餐 में र 浙江世賽股份有限公司 ZHEJIANG SHIBAO COMPANY LIMITED' (於中華人民共和國註冊成立的股份有限責任公司) 股份代號：1057 世實轉向 掌舵 泉來方向 年 報 2019 *懂供藏別 目錄 | --- | --- | |------------------------|-------| | 公司資料 | 2 | | 企業簡介 | 7 | | 五年財務概要 | 8 | | 董事長報告書 | 9 | | 管理層討論及分析 | 10 | | 董事、監事及高級管理層 | 24 | | 董事會報告 | 27 | | 監事會報告 | 35 | | 企業管治報告 | 36 | | 審計報告 | 46 | | 財務報表 | | | 合併資產負債表 | 51 | | 母公司資產負債表 | 53 | | 合併利潤表 | 54 | | 母公司利潤表 | 55 | | 合併現金流量表 | 56 | | 母公司現金流量表 | 57 | | 合併所有者權益變動表 | 58 | | 母公司所有者權益變動表 | 59 | | 財務報表附註 | 60 | | 詞彙 | 155 | 重要提示： 本年報 ...

Financial Performance - The company's operating revenue for Q1 2020 was ¥193,425,679.92, a decrease of 10.21% compared to ¥215,422,919.91 in the same period last year[8] - The net profit attributable to shareholders was -¥2,654,630.93, an improvement of 76.34% from -¥11,219,820.98 year-on-year[8] - The company's operating revenue for Q1 2020 was CNY 193,425,679.92, a decrease of 10.21% compared to CNY 215,422,919.91 in Q1 2019[16] - The net profit attributable to the parent company was CNY -2,654,630.93, an improvement of 76.34% from CNY -11,219,820.98 in the same period last year[16] - Net profit for the period was -¥4.26 million, improving from -¥13.20 million in the previous period, indicating a reduction in losses[53] - The company reported a basic and diluted earnings per share of -¥0.0034, an improvement from -¥0.0142 in the previous period[53] Cash Flow - The net cash flow from operating activities was ¥22,198,458.81, a significant increase of 167.23% compared to -¥33,018,473.71 in the previous year[8] - Operating cash flow net amount increased by 167.23% to CNY 22,198,458.81, compared to CNY -33,018,473.71 in Q1 2019[20] - Cash flow from operating activities generated ¥22.20 million, a significant improvement compared to -¥33.02 million in the previous period[62] - Cash inflow from operating activities totaled ¥16,611,621.76, an increase from ¥12,137,469.90 year-over-year[67] - Operating cash flow net amount reached ¥5,465,718.27, a significant improvement from last year's negative cash flow of -¥21,989,725.72[67] Assets and Liabilities - The total assets at the end of the reporting period were ¥1,966,287,540.94, a slight decrease of 0.45% from ¥1,975,196,092.31 at the end of the previous year[8] - Current assets totaled CNY 983,233,551.70, slightly down from CNY 991,058,475.50, indicating a decrease of 0.83%[37] - Total liabilities decreased to CNY 675,905,079.51 from CNY 680,557,817.14, a reduction of 0.24%[41] - The company's equity attributable to shareholders was CNY 1,299,180,357.44, down from CNY 1,301,834,988.37, reflecting a decrease of 0.20%[41] Shareholder Information - The company reported a total of 35,642 common shareholders at the end of the reporting period[12] - Zhejiang Shibao Holding Group Co., Ltd. remains the largest shareholder, holding 43.28% of the shares[12] Expenses - Sales expenses decreased by 33.70% to CNY 12,514,375.74, primarily due to reduced transportation and warehousing costs[17] - Management expenses decreased by 23.19% to CNY 13,645,911.00, attributed to reduced business activities and government policies on social insurance[19] - Financial expenses increased by 211.66% to CNY 1,212,414.11, mainly due to increased bank borrowings[19] - The company’s financial expenses rose to ¥1.21 million from ¥0.39 million, primarily due to increased interest expenses[53] Inventory and Receivables - Accounts receivable decreased to ¥364,526,016.57, accounting for 18.54% of total assets, down from 20.19%[14] - Inventory increased to ¥228,478,431.38, representing 11.62% of total assets, up from 10.98%[14] - The company reported a total of CNY 364,526,016.57 in accounts receivable, down from CNY 398,848,776.89, indicating a decrease of 8.6%[37] - Inventory increased to CNY 228,478,431.38 from CNY 216,838,013.54, showing a growth of 5.5%[37] Investment Activities - Investment cash flow net amount rose by 347.79% to CNY 46,430,571.40, compared to CNY -18,737,575.93 in the same period last year[20] - Total cash inflow from investment activities was ¥150,160,054.80, compared to ¥20,186,176.71 in the previous period, indicating a substantial increase[67] - Cash outflow for investment activities totaled ¥99,756,718.89, up from ¥14,615,527.41 in the prior year[67] - The company received ¥80,000,000.00 related to investment activities, indicating a new influx of cash[67] Significant Events - The company reported no significant events or updates that require explanation during the reporting period[23]

Financial Performance - The company reported a profit distribution plan of no cash dividends, no bonus shares, and no capital reserve conversion into shares[7]. - The company's operating revenue for 2019 was ¥982,370,362.06, a decrease of 13.30% compared to ¥1,133,097,729.85 in 2018[35]. - The net profit attributable to shareholders in 2019 was -¥176,711,694.44, representing a significant decline of 2,527.90% from ¥7,278,368.34 in 2018[35]. - The net cash flow from operating activities improved to ¥39,800,748.05 in 2019, a 409.74% increase from -¥12,849,643.30 in 2018[35]. - The total assets at the end of 2019 were ¥1,975,196,092.31, down 3.42% from ¥2,045,077,333.85 at the end of 2018[35]. - The company reported a basic earnings per share of -¥0.2238 in 2019, a decrease of 2,532.61% from ¥0.0092 in 2018[35]. - The net assets attributable to shareholders decreased by 11.95% to ¥1,301,834,988.37 at the end of 2019 from ¥1,478,546,682.81 at the end of 2018[35]. - The gross profit from the main business was RMB 127,405,462.04, with a gross margin of 13.21%, down from 16.62% in 2018[50]. - The company reported a net profit attributable to shareholders of RMB -176,711,694.44, compared to a profit of RMB 7,278,368.34 in 2018[54]. - The total sales volume for automotive parts was 1,899,168 units, a decline of 8.75% from 2,081,171 units in 2018[59]. - The production volume of automotive parts was 1,874,522 units, down 9.15% from 2,063,234 units in the previous year[59]. - The company's financial expenses increased by 775.15% to RMB 3,017,313.82, mainly due to increased bank borrowings[51]. - The automotive parts manufacturing segment generated RMB 964,554,512.66 in revenue, representing 98.19% of total operating revenue, with a gross margin of 13.21%[55]. Operational Risks and Challenges - The automotive parts manufacturing industry is significantly influenced by the macroeconomic cycle and national policies, which poses operational risks for the company[9]. - The company faces a high proportion of accounts receivable, which may increase with business scale expansion, posing a risk of bad debts[15]. - The company has highlighted the risk of product quality issues, which could lead to recalls and negatively impact brand reputation and financial performance[10]. - The company has not disclosed specific revenue figures or growth percentages in the report, indicating a need for further financial details[11]. - The company has not provided specific guidance on future performance or revenue targets, reflecting uncertainty in market conditions[8]. - The automotive industry faced substantial pressure in 2019 due to trade tensions and the COVID-19 pandemic, impacting overall market demand[102]. Research and Development - The company emphasizes the importance of continuous technological innovation to meet the evolving demands of automotive manufacturers[12]. - The company aims to enhance its research and production capabilities in automotive steering systems to achieve international competitiveness[44]. - Zhejiang Shibao is one of the first companies in China to develop hydraulic and electric power steering systems, focusing on intelligent driving solutions[44]. - R&D expenditure was RMB 61,712,823.86, a decrease of 7.14%, but the proportion of R&D spending relative to operating revenue increased[51]. - In 2019, the company's R&D investment accounted for 6.28% of sales revenue, emphasizing its commitment to technological innovation[137]. - The company launched an electric power steering system that operates independently of the engine, significantly reducing fuel consumption and environmental pollution[137]. - The company focuses on the research and development of automotive steering products, including steering gears and key components of steering systems[183]. Strategic Plans and Future Outlook - The company plans to expand its product offerings towards integrated modular automotive components related to steering systems[44]. - The company plans to accelerate the development of steering technologies related to intelligent and autonomous driving[102]. - Future strategies include a cautious investment approach, slowing down new production line construction, and focusing on core business areas[102]. - The company will continue to focus on mergers and acquisitions to strengthen its position in the automotive parts industry[101]. Financial Management and Capital Structure - The company raised a total of RMB 705,172,000.00 from the non-public issuance of A-shares, with a net amount of RMB 660,046,164.00 after deducting underwriting fees[79]. - As of December 31, 2019, the company had utilized RMB 515,440,660.47 of the raised funds, with a net interest income of RMB 38,406,118.97 from bank deposits[81]. - The company temporarily supplemented working capital with RMB 170,000,000.00, leaving a balance of RMB 11,128,335.54 in the special account for raised funds as of December 31, 2019[82]. - The company's total loans and borrowings increased to ¥151,800,000.00, up from ¥29,080,000.00 at the end of 2018, indicating a significant increase in financing activities[74]. - The capital structure at the end of the reporting period showed a capital debt ratio of 2.62%, compared to -6.45% in 2018, reflecting a shift in financial leverage[76]. - The total amount of entrusted financial management reached RMB 20,601 million, with an outstanding balance of RMB 7,100 million[130]. Corporate Governance and Management - The actual controller of the company is Zhang Shiquan, who is also the chairman[150]. - The chairman, Zhang Shiquan, holds 26,391,580 shares, unchanged from the beginning of the period[153]. - There were no changes in the board of directors, supervisors, or senior management during the reporting period[154]. - The company has maintained a stable management structure with no personnel changes reported[154]. - The management team has extensive experience, with key members holding positions since 2004[155]. - The total pre-tax remuneration for the board of directors and senior management amounted to CNY 426.90 million[174]. - The company employed a total of 1,537 staff, with 1,001 in production, 380 in technical roles, and 48 in sales[175]. Compliance and Quality Assurance - The company has maintained a comprehensive quality assurance system, implementing IATF:16949 quality system certification[131]. - The company complies with all applicable laws and regulations regarding business registration, taxation, and product quality[186]. - The company has obtained ISO14001 environmental management system certification for its subsidiaries, indicating a commitment to environmental management[138]. - The company has achieved compliance with local environmental regulations, with wastewater and exhaust emissions meeting government standards in 2019[137]. Shareholder Information - The total number of shares outstanding is 789,644,637, with 97.49% being unrestricted shares[143]. - The largest shareholder, Zhejiang Sibao Holding Group Co., Ltd., holds 43.28% of the shares, while the second-largest shareholder, Hong Kong Central Clearing (Nominee) Limited, holds 27.49%[146]. - The company has a total of 37,556 common shareholders, with 10 shareholders holding more than 5% of the shares[146]. Miscellaneous - The company has not experienced any significant foreign currency risk during the reporting period, as sales and purchases were primarily in RMB[94]. - There were no major asset or equity sales during the reporting period[93]. - The company has not engaged in any major related party transactions during the reporting period[127]. - The company has not implemented any stock incentive plans or employee stock ownership plans during the reporting period[126]. - The company has not experienced any major accounting errors requiring retrospective restatement during the reporting period[121]. - The company has not made any changes to the scope of consolidated financial statements compared to the previous year[122]. - The company has not conducted any precise poverty alleviation work during the reporting year and has no subsequent plans[136]. - The company reported no convertible securities, options, warrants, or similar rights during the reporting period[193].

Financial Performance - Operating revenue for the reporting period was CNY 236,322,449.51, down 19.78% year-on-year, and cumulative revenue for the year-to-date was CNY 686,835,516.68, down 22.49%[7] - Net profit attributable to shareholders of the listed company was a loss of CNY 16,361,424.73, a decrease of 3,645.43% compared to the same period last year[7] - Basic and diluted earnings per share were both CNY -0.0208, a decrease of 3,566.67% year-on-year[7] - The company expects a net profit attributable to shareholders for 2019 to be between -¥15,000,000 and -¥10,000,000, a significant decline compared to a profit of ¥727,840 in 2018[28] - The decline in performance is attributed to poor automotive industry performance, leading to decreased revenue and increased bad debt risks due to deteriorating customer operations[28] - Net profit for Q3 2019 was a loss of ¥18,986,475.29, compared to a profit of ¥288,315.52 in Q3 2018, indicating a significant decline[53] - The company reported a basic and diluted earnings per share of -0.0208 for Q3 2019, compared to 0.0006 in Q3 2018[53] - The company's basic and diluted earnings per share are both -0.0441, worsening from -0.0068 in the previous period[63] - The net profit attributable to the parent company is -34,789,543.94, compared to -5,395,018.74 in the previous period, reflecting a significant increase in losses[63] Assets and Liabilities - Total assets at the end of the reporting period were CNY 1,963,877,379.45, a decrease of 3.97% compared to the end of the previous year[7] - The company’s inventory at the end of the reporting period was CNY 288,339,859.21, accounting for 14.68% of total assets[14] - The company’s fixed assets increased to CNY 682,345,444.53, representing 34.74% of total assets, an increase of 3.04% compared to the previous year[14] - Current assets decreased from ¥1,124,039,331.72 at the end of 2018 to ¥1,006,680,563.52 as of September 30, 2019[40] - Accounts receivable decreased from ¥468,614,553.04 at the end of 2018 to ¥395,759,436.92 as of September 30, 2019[40] - The total equity attributable to shareholders was ¥1,443,757,138.87, down from ¥1,478,546,682.81, a decrease of 2.4%[44] - Current liabilities decreased to ¥457,619,071.43 from ¥490,134,020.00 year-over-year, a reduction of 6.6%[44] Cash Flow - The net cash flow from operating activities was CNY 21,397,736.69, an increase of 308.55% compared to the same period last year[7] - Operating cash flow net amount increased by 300.52% year-on-year, reaching ¥14,254,463.95, primarily due to reduced material procurement payments and lower employee compensation costs[20] - Financing cash flow net amount increased by 133.35% year-on-year, totaling ¥40,288,311.33, primarily driven by increased bank borrowings[20] - The net increase in cash and cash equivalents improved by 55.49% year-on-year, amounting to -¥7,930,316.56[20] - Total cash inflow from operating activities decreased to ¥485,779,401.43 from ¥511,083,181.74 in the previous period, reflecting a decline of approximately 4.9%[72] - Cash outflow from operating activities also decreased to ¥471,524,937.48 from ¥518,192,001.04, indicating a reduction of about 9%[72] - Investment cash flow net amount for the current period is -¥62,693,882.45, worsening from -¥27,978,688.59 in the previous period[72] - Total cash inflow from investment activities dropped to ¥136,545,058.98 from ¥310,360,503.37, a decline of approximately 56%[72] - Cash and cash equivalents at the end of the period decreased to ¥112,362,868.41 from ¥142,608,580.24, a reduction of approximately 21%[72] Operating Costs and Expenses - Total operating costs for Q3 2019 were ¥258,808,308.53, down from ¥299,507,977.72 in Q3 2018, reflecting a reduction of 13.6%[53] - Research and development expenses for Q3 2019 were ¥13,460,452.95, down 22.4% from ¥17,419,220.51 in Q3 2018[53] - The total operating costs for the current period are 10,700,115.85, up from 8,198,908.98 in the previous period, reflecting an increase of approximately 30.6%[58] - Research and development expenses decreased to 911,168.84 from 1,559,904.74, a reduction of about 41.4%[58] - The company reported a financial expense of -701,875.25, an improvement from -984,828.77 in the previous period, indicating better financial management[58] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 37,698, with the largest shareholder holding 43.28% of the shares[11]

（於中華人民共和國註冊成立的股份有限責任公司） 股份代號：1057 世寶轉向 掌舵 未來方向 中期報告 2019 僅供識別 | --- | --- | --- | |------------------------|-------|-------| | 公司資料 | 2 | | | 主要會計數據和財務指標 | 5 | | | 未經審計中期財務報表 | | | | 合併資產負債表 | 6 | | | 母公司資產負債表 | 8 | | | 合併利潤表 | 9 | | | 母公司利潤表 | 10 | | | 合併現金流量表 | 11 | | | 母公司現金流量表 | 12 | | | 合併所有者權益變動表 | 13 | | | 母公司所有者權益變動表 | 14 | | | 財務報表附註 | 15 | | | 經營情況討論與分析 | 94 | | | 企業管治及其他資料 | 100 | | | 詞彙 | 103 | | 目錄 公司資料 法定名稱 浙江世寶股份有限公司 Zhejiang Shibao Company Limited* | --- | --- | |------------------|--------- ...

Financial Performance - The company reported a significant increase in revenue for the first half of 2019, with total revenue reaching RMB 1.2 billion, representing a year-on-year growth of 15%[10]. - The company's revenue for the reporting period was ¥450,513,067.17, a decrease of 23.85% compared to the same period last year[34]. - The company achieved operating revenue of RMB 450,513,067.17, a year-on-year decrease of 23.85%[46]. - The net profit attributable to shareholders was -¥18,428,119.21, representing a decline of 214.66% year-on-year[34]. - The net cash flow from operating activities was -¥7,143,272.74, a decrease of 326.65% compared to the previous year[34]. - The overall performance of the automotive industry has been poor, leading to significant operational pressure on the company, with new technologies and products still in the investment phase and not yet generating profit[71]. - The company anticipates a net profit of -1.5719 million CNY for the third quarter of 2019, a decrease of approximately 1.20334 million CNY compared to the same period last year[71]. - The net profit attributable to shareholders for the first three quarters of 2019 is expected to be between -30 million and -20 million CNY, compared to -5.395 million CNY in the same period of 2018, indicating a significant decline in profitability[71]. - The company reported a significant decrease in cash inflow from sales, which fell to ¥280,262,418.10 from ¥330,806,018.25, a decline of about 15.2%[131]. - The company reported a comprehensive income total of CNY -18,428,119.21 for the current period, indicating a decline in profitability[140]. Cost and Profitability - The gross profit margin for the first half of 2019 was 25%, a slight decrease from 27% in the same period last year, primarily due to rising raw material costs[10]. - The company faces risks related to fluctuations in raw material prices, which significantly impact production costs and profit margins[13]. - Financial expenses rose by 572.07% to RMB 1,563,819.29, mainly due to a decrease in interest income[48]. - The company’s R&D expenses were ¥27,853,907.88, a decrease of 13.79% compared to the previous year[44]. - The company’s retained earnings decreased to CNY 352,760,212.62, indicating a reduction in undistributed profits[140]. Market and Operational Risks - The company is aware of the potential risks associated with industry volatility, which could affect its operational performance due to changes in the automotive sector[8]. - The automotive industry in China saw a significant decline, with passenger vehicle sales dropping by 21.70% year-on-year[43]. - The company emphasizes the importance of maintaining product quality to avoid recalls and reputational damage, which could adversely affect its market position[9]. - The company plans to adopt a cautious investment strategy, slowing down the construction of new production lines while adjusting and upgrading existing lines, and accelerating the development and trial production of new technologies and products[72]. Investment and Development - The company plans to invest in new product development and technology upgrades to meet the increasing demands for safety and energy efficiency in the automotive industry[11]. - The company aims to enhance its competitive advantage by focusing on intelligent driving solutions and modular automotive components[38]. - The company achieved a net increase in cash and cash equivalents of ¥119,144,953.60, an increase of 346.35% year-on-year[44]. Governance and Shareholder Information - No cash dividends or stock bonuses will be distributed to shareholders for the reporting period, as approved by the board of directors[6]. - The company has established a governance structure that meets the regulatory requirements of both mainland China and Hong Kong[39]. - The largest shareholder, Zhejiang Shibao Holdings Group Co., Ltd., holds 43.28% of the shares, totaling 341,786,098 shares[100]. - The company does not plan to distribute cash dividends or issue bonus shares for the half-year period[76]. Assets and Liabilities - The total assets at the end of the reporting period were ¥2,114,259,159.48, an increase of 3.38% from the end of the previous year[34]. - The company’s total current assets increased to 1,175,220,226.20 CNY from 1,124,039,331.72 CNY at the beginning of the period, reflecting a growth of approximately 4.3%[113]. - The company’s total liabilities are not explicitly stated in the provided data, but the total assets amount to 2,114,259,159.48 CNY, up from 2,045,077,333.85 CNY[113]. - Current liabilities increased to ¥586,908,268.24 from ¥490,134,020.00 at the beginning of the period, a rise of 19.7%[116]. - The company’s capital structure indicated a debt-to-capital ratio of 4.55%, compared to -6.52% at the end of the previous year[61]. Employee and Operational Structure - The number of employees at the end of the reporting period was 1,463, with competitive compensation and benefits provided[107]. - The company did not experience any changes in its controlling shareholder or actual controller during the reporting period[101][102]. - The company has not reported any changes in the shareholding of its directors, supervisors, and senior management during the reporting period[105][106]. Accounting and Financial Reporting - The company prepares consolidated financial statements based on the financial statements of the parent company and its subsidiaries, in accordance with relevant accounting standards[156]. - The company recognizes goodwill when the acquisition cost exceeds the fair value of identifiable net assets acquired in a business combination under non-common control[156]. - The company uses the effective interest method for subsequent measurement of financial assets measured at amortized cost[160]. - The company recognizes impairment losses for non-current assets held for sale if their carrying amount exceeds fair value less costs to sell[185].

赛 म्बर SB 浙江世寶股份有限公司 ZHEJIANG SHIBAO COMPANY LIMITED® (於中華人民共和國註冊成立的股份有限責任公司) 股份代號：1057 世賽尊何 掌舵 未來方向 年報 2018 " 肇供镀別 目錄 公司資料 2 企業簡介 7 五年財務概要 8 董事長報告書 9 管理層討論及分析 10 董事、監事及高級管理層 26 董事會報告 29 監事會報告 37 企業管治報告 38 審計報告 48 財務報表 合併資產負債表 53 母公司資產負債表 55 合併利潤表 56 母公司利潤表 57 合併現金流量表 58 母公司現金流量表 59 合併所有者權益變動表 60 母公司所有者權益變動表 61 財務報表附註 62 詞彙 157 重要提示： 本年報分別以中、英文兩種語言編訂，兩種文體若出現解釋上的歧義時，以中文本為 準。 公司資料 法定名稱 浙江世寶股份有限公司 Zhejiang Shibao Company Limited* | --- | --- | |------------------|-------------------------------------| | | | | ...

Financial Performance - The company's operating revenue for Q1 2019 was ¥215,422,919.91, a decrease of 24.13% compared to ¥283,955,279.96 in the same period last year[8] - The net profit attributable to shareholders of the listed company was -¥11,219,820.98, representing a decline of 102.30% from -¥5,546,239.89 in the previous year[8] - The net cash flow from operating activities was -¥33,018,473.71, a significant decrease of 578.89% compared to -¥4,863,584.89 in the same period last year[8] - Operating revenue for the current period was ¥8,853,649.87, a decrease of 23.0% from ¥11,517,982.33 in the previous period[64] - Operating profit for the current period was -¥4,126,504.28, compared to a profit of ¥79,274.17 in the previous period[64] - Net profit for the current period was -¥4,130,854.20, a significant decline from a profit of ¥34,603.40 in the previous period[64] - Total comprehensive income for the current period was -¥4,130,854.20, compared to ¥34,603.40 in the previous period[64] Cash Flow - Operating cash inflow decreased by 4.81% to ¥161.68 million compared to the same period last year[23] - Operating cash outflow increased by 11.44% to ¥194.70 million year-on-year[23] - Net cash flow from operating activities dropped by 578.89% to -¥33.02 million, primarily due to reduced cash receipts from product sales and increased cash payments for material procurement[25] - Net cash flow from investing activities decreased by 54.21% to -¥18.74 million, mainly due to increased cash expenditures on fixed asset investments[25] - Net cash flow from financing activities surged by 6002.36% to ¥29.53 million, attributed to new bank loans of ¥30 million during the reporting period[25] - Cash flow from operating activities showed a net outflow of -¥33,018,473.71, compared to -¥4,863,584.89 in the previous period[68] - Cash flow from investing activities resulted in a net outflow of -¥18,737,575.93, compared to -¥12,150,348.50 in the previous period[68] - Cash flow from financing activities generated a net inflow of ¥29,534,840.10, contrasting with a net outflow of -¥500,390.55 in the previous period[68] Assets and Liabilities - The company's total assets at the end of the reporting period were ¥2,001,829,067.97, down 2.11% from ¥2,045,077,333.85 at the end of the previous year[8] - Total assets as of March 31, 2019, amounted to ¥2,001.83 million, a decrease from ¥2,045.08 million at the end of 2018[43] - Total assets increased to CNY 1,174,231,271.44 from CNY 1,150,260,046.74, marking a growth of 2.1%[50] - Current liabilities rose to CNY 68,466,743.13 from CNY 40,364,664.23, an increase of 69.5%[54] - Total equity decreased to CNY 1,105,764,528.31 from CNY 1,109,895,382.51, a decline of 0.4%[54] Expenses - The company's gross profit margin decreased due to a decline in passenger car production and sales, leading to reduced operating revenue and gross profit[18] - Research and development expenses for Q1 2019 were ¥14,582,465.53, down 8.18% from ¥15,881,612.31 in the same period last year[16] - The company reported a significant increase in management expenses by 6.21% to ¥17,766,143.56 compared to ¥16,727,574.86 in the previous year[16] - The company reported a decrease in R&D expenses to CNY 14,582,465.53 from CNY 15,881,612.31, a reduction of 8.2%[59] - Research and development expenses amounted to ¥1,133,859.96, down 40.4% from ¥1,903,479.43 in the previous period[64] - The company reported a significant increase in sales expenses, which rose to ¥267,101.43 from ¥88,391.77 in the previous period[64] Shareholder Information - The company’s major shareholder, Zhejiang Shibao Holding Group Co., Ltd., holds 43.28% of the shares[12] - The total number of ordinary shareholders at the end of the reporting period was 38,911[12]

Financial Performance - The company's operating revenue for 2018 was CNY 1,133,097,729.85, a decrease of 1.83% compared to 2017[35]. - The net profit attributable to shareholders for 2018 was CNY 7,278,368.34, representing a significant decline of 77.71% from the previous year[35]. - The net cash flow from operating activities for 2018 was CNY -12,849,643.30, an improvement of 43.78% compared to 2017[35]. - The total assets at the end of 2018 amounted to CNY 2,045,077,333.85, a decrease of 2.82% from the end of 2017[35]. - The company reported a basic earnings per share of CNY 0.0092 for 2018, down 77.78% from CNY 0.0414 in 2017[35]. - The company's gross profit from main business was RMB 184,559,089.23, with a gross margin of 16.62%, down from 17.07% in 2017[49]. - The net profit attributable to shareholders was RMB 7,278,368.34, representing a decline of 77.71% year-on-year[52]. - The company reported a net profit margin of 8% for 2018, up from 6% in 2017[167]. Investment and R&D - Research and development expenses increased by 39.41% to RMB 66,456,611.17, reflecting significant investment in new technologies and products[50]. - The R&D investment increased by 39.41% to ¥66,456,611.17, representing 5.87% of the operating revenue[64]. - The number of R&D personnel rose by 7.33% to 293, making up 18.65% of the total workforce[64]. - The company is focusing on expanding its product line to include electric power steering systems for new energy vehicles and smart driving technologies[116]. - The company is investing in R&D, with a budget allocation of 200 million for new technology development in 2019[167]. - The company has invested over 3% of its sales revenue annually in R&D, focusing on the development of electric power steering systems[141]. Operational Risks - The automotive parts manufacturing industry is significantly influenced by the macroeconomic cycle and national policies, which poses operational risks for the company[8]. - The company faces product quality risks as its products are critical components affecting vehicle performance, and any quality issues could lead to recalls and financial liabilities[9]. - The company is at risk of technological obsolescence if it fails to continuously develop new technologies and products to meet the evolving demands of automotive manufacturers[11]. - The company is facing operational management risks due to the expansion of its asset and business scale, which requires more sophisticated management practices[17]. - The company's stock price is influenced by various factors, including macroeconomic conditions and market sentiment, which could pose investment risks[17]. Market and Customer Base - The company has begun to expand into overseas markets, achieving qualification as a global supplier for Daimler Group, which could enhance its market presence[14]. - The total sales amount from the top five customers is ¥683,136,494, accounting for 60.30% of the annual total sales[60]. - The largest customer, Geely Automobile, contributed ¥221,286,561.54, representing 19.53% of the annual sales[60]. - The company has a diversified and international customer base, serving as a first-tier supplier to reputable domestic and foreign automotive groups[116]. Profit Distribution and Shareholder Policy - The company reported a profit distribution plan of not distributing cash dividends, not issuing bonus shares, and not increasing share capital from reserves[6]. - The company did not propose a cash dividend distribution for 2018, citing the need to retain earnings for operational funding and new product development[116]. - The company has a policy of prioritizing cash dividends, with a minimum of 20% of distributable profits to be distributed in cash each year[110]. - The company plans to roll over undistributed profits to the next year to meet operational and future distribution needs[120]. - The company’s board of directors believes that retaining earnings is essential for sustainable development and protecting the interests of all shareholders, especially minority shareholders[117]. Financial Management and Structure - The total loans and borrowings increased by ¥18,000,000 to ¥29,080,000 at the end of the reporting period[72]. - The company's capital structure shows a capital debt ratio of -6.52%, an improvement from -11.15% in the previous year[74]. - The cash and cash equivalents decreased by 193.13%, leading to a net decrease of ¥40,132,528[65]. - The company reported a total of 15,000 million RMB in entrusted financial management, with 6,000 million RMB remaining due[133]. Employee and Workforce Management - The total number of employees in the company is 1,571, with 1,025 in production, 370 in technical roles, and 52 in sales[183]. - The company has established a compensation and assessment system for employees, emphasizing skill training and talent development to meet operational needs[182]. - The total pre-tax remuneration for the chairman is 600,000 CNY, while the vice chairman and general manager received 582,100 CNY[178]. - The company has a total of 18 employees with a master's degree or higher, reflecting a commitment to educational qualifications[183]. Strategic Planning and Future Outlook - The company plans to adopt a cautious investment strategy in 2019, slowing down new production line construction while accelerating the development and trial production of new technologies and products[102]. - The company is considering strategic acquisitions to enhance its product portfolio and market presence[167]. - New product launches are planned for Q2 2019, including a next-generation electric vehicle aimed at expanding market share[167]. - The company provided guidance for 2019, expecting revenue growth to be between 10% and 12%[167]. Compliance and Governance - The company adheres to relevant laws and regulations in areas such as business registration, taxation, and product quality[190]. - The company has no major litigation or arbitration matters during the reporting period[129]. - The company has no significant related party transactions during the reporting period[132]. - The company has no major accounting errors that require restatement during the reporting period[125]. - The company’s internal control audit was conducted by Tianjian Accounting Firm, with a fee of 200,000 RMB[127].

Revenue and Profitability - Total revenue for the third quarter reached ¥294,586,754.54, an increase of 24.51% year-on-year, while year-to-date revenue was ¥886,165,531.85, up 13.20% compared to the previous year[9] - Net profit attributable to shareholders was ¥461,478.88, a decrease of 66.17% year-on-year, with a year-to-date loss of ¥5,395,018.74, representing a decline of 113.13%[9] - The overall gross margin for the reporting period was 16.42%, down 3.06% from the previous year[16] - The estimated net profit for 2018 is projected to be between -¥18 million and -¥9 million, compared to a net profit of ¥32.66 million in 2017[27] - The decline in profitability is attributed to a slowdown in the automotive industry, increased market competition, and significant investments in new technology development[27] Cash Flow - The company's cash flow from operating activities showed a net outflow of ¥10,260,485.18, down 17.97% year-on-year, and a year-to-date outflow of ¥7,108,819.30, a decrease of 74.42%[9] - Net cash flow from operating activities increased by 74.42% compared to the same period last year, primarily due to an increase in cash collections from sales[22] - Net cash flow from investing activities decreased by 159.04% year-on-year, mainly due to a reduction in the scale of funds for purchasing financial products and increased cash outflows for fixed asset construction[22] - Net cash flow from financing activities rose by 156.10% compared to the previous year, primarily due to an increase in bank borrowings[22] - The net increase in cash and cash equivalents decreased by 60.40% compared to the same period last year[23] - The total cash inflow from operating activities was approximately ¥511.08 million, a year-on-year increase of 22.25%[25] - The total cash outflow from operating activities was approximately ¥518.19 million, a year-on-year increase of 16.22%[25] Expenses - Research and development expenses increased by 76.56% year-on-year, totaling ¥49,728,517.73, reflecting the company's focus on electric, intelligent, and automated steering technologies[16] - The company reported a significant increase in sales expenses, which rose by 39.21% year-on-year, primarily due to increased transportation costs and marketing for smart steering products[17] - Investment income decreased by 48.30% year-on-year, amounting to ¥3,020,563.44, mainly due to reduced returns from short-term financial products[19] Assets and Shareholders - Total assets at the end of the reporting period were ¥2,076,129,281.16, a decrease of 1.34% from the end of the previous year[9] - The number of shareholders at the end of the reporting period was 39,863, with the largest shareholder holding 43.28% of the shares[11] - The company did not report any significant changes in asset composition during the reporting period[14] Other Financial Matters - The company has no significant matters or non-operating fund occupation by controlling shareholders during the reporting period[24][29] - The company has engaged in entrusted wealth management with a total amount of ¥15 million, with no overdue amounts[32]