PSR Tech(SH:688565)2023-04-28 16:00Financial Performance - The company has not achieved profitability since its listing [4]. - In 2022, the company's operating revenue was CNY 203,153,854.95, a decrease of 35.79% compared to the previous year [25]. - The net profit attributable to shareholders was -CNY 36,321,775.04, representing a decline of 366.53% year-on-year [25]. - The net cash flow from operating activities was -CNY 62,064,974.42, down 166.49% from the previous year, primarily due to increased procurement scale [25]. - The net cash flow from financing activities was CNY 80,558,896.44, a decrease of 51.35% compared to the previous year, due to significant fundraising from the IPO in 2021 [25]. - Basic earnings per share for 2022 were -CNY 0.25, a decrease of 278.57% compared to CNY 0.14 in 2021 [23]. - The total non-recurring gains and losses amounted to ¥5,923,141.67, a decrease from ¥8,221,169.98 in the previous year [30]. Assets and Liabilities - Total assets at the end of 2022 were CNY 960,565,681.70, an increase of 9.39% compared to CNY 878,081,683.97 at the end of 2021 [22]. - The company's net assets attributable to shareholders decreased by 7.85% to CNY 580,951,483.93 at the end of 2022 [22]. - The company’s cash flow from operating activities is low, which may lead to liquidity risks if the business scale continues to expand without corresponding cash flow growth [144]. - The company reported a total of ¥111.02 million in restricted assets, including cash and receivables, due to bank guarantees [173]. Research and Development - The R&D expenditure as a percentage of operating revenue increased to 8.98%, up 3.98 percentage points from 5.00% in 2021 [23]. - The total R&D investment for the year was approximately ¥18.24 million, representing a 15.30% increase from the previous year [114]. - The company has a complete fuel cell R&D, production, and sales system, with core technical personnel having extensive industry experience [109]. - The company has successfully developed key technologies in four areas: membrane electrodes, bipolar plates, hydrogen fuel cell stacks, and hydrogen fuel cell engine systems [131]. - The company has filed for 10 new invention patents during the reporting period, with a total of 89 applications filed to date [112]. Market Position and Strategy - The company aims to become a leading technology-driven environmental enterprise, aligning with national ecological and energy-saving policies [35]. - The company has established a strong market position in the nuclear and thermal power industries, supplying condensate water treatment systems for 14 out of 54 operational nuclear power units in China, with a total installed capacity of 55.663 million kW [87]. - The company is actively involved in the development of intelligent power station equipment and chemical dosing systems, expanding its service offerings in the water treatment sector [42]. - The company is focusing on the development of key technologies for seawater and brackish water resource utilization, including high-value processing technologies for seawater extraction of potassium and bromine [76]. Governance and Compliance - The board of directors and supervisory board have confirmed the authenticity and completeness of the annual report [4]. - The company has established a governance structure compliant with legal regulations, holding 13 board meetings, 9 supervisory meetings, and 4 shareholder meetings during the reporting period [195]. - The company has not disclosed any special arrangements for corporate governance [8]. Risks and Challenges - The audit report issued by Zhonghui Certified Public Accountants includes an emphasis on significant uncertainties regarding the company's ability to continue as a going concern [7]. - The company faces risks related to market competition, particularly in the water treatment equipment and system integration sectors [139]. - The concentration of customers poses a risk, with the top five clients accounting for a significant portion of the company's revenue [140]. Innovation and Technology - The company is focusing on developing advanced hydrogen production and storage technologies to support the hydrogen energy industry [83]. - The company has developed hydrogen fuel cell engine systems, with prototypes achieving rated outputs of 60kW to 112kW, and has successfully commercialized the HYPSR-03 series fuel cell system [63]. - The company is leveraging IoT technology to create a highly intelligent water treatment operation system, enhancing operational efficiency and reducing costs [91]. - The company has established a comprehensive technology system for environmental water treatment, integrating research, design, and system integration capabilities [97]. Environmental Impact and Sustainability - The company is committed to promoting low-cost, high-efficiency wastewater treatment equipment and technologies for zero discharge in high-salinity wastewater [75]. - The government emphasizes the importance of ecological civilization, integrating it into national strategy and promoting green development [75]. - The company aims to achieve a total seawater desalination capacity of over 2.9 million tons per day by 2025, with an additional capacity of 1.25 million tons per day planned [77].