证券代码：300201 证券简称：*ST海伦 公告编号：2023-028 徐州海伦哲专用车辆股份有限公司 关于举行 2022 年度业绩网上说明会的通知 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 出席本次年度业绩说明会的人员有：公司董事长高鹏先生、副董事长兼总经 理尹亚平先生、独立董事格桑穷达先生、财务总监谷峰先生、董事会秘书张延波 先生。 为充分尊重投资者、提升交流的针对性，现就公司2022年度业绩网上说明会 提前向投资者公开征集问题，广泛听取投资者的意见和建议。投资者可于2023年 03月30日15:00前访问 http://ir.p5w.net/zj/，或扫描下方二维码进入问题征集 专题页面进行提问,公司将在2022年度业绩说明会上，对投资者普遍关注的问题进 行回答。在说明会交流期间，投资者仍可通过活动界面进行互动提问。欢迎广大 投资者积极参与！ 徐州海伦哲专用车辆股份有限公司（以下简称"公司"）《2022年年度报告》 全文及摘要已于2023年3月22日在巨潮资讯网（http://www.cninfo.com.cn）披露。 为便于广大投资者更深入全面 ...

Financial Performance - The company's operating revenue for 2022 was ¥1,024,176,930.34, a decrease of 38.52% compared to ¥1,665,924,040.40 in 2021[27]. - The net profit attributable to shareholders for 2022 was ¥72,730,122.34, down 44.34% from ¥130,666,046.35 in the previous year[27]. - Basic earnings per share decreased to ¥0.0699, down 44.30% from ¥0.1255 in 2021[27]. - The company achieved total revenue of 1.024 billion yuan and a net profit attributable to shareholders of 73 million yuan[72]. - The company reported a total revenue of 952.7 million in 2022, showing a significant increase compared to previous years[151]. - The net profit for 2022 was 243.8 million, reflecting a growth of 20% year-over-year[151]. - The company reported a total revenue of 4,978 million in 2022, showing a significant increase compared to the previous year[152]. - The company reported a total revenue of 1.2 billion yuan for the fiscal year 2022, representing a year-over-year increase of 15%[169]. - The company reported a significant reduction in financial expenses, down 52.31% to 5.77 million yuan, positively affecting total profit by 6.33 million yuan[81]. - The company reported a significant decline in sales volume for special vehicles, with a decrease of 42.03% from 1,875 units in 2021 to 1,087 units in 2022[96]. Cash Flow and Assets - The cash flow from operating activities showed a significant improvement, reaching ¥40,658,063.50, compared to a negative cash flow of ¥26,567,602.05 in 2021, marking a 253.04% increase[27]. - The company's cash and cash equivalents decreased by 43.07% to approximately 144.61 million yuan, primarily due to net repayment of bank loans[84]. - The company’s total cash and cash equivalents decreased by CNY 55,742,667.47, an improvement of 87.92% from a decrease of CNY 461,367,504.69 in 2021[111]. - The company reported a net cash flow from operating activities of CNY 40,658,063.50, a significant increase of 253.04% from a negative cash flow of CNY 26,567,602.05 in 2021[110]. - The total cash flow from investing activities was negative CNY 11,023,341.54, a decline of 123.71% compared to a negative cash flow of CNY 4,927,609.57 in 2021[110]. Market and Product Development - The company has established a stable market share in the aerial work vehicle sector, with products primarily used in electricity, municipal, leasing, and communication fields[38]. - The demand for electric emergency vehicles is expected to continue expanding due to increasing reliability requirements in power supply systems[39]. - The company is focusing on developing small, highly mobile, and intelligent products for power transmission and cable operations[40]. - The company is positioned as a comprehensive system provider with a wide range of products and complete solutions in the electric emergency vehicle sector[40]. - The company plans to develop new products, including a lightweight aerial work vehicle and an emergency drainage vehicle, to meet market demands and enhance market share[106]. - The company is exploring potential mergers and acquisitions to enhance its product offerings and market reach[151]. - The company is focusing on expanding its market presence and enhancing its product offerings through new technology development and strategic partnerships[161]. Research and Development - The company has actively engaged in the research and development of new technologies and products, aligning with national strategies for modernization and emergency response[42]. - The company maintains a strong focus on research and development, with over 100 R&D personnel and a well-established R&D management system[71]. - Research and development expenses for 2022 amounted to CNY 44,324,865.89, a decrease of 33.07% from CNY 66,230,578.33 in 2021, representing 4.33% of total revenue[108]. - The number of R&D personnel increased by 20.59% to 123 in 2022, representing 19.77% of the total workforce[107]. - The company is committed to independent R&D of core technologies and products in the specialized vehicle industry[130]. Governance and Compliance - The company held a total of 3 shareholder meetings in 2022, with the first temporary shareholder meeting on December 9, 2022, completing the election of the fifth board of directors and supervisors[144]. - The board of directors convened 9 meetings in 2022, with a new board established on December 9, 2022, ensuring compliance with operational rules[145]. - The company maintains independence in assets, personnel, finance, and operations, with no controlling shareholder or actual controller[147]. - The company has established a dedicated communication channel with investors, enhancing transparency and trust[145]. - The company is committed to transparency and has disclosed the changes in governance and management structure to its stakeholders[153]. Environmental and Social Responsibility - The company has implemented a sustainability initiative, aiming for a 30% reduction in carbon emissions by 2025[151]. - The company has established two sets of waste gas treatment facilities with a total processing capacity of 140,000 cubic meters per hour[195]. - The company received a fine of CNY 39,800 for failing to operate monitoring equipment as per pollution discharge permits, but it had no significant impact on operations[193]. - The company has been certified with ISO 14001 for its environmental management system since 2009 and continues to comply with environmental laws and regulations[198]. - The company has not conducted any targeted poverty alleviation work during the reporting year and has no subsequent plans[200].

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 |