张家港富瑞特种装备股份有限公司 来访人员会谈纪要 | --- | --- | --- | |--------------|-------|----------------------------------------------------| | | | | | 来访人员姓名 | | 金榜（华泰证券）、李方新（华泰证券）、潘贻立（国 | | 及工作单位 | | 金证券）、郭一凡（国金证券）、姬静远（国金证券）、 | | | | 卞晨晔（国金证券）、徐柏乔（海通证券）、相姜（海 | | | | 通证券）、于志浩（海通资管）肖之良（集元资产）、 | | | | 樊艳阳（民生证券）、张文斌（网信证券）、汤启（华 | | | | 夏基金）、张钊（广发基金）、崔宇（天风证券）、孟强 | | | | | | | | （中邮基金）、周家伊（中邮基金）、李中阳（易方 | | | | 达）、戴畅（平安证券）、刘屾（新沃基金）、娄湘虹 | | | | （华创证券）、胡焜（中信证券）、刘芷冰（中信证 | | | | 券）、左腾飞（中信证券）、唐光英（浙商证券）、王志 | | | | 琦（西南证券）、钱建江（国元证券）、杨绍辉（中 ...

Group 1: Company Product and Market Insights - The company has the manufacturing and operational capacity for liquefaction plants with a daily processing capability of up to 500,000 cubic meters of natural gas, focusing on small-scale, modular, and portable solutions [2] - The market potential for the company's 20,000 to 200,000 cubic meter liquefaction units is significant, driven by national energy security strategies and environmental policies [2] - The company adopts a flexible sales model, offering not only direct sales but also leasing, gas recovery processing services, and operational management to enhance revenue [2] Group 2: Heavy-Duty Truck Market Analysis - In 2020, the total sales of heavy-duty trucks in China were approximately 1.6 million units, with 1 million units sold in the first half of 2021, driven by the replacement of "National III" vehicles and the concentration of "National V" vehicle registrations [3] - The heavy-duty truck market is expected to gradually return to normal levels after a recent surge, influenced by the implementation of "National VI" emission standards [3] - The market share of diesel heavy-duty trucks is declining due to increased costs associated with exhaust treatment, while the share of clean energy vehicles, such as natural gas and fuel cell trucks, is expected to rise [3] Group 3: Future Development and Investment Strategy - The company aims to deepen its focus on the LNG equipment industry, expanding its market presence in areas such as onboard gas supply systems and small liquefaction plants [3] - The company is committed to enhancing its research and development in high-pressure direct injection technology for natural gas trucks and liquid hydrogen technology for fuel cell trucks [3] - The company has no plans for cross-industry investments, prioritizing its core business to ensure stable growth and responsible management for shareholders [3] Group 4: Financial Overview - The total bank credit limit for the company and its subsidiaries is approximately 1 billion yuan, with actual usage being minimal, primarily to support normal business operations [4]

Group 1: Company Overview - The company specializes in the manufacturing of equipment for the entire industrial chain of liquefied natural gas (LNG), including storage, transportation, and terminal applications [2] - Main products include LNG plants, refueling station equipment, cryogenic liquid transport vehicles, and various specialized energy equipment [2] Group 2: Business Performance - The company faced challenges in LNG vehicle bottle sales due to a significant increase in international natural gas prices, impacting domestic LNG vehicle promotion [3] - Despite the challenges, the company's diverse product structure, including LNG intelligent tanks and heavy equipment, has helped maintain stable overall business performance [3] - The market share of the company's LNG vehicle bottles remains above 20%, although sales have been affected by the downturn in LNG heavy truck sales [3] Group 3: Strategic Decisions - The company transferred its hydrogen energy subsidiary in 2018 due to the lack of profitability and the need for substantial funding for technology development, which was not feasible given the company's financial situation at that time [4] - The long-term strategy focuses on strengthening the LNG equipment manufacturing business while monitoring advancements in clean energy, including hydrogen applications [5] - The company is currently developing vehicle liquid hydrogen supply systems and related hydrogen valves, with projects progressing steadily [5]

Financial Performance - The company's revenue for Q3 2022 was ¥336,279,988.78, a decrease of 3.60% compared to the same period last year[4]. - Total operating revenue for Q3 2022 was CNY 1,090,881,106.72, a decrease of 9.43% compared to CNY 1,204,755,240.51 in Q3 2021[22]. - Net profit for Q3 2022 was a loss of CNY 95,507,773.22, compared to a profit of CNY 42,350,095.61 in Q3 2021, indicating a significant decline[23]. - The net profit attributable to shareholders was -¥60,811,521.16, representing a decline of 989.44% year-on-year[4]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was -¥47,603,725.27, a decrease of 3,265.07% compared to the previous year[4]. - The company reported a net loss attributable to the parent company of -99,340,695.33 CNY, compared to a profit of 38,244,511.77 CNY in the previous year[24]. - The company reported a total comprehensive loss of -94,838,733.36 CNY for the quarter, compared to a comprehensive income of 41,894,355.55 CNY in the previous year[24]. Assets and Liabilities - The total assets at the end of the reporting period were ¥3,927,259,528.64, an increase of 11.02% from the end of the previous year[4]. - The company's total assets increased to CNY 3,927,259,528.64 in Q3 2022 from CNY 3,537,581,997.40 in Q3 2021, representing a growth of 11.02%[20]. - The total liabilities increased to CNY 2,041,421,832.82 in Q3 2022 from CNY 1,572,901,594.66 in Q3 2021, reflecting a growth of 29.73%[20]. - The company's equity attributable to shareholders decreased to CNY 1,882,501,082.49 in Q3 2022 from CNY 1,964,322,211.67 in Q3 2021, a decline of 4.15%[20]. Cash Flow - The cash flow from operating activities was ¥188,099,812.39, down 34.22% from the same period last year[9]. - The net cash flow from operating activities was 188,099,812.39 CNY, down from 285,959,761.73 CNY in the same period last year, indicating a decline of about 34.2%[26]. - The company's cash flow from investing activities improved by 72.18%, resulting in a net outflow of -¥118,413,636.00, mainly due to the maturity of structured deposits[9]. - The net cash outflow from investment activities was -118,413,636.00 CNY, an improvement from -425,667,145.10 CNY in the same period last year[26]. - The net cash flow from financing activities was 9,183,807.65 CNY, down from 142,581,658.51 CNY in the previous year, indicating a decline of approximately 93.6%[26]. Shareholder Information - The total number of common shareholders at the end of the reporting period is 60,667[10]. - The largest shareholder, Huang Feng, holds 7.52% of the shares, totaling 43,280,000 shares[10]. - The company has a total of 32,510,625 restricted shares at the end of the reporting period[14]. - The total number of preferred shareholders is zero, indicating no preferred shares are currently issued[12]. - The company has not disclosed any related or concerted action relationships among the top shareholders[11]. - The top three shareholders hold a combined total of 11.17% of the shares[10]. Operational Highlights - The company experienced a 101.45% increase in notes payable, reaching ¥350,593,778.40, attributed to new bank notes issued during the period[8]. - The company reported a significant increase in prepayments, which rose by 272.14% to ¥220,571,650.23, mainly due to higher advance payments for raw material procurement[7]. - The company has established a joint venture, Sichuan Ruike New Energy Technology Service Co., Ltd., with a registered capital of 10 million yuan, in which the company holds 55%[16]. - The company aims to enhance its business scale in natural gas liquefaction and energy services through the new joint venture[16]. Inventory and Receivables - Accounts receivable rose to CNY 398,751,642.75 in Q3 2022, up from CNY 387,553,765.72 in Q3 2021, an increase of 3.08%[19]. - Inventory increased to CNY 918,632,692.44 in Q3 2022, compared to CNY 808,469,405.34 in Q3 2021, marking a rise of 13.63%[19]. Research and Development - The company reported a significant increase in research and development expenses, totaling CNY 46,474,205.83 in Q3 2022, compared to CNY 52,992,175.83 in Q3 2021, a decrease of 11.93%[23]. Financial Expenses - The financial expenses decreased by 90.50% to ¥2,321,057.21, primarily due to foreign exchange gains[8].

Financial Performance - The company's operating revenue for the first half of 2022 was ¥754,601,117.94, a decrease of 11.84% compared to ¥855,926,376.76 in the same period last year[24]. - The net profit attributable to shareholders of the listed company was -¥39,198,214.03, representing a decline of 223.02% from ¥31,863,216.10 in the previous year[24]. - The net cash flow from operating activities decreased by 42.15%, amounting to ¥133,296,479.92 compared to ¥230,419,809.57 in the same period last year[24]. - The basic earnings per share were -¥0.0681, a drop of 222.92% from ¥0.0554 in the previous year[24]. - The company reported a significant decline in net profit after deducting non-recurring gains and losses, which was -¥30,127,429.96 compared to ¥25,941,628.83 in the previous year, a decrease of 216.14%[24]. - The weighted average return on net assets was -2.01%, down from 1.86% in the previous year, reflecting a decrease of 3.87%[24]. - The company reported a net profit for the period of CNY -39.20 million, representing a year-on-year decline of 223.02%[50]. - The company reported a total revenue of 89.83 million yuan for the first half of 2022[126]. - The net profit for the first half of 2022 was a loss of CNY 36,329,669.92, compared to a profit of CNY 33,484,722.55 in the first half of 2021[187]. Assets and Liabilities - Total assets at the end of the reporting period were ¥3,714,184,756.40, an increase of 4.99% from ¥3,537,581,997.40 at the end of the previous year[24]. - The net assets attributable to shareholders of the listed company decreased by 1.46%, totaling ¥1,935,545,980.74 compared to ¥1,964,322,211.67 at the end of the previous year[24]. - Cash and cash equivalents decreased by 58.69% to CNY 56.77 million, primarily due to previous fundraising activities[50]. - The company's total liabilities increased to CNY 1,783,531,390.74 from CNY 1,572,901,594.66, reflecting a rise of about 13.36%[181]. - The company's total equity decreased to CNY 1,930,653,365.66 from CNY 1,964,680,402.74, reflecting a decline of about 1.73%[181]. Research and Development - The company reported a research and development investment of ¥31,530,019.22, accounting for 4.18% of its operating revenue[39]. - Research and development expenses amounted to CNY 31.53 million, a decrease of 5.82% compared to the previous year[50]. - The company is focusing on technological innovation, with ongoing R&D in hydrogen fuel cell systems and other advanced technologies[39]. - The company is focusing on the development of hydrogen fuel cell technology and related products as part of its strategic initiatives[73]. Market Challenges and Opportunities - The company faced significant challenges in market development and logistics due to local COVID-19 outbreaks, impacting order delivery and sales performance[37]. - The sales of the company's LNG vehicle-mounted gas supply systems significantly declined, negatively affecting overall business performance[37]. - The company is actively expanding its overseas market presence, with steady growth in orders for heavy equipment and LNG unloading equipment[37]. - The company aims to reverse the negative performance trend by exploring future business opportunities in natural gas applications and heavy-duty vehicles[38]. - The company faces risks from international geopolitical tensions, high commodity price volatility, and tight energy supply, impacting its overseas strategy and LNG vehicle gas supply system sales[97]. Investment and Financing - The company reported a significant increase in investment income of 28,123.66% due to the recognition of financial product returns[50]. - The total amount of funds raised by the company was approximately RMB 471.07 million, with a net amount of RMB 459.41 million after deducting issuance costs[69]. - The company plans to reduce the investment amount for the LNG high-pressure direct injection gas supply system project by CNY 40 million to enhance the efficiency of fund usage[49]. - The company has made substantial equity investments, including a new partnership in hydrogen fuel cell technology[64]. - The company has engaged in derivative investments, with a total initial investment amount of 47.1 million CNY in foreign exchange forward contracts[81]. Corporate Governance and Compliance - The company has not disclosed any issues regarding the use of raised funds, ensuring compliance with disclosure requirements[70]. - The company has committed to timely information disclosure in accordance with Shenzhen Stock Exchange regulations[82]. - The company has not reported any significant changes in the feasibility of the projects due to the adjustments made[78]. - The company has not encountered any major risks or significant changes in operations during the reporting period[146]. Shareholder Information - The company held five shareholder meetings during the reporting period, with investor participation rates ranging from 7.54% to 7.71%[104]. - The company plans not to distribute cash dividends or issue bonus shares for the semi-annual period[106]. - The total number of shares is 575,406,000, with 100% ownership by the shareholders[158]. - The company has a total of 60,782 shareholders at the end of the reporting period[161].

Financial Performance - The company's operating revenue for 2021 was ¥1,586,778,588.92, a decrease of 12.14% compared to ¥1,806,080,635.56 in 2020[22] - The net profit attributable to shareholders was ¥42,204,185.31, down 40.90% from ¥71,416,882.32 in the previous year[22] - The net profit after deducting non-recurring gains and losses was ¥8,393,316.72, a decline of 80.71% compared to ¥43,520,957.04 in 2020[22] - Basic earnings per share decreased by 46.67% to ¥0.08 from ¥0.15 in the previous year[22] - The total assets at the end of 2021 were ¥3,537,581,997.40, a slight decrease of 0.06% from ¥3,539,878,042.36 in 2020[22] - The net assets attributable to shareholders increased by 34.25% to ¥1,964,322,211.67 from ¥1,463,203,967.55 in 2020[22] - The company reported a significant increase in cash flow from operations, indicating improved liquidity and operational efficiency[22] - The company reported a gross margin of 19.26% in the specialized equipment manufacturing sector, down from the previous year[66] - The specialized equipment manufacturing segment contributed ¥1.52 billion, accounting for 95.56% of total revenue, with a year-on-year decline of 12.59%[64] - The LNG sales and operation services segment saw a significant increase of 310.71%, generating ¥235.63 million in revenue, up from ¥57.37 million in 2020[64] Cash Flow and Investments - The net cash flow from operating activities increased by 191.88% to ¥293,088,798.64 from ¥100,412,618.30 in 2020[22] - The company achieved a total cash inflow from operating activities of CNY 2,334,540,401.34, an increase of 84.20% year-on-year[80] - Investment activities resulted in a net cash outflow of CNY 422,544,057.56, a significant increase of 1,871.48% compared to the previous year[81] - The company successfully issued approximately 104 million new shares, raising about ¥471 million, with a net amount of approximately ¥459 million after expenses[61] - The company plans to utilize refinancing funds to expand the industrial scale of LNG ship loading and unloading arms, aiming to accelerate product updates and diversification[55] Research and Development - The company invested CNY 77,538,853.94 in R&D, accounting for 4.89% of its operating revenue, and holds 250 authorized patents, including 47 invention patents[44] - The company applied for 61 patents in 2021, with 22 being invention patents and 39 utility model patents, focusing on innovations in hydrogen fuel cell vehicle systems and LNG-related technologies[44] - The company is developing a liquid hydrogen supply system for fuel cell heavy trucks, currently in the sample testing phase, aiming for commercialization[75] - The company is also working on an automatic docking system for marine arms, which is currently in the development stage, aimed at improving operational efficiency and safety[75] - The company plans to enhance its product technology reserves through ongoing R&D projects, contributing to future market competitiveness[75] Market Position and Strategy - The company is focused on enhancing its market position and exploring new strategies for growth in the upcoming fiscal year[22] - The company aims to become a leading player in the LNG equipment sector by replacing imported products with domestically produced alternatives, enhancing its market competitiveness[56] - The company is actively exploring a new business model that integrates advanced manufacturing with modern service industries, particularly in the development of small LNG liquefaction plants in remote areas[36] - The company is focused on expanding its market presence in the natural gas production sector through its subsidiaries[112] - The company plans to focus on expanding its market presence in overseas tank containers and high-end low-temperature storage tanks[58] Challenges and Risks - LNG vehicle sales in 2021 decreased significantly to 5.93 million units, down 58% compared to 2020, reflecting challenges in the market[32] - The company’s LNG vehicle-mounted gas supply system faced unprecedented difficulties due to a significant decline in domestic LNG heavy truck sales, impacted by rising natural gas prices and inventory clearance of "National V" diesel vehicles[43] - The company faces risks from international market volatility, including geopolitical tensions and fluctuating commodity prices, which may impact its overseas strategies[123] - The ongoing COVID-19 pandemic continues to pose operational challenges, affecting production and logistics, which the company is actively managing[124] - The company is addressing the risk of raw material price fluctuations, particularly for stainless steel, by optimizing its supply chain and reducing material consumption[125] Governance and Compliance - The company has established a robust internal control system and governance structure to ensure compliance and protect shareholder rights[132] - The board of directors consists of 7 members, including 3 independent directors, ensuring a balanced decision-making process[134] - The company has a dedicated audit committee to oversee internal and external audits, enhancing financial oversight[138] - The company emphasizes transparent communication with investors through various channels, including investor calls and email[137] - The company has implemented strict internal controls and governance structures, ensuring compliance with relevant laws and regulations[190] Environmental Responsibility - Environmental management efforts include investments in pollution control facilities, achieving stable compliance in wastewater and waste gas emissions[194] - The company has established a comprehensive environmental monitoring plan, with third-party monitoring results meeting regulatory requirements[196] - The company is committed to promoting industry progress and actively responds to the national low-carbon economy initiative by investing significant resources in the research and development of energy-saving and environmentally friendly new products[198] - The company strictly adheres to environmental regulations and standards for effective comprehensive treatment of wastewater, waste gas, and solid waste, enhancing recycling efforts[198] - The company aims to achieve a balance between economic benefits and social responsibility, promoting coordinated development with society and the environment[198]

Financial Performance - The company's operating revenue for Q1 2022 was ¥272,268,723.15, a decrease of 32.15% compared to ¥401,258,023.43 in the same period last year[3]. - The net profit attributable to shareholders was -¥21,774,277.74, representing a decline of 317.55% from a profit of ¥10,008,986.99 in the previous year[3]. - The net profit for the first quarter was a loss of CNY 20,940,923.21, compared to a profit of CNY 10,078,491.77 in the same period last year[28]. - The company's weighted average return on equity was -1.11%, down from 0.59% in the previous year, indicating a decline in profitability[3]. - The basic and diluted earnings per share were both CNY -0.0378, compared to CNY 0.0174 in the previous year[28]. Cash Flow - The net cash flow from operating activities increased by 224.55% to ¥183,625,607.58, up from ¥56,578,471.13 in the same period last year[9]. - The cash inflow from operating activities amounted to CNY 446,825,207.57, an increase of 11.1% compared to CNY 401,946,229.43 in the previous period[30]. - The cash inflow from investment activities totaled CNY 304,388,108.83, compared to CNY 237,555.77 in the previous period[31]. - The net cash flow from investment activities was CNY 5,753,153.65, recovering from a negative CNY 41,819,758.81 in the previous year[31]. - The cash inflow from financing activities was CNY 170,269,105.70, down from CNY 654,259,599.21 in the previous period[31]. - The net cash flow from financing activities showed a decline to -CNY 48,863,091.29 from CNY 425,335,389.78 in the previous year[31]. - The total cash and cash equivalents at the end of the period were CNY 340,845,487.97, down from CNY 719,057,843.57 at the end of the previous period[31]. - The company received CNY 301,000,000.00 from the recovery of investments during the quarter[30]. - The cash paid for purchasing goods and services decreased to CNY 186,471,627.10 from CNY 257,526,411.87 in the previous period[30]. - The company reported a cash inflow of CNY 5,694,121.95 from tax refunds, slightly increasing from CNY 5,561,130.56 in the previous period[30]. Assets and Liabilities - The total assets at the end of the reporting period were ¥3,646,319,766.61, reflecting a 3.07% increase from ¥3,537,581,997.40 at the end of the previous year[3]. - The company's total assets increased to CNY 3,646,319,766.61 from CNY 3,537,581,997.40[24]. - Total liabilities rose to CNY 1,714,503,801.23, up from CNY 1,572,901,594.66[24]. - The equity attributable to shareholders of the parent company decreased to CNY 1,931,198,322.16 from CNY 1,964,322,211.67[24]. - The company reported a total current asset of CNY 2,430,160,270.80 at the end of the period, an increase from CNY 2,312,008,175.33 at the beginning of the year, representing a growth of approximately 5.1%[22]. Expenses and Investments - The company experienced a 48.72% reduction in selling expenses, which amounted to ¥6,542,854.95 compared to ¥12,759,542.63 in the previous year[8]. - The investment income increased by 227.30% to ¥1,014,581.63, attributed to the recognition of income from structured deposit financial products[8]. - The company reported a significant increase in research and development expenses, totaling CNY 14,301,479.14, compared to CNY 14,003,037.37 last year[27]. - The company reported a significant increase in construction in progress, which rose by 348.92% to ¥48,958,468.05 due to the relocation of liquefaction equipment[7]. - The company reported a 3695.28% increase in other operating expenses, totaling ¥1,085,688.86, primarily due to the write-off of fixed assets[8]. Strategic Initiatives - The company established a joint venture, Shanghai Furi Hydrogen New Energy Technology Co., Ltd., with a total investment of CNY 5,000,000, where the company holds a 51% stake[16]. - The company plans to use up to CNY 3.3 billion of idle funds for cash management, investing in safe and liquid financial products[18]. - The financial derivatives trading limit was increased from CNY 650 million to CNY 1.6 billion to manage foreign exchange risks more effectively[20]. - The company adjusted the grant price for its 2021 restricted stock incentive plan from CNY 4.53 per share to CNY 4.52 per share[17]. - The company is focusing on improving its financial performance and exploring new market opportunities[29].

Financial Performance - The company's operating revenue for 2021 was ¥1,586,778,588.92, a decrease of 12.14% compared to ¥1,806,080,635.56 in 2020[22] - The net profit attributable to shareholders for 2021 was ¥42,204,185.31, down 40.90% from ¥71,416,882.32 in 2020[22] - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥8,393,316.72, a decline of 80.71% from ¥43,520,957.04 in 2020[22] - The basic earnings per share for 2021 was ¥0.08, a decrease of 46.67% compared to ¥0.15 in 2020[22] - In 2021, the company achieved a revenue of CNY 158,677.86 million, a decrease of 12.14% year-on-year, and a net profit of CNY 4,220.42 million, down 40.90% year-on-year[51] Cash Flow and Assets - The net cash flow from operating activities increased by 191.88% to ¥293,088,798.64 from ¥100,412,618.30 in 2020[22] - The total assets at the end of 2021 were ¥3,537,581,997.40, a slight decrease of 0.06% from ¥3,539,878,042.36 at the end of 2020[22] - The net cash flow from operating activities for the year was CNY 293.09 million, with quarterly cash flows of CNY 56.58 million, CNY 173.84 million, CNY 55.54 million, and CNY 7.13 million[24] - The net cash flow from investment activities decreased significantly by 1,871.48% to -CNY 422,544,057.56, mainly due to investments in financial products[82] - The net cash flow from financing activities improved, with a net increase of CNY 189,299,915.00, a turnaround from a net outflow of -CNY 50,092,198.72 in the previous year[82] Market and Industry Trends - The LNG vehicle market faced challenges in 2021, with a 13.8% decline in heavy truck sales and a 58% drop in LNG heavy truck sales compared to 2020[32] - China imported 121.36 million tons of natural gas in 2021, a 19.9% increase year-on-year, making it the world's largest LNG importer[33] - The global energy investment in 2021 reached USD 1.9 trillion, indicating a recovery in the market and increased demand for heavy equipment[34] Research and Development - The company achieved a revenue of 77,538,853.94 yuan in R&D investment, accounting for 4.89% of total operating income, enhancing its technological barriers and market competitiveness[44] - The company holds a total of 250 authorized patents, including 47 invention patents, 199 utility model patents, and 1 design patent, with 61 new patent applications filed in 2021[44] - The company is actively developing new technologies and products, including LNG high-pressure direct injection vehicle-mounted gas supply systems and liquid hydrogen vehicle-mounted hydrogen supply systems, laying the foundation for future development in clean energy intelligent equipment[43] Business Strategy and Operations - The company is actively exploring a new business model that integrates advanced manufacturing with modern service industries, particularly in the development of small-scale LNG liquefaction plants in remote areas[36] - The company operates under a group management model, with specific business operations handled by its subsidiaries[38] - The company is focused on integrating equipment manufacturing and energy services, promoting liquefaction processing and sales of natural gas at remote wellheads[43] Risk Management - The company does not foresee any significant risks affecting its normal operations[5] - The company faces risks from market volatility, including geopolitical tensions and fluctuating commodity prices, which may impact its LNG vehicle gas supply system sales[121] - The ongoing COVID-19 pandemic continues to affect the company's operations, with potential disruptions in production and logistics[122] Corporate Governance - The company has established a strategic committee, a compensation and assessment committee, an audit committee, and a nomination committee, with independent directors leading three of these committees[131] - The company has maintained transparency in information disclosure, ensuring that all significant information is disclosed in a timely and accurate manner[134] - The internal audit department reports to the audit committee, ensuring effective communication between internal and external audits[135] Employee and Management - The total number of employees at the end of the reporting period was 1,680, with 1,626 from major subsidiaries and 54 from the parent company[167] - The company has implemented a training program aimed at enhancing employee skills and aligning with corporate development needs[169] - The company has a structured salary policy linking compensation to performance, with management positions on an annual salary system[168] Environmental Responsibility - The company has implemented strict environmental management practices, ensuring that all hazardous waste is handled in compliance with regulations, with no environmental pollution incidents reported during the reporting period[187] - The company has invested significantly in environmental protection facilities, achieving stable compliance in wastewater and waste gas emissions, and has completed all environmental impact assessments for construction projects[188] Future Outlook - The company plans to expand its market presence and enhance product development in the upcoming fiscal year[144] - The company aims to leverage the "dual carbon" strategic development opportunities to accelerate research and innovation, improve asset efficiency, and enhance profitability[113] - The company plans to enhance its overseas market development and implement a global marketing strategy, focusing on LNG equipment and services[114]

Financial Performance - The company's revenue for Q3 2021 was ¥348,828,863.75, a decrease of 14.80% compared to the same period last year[3] - The net profit attributable to shareholders was ¥6,837,035.73, down 76.50% year-on-year[3] - The net profit after deducting non-recurring gains and losses was ¥1,504,035.99, a decline of 90.76% compared to the previous year[3] - The total operating revenue for the period was CNY 1,204,755,240.51, a decrease of 5.49% compared to CNY 1,274,862,631.27 in the previous period[25] - The net profit for Q3 2021 was CNY 42,350,095.61, a decrease of 33.4% compared to CNY 63,694,022.28 in Q3 2020[26] - The company reported a total comprehensive income of CNY 41,894,355.55, down from CNY 63,153,975.60 in the previous year[27] - Basic and diluted earnings per share were both CNY 0.0673, compared to CNY 0.1279 in Q3 2020[27] - The total profit before tax was CNY 51,053,784.52, down from CNY 73,271,890.81 in the same quarter last year[26] Cash Flow and Assets - The operating cash flow net amount for the year-to-date was ¥285,959,761.73, an increase of 888.89%[10] - The net cash flow from operating activities was CNY 285,959,761.73, a significant improvement from a negative cash flow of CNY -36,248,362.30 in Q3 2020[30] - The cash and cash equivalents at the end of the period increased to CNY 298,137,092.49 from CNY 178,183,337.24 in the previous year[31] - The cash flow from investing activities was negative at CNY -425,667,145.10, worsening from CNY -7,897,423.49 in the previous year[30] - Total assets at the end of the reporting period were ¥3,616,912,245.66, reflecting a 2.18% increase from the end of the previous year[3] - The total liabilities decreased to CNY 1,649,904,379.04 from CNY 2,081,102,313.38 in the previous period[23] Shareholder Information - Total number of common shareholders at the end of the reporting period is 60,047[12] - The largest shareholder, Huang Feng, holds 7.52% of shares, totaling 43,280,000 shares[12] - The second largest shareholder, Li Xinghua, holds 3.84% of shares, totaling 22,075,055 shares[12] - The total number of restricted shares at the end of the period is 32,514,000[17] - The total number of shares held by the top 10 shareholders is 136,508,257[17] - The company has no preferred shareholders as indicated in the report[14] - The company has a high concentration of ownership with the top 5 shareholders holding over 19% of the total shares[12] - Huang Feng's restricted shares are subject to a 25% annual unlock schedule[15] - The company issued restricted shares to specific investors in 2020, with a total of 103,994,257 shares released from restrictions[17] Research and Development - Research and development expenses rose by 48.67% to ¥52,992,175.83, indicating increased investment in R&D[9] - The company’s R&D expenses for the period were CNY 52,992,175.83, an increase from CNY 35,644,694.61 in the previous period[25] Investment and Market Strategy - The company reported a significant increase in investment income of 144.49%, amounting to ¥1,348,419.16, due to gains from financial products[9] - The net cash flow from financing activities was ¥142,581,658.51, a 388.17% increase, attributed to funds raised from issuing shares[10] - The company plans to expand its market presence through strategic partnerships and investments in new technologies[19] - The company established a joint venture with Shandong Zhongjie Special Equipment Co., Ltd., with a registered capital of CNY 100 million, where it holds a 25% stake[19] Operational Costs and Inventory - The total operating costs amounted to CNY 1,173,639,881.76, down 2.93% from CNY 1,197,559,369.08 in the previous period[25] - The company's inventory as of September 30, 2021, was CNY 789,732,761.52, an increase from CNY 752,866,786.17 at the end of 2020[22] - The company experienced a 43.79% decrease in sales expenses, totaling ¥34,557,456.84, primarily due to reduced after-sales service costs[9] Other Financial Metrics - The company incurred a credit impairment loss of CNY 4,905,485.08, compared to a reversal of CNY -4,667,868.71 in Q3 2020[26] - The company experienced a foreign exchange gain of CNY 23,985,138.23, compared to CNY 21,216,848.62 in Q3 2020[31]

Financial Performance - The company's operating revenue for the first half of 2021 was CNY 855,926,376.76, a decrease of 1.10% compared to CNY 865,438,427.27 in the same period last year[22]. - The net profit attributable to shareholders of the listed company was CNY 31,863,216.10, an increase of 2.05% from CNY 31,223,608.93 year-on-year[22]. - The net profit after deducting non-recurring gains and losses was CNY 25,941,628.83, representing a significant increase of 19.45% compared to CNY 21,716,778.16 in the previous year[22]. - The net cash flow from operating activities surged to CNY 230,419,809.57, a remarkable increase of 6,533.53% from CNY 3,473,561.27 in the same period last year[22]. - Basic earnings per share decreased by 16.31% to CNY 0.0554 from CNY 0.0662 in the same period last year[22]. - Diluted earnings per share also fell by 15.81% to CNY 0.0554 from CNY 0.0658 year-on-year[22]. - The weighted average return on net assets was 1.86%, down from 2.18% in the previous year[22]. - The company achieved operating revenue of 855.93 million yuan, a year-on-year decrease of 1.10%, while net profit reached 31.86 million yuan, an increase of 2.05%[48]. - Revenue for the reporting period was CNY 855.93 million, a decrease of 1.10% compared to CNY 865.44 million in the same period last year[54]. Assets and Liabilities - Total assets at the end of the reporting period reached CNY 3,790,144,569.33, reflecting a growth of 7.07% from CNY 3,539,878,042.36 at the end of the previous year[22]. - The net assets attributable to shareholders of the listed company increased by 33.37% to CNY 1,951,519,599.34 from CNY 1,463,203,967.55 at the end of the previous year[22]. - The company’s long-term equity investments decreased slightly by 0.20% to CNY 73.10 million, indicating stable investment performance[64]. - The company reported a financial liability of RMB 236.77 million as of the end of the reporting period[68]. - The company has pledged assets totaling RMB 933.76 million, including real estate valued at RMB 499.50 million and land use rights valued at RMB 153.13 million[69]. - The total amount of raised funds utilized during the reporting period was RMB 44.88 million, with the cumulative amount also at RMB 44.88 million[76]. - The company has a total guarantee amount of RMB 106,634.19 million approved by the end of the reporting period, with an actual guarantee balance of RMB 68,060.87 million, representing 34.88% of the company's net assets[145]. Research and Development - R&D investment amounted to 33,478,719.93 yuan, accounting for 3.91% of operating revenue, with a total of 268 authorized patents, including 46 invention patents[42]. - Research and development investment increased by 56.56% to CNY 33.48 million, reflecting the company's commitment to technological innovation[56]. - The company is actively developing new technologies, including LNG high-pressure direct injection systems and liquid hydrogen vehicle hydrogen supply systems, to enhance market competitiveness[51]. - The company is committed to innovation and has filed multiple patents for new products, including low-temperature storage tanks and high-pressure valves[42]. Market and Product Development - The company specializes in the manufacturing of LNG application equipment, heavy equipment, LNG loading and unloading equipment, and provides comprehensive technical solutions across the entire LNG industry chain[30]. - The LNG vehicle gas supply system covers over 30 types of gas cylinder specifications, establishing a leading advantage in the LNG vehicle bottle sector[36]. - The company successfully secured an order for 400 intelligent tank containers from an Indonesian client, marking the start of mass production for this product line[37]. - The heavy equipment subsidiary has gained recognition from Fortune 500 companies and has become a global strategic qualified supplier for major oil and gas firms[38]. - The company aims to enhance its LNG loading and unloading equipment product line, focusing on large-diameter LNG ship loading arms and increasing the level of product intelligence[40]. - The implementation of the "National VI" emission standards is expected to increase the market share of LNG heavy trucks, driving demand for related equipment[41]. - The company is committed to innovation and expanding its market share while focusing on core equipment and exploring overseas markets[41]. - The company anticipates that the LNG heavy truck and vehicle-mounted gas cylinder market will gradually return to normal levels following the full implementation of the "National VI" standards, which will provide greater development potential[99]. Financial Management - The company successfully raised approximately CNY 4.71 billion through a private placement of about 104 million new shares, enhancing its financial strength and reducing the debt-to-asset ratio[53]. - The company has established a financial derivatives trading management system to mitigate risks associated with foreign exchange fluctuations[87]. - The company emphasizes risk control measures, including careful selection of trading partners and regular audits of trading processes[86]. - The company has not engaged in any entrusted loans during the reporting period, reflecting a conservative financial strategy[88]. - The financial derivatives trading is primarily aimed at hedging against currency risk rather than speculative profit[87]. - The company plans to continue monitoring market conditions closely to adjust its risk management strategies as needed[86]. Corporate Governance and Compliance - The company has established a governance structure to protect shareholder rights and ensure effective decision-making processes[117]. - The company provides comprehensive social insurance and benefits to employees, fostering a harmonious labor relationship[119]. - The company has not received any administrative penalties for environmental issues during the reporting period and adheres to strict environmental regulations[116]. - The company actively promotes sustainable development by investing in energy-saving and environmentally friendly product research and development[119]. - The company did not experience any bankruptcy reorganization matters during the reporting period[127]. - There were no significant litigation or arbitration matters reported[128]. - The company reported no penalties or rectification situations during the reporting period[129]. Shareholder and Stock Information - The company completed the issuance of A-shares on March 29, 2021, with a six-month lock-up period for all issued shares[151]. - The total number of ordinary shareholders at the end of the reporting period was 39,968[171]. - Major shareholder Huang Feng holds 7.52% of the shares, totaling 43,280,000 shares[171]. - The company’s stock issuance was part of a strategy to enhance capital and support future growth initiatives[168]. - The total number of shares held by the top ten shareholders reflects a concentration of ownership, with significant stakes held by individual investors[171].