惠伦晶体(300460) - 2023 Q4 - 年度财报(更正)

Important Notice, Table of Contents and Definitions This section provides essential disclaimers, outlines the report structure, and defines key terms for clarity Important Notice The board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of this annual report, with the 2023 profit distribution plan proposing no cash dividends, bonus shares, or capital increase from provident funds - The company's 2023 profit distribution plan proposes no cash dividends, no bonus shares, and no capitalization of provident funds[3][4] - Forward-looking statements regarding future plans and development strategies in this report do not constitute a substantive commitment to investors, who should be aware of investment risks[3] Definitions This section defines key terms used in the report, including company entity abbreviations, the reporting period (January 1 to December 31, 2023), and technical terms like piezoelectric quartz crystal components, resonators, and oscillators - The reporting period is defined as January 1, 2023, to December 31, 2023[11] Company Profile and Key Financial Indicators This section presents the company's fundamental information and a summary of its key financial performance and position Company Information This section provides the company's basic business registration information, including stock abbreviation "Huilon Crystal", stock code 300460, legal representative Zhao Jiqing, and registered address and contact details Company Basic Information | Item | Information | | :--- | :--- | | Stock Abbreviation | Huilon Crystal | | Stock Code | 300460 | | Legal Representative | Zhao Jiqing | | Registered Address | No. 68 Huangjiang East Ring Road, Huangjiang Town, Dongguan City, Guangdong Province | Key Accounting Data and Financial Indicators In 2023, the company's operating revenue increased by 19.55% to 398.43 million yuan, but net profit attributable to shareholders remained negative at -168.40 million yuan, similar to the -172.67 million yuan loss in the previous year, while total assets decreased by 8.02% to 1.72 billion yuan, and net cash flow from operating activities turned negative, significantly decreasing by 335.12% Key Financial Indicators | Key Financial Indicators | 2023 | 2022 (Adjusted) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Operating Revenue (yuan) | 398,433,193.73 | 333,283,222.78 | 19.55% | | Net Profit Attributable to Shareholders of Listed Company (yuan) | -168,400,731.40 | -172,669,062.11 | 2.47% | | Net Profit Attributable to Shareholders of Listed Company After Deducting Non-Recurring Gains and Losses (yuan) | -189,051,015.53 | -183,157,836.31 | -3.22% | | Net Cash Flow from Operating Activities (yuan) | -46,813,167.65 | 19,910,653.03 | -335.12% | | Basic Earnings Per Share (yuan/share) | -0.60 | -0.62 | 3.23% | | Weighted Average Return on Net Assets | -18.61% | -15.67% | -2.94% | | Total Assets (yuan) | 1,721,906,206.72 | 1,872,131,181.35 | -8.02% | | Net Assets Attributable to Shareholders of Listed Company (yuan) | 824,389,023.04 | 991,497,786.38 | -16.85% | - The company retrospectively adjusted prior-period accounting data due to the implementation of "Interpretation No. 16 of Accounting Standards for Business Enterprises" issued by the Ministry of Finance[17][18] Quarterly Key Financial Indicators The company achieved slight net profits in the second and third quarters of 2023, but a significant loss of 142.09 million yuan in the fourth quarter led to an overall annual loss, with operating cash flow also experiencing a substantial outflow of 88.07 million yuan in the fourth quarter Quarterly Financial Performance | Indicator (yuan) | Q1 | Q2 | Q3 | Q4 | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 59,041,160.28 | 122,022,884.52 | 132,082,413.27 | 85,286,735.66 | | Net Profit Attributable to Shareholders of Listed Company | -41,313,088.79 | 7,867,437.11 | 7,138,752.18 | -142,093,831.90 | | Net Cash Flow from Operating Activities | 4,018,609.36 | 10,455,036.96 | 26,782,089.22 | -88,068,903.19 | Non-Recurring Gains and Losses and Amounts In 2023, the company's total non-recurring gains and losses amounted to 20.65 million yuan, primarily from government grants (17.33 million yuan) and disposal gains/losses on non-current assets (7.54 million yuan) Non-Recurring Gains and Losses | Item (yuan) | 2023 Amount | 2022 Amount | | :--- | :--- | :--- | | Gains/Losses from Disposal of Non-Current Assets | 7,537,898.56 | 2,351.63 | | Government Grants Recognized in Current Profit/Loss | 17,328,693.78 | 9,288,061.18 | | Total | 20,650,284.13 | 10,488,774.20 | Management Discussion and Analysis This section provides an in-depth analysis of the company's operational performance, financial condition, and future outlook Industry Overview and Company Position The company operates in the quartz crystal component manufacturing industry, benefiting from national strategic support, and despite a global market decline in 2023 due to price and volume decreases, the industry is projected to grow at a 10.26% CAGR to $7.326 billion by 2030, driven by emerging applications like 5G, automotive electronics, and IoT, with the company holding a leading domestic position in miniaturized and high-frequency products as a national "Little Giant" enterprise - According to QYResearch, the global quartz crystal component market is projected to reach $7.326 billion by 2030, with a compound annual growth rate of approximately 10.26% from 2024 to 2030[35] - Automotive electronics, wearable devices, and IoT are expected to be the fastest-growing sub-markets, with projected compound annual growth rates of 12.26%, 13.19%, and 12.70% respectively from 2024 to 2030[40][41] - The company is a national "Specialized, Refined, Unique, and New" "Little Giant" enterprise, possessing domestic leading advantages in miniaturization (1210 size products already shipped), high-value-added products (TSX thermal crystals and TCXO oscillators shipments increased by 71% year-on-year), and photolithography processes[44][45][46] Main Business Activities The company's main business involves R&D, production, and sales of quartz crystal components, including SMD resonators, TSX thermal crystals, and TCXO oscillators, with 2023 performance impacted by slower-than-expected global economic recovery and intensified industry competition, leading to an 18.73% decrease in average product price and underutilized overall capacity, despite a 50.24% increase in sales volume, as the company strategically expands into emerging industries like automotive electronics, IoT, and Beidou navigation - Key performance influencing factors include slower-than-expected global economic recovery, intense industry competition leading to product price decreases, and the company's overall production capacity not being fully utilized[58][59] Electronic Components Sales Performance | Indicator | 2023 | Year-on-Year Change | | :--- | :--- | :--- | | Electronic Components Sales Volume | 1,050,170,000 units | +50.24% | | Average Price of Electronic Components | approximately 0.35 yuan | -18.73% | Core Competitiveness Analysis The company's core competitiveness lies in its technological innovation, product development, mass production management, and platform certifications, having mastered photolithography for high-frequency, miniaturized crystal chips and achieved supply of SMD1210 products, while also enhancing mass production capabilities through intelligent and digital management, and notably being the first Chinese mainland crystal oscillator manufacturer to enter Qualcomm's automotive-grade chip certification reference design list, alongside certifications from MediaTek and other mainstream platforms, demonstrating significant first-mover advantage - Technology Advantage: Mastered photolithography process based on semiconductor technology, capable of producing high-fundamental frequency, miniaturized MHz crystal chips[60] - Product Advantage: Among the earliest in China to mass-produce miniaturized products such as SMD2520, SMD2016, and SMD1612, and has achieved supply of SMD1210[62] - Platform Certification Advantage: Obtained multiple platform certifications from Qualcomm, MediaTek, etc., being the only Chinese mainland enterprise listed in MediaTek's mobile phone chip reference design list and the first crystal oscillator manufacturer to enter Qualcomm's automotive-grade chip certification reference design list[48][66][67] Analysis of Main Business In 2023, the company's operating revenue reached 398.43 million yuan, a 19.55% increase year-on-year, but net profit resulted in a loss of 168.40 million yuan, with electronic components business revenue at 366.33 million yuan, growing by 22.81% and accounting for 91.94% of total revenue, and despite a global decline in crystal oscillator sales, the company's sales volume significantly increased by 50.24%, enhancing market share, as the company actively responded to market challenges by intensifying sales efforts, strengthening brand promotion, and participating in industry standard setting Revenue Composition | Revenue Composition | 2023 Amount (yuan) | Proportion of Operating Revenue | Year-on-Year Change | | :--- | :--- | :--- | :--- | | By Industry | | | | | Electronic Components | 366,334,906.60 | 91.94% | 22.81% | | Software and Information Technology Services | 32,098,287.13 | 8.06% | -8.25% | | By Product | | | | | SMD | 362,564,618.61 | 91.00% | 23.11% | | By Region | | | | | Domestic Sales | 316,949,522.75 | 80.95% | 38.66% | | Overseas Sales | 81,483,670.98 | 19.05% | -24.61% | | By Sales Model | | | | | Direct Sales | 222,565,534.63 | 55.86% | 56.58% | | Distribution | 175,867,659.10 | 44.14% | -11.00% | - In 2023, electronic component sales volume increased by 50.24% year-on-year, primarily due to the company's increased sales efforts, expanded sales network, and strategic layout in emerging application fields[76] Expense Analysis | Expense Item (yuan) | 2023 | 2022 | Year-on-Year Change | Explanation of Significant Change | | :--- | :--- | :--- | :--- | :--- | | Selling Expenses | 25,050,110.22 | 20,026,523.74 | 25.08% | Increase in sales organization, personnel, and promotional expenses | | Administrative Expenses | 62,384,367.26 | 49,603,927.53 | 25.76% | Reversal of equity incentive expenses and increased amortization of renovation costs | | Financial Expenses | 25,760,382.78 | 16,592,175.43 | 55.26% | Increase in interest expenses and decrease in exchange gains | Research and Development Investment In 2023, the company's total R&D investment was 34.61 million yuan, accounting for 8.69% of operating revenue, a decrease from 12.13% in 2022, with R&D projects focusing on high-frequency, miniaturized crystal oscillator products for 5G, automotive, and IoT fields, such as 5G SMD1210 76.8MHz crystals and high-spec automotive SMD3225 crystals, while the number of R&D personnel decreased from 162 to 121 R&D Investment Overview | Indicator | 2023 | 2022 | 2021 | | :--- | :--- | :--- | :--- | | R&D Investment Amount (yuan) | 34,609,841.55 | 40,413,205.17 | 35,465,110.10 | | R&D Investment as Percentage of Operating Revenue | 8.69% | 12.13% | 5.63% | - Key R&D projects include temperature-compensated crystal oscillators for GPS navigation modules, ultra-small general-purpose crystals for 5G, high-frequency differential crystal oscillators, and general-purpose automotive crystals, aiming to target high-end markets and meet demands in emerging fields[84][86] Cash Flow In 2023, net cash flow from operating activities was -46.81 million yuan, a significant year-on-year decrease of 335.12%, primarily due to reduced tax refunds received, while net cash outflow from investing activities narrowed by 68.42% to 26.37 million yuan due to reduced payments for equipment and plant construction, and net cash inflow from financing activities significantly increased to 87.67 million yuan, mainly driven by increased borrowings from financial institutions Cash Flow Summary | Item (yuan) | 2023 | 2022 | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -46,813,167.65 | 19,910,653.03 | -335.12% | | Net Cash Flow from Investing Activities | -26,372,240.07 | -83,522,413.45 | 68.42% | | Net Cash Flow from Financing Activities | 87,669,424.99 | -1,004,558.85 | 8,827.16% | | Net Increase in Cash and Cash Equivalents | 14,779,957.00 | -62,933,012.56 | 123.49% | Analysis of Assets and Liabilities As of the end of 2023, the company's total assets were 1.72 billion yuan, a year-on-year decrease of 8.02%, with fixed assets accounting for the largest proportion (52.58%) and inventory for 15.49% of the asset structure, while liabilities saw a decrease in short-term borrowings and a significant increase in long-term borrowings, indicating a debt structure adjustment, and 1.001 billion yuan of assets were restricted at year-end, primarily fixed assets, intangible assets, and construction in progress used as collateral for borrowings - As of the end of the reporting period, the company had 1.001 billion yuan in restricted assets, primarily including fixed assets (927 million yuan), intangible assets (25 million yuan), and construction in progress (34 million yuan) used for finance leases and loan collateral[96] Asset and Liability Composition | Asset/Liability Item | Amount as of Dec 31, 2023 (yuan) | Proportion of Total Assets | Amount as of Jan 1, 2023 (yuan) | Proportion of Total Assets | | :--- | :--- | :--- | :--- | :--- | | Fixed Assets | 905,429,645.16 | 52.58% | 994,444,606.48 | 53.12% | | Inventory | 266,706,556.94 | 15.49% | 327,740,729.58 | 17.51% | | Short-term Borrowings | 243,548,888.88 | 14.14% | 365,876,110.90 | 19.54% | | Long-term Borrowings | 240,031,997.58 | 13.94% | 144,457,898.00 | 7.72% | Analysis of Major Holding and Participating Companies During the reporting period, among the company's major subsidiaries, Huilon Crystal (Chongqing) Technology Co., Ltd. had the largest asset scale but incurred a significant net loss of 85.80 million yuan, while Guangzhou Chuangxiangyun Technology Co., Ltd. achieved a net profit of 3.79 million yuan, and the company also established a new South Korean sub-subsidiary and increased capital in its Shenzhen subsidiary to introduce an employee stock ownership platform Key Subsidiary Performance | Company Name | Total Assets (yuan) | Net Assets (yuan) | Operating Revenue (yuan) | Net Profit (yuan) | | :--- | :--- | :--- | :--- | :--- | | Huilon Crystal (Chongqing) Technology Co., Ltd. | 1,105,728,192.46 | 418,626,504.98 | 143,936,328.41 | -85,804,738.03 | | Guangzhou Chuangxiangyun Technology Co., Ltd. | 94,389,330.04 | 71,508,874.26 | 37,611,618.38 | 3,788,926.53 | Outlook for Company's Future Development The company aims to become a global advanced frequency component supplier, capitalizing on 5G, IoT, and domestic substitution opportunities, with key 2024 operational plans focusing on deepening R&D, improving sales systems, optimizing production, and innovating talent mechanisms, while facing primary risks including macroeconomic uncertainty, intensified market competition, product price volatility, management risks, exchange rate risks, accounts receivable collection, and slow inventory turnover - 2024 Operating Plan: 1. Deepen R&D, focusing on core processes and products; 2. Improve sales system, increasing delivery proportion to key accounts; 3. Establish an efficient planning and management system; 4. Strengthen automation, intelligence, and digitalization of production lines; 5. Implement talent innovation mechanisms[106] - The company faces primary risks including macroeconomic market risks, intensified market competition, product price volatility, management risks, exchange rate risks, accounts receivable collection risks, and slow inventory turnover risks[108][110][113][114] Corporate Governance This section details the company's governance structure, compliance, and management practices Overview of Corporate Governance During the reporting period, the company operated in strict compliance with laws and regulations such as the "Company Law" and "Securities Law", continuously improving its corporate governance structure and internal control system, with no significant discrepancies between its actual governance situation and relevant laws and regulations Information on Directors, Supervisors and Senior Management This section details the basic information, professional experience, shareholding changes, and remuneration of the company's directors, supervisors, and senior management, noting the resignation of Vice General Manager Mr. Weng Qiulin during the reporting period, with the total pre-tax remuneration for directors, supervisors, and senior management amounting to 4.11 million yuan in 2023 - During the reporting period, Mr. Weng Qiulin, a senior management member, resigned from his position as Vice General Manager due to personal reasons[131][132] Director, Supervisor, and Senior Management Remuneration | Name | Position | Total Pre-tax Remuneration from the Company (10,000 yuan) | | :--- | :--- | :--- | | Zhao Jiqing | Chairman | 30 | | Han Jiling | General Manager | 60 | | Jiang Jianwei | Vice General Manager | 77.24 | | Total | -- | 410.65 | Company Staff Information As of the end of 2023, the company had a total of 1,062 employees, including 612 production personnel and 254 technical personnel, and has established and implemented corresponding remuneration policies and training programs to support employee development and company strategic objectives Employee Professional Composition | Professional Category | Number of People | | :--- | :--- | | Production Personnel | 612 | | Sales Personnel | 56 | | Technical Personnel | 254 | | Financial Personnel | 17 | | Administrative Personnel | 123 | | Total | 1,062 | Implementation of Company's Equity Incentive Plans, Employee Stock Ownership Plans or Other Employee Incentive Measures The third vesting period of the company's 2020 restricted stock incentive plan was canceled and forfeited due to unmet company-level performance assessment requirements, while the company has established and implemented internal control systems covering all business segments, regularly supervised by the internal audit department, with no significant internal control deficiencies found during the reporting period - The third vesting period of the 2020 restricted stock incentive plan was canceled and forfeited for 28 incentive recipients, involving 2.055 million shares, due to the company's failure to meet performance assessment requirements[166][229] - The company's internal control evaluation report concluded that the company has maintained effective internal controls over financial reporting in all material aspects in accordance with the enterprise internal control standards system and relevant regulations, with no significant deficiencies found in internal controls over financial or non-financial reporting[180][181] Environmental and Social Responsibility This section outlines the company's commitment and actions regarding environmental protection and social welfare Environmental and Social Responsibility Overview The company is not a key pollutant discharge unit designated by environmental authorities and has obtained ISO14001 and other environmental management certifications, while in terms of social responsibility, it focuses on protecting the rights of shareholders, employees, suppliers, and customers, operates legally and compliantly, and actively participates in social welfare, contributing to rural revitalization by providing employment opportunities - The company is not a key pollutant discharge unit and received no administrative penalties for environmental issues during the reporting period[184] - The company provided employment to over 50 individuals in regions such as Guizhou and Sichuan through job creation and cooperation with vocational colleges, consolidating poverty alleviation achievements[187] Significant Matters This section reports on major events and transactions that significantly impacted the company during the reporting period Significant Related Party Transactions During the reporting period, the company engaged in purchase and sales transactions with its joint venture Shaanxi Huihua Electronics and utilized financing lease services from related party Anhui Zhengqi Financial Leasing Co., Ltd., and additionally, the company plans to transfer a 40% equity stake in its subsidiary Chuangxiangyun to related party Dongguan Huichuang Industrial Investment Partnership (Limited Partnership) to implement employee incentives - The company intends to transfer its 40% equity stake in Chuangxiangyun to the employee stock ownership platform Dongguan Huichuang Industrial Investment Partnership (Limited Partnership); as of the report disclosure date, the industrial and commercial change has been completed, but the transfer payment has not yet been made[207][219] Significant Guarantees As of the end of the reporting period, the company's total actual guarantee balance for its subsidiaries amounted to 443.61 million yuan, representing 53.81% of the company's net assets, primarily supporting the financing needs of its subsidiaries Guangzhou Chuangxiangyun and Chongqing Huilon Subsidiary Guarantee Information | Indicator | Amount (10,000 yuan) | | :--- | :--- | | Total Actual Guarantee Balance for Subsidiaries at End of Reporting Period | 44,360.55 | | Proportion of Total Actual Guarantees to Company's Net Assets | 53.81% | Explanation of Other Significant Matters The company's controlling shareholder, Xinjiang Huilon, signed a "Share Transfer Intent Agreement" on November 30, 2023, to transfer 10% of its shares in the company, which may lead to a change in the company's controlling shareholder and actual controller, and the company also adjusted the equity structure of two subsidiaries (Guangzhou Chuangxiangyun, Shenzhen Huilon) to introduce employee stock ownership platforms - Controlling shareholder Xinjiang Huilon intends to transfer 10% of the company's shares, which may lead to a change in the company's controlling shareholder and actual controller; as of the report disclosure date, this matter is still in progress[218] - Subsidiary Shenzhen Huilon introduced an employee stock ownership platform and increased capital, after which the company's shareholding percentage will decrease from 100% to 65%[219] Share Changes and Shareholder Information This section provides details on changes in the company's share capital and information regarding its shareholders Share Change Information During the reporting period, the company's total share capital increased from 280,624,251 shares to 280,804,251 shares due to the completion of vesting and listing of 180,000 shares from the second batch of the second vesting period of the 2020 restricted stock incentive plan - The company's total share capital increased by 180,000 shares due to equity incentive exercise, with the total share capital at period-end being 280,804,251 shares[223][224] Shareholder and Actual Controller Information As of the end of 2023, the company had 30,247 common shareholders, with Xinjiang Huilon Equity Investment Partnership (Limited Partnership) as the controlling shareholder holding 14.36%, and Mr. Zhao Jiqing as the actual controller directly holding 5.34%, with the controlling shareholder and actual controller acting in concert Top Shareholders | Shareholder Name | Shareholding Percentage | Number of Shares Held at End of Reporting Period | | :--- | :--- | :--- | | Xinjiang Huilon Equity Investment Partnership (Limited Partnership) | 14.36% | 40,327,380 | | Zhao Jiqing | 5.34% | 15,000,000 | | Shijin International Co., Ltd. | 3.23% | 9,079,723 | Preferred Shares Information This section provides an overview of the company's preferred shares Preferred Shares Overview During the reporting period, the company had no preferred shares Bond Information This section provides an overview of the company's bond-related matters Bond Overview During the reporting period, the company had no bond-related matters Financial Report This section contains the audited financial statements and related notes for the reporting period Audit Report Da Hua Certified Public Accountants (Special General Partnership) issued a standard unqualified audit opinion on the company's 2023 financial statements, concluding that the financial statements fairly presented the company's financial position and operating results in all material respects, with key audit matters including revenue recognition, allowance for doubtful accounts, and inventory and impairment provisions - The audit opinion type is a standard unqualified opinion[249] - Key audit matters include: 1. Revenue recognition; 2. Allowance for doubtful accounts; 3. Inventory and impairment provisions[252] Financial Statements This section includes the company's 2023 consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity Consolidated Balance Sheet As of December 31, 2023, the company's total assets were 1.72 billion yuan, a decrease of 8.02% from the beginning of the year; total liabilities were 896.20 million yuan, a slight increase from the beginning of the year; and total owners' equity attributable to the parent company was 824.39 million yuan, a decrease of 16.85% from the beginning of the year, with an asset-liability ratio of 52.05% Consolidated Balance Sheet Summary | Item (yuan) | Dec 31, 2023 | Jan 1, 2023 | | :--- | :--- | :--- | | Total Assets | 1,721,906,206.72 | 1,872,131,181.35 | | Total Liabilities | 896,200,036.13 | 880,633,394.97 | | Total Owners' Equity Attributable to Parent Company | 824,389,023.04 | 991,497,786.38 | Consolidated Income Statement In 2023, the company achieved total operating revenue of 398.43 million yuan, a 19.55% increase year-on-year, however, due to total operating costs reaching 552.12 million yuan, the company's operating profit was -197.61 million yuan, resulting in a net profit attributable to parent company shareholders of -168.40 million yuan, marking the second consecutive year of loss Consolidated Income Statement Summary | Item (yuan) | 2023 | 2022 | | :--- | :--- | :--- | | Total Operating Revenue | 398,433,193.73 | 333,283,222.78 | | Total Operating Costs | 552,120,540.03 | 478,540,339.84 | | Operating Profit | -197,607,599.22 | -197,344,144.97 | | Net Profit | -168,833,583.85 | -172,669,062.11 | | Net Profit Attributable to Parent Company Shareholders | -168,400,731.40 | -172,669,062.11 | Consolidated Cash Flow Statement In 2023, the company's net cash flow from operating activities was -46.81 million yuan, a significant year-on-year deterioration, while net cash outflow from investing activities was 26.37 million yuan, and net cash inflow from financing activities was 87.67 million yuan, resulting in a final net increase in cash and cash equivalents of 14.78 million yuan Consolidated Cash Flow Summary | Item (yuan) | 2023 | 2022 | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -46,813,167.65 | 19,910,653.03 | | Net Cash Flow from Investing Activities | -26,372,240.07 | -83,522,413.45 | | Net Cash Flow from Financing Activities | 87,669,424.99 | -1,004,558.85 | | Net Increase in Cash and Cash Equivalents | 14,779,957.00 | -62,933,012.56 | Notes to Financial Statements The notes section elaborates on the company's accounting policies, accounting estimates, and changes therein, noting the company's implementation of "Interpretation No. 16 of Accounting Standards for Business Enterprises" and a change in accounting estimate for the provision for doubtful accounts, increasing the provision ratio for certain aged accounts receivable to more fairly reflect its financial position - Starting from 2023, the company implemented the accounting treatment in "Interpretation No. 16 of Accounting Standards for Business Enterprises" regarding the non-application of initial recognition exemption for deferred income tax related to assets and liabilities arising from single transactions, and retrospectively adjusted 2022 data[492] - The company changed its accounting estimate for the allowance for doubtful accounts, increasing the provision ratio for accounts receivable aged 1-3 years, which resulted in an increase of 17.42 million yuan in the allowance for doubtful accounts[494][495]