徐州海伦哲专用车辆股份有限公司 2022 年第一季度报告全文 证券代码：300201 证券简称：*ST 海伦 公告编号：2022-072 徐州海伦哲专用车辆股份有限公司 2022 年第一季度报告 重要内容提示: 1. 董事、监事、高级管理人员是否存在对季度报告内容存在异议或无法保证其真实、准确、完整的情况 ☑ 是 □否 除董事姜海雁之外，其他董事、监事高级管理人员保证季度报告的真实、准确、完整。董事姜海雁对 2022 年第一季度报告 投弃权票，具体意见详见公司第五届董事会第十六次决议公告。 2.公司负责人、主管会计工作负责人及会计机构负责人(会计主管人员)声明：保证季度报告中财务信息的真实、准确、完整。 3.第一季度报告是否经过审计 □ 是 √ 否 一、主要财务数据 (一)主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 □ 是 √ 否 | | 本报告期 | 上年同期 | 本报告期比上年同期增 | | --- | --- | --- | --- | | | | | 减 | | 营业收入（元） | 212,685,309.77 | 239,770,436.07 | -11.30% | | 归属于 ...

徐州海伦哲专用车辆股份有限公司 2022 年第三季度报告 证券代码：300201 证券简称：*ST 海伦 公告编号：2022-073 2022 年第三季度报告 本公司及除董事姜海雁外的董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或 重大遗漏。 董事姜海雁对 2022 年第三季度报告投弃权票，不能保证公告内容真实、准确、完整。 重要内容提示： 1.董事会、监事会及除姜海雁外的董事、监事、高级管理人员保证季度报告的真实、准确、完整，不存在虚假记载、误 导性陈述或重大遗漏，并承担个别和连带的法律责任。 董事姜海雁对 2022 年第三季度报告投弃权票，无法保证季度报告内容的真实、准确、完整。请投资者特别关注。 2.公司负责人、主管会计工作负责人及会计机构负责人(会计主管人员)声明：保证季度报告中财务信息的真实、准确、 完整。 3.第三季度报告是否经过审计 □是 否 1 徐州海伦哲专用车辆股份有限公司 徐州海伦哲专用车辆股份有限公司 2022 年第三季度报告 一、主要财务数据 （一） 主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 □是 否 | | 本报告期 | 本报告期 ...

Business Overview - The high-altitude operation vehicle market has an annual demand of approximately 1 billion yuan, with a growth rate of about 15%, totaling around 2,000 units per year. In 2015, the company sold over 600 units, generating nearly 400 million yuan in revenue, with revenue growth outpacing sales volume growth due to high product value for major clients like State Grid and Southern Power Grid [3][4]. - The military and fire truck segment generated over 300 million yuan in sales in 2015, with military products accounting for over one-third of total sales. Future military product developments are expected to significantly increase revenue and profit [4][5]. - The acquisition of Glaman in late 2012 allowed entry into the fire truck market, which has a market potential of 100 billion yuan. The acquisition of Juneng Weiye in 2014 opened up a new field with a market size of 300-400 billion yuan for intelligent power supplies [5][6]. Technological Development - The company has implemented a project for the industrialization of intelligent high-altitude operation vehicles, collaborating with the Chinese Academy of Sciences to develop a series of products based on advanced technology. Continuous innovation in technology is driving the company's progress [3][4]. - The company is focusing on high-margin products in the fire truck sector, particularly fire-fighting robots, and is currently constructing a production base for intelligent fire-fighting equipment, expected to be operational by the end of this year or early next year [4][5]. Market Position and Strategy - The company differentiates its high-altitude operation vehicles from competitors by offering a range of products that meet strict regulatory standards, ensuring flexibility and efficiency in various applications [7]. - The company is addressing the growing demand for robotics education by partnering with vocational colleges and foreign manufacturers to provide training and certification for robot operators, positioning itself as a leader in the robotics education sector [6]. Future Outlook - The company aims to achieve its annual performance targets in the first half of 2016 and anticipates explosive growth if breakthroughs in driving IC technology are realized [5][6].

Group 1: Company Overview - Helen Zhe specializes in three main business segments: special vehicles, LED intelligent control power, and automation equipment [4] - The company aims to maintain a market share of approximately 50% in the high-altitude operation vehicle market, which is expected to grow at over 20% annually [9][10] Group 2: Financial Performance - In Q1 2017, the company reported a nearly 90% year-on-year revenue growth, with a significant turnaround in net profit [5] - The company achieved a revenue of approximately 1.5 billion in 2016, with expectations to reach around 3 billion in 2017 [8] Group 3: Market Position and Competition - The company holds a dominant position in the COG binding equipment market, with its main competitors being Xin San Li and Cheng Yi Automation, which together account for 85% of the domestic market [4][5] - Helen Zhe's high-altitude operation vehicles accounted for nearly 40% of sales volume and over 60% of sales revenue in the domestic market [9] Group 4: Strategic Development - The company has a strong focus on mergers and acquisitions, with recent acquisitions aimed at enhancing operational efficiency and market reach [12][13] - Future growth is anticipated in the military products sector, particularly in the development of nuclear and biochemical equipment [7] Group 5: Challenges and Solutions - The company faces high operating expenses due to increased employee compensation and costs associated with mergers and acquisitions, which have led to a situation of revenue growth without profit growth [10] - Strategies are in place to address these challenges, including focusing on high-margin products and improving operational efficiencies [10]

Group 1: Company Overview - Helen Zhe specializes in the production of specialized vehicles, including aerial work platforms and intelligent control systems [2][3] - The company has a strong development momentum across various business segments [3] Group 2: Market and Product Insights - The main application market for aerial work vehicles is the power system, with increasing demand due to smart grid upgrades [3] - Aerial work vehicles are sold directly by the company, avoiding a dealer model [3] Group 3: Competitive Positioning - Helen Zhe has a competitive edge due to its R&D capabilities, comprehensive product range, and high technical content [4][5] - The company maintains a strong market share through excellent after-sales service and rapid emergency response [5] Group 4: Strategic Partnerships - In November 2017, Helen Zhe signed a strategic cooperation agreement with Terex to produce 5 billion RMB worth of products over five years [4] - The company also became the agent for Skyjack in mainland China, targeting markets in power, subways, and urban greening [4] Group 5: Future Development and Acquisitions - The company is actively expanding into the smart manufacturing sector, having acquired Shenzhen Lianshuo Automation Technology Co., Ltd. [5][6] - Ongoing acquisitions include Chengyi Automation and Xinyu Intelligent, focusing on enhancing product and production process intelligence [6]

Group 1: Company Overview and Financial Performance - Helen Zhe achieved a net profit of approximately 18-23 million CNY in the first half of 2018, with a revenue of about 650 million CNY and an order backlog of 730 million CNY expected to be delivered within the year [3][4]. - The company anticipates two major performance growth points in 2018: military products and COB (Chip on Board) packaging display screens [3][4]. - The company’s military products are expected to see steady growth due to increasing demand driven by national defense strategies and military-civilian integration [4][5]. Group 2: Business Segments and Growth Drivers - The company has identified several key growth areas, including electric vehicles, service-oriented manufacturing, and the COB display technology, which is projected to generate over 100 million CNY in sales this year and around 1.8 billion CNY by 2020 [7][10]. - The traditional high-altitude vehicle market is valued at over 1 billion CNY, while the fire truck market is estimated at 10 billion CNY, and the LED market is projected to be worth 100 billion CNY [9][10]. Group 3: Challenges and Strategic Responses - The decline in performance in the first half of 2018 was attributed to increased depreciation costs from a new fire truck production base and the relocation of a subsidiary, which incurred additional costs [8]. - The company is addressing high accounts receivable due to seasonal business characteristics and is implementing measures to mitigate risks associated with this [6]. Group 4: Investor Relations and Communication - The investor relations activity included a thorough introduction of the company's business segments and strategic goals, ensuring compliance with disclosure regulations [11]. - The company is actively engaging with investors to clarify concerns regarding stock price fluctuations, which may be linked to high pledge ratios of major shareholders [10].

[Important Notice, Table of Contents, and Definitions](index=2&type=section&id=%E7%AC%AC%E4%B8%80%E8%8A%82%20%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA%E3%80%81%E7%9B%AE%E5%BD%95%E5%92%8C%E9%87%8A%E4%B9%89) This section presents critical disclaimers regarding the 2021 annual report, including the auditor's disclaimer of opinion and independent directors' concerns [Important Notice](index=2&type=section&id=%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA) The company's 2021 annual report contains significant issues, with a disclaimer of opinion from auditors and independent directors' resignations due to governance problems - Zhongshen Zhonghuan Certified Public Accountants issued a **disclaimer of opinion** on the company's 2021 annual financial report, advising investors to be aware of the associated risks[6](index=6&type=chunk)[8](index=8&type=chunk) - Three independent directors (Huang Huamin, Zhang Fubo, Du Min) abstained from voting on this report due to limitations in their duties caused by corporate governance and internal control issues, thus unable to guarantee the report's truthfulness, accuracy, and completeness[5](index=5&type=chunk)[7](index=7&type=chunk) - The company's 2021 profit distribution plan proposes **no cash dividends**, **no bonus shares**, and **no capitalization of reserves**[9](index=9&type=chunk) [Company Profile and Key Financial Indicators](index=7&type=section&id=%E7%AC%AC%E4%BA%8C%E8%8A%82%20%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B%E5%92%8C%E4%B8%BB%E8%A6%81%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) This section provides an overview of the company's key financial performance and indicators for the reporting period [Key Accounting Data and Financial Indicators](index=8&type=section&id=%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) In 2021, revenue decreased by 18.16%, but net profit attributable to shareholders turned positive, while operating cash flow significantly declined 2021 Annual Key Financial Data | Indicator | 2021 (CNY) | 2020 (CNY) | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 1,665,924,040.40 | 2,035,690,091.12 | -18.16% | | Net Profit Attributable to Shareholders | 130,666,046.35 | -467,630,057.75 | 127.94% | | Net Profit Attributable to Shareholders (Excluding Non-recurring Items) | 131,854,413.21 | -481,420,818.07 | 127.39% | | Net Cash Flow from Operating Activities | -26,567,602.05 | 700,722,261.51 | -103.79% | | Basic Earnings Per Share (CNY/share) | 0.1255 | -0.4492 | 127.94% | | Weighted Average Return on Net Assets | 10.74% | -33.67% | 44.41% | | Total Assets | 2,329,836,951.88 | 2,866,155,954.23 | -18.71% | | Net Assets Attributable to Shareholders | 1,283,003,588.53 | 1,149,668,262.59 | 11.60% | 2021 Quarterly Key Financial Indicators | Indicator | Q1 (CNY) | Q2 (CNY) | Q3 (CNY) | Q4 (CNY) | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 239,770,436.07 | 390,034,140.68 | 425,445,442.75 | 610,674,020.90 | | Net Profit Attributable to Shareholders | 10,007,457.16 | 13,888,717.14 | 23,934,378.76 | 82,835,493.29 | | Net Cash Flow from Operating Activities | -297,610,205.65 | -13,016,494.77 | 45,013,790.29 | 239,045,308.08 | [Management Discussion and Analysis](index=11&type=section&id=%E7%AC%AC%E4%B8%89%E8%8A%82%20%E7%AE%A1%E7%90%86%E5%B1%82%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) This section analyzes the company's industry, business operations, core competencies, financial performance, and future outlook [Industry Overview and Trends During the Reporting Period](index=11&type=section&id=%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E6%89%80%E5%A4%84%E8%A1%8C%E4%B8%9A%E6%83%85%E5%86%B5) The company operates in high-altitude work vehicles, power assurance, emergency rescue, and military fire equipment, benefiting from urbanization and national security initiatives - The high-altitude work vehicle industry benefits from urbanization, power facility maintenance, and new infrastructure, with demand growing annually and products evolving towards lightweight, intelligent, and robotic solutions[34](index=34&type=chunk)[41](index=41&type=chunk)[42](index=42&type=chunk) - Demand for power assurance vehicles is expanding due to increased reliability requirements, with products developing towards diversification, collaborative operations, and energy efficiency[35](index=35&type=chunk)[42](index=42&type=chunk)[43](index=43&type=chunk) - The emergency rescue, military, and fire equipment industries are experiencing rapid growth driven by national safety system construction and defense spending, with increasing domestic production rates[36](index=36&type=chunk)[38](index=38&type=chunk)[44](index=44&type=chunk) - The company is a comprehensive system provider in high-altitude work vehicles and power emergency assurance vehicles; its subsidiary Graman is a key enterprise in the fire truck industry, with rapidly developing military business[46](index=46&type=chunk)[47](index=47&type=chunk) [Main Business and Operating Model During the Reporting Period](index=14&type=section&id=%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E4%BB%8E%E4%BA%8B%E7%9A%84%E4%B8%BB%E8%A6%81%E4%B8%9A%E5%8A%A1) The company focuses on R&D, production, sales, and service of special vehicles, having divested non-core businesses to concentrate on high-end equipment manufacturing - The company's core businesses are special vehicles, including high-altitude work vehicles (folding arm, telescopic arm series), power emergency assurance vehicles (power supply vehicles, repair vehicles), military products, and fire trucks[48](index=48&type=chunk)[49](index=49&type=chunk) - To focus on its main business, the company divested its LED display intelligent driver power supply and industrial automation businesses in May 2021[49](index=49&type=chunk) - The company adopts a "customized production" combined with "forecast batch production" model, with direct sales dominating domestic sales, and R&D centered on differentiated design and customized development[51](index=51&type=chunk)[52](index=52&type=chunk)[54](index=54&type=chunk) [Analysis of Core Competencies](index=16&type=section&id=%E6%A0%B8%E5%BF%83%E7%AB%9E%E4%BA%89%E5%8A%9B%E5%88%86%E6%9E%90) The company's core strengths lie in its strategic focus on high-end special vehicles, strong customer relationships, and robust R&D capabilities with numerous patents - Strategically focused on high-end equipment industries such as military products and special vehicles, divesting non-core businesses to concentrate resources on core industries[56](index=56&type=chunk) - Possesses high-quality customer resources, primarily state-funded entities, and provides full product lifecycle services through a service-oriented manufacturing model, ensuring strong customer loyalty[57](index=57&type=chunk)[58](index=58&type=chunk) - As of the end of 2021, the company held **277 valid patents** (including 54 invention patents) and a R&D team of over a hundred people, demonstrating significant technological advantages[59](index=59&type=chunk) [Analysis of Main Business](index=16&type=section&id=%E4%B8%BB%E8%A6%81%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) In 2021, revenue declined by 18.16% to CNY 1.67 billion, but net profit turned positive to CNY 131 million, primarily due to reduced impairment losses and lower expenses - In 2021, localized insulated vehicles achieved mass production, with sales reaching **230 units**, a **243% year-on-year increase**[60](index=60&type=chunk) - Military business achieved breakthroughs in multiple military markets, completing the annual military order tasks[64](index=64&type=chunk) - The significant increase in profit was primarily due to a substantial reduction in impairment losses compared to the previous year, which included **CNY 272 million in goodwill impairment** and **CNY 250 million in accounts receivable bad debt**[68](index=68&type=chunk)[69](index=69&type=chunk)[76](index=76&type=chunk) - Due to disputes between the former and current controlling shareholders, bank credit lines were severely affected, leading to a net withdrawal of **CNY 419 million in short-term borrowings** and a corresponding **reduction of CNY 20 million in financial expenses**[68](index=68&type=chunk)[75](index=75&type=chunk) 2021 Operating Revenue Composition (by Product) | Product | Operating Revenue (CNY) | % of Total Revenue | YoY Change | | :--- | :--- | :--- | :--- | | High-Altitude Work Vehicles | 533,735,790.53 | 32.04% | 10.71% | | Military Products and Fire Trucks | 617,464,430.40 | 37.06% | -36.26% | | Power Supply Vehicles | 245,424,166.85 | 14.73% | -0.49% | | Repair Vehicles | 105,331,500.81 | 6.32% | -23.36% | | Intelligent Power Supply and Automatic Integrated Control Systems | 52,203,698.82 | 3.13% | -49.90% (Consolidated) | 2021 Expense Situation | Expense Item | 2021 (CNY) | 2020 (CNY) | YoY Change | | :--- | :--- | :--- | :--- | | Selling Expenses | 90,716,253.16 | 112,685,172.15 | -19.50% | | Administrative Expenses | 61,152,210.44 | 98,653,942.74 | -38.01% | | R&D Expenses | 66,230,578.33 | 88,999,750.13 | -25.58% | | Financial Expenses | 12,104,725.74 | 32,226,158.86 | -62.44% | 2021 Cash Flow Statement Key Items | Item | 2021 (CNY) | 2020 (CNY) | YoY Change | | :--- | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -26,567,602.05 | 700,722,261.51 | -103.79% | | Net Cash Flow from Investing Activities | -4,927,609.57 | -103,411,634.33 | 95.23% | | Net Cash Flow from Financing Activities | -429,865,827.14 | -317,053,793.72 | -35.58% | | Net Increase in Cash and Cash Equivalents | -461,367,504.69 | 280,311,175.31 | -264.59% | [Outlook and Risks for Future Development](index=36&type=section&id=%E5%85%AC%E5%8F%B8%E6%9C%AA%E6%9D%A5%E5%8F%91%E5%B1%95%E7%9A%84%E5%B1%95%E6%9C%9B) The company targets CNY 1.7 billion in 2022 revenue, focusing on internal management, smart manufacturing, and market expansion, while facing risks from shareholder disputes and high accounts receivable - The company sets a 2022 operating revenue target of **CNY 1.7 billion**[118](index=118&type=chunk) - Future operating plans include strengthening internal management for quality and efficiency, promoting intelligent manufacturing, expanding into the emergency market, and enhancing talent development[118](index=118&type=chunk)[119](index=119&type=chunk)[120](index=120&type=chunk) - The company faces four main risks: shareholder disputes affecting corporate governance, macroeconomic uncertainties, **accounts receivable accounting for 30.55% of total assets** posing bad debt risks, and insufficient talent reserves[121](index=121&type=chunk)[122](index=122&type=chunk) [Corporate Governance](index=39&type=section&id=%E7%AC%AC%E5%9B%9B%E8%8A%82%20%E5%85%AC%E5%8F%B8%E6%B2%BB%E7%90%86) This section details the severe corporate governance issues, including shareholder disputes, board dysfunction, and internal control failures [Basic Status of Corporate Governance](index=39&type=section&id=%E5%85%AC%E5%8F%B8%E6%B2%BB%E7%90%86%E7%9A%84%E5%9F%BA%E6%9C%AC%E7%8A%B6%E5%86%B5) Corporate governance is severely problematic due to ongoing shareholder disputes, court-ordered restrictions on directors, independent director resignations, and limited supervisory board functions - Due to disputes between the former and current controlling shareholders, a court ruling prohibited 6 members of the fifth board of directors, including Jin Shiwei, from performing their duties, leading to uncertainty in board meeting validity[127](index=127&type=chunk) - Three independent directors submitted their resignations on October 30, 2021, but the re-election process has not been completed due to the inability to convene a shareholders' meeting[130](index=130&type=chunk) - The company's information disclosure has issues, with the securities department allegedly making unauthorized disclosures without reporting to the board secretary, and the legal representative and general manager having disagreements on this matter[131](index=131&type=chunk) - Directors Ma Chao and Deng Haojie consecutively missed two board meetings, deeming them invalid, while the supervisory board believes they should be replaced, highlighting internal conflicts[160](index=160&type=chunk)[161](index=161&type=chunk) - The company's internal controls have serious deficiencies, with the board of directors and supervisory board unable to operate effectively since October 9, 2021, and the operating management no longer reporting to the board, leading to unapproved budget overruns for some costs and expenses[176](index=176&type=chunk)[179](index=179&type=chunk) [Environmental and Social Responsibility](index=57&type=section&id=%E7%AC%AC%E4%BA%94%E8%8A%82%20%E7%8E%AF%E5%A2%83%E5%92%8C%E7%A4%BE%E4%BC%9A%E8%B4%A3%E4%BB%BB) This section outlines the company's environmental protection efforts, social contributions, and employee welfare initiatives, including a past environmental penalty [Environmental and Social Responsibility](index=57&type=section&id=%E7%8E%AF%E5%A2%83%E4%B8%8E%E7%A4%BE%E4%BC%9A%E8%B4%A3%E4%BB%BB) The company manages environmental impacts from painting waste gas and solid waste, with a subsidiary receiving a CNY 60,000 environmental penalty that has since been rectified - During the reporting period, subsidiary Xuzhou Hailun Zhe Steel Structure Manufacturing Co., Ltd. was fined **CNY 60,000** for "paint not fully dried after coating before leaving the baking paint workshop" and has since completed rectification[183](index=183&type=chunk) - The company actively fulfills its social responsibilities, deploying over **50 emergency power generation vehicles** to Henan during the 2021 heavy rain disaster to provide power support for flood relief[193](index=193&type=chunk) - The company prioritizes employee rights protection, establishing a labor union, providing occupational health and safety, compensation incentives, training, promotion, and organizing cultural and recreational activities[190](index=190&type=chunk) [Significant Events](index=60&type=section&id=%E7%AC%AC%E5%85%AD%E8%8A%82%20%E9%87%8D%E8%A6%81%E4%BA%8B%E9%A1%B9) This section summarizes key events, including the termination of a stock issuance, divestment of subsidiaries, ongoing shareholder litigation, and a looming delisting risk warning [Summary of Significant Events](index=60&type=section&id=%E9%87%8D%E5%A4%A7%E4%BA%8B%E9%A1%B9%E6%91%98%E8%A6%81) The company terminated a private stock offering, divested loss-making subsidiaries, and faces multiple lawsuits between its former and current controlling shareholders, leading to governance chaos and delisting risk - The company decided to terminate its private placement of A-shares in April 2021[235](index=235&type=chunk) - The company sold 100% equity of its wholly-owned subsidiary Shenzhen Juneng Weiye Technology Co., Ltd. for **CNY 5 million** and 100% equity of Shenzhen Lianshuo Automation Technology Co., Ltd. for **CNY 1**[91](index=91&type=chunk)[111](index=111&type=chunk)[112](index=112&type=chunk)[236](index=236&type=chunk) - Multiple lawsuits exist between the company's former controlling shareholders (Jidian Company, Ding Jianping) and current controlling shareholder (Zhongtianze Group), primarily concerning the validity of the voting rights entrustment agreement and company control[214](index=214&type=chunk)[237](index=237&type=chunk) - Due to the **disclaimer of opinion** on the 2021 annual financial report, the company's shares will be subject to a delisting risk warning (*ST) after the annual report disclosure[212](index=212&type=chunk) [Share Changes and Shareholder Information](index=74&type=section&id=%E7%AC%AC%E4%B8%83%E8%8A%82%20%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E5%8F%8A%E8%82%A1%E4%B8%9C%E6%83%85%E5%86%B5) This section details the company's share capital, shareholder structure, and the ongoing dispute over controlling shareholder voting rights [Share Changes and Shareholder Information](index=74&type=section&id=%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E5%8F%8A%E8%82%A1%E4%B8%9C%E6%83%85%E5%86%B5) The company's total share capital remained at 1.04 billion shares, with a significant reduction in restricted shares, while control is contested through voting rights entrustment - The total share capital of **1,040,921,518 shares** remained unchanged during the reporting period; restricted shares decreased from **94,634,315 shares to 3,100,607 shares**, mainly due to the unlocking of shares after executive departures[241](index=241&type=chunk) Top Five Shareholders' Holdings at Period End | Shareholder Name | Nature | Shareholding Ratio | Number of Shares | | :--- | :--- | :--- | :--- | | Jiangsu Electromechanical Research Institute Co., Ltd. | Domestic Non-State-Owned Legal Person | 14.69% | 152,909,739 | | MEI TUNG(CHINA) LIMITED | Overseas Legal Person | 10.29% | 107,110,814 | | Zhongtianze Holding Group Co., Ltd. | Domestic Non-State-Owned Legal Person | 6.85% | 71,340,149 | | Ding Jianping | Domestic Natural Person | 2.89% | 30,071,922 | | Shenzhen Qianhai Hongyi Asset Management Co., Ltd. | Domestic Non-State-Owned Legal Person | 1.98% | 20,644,582 | - The controlling shareholder is Zhongtianze Holding Group Co., Ltd., with Jin Shiwei as the actual controller; Zhongtianze Group controls **24.43% of voting rights** through direct holdings (6.85%) and voting rights entrusted by former controlling shareholders Jiangsu Electromechanical Research Institute (14.69%) and Ding Jianping (2.89%), but the validity of this entrustment is under litigation[250](index=250&type=chunk)[758](index=758&type=chunk) [Financial Report](index=84&type=section&id=%E7%AC%AC%E5%8D%81%E8%8A%82%20%E8%B4%A2%E5%8A%A1%E6%8A%A5%E5%91%8A) This section presents the auditor's disclaimer of opinion, key financial statements, and detailed notes highlighting significant financial issues and uncertainties [Audit Report](index=84&type=section&id=%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A) The auditor issued a "disclaimer of opinion" due to governance issues, uncertainties regarding subsidiary disposals, and doubts about asset and investment recoverability - The auditing firm issued a **"disclaimer of opinion"** on the 2021 annual financial statements, as it was unable to obtain sufficient and appropriate audit evidence to form an audit opinion[261](index=261&type=chunk) - One basis for the disclaimer of opinion is the power struggle between new and old actual controllers, which restricted communication between governance and management, potentially invalidating internal controls and impacting the financial statements and going concern assumption[262](index=262&type=chunk)[263](index=263&type=chunk) - Another reason is the disposal of subsidiaries Lianshuo Technology and Juneng Weiye, auditors could not determine the commercial substance of the disposals or obtain sufficient evidence regarding their opening balances of assets and liabilities, goodwill, and the recoverability of other receivables at period-end[264](index=264&type=chunk)[265](index=265&type=chunk)[266](index=266&type=chunk) - Other reasons include the inability to obtain sufficient audit evidence regarding the truthfulness and accuracy of construction in progress and prepaid engineering costs for subsidiary Huizhou Lianshuo, and the recoverability of long-term equity investments and other receivables for joint venture Schmitz Germany[267](index=267&type=chunk)[268](index=268&type=chunk)[269](index=269&type=chunk) [Financial Statements Summary](index=86&type=section&id=%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8) As of 2021 year-end, total assets decreased by 18.71% to CNY 2.33 billion, total liabilities decreased by 39.44%, and net profit attributable to shareholders turned positive to CNY 131 million, despite negative operating cash flow Consolidated Balance Sheet Key Items | Item | 2021 Year-End (CNY) | 2020 Year-End (CNY) | Change | | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 253,992,911.88 | 647,757,421.43 | -60.79% | | Accounts Receivable | 711,666,053.52 | 603,226,846.33 | +17.98% | | Inventories | 216,949,004.04 | 319,946,102.86 | -32.19% | | Total Assets | 2,329,836,951.88 | 2,866,155,954.23 | -18.71% | | Short-Term Borrowings | 115,164,507.29 | 497,759,677.50 | -76.86% | | Total Liabilities | 1,042,088,624.40 | 1,720,784,283.47 | -39.44% | | Net Assets Attributable to Parent Company Shareholders | 1,283,003,588.53 | 1,149,668,262.59 | +11.60% | Consolidated Income Statement Key Items | Item | 2021 Annual (CNY) | 2020 Annual (CNY) | Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 1,665,924,040.40 | 2,035,690,091.12 | -18.16% | | Operating Cost | 1,187,092,283.12 | 1,544,941,391.21 | -23.16% | | Net Profit | 131,192,806.97 | -474,962,643.40 | 127.62% | | Net Profit Attributable to Parent Company Shareholders | 130,666,046.35 | -467,630,057.75 | 127.94% | [Notes to Consolidated Financial Statements (Summary)](index=129&type=section&id=%E5%90%88%E5%B9%B6%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E9%A1%B9%E7%9B%AE%E6%B3%A8%E9%87%8A) Notes reveal CNY 96.68 million in restricted cash, CNY 785 million in accounts receivable with 79% current, reduced goodwill due to disposals, and a significant decrease in short-term borrowings - Cash and cash equivalents at period-end totaled **CNY 254 million**, of which **CNY 96.68 million was restricted** funds, including bill deposits, letter of guarantee deposits, and litigation-frozen funds[454](index=454&type=chunk) - Accounts receivable book balance at period-end was **CNY 785 million**, with the top five debtors accounting for **31.61%**[472](index=472&type=chunk)[486](index=486&type=chunk) - Due to the disposal of subsidiaries Lianshuo Technology and Juneng Weiye, the original book value of goodwill decreased significantly from **CNY 293 million to CNY 5.76 million**[574](index=574&type=chunk) Segment Operating Performance | Item | High-Altitude Work Vehicle Segment (CNY) | Fire Truck Segment (CNY) | Other (CNY) | Total (CNY) | | :--- | :--- | :--- | :--- | :--- | | External Operating Revenue | 1,009,207,474.32 | 765,785,979.70 | 56,377,892.55 | 1,665,924,040.40 | | Total Profit (Loss) | 134,480,914.73 | 50,300,645.65 | -109,842,991.94 | 70,815,704.02 | | Total Assets | 1,229,232,408.01 | 830,798,507.95 | 274,157,365.82 | 2,329,836,951.88 |

[Important Notice](index=1&type=section&id=%E9%87%8D%E8%A6%81%E5%86%85%E5%AE%B9%E6%8F%90%E7%A4%BA) This section highlights key declarations from the board and management, the unaudited status of the report, and potential legal risks regarding board resolutions [Statements from the Board of Directors, Supervisory Board, and Senior Management](index=1&type=section&id=%E8%91%A3%E4%BA%8B%E4%BC%9A%E3%80%81%E7%9B%91%E4%BA%8B%E4%BC%9A%E5%8F%8A%E9%AB%98%E7%AE%A1%E5%A3%B0%E6%98%8E) The company's board, supervisory board, and senior management affirm the truthfulness, accuracy, and completeness of this quarterly report, assuming legal responsibility - The Board of Directors, Supervisory Board, and senior management guarantee the quarterly report's truthfulness, accuracy, and completeness, free from false records, misleading statements, or major omissions[3](index=3&type=chunk) - The company's principal, the person in charge of accounting, and the head of the accounting department declare the financial information to be true, accurate, and complete[3](index=3&type=chunk) [Audit Status](index=1&type=section&id=%E5%AE%A1%E8%AE%A1%E6%83%85%E5%86%B5) This third-quarter report has not been audited - The third-quarter report is **unaudited**[3](index=3&type=chunk) [Legal Risk Warning](index=1&type=section&id=%E6%B3%95%E5%BE%8B%E9%A3%8E%E9%99%A9%E6%8F%90%E7%A4%BA) Certain board resolutions may be deemed invalid, non-existent, or revocable by the court based on a judicial ruling - According to a ruling by Xuzhou Economic and Technological Development Zone People's Court in Jiangsu Province, certain company board resolutions may be deemed **invalid, non-existent, or revocable** by the court in the future[3](index=3&type=chunk) [Key Financial Data](index=1&type=section&id=%E4%B8%80%E3%80%81%E4%B8%BB%E8%A6%81%E8%B4%A2%E5%8A%A1%E6%95%B0%E6%8D%AE) This section presents the company's main accounting data, financial indicators, non-recurring gains and losses, and explanations for significant changes in financial metrics [Key Accounting Data and Financial Indicators](index=1&type=section&id=(%E4%B8%80)%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) Revenue declined year-over-year for both the current period and year-to-date, but net profit attributable to shareholders and basic EPS significantly increased, while YTD net cash flow from operating activities was negative and sharply decreased Key Accounting Data and Financial Indicators | Indicator | Current Period | YoY Change (Current Period) | Year-to-Date | YoY Change (Year-to-Date) | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue (Yuan) | 425,445,442.75 | -7.44% | 1,055,250,019.50 | -8.78% | | Net Profit Attributable to Shareholders (Yuan) | 23,934,378.76 | 109.35% | 47,830,553.06 | 117.48% | | Net Profit Attributable to Shareholders After Non-Recurring Items (Yuan) | 24,273,754.71 | 109.41% | 35,372,375.10 | 112.66% | | Net Cash Flow from Operating Activities (Yuan) | —— | —— | -265,612,910.13 | -430.46% | | Basic EPS (Yuan/share) | 0.0230 | 109.35% | 0.0460 | 117.50% | | Diluted EPS (Yuan/share) | 0.0230 | 109.35% | 0.0460 | 117.50% | | Weighted Average ROE | 2.22% | 30.78% | 4.49% | 34.76% | | Total Assets (Yuan) | 2,296,043,073.22 (End of Current Period) | -19.89% (Compared to End of Prior Year) | | | | Owners' Equity Attributable to Shareholders (Yuan) | 1,198,646,275.86 (End of Current Period) | 4.26% (Compared to End of Prior Year) | | | [Non-Recurring Gains and Losses and Their Amounts](index=2&type=section&id=(%E4%BA%8C)%E9%9D%9E%E7%BB%8F%E5%B8%B8%E6%80%A7%E6%8D%9F%E7%9B%8A%E9%A1%B9%E7%9B%AE%E5%92%8C%E9%87%91%E9%A2%9D) Current period non-recurring gains and losses were negative due to non-current asset disposal losses, while year-to-date were positive, driven by government grants and gains from subsidiary acquisitions Non-Recurring Gains and Losses and Their Amounts | Item | Amount for Current Period (Yuan) | Amount Year-to-Date (Yuan) | | :--- | :--- | :--- | | Gains/Losses on Disposal of Non-Current Assets | -4,704,334.06 | -878,966.80 | | Government Grants Recognized in Current Profit/Loss | 1,714,383.47 | 14,980,184.27 | | Gains from Investment Cost of Subsidiaries, Associates, and Joint Ventures Being Less Than Fair Value of Identifiable Net Assets Acquired | 3,590,404.09 | 1,980,569.88 | | Other Gains/Losses Meeting the Definition of Non-Recurring Items | -840,073.59 | -1,360,117.57 | | Total | -339,375.95 | 12,458,177.96 | [Changes in Key Accounting Data and Financial Indicators and Their Reasons](index=2&type=section&id=(%E4%B8%89)%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87%E5%8F%91%E7%94%9F%E5%8F%98%E5%8A%A8%E7%9A%84%E6%83%85%E5%86%B5%E5%8F%8A%E5%8E%9F%E5%9B%A0) Significant changes in financial metrics include a sharp decrease in cash due to procurement and loan repayments, increased inventory for peak season, higher other receivables from equity transfers, reduced short-term borrowings and contract liabilities, substantial growth in investment income from subsidiary equity transfers, increased credit impairment losses from bad debt provisions, and a significant decrease in asset impairment losses due to prior year goodwill impairment - Cash and cash equivalents at period-end were **74,906,093.55 Yuan**, a **decrease of 88.44%** from the beginning of the period, primarily due to payments for raw materials to fulfill orders and repayment of bank loans[9](index=9&type=chunk) - Inventories at period-end were **421,192,918.31 Yuan**, an **increase of 31.64%** from the beginning of the period, mainly due to increased production for the traditional peak season in the fourth quarter[10](index=10&type=chunk) - Other receivables at period-end were **81,375,399.68 Yuan**, an **increase of 71.51%** from the beginning of the period, primarily due to the completion of 100% equity transfers of Lianshuo Technology and Juneng Weiye, leading to the derecognition of intercompany loans[10](index=10&type=chunk) - Short-term borrowings at period-end were **247,233,826.39 Yuan**, a **decrease of 50.33%** from the beginning of the period, mainly due to the gradual repayment of bank loans during the reporting period[10](index=10&type=chunk) - Contract liabilities at period-end were **10,330,326.95 Yuan**, a **decrease of 91.94%** from the beginning of the period, primarily due to the recognition of advance receipts as revenue during the reporting period[10](index=10&type=chunk) - Investment income year-to-date was **6,980,570.88 Yuan**, a **715.00% increase** compared to the same period last year, mainly due to the completion of 100% equity transfers of Lianshuo Technology and Juneng Weiye during the reporting period[11](index=11&type=chunk) - Credit impairment losses year-to-date were **-52,023,399.31 Yuan**, a **148.90% increase** compared to the same period last year, primarily due to the provision for bad debts on other receivables from Schmitz Germany and Lianshuo Technology[11](index=11&type=chunk) - Asset impairment losses year-to-date were **-39,432,331.20 Yuan**, an **86.52% decrease** compared to the same period last year, mainly because goodwill impairment provisions for Lianshuo Technology and Juneng Weiye were made in the prior year period[11](index=11&type=chunk) [Shareholder Information](index=5&type=section&id=%E4%BA%8C%E3%80%81%E8%82%A1%E4%B8%9C%E4%BF%A1%E6%81%AF) This section details the total number of common shareholders, the top ten shareholders' holdings, and changes in restricted shares [Total Number of Common Shareholders and Top Ten Shareholders' Shareholding](index=5&type=section&id=(%E4%B8%80)%E6%99%AE%E9%80%9A%E8%82%A1%E8%82%A1%E4%B8%9C%E6%80%BB%E6%95%B0%E5%92%8C%E8%A1%A8%E5%86%B3%E6%9D%83%E6%81%A2%E5%A4%8D%E7%9A%84%E4%BC%98%E5%85%88%E8%82%A1%E8%82%A1%E4%B8%9C%E6%95%B0%E9%87%8F%E5%8F%8A%E5%89%8D%E5%8D%81%E5%90%8D%E8%82%A1%E4%B8%9C%E6%8C%81%E8%82%A1%E6%83%85%E5%86%B5%E8%A1%A8) As of the end of the reporting period, the company had 48,572 common shareholders, with Jiangsu Electromechanical Research Institute Co., Ltd. as the largest shareholder (15.64%), whose shares are largely pledged and frozen - The total number of common shareholders at the end of the reporting period was **48,572**[14](index=14&type=chunk) Top 10 Shareholders' Shareholding | Shareholder Name | Shareholder Nature | Shareholding Percentage | Number of Shares Held (shares) | Pledged, Marked, or Frozen Status (Number of shares) | | :--- | :--- | :--- | :--- | :--- | | Jiangsu Electromechanical Research Institute Co., Ltd. | Domestic Non-State-Owned Legal Person | 15.64% | 162,822,339 | Pledged 105,710,000; Frozen 91,332,339 | | MEI TUNG(CHINA) LIMITED | Overseas Legal Person | 11.16% | 116,150,229 | 0 | | Zhongtianze Holding Group Co., Ltd. | Domestic Non-State-Owned Legal Person | 6.85% | 71,340,149 | 0 | | Yang Ya | Domestic Natural Person | 4.92% | 51,264,442 | Pledged 51,264,442; Frozen 51,264,442 | | Ding Jianping | Domestic Natural Person | 4.34% | 45,221,322 | Pledged 45,000,000; Frozen 7,931,696 | - Mr. Ding Jianping is the legal representative of the company's largest shareholder, Jiangsu Electromechanical Research Institute Co., Ltd., and directly holds **67.78%** of its equity[15](index=15&type=chunk) [Changes in Restricted Shares](index=6&type=section&id=(%E4%B8%89)%E9%99%90%E5%94%AE%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) At the end of the reporting period, the company had 94,893,386 restricted shares, with 79,685 shares released this period, primarily from resigned senior executive lock-up shares Changes in Restricted Shares | Shareholder Name | Restricted Shares at Beginning of Period (shares) | Restricted Shares Released This Period (shares) | Restricted Shares Increased This Period (shares) | Restricted Shares at End of Period (shares) | Reason for Restriction | | :--- | :--- | :--- | :--- | :--- | :--- | | Chen Huiyuan | 318,739 | 79,685 | 0 | 239,054 | Restricted Shares of Resigned Senior Executive | | Other Restricted Shares | 94,654,332 | 0 | 0 | 94,654,332 | Restricted Shares of Senior Executives, Restricted Shares of Resigned Senior Executives | | Total | 94,973,071 | 79,685 | 0 | 94,893,386 | -- | [Other Significant Matters](index=6&type=section&id=%E4%B8%89%E3%80%81%E5%85%B6%E4%BB%96%E9%87%8D%E8%A6%81%E4%BA%8B%E9%A1%B9) This section covers ongoing litigation, dissenting opinions from board members regarding shareholder relations and asset valuation, and statements from directors and supervisors [Progress of Company-Involved Lawsuits](index=6&type=section&id=%E5%85%AC%E5%8F%B8%E6%B6%89%E5%8F%8A%E8%AF%89%E8%AE%BC%E8%BF%9B%E5%B1%95) The company faces a lawsuit regarding the legality of its 2020 annual general meeting resolutions, with the court prohibiting the implementation of certain director and supervisor election resolutions and rejecting the company's objection to the injunction - Jiangsu Electromechanical Research Institute Co., Ltd. and Ding Jianping sued the company, requesting the **invalidation of the 2020 Annual General Meeting resolutions** made on May 21, 2021[18](index=18&type=chunk)[19](index=19&type=chunk) - The court ruled to **prohibit the company from implementing** the resolutions of the 2020 Annual General Meeting regarding the election of Jin Shiwei, Bo Xiaoming, Dong Dai, Tong Xiaomin as non-independent directors, Zhang Fubo, Huang Huamin as independent directors, and Li Yuhua, Chen You as non-employee representative supervisors[20](index=20&type=chunk) - The company's "Objection to Preservation Measures" was **rejected by the court**, requiring immediate enforcement of the court's ruling[20](index=20&type=chunk) [Dissenting Opinions from Board Members](index=7&type=section&id=%E8%91%A3%E4%BA%8B%E4%BC%9A%E6%88%90%E5%91%98%E異%E8%AE%AE) Certain directors dispute the shareholder affiliation statement, asserting that Jiangsu Electromechanical Research Institute, Ding Jianping, and Zhongtianze Group remain parties acting in concert, and request inclusion of litigation details for Huizhou Lianshuo's construction-in-progress and assessment of asset impairment provisions - Directors Jin Shiwei, Bo Xiaoming, Dong Dai, Tong Xiaomin, Zhang Fubo, Huang Huamin, and Du Min **disagree with the description of shareholder affiliation** in the report, believing that the voting rights entrustment agreement between Jiangsu Electromechanical Research Institute, Ding Jianping, and Zhongtianze Group remains valid, and the three parties should still be considered parties acting in concert[21](index=21&type=chunk) - These directors request the inclusion of litigation information regarding Huizhou Lianshuo's construction-in-progress (totaling **84.5 million Yuan**) in the report, and a thorough verification of the true value of the construction-in-progress to provide for asset impairment[21](index=21&type=chunk) [Statements from Directors and Supervisors](index=7&type=section&id=%E8%91%A3%E4%BA%8B%E5%8F%8A%E7%9B%91%E4%BA%8B%E5%A3%B0%E6%98%8E) Directors Ma Chao and Deng Haojie dispute the legality of the board meeting convened by Jin Shiwei but have no objection to the report's disclosure; Supervisory Board Chairman Jiang Shanshan states that Li Yuhua and Chen You are prohibited from performing supervisory duties, but she herself has no objection to the report's disclosure - Directors Ma Chao and Deng Haojie **do not recognize the legality and validity** of the board meeting convened by Jin Shiwei on October 27, 2021, as the court ruled to prohibit Jin Shiwei and others from performing their director duties[22](index=22&type=chunk) - Supervisory Board Chairman Jiang Shanshan declares that, according to the court's ruling, Li Yuhua and Chen You are currently **prohibited from performing their supervisory duties**, and their actions lack legality and validity[23](index=23&type=chunk) - Despite internal disputes, Directors Ma Chao, Deng Haojie, and Supervisor Jiang Shanshan all state **no objection to the final 2021 Third Quarter Report disclosure**, agreeing to its release and guaranteeing its truthfulness, accuracy, and completeness[22](index=22&type=chunk)[23](index=23&type=chunk) [Quarterly Financial Statements](index=7&type=section&id=%E5%9B%9B%E3%80%81%E5%AD%A3%E5%BA%A6%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8) This section includes the consolidated balance sheet, income statement, and cash flow statement, along with explanations for financial statement adjustments and audit status [Consolidated Balance Sheet](index=7&type=section&id=1%E3%80%81%E5%90%88%E5%B9%B6%E8%B5%84%E4%BA%A7%E8%B4%9F%E5%80%BA%E8%A1%A8) As of September 30, 2021, total assets decreased by 19.89% from the prior year-end, mainly due to a significant reduction in cash and cash equivalents, while total liabilities also decreased, and owners' equity attributable to shareholders slightly increased Consolidated Balance Sheet Key Data | Item | September 30, 2021 (Yuan) | December 31, 2020 (Yuan) | Change Percentage | | :--- | :--- | :--- | :--- | | Total Assets | 2,296,043,073.22 | 2,866,155,954.23 | -19.89% | | Total Liabilities | 1,092,549,226.03 | 1,720,784,283.47 | -36.51% | | Total Owners' Equity | 1,203,493,847.19 | 1,145,371,670.76 | 5.07% | | Cash and Cash Equivalents | 74,906,093.55 | 647,757,421.43 | -88.44% | | Inventories | 421,192,918.31 | 319,946,102.86 | 31.64% | | Short-term Borrowings | 247,233,826.39 | 497,759,677.50 | -50.33% | [Consolidated Income Statement Year-to-Date](index=10&type=section&id=2%E3%80%81%E5%90%88%E5%B9%B6%E5%B9%B4%E5%88%9D%E5%88%B0%E6%8A%A5%E5%91%8A%E6%9C%AB%E5%88%A9%E6%B6%A6%E8%A1%A8) Year-to-date total operating revenue decreased by 8.78% year-over-year, but effective cost control, reduced financial expenses, increased investment income, and significantly lower asset impairment losses led to a turnaround in net profit, with net profit attributable to owners of the parent company reaching 47.83 million Yuan Consolidated Income Statement Key Data (Year-to-Date) | Item | Amount for Current Period (Yuan) | Amount for Prior Period (Yuan) | Change Percentage | | :--- | :--- | :--- | :--- | | Total Operating Revenue | 1,055,250,019.50 | 1,156,764,089.88 | -8.78% | | Operating Profit | 51,740,358.67 | -269,787,919.81 | 119.18% (Turned Profit) | | Net Profit | 56,933,559.80 | -277,799,550.86 | 120.57% (Turned Profit) | | Net Profit Attributable to Owners of Parent Company | 47,830,553.06 | -273,671,565.57 | 117.48% (Turned Profit) | | Financial Expenses | 11,148,252.26 | 25,090,420.27 | -55.57% | | Investment Income | 6,980,570.88 | -1,135,058.76 | 715.00% | | Asset Impairment Losses | -39,432,331.20 | -292,627,185.83 | -86.52% (Reduced Loss) | [Consolidated Cash Flow Statement Year-to-Date](index=12&type=section&id=3%E3%80%81%E5%90%88%E5%B9%B6%E5%B9%B4%E5%88%9D%E5%88%B0%E6%8A%A5%E5%91%8A%E6%9C%AB%E7%8E%B0%E9%87%91%E6%B5%81%E8%A1%A8) Year-to-date net cash flow from operating activities was negative and significantly decreased year-over-year; net cash flow from investing activities saw a substantial reduction in loss, driven by cash recovered from disposal of long-term assets and subsidiaries; net cash flow from financing activities remained negative, reflecting reduced credit and debt repayments Consolidated Cash Flow Statement Key Data (Year-to-Date) | Item | Amount for Current Period (Yuan) | Amount for Prior Period (Yuan) | Change Percentage | | :--- | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -265,612,910.13 | 80,376,256.57 | -430.46% | | Net Cash Flow from Investing Activities | -5,374,083.54 | -81,312,550.14 | 93.39% (Reduced Loss) | | Net Cash Flow from Financing Activities | -291,113,588.83 | -265,388,163.20 | -9.70% | | Net Increase in Cash and Cash Equivalents | -562,099,101.16 | -266,391,866.79 | -111.08% | - Net cash received from disposal of fixed assets, intangible assets, and other long-term assets was **6,687,284.93 Yuan**, a **929.11% significant increase** year-over-year[12](index=12&type=chunk)[33](index=33&type=chunk) - Net cash received from disposal of subsidiaries and other business units was **5,000,001.00 Yuan**, compared to 0 in the prior year period, mainly due to the transfer of 100% equity in Lianshuo Technology and Juneng Weiye during the reporting period[12](index=12&type=chunk)[33](index=33&type=chunk) [Financial Statement Adjustments and Audit Status](index=14&type=section&id=(%E4%BA%8C)%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E8%B0%83%E6%95%B4%E6%83%85%E5%86%B5%E8%AF%B4%E6%98%8E) The company adopted new leasing standards for the first time in 2021, which had no impact on the opening financial statements of the adoption year, and this quarterly report remains unaudited - The company first adopted new leasing standards in 2021, but it had **no impact** on the financial statements at the beginning of the current year, thus no adjustment to the opening balance sheet items was required[35](index=35&type=chunk) - The company's third-quarter report is **unaudited**[36](index=36&type=chunk)

[Section 1 Important Notice, Table of Contents, and Definitions](index=2&type=section&id=Section%201%20Important%20Notice%2C%20Table%20of%20Contents%2C%20and%20Definitions) This section provides essential preliminary information, the report's structure, and key definitions [Section 2 Company Profile and Key Financial Indicators](index=6&type=section&id=Section%202%20Company%20Profile%20and%20Key%20Financial%20Indicators) This section outlines the company's basic information and presents its key financial performance metrics [I. Company Profile](index=6&type=section&id=I.%20Company%20Profile) Xuzhou Helunzel Special Vehicle Co., Ltd. is a Shenzhen Stock Exchange-listed company specializing in special vehicles - Company basic information includes stock abbreviation 'Helunzel', code **300201**, listed on the Shenzhen Stock Exchange[16](index=16&type=chunk) [IV. Key Accounting Data and Financial Indicators](index=7&type=section&id=IV.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) In the first half of 2021, revenue decreased, but net profit attributable to shareholders turned profitable, while operating cash flow significantly declined Key Financial Indicators for H1 2021 | Indicator | Current Period | Prior Year Period | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue (RMB) | 629,804,576.75 | 697,117,384.04 | -9.66% | | Net Profit Attributable to Shareholders (RMB) | 23,896,174.30 | -17,625,635.89 | 235.58% | | Net Profit Attributable to Shareholders (Excluding Non-recurring Items) (RMB) | 11,098,620.39 | -21,432,470.24 | 151.78% | | Net Cash Flow from Operating Activities (RMB) | -310,626,700.42 | 3,800,197.59 | -8,273.96% | | Basic Earnings Per Share (RMB/share) | 0.0230 | -0.0169 | 236.09% | | Total Assets (RMB) | 2,302,570,868.10 | 2,866,155,954.23 (Prior Year End) | -19.66% (vs. Prior Year End) | | Net Assets Attributable to Shareholders (RMB) | 1,174,500,344.89 | 1,149,668,262.59 (Prior Year End) | 2.16% (vs. Prior Year End) | [VI. Non-recurring Gains and Losses and Amounts](index=7&type=section&id=VI.%20Non-recurring%20Gains%20and%20Losses%20and%20Amounts) Non-recurring gains and losses totaled **RMB 12.80 million** in the reporting period, primarily from government subsidies and asset disposal gains Non-recurring Gains and Losses for H1 2021 | Item | Amount (RMB) | | :--- | :--- | | Non-current Asset Disposal Gains/Losses | 3,825,367.26 | | Government Subsidies Recognized in Current Profit/Loss | 13,265,800.80 | | Total Other Items | -1,609,834.21 | | **Total After Tax and Minority Interest Impact** | **12,797,553.91** | [Section 3 Management Discussion and Analysis](index=9&type=section&id=Section%203%20Management%20Discussion%20and%20Analysis) This section provides an in-depth review of the company's operations, financial condition, and future outlook [I. Main Businesses Engaged by the Company During the Reporting Period](index=9&type=section&id=I.%20Main%20Businesses%20Engaged%20by%20the%20Company%20During%20the%20Reporting%20Period) The company focuses on high-end equipment manufacturing, including aerial work platforms, power emergency vehicles, military vehicles, and fire-fighting equipment - The company divested non-core businesses like LED and industrial automation to focus on main businesses such as aerial work platforms and military special vehicles, aiming to improve development quality[40](index=40&type=chunk) - The company closely follows the '14th Five-Year Plan' for military products, strengthening cooperation with military research institutions to expand into new military product areas[40](index=40&type=chunk) - The company actively expands its power emergency vehicle business, deeply cultivating the power market, and successfully delivered **17** high-silence energy storage power supply vehicles[40](index=40&type=chunk) [Main Businesses and Products](index=9&type=section&id=Main%20Businesses%20and%20Products) The company offers a diverse range of high-altitude work platforms, specialized power emergency vehicles, and advanced military and fire-fighting equipment - The company is a domestic supplier of aerial work platforms with a rich product structure, complete range, and high operating heights, covering **7-45 meters**[28](index=28&type=chunk) - Power emergency vehicles are customized system solutions for power customers, including mobile power supply vehicles and bypass live-line work vehicles, experiencing rapid development in recent years[28](index=28&type=chunk) - Military vehicle products are primarily used for biochemical emergency rescue and hazardous chemical accident emergency rescue; civilian fire-fighting products include fire-fighting robots and various fire trucks, with some products being domestic firsts[29](index=29&type=chunk)[34](index=34&type=chunk) [Business Model](index=11&type=section&id=Business%20Model) The company employs a hybrid production model, diverse sales channels, and an innovation-driven R&D approach to meet market demands - The company adopts a production model combining 'customized production' and 'forecasted batch production' to enhance efficiency[36](index=36&type=chunk) - Domestic sales primarily rely on direct sales and bidding, while international sales are mainly through agency sales, with a focus on key account marketing[37](index=37&type=chunk) - The R&D model is based on innovation, with differentiated design and customized development at its core to meet specific customer needs[37](index=37&type=chunk)[38](index=38&type=chunk) [Performance Drivers During the Reporting Period](index=13&type=section&id=Performance%20Drivers%20During%20the%20Reporting%20Period) Despite a revenue decline, the company achieved profitability through improved gross margins, stringent cost control, and strategic divestitures - Operating revenue for the reporting period was **RMB 630 million**, a **9.66% year-on-year decrease**; however, the comprehensive gross profit margin increased by **4.95% year-on-year**, adding **RMB 31.158 million** in gross profit[41](index=41&type=chunk) - Through strengthened cost control and the divestiture of some subsidiaries, sales, administrative, and financial expenses all significantly decreased, with financial expenses decreasing by **59.17% year-on-year**[41](index=41&type=chunk) - Net profit attributable to shareholders was **RMB 23.8962 million**, an increase of **RMB 41.5218 million year-on-year**, achieving a turnaround to profitability[41](index=41&type=chunk) [Industry Development Status](index=13&type=section&id=Industry%20Development%20Status) The aerial work platform, power emergency vehicle, and military/fire-fighting equipment sectors are experiencing growth driven by urbanization, infrastructure, and national defense needs - The aerial work platform industry benefits from urbanization and new infrastructure development, with market demand increasing annually and products trending towards lightweight, intelligent, and high-reach capabilities[42](index=42&type=chunk)[51](index=51&type=chunk) - Demand for power emergency vehicles continues to expand due to increased requirements for power supply reliability, evolving towards diversification, collaborative operations, and energy efficiency/environmental protection[44](index=44&type=chunk)[52](index=52&type=chunk) - The military and fire-fighting emergency equipment industry benefits from increased defense spending and national emphasis on emergency rescue, experiencing rapid demand growth and further localization[46](index=46&type=chunk)[55](index=55&type=chunk) [II. Analysis of Core Competencies](index=17&type=section&id=II.%20Analysis%20of%20Core%20Competencies) The company's core strengths lie in its strategic focus, professional management, strong customer relationships, and advanced R&D capabilities - Strategic Advantage: Focusing on high-end equipment industries such as military products and special vehicles, divesting non-core businesses, and concentrating resources to strengthen leading industries[58](index=58&type=chunk) - Customer and Service Advantage: Possessing high-quality clients like state-funded entities and implementing service-oriented manufacturing, providing full product lifecycle services, resulting in high customer loyalty[60](index=60&type=chunk)[61](index=61&type=chunk) - Technological Advantage: As of June 30, 2021, the company holds **268** valid authorized patents, including **55** invention patents, with a broad professional coverage in its R&D team[62](index=62&type=chunk) [III. Analysis of Main Business](index=17&type=section&id=III.%20Analysis%20of%20Main%20Business) Total operating revenue was **RMB 630 million**, a **9.66% year-on-year decrease**, with special vehicles comprising **89.99%** of total revenue, showing mixed performance across segments Operating Revenue by Product (Unit: RMB) | Product/Service | Operating Revenue | Gross Profit Margin | YoY Change in Operating Revenue | | :--- | :--- | :--- | :--- | | Aerial Work Platforms | 222,050,997.49 | 30.83% | 22.95% | | Power Supply Vehicles | 119,198,554.50 | 34.42% | -18.50% | | Military and Fire-fighting Vehicles | 209,616,985.95 | 21.83% | -13.29% | | Intelligent Control Power Supplies | 39,385,182.74 | 14.29% | 36.24% | | Automatic Integrated Control Systems | 12,521,878.31 | -2.62% | -51.32% | | **Total** | **629,804,576.75** | **27.45%** | **-9.66%** | - Special vehicle products (military, fire-fighting, aerial work platforms, power emergency vehicles) collectively generated **RMB 567 million** in operating revenue, accounting for **89.99%** of total revenue[70](index=70&type=chunk) [V. Analysis of Assets and Liabilities](index=22&type=section&id=V.%20Analysis%20of%20Assets%20and%20Liabilities) Total assets decreased by **19.66%** to **RMB 2.303 billion**, primarily due to a significant reduction in monetary funds and short-term borrowings Changes in Major Asset and Liability Items | Item | Period-end Amount (RMB) | Proportion of Total Assets | Period-start Amount (RMB) | Proportion of Total Assets | Proportion Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 90,367,767.87 | 3.92% | 647,757,421.43 | 22.60% | -18.68% | | Accounts Receivable | 586,088,306.94 | 25.45% | 603,226,846.33 | 21.05% | 4.40% | | Inventories | 393,800,139.77 | 17.10% | 319,946,102.86 | 11.16% | 5.94% | | Short-term Borrowings | 297,343,820.83 | 12.91% | 497,759,677.50 | 17.37% | -4.46% | - As of the end of the reporting period, the company had **RMB 366 million** in restricted assets, primarily including investment properties and construction in progress pledged for bank loans, as well as bill/guarantee deposits and monetary funds frozen due to litigation[74](index=74&type=chunk) [VII. Major Asset and Equity Disposals](index=24&type=section&id=VII.%20Major%20Asset%20and%20Equity%20Disposals) The company divested two wholly-owned subsidiaries, Shenzhen Juneng Weiye Technology Co., Ltd. and Shenzhen Lianshuo Automation Technology Co., Ltd., to streamline operations Major Equity Disposal Details | Equity Disposed | Transferee | Transaction Price (RMB 10k) | Disposal Date | Impact on the Company | | :--- | :--- | :--- | :--- | :--- | | 100% Equity of Shenzhen Juneng Weiye Technology Co., Ltd. | Xiao Dan, Hu Shengyang | 500 | 2021-05-18 | No longer included in consolidated financial statements, will not have a significant impact on the company's main business | | 100% Equity of Shenzhen Lianshuo Automation Technology Co., Ltd. | Wu Zeqin, Song Jun | 0.0001 (RMB 1) | 2021-06-08 | No longer included in consolidated financial statements, not expected to have a significant impact on the company's main business | [X. Risks Faced by the Company and Countermeasures](index=26&type=section&id=X.%20Risks%20Faced%20by%20the%20Company%20and%20Countermeasures) The company addresses risks from macroeconomic fluctuations, high accounts receivable, and talent shortages through strategic monitoring, optimized management, and talent development - Macroeconomic Environment Risk: International epidemics and global economic uncertainties may impact the company's operations; the company will respond by strengthening customer cooperation and continuous innovation[86](index=86&type=chunk)[87](index=87&type=chunk) - Accounts Receivable Risk: As of the end of the reporting period, accounts receivable balance was **RMB 586 million**, accounting for **25.45%** of total assets; the company will mitigate bad debt risk by optimizing sales strategies, evaluating customer credit, and intensifying collection efforts[87](index=87&type=chunk) - Talent Reserve Risk: The company's expansion and intensified industry competition create demand for high-caliber talent; the company will build its talent pipeline through a dual-driven strategy of internal cultivation and external recruitment[87](index=87&type=chunk)[88](index=88&type=chunk) [Section 4 Corporate Governance](index=28&type=section&id=Section%204%20Corporate%20Governance) This section details the company's governance structure, including changes in its board of directors, supervisors, and senior management [II. Changes in the Company's Directors, Supervisors, and Senior Management](index=28&type=section&id=II.%20Changes%20in%20the%20Company%27s%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) The company completed the re-election of its board and supervisory board, appointing new senior management, with Jin Shiwei re-elected as Chairman and Ma Chao as General Manager - On May 21, 2021, the company held its board re-election, with Jin Shiwei re-elected as Chairman and Ma Chao appointed as General Manager[93](index=93&type=chunk)[94](index=94&type=chunk) - Former directors Yin Yaping and Zhang Xiuwei, and former supervisors Guo Xiaofeng and Liu Bing, among others, left their positions due to the expiration of their terms[94](index=94&type=chunk) [Section 5 Environmental and Social Responsibility](index=30&type=section&id=Section%205%20Environmental%20and%20Social%20Responsibility) This section outlines the company's commitment to environmental protection and its active engagement in social responsibility initiatives [I. Major Environmental Protection Issues](index=30&type=section&id=I.%20Major%20Environmental%20Protection%20Issues) The company is not a key polluter and operates pollution control facilities to ensure compliance, having achieved ISO14001 environmental management system certification - The company and its subsidiaries are not classified as key polluting units and received no administrative penalties for environmental issues during the reporting period[98](index=98&type=chunk) [II. Social Responsibility](index=30&type=section&id=II.%20Social%20Responsibility) The company actively fulfills its social responsibilities by safeguarding stakeholder interests and contributing to public welfare, notably through emergency power support - The company's mobile power supply vehicles provided power assurance support for various celebrations of the 100th anniversary of the founding of the Communist Party of China[108](index=108&type=chunk) - During the July 2021 Henan heavy rainfall disaster, the company promptly dispatched emergency power generation vehicles for disaster relief, with over **50** Helunzel emergency power generation vehicles participating in flood control and power supply tasks[108](index=108&type=chunk) [Section 6 Significant Matters](index=33&type=section&id=Section%206%20Significant%20Matters) This section covers critical events including the response to a non-standard audit report, related party transactions, and other key corporate developments [VI. Explanation by the Board of Directors Regarding the Non-standard Audit Report from the Previous Year](index=33&type=section&id=VI.%20Explanation%20by%20the%20Board%20of%20Directors%20Regarding%20the%20Non-standard%20Audit%20Report%20from%20the%20Previous%20Year) The company addressed the qualified audit opinion on its 2020 annual report by divesting the problematic subsidiaries, Lianshuo Technology and Juneng Weiye - The company's 2020 annual report received a qualified opinion, primarily concerning financial data and goodwill impairment issues related to former subsidiaries Lianshuo Technology and Juneng Weiye[116](index=116&type=chunk)[117](index=117&type=chunk) - To resolve these issues, the company has divested **100%** equity of Lianshuo Technology and Juneng Weiye, and both companies are no longer included in the consolidated financial statements[118](index=118&type=chunk) [XI. Major Related Party Transactions](index=35&type=section&id=XI.%20Major%20Related%20Party%20Transactions) Related party transactions for daily operations totaled **RMB 0.9062 million**, remaining within the approved annual limits Related Party Transactions in Ordinary Course of Business | Related Party | Type of Related Party Transaction | Amount Incurred in Current Period (RMB 10k) | Approved Transaction Limit (RMB 10k) | | :--- | :--- | :--- | :--- | | Shanghai Weihong Automation Equipment Co., Ltd. | Purchase of Goods, Acceptance of Services | 5.81 | 42 | | Guangdong Xinyu Intelligent Equipment Co., Ltd. | Related Lease | 84.81 | 95 | | **Total** | **--** | **90.62** | **137** | [XIII. Explanation of Other Significant Matters](index=41&type=section&id=XIII.%20Explanation%20of%20Other%20Significant%20Matters) The company terminated a private placement, saw its controlling shareholder increase holdings, completed subsidiary divestitures and board re-elections, and addressed voting rights litigation - The company decided to terminate the private placement of A-shares on April 2, 2021[141](index=141&type=chunk) - Controlling shareholder Zhongtianze Group planned to increase its holdings by no less than **RMB 30 million**, and as of July 15, 2021, had cumulatively increased holdings by **RMB 56.11 million**[141](index=141&type=chunk) - The company completed the equity transfers of Juneng Weiye and Lianshuo Technology, and finalized the re-election of the new board of directors and supervisory board[142](index=142&type=chunk)[143](index=143&type=chunk) [Section 7 Share Changes and Shareholder Information](index=43&type=section&id=Section%207%20Share%20Changes%20and%20Shareholder%20Information) This section details changes in the company's share capital structure and provides an overview of its major shareholders [I. Share Change Status](index=43&type=section&id=I.%20Share%20Change%20Status) As of the reporting period end, the total share capital remained unchanged at **1,040,921,518 shares**, with a slight increase in restricted shares due to changes in directors, supervisors, and senior management Share Change Status (Unit: Share) | Category | Before This Change | After This Change | Proportion After Change | | :--- | :--- | :--- | :--- | | Restricted Shares | 94,634,315 | 94,973,071 | 9.12% | | Unrestricted Shares | 946,287,203 | 945,948,447 | 90.88% | | **Total Share Capital** | **1,040,921,518** | **1,040,921,518** | **100.00%** | [III. Number of Shareholders and Shareholding Status](index=45&type=section&id=III.%20Number%20of%20Shareholders%20and%20Shareholding%20Status) The company had **36,224** common shareholders, with Jiangsu Electromechanical Research Institute Co., Ltd. as the largest shareholder, part of a concerted action group Top Five Shareholders' Shareholding Status | Shareholder Name | Shareholding Proportion | Number of Shares Held (Shares) | | :--- | :--- | :--- | | Jiangsu Electromechanical Research Institute Co., Ltd. | 15.64% | 162,822,339 | | MEI TUNG(CHINA) LIMITED | 12.10% | 125,982,361 | | Zhongtianze Holding Group Co., Ltd. | 6.09% | 63,402,949 | | Yang Ya | 5.98% | 62,264,442 | | Ding Jianping | 4.34% | 45,221,322 | - Jiangsu Electromechanical Research Institute Co., Ltd., Ding Jianping, and Zhongtianze Holding Group Co., Ltd. are parties acting in concert; the Electromechanical Institute and Ding Jianping have entrusted all their voting rights to Zhongtianze[154](index=154&type=chunk) [Section 8 Preferred Shares Related Information](index=48&type=section&id=Section%208%20Preferred%20Shares%20Related%20Information) This section confirms the absence of preferred shares within the company during the reporting period [Preferred Shares](index=48&type=section&id=Preferred%20Shares) The company had no preferred shares during the reporting period - The company had no preferred shares during the reporting period[159](index=159&type=chunk) [Section 9 Bonds Related Information](index=49&type=section&id=Section%209%20Bonds%20Related%20Information) This section confirms the absence of any bond-related activities or instruments for the company during the reporting period [Bonds](index=49&type=section&id=Bonds) The company had no bond-related information during the reporting period - The company had no bond-related information during the reporting period[162](index=162&type=chunk) [Section 10 Financial Report](index=50&type=section&id=Section%2010%20Financial%20Report) This section presents the company's financial statements, including the balance sheet and income statement, for the reporting period [I. Audit Report](index=50&type=section&id=I.%20Audit%20Report) The company's semi-annual financial report for 2021 was unaudited - The company's semi-annual financial report was unaudited[164](index=164&type=chunk) [II. Financial Statements](index=50&type=section&id=II.%20Financial%20Statements) As of June 30, 2021, total assets were **RMB 2.303 billion**, total liabilities **RMB 1.124 billion**, and net assets attributable to shareholders **RMB 1.175 billion**, with H1 operating revenue of **RMB 630 million** and net profit of **RMB 23.90 million** Major Items of Consolidated Balance Sheet (Unit: RMB) | Item | June 30, 2021 | December 31, 2020 | | :--- | :--- | :--- | | Monetary Funds | 90,367,767.87 | 647,757,421.43 | | Accounts Receivable | 586,088,306.94 | 603,226,846.33 | | Inventories | 393,800,139.77 | 319,946,102.86 | | **Total Assets** | **2,302,570,868.10** | **2,866,155,954.23** | | Short-term Borrowings | 297,343,820.83 | 497,759,677.50 | | Accounts Payable | 524,954,804.71 | 724,646,761.83 | | **Total Liabilities** | **1,123,599,837.10** | **1,720,784,283.47** | | Total Equity Attributable to Parent Company Owners | 1,174,500,344.89 | 1,149,668,262.59 | Major Items of Consolidated Income Statement (Unit: RMB) | Item | H1 2021 | H1 2020 | | :--- | :--- | :--- | | Total Operating Revenue | 629,804,576.75 | 697,117,384.04 | | Total Operating Costs | 564,203,754.41 | 689,518,126.69 | | Total Profit | 31,449,248.96 | -11,017,501.75 | | Net Profit | 32,799,188.02 | -19,850,702.68 | | Net Profit Attributable to Parent Company Owners | 23,896,174.30 | -17,625,635.89 |