Financial Performance - Operating income for Q1 2023 was ¥605,154,931.63, an increase of 17.08% compared to ¥516,856,921.09 in the same period last year[4] - Net profit attributable to shareholders of listed companies improved to -¥22,736,404.65, a 27.13% reduction in losses from -¥31,201,728.45 year-over-year[4] - Basic and diluted earnings per share were both -¥0.0565, reflecting a 27.10% improvement from -¥0.0775 in the previous year[4] - Operating profit for Q1 2023 was a loss of RMB 23.03 million, an improvement from a loss of RMB 33.75 million in Q1 2022[17] - Net profit for the current period was a loss of RMB 22.74 million, compared to a loss of RMB 31.20 million in the same period last year, reflecting a 27.2% reduction in losses[17] Cash Flow - Net cash flow from operating activities was -¥97,995,389.08, a 12.83% improvement compared to -¥112,415,257.84 in the same period last year[4] - Cash flows from operating activities increased to RMB 240.08 million, up from RMB 192.73 million in the previous year, indicating a growth of 24.5%[20] - Total cash inflow from operating activities reached 257,735,893.33, compared to 210,289,635.79 in the same period last year, reflecting a 22.5% increase[21] - Total cash outflow from operating activities was 355,731,282.41, an increase from 322,704,893.63, reflecting a 10.2% rise[21] - Net cash flow from investing activities was 1,219,751.31, a significant recovery from -771,638.15 in the previous year[21] Assets and Liabilities - Total assets decreased by 1.90% to ¥3,261,756,772.87 from ¥3,324,777,599.86 at the end of the previous period[5] - Total current assets decreased to RMB 2.64 billion from RMB 2.69 billion, a decline of 1.9%[15] - Total liabilities decreased to RMB 2.81 billion from RMB 2.85 billion, a reduction of 1.5%[15] - Owner's equity attributable to the parent company decreased to RMB 450.37 million from RMB 470.30 million, a decrease of 4.2%[15] Shareholder Information - The total number of common shareholders at the end of the reporting period was 5,351[8] - The largest shareholder, Wafangdian Group Corp., holds 60.61% of the shares[8] Non-Recurring Gains - The company reported non-recurring gains of ¥4,335,809.47, primarily from government subsidies and gains on debt restructuring[6] Future Plans - The company has no plans for significant new product launches or market expansions mentioned in the report[12] Operating Costs - Total operating costs rose to RMB 635.10 million, up 14.6% from RMB 554.18 million in the previous year[17] Tax Refunds - Tax refunds received amounted to 7,322,934.15, compared to 1,262,463.01 in the previous year, marking a substantial increase[21]

Financial Performance - The company's revenue for Q3 2022 was ¥559,879,991.79, a decrease of 12.73% compared to the same period last year[5]. - The net profit attributable to shareholders was -¥24,070,073.10, representing a significant decline of 185.59% year-on-year[5]. - The net profit excluding non-recurring gains and losses was -¥28,439,011.58, an increase of 130.06% compared to the previous year[5]. - The company's basic earnings per share were -¥0.0598, a decrease of 185.59% year-on-year[5]. - The company reported a net loss of CNY 478,320,011.11, worsening from a loss of CNY 416,794,159.01 in the previous year[14]. - The company's net profit for Q3 2022 was -61,525,852.10 CNY, compared to -4,236,131.01 CNY in Q3 2021, indicating a significant decline in profitability[17]. - The basic and diluted earnings per share were both -0.1528 CNY, compared to -0.0105 CNY in Q3 2021[17]. Cash Flow and Financing - The cash flow from operating activities for the year-to-date was -¥11,227,171.77, an improvement of 103.41% compared to the previous year[5]. - Operating cash flow for the period was -11,227,171.77 CNY, worsening from -5,519,604.75 CNY year-over-year[18]. - The company raised 748,000,000.00 CNY in borrowings during the quarter, an increase from 617,000,000.00 CNY in the previous year[19]. - The total cash outflow from financing activities was 902,775,197.70 CNY, compared to 707,824,088.68 CNY in the same period last year[19]. - The company experienced a net cash decrease of 69,553,040.61 CNY during the quarter, compared to a decrease of 13,260,877.75 CNY in the previous year[19]. Assets and Liabilities - Total assets at the end of the reporting period were ¥3,386,588,236.43, reflecting a growth of 5.17% from the end of the previous year[5]. - Total assets reached CNY 3,386,588,236.43, up from CNY 3,220,126,105.01, marking a growth of 5.2%[14]. - Total liabilities increased to CNY 2,838,693,366.31 from CNY 2,611,858,822.54, which is an increase of 8.7%[14]. - The company's cash and cash equivalents decreased to CNY 226,935,389.14 from CNY 286,476,701.69, representing a decline of 20.8%[12]. - Cash and cash equivalents at the end of the period stood at 140,294,855.81 CNY, compared to 114,360,067.16 CNY at the end of Q3 2021[19]. Investments and Expenses - The company reported a significant increase in investment income of 624.0%, totaling ¥6,987,004.81 compared to ¥965,004.59 in the same period last year[8]. - The company experienced a 239.5% increase in construction in progress, amounting to ¥88,036,505.46, primarily due to increased equipment investment[8]. - Research and development expenses were CNY 143,194,245.14, down from CNY 157,697,555.28, a decrease of 9.2%[16]. - The company reported a total of ¥4,368,938.48 in non-recurring gains and losses for the current period[6]. - The company reported a decrease in other income to 5,517,783.13 CNY from 5,080,579.21 CNY year-over-year[17]. Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 5,475, with the largest shareholder holding 60.61% of the shares[9]. Revenue and Costs - Total revenue for the third quarter was CNY 1,645,697,096.71, a decrease of 4.5% compared to CNY 1,722,635,449.83 in the previous year[16]. - Total operating costs amounted to CNY 1,726,828,943.14, slightly down from CNY 1,735,766,473.63 year-over-year[16]. - Total revenue from sales and services received was 887,392,663.32 CNY, an increase from 856,242,985.96 CNY in the previous year[18]. - Accounts receivable increased to CNY 1,032,619,450.48, up from CNY 999,454,308.40, indicating a growth of 3.1%[12]. - Inventory rose to CNY 800,790,633.15, compared to CNY 710,611,964.20, reflecting an increase of 12.7%[12].

Financial Performance - The company's operating revenue for the first half of 2022 was approximately CNY 1.086 billion, representing a 0.44% increase compared to the same period last year[16]. - The net loss attributable to shareholders for the first half of 2022 was CNY 37.46 million, a significant decline of 993.48% compared to a profit of CNY 4.19 million in the same period last year[16]. - The net cash flow from operating activities was negative CNY 13.59 million, a decrease of 143.26% compared to CNY 31.40 million in the previous year[16]. - The company reported a basic and diluted earnings per share of negative CNY 0.093, a decline of 994.23% compared to CNY 0.0104 in the same period last year[16]. - The total comprehensive income for the first half of 2022 was a loss of CNY 37.46 million, compared to a gain of CNY 4.19 million in the first half of 2021[105]. - The company reported a net loss of CNY 454,249,938.01 as of June 30, 2022, compared to a loss of CNY 416,794,159.01 at the beginning of the year[98]. - The company reported a net loss of 167,187,350.35 CNY for the current period, indicating a significant decline in profitability[130]. Assets and Liabilities - Total assets at the end of the reporting period were approximately CNY 3.34 billion, an increase of 3.62% from the end of the previous year[16]. - The net assets attributable to shareholders decreased by 6.02% to approximately CNY 571.66 million compared to the end of the previous year[16]. - Total liabilities reached CNY 2,765,110,980.27, up from CNY 2,611,858,822.54, marking an increase of about 5.87%[98]. - The company's equity attributable to shareholders decreased to CNY 571,664,884.76 from CNY 608,267,282.47, a decline of approximately 6.02%[98]. - Current assets totaled CNY 2,724,645,282.73, an increase of 4.86% from CNY 2,598,180,779.36 at the start of the year[97]. - The total owner's equity at the end of the reporting period is 608,267,282.47 CNY, compared to 729,184,283.23 CNY at the end of the previous year, reflecting a decrease of approximately 16.5%[123]. Cash Flow - The net cash flow from operating activities for the first half of 2022 was -13,585,174.40 CNY, a decrease from 31,402,343.49 CNY in the same period of 2021, indicating a decline of approximately 143.3%[111]. - Total cash inflow from financing activities increased to 892,643,983.71 CNY in the first half of 2022, compared to 524,566,252.78 CNY in the first half of 2021, representing an increase of about 70.0%[111]. - The cash and cash equivalents at the end of the period rose to 252,092,899.35 CNY, up from 160,772,019.45 CNY at the end of the previous period, marking an increase of approximately 56.8%[111]. - The company reported a net cash flow from financing activities of 55,698,567.60 CNY in the first half of 2022, compared to 1,642,489.74 CNY in the same period of 2021, reflecting a significant improvement[111]. Operational Performance - The main business activities include the production and sales of various types of bearings, including those for rolling mills and rail transit[25]. - Operating costs rose by 8.61% to ¥915,897,528.27 from ¥843,286,589.10 in the previous year[28]. - Research and development investment decreased by 14.04% to ¥84,475,472.06 from ¥98,277,786.26[28]. - The company faced significant losses during the reporting period, with a total loss of CNY 37.46 million attributed to various operational challenges[25]. - The company aims to enhance its market presence by focusing on cash flow management and improving fund turnover rates[43]. Shareholder Information - The total number of shares is 402,600,000, with 244,000,000 shares (60.61%) being unlisted and 158,600,000 shares (39.39%) being listed[81]. - The largest shareholder is Wafangdian Bearing Group Co., Ltd., holding 60.61% of the shares, equivalent to 244,000,000 shares[83]. - The second largest shareholder, Aktiebolaget SKF, holds 19.70% of the shares, amounting to 79,300,000 shares[83]. - The company has not reported any changes in the shareholding of directors, supervisors, and senior management during the reporting period[85]. Strategic Initiatives - The company plans to implement a distributed photovoltaic power generation system, expected to generate 13 million kWh annually, reducing carbon emissions by 10,800 tons[52]. - The company is committed to quality improvement and brand influence enhancement as part of its strategic initiatives[42]. - The company is collaborating with its major shareholder on poverty alleviation efforts, aligning with government initiatives[52]. Risk Management - The management has outlined potential risks and countermeasures in the report, emphasizing the importance of investor awareness regarding investment risks[3]. - The company is facing significant risks due to market demand uncertainties and rising labor costs, necessitating a strategy focused on high-end product development[42]. Compliance and Governance - The financial report for the half-year period was not audited[59]. - The company did not experience any non-operating fund occupation by controlling shareholders or related parties during the reporting period[57]. - There were no major litigation or arbitration matters reported during the period[61]. Accounting Policies - The company's financial statements are prepared based on the going concern assumption and in accordance with the accounting standards issued by the Ministry of Finance[137]. - The group uses Renminbi as its functional currency for accounting purposes[144]. - The group consolidates all controlled subsidiaries in its financial statements, adjusting for any inconsistencies in accounting policies or periods[146].

Financial Performance - The company's operating revenue for 2021 was ¥2,318,704,350.35, representing a 24.72% increase compared to ¥1,859,176,415.58 in 2020[19] - The net profit attributable to shareholders was -¥205,737,685.42, an improvement of 45.89% from -¥380,228,430.56 in the previous year[19] - The net cash flow from operating activities increased by 26.87% to ¥77,678,162.48, up from ¥61,224,927.73 in 2020[19] - The total assets at the end of 2021 were ¥3,220,126,105.01, a 2.75% increase from ¥3,133,942,842.94 at the end of 2020[19] - The net assets attributable to shareholders decreased by 25.27% to ¥608,267,282.47 from ¥814,004,967.89 in 2020[19] - The basic earnings per share improved to -¥0.511 from -¥0.94 in 2020, reflecting a 45.64% increase[19] - The company reported a net increase in cash and cash equivalents of ¥46,119,096.45, a 74.67% increase from ¥26,404,311.44 in 2020[48] - The company reported a net loss of CNY 295,864,551.04 for 2021, compared to a net loss of CNY 128,677,200.69 in 2020[191] - The total profit for 2021 was a loss of approximately CNY 205.78 million, which is an improvement from a loss of CNY 380.28 million in 2020, showing a decrease in total loss of about 45.9%[195] Revenue Breakdown - The company reported a quarterly operating revenue of ¥413,507,921.87 in Q1, ¥667,556,931.79 in Q2, ¥641,570,596.17 in Q3, and ¥596,068,900.52 in Q4[24] - The revenue from specialized bearings reached CNY 998,964,768.13, accounting for 43.08% of total revenue, with a significant year-on-year growth of 83.77%[34] - Domestic sales contributed CNY 2,225,212,788.73, which is 95.97% of total revenue, reflecting a 30.14% increase from CNY 1,709,920,807.49 in the previous year[34] - The total revenue for the bearing segment reached CNY 2,014,301,566.91, representing a year-on-year increase of 20.77%[38] - The total revenue from bearing sales in 2021 was CNY 206,608,000, which significantly impacted the company's overall performance[174] Costs and Expenses - The total cost of sales increased to CNY 1,854,514,367.12, a rise of 35.60% year-on-year[40] - Total operating costs for 2021 were CNY 2,406,579,255.41, up 22.9% from CNY 1,957,945,739.22 in 2020[192] - Research and development expenses amounted to CNY 215,803,912.39, a decrease of 5.16% from the previous year[43] - The company's research and development expenses for 2021 were approximately CNY 205.96 million, slightly down from CNY 221.35 million in 2020, indicating a decrease of about 6.9%[196] Inventory and Assets - The inventory level rose to 19,208,935 sets, marking an increase of 103.64% compared to the previous year[38] - The total inventory balance as of December 31, 2021, was CNY 710,611,964.20, an increase from CNY 615,656,946.30 in 2020, indicating a growth of approximately 15.4%[184] - The accounts receivable balance rose to CNY 999,454,308.40 in 2021 from CNY 975,628,091.12 in 2020, showing an increase of about 2.4%[183] - The company's total assets reached CNY 3,025,230,521.90, compared to CNY 2,957,003,038.79 in the previous year, marking a growth of 2.3%[191] Management and Governance - The company has maintained independence from its controlling shareholders in terms of business, personnel, and financial operations[71] - The company’s governance structure complies with legal and regulatory requirements, ensuring a clear division of responsibilities[70] - The company has conducted investor communications to discuss its operational status and shareholding structure[67] - The company has a total of 12 directors and supervisors, with varying roles and responsibilities across different subsidiaries[87] - The company emphasizes the importance of directors' opinions, which have positively influenced management improvements and risk prevention[93] Environmental and Social Responsibility - The company has implemented a new energy management system and is actively working on energy-saving projects, including replacing 2,115 out of 7,500 factory lighting fixtures with LED lights, aiming for full replacement by 2030[115] - The company has partnered with environmentally certified firms to recycle waste oil and liquid, achieving a reduction of 998 tons in carbon emissions annually[115] - The company actively fulfills its social responsibilities while pursuing economic benefits, contributing to local economic development and environmental protection[118] - In 2021, the company invested CNY 30,000 to support 60 households in Longhe Village during the Spring Festival and coordinated CNY 600,000 in poverty alleviation funds for developing sea cucumber farming, increasing collective income by CNY 50,000 per year[120] Future Outlook - The company plans to launch two new product lines in 2022, focusing on high-performance bearings and smart technology solutions[169] - Market expansion efforts include entering Southeast Asian markets, targeting a 25% increase in market share by 2023[169] - The company aims to differentiate its products through design, application, and pricing strategies to build a series of high-end brands[66] - The company is exploring potential mergers and acquisitions to enhance its product offerings and market presence[169]

Financial Performance - The company's operating revenue for Q1 2022 was ¥516,856,921.09, representing a 24.99% increase compared to ¥413,507,921.87 in the same period last year[2] - The net profit attributable to shareholders was -¥31,201,728.45, a significant decrease of 1,354.92% from ¥2,486,349.89 in the previous year[2] - The company's net operating profit for Q1 2022 was a loss of CNY 33,753,328.38, compared to a profit of CNY 3,289,303.01 in Q1 2021[17] - The net profit for the first quarter of 2022 was -31,201,728.45 CNY, compared to a net profit of 2,486,349.89 CNY in the same period last year, indicating a significant decline[18] - The basic and diluted earnings per share for the first quarter were both -0.0775 CNY, down from 0.0100 CNY in the previous year[19] Cash Flow - The net cash flow from operating activities was -¥112,415,257.84, reflecting a 305.84% decline compared to -¥27,699,435.57 in the same period last year[2] - Cash inflow from operating activities totaled 210,289,635.79 CNY, down 25.3% from 281,954,321.45 CNY in the previous year[20] - Total cash outflow from operating activities was 322,704,893.63 CNY, compared to 309,653,757.02 CNY in the same period last year[22] - Cash flow from investing activities resulted in a net outflow of -771,638.15 CNY, compared to a net inflow of 444,982.33 CNY in the previous year[22] - Cash flow from financing activities generated a net inflow of 138,522,874.38 CNY, up from 20,744,918.11 CNY year-over-year[22] - The company raised 300,000,000.00 CNY in borrowings during the quarter, significantly higher than 99,000,000.00 CNY in the same period last year[22] - The ending cash and cash equivalents balance was 234,495,884.07 CNY, compared to 157,706,912.20 CNY at the end of the previous year[22] Assets and Liabilities - The total assets at the end of the reporting period were ¥3,334,414,764.85, an increase of 3.55% from ¥3,220,126,105.01 at the end of the previous year[2] - Total liabilities amounted to CNY 2,756,660,898.90, up 5.5% from CNY 2,611,858,822.54 at the beginning of the year[15] - The total equity attributable to shareholders decreased by 5.02% to ¥577,753,865.95 from ¥608,267,282.47 at the end of the previous year[2] Operating Costs and Expenses - The company's gross profit margin decreased due to an increase in operating costs, which rose by 43.4% to ¥459,307,688.7 from ¥320,309,529.36[7] - Total operating costs for Q1 2022 were CNY 554,178,164.52, up 34.5% from CNY 411,850,901.15 in Q1 2021[17] - The financial expenses increased by 62.9% to ¥10,960,564.08, primarily due to rising loan interest rates[7] - Research and development expenses for Q1 2022 were CNY 27,056,371.11, a decrease of 13.5% from CNY 31,439,606.72 in Q1 2021[17] Other Income and Financing - The company reported a significant increase in other operating income, which rose by 4,358.9% to ¥2,597,979.12 compared to ¥58,264.72 in the previous year[7] - The company experienced a 73.3% increase in receivables financing, rising to ¥48,735,945.94 from ¥28,115,340.20[7] Audit Status - The first quarter report was not audited[23]

Financial Performance - The company's operating revenue for Q3 2021 was CNY 641,570,596.17, representing a 54.81% increase compared to CNY 414,418,250.31 in the same period last year[3]. - The net profit attributable to shareholders was a loss of CNY 8,428,274.25, a 38.79% improvement from a loss of CNY 13,769,643.48 in the previous year[3]. - The net cash flow from operating activities was negative CNY 5,519,604.75, indicating a significant decline of 104.05% compared to the previous year[3]. - The company's basic earnings per share were negative CNY 0.02, a 33.33% improvement from negative CNY 0.03 in the same period last year[3]. - The weighted average return on net assets was -1.04%, showing a slight improvement from -1.16% in the previous year[4]. - The company reported a net loss of ¥4,236,131.01, an improvement compared to a net loss of ¥10,122,561.29 in the same period last year, reflecting a reduction in losses by approximately 58%[20]. - Basic and diluted earnings per share were both -¥0.01, compared to -¥0.03 in the previous period, indicating a slight improvement in per-share performance[20]. Assets and Liabilities - The total assets at the end of the reporting period were CNY 3,356,755,442.52, reflecting a 7.11% increase from CNY 3,133,942,842.94 at the end of the previous year[4]. - Total assets as of September 30, 2021, amounted to CNY 3,356,755,442.52, an increase from CNY 3,133,942,842.94 at the end of 2020[14]. - Current assets totaled CNY 2,723,400,388.64, up from CNY 2,424,897,546.24 year-over-year, indicating a growth of approximately 12.3%[15]. - The company's inventory increased to CNY 787,468,082.55 from CNY 615,656,946.30, reflecting a rise of about 27.9%[15]. - Total liabilities reached CNY 2,546,986,605.64, compared to CNY 2,319,937,875.05 in the previous year, marking an increase of approximately 9.8%[16]. - The total liabilities to equity ratio stands at approximately 3.15, indicating a high leverage position[16]. - Total liabilities reached CNY 2,319,937,875.05, with current liabilities accounting for CNY 2,219,883,427.87[28]. - The company's total assets were reported at CNY 3,133,942,842.94[28]. Operating Costs and Expenses - The company's operating costs increased to CNY 1,336,105,856.80, a rise of 33.6% from CNY 1,000,116,393.92 in the previous year[8]. - The management expenses rose by 45.8% to CNY 73,784,856.78, primarily due to increased salary expenses[9]. - Total operating costs amounted to ¥1,735,766,473.63, up from ¥1,332,645,283.78, indicating an increase of about 30.2%[18]. - Research and development expenses increased to ¥157,697,555.28 from ¥128,764,259.54, marking a rise of about 22.5%[18]. Cash Flow and Financing - The net cash flow from operating activities was negative at -¥5,519,604.75, a decline from a positive cash flow of ¥136,258,773.63 in the previous period[23]. - The company generated ¥856,242,985.96 in cash from sales of goods and services, slightly up from ¥841,605,275.72 in the previous period[22]. - The net cash flow from financing activities was negative at -¥7,928,435.90, an improvement from -¥145,848,409.38 in the previous period[24]. - The company recorded a foreign exchange loss of -¥757,984.06, compared to -¥934,229.54 in the previous period, indicating a reduction in losses from currency fluctuations[24]. Shareholder Information - The number of common shareholders at the end of the reporting period was 5,771[11]. - The largest shareholder, Wafangdian Bearing Group Co., Ltd., holds a 60.61% stake, equating to 244,000,000 shares[11]. - The total equity attributable to shareholders was CNY 809,768,836.88, down from CNY 814,004,967.89[17]. Other Information - The company reported accounts receivable of CNY 1,059,648,250.52, an increase from CNY 975,628,091.12 year-over-year[15]. - The company adopted a simplified approach for the new leasing standards effective January 1, 2021, without affecting retained earnings[30]. - The third quarter report was not audited, indicating preliminary financial data[31].

Financial Performance - The company's operating revenue for Q3 2021 was CNY 641,570,596.17, representing a 54.81% increase compared to CNY 440,207,250.31 in the same period last year[3]. - The net profit attributable to shareholders was a loss of CNY 8,428,274.25, which is a 38.79% improvement from a loss of CNY 13,769,643.48 in Q3 2020[3]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was a loss of CNY 12,361,343.82, a 22.80% improvement from a loss of CNY 16,011,963.22 in the same period last year[3]. - The company reported a 31.4% increase in operating revenue for the first three quarters of 2021, totaling CNY 1,722,635,449.83, compared to CNY 1,311,150,415.21 in the same period last year[8]. - Operating profit for the current period was -¥4,450,025.40, an improvement from -¥12,113,580.32 in the previous period[19]. - Net profit for the current period was -¥4,236,131.01, compared to -¥10,122,561.29 in the same period last year[20]. Assets and Liabilities - The company's total assets increased by 7.11% to CNY 3,356,755,442.52 compared to CNY 3,133,942,842.94 at the end of the previous year[4]. - Total current assets as of September 30, 2021, amount to CNY 2,723,400,388.64, an increase from CNY 2,424,897,546.24 at the end of 2020[15]. - Total liabilities as of September 30, 2021, are CNY 2,546,986,605.64, compared to CNY 2,319,937,875.05 at the end of 2020[16]. - Total non-current assets increased from CNY 709,045,296.70 to CNY 710,301,977.17 due to the recognition of right-of-use assets and lease liabilities[27]. - The company's total current liabilities as of the third quarter amounted to CNY 2,219,883,427.87[28]. Cash Flow - The cash flow from operating activities showed a significant decline, with a net outflow of CNY 5,519,604.75, compared to a net inflow of CNY 136,258,773.63 in the previous year, marking a 104.05% decrease[3]. - Cash flow from operating activities showed a net outflow of -¥5,519,604.75, a significant decrease from a net inflow of ¥136,258,773.63 in the previous period[23]. - The company recorded a significant increase in cash received from operating activities, amounting to CNY 65,957,997.31, a 504.1% increase compared to CNY 10,919,258.95 in the previous year[9]. - The company reported a total cash inflow from financing activities of ¥699,895,652.78, down from ¥810,567,823.29 in the previous period[24]. Shareholder Information - Total number of common shareholders at the end of the reporting period is 5,771[11]. - The largest shareholder, Wafangdian Bearing Group Co., Ltd., holds 60.61% of shares, totaling 244,000,000 shares[11]. Expenses - The company’s management expenses increased by 45.8% to CNY 73,784,856.78, primarily due to rising wage costs[9]. - Research and development expenses increased to ¥157,697,555.28 from ¥128,764,259.54 in the prior period, reflecting a focus on innovation[18]. - Sales expenses rose to ¥128,174,664.17, compared to ¥110,640,932.16 in the previous period, indicating increased marketing efforts[18]. Other Financial Metrics - The weighted average return on net assets was -1.04%, an improvement from -1.16% at the end of the previous year[4]. - The company reported a net loss of CNY -215,292,604.60 for the period, slightly worsening from CNY -211,056,473.59 in the previous period[17]. - The company has a capital reserve of CNY 485,691,050.47, unchanged from the previous period[16]. - The company has no preferred shareholders or significant new strategies reported in the current quarter[13]. - The company confirmed the recognition of right-of-use assets and lease liabilities for all leases, excluding short-term and low-value asset leases[30]. - The third quarter report for 2021 was not audited[31].

Financial Performance - The company's operating revenue for the first half of 2021 was CNY 1,081,064,853.66, representing a 20.56% increase compared to CNY 999,645,101.91 in the same period last year[21]. - The net profit attributable to shareholders was CNY 4,192,143.24, up 14.95% from CNY 3,647,082.19 in the previous year[21]. - The company's operating revenue for the reporting period was ¥1,081,064,853.66, representing a year-on-year increase of 20.56% compared to ¥896,732,234.86 in the same period last year[31]. - The company's net profit for the first half of 2021 was CNY 4,311,411.13, compared to CNY 1,616,737.14 in the same period of 2020, indicating a significant improvement in profitability[104]. - The total comprehensive income for the current period was CNY 3,647,082.19[120]. - The company reported a total investment in securities with a book value of 567.0 million and a fair value of 228.0 million, resulting in a loss of 155.62 million during the reporting period[40]. Cash Flow and Liquidity - The net cash flow from operating activities decreased by 56.70% to CNY 31,402,343.49, down from CNY 72,521,427.05 in the same period last year[21]. - The company's cash and cash equivalents net increase was ¥33,151,074.54, down 70.65% from ¥112,950,609.87, primarily due to declines in cash flows from operating, investing, and financing activities[31]. - The cash inflow from operating activities totaled CNY 718,874,428.42 in the first half of 2021, compared to CNY 593,044,359.52 in the same period of 2020, showing improved cash generation[110]. - The cash and cash equivalents at the end of the period amounted to ¥169,108,053.12, compared to ¥215,015,414.24 at the end of the same period last year, indicating a decline of 21.4%[114]. - The net increase in cash and cash equivalents for the first half of 2021 was ¥25,925,068.39, compared to an increase of ¥113,798,780.77 in the same period of 2020[114]. Operating Costs and Expenses - The company's operating costs increased by 23.21% to CNY 831,304,584.25, compared to CNY 777,634,037.79 in the same period last year[21]. - The operating costs for the first half of 2021 were CNY 1,006,724,605.05, compared to CNY 689,325,459.39 in the same period of 2020, representing a 46.1% increase[107]. - The company reported a decrease in sales expenses to CNY 52,975,165.53 in the first half of 2021, down from CNY 74,331,649.69 in the same period of 2020, indicating cost control measures[107]. Assets and Liabilities - The company's total assets increased by 6.84% to CNY 3,348,155,218.45, compared to CNY 3,133,942,842.94 at the end of the previous year[21]. - The total liabilities increased to CNY 2,245,948,809.31 as of June 30, 2021, compared to CNY 2,060,631,405.21 at the end of 2020[102]. - The company's current assets totaled CNY 2,713,201,812.35, compared to CNY 2,424,897,546.24 at the end of 2020, reflecting a growth of approximately 11.93%[96]. Research and Development - Research and development investment rose by 11.21% to ¥98,277,786.26, up from ¥88,374,018.61, indicating a commitment to innovation[31]. - The company reported a research and development expense of CNY 98,277,786.26 for the first half of 2021, compared to CNY 88,374,018.61 in the same period of 2020, reflecting a focus on innovation[104]. Shareholder Information - The total number of shares was 402,600,000, with 60.61% being unlisted circulating shares[81]. - The largest shareholder, Wafangdian Bearing Group Co., Ltd., holds 60.61% of the shares, totaling 244,000,000 shares[84]. - The company distributed CNY 32,208,000.00 to shareholders during the current period[122]. Risk Management - The company has outlined potential risks and countermeasures in its report, emphasizing the importance of investor awareness regarding these risks[6]. - The company faces significant risks including rising labor costs and high prices for raw materials, impacting profitability[44]. Corporate Governance and Compliance - The semi-annual financial report was not audited[61]. - The company did not experience any bankruptcy reorganization during the reporting period[62]. - There were no significant litigation or arbitration matters during the reporting period[63]. - The company has not encountered any environmental penalties or issues during the reporting period[53]. Accounting Policies and Financial Reporting - The financial statements are prepared based on the assumption of going concern, with no significant doubts about the company's ability to continue operations[134]. - The company adheres to the accounting standards, ensuring that financial statements accurately reflect its financial position, operating results, and cash flows[136]. - The company recognizes revenue when control of goods or services is transferred to customers, with specific standards for recognizing sales revenue upon delivery[197].

Financial Performance - The company's operating revenue for Q1 2021 was ¥413,507,921.87, representing a 5.06% increase compared to ¥393,595,783.19 in the same period last year[9]. - The net profit attributable to shareholders decreased by 30.24% to ¥2,486,349.89 from ¥3,564,162.27 year-on-year[9]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥2,242,469.73, down 27.34% from ¥3,086,300.14 in the previous year[9]. - Total profit decreased by 30.1% to 24.9 million yuan, impacted by increased taxes and expenses[17]. - The total operating revenue for Q1 2021 was CNY 413.51 million, an increase of 5.8% compared to CNY 393.60 million in Q1 2020[38]. - The net profit for Q1 2021 was CNY 2,486,349.89, a decrease of 30.2% from CNY 3,564,162.27 in Q1 2020[40]. - The total profit for Q1 2021 was CNY 2,486,349.89, down 30.2% from CNY 3,564,162.27 in Q1 2020[40]. Cash Flow and Liquidity - The net cash flow from operating activities was negative at -¥27,699,435.57, a decline of 249.05% compared to ¥18,583,796.31 in the same period last year[9]. - Cash received from operating activities increased by 821.5% to 13.27 million yuan, driven by higher customer deposits[17]. - The cash inflow from operating activities was CNY 281,954,321.45 in Q1 2021, compared to CNY 265,342,158.27 in Q1 2020, indicating a growth of 6.3%[45]. - The net cash flow from operating activities was -22,637,711.64 CNY, compared to 17,666,091.80 CNY in the previous period, indicating a significant decline in operational cash generation[48]. - Total cash and cash equivalents at the end of the period amounted to 110,553,978.79 CNY, down from 213,517,455.25 CNY in the previous period, reflecting a decrease of approximately 48.3%[50]. - Cash outflows for operating activities totaled 296,665,487.47 CNY, compared to 239,159,506.84 CNY in the previous period, marking an increase of about 24%[48]. Assets and Liabilities - The total assets at the end of the reporting period were ¥3,125,828,611.91, a slight decrease of 0.26% from ¥3,133,942,842.94 at the end of the previous year[9]. - The total assets as of March 31, 2021, amounted to CNY 3.13 billion, slightly down from CNY 3.13 billion at the end of 2020[33]. - Current liabilities totaled CNY 2.21 billion, a decrease of 0.5% from CNY 2.22 billion in the previous period[32]. - The company’s total liabilities stood at 2,319,937,875.05 CNY, indicating a marginal decrease from 2,321,194,555.52 CNY previously[53]. - The total liabilities decreased to CNY 2.31 billion from CNY 2.32 billion, reflecting a slight reduction of 0.3%[32]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 5,896[12]. - The largest shareholder, Wafangdian Bearing Group Co., Ltd., holds 60.61% of the shares, amounting to 244,000,000 shares[13]. - The net assets attributable to shareholders increased by 0.31% to ¥816,491,476.42 from ¥814,004,967.89 at the end of the previous year[9]. - The company’s equity attributable to shareholders increased to CNY 816.49 million, up from CNY 814.00 million[33]. Expenses and Costs - Research and development expenses decreased by 32.0% to 31.44 million yuan due to differing project progress compared to the previous period[17]. - Sales expenses increased by 46.5% to 34.84 million yuan, mainly due to higher freight and travel costs[17]. - Management expenses rose by 96.0% to 20.93 million yuan, attributed to salary and insurance increases from organizational adjustments[17]. - The total operating costs increased to CNY 411,850,901.15 in Q1 2021 from CNY 393,178,043.74 in Q1 2020, representing a rise of 4.3%[42]. Future Outlook - The company plans to focus on expanding its market presence and enhancing product development in the upcoming quarters[36]. - The company has not disclosed any new product developments or market expansion strategies in the current report[59]. Accounting Changes - The company adopted the new leasing standard starting January 1, 2021, using simplified treatment without affecting the retained earnings at the beginning of 2021[54]. - The company confirmed the recognition of right-of-use assets and lease liabilities, with the right-of-use assets valued at CNY 1,256,680.47[57]. - The company has chosen not to adjust comparative period information under the new leasing standard[58]. - The company’s financial adjustments related to the new leasing standard do not impact prior period information, ensuring consistency in reporting[58]. Audit Status - The first quarter report for 2021 was not audited, indicating preliminary financial data[59].

Financial Performance - The company's operating revenue for 2020 was ¥1,859,176,415.58, a slight increase of 0.20% compared to ¥1,855,489,141.65 in 2019[19] - The net profit attributable to shareholders was -¥380,228,430.56, representing a 208.62% decline from -¥123,201,977.73 in the previous year[19] - The net cash flow from operating activities decreased by 61.23% to ¥61,224,927.73 from ¥157,914,340.86 in 2019[19] - The total assets at the end of 2020 were ¥3,133,942,842.94, an increase of 5.82% from ¥2,961,477,469.55 at the end of 2019[19] - The net assets attributable to shareholders decreased by 33.63% to ¥814,004,967.89 from ¥1,226,441,398.45 in 2019[19] - The basic earnings per share for 2020 was -¥0.94, a decline of 203.23% compared to -¥0.31 in 2019[19] - The company reported a significant drop in net profit, with a net loss of -¥390,440,462.25 after deducting non-recurring gains and losses, which is an increase of 188.50% from -¥135,336,054.17 in 2019[19] - The weighted average return on net assets was -36.69%, a decrease of 27.35% from -9.34% in 2019[19] Revenue Breakdown - The revenue from specialized bearings grew by 21.94% to CNY 543.59 million, while revenue from traffic bearings dropped by 34.48% to CNY 226.22 million[37] - Domestic sales accounted for 91.97% of total revenue, amounting to CNY 1,709.92 million, while international sales decreased by 13.43% to CNY 149.26 million[38] - The company's total revenue for 2020 was approximately CNY 1,709,920,807.49, with a year-on-year increase of 1.59%[40] Cost and Expenses - The total cost of sales decreased by 9.48% to CNY 1,367,683,304.88[43] - Research and development expenses increased by 72.07% to CNY 227,548,185.54, accounting for 12.24% of total revenue[49] - The gross profit margin for the bearing segment was 31.18%, reflecting a decrease of 8.65% compared to the previous year[40] Cash Flow and Liquidity - The total amount of cash and cash equivalents increased by CNY 26,404,311.44, reversing a previous year's decrease[50] - The company’s financing activities generated a net cash outflow of CNY 30,848,259.00, a significant improvement from the previous year's outflow[50] - Cash and cash equivalents at year-end 2020 were ¥194,152,280.08, maintaining a 6.20% share of total assets[55] Shareholder and Dividend Policy - The company plans not to distribute cash dividends or issue bonus shares for the year[7] - The company did not propose any cash dividend distribution plan for the year 2020, maintaining a policy of no cash dividends, no bonus shares, and no capital reserve conversion into share capital[74] - The company reported a net profit attributable to ordinary shareholders of CNY -380,228,430.5 for the year 2020, resulting in a cash dividend payout ratio of 0.00%[73] Governance and Management - The company has maintained a continuous relationship with the accounting firm Xin Yong Zhong He for 16 years, with an audit fee of CNY 530,000 for the current period[81] - The company has established a comprehensive employee benefits system, including various insurances and a housing fund[100] - The company has a commitment to transparency in its financial reporting and management practices[131] - The total number of employees in the company is 3,141, with 2,448 in the parent company and 693 in major subsidiaries[133] Risk and Future Outlook - The company highlighted potential risks and uncertainties in its future outlook, emphasizing the need for caution among investors[6] - The company is committed to high-quality development and improving operational quality amidst market uncertainties[33] - The management emphasized the importance of evaluating the company's ability to continue as a going concern, with no plans for liquidation or cessation of operations[168] Audit and Compliance - The company received a standard unqualified audit opinion on its financial statements for the year ended December 31, 2020[160] - The audit report was signed on April 23, 2021, by the accounting firm Xinyong Zhonghe[160] - The internal control self-assessment report was fully disclosed on April 27, 2021, covering 100% of the company's total assets and operating income[154]