Financial Performance - The company reported a revenue of RMB 345,001,524.92 for Q1 2023, representing a year-on-year increase of 32.37%[18] - Net profit attributable to shareholders reached RMB 9,070,150.47, a turnaround from a loss of RMB -4,032,392.53 in the same period last year, marking a growth of 324.93%[18] - Total operating revenue for Q1 2023 reached RMB 345,001,524.92, a 32.3% increase from RMB 260,633,969.48 in Q1 2022[25] - Net profit for Q1 2023 was RMB 9,936,100.98, compared to a net loss of RMB 4,643,666.21 in Q1 2022, marking a significant turnaround[25] - The company achieved a net profit excluding non-recurring gains and losses of RMB 5,465,326.94, compared to a loss of RMB -11,886,686.15 in the same period last year, an increase of 145.98%[16] Earnings Per Share - The company’s basic and diluted earnings per share were both RMB 0.0115, compared to a loss of RMB -0.0051 in the previous year, reflecting a 325.49% increase[16] - The basic and diluted earnings per share for Q1 2023 were both RMB 0.0115, recovering from a loss of RMB 0.0051 per share in Q1 2022[34] Cash Flow - The net cash flow from operating activities was RMB -16,609,425.13, a decrease of 355.06% compared to the previous year[18] - In Q1 2023, the cash inflow from operating activities was RMB 226,213,016.21, an increase of 21.9% compared to RMB 185,606,864.38 in Q1 2022[36] - The net cash flow from operating activities turned negative at RMB -16,609,425.13, compared to a positive RMB 6,511,908.60 in the same period last year[36] - The total cash outflow from operating activities was RMB 242,822,441.34, compared to RMB 179,094,955.78 in Q1 2022, representing a 35.5% increase[36] - The cash received from sales of goods and services was RMB 190,712,250.84, a rise of 31.0% from RMB 145,545,761.79 in Q1 2022[36] - The cash paid for purchasing goods and services increased to RMB 139,125,858.22 from RMB 91,090,384.81, marking a 52.8% increase year-over-year[36] Assets and Liabilities - Total assets as of March 31, 2023, were RMB 2,354,610,774.27, a decrease of 1.46% from December 31, 2022[16] - The company’s total liabilities decreased, indicating improved financial stability and management of resources[12] - The total liabilities as of March 31, 2023, were RMB 971,576,701.43, a decrease from RMB 1,016,385,196.52 at the end of 2022[31] - The total equity attributable to shareholders of the parent company was RMB 1,401,731,027.16 as of March 31, 2023, showing a slight increase from the previous year[31] Investment and R&D - The company reported an investment income of RMB 567,011.95 in Q1 2023, compared to RMB 102,455.26 in Q1 2022, indicating improved investment performance[25] - Research and development expenses increased to RMB 25,280,891.98 in Q1 2023, up from RMB 20,325,622.00 in Q1 2022, indicating a focus on innovation[25] Strategic Plans - The company plans to continue expanding its product lines, particularly in electric steering systems for passenger vehicles and commercial vehicle steering products[18] Cash Flow Management - The company's cash flow management appears stable, with short-term borrowings remaining consistent at approximately RMB 153 million[31] - The ending cash and cash equivalents balance was RMB 139,207,294.08, up from RMB 117,193,602.52 in Q1 2022, indicating a 18.8% increase[36] Related Party Transactions - The company has no significant related party transactions or financing activities reported among the top shareholders[21]

Financial Performance - The company's operating revenue for the automotive parts and components manufacturing segment was RMB 1,328,037,578.29, representing a year-on-year increase of 19.48%[28]. - The gross profit margin for the steering systems and components was 16.48%, a decrease of 2.02% compared to the previous year[28]. - The company's main business gross profit for the reporting period was RMB 231,523,116.74, an increase of RMB 14,865,957.90 year-on-year, with a gross profit margin of 17.43%, down from 19.49% in 2021[45][48]. - The net profit attributable to shareholders for the reporting period was RMB 15,823,592.47, a decrease of 53.67% year-on-year[51]. - The company reported a financial expense of RMB 4,851,761.29, an increase of 1.05% year-on-year due to higher interest expenses from increased borrowings[25]. - The total amount of loans and borrowings at the end of the reporting period was RMB 196,780,000.00, an increase of RMB 25,000,000.00 from the beginning of the year, primarily due to increased mortgage loans[62]. - The company’s inventory increased by 22.64% year-on-year, reaching 319,049 units[54]. - The total investment cash outflow was approximately ¥359.79 million, a 1.13% increase from ¥355.76 million in the previous year[70]. - The company reported a net increase in cash and cash equivalents of approximately ¥13.03 million, a substantial improvement from a decrease of ¥2.44 million in 2021, marking a 634.71% change[70]. - The net cash flow from operating activities reached ¥110.87 million, representing a significant increase of 179.76% compared to ¥39.63 million in the previous year[70]. Research and Development - Research and development personnel increased by 10.12% to 381, accounting for 22.45% of the total workforce[34]. - Research and development expenses amounted to RMB 99,668,577.85, a year-on-year increase of 23.84%, representing 7.19% of operating revenue, indicating a focus on safety, intelligence, automation, energy-saving, and lightweight technologies in automotive steering systems[49]. - The company aims to enhance its R&D and production capabilities to achieve international competitiveness in steering systems and key automotive components[20]. - The company focuses on the research and development of automotive steering products, including steering gears and key components of steering systems[155]. - The company has established provincial-level technology centers and research institutes to support innovation in automotive steering systems[109]. - The company has launched an electric power steering system that operates independently of the engine, significantly reducing fuel consumption and environmental pollution[109]. - The company invested 7.19% of its sales revenue in research and development in 2022[109]. Market and Sales - The total sales volume of steering systems and components reached 2,155,984 units, a year-on-year increase of 12.97%[28]. - The company sold 2,155,984 units of automotive parts in 2022, a year-on-year increase of 12.97%, while production volume rose by 14.97% to 2,214,891 units[54]. - The top five customers accounted for 56.77% of the total annual sales, with total sales amounting to RMB 786,948,831.97[55]. - The company has begun to expand its overseas market presence, achieving initial success in exporting automotive steering systems and key components[85]. Operational Challenges - The company faced risks related to product quality, technological updates, and fluctuations in raw material prices, which could impact operational performance[84]. - The automotive industry has faced challenges, impacting the company's financial performance and necessitating a focus on operational liquidity[92]. - Despite challenges such as macroeconomic impacts and supply chain issues, the Chinese automotive market showed overall recovery and positive growth in 2022[76]. - The company is under pressure to continuously develop new technologies and products to meet the evolving demands of automotive manufacturers, which is critical for maintaining competitiveness[79]. Employee and Compensation - The total employee compensation and benefits for the reporting period amounted to RMB 210.23 million, an increase from RMB 195.30 million in 2021[95]. - The company has 1,697 employees as of December 31, 2022, compared to 1,636 employees in 2021[95]. - The company has established a flexible talent introduction and incentive policy to attract external talent[174]. - The company provides substantial compensation and benefits to employees in accordance with market practices and relevant Chinese regulations[184]. - The company confirmed that it has made the required contributions to the retirement plan for qualified employees in China as of December 31, 2022[198]. - The company has established a training plan focusing on both job skills and comprehensive management training for employees[174]. Financial Policies and Dividends - The company’s profit distribution policy remains unchanged, with a principle of annual profit distribution and a preference for cash dividends[90]. - The board has decided not to propose a cash dividend for the 2022 fiscal year, citing the need to cover previous losses and maintain operational capital[92]. - The board believes that not distributing cash dividends in 2022 is in the best interest of all shareholders, especially minority shareholders[92]. - The company plans to retain profits for future operational needs and to reduce financial costs, supporting sustainable development[92]. - The company reported a profit distribution plan for the 2022 fiscal year, stating no cash dividends, bonus shares, or capital reserve transfers to increase share capital[137]. - The company maintains a stable and continuous profit distribution policy, considering shareholder returns and sustainable development[115]. Environmental and Regulatory Compliance - The company has achieved ISO 14001 environmental management system certification for its subsidiaries, indicating compliance with environmental standards[158]. - The company has invested in environmental protection facilities and has met local government environmental requirements for wastewater and waste gas emissions[157]. - The company emphasizes the integration of economic and environmental benefits in its production processes[108]. - The company has adhered to relevant regulations from the China Securities Regulatory Commission and stock exchanges during the reporting period[110]. Supplier and Customer Relationships - The company’s top five suppliers accounted for 18.46% of the total annual procurement amount, totaling RMB 191,415,705.98[32]. - As of December 31, 2022, the top five suppliers accounted for 18.46% of total procurement, while the top five customers represented 56.77% of total revenue[175]. - The largest supplier and customer contributed 5.70% and 20.28% to total procurement and revenue, respectively[175].

编号：2023-001 | 投资者关系活动类 | □特定对象调研 □分析师会议 | | --- | --- | | 别 | □媒体采访 √业绩说明会 | | | □新闻发布会 □路演活动 | | | □现场参观 | | | □其他 （请文字说明其他活动内容） | | 参与单位名称及人 | 线上参与公司浙江世宝 2022 年度网上业绩说明会的投 | | 员姓名 | 资者 | | 时间 | 2023 年 03 月 30 日（星期四）下午 15:00-17:00 | | 地点 | "浙江世宝 IR"微信小程序 | | 上市公司接待人员 | 董事长：张世权先生 | | 姓名 | 董事兼财务负责人：张兰君女士 | | | 董事兼董事会秘书：刘晓平女士 | | | 1、问：净利润同比下滑 53.67%的原因？ | | | 答：你好!2022 年公司营业收入同比上升 17.70%，但毛 | | | 利率同比下降约 2 个百分点。主要原因为乘用车电动转 | | | 向系统产品销售大幅上升，但其毛利相对较低，而毛利 | | | 率较高的商用车转向产品受商用车市场不良影响，销售 | | | 下降。同时为保持公司持续发展的竞争优势 ...

证券代码：002703 证券简称：浙江世宝 公告编码：2023-016 浙江世宝股份有限公司 投资者依据提示，授权登入"浙江世宝 IR"小程序，即可参与交流。 出席本次网上说明会的人员有：董事长、财务负责人、董事会秘书（如有特 1 殊情况，参会人员将可能做出调整）。 敬请广大投资者积极参与。 关于召开 2022 年年度业绩说明会的通知 本公司及董事会全体成员保证公告内容真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏。 浙江世宝股份有限公司（以下简称"公司"）于 2023 年 3 月 17 日召开的第 七届董事会第十三次会议审议通过了公司《2022 年年度报告》全文及其摘要。 公司《2022 年年度报告》全文及其摘要于 2023 年 3 月 20 日刊登在巨潮资讯网 (www.cninfo.com.cn)，同时公司《2022 年年度报告摘要》刊登在同日的《证券 时报》，供全体股东和投资者查询阅读。 为便于广大投资者进一步详细了解公司 2022 年年度经营情况，公司决定于 2023 年 3 月 30 日（星期四）下午 15：00—17：00 在"浙江世宝 IR"小程序举 行 2022 年度网上业绩说明会 ...

Financial Performance - Total revenue for 2022 reached ¥1,386,395,566.38, a 17.7% increase from ¥1,177,915,845.96 in 2021[126] - Operating profit for 2022 was ¥18,621,698.32, down 32.7% from ¥27,651,521.48 in 2021[126] - Net profit for 2022 was ¥18,263,799.30, a decrease of 28.7% compared to ¥25,594,976.63 in 2021[126] - Research and development expenses increased to ¥99,668,577.85 in 2022, up 23.8% from ¥80,484,534.57 in 2021[126] - The company’s sales revenue from goods and services received cash of 75,642,650.68 in 2022, compared to 60,737,992.52 in 2021, marking an increase of approximately 24.5%[105] Assets and Liabilities - Total assets increased to CNY 2,389,483,168.38 as of December 31, 2022, up from CNY 2,075,458,857.18 in 2021, representing an increase of approximately 15.1%[97] - Current assets totaled CNY 1,400,158,101.93, a rise from CNY 1,100,647,643.42 in the previous year, indicating a growth of about 27.2%[97] - Total liabilities increased to CNY 1,016,385,196.52, up from CNY 720,624,684.62, which is an increase of approximately 41.1%[97] - The company’s equity attributable to shareholders reached CNY 1,392,660,876.69, compared to CNY 1,376,837,284.22 in the previous year, showing a slight increase of about 1.1%[97] - The total current liabilities amounted to CNY 938,866,486.73, an increase from CNY 664,062,173.33, representing a growth of approximately 41.3%[97] Cash Flow - The net cash flow from operating activities for 2022 was -2,940,991.79, an improvement from -25,695,243.79 in 2021[105] - Total cash inflow from operating activities increased to 107,202,243.81 in 2022, up from 84,545,628.70 in 2021, representing a growth of approximately 26.7%[105] - Cash outflow from investing activities was 41,428,525.00 in 2022, compared to 33,837,755.82 in 2021, indicating an increase of about 22.5%[105] - The net cash flow from financing activities decreased to -30,145,162.97 in 2022 from 65,651,651.28 in 2021, reflecting a significant decline[105] - The total cash and cash equivalents at the end of 2022 were 16,317,774.62, down from 66,286,803.13 at the end of 2021, a decrease of approximately 75.4%[105] Shareholder Information - The total number of shares outstanding is 789,644,637, with 97.49% being unrestricted shares[29] - The company has a total of 303,233,298 unrestricted shares held by its controlling shareholder, Zhejiang Shibao Holding Group[32] - The total number of ordinary shareholders at the end of the reporting period was 72,599, with a significant shareholder, Zhejiang Shibao Holdings Group, holding 303,233,298 shares[49] - The company did not distribute any interim dividends to shareholders during the reporting period[55] - The company plans not to distribute cash dividends or issue bonus shares for the 2022 profit distribution, pending approval from the annual general meeting[74] Compliance and Governance - The company reported no non-operating fund occupation by controlling shareholders or related parties during the reporting period[16] - The company has maintained compliance with local environmental regulations, with wastewater and exhaust emissions meeting government standards[7] - The company has not engaged in any asset or equity acquisition or sale transactions with related parties during the reporting period[21] - The company has maintained compliance with relevant regulations and has not engaged in any related party transactions during the reporting period[39] - There were no significant legal penalties or rectifications during the reporting period[38] Internal Controls and Audits - The internal control audit fee paid to Tianjian Accounting Firm was 200,000 RMB during the reporting period[19] - The internal audit department conducted quarterly reviews of internal controls, covering financial, operational, compliance, and risk management aspects[3] - The internal control system is deemed sufficient and effective based on evaluations by the board and the audit committee[4] - The supervisory board held six meetings during the reporting period to enhance oversight of financial reporting and management actions[86] - The audit opinion issued by Tianjian Accounting Firm was a standard unqualified opinion, reflecting the fair presentation of the financial statements as of December 31, 2022[90] Financial Instruments and Investments - The company recognizes a financial asset when it becomes a party to the financial instrument contract[141] - The company measures expected credit losses based on the risk of default, calculating the present value of cash flow shortfalls for financial instruments[142] - For accounts receivable, the company uses historical credit loss experience and forecasts to determine expected credit loss rates[144] - The company evaluates long-term equity investments based on control, joint control, or significant influence criteria[148] - The company applies the equity method for investments in joint ventures and associates, ensuring proper recognition of income and losses[178] Taxation and Government Grants - The company applies a 15% to 25% corporate income tax rate, with a 13% VAT rate applicable to sales of steering systems and components[159] - The company’s subsidiaries benefit from export tax rebates at a rate of 13% for certain products[159] - The company recognizes government subsidies related to income as deferred income, which is recognized in profit or loss when related costs are incurred[185] - The company received a VAT refund of ¥2,610,994.24 during the reporting period, indicating a positive cash flow impact from tax incentives[2] - The company has obtained high-tech enterprise certification for multiple subsidiaries, allowing for a reduced corporate income tax rate of 15% for the period[2]

Financial Performance - The total operating revenue for the year ended December 31, 2022, was RMB 1,386,395,566.38, an increase from RMB 1,177,915,845.96 in 2021, representing a growth of approximately 17.7%[6] - The net profit attributable to shareholders for the year was RMB 15,823,592.47, down from RMB 34,156,323.88 in the previous year, indicating a decline of about 53.7%[6] - The company reported a total comprehensive income of RMB 18,263,799.30 for the year, down from RMB 25,594,976.63 in 2021, reflecting a decline of about 28.5%[6] - The company's net profit attributable to ordinary shareholders for 2022 was CNY 15,823,592.47, resulting in a basic earnings per share (EPS) of CNY 0.02, down from CNY 0.04 in 2021[38] - The net profit attributable to ordinary shareholders after deducting non-recurring gains and losses was CNY -9,657,861.73, leading to a diluted EPS of CNY -0.01, compared to CNY 0.002 in 2021[38] - Non-recurring gains and losses for 2022 amounted to CNY 25,481,454.20, a decrease from CNY 32,547,101.99 in 2021[40] - The company's operating revenue reached RMB 1,386,395,566.38, representing a year-on-year increase of 17.70%[62] - The company's capital debt ratio at the end of the reporting period was 2.92%, up from 2.12% at the end of the previous year[74] - The weighted average return on net assets was 1.14%, down from 2.51% in 2021, indicating a decline of 1.37%[132] Assets and Liabilities - The total liabilities as of December 31, 2022, amounted to RMB 1,016,385,196.52, compared to RMB 720,624,684.62 in 2021, reflecting an increase of approximately 41.1%[5] - The total assets as of December 31, 2022, were RMB 2,389,483,168.38, up from RMB 2,075,458,857.18 in 2021, marking a growth of about 15.1%[5] - The total current liabilities as of December 31, 2022, were RMB 938,866,486.73, compared to RMB 664,062,173.33 in 2021, which is an increase of approximately 41.3%[5] - The total equity attributable to shareholders was RMB 1,392,660,876.69 as of December 31, 2022, compared to RMB 1,376,837,284.22 in 2021, showing a slight increase of approximately 1.1%[5] - The company's total assets minus current liabilities as of December 31, 2022, were CNY 1,450,616,681.65, compared to CNY 1,411,396,683.85 in 2021[61] Cash Flow and Expenses - The net cash flow from operating activities was RMB 110,871,280.81, a significant increase of 179.76% year-on-year, mainly due to higher cash receipts from sales[71] - Cash flow from operating activities increased by 179.76% year-on-year, reaching RMB 110,871,280.81[93] - The company’s cash and cash equivalents increased by 634.71% year-on-year, totaling RMB 13,030,787.85[93] - The total amount of cash and cash equivalents at the end of the reporting period was RMB 232,225,660.78, representing 9.72% of total assets[95] - Sales expenses amounted to RMB 52,043,482.77, a decrease of 5.40% year-on-year, primarily due to reduced warranty costs[63] - Management expenses increased to RMB 87,822,707.53, up 5.67% year-on-year, attributed to higher business activity leading to increased hospitality, office, and professional service costs[64] - R&D expenses rose to RMB 99,668,577.85, an increase of 23.84% year-on-year, accounting for 7.19% of operating revenue, focusing on safety, intelligence, automation, energy-saving, and lightweight technologies[89] Sales and Market Performance - The company's main business revenue for 2022 reached approximately ¥1,328 million, an increase from ¥1,096 million in 2021[36] - Total revenue, including other business income, amounted to approximately ¥1,386 million in 2022, compared to ¥1,177 million in 2021[36] - The company's operating revenue is primarily derived from domestic sales, accounting for 91.43% of total revenue[59] - Domestic sales accounted for 91.43% of total revenue, with domestic revenue increasing by 25.63% year-on-year, while overseas revenue decreased by 29.67%[68] - The company sold 2,155,984 units of automotive parts, a year-on-year increase of 12.97%[68] - The sales volume of electric steering products significantly increased, with mass production achieved for steering columns and intermediate shafts[112] - In 2022, China's automobile production and sales reached 27.02 million and 26.86 million units, respectively, representing year-on-year growth of 3.40% and 2.10%[61] - The sales of new energy vehicles in 2022 were 7.058 million units, showing a significant year-on-year increase of 96.90%[61] Tax and Regulatory Benefits - The company benefited from a 100% exemption from property tax for the current period due to its status as a high-tech enterprise[27] - The effective corporate income tax rate for the company is reduced to 15% due to its high-tech enterprise certification[26] Employee and Operational Information - The company had 1,697 full-time employees as of December 31, 2022, across various functions including production, sales, technology, finance, and administration[113] - The company does not plan to distribute cash dividends or issue bonus shares for the 2022 fiscal year[56] - The company did not distribute cash dividends or issue bonus shares for the 2022 profit distribution plan, pending approval at the annual general meeting[101] Other Financial Metrics - The company reported a bad debt provision of ¥35.36 million, representing 7.28% of total accounts receivable as of December 31, 2022[30] - The company has a total of ¥153.16 million in short-term borrowings as of December 31, 2022, slightly up from ¥153.12 million in 2021[32] - Long-term borrowings increased to ¥43.82 million in 2022 from ¥18.79 million in 2021[34] - The company reported interest expenses of approximately ¥5.35 million in 2022, compared to ¥4.89 million in 2021[36] - The company’s inventory increased by 27.2% year-on-year to RMB 418,926,209.83, accounting for 17.53% of total assets[95] - The company experienced a decrease in non-current asset disposal gains, which were CNY 5,044,588.11 in 2022 compared to CNY 5,309,927.97 in 2021[40] - Investment income decreased by 70.78% year-on-year to RMB 1,798,850.81, primarily due to the absence of debt restructuring gains in the current period[90] - The company reported a significant increase in credit impairment losses, which rose by 1,172.48% year-on-year to RMB -1,589,469.25, attributed to increased accounts receivable due to expanded sales[90]

Financial Performance - The company's revenue for the third quarter reached ¥372,683,423.29, an increase of 27.15% compared to the same period last year[5]. - Total revenue for the period reached ¥926,736,014.87, an increase of 6.8% compared to ¥866,107,941.76 in the previous period[19]. - Net profit for the period was ¥7,924,051.15, down from ¥38,783,554.40, indicating a decrease of approximately 79.6%[19]. - Net profit attributable to shareholders was ¥5,445,106.84, a decrease of 31.54% year-on-year, while the net profit after deducting non-recurring gains and losses was -¥386,282.92, down 124.57%[5]. - From January to September, net profit attributable to shareholders decreased by 85.14% to ¥6,300,744.99, primarily due to a decline in commercial vehicle sales and high raw material costs[9]. - Operating profit decreased to ¥6,624,934.11 from ¥40,882,477.63, reflecting a significant decline[19]. Assets and Liabilities - The company's total assets at the end of the reporting period were ¥2,174,823,476.47, reflecting a 4.79% increase from the end of the previous year[5]. - Total assets increased to ¥2,174,823,476.47 from ¥2,075,458,857.18, showing a growth of 4.8%[16]. - Total liabilities rose to ¥812,065,252.76, up from ¥720,624,684.62, marking an increase of 12.7%[16]. - The company’s equity attributable to shareholders was ¥1,383,138,029.21, showing a slight increase of 0.46% from the previous year[5]. Cash Flow - The company reported a net cash flow from operating activities of ¥75,132,699.54, which decreased by 2.90% compared to the previous year[5]. - Cash flow from operating activities generated ¥75,132,699.54, slightly lower than ¥77,377,543.20 in the previous period[21]. - The company reported a decrease in cash and cash equivalents to ¥101,563,740.85 from ¥126,784,449.01, a decline of 19.8%[21]. Research and Development - The company has increased its R&D investment in intelligent steering and drive-by-wire steering technologies[9]. - Research and development expenses increased to ¥65,628,133.92 from ¥57,048,327.80, reflecting a growth of 15.5%[19]. Shareholder Information - The top shareholder, Zhejiang Shibao Holding Group Co., Ltd., holds 41.28% of the shares, while Hong Kong Central Clearing Limited holds 28.32%[11]. Inventory and Earnings - The company’s inventory rose to ¥387,662,965.96, up from ¥329,151,211.94, indicating an increase of 17.7%[16]. - The company’s basic earnings per share decreased to ¥0.0080 from ¥0.0537, a decline of approximately 85.1%[19]. Non-Recurring Gains and Losses - Non-recurring gains and losses for the current period totaled ¥5,831,389.76, with government subsidies contributing ¥5,233,783.90[7]. Return on Assets - The weighted average return on net assets was 0.39%, a decrease of 0.19% compared to the same period last year[5].

Financial Performance - In Q3 2022, the company's operating revenue was RMB 372,683,423.29, representing a year-on-year increase of 27.15%[8] - The net profit attributable to shareholders was RMB 5,445,106.84, a decrease of 31.54% compared to the same period last year[8] - The net profit attributable to shareholders after deducting non-recurring gains and losses was RMB -386,282.92, reflecting a decline of 124.57% year-on-year[8] - Total operating revenue for the first nine months of 2022 was RMB 926,736,014.87, an increase from RMB 866,107,941.76 in the same period of 2021, representing a growth of approximately 6.8%[27] - Net profit for the first nine months of 2022 was RMB 7,924,051.15, a significant decrease from RMB 38,783,554.40 in the same period of 2021[27] - Total comprehensive income for the period was RMB 7,924,051.15, a decrease from RMB 38,783,554.40 in the same period last year[31] - Comprehensive income attributable to the parent company was RMB 6,300,744.99, down from RMB 42,398,508.48 year-on-year[31] Assets and Liabilities - The total assets as of September 30, 2022, amounted to RMB 2,174,823,476.47, an increase of 4.79% from December 31, 2021[8] - The total assets as of September 30, 2022, amounted to RMB 2,174,823,476.47, up from RMB 2,075,458,857.18 at the end of 2021, reflecting an increase of approximately 4.0%[22] - Current assets totaled RMB 1,202,932,285.00 as of September 30, 2022, compared to RMB 1,100,647,643.42 at the end of 2021, marking an increase of about 9.3%[22] - The total liabilities as of September 30, 2022, were RMB 812,065,252.76, compared to RMB 720,624,684.62 at the end of 2021, representing an increase of about 12.7%[25] Cash Flow - Cash inflow from operating activities totaled RMB 653,373,088.68, an increase from RMB 601,699,357.19 in the same period last year[34] - Net cash flow from operating activities was RMB 75,132,699.54, slightly down from RMB 77,377,543.20 year-on-year[34] - Cash inflow from investment activities was RMB 190,688,191.84, compared to RMB 173,052,338.84 in the previous year[34] - Net cash flow from investment activities was negative at RMB -88,074,487.83, an improvement from RMB -95,826,331.31 year-on-year[34] - Cash inflow from financing activities was RMB 186,000,000.00, up from RMB 128,000,000.00 in the previous year[34] - Net cash flow from financing activities was negative at RMB -27,702,631.15, compared to a positive RMB 795,188.03 in the same period last year[34] - The ending cash and cash equivalents balance was RMB 101,563,740.85, down from RMB 126,784,449.01 year-on-year[34] Shareholder Information - The top shareholder, Zhejiang Shibao Holding Group Co., Ltd., holds 41.28% of the shares, indicating strong control over the company[16] Research and Development - Research and development investment in intelligent steering and drive-by-wire steering has shown an increasing trend[12] - Research and development expenses for the first nine months of 2022 were RMB 65,628,133.92, up from RMB 57,048,327.80 in the same period of 2021, reflecting an increase of about 15.5%[27] Operational Challenges - The company experienced a significant decline in net profit due to decreased sales of commercial vehicles and high raw material costs, leading to a shift in product sales structure[12] - The company reported a basic earnings per share of RMB 0.0069, down 31.89% from the previous year[8] - The weighted average return on net assets was 0.39%, a decrease of 0.19 percentage points compared to the previous year[8] - The company's cash and cash equivalents decreased to RMB 172,334,265.60 from RMB 195,849,881.10 year-over-year, a decline of approximately 12.0%[22] - The company's inventory increased to RMB 387,662,965.96 as of September 30, 2022, from RMB 329,151,211.94 at the end of 2021, indicating a growth of approximately 17.7%[22] - The company reported a decrease in interest income to RMB 687,132.72 from RMB 947,262.14 year-over-year, a decline of approximately 27.5%[27]

Financial Performance - Total revenue for the first half of 2022 was approximately CNY 554.05 million, a decrease of 3.31% compared to CNY 573.01 million in the same period of 2021[42] - Net profit attributable to shareholders of the listed company was CNY 855,638.15, down 97.52% from CNY 34.45 million in the previous year[42] - The net profit after deducting non-recurring gains and losses was a loss of CNY 14.08 million, a decline of 180.70% compared to a profit of CNY 17.44 million in 2021[42] - Net cash flow from operating activities was CNY 50.22 million, a decrease of 23.92% from CNY 66.00 million in the first half of 2021[42] - Basic and diluted earnings per share were both CNY 0.0011, down 97.48% from CNY 0.0436 in the previous year[42] - Operating profit for the first half of 2022 was RMB 622.01 thousand, a sharp decline from RMB 33.70 million in the same period of 2021[53] - The total comprehensive income for the first half of 2022 was RMB 1.25 million, compared to RMB 32.52 million in the same period of 2021[53] Assets and Liabilities - Total assets as of June 30, 2022, were approximately CNY 2.07 billion, a slight decrease of 0.06% from CNY 2.08 billion at the end of 2021[42] - Current assets totaled RMB 1,112,864,471.33, compared to RMB 1,100,647,643.42 at the end of 2021, reflecting a growth of approximately 1.98%[44] - Total liabilities decreased slightly to RMB 718,079,262.92 from RMB 720,624,684.62, a reduction of about 0.35%[46] - Non-current assets totaled RMB 961,298,363.42, down from RMB 974,811,213.76, representing a decrease of approximately 1.4%[44] Cash Flow - Operating cash flow for the first half of 2022 was RMB 50,216,520.98, a decrease of 24% compared to RMB 66,004,332.51 in the same period of 2021[60] - Total cash inflow from operating activities was RMB 403,520,677.84, down from RMB 418,507,361.51 year-on-year[60] - Cash flow from financing activities showed a net outflow of RMB 62,488,982.71, compared to a net inflow of RMB 4,359,556.00 in the same period last year[60] Equity and Profits - Net assets attributable to shareholders of the listed company increased by 0.06% to CNY 1.38 billion from CNY 1.38 billion at the end of 2021[42] - The company reported a total of RMB 269,197,741.99 in undistributed profits, up from RMB 268,342,103.84, indicating a growth of about 0.32%[46] - The company's undistributed profits increased to RMB 50,097,092.12 from RMB 44,959,740.08, marking an increase of about 11.5%[68] Research and Development - Research and development expenses rose to RMB 40.78 million, an increase of 9.0% from RMB 37.41 million in the first half of 2021[53] Accounting Policies - The company adheres to the accounting standards and policies that accurately reflect its financial status and operational results[79] - Financial assets are classified into three categories upon initial recognition: (1) measured at amortized cost; (2) measured at fair value with changes recognized in other comprehensive income; (3) measured at fair value with changes recognized in profit or loss[92] - The company recognizes financial assets or liabilities when it becomes a party to the financial instrument contract, measuring them at fair value upon initial recognition[93] Revenue Recognition - Revenue recognition principles require the company to assess contracts at the start date, identifying performance obligations and determining whether they are fulfilled over time or at a point in time[187] - The company recognizes revenue for sales of automotive steering gears and parts at a point in time when products are delivered and accepted by customers, with payment received or evidence of collection obtained[192] Government Grants - Government grants are recognized when the company can meet the conditions attached to the grants and is able to receive them, measured at the amount received or receivable[193] - Government grants related to income are recognized as deferred income to compensate for future costs or losses, and are recorded in the profit or loss when the related costs are recognized[197] Impairment and Valuation - Long-term assets are tested for impairment annually, with goodwill and indefinite-life intangible assets undergoing impairment tests regardless of indications[173] - The company reported a significant impairment loss on non-current assets held for sale, which was recognized in the current period's profit and loss statement[141]

Financial Performance - The company reported a significant increase in revenue, achieving a total of 1.2 billion RMB for the first half of 2022, representing a year-on-year growth of 15%[11]. - The gross profit margin for the first half of 2022 was 25%, a slight decrease from 27% in the same period last year, primarily due to rising raw material costs[11]. - The company's revenue for the reporting period was RMB 554,052,591.58, a decrease of 3.31% compared to the same period last year[41]. - The net profit attributable to shareholders was RMB 855,638.15, down 97.52% year-on-year[41]. - The net profit after deducting non-recurring gains and losses was RMB -14,076,298.95, a decline of 180.70% compared to the previous year[41]. - The operating cash flow for the period was RMB 50,216,520.98, a decrease of 23.92% from the previous year[41]. - The gross profit margin for the main business was 15.83%, down from 22.98% in the same period last year[42]. - The company experienced a significant decline in sales of commercial vehicle steering products due to poor industry performance, particularly in commercial vehicle production and sales, which fell by 38.50%[41]. - The company reported a net cash decrease of RMB 42,780,271.27 in cash and cash equivalents, a decline of 49.30% compared to the previous year[41]. - The total operating revenue for the reporting period was RMB 554,052,591.58, representing a year-on-year decrease of 3.31%[48]. - The investment income increased by 264.54% year-on-year to RMB 398,203.91, primarily due to an increase in the amount of bank short-term financial products redeemed[46]. - The financial expenses for the reporting period were RMB 2,725,879.45, an increase of 26.45% year-on-year, mainly due to reduced interest income and increased exchange losses[46]. - The cash and cash equivalents decreased by RMB 42,780,271.27, a year-on-year decrease of 49.30%[47]. - The company reported a significant increase in investment income to ¥398,203.91 from ¥109,233.65, an increase of approximately 264.5% year-over-year[138]. - Net profit dropped significantly to ¥1,249,399.27 from ¥32,520,824.84, a decrease of approximately 96.2% year-over-year[138]. - Basic earnings per share decreased to ¥0.0011 from ¥0.0436, a decline of approximately 97.5% year-over-year[138]. Market Expansion and Strategy - The company has expanded its user base, with a 20% increase in the number of clients in the automotive sector compared to the previous year[11]. - Future outlook indicates a targeted revenue growth of 10% for the second half of 2022, driven by new product launches and market expansion strategies[11]. - The company plans to enhance its overseas market presence, with a goal of increasing international sales by 30% by the end of 2023[11]. - The company plans to accelerate the development of intelligent driving and autonomous driving technologies, focusing on electric steering and related products[67]. - The company plans to expand its market presence and invest in new product development[133]. - The company is focusing on enhancing its technology capabilities to drive future growth[133]. - The company aims to explore potential mergers and acquisitions to strengthen its market position[133]. Research and Development - The company is investing 100 million RMB in R&D for new technologies, focusing on electric steering systems and smart automotive components[11]. - Research and development expenses amounted to RMB 40,783,290.97, an increase of 9.02% year-on-year, representing 7.36% of total revenue[43]. - The company has been focusing on the development of electric, intelligent, and automated steering technologies to maintain its competitive advantage in the market[43]. Financial Health and Risks - The accounts receivable as of June 30, 2022, accounted for 45% of total revenue, indicating a need for improved collection strategies[14]. - The company faces risks related to raw material price fluctuations, which could impact production costs and profit margins[13]. - The company is aware of potential market volatility and is preparing strategies to mitigate risks associated with economic downturns and industry changes[8]. - The total assets at the end of the reporting period were RMB 2,074,162,834.75, a slight decrease of 0.06% from the end of the previous year[41]. - The company has no significant doubts regarding its ability to continue as a going concern for the next 12 months[164]. - The company’s total liabilities decreased, reflecting improved financial stability[152]. Corporate Governance and Shareholder Information - The company has no plans to distribute cash dividends or issue bonus shares for the current fiscal year, aiming to reinvest profits into growth initiatives[6]. - The company did not distribute cash dividends or issue new shares from capital reserves for the reporting period[73]. - The controlling shareholder, Zhejiang Shibao Holding Group, has committed not to transfer or entrust the management of its shares for 36 months from the date of the A-share listing, with a maximum of 25% transfer allowed annually thereafter[89]. - The largest shareholder, Zhejiang Shibao Holding Group Co., Ltd., holds 41.28% of the shares, totaling 325,993,298 shares[118]. - The second largest shareholder, Hong Kong Central Clearing (Agent) Limited, holds 27.85% of the shares, totaling 219,954,386 shares[118]. - There were no significant related party transactions during the reporting period[98]. - The company has not experienced any changes in its controlling shareholder or actual controller during the reporting period[122][123]. Compliance and Accounting Practices - The financial report for the half-year period is unaudited[127]. - Financial statements comply with accounting standards, accurately reflecting the company's financial position, operating results, and cash flows[165]. - The company utilizes the Chinese Yuan (RMB) as its functional currency for accounting purposes[165]. - The company has established specific accounting policies for financial instruments, fixed asset depreciation, and revenue recognition based on its operational characteristics[165]. - The company recognizes impairment losses based on the weighted average of expected credit losses, reflecting the risk of default[178]. Operational Efficiency - The company has initiated new strategies for cost management and operational efficiency to improve profitability[152]. - The company has established criteria for classifying non-current assets as held for sale, including the expectation of sale completion within one year[188].