Revenue and Profitability - The company's operating revenue for 2021 was ¥393,643,829, a decrease of 70.17% compared to ¥1,319,702,110 in 2020[22]. - The net profit attributable to shareholders for 2021 was ¥19,318,255.4, down 91.42% from ¥224,809,419 in 2020[22]. - The net profit after deducting non-recurring gains and losses was ¥14,566,327.07, a decline of 93.47% from ¥222,724,599.80 in 2020[22]. - The basic earnings per share for 2021 was ¥0.160, down 92.89% from ¥2.25 in 2020[22]. - The diluted earnings per share for 2021 was also ¥0.160, reflecting the same percentage decrease as basic earnings[22]. - The weighted average return on equity for 2021 was 1.96%, a significant drop of 63.60% from 65.56% in 2020[22]. - The company's performance declined due to changes in industry policies affecting LNG heavy truck demand, resulting in a significant drop in production and sales[75]. - In 2021, the company's revenue decreased by 70.17% and net profit attributable to shareholders dropped by 91.42% due to the decline in LNG heavy truck demand and rising LNG prices[84]. - The average selling price of the LNG supply system decreased by approximately 16%, negatively impacting the company's profitability[88]. Market Dynamics and Competition - The company achieved a market share of 33% in the LNG supply system sector in 2021, up from 30.4% in 2020, despite a decline in the LNG heavy truck market[38]. - The implementation of the National VI emission standards for heavy-duty diesel vehicles starting July 1, 2021, negatively impacted the LNG heavy truck market demand[38]. - The market share of natural gas vehicles and LNG heavy trucks dropped from 8.77% in 2020 to 4.22% in 2021[75]. - The company sold 12,000 units of the LNG supply system in 2021, compared to 43,449 units in 2020, reflecting a significant market presence[38]. - The rapid development of LNG commercial vehicles has driven the demand for related LNG supply system products, indicating a broad market outlook[37]. Strategic Investments and Projects - The company has made strategic investments in Jiangsu Shenqicheng Technology Co., Ltd., focusing on hydrogen fuel cell core components, aligning with the "dual carbon" policy direction[9]. - A new project for the production line of compressed hydrogen aluminum liner carbon fiber fully wrapped gas cylinders is planned, with an expected annual production capacity of 30,000 units[9]. - The company is enhancing its product structure by implementing a new project for the production of carbon fiber-wrapped hydrogen gas cylinders, aimed at increasing product competitiveness and sustainability[46]. - The company is preparing for the mass production of high-pressure LNG gas supply systems, with technology reserves being established for future applications[110]. Financial Position and Cash Flow - The cash flow from operating activities for 2021 was ¥55,166,569.6, a decrease of 32.96% compared to ¥82,288,210.7 in 2020[22]. - The net cash flow from operating activities decreased by 32.96% to ¥55.17 million in 2021 compared to ¥82.29 million in 2020[113]. - The company's cash and cash equivalents increased significantly by 600% to ¥513.21 million, compared to a decrease of ¥102.64 million in 2020[113]. - The company reported a total investment income loss of ¥2.04 million, accounting for -9.01% of total profit[116]. Research and Development - The company holds 106 patents, including 3 invention patents, indicating a strong focus on R&D and innovation in the LNG supply system sector[92]. - R&D investment as a percentage of operating income increased to 5.27% in 2021 from 3.33% in 2020, despite a decrease in absolute R&D spending by 23.1764 million CNY due to a 70.17% drop in operating income[111]. - The number of R&D personnel increased by 18.06% to 85 in 2021, with the proportion of R&D staff rising to 14.86% from 9.42%[111]. - The company is focusing on developing hydrogen supply systems in response to national carbon neutrality goals, with ongoing projects for liquid hydrogen storage and supply systems[110]. Operational Efficiency and Cost Management - The company is committed to cost reduction and efficiency enhancement through personnel optimization and strengthened cost accounting, aiming to lower production costs and improve product competitiveness[144]. - The total operating costs were aligned with revenue trends, with the cost of vehicle-mounted LNG modules at ¥217,920,367.77, a decrease of 71.19% from the previous year[103]. - Sales expenses decreased by 53.88% in 2021, totaling 21,208,301.21 CNY, due to a significant reduction in shipment volume compared to 2020[108]. - Management expenses fell by 21.43% to 32,732,504.76 CNY, with intermediary fees and office expenses decreasing by 5.56 million CNY and 5.18 million CNY respectively[108]. Governance and Compliance - The company held 3 shareholder meetings during the reporting period, all conducted in compliance with legal regulations[154]. - The board of directors convened 11 meetings, with all independent directors present, ensuring compliance with governance standards[155]. - The company maintains an independent operational structure, with no interference from the controlling shareholder in decision-making[160]. - The company has established various committees, including a strategic committee and an audit committee, to enhance governance[154]. Future Outlook and Growth Strategies - The company provided a positive outlook for the next fiscal year, projecting a revenue growth of 25% based on new product launches and market expansion strategies[172]. - The company plans to expand its market presence in Southeast Asia, targeting a 10% market share within the next two years[172]. - The company aims to enhance its core competitiveness by improving product quality and service, aligning with national low-carbon economic policies[139]. - The company is accelerating the layout of hydrogen fuel cell products to further expand its business scope, aligning with national policies that support the hydrogen energy industry as a key development direction[141].

Financial Performance - The company's revenue for Q3 2021 was ¥51,563,752.54, a decrease of 83.06% compared to the same period last year[3]. - The net profit attributable to shareholders was ¥1,183,170.68, down 97.91% year-on-year[3]. - The basic earnings per share were ¥0.0089, reflecting a decline of 98.43% compared to the previous year[3]. - Total operating revenue for the current period is $357.14 million, a decrease of 64.7% from $1.01 billion in the previous period[20]. - Operating profit for the current period is $41.52 million, a decline of 80.8% compared to $216.65 million in the previous period[21]. - Net profit for the current period is $33.35 million, a decrease of 81.5% from $179.93 million in the previous period[22]. - Basic and diluted earnings per share for the current period are $0.2648, down 84.8% from $1.7466 in the previous period[22]. - Tax expenses for the current period amount to $8.36 million, down from $36.64 million in the previous period[21]. Assets and Liabilities - Total assets increased to ¥1,481,299,483.85, representing a growth of 48.63% from the end of the previous year[9]. - The total liabilities decreased to RMB 180,531,071.83 from RMB 503,053,405.32, indicating a reduction of approximately 64.1%[18]. - The company’s total current liabilities decreased significantly to RMB 149,446,579.16 from RMB 462,400,093.36, a reduction of approximately 67.7%[17]. - The equity attributable to shareholders rose to ¥1,268,761,378.82, an increase of 178.67% year-on-year, primarily due to new share issuance[9]. - The equity attributable to the parent company increased to RMB 1,268,761,378.82 from RMB 455,297,667.75, showing an increase of approximately 178.5%[18]. Cash Flow - The cash flow from operating activities showed a net outflow of ¥50,109,768.03, an improvement of 49.18% compared to the previous year[7]. - Cash flow from operating activities shows a net outflow of $50.11 million, an improvement from a net outflow of $98.61 million in the previous period[25]. - Cash flow from investing activities results in a net outflow of $7.28 million, compared to a net outflow of $65.92 million in the previous period[26]. - Cash flow from financing activities generates a net inflow of $616.87 million, significantly up from $54.65 million in the previous period[26]. - The ending cash and cash equivalents balance is $583.39 million, a substantial increase from $16.72 million in the previous period[26]. - The company reported a significant reduction in sales volume, which was the main reason for the decline in revenue and profit[7]. Shareholder Information - The company reported a total of 101,721,248 restricted shares, with no shares released during the reporting period[14]. - The company has a scheduled release of restricted shares for major shareholders on April 29, 2024, which includes 69,400,000 shares held by Changchun Huifeng Automotive Gear Co., Ltd.[14]. Inventory and Receivables - Accounts receivable decreased to RMB 86,297,984.07 from RMB 227,832,523.74, reflecting a decline of about 62.1%[16]. - The company’s inventory increased to RMB 228,974,823.57 from RMB 212,091,703.92, reflecting a growth of approximately 8.0%[16]. Ongoing Projects - The company has ongoing projects in construction, with the amount in progress reaching RMB 127,873,750.14, up from RMB 45,797,771.34 at the end of 2020[17]. Other Information - Non-recurring gains and losses amounted to ¥722,607.18 for the current period[5]. - The company has not classified any non-recurring gains and losses as regular gains and losses[6]. - The company has not made adjustments to the beginning balance sheet items due to all current lease payments being due within one year, classifying them as short-term leases[27]. - The third quarter report for the company has not been audited[28].

Financial Performance - The company's operating revenue for the first half of 2021 was approximately ¥305.57 million, a decrease of 56.67% compared to ¥705.28 million in the same period last year[27]. - The net profit attributable to shareholders was approximately ¥30.20 million, down 74.43% from ¥118.10 million year-on-year[27]. - The net profit after deducting non-recurring gains and losses was approximately ¥29.20 million, a decrease of 75.20% compared to ¥117.74 million in the previous year[27]. - The basic earnings per share decreased by 76.99% to ¥0.2718 from ¥1.1810 in the same period last year[27]. - The weighted average return on net assets dropped to 4.14%, down 36.65% from 40.79% in the previous year[27]. - The company's operating revenue for the current period is ¥305,574,280.98, a decrease of 56.67% compared to ¥705,281,903.77 in the same period last year[60]. - The operating cost decreased by 51.03% to ¥224,065,036.99 from ¥457,517,625.24, reflecting a decline in sales[60]. - The income tax expense decreased by 72.26% to ¥7,071,346.26, correlating with the decline in total profit[60]. - The total comprehensive income for the first half of 2021 was ¥32,969,661.11, down from ¥122,207,299.75 in the same period of 2020[163]. - The company reported a significant decline in the sales of its vehicle-mounted LNG supply systems due to short-term factors such as changes in industrial policies, LNG price fluctuations, and rising raw material costs[87]. Cash Flow and Financing - The net cash flow from operating activities improved to approximately -¥51.79 million, a 43.04% increase from -¥90.92 million in the same period last year[27]. - The net cash flow from financing activities surged by 1,118.10% to ¥736,111,206.20, primarily due to the initial public offering of new shares[61]. - Cash and cash equivalents increased significantly by 954.28% to ¥760,737,291.05, attributed to funds raised from the IPO[61]. - The net cash flow from investing activities improved significantly to 76,445,547.89 CNY in 2021 from -58,559,563.72 CNY in 2020[171]. - The net increase in cash and cash equivalents for the first half of 2021 was 760,737,291.05 CNY, a significant recovery from -89,049,992.94 CNY in the same period of 2020[172]. Assets and Liabilities - The total assets at the end of the reporting period were approximately ¥1.69 billion, an increase of 69.53% from ¥996.63 million at the end of the previous year[27]. - The total liabilities decreased to CNY 380,917,992.88 from CNY 503,053,405.32, a reduction of about 24.3%[154]. - The total amount of raised funds is CNY 777,351,699.62 after deducting underwriting and advisory fees[73]. - The total liabilities of the company were reported at 1,941.3 million yuan, reflecting a manageable debt level[180]. Market and Industry Position - The main business involves the production and sales of LNG supply systems for commercial vehicles, focusing on heavy trucks and engineering vehicles[34]. - The company has established itself as a significant supplier for major manufacturers such as FAW Jiefang and Xugong Group, indicating strong market presence[34]. - The natural gas commercial vehicle market is expected to continue growing due to supportive government policies and increasing environmental regulations[48]. - The company is focused on advancing its LNG supply systems towards intelligence, lightweight design, and environmental sustainability[57]. - The company plans to enhance market research and focus on downstream application areas to adapt to policy changes and market dynamics[87]. Research and Development - Research and development investment increased by 3.69% to ¥11,673,642.75 from ¥11,258,088.30, indicating a commitment to innovation[61]. - The company has allocated 30.2 million yuan for research and development to drive innovation in new products[181]. - The company emphasizes the importance of technological innovation and has implemented a strategy of developing, reserving, and applying new technologies[88]. - The company has established various incentive systems to retain core technical personnel and prevent technology leakage[89]. Quality and Compliance - The company has established a comprehensive quality management system to ensure high reliability and performance of its products, receiving multiple quality certifications[55]. - There are no discrepancies between financial reports prepared under international and Chinese accounting standards, indicating consistency in financial reporting[29]. - The company adheres to strict quality assurance systems to mitigate product quality risks and ensure reliability[90]. - The company has complied with all regulations regarding the management and disclosure of raised funds, with no violations reported[75]. Shareholder and Corporate Governance - The company plans not to distribute cash dividends or issue bonus shares[7]. - The total number of shares after the issuance is 133,333,400, with 76.29% of shares being subject to restrictions[130]. - The company has not engaged in any major asset or equity sales during the reporting period[84][85]. - The company has not reported any major related party transactions exceeding the approved limits[112]. Social Responsibility and Environmental Compliance - The company emphasizes its commitment to social responsibility, ensuring fair information disclosure to all investors, particularly small and medium-sized investors[102]. - The company implements strict environmental protection measures and adheres to national and local regulations during production[103]. - The company is not classified as a key pollutant discharge unit and has not faced any environmental penalties during the reporting period[101].