南宁八菱科技股份有限公司 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。 证券代码：002592 证券简称：ST 八菱 公告编号：2022-073 南宁八菱科技股份有限公司 2022 年第三季度报告 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。 （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 追溯调整或重述原因 3.第三季度报告是否经过审计 会计差错更正 一、主要财务数据 □是 否 1 南宁八菱科技股份有限公司 2022 年第三季度报告 1.2021 年第三季度年初至报告期合并利润表营业收入和营业成本同时调减 2,271,238.65 元。 2.2021 年第三季度报告期合并利润表营业收入和营业成本同时调减 809,314.45 元。 （二） 非经常性损益项目和金额 适 ...

Financial Performance - The company reported a significant increase in revenue for 2020, achieving a total of RMB 1.2 billion, representing a year-on-year growth of 15%[15]. - The company's operating revenue for 2020 was ¥601,754,121.17, a decrease of 19.86% compared to ¥750,904,447.30 in 2019[21]. - The net profit attributable to shareholders for 2020 was -¥685,193,404.89, representing a decline of 68.57% from -¥406,482,396.56 in 2019[21]. - The net cash flow from operating activities was -¥204,806,576.48 in 2020, a significant decrease of 294.69% compared to ¥401,198,542.48 in 2019[21]. - The basic earnings per share for 2020 was -¥2.57, down 67.97% from -¥1.53 in 2019[21]. - The total assets at the end of 2020 were ¥1,468,131,594.46, a decrease of 45.82% from ¥2,709,736,577.85 at the end of 2019[22]. - The company's net assets attributable to shareholders decreased by 51.59% to ¥704,092,422.38 in 2020 from ¥1,454,434,370.40 in 2019[22]. - The company reported a total of ¥515,816,464.50 in operating revenue after deducting unrelated business income for 2020[23]. - The company incurred significant losses due to credit impairment, asset impairment, and goodwill impairment, totaling 685.19 million RMB[126]. - The company recognized goodwill impairment of 400.74 million RMB due to underperformance of the acquired subsidiary Hongrun Tianyuan[126]. Market Outlook and Strategy - The company has outlined its future outlook, projecting a revenue growth of 20% for 2021, driven by new product launches and market expansion strategies[15]. - The company is planning to expand its market presence in Southeast Asia, targeting a market share increase of 10% within the next two years[15]. - The company is positioned to benefit from the ongoing recovery in the automotive market, driven by strong consumer demand and supportive government policies[38]. - The Chinese automotive market is expected to continue expanding, particularly in second and third-tier cities, due to rising purchasing power and low vehicle ownership rates[43]. - The company is focusing on developing new technologies and products in the automotive sector, aligning with national strategies for electric and intelligent vehicles[44]. - The company is actively pursuing market expansion by implementing a "one customer, one strategy" approach to attract new clients while maintaining stable cooperation with existing customers[105]. Research and Development - Research and development efforts have led to the introduction of two new products in 2020, which are expected to contribute an additional RMB 200 million in revenue[15]. - The company is focused on the research and development of automotive thermal management systems, providing components for major automotive manufacturers[34]. - The company invested CNY 16.97 million in R&D during the reporting period, completing 124 new product developments and 183 technology verification projects[104]. - The company has established strategic partnerships with universities and research institutions to enhance its R&D capabilities in heat exchanger technology[87]. - The company has developed a comprehensive design system for heat exchanger units, improving R&D efficiency and reducing product development cycles[89]. Operational Challenges - The company has faced significant operational challenges due to the impact of the "920" incident and the COVID-19 pandemic, leading to a substantial decline in revenue and operational stagnation for its subsidiary Hongrun Tianyuan[110]. - The company is planning to dispose of its equity in Hongrun Tianyuan to mitigate operational risks and prevent further losses[111]. - The overall production and sales volumes in domestic regions fell by 38.51% and 38.70% respectively, while international volumes decreased by 62.74% and 52.35%, largely due to delays caused by the COVID-19 pandemic[123]. Government Policies and Industry Trends - The Chinese government has implemented various policies in 2020 to stabilize the automotive market, including financial support and tax reductions to boost consumption[51]. - The extension of subsidies for new energy vehicles and tax exemptions for purchases has been confirmed to last for an additional two years[53]. - The government aims to enhance the infrastructure for charging and battery swapping, supporting the development of a comprehensive charging network[65]. - The automotive industry is expected to focus on electric, intelligent, connected, and shared vehicles, creating new growth opportunities amid the ongoing global changes[197]. - The "14th Five-Year Plan" emphasizes expanding investment in strategic emerging industries, particularly in new energy vehicles, which aligns with the government's carbon neutrality goals[198]. Subsidiary Performance - Hongrun Tianyuan's net profit for 2020 was -447.22 million RMB, achieving only 76.42% of the cumulative performance commitment[127]. - The subsidiary Qingdao Baling Technology Co., Ltd. had total assets of 83.69 million yuan and a net loss of 412,559.58 yuan[182]. - The subsidiary Liuzhou Bailing Technology Co., Ltd. reported total assets of 223.94 million yuan with a net loss of 7,536,743.19 yuan[182]. - The company reported a significant loss in its subsidiary operations, with a net profit of -2.13 million CNY from its smart toilet and sewage treatment projects[185]. Financial Health and Investments - The company has decided not to distribute cash dividends for the year, opting to reinvest profits into growth initiatives[7]. - The company maintains a strong financial position with total assets reported at RMB 3 billion, reflecting a 12% increase from the previous year[15]. - The company has established a framework for procurement contracts with qualified suppliers, ensuring optimal pricing based on market conditions and production costs[116]. - The company is focusing on enhancing its financial health and operational efficiency in the upcoming fiscal year[180].

Financial Performance - The company reported a significant increase in revenue for 2021, reaching RMB 1.5 billion, representing a year-on-year growth of 25%[1]. - The company has set a revenue guidance for 2022, projecting a growth rate of 20% to reach RMB 1.8 billion[1]. - The company's operating revenue for 2021 was ¥606,115,228.99, representing a 0.72% increase compared to ¥601,754,121.17 in 2020[21]. - The net profit attributable to shareholders was ¥16,111,327.15, a significant turnaround from a loss of ¥685,193,404.89 in 2020, marking a 102.35% improvement[21]. - The net cash flow from operating activities reached ¥27,719,157.17, compared to a negative cash flow of ¥204,806,576.48 in the previous year, indicating a 113.53% increase[21]. - The basic earnings per share improved to ¥0.06 from a loss of ¥2.57 in 2020, reflecting a 102.33% increase[21]. - The company reported a net asset attributable to shareholders of ¥715,025,418.28, which is a 1.55% increase from ¥704,092,422.38 in 2020[21]. - The company reported a significant increase in the production of aluminum radiators, with costs rising by 3.08% to ¥252.38 million[86]. - The company achieved operating revenue of 606.12 million yuan, remaining stable compared to the previous year[71]. Market Expansion and Strategy - The company is expanding its market presence in Southeast Asia, with plans to enter three new countries by the end of 2022[1]. - New product launches in 2021 included two innovative technology solutions, contributing to a 15% increase in market share[1]. - The company is actively expanding its business in the new energy vehicle sector, achieving breakthroughs in the production of exterior parts and water-cooling oil coolers[76]. - The company aims to enhance its market position by focusing on core automotive parts manufacturing and expanding into new business areas, particularly in electric vehicle components[128]. - The company plans to strengthen R&D efforts to align with the trends of electrification and intelligent connectivity in the automotive industry[129]. Research and Development - The company has invested RMB 100 million in new technology development, focusing on AI and machine learning applications[1]. - The company has developed a "Heat Exchanger Cooling Unit Expert Design System" CAD software, enhancing R&D efficiency and shortening product development cycles[64]. - The company holds 91 authorized patents in automotive heat exchanger and injection molding technology, showcasing strong R&D capabilities[66]. - The company’s R&D investment amounted to ¥17,604,019.12 in 2021, representing a 3.71% increase from ¥16,974,763.62 in 2020[95]. - R&D expenditure accounted for 2.90% of the company's operating revenue in 2021, up from 2.82% in 2020[95]. Corporate Governance and Management - The company has established a governance structure with a shareholders' meeting, board of directors, and supervisory board[161]. - The board of directors consists of seven members, including three independent directors, meeting the legal requirements for governance structure[146]. - The company emphasizes transparent information disclosure and has designated specific media for this purpose, ensuring equal access to information for all shareholders[152]. - The company is actively enhancing its corporate governance and internal control measures to improve risk prevention capabilities[132]. - The company held a total of 13 board meetings during the reporting period[181]. Risks and Challenges - The company has identified potential risks in the supply chain that may impact future performance, advising investors to remain cautious[1]. - The company faces a risk of stock trading being subject to other risk warnings due to a subsidiary's funds being improperly used for external guarantees, amounting to 466 million RMB, which is 32.05% of the company's audited net assets for 2019[133]. - The company has a significant risk of unrecoverable funds amounting to approximately 542 million RMB due to non-operational fund occupation by related parties, which remains unreturned[135]. - The company is pursuing asset recovery efforts related to financial losses and will initiate performance compensation claims against a former partner[131]. Employee and Shareholder Relations - The company has a stock ownership plan for core personnel and management to align interests with shareholders and promote long-term development[192]. - The company values communication with investors, providing multiple channels for inquiries and feedback[153]. - The company has implemented a differentiated and standardized salary structure based on management, R&D, and production roles, including basic salary, allowances, and performance bonuses[192]. - The company has repurchased a total of 2,968,500 shares at a total cost of ¥9,976,245, which will continue into 2022[195]. Industry Trends and Economic Environment - The macroeconomic environment in 2021 showed a GDP growth of 8.1%, indicating a recovery phase for the automotive industry, which is closely related to the company's operations[33]. - The automotive industry in China is projected to grow by approximately 5% in 2022, with total vehicle sales expected to reach 27.5 million units[126]. - The automotive industry is transitioning from policy-driven to market-driven growth, with a focus on electrification, connectivity, and intelligence[38].

Financial Performance - The company's operating revenue for the first half of 2022 was ¥263,444,338.66, a decrease of 13.21% compared to ¥303,530,896.66 in the same period last year[22]. - The net profit attributable to shareholders of the listed company was ¥11,738,565.36, down 93.59% from ¥183,069,864.16 in the previous year[22]. - Basic earnings per share decreased by 94.20% to ¥0.04 from ¥0.69 in the previous year[22]. - The net profit after deducting non-recurring gains and losses was ¥4,140,287.55, a decrease of 84.32% from ¥26,401,510.53 in the same period last year[22]. - The total assets at the end of the reporting period were ¥1,154,513,456.13, a decrease of 4.76% from ¥1,212,161,352.77 at the end of the previous year[22]. - The net assets attributable to shareholders of the listed company increased by 4.97% to ¥750,542,915.22 from ¥715,025,418.28 at the end of the previous year[22]. - The weighted average return on net assets was 1.63%, down 21.45% from 23.08% in the previous year[22]. - The company reported a total non-operating income of 7,598,277.81, which includes government subsidies of 4,690,445.95 and other income sources[26]. - The company reported a significant reduction in investment income, which fell by 19.17% to ¥20,943,227.45 from ¥25,909,366.26 in the previous year[64]. - The company’s investment income decreased by CNY 5.41 million due to a 17.42% decline in revenue from its associate company, Chongqing Bailing[62]. Operational Highlights - The main business focus is on automotive parts, particularly heat management products and exterior components, with a strong emphasis on R&D and production capabilities[30]. - The company serves major domestic automotive manufacturers, including SAIC-GM-Wuling, Changan Automobile, and Chery Automobile, indicating a robust customer base[32]. - The production model is based on "sales-driven production," allowing the company to respond quickly to customer orders and minimize inventory[38]. - The company has integrated its supply chain for raw materials like copper and aluminum since 2008, enhancing cost control and quality assurance[36]. - The automotive parts industry is cyclical and heavily influenced by macroeconomic conditions and national policies, which affects the company's performance[41]. - The company has a flexible manufacturing capability, allowing it to produce various specifications and models on the same production line[38]. - The company actively participates in the development of new models with automotive manufacturers, which is a key competitive advantage[39]. - The company has established a comprehensive quality management system and has obtained multiple international certifications, including IATF16949:2016 and ISO14001:2015[57]. - The company has developed a proprietary "Expert Design System" CAD software for radiator units, enhancing design efficiency and accuracy[54]. Investment and Subsidiaries - The company holds a 49% stake in Chongqing Baling Automotive Parts Co., Ltd., which operates normally and specializes in automotive injection molded products[48]. - The company has invested in various sectors, including automotive parts, online gaming, and banking, with its stake in Beijing Gaia Interactive Network Technology Co., Ltd. being approximately 4.48%[48]. - The company’s subsidiary PT. BALING TECHNOLOGY reported sales of CNY 2.23 million in the first half of 2022[83]. - The company has plans for market expansion and new product development in the automotive sector[83]. - The company is involved in the manufacturing and sales of automotive parts and components, with a focus on research and development[83]. Legal and Compliance Issues - The management has detailed the risks faced by the company in the report, urging investors to be aware of investment risks[4]. - The company faces significant risks related to the inability to recover approximately CNY 5.42 billion in funds occupied by related parties, with ongoing legal actions to recover these amounts[90]. - The company has initiated legal proceedings to recover CNY 4.66 billion related to non-operational fund occupation, with uncertain outcomes[92]. - The performance commitment from the acquisition of Beijing Hongrun Tianyuan has not been met, with actual net profit totaling CNY -648.82 million from 2019 to 2021, leading to potential compensation claims of CNY 1.89 billion[94]. - The company continues to pursue legal measures against Wang Anxiang for performance compensation, with ongoing efforts to enforce the terms of the acquisition agreement[95]. - The company has accumulated 42 securities false statement liability disputes from investors, involving an amount of 7.7037 million yuan, which may impact its operating performance[99]. - The company is currently reviewing its internal controls and governance processes to prevent future occurrences of non-compliance[159]. - The company has faced administrative penalties totaling 2 million yuan due to violations related to external guarantees and undisclosed transactions[164]. - The company is under administrative supervision measures due to improper accounting treatment and inaccurate reporting in the annual report[181]. Environmental Compliance - The company is classified as a key pollutant discharge unit by the environmental protection department[120]. - The total wastewater discharge for pH is reported at 6.9-7.0, complying with the standard[120]. - The company has implemented effective measures to control emissions from its production processes, resulting in no recorded violations[121]. - The company continues to monitor and report emissions to ensure environmental compliance and sustainability[122]. - The company has established a wastewater treatment station with a design capacity of 1.5 m³/h, utilizing primary coagulation sedimentation and sand filtration processes to meet discharge standards before entering the municipal sewage system[132]. - The company has implemented RTO (Regenerative Thermal Oxidizer) systems for treating various types of waste gases, including those from painting and drying processes, ensuring compliance with environmental standards[131]. - The company’s pollution control measures include a comprehensive approach to managing waste gases, wastewater, and noise pollution[131]. - The company has successfully maintained compliance with environmental regulations across its operations, reflecting its commitment to sustainable practices[132]. Employee Stock Ownership Plans - The first employee stock ownership plan involved 59 employees holding a total of 532,388 shares, representing 0.19% of the company's total equity, with a transaction amount of approximately ¥293.69 million[116]. - The second employee stock ownership plan included 2 employees holding 830,634 shares, accounting for 0.29% of the total equity, with a transaction amount of approximately ¥122.88 million[116]. - The fifth employee stock ownership plan has 78 participants holding a total of 16,826,900 shares, which is 5.94% of the company's total equity[117]. - The management team, including directors and supervisors, holds shares in the employee stock ownership plan, with the largest holding being 2,008,731 shares by the vice chairman, representing 0.71% of the total equity[117]. Market Conditions and Challenges - The automotive parts industry is heavily influenced by macroeconomic conditions, and the company is currently facing challenges due to economic slowdowns, chip shortages, and rising raw material prices[100]. - The company has experienced a substantial increase in raw material prices, which directly affects production costs and profitability, necessitating measures to manage procurement and improve processes[104]. - The company is monitoring macroeconomic trends and industry developments to enhance its competitive edge and reduce the impact of external economic changes[102]. - The company is currently facing uncertainties regarding the future operations of Beijing Hongrun due to previous financial issues, with no signs of resuming operations as of the report date[47].

Financial Performance - The company reported a total revenue of RMB 1.2 billion for the year 2021, representing a year-on-year increase of 15% compared to 2020[18]. - The net profit attributable to shareholders was RMB 150 million, which is a 10% increase from the previous year[18]. - The company's operating revenue for 2021 was ¥609,289,898.95, representing a 0.73% increase compared to ¥604,859,908.98 in 2020[24]. - The net profit attributable to shareholders for 2021 was ¥16,111,327.15, a significant turnaround from a loss of ¥685,193,404.89 in 2020, marking a 102.35% improvement[24]. - The net cash flow from operating activities for 2021 was ¥27,719,157.17, a 113.53% increase from -¥204,806,576.48 in 2020[24]. - The basic earnings per share for 2021 was ¥0.06, compared to -¥2.57 in 2020, reflecting a 102.33% improvement[24]. - The company anticipates a revenue growth of 20% for the fiscal year 2022, driven by new product launches and market expansion efforts[18]. - The company reported a total revenue of 600.1 million CNY, with a net profit of -33.2 million CNY, indicating a significant loss compared to the previous year[116]. - The company reported a cumulative operating net profit of -64.88 million yuan from 2019 to 2021, failing to meet performance commitments by -108.14%[132]. Investment and R&D - The company plans to invest RMB 200 million in research and development for new technologies and products in 2022[18]. - The company has a strong R&D model, collaborating with vehicle manufacturers for synchronous development of new products[50]. - Research and development (R&D) investment amounted to CNY 17,604,019.12, reflecting a 3.71% increase from CNY 16,974,763.62 in 2020, with R&D expenditure accounting for 2.89% of operating revenue[96]. - The company has developed a "Heat Exchanger Cooling Unit Expert Design System" CAD software, enhancing R&D efficiency and shortening product development cycles[67]. - The company is investing 100 million RMB in R&D for new technologies aimed at improving energy efficiency in its products[168]. Market Expansion and Strategy - The company has outlined a market expansion strategy targeting Southeast Asia, aiming for a 30% increase in market share by 2023[18]. - The company plans to expand its market presence in Southeast Asia, targeting a 25% increase in sales in that region over the next two years[168]. - The company is exploring new strategies for market expansion and product development in the automotive sector[117]. - The company is actively pursuing the recovery of 5.42 billion yuan in funds that were non-operationally occupied by related parties, with no recoveries made to date[134]. Operational Efficiency - The company has established partnerships with three new suppliers to enhance its supply chain efficiency and reduce costs[18]. - The company has a production capacity of approximately 4 million heat exchangers per year, 900,000 warm air machines per year, and 1.05 million injection molded parts per year[55]. - The company’s production model is based on "sales-driven production" to avoid inventory buildup and enhance cash flow[52]. - The company has strengthened its internal governance and control management to ensure compliance and transparency in operations[78]. Challenges and Risks - The automotive parts manufacturing industry is cyclical and closely tied to macroeconomic conditions, with demand fluctuating based on economic trends[34]. - The company faces challenges from supply chain disruptions and rising raw material costs due to the ongoing pandemic[127]. - The company is under risk warning due to a 466 million yuan guarantee that accounted for 32.05% of its audited net assets in 2019, affecting its stock status since July 2020[134]. - The company is facing substantial risks associated with bad debts due to these transactions[200]. Corporate Governance - The board of directors consists of 7 members, including 3 independent directors, meeting legal requirements[147]. - The company has established a comprehensive performance evaluation and incentive mechanism for senior management, linking annual salary to performance indicators[149]. - The company has implemented a robust information disclosure management system, ensuring transparency and compliance with regulatory requirements[151]. - The company has maintained compliance with internal control regulations, ensuring effective execution of its internal control system[198]. Subsidiaries and Investments - The company has a 100% ownership in Qingdao Baling Technology Co., Ltd., which focuses on automotive parts manufacturing and non-residential real estate leasing[117]. - The subsidiary PT.BALING TECHNOLOGY INDONESIA generated revenue of approximately 1.66 million USD, but reported a loss of 232,645.12 USD[116]. - The company’s subsidiary in Chongqing reported revenue of 937.34 million CNY, with a net profit of 84.64 million CNY, showing strong performance in the automotive parts sector[116]. Employee Management - The total number of employees at the end of the reporting period is 1,053, with 643 in the parent company and 410 in major subsidiaries[185]. - The company has implemented a differentiated and standardized salary structure based on management, research and development, and production roles, including basic salary, allowances, and performance bonuses[186]. - The company completed 93 training sessions in 2021, achieving an employee coverage rate of approximately 98%[187]. Legal and Compliance Issues - The company faced administrative penalties from the Guangxi Securities Regulatory Bureau for failing to disclose related party transactions and guarantees in its 2019 annual report and 2020 Q1 report[172]. - The company faced administrative penalties from the China Securities Regulatory Commission and public reprimand from the Shenzhen Stock Exchange due to undisclosed financial report internal control deficiencies[199].

Financial Performance - The company's revenue for Q1 2022 was ¥154,797,381.56, a decrease of 1.42% compared to ¥157,023,547.17 in the same period last year[3] - Net profit attributable to shareholders was ¥4,253,373.50, down 97.44% from ¥166,370,343.18 year-on-year[3] - The net profit after deducting non-recurring gains and losses was ¥2,421,214.59, a decline of 80.82% from ¥12,624,302.28 in the previous year[3] - Basic and diluted earnings per share were both ¥0.02, down 96.83% from ¥0.63 in the previous year[3] - Total operating revenue for the current period is $154.80 million, a decrease of 2.8% from $157.02 million in the previous period[24] - Net profit for the current period is $4.32 million, a decline of 97.4% compared to $165.28 million in the previous period[25] - Operating profit decreased significantly to $6.96 million, down 96.4% from $193.00 million in the previous period[25] - The company reported a tax expense of $2.69 million, significantly lower than $27.21 million in the previous period[25] Cash Flow - The net cash flow from operating activities was ¥656,860.45, an increase of 106.34% compared to a negative cash flow of ¥10,357,163.96 in the same period last year[3] - Cash flow from operating activities generated a net amount of $656,860.45, recovering from a negative cash flow of $10.36 million in the previous period[29] - The net cash flow from investing activities decreased by 96.43% to ¥2,825,777.99, mainly due to reduced cash inflows from the disposal of fixed assets and other long-term assets[8] - Investment activities generated a net cash flow of $2.83 million, down from $79.22 million in the previous period[29] - The net cash flow from financing activities decreased by 98.47% to -¥1,109,450.44, primarily due to interest expenses on short-term loans[8] - Financing activities resulted in a net cash outflow of $1.11 million, compared to a net outflow of $72.38 million in the previous period[30] Assets and Liabilities - Total assets at the end of the reporting period were ¥1,178,660,346.99, a decrease of 2.76% from ¥1,212,161,352.77 at the end of the previous year[3] - Current liabilities decreased from RMB 494,443,557.51 to RMB 452,164,042.98, a decline of about 8.54%[22] - The company's total liabilities also decreased from RMB 550,238,051.25 to RMB 506,362,281.09, indicating a reduction of approximately 7.98%[22] - The company's cash and cash equivalents increased slightly from RMB 152,215,576.27 to RMB 153,433,203.38, showing a growth of about 0.80%[20] - The long-term equity investment rose from RMB 91,456,323.83 to RMB 102,372,548.30, an increase of approximately 11.5%[20] Shareholder Information - The total number of common shareholders at the end of the reporting period is 21,395[10] - The largest shareholder, Yang Jingzhong, holds 23.45% of shares, amounting to 66,433,049 shares, with 43,000,000 shares pledged[10] - The second-largest shareholder, Gu Yu, holds 8.71% of shares, totaling 24,688,427 shares, with 18,516,320 shares pledged[10] - The top 10 shareholders collectively hold a significant portion of the company's equity, with the first three shareholders alone accounting for over 36%[10] - The company has a repurchase account holding 3,586,000 shares, representing 1.27% of total shares held by the top 10 shareholders[11] - As of the report date, the company has repurchased a total of 3,586,000 shares, representing 1.27% of the total share capital, with a total transaction amount of RMB 13,253,757[18] Operational Challenges - The company has ongoing legal proceedings related to financial misconduct, with a total of approximately 5.42 billion RMB involved in non-operational fund occupation[12] - The subsidiary Beijing Hongtian has not met its profit commitment, reporting a cumulative operating profit of -648.82 million RMB, which is -108.14% of the promised amount[14] - The company is facing risks related to the inability of Beijing Hongtian to continue operations, as it has been inactive since 2020[15] - The company is in the process of disposing of its 51% stake in Beijing Hongtian to mitigate operational risks[15] - The company has initiated legal actions to recover funds from related parties, but the outcome remains uncertain due to significant debts[13] Strategic Initiatives - The company has initiated a fifth employee stock ownership plan, transferring 16,826,900 shares valued at approximately RMB 94.7354 million, with amortization costs impacting net profit over four years[17] - The company is currently in discussions regarding the overseas listing and restructuring of its associate company, which remains uncertain due to various external factors[16] - The company has not yet resumed the performance of the "Dinosaur Project," which has been on hold since April 2019, with no confirmed timeline for its reopening[16] - The company has adjusted its share repurchase plan, raising the maximum price to RMB 10 per share and extending the repurchase period by 12 months[18]

Financial Performance - The company reported a significant increase in revenue for 2021, reaching RMB 1.5 billion, representing a growth of 25% compared to the previous year[18]. - The company's operating revenue for 2021 was ¥609,289,898.95, representing a 0.73% increase compared to ¥604,859,908.98 in 2020[24]. - The net profit attributable to shareholders for 2021 was ¥16,111,327.15, a significant turnaround from a loss of ¥685,193,404.89 in 2020, marking a 102.35% improvement[24]. - The net cash flow from operating activities reached ¥27,719,157.17 in 2021, compared to a negative cash flow of ¥204,806,576.48 in 2020, indicating a 113.53% increase[24]. - The basic earnings per share for 2021 was ¥0.06, a substantial recovery from a loss of ¥2.57 per share in 2020, reflecting a 102.33% increase[24]. - The total assets at the end of 2021 were ¥1,212,161,352.77, down 17.44% from ¥1,468,131,594.46 at the end of 2020[24]. - The net assets attributable to shareholders increased by 1.55% to ¥715,025,418.28 at the end of 2021, compared to ¥704,092,422.38 at the end of 2020[24]. - The company reported a quarterly operating revenue of ¥178,229,679.88 in Q4 2021, with a total annual revenue of ¥609,289,898.95[28]. - The company faced a net loss of ¥199,064,887.25 in Q4 2021, despite positive net profits in the first three quarters[28]. - The company’s non-recurring gains and losses for 2021 amounted to ¥130,082,859.13, significantly impacting the overall financial performance[30]. Market Outlook and Strategy - The company has outlined its future outlook, projecting a revenue growth of 20% for 2022, aiming to reach RMB 1.8 billion[18]. - The company plans to expand its market presence in Southeast Asia, targeting a 15% market share by 2023[18]. - A strategic acquisition of a local competitor is in progress, which is anticipated to enhance the company's market position and increase revenue by 10%[18]. - The company is positioned to benefit from the ongoing transformation and upgrading of the automotive industry, particularly in the context of increasing demand for NEVs and smart vehicles[41]. - The company is actively pursuing market expansion and new product development to enhance its competitive position[111]. Product Development and Innovation - New product development includes the launch of two innovative technology solutions expected to contribute an additional RMB 200 million in revenue[18]. - The company has developed 22 radiator products that meet the National VI emission standards and has achieved mass production[90]. - Two models of low-pressure drop parallel flow condensers have been developed and are ready for mass production, aimed at enhancing heat exchange efficiency[90]. - The company has successfully developed two intercooler products that comply with National VI standards and has initiated mass production[90]. - The company is currently developing a new energy vehicle front heat exchange module to improve heat exchange efficiency and expand market share[90]. Operational Efficiency and Risk Management - Internal controls have been validated with a clean audit report, ensuring financial integrity and operational efficiency[6]. - The company is actively managing risks associated with market fluctuations and has detailed strategies in place to mitigate these risks[7]. - The company has established a comprehensive supplier management system to ensure the stability and competitiveness of raw material supply[51]. - The company has established a management system and information reporting mechanism for subsidiaries to enhance operational efficiency and risk management[200]. - The company is committed to enhancing its governance and operational standards in compliance with national laws and regulations[130]. Corporate Governance - The board of directors has confirmed that all financial reports are accurate and complete, ensuring transparency for investors[4]. - The company has established a performance evaluation and incentive mechanism linked to annual operational targets for senior management, promoting long-term development[144]. - The company has designated specific media for information disclosure, ensuring transparency and compliance with regulatory requirements[145]. - The company has a complete business system, including independent R&D, production, supply, and sales capabilities[150]. - The company has maintained compliance with legal regulations and corporate governance standards[176]. Challenges and Risks - The company acknowledges risks related to macroeconomic fluctuations and industry volatility that could impact its operations[134]. - The company is addressing the risk of raw material price fluctuations, which significantly affect production costs and profitability[135]. - The company has faced significant cost pressures due to rising prices of raw materials, leading to a focus on refined management and cost reduction strategies[74]. - The company has reported significant credit impairment losses due to the inability to recover prepayments made to related parties, resulting in a substantial risk of bad debts[198]. - The company has faced challenges in its operations due to the impact of the COVID-19 pandemic, particularly affecting its CBD essential oil business[198]. Subsidiary Performance - Liuzhou Bailing Technology Co., Ltd. reported revenue of RMB 193.6727 million and a net profit of RMB 7.0163 million in 2021, marking increases of 53.76% and 193.10% year-on-year, respectively[117]. - The subsidiary Qingdao Baling Technology Co., Ltd. reported an operating loss of 414,468.98 CNY, indicating challenges in its automotive parts business[113]. - The company reported a net profit of 7,211,924.85 CNY from its subsidiary Liuzhou Baling Technology Co., Ltd., with an operating income of 193,672,730 CNY[113]. - The company is engaged in the development and sales of heat exchangers through its subsidiary PT.BALING TECHNOLOGY INDONESIA, which reported a net loss of 790,245.09 CNY[114]. Employee and Shareholder Relations - The company has a stock ownership plan for core personnel and management to align interests with shareholders and promote long-term development[182]. - The company reported a total remuneration of 3.409 million yuan for 11 directors, supervisors, and senior management during the reporting period[169]. - The company has implemented a differentiated and standardized salary structure based on management, research and development, and production roles[182]. - The company has a dedicated investor communication channel, including a consultation hotline and an interactive platform[146]. - The company has not experienced any information leaks during the reporting period, ensuring equal access to information for all stakeholders[146]. Legal and Compliance Issues - The company faced administrative penalties from the Guangxi Securities Regulatory Bureau on August 31, 2021, due to a violation involving 466 million yuan in unauthorized external guarantees[146]. - The company has taken measures to recover funds and losses related to unauthorized guarantees through various means[149]. - Legal actions have been initiated against Wang Anxiang for the recovery of funds, with the company seeking to reclaim 296 million CNY and 170 million CNY[197]. - The company is currently awaiting the second-instance court hearing regarding the appeal filed by Hainan Hongtian[197]. - The company has reported that Wang Anxiang has not fulfilled his promise to repay the funds as of the latest update[197].

Financial Performance - The company's operating revenue for Q3 2021 was ¥127,529,322.41, a decrease of 3.66% compared to the same period last year[2] - Net profit attributable to shareholders was ¥32,106,350.24, an increase of 5,863.76% year-on-year[2] - The basic earnings per share for the period was ¥0.12, reflecting a significant increase of 5,923.61% compared to the previous year[2] - Total operating revenue for Q3 2021 reached ¥431,060,219.07, an increase of 11.5% compared to ¥386,600,514.71 in the same period last year[40] - Net profit for Q3 2021 was ¥211,601,274.57, a significant recovery from a net loss of ¥8,679,974.42 in the previous year[40] - The company reported a gross profit margin of approximately 2.5% for the quarter, compared to a negative margin in the same period last year[40] - Basic and diluted earnings per share were both ¥0.81, a turnaround from a loss of ¥0.02 per share in Q3 2020[42] Assets and Liabilities - Total assets at the end of the reporting period were ¥1,467,688,523.76, showing a slight decrease of 0.03% from the end of the previous year[2] - The total liabilities decreased to ¥496,377,726.35 from ¥698,446,528.38, showing a reduction of approximately 29%[40] - The total liabilities amounted to 639,831,560.99 RMB, reflecting a minor increase in current liabilities compared to the previous period[49] - Total assets reached CNY 1,468,131,594.46, reflecting a slight increase of CNY 7,647,333.07 compared to the previous period[50] Cash Flow - The cash flow from financing activities showed a net outflow of ¥100,881,132.07, a decrease of 58.27% compared to the previous year[11] - Cash flow from operating activities was ¥325,906,274.30, an increase from ¥294,444,053.95 in the previous year, indicating improved cash generation[44] - The net cash flow from financing activities was -100,881,132.07 RMB, compared to -241,745,842.24 RMB in the previous period, indicating a reduction in cash outflow[46] - The company's cash flow from operating activities showed a net outflow, indicating challenges in generating cash from core operations[45] Investments - The company reported a substantial increase in investment income of ¥40,365,483.84, up 1,088.84% year-on-year, primarily due to increased returns from a joint venture[9] - The company has invested a total of 66 million RMB in Dayaomawang Biotechnology Co., holding a 22% stake, and has already paid 38 million RMB[25] - The company has received approximately 12.03 million RMB from the transfer of its investment in Gaia Network, including principal and guaranteed returns[27] - The company reported an investment income of ¥40,365,483.84, significantly higher than ¥3,395,366.00 in the same period last year, showcasing improved investment performance[40] Shareholder Equity - The total equity attributable to shareholders increased by 29.14% to ¥909,293,093.54 compared to the end of the previous year[2] - The equity attributable to shareholders of the parent company increased to ¥909,293,093.54 from ¥704,092,422.38, reflecting a growth of about 29.1%[40] Legal and Compliance Issues - A total of approximately RMB 5.42 billion was occupied through non-operating fund occupation and illegal guarantees by Wang Anxiang and related parties[18] - Wang Anxiang committed to repay RMB 2.96 billion and RMB 1.7 billion by June 30, 2020, but failed to fulfill these commitments[19] - The company initiated legal proceedings to recover RMB 1.7 billion and RMB 1.46 billion due to guarantee losses[20] - The company is currently facing administrative penalties from the Guangxi Securities Regulatory Bureau, which may lead to potential litigation risks from investors[34] Operational Developments - The company plans to invest CNY 269 million in the relocation and upgrade of its production base, aiming to enhance product quality and introduce new technologies[31] - The company has completed the relocation of its production base, with land transfer procedures expected to be finalized by the end of December 2021[31] - The "Dinosaurs Gone" project has been suspended since April 2019, with ongoing construction of a new theater expected to be completed by mid-next year, but completion is not guaranteed[30] Future Outlook - As of the report date, Hongrun Tianyuan remains in a suspended state of operation, with significant uncertainty regarding future business conditions[24] - The company plans to dispose of its 51% stake in Hongrun Tianyuan, but the success of this disposal remains uncertain[25] - Gaia Interactive is planning a restructuring for overseas listing, but this process is still in negotiation and faces significant uncertainties[28]

Financial Performance - The company's operating revenue for the first half of 2021 was approximately ¥303.53 million, representing a 19.40% increase compared to ¥254.22 million in the same period last year[21]. - The net profit attributable to shareholders of the listed company reached approximately ¥183.07 million, a significant increase of 3,236.76% from a loss of ¥5.84 million in the previous year[21]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was approximately ¥26.40 million, compared to a loss of ¥0.24 million in the same period last year, marking an increase of 11,199.36%[21]. - The basic earnings per share for the reporting period was ¥0.69, a substantial increase of 3,550.00% from a loss of ¥0.02 per share in the previous year[21]. - The total operating revenue for the reporting period was CNY 303,530,896.66, representing a year-on-year increase of 19.40% compared to CNY 254,223,665.32 in the same period last year[53]. - The company reported a significant increase in investment income, amounting to CNY 25,909,366.26, which is an increase of 876.61% compared to a loss of CNY 3,336,231.73 in the previous year[54]. - The company reported a total of 296 million CNY in bank deposits, with 146 million CNY and 150 million CNY in fixed-term deposits at Guangzhou Bank[154]. - The company reported a significant increase in revenue, achieving a total of 1.5 billion CNY for the first half of 2021, representing a year-on-year growth of 25%[136]. Assets and Liabilities - The total assets at the end of the reporting period were approximately ¥1.48 billion, reflecting a 1.05% increase from ¥1.47 billion at the end of the previous year[21]. - The net assets attributable to shareholders of the listed company increased by 24.59% to approximately ¥877.20 million from ¥704.09 million at the end of the previous year[21]. - The company reported a negative net cash flow from operating activities of approximately ¥34.23 million, worsening by 285.07% compared to a negative cash flow of ¥8.89 million in the previous year[21]. - The company's cash and cash equivalents increased by CNY 69,701,669.75, reflecting a significant improvement in liquidity compared to the previous year[54]. - Long-term equity investments grew by 29.30% to CNY 112,986,109.7, with investment income recognized at CNY 25,126,700 from the equity method[59]. - Short-term borrowings decreased by 15.05% to CNY 186,864,559.8, indicating a reduction in short-term liabilities[59]. - The company has a commitment to repay 466 million CNY, including interest, to Hainan Hongtian by October 31, 2020[155]. Operational Highlights - The company operates in the automotive industry, focusing on thermal management systems and components, with a significant portion of its products supplied to major OEMs[28][29]. - The company has production bases in Nanning, Liuzhou, and Indonesia, ensuring a stable supply chain for its manufacturing operations[29]. - The company employs a "make-to-order" production model to avoid inventory buildup and enhance cash flow[32]. - The company has established a comprehensive supplier management system to ensure the stability and competitiveness of raw material supplies[31]. - The company’s sales strategy primarily involves direct sales to OEMs, supplemented by aftermarket services[34]. - The company’s product pricing is based on a cost-plus model, considering raw material costs, manufacturing expenses, and labor costs[34]. - The company has established itself as a leader in the domestic automotive heat exchanger market, possessing core technologies and capabilities for synchronized development with vehicle manufacturers[39]. Market and Industry Trends - In the first half of 2021, China's automobile production and sales reached 12.57 million and 12.89 million units, representing year-on-year growth of 24.2% and 25.6% respectively[36]. - The automotive industry in China is facing challenges due to chip shortages and rising raw material prices, with a noticeable decline in production and sales since May 2023[37]. - Despite current challenges, China's per capita car ownership remains significantly lower than that of developed countries, indicating long-term growth potential in the automotive sector[37]. - The automotive parts industry is crucial for the automotive sector's development, with significant competition from foreign companies dominating the market[38]. Research and Development - The company’s R&D investment rose to CNY 85.11 million, an increase of 11.17% compared to the previous year[51]. - The company has developed advanced technologies in heat exchanger systems, including copper brazing technology, which is now applied in mass production[47]. - The company’s R&D efforts are supported by a well-structured team and advanced testing facilities, recognized as a leading testing service platform in the industry[44]. - The company aims to optimize its product performance and reliability through comprehensive testing and analysis capabilities, meeting industry standards[44]. Environmental Compliance - The company has implemented measures to monitor and control emissions effectively, ensuring compliance with environmental regulations[116]. - The company reported a total emission of 0.6472 tons of particulate matter, which is within the allowed limit[117]. - The company has no recorded emissions of VOCs, indicating compliance with environmental standards[117]. - The company has implemented new environmental monitoring measures to ensure compliance with emission standards[117]. - The company is focusing on enhancing its production processes to minimize environmental impact[117]. - The company is committed to maintaining high environmental standards while pursuing growth opportunities in the market[117]. Legal and Regulatory Issues - The company is under investigation by the China Securities Regulatory Commission for suspected information disclosure violations related to the fund occupation[165]. - The company has initiated legal proceedings to recover CNY 170 million in guarantee losses from Wang Anxiang, with property preservation measures already in place[161]. - The company is pursuing legal action against Guangzhou Bank for the recovery of 146 million yuan that was wrongfully deducted, with the case yet to be heard[156]. - The company has filed a lawsuit against Wang Anxiang for the recovery of the 170 million yuan, with the court having frozen multiple properties owned by him[156]. - The company is actively managing its legal disputes to mitigate financial risks[172]. Future Outlook - The company has set a future outlook with a revenue target of 3 billion CNY for the full year 2021, indicating a projected growth rate of 20%[138]. - The company plans to continue leveraging its partnerships to optimize supply chain management and reduce costs[180]. - The company is exploring new product development and technological advancements to enhance its market position[179]. - The company is committed to sustainability, with plans to reduce overall carbon emissions by 25% over the next five years[140].

Financial Performance - The company reported a significant increase in revenue for 2020, achieving a total of RMB 1.5 billion, representing a year-on-year growth of 15%[16]. - The company's operating revenue for 2020 was ¥604,859,908.98, a decrease of 19.45% compared to ¥750,904,447.30 in 2019[22]. - The net profit attributable to shareholders for 2020 was -¥685,193,404.89, representing a decline of 68.57% from -¥406,482,396.56 in 2019[22]. - The net cash flow from operating activities was -¥204,806,576.48 in 2020, a significant decrease of 294.69% compared to ¥401,198,542.48 in 2019[22]. - The basic earnings per share for 2020 was -¥2.57, down 67.97% from -¥1.53 in 2019[22]. - The company's revenue after deducting non-operating income was ¥515,816,464.50 in 2020, down from ¥653,487,296.44 in 2019[23]. - The company reported a significant drop in net profit margin, with a weighted average return on equity of -61.63% in 2020 compared to -24.52% in 2019[22]. - The company recorded a significant decline in the cultural performance segment, with revenue dropping to zero from CNY 4.39 million in 2019, marking a 100% decrease[144]. - The health management services and cell technology services revenue fell by 87.13%, from CNY 25.49 million in 2019 to CNY 3.28 million in 2020[144]. - The company reported a net profit of -412,559.58 CNY for the year 2020, indicating a significant loss compared to previous periods[189]. Market Outlook and Strategy - The company has outlined its future outlook, projecting a revenue growth of 20% for 2021, aiming to reach RMB 1.8 billion[16]. - The company is expanding its market presence, targeting new regions in Southeast Asia, with an investment plan of RMB 100 million for market entry[16]. - The company plans to enhance its R&D efforts, allocating 10% of its revenue towards innovation and technology advancements[16]. - The company aims to enhance its market position by focusing on core technologies and improving its industrial chain layout in the competitive new energy vehicle market[73]. - The company plans to continue its focus on the automotive industry while exploring opportunities in new markets and technologies[141]. Product Development and Innovation - New product development includes the launch of a smart technology line, expected to contribute an additional RMB 200 million in revenue in the upcoming year[16]. - The company is focused on developing automotive thermal management systems and related products, serving major automotive manufacturers[34]. - The company has developed proprietary design software for heat exchanger systems, improving design efficiency and reducing product development cycles[93]. - The company has invested CNY 16.97 million in R&D during the reporting period, completing 124 new product developments and 183 technology validation projects[108]. - The company is focusing on the development of new energy vehicle thermal management systems, including fuel cell thermal management systems and lightweight structural components[111]. Challenges and Risks - The company faces potential risks related to market competition and regulatory changes, which have been addressed in its risk management strategy[7]. - The company has experienced a significant cash outflow due to a pledge guarantee related to a bank deposit of ¥170 million, which was directly deducted by the creditor[29]. - The company has faced significant operational challenges due to the impact of the "920" incident and the COVID-19 pandemic, leading to a substantial decline in revenue for its subsidiary Hongrun Tianyuan[114]. - The company recognized goodwill impairment of 400.74 million RMB due to the underperformance of the acquired subsidiary Hongrun Tianyuan[135]. - The company incurred a total of 231.86 million RMB in bad debt provisions, significantly impacting net profit[135]. Government Policies and Industry Trends - The Chinese government has introduced various policies to stabilize the automotive market, including subsidies and tax reductions to boost consumption[53]. - The "New Energy Vehicle Industry Development Plan (2021-2035)" aims for new energy vehicles to account for 20% of total new car sales by 2025[45]. - The Ministry of Industry and Information Technology announced the implementation of the new "Dual Credit Policy" starting January 1, 2021, to promote the coordinated development of energy-saving and new energy vehicles[63]. - The automotive industry in China is projected to maintain stable growth, with production expected to reach around 35 million units by 2025[42]. - The automotive parts industry in China is experiencing rapid growth, driven by significant market demand and the entry of international automotive parts giants[52]. Subsidiary Performance - Hongrun Tianyuan's main products include cell technology services such as immune cell storage and health management services like health assessment testing[76]. - Hongrun Tianyuan achieved sales revenue of 3.28 million RMB in 2020, a decline of 89.08% year-on-year[196]. - The subsidiary in Qingdao reported a net profit of -412,559.58 CNY, indicating challenges in profitability[189]. - The subsidiary in Liuzhou had an operating revenue of 125,958,125.40 CNY but also reported a net loss of -7,802,247.72 CNY[189]. - The company recorded a net loss of CNY 5,753,220 for the subsidiary Impression Dinosaur Cultural and Art Co., Ltd., which was a reduction in loss by CNY 9,064,030 compared to the previous year[194].