ZTBH(SZ:000957)2023-04-28 16:00Financial Performance - The company's operating revenue for 2022 was ¥5,276,182,897.38, representing a 15.03% increase compared to ¥4,586,634,005.77 in 2021[23]. - The net profit attributable to shareholders was ¥98,326,448.86, a significant turnaround from a loss of ¥219,529,493.29 in the previous year, marking a 144.79% improvement[23]. - The cash flow from operating activities increased by 28.34% to ¥1,168,680,680.73 from ¥910,618,977.11 in 2021[23]. - Basic earnings per share rose to ¥0.1658 from a loss of ¥0.3703, reflecting a 144.77% increase[23]. - The company reported a net profit of ¥54,690,240.14 in the fourth quarter, indicating strong recovery momentum[28]. - The company reported a net profit of -11,317.81 million yuan from its joint investment in Weichai Power, indicating financial challenges in that segment[145]. - The company's gross margin improved, with the bus manufacturing sector achieving a gross margin of 17.46%, up by 5.57% year-on-year[49]. - The company reported a positive profit for the period but did not propose a cash dividend distribution due to a high debt-to-asset ratio, prioritizing long-term shareholder interests and operational liquidity[114]. Assets and Liabilities - Total assets at the end of 2022 were ¥9,368,048,826.11, a decrease of 5.14% from ¥9,875,359,710.25 at the end of 2021[23]. - The total liabilities increased to ¥7,434,850,640.74, reflecting a change in the company's financial structure[195]. - The total equity attributable to shareholders reached CNY 2,662,635,359.88, up from CNY 2,559,162,118.02, indicating a growth of 4%[196]. - The total amount of cash and cash equivalents increased by ¥366,020,549.58, a decrease of 41.27% from the previous year[61]. - The total current assets as of December 31, 2022, amounted to CNY 7,434,850,640.74, a decrease from CNY 7,971,357,057.84 at the beginning of the year[195]. - The total amount of raw materials used in the bus manufacturing industry was ¥4,042,617,136.56, representing 92.83% of the total operating costs[55]. Production and Sales - The company produced 5,012 new energy buses in 2022, with sales revenue reaching approximately ¥3.51 billion[37]. - The domestic bus market saw a decline of 5.01% in production and sales, totaling 92,256 units in 2022[34]. - The company achieved a 14.92% increase in large bus production, rising from 4,303 units in 2021 to 4,945 units in 2022[35]. - The overseas market for buses experienced a substantial growth of 68.55% in production, increasing from 1,647 units in 2021 to 2,776 units in 2022[35]. - In 2022, the company sold 8,957 buses, achieving a revenue of CNY 5.276 billion, a year-on-year increase of 15%[45]. Research and Development - The company launched 67 new patents, including 19 invention patents, and developed several new bus platforms, enhancing its technological capabilities[46]. - The company is focusing on R&D in new energy, intelligent, and connected technologies, maintaining a leading position in energy-saving and safety technologies[38]. - Research and development expenses decreased by 21.06% to ¥185,550,987.54 compared to the previous year[57]. - The number of R&D personnel increased by 16.44% to 524, with R&D personnel now making up 15.83% of the total workforce[58]. Risk Management - The company has outlined potential risks in its operations, which are detailed in the management discussion section of the report[4]. - The company faces risks from market demand shrinking due to competition from high-speed rail, civil aviation, and private cars, and plans to enhance product competitiveness[80]. - The company is facing risks from high global inflation and uncertainties in export markets due to frequent local conflicts and turmoil[81]. - Rising costs are anticipated due to fluctuations in raw material prices, increased domestic labor costs, and higher export transportation fees[81]. Governance and Management - The company has established a governance structure that aligns with the requirements set by the China Securities Regulatory Commission[85]. - The company maintains independence in personnel, assets, finance, institutions, and business from its controlling shareholder[86]. - The company reported a significant management turnover, with multiple directors and senior executives resigning due to work changes, including three vice presidents on February 28, 2022[90]. - The company has a diverse board with members having backgrounds in finance, engineering, and management, which may enhance its strategic decision-making capabilities[93]. Environmental Compliance - The company adheres to various environmental protection laws and has established comprehensive internal regulations to ensure compliance with pollution control measures[122]. - The company has successfully completed the application for its pollutant discharge permit, which is valid for five years, with no environmental violations reported during the permit's effective period[122]. - The total emissions of hazardous waste by Zhongtong Bus Holdings Co., Ltd. amounted to 319.52 tons, with no exceedance of emission standards reported[123]. - The company implemented advanced waste gas treatment facilities, including a multi-stage filtration system and rotary thermal oxidizer, to ensure compliance with emission standards[126]. Shareholder Information - The total number of shares outstanding is 592,903,936, with 100% being unrestricted shares[162]. - The largest shareholder, Zhongtong Automotive Industrial Group Co., Ltd., holds 21.07% of the shares, totaling 124,941,288 shares[164]. - The company has 142,101 common shareholders at the end of the reporting period[164]. - The top ten unrestricted shareholders do not have any related party relationships or concerted actions among them[166].