国元证券股份有限公司 关于润泽智算科技集团股份有限公司 向特定对象发行股票解除限售上市流通的核查意见 国元证券股份有限公司（以下简称"国元证券"或"本独立财务顾问"）作 为润泽智算科技集团股份有限公司（以下简称"润泽科技"、"上市公司"或"公 司"）本次重大资产置换、发行股份购买资产并募集配套资金暨关联交易的独立 财务顾问及持续督导机构，根据《上市公司重大资产重组管理办法（2023 年修 订）》《深圳证券交易所创业板股票上市规则（2023 年修订）》《深圳证券交易所上 市公司自律监管指引第 2 号——创业板上市公司规范运作》等相关法律、法规及 规范性文件的规定，对润泽科技向特定对象发行股票解除限售上市流通事项进行 了审慎核查，核查情况及核查意见如下： 一、向特定对象发行股票情况 （一）向特定对象发行股票概况 2022 年 6 月 2 日，公司收到中国证券监督管理委员会（以下简称"中国证 监会"）于 2022 年 5 月 27 日出具的《关于同意上海普丽盛包装股份有限公司1重 大资产置换及向京津冀润泽（廊坊）数字信息有限公司等发行股份购买资产并募 集配套资金注册的批复》（证监许可〔2022〕1100 号）。中国 ...

证券代码：300442 证券简称：润泽科技 公告编号：2023-042 润泽智算科技集团股份有限公司 关于募集配套资金向特定对象发行股票之 1 限售股解禁上市流通的提示性公告 本公司及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。 特别提示： 1、本次解除限售股份为润泽智算科技集团股份有限公司（简称"公司"） 向特定对象发行的股份，本次解除限售股份数量为 240,204,426 股，占公司当前 总股本的 13.9901%； 2、本次解除限售股份上市流通日期为 2023 年 8 月 16 日（星期三）。 一、向特定对象发行股票情况 （一）向特定对象发行股票概况 2022 年 6 月 2 日，公司收到中国证券监督管理委员会（简称"中国证监会"） 于 2022 年 5 月 27 日出具的《关于同意上海普丽盛包装股份有限公司1重大资产 置换及向京津冀润泽（廊坊）数字信息有限公司等发行股份购买资产并募集配套 资金注册的批复》（证监许可〔2022〕1100 号）。中国证监会同意公司以资产置 换、发行股份的方式购买润泽科技发展有限公司 100%股权并募集配套资金暨关 联交易事项的注 ...

Financial Performance - In 2022, the company achieved a revenue of 2.715 billion CNY, representing a year-on-year growth of 32.61% [3] - The net profit attributable to shareholders reached 1.198 billion CNY, with a year-on-year increase of 65.98% [3] - As of the end of 2022, total assets amounted to 16.008 billion CNY, reflecting a growth of 48.67% [3] Business Development - The company successfully completed its restructuring and went public, raising 4.7 billion CNY for business expansion [3] - The construction of approximately 70,000 cabinets in the Langfang A area was completed, with full operational delivery expected this year [3] - The company is advancing the construction of data centers in key economic regions, including the Yangtze River Delta and the Guangdong-Hong Kong-Macao Greater Bay Area [3] Strategic Advantages - The company has established a nationwide layout with 56 data centers and 290,000 cabinets across five major regions [3] - It has a competitive edge in the industry due to its early investment in core resources and strategic locations [3] - The "self-investment, self-construction, self-holding, and self-operation" model enhances stability and reliability for large clients [4] Industry Trends - The demand for high-density computing and liquid cooling technology is increasing, driven by advancements in AI and cloud computing [5] - The company is actively exploring low-carbon innovations and aims to establish green computing centers [5] - The market for intelligent computing centers is expected to grow significantly, with a projected compound annual growth rate of 52.3% from 2021 to 2026 [12] Operational Efficiency - The company maintains a high gross profit margin, attributed to its strategic location and operational efficiencies [8] - The average utilization rate of mature data centers exceeds 90% [14] - The company has a self-maintained operations team of approximately 800 personnel, ensuring high service quality [6] Future Outlook - The company plans to enhance its service capabilities by developing intelligent computing resource pools for small and medium-sized clients [10] - It aims to rapidly evolve into integrated computing centers, combining data centers, intelligent computing centers, and supercomputing centers [12] - The company is committed to maintaining a strong cash flow and achieving its performance commitments for 2023 [14]

Financial Performance - The company's revenue for Q1 2023 was ¥808,499,284.48, representing a 31.53% increase compared to ¥614,674,948.25 in the same period last year[4] - Net profit attributable to shareholders for Q1 2023 was ¥329,756,259.04, a 52.73% increase from ¥215,911,349.20 in Q1 2022[4] - The basic earnings per share increased by 20.00% to ¥0.36 from ¥0.30 year-on-year[4] - Total operating revenue for Q1 2023 reached ¥808,499,284.48, an increase of 31.6% compared to ¥614,674,948.25 in the same period last year[25] - Net profit for Q1 2023 was ¥330,015,632.82, representing a 53.1% increase from ¥215,713,969.53 in Q1 2022[26] - The total comprehensive income for Q1 2023 was ¥330,015,632.82, up from ¥215,713,969.53 in Q1 2022, reflecting a growth of 53.0%[27] - Basic and diluted earnings per share for Q1 2023 were both ¥0.36, compared to ¥0.30 in Q1 2022, representing a 20% increase[27] Assets and Liabilities - Total assets as of March 31, 2023, reached ¥20,943,431,701.46, a 30.83% increase from ¥16,008,449,352.33 at the end of the previous year[4] - Total assets as of the end of Q1 2023 were ¥20,943,431,701.46, compared to ¥16,008,449,352.33 at the beginning of the year, reflecting a growth of 30.1%[23] - Total liabilities increased to ¥13,164,224,390.49 from ¥13,044,878,941.29, a rise of 0.9%[23] - Long-term borrowings rose to ¥8,418,529,440.00 from ¥8,117,029,440.00, an increase of 3.7%[23] Cash Flow - Cash flow from operating activities decreased by 23.23% to ¥257,679,497.66 compared to ¥335,650,586.98 in the previous year[4] - Cash inflows from operating activities totaled ¥663,106,654.78, compared to ¥558,420,251.57 in the previous year, marking an increase of 18.7%[30] - The net cash flow from operating activities was ¥257,679,497.66, down from ¥335,650,586.98 in the same period last year, a decrease of 23.2%[30] - The net cash flow from investing activities was -¥2,318,191,724.57, compared to -¥1,462,001,654.84 in Q1 2022, indicating an increase in cash outflow for investments[30] - The net cash flow from financing activities was ¥4,706,412,979.85, up from ¥3,451,373,392.26 in the previous year, reflecting a growth of 36.4%[30] - The cash and cash equivalents at the end of Q1 2023 amounted to ¥4,041,682,366.13, significantly up from ¥1,395,781,613.19 at the beginning of the year[22] - The cash and cash equivalents at the end of Q1 2023 amounted to ¥4,007,353,023.45, an increase from ¥3,424,156,165.12 at the end of Q1 2022, representing a growth of 16.9%[31] Shareholder Structure - The company reported a total of 584,695,846 shares held by its largest shareholder, 京津冀润泽 (Langfang) Digital Information Co., Ltd.[16] - The top 10 unrestricted shareholders collectively hold 1,704,204 shares of the People's Bank of China - Taida Hongli Transformation Opportunity Stock Fund[15] - The company has a total of 25,735,044 shares held by 合肥弘博润泽 Equity Investment Partnership (Limited Partnership)[16] - 平安资本 Limited Liability Company holds 20,584,741 shares, representing 2.16% of the total shares[16] - 启鹭 (Xiamen) Equity Investment Partnership (Limited Partnership) holds 15,438,555 shares, accounting for 1.62% of the total shares[16] - The company has a total of 13,894,700 shares held by 平安鼎创 Equity Investment Management (Shanghai) Co., Ltd.[16] - The total number of shares held by 上海炜贯 Investment Partnership (Limited Partnership) is 11,836,225[16] - The company has 9,325,917 shares held by 共青城润湘 Investment Partnership (Limited Partnership)[16] - The total number of shares held by individual shareholder 魏巍 is 8,517,887, representing 0.89% of the total shares[16] - The company has a total of 1,172,100 shares held by the National Social Security Fund 416 Portfolio[15] Capital and Fundraising - The company completed a capital increase of ¥4.7 billion, significantly boosting its capital reserve by 352.31% to ¥5,625,142,071.14[9] - The company issued a total of 133,446,905 new shares for fundraising, increasing the total share capital to 953,867,583 shares[20] - The company plans to release restricted shares for several shareholders, including 27,795,000 shares for Xinjiang Dayong Minsheng Investment Partnership by August 2025[18] - The company has several new share issuances planned for August 2023, including 10,119,250 shares for Nord Fund Management Co., Ltd.[19] - The company has committed to significant asset restructuring, with shares locked for various stakeholders until August 2025[18] - The company has engaged multiple investment management firms for fundraising, including a total of 8,517,887 shares for Wei Wei[19] - The company has a strategic focus on expanding its shareholder base through fundraising efforts, with multiple new share issuances scheduled for August 2023[19] - The company has not reported any changes in restricted shares during the first quarter of 2023[19] - The company is actively managing its shareholder structure to support future growth and investment strategies[20] - The company has received confirmation from the China Securities Depository and Clearing Corporation regarding the acceptance of its share issuance for fundraising[20] Research and Development - Research and development expenses rose by 35.79% to ¥30,143,791.90, reflecting increased investment in innovation[10] - Research and development expenses for Q1 2023 were ¥30,143,791.90, up from ¥22,199,519.34 in Q1 2022, marking a growth of 35.9%[26] Accounts Receivable - The company experienced a 75.72% increase in accounts receivable, totaling ¥659,118,486.10, primarily due to delayed customer payments[8] - Accounts receivable increased to ¥659,118,486.10 from ¥375,099,485.56, indicating a growth of 75.5%[22]

Financial Performance - The company's revenue for 2022 reached ¥2,714,740,688.79, representing a 32.61% increase compared to ¥2,047,187,400.62 in 2021[20]. - Net profit attributable to shareholders was ¥1,198,254,367.29, a 65.98% increase from ¥721,948,191.12 in the previous year[20]. - Basic earnings per share increased to ¥1.57, a 57.00% rise from ¥1.00 in 2021[20]. - The company's total revenue for Q4 2022 reached ¥725,292,158.22, showing a year-over-year increase of approximately 18% compared to Q4 2021[22]. - Net profit attributable to shareholders for Q4 2022 was ¥377,648,871.67, representing a year-over-year growth of about 25%[22]. - The company reported a non-recurring profit of ¥60,321,183.60 for 2022, compared to ¥10,592,571.73 in 2021, indicating a substantial increase[26]. - The company achieved a net profit of 1,864.02 million yuan for the period from 2021 to 2022, exceeding the performance commitment by 154.12 million yuan[122]. Cash Flow and Investments - The net cash flow from operating activities was ¥1,788,146,955.98, up 40.66% from ¥1,271,225,794.30 in 2021[20]. - Operating cash inflow totaled ¥3,131,523,746.94, a 36.46% increase compared to ¥2,294,759,577.03 in 2021[92]. - The company accelerated its national data center construction, leading to a 366.00% increase in net cash flow from investment activities, totaling -¥4,958,014,489.54[92]. - Total financing cash inflow surged by 219.19% to ¥7,444,930,000.00, reflecting increased financing for data center investments[92]. Assets and Liabilities - Total assets at the end of 2022 amounted to ¥16,008,449,352.33, reflecting a 48.67% increase from ¥10,768,026,255.70 in 2021[20]. - Fixed assets increased to ¥6,057,040,292.82, accounting for 37.84% of total assets, down from 47.34% in the previous year[95]. - The proportion of long-term borrowings rose to 50.70% of total liabilities, up from 45.60% in 2021, indicating expanded financing for data center projects[95]. Market and Growth Strategy - The company is focusing on expanding its market presence and enhancing its technological capabilities in cloud computing and AI[19]. - Future guidance indicates continued growth in revenue and profitability, driven by increased demand for data center services[19]. - The company plans to expand its market presence in first-tier cities, where data center resources are becoming increasingly scarce[36]. - The company is positioned to leverage the growth of the digital economy and aims to evolve into integrated computing centers, including intelligent and supercomputing centers[118]. Research and Development - Research and development expenses rose by 47.08% to ¥96,802,519.34, driven by increased investment in R&D activities[86]. - The company’s R&D investment amounted to ¥96,802,519.34 in 2022, representing 3.57% of operating revenue, an increase from 3.21% in 2021[89]. - The number of R&D personnel increased by 13.75% to 182 in 2022, with a significant rise in the number of bachelor's degree holders by 109.68%[89]. Operational Efficiency and Technology - The company is focusing on upgrading low-power cabinets and accelerating the application of high-density and liquid-cooled cabinets to enhance its evolution capabilities[62]. - The company has developed and implemented a "smart low-carbon cooling system" for data centers, which has successfully completed trial operations[61]. - The company is enhancing its service offerings with integrated intelligent solutions for clients, focusing on security and operational efficiency[87]. - The company is committed to exploring energy-saving optimizations in infrastructure to align with carbon neutrality goals[88]. Corporate Governance and Management - The company held its annual shareholder meeting with a participation rate of 34.13% on May 25, 2022[145]. - The company experienced a significant turnover in its board members, with multiple resignations due to major asset restructuring, including the resignation of three directors on August 7, 2022[149]. - The company has a diverse board composition, including independent directors, which is crucial for governance and oversight[148]. - The company has implemented a performance management system to align employee compensation with company performance, ensuring a positive incentive mechanism for mutual development[174]. Environmental and Social Responsibility - The company is focusing on green data centers and energy efficiency, with new regulations requiring data centers to achieve a power usage effectiveness (PUE) of no more than 1.3 by 2025[34]. - The company has completed green electricity transactions totaling over 300 million kilowatt-hours during the reporting period[67]. - The company has engaged in social responsibility initiatives, including educational support and environmental protection activities in rural areas[193]. Shareholder Commitments and Restructuring - The controlling shareholder committed to not transferring shares obtained through the restructuring for 36 months from the issuance date[197]. - The company is currently fulfilling all commitments related to the asset restructuring[197]. - The restructuring process is currently being executed as planned, with normal compliance observed[198].

本公司及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。 润泽智算科技集团股份有限公司（简称"公司"）的《2022 年年度报告》 及其摘要已于 2023 年 4 月 21 日在中国证监会指定的创业板信息披露网站巨潮资 讯网（http://www.cninfo.com.cn）披露，为了让广大投资者更全面深入地了解公 司的经营业绩、发展战略等情况，进一步加强公司与投资者的沟通互动，公司拟 于 2023 年 4 月 28 日（星期五）15:00—16:00 通过远程网络直播的方式召开 2022 年度业绩说明会（简称"本次说明会"）。现就相关事宜公告如下： 一、会议时间、地点和方式 证券代码：300442 证券简称：润泽科技 公告编号：2023-027 润泽智算科技集团股份有限公司 关于举行 2022 年度业绩说明会的公告 1、时间：2023 年 4 月 28 日（星期五）下午 15:00—16:00 2、会议召开方式：网络视频直播+电话会议 3、远程网络及电话参与方式： （1）全景网"全景路演" 投 资 者 可 登 录 全 景 网 " 润 泽 科 技 2022 年 度 业 绩 ...

Asset Restructuring and Acquisitions - The company completed a major asset restructuring involving the exchange of assets and the issuance of shares to acquire 100% of Runze Technology, with a total fundraising amount not exceeding CNY 4.7 billion[5]. - The company received approval from the Shenzhen Stock Exchange for its major asset restructuring on April 28, 2022[5]. - The company completed a major asset swap and issued shares to acquire 100% of Runze Technology Development Co., Ltd. during the reporting period[20]. - The company proposed a major asset swap and issuance of shares to acquire 100% equity of Runze Technology, which constitutes a related party transaction[94]. - The company is in the process of implementing a major asset restructuring, which includes the acquisition of Runze Technology and the divestment of COMAN[100]. - The company received approval from the China Securities Regulatory Commission for a major asset swap and issuance of shares to acquire assets, with the approval dated May 27, 2022[155]. - The company completed the audit and evaluation work for the major asset restructuring on December 24, 2021, and submitted relevant documents to the Shenzhen Stock Exchange on December 27, 2021[98]. - The company announced the listing of new shares related to the major asset replacement and fundraising on August 8, 2022[99]. Financial Performance - The company's operating revenue for the reporting period was ¥196,328,768.04, a decrease of 49.52% compared to the same period last year[15]. - The net profit attributable to shareholders was -¥21,126,201.49, representing a decline of 482.36% year-over-year[15]. - The net profit after deducting non-recurring gains and losses was -¥31,523,973.69, a decrease of 693.28% compared to the previous year[15]. - The company's operating revenue fell by 45.10% year-on-year, with an operating loss of 4.07 million yuan and a net loss of 4.09 million yuan[53]. - The company reported a net profit of -14.28 million yuan for 2019, failing to meet the performance commitment of 12 million yuan, resulting in a compensation obligation of 23.89 million yuan[82]. - The company reported a net profit of -33.70 million yuan for 2020, which did not meet the performance commitment of 14 million yuan, leading to a required compensation of 43.36 million yuan[82]. - The company reported a significant litigation amount of RMB 633.87 million related to a retrial of performance compensation for 2018, with no provision for liabilities formed[86]. Share Capital and Dividends - The company plans to issue 720,420,678 new shares, increasing the total share capital to 820,420,678 shares after the completion of the transaction[6]. - The company will not distribute cash dividends, issue bonus shares, or increase share capital from reserves for the reporting period[6]. - The company has not declared any cash dividends or stock bonuses for the reporting period, indicating a focus on reinvestment[69]. - The company aims to strengthen its profit distribution policy, particularly focusing on cash dividends, prioritizing cash dividends over stock dividends[76]. - The company has outlined a three-year dividend return plan post-listing to further implement its profit distribution system[76]. Risk Management - The company’s management has outlined potential risks and corresponding measures in the report, emphasizing the importance of risk awareness for investors[3]. - The company faces risks from national energy-saving policy changes, which may impact data center operations and compliance[54]. - The company anticipates intensified competition in the third-party data center service market, which may affect market share and profit margins[57]. - The company faces risks related to the demand for data center services not meeting expectations, which could lead to delays in cabinet delivery and lower utilization rates[59]. - The company has implemented measures to ensure stable power supply, including using diesel generators, but this could increase operational costs if power supply issues arise[62]. Research and Development - Research and development expenses increased by 60.56% to ¥23,181,319.34, driven by increased investment in R&D projects during the reporting period[36]. - The company has over 100 technical research and development personnel and holds more than 100 patents, indicating strong innovation capabilities[35]. - The company has developed various sterile filling technologies, including sterile paper-aluminum composite materials, enhancing its technological capabilities[31]. Customer Base and Market Position - The company has expanded its customer base to include well-known liquid food enterprises such as Mengniu Dairy and Yili Group, enhancing its market position[27]. - The company is one of the few domestic suppliers capable of providing integrated solutions for liquid food enterprises, which strengthens its competitive advantage[30]. - The company's products are priced at approximately 1/3 to 1/2 of similar imported products, providing a significant cost advantage[33]. Legal and Compliance Matters - The company has initiated legal actions to recover performance compensation from a partner due to non-fulfillment of obligations[79]. - The company has reported that it did not fulfill certain commitments on time, indicating ongoing efforts to address these issues[76]. - The company is actively monitoring the progress of ongoing legal cases to protect the rights of the company and its shareholders[83]. - The company has maintained a commitment to protect the interests of minority shareholders during the decision-making process[81]. Financial Position and Assets - The total assets at the end of the reporting period were ¥1,266,079,976.99, down 2.73% from the end of the previous year[15]. - The company's cash and cash equivalents increased by ¥10,497,602.20, contrasting with a decrease of ¥17,121,746.79 in the same period last year, marking a significant turnaround[36]. - Accounts receivable decreased by 5.49% to ¥160,318,231.07, down from ¥236,230,834.91, indicating improved collection efforts[38]. - Inventory stood at ¥503,033,857.71, accounting for 39.73% of total assets, a slight decrease from 40.91% last year[38]. Corporate Governance - The actual controller and shareholders have committed to not engaging in any business that competes with the company or its subsidiaries, ensuring no conflicts of interest arise[74]. - The commitments made by the company and its actual controllers are valid for the long term and are being fulfilled normally[74]. - The company has a consistent strategy to follow up on legal matters and ensure compliance with performance commitments[82]. Accounting Policies and Financial Reporting - The company adheres to the accounting standards set by the Ministry of Finance, ensuring the financial report accurately reflects its financial condition and performance[159]. - The company’s financial statements are prepared in Renminbi, with its subsidiaries determining their functional currencies based on their economic environments[161]. - The company recognizes revenue from the sale of its share of joint operation outputs[167]. - The company conducts impairment testing for long-term assets, including equity investments and fixed assets, if there are indications of impairment, and recognizes impairment losses accordingly[195].

[Report Overview](index=1&type=section&id=%E6%8A%A5%E5%91%8A%E6%A6%82%E8%A7%88) [Important Notice](index=1&type=section&id=%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA) The board of directors, supervisory board, and senior management guarantee the truthfulness and completeness of disclosed information, affirming the accuracy of financial data, and noting the unaudited status of this quarterly report - The company's board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the quarterly report[2](index=2&type=chunk) - The company's responsible person, the person in charge of accounting work, and the head of the accounting department declare that the financial information is true, accurate, and complete[2](index=2&type=chunk) - This first quarterly report has not been audited[2](index=2&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) [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) Q1 2022 saw a **46.40%** drop in operating revenue and a net loss for shareholders, yet operating cash flow surged by **1145.22%** 2022 Q1 Key Accounting Data and Financial Indicators | Indicator | Current Period (CNY) | Prior Year Period (CNY) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 79,888,310.74 | 149,048,347.51 | -46.40% | | Net Profit Attributable to Shareholders | -16,852,713.18 | 3,412,091.80 | -593.91% | | Net Profit Attributable to Shareholders (Excluding Non-recurring Items) | -16,905,111.16 | 3,768,812.65 | -548.55% | | Net Cash Flow from Operating Activities | 53,614,698.62 | 4,305,643.74 | 1,145.22% | | Basic Earnings Per Share (CNY/share) | -0.17 | 0.03 | -666.67% | | Diluted Earnings Per Share (CNY/share) | -0.17 | 0.03 | -666.67% | | Weighted Average Return on Net Assets | -3.58% | 0.70% | -4.28% | | **End of Current Period** | | | | | Total Assets | 1,356,852,126.15 | 1,301,673,365.90 | 4.24% | | Owners' Equity Attributable to Shareholders | 463,271,713.31 | 479,313,904.19 | -3.35% | [Non-recurring Gains and Losses and 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) Non-recurring gains and losses totaled **52,397.98 CNY**, mainly from government subsidies and other non-operating items, positively impacting net profit 2022 Q1 Non-recurring Gains and Losses | Item | Amount for Current Period (CNY) | | :--- | :--- | | Government subsidies included in current profit/loss | 33,456.30 | | Other non-operating income and expenses | 17,223.89 | | Less: Income tax impact | 8,614.05 | | Minority interest impact (after tax) | -10,331.84 | | Total | 52,397.98 | [Changes and Reasons for Major Accounting Data and Financial Indicators](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) Key financial data, including revenue and profit, significantly changed due to the COVID-19 pandemic's impact on sales and revenue recognition; operating cash flow increased from reduced procurement [Significant Changes in Balance Sheet Items](index=2&type=section&id=1%E3%80%81%E8%B5%84%E4%BA%A7%E8%B4%9F%E5%80%BA%E8%A1%A8%E9%A1%B9%E7%9B%AE%E5%A4%A7%E5%B9%85%E5%8F%98%E5%8C%96%E6%83%85%E5%86%B5) Monetary funds increased by **88.30%** due to higher bank deposits, and notes payable rose by **119.20%**, while long-term equity investment grew **98.47%** from a subsidiary's external investment Balance Sheet Items Change Analysis | Item | March 31, 2022 (CNY) | December 31, 2021 (CNY) | Change (%) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 29,514,070.41 | 15,674,078.94 | 88.30% | Primarily due to an increase in bank deposits at the end of the reporting period | | Accounts Receivable Financing | 17,104,765.57 | 12,631,291.15 | 35.42% | Primarily due to an increase in endorsed but unmatured notes receivable at the end of the reporting period | | Notes Payable | 38,360,000.00 | 17,500,000.00 | 119.20% | Primarily due to an increase in notes payable at the end of the reporting period | | Long-term Equity Investment | 5,038,849.20 | 2,538,849.20 | 98.47% | Primarily due to the investment by subsidiary Shanghai Pulisheng Machinery Equipment Co., Ltd. in Guangdong Fengye Technology Co., Ltd. during the reporting period | | Employee Remuneration Payable | 12,913,307.79 | 9,783,640.01 | 31.99% | Primarily due to the impact of the COVID-19 pandemic at the end of the reporting period, with related personnel in Shanghai-based companies and subsidiaries in isolation, preventing timely salary payments | [Significant Changes in Income Statement Items](index=2&type=section&id=2%E3%80%81%E5%88%A9%E6%B6%A6%E8%A1%A8%E9%A1%B9%E7%9B%AE%E5%A4%A7%E5%B9%85%E5%8F%98%E5%8C%96%E6%83%85%E5%86%B5) Operating revenue, costs, selling expenses, and all profit metrics saw substantial declines, primarily due to the COVID-19 pandemic's impact on sales and delayed revenue recognition Income Statement Items Change Analysis | Item | January-March 2022 (CNY) | January-March 2021 (CNY) | Change (%) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 79,888,310.74 | 149,048,347.51 | -46.40% | Primarily due to the impact of the COVID-19 pandemic during the reporting period, leading to reduced sales activities and delayed recognition of some contract revenue | | Operating Costs | 69,805,255.89 | 113,451,219.31 | -38.47% | Primarily due to a significant year-on-year decrease in operating revenue during the reporting period, leading to a corresponding significant decrease in operating costs | | Selling Expenses | 4,188,334.64 | 8,320,726.20 | -49.66% | Primarily due to restrictions imposed by the COVID-19 pandemic during the reporting period, leading to reduced sales activities and business travel | | Operating Profit | -16,795,133.35 | 2,976,240.21 | -664.31% | Primarily due to a significant year-on-year decrease in sales revenue during the reporting period | | Total Profit | -16,777,909.46 | 3,555,288.70 | -571.91% | Primarily due to a significant year-on-year decrease in sales revenue during the reporting period | | Net Profit | -16,944,966.18 | 2,731,341.35 | -720.39% | Primarily due to a significant year-on-year decrease in sales revenue during the reporting period | | Total Comprehensive Income Attributable to Parent Company Owners | -16,042,190.88 | 4,501,744.90 | -456.35% | Primarily due to a significant year-on-year decrease in sales revenue during the reporting period | [Significant Changes in Cash Flow Statement Items](index=3&type=section&id=3%E3%80%81%E7%8E%B0%E9%87%91%E6%B5%81%E9%87%8F%E8%A1%A8%E9%A1%B9%E7%9B%AE%E5%A4%A7%E5%B9%85%E5%8F%98%E5%8C%96%E6%83%85%E5%86%B5) Net cash flow from operating activities surged by **1145.22%** due to reduced procurement payments, while cash from other operating activities, purchases, employees, and borrowings all significantly decreased Cash Flow Statement Items Change Analysis | Item | January-March 2022 (CNY) | January-March 2021 (CNY) | Change (%) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Cash Received from Other Operating Activities | 52,161,364.29 | 123,483,722.83 | -57.76% | Primarily due to improved company funds compared to the prior year, leading to a decrease in non-bank short-term capital transactions during the reporting period | | Cash Paid for Goods Purchased and Services Received | 66,885,131.37 | 151,544,612.07 | -55.86% | Primarily due to the impact of the COVID-19 pandemic during the reporting period, leading to delayed production and procurement orders, and reduced procurement payments | | Cash Paid to and for Employees | 14,834,086.37 | 29,586,858.35 | -49.86% | Primarily due to the impact of the COVID-19 pandemic at the end of the reporting period, with related personnel in Shanghai-based companies and subsidiaries in isolation, preventing timely salary payments | | Net Cash Flow from Operating Activities | 53,614,698.62 | 4,305,643.74 | 1,145.22% | Primarily due to the impact of the COVID-19 pandemic during the reporting period, leading to delayed production and procurement orders, and reduced procurement payments | | Cash Received from Borrowings | 60,500,000.00 | 119,880,127.53 | -49.53% | Primarily due to a decrease in bank loans received compared to the prior year during the reporting period | | Net Increase in Cash and Cash Equivalents | 31,589,991.47 | -17,189,376.96 | -283.78% | Primarily due to the impact of the COVID-19 pandemic during the reporting period, leading to delayed production and procurement orders, and reduced procurement payments | [Shareholder Information](index=3&type=section&id=%E4%BA%8C%E3%80%81%E8%82%A1%E4%B8%9C%E4%BF%A1%E6%81%AF) [Total Number of Common Shareholders and Top Ten Shareholders' Holdings](index=3&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 reporting period end, the company had **7,097** common shareholders; Xinjiang Darong Minsheng Investment held **27.80%**, with most shares pledged, and some top shareholders had related party relationships - Total number of common shareholders at the end of the reporting period was **7,097**[7](index=7&type=chunk) Top Ten Common Shareholders' Holdings | Shareholder Name | Shareholder Nature | Holding Percentage (%) | Number of Shares Held (shares) | Pledged, Marked, or Frozen Status (shares) | | :--- | :--- | :--- | :--- | :--- | | Xinjiang Darong Minsheng Investment Limited Partnership | Domestic Non-State-Owned Legal Person | 27.80% | 27,795,000 | Pledged 22,214,273 | | Suzhou Industrial Park Hejie Venture Capital Center (Limited Partnership) | Domestic Non-State-Owned Legal Person | 5.25% | 5,250,000 | - | | Ningbo Renqing Private Equity Fund Management Co., Ltd. - Renqing No. 2 Private Equity Investment Fund | Other | 4.03% | 4,029,700 | - | | Ren Peirui | Overseas Natural Person | 1.92% | 1,915,200 | - | | Jiang Weidong | Domestic Natural Person | 1.07% | 1,072,500 | Pledged 1,072,500 | | Xin Xianjun | Domestic Natural Person | 0.90% | 902,800 | - | | Ren Mibo | Domestic Natural Person | 0.84% | 840,300 | - | | Shen Shuying | Domestic Natural Person | 0.82% | 815,700 | - | | Zhou Jianbing | Domestic Natural Person | 0.68% | 677,500 | - | | Liao Zhongqin | Domestic Natural Person | 0.67% | 667,400 | - | - Xinjiang Darong Minsheng Investment Limited Partnership and Suzhou Industrial Park Hejie Venture Capital Center (Limited Partnership) are jointly controlled by Jiang Weidong, Shu Shiquan, Jiang Xiaowei, and Zhang Xiliang[8](index=8&type=chunk) [Changes in Restricted Shares](index=4&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) Total restricted shares remained unchanged, primarily **804,375** shares held by executive Jiang Weidong due to lock-up, with **25%** released annually Changes in Restricted Shares | Shareholder Name | Restricted Shares at Beginning of Period (shares) | Shares Released This Period (shares) | Shares Increased This Period (shares) | Restricted Shares at End of Period (shares) | Reason for Restriction | Proposed Release Date | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Jiang Weidong | 804,375 | 0 | 0 | 804,375 | Executive Lock-up | 25% released annually | | Total | 804,375 | 0 | 0 | 804,375 | -- | -- | [Other Important Matters](index=5&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) [External Investment by Wholly-Owned Subsidiary](index=5&type=section&id=1%E3%80%81%E5%85%AC%E5%8F%B8%E5%85%A8%E8%B5%84%E5%AD%90%E5%85%AC%E5%8F%B8%E5%AF%B9%E5%A4%96%E6%8A%95%E8%B5%84%E4%BA%8B%E9%A1%B9) Shanghai Pulisheng Machinery Equipment Co., Ltd. invested **7 million CNY** in Guangdong Fengye Technology Co., Ltd., acquiring **12.07%** equity in a high-tech plant fiber degradable materials company - The company's wholly-owned subsidiary, Shanghai Pulisheng Machinery Equipment Co., Ltd., invested in Guangdong Fengye Technology Co., Ltd[10](index=10&type=chunk) - The total investment is **7 million CNY**, with **1.4 million CNY** allocated to registered capital, acquiring a **12.07%** equity stake[10](index=10&type=chunk) - Guangdong Fengye Technology Co., Ltd. is a high-tech enterprise dedicated to the production and R&D of plant fiber fully degradable raw materials and application products[10](index=10&type=chunk) [Quarterly Financial Statements](index=5&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) [Consolidated Balance Sheet](index=5&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 March 31, 2022, total consolidated assets were **1.36 billion CNY**, up **4.24%**, with total liabilities at **899.19 million CNY** and total owners' equity at **457.67 million CNY** Consolidated Balance Sheet Key Data | Item | Period-End Balance (CNY) | Year-Beginning Balance (CNY) | | :--- | :--- | :--- | | Total Assets | 1,356,852,126.15 | 1,301,673,365.90 | | Total Liabilities | 899,187,062.80 | 827,873,858.67 | | Total Owners' Equity | 457,665,063.35 | 473,799,507.23 | | Total Owners' Equity Attributable to Parent Company | 463,271,713.31 | 479,313,904.19 | [Consolidated Income Statement](index=7&type=section&id=2%E3%80%81%E5%90%88%E5%B9%B6%E5%88%A9%E6%B6%A6%E8%A1%A8) In Q1 2022, total operating revenue was **79.89 million CNY**, a significant year-on-year decrease, with net profit and net profit attributable to parent company owners both turning to loss Consolidated Income Statement Key Data | Item | Current Period Amount (CNY) | Prior Period Amount (CNY) | | :--- | :--- | :--- | | Total Operating Revenue | 79,888,310.74 | 149,048,347.51 | | Total Operating Costs | 97,680,265.71 | 148,222,154.95 | | Operating Profit | -16,795,133.35 | 2,976,240.21 | | Total Profit | -16,777,909.46 | 3,555,288.70 | | Net Profit | -16,944,966.18 | 2,731,341.35 | | Net Profit Attributable to Parent Company Owners | -16,852,713.18 | 3,412,091.80 | | Total Comprehensive Income | -16,134,443.88 | 3,817,528.60 | | Basic Earnings Per Share (CNY/share) | -0.17 | 0.03 | [Consolidated Cash Flow Statement](index=10&type=section&id=3%E3%80%81%E5%90%88%E5%B9%B6%E7%8E%B0%E9%87%91%E6%B5%81%E9%87%8F%E8%A1%A8) Net cash flow from operating activities was **53.61 million CNY**, a significant year-on-year increase, while investing and financing activities resulted in net outflows, with period-end cash and cash equivalents at **38.51 million CNY** Consolidated Cash Flow Statement Key Data | Item | Current Period Amount (CNY) | Prior Period Amount (CNY) | | :--- | :--- | :--- | | Subtotal of Cash Inflows from Operating Activities | 210,298,308.42 | 298,788,888.62 | | Subtotal of Cash Outflows from Operating Activities | 156,683,609.80 | 294,483,244.88 | | Net Cash Flow from Operating Activities | 53,614,698.62 | 4,305,643.74 | | Subtotal of Cash Inflows from Investing Activities | - | 1,171.91 | | Subtotal of Cash Outflows from Investing Activities | 5,865,612.00 | 4,753,323.27 | | Net Cash Flow from Investing Activities | -5,865,612.00 | -4,752,151.36 | | Subtotal of Cash Inflows from Financing Activities | 60,500,000.00 | 119,880,127.53 | | Subtotal of Cash Outflows from Financing Activities | 76,658,780.44 | 136,603,036.23 | | Net Cash Flow from Financing Activities | -16,158,780.44 | -16,722,908.70 | | Net Increase in Cash and Cash Equivalents | 31,589,991.47 | -17,189,376.96 | | Cash and Cash Equivalents at End of Period | 38,514,070.41 | 2,379,913.80 | [Audit Report](index=11&type=section&id=%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A) [Audit Report](index=11&type=section&id=(%E4%BA%8C)%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A) The company explicitly states that this first quarterly report has not been audited - The company's first quarterly report has not been audited[20](index=20&type=chunk)