Financial Performance - The company's revenue for Q3 2021 was ¥826,715,316.04, representing a decrease of 13.00% compared to the same period last year[5]. - The net profit attributable to shareholders was a loss of ¥9,785,780.37, a decline of 184.14% year-on-year[5]. - The net profit after deducting non-recurring gains and losses was a loss of ¥14,522,843.05, down 421.27% from the previous year[5]. - Total operating revenue for Q3 2021 reached CNY 2,747,702,871.32, an increase of 16.3% compared to CNY 2,361,546,870.48 in the same period last year[23]. - Operating profit for the period was CNY 42,671,934.81, a significant recovery from a loss of CNY 32,330,071.85 in the previous year[23]. - Net profit for Q3 2021 was CNY 31,535,709.07, compared to a net loss of CNY 54,961,849.22 in Q3 2020[24]. - The company reported a total comprehensive loss of CNY 55,283,268.55 for the quarter, an improvement from a loss of CNY 65,837,116.47 in the same period last year[24]. Assets and Liabilities - Total assets at the end of the reporting period were ¥4,850,500,610.76, an increase of 5.28% from the end of the previous year[6]. - The company's total assets increased to CNY 4,850,500,610.76, up from CNY 4,607,026,883.56 year-over-year[22]. - Total liabilities rose slightly to CNY 2,652,648,902.66 from CNY 2,643,188,086.18 in the previous year[22]. - Current liabilities totaled CNY 1,973,667,448.10, a slight decrease from CNY 2,017,820,847.66 in the previous period[32]. - Long-term borrowings remained stable at CNY 260,802,122.39, with no significant changes reported[32]. - Total liabilities decreased by 280,120,431.35 to 2,643,188,086.18 compared to the previous period[33]. - Non-current liabilities totaled 669,520,638.08, a decrease of 235,967,031.79 from the previous period[33]. Shareholder Information - The equity attributable to shareholders increased by 12.00% to ¥2,173,746,633.97 compared to the end of the previous year[6]. - The company's equity attributable to shareholders increased to CNY 2,173,746,633.97, compared to CNY 1,940,911,947.62 in the same period last year[22]. - The total number of common shareholders at the end of the reporting period is 12,136[14]. - The largest shareholder, Liaoning Del Automotive Parts Co., Ltd., holds 21.38% of shares, totaling 28,839,842 shares, with 6,183,946 shares pledged[14]. Cash Flow - The net cash flow from operating activities for the year-to-date was -¥117,274,477.34, a decrease of 190.58% compared to the same period last year[5]. - Operating cash inflow for the current period reached CNY 2,697,322,460.53, an increase of 17.6% compared to CNY 2,293,721,147.03 in the previous period[27]. - Cash flow from investing activities resulted in a net outflow of CNY 117,079,775.64, worsening from a net outflow of CNY 63,634,488.29 in the previous period[28]. - Cash flow from financing activities generated a net inflow of CNY 142,190,787.97, compared to a net outflow of CNY 58,225,373.08 in the previous period[28]. - Total cash and cash equivalents at the end of the period decreased to CNY 94,627,124.77 from CNY 188,722,744.02 in the previous period[28]. Inventory and Receivables - Accounts receivable increased to ¥669,833,493.12 from ¥628,600,078.18, reflecting a growth of about 6.6%[20]. - Inventory rose significantly to ¥872,295,877.36 from ¥698,930,211.68, indicating an increase of approximately 25%[20]. - The total current assets amounted to ¥2,113,159,045.85, up from ¥1,980,198,065.13, marking an increase of about 6.7%[20]. Research and Development - Research and development expenses for the quarter were CNY 150,209,075.54, up from CNY 122,328,435.53 in the previous year, indicating a focus on innovation[23]. Compliance and Adjustments - The company is adjusting its financial statements to comply with new leasing standards, affecting various asset and liability accounts[29]. - The implementation of the new leasing standard resulted in a recognition of lease liabilities amounting to 235,967,031.79[34]. - The right-of-use assets recognized under the new leasing standard totaled 280,120,431.35[34]. - The company’s quarterly report for Q3 2021 was not audited[36].

Financial Performance - The company's operating revenue for the first half of 2021 was ¥1,920,987,555.28, representing a 36.11% increase compared to ¥1,411,322,540.52 in the same period last year[20]. - The net profit attributable to shareholders was ¥40,126,074.40, a significant turnaround from a loss of ¥70,916,167.27 in the previous year, marking a 156.58% improvement[20]. - The net profit after deducting non-recurring gains and losses was ¥29,884,153.36, compared to a loss of ¥73,897,967.75 in the same period last year, reflecting a 140.44% increase[20]. - The basic earnings per share increased to ¥0.3319 from a loss of ¥0.6253, showing a 153.08% improvement[20]. - The company reported a total comprehensive income of CNY -13,530,401.53 for the first half of 2021, compared to CNY -82,800,434.88 in the previous year, showing a narrowing loss[174]. - The net profit for the first half of 2021 was CNY 39,769,886.96, a decrease of 17.4% compared to CNY 48,151,277.26 in the same period of 2020[177]. - The company reported a net profit of 2,988.42 million RMB, a 140.44% increase compared to the same period last year, which had a net loss of 7,389.8 million RMB[157]. Assets and Liabilities - Total assets at the end of the reporting period were ¥4,903,855,681.63, up 6.44% from ¥4,607,026,883.56 at the end of the previous year[20]. - The net assets attributable to shareholders increased by 14.09% to ¥2,214,403,054.13 from ¥1,940,911,947.62 at the end of the previous year[20]. - The company's cash and cash equivalents decreased to ¥247,429,743.61, representing 5.05% of total assets, down from 6.79% at the end of the previous year[55]. - Inventory increased to ¥822,473,526.31, accounting for 16.77% of total assets, reflecting a 1.60% increase due to rising revenue[56]. - Total liabilities decreased slightly to CNY 2,664,252,907.94 from CNY 2,643,188,086.18, indicating a marginal increase of 0.4%[164]. - The company's total equity increased to CNY 2,325,107,461.76, compared to CNY 1,996,009,470.63 in the first half of 2020, indicating strong financial health[172]. Cash Flow - The company reported a net cash flow from operating activities of -¥99,375,271.11, a decline of 311.95% compared to ¥46,886,541.47 in the same period last year[20]. - The cash flow from operating activities showed a net outflow of CNY 99,375,271.11, compared to a net inflow of CNY 46,886,541.47 in the same period last year[181]. - The net cash flow from investment activities was -315,818,950.58 CNY, indicating a significant outflow compared to the previous period's -47,453,696.20 CNY[185]. - The total cash inflow from financing activities reached 926,026,830.73 CNY, a substantial increase from 237,110,133.91 CNY in the prior period[185]. Research and Development - Research and development investment increased by 6.38% to ¥111,556,638.81, indicating a commitment to innovation and product development[49]. - The R&D expenditure for the first half of 2021 was 128.34 million yuan, accounting for approximately 5.70% of total revenue[192]. - The company has strengthened its research and development capabilities, focusing on fluid, motor electromagnetic, and multi-physical field simulation analysis to improve product development efficiency[29]. Market and Product Development - The company is actively expanding its product line in the new energy sector, including hydrogen fuel cells and all-solid-state batteries[28]. - The company aims to enhance its competitiveness by focusing on core business and strategically acquiring new orders while managing rising raw material costs[33]. - The company plans to expand its market presence by launching new products and enhancing its technological capabilities in the automotive parts sector[192]. - The company has established a global production service system with major production bases in Asia, North America, and Europe to respond quickly to customer demands[28]. Corporate Governance and Shareholder Information - The company did not distribute cash dividends or issue bonus shares for the half-year period[91]. - There were no changes in the board of directors, supervisors, or senior management during the reporting period[90]. - The total number of common shareholders at the end of the reporting period is 14,091[132]. - The company has not experienced any changes in its controlling shareholder during the reporting period[139]. Risks and Challenges - The company faces risks related to performance decline due to supply chain pressures, including rising raw material prices and global chip shortages[82]. - The company is exposed to international trade risks, particularly from the 25% tariffs imposed on its products exported to the U.S. since July 2018[84]. - The automotive parts industry is facing increased competition due to market consumption upgrades and structural adjustments, but long-term growth is expected with government support[37]. Strategic Initiatives - The company has formed strategic partnerships, such as the collaboration with Shanghai Jiao Tong University to advance research in lightweight materials and fuel cells[40]. - The company is exploring potential mergers and acquisitions to strengthen its market position and diversify its product offerings[192]. - The company has established long-term strategic partnerships with major automotive manufacturers, including Daimler, BMW, and Ford, enhancing its market position[45].

Financial Performance - The company experienced significant adverse effects on its overseas business performance due to the COVID-19 pandemic, leading to a loss for the year and a revenue shortfall compared to expectations [4]. - The company's operating revenue for 2020 was approximately ¥3.39 billion, a decrease of 12.30% compared to ¥3.86 billion in 2019 [20]. - The net profit attributable to shareholders was a loss of approximately ¥422.81 million, representing a decline of 805.95% from a profit of ¥59.89 million in 2019 [20]. - The company's total revenue for 2020 was approximately ¥3.39 billion, representing a decrease of 12.30% compared to 2019 [70]. - The gross profit margin for the industrial sector was 22.10%, down 3.97% from the previous year [71]. - The company reported a significant asset impairment of CNY 359,744,028.41, primarily due to goodwill impairment and inventory write-downs, accounting for 94.17% of total profit [84]. - The company’s cash and cash equivalents decreased by 80.02% to a net reduction of CNY 29.61 million [80]. - The company reported a net loss of approximately 422.81 million RMB for the year 2020, with no cash dividends distributed [125]. Asset and Investment Management - A total impairment provision of CNY 346.25 million was made for goodwill and long-term assets related to the German subsidiary CCI, significantly impacting the company's current performance [4]. - The company’s overseas assets totaled CNY 1,667,055,425.47, with a significant impairment of CNY -45,240,307.51, representing 84.89% of the company's net assets [45]. - The total investment amount for the reporting period was CNY 194,828,933.33, representing a decrease of 34.04% compared to the previous year's investment of CNY 295,395,630.98 [91]. - The company achieved a total investment of RMB 55.17 million in its commitment projects, with no significant changes in project feasibility [97]. Research and Development - The company is actively expanding its product line in the new energy sector, including hydrogen fuel cells and all-solid-state batteries [30]. - The company has formed a strategic partnership with Shanghai Jiao Tong University to establish a joint R&D center for advanced materials, aiming for breakthroughs in lightweight materials and fuel cells [46]. - The company has integrated global R&D resources to support the transition towards electric control and electric drive technologies, ensuring a modular development system [61]. - Research and development expenses amounted to CNY 210.33 million, representing 6.21% of total revenue, slightly up from 6.15% in 2019 [79]. - The company is investing 100 million RMB in R&D for new technologies aimed at enhancing product efficiency and sustainability [200]. Market and Industry Outlook - The automotive parts industry does not face overcapacity, continuous decline, or technological substitution issues, suggesting a favorable market environment [5]. - The overall automotive production in China decreased by approximately 2% in 2020, while commercial vehicle production reached a historical high with a year-on-year growth of 20% [36]. - The domestic automotive parts industry is entering a new phase of accelerated upgrading and high-quality development, driven by internationalization and technological advancements [39]. - The company is actively involved in the development of new energy vehicles, with production capacity shared between traditional fuel vehicle parts and new energy vehicle components [66]. Corporate Governance and Compliance - The company’s financial report is guaranteed to be true, accurate, and complete by its management, ensuring accountability [3]. - The company has established a robust internal management and control system to enhance corporate governance [156]. - The board of directors emphasizes a commitment to corporate governance and compliance, ensuring transparency and accountability in operations [200]. - The company has not engaged in any major litigation or arbitration matters during the reporting period [131]. Strategic Partnerships and Client Relations - The company has developed a strong customer base, establishing long-term partnerships with major automotive manufacturers such as Daimler, BMW, and Ford, and has become a designated supplier for Great Wall Motors [50]. - The company has maintained communication with major clients such as Daimler, BMW, and Ford, ensuring no significant contract cancellations or price changes occurred [110]. - In 2020, the company successfully expanded its customer base, entering supply agreements with major automakers including Hyundai, Toyota, and Honda [111]. Future Plans and Projections - The company aims to enhance its core competitiveness by focusing on the trends of "intelligent, integrated, and lightweight" automotive components [107]. - The company plans to enhance the professional technical level of its market development team to improve product competitiveness [108]. - The company has set a future revenue guidance of 1.8 billion RMB for the next fiscal year, indicating a projected growth of 20% [200]. - The company is exploring potential mergers and acquisitions to enhance its product portfolio and market presence [200]. Financial Structure and Shareholder Information - The company’s stock code is 300473, and it is listed under the name "德尔股份" (Dare Auto) [16]. - The largest shareholder, Liaoning Del Real Estate Co., Ltd., holds 27.69% of the shares, totaling 31,538,042 shares [175]. - The company has a total of 0 preferred shareholders at the end of the reporting period [174]. - The total number of ordinary shareholders at the end of the reporting period is 11,186 [174].

Revenue and Profitability - Revenue for Q1 2021 reached ¥966,766,421.85, an increase of 16.84% compared to ¥827,446,170.59 in the same period last year[7] - Net profit attributable to shareholders was ¥24,962,342.74, representing an 86.45% increase from ¥13,388,038.52 year-over-year[7] - Net profit excluding non-recurring items was ¥20,407,715.33, up 58.02% from ¥12,914,635.43 in the previous year[7] - Basic earnings per share increased by 84.74% to ¥0.2191 from ¥0.1186 in the same quarter last year[7] - Operating revenue for the first quarter was 966.77 million CNY, a year-on-year increase of 16.84%, primarily due to the recovery from the impact of COVID-19 in the previous year[16] - Net profit attributable to the parent company reached 249.62 million CNY, an increase of 86.45% year-on-year, driven by the recovery of the automotive industry[18] - Net profit for Q1 2021 was ¥26,399,121.27, up from ¥13,204,815.39 in Q1 2020, marking an increase of approximately 100%[41] Assets and Liabilities - Total assets at the end of the reporting period were ¥4,897,978,305.13, a 6.32% increase from ¥4,607,026,883.56 at the end of the previous year[7] - Total assets increased from CNY 4.61 billion at the end of 2020 to CNY 4.90 billion by March 31, 2021, marking a growth of around 6.3%[33] - Total liabilities rose from CNY 2.64 billion to CNY 2.96 billion, which is an increase of about 11.9%[34] - The company's total equity decreased from CNY 1.96 billion to CNY 1.93 billion, reflecting a decline of approximately 1.5%[35] - Total current assets increased to ¥1,183,388,522.59 as of March 31, 2021, up from ¥1,086,102,904.44 on December 31, 2020, representing a growth of approximately 9%[38] - Total liabilities increased to ¥1,117,411,571.49 in Q1 2021, compared to ¥1,044,905,426.52 in Q4 2020, reflecting an increase of about 7%[39] Cash Flow - The net cash flow from operating activities was negative at -¥73,319,728.53, a decline of 193.51% compared to ¥78,412,172.86 in the same period last year[7] - Cash inflow from operating activities for the first quarter was 1.00 billion CNY, an increase of 4.51% year-on-year, attributed to higher operating revenue[16] - Cash outflow from operating activities for the first quarter was 1.08 billion CNY, an increase of 22.10% year-on-year, mainly due to increased inventory from higher sales orders[16] - The net cash flow from operating activities was CNY -73,319,728.53, a decrease from CNY 78,412,172.86 in the same period last year, indicating cash flow challenges[49] - The company reported a total cash and cash equivalents balance of CNY 165,518,551.97 at the end of the period, down from CNY 362,003,387.26 at the end of the previous year[49] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 10,565[10] - The largest shareholder, Liaoning Del Automotive Parts Co., Ltd., holds 27.69% of the shares, totaling 31,538,042 shares[10] Inventory and Accounts Receivable - Accounts receivable at the end of the reporting period amounted to 703 million CNY, an increase of 11.84% compared to the beginning of the year, mainly due to increased operating income[15] - Inventory at the end of the reporting period was 808 million CNY, an increase of 15.61% compared to the beginning of the year, driven by increased operating income[15] - Accounts receivable increased from CNY 628.60 million to CNY 703.00 million, reflecting a growth of about 11.9%[32] - Inventory rose from CNY 698.93 million to CNY 808.03 million, indicating an increase of approximately 15.7%[32] Research and Development - Research and development expenses for Q1 2021 were ¥44,685,770.74, compared to ¥42,203,401.83 in Q1 2020, indicating a growth of approximately 5.9%[40] - Research and development expenses increased to CNY 6,583,691.58, up from CNY 5,922,460.86, indicating a focus on innovation[45] Governance and Compliance - The company plans to extend the validity period for the non-public issuance of shares to specific targets by an additional 12 months[24] - The board and supervisory committee's term will be extended to ensure continuity in governance until the election process is completed[25] - There were no overdue commitments or violations regarding external guarantees during the reporting period[27][28] - The company has not engaged in any research, communication, or interview activities during the reporting period[29] - The first quarter report was not audited, indicating potential limitations in the reliability of the financial data presented[61]

Financial Performance - The company reported a significant impact on its overseas business performance due to the COVID-19 pandemic, leading to a loss for the year as revenue did not meet expectations[4]. - The company's operating revenue for 2020 was approximately ¥3.39 billion, a decrease of 12.30% compared to ¥3.86 billion in 2019[20]. - The net profit attributable to shareholders was a loss of approximately ¥422.81 million, representing a decline of 805.95% from a profit of ¥59.89 million in 2019[20]. - The company's net assets attributable to shareholders decreased by 14.18% to approximately ¥1.94 billion, down from ¥2.26 billion in 2019[20]. - The company reported a basic and diluted earnings per share of -¥3.71 for 2020, compared to ¥0.57 in 2019, reflecting a decline of 750.88%[20]. - The company reported a net loss of RMB 422,805,340.24 for the 2020 fiscal year, resulting in a cash dividend payout ratio of 0.00%[121]. - The company’s total revenue for 2020 was approximately ¥3.39 billion, a decrease of 12.30% compared to the same period last year[66]. - The company reported a significant increase in investment activity cash inflow by 724.48%, totaling ¥90.53 million[77]. Asset Management - A total impairment provision of CNY 346.25 million was made for goodwill and long-term assets related to the German subsidiary CCI, significantly affecting the company's current performance[4]. - The total assets at the end of 2020 were approximately ¥4.61 billion, a decrease of 7.04% from ¥4.96 billion at the end of 2019[20]. - The company reported a goodwill impairment of CNY 333,292,400.00 due to losses from the impact of COVID-19 on the automotive industry[82]. - CCI's overseas assets amounted to approximately 1.67 billion yuan, with a net asset ratio of 84.89%[45]. Risk Management - The company has outlined potential risks and countermeasures in its future development outlook section, emphasizing the importance of risk management[8]. - There are no major risks to the company's ongoing operations, indicating stability in its business model[6]. - The company has established a risk management framework to address potential risks and ensure timely collection of accounts receivable[64]. - The company has implemented strict quality management systems to mitigate product quality risks, adhering to IATF16949:2016 standards[112]. Market Environment - The automotive parts industry does not face overcapacity, continuous decline, or technological substitution issues, suggesting a favorable market environment[5]. - The domestic automotive production and sales reached 25.3 million units, with a slight year-on-year decline of 1.9%, while commercial vehicle production and sales grew by 20%[36]. - The domestic automotive parts industry is experiencing a trend of increasing concentration, with major players dominating specific components[39]. - The domestic automotive parts industry is entering a new phase of accelerated upgrading and high-quality development, driven by internationalization and technological advancements[39]. Product Development and Innovation - The company is actively expanding its product line in the new energy sector, including hydrogen fuel cells and all-solid-state batteries[30]. - The company continues to focus on technological innovation and industry leadership in its core products, including noise, vibration, and harshness (NVH) solutions[30]. - The company has developed a platform electric hydraulic power steering pump (EHPS) that is compatible with both traditional and new energy vehicles, maintaining a leading position globally[31]. - The company has developed high-efficiency, compact oil pumps for various automatic transmissions, with successful mass production for clients like SAIC and Great Wall Motors[33]. - The company has achieved significant breakthroughs in automotive electronics, including Bluetooth smart key technology and automatic parking systems, which have entered mass production[53]. Strategic Partnerships and Expansion - CCI has effectively expanded its presence in the Asian market, particularly in China, with projects for Geely and Chery achieving mass production[31]. - The company has entered the supply chain for major automakers like Toyota and Ford, enhancing its competitive position in the automotive electronics sector[34]. - CCI has formed strategic partnerships with major automotive manufacturers including Daimler, BMW, and Ford, enhancing its market presence[50]. - The company is actively seeking mergers and acquisitions in the automotive parts industry to integrate quality resources and expand its global footprint[104]. Financial Policies and Dividends - The company does not plan to distribute cash dividends, issue bonus shares, or increase capital from reserves[9]. - For the 2020 fiscal year, the company did not distribute any cash dividends, nor did it issue bonus shares or increase capital from the capital reserve[119]. - The company distributed a cash dividend of RMB 1.20 per 10 shares for the 2019 fiscal year, totaling RMB 13,669,766.40, which represents 22.82% of the net profit attributable to ordinary shareholders[121]. - The company has maintained compliance with its cash dividend policy and relevant regulations throughout the reporting period[118]. Corporate Governance - The company has maintained stable leadership with no changes in the board of directors or senior management during the reporting period[190]. - The independent directors bring academic and professional expertise, contributing to governance and oversight[193]. - The remuneration for directors and supervisors is determined by the shareholders' meeting, while the remuneration for senior management is decided by the board of directors[200]. - The company has a diverse management team with extensive experience in the automotive parts industry, including positions in various related companies[191][192][193][194]. Social Responsibility - The company donated 1 million RMB to support COVID-19 prevention and treatment efforts[153]. - The company contributed 50,000 RMB to support children in impoverished areas as part of a charity initiative[153]. - The company emphasizes social responsibility and aims to contribute to building a harmonious society while focusing on technology and innovation[154].

Financial Performance - Operating revenue for the reporting period was ¥950,224,329.96, reflecting a year-on-year increase of 1.33%[9] - Net profit attributable to shareholders was ¥11,630,293.61, a decrease of 28.76% compared to the same period last year[9] - The basic earnings per share for the reporting period was ¥0.1028, down 35.35% year-on-year[9] - The company reported a net profit attributable to shareholders of ¥-59,285,873.66 for the year-to-date, a decrease of 203.96% compared to the previous year[9] - The net profit for the quarter was CNY 14,714,552.61, compared to CNY 15,702,744.65 in the same period last year, reflecting a decrease of approximately 6.3%[47] - The company's operating revenue for the current period is ¥239,793,769.14, an increase from ¥217,410,326.00 in the previous period, representing a growth of approximately 10.5%[50] - Net profit for the current period is ¥17,805,087.62, up from ¥15,695,327.26 in the previous period, reflecting a growth of approximately 13.4%[51] - The company's operating revenue for the current period is ¥574,150,464.90, a decrease of 0.35% compared to ¥578,352,208.79 in the previous period[58] - The net profit for the current period is ¥65,956,364.88, representing an increase of 25.4% from ¥52,619,667.32 in the previous period[60] Assets and Liabilities - Total assets at the end of the reporting period reached ¥5,026,020,184.66, an increase of 1.41% compared to the previous year[9] - The total assets of the company as of Q3 2020 amounted to CNY 4,955,952,707.76, remaining stable compared to the previous year[71] - The total liabilities of the company were CNY 2,716,853,252.77 as of September 30, 2020, slightly up from CNY 2,675,795,899.68 at the end of 2019, which is an increase of about 1.5%[39] - The company's total liabilities stood at CNY 2,675,795,899.68, with a significant portion attributed to short-term borrowings of CNY 171,000,000.00 and accounts payable of CNY 602,038,893.09[72] - Current liabilities were reported at ¥535,773,323.57, with short-term borrowings of ¥162,550,000.00 and accounts payable of ¥210,975,448.19[76] Cash Flow - The net cash flow from operating activities was ¥82,589,972.91, a decrease of 4.51% compared to the previous year[9] - Cash inflows from investment activities for the first nine months totaled 86.17 million yuan, an increase of 906.50% year-on-year, primarily from the transfer of private equity investments and disposal of investment properties[21] - Cash outflows from financing activities for the first nine months were 571.11 million yuan, a decrease of 39.43% year-on-year, mainly due to reduced debt repayments and lower dividend distributions[21] - The cash flow from operating activities generated a net amount of ¥129,476,514.38, slightly down from ¥132,510,919.64 in the previous period[64] - The cash flow from investing activities resulted in a net outflow of ¥63,634,488.29, an improvement from a net outflow of ¥248,190,592.99 in the previous period[64] - The cash flow from financing activities showed a net outflow of ¥58,225,373.08, compared to a net outflow of ¥56,817,758.78 in the previous period[64] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 10,909[12] - The largest shareholder, Liaoning Deler Industrial Co., Ltd., holds 27.69% of the shares, totaling 31,538,042 shares[12] - The company approved a cash dividend of 1.20 yuan per 10 shares for the 2019 fiscal year, with a total share capital of 113,914,720 shares[28] Government Support and Subsidies - The company received government subsidies amounting to ¥12,558,911.28 during the reporting period[10] Expenses - Financial expenses for the first nine months amounted to 74.98 million yuan, an increase of 53.88% year-on-year, primarily due to exchange rate fluctuations[20] - Research and development expenses were CNY 41,421,371.47, slightly up from CNY 40,691,042.10, indicating a focus on innovation[46] - The company's financial expenses increased to ¥10,295,335.72 from ¥7,615,362.02, marking a rise of about 35.1%[50] - The company’s sales expenses rose to ¥15,749,863.41 from ¥9,566,907.57, indicating an increase of approximately 64.5%[50] - The company’s management expenses decreased to ¥8,394,482.71 from ¥11,239,529.11, reflecting a reduction of about 25.5%[50] Compliance and Regulations - The company reported no non-operating fund occupation by controlling shareholders or related parties during the reporting period[31] - There were no violations regarding external guarantees during the reporting period[30] - The cash dividend policy was confirmed to be compliant with company regulations and shareholder resolutions[29] - The company has not yet audited the third-quarter report, indicating that the figures are unaudited[77] - The company implemented new revenue and lease standards starting in 2020, which may affect future financial reporting[77]

Financial Performance - The company's operating revenue for the first half of 2020 was ¥1,411,322,540.52, a decrease of 26.73% compared to ¥1,926,118,946.45 in the same period last year[18]. - The net profit attributable to shareholders was a loss of ¥70,916,167.27, representing a decline of 274.23% from a profit of ¥40,702,420.95 in the previous year[18]. - The net profit after deducting non-recurring gains and losses was a loss of ¥73,897,967.75, down 298.41% from ¥37,244,901.38 in the same period last year[18]. - The basic earnings per share were -¥0.6253, compared to ¥0.3909 in the same period last year, reflecting a decrease of 259.96%[18]. - The gross margin for noise reduction products was 17.99%, down 6.28% year-on-year, while the hydraulic steering pump gross margin was 39.58%, down 4.47% year-on-year[75]. - The company reported a net cash flow from operating activities of ¥46,886,541.47, which is a 1.89% increase compared to ¥46,018,880.55 in the same period last year[18]. - The company's revenue for the reporting period was approximately ¥1.41 billion, a decrease of 26.73% compared to ¥1.93 billion in the previous year, primarily due to temporary factory shutdowns caused by the pandemic[72]. - The company reported a net loss for the first half of 2020, with total costs exceeding revenues, highlighting challenges in the current market environment[200]. Assets and Liabilities - The total assets at the end of the reporting period were ¥5,008,837,826.41, an increase of 1.07% from ¥4,955,952,707.76 at the end of the previous year[18]. - The net assets attributable to shareholders at the end of the reporting period were ¥2,272,475,381.47, a slight increase of 0.48% from ¥2,261,667,362.81 at the end of the previous year[18]. - Cash and cash equivalents increased to ¥385,324,196.24, representing 7.69% of total assets, up from 6.38% in the previous year, a change of 1.31%[80]. - Accounts receivable decreased to ¥632,357,796.99, accounting for 12.62% of total assets, down from 14.11%, a change of -1.49%[80]. - Inventory increased to ¥740,781,553.08, making up 14.79% of total assets, a slight decrease from 14.84%[80]. - Short-term borrowings rose to ¥261,626,240.20, representing 5.22% of total assets, an increase due to operational needs, up by 1.91%[80]. - Long-term borrowings increased to ¥400,569,935.29, accounting for 8.00% of total assets, up from 7.42%, a change of 0.58%[80]. - The company's asset-liability ratio was 53.99% at the end of 2019, higher than the industry average of 49.16%[108]. Market and Industry Trends - The global automotive market saw a decline of 29% in sales during the first half of 2020, with European sales down 38% and North American sales down 25% due to the impact of the COVID-19 pandemic[37]. - In the first half of 2020, domestic automobile production and sales fell by 16.8% and 16.9% year-on-year, respectively, indicating a downturn in the automotive market[105]. - The automotive parts industry is experiencing increased concentration, with a trend towards higher quality development and technological upgrades[45]. - The automotive industry is closely tied to macroeconomic conditions, with the domestic automotive parts sector facing increased competition due to market slowdown and structural adjustments[47]. - The company aims to leverage the recovery of the domestic automotive market and expand its market share through new product launches and increased production capacity[70]. Product Development and Innovation - The company has developed a range of products including NVH, thermal insulation, lightweight products, electric pumps, motors, and automotive electronics, serving major global automotive manufacturers such as Mercedes-Benz, BMW, and Ford[25]. - The company is actively expanding its product lines in the electric pump and motor sectors, with ongoing projects for clients like Ford China and GAC Passenger Vehicles[29]. - The company has developed a range of new products including electric parking products, gas pumps, hydrogen pumps, dual-stator power steering motors, and starter generators, with some already in functional testing and road trials[32]. - The company is focusing on the development of intelligent, integrated, and lightweight automotive components, achieving technological breakthroughs in new products[44]. - The company has made significant progress in the development of electric control and automotive electronic products, with key breakthroughs in product lines such as Bluetooth smart keys and automatic parking systems[58]. Strategic Partnerships and Collaborations - The company has established long-term partnerships with major manufacturers such as Cummins and ZF, enhancing its competitive edge in the hydraulic steering pump market[30]. - The company has established Shanghai Der Aviation Technology Co., Ltd. in partnership with Songhang Technology to focus on the localization of commercial aircraft components and related core technology development[33]. - The company has established stable sales for gear pumps in the domestic heavy-duty truck market, maintaining a competitive position[43]. - The company has established long-term stable partnerships with major manufacturers such as Nissan, Cummins, and SAIC, and has entered mass production for clients like BAIC and Heavy Truck during the reporting period[58]. Risk Factors and Challenges - The company faces various risk factors that may impact its operations, which are detailed in the report[5]. - The company is facing challenges in new project development and supplier selection due to a cautious approach from automotive industry clients amid declining market sales[90]. - The company anticipates potential performance declines due to the impact of the COVID-19 pandemic and macroeconomic fluctuations[105]. - The company is actively seeking policy support and financial assistance to ensure operational stability during challenging times[104]. Research and Development - The company's R&D investment increased by 1.93% to approximately ¥80.91 million, reflecting a commitment to innovation despite challenging market conditions[73]. - The company has established 15 global R&D centers across North America, Europe, and Asia, focusing on various technologies including electric pumps and automotive electronics[54]. - The company has implemented advanced simulation analysis capabilities and introduced software tools like CATIA and UG to enhance product design quality and R&D efficiency[56]. - The company has established a cross-departmental project team to optimize its R&D management system, significantly shortening project development time[54]. Financial Management and Capital Structure - The company has secured a low-interest loan of €20 million from the German Reconstruction Credit Bank (KFW) to support its operations[41]. - The company has initiated an emergency mechanism to monitor risks and ensure employee safety during the COVID-19 pandemic[102]. - The company has implemented strict quality management systems to mitigate product quality risks and ensure compliance with IATF16949:2016 standards[110]. - The company plans to enhance R&D investment to improve innovation capabilities and expand its customer base[106]. - The company plans to strengthen its investment in R&D to ensure continuous product innovation and competitiveness[111]. Shareholder and Stock Information - The company has not distributed cash dividends or bonus shares for the half-year period[117]. - The company issued a total of 733,332 new shares during the reporting period, increasing the total share capital to 113,914,720 shares[151]. - The largest shareholder, Liaoning Deler Industrial Co., Ltd., holds 27.69% of the shares, with a total of 31,538,042 shares, of which 18,476,545 shares are pledged[157]. - The company’s stock incentive plan has been fully implemented, resulting in the release of all restricted shares for the initial incentive recipients[154].

Financial Performance - The company's operating revenue for 2017 was ¥2,540,913,519.56, representing a 308.06% increase compared to ¥622,677,373.62 in 2016[24]. - The net profit attributable to shareholders for 2017 was ¥131,340,419.95, a 19.72% increase from ¥109,708,417.45 in 2016[24]. - The net profit after deducting non-recurring gains and losses was ¥126,640,094.50, up 23.65% from ¥102,421,693.31 in 2016[24]. - The company's total assets increased by 117.33% to ¥4,269,335,026.43 at the end of 2017, compared to ¥1,964,453,830.24 at the end of 2016[24]. - Total revenue for 2017 reached ¥2,540,913,519.56, a significant increase of 308.06% compared to ¥622,677,373.62 in 2016[62]. - The company's main product, soundproofing and noise reduction products, generated ¥1,725,346,067.15, accounting for 67.90% of total revenue[63]. - The hydraulic steering pump contributed ¥564,279,537.09, representing 22.21% of total revenue, with a slight increase of 3.05% from the previous year[63]. - Overseas revenue surged to ¥1,798,658,378.07, a staggering increase of 28,318.54% compared to ¥6,329,173.44 in 2016[63]. - The gross profit margin for the industrial sector was 30.47%, reflecting a decrease of 8.03% year-on-year[65]. Acquisition and Integration - In 2017, the company completed the acquisition of CCI, resulting in a significant increase in sales revenue, but the financing costs and stock incentive plan implementation affected net profit[8]. - The company completed a major asset restructuring by acquiring CCI, enhancing product offerings and international collaboration[34]. - The company successfully acquired CCI, enhancing its horizontal expansion capabilities and transitioning towards a global automotive parts enterprise[37]. - The acquisition of CCI has resulted in significant goodwill on the consolidated balance sheet, which requires impairment testing; if CCI fails to meet expected earnings, it may negatively impact future performance[112]. - The company reported a total investment of RMB 1,434.8 million in the acquisition of CCI, holding a 100% stake[89]. Market and Industry Trends - The automotive parts industry is highly correlated with the overall economic conditions, and the company faces risks from potential declines in the growth rate of the domestic automotive industry[6]. - The company anticipates a decrease in performance growth due to the global economic slowdown and reduced consumer enthusiasm for new car purchases[7]. - The company is under pressure to upgrade its main product, hydraulic steering pumps, due to the rapid development of electric vehicles and new energy vehicles[8]. - The production volume of new energy vehicles in China reached approximately 794,000 units in 2017, with a year-on-year growth of 53.8%, highlighting the strong momentum in the new energy vehicle sector[55]. - The domestic automotive market saw production and sales of 29.01 million and 28.88 million vehicles respectively, maintaining its position as the world's largest market[105]. Research and Development - The company aims to strengthen its position in the automotive parts industry by focusing on trends such as "electrification, lightweighting, integration, and new energy" through new technologies and products[34]. - The company is actively developing new products related to energy-saving and emission reduction for new energy vehicles, as well as products for intelligent driving, including 360-degree imaging and data transmission technologies[51]. - The company has established a national-level laboratory certified by ISO/IEC17025, capable of conducting reliability tests for pumps, electric pumps, and motors[45]. - The company reported an R&D investment amounting to ¥45,125,955.04, representing 1.78% of operating revenue, a significant decrease from 5.36% in 2016[76]. - The number of R&D personnel increased to 462 in 2017, accounting for 10.40% of the total workforce, down from 16.85% in 2016[76]. Quality Management - The company has developed a quality prevention and control system during the product and process design stages, utilizing tools like QFD and FMEA to identify quality risks[46]. - The company has established a procurement quality prevention and control system to ensure the reliability of new suppliers and continuously improve quality management[47]. - The company employs advanced manufacturing technologies and error-proofing techniques to ensure stable product quality and improve process capability[48]. - The company has implemented a product quality identification and traceability system using barcode management to prevent misuse and ensure traceability[49]. - The company has built a standardized quality improvement system to continuously apply effective improvement measures across all design and manufacturing processes[50]. Strategic Goals and Future Plans - The company plans to accelerate its internationalization through customer expansion, product exports, and overseas acquisitions[34]. - The company is focusing on international market expansion, enhancing local manufacturing and sales, and ensuring stable growth in overseas revenue through effective business integration and operational efficiency[52]. - The company plans to increase production capacity by 500,000 units for electric hydraulic steering pumps and 1 million units for automatic transmission oil pumps to meet growing customer demand, which has been approved by the board and shareholders[56][57]. - The company aims to enhance operational efficiency and improve management indicators to adapt to market changes and risks[107]. - The company plans to increase R&D investment to accelerate the development of new products and capture market share in emerging segments[110]. Corporate Governance and Shareholder Relations - The company has a clear and transparent cash dividend policy that aligns with its articles of association and shareholder resolutions, ensuring the protection of minority shareholders' rights[118]. - The company has committed to not transferring or entrusting shares held prior to the public offering for a period of six months, ensuring stability in shareholding[121]. - The company has committed to achieving net profits of no less than ¥10,300 million, ¥11,900 million, and ¥13,400 million for the years 2017, 2018, and 2019 respectively[126]. - The actual net profit for 2017 was ¥13,310 million, exceeding the forecasted ¥10,300 million[125]. - The company has made commitments to ensure compliance with relevant laws and regulations during the share repurchase and increase processes[124]. Employee and Community Engagement - The company provided employment for 240 individuals through local job fairs, contributing to poverty alleviation efforts in the region[156]. - The company maintains a commitment to corporate social responsibility, ensuring compliance with labor laws and providing social insurance for all employees[154]. - The company actively engages in community support and social welfare activities, integrating these efforts into its corporate culture[155]. - The company’s management emphasizes employee development through training and career advancement opportunities[154]. Financial Management and Expenses - The company incurred sales expenses of ¥90,419,856.16, up 148.27% due to increased freight and wage costs from the CCI merger[75]. - Management expenses rose to ¥450,266,954.87, a 410.11% increase attributed to higher wages, rent, and stock incentive costs from the CCI merger[75]. - Financial expenses increased by 682.90% to ¥59,896,293.57, primarily due to higher financing costs and foreign exchange losses[75]. - The company reported a significant decrease in net cash flow from operating activities, which was ¥41,785,861.54, down 78.92% from ¥198,221,086.75 in 2016[24].

Financial Performance - The company reported a significant increase in revenue due to the acquisition of CCI, which contributed to a robust growth in sales[7]. - The net profit growth rate was lower than the revenue growth rate due to costs associated with the stock incentive plan and acquisition financing[8]. - The company's operating revenue for 2018 was ¥3,820,841,805.38, representing a 50.37% increase compared to ¥2,540,913,519.56 in 2017[25]. - The net profit attributable to shareholders for 2018 was ¥134,141,420.47, a 2.13% increase from ¥131,340,419.95 in 2017[25]. - The total cash dividend amount for 2018 was 62,952,000 RMB, which accounted for 46.93% of the net profit attributable to the company's ordinary shareholders[123]. - The company’s gross profit margin decreased to 25.88% in 2018 from 30.46% in 2017, reflecting a decline of 4.58%[75]. - The company’s total operating costs rose by 60.29% to ¥2,832,050,972.90 in 2018, compared to ¥1,766,792,876.15 in 2017[75]. - The company’s overseas revenue constituted 76.92% of total revenue, showing a significant increase of 63.40% year-on-year[73]. Production and Sales - In 2018, domestic automobile production and sales were 27.81 million and 28.08 million units, respectively, representing a year-on-year decline of 4.16% and 2.76%[6]. - The company achieved a production and sales volume of 1.27 million and 1.26 million vehicles in 2018, representing year-on-year growth of 59.90% and 61.70% respectively[47]. - In 2018, the production and sales of new energy vehicles in China reached 1.27 million and 1.26 million units, representing year-on-year growth of 59.9% and 61.7% respectively[107]. Investment and Acquisitions - The company aims to enhance its core competitiveness through acquisitions and mergers, particularly focusing on integrating high-quality resources and expanding its product line[108]. - The company has established long-term partnerships with major automotive manufacturers, including General Motors, Nissan, and BYD, enhancing its market position[35]. - The company completed a project to increase production capacity for automatic transmission oil pumps, with an annual addition of 1 million units[36]. - The company has also initiated a project to increase production capacity for electric hydraulic steering pumps, with an annual addition of 500,000 units[36]. Research and Development - The company is actively investing in technology and product diversification to enhance internal growth momentum[7]. - The company is focusing on new technology and product development to adapt to changing market demands and enhance competitiveness[7]. - The company has nearly 120 domestic patents and over 80 overseas patents, showcasing a significant technological research and development advantage[52]. - The company’s R&D expenses are consistently maintained to ensure technological leadership and product reliability[51]. - The company’s R&D investment amounted to ¥112,803,776.60, representing 2.95% of operating revenue, a decrease from 5.52% in 2017[85]. Market Risks - The company faces risks related to product quality, as increased consumer safety and environmental awareness demand higher standards from automotive parts suppliers[9]. - International trade risks have emerged from the US-China trade tensions, potentially impacting sales and profitability[11]. - The company faces risks related to the slowdown of the domestic automotive industry and potential impacts from international trade tensions, particularly between China and the U.S.[110]. Quality Control and Management - The company emphasizes quality control, adhering to IATF16949 standards, and has established a robust quality management system to enhance product reliability[64]. - The company has implemented a quality management system in accordance with IATF16949:2016 to ensure product quality and reliability throughout the production process[113]. Corporate Governance - The company has maintained a commitment to corporate social responsibility, actively participating in community support and employment initiatives[153]. - The company has focused on improving internal governance and ensuring fair treatment of all investors[152]. - The company’s remuneration policies are aligned with shareholder interests, promoting accountability and performance[191]. Employee and Management Structure - The total number of employees in the company is 5,020, with 1,675 in the parent company and 3,345 in major subsidiaries[195]. - The professional composition includes 3,230 production personnel, 156 sales personnel, 492 technical personnel, 87 financial personnel, and 1,055 administrative personnel[196]. - The company implements a performance-based compensation system that links overall salary standards to the achievement of business goals[197]. - Training is emphasized as a key investment for long-term development, with a structured training system in place to enhance employee skills and adaptability[198]. Future Outlook - The company has provided a positive outlook for the next fiscal year, projecting a revenue growth of 10% to 12% based on current market trends and demand[186]. - The company plans to expand its market presence in Southeast Asia, targeting a 25% increase in market share within the next two years[186]. - The company aims to leverage its advantages in pumps, electric pumps, motors, electronic controls, and automotive electronics to continuously develop new products and ensure strategic alignment with industry trends[64].

Financial Performance - Total revenue for Q1 2020 was CNY 827,446,170.59, a decrease of 5.88% compared to CNY 879,162,749.71 in the same period last year[8] - Net profit attributable to shareholders was CNY 13,388,038.52, down 47.34% from CNY 25,424,456.67 year-on-year[8] - Net profit excluding non-recurring items was CNY 12,914,635.43, a decline of 47.13% compared to CNY 24,425,636.76 in the previous year[8] - Basic earnings per share decreased by 53.27% to CNY 0.1186 from CNY 0.2538 year-on-year[8] - Total profit for the period was 10.79 million CNY, down 76.65% year-on-year, while net profit attributable to the parent company was 13.20 million CNY, a decline of 49.50%[21] - Net profit for Q1 2020 was CNY 13,204,815.39, compared to CNY 26,146,461.90 in the same period last year, representing a decline of approximately 49%[50] Cash Flow and Liquidity - Operating cash flow for the period increased by 37.36% to CNY 78,412,172.86 from CNY 57,087,231.88 in the same quarter last year[8] - As of the end of the reporting period, cash and cash equivalents amounted to 443.38 million CNY, an increase of 40.64% compared to the beginning of the year, primarily due to the receipt of loans during the period[19] - Cash and cash equivalents at the end of the period totaled CNY 362,003,387.26, slightly up from CNY 360,385,125.00 at the end of the previous year[59] - The total cash and cash equivalents at the end of the period amounted to $239,087,739.80, up from $150,566,421.42, indicating a strong liquidity position[62] Assets and Liabilities - Total assets at the end of the reporting period were CNY 4,996,311,371.18, reflecting a 0.81% increase from CNY 4,955,952,707.76 at the end of the previous year[8] - The company's total liabilities decreased to ¥2,649,108,632.51 from ¥2,675,795,899.68, a reduction of about 1.0%[42] - The company's total assets as of March 31, 2020, amounted to ¥4,996,311,371.18, a slight increase from ¥4,955,952,707.76 at the end of 2019[41] - The company's total liabilities amounted to CNY 826,023,657.45, slightly up from CNY 809,678,968.64 in the previous period[46] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 15,697[12] - The largest shareholder, Liaoning Del Automotive Parts Co., Ltd., held 27.68% of the shares, totaling 31,538,042 shares[12] - Net assets attributable to shareholders rose by 2.97% to CNY 2,328,896,590.36 from CNY 2,261,667,362.81 at the end of the last year[8] Investment and Projects - The company completed the 2016 restricted stock incentive plan, with the repurchase and cancellation of unvested shares still in progress[26] - The company established a joint venture, Shanghai Der Aviation Technology Co., Ltd., with Songhang Technology to leverage strengths in the aviation sector, focusing on the development of noise reduction and lightweight materials[27] - The total amount of funds raised from the non-public offering is expected to be no more than 900 million yuan, which will be used for various automotive component projects and to repay bank loans[29] - The company has achieved a 100.30% investment progress in the second phase of the hydraulic pump project, with a total investment of 276.55 million yuan[33] - The company has also achieved a 100.13% investment progress in the automatic transmission oil pump project, with a total investment of 276.37 million yuan[33] Risks and Challenges - The company faced risks from the COVID-19 pandemic, which impacted its operations, but it implemented measures to mitigate these effects and resumed production gradually from February[23] - The company is exposed to international trade risks due to tariffs imposed during the US-China trade tensions, which have significantly affected its profitability[24] - The company aims to enhance its global operational foundation and diversify its production layout to reduce international trade risks and ensure stable overseas revenue growth[24] Research and Development - Research and development expenses for Q1 2020 were CNY 42,203,401.83, compared to CNY 32,854,473.70 in the previous year, marking an increase of approximately 28.4%[49] - Research and development expenses for Q1 2020 were CNY 5,922,460.86, down from CNY 7,921,109.63 in Q1 2019, indicating a 25.3% decrease[53] Financial Management - The company utilized self-raised funds of ¥178,829,757.82 and ¥84,782,437.41 for its projects before the convertible bonds were in place, indicating proactive financial management[35] - The company did not undergo an audit for the first quarter report, which may affect the reliability of the financial data presented[64]