云意电气(300304) - 2015 Q2 - 季度财报

Section I Important Notes and Definitions This section provides crucial disclaimers from management and defines key terms used throughout the report Important Notes Management guarantees report accuracy and completeness; no cash dividends, bonus shares, or capital increase from reserves planned - Company's board, supervisors, and senior management guarantee report truthfulness, accuracy, and completeness[3] - Company's responsible person, chief accountant, and head of accounting department declare financial report truthfulness and completeness[4] - Company plans no cash dividends, no bonus shares, and no capital increase from capital reserves[5] Definitions Key terms like company, shareholders, subsidiaries, and main products are precisely defined for clarity - Report clearly defines key entities such as the company, controlling shareholder (Xuzhou Yunyi Technology Development Co., Ltd.), and actual controller (Fu Hongling)[10] - Main products include automotive electronics, automotive alternators, automotive rectifiers, automotive regulators, high-power automotive diodes, and precision insert molded parts[10] Section II Company Profile This section outlines the company's fundamental information, including registration details, contact points, and financial highlights I. Company Information Basic corporate details, including stock code, legal representative, and registered address, are provided - Company stock abbreviation is "Yunyi Electric", stock code "300304"[12] - Legal representative is Fu Hongling, registered and office addresses are both at No. 26 Huangshan Road, Tongshan Economic Development Zone, Xuzhou, Jiangsu Province[12] II. Contact Persons and Information Contact details for the Board Secretary and Securities Affairs Representative are listed - Board Secretary is Li Chengzong, Securities Affairs Representative is Cheng Dan[13] - Contact address is No. 26 Huangshan Road, Tongshan Economic Development Zone, Xuzhou, Jiangsu Province, phone number is 0516-83306666[13] III. Information Disclosure and Document Availability Designated media and location for official information disclosure and report availability are specified - Designated information disclosure newspapers are "Shanghai Securities News" and "Securities Times"[14] - Designated website is Cninfo (http://www.cninfo.com.cn)[14](index=14&type=chunk) - Semi-annual report is available at the company's Securities Investment Department[14] IV. Key Accounting Data and Financial Indicators The company reported stable revenue and net profit growth, with a significant increase in operating cash flow Key Accounting Data and Financial Indicators (Consolidated Statement) | Indicator | Current Period (RMB) | Prior Period (RMB) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Total Operating Revenue | 228,845,847.75 | 216,036,080.82 | 5.93% | | Net Profit Attributable to Ordinary Shareholders of Listed Company | 46,931,528.91 | 46,152,086.96 | 1.69% | | Net Profit Attributable to Ordinary Shareholders of Listed Company After Deducting Non-Recurring Gains and Losses | 40,167,232.72 | 40,502,829.83 | -0.83% | | Net Cash Flow from Operating Activities | 49,429,582.50 | 16,338,837.97 | 202.53% | | Basic EPS (RMB/share) | 0.23 | 0.23 | 0.00% | | Weighted Average ROE (%) | 4.88% | 5.04% | -0.16% | | Period-End (RMB) | Prior Year-End (RMB) | Period-End vs. Prior Year-End Change (%) | | Total Assets | 1,207,884,524.20 | 1,205,993,552.21 | 0.16% | | Owners' Equity Attributable to Ordinary Shareholders of Listed Company | 958,017,778.84 | 951,086,249.93 | 0.73% | V. Non-Recurring Gains and Losses Items and Amounts Non-recurring gains and losses totaled 6.76 million yuan, primarily from government subsidies and investment income Non-Recurring Gains and Losses Items and Amounts | Item | Amount (RMB) | | :--- | :--- | | Gains or losses from disposal of non-current assets | 71,264.83 | | Government subsidies recognized in current profit or loss | 3,815,100.00 | | Gains or losses from changes in fair value of financial assets held for trading and investment income from their disposal | 4,500,304.54 | | Other non-operating income and expenses | 78,247.29 | | Less: Income tax impact | 1,318,876.76 | | Minority interest impact (after tax) | 381,743.71 | | Total | 6,764,296.19 | - The company did not classify non-recurring gains and losses as recurring gains and losses during the reporting period[19] VI. Differences in Accounting Data under Domestic and Overseas Accounting Standards No discrepancies were found between the company's financial data under domestic and international accounting standards - No differences in net profit and net assets under International Accounting Standards and Chinese Accounting Standards during the reporting period[20] - No differences in net profit and net assets under overseas accounting standards and Chinese Accounting Standards during the reporting period[21] VII. Significant Risk Warnings The company highlights risks related to macroeconomic cycles, product quality, technological innovation, and operational management - Company's main products are core automotive electronic products, and the downstream automotive industry is highly affected by the macro economy, posing cyclical fluctuation risks[22] - Downstream customers have strict quality requirements for automotive components, and the company faces potential adverse impacts on sales and brand image due to product quality defects[22] - Automotive electronic products undergo rapid technological updates, and the company faces risks of new product development failure or inability to keep up with new technologies, leading to loss of competitive advantage[24] - With rapid business growth, management needs to adapt promptly to market competition, industry development, and management risks arising from business expansion[25] Section III Board of Directors' Report This report details the company's financial performance, operational strategies, investment activities, and profit distribution plans I. Financial Condition and Operating Results During the Reporting Period The company achieved stable revenue and net profit growth through strategic R&D, product upgrades, and market expansion - Company focuses on core products, enhancing R&D technology, upgrading product structure, and accelerating construction of fundraising projects to enrich product lines and industrialize new products[28] - Company actively expands into high-end and joint-venture automotive markets, accelerates import substitution, and utilizes M&A funds to strategically position itself in the smart and new energy vehicle industry chain[28][29] Key Financial Data Year-on-Year Changes | Indicator | Current Period (RMB) | Prior Period (RMB) | YoY Change (%) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 228,845,847.75 | 216,036,080.82 | 5.93% | | | Operating Cost | 156,751,235.08 | 144,871,319.33 | 8.20% | | | Selling Expenses | 4,216,063.67 | 4,732,990.16 | -10.92% | | | Administrative Expenses | 23,145,963.21 | 20,957,330.31 | 10.44% | | | Financial Expenses | -4,427,065.80 | -4,174,389.42 | 6.05% | | | Income Tax Expense | 7,282,046.41 | 7,557,590.29 | -3.65% | | | Net Cash Flow from Operating Activities | 49,429,582.50 | 16,338,837.97 | 202.53% | Enhanced customer collection capability | | Net Cash Flow from Investing Activities | 133,305,027.20 | -103,357,768.23 | -229.02% | Recovery of wealth management product investment income at period-end | | Net Cash Flow from Financing Activities | -40,000,000.00 | 8,500,000.00 | -570.59% | Implementation of 2014 annual cash dividend during the reporting period | | Net Increase in Cash and Cash Equivalents | 143,042,500.84 | -78,365,314.07 | -282.53% | | 1. Overall Operating Performance During the Reporting Period The company maintained stable growth by enhancing R&D, expanding product lines, and strategically investing in new energy vehicle sectors - Company continuously improves R&D technology, enhances quality and performance of core products, and promotes upgrading of main product structure[28] - Company accelerates construction of fundraising projects, enriches product lines, and strengthens industrialization of new products[28] - Company actively utilizes capital market tools, establishes M&A funds, and seeks excellent targets in smart and new energy vehicles and related industry chains to complete strategic layout[29] 2. Specific Factors Driving Changes in Business Revenue During the Reporting Period Revenue growth was driven by import substitution, new client acquisition, and successful product industrialization from fundraising projects - Company accelerates import substitution, expands into joint-venture brand supporting fields, and has entered Dongfeng Nissan's supply system[33] - Fundraising projects are gradually releasing production capacity, and newly developed intelligent control products have passed customer verification and entered small-batch trial production, laying a foundation for the company's performance growth[33] 3. Main Business Operating Performance The company, a leader in automotive intelligent power controllers, reported revenue growth in rectifiers and regulators - Company's main business is R&D, production, and sales of automotive intelligent electronic products such as automotive intelligent power controllers, with main products including automotive rectifiers, regulators, and high-power automotive diodes[33] Main Business Composition (by Product or Service) | Product or Service | Operating Revenue (RMB) | Operating Cost (RMB) | Gross Margin (%) | YoY Change in Operating Revenue (%) | YoY Change in Operating Cost (%) | YoY Change in Gross Margin (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Rectifiers | 114,338,874.09 | 77,640,607.79 | 32.10% | 1.08% | 3.65% | -1.69% | | Regulators | 93,102,913.25 | 62,717,400.76 | 32.64% | 8.25% | 10.68% | -1.48% | | Other | 20,302,782.76 | 15,484,634.97 | 23.73% | 21.92% | 18.05% | 2.50% | 9. Macroeconomic and Industry Environment Analysis Despite a slowdown in the automotive industry, the company expanded market share and strategically invested in new energy vehicles - In the first half of 2015, China's automotive production and sales growth slowed, with passenger vehicle production and sales increasing by 11.18% year-on-year, and commercial vehicles decreasing by 14.41% year-on-year[38][39] - Company leverages core competitive advantages to actively expand into high-end and joint-venture automotive markets, accelerating import substitution[40] - Company actively utilizes capital market tools, establishes M&A funds, and seizes opportunities from the rapid development of smart and new energy vehicles to complete strategic layout[40] 11. Risk Factors and Countermeasures The company addresses macroeconomic, quality, technology, and management risks through R&D, quality control, and enhanced management - To address macroeconomic fluctuation risks, the company increases R&D investment, promotes product structure upgrades, develops high-end products, and accelerates industrialization of new products[42] - Company regards product quality as paramount, ensuring leading product quality through a comprehensive quality control system (ISO/TS16949) and continuous improvement[42] - Company emphasizes technology development, responding to technology development risks by aligning with international cutting-edge R&D concepts, increasing R&D investment, and improving R&D systems and mechanisms[43][44] - To address management risks, the company strengthens management personnel training and improves OA, ERP, PDM platforms to enhance information management capabilities[44] II. Investment Analysis The company utilized raised funds for expansion and industrialization projects, with some delays, and engaged in entrusted wealth management Overall Use of Raised Funds | Indicator | Amount (RMB '0,000) | | :--- | :--- | | Total Raised Funds | 50,604 | | Total Raised Funds Invested This Period | 1,107.89 | | Total Raised Funds Cumulatively Invested | 34,579.74 | | Total Raised Funds Whose Use Changed This Period | 0 | | Total Raised Funds Whose Use Cumulatively Changed | 1,966.8 | | Ratio of Cumulatively Changed Raised Funds to Total Raised Funds (%) | 3.89% | - Company used 90 million yuan of its own funds to purchase Guotai Junan Securities Income Certificate - Jun Guibao No. 1, with an expected return of 5.5647 million yuan[58] 1. Use of Raised Funds Raised funds were primarily allocated to expansion and industrialization projects, with some projects experiencing delays or changes Committed Projects for Raised Funds | Committed Investment Project and Over-Raised Fund Allocation | Project Changed | Adjusted Total Investment (1) (RMB '0,000) | Current Period Investment (RMB '0,000) | Cumulative Investment as of Period-End (2) (RMB '0,000) | Investment Progress as of Period-End (3)=(2)/(1) (%) | Achieved Expected Benefits | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Automotive Rectifier and Regulator Expansion Project | No | 8,464.46 | 245.33 | 8,607.59 | 101.69% | Yes | | High-Power Automotive Diode Industrialization Project | No | 9,679.25 | 45.19 | 9,840.81 | 101.67% | Yes | | Automotive Rectifier and Regulator Precision Insert Molded Parts Project | Yes | 3,707.3 | 0 | 1,995.51 | 53.83% | Yes | | Permanent Supplement to Working Capital | No | 21,851.01 | 0.04 | 1,906.18 | | | | Intelligent Motor and Control System | | 7,875 | 0 | 7,944.99 | 100.89% | No | | Rectifier and Regulator Production Line Technical Transformation Project | | 4,900 | 817.24 | 1,487.48 | 30.36% | No | | Shanghai R&D Center | | 4,600 | 0 | 2,797.09 | 60.81% | No | | Precision Connector and Heat Sink Assembly for Electronic Components Project | | 6,000 | 0.09 | 0.09 | | No | - Shanghai R&D Center project completion date was extended to December 31, 2015, due to technical upgrades and site layout optimization adjustments[49] - Implementation entity for the automotive rectifier and regulator precision insert molded parts project changed to subsidiary Yuntai Electric, and implementation location changed to Xuzhou High-tech Industrial Development Zone, leading to delayed investment progress[53] 4. Entrusted Wealth Management, Derivative Investments, and Entrusted Loans The company engaged in 90 million yuan of entrusted wealth management but had no derivative investments or entrusted loans Entrusted Wealth Management | Trustee Name | Product Type | Entrusted Wealth Management Amount (RMB '0,000) | Start Date | End Date | Expected Return (RMB '0,000) | Actual Gain/Loss (RMB '0,000) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Guotai Junan Securities Co., Ltd. | Guotai Junan Securities Income Certificate - Jun Guibao No. 1 (365-day term) | 9,000 | December 17, 2014 | December 16, 2015 | 556.47 | 0 | | Total | | 9,000 | | | 556.47 | 0 | - Funds for entrusted wealth management came from own funds, with no overdue principal or returns at the end of the reporting period[58] - Company had no derivative investments or entrusted loans during the reporting period[59][60] VII. Implementation of Company's Profit Distribution Plan During the Reporting Period The 40 million yuan cash dividend for 2014 was approved and is being implemented, adhering to transparent policies - Company's 2014 annual profit distribution plan was a cash dividend of 2.00 yuan (tax inclusive) per 10 shares, totaling 40 million yuan[62] - The profit distribution plan was approved by the shareholders' meeting on April 22, 2015, and will be implemented within two months[62] - Company's cash dividend policy complies with the articles of association, dividend standards are clear, decision-making procedures and mechanisms are complete, independent directors perform their duties diligently, and the rights of small and medium shareholders are fully protected[63][64] VIII. Profit Distribution and Capital Reserve to Share Capital Increase Plan for This Reporting Period The company plans no cash dividends, bonus shares, or capital increase from capital reserves for this half-year - Company plans no cash dividends, no bonus shares, and no capital increase from capital reserves for the half-year[65] Section IV Significant Matters This section covers major events, including litigation, asset transactions, equity incentives, and related party dealings I. Significant Litigation and Arbitration Matters The company reported no significant litigation or arbitration cases during the period - Company had no significant litigation or arbitration matters during this reporting period[68] II. Asset Transaction Matters No asset acquisitions, disposals, or business combinations occurred during the reporting period - Company did not acquire assets during the reporting period[69] - Company did not dispose of assets during the reporting period[70] - Company did not engage in business combinations during the reporting period[71] III. Implementation and Impact of Company's Equity Incentive Plan The company had no equity incentive plans or their implementation during the reporting period - Company had no equity incentive plan or its implementation during the reporting period[72] IV. Significant Related Party Transactions No significant related party transactions were reported, including asset dealings or fund transfers - Company had no related party transactions related to daily operations during the reporting period[73] - Company had no related party transactions involving asset acquisition or disposal during the reporting period[74] - Company had no related party creditor/debtor relationships during the reporting period[75] - Company had no other significant related party transactions during the reporting period[76] V. Significant Contracts and Their Performance The company had no significant contracts, guarantees, or entrusted cash asset management during the period - Company had no entrustment, contracting, or leasing situations during the reporting period[77][78][79] - Company had no guarantee situations during the reporting period[80] - Company had no other significant contracts during the reporting period[83] VI. Commitments by the Company or Shareholders Holding 5% or More of Shares Share lock-up commitments by major shareholders were fulfilled, and senior management share transfer restrictions are ongoing - Initial public offering share lock-up commitments by controlling shareholder Xuzhou Yunyi Technology Development Co., Ltd., Xuzhou Dezhan Trading Co., Ltd., Xuzhou Ruiyi Investment Co., Ltd., and actual controller Fu Hongling were fulfilled on March 21, 2015[84] - Company's senior management (Fu Hongling, Li Chengzong, Chang Zheng, Zhang Jing, Cai Chengru, Lin Zhenwei) commitment not to transfer more than 25% of their indirectly held company shares annually during their tenure is being normally fulfilled[85] - Company's commitment not to use raised funds to supplement working capital within the next twelve months has been fulfilled[85] - Li Chengzong and Feng Liang's commitment not to reduce their holdings of company shares through the secondary market within six months from July 8, 2015, is being normally fulfilled[85] VII. Appointment and Dismissal of Accounting Firms The company's semi-annual financial report was not subject to an audit - Company's semi-annual report was not audited[86] VIII. Explanation of Other Significant Matters No other significant matters requiring disclosure were identified during the reporting period - Company had no other significant matters requiring explanation during the reporting period[87] Section V Share Changes and Shareholder Information This section details changes in share structure, including restricted share releases and major shareholder holdings I. Share Change Information 136 million restricted shares were unrestricted, making all 200 million shares unrestricted Share Change Information | Item | Quantity Before Change (shares) | Ratio Before Change (%) | Change (+,-) (shares) | Quantity After Change (shares) | Ratio After Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 136,000,000 | 68.00% | -136,000,000 | 0 | 0.00% | | II. Unrestricted Shares | 64,000,000 | 32.00% | 136,000,000 | 200,000,000 | 100.00% | | III. Total Shares | 200,000,000 | 100.00% | 0 | 200,000,000 | 100.00% | - Company's 136 million restricted shares matured and were unrestricted on March 23, 2015[91] - China Securities Depository and Clearing Corporation issued the share change registration confirmation on March 19, 2015[92] 2. Changes in Restricted Shares All 136 million initial public offering restricted shares held by major shareholders were released Changes in Restricted Shares | Shareholder Name | Restricted Shares at Period-Start (shares) | Shares Unrestricted This Period (shares) | Restricted Shares at Period-End (shares) | Reason for Restriction | Proposed Unrestriction Date | | :--- | :--- | :--- | :--- | :--- | :--- | | Xuzhou Yunyi Technology Development Co., Ltd. | 104,257,600 | 104,257,600 | 0 | IPO Restriction | March 23, 2015 | | Xuzhou Dezhan Trading Co., Ltd. | 18,985,600 | 18,985,600 | 0 | IPO Restriction | March 23, 2015 | | Xuzhou Ruiyi Enterprise Management Co., Ltd. | 12,756,800 | 12,756,800 | 0 | IPO Restriction | March 23, 2015 | | Total | 136,000,000 | 136,000,000 | 0 | | | II. Number of Shareholders and Shareholding Information The company had 9,090 shareholders, with top three holding 68% and some shares pledged - Total number of shareholders at the end of the reporting period was 9,090[96] Shareholding Information of Shareholders Holding 5% or More | Shareholder Name | Shareholder Nature | Shareholding Ratio (%) | Shares Held at Period-End (shares) | Unrestricted Shares Held (shares) | Pledged or Frozen (shares) | | :--- | :--- | :--- | :--- | :--- | :--- | | Xuzhou Yunyi Technology Development Co., Ltd. | Domestic Non-State-Owned Legal Person | 52.13% | 104,257,600 | 104,257,600 | Pledged 10,650,000 | | Xuzhou Dezhan Trading Co., Ltd. | Domestic Non-State-Owned Legal Person | 9.49% | 18,985,600 | 18,985,600 | | | Xuzhou Ruiyi Enterprise Management Co., Ltd. | Domestic Non-State-Owned Legal Person | 6.38% | 12,756,800 | 12,756,800 | | - Xuzhou Yunyi Technology Development Co., Ltd. is the company's controlling shareholder, and company Chairman and General Manager Fu Hongling and her husband Li Chengzong hold its shares respectively[97] - Shareholders Wan Tao and Zhao Xiaowei held some shares through margin trading and securities lending accounts[98] III. Changes in Controlling Shareholder or Actual Controller No changes occurred in the company's controlling shareholder or actual controller during the reporting period - Company's controlling shareholder did not change during the reporting period[99] - Company's actual controller did not change during the reporting period[99] Section VI Directors, Supervisors, and Senior Management Information This section details the shareholdings and any changes among the company's directors, supervisors, and senior management I. Shareholdings and Stock Options of Directors, Supervisors, and Senior Management Directors, supervisors, and senior management did not hold company shares or stock options - Company's directors, supervisors, and senior management did not hold company shares or stock options during the reporting period[101] II. Changes in Company Directors, Supervisors, and Senior Management No changes occurred in the company's directors, supervisors, or senior management during the reporting period - Company's directors, supervisors, and senior management did not change during the reporting period[101] Section VII Financial Report This comprehensive section presents the company's unaudited financial statements, accounting policies, and detailed notes on various financial items I. Audit Report The company's semi-annual financial report was not subject to an audit - Company's semi-annual financial report was not audited[104] II. Financial Statements Consolidated and parent company financial statements show 1.208 billion yuan in assets and 46.93 million yuan in net profit Consolidated Balance Sheet Key Data | Item | Period-End Balance (RMB) | Period-Start Balance (RMB) | | :--- | :--- | :--- | | Total Assets | 1,207,884,524.20 | 1,205,993,552.21 | | Total Liabilities | 159,155,155.48 | 164,360,800.53 | | Total Owners' Equity Attributable to Parent Company | 958,017,778.84 | 951,086,249.93 | | Total Owners' Equity | 1,048,729,368.72 | 1,041,632,751.68 | Consolidated Income Statement Key Data | Item | Current Period Amount (RMB) | Prior Period Amount (RMB) | | :--- | :--- | :--- | | Total Operating Revenue | 228,845,847.75 | 216,036,080.82 | | Operating Profit | 50,414,051.33 | 50,372,383.95 | | Total Profit | 54,378,663.45 | 54,251,570.39 | | Net Profit | 47,096,617.04 | 46,693,980.10 | | Net Profit Attributable to Parent Company Owners | 46,931,528.91 | 46,152,086.96 | | Basic EPS | 0.23 | 0.23 | | Diluted EPS | 0.23 | 0.23 | Consolidated Cash Flow Statement Key Data | Item | Current Period Amount (RMB) | Prior Period Amount (RMB) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 49,429,582.50 | 16,338,837.97 | | Net Cash Flow from Investing Activities | 133,305,027.20 | -103,357,768.23 | | Net Cash Flow from Financing Activities | -40,000,000.00 | 8,500,000.00 | | Net Increase in Cash and Cash Equivalents | 143,042,500.84 | -78,365,314.07 | | Cash and Cash Equivalents at Period-End | 395,436,112.04 | 327,075,890.26 | III. Company Profile The company, listed in 2012 with 200 million yuan registered capital, specializes in automotive electronic products and consolidates three subsidiaries - Company was wholly converted into Jiangsu Yunyi Electric Co., Ltd. in 2010 and listed on the Shenzhen Stock Exchange on March 21, 2012[142][143] - Company has a registered capital of 200 million yuan and a total of 200 million shares, primarily engaging in automotive parts, power electronic components, and automotive electronic devices, with main products being automotive rectifiers and regulators[142][143] - Company includes three subsidiaries, Xuzhou Yuntai Automotive Electric Appliance Co., Ltd., Jiangsu Yunrui Automotive Electric System Co., Ltd., and Suzhou Yunyi Precision Electronics Co., Ltd., in its consolidated financial statements[143] IV. Basis of Financial Statement Preparation Financial statements are prepared on a going concern basis, with no significant doubts about future operations - Company's financial statements are prepared on a going concern basis[144] - Company has no matters or circumstances that raise significant doubts about the going concern assumption for the 12 months from the end of the reporting period[145] V. Significant Accounting Policies and Estimates The company adheres to Enterprise Accounting Standards, using RMB as functional currency, with no significant policy changes - Company's financial statements comply with Enterprise Accounting Standards, accurately and completely reflecting financial position and operating results[146] - Company uses RMB as the functional currency and a 12-month period for classifying assets and liabilities as current or non-current[148][149] - No significant changes in accounting policies and estimates during the reporting period[215] VI. Taxation Key taxes include VAT, Urban Maintenance Tax, and EIT, with the company enjoying a 15% high-tech enterprise tax rate Main Tax Categories and Rates | Tax Category | Tax Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax | Sales of goods or provision of taxable services | 17%, Export tax refund rate 17% | | Urban Maintenance and Construction Tax | Amount of turnover tax payable | 7% | | Enterprise Income Tax | Taxable income | 15%, 25% | | Property Tax | Assessed at value, 1.2% of remaining value after a one-time deduction of 30% from original property value; assessed at rent, 12% of rental income | 1.2%, 12% | | Education Surcharge | Amount of turnover tax payable | 3% | | Local Education Surcharge | Amount of turnover tax payable | 2% | - The company and its controlling subsidiary Yuntai Electric enjoy high-tech enterprise tax incentives, paying Enterprise Income Tax at a 15% rate[217] VII. Notes to Consolidated Financial Statement Items Detailed notes on assets, liabilities, and income items, including 412 million yuan in cash and 90 million yuan in wealth management Cash and Bank Balances | Item | Period-End Balance (RMB) | Period-Start Balance (RMB) | | :--- | :--- | :--- | | Total | 412,477,038.21 | 270,263,871.20 | | Including: Other Cash and Bank Balances (Bank Acceptance Bill Deposits) | 17,040,926.17 | 13,670,260.00 | Notes Receivable | Item | Period-End Balance (RMB) | Period-Start Balance (RMB) | | :--- | :--- | :--- | | Bank Acceptance Bills | 85,103,355.87 | 85,164,353.96 | | Pledged Notes Receivable at Period-End | 54,977,765.06 | | Accounts Receivable | Item | Period-End Book Value (RMB) | Period-Start Book Value (RMB) | | :--- | :--- | :--- | | Total | 140,697,719.19 | 123,948,941.93 | | Total Bad Debt Provision | 10,421,031.12 | 9,464,017.00 | Inventories | Item | Period-End Book Value (RMB) | Period-Start Book Value (RMB) | | :--- | :--- | :--- | | Total | 102,941,220.14 | 124,962,608.36 | | Total Impairment Provision | 3,212,867.22 | 3,543,987.57 | Other Current Assets | Item | Period-End Balance (RMB) | Period-Start Balance (RMB) | | :--- | :--- | :--- | | Guotai Junan "Jun Guibao No. 1 (365-day term)" Principal-Protected Wealth Management Product | 90,000,000.00 | 90,000,000.00 | | VAT to be Deducted | 9,128,929.63 | 7,193,607.02 | | Total | 99,128,929.63 | 252,538,449.99 | Fixed Assets | Item | Period-End Book Value (RMB) | Period-Start Book Value (RMB) | | :--- | :--- | :--- | | Total | 199,459,661.57 | 206,470,402.35 | Construction in Progress | Item | Period-End Book Value (RMB) | Period-Start Book Value (RMB) | | :--- | :--- | :--- | | Intelligent Motor and Control System Project | 110,940,292.05 | 103,012,567.20 | | Automotive Rectifier and Regulator Production Line Technical Transformation Project | 11,858,954.98 | 3,883,685.69 | | Minor Projects | 16,662,360.84 | 7,955,114.84 | | Total | 139,461,607.87 | 114,851,367.73 | Deferred Income | Item | Period-Start Balance (RMB) | Increase This Period (RMB) | Decrease This Period (RMB) | Period-End Balance (RMB) | | :--- | :--- | :--- | :--- | :--- | | Government Grants | 23,158,000.00 | 7,000,000.00 | 1,484,000.00 | 28,674,000.00 | | Total | 23,158,000.00 | 7,000,000.00 | 1,484,000.00 | 28,674,000.00 | Operating Revenue and Operating Cost | Item | Current Period Amount - Revenue (RMB) | Current Period Amount - Cost (RMB) | Prior Period Amount - Revenue (RMB) | Prior Period Amount - Cost (RMB) | | :--- | :--- | :--- | :--- | :--- | | Main Business | 227,744,570.10 | 155,842,643.52 | 215,773,406.61 | 144,685,043.41 | | Other Business | 1,101,277.65 | 908,591.56 | 262,674.21 | 186,275.92 | | Total | 228,845,847.75 | 156,751,235.08 | 216,036,080.82 | 144,871,319.33 | Investment Income | Item | Current Period Amount (RMB) | Prior Period Amount (RMB) | | :--- | :--- | :--- | | Wealth Management Product Income | 4,500,304.54 | 3,015,711.21 | | Total | 4,500,304.54 | 3,015,711.21 | Non-Operating Income | Item | Current Period Amount (RMB) | Prior Period Amount (RMB) | | :--- | :--- | :--- | | Total Gains from Disposal of Non-Current Assets | 71,264.83 | | | Government Grants | 3,815,100.00 | 3,538,800.00 | | Other | 78,247.29 | 340,386.44 | | Total | 3,964,612.12 | 3,879,186.44 | Assets with Restricted Ownership or Use Rights | Item | Period-End Book Value (RMB) | Reason for Restriction | | :--- | :--- | :--- | | Cash and Bank Balances | 17,040,926.17 | Bank acceptance bill deposits | | Notes Receivable | 54,977,765.06 | Pledged for issuing bank acceptance bills | | Total | 72,018,691.23 | | VIII. Changes in Consolidation Scope During the reporting period, the company established a new wholly-owned subsidiary, Suzhou Yunyi Precision Electronics Co., Ltd., and included it in the consolidated financial statements from its date of establishment - Company established a new wholly-owned subsidiary, Suzhou Yunyi Precision Electronics Co., Ltd., with a registered capital of 60 million yuan, and included it in the consolidated financial statements from its establishment date on June 16, 2015[430] IX. Interests in Other Entities The company owns three subsidiaries: Yuntai Electric (63% stake), Yunrui Electric (52.5% stake), and Suzhou Yunyi (100% stake). Among them, Yuntai Electric and Yunrui Electric are significant non-wholly-owned subsidiaries, with minority interests balances of 21.17 million yuan and 69.54 million yuan, respectively Composition of the Enterprise Group | Subsidiary Name | Main Operating Location | Registered Location | Business Nature | Direct Shareholding Ratio (%) | | :--- | :--- | :--- | :--- | :--- | | Yuntai Electric Co. | Xuzhou, Jiangsu | Xuzhou, Jiangsu | Manufacturing | 63.00% | | Yunrui Electric Co. | Xuzhou, Jiangsu | Xuzhou, Jiangsu | Manufacturing | 52.50% | | Suzhou Yunyi Co. | Suzhou, Jiangsu | Suzhou, Jiangsu | Manufacturing | 100.00% | Significant Non-Wholly-Owned Subsidiaries | Subsidiary Name | Minority Shareholding Ratio (%) | Net Profit/Loss Attributable to Minority Shareholders This Period (RMB) | Minority Interest Balance at Period-End (RMB) | | :--- | :--- | :--- | :--- | | Yuntai Electric Co. | 37.00% | 854,770.49 | 21,168,155.64 | | Yunrui Electric Co. | 47.50% | -689,682.36 | 69,543,434.24 | X. Risks Related to Financial Instruments This section is reserved for discussing risks associated with the company's financial instruments XI. Disclosure of Fair Value This section is reserved for disclosing the fair value measurements of financial instruments XII. Related Parties and Related Party Transactions The company's controlling shareholder is Xuzhou Yunyi Technology Development Co., Ltd. During the reporting period, the company had no significant related party transactions such as purchase/sale of goods, provision/acceptance of services, related party entrusted management/contracting, related party leasing, related party guarantees, related party fund transfers, or related party asset transfers/debt restructuring - The company's parent company is Xuzhou Yunyi Technology Development Co., Ltd., with a registered capital of 3 million yuan and a 52.13% equity stake[443] - During the reporting period, the company had no related party transactions involving purchase/sale of goods or provision/acceptance of services[445][446] - Company had no related party entrusted management/contracting, related party leasing, related party guarantees, related party fund transfers, or related party asset transfers/debt restructuring during the reporting period[447][449][451][452][454] XIII. Share-Based Payment The company did not engage in any share-based payment arrangements during the reporting period - Company had no share-based payment situations during the reporting period[461] XIV. Commitments and Contingencies No significant commitments or important contingent liabilities were identified as of the balance sheet date - As of the balance sheet date, the company had no significant commitments requiring disclosure[463] - As of the balance sheet date, the company had no important contingencies requiring disclosure[464][465] XV. Post-Balance Sheet Events No significant non-adjusting events, profit distributions, or sales returns occurred after the balance sheet date - This section did not disclose significant non-adjusting events, profit distribution, sales returns, or other post-balance sheet events[466][468][469] XVI. Other Significant Matters No other significant transactions or events impacting investor decisions were disclosed - This section did not disclose prior period accounting error corrections, debt restructuring, asset replacement, annuity plans, discontinued operations, segment information, or other significant transactions and matters affecting investor decisions[469][471][472][473][474] XVII. Notes to Parent Company Financial Statement Key Items Parent company financials show 140 million yuan in accounts receivable and 164 million yuan in long-term equity investments Parent Company Accounts Receivable | Item | Period-End Book Value (RMB) | Period-Start Book Value (RMB) | | :--- | :--- | :--- | | Total | 140,392,129.54 | 123,747,920.98 | | Total Bad Debt Provision | 10,404,947.45 | 9,453,436.95 | Parent Company Other Receivables | Item | Period-End Book Value (RMB) | Period-Start Book Value (RMB) | | :--- | :--- | :--- | | Total | 495,475.23 | 261,975.05 | | Total Bad Debt Provision | 26,577.64 | 16,427.73 | Parent Company Long-Term Equity Investments | Item | Period-End Book Value (RMB) | Period-Start Book Value (RMB) | | :--- | :--- | :--- | | Investments in Subsidiaries | 164,168,477.09 | 104,168,477.09 | | Total | 164,168,477.09 | 104,168,477.09 | - Parent company newly invested 60 million yuan in Suzhou Yunyi Co., Ltd. this period[496] Parent Company Operating Revenue and Operating Cost | Item | Current Period Amount - Revenue (RMB) | Current Period Amount - Cost (RMB) | Prior Period Amount - Revenue (RMB) | Prior Period Amount - Cost (RMB) | | :--- | :--- | :--- | :--- | :--- | | Main Business | 227,592,484.03 | 161,375,346.10 | 215,773,406.61 | 150,176,306.11 | | Other Business | 797,192.77 | 636,706.14 | 262,674.21 | 186,275.92 | | Total | 228,389,676.80 | 162,012,052.24 | 216,036,080.82 | 150,362,582.03 | Parent Company Investment Income | Item | Current Period Amount (RMB) | Prior Period Amount (RMB) | | :--- | :--- | :--- | | Bank Wealth Management Product Income | 4,043,911.99 | 2,495,695.91 | | Total | 4,043,911.99 | 2,495,695.91 | XVIII. Supplementary Information This section provides details on non-recurring gains and losses and key profitability metrics like EPS and ROE Current Period Non-Recurring Gains and Losses Detailed Statement | Item | Amount (RMB) | | :--- | :--- | | Gains or losses from disposal of non-current assets | 71,264.83 | | Government subsidies recognized in current profit or loss | 3,815,100.00 | | Gains or losses from changes in fair value of financial assets held for trading and investment income from their disposal | 4,500,304.54 | | Other non-operating income and expenses | 78,247.29 | | Less: Income tax impact | 1,318,876.76 | | Minority interest impact | 381,743.71 | | Total | 6,764,296.19 | Return on Net Assets and Earnings Per Share | Profit for the Reporting Period | Weighted Average ROE (%) | Basic EPS (RMB/share) | Diluted EPS (RMB/share) | | :--- | :--- | :--- | :--- | | Net Profit Attributable to Ordinary Shareholders of the Company | 4.88% | 0.23 | 0.23 | | Net Profit Attributable to Ordinary Shareholders of the Company After Deducting Non-Recurring Gains and Losses | 4.18% | 0.20 | 0.20 | Section VIII Catalogue of Documents for Reference A list of official documents available for inspection, including signed financial statements and public disclosures - Reference documents include financial statements signed and sealed by the legal representative, chief accountant, and head of accounting department[507] - Reference documents also include original copies of all company documents and announcements disclosed on the designated website designated by the China Securities Regulatory Commission during the reporting period[507] - All reference documents are available at the company's Securities Investment Department[508]