PSR Tech(SH:688565)2023-06-01 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 investment activities was -CNY 55,926,116.23, an increase of 23.89% year-on-year, attributed to reduced cash payments for fixed assets and other long-term assets [25]. - The net cash flow from financing activities was CNY 80,558,896.44, a decrease of 51.35% compared to the previous year, mainly due to significant fundraising in 2021 [25]. - Basic earnings per share for 2022 were -CNY 0.25, a decrease of 278.57% from CNY 0.14 in 2021 [23]. - The company's net assets attributable to shareholders decreased by 7.85% to CNY 580,951,483.93 from CNY 630,423,927.08 in the previous year [22]. Risks and Governance - 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 has detailed various risks and countermeasures in its report, particularly in the "Management Discussion and Analysis" section [4]. - There are no non-operating fund occupations by controlling shareholders or related parties [8]. - The company has not violated decision-making procedures for external guarantees [8]. - The board of directors and supervisory board have confirmed the accuracy and completeness of the annual report [4]. - The company has not disclosed any special arrangements for corporate governance [8]. - The company emphasizes the importance of understanding investment risks related to forward-looking statements in the report [7]. Research and Development - The R&D expenditure as a percentage of operating revenue increased to 8.98% from 5.00% in the previous year, reflecting a rise of 3.98 percentage points [23]. - The total R&D investment for the year was approximately ¥18.24 million, representing a 15.30% increase from the previous year [114]. - R&D investment accounted for 8.98% of the company's operating revenue, a significant increase of 79.57% compared to the previous year [115]. - The company has achieved a total of 10 new patents during the reporting period, including 7 invention patents [112]. - The company has established a comprehensive technology system for environmental water treatment, integrating process, control, and electrical systems with independent innovation capabilities [97]. - The company has developed key technologies in four areas: membrane electrodes, bipolar plates, hydrogen fuel cell stacks, and hydrogen fuel cell engine systems [131]. Market Position and Strategy - The company aims to become a leading technology-driven environmental protection enterprise, focusing on hydrogen fuel cell systems and expanding into other environmental water treatment areas [36]. - The company has successfully provided hundreds of water treatment project systems for major domestic power groups, including China National Nuclear Corporation and China Huaneng Group, establishing a strong market presence in the nuclear and thermal power water treatment sector [39]. - The company has entered the seawater desalination market, applying its heat membrane coupling desalination technology in a 100,000 tons/day project, which is one of the few domestic projects of this scale [40]. - The company is focusing on wastewater treatment and resource recovery, responding to the increasing industrial wastewater discharge due to rapid economic growth and urbanization [193]. - The company aims to expand its water treatment services beyond the power industry into metallurgy, chemicals, and municipal water treatment, enhancing its product portfolio and competitiveness [191]. - The company has actively participated in the Belt and Road Initiative, expanding its overseas business to markets in South America, Southeast Asia, South Asia, the Middle East, and Europe since 2010 [39]. Technology and Innovation - The company has successfully developed high-performance fuel cell components and technologies, enhancing its competitive edge in the market [36]. - The company is leveraging IoT technology to create a highly intelligent water treatment operation system, improving operational efficiency and reducing costs [91]. - The company aims to construct integrated and modular water treatment systems to meet diverse water treatment needs across various scenarios, aligning with current market and green development demands [92]. - The company has established a hydrogen energy division with a team of 32 personnel, including 16 R&D staff, to develop fuel cell systems [107]. - The company has developed high-power density fuel cell stacks, with a performance longevity of 56.51% [121]. - The company has introduced advanced high tower condensate water treatment technology, which has become the mainstream technology for large thermal and nuclear power plants in China [100]. Environmental Commitment - The company is committed to improving the ecological environment quality by 2030, with a focus on restoring ecosystem functions [74]. - The company is focusing on the development of advanced membrane treatment technologies and components, as well as technologies for treating trace toxic pollutants in drinking water [75]. - The company plans to enhance the monitoring and prevention technology equipment for major pollutants, promoting the development of the environmental service industry [75]. - The company is committed to aligning with national environmental protection policies and aims to become a leading technology-driven environmental enterprise [186]. - The company aims to achieve a green, low-carbon, and circular economic system by 2025, with significant progress expected by 2030 [77].