel having an average of over 10 years of experience in automotive thermal management product development[33]. - The company has over 500 patents and has established more than 200 technical standards, enhancing its competitive edge in technology and product development[34]. Market and Competition - The company has expanded its customer base to over 100 major vehicle manufacturers and more than 330 end customers, achieving a market share of over 70% in public transport in major cities[41]. - The automotive industry is experiencing increased competition and a general downturn, which may lead to operational difficulties for some OEMs, affecting the company's business development[67]. - The company is actively innovating and developing new products to meet customer needs, particularly in the small vehicle thermal management sector, leveraging existing automation equipment to enhance capacity[66]. Corporate Governance and Compliance - The company did not distribute cash dividends or issue new shares from capital reserves during the reporting period[72]. - The company has not engaged in any major litigation or arbitration matters during the reporting period[84]. - The financial report for the first half of 2021 was not audited[126]. Guarantees and Financial Transactions - The company has provided guarantees totaling ¥8,000,000 for Chongqing Songzhi Automotive Air Conditioning Co., Ltd., with actual guarantees of ¥3,422.49 million and ¥2,577.51 million in two separate instances[97]. - The total approved guarantee amount for subsidiaries is CNY 79,000 million, with an actual guarantee balance of CNY 25,210.2 million at the end of the reporting period, representing 6.85% of the company's net assets[101]. Future Outlook - The company plans to continue investing in new technologies and market expansion strategies to drive future growth[155]. - The company aims to enhance its product offerings and improve customer satisfaction through innovative solutions[155]. - The company is exploring potential mergers and acquisitions to strengthen its market presence and diversify its product offerings[162].

Financial Performance - Revenue for Q1 2021 reached ¥940,837,294.28, an increase of 79.35% compared to ¥524,573,760.93 in the same period last year[8] - Net profit attributable to shareholders was ¥29,622,074.43, representing a significant increase of 898.20% from ¥2,967,547.96 year-on-year[8] - The net profit after deducting non-recurring gains and losses was ¥21,965,320.44, up 467.16% from a loss of ¥5,982,454.72 in the previous year[8] - The company's net profit for the first quarter of 2021 is expected to show significant changes compared to the same period last year, although specific figures were not disclosed[20] - The net profit for the first quarter was CNY 38,018,493.73, compared to CNY 2,136,222.57 in the previous year, reflecting a substantial growth in profitability[38] - The comprehensive income totalled CNY 38,625,442.54, significantly higher than CNY 3,149,610.84 from the previous year, showcasing overall financial growth[39] - The company reported a total comprehensive income of CNY 16,964,311.19, compared to CNY 11,624,898.10 in the same quarter last year, marking a 45.6% increase[43] Cash Flow and Investments - Operating cash flow for the period was ¥130,464,146.67, a decrease of 38.62% compared to ¥212,551,369.81 in the same period last year[8] - The cash flow from operating activities generated a net amount of CNY 130,464,146.67, down from CNY 212,551,369.81 in the previous year[46] - The net cash flow from investing activities was negative at CNY -159,386,517.58, compared to CNY -53,546,797.55 in the same period last year[46] - The net cash flow from investment activities was -68,366,053.25 CNY, compared to -8,965,430.54 CNY in the previous year, indicating a significant increase in cash outflow[50] - The company received CNY 1,099,840,857.44 from investment recoveries, significantly higher than CNY 361,770,000.00 in the previous year[46] - The cash outflow for investment activities was 694,733,806.98 CNY, compared to 188,698,255.95 CNY in the previous year, reflecting a substantial rise in investment expenditures[50] Assets and Liabilities - Total assets at the end of the reporting period were ¥6,719,083,804.38, an increase of 2.61% from ¥6,548,453,988.90 at the end of the previous year[8] - The company's total assets amounted to CNY 6,719,083,804.38, an increase from CNY 6,548,453,988.90 at the end of 2020[30] - The company's non-current assets totaled CNY 1,968,923,538.50, slightly down from CNY 1,984,686,025.74 at the end of 2020[28] - Total current liabilities increased to CNY 2,496,027,921.67 from CNY 2,379,490,519.82, marking a rise of about 4.9%[29] - The total liabilities increased to CNY 982,482,812.15 from CNY 954,599,723.54, indicating a rise in financial obligations[34] Equity and Shareholder Information - The total equity attributable to shareholders increased to CNY 3,666,689,710.52 from CNY 3,636,699,714.22, reflecting a growth of approximately 0.8%[30] - The equity attributable to shareholders rose to CNY 3,651,452,646.13, compared to CNY 3,634,488,334.94 in the previous year[34] - There were no overdue commitments from major shareholders or related parties during the reporting period[22] Operating Costs and Expenses - Operating costs increased by 91.08% year-on-year, attributed to improved market conditions and new consolidated entities[16] - Tax and additional charges rose by 114.31% compared to the previous year, driven by increased sales revenue[16] - The total operating costs amounted to CNY 906,700,814.67, up from CNY 527,498,649.73, indicating a significant rise in costs[37] - Research and development expenses for the quarter were CNY 40,896,564.80, slightly up from CNY 38,275,342.13, highlighting continued investment in innovation[37] Earnings and Profitability - The weighted average return on net assets was 0.81%, up from 0.09% in the previous year[8] - The gross profit margin improved, with operating profit reaching CNY 48,172,605.09, compared to CNY 5,967,697.11 in the prior year[38] - The company achieved a basic earnings per share of CNY 0.05, compared to CNY 0.00 in the same quarter last year, indicating improved earnings performance[39] - Earnings per share (EPS) increased to CNY 0.03 from CNY 0.02, representing a 50% growth[43] Other Financial Information - The company reported no significant financial investments or derivative investments during the reporting period[19][18] - The company did not undergo an audit for the first quarter report[51] - The company has not applied the new leasing standards for the first quarter of 2021[51]

Financial Performance - The company's operating revenue for 2020 was ¥3,383,834,845.84, a decrease of 0.65% compared to ¥3,405,998,820.80 in 2019[17]. - The net profit attributable to shareholders for 2020 was ¥246,907,403.91, representing a 39.97% increase from ¥176,399,664.62 in 2019[17]. - The net cash flow from operating activities increased by 97.83% to ¥486,472,145.54 in 2020, up from ¥245,903,570.41 in 2019[17]. - Basic earnings per share rose to ¥0.39 in 2020, a 39.29% increase from ¥0.28 in 2019[17]. - Total assets at the end of 2020 were ¥6,548,453,988.90, reflecting a 12.76% increase from ¥5,807,444,407.87 at the end of 2019[17]. - The net assets attributable to shareholders increased by 5.95% to ¥3,636,699,714.22 at the end of 2020, compared to ¥3,432,555,809.09 at the end of 2019[17]. - The company reported a weighted average return on equity of 7.02% for 2020, up from 5.41% in 2019[17]. - The company maintained a net profit growth trend despite the challenges posed by the COVID-19 pandemic, reflecting its resilience and operational effectiveness[49]. Market and Industry Trends - The automotive industry in China showed signs of recovery in 2020, with total vehicle production and sales reaching 25.225 million and 25.311 million, respectively, down only 2% and 1.9% year-on-year[26]. - The production and sales of new energy vehicles in China grew by 7.5% and 10.9% respectively, indicating a positive trend in the electric vehicle segment[26]. - The company experienced fluctuations in operations due to the pandemic and changes in the automotive industry, which may impact future performance[5]. Research and Development - The company has a robust R&D team of over 300 personnel, with a focus on enhancing product development capabilities and has established over 500 patents[32]. - The company’s investment in new technologies includes advancements in heat pump air conditioning and battery thermal management systems, contributing to its competitive edge in the market[32]. - The company has developed a high-temperature air conditioning system for electric vehicles that meets thermal management needs at ambient temperatures of 55°C, preparing products for export to high-temperature regions[34]. - The ultra-low temperature heat pump 5.0 system has been developed using two-stage compression technology, achieving efficient heating at -25°C and continuous operation at -35°C, with performance tests completed[36]. - The company has initiated lightweight design projects for air conditioning components, significantly reducing product costs and improving environmental sustainability[40]. - The company is focusing on developing new technologies, including a CO2 heat pump air conditioning prototype and a dual-stage compression technology for low-temperature heat pumps[73]. Sales and Distribution - The company has established a stable trust relationship with over 430 long-term customers, including more than 100 vehicle manufacturers and over 330 end-users[42]. - The company has entered the supply chain of several international and domestic first-tier automakers, including Volkswagen, Honda, and Ford[43]. - The company delivered over 34,000 units of large and medium-sized bus air conditioning systems, a year-on-year decline of 22.55%[50]. - The company delivered over 2,100 units of independent battery thermal management products for large and medium-sized buses, a year-on-year increase of over 23.53%[50]. - The company has developed a dual sales model, combining "standard configuration" and "terminal model," enhancing profitability and stability in the large and medium-sized bus thermal management sector[50]. Financial Management - The company plans to distribute a cash dividend of ¥0.8 per 10 shares, based on a total of 628,581,600 shares[5]. - The cash dividend for 2020 represents 20.37% of the net profit attributable to shareholders, which is RMB 246,907,403.91[104]. - The total distributable profit available for shareholders as of December 31, 2020, is RMB 1,972,583,703.96[107]. - The company has maintained a cash dividend payout ratio of at least 20% in accordance with its profit distribution policy[106]. Corporate Governance - The company has established a performance evaluation and incentive mechanism for senior management to align corporate and personal development goals[199]. - The board consists of 9 members, including 3 independent directors, and operates in compliance with relevant laws and regulations[182]. - The company adheres to strict information disclosure obligations and has established a comprehensive management system for investor relations, ensuring fair treatment of all investors[185]. - The independent directors actively participated in board meetings, with no objections raised against company matters during the reporting period[194]. Strategic Initiatives - The company is focused on expanding its market presence and developing new technologies in the automotive air conditioning sector[5]. - The company has initiated projects in energy storage stations, aiming to explore new business growth areas[50]. - The company is considering strategic acquisitions to bolster its market position and diversify its product portfolio[132]. Employee and Management Structure - Total number of employees is 2,856, with 699 in the parent company and 2,157 in major subsidiaries[174]. - The company has implemented a performance evaluation system with monthly assessments linked to annual performance bonuses, enhancing employee motivation[175]. - The management team has a strong track record in the automotive air conditioning industry, contributing to the company's competitive edge[170].

Financial Performance - Operating revenue for the reporting period was CNY 851,867,168.81, representing a year-on-year increase of 17.92%[7] - Net profit attributable to shareholders increased by 56.22% to CNY 72,792,905.10 compared to the same period last year[7] - The estimated cumulative net profit for the year is projected to be between 17,000 and 21,000 thousand yuan, representing a growth of 19.05% compared to the previous year[21] - Basic earnings per share are expected to be between 0.27 and 0.33 yuan, indicating a growth of 19.32% year-over-year[21] - The total operating revenue for Q3 2020 was CNY 851,867,168.81, an increase of 17.9% compared to CNY 722,429,288.17 in the same period last year[40] - The net profit for Q3 2020 was CNY 73,617,831.58, representing a 55.5% increase from CNY 47,339,174.93 in Q3 2019[41] - The total comprehensive income for the current period is CNY 73,088,331.53, compared to CNY 47,624,403.52 in the previous period, an increase of approximately 53.5%[45] - The net profit for the current period is CNY 97,485,856.08, compared to CNY 48,509,839.87 in the previous period, indicating a significant increase of about 101.5%[45] - Basic earnings per share for the current period is CNY 0.12, up from CNY 0.07 in the previous period, reflecting a growth of 71.4%[45] Assets and Liabilities - Total assets increased by 3.90% to CNY 6,034,111,227.99 compared to the end of the previous year[7] - As of September 30, 2020, total assets amounted to approximately 6,034 million yuan, an increase from 5,807 million yuan at the end of 2019[30][31] - The company reported a total liability of approximately 2,198 million yuan, compared to 2,077 million yuan at the end of 2019[32] - The total assets as of September 30, 2020, were CNY 4,573,533,057.25, compared to CNY 4,305,464,538.34 at the end of 2019, indicating a growth of 6.2%[36] - The total liabilities were CNY 956,471,175.61, an increase from CNY 890,677,563.57, marking a rise of 7.4%[37] - The total equity attributable to shareholders of the parent company was CNY 3,544,931,766.37, compared to CNY 3,432,555,809.09, indicating an increase of 3.3%[36] Cash Flow - The net cash flow from operating activities decreased by 47.40% to -CNY 19,619,706.27[7] - The cash flow from financing activities included 23,433,324.54 CNY for dividend payments, slightly up from 21,888,726.69 CNY in the previous period[60] - The net cash flow from operating activities was 31,584,263.72 CNY, a decrease of 77.6% compared to 140,820,903.02 CNY in the previous period[59] - The total cash and cash equivalents at the end of the period reached 339,450,193.69 CNY, compared to 100,139,071.70 CNY in the previous period[60] - The company reported a total cash inflow from operating activities of 1,019,277,180.77 CNY, down from 1,409,915,524.34 CNY in the previous period[59] - The cash inflow from investment activities totaled 1,373,893,987.25 CNY, an increase of 21.0% from 1,134,953,826.78 CNY in the previous period[59] Investment and Borrowings - The company plans to acquire 55% of the shares in Dalian Keihin Taiyo Thermal Technology Co., Ltd. for JPY 1.1 billion, with the transaction already approved by the State Administration for Market Regulation[16] - The company reported a 100% increase in short-term borrowings, totaling CNY 1 billion during the reporting period[15] - Investment income increased by 132.20% year-on-year, attributed to higher bank wealth management returns[15] - The company reported an investment income of CNY 7,393,587.37, significantly higher than CNY 2,046,301.13 in the previous year, marking an increase of 260.5%[40] - The investment income for Q3 2020 was ¥115,098,369.81, a significant increase from ¥3,831,125.65 in the previous year, highlighting improved investment performance[52] - The company reported an investment income of CNY 45,062,392.99 for the current period, significantly higher than CNY 1,644,533.19 in the previous period, marking an increase of about 2640.5%[44] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 22,940[11] - The company has no overdue commitments from actual controllers, shareholders, or related parties during the reporting period[18] - There were no securities or derivative investments during the reporting period[19][20] - The company has not engaged in any non-operating fund occupation by controlling shareholders or related parties during the reporting period[24] Cost Management - The total operating costs amounted to CNY 774,329,820.32, up from CNY 678,838,070.32, reflecting a year-over-year increase of 14.1%[40] - The total operating costs for the current period are CNY 249,939,373.54, compared to CNY 232,721,732.57 in the previous period, an increase of approximately 7.4%[44] - The company's research and development expenses for Q3 2020 were ¥34,912,806.27, slightly down from ¥36,232,755.17 in the same period last year, indicating a focus on cost management[52] - Research and development expenses for the current period are CNY 10,902,903.99, slightly down from CNY 11,613,194.87 in the previous period, a decrease of about 6.1%[44] Credit and Impairment - The company experienced a 944.02% increase in credit impairment losses compared to the same period last year[15] - The company has experienced a credit impairment loss of CNY -848,642.19, a significant improvement from CNY -10,648,623.82 in the previous period[45]

Financial Performance - The company's operating revenue for the first half of 2020 was ¥1,469,293,648.39, a decrease of 17.52% compared to ¥1,781,441,852.05 in the same period last year[18]. - The net profit attributable to shareholders was ¥73,739,752.82, down 42.85% from ¥129,026,729.35 year-on-year[18]. - The net profit after deducting non-recurring gains and losses was ¥54,105,454.97, a decline of 49.48% compared to ¥107,096,489.47 in the previous year[18]. - The weighted average return on net assets decreased to 2.14% from 3.84% year-on-year[18]. - The company's net profit in Q2 increased by over 100% compared to the same period last year, indicating a recovery from the significant decline in Q1 due to the pandemic[27]. - The company reported a total of CNY 90,000 million in approved guarantees, with a total actual guarantee amount of CNY 37,074.69 million during the reporting period[106]. - The company reported a total sales amount of 39,238.5 million CNY, representing 98.09% of the approved transaction limit of 100,000 million CNY[90]. Cash Flow and Assets - The net cash flow from operating activities increased significantly by 297.77% to ¥243,323,291.22 from ¥61,171,809.90 in the same period last year[18]. - The company's cash flow from operating activities increased by 297.77% to approximately ¥243.32 million, mainly due to accounts receivable recovery[51]. - The company's net increase in cash and cash equivalents was approximately ¥258.69 million, a significant increase of 1,485.16%[51]. - Cash and cash equivalents increased by 49.69% to CNY 804,379,925.51, primarily due to enhanced collection efforts and new bank loans[52]. - The total assets at the end of the reporting period were ¥5,984,857,205.69, reflecting a 3.05% increase from ¥5,807,444,407.87 at the end of the previous year[18]. - The total liabilities increased to CNY 2,214,893,755.88 from CNY 2,077,684,615.71, reflecting a rise of approximately 6.6%[140]. - The total current assets amounted to CNY 4,075,887,308.25, an increase from CNY 3,856,921,965.47 as of December 31, 2019, representing a growth of approximately 5.7%[139]. Investments and R&D - The company has invested 150 million RMB in a state-of-the-art wind tunnel testing facility, which has become a designated testing lab for several multinational automotive companies[31]. - The company holds 540 national patents, showcasing its strong R&D capabilities in the automotive air conditioning sector[32]. - The company is actively developing new energy vehicle thermal management technologies, including the third-generation heat pump air conditioning system, which has passed bench tests[37]. - Research and development expenses for the first half of 2020 were CNY 80,131,653.14, a decrease of 18.1% from CNY 97,777,972.11 in the previous year[146]. Market Position and Products - The company continues to lead in the automotive thermal management sector, providing a wide range of products for various vehicle types[26]. - The independent water-cooled battery thermal management product has become a standard for major domestic commercial vehicle manufacturers and battery suppliers[34]. - The company has established a comprehensive thermal management technology for new energy buses, covering air conditioning, battery, motor, and control systems[34]. - The company has expanded its market share in the engineering machinery air conditioning sector, developing multiple air conditioning systems for major manufacturers like SANY and XCMG, and has received awards for its collaboration[36]. - The company has established a strong customer base with over 100 major vehicle manufacturers and more than 330 end customers, achieving a market share of over 70% in public transportation in major cities[40]. Risks and Challenges - The company faces risks related to policy changes in the automotive industry, market price fluctuations, and new product development[6]. - The company faces risks from industry competition, particularly in the medium and large bus thermal management sector, and must maintain its professional and scale advantages[75]. - The company is exposed to raw material price fluctuation risks, particularly for copper and aluminum, which could negatively impact performance[77]. Corporate Governance and Structure - The company plans not to distribute cash dividends or issue bonus shares[7]. - The company did not undergo any changes in its controlling shareholder or actual controller during the reporting period[123]. - The company has no preferred shares or convertible bonds outstanding during the reporting period[125][128]. - The company has a total of 14 subsidiaries, including Shanghai Songzhi Automotive Air Conditioning Co., Ltd. and Xiamen Songzhi Automotive Air Conditioning Co., Ltd.[175]. Future Outlook - The company plans to focus on market expansion and new product development in the upcoming quarters[150]. - The company plans to acquire 55% of Keihin Thermal Technology Corporation for JPY 1.1 billion, currently under review by the State Administration for Market Regulation[113].

Financial Performance - The company's operating revenue for 2019 was CNY 3,405,998,820.80, representing a decrease of 7.64% compared to CNY 3,687,813,118.04 in 2018[17] - The net profit attributable to shareholders for 2019 was CNY 176,399,664.62, a slight increase of 0.25% from CNY 175,957,093.40 in the previous year[17] - The net profit after deducting non-recurring gains and losses surged by 388.41% to CNY 122,891,264.75 from CNY 25,161,682.14 in 2018[17] - The net cash flow from operating activities decreased by 51.27% to CNY 245,903,570.41, down from CNY 504,646,790.39 in 2018[17] - The total assets at the end of 2019 were CNY 5,807,444,407.87, a decrease of 1.59% from CNY 5,901,274,219.57 at the end of 2018[17] - The net assets attributable to shareholders increased by 4.17% to CNY 3,432,555,809.09 from CNY 3,295,270,581.69 in 2018[17] - The basic earnings per share remained stable at CNY 0.28, unchanged from the previous year[17] - The company reported a total non-operating income of ¥53,508,399.87 in 2019, a decrease from ¥150,795,411.26 in 2018[23] - The company achieved a gross margin of 26.99% for its industrial segment, a slight increase of 2.07% year-on-year[56] - The company reported a total revenue of 42,183 million RMB, with a net profit of -482.6 million RMB for the reporting period[82] Dividends and Shareholder Returns - The company plans to distribute a cash dividend of CNY 0.6 per 10 shares, totaling CNY 37,713,696.00 based on 628,581,600 shares[5] - The cash dividend for 2019 represented 21.38% of the net profit attributable to the parent company's shareholders, which was RMB 176,399,664.62[96] - The cash dividend for 2018 was also RMB 0.60 per 10 shares, amounting to RMB 37,714,896.00, which was 21.43% of the net profit[96] - The total distributable profit available for shareholders as of December 31, 2019, was RMB 1,770,994,569.37[100] - The company has maintained a cash dividend payout ratio of 100% for the total profit distribution[100] Research and Development - The company invested ¥150 million in new research and development equipment, enhancing its testing capabilities for new energy thermal management systems[33] - The company has a strong R&D team with over 500 technical personnel, including more than 30 with doctoral or master's degrees[33] - The company has developed a lightweight and efficient heat exchanger that improves the heat transfer coefficient by over 8% and the energy efficiency ratio by over 5%, while reducing the weight by over 30%[35] - The company is advancing the development of a low-temperature heat pump 4.0 system, capable of operating at -25°C and providing continuous operation at -35°C, addressing the heating needs of electric vehicles in cold regions[35] - The company has made significant progress in the research of new environmentally friendly refrigerants R290 and CO2, which will be used in future air conditioning products[65] - The company has successfully developed an independent liquid cooling battery thermal management product, which has become a standard product for major commercial vehicle manufacturers[67] Market and Sales Performance - The revenue from passenger car air conditioning decreased by 20.34% to approximately ¥1.53 billion, accounting for 44.88% of total revenue[54] - The revenue from the cold chain logistics segment grew by over 30%, with sales exceeding 2,100 units[50] - The company established a strategic partnership with Russia's GAZ Group, marking its first export OEM market project[49] - The company entered the medical cold chain market in 2019, securing logistics orders in several provinces[51] - The company delivered over 48,000 large and medium-sized bus air conditioning units, a decrease of 8% compared to 2018, with over 60% of these being new energy vehicle air conditioning products[48] - The company's battery thermal management system products for new energy vehicles shipped over 4,000 sets, establishing a significant market presence among major domestic bus manufacturers and battery suppliers[48] Risks and Challenges - The company faces risks including fluctuations in operations due to the pandemic, a downturn in the automotive industry, and competition in the automotive air conditioning sector[5] - The company’s mobile air conditioning business is affected by the overall downturn in the automotive industry, impacting its main business revenue[27] Corporate Governance and Compliance - The company has a clear governance structure with independent directors and supervisors overseeing its operations[170] - The company has established a performance evaluation and incentive mechanism for senior management to align corporate and personal development goals[196] - The company has not identified any major internal control deficiencies that could lead to administrative penalties from securities regulatory authorities[198] - The internal control evaluation report was disclosed on April 28, 2020, providing transparency on the company's internal control status[199] Employee and Management Structure - The total number of employees in the company is 3,052, with 756 in the parent company and 2,296 in major subsidiaries[172] - The company has a total of 13.26万元 remuneration for the supervisor, Tang Jianhua[171] - The company’s management team is committed to enhancing operational efficiency and driving growth in the automotive air conditioning sector[169] - The company has a structured remuneration system based on performance evaluations for its directors and senior management[170] Related Party Transactions - The company reported a significant related party transaction amounting to 66,403,000 CNY, which accounted for 43.44% of the approved transaction amount of 100,000,000 CNY[117] - The total amount of related party transactions for the year was reported to be 73,546,000 CNY[118] Financial Position and Cash Flow - The total amount of cash and cash equivalents decreased by ¥83,902,591.40, marking a 1,951.30% increase in net decrease compared to the previous year[72] - The company's monetary funds at the end of 2019 amounted to ¥537,362,141.4, representing 9.25% of total assets, an increase of 0.85% from 2018[76] - The company achieved a 10.38% reduction in raw material costs, amounting to ¥2,207,616,800.15, compared to ¥2,463,251,498.18 in 2018[59] Future Outlook - Future outlook remains cautious as the company adapts to market conditions and potential expansions[162] - The company plans to maintain its market leadership in large buses and expand its market share in joint venture brands for small vehicles in 2020[91]

Revenue and Profit - Revenue for Q1 2020 was ¥524,573,760.93, a decrease of 41.70% compared to ¥899,814,315.65 in the same period last year[8] - Net profit attributable to shareholders was ¥2,967,547.96, down 96.84% from ¥93,988,689.46 year-on-year[8] - Basic and diluted earnings per share dropped to ¥0.00, a decline of 100% from ¥0.15 in the same period last year[8] - Total operating revenue for Q1 2020 was CNY 524,573,760.93, a decrease of 41.7% compared to CNY 899,814,315.65 in the same period last year[36] - Net profit for Q1 2020 was CNY 2,136,222.57, a significant decline of 97.8% compared to CNY 96,546,747.03 in Q1 2019[38] - The company recorded a total comprehensive income of CNY 3,149,610.83 for Q1 2020, a decrease of 96.8% from CNY 96,976,709.90 in Q1 2019[39] - Operating profit for the quarter was CNY 15,160,711.49, compared to CNY 120,314,300.98 in Q1 2019, indicating a decrease of about 87.4%[42] Cash Flow - The net cash flow from operating activities increased by 369.77% to ¥212,551,369.81, compared to a negative cash flow of ¥78,788,544.38 in the previous year[8] - Cash flow from operating activities showed a net inflow of CNY 212,551,369.81, a significant improvement compared to a net outflow of CNY -78,788,544.38 in the previous year[46] - The net cash flow from financing activities was CNY 99,667,555.56, a recovery from a net outflow of CNY -30,327,035.42 in the previous year[47] - The company’s net cash flow from financing activities was 99,667,555.56 CNY, a significant improvement from -30,180,222.92 CNY in the previous year[50] Assets and Liabilities - Total assets at the end of the reporting period were ¥5,830,441,592.07, reflecting a slight increase of 0.40% from ¥5,807,444,407.87 at the end of the previous year[8] - Total liabilities amounted to CNY 2,097,532,189.10, up from CNY 2,077,684,615.71, which is an increase of approximately 0.7%[29] - The company's total assets increased to CNY 4,355,239,719.02, up from CNY 4,305,464,538.34 at the end of the previous period[34] - Total liabilities rose to CNY 928,827,846.15, compared to CNY 890,677,563.57 in the previous period, reflecting a 4.0% increase[34] - The total liabilities amounted to 2,077,684,615.71 CNY, with current liabilities totaling 1,876,478,625.89 CNY[53] Equity - The company's equity attributable to shareholders reached CNY 3,436,536,745.28, a slight increase from CNY 3,432,555,809.09[30] - The company's equity increased to CNY 3,426,411,872.87, up from CNY 3,414,786,974.77, indicating a growth of 0.3%[34] - The company reported a total equity of 3,729,759,792.16 CNY, with retained earnings of 1,794,334,624.54 CNY[53] Other Financial Metrics - Financial expenses rose by 116.25% year-on-year, primarily due to increased interest expenses from bill discounting[15] - Other income increased by 843.25% year-on-year, mainly due to government subsidies received during the reporting period[15] - Research and development expenses for Q1 2020 were CNY 38,275,342.13, slightly down from CNY 38,579,568.96 in the same period last year[37] - The company reported no derivative investments or non-compliance with external guarantees during the reporting period[20][21] - There were no significant new product developments or market expansions mentioned in the report[22] Cash and Cash Equivalents - Cash and cash equivalents increased to CNY 679,784,575.21 from CNY 537,362,141.41, representing a growth of about 26.4%[27] - The company reported cash and cash equivalents at the end of the period amounting to CNY 663,296,667.06, up from CNY 476,709,906.47 at the end of the previous year[47] - The total cash and cash equivalents at the end of the period amounted to 276,360,769.90 CNY, compared to 234,993,186.56 CNY at the end of the previous year, reflecting an increase of 17.6%[50]

Financial Performance - Operating revenue for the period was CNY 722,429,288.17, a decrease of 16.96% year-on-year[8] - Net profit attributable to shareholders increased by 924.04% to CNY 46,596,246.20 compared to the same period last year[8] - The net profit attributable to shareholders after deducting non-recurring gains and losses rose by 385.00% to CNY 25,292,435.67[8] - Basic earnings per share increased by 641.29% to CNY 0.07[8] - The net profit for 2019 is expected to be positive, with a year-on-year increase of over 50%[18] - The estimated net profit attributable to shareholders for 2019 ranges from 13.66% to 42.08%[18] - The net profit for 2018 was 175,957,000 CNY, indicating a significant improvement in profitability for 2019[19] - The net profit for Q3 2019 reached ¥48,509,839.87, significantly up from ¥13,599,260.34 in Q3 2018, representing a year-over-year increase of 257.5%[43] - Operating profit increased significantly to $223.19 million, compared to $36.99 million in the previous period, marking a growth of 502.4%[50] - Net profit for the current period reached $207.66 million, up from $31.77 million, representing a year-over-year increase of 553.5%[51] Assets and Liabilities - Total assets decreased by 5.24% to CNY 5,592,184,875.21 compared to the end of the previous year[8] - Total current assets as of September 30, 2019, amounted to 3,624,073,635.31 CNY, down from 3,985,567,063.15 CNY at the end of 2018[29] - Total liabilities decreased from 2,319,081,816.80 CNY at the end of 2018 to 1,872,007,674.12 CNY by September 30, 2019[30] - The total equity as of September 30, 2019, was 3,720,177,201.09 CNY, compared to 3,582,192,402.77 CNY at the end of 2018[31] - The total assets as of the end of the reporting period were ¥4,372,992,156.39, slightly down from ¥4,432,594,573.73[35] - The total liabilities decreased to ¥956,275,348.06 from ¥1,185,826,873.27, indicating a reduction of approximately 19%[34] - The total equity increased to ¥3,416,716,808.33 from ¥3,246,767,700.46, showing a growth of about 5%[35] Cash Flow - Cash flow from operating activities showed a net outflow of CNY 37,300,331.78, a decline of 139.48% compared to the previous year[8] - Cash flow from operating activities generated a net amount of $23.87 million, down from $202.83 million in the previous period[54] - The net cash flow from operating activities for Q3 2019 was ¥140,820,903.02, a decrease of 24.3% compared to ¥186,118,608.95 in Q3 2018[58] - The cash flow from financing activities showed a net outflow of -¥61,390,976.63, compared to -¥168,489,631.93 in the previous year, indicating a reduction in cash outflow by 63.5%[59] - The company’s cash flow from operating activities was impacted by a total cash outflow of ¥1,269,094,621.32, which was lower than ¥1,518,903,182.64 in the previous year, indicating a decrease of 16.4%[58] Investments and Expenses - Long-term equity investments grew by 164.28% due to investments in Liuzhou Guangsheng and Tianjin Yaxing Century[16] - Research and development expenses for the quarter were ¥47,395,263.44, up from ¥38,864,637.14, reflecting a 22% increase year-over-year[37] - Research and development expenses for the year-to-date period increased to ¥145,173,235.55, up from ¥133,734,264.08, reflecting a growth of 8.6%[46] - The company reported an investment income of ¥2,046,301.13, an increase from ¥1,786,474.95 in the previous year[38] - The total investment income for the year-to-date period was ¥5,344,043.17, slightly down from ¥5,950,298.24, reflecting a decrease of 10.2%[44] Other Comprehensive Income - Other comprehensive income rose by 111.39% mainly due to foreign currency translation differences[16] - Non-operating income surged by 2490.49% primarily from profits received from short-term trading by the former chairman[16] Operational Metrics - The total operating costs amounted to ¥678,838,070.32, down from ¥859,271,579.49, reflecting a reduction of approximately 21%[37] - The total operating revenue for the third quarter was ¥722,429,288.17, a decrease of 17% compared to ¥869,987,370.05 in the previous year[37] - The total cash inflow from investment activities was ¥1,134,953,826.78, significantly higher than ¥637,579,395.21 in the same period last year, marking an increase of 77.9%[58] - The company achieved a profit margin of approximately 14.8% in Q3 2019, compared to 3.4% in Q3 2018, indicating improved profitability[41]