沪硅产业(688126) - 2021 Q1 - 季度财报

Item I. Important Notice This section contains important declarations from the board, supervisory board, and senior management, and confirms the report is unaudited 1.1 Declaration by Board of Directors, Supervisory Board, and Senior Management The company's board of directors, supervisory board, and senior management declare the quarterly report's content to be true, accurate, and complete, assuming legal responsibility, with all directors attending the review - The company's board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the quarterly report, free from false records, misleading statements, or major omissions, and assume individual and joint legal responsibility[3][40] - All directors attended the board meeting to review the quarterly report[3][40] 1.2 Unaudited Quarterly Report This company's 2021 first quarterly report is unaudited - This company's first quarterly report is unaudited[3][40] Item II. Company Basic Information This section provides an overview of the company's key financial data and shareholder structure for the reporting period 2.1 Key Financial Data The company's Q1 2021 key financial data shows a 27.65% increase in operating revenue, a shift from net loss to profit attributable to shareholders, and significant improvement in net cash flow from operating activities, though net profit excluding non-recurring items remains a loss Q1 2021 Key Financial Data (Unit: 10,000 yuan) | Indicator | As of end of reporting period / Year-to-date | As of end of prior year / Prior year-to-date | Change (%) | | :--- | :--- | :--- | :--- | | Balance Sheet: | | | | | Total Assets | 1,456,888.42 | 1,449,850.73 | 0.49 | | Net Assets Attributable to Shareholders | 958,162.05 | 944,304.00 | 1.47 | | Income Statement: | | | | | Operating Revenue | 53,465.44 | 41,884.38 | 27.65 | | Net Profit Attributable to Shareholders | 906.29 | -5,381.47 | Not applicable | | Net Profit Attributable to Shareholders Excluding Non-recurring Items | -4,559.13 | -7,385.37 | Not applicable | | Weighted Average Return on Net Assets (%) | 0.096 | -1.16 | Not applicable | | Basic Earnings Per Share (yuan/share) | 0.004 | -0.029 | Not applicable | | Diluted Earnings Per Share (yuan/share) | 0.004 | -0.029 | Not applicable | | R&D Investment as % of Operating Revenue (%) | 5.13 | 8.32 | -3.19 | | Cash Flow Statement: | | | | | Net Cash Flow from Operating Activities | 4,955.32 | -1,623.79 | Not applicable | - Net profit attributable to shareholders shifted from a loss of 53.81 million yuan in the prior year to a profit of 9.06 million yuan[4][41] - Net cash flow from operating activities turned positive at 49.55 million yuan, compared to a negative 16.24 million yuan in the prior year[4][41] 2.1.1 Consolidated Key Financial Indicators This section presents the company's Q1 2021 consolidated key financial indicators, including critical data on assets, net assets, revenue, profit, and cash flow Q1 2021 Consolidated Key Financial Indicators (Unit: 10,000 yuan) | Indicator | As of end of reporting period / Year-to-date | As of end of prior year / Prior year-to-date | Change (%) | | :--- | :--- | :--- | :--- | | Total Assets | 1,456,888.42 | 1,449,850.73 | 0.49 | | Net Assets Attributable to Shareholders | 958,162.05 | 944,304.00 | 1.47 | | Net Cash Flow from Operating Activities | 4,955.32 | -1,623.79 | Not applicable | | Operating Revenue | 53,465.44 | 41,884.38 | 27.65 | | Net Profit Attributable to Shareholders | 906.29 | -5,381.47 | Not applicable | | Net Profit Attributable to Shareholders Excluding Non-recurring Items | -4,559.13 | -7,385.37 | Not applicable | | Weighted Average Return on Net Assets (%) | 0.096 | -1.16 | Not applicable | | Basic Earnings Per Share (yuan/share) | 0.004 | -0.029 | Not applicable | | Diluted Earnings Per Share (yuan/share) | 0.004 | -0.029 | Not applicable | | R&D Investment as % of Operating Revenue (%) | 5.13 | 8.32 | -3.19 | 2.1.2 Non-recurring Gains and Losses Items and Amounts This section details the company's Q1 2021 non-recurring gains and losses items and their amounts, revealing non-operating impacts on net profit Q1 2021 Non-recurring Gains and Losses Items and Amounts (Unit: yuan) | Item | Current Period Amount | | :--- | :--- | | Government grants recognized in current profit/loss | 68,767,706.16 | | Fair value change gains/losses from holding or disposing of trading financial assets, derivative financial assets, trading financial liabilities, derivative financial liabilities, and other debt investments, excluding effective hedge accounting related to normal business operations | -14,004,312.77 | | Other non-operating income and expenses apart from the above | 50,830.71 | | Impact of minority interests (after tax) | -11,560.42 | | Income tax impact | -148,422.55 | | Total | 54,654,241.13 | - Government grants were the primary positive contributor to non-recurring gains and losses this period, totaling 68.77 million yuan[5][42] - Fair value changes in financial assets resulted in a loss of 14.00 million yuan, negatively impacting non-recurring gains and losses[5][42] 2.2 Shareholder Information As of the reporting period end, the company had 75,513 shareholders, with Shanghai Guosheng (Group) Co., Ltd. and China Integrated Circuit Industry Investment Fund Co., Ltd. as co-largest shareholders, each holding 22.86% of restricted shares - As of the end of the reporting period, the total number of shareholders was 75,513[6][43] - Shanghai Guosheng (Group) Co., Ltd. and China Integrated Circuit Industry Investment Fund Co., Ltd. each held 567 million shares, representing 22.86% of shares, all of which are restricted shares[6][43] 2.2.1 Total Number of Shareholders and Top Ten Shareholders' Holdings as of the End of the Reporting Period This section presents the total number of shareholders and detailed information on the top ten shareholders' holdings, including quantity, percentage, restricted status, and shareholder type as of the reporting period end Q1 2021 End Top Ten Shareholders' Holdings (Unit: shares) | Shareholder Name | Shares held at period-end | Percentage (%) | Number of restricted shares held | Number of restricted shares including those lent out via securities refinancing | Pledge or freeze status | Quantity | Shareholder Type | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Shanghai Guosheng (Group) Co., Ltd. | 567,000,000 | 22.86 | 567,000,000 | 567,000,000 | None | 0 | State-owned legal person | | China Integrated Circuit Industry Investment Fund Co., Ltd. | 567,000,000 | 22.86 | 567,000,000 | 567,000,000 | None | 0 | State-owned legal person | | Shanghai Jiading Industrial Zone Development (Group) Co., Ltd. | 174,272,600 | 7.03 | 174,272,600 | 174,272,600 | None | 0 | State-owned legal person | | Shanghai Wuyuefeng Integrated Circuit Equity Investment Partnership (Limited Partnership) | 162,000,000 | 6.53 | 162,000,000 | 162,000,000 | None | 0 | Other | | Shanghai Xinwei Technology Group Co., Ltd. | 162,000,000 | 6.53 | 162,000,000 | 162,000,000 | None | 0 | State-owned legal person | | Shanghai Xinyang Semiconductor Materials Co., Ltd. | 139,653,500 | 5.63 | 139,653,500 | 139,653,500 | None | 0 | Domestic non-state-owned legal person | | China Insurance Investment Co., Ltd. - China Insurance Investment Fund (Limited Partnership) | 102,827,763 | 4.15 | 102,827,763 | 102,827,763 | None | 0 | Other | | Industrial and Commercial Bank of China Co., Ltd. - Noah Growth Stock Fund | 35,993,896 | 1.45 | 0 | 0 | None | 0 | Other | | Bank of Communications Co., Ltd. - Noah Hexin Capital Preservation Mixed Fund | 19,210,738 | 0.77 | 0 | 0 | None | 0 | Other | 2.2.2 Top Ten Unrestricted Shareholders' Holdings This section presents the top ten unrestricted shareholders' holdings and share types as of the reporting period end, reflecting major holders of freely tradable shares Q1 2021 End Top Ten Unrestricted Shareholders' Holdings (Unit: shares) | Shareholder Name | Number of unrestricted tradable shares held | Type and quantity of shares | | :--- | :--- | :--- | | Industrial and Commercial Bank of China Co., Ltd. - Noah Growth Stock Fund | 35,993,896 | RMB ordinary shares 35,993,896 | | Bank of Communications Co., Ltd. - Noah Hexin Capital Preservation Mixed Fund | 19,210,738 | RMB ordinary shares 19,210,738 | | China Merchants Bank Co., Ltd. - ChinaAMC SSE STAR Market 50 Component ETF | 18,244,649 | RMB ordinary shares 18,244,649 | | Industrial and Commercial Bank of China Co., Ltd. - E Fund SSE STAR Market 50 Component ETF | 5,601,803 | RMB ordinary shares 5,601,803 | | China Construction Bank Co., Ltd. - Huatai-PineBridge SSE STAR Market 50 Component ETF | 3,939,882 | RMB ordinary shares 3,939,882 | | Agricultural Bank of China Co., Ltd. - ICBC Credit Suisse SSE STAR Market 50 Component ETF | 3,638,536 | RMB ordinary shares 3,638,536 | | CITIC Securities Co., Ltd. | 2,268,372 | RMB ordinary shares 2,268,372 | | Vanguard Investments Australia Ltd. - Vanguard Emerging Markets Stock Index Fund (ETF) | 1,875,919 | RMB ordinary shares 1,875,919 | | MORGAN STANLEY & CO. INTERNATIONAL PLC. | 1,642,918 | RMB ordinary shares 1,642,918 | | Industrial Bank Co., Ltd. - Boshi Huixing Return One-Year Holding Flexible Allocation Mixed Fund | 1,615,587 | RMB ordinary shares 1,615,587 | Item III. Significant Events This section details significant changes in the company's financial statement items and indicators, along with explanations for these movements 3.1 Significant Changes and Reasons for Major Financial Statement Items and Indicators This period saw significant changes in multiple financial statement items and indicators: derivative financial assets and notes payable decreased due to maturity or exchange rate fluctuations, while prepayments and other non-current assets increased due to capacity expansion, and right-of-use assets and lease liabilities were newly recognized under new leasing standards; finance expenses significantly decreased due to higher exchange gains, other income substantially grew from increased utilization of deferred income, and fair value change gains incurred significant losses due to industrial investment fund fluctuations; net cash flow from operating activities turned positive due to increased operating profit, and net cash outflow from investing activities significantly reduced due to the recovery of structured deposits - Derivative financial assets decreased by 100% to 0, primarily due to fluctuations in the Euro-USD forward exchange rate[9][46] - Prepayments increased by 46.23%, mainly due to the company's capacity expansion and increased prepayments for materials[9][46] - Right-of-use assets and lease liabilities were newly recognized due to the adoption of new leasing standards effective January 1, 2021[9][46] - Finance expenses decreased by 65.74%, primarily due to exchange rate fluctuations resulting in higher exchange gains during the period[9][46] - Other income increased by 217.88%, mainly due to higher utilization of income-related deferred income during the period[9][46] - Fair value change gains (losses) significantly increased by 1,104.30% to a loss of 14.00 million yuan, primarily due to fluctuations in the fair value of the industrial investment fund invested by the company in 2020[9][46] - Net cash flow from operating activities turned positive at 49.55 million yuan, compared to a negative 16.24 million yuan in the prior year, mainly due to increased operating profit[11][48] - Net cash flow from investing activities decreased by 69.74% to a net outflow of 86.09 million yuan, primarily due to the recovery of 200 million yuan in matured structured deposits, increasing cash inflow[11][48] 3.1.1 Balance Sheet Item Changes This section details significant changes in key balance sheet items during the reporting period and their underlying reasons, reflecting shifts in asset and liability structures Significant Changes in Balance Sheet Items (Unit: 10,000 yuan) | Item | March 31, 2021 | December 31, 2020 | Change (%) | Explanation | | :--- | :--- | :--- | :--- | :--- | | Derivative Financial Assets | - | 109.64 | -100.00 | Mainly due to fluctuations in the Euro-USD forward exchange rate | | Prepayments | 7,508.32 | 5,134.55 | 46.23 | Mainly due to increased prepayments for materials as the company's capacity expanded | | Other Receivables | 793.94 | 2,610.68 | -69.59 | Mainly due to the recovery of rent receivables, advances, and prepaid income tax at the end of 2020 during this period | | Right-of-Use Assets | 11,089.81 | - | Not applicable | Mainly due to the company's adoption of new lease standards effective January 1, 2021 | | Other Non-current Assets | 23,876.66 | 15,983.59 | 49.38 | Mainly due to increased prepayments for machinery, equipment, and other fixed assets as the company's capacity expanded | | Notes Payable | - | 800.00 | -100.00 | Mainly due to the maturity of notes payable at the end of 2020 | | Lease Liabilities | 4,958.13 | - | Not applicable | Mainly due to the company's adoption of new lease standards effective January 1, 2021 | | Long-term Payables | - | 2,034.67 | -100.00 | Mainly due to the company's adoption of new lease standards effective January 1, 2021 | | Minority Interests | 3,106.53 | 9,692.71 | -67.95 | Mainly due to the company's acquisition of minority interests in its controlled subsidiary, Xinao Technology | 3.1.2 Income Statement Item Changes This section details significant changes in key income statement items during the reporting period and their underlying reasons, revealing shifts in operating results and profitability Significant Changes in Income Statement Items (Unit: 10,000 yuan) | Item | January-March 2021 | January-March 2020 | Change (%) | Explanation | | :--- | :--- | :--- | :--- | :--- | | Finance Expenses | 800.38 | 2,336.12 | -65.74 | Mainly due to exchange rate fluctuations, resulting in higher exchange gains during the period | | Add: Other Income | 6,876.77 | 2,163.32 | 217.88 | Mainly due to higher utilization of income-related deferred income during this period, recognized as other income | | Fair Value Change Gains (Losses indicated by '-') | -1,400.43 | -140.15 | 1,104.30 | Mainly due to fluctuations in the fair value of the industrial investment fund invested by the company in 2020 | | Credit Impairment Losses (Losses indicated by '-') | -13.24 | -24.16 | -45.21 | Mainly due to fluctuations in the allowance for doubtful accounts for accounts receivable calculated by the company based on expected credit losses | | Add: Non-operating Income | 7.08 | 23.71 | -70.12 | Mainly due to a decrease in income unrelated to the company's operating activities | | Less: Non-operating Expenses | 2.00 | 0.18 | 1,029.28 | Mainly due to an increase in expenses unrelated to the company's operating activities | | Less: Income Tax Expense | 543.64 | 780.76 | -30.37 | Mainly due to a decrease in the company's current income tax expense | | Fair Value Change of Other Equity Instrument Investments | 42,864.16 | -78,544.49 | -154.57 | Mainly due to fluctuations in the share price of Soitec, a French listed company in which the company invested | | Foreign Currency Financial Statement Translation Differences | -25,498.41 | -932.86 | 2,633.36 | Mainly due to the impact of exchange rate fluctuations | 3.1.3 Cash Flow Statement Item Changes This section details significant changes in key cash flow statement items during the reporting period and their underlying reasons, reflecting dynamic shifts in cash inflows and outflows Significant Changes in Cash Flow Statement Items (Unit: 10,000 yuan) | Item | January-March 2021 | January-March 2020 | Change (%) | Explanation | | :--- | :--- | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 4,955.32 | -1,623.79 | -405.17 | Mainly due to an increase in the company's operating profit during this period | | Net Cash Flow from Investing Activities | -8,608.92 | -28,446.20 | -69.74 | Mainly due to the net amount of structured deposits purchased by the company using raised funds and own funds, which was the recovery of 200 million yuan in matured structured deposits, increasing cash inflow | 3.2 Analysis of Progress, Impact, and Solutions for Significant Events There are no significant events, their progress, impact, or solutions requiring explanation during this reporting period - There is no analysis or explanation of the progress, impact, or solutions for significant events during this reporting period[11][48] 3.3 Commitments Overdue and Not Yet Fulfilled During the Reporting Period There are no commitments overdue and not yet fulfilled during this reporting period - There are no commitments overdue and not yet fulfilled during this reporting period[11][48] 3.4 Warning and Explanation of Potential Cumulative Net Loss from Year-Beginning to End of Next Reporting Period The company forecasts that net profit attributable to shareholders, excluding non-recurring items, will remain a loss from the year-beginning to the end of the next reporting period, primarily due to high fixed costs sustained by capacity expansion - The company forecasts that net profit attributable to shareholders, excluding non-recurring items, will remain a loss from the year-beginning to the end of the next reporting period[11][48] - The primary reason for the loss is the company's capacity expansion, leading to persistently high fixed costs[11][48] Item IV. Appendix This appendix provides the company's unaudited financial statements for the first quarter of 2021, including consolidated and parent company balance sheets, income statements, and cash flow statements 4.1 Financial Statements The appendix provides the company's unaudited Q1 2021 financial statements, including consolidated and parent company balance sheets, income statements, and cash flow statements, comprehensively presenting the financial position, operating results, and cash flows for the reporting period - This section includes consolidated and parent company balance sheets, income statements, and cash flow statements[13][50][15][52][17][54][18][55][21][58][23][60][26][63] - All financial statements are unaudited[15][52][17][54][18][55][21][58][23][60][26][63] 4.1.1 Consolidated Balance Sheet This section presents the company's consolidated balance sheet as of March 31, 2021, showing the period-end status of consolidated assets, liabilities, and owner's equity - As of March 31, 2021, consolidated total assets were 14.57 billion yuan, a slight increase from 14.50 billion yuan at the end of 2020[13][50][15][52] - Total current assets were 3.09 billion yuan, and total non-current assets were 11.48 billion yuan[13][50][14][51] 4.1.2 Parent Company Balance Sheet This section presents the company's parent company balance sheet as of March 31, 2021, showing the period-end status of parent company assets, liabilities, and owner's equity - As of March 31, 2021, parent company total assets were 5.31 billion yuan, an increase from 5.26 billion yuan at the end of 2020[13][54] - Parent company total current assets were 884.04 million yuan, and total non-current assets were 4.43 billion yuan[12][53] 4.1.3 Consolidated Income Statement This section presents the company's consolidated income statement for Q1 2021, showing consolidated operating revenue, profit, and earnings per share Q1 2021 Consolidated Income Statement Key Data (Unit: yuan) | Item | Q1 2021 | Q1 2020 | | :--- | :--- | :--- | | Total Operating Revenue | 534,654,371.09 | 418,843,809.62 | | Operating Profit | 14,314,032.75 | -47,644,736.62 | | Net Profit | 8,928,482.15 | -55,217,018.79 | | Net Profit Attributable to Parent Company Shareholders | 9,062,896.88 | -53,814,666.50 | | Basic Earnings Per Share (yuan/share) | 0.004 | -0.029 | | Diluted Earnings Per Share (yuan/share) | 0.004 | -0.029 | - Total operating revenue increased by 27.65%, from 418.84 million yuan to 534.65 million yuan[18][55] - Net profit shifted from a loss of 55.22 million yuan in the prior year to a profit of 8.93 million yuan[19][56] 4.1.4 Parent Company Income Statement This section presents the company's parent company income statement for Q1 2021, showing parent company operating revenue, profit, and earnings per share Q1 2021 Parent Company Income Statement Key Data (Unit: yuan) | Item | Q1 2021 | Q1 2020 | | :--- | :--- | :--- | | Operating Profit | -7,807,742.51 | -14,654,381.43 | | Net Profit | -7,807,742.51 | -14,654,381.43 | | Basic Earnings Per Share (yuan/share) | -0.003 | -0.008 | | Diluted Earnings Per Share (yuan/share) | -0.003 | -0.008 | - Parent company net loss narrowed from 14.65 million yuan in the prior year to 7.81 million yuan[22][59] 4.1.5 Consolidated Cash Flow Statement This section presents the company's consolidated cash flow statement for Q1 2021, showing consolidated cash flows from operating, investing, and financing activities Q1 2021 Consolidated Cash Flow Statement Key Data (Unit: yuan) | Item | Q1 2021 | Q1 2020 | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 49,553,194.50 | -16,237,887.95 | | Net Cash Flow from Investing Activities | -86,089,234.92 | -284,462,028.42 | | Net Cash Flow from Financing Activities | -37,859,131.52 | -42,298,600.09 | | Net Increase in Cash and Cash Equivalents | -78,509,371.42 | -342,366,456.83 | | Cash and Cash Equivalents at End of Period | 1,201,312,860.68 | 351,673,291.09 | - Net cash flow from operating activities turned positive, increasing from a negative 16.24 million yuan to 49.55 million yuan[24][61] - Net cash outflow from investing activities significantly decreased, from 284.46 million yuan to 86.09 million yuan[25][62] 4.1.6 Parent Company Cash Flow Statement This section presents the company's parent company cash flow statement for Q1 2021, showing parent company cash flows from operating, investing, and financing activities Q1 2021 Parent Company Cash Flow Statement Key Data (Unit: yuan) | Item | Q1 2021 | Q1 2020 | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -5,266,518.63 | -122,347,578.56 | | Net Cash Flow from Investing Activities | -36,463,396.30 | -36,398.24 | | Net Cash Flow from Financing Activities | -29,874,858.11 | -69,407,819.13 | | Net Increase in Cash and Cash Equivalents | -71,609,308.84 | -191,791,890.25 | | Cash and Cash Equivalents at End of Period | 17,175,002.36 | 13,384,182.48 | - Net cash outflow from operating activities significantly narrowed, from 122.35 million yuan to 5.27 million yuan[28][65] - Net cash outflow from investing activities increased, from 36,398.24 yuan to 36.46 million yuan[28][65] 4.2 Adjustments to Financial Statements at the Beginning of the First Year of Adopting New Lease Standards from 2021 Effective January 1, 2021, the company adopted the new lease standards, adjusting financial statement items at the beginning of the year based on cumulative effects, without retrospective adjustment of comparative period information - The company began implementing new lease standards effective January 1, 2021[31][68] - Adjustments were made to retained earnings and other related financial statement items at the beginning of the year based on the cumulative effects of initial adoption of new lease standards[31][68] - Comparative period information was not adjusted[31][68] 4.2.1 Consolidated Financial Statement Adjustments This section details the adjustments made to consolidated financial statement items at the beginning of the year due to the initial adoption of new lease standards, including changes in assets and liabilities Consolidated Financial Statement Adjustments (Unit: yuan) | Item | December 31, 2020 | January 1, 2021 | Adjustment Amount | | :--- | :--- | :--- | :--- | | Prepayments | 51,345,525.40 | 51,031,365.40 | -314,160.00 | | Fixed Assets | 3,366,022,459.30 | 3,292,966,478.36 | -73,055,980.94 | | Right-of-Use Assets | - | 115,236,320.46 | 115,236,320.46 | | Total Non-current Assets | 11,170,790,038.32 | 11,212,970,377.84 | 42,180,339.52 | | Total Assets | 14,498,507,264.28 | 14,540,373,443.80 | 41,866,179.52 | | Non-current Liabilities Due Within One Year | 244,960,046.19 | 251,443,050.69 | 6,483,004.50 | | Lease Liabilities | - | 55,729,850.06 | 55,729,850.06 | | Long-term Payables | 20,346,675.04 | - | -20,346,675.04 | | Total Non-current Liabilities | 3,551,325,543.76 | 3,586,708,718.78 | 35,383,175.02 | | Total Liabilities | 4,958,540,172.18 | 5,000,406,351.70 | 41,866,179.52 | - New right-of-use assets of 115.24 million yuan and lease liabilities of 55.73 million yuan were recognized[29][66][30][67] - Fixed assets decreased by 73.06 million yuan, and long-term payables decreased by 20.35 million yuan[29][66][30][67] 4.2.2 Parent Company Financial Statement Adjustments This section details the adjustments made to parent company financial statement items at the beginning of the year due to the initial adoption of new lease standards, including changes in assets and liabilities Parent Company Financial Statement Adjustments (Unit: yuan) | Item | December 31, 2020 | January 1, 2021 | Adjustment Amount | | :--- | :--- | :--- | :--- | | Right-of-Use Assets | - | 478,870.81 | 478,870.81 | | Total Non-current Assets | 4,308,922,155.36 | 4,309,401,026.17 | 478,870.81 | | Total Assets | 5,264,044,269.58 | 5,264,523,140.39 | 478,870.81 | | Non-current Liabilities Due Within One Year | 76,980,454.52 | 77,236,683.24 | 256,228.72 | | Lease Liabilities | - | 222,642.09 | 222,642.09 | | Total Non-current Liabilities | 169,820,000.00 | 170,042,642.09 | 222,642.09 | | Total Liabilities | 420,762,132.21 | 421,241,003.02 | 478,870.81 | - Parent company recognized new right-of-use assets of 478,870.81 yuan and lease liabilities of 222,642.09 yuan[34][71][36][73] 4.3 Explanation of Retrospective Adjustment of Prior Period Comparative Data for Initial Adoption of New Lease Standards from 2021 The company did not retrospectively adjust prior period comparative data for the initial adoption of new lease standards from 2021 - The company did not retrospectively adjust prior period comparative data for the initial adoption of new lease standards from 2021[37][74] 4.4 Audit Report This quarterly report does not include an audit report - This quarterly report does not include an audit report[37][74]