Financial Performance - The company's operating revenue for 2022 was ¥2,569,261,005.52, representing a 14.87% increase compared to ¥2,236,758,607.10 in 2021[21]. - The net profit attributable to shareholders for 2022 was ¥145,932,628.39, a decrease of 40.77% from ¥246,398,177.37 in 2021[21]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥132,304,745.36, down 43.90% from ¥235,844,990.11 in 2021[21]. - The net cash flow from operating activities was negative at -¥47,232,709.88, a decline of 146.97% compared to ¥100,556,346.47 in 2021[21]. - The total assets at the end of 2022 were ¥1,697,861,229.13, an increase of 20.19% from ¥1,412,653,504.03 at the end of 2021[21]. - The net assets attributable to shareholders at the end of 2022 were ¥1,385,635,831.13, up 8.31% from ¥1,279,266,348.31 at the end of 2021[21]. - The company reported a basic earnings per share of ¥1.2876 for 2022, a decrease of 49.41% from ¥2.5453 in 2021[21]. - The weighted average return on equity for 2022 was 11.01%, down 16.96% from 27.97% in 2021[21]. - The total revenue for the year 2022 was 53,778,120,000, representing a significant increase compared to the previous year[136]. - The company reported a net profit of 1,985,000,000, which is a growth of 51.79% year-over-year[136]. Dividend Distribution - The company plans to distribute a cash dividend of 4 RMB per 10 shares to all shareholders, based on a total of 113,333,334 shares[4]. - The cash dividend represents 100% of the total distributable profit of 144,200,687.28 CNY for the year[162]. Environmental and Social Responsibility - The company is committed to environmental and social responsibility as part of its operational strategy[5]. - The company has been recognized for its environmental initiatives, including a fully enclosed production line and a rainwater recycling system[71]. - The company is committed to adhering to environmental protection policies and industry standards, including various pollutant discharge standards[171]. - The company emphasizes social responsibility, ensuring the protection of shareholder and employee rights while promoting sustainable development[176]. Market and Industry Position - The company has steadily increased its market share in the precious metal recovery sector, processing 1,487.60 tons, 1,699.35 tons, and 1,262.09 tons of precious metal materials from 2020 to 2022[42]. - The company is expanding into the automotive catalyst recovery sector, leveraging its existing technologies and establishing partnerships with waste catalyst suppliers[43]. - The company has formed good cooperative relationships with major clients in the petroleum and chemical industries, contributing to its competitive edge[42]. - The precious metal recovery industry in China is expected to reduce reliance on imports, aligning with the country's sustainable development goals[38]. - The company aims to expand its market share by leveraging its advanced technology and quality control systems, which are crucial for maintaining competitiveness against international firms[51]. Research and Development - The company has developed multiple research projects, including "rhodium compound process research" and "platinum electrochemical dissolution method research," to enhance its competitive advantage[42]. - The company has invested significantly in technology and innovation, with several core technologies, including platinum dissolution liquid enrichment technology, being at the leading level in China[66]. - The company is currently developing several key projects, including rhodium compound processes and new technologies for recovering palladium and rhodium from low-grade materials[86]. - Research and development investments increased by 30%, totaling 150 million CNY, aimed at advancing new technologies[143]. Financial Management and Governance - The company has established a comprehensive quality management system and customer service system to ensure product quality and customer satisfaction[69]. - The company has a competitive compensation policy, including fixed salaries, performance bonuses, and employee stock incentives to motivate staff[159]. - The company has established internal control systems for hedging operations to mitigate risks associated with precious metals[103]. - The company has complied with all legal and regulatory requirements regarding corporate governance without significant discrepancies[127]. Regulatory Compliance - The company has obtained necessary environmental permits, including hazardous waste operation permits and pollutant discharge permits, ensuring compliance with environmental regulations[171]. - The company conducted quarterly wastewater tests and monthly boiler emissions monitoring as per environmental regulations[174]. - No administrative penalties were imposed on the company during the reporting period[175]. Strategic Initiatives - The company plans to strengthen its core business in precious metal recycling, new materials, and trade, aiming for sustainable and high-quality development[119]. - The company intends to increase R&D investment in new raw material recycling technologies and expand into markets such as waste catalysts and precious metal recovery[120]. - The company is actively seeking potential mergers and acquisitions to enhance its competitive edge in the market[138]. Risks and Challenges - The company faces risks from fluctuations in precious metal prices, which significantly impact its profitability, especially in its self-produced recycling operations[123]. - The company acknowledges the increasing competition from global giants entering the domestic precious metal market, which may intensify market risks[124]. - Stricter environmental regulations may increase operational costs and extend investment recovery periods, potentially affecting the company's performance[124].

Financial Performance - The company's operating revenue for Q1 2023 was ¥442,138,863.24, a decrease of 53.04% compared to ¥941,432,329.87 in the same period last year[4] - Net profit attributable to shareholders was ¥48,836,118.52, representing an increase of 5.37% from ¥46,345,338.58 year-on-year[4] - The total operating revenue for Q1 2023 was CNY 442,138,863.24, a decrease of 53.1% compared to CNY 941,432,329.87 in the same period last year[21] - The total operating costs for Q1 2023 were CNY 395,303,332.01, down 55.8% from CNY 892,347,210.80 in Q1 2022[21] - The net profit attributable to the parent company for Q1 2023 was CNY 48,836,118.52, an increase of 5.4% from CNY 46,345,338.58 in Q1 2022[22] - The basic and diluted earnings per share for Q1 2023 were both CNY 0.4309, compared to CNY 0.4089 in the previous year[23] Cash Flow and Liquidity - The net cash flow from operating activities was negative at ¥-208,768,058.08, a decline of 357.72% compared to ¥81,004,783.55 in the previous year[4] - Cash inflow from operating activities totaled 481,604,594.15, down 40.6% from 812,896,301.96 in the prior period[25] - Cash outflow from operating activities was 690,372,652.23, a decrease of 5.7% compared to 731,891,518.41 in the previous period[25] - The net increase in cash and cash equivalents was 79,504,866.50, compared to 10,084,803.51 in the previous period[25] - The ending balance of cash and cash equivalents was 85,472,237.43, down from 163,855,936.97 in the prior period[25] - The company reported a significant decrease in cash received from the sale of goods and services, totaling 473,383,146.22, down 39.8% from 786,619,779.08[24] Assets and Liabilities - Total assets at the end of the reporting period reached ¥1,963,114,542.54, an increase of 15.62% from ¥1,697,861,229.13 at the end of the previous year[4] - The total liabilities for Q1 2023 were CNY 456,865,374.88, up from CNY 240,128,961.17 in the same period last year[18] - The total current assets increased to CNY 1,467,527,092.33 as of March 31, 2023, compared to CNY 1,214,057,433.01 at the beginning of the year, reflecting a growth of approximately 20.9%[15] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 9,756[10] - The largest shareholder, Xia Jun, holds 39.01% of the shares, totaling 44,208,830 shares[10] - The company reported a total of 57,587,500.00 shares under lock-up agreements, with 1,525,125.00 shares released during the period[13] - The top ten shareholders hold a significant portion of the company's shares, with the largest shareholder owning 44,208,830.00 shares[13] - The company has no shareholders participating in margin trading or securities lending activities[12] Investment and R&D - Research and development expenses increased by 30.35% to ¥3,159,452.61, reflecting a higher investment in R&D[8] - The company invested CNY 3,159,452.61 in R&D during Q1 2023, compared to CNY 2,423,858.17 in the same period last year, reflecting a focus on innovation[21] Borrowings and Financial Assets - Short-term borrowings rose by 254.25% to ¥319,067,763.89, driven by increased raw material procurement orders[8] - The total amount of trading financial assets decreased to CNY 150,000,000.00 from CNY 250,000,000.00, a decline of 40%[16] Government Support - Government subsidies recognized in the current period amounted to ¥2,309,765.04, a year-on-year increase of 381.20%[8] Future Outlook - The company plans to continue its market expansion and product development strategies in the upcoming quarters[15]

证券代码：301026 证券简称：浩通科技 编号：2021-003 徐州浩通新材料科技股份有限公司投资者关系活动记录表 | --- | --- | --- | --- | |-----------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

编号：2021-001 证券代码：301026 证券简称：浩通科技 徐州浩通新材料科技股份有限公司投资者关系活动记录表 | --- | --- | |-----------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

编号：2021-002 证券代码：301026 证券简称：浩通科技 徐州浩通新材料科技股份有限公司投资者关系活动记录表 | --- | --- | --- | |-----------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Group 1: Financial Performance - In the first half of 2021, the company's precious metal recovery business generated approximately 510 million CNY, an increase of 136% compared to the same period last year [2] - The company had a raw material value exceeding 700 million CNY acquired in Q4 2020, primarily consisting of silver and rhodium materials, contributing to the high revenue growth in H1 2021 [2] - By the end of H1 2021, the company had approximately 73 million CNY in raw materials remaining, including some from Q4 2020 [2] Group 2: Production and Capacity - The company's silver production increased from 36 tons to 93 tons during the reporting period, attributed to rapid profit growth, enhanced technical capabilities, and increased order acquisition [3] - The average production cycle for silver materials is 1-2 months, with a weekly output of about 7 tons, indicating no capacity bottlenecks [3] - The company maintains stable cooperation with major enterprises in the petrochemical and fine chemical industries, ensuring a consistent supply of raw materials [3] Group 3: Market and Competition - The company has established long-term partnerships with well-known enterprises such as Sinopec and PetroChina, focusing on comprehensive service capabilities rather than just pricing [3] - The company prioritizes high-yield business orders and evaluates profitability for each project, ensuring sustainable growth [3] - The company’s competitive advantages include strong technical capabilities, compliance with environmental regulations, and a focus on asset security for clients [3] Group 4: Future Outlook - The company is considering entering the hydrogen energy battery recycling market, which has significant platinum demand, but expects no large-scale recovery needs in the short term [4] - Plans to increase annual production capacity of precious metal new materials by 10 tons, leveraging synergies between recovery and new materials businesses [4] - Approximately 20% of the profits in H1 2021 were estimated to be influenced by fluctuations in precious metal prices [4]

Financial Performance - The company's revenue for Q3 2022 was ¥495,643,533.27, representing a year-on-year increase of 7.55% and a cumulative revenue of ¥2,208,305,177.74, up 38.65% year-to-date[5]. - Net profit attributable to shareholders for Q3 2022 was ¥46,606,618.26, a slight increase of 1.46%, but a significant decline of 40.60% year-to-date, totaling ¥129,246,189.89[5]. - The basic earnings per share for Q3 2022 was ¥0.4112, down 7.01%, with a year-to-date decline of 52.15% to ¥1.1404[5]. - The company's operating profit for the year was ¥142,382,021.56, reflecting a decrease of 41.69% compared to the previous year[8]. - The total profit for the year was ¥142,841,922.92, down 41.46% year-on-year, attributed to fluctuations in raw material and product sales prices[8]. - Net profit for the third quarter was ¥129,255,387.43, a decrease of 40.5% from ¥217,570,347.20 in the previous year[24]. - The total comprehensive income for the period was CNY 129,255,387.43, compared to CNY 217,570,347.20 in the previous period[25]. - Basic and diluted earnings per share were CNY 1.1404, down from CNY 2.3831 in the previous period[25]. Assets and Liabilities - The company's total assets increased by 10.75% year-on-year, reaching ¥1,564,518,290.34, while equity attributable to shareholders rose by 6.56% to ¥1,363,179,204.60[5]. - The company's total assets as of September 30, 2022, were ¥1,564,518,290.34, compared to ¥1,412,653,504.03 at the beginning of the year, reflecting a growth of 10.7%[21]. - Current assets totaled ¥1,262,511,663.39, an increase of 8.1% from ¥1,168,265,251.60 at the start of the year[19]. - The company's total liabilities decreased slightly to ¥131,075,728.74 from ¥133,387,155.72 in the previous year[21]. - Non-current assets increased to ¥302,006,626.95, a rise of 23.5% from ¥244,388,252.43 at the beginning of the year[21]. Cash Flow - Cash flow from operating activities showed a negative net amount of ¥45,325,300.64, a decline of 122.39% compared to the previous year, indicating increased inventory purchases[9]. - Cash inflow from operating activities totaled CNY 3,246,119,259.63, an increase from CNY 1,734,161,096.14 in the previous period[28]. - The net cash flow from operating activities was negative CNY 45,325,300.64, compared to a positive CNY 202,451,318.30 in the previous period[28]. - Cash inflow from investment activities was CNY 1,182,956,493.33, down from CNY 2,239,904,312.72 in the previous period[28]. - The net cash flow from investment activities was negative CNY 82,098,101.38, compared to negative CNY 437,784,505.32 in the previous period[28]. - Cash inflow from financing activities was CNY 127,640,157.00, down from CNY 580,681,620.36 in the previous period[29]. - The net cash flow from financing activities was CNY 46,769,303.20, compared to CNY 354,774,503.82 in the previous period[29]. - The ending cash and cash equivalents balance was CNY 73,117,034.64, down from CNY 138,911,187.93 in the previous period[29]. Shareholder Information - The total number of common shareholders at the end of the reporting period is 13,322[11]. - The largest shareholder, Xia Jun, holds 39.01% of the shares, totaling 44,208,830 shares[11]. - The top ten shareholders collectively hold a significant portion of the company's equity, with the largest holding being 39.01%[11]. - The company has a total of 36,421,333 shares that are subject to lock-up agreements, with 6,100,500 shares released during the reporting period[16]. - The company reported a total of 1,638,900 shares held by Xu Zhou Gao Xin Venture Capital Co., Ltd., which is a significant institutional investor[12]. - The company has a total of 2,700,000 unrestricted shares held by Niu Yong, indicating a strong liquidity position for this shareholder[11]. - The company has a total of 4,784,000 shares held by Lin Dejian, which are subject to a lock-up agreement[14]. - The company has released 1,987,500 shares from lock-up for Yu Zhihao during the reporting period[14]. - The company has a total of 3,000,000 shares that were previously restricted and have now been released for trading[14]. - The company has a diverse shareholder base, including both individual and institutional investors, which may enhance its market stability[12]. Operational Metrics - Total operating revenue for the third quarter of 2022 reached ¥2,208,305,177.74, an increase of 38.6% compared to ¥1,592,745,571.07 in the same period last year[23]. - Total operating costs amounted to ¥2,079,794,181.36, up 56.0% from ¥1,333,305,841.44 year-on-year[23]. - Inventory levels rose to ¥583,463,895.05, up 3.3% from ¥565,000,058.08 year-on-year[19]. - Research and development expenses for the quarter were ¥7,326,981.96, down 28.7% from ¥10,295,241.84 in the same period last year[24]. Other Information - The company reported a significant increase in non-operating income from asset disposals, totaling ¥469,904.38, up 56.85% year-on-year[8]. - The company experienced a 100% decrease in derivative financial assets, indicating a closure of futures hedging tools[8]. - The third quarter report was not audited[30].

Financial Performance - The company's operating revenue for the first half of 2022 was ¥1,712,661,644.47, representing a 51.31% increase compared to ¥1,131,894,529.43 in the same period last year[22]. - Net profit attributable to shareholders decreased by 51.85% to ¥82,639,571.63 from ¥171,634,033.91 year-on-year[22]. - The net cash flow from operating activities fell by 67.65% to ¥91,624,521.62, down from ¥283,255,367.59 in the previous year[22]. - Basic and diluted earnings per share dropped by 63.89% to ¥0.7292 from ¥2.0192 in the same period last year[22]. - The weighted average return on equity decreased to 6.26%, down from 23.42% in the previous year, a decline of 17.16%[22]. - Total assets increased by 6.49% to ¥1,504,341,845.57 compared to ¥1,412,653,504.03 at the end of the previous year[22]. - Net assets attributable to shareholders rose by 2.92% to ¥1,316,572,586.34 from ¥1,279,266,348.31 at the end of the previous year[22]. Investment and Development - The company plans not to distribute cash dividends or issue bonus shares[4]. - The company has not disclosed any significant new product developments or market expansion strategies in the report[22]. - Research and development investment increased by 15.08% to ¥9,783,002.87 from ¥8,501,290.67, reflecting the company's commitment to technological advancement[46]. - The company is actively pursuing market expansion and technological innovation through its various projects and investments[70]. - The company has committed to a new product development strategy focusing on precious metal materials, with an annual production target of 10 tons[70]. Operational Strategy - The main business segments include precious metal recovery, new materials, and trade, focusing on the recovery of platinum, palladium, rhodium, and silver from secondary resources[30]. - The company has established stable procurement relationships with waste-producing enterprises in the petrochemical and fine chemical industries, ensuring a steady supply of raw materials[32]. - The company utilizes a direct sales model for its precious metals, ensuring strong liquidity in the market[33]. - The company has formed long-term partnerships with major petrochemical companies, enhancing its competitive position in the industry[34]. - The company’s operational model includes both self-produced and commissioned processing, allowing flexibility in service offerings[32]. Financial Management - The company reported a total non-operating income of 10,078,407.48, with government subsidies contributing 5,366,542.60[26]. - The company reported a loss of -1.91 from other non-operating income and expenses, indicating a need for careful management of non-core activities[27]. - The company’s total investment income from asset management was 4,292,500.00, reflecting its strategic investment initiatives[26]. - The company has established strong partnerships with major clients, including Sinopec and PetroChina, enhancing its competitive position in the market[43]. - The company has been recognized as a strategic partner by China Petroleum and Chemical Corporation since 2012, indicating its strong market presence[43]. Market Conditions and Risks - The report highlights potential risks and uncertainties in future projections, emphasizing the need for investors to be aware of investment risks[3]. - The precious metal recovery business is significantly impacted by market price fluctuations, which can affect the company's profitability[81]. - The company faces risks related to its concentration on major partners like Sinopec and PetroChina, which could impact operations if their business conditions change[81]. - Environmental regulations are tightening, which could increase operational costs and affect project returns, but the company benefits from being compliant with these regulations[83]. Corporate Governance and Compliance - The company has established a comprehensive quality management and customer service system to ensure product compliance with customer requirements[40]. - The company has received various certifications, including ISO9001 and ISO14001, establishing a strong brand reputation in the precious metals market[40]. - The company has implemented pollution control facilities that are designed, constructed, and put into operation simultaneously with the main project, ensuring compliance with environmental standards[95]. - The company has received no administrative penalties for environmental issues during the reporting period[97]. - The company emphasizes employee training and has established a specialized training system to enhance employee skills and career development[99]. Financial Position and Assets - Cash and cash equivalents decreased to ¥58,326,317.7, representing 3.88% of total assets, down from 11.33%, a decrease of 7.45%[51]. - Accounts receivable increased to ¥142,086,011, accounting for 9.45% of total assets, up from 2.76%, an increase of 6.69%[51]. - Inventory decreased to ¥532,556,601, making up 35.40% of total assets, down from 40.00%, a decrease of 4.60%[51]. - The company reported a significant increase in long-term equity investments to ¥14,075,447.4, representing 0.94% of total assets, up from 0.93%[51]. - The company's total assets as of June 30, 2022, were CNY 1,504,341,845.57, compared to CNY 1,412,653,504.03 at the beginning of the year, reflecting a growth of approximately 6.5%[147]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 12,603[131]. - The largest shareholder, Xia Jun, holds 39.01% of the shares, totaling 44,208,830 shares[131]. - The company issued 1,321,683 shares during the initial public offering on January 17, 2022[129]. - The company experienced a decrease of 836,883 shares in restricted shares, resulting in a new total of 87,712,516 restricted shares[128]. - The company has no ongoing share repurchase programs or significant changes in shareholding structure[130].

Financial Performance - The company's operating revenue for 2021 was ¥2,236,758,607.10, representing a 107.90% increase compared to ¥1,075,894,598.45 in 2020[19]. - The net profit attributable to shareholders for 2021 was ¥246,398,177.37, up 103.22% from ¥121,245,534.80 in 2020[19]. - The net cash flow from operating activities increased by 298.62% to ¥100,556,346.47 in 2021, compared to ¥25,226,311.38 in 2020[19]. - The total assets at the end of 2021 reached ¥1,412,653,504.03, a growth of 78.39% from ¥791,877,751.62 at the end of 2020[19]. - The basic earnings per share for 2021 was ¥2.5453, reflecting a 78.44% increase from ¥1.4264 in 2020[19]. - The weighted average return on equity for 2021 was 27.97%, an increase of 3.76% from 24.21% in 2020[19]. - The company's total revenue for 2021 reached ¥2,236,758,607.10, representing a 107.90% increase compared to ¥1,075,894,598.45 in 2020[74]. - Precious metal recovery contributed ¥1,323,316,386.06, accounting for 59.16% of total revenue, with a year-on-year growth of 116.83%[74]. - The sales volume of precious metal recovery increased by 91.21% to 183,467.33 kg in 2021, driven by a significant rise in the processing of silver-containing waste catalysts[78][79]. - The company achieved a gross margin of 22.40% in the precious metal recovery segment, a decrease of 3.68% from the previous year[77]. Research and Development - The company is actively engaged in the research and development of new technologies and products in the precious metals sector[12]. - The company has ongoing research projects aimed at improving the recovery efficiency of various precious metals, including rhodium and platinum[88]. - Research and development expenses rose by 93.49% year-over-year to ¥12,619,495.05, driven by the development of new raw materials and product recovery technologies[87]. - The total amount of research and development investment in 2021 was ¥63,276,236.41, representing 2.83% of operating revenue[89]. - The number of R&D personnel increased by 8.70% to 25, with a slight decrease in the proportion of R&D personnel to total staff[89]. Market Position and Strategy - The company is focused on the recovery and recycling of precious metals, which includes platinum, palladium, and rhodium, among others[12]. - The company plans to continue expanding its market presence and investing in new product development in the precious metal recycling sector[29]. - The company is positioned as a leading enterprise in the recycling of major resources such as waste metals, plastics, and electronic products[34]. - The company has established long-term partnerships with major petrochemical companies such as Sinopec and CNOOC, enhancing its competitive position in the industry[52]. - The company is focused on expanding its market presence and enhancing its technological capabilities in the precious metal recycling industry[46]. Environmental and Social Responsibility - The company has a commitment to environmental and social responsibility as part of its operational strategy[15]. - The company emphasizes social responsibility, protecting the rights of shareholders, employees, customers, and suppliers while integrating social responsibility into its development strategy[184]. - The company actively engages in green innovation and adheres to national environmental policies, contributing to sustainable development[186]. - The company has implemented pollution control facilities that are designed, constructed, and operated simultaneously with the main project, ensuring compliance with production scale[182]. - The company has obtained hazardous waste operation permits and discharge permits, strictly adhering to environmental impact assessments and approvals during project construction and operation[183]. Governance and Management - The company maintains a robust governance structure with clear separation from its controlling shareholders, ensuring operational independence[129]. - The company has established independent financial and operational systems, allowing for autonomous decision-making and management[133]. - The company has a board of directors with members serving terms from 2021 to 2024[140]. - The company has established a compensation and assessment committee to determine remuneration plans based on job responsibilities and performance[153]. - The company has a structured approach to managing potential conflicts of interest among its major shareholders and subsidiaries[193]. Financial Management and Investment - The company has committed to investing CNY 47,085.1 million in total, with CNY 22,270.9 million already invested by the end of the reporting period[108]. - The company has utilized 100% of the funds allocated for working capital, amounting to CNY 19,900 million[108]. - The company has adjusted the implementation of the new precious metal new material construction project to existing factory locations, optimizing resource use[111]. - The company has reported a total distributable profit of 246,398,177.37 CNY for the reporting period[169]. - The company has established a comprehensive internal control system in accordance with regulatory requirements[174]. Risks and Challenges - The company has outlined potential risks in its future development outlook, which may affect its operational strategies[6]. - The company faces risks related to price fluctuations in the precious metals market, which can significantly impact its operating performance[123]. - The company is exposed to market risks due to increasing competition from global leaders in the precious metals recycling industry[124]. - Stricter environmental regulations may increase operational costs and extend investment recovery periods, affecting the company's performance[125]. Shareholder Engagement - The annual shareholder meeting had a 100% investor participation rate on March 27, 2021[137]. - The first extraordinary shareholder meeting in 2021 had a 56.05% investor participation rate on September 10, 2021[138]. - The company has committed to avoiding competition with its own subsidiaries and ensuring no direct or indirect involvement in competing businesses[193]. - The company has reported normal compliance with all commitments related to share repurchase and lock-up arrangements[191].