ZhejiangSanhuaIntelligentControlsCo.,Ltd.
2024AnnualReport
March2025
2024AnnualReportSectionIImportantNotes,ContentsandDefinitions
TheBoardofDirectors,BoardofSupervisors,Directors,SupervisorsandSeniorManagementofZhejiangSanhuaIntelligentControlsCo.,Ltd.(hereinafterreferredtoasthe“Company”)herebyguaranteethattheinformationpresentedinthisreportshallbeauthentic,accurate,completeandfreefrommaterialmisstatementwhetherduetofalserecord,misleadingstatementorsignificantomission,andtheywillundertakebothindividualandjointlegalliabilities.
ZhangYabo,theCompany'slegalrepresentative,YuYingkui,thepersoninchargeoftheaccountingwork,andLiZhimi,thepersoninchargeofaccountingdepartment(AccountingOfficer)herebydeclareandwarrantthatthefinancialstatementsinthisreportareauthentic,accurateandcomplete.
Alldirectorsattendedtheboardmeetingtoreviewthisreport.
Theforward-lookingdescriptionsoffutureplans,developmentstrategies,andotheraspectsinvolvedinthisreportdonotconstituteasubstantialcommitmentoftheCompanytoinvestors.Investorsarekindlyadvisedtopayattentiontoinvestmentrisks.
TheCompanydescribesindetailconcerningthepossiblerisksandcountermeasuresinSectionXI“OutlookfortheFutureDevelopmentoftheCompany”underSectionIII“Management’sDiscussionandAnalysisofOperations”.Pleasepayattentiontorelevantcontents.
Theprofitdistributionproposalapprovedbytheboardofdirectorsissetoutasfollows:Basedontheprovisionalsharecapitalof3,730,997,314shares,cashdividendofRMB2.50(taxinclusive)willbedistributedtoallshareholdersforevery10shares.TheCompanywillnotdistributebonussharesorconvertcapitalreservestosharecapital.
Note:TheCompanyhasthetotalsharecapitalof3,732,389,535shares,including1,392,221repurchasedsharesheldinthebuybackaccount.PursuanttotheCompanyLaw,sharesrepurchasedandheldbylistedcompaniesthroughdedicatedrepurchaseaccountsshallnotbeentitledtodividendeligibilityorcapitalreservecapitalization.
IntheeventofchangesintheCompany'stotalsharecapitalduetosharerepurchases,exercisesofequityincentiveschemes,H-shareofferingsandlistings,orothersimilarcircumstancespriorto
theimplementationofthedistributionplan,thetotaldistributionamountshallbeproportionallyadjustedinaccordancewiththeprincipleofmaintainingconstantdistributionratios.
CONTENTS
SectionIImportantNotes,ContentsandDefinitions ...... 2
SectionIICorporateProfileandKeyFinancialIndicators ...... 7
SectionIIIManagement’sDiscussionandAnalysisofOperations ...... 13
SectionIVCorporateGovernance ...... 46
SectionVEnvironmentalandSocialResponsibility ...... 80
SectionVISignificantEvents ...... 86
SectionVIIChangesinSharesandInformationaboutShareholders ...... 107
SectionVIIIInformationofPreferredShares ...... 122
SectionIXBonds ...... 122
SectionXFinancialReport ...... 123
DocumentsAvailableforInspection
1.The2024annualreportsignedbythechairmanoftheboard.
2.ThefinancialreportsignedandsealedbytheCompany'slegalrepresentative,chieffinanceofficerandpersoninchargeofaccountingdepartment.
3.Originalauditreportwiththesealoftheaccountingfirm,signatureandsealoftheregisteredaccountant
4.ArticlesofAssociation
5.OriginalcopyofalltheCompany'sdocumentsandannouncementspublishedonthenewspapers
designatedbyCSRCwithinthereportingperiod.
6.Otherdocumentsavailableforinspection.
Definitions
| Items | Refersto | Definition |
| TheCompany,Company | Refersto | ZhejiangSanhuaIntelligentControlsCo.,Ltd. |
| TheArticlesofAssociation | Refersto | ArticlesofAssociationforZhejiangSanhuaIntelligentControlsCo.,Ltd. |
| TheCSRC | Refersto | ChinaSecuritiesRegulatoryCommission |
| SZSE | Refersto | ShenzhenStockExchange |
| ZhejiangSecuritiesRegulatoryBureau | Refersto | ZhejiangSecuritiesRegulatoryBureauofChinaSecuritiesRegulatoryCommission |
| GeneralMeetingofShareholders | Refersto | GeneralMeetingofShareholdersofZhejiangSanhuaIntelligentControlsCo.,Ltd. |
| BoardofDirectors | Refersto | TheBoardofDirectorsofZhejiangSanhuaIntelligentControlsCo.,Ltd. |
| BoardofSupervisors | Refersto | TheBoardofSupervisorsofZhejiangSanhuaIntelligentControlsCo.,Ltd. |
| Yuan | Refersto | RMB |
SectionIICorporateProfileandKeyFinancialIndicatorsI.CorporateInformation
| Stockabbreviation | SanhuaIntelligentControls | Stockcode | 002050 |
| Formerstockabbreviation(ifany) | SanhuaCo., | ||
| StockExchange | ShenzhenStockExchange | ||
| NameoftheCompanyinChinese | 浙江三花智能控制股份有限公司 | ||
| Abbr.oftheCompanynameinChinese | 三花智控 | ||
| NameoftheCompanyinEnglish(ifany) | ZHEJIANGSANHUAINTELLIGENTCONTROLSCO.,LTD. | ||
| Abbr.oftheCompanynameinEnglish(ifany) | SANHUA | ||
| Legalrepresentative | ZhangYabo | ||
| RegisteredAddress | No.219WoxiAvenue,ChengtanStreet,Xinchang,Shaoxing,Zhejiang | ||
| PostCodeofRegisteredAddress | 312530 | ||
| HistoricalchangesoftheCompany'sregisteredaddress | June19,2015,theregisteredaddressoftheCompanywaschangedfromXialiquan,QixingStreet,Xinchang,ZhejiangtoNo.219WoxiAvenue,Meizhu,Xinchang,Zhejiang;February29,2016,theregisteredaddressoftheCompanywaschangedfromNo.219WoxiAvenue,Meizhu,Xinchang,ZhejiangtoXialiquan,QixingStreet,Xinchang,Zhejiang.June2,2023,theregisteredaddressoftheCompanywaschangedfromXialiquan,QixingStreet,Xinchang,ZhejiangtoNo.219WoxiAvenue,ChengtanStreet,Xinchang,Shaoxing,Zhejiang | ||
| OfficeAddress | OfficeBuildinginSanhuaIndustrialParkNo.219WoxiAvenue,ChengtanStreet,Xinchang,Shaoxing,Zhejiang | ||
| PostCodeofOfficeAddress | 312530 | ||
| Website | http://www.zjshc.com | ||
| shc@zjshc.com | |||
II.ContactsandContactInformation
| BoardSecretary | SecuritiesAffairsRepresentative | |
| Name | HuKaicheng | LvYifang |
| Address | OfficeBuildinginSanhuaIndustrialParkNo.12BaiyangStreet,QiantangNew | OfficeBuildinginSanhuaIndustrialParkNo.219WoxiAvenue,ChengtanStreet, |
| District,Hangzhou,Zhejiang | Xinchang,Shaoxing,Zhejiang | |
| Tel. | 0571-28020008 | 0575-86255360 |
| shc@zjshc.com | shc@zjshc.com |
III.InformationDisclosureandPlaceoftheReport
| ThewebsiteofthestockexchangewheretheCompanydisclosestheannualreport | ShenzhenStockExchange：http://www.szse.cn |
| MediaandwebsitedesignatedbytheCompanyfordisclosureoftheAnnualReport | SecuritiesTimes,ShanghaiSecuritiesNewsCNINFO:http://www.cninfo.com.cn |
| PlacewheretheAnnualReportisavailableforinspection | OfficeoftheBoardofDirectorsoftheCompany |
IV.CompanyRegistrationandAlteration
| UnifiedSocialCreditCode | 913300006096907427 |
| ChangesinprinciplebusinessactivitiessincetheCompanywaslisted(ifany) | In2017,theCompanycompletedamajorassetreorganizationandchangedmainbusinesstoRefrigerationA/CElectricalComponentsbusinessandAutomotiveComponentsbusiness. |
| ChangesofcontrollingshareholdersoftheCompany(ifany) | N/A |
V.OtherRelevantInformation
AccountingfirmengagedbytheCompany
| Nameoftheaccountingfirm | Pan-ChinaCertifiedPublicAccountantsLLP. |
| Businessaddressoftheaccountingfirm | BuildingB,ChinaResourcesBuilding,1366QianjiangRoad,ShangchengDistrict,Hangzhou,Zhejiang,China |
| Nameofaccountantsforsignature | QianZhongxian,OuyangXiaoyun,ZhouHeng |
SponsorinstitutionengagedbytheCompanytoperformthedutiesofcontinuoussupervisionduringthereportingperiod
□Applicable√NotapplicableFinancialadvisorengagedbytheCompanytoperformthedutiesofcontinuoussupervisionduringthereportingperiod
□Applicable√NotapplicableVI.KeyAccountingDataandFinancialIndicators
WhethertheCompanyperformedaretrospectiveadjustmentorrestatementofpreviousaccountingdata
□Yes√No
| 2024 | 2023 | YoYChange | 2022 | |
| TotalRevenue(RMB) | 27,947,164,515.93 | 24,557,802,066.59 | 13.80% | 21,347,549,741.00 |
| NetProfitAttributabletoShareholdersoftheListedCompany(RMB) | 3,099,165,128.06 | 2,920,992,940.01 | 6.10% | 2,573,344,179.92 |
| NetProfitAttributabletoShareholdersoftheListedCompanyafterDeductingNon-recurringGainsandLosses(RMB) | 3,117,935,212.81 | 2,917,029,188.01 | 6.89% | 2,291,450,453.44 |
| NetCashFlowGeneratedfromOperationalActivities(RMB) | 4,366,630,948.36 | 3,723,964,354.63 | 17.26% | 2,509,666,490.56 |
| BasicEarningsperShare(RMB/Share) | 0.84 | 0.81 | 3.70% | 0.72 |
| DilutedEarningsperShare(RMB/Share) | 0.84 | 0.81 | 3.70% | 0.72 |
| WeightedAverageROE | 16.77% | 19.18% | -2.41% | 21.38% |
| AttheEndof2024 | AttheEndof2023 | YoYChange(%) | AttheEndof2022 | |
| TotalAssets(RMB) | 36,354,748,426.21 | 31,890,584,773.41 | 14.00% | 27,961,214,156.28 |
| NetAssetsAttributabletoShareholdersoftheListedCompany(RMB) | 19,297,769,106.48 | 17,894,403,984.79 | 7.84% | 12,941,310,409.42 |
TheCompany'snetprofitbeforeandafterdeductingnon-recurringprofitandlossinthelastthreefiscalyears,whicheverislower,isnegativeandtheauditreportofthelastyearshowsthattheCompany'sabilitytocontinueasagoingconcernisuncertain
□Yes√NoThelowerofthenetprofitbeforeandafterdeductingthenon-recurringprofitandlossisnegative
□Yes√NoVII.DifferencesinAccountingDatabetweenDomesticandOverseasAccountingStandards
1.DifferenceinthenetprofitsandnetassetsofdisclosedfinancialreportaccordingtotheInternationalFinancialReportingStandardsandChinaAccountingStandards
□Applicable√NotapplicableThereisnodifference.
2.DifferenceinthenetprofitsandnetassetsofdisclosedfinancialreportaccordingtotheOverseasAccountingStandardsandChinaAccountingStandards
□Applicable√NotapplicableThereisnodifference.
VIII.KeyQuarterlyFinancialIndicators
Unit:RMB
| 1stQuarter | 2ndQuarter | 3rdQuarter | 4thQuarter | |
| Totalrevenue | 6,439,558,590.31 | 7,236,513,570.77 | 6,886,824,980.77 | 7,384,267,374.08 |
| NetprofitattributabletoshareholdersoftheCompany | 647,742,424.05 | 866,773,020.70 | 787,455,250.81 | 797,194,432.50 |
| NetprofitattributabletoshareholdersoftheCompanyexcludingnon-recurringgainsandlosses | 670,999,127.69 | 855,827,965.83 | 721,197,112.53 | 869,911,006.76 |
| Netcashflowsfromoperatingactivities | 107,817,235.95 | 1,053,812,640.22 | 831,854,979.66 | 2,373,146,092.53 |
Whetherthereissignificantdifferencebetweentheaboveindividualoraggregatefinancialindicatorsandthatofwhatdisclosedinthequarterlyreport,half-yearreport
□Yes√No
IX.ItemsandAmountsofNon-recurringGainsandLosses
√Applicable□Notapplicable
Unit:RMB
| Item | 2024 | 2023 | 2022 | Note |
| Profitsorlossesfromdisposalofnon-currentassets(includingthewrite-offfortheimpairmentprovisionofassets) | -14,594,509.61 | -1,157,418.11 | 445,368,259.89 | |
| Thegovernmentsubsidiesincludedinthecurrentprofitsandlosses(excludingthegovernmentsubsidycloselyrelatedtoregularcourseofbusinessoftheCompanyandgovernmentsubsidybasedonstandard | 124,291,859.56 | 93,921,181.44 | 91,659,049.88 |
| quotaorquantitativecontinuousapplicationaccordingtothestateindustrialpolicy.) | ||||
| Gainsandlossesfromchangesinfairvaluearisingfromtheholdingoffinancialassetsandfinancialliabilitiesbynon-financialenterprises,aswellasgainsandlossesfromthedisposaloffinancialassetsandfinancialliabilities,excludingeffectivehedgingbusinessrelatedtonormalbusinessoperationsofthecompany | -134,349,605.35 | -89,874,825.04 | -198,263,945.31 | Tohedgeagainstrawmaterialpricerisksandmitigateexchangeraterisks,theCompanyanditssubsidiariesengageinderivativeinstrumenttransactions,includingfuturesderivativesandexchangeratederivatives.In2024,theCompanyrecordedfuturesgainsofRMB8.5920millionandforeignexchangelossesofRMB142.9416million,whilein2023,futuresgainsamountedtoRMB9.5091millionandforeignexchangelossestotaledRMB99.3840million.Additionally,theCompanyrecognizedexchangegainsofRMB83.1539millionin2024andRMB133.5151millionin2023.InaccordancewiththeExplanatoryAnnouncementNo.1onInformationDisclosureforCompaniesPubliclyIssuingSecurities—Non-recurringProfitandLossItems,exchangegainsandlossesareclassifiedasrecurringprofitandlossitems,whereasfuturesandforeignexchangegainsandlossesarecategorizedasnon-recurringitems. |
| Reversalofimpairmentprovisionforreceivablesindividuallyassessedforimpairment | 5,690,817.36 | |||
| Gainarisingfromtheexcessofthefairvalue | 2,097,001.82 |
| oftheinvestee'sidentifiablenetassetsovertheinvestmentcostwhenacquiringinvestmentsinsubsidiaries,associates,andjointventures | |||
| GainsandlossesarisingfromcontingenciesunrelatedtothenormaloperationoftheCompany'sbusiness | -7,000,000.00 | ||
| Othernon-operatingincomeandexpendituresexcepttheitemsmentionedabove | -2,855,012.54 | 10,206,261.89 | -1,251,705.71 |
| Othergainsandlossesitemsthatfitthedefinitionofnon-recurringgainsandlosses | 1,445,314.58 | ||
| Less:Impactofincometax | -2,401,931.56 | 1,905,361.61 | 46,164,566.99 |
| Impactoftheminorityinterests(aftertax) | 1,452,567.55 | 7,226,086.57 | 3,898,679.86 |
| Total | -18,770,084.75 | 3,963,752.00 | 281,893,726.48 |
Detailsofothergainsandlossesitemsthatmeetthedefinitionofnon-recurringgainsandlosses:
□Applicable√NotapplicableTheCompanydidnothaveothergain/lossitemsthatmeetthedefinitionofnon-recurringgainsandlosses.Thereasonsforthenon-recurringgainsandlossesitemsdefinedorlistedintheExplanatoryAnnouncementNo.1ofInformationDisclosureofListedCompanies–Non-recurringGainsandLossesaredefinedasrecurringgainsandlossesitems
□Applicable√NotapplicableTheCompanydidnotdefineanynon-recurringgainsandlossesitems,definedandlistedintheExplanatoryAnnouncementofInformationDisclosureofListedCompaniesNo.1–Non-recurringGainsandLosses,asrecurringgainsandlossesitems.
SectionIIIManagement’sDiscussionandAnalysisofOperations
I.IndustrysituationoftheCompanyduringthereportingperiod
TheCompanyshallcomplywiththedisclosurerequirementsofautomobilemanufacturingrelatedindustrieslistedintheNo.3GuidelinesforSelf-disciplineSupervisionofPublicCompaniesofShenzhenStockExchange-IndustryInformationDisclosure.
1.IndustrydevelopmentAmidchallengesincludinggeopoliticalrisksandintensifiedrestructuringofglobalindustrialandsupplychains,theglobaleconomyexhibitedrobustresiliencein2024,achievingstablegrowth.AccordingtotheInternationalMonetaryFund(IMF),globaleconomicgrowthreached3.2%fortheyear.Chineseeconomycontinuedtodemonstrateremarkableresilienceandpotentialwithinacomplexandvolatileinternationalenvironment,withitsannualgrossdomesticproduct(GDP)amountingtoRMB134.9trillion,reflectinga5.0%year-on-yearincrease.
(1)RefrigerationandairconditioningelectricalcomponentsindustrySupportedbythegradualrecoveryoftheglobaleconomyandthefrequentoccurrenceofextremeweatherevents,demandintherefrigerationandairconditioningmarketsustainedsteadygrowth.Astheworld’slargestproducerandconsumerofairconditioningsystems,Chinamaintainedstrongmomentuminitshouseholdairconditioningsector.DatafromIndustryOnlineindicatesthatChina’stotalhouseholdairconditionerproductionin2024reached201.579millionunits,markinga19.5%year-on-yearrise.Domesticsalesgrewmoderatelyat4.9%,whileexportssurgedby36.1%duringthesameperiod.
Asthebackgroundofacceleratingglobalgreentransformation,therefrigerationandairconditioningindustryisundergoingrapidevolutiontowardenergyefficiency,intelligenttechnologies,andenvironmentallysustainablepractices.Enhancedenergyefficiencystandardsworldwideandtheproliferationofintelligenttechnologieshaveunlockednewmarketopportunitiesandvalue-drivengrowth.TheimplementationoftheEuropeanUnion’sNet-ZeroIndustryActhasfurthercatalyzedtheadoptionofcleantechnologiessuchasheatpumpsandenergystoragesystems,infusingfreshmomentumintotheindustry.Concurrently,emergingopportunitiesindatacentercoolingandwasteheatrecoveryaregainingprominence,positioningtheseareasaspivotalavenuesforindustryexpansion.Domestically,consumerupgradeinitiatives,includingappliancereplacementsubsidies,havesignificantlystimulateddemandforairconditionersandrelatedproducts,underpinningrobustmarketgrowth.Asamarketleaderinrefrigerationandairconditioningcontrolcomponents,thecompanycapitalizesondecadesoftechnologicalexpertise,advancedmanufacturingcapabilities,anddiversifiedclientnetworktoadapttomarketdynamics,seizetransformativeopportunities,andsustainsteadyprogress.
(2)AutomotiveComponentsIndustry
AccordingtothedatafromMarkLinesandtheChinaPassengerCarAssociation(CPCA),globalsalesofnewenergyvehicles(NEVs)in2024reached17.529millionunits,representinga21.6%year-on-yearincreaseandaccountingfor19.8%oftotalglobalautomotivesales.China,theworld’slargestNEVmarket,contributed70%ofglobalNEVsales,withannualsalesreaching12.274millionunits,a37.8%year-on-yearrise,constituting
44.5%ofChinesetotalautomotivesales.
TheglobalNEVindustrysustainedrapidgrowth,servingasacornerstoneforthetransformationoftheautomotivesector.AsNEVtechnologiesadvance,thecomplexityandsignificanceofthermalmanagementsystemshavebecomeincreasinglypronounced.NEVsacrossalltechnologicalpathwaysareimposingheightenedrequirementsonthermalmanagementproducts,drivingtheindustrytowardthetechnology-intensiveandcapital-intensivedevelopmenttrajectory.Thecompanyoriginatedinautomotivethermalmanagementwithprofoundtechnologicalexpertiseandextensiveindustryrecognition,progressingfromcomponentstosubsystemsandmodules.ItnotonlycollaborateswithleadingautomakersincludingMercedes-Benz,BMW,BYD,Ford,Geely,GeneralMotors,GAC,Honda,Hyundai,Leapmotor,LiAuto,NIO,Stellantis,SAIC,Toyota,Volkswagen,andVolvo,butalsosuppliesthermalmanagementintegratorssuchasDenso,HanonSystems,Mahle,andValeo.
2.Industrystatus
Thecompanyistheworld'slargestmanufacturerofrefrigerationcontrolcomponentsandthegloballeaderinautomotivethermalmanagementsystemcontrolcomponents.The"Sanhua"brandofintelligentrefrigerationcontrolcomponentshasbecomeaworld-renownedbrandandservesasthestrategicpartnertonumerousglobalautomotivemanufacturersandair-conditioningrefrigerationapplianceproducers.Committedtoenhancingtheenergyefficiencyofvariousend-useproducts,thecompanyleadstheglobaltransformationofenergy-savingandenvironmentallyfriendlyproducts.Afteroverthreedecadesofdevelopment,thecompanyhasestablishedindustry-leadingpositionsinglobalrefrigerationappliancesandautomotivethermalmanagementfields.Thecompanyholdstheworld'slargestmarketshareforproductssuchasair-conditioningelectronicexpansionvalves,four-wayreversingvalves,servicevalve,solenoidvalves,microchannelheatexchangers,automotiveelectronicexpansionvalves,newenergyvehiclethermalmanagementintegratedmodules,andOmegapumps,whilemaintainingaleadingglobalpositioninautomotivethermalexpansionvalvesandreceivers.II.ThePrincipalBusinessoftheCompanyduringtheReportingPeriodTheCompanyshallcomplywiththedisclosurerequirementsofautomobilemanufacturingrelatedindustrieslistedintheNo.3GuidelinesforSelf-disciplineSupervisionofPublicCompaniesofShenzhenStockExchange-IndustryInformationDisclosure.
TheCompanyadherestothe"DedicationandLeadership,InnovationandSurpassing"businesspath,concentratingontheresearchandapplicationofheatpumptechnologyandthermalmanagementsystemproducts.ItfocusesonthedevelopmentofenvironmentalthermalmanagementsolutionsforheatexchangeandtemperatureintelligentcontrolandisdedicatedtospecializedmanagementinthefieldsofbuildingHVAC,electricalequipment,andnewenergyvehiclethermalmanagement.Basedonthedifferentstagesandcharacteristicsofstrategicbusinessandmaturebusiness,theCompany'sbusinessismainlydividedintorefrigerationandairconditioningelectricalcomponentsbusinessandautomotivecomponentsbusiness.RefrigerationandairconditioningelectricalcomponentsbusinessiscommittedtotheprofessionaloperationofbuildingHVACandelectricalequipment.ItsmainproductsincludeFour-wayReversingValve,ElectronicExpansionValve,SolenoidValve,MicrochannelHeatExchanger,OmegaPump,etc.,whicharewidelyusedinA/C,refrigerator,coldchainlogistics,dishwasherandotherfields.Theautomotivecomponentsbusinessfocusesonin-depthresearchinthefieldofautomotivethermalmanagement.ItsmainproductsincludeThermalExpansionValve,ElectricExpansionValve,ElectricWaterPump,andThermalManagementIntegratedModulefornewenergyvehicle,etc.,whicharewidelyusedinbothNEVsandICVs.
Duringthereportingperiod,theCompany'sprincipalbusinessandbusinessmodelremainedunchanged.Manufacturing,productionandoperationofvehiclesduringthereportingperiod
□Applicable√NotapplicableManufacturing,productionandoperationofvehiclecomponentsduringthereportingperiod
√Applicable□Notapplicable
| Productionvolume | Salesvolume | |||||
| 2024 | 2023 | YoYChange(%) | 2024 | 2023 | YoYChange(%) | |
| ClassifiedbyComponents(Unit:millionPCs) | ||||||
| NEVsthermalmanagementproducts | 70.0073 | 62.7827 | 11.51% | 69.5199 | 62.5181 | 11.20% |
| ICVsthermalmanagementproducts | 180.1656 | 169.5683 | 6.25% | 184.0433 | 169.5093 | 8.57% |
| Otherclassifications(Unit:millionPCs) | ||||||
| Domestic | 152.6055 | 137.8682 | 10.69% | 152.15 | 138.0081 | 10.25% |
| Overseas | 97.5674 | 94.4828 | 3.26% | 101.4132 | 94.0193 | 7.86% |
Explanationonwhytherelateddatavariedbymorethan30%onaYOYbasis
□Applicable√NotapplicableSalemodelofvehiclecomponentsTheCompany'scustomersaremainlydomesticandforeignvehiclemanufacturersandtier1manufacturers.Themainlysalemodeisdirectsale.WhethertheCompanycarriesoutautofinancebusiness
□Applicable√NotapplicableWhethertheCompanycarriesoutbusinessrelatedtoNEVs
√Applicable□NotapplicableProductionandoperationofNEVsparts
Unit:millionPCs
| Productcategory | Productioncapacity | Productionvolume | Salesvolume | Revenue(RMB) |
| NEVsthermalmanagementproducts | 90.6932 | 70.0073 | 69.5199 | 10,452,256,196.72 |
III.CoreCompetitivenessAnalysis
TheCompanyshallcomplywiththedisclosurerequirementsofautomobilemanufacturingrelatedindustrieslistedintheNo.3GuidelinesforSelf-disciplineSupervisionofPublicCompaniesofShenzhenStockExchange-IndustryInformationDisclosure.
1.Clearstrategiclayout
TheCompanyadherestothe"DedicationandLeadership,InnovationandSurpassing”businesspath,takes
theresearchandapplicationofheatpumptechnologyandthermalmanagementsystemproductsasthecore,firmlygraspsthedevelopmentthemeofenergyconservation,environmentalprotectionandintelligentcontrol,upgradesfrom"mechanicalpartsdevelopment"to"systemcontroltechnologysolutiondevelopmentofelectroniccontrolintegration".TheCompany’sproductsseriesareexpandedfromhouseholdA/CandrefrigeratorcomponentstothefieldofcommercialA/Candcommercialrefrigeration,andextendingtothedirectionofinvertercontroltechnologyandsystemintegrationandupgrading.Meanwhile,aftertheinjectionofautomotivecomponentsbusiness,itgivesfullplaytothesynergyeffectwiththeoriginalbusiness,continuestodeepentheresearchanddevelopmentofnewenergyvehiclethermalmanagementsystemcomponents,andactivelyexploresthedeeperapplicationofthermalmanagementcomponentsandsubsystemsintheautomotivefield,soastoprovideglobalcustomerswithcompetitiveenvironmentalintelligentcontrolsolutions.
2.Technologyleading,customerorientedAsanationalhigh-techenterprise,theCompanyhasalwaysadheredtothetechnologicalrouteofindependentdevelopmentandinnovation.Fordecades,ithasfocusedonthefieldofintelligentcontrolandvigorouslycultivatedcoretechnologieswithindependentintellectualpropertyrights.Ithasbeenauthorizedwith4,252patentsbothdomesticandabroad,including2,261inventionpatents.TheCompanyhasestablishedacomprehensivemulti-disciplinaryR&Dteamforproductdevelopmentandtechnicalresearch,andestablishedamatrixR&Dorganizationalstructure.Utilizingthemodelofproductdevelopmentdrivenbytechnologicalresearch,wecanpromoteinnovation.Meanwhile,atechnicalexpertcommitteehasbeenestablishedtoguideandmanagetechnologicaldevelopment.Allproducts,servicesandqualityoftheCompanytakemeetingtheneedsofcustomersasthefirstpriority.
3.Qualityassurance,scaleeconomyeffectTheCompany'sproductscoverrefrigerationA/Celectricalcomponentsandautomotivecomponentsindustry.ThemarketshareoftheCompany'sElectronicExpansionValve,Four-wayReversingValve,ServiceValve,SolenoidValve,MicrochannelHeatExchanger,AutomotiveElectricExpansionValve,ThermalManagementIntegratedModulefornewenergyvehicle,OmegaPumpranksfirstglobally.ThemarketshareofAutomotiveThermalExpansionValveandReceiverDrierisintheleadingpositionintheworld.TheCompanyhasestablishedacompleteandstrictqualityassurancesystem,achievedISO9001,IATF16949,QC080000qualitysystemcertification.TheCompanywontheNationalQualityAward,ZhejiangQualityAward,NationalTechnologicalInnovationDemonstrationEnterpriseandwonthehighcommentsfromDaikin,Panasonic,Ford,BSHHomeAppliances,Siemens,Volkswagen,Mercedes-Benz,BYD,andGeelyandotherwell-knownenterprisesathomeandabroad.
4.AdvantagesofglobalmarketingnetworkandproductionbaseSincethe1990s,theCompanyhasfocusedonexpandingtheinternationalmarket,andhasestablishedoverseassubsidiariesinJapan,SouthKorea,Singapore,theUnitedStates,Mexico,Germanyandotherplacestobuildaglobalmarketingnetwork.Atthesametime,ithasestablishedoverseasproductionbasesinMexico,Poland,Vietnam,Thailandandotherplaces.Andinpractice,wehavetrainedanumberofmanagementtalentswhocanmeettheneedsofbusinessdevelopmentindifferentcountriesandregions.
IV.MainBusinessAnalysis
1.OverviewIn2024,amidescalatinggeopoliticalconflictsanddeepeningrestructuringofglobalindustrialandsupplychains,theworldeconomymaintainedslowandstablegrowth,withoveralltradedemandontherise.ChinaledmajorglobaleconomieswiththeGDPgrowthrateof5.0%,bolsteringmarketconfidencethroughpoliciessuchasinterestratecuts,reserverequirementreductions,anddomesticdemandexpansion,therebysettingthetoneforhigh-qualitydevelopment.Thenewenergyrevolutionadvancedvigorously,withcontinuedgrowthinNEVsandacceleratedglobalgreentransitionscreatingopportunitiesinheatpumpsandcommercialrefrigeration.Simultaneously,theartificialintelligence(AI)andbionicroboticsindustrieswitnessedsignificanttechnologicalbreakthroughsandacceleratedcommercialization.Atthecorporatelevel,therefrigerationandairconditioningelectricalcomponentsbusinesscapitalizedonstructuralmarketopportunitiesdrivenbyconsumerappliancereplacementpolicies,NorthAmericanrefrigeranttransitions,andemergingsectordemands,consolidatingthecompany’smarketpositionandachievingsteadygrowth.Despitechallenges,theautomotivecomponentsbusinessmaintainedstablegrowth,supportedbypurchasesubsidies,relaxedautofinancingpolicies,andrapiddomesticmarketexpansion.
Duringthereportingperiod,thecompanyachievedoperatingrevenueofRMB27.947billion,ayear-on-yearincreaseof13.80%;operatingprofitofRMB3.710billion,up4.42%year-on-year;andnetprofitattributabletolistedshareholdersofRMB3.099billion,up6.10%year-on-year.Byproductsegment,therefrigerationandairconditioningelectricalcomponentsbusinessgeneratedrevenueofRMB16.561billion,up13.09%year-on-year,whiletheautomotivecomponentsbusinessrecordedrevenueofRMB11.386billion,up14.86%year-on-year.
(I)Dedicatedtoexcellencethroughrelentlessinnovationandstrategicbusinessexpansion
1.RefrigerationandairconditioningelectricalcomponentsbusinessIn2024,thecompanyfurthersolidifiedthemarketleadershipbyadvancingproductiteration,industrializingnewofferings,andexploringemergingopportunities.Inclientdevelopment,thecompanycontinuestodeepenstrategiccollaborationswithkeyclientsandstrengthenscustomerrelationshipsthroughparticipationinmajorrefrigerationexhibitionsandglobalpartnershipconferences.InR&D,thecompanyprioritizedupgradingflagshipproducts,leveragedthecompetitiveedgeofsteelvalvesamidhighcopperprices,andfocusedonhigh-potentialinnovationstodrivemarketbreakthroughs.Inoperationsmanagement,thecompanyenhanceslaborefficiencythroughleanmanufacturingwhileeffectivelyimplementingcostcontrolandprocessoptimization.Indigitaltransformation,itcontinuesadvancingcomprehensivedigitalcoverageacrossallbusinessdomains,exploringandpromotinglights-outworkshopmodelsthatsimultaneouslyfocusonqualityandefficiency.Additionally,leveragingthecompany’smulti-siteglobalpresence,thecompanyintensifiesmanufacturingglobalization,R&Dnetworkexpansion,andtalentdevelopment,activelyaddressingtariffchallengeswhilestrengtheninglocalizedservicecapabilitiesforglobalclients.
2.Automotivecomponentsbusiness
FacingfiercecompetitionintheNEVmarket,thecompanysustainsrevenuegrowththroughcoordinatedinitiativesincludingnewproductR&D,technologicaliteration,anddigitalproduction,effectivelybalancingrevenueexpansionwithcostrationalization.Inclientdevelopment,thecompanyfocusedonlarge-scaleintegratedthermalsystems,addressingdemandsfromglobalautomotiveleadersandsecuringbreakthroughprojects.In
technologicalR&D,thecompanyhasachievedmultiplebreakthroughsinintegratedmodulesforbothrefrigerant-sideandcoolant-sideautomotivethermalmanagement,significantlyenhancingcustomervalue.Inoperationsmanagement,thecompanyadvancedthedevelopmentofintegratedmoduleproductionlinesandoptimizedautomationlevels,significantlyenhancingproductionefficiency.Globally,thecompanycontinuedadvancingtheconstructionofoverseasfacilitiesinMexicoandPolandanddomesticplantsinZhongshan,Shenyang,Tianjin,Hangzhou,ShaoxingBinhai,whiledeployingnewproductioncapacitiestosolidifytheglobalsupplychainfootprint.
3.StrategicEmergingBusinessesTheAIandbionicroboticsindustriesacceleratedintoahigh-growthphase,poisedtoreshapelifestylesandglobaleconomicstructuresashumanityentersaneraofhuman-machinesymbiosis.Inbionicrobotics,thecompanyworkscloselywithclientstoaddresstheirneedswhilecontinuouslyself-optimizingkeyproductperformancemetrics.Thisisbuildingatechnologicalmoatthroughprocessinnovationsandpatent-protectedsolutionscenteredonproprietaryproductdesigns.Inenergystoragesystem,thecompanyfocusedonmajorclients,trackedtechnologicaltrendsinenergystoragesystems,andpursuedopportunitiesinthermalmanagementcomponents.(II)ProposedH-ShareIssuanceandListingontheHongKongStockExchangeToadvancetheglobalstrategy,enhanceinternationalvisibility,andstrengthencompetitiveness,thecompanyplanstoissueH-sharesandlistontheHongKongStockExchange.TheraisedfundsareintendedtobeallocatedtoglobaltechnologyR&Dandexpandingproductportfolios,expandingandestablishingnewdomesticandoverseasfactories,enhancingcorporatedigitaloperationalefficiency,supplementingworkingcapital,andotherpurposes.
(III)ShareholderReturnsandEmployeeIncentivesIn2024,tosafeguardshareholderinterestsandreinforceinvestorconfidence,thecompanyexecutedthesharerepurchaseprogram,protectingthelong-termbenefitsforboththecorporationandminorityshareholders.Sincethefirstsharerepurchaseinitiativein2018,thecompanyhascumulativelydeployedoverRMB1.1billioninrepurchases.Concurrently,thecompanyprioritizesinvestorrightsprotection,consistentlyenhancinginvestmentreturns.TotalcashdividendsdistributedsinceIPOhavereachedRMB7.4billion.Additionally,thecompanyimplementedthe2024RestrictedStockIncentivePlanand2024StockAppreciationRightsIncentivePlan,motivatingcoretalenttocontinuouslyelevateperformanceandproductivity,therebydrivingsustainablebusinessgrowth.
(IV)StrengtheningCorporateGovernanceFramework&DiversifyingInvestorEngagementChannelsThecompanyenhancedandrefinedtheinternalcontrolsystems,standardizedtheoperationsoftheBoardofDirectors,SupervisoryBoard,andShareholders'Meetings,andstrengthenedinformationdisclosureprotocolsandinvestorrelationsmanagementmechanisms.Thetotalof20governancedocumentswereformulatedorrevised,includingtheInformationDisclosureManagementPolicy,PublicOpinionManagementandResponseGuidelines,andRelated-PartyTransactionRegulations.KeyupdatesencompassedtheArticlesofAssociationandProposedArticlesofAssociation(applicablepost-H-sharelisting),revisedtoalignwiththerevisedCompanyLaw,HongKongStockExchangeListingRules,andthecompany'soperationalrealities.Forinvestorrelationsmanagement,thecompanyfacilitatedmulti-channelengagementthroughon-sitemeetings,earningsbriefings,interactiveplatforms,anddirectinvestorhotlines,ensuringtransparentandefficientcommunicationwithdiverseinvestor
groups.
(V)AcceleratingCarbonNeutrality,EstablishingClean&Low-CarbonEnergyEcosystemIncleanenergyadoption,thecompanyhasinstalleddistributedphotovoltaicpowergenerationsystems,energystoragefacilities,andsmartmicrogridstooptimizetheenergystructure,whilealsopurchasinggreenelectricitytoreducecarbonemissions.Forenergy-savingtechnologicalupgrades,thecompanyhasphasedouthigh-energy-consumptionproductionequipmentandimplementedsmartenergymanagementsystemstomonitorequipmentenergyusage,analyzeconsumptionpatterns,andidentifyinefficiencies.Inproductsustainabilityinnovation,aligningwithregulatorypolicies,thecompanyhasdevelopednext-generationeco-friendlyrefrigerantstominimizegreenhousegasemissionsduringproductoperation.Simultaneously,thecompanyisadvancinglow-energyheatpumptechnologiestocreatehigh-performance,energy-efficientthermalmanagementsystems.
2.RevenueandCosts
(1)Revenuestructure
Unit:RMB
| 2024 | 2023 | YoYChange(%) | |||
| Amount | Proportiontorevenue | Amount | Proportiontorevenue | ||
| Revenue | 27,947,164,515.93 | 100% | 24,557,802,066.59 | 100.00% | 13.80% |
| ClassifiedbyIndustry | |||||
| GeneralEquipmentManufacturingIndustry | 27,947,164,515.93 | 100% | 24,557,802,066.59 | 100.00% | 13.80% |
| ClassifiedbyProducts | |||||
| RefrigerationA/CElectricalComponents | 16,560,605,388.30 | 59.26% | 14,644,135,166.57 | 59.63% | 13.09% |
| AutomotiveComponents | 11,386,559,127.63 | 40.74% | 9,913,666,900.02 | 40.37% | 14.86% |
| ClassifiedbyRegion | |||||
| Domestic | 15,446,505,381.49 | 55.27% | 13,403,443,275.68 | 54.58% | 15.24% |
| Overseas | 12,500,659,134.44 | 44.73% | 11,154,358,790.91 | 45.42% | 12.07% |
| ClassifiedbySalesModel | |||||
| DirectSale | 27,545,064,298.92 | 98.56% | 24,557,802,066.59 | 100.00% | 12.16% |
| IndirectSale | 402,100,217.01 | 1.44% |
(2)Industries,products,regionsorsalemodelsaccountingformorethan10%oftheCompany’srevenueoroperatingprofit
√Applicable□Notapplicable
Unit:RMB
| Revenue | Operatingcost | Grossmargin | YoYChange(%)ofrevenue | YoYChange(%)ofoperatingcost | YoYChange(%)ofgrossmargin | |
| ClassifiedbyIndustry | ||||||
| GeneralEquipmentManufacturingIndustry | 27,947,164,515.93 | 20,269,833,554.48 | 27.47% | 13.80% | 14.04% | -0.15% |
| ClassifiedbyProducts | ||||||
| RefrigerationA/CElectricalComponentsBusiness | 16,560,605,388.30 | 12,030,985,910.08 | 27.35% | 13.09% | 14.06% | -0.62% |
| AutomotiveComponentsBusiness | 11,386,559,127.63 | 8,238,847,644.40 | 27.64% | 14.86% | 14.02% | 0.53% |
| ClassifiedbyRegion | ||||||
| Domestic | 15,446,505,381.49 | 11,493,560,891.19 | 25.59% | 15.24% | 15.73% | -0.31% |
| Overseas | 12,500,659,134.44 | 8,776,272,663.29 | 29.79% | 12.07% | 11.91% | 0.10% |
| ClassifiedbySalesModel | ||||||
| DirectSale | 27,545,064,298.92 | 19,995,038,266.18 | 27.41% | 12.16% | 12.50% | -0.21% |
| IndirectSale | 402,100,217.01 | 274,795,288.30 | 31.66% | |||
WhenthestatisticalcaliberoftheCompany'smajorbusinessdataisadjustedduringthereportingperiod,theCompany'smajorbusinessdatawouldbeadjustedaccordingtotheendofthereportingperiodinthemostrecentperiod.
□Applicable√Notapplicable
(3)Whetherrevenuefromphysicalproductssalesgreaterthanrevenuefromprovidingservices
√Yes□No
| Industry | Item | Unit | 2024 | 2023 | YoYChange(%) |
| GeneralEquipmentManufacturingIndustry | Sales | Yuan | 27,947,164,515.93 | 24,557,802,066.59 | 13.80% |
| Production | Yuan | 28,317,506,024.84 | 24,661,487,925.77 | 14.82% | |
| Inventory | Yuan | 5,406,042,889.29 | 4,715,009,128.74 | 14.66% |
Explanationonwhytherelateddatavariedbymorethan30%onaYOYbasis
□Applicable√Notapplicable
(4)Fulfillmentofsignedsignificantsalesandprocurementcontractsbytheendofreportingperiod
□Applicable√Notapplicable
(5)OperatingcoststructureClassificationbasedonindustryandproducts
Unit:RMB
| Industry | Item | 2024 | 2023 | YoYChange(%) | ||
| Amount | Proportiontooperatingcost | Amount | Proportiontooperatingcost | |||
| GeneralEquipmentManufacturingIndustry | Material | 14,979,789,030.31 | 73.90% | 13,115,131,671.51 | 73.79% | 14.22% |
| GeneralEquipmentManufacturingIndustry | Labor | 2,812,304,190.10 | 13.87% | 2,523,256,970.91 | 14.20% | 11.46% |
| GeneralEquipmentManufacturingIndustry | Depreciation | 780,844,622.47 | 3.85% | 516,350,365.38 | 2.91% | 51.22% |
| GeneralEquipmentManufacturingIndustry | Freight | 664,724,822.92 | 3.28% | 573,973,563.84 | 3.23% | 15.81% |
| GeneralEquipmentManufacturingIndustry | EnergySource | 555,660,396.46 | 2.74% | 522,992,506.07 | 2.94% | 6.25% |
| GeneralEquipmentManufacturingIndustry | Other | 476,510,492.22 | 2.35% | 522,153,886.41 | 2.94% | -8.74% |
Unit:RMB
| Product | Item | 2024 | 2023 | YoYChange(%) | ||
| Amount | Proportiontooperatingcost | Amount | Proportiontooperatingcost | |||
| RefrigerationA/CElectricalComponents | Material | 8,850,066,410.68 | 43.66% | 7,743,350,881.56 | 43.57% | 14.29% |
| RefrigerationA/CElectricalComponents | Labor | 1,807,293,961.06 | 8.92% | 1,625,493,308.75 | 9.15% | 11.18% |
| RefrigerationA/CElectricalComponents | Depreciation | 432,473,528.87 | 2.13% | 293,400,820.12 | 1.65% | 47.40% |
| RefrigerationA/CElectricalComponents | Freight | 430,450,574.78 | 2.12% | 372,451,870.84 | 2.10% | 15.57% |
| RefrigerationA/CElectricalComponents | EnergySource | 272,531,956.90 | 1.34% | 250,366,298.39 | 1.41% | 8.85% |
| RefrigerationA/CElectricalComponents | Other | 238,169,477.79 | 1.17% | 262,788,912.38 | 1.48% | -9.37% |
| AutomotiveComponents | Material | 6,129,722,619.63 | 30.24% | 5,371,780,789.95 | 30.22% | 14.11% |
| AutomotiveComponents | Labor | 1,005,010,229.04 | 4.96% | 897,763,662.16 | 5.05% | 11.95% |
| AutomotiveComponents | Depreciation | 348,371,093.60 | 1.72% | 222,949,545.26 | 1.25% | 56.26% |
| AutomotiveComponents | Freight | 234,274,248.14 | 1.16% | 201,521,693.00 | 1.13% | 16.25% |
| AutomotiveComponents | EnergySource | 283,128,439.56 | 1.40% | 272,626,207.68 | 1.53% | 3.85% |
| AutomotiveComponents | Other | 238,341,014.43 | 1.18% | 259,364,974.03 | 1.46% | -8.11% |
(6)Changesinconsolidationscopeduringthereportingperiod
√Yes□No
1.Increaseinconsolidationscope
| Name | Equityacquisitionmethod | Dateofequityacquisition | Capitalcontribution | Proportionofcapitalcontribution |
| HangzhouLvNengNewEnergyVehiclePartsCo.,Ltd. | ContractualAssignment | 2024-09-30 | 7.7million | 100% |
| ZhejiangSanhuaIntelligentDriveCo.,Ltd. | Investmentandestablishment | 2024-06-04 | 74million | 100% |
| ZhejiangShengtaiPaperIndustryCo.,Ltd. | Investmentandestablishment | 2024-06-20 | 21million | 70% |
| SanhuaAutomotiveComponentsKoreaCo.,Ltd. | Investmentandestablishment | 2024-07-08 | KRW90,000 | 100% |
| SANHUASINGAPOREHEATEXCHANGERPTE.LTD. | Investmentandestablishment | 2024-08-28 | 0.00 | 100% |
| SanhuaIntelligentDrive(Thailand)Co.,Ltd. | Investmentandestablishment | 2024-11-01 | 0.00 | 100% |
| SANHUATROYPROPERTYMANAGEMENT,LLC | Investmentandestablishment | 2024-06-28 | 0.00 | 100% |
2.Reductioninconsolidationscope
| Name | Equitydisposalmethod | Dateofequitydisposal | Netassetsondisposaldate | Netprofitfromthebeginningoftheperiodtothedateofdisposal |
| AmericanTubingInternationalLeveragelenderLLC | Cancellation | 2024-10-09 | - | - |
(7)SignificantchangeoradjustmentoftheCompany’sbusiness,productsorservicesduringthereportingperiod:
□Applicable√Notapplicable
(8)Majorcustomersandsuppliers:
MajorcustomersoftheCompany
| Totalsalestotopfivecustomers(RMB) | 9,193,696,267.94 |
| Totalsalestotopfivecustomersasapercentageofthetotalsalesfortheyear(%) | 32.89% |
| Totalsalestotherelatedpartiesintopfivecustomersasapercentageofthetotalsalesoftheyear(%) | 0.00% |
Informationontopfivecustomers
| No. | NameofCustomer | SalesAmount(RMB) | Percentageoftotalsalesfortheyear |
| 1 | First | 3,527,626,412.69 | 12.62% |
| 2 | Second | 2,429,872,540.77 | 8.69% |
| 3 | Third | 1,315,668,564.90 | 4.71% |
| 4 | Fourth | 1,039,137,368.67 | 3.72% |
| 5 | Fifth | 881,391,380.91 | 3.15% |
| Total | -- | 9,193,696,267.94 | 32.89% |
Otherinformationofmajorcustomers
□Applicable√NotapplicableMajorsuppliersoftheCompany
| Totalpurchasesfromtopfivesuppliers(RMB) | 2,512,688,021.17 |
| Totalpurchasesfromtopfivesuppliersasapercentageofthetotalpurchasesfortheyear(%) | 15.45% |
| Totalpurchasesfromtherelatedpartiesinthetopfivesuppliersasapercentageofthetotalpurchasesfortheyear(%) | 0.00% |
InformationontopfivesuppliersoftheCompany
| No. | NameofSupplier | PurchaseAmount(RMB) | Percentageoftotalpurchasefortheyear |
| 1 | First | 653,599,333.99 | 4.02% |
| 2 | Second | 631,975,885.93 | 3.89% |
| 3 | Third | 519,996,390.09 | 3.20% |
| 4 | Fourth | 354,433,742.41 | 2.18% |
| 5 | Fifth | 352,682,668.75 | 2.17% |
| Total | -- | 2,512,688,021.17 | 15.45% |
Otherinformationofmajorsuppliers
□Applicable√Notapplicable
3.Expenses
Unit:RMB
| 2024 | 2023 | YoYChange(%) | Noteofsignificantchange | |
| Salesexpenses | 726,437,231.46 | 597,565,638.25 | 21.57% | Primarilyattributabletoincreasedexpendituresinemployeecompensation,advertisingandpromotionalcosts,warehousingandhandlingfees,andrelatedexpensesduringthecurrentperiod. |
| Administrativeexpenses | 1,767,454,322.16 | 1,476,334,172.35 | 19.72% | Primarilyattributabletoincreasesinemployeecompensationanddepreciation&amortizationexpensesduringthecurrentperiod. |
| Financialexpenses | -43,782,383.53 | -72,751,380.29 | 39.82% | Primarilyattributabletothereductioninforeignexchangegainsduringthecurrentperiod. |
| R&Dexpenses | 1,351,798,786.50 | 1,096,834,224.41 | 23.25% | Primarilyattributabletoincreasesinemployee |
4.R&DInvestment
√Applicable□Notapplicable
compensation,directinputs,andotherrelatedexpenses.
NameofmainR&Dprojects
| NameofmainR&Dprojects | Projectpurpose | Progressoftheproject | Objectivestobeachieved | ExpectedimpactonthefuturedevelopmentoftheCompany |
| MPlatformStandardElectricWaterPumpDevelopment | Developlow-cost,lightweightandminiaturizedmedium-powerEWP | Ongoing | Toenhancecompetitivenessofmedium-powerEWPs | Togaingreatermarketshare |
| ThirdGenerationChillerDevelopment | Developanewgenerationproductwithlowcostorhighperformance | Ongoing | Toimproveproductcompetitiveness;Formstandardizedproducts | Toimproveproductcompetitivenessandgaingreatermarketshare |
| LPlatformElectricWaterPumpDevelopment | Developlow-cost,lightweightandminiaturizedhigh-powerEWP | Ongoing | Toenhancecompetitivenessofhigh-powerEWPs,buildsolidfoundationandtechnicalreserve | Togaingreatermarketshare |
| DirectThermalModuleforflexiblemanufacturing | Developcompact,low-cost,lightweightthermalmanagementsystemintegrationsolutions | Ongoing | Enhancethecorecompetitivenessofintegrationthermalmanagementmodules | Toenhanceintegratedmoduleproductscompetitivenessandmarketshare. |
| IndirectThermalModule | Developlow-cost,lightweight,andminiaturizedintegratedmodulesforindirectcoolingthermalmanagementsystems | Ongoing | Bystandardizingdesignandpreparingtechnicalreservesinadvance,enhancethecompetitivenessofintegratedmodules | Toimproveproductcompetitivenessandgaingreatermarketshare |
| DevelopmentofSPB(A)typeshieldedwaterpump | Developnewproductsinthefieldofheatpumpheating | Finished | Realizethecharacteristicsofhighefficiency,energysaving,silence,highstabilityandhighcostperformanceofproducts | Openuptheheatpumpheatingmarketandrealizenewbusinessgrowthpoints |
| C-typeglobevalvedevelopment | Developanewgenerationoflow-costandhigh-performanceproducts | Finished | Realizetheiterativeupgradingofproductsandenhancethecompetitivenessofrefrigerationandairconditioningproducts | Enhanceproductcompetitivenessandexpandmarketshare |
| ChainBLDCOmegaintegratedheatpumpprojectdevelopment | Developanewgenerationoflow-costandhigh-performanceproducts | Finished | Furtherenhancethecostandperformanceadvantagesofproductsandensurethecompetitiveadvantage | Enhanceproductcompetitivenessandincreasemarketshare |
| FirstgenerationofPT | Tocombinethe | Finished | Developthefirst- | Openupthenew |
| sensor | temperaturesensorfunctionintothepressuresensorandenternewbusinesssection | generationofsensorsforautomotiveindustryandtoincreasetheturnoverofcommercialbusinessunit. | energyvehiclebusinessforsensorproducts. | |
| ShutoffvalveforIndustrialRefrigeration | TocompletetheportfolioofIndustrialRefrigeration | Finished | Businessexpansionintheindustrialrefrigerationfields. | Expandthecompany'sproductportfoliotolayasolidfoundationforentryintotheindustrialrefrigerationfields. |
| NewBPHES65A | TocompletetheportfolioofBrazedPlateHeatExchanger | Finished | Improvesystemenergyefficiencyandmeanwhilereducerefrigerantchargeandcarbonemissions. | Enhancemarketcompetitivenessinbrazedplateheatexchangers. |
R&DpersonneloftheCompany
| 2024 | 2023 | Changeproportion | |
| NumberofR&Dpersonnel(person) | 3,578 | 3,241 | 10.40% |
| ProportionofR&Dpersonnel | 18.08% | 18.28% | -0.20% |
| AcademicstructureofR&Dpersonnel | |||
| Masterdegreeandabove | 723 | 510 | 41.76% |
| Bachelordegree | 2,021 | 1,929 | 4.77% |
| Juniorcollegeandbelow | 834 | 802 | 3.99% |
| AgecompositionofR&Dpersonnel | |||
| Undertheageof30 | 1,744 | 1,582 | 10.24% |
| Agebetween30and40 | 1,313 | 1,191 | 10.24% |
| Overtheageof40 | 521 | 468 | 11.32% |
R&DinvestmentoftheCompany
| 2024 | 2023 | YoYChange(%) | |
| AmountofR&Dexpenses(RMB) | 1,351,798,786.50 | 1,096,834,224.41 | 23.25% |
| R&Dinvestmentasapercentageofrevenue | 4.84% | 4.47% | 0.37% |
| CapitalizedR&Dexpenses(RMB) | 0.00 | 0.00 | 0.00% |
| CapitalizedR&DexpensesasapercentageofR&Dexpenses | 0.00% | 0.00% | 0.00% |
ReasonsandeffectsofmajorchangesinthecompositionofR&Dpersonnel
□Applicable√NotapplicableReasonofsignificantchangeoftotalR&Dexpensesasapercentageoftotalrevenuecomparedtolastyear
□Applicable√NotapplicableReasonandexplanationofitsreasonablenessofsignificantchangeofthecapitalizedR&Dexpenses
□Applicable√Notapplicable
5.Cashflow
Unit:RMB
| Items | 2024 | 2023 | YoYChange(%) |
| Subtotalofcashinflowsfromoperatingactivities | 29,187,824,180.93 | 25,391,076,341.93 | 14.95% |
| Subtotalofcashoutflowsfromoperatingactivities | 24,821,193,232.57 | 21,667,111,987.30 | 14.56% |
| Netcashflowsfromoperatingactivities | 4,366,630,948.36 | 3,723,964,354.63 | 17.26% |
| Subtotalofcashinflowsfrominvestingactivities | 4,037,542,929.40 | 1,695,486,300.46 | 138.13% |
| Subtotalofcashoutflowsfrominvestingactivities | 7,549,080,014.38 | 2,904,766,053.95 | 159.89% |
| Netcashflowsfrominvestingactivities | -3,511,537,084.98 | -1,209,279,753.49 | -190.38% |
| Subtotalofcashinflowsfromfinancingactivities | 2,768,376,499.52 | 1,606,752,389.73 | 72.30% |
| Subtotalofcashoutflowsfromfinancingactivities | 3,723,676,041.49 | 2,698,602,678.24 | 37.99% |
| Netcashflowsfromfinancingactivities | -955,299,541.97 | -1,091,850,288.51 | 12.51% |
| Netincreaseincashandcashequivalents | -181,453,008.94 | 1,574,626,897.07 | -111.52% |
ExplanationofwhytherelateddatavariedsignificantlyonaYoYbasis
√Applicable□Notapplicable
1.Netcashflowfromoperatingactivitiesincreased:Primarilyattributabletothegrowthincashreceiptsfromsalesofgoodsandrenderingofservices.
2.Netcashflowfrominvestmentactivitiesdecreased:Mainlyresultingfromincreasedpurchasesofsecuritiesfirmwealthmanagementproductsandreverserepurchaseagreementsofgovernmentbondsduringtheperiod.
3.Netcashflowfromfinancingactivitiesincreased:Principallyduetotheissuanceofrestrictedsharestoemployeesinthecurrentperiod,leadingtohighercashinflowsfromequityfinancingactivities.Explanationofreasonsleadingtothematerialdifferencebetweencashflowfromoperatingactivitiesduringthereportingperiodandnetprofitfortheyear
□Applicable√NotapplicableV.Non-coreBusinessAnalysis
√Applicable□Notapplicable
Unit:RMB
| Amount | Proportiontonetprofit | NoteofChange | Sustainability | |
| InvestmentIncome | -16,279,865.95 | -0.44% | Realizedgains/lossesfromsettlementofforeignexchangederivatives,futurescontracts,andinvestmentincomefrombankwealthmanagementproducts. | No |
| GainsandLossesfromChangeofFairValue | -90,733,609.50 | -2.46% | Unrealizedgains/lossesfromfairvalueadjustmentsonforeignexchangederivativesandmark-to-marketvaluationoffuturescontracts. | No |
| Non-operatingRevenue | 9,648,962.88 | 0.26% | Non-operatinggainsincludingreversalofaccruedliabilities,penaltiesreceived,gainsonassetdisposals,andbargainpurchasegainsfromacquisitions. | No |
| Non-operatingExpenditures | 28,017,800.98 | 0.76% | Lossondisposaloffixedassets,compensationpayments,andbreachofcontractpenalties | No |
| CreditImpairmentLoss | -56,378,564.98 | -1.53% | Baddebtexpenses | No |
| AssetsImpairmentLoss | -62,921,312.20 | -1.70% | Inventorywrite-downs,property,plantandequipmentimpairmentlosses,andgoodwillimpairmentlosses | No |
| GainsonDisposalofProperties | 3,016,317.77 | 0.08% | Gainonfixedassetdisposals | No |
| OtherGains | 229,205,925.38 | 6.21% | Governmentgrants,VATrefundsforsocialwelfareenterprisesunderciviladministration,VATrebatesforsoftwareproductsexceedingtaxthresholds,VATadditionaldeductiblecredits,andothersimilarfiscalincentives | VATrefundsforcivil-administeredwelfareenterprises,VATrebatesforsoftwareproductsexceedingtaxthresholds,andVATadditionaldeductiblecreditsarerecurringgovernmentincentives,whiletheremainingitemsarenon-recurringinnature. |
VI.AnalysisofAssetsandLiabilities
1.Materialchangesofassets
Unit:RMB
| December31st2024 | January1st2024 | YoYChange(%) | Noteofsignificantchange | |||
| Amount | Percentageoftotalassets | Amount | Percentageoftotalassets | |||
| CashandBankBalances | 5,248,567,646.21 | 14.44% | 6,584,684,683.93 | 20.65% | -6.21% | |
Primarilyattributabletotheincreaseinacquisitionsandconstructionofproperty,plantandequipment(PP&E),intangibleassets,andotherlong-termassets
| AccountReceivable | 6,951,066,861.07 | 19.12% | 5,773,991,481.22 | 18.11% | 1.01% | Primarilyattributabletotheincreaseinsalesandthevarianceinaccountsreceivablebalancecausedbydifferentdistributionsofpaymenttermsandcollectionmethods |
| Inventories | 5,280,441,824.48 | 14.52% | 4,600,729,378.19 | 14.43% | 0.09% | Primarilyattributabletotheincreaseinsalesandanticipatoryinventory |
| Investmentproperty | 7,053,153.92 | 0.02% | 8,165,805.31 | 0.03% | -0.01% | |
| Long-termEquityInvestment | 40,599,793.42 | 0.11% | 37,924,431.29 | 0.12% | -0.01% | |
| FixedAssets | 9,794,453,949.92 | 26.94% | 7,730,363,778.82 | 24.24% | 2.70% | Primarilyattributabletothedeploymentofraisedcapitalandincreasedinvestmentin |
| automationequipmentupgrades | ||||||
| ConstructioninProgress | 2,171,985,301.79 | 5.97% | 2,036,326,757.72 | 6.39% | -0.42% | |
| Assetswithrightofuse | 336,584,880.00 | 0.93% | 313,254,745.53 | 0.98% | -0.05% | |
| Short-termborrowings | 1,553,345,651.16 | 4.27% | 1,212,150,378.85 | 3.80% | 0.47% | Primarilyattributabletotheincreaseinunsecuredloans |
| Contractualliabilities | 49,461,722.83 | 0.14% | 51,788,802.03 | 0.16% | -0.02% | |
| Long-termborrowings | 2,045,772,594.73 | 5.63% | 1,030,801,111.13 | 3.23% | 2.40% | Primarilyattributabletotheincreaseinunsecuredloans |
| Leaseliabilities | 237,913,009.51 | 0.65% | 221,295,481.86 | 0.69% | -0.04% | |
| Notereceivable | 2,677,270,284.96 | 7.36% | 2,476,839,413.89 | 7.77% | -0.41% | |
| OtherCurrentAssets | 1,720,539,931.75 | 4.73% | 251,073,584.56 | 0.79% | 3.94% | Primarilyattributabletotheincreaseinprincipal-protectedincomecertificatesandgovernmentbondreverserepurchaseagreements |
| IntangibleAssets | 1,074,511,282.42 | 2.96% | 843,866,292.82 | 2.65% | 0.31% | Primarilyattributabletoincreasedacquisitionsoflanduserightsandoverseaslandownership |
| DeferredCharges | 200,664,440.75 | 0.55% | 118,096,436.09 | 0.37% | 0.18% | Primarilyattributabletoincreasedexpendituresonleasedassetimprovementsandtooling&moldcosts |
| Notepayable | 3,791,834,944.38 | 10.43% | 3,416,711,594.64 | 10.71% | -0.28% |
| Accountpayable | 5,985,427,008.79 | 16.46% | 4,449,940,359.81 | 13.95% | 2.51% | Primarilyattributabletosalesgrowthandtheresultantincreaseinaccountspayabledrivenbyexpandedprocurementandinventorybuildupactivities |
| Otherpayables | 545,412,160.30 | 1.50% | 250,642,662.86 | 0.79% | 0.71% | Primarilyattributabletotheincreaseinrepurchaseobligationsforrestrictedstock |
| Non-currentliabilitiesduewithinoneyear | 590,993,952.12 | 1.63% | 1,440,093,253.93 | 4.52% | -2.89% | Primarilyattributabletothedecreaseinguaranteedloansduewithinoneyear |
| DeferredIncome | 607,754,278.80 | 1.67% | 379,140,042.48 | 1.19% | 0.48% | Primarilyattributabletotheincreaseinasset-relatedgovernmentgrants |
Whethertheproportionofoverseasassetsisrelativelyhigh
√Applicable□Notapplicable
| Contentofassets | Causeofformation | Assetscale | Location | Operationmode | Controlmeasurestoensureassetsecurity | Earnings | Theproportionofoverseasassetstothecompany'snetassets | Whetherthereissignificantimpairmentrisk |
| SanhuaInternationalCo.,Ltd.(USA)(Consolidated) | Equityinvestment | 2,173,191,801.51 | UnitedStates | Researchanddevelopment,manufacturing,sales,andinvestmentmanagement | Financialsupervision,commissionedexternalaudit | 205,207,463.53 | No | |
| SanhuaInternational | Equityinvestment | 4,841,726,272.11 | Singapore | Manufacturing,sales,and | Financialsupervision, | -140,704,503.46 | No |
| SingaporePTE.Ltd.(Consolidated) | investmentmanagement | commissionedexternalaudit |
2.Assetsandliabilitiesmeasuredatfairvalue
√Applicable□Notapplicable
Unit:RMB
| Items | Openingbalance | Profitandlossoffairvaluechangeinthecurrentperiod | Cumulativechangesinfairvalueincludedinequity | Impairmentaccruedinthecurrentperiod | Currentpurchaseamount | Currentsaleamount | Otherchanges | Closingbalance |
| FinancialAssets | ||||||||
| 2.Derivativefinancialassets | 22,636,112.68 | -16,398,910.20 | 6,237,202.48 | |||||
| Subtotaloffinancialassets | 22,636,112.68 | -16,398,910.20 | 6,237,202.48 | |||||
| Total | 22,636,112.68 | -16,398,910.20 | 6,237,202.48 | |||||
| Financialliabilities | 14,219,110.02 | 65,459,008.91 | 79,678,118.93 | |||||
WhethertherewereanymaterialchangesonthemeasurementattributesofmajorassetsoftheCompanyduringthereportingperiod:
□Yes√No
3.Assetsrightrestrictionsasoftheendofreportingperiod
| Items | Closingbookbalance | ClosingBookvalue | Typesofrestrictions | Restrictionreason |
| CashandBankBalances | 62,214,705.42 | 62,214,705.42 | pledge | Margindeposits |
| CashandBankBalances | 3,199,267.50 | 3,199,267.50 | pledge | Litigation-relatedfrozenfunds |
| NoteReceivable | 1,839,461,606.51 | 1,839,461,606.51 | pledge | Pledgedfinancingfacilities |
| Accountsreceivable | 84,120,090.81 | 79,914,086.27 | restricteduse | E-receivablesunderfactoringarrangements(non-recourse)withdeferredsettlement |
| Total | 1,988,995,670.24 | 1,984,789,665.70 | -- | -- |
VII.AnalysisofInvestment
1.Overview
√Applicable□Notapplicable
| Investmentamountduringthereportingperiod(RMB) | Investmentamountinthecomparativeperiod(RMB) | YoYChange(%) |
| 362,922,553.15 | 1,297,612,083.54 | -72.03% |
2.Significantequityinvestmentduringthereportingperiod
□Applicable√Notapplicable
3.Significantnon-equityinvestmentduringthereportingperiod
□Applicable√Notapplicable
4.Financialassetinvestment
(1)SecuritiesInvestments
□Applicable√NotapplicableNosuchcaseinthereportingperiod.
(2)DerivativesInvestments
√Applicable□Notapplicable
1)Derivativeinvestmentsforhedgingpurposesduringthereportingperiod
√Applicable□Notapplicable
Unit:RMBin10thousand
| Typesofderivativeinvestments | Initialinvestmentamount | Beginningbalance | Gainsandlossesfromchangesinfairvalueinthecurrentperiod | Accumulatedfairvaluechangesrecognizedinequity | Purchaseamountduringthereportingperiod | Salesamountduringthereportingperiod | Closingbalance | Ratioofendinginvestmentamounttothecompany'snetassetsattheendofthereportingperiod |
| Futuresinstruments,foreignexchange |
| instruments,etc. | |
| Total | |
| Disclosureoftheaccountingpolicies,specificaccountingprinciplesappliedtohedgingactivitiesduringthereportingperiod,andwhethertherehavebeenanymaterialchangescomparedtothepriorreportingperiod | |
| Disclosureofactualprofitandlossforthereportingperiod | |
| Disclosureontheeffectivenessofhedgingactivities | |
| Sourceoffundingforderivativeinvestment | Ownfunds |
| Disclosureofriskanalysisandcontrolmeasuresforderivativepositionsduringthereportingperiod(Including,butmotlimitedto,marketrisk,liquidity | Tohedgeagainstcommoditypricevolatilityandmitigateforeignexchangeexposurerisks,theCompanyandthesubsidiariesengageinderivativeinstrumenttransactions,includingfuturescontractsandforeignexchangederivatives.StrictadherenceismaintainedtotheOperationalGuidelinesforFuturesHedgingActivitiesandForeignExchangeRiskHedgingManagementPolicy. |
| risk,creditrisk,operationalrisk,andlegalrisk) | |
| Disclosureofchangesinmarketpricesorfairvalueofheldderivativesduringthereportingperiod.Thefairvalueanalysisofderivativesshalldisclosethespecificvaluationmethodsemployed,alongwiththerelatedassumptionsandparametersettings. | N/A |
| Litigation(ifapplicable) | N/A |
| DisclosureDateofBoardApprovalforDerivativesInvestments(ifapplicable) | April28,2024 |
| DisclosureDateofShareholders'MeetingApprovalforDerivativesInvestments(ifapplicable) | May20,2024 |
2)Derivativeinvestmentsforspeculativepurposesduringthereportingperiod
□Applicable√NotapplicableNosuchcaseinthereportingperiod.
5.Usageofraisedfunds
√Applicable□Notapplicable
(1).Overallusageofraisedfund
√Applicable□Notapplicable
Unit:RMBin10thousand
| Year | Method | SecuritiesListingDate | Totalamountofraisedfunds | Netamountofraisedfunds(1) | Totalamountofraisedfundsinvestedinthereportperiod | Accumulatedamountofraisedfundsinvested(2) | Utilizationratio(3)=(2)/(1) | Totalamountofrepurposedraisedfundsduringthereportingperiod | Cumulativetotalamountofrepurposedraisedfunds | Proportionofcumulativerepurposedraisedfundstototalraisedfunds | Totalamountofunusedraisedfunds | Intendeduseanddeploymentstatusofunutilizedraisedfunds | Raisedfundshasnotbeenusedfortwoyears |
| 2021 | Publicofferingofconvertiblecorporatebonds | June30,2021 | 300,000 | 298,753.1 | 23,733.3 | 242,409.03 | 81.14% | 69,782.81 | AsofDecember31,2024,thebalanceofthecompany'sraisedfundsactuallyallocatedtowealthmanagementproductsamountedtoRMB694million,withtheremaining |
(2).StatementofCommittedInvestmentProjectsofRaisedFunds
√Applicable□Notapplicable
Unit:RMBin10thousand
| fundsheldinthedesignatedraisedfundsaccount. | ||||||||||||||||
| Total | -- | 300,000 | 298,753.1 | 23,733.3 | 242,409.03 | 81.14% | 69,782.81 | -- | 0 | |||||||
| DescriptionofOverallUsageofRaisedFunds | ||||||||||||||||
| 1.TheactualamountofraisedfundanddateoftransferinUponapprovalbytheChinaSecuritiesRegulatoryCommission(ApprovalNo.ZJXH[2021]168),theCompanypubliclyissued30millionconvertiblecorporatebonds("SanhuaConvertibleBonds")inJune2021,eachwithafacevalueofRMB100,raisingtotalproceedsofRMB3,000million(equivalenttoRMB3billion).AfterdeductingissuancecostsofRMB12,468,991.59,thenetproceedsamountedtoRMB2,987,531,008.41.ThereceiptofthesefundswasverifiedbyTianjianCertifiedPublicAccountants,whichissuedtheCapitalVerificationReport(TianjianYan[2021]No.277).AsZhejiangSanhuaCommercialRefrigerationCo.,Ltd.(thewholly-ownedsubsidiary,hereinafter"SanhuaCommercialRefrigeration")isoneoftheimplementationentitiesforthefundedprojects,theCompanyhastransferredRMB1,487million(equivalenttoRMB1.487billion)oftheraisedcapitaltoSanhuaCommercialRefrigerationthroughthecapitalincreasearrangement.2.Usageandbalanceofraisedfunds(Unit:RMBin10thousand) | ||||||||||||||||
| Items | Index | Amount | ||||||||||||||
| Netamountoffundsraisedinthecurrentperiod | A | 298,753.10 | ||||||||||||||
| Accumulatedamountasofthebeginningoftheperiod | Projectinvestment | B1 | 218,675.73 | |||||||||||||
| Netincomefromraisedfunds | B2 | 5,123.08 | ||||||||||||||
| Amountincurredinthisreportingperiod | Projectinvestment | C1 | 23,733.30 | |||||||||||||
| Netincomefromraisedfunds | C2 | 8,315.66 | ||||||||||||||
| Accumulatedamountbytheendoftheperiod | Projectinvestment | D1=B1+C1 | 242,409.03 | |||||||||||||
| Netincomefromraisedfunds | D2=B2+C2 | 13,438.74 | ||||||||||||||
| Netproceedsforcashmanagement | F | 69,400.00 | ||||||||||||||
| Calculatedbalanceofraisedfunds | E=A-D1+D2 | 382.81 | ||||||||||||||
| Actualbalanceofraisedfunds | G | 382.81 | ||||||||||||||
| Difference | H=E-G | 0.00 | ||||||||||||||
| Name | Securitieslistingdate | Committedinvestmentprojectsandallocationofover-raisedfunds | Natureoftheproject | Whetherprojecthasbeen(orpartially)altered | Totalcommittedinvestmentofraisedfunds | Totalinvestmentafteralteration(1) | Investmentinthecurrentyear | Accumulativeinvestmentattheendoftheperiod(2) | Investmentprogressattheendoftheperiod(%)(3)=(2)/(1) | Dateofassetreadyforintendeduse | Benefitsachievedinthecurrentyear | Cumulativerealizedbenefitsasoftheendofthereportingperiod | Whetherexpectedbenefitshavebeenachieved | Whetherfeasibilityofprojecthaschangedsignificantly |
| Committedinvestmentprojects | ||||||||||||||
| Constructionprojectofcommercialrefrigerationandairconditioningintelligentcontrolcomponentswithanannualoutputof65millionsets | June30,2021 | Constructionprojectofcommercialrefrigerationandairconditioningintelligentcontrolcomponentswithanannualoutputof65millionsets | Productionandinfrastructuredevelopment | No | 148,700 | 148,700 | 12,100.74 | 121,428.89 | 81.66% | May31,2025 | N/A | No | ||
| Technicaltransformationprojectofhigh-efficiencyandenergy-savingrefrigerationandairconditioningcontrolcomponentswithanannualoutputof50.5millionsets | June30,2021 | Technicaltransformationprojectofhigh-efficiencyandenergy-savingrefrigerationandairconditioningcontrolcomponentswithanannualoutputof50.5millionsets | Productionandinfrastructuredevelopment | No | 69,800 | 69,800 | 11,632.56 | 39,706.74 | 56.89% | May31,2025 | N/A | No | ||
| Supplementalworkingcapital | June30,2021 | Supplementalworkingcapital | Supplementation | No | 81,500 | 81,500 | 81,273.4 | 99.72% | N/A | No | ||||
| Subtotalofcommittedinvestmentprojects | -- | 300,000 | 300,000 | 23,733.3 | 242,409.03 | -- | -- | -- | -- | |||||
| Total | -- | 300,000 | 300,000 | 23,733.3 | 242,409.03 | -- | -- | -- | -- | |||||
| ExplanationbyProjectItemonScheduleDelaysandFailuretoAchieveProjectedReturns(IncludingRationaleforSelecting"NotApplicable"forAchievementofExpectedBenefits) | ApprovedbytheCompany'sBoardofDirectorsonAugust28,2024,thescheduledoperationalreadinessdateforthe"TechnicalUpgradeProjectforAnnualProductionof50.50MillionEnergy-EfficientAirConditioningControlComponents"hasbeenpostponedfromAugust2024toMay2025,withallotherprojectspecificationsremainingunchanged.Thenewlyaddedproductioncapacityunderthe"TechnicalUpgradeProjectforAnnualProductionof50.50MillionEnergy-EfficientAirConditioningControlComponents"hasbeenprogressivelyrealizedduringtheconstructionperiod,withwork-in-progressassetssystematicallyconvertedintofixedassets.DuetotheCompany'sprudentallocationandrationaldeploymentofraisedfunds—alignedwithcurrentproductportfoliosandevolvingmarketdynamics—delaysoccurredintheprocurement,commissioning,anddebuggingofcertainprecisionmachiningandmodularassemblyequipment,renderingtheprojecttemporarilyineligibleforfinalization.Aftercomprehensiveevaluationofthecurrentconstructionprogressandpendingtasks(includingequipmentcommissioning,trialoperations,andfinalacceptance),theCompanyhasextendedtheproject'sscheduledoperationalreadinessdatetoMay2025underprudentinvestmentprinciples.The"TechnicalUpgradeProjectforAnnualProductionof50.50MillionEnergy-EfficientAirConditioningControlComponents"isacapacity-expandingtechnicalupgradeinitiativedirectlyimplementedbytheCompanyunderintegratedmanagementandcentralizedaccounting.Theproject’sactualeconomicbenefitscannotbeseparatelyquantified.Accordingtothefeasibilitystudy,fullproductioncapacityisprojectedtogenerateannualtax-inclusivesalesrevenueofRMB1,980millionundernormaloperatingconditions,whichisexpectedtosignificantlyenhancetheoperationalperformanceofthe"Energy-EfficientRefrigerationControlComponents"businesssegment.Separately,the"WorkingCapitalSupplement"allocationdoesnotdirectlyyieldmeasurableeconomicreturns,servesnoindependentanalyticalpurpose,andneitheritsprojectednoractualbenefitsaresubjecttodiscreteevaluationorquantification. |
| Significantchangesinthefeasibilityofprojects | N/A |
| Amount,usageanduseprogressofover-raisedFunds | N/A |
| ChangeinimplementationlocationofinvestmentprojectsofRaisedFunds | N/A |
| AdjustmenttoimplementationmethodofinvestmentprojectsofRaisedFunds | N/A |
| Advanceinvestmentsandreplacementstatusoffundsraisedforinvestmentprojects | Applicable |
| In2024,thecompanyhasnotengagedinanyadvanceinvestmentsorreplacementsrelatedtotheuseoffundsraisedthroughconvertiblecorporatebonds.In2021,theCompanyreplacedadvanceinvestmentswithraisedfundstotalingRMB179.3857million. | |
| Statusoftemporaryworkingcapitalsupplementationusingidleraisedfunds | N/A |
| Theamountandreasonsofthebalanceofraisedfundsintheprojectimplementation | N/A |
| Applicationsofunusedraisedfunds | ThebalanceoffundsraisedallocatedtowealthmanagementproductsandtimedepositsamountedtoRMB694.00millionasofthereportingperiod-end. |
(3).StatementofAlteredInvestmentProjectsofRaisedFunds
□Applicable√NotapplicableTherewerenochangesinraisedfundsduringthereportingperiod.VIII.DisposalofSignificantAssetsandEquity
1.Disposalofsignificantassets
□Applicable√NotapplicableDuringthereportingperiod,therewasnodisposalofsignificantassets
2.Disposalofsignificantequity
□Applicable√Notapplicable
IX.AnalysisofMajorSubsidiariesandInvestees
√Applicable□NotapplicableInformationaboutmajorsubsidiaries,andinvesteesthatcontributeabove10%oftheCompany’snetProfit
Unit：
RMB
| Companyname | Companytype | Principalbusiness | Registeredcapital | Totalassets | Netassets | Revenue | Operatingprofit | Netprofit |
| ZhejiangSanhuaAutomotiveComponentsCo.,Ltd. | Subsidiary | Automotivecomponentsmanufacturingandmarketing | 2.16billion | 14,584,304,463.15 | 7,809,943,767.62 | 11,746,817,200.18 | 1,810,033,949.94 | 1,582,697,191.87 |
| ZhejiangSanhuaCommercialRefrigerationCo.,Ltd. | Subsidiary | RefrigerationandA/Celectricalcomponentsmanufacturingandmarketing | 1,655.29million | 3,125,592,955.93 | 2,546,670,976.17 | 2,432,320,360.99 | 482,915,523.23 | 425,270,891.04 |
| HangzhouSanhuaMicroChannelHeatExchangerCo.,Ltd. | Subsidiary | RefrigerationandA/Celectricalcomponentsmanufacturingandmarketing | 360million | 2,699,658,080.42 | 1,420,934,904.49 | 2,805,374,094.80 | 213,282,971.98 | 182,795,288.27 |
Problemsorothersituationsintheuseanddisclosureofraisedfunds
| Problemsorothersituationsintheuseanddisclosureofraisedfunds | N/A |
| ZhejiangSanhuaTradingCo.,Ltd. | Subsidiary | RefrigerationandA/Celectricalcomponentsmarketing | 50million | 5,193,714,406.42 | 195,265,286.05 | 5,956,608,966.76 | 39,414,607.22 | 20,951,994.35 |
| SanhuaInternationalInc.(UnitedStates)(Consolidated) | Subsidiary | RefrigerationandA/Celectricalcomponentsmanufacturingmarketingandinvestmentmanagement | 37.55millionUSD | 2,173,191,801.51 | 1,374,283,526.83 | 5,544,417,865.78 | 297,156,196.41 | 205,207,463.53 |
| SanhuaInternationalSingaporePTE.Ltd.(Consolidated) | Subsidiary | RefrigerationandA/Celectricalcomponentsmanufacturingmarketingandinvestmentmanagement | 175.1512454millionUSD | 4,841,726,272.11 | 1,104,991,720.81 | 7,330,275,163.35 | -118,315,916.95 | -140,704,503.46 |
Acquisitionanddisposalofsubsidiariesduringthereportingperiod
√Applicable□Notapplicable
| Name | Methodofacquisitionanddisposalofsubsidiariesduringthereportingperiod | Impactonoveralloperationandperformance |
| HangzhouLvnengNewEnergyVehicleComponentsCo.,Ltd. | Contractualacquisition | Nosignificantimpact |
| ZhejiangSanhuaIntelligentDriveCo.,Ltd. | Investmentandestablishment | Nosignificantimpact |
| ZhejiangShengtaiPaperIndustryCo.,Ltd. | Investmentandestablishment | Nosignificantimpact |
| SanhuaAutomotiveComponentsKoreaCo.,Ltd. | Investmentandestablishment | Nosignificantimpact |
| SanhuaInternationalSingaporePTE.Ltd.(Consolidated) | Investmentandestablishment | Nosignificantimpact |
| SanhuaIntelligentDrive(Thailand)Co.,Ltd. | Investmentandestablishment | Nosignificantimpact |
| SANHUATROYPROPERTYMANAGEMENT,LLC | Investmentandestablishment | Nosignificantimpact |
| AmericanTubingInternationalLeveragelenderLLC | Liquidationandcancellation | Nosignificantimpact |
X.StructuralEntitiesControlledbytheCompany
□Applicable√Notapplicable
XI.OutlookfortheFutureDevelopmentoftheCompany
1.DevelopmentstrategyTheCompanyadherestothebusinessstrategyof"DedicationandLeadership,InnovationandSurpassing"andfirmlygraspstheproductdevelopmentthemeofenergyconservation,environmentalprotectionandintelligentcontrol.Withtheresearchandapplicationofheatpumptechnologyandthermalmanagementsystemproductsasthecore,wecontinuouslyexpandtheglobalbusinessexpansionthroughcontinuousinnovationofproductsandtechnologies.Ittransformedfrom"costleading"to"technologyleading",from"mechanicalcomponentdevelopment"to"electroniccontrolintegratedsystemcontroltechnologysolutiondevelopment"inordertoprovidecompetitiveenvironmentalintelligentcontrolsolutionsforglobalhigh-qualitycustomers.Sanhuahasbecomeagloballeaderintheintelligentclimatecontrolsystemsindustry.
2.Businessplanfor2025
(1)RefrigerationairconditioningelectricalcomponentsbusinessAmidacceleratingglobalenergytransitioninitiatives,theCompanywillpersistentlystrengthenproductcompetitivenessandexpandoperationalscale.Anchoredinthetriadofcost-effectiveness,operationalefficiency,andqualityexcellence,processoptimizationacrossdesign,engineering,manufacturing,procurement,andqualitycontroldrivescontinuousoperationalenhancementandconsolidationofcomprehensivecomparativeadvantages.Thegloballyintegratedmanufacturingfootprintenablesproactiveformulationofcross-borderproductionsynergystrategiesalignedwithcurrentmarketconditionsandgeopoliticalprojections.Dualbreakthroughsintechnologicalinnovationandclientdiversificationfacilitateacceleratedgrowthinthedatacentersolutionssectorthroughcross-businessunitsynergies.Emergingregionalmarketsarestrategicallyprioritizedtounlockfuturegrowthpotential.
(2)AutomotivecomponentsbusinessTheCompanywillproactivelyaddressthenewcompetitivelandscapeintheNEVmarket,transitioningfromrapidexpansiontorefinedoperationsbyimplementingstreamlinedprocessesandimprovinglaborefficiency.Inproductdevelopment,wewillbuilduponcommontechnologyplatformstoenhancemodularreuserates,withfocusedeffortsonstrengtheningproductcompetitivenessinintegratedcomponents,valves,pumps,andheatexchangers.Wewillsystematicallyoptimizetheend-to-endplanningchainwhileimprovingorganizationalcapabilitiesandoperationalefficiency.Centeringoncustomerneeds,wewilldeepencollaborationwithstrategicpartnerswhilemaintainingeffectiveriskcontrol.Furthermore,wewillstandardizeleanmanagementpracticesinoverseasfacilities,upgradingprocessequipmentcapabilitiesandautomationlevels.
(3)StrategicemergingbusinessesInthefieldofbionicroboticsbusiness,theCompanyhasmaintainedfocusonelectromechanicalactuators,continuingthecollaborationwithclientsonfull-seriesproductR&D,prototyping,iteration,andsamplesubmission.Meanwhile,intensifieddevelopmenteffortshavebeenimplementedoncorecomponentsofelectromechanicalactuators.Concurrently,strategicdeploymentofoverseasproductionfacilitiesforelectromechanicalactuatorsisunderway,accompaniedbyongoingrecruitmenttoexpandR&Dpersonnel,aimingtoconsolidatefirst-moveradvantageinthisemergingmarketsegment.
3.Mainrisksforfuturedevelopment
(1)RiskofpricefluctuationofrawmaterialsTherawmaterialsrequiredbytheCompanyarecopperandaluminum,whichaccountforalargeproportionofthecostcompositionoftheproducts.Therefore,thefluctuationofthemarketpriceofrawmaterialswillbringlargecostpressuretotheCompany.TheCompanywillreducetheadverseimpactofrawmaterialprice
fluctuationsthroughtheestablishmentoflinkagepricingmechanism,hedgingoperationofcommodityfutures,andtimelynegotiationwithcustomers.
(2)TheriskofrisinglaborcostThelaborcostsarerisingyearbyyear,whichreducestheprofitmarginoftheCompanytoacertainextent.Inthefuture,theCompanywillcontinuetoimprovethelevelofintelligentmanufacturingbycontinuouslypromotingleanproduction,processimprovementandtechnicaltransformation.
(3)TradeandexchangerateriskTheCompany'sexportvolumeislarge,involvingNorthAmerica,Europe,Japan,SoutheastAsiaandotherregions.Duetothechangesinregionaltradepolicies,theCompany'sdailyoperationwillbeaffected.TheCompanydealswithinterregionaltraderisksthroughtransferringproductioncapacitytoforeigncountries.Inaddition,thefluctuationofexchangeratewillalsohaveacertainimpactontheprofit.Accordingtotheactualsituation,theCompanydealswithandreducesthisriskbymeansofforwardforeignexchangesettlementandestablishingoverseasproductionbasesintheUnitedStates,Poland,Mexico,Vietnam,Indiaandotherplaces.
XII.Receptionofactivitiesincludingresearch,communicationandinterviewsduringthe
reportperiod
√Applicable□Notapplicable
| Dateofreception | Locationofreception | Methodofreception | Typeofreceptionobject | Receptionobject | Maincontentsofdiscussionandmaterialsprovided | Indexofbasicsituationoftheresearch |
| January12,2024 | Hangzhou | On-siteresearch | Institution | BaillieGiffordTonyWangetc.31investorsintotal | Introductionofthecompany'soperationandreplytoinvestors'questions | http://irm.cninfo.com.cn/ssessgs/S002050 |
| January19,2024 | Hangzhou | On-siteresearch | Institution | QianhaiHuxinGuoqingMaetc.9investorsintotal | Introductionofthecompany'soperationandreplytoinvestors'questions | http://irm.cninfo.com.cn/ssessgs/S002050 |
| February20,2024 | ConferenceRoom | Teleconference | Institution | JiupengAssetChenYongetc.929investorsintotal | Introductionofthecompany'soperationandreplytoinvestors'questions | http://irm.cninfo.com.cn/ssessgs/S002050 |
| April30,2024 | ConferenceRoom | Teleconference | Institution | SchroederAmeliaWongetc.353investorsintotal | Introductionofthecompany'soperationandreplytoinvestors'questions | http://irm.cninfo.com.cn/ssessgs/S002050 |
| May20,2024 | ShenzhenStockExchange's"Interactive-E | Networkplatformonlinecommunication | Individual/Institution | Allinvestors | Introductionofthecompany'soperationand | http://irm.cninfo.com.cn/ssessgs/S002050 |
| Platform"-"CloudInterviews" | replytoinvestors'questions | |||||
| June20,2024 | Xinchang | On-siteresearch | Institution | ChangjiangSecuritiesWuBohuaetc.127investorsintotal | Introductionofthecompany'soperationandreplytoinvestors'questions | http://irm.cninfo.com.cn/ssessgs/S002050 |
| August30,2024 | ConferenceRoom | Teleconference | Institution | HongdaoInvestmentWangKaietc.278investorsintotal | Introductionofthecompany'soperationandreplytoinvestors'questions | http://irm.cninfo.com.cn/ssessgs/S002050 |
| October31,2024 | ConferenceRoom | Teleconference | Institution | Abrdn(HongKong)ChengJingyietc.343investorsintotal | Introductionofthecompany'soperationandreplytoinvestors'questions | http://irm.cninfo.com.cn/ssessgs/S002050 |
| November8,2023 | Singapore | Other | Institution | GICJuneLongetc.39investorsintotal | Introductionofthecompany'soperationandreplytoinvestors'questions | http://irm.cninfo.com.cn/ssessgs/S002050 |
XIII.Establishmentandimplementationprogressofthemarketvaluemanagementsystem
andthevaluationenhancementplan
HastheCompanyestablishedthemarketvaluemanagementsystem
√Applicable□NotapplicableHasthecompanydisclosedthevaluationenhancementplan
□Applicable√NotapplicableTheCompanyconvenedthe31stMeetingofthe7thBoardofDirectorsonMarch25,2025,ProposalonEstablishingtheMarketValueManagementSystemforZhejiangSanhuaIntelligentControlsCo.,Ltd.wasreviewedandapproved.
XIV.Implementationstatusofthe"DualEnhancementofQualityandReturns"actionplan
HastheCompanydisclosedthe"DualEnhancementofQualityandReturns"ActionPlanannouncement
√Applicable□NotapplicableTheCompanyhasconscientiouslyimplementedtheguidingprinciplessetforthinthePoliticalBureauoftheCPCCentralCommitteemeeting,whichemphasizedtheneedto"revitalizethecapitalmarketandbolsterinvestorconfidence,"aswellasthosearticulatedintheStateCouncilExecutiveMeeting,advocatingfor"substantialimprovementsinthequalityandinvestmentvalueoflistedcompaniesthroughmorerobustandeffectivemeasurestostabilizemarketsandreinforceconfidence."Upholdinghigh-qualitydevelopmentasitsprimaryobjective,theCompanyhaspursuedtailoredstrategiestocultivatenewqualityproductiveforcesinaccordancewithlocalconditions,therebystrengtheninginvestorconfidenceandsafeguardingtheinterestsofallshareholders.Inalignmentwithitsdevelopmentstrategy,operationalstatus,andfinancialposition,theCompanyhasformulated
anActionPlanforthe"DualEnhancementofQualityandReturns."Fordetailedinformation,pleaserefertotheNoticeRegardingtheActionPlanforthe"DualEnhancementofQualityandReturns"(AnnouncementNo.:2024-079)disclosedontheCNINFOInformationNetworkonSeptember4,2024.
SectionIVCorporateGovernance
I.Basicsituationofcorporategovernance
Duringthereportingperiod,theCompanystrictlyabidedbytheCompanyLaw,SecuritiesLaw,CodeofCorporateGovernanceforListedCompanies,Self-regulatoryGuidelinesforListedCompaniesNo.1-StandardizedOperationofMainBoardListedCompaniesandotherapplicablelawsandregulationsofChinaSecuritiesRegulatoryCommissionandShenzhenStockExchange.Wecontinuetoimprovethecorporategovernancestructure,establishandimprovetheinternalcontrolsystem,strengthenthemanagementofinformationdisclosure,activelycarryouttheactivitiesofinvestorrelations,standardizetheoperationoftheCompany,andimprovethelevelofcorporategovernance.Duringthereportingperiod,theCompanyrevisedtheArticlesofAssociation,RuleofProcedureforShareholdersMeeting,RulesofProcedureforBoardMeetings,IndependentDirectorSystem,AuditCommitteeSystemoftheBoardofDirectors,NominationCommitteeSystemoftheBoardofDirectors,CompensationandAssessmentCommitteeSystemoftheBoardofDirectors,andformulatedSpecialMeetingSystemforIndependentDirectorsandfurtherdesignedthecorporategovernancesystem.Asoftheendofthereportperiod,theactualsituationofcorporategovernanceconformstotheregulatorydocumentsofCSRConthegovernanceoflistedcompanies.
1.Shareholdersandgeneralmeetingofshareholders
TheCompanyconvenesthegeneralmeetingofshareholdersinstrictaccordancewiththerequirementsoftheRulesforGeneralMeetingsofShareholdersofListedCompanies,theArticlesofAssociationandtheRulesofProcedureoftheShareholders'Meeting.Whentheshareholders'meetingdeliberatesrelatedmatters,therelatedshareholdersshallavoidvoting.Therelatedtransactionsshallbefairandreasonablewithoutanydamagetotheinterestsofshareholders.Treatallshareholdersequally,ensurethatallshareholders,especiallyminorshareholders,haveequalstatusandfullyexercisetheirrights.Theshareholders'meetingsheldduringthereportingperiodwereconvenedbytheboardofdirectorsandlawyerswereinvitedtoattendthemeetingonsite.
2.Directorsandtheboardofdirectors
TheCompanyelectdirectorsinstrictaccordancewiththeArticlesofAssociationandRulesofProcedurefortheBoardofDirectors;thenumberandcompositionoftheboardofdirectorsmeettherequirementsoflawsandregulationsandtheArticlesofAssociation.TheboardofdirectorsconvenesmeetingsinaccordancewiththeCompanyLawandtheRulesofProcedureoftheBoardofDirectors.Alldirectorsexercisetheirrightsdiligently,attendtheboardofdirectorsandshareholders'meetingandactivelyparticipateinrelevanttraining.
3.Supervisorsandboardofsupervisors
TheboardofsupervisorselectsthesupervisorsinstrictaccordancewiththeCompanyLawandtheArticlesofAssociation;thecompositionandnumberoftheboardofsupervisorsmeettherequirementsoflawsandregulations.TheCompany'ssupervisorsconscientiouslyperformtheirdutiesinaccordancewiththeRulesofProcedureoftheBoardofSupervisors,andeffectivelysuperviseandexpresstheiropinionsontheCompany'smajorissues,relatedpartytransactions,financialsituation,andthelegalityandcomplianceoftheCompany'sdirectorsandseniormanagersinperformingtheirduties.
4.Relationshipbetweencontrollingshareholdersandlistedcompanies
Thecontrollingshareholderscanstrictlyregulatetheirownbehaviors.Thereisnodirectorindirectinterventionbeyondtheprovisionsofgeneralmeetingofshareholders.TheCompanyanditscontrollingshareholdersaremutuallyindependentofeachotherinpersonnel,assets,finance,institutionsandbusiness.Theboardofdirectors,boardofsupervisorsandinternalinstitutionsoftheCompanyoperateindependently.Thereisnosuchsituationthatthecontrollingshareholdersoccupythefundsofthelistedcompanyfornon-operatingpurposes.
5.Informationdisclosureandinvestorrelationshipmanagement
Duringthereportingperiod,theCompanydesignatedSecuritiestimes,ShanghaiSecuritiesNewsandCNINFOastheinformationdisclosuremedia,anddisclosedinformationtruthfully,accuratelyandtimelyinstrictaccordancewithrelevantlawsandregulations,soastoensurethatallshareholdersoftheCompanyhavefairaccesstotherelevantinformation.Inaddition,theCompanydesignatedthesecretaryoftheboardofdirectorsasthepersoninchargeofinvestorrelationshipmanagement.Dailymanagementofinvestorrelationsincludesansweringinvestors'questionsthroughtelephone,email,interactiveplatformetc.,strengtheningthecommunicationwithinvestorssoastofullyguaranteetheinvestors'righttolearnthetruth.
6.Performanceevaluationandincentivemechanism
TheCompanyhasestablishedacomprehensiveemployeeperformanceevaluationandincentivemechanism.Theappointmentofseniormanagersisopenandtransparent,andconformstotherelevantlaws,regulationsandtheArticlesofAssociation.Inthefuture,theCompanywillexploremoreformsofincentivemethods,formamulti-levelincentivemechanism,improvetheperformanceevaluationstandards,bettermobilizetheworkenthusiasmofmanagementpersonnel,andattractandstabilizeexcellentmanagementtalentsandtechnicalandbusinessbackbones.
7.Stakeholders
TheCompanycanfullyrespectandsafeguardthelegitimaterightsandinterestsofstakeholders,andrealizethecoordinationandbalanceofinterestsofshareholders,employeesandsociety.TheCompanyadherestotherelevantlawsandregulations,constantlyimprovesthecorporategovernancesystem,andeffectivelyprotectstheinterestsofinvestors.Whethertheactualstatusofcorporategovernancesignificantlydeviatesfromthelaws,administrativeregulationsandtheregulatorydocumentsissuedbytheChinaSecuritiesRegulatoryCommissionregardingthegovernanceoflistedcompanies
□Yes√NoTheactualstatusofcorporategovernancedoesnotsignificantlydeviatefromthelaws,administrativeregulationsandtheregulatorydocumentsissuedbytheChinaSecuritiesRegulatoryCommissionregardingthegovernanceoflistedcompaniesII.Company’sIndependenceinAssets,Persons,Financialaffairs,Institutions,andBusiness
fromControllingShareholders
TheCompanyisseparatedfromthecontrollingshareholder,theactualcontrollerandthecontrolledenterprisesinbusiness,personnel,assets,institutionsandfinance,andhastheabilityofindependentoperation.
1.BusinessindependenceThemainbusinessoftheCompanyisoutstanding,andithasitsowncorrespondingsysteminproduction,procurementandsales.Itisindependentofthecontrollingshareholder,hasacompletebusinessstructure,anddoesnotrelyontheshareholdersoranyotherrelatedparties.Theshareholdersexercisetheirrightthroughparticipatinginthegeneralmeetingofshareholdersinaccordancewiththelaw.Thereisnosuchsituationthattheshareholdersinterfereintheoperationbeyondtheprovisionofgeneralmeeting.
2.PersonnelindependenceThedirectors,supervisorsandseniormanagementoftheCompanyareelectedorappointedinaccordancewiththelegalelectionprocedurestipulatedintheCompanyLawandtheArticlesofAssociation.TheCompany'spersonnel,laborandwagesarecompletelyindependent.Thesalarypayment,welfareexpensesandotherexpensesofthestaffarestrictlyseparatedfromthecontrollingshareholder.
3.AssetcompletenessTheCompanyhastangibleassets,suchasland,buildings,machineryandequipment,vehicles,officefacilities,testfacilitiesandintangibleassets,suchastrademarks,patents,proprietarytechnology.Ithasanindependentprocurementandsalessystemandanindependentandcompleteassetstructure.
4.InstitutionindependenceInaccordancewiththerelevantprovisionsoftheCompanyLawandtheArticlesofAssociation,theCompanyhasestablishedtheinstitutionslikegeneralmeetingofshareholders,theboardofdirectors,theboardofsupervisorsandotherauthorities,andformulatedthecorrespondingrulesofprocedure.TheCompany'sproductionandoperationsitesareseparatedfromthecontrollingshareholders,andacomprehensiveorganizationalsystemhasbeenestablished.Theboardofdirectors,theboardofsupervisorsandotherinternalinstitutionsoperateindependently.Thereisnosuchsituationthatthecontrollingshareholderinterferesinthebusinessactivitiesinthenameofthelistedcompany.
5.FinanceindependenceTheCompanyhasanindependentfinancialdepartment,equippedwithfull-timefinancialpersonnel,andestablishedanindependentaccountingsystemandfinancialmanagementsystemthatcanindependentlymakefinancialdecisions.TheCompanyhasseparateaccountsandpaystaxesindependently,opensindependentaccountinbankandmakesfinancialdecisionsindependently.III.HorizontalCompetition
□Applicable√NotapplicableIV.AnnualGeneralMeetingandExtraordinaryGeneralMeetingsconvenedduringthe
ReportingPeriod
1.Annualgeneralmeetingofshareholdersconvenedduringthereportingperiod
| Meeting | Nature | Proportionofparticipatinginvestors | ConvenedDate | DisclosureDate | DisclosureIndex |
| The1stextraordinarygeneralmeetingofshareholdersin2024 | Interimgeneralmeetingofshareholders | 17.37% | May6,2024 | May7,2024 | Announcementofthe1stExtraordinaryGeneralMeetingofShareholdersin2024(2024-028)waspublishedintheSecuritiesTimes,ShanghaiSecuritiesJournalandCNINFO. |
| Annualgeneralmeetingofshareholdersof2023 | Annualgeneralmeetingofshareholders | 60.96% | May20,2024 | May21,2024 | Announcementofthe2023AnnualShareholders'Meeting(2024-038)waspublishedintheSecuritiesTimes,ShanghaiSecuritiesJournalandCNINFO. |
| The2ndextraordinarygeneralmeetingofshareholdersin2024 | Interimgeneralmeetingofshareholders | 62.34% | June20,2024 | June21,2024 | Announcementofthe2ndExtraordinaryGeneralMeetingofShareholdersin2024(2024-055)waspublishedintheSecuritiesTimes,ShanghaiSecuritiesJournalandCNINFO. |
| The3rdextraordinarygeneralmeetingofshareholdersin2024 | Interimgeneralmeetingofshareholders | 57.17% | September19,2024 | September20,2024 |
Announcementofthe3rdExtraordinaryGeneralMeetingofShareholdersin2024(2024-080)waspublishedintheSecuritiesTimes,ShanghaiSecuritiesNewsandCNINFO.
| The4thextraordinarygeneralmeetingofshareholdersin2024 | Interimgeneralmeetingofshareholders | 57.60% | December30,2024 | December31,2024 |
Announcementofthe4thExtraordinaryGeneralMeetingofShareholdersin2024(2024-105)waspublishedintheSecuritiesTimes,ShanghaiSecuritiesNewsandCNINFO.
2.Extraordinarygeneralmeetingsconvenedattherequestofpreferredshareholderswithresumedvotingrights:
□Applicable√NotapplicableV.Informationofdirectors,supervisors,seniormanagement
1.Basicinformation
| Name | Gender | Age | Title | Tenurestatus | Commencementoftermofoffice | Terminationoftermofoffice | SharesheldatthebeginningofthePeriod(Shares) | SharesincreasedduringthePeriod(Shares) | SharesdecreasedduringthePeriod(Shares) | Otherchanges(Shares) | SharesheldattheendofthePeriod(Shares) | Reasonsforincreaseordecreaseofshares |
| ZhangYabo | Male | 51 | Chairmanoftheboard,CEO | Incumbent | December13,2012 | 39,024,200 | 39,024,200 | |||||
| WangDayong | Male | 56 | Director,President | Incumbent | December13,2012 | 252,562 | 100,000 | 352,562 | EquityIncent-iveGrant | |||
| RenJintu | Male | 63 | Director | Incumbent | January26,2022 | |||||||
| NiXiaoming | Male | 57 | Director | Incumbent | May6,2011 | 245,062 | 80,000 | 325,062 | EquityIncent-iveGrant | |||
| ChenYuzhong | Male | 59 | Director,chiefengineer | Incumbent | November29,2011 | 336,750 | 80,000 | 416,750 | EquityIncent-iveGrant | |||
| ZhangShaobo | Male | 46 | Director | Incumbent | May18,2015 | |||||||
| BaoEnsi | Male | 57 | Independentdirector | Incumbent | August3,2021 | |||||||
| ShiJianhui | Male | 53 | Independentdirector | Incumbent | May19,2020 | |||||||
| PanYalan | Female | 60 | Independentdirector | Incumbent | February26,2021 | |||||||
| Zhao | Male | 54 | Conve | Incum | Nove |
| Yajun | neroftheboardofsupervisors | bent | mber29,2011 | |||||||||
| MoYang | Male | 49 | Supervisor | Incumbent | August3,2021 | 14,568 | 14,568 | |||||
| ChenXiaoming | Male | 56 | Employeerepresentativesupervisor | Incumbent | March26,2011 | 11,100 | 11,100 | |||||
| HuKaicheng | Male | 50 | Vicepresident,Secretaryoftheboardofdirectors | Incumbent | January26,2015 | 252,562 | 80,000 | 332,562 | EquityIncent-iveGrant | |||
| YuYingkui | Male | 51 | Vicepresident,CFO | Incumbent | September30,2011 | 283,869 | 80,000 | 363,869 | EquityIncent-iveGrant | |||
| Total | -- | -- | -- | -- | -- | -- | 40,420,673 | 420,000 | 0 | 40,840,673 | -- |
Duringthereportingperiod,whethertherewasanyresignationofdirectorsandsupervisorsanddismissalofseniormanagersduringtheirtermofoffice
□Applicable√NotapplicableChangesofDirectors,SupervisorsandSeniorManagement
□Applicable√Notapplicable
2.PositionsandIncumbencyTheprofessionalbackground,mainworkexperienceandmainresponsibilitiesofthecurrentdirectors,supervisorsandseniormanagersofthecompanyMr.ZhangYabo:Bornin1974,masterofBusinessAdministrationofCEIBS.GraduatedfromShanghaiJiaoTongUniversityinJuly,1996.FromMay2007toSeptember2009,heservedasthevicepresidentofSanhuaHoldingGroupCo.,Ltd.;fromMay2007uptopresent,hehasbeenappointedasthedirectorandvicechairmanoftheboardofdirectorsofSanhuaHoldingGroupCo.,Ltd.;HehasservedasChairmanofXinchangHuaxinIndustrialCo.,Ltd.sinceMarch2016andasChairmanofHangzhouSanhuaResearchInstituteCo.,Ltd.sinceFebruary2017.FromSeptember2009toDecember2012,heservedasthegeneralmanageroftheCompany;fromOctober2009uptopresent,hehasbeenappointedasthedirectoroftheCompany;fromDecember2012uptopresent,hehasservedasthechairmanoftheboardandCEOoftheCompany.
Mr.WangDayong:Bornin1969,master’sdegree,senioreconomistandengineer.Heservedaschiefofplanningsection,Secretaryofgeneralmanager,directorofmanufacturingdepartment,directorofrefrigerationvalvebusinessdepartment,assistanttogeneralmanager,assistanttoPresident,vicepresidentanddirectorofSanhuaHoldingGroupCo.,Ltd.HeservedasasupervisoroftheCompanyfromDecember2001toApril2006,adirectoroftheCompanyfromApril2006toMay2011.HehasservedasDirectorofNingboJia’erlingPneumaticMachineryCo.,Ltd.sinceOctober2023.HecurrentlyservesasadirectorofSanhuaHoldingGroupCo.,Ltd,andadirectorandPresidentoftheCompanysinceDecember2012.Mr.RenJintu:Bornin1962,associatedegree,associatesenioraccountant.From1980to1994,hesuccessivelyservedasdeputyfactorydirector,financialdirectoranddeputygeneralmanagerofXinchangRefrigerationPartsGeneralFactoryandZhejiangSanhuaGroupCo.,Ltd;HehasservedasdirectorofSanhuaHoldingGroupCo.,Ltd.sinceAugust1994andasadirectorofZhejiangSanhuaLvnengIndustrialGroupCo.,Ltd.sinceMarch2001.From2001to2006,heservedasthedirectorandgeneralmanageroftheCompany;From2005to2015,heservedasvicepresidentofSanhuaHoldingGroupCo.,Ltd.andgeneralmanagerofShanghaiJingyiRealEstateCo.,Ltd;HeservedasadirectorofNingboFuerdaIntelligentTechnologyCo.,LtdsinceApril2021;HeservedasadirectoroftheCompanysinceJanuary2022.Mr.NiXiaoming:Bornin1968,master’sdegree,senioreconomist.FromJanuary2009toJuly2009,heservedasthedeputygeneralmanagerofsalesoftheCompany;August2009,heservedasthedeputygeneralmanagerofSanhuaDanfoss(Hangzhou)MicrochannelHeatExchangerCo.,Ltd;sinceMay2010,hehasservedasthegeneralmanagerofSanhua(Hangzhou)MicroChannelHeatExchangerCo.,Ltd,aswellasthedirectorofSanhuaHoldingGroupCo.,Ltd;HehasbeenadirectoroftheCompanysinceMay,2011.Mr.ChenYuzhong:Bornin1966,master’sdegree,seniorengineer.HewasthechiefengineeroftheCompanyfromDecember2001toMay2011;hewasthedeputygeneralmanageroftheCompanyfromMay2011toDecember2012;hehasbeenthechiefengineeroftheCompanysinceDecember2012;hehasbeenthegeneralmanagerofZhejiangSanhuaRefrigerationGroupCo.,Ltd.sinceAugust2015;hehasservedasDirectorandGeneralManagerofZhejiangSanhuaCommercialRefrigerationCo.,Ltd.sinceOctober2020;heisalsothedirectorofSanhuaHoldingGroupCo.,Ltd;andhehasbeenthedirectoroftheCompanysinceNovember2011.Mr.ZhangShaobo:Born1979,master’sdegree,graduatedfromtheChinaEuropeInstituteofBusinessSchool.HeservedasgeneralmanagerofSanhuaRealEstateGroupandZhejiangSanhuaRealEstateCo.,Ltd;sinceJuly2013,hehasservedasgeneralmanagerofHangzhouSanhuaInternationalBuildingCo.,Ltd;FromMay2017,hehasservedasexecutivedirectorandgeneralmanagerofZhejiangSanhuaZhichengRealEstateDevelopmentCo.,Ltd;hecurrentlyservesasadirectorandassistantpresidentofSanhuaHoldingGroupCo.,Ltd.FromMay2015uptopresent,hehasservedasthedirectoroftheCompany.Mr.BaoEnsi:Bornin1968,doctoraldegree,senioraccountant.Hehasservedasdirectorofdivisionandfull-timememberoftheStockIssuanceReviewCommitteeattheChinaSecuritiesRegulatoryCommission(CSRC);Headoffinancedepartmentandexpertattheinvestoreducationcenterofchinafinancialfuturesexchange(CFFEX).ServedasassistanttothechairmanatBeijingHoujiCapitalManagementCo.,Ltd.fromJanuary2015toNovember2024.FormerlyactedasindependentdirectorforFujianYanjingHuiquanBreweryCo.,Ltd.,NorthernInternationalCooperationCo.,Ltd.,SunwaveCommunicationsCo.,Ltd.,AerospaceTimesElectronics
TechnologyCo.,Ltd.,andChinaRailwayTrustCo.,Ltd.HehasbeenanindependentdirectoroftheCompanysinceAugust2021.Mr.ShiJianhui:Bornin1972,master’sdegree.Heusedtobethechairman/CEOofMinthGroupCo.,Ltd.HecurrentlyservesasexecutivemanagingpartnerofNingboMeishanBondedPortAreaXiaozhiVentureCapitalPartnership(LimitedPartnership),executivemanagingpartnerofNingboLingdongVentureCapitalPartnership(LimitedPartnership),andexecutivemanagingpartnerofHangzhouChishiEnterpriseManagementConsultingPartnership(LimitedPartnership).CurrentlyholdspositionsasdirectorofBomeiIntelligentTechnology(Shanghai)Co.,Ltd.,chairmanofHangzhouHaomianTechnologyCo.,Ltd.,anddirectorofShanghaiShijiTechnologyCo.,Ltd.HehasbeenservingasindependentdirectorofAAPICOHitechPublicCompanyLimitedsinceJune2022,andasindependentdirectorofNingboFangzhengAutomotiveMouldCo.,Ltd.sinceDecember2023.HehasbeenappointedasanindependentdirectoroftheCompanysinceMay2020.Ms.PanYalan:Bornin1965,master’sdegree,amemberoftheLeagueofCivilSociety.Sheisanon-practicingCertifiedPublicAccountant(CPA).ShecurrentlyservesasProfessorattheSchoolofAccounting,HangzhouDianziUniversity,andMaster'sSupervisor.ShehasbeenservingasIndependentDirectorofZhejiangDailyDigitalCultureGroupCo.,Ltd.sinceDecember2021,andasindependentdirectorofXianhengInternationalTechnologyCo.,Ltd.sinceSeptember2023.ShehasbeenappointedasanindependentdirectoroftheCompanysinceFebruary2021.Mr.ZhaoYajun:Bornin1971,master’sdegree,senioraccountant.HeEngagedinauditingworkatZhejiangTianjianAccountingFirmfrom1996to2003.ServedasdeputydirectorofthefinancedepartmentatSanhuaHoldingGroupCo.,Ltd.fromJanuary2004toFebruary2011;HeheldthepositionofdirectorofthefinancedepartmentatSanhuaHoldingGroupCo.,Ltd.fromFebruary2011toFebruary2014;HehasbeenservingasdeputyfinancialdirectorofSanhuaHoldingGroupCo.,Ltd.sinceMarch2014.CurrentlyactsassupervisorofZhejiangSanhuaLvnengIndustrialGroupCo.,Ltd.sinceJuly2019,supervisorofNingboFuerdaIntelligentTechnologyCo.,Ltd.sinceApril2021,andsupervisorofNingboJiaerlingPneumaticMachineryCo.,Ltd.sinceOctober2023.HehasbeenasupervisoroftheCompanysinceNovember2011.Mr.MoYang:Bornin1976,master'sdegree.HewasateacheroftheEconomicBranchoftheCityCollegeofZhejiangUniversityfromApril2002toJune2004;FromJuly2004toApril2006,heservedasassistanttotheexecutivedeputygeneralmanagerofZhejiangSanhuaClimate&ApplianceControlsGroupCo.,Ltd.;FromAugust2005toDecember2019,hesuccessivelyservedasthesecretaryofthepresident,thesecretaryofthechairmanoftheboardofdirectors,theviceministerofhumanresourcesdepartmentandtheministerofthepresident'sofficeofSanhuaHoldingGroupCo.,Ltd;HasbeenservingassupervisorofSanhuaHoldingGroupCo.,Ltd.sinceNovember2014;FromDecember2019tonow,hehasservedastheministeroftheboardofdirectorsofficeinSanhuaHoldingGroupCo.,Ltd.FromJanuary2020topresent,hehasservedastheSecretaryGeneraloftheBoardofDirectorsofSanhuaHoldingsGroupCo.,Ltd.HehasbeenasupervisoroftheCompanysinceAugust2021.Mr.ChenXiaoming:Bornin1969,associatedegree.InAugust2013,heservedasministerofqualitydepartmentandviceministeroffour-wayvalvebusinessdepartmentofWuhuSanhuaAutomaticControlComponentsCo.,Ltd.;inJanuary2016,heservedasministerofQualityDepartmentofWuhuSanhuaAutomaticControl
ComponentsCo.,Ltd;inDecember2016,heservedasministeroffour-wayvalvedepartmentandservicevalvedepartmentofWuhuSanhuaAutomaticControlComponentsCo.,Ltd.;fromAugust2017uptopresent,hehasservedasManufacturingDirector,ministeroffour-wayvalvedepartmentandservicevalvedepartmentofWuhuSanhuaAutomaticControlComponentsCo.,Ltd.FromApril2022topresent,hehasservedastheDeputyGeneralManageraswellasministerofManufacturingDepartmentandProductBusinessDepartmentofSanhua(Vietnam)Co.,Ltd.SinceMarch2011,hehasbeenappointedasemployeerepresentativesupervisoroftheCompany.Mr.HuKaicheng:Bornin1975,master'sdegree,bachelor'sdegreeofTongjiUniversity,SAIFEMBAofShanghaiJiaoTongUniversity.FromAugust2006toAugust2009,heservedasthedirectorofsuppliermanagement,procurementdirectorofZhejiangSanhuaClimate&ApplianceControlsGroupCo.,Ltd.andprocurementdirectoroftheCompany;fromSeptember2009toDecember2010,heservedinSanhuaHoldingGroupCo.,Ltd.;fromJanuary2011toOctober2014,heservedastheprocurementdirectoroftheCompany;SinceSeptember2023,hehasbeenservingasanindependentdirectorofPinwoFoodCo.,Ltd.SinceOctober2023,hehasbeenappointedasthechairmanofHangzhouXiantuElectronicsCo.,Ltd.FromOctober2014uptopresent,hehasservedasthevicepresidentoftheCompany.FromJanuary2015uptopresent,hehasservedastheSecretaryoftheboardofdirectorsoftheCompany.Mr.YuYingkui:Bornin1974,bachelordegree,accountant,accountingmajorofShanghaiUniversityofFinanceandEconomics.FromApril2001toDecember2003,hesuccessivelyservedasthechiefaccountantofthefinancialdepartmentofZhejiangSanhuaHoldingGroupCo.,Ltd.andZhejiangSanhuaClimate&ApplianceControlsGroupCo.,Ltd.;fromDecember2003toNovember2007,heservedasthedeputygeneralmanagerofShenyangDuruiWheelHubCo.,Ltd.;fromNovember2007uptopresent,hehasbeentheministerofthefinancialdepartmentoftheCompany;fromSeptember2011uptopresent,hehasbeenthechieffinancialofficeroftheCompany;fromJanuary2016uptopresent,hehasbeenthevicepresidentoftheCompany.Positionheldinshareholders’entities
√Applicable□Notapplicable
| Name | Shareholder'sentity | Positioninshareholders’entities | Commencementoftheterm | Terminationoftheterm | Compensationandallowancefromtheshareholders'entity |
| ZhangYabo | SanhuaHoldingGroupCo.,Ltd | Vicechairman(director) | July11,2000 | No | |
| WangDayong | SanhuaHoldingGroupCo.,Ltd | Director | July11,2000 | No | |
| RenJintu | SanhuaHoldingGroupCo.,Ltd | Director | July11,2000 | Yes | |
| RenJintu | ZhejiangSanhualvnengIndustrialGroupCo.,Ltd | Director | March15,2011 | No | |
| NiXiaoming | SanhuaHoldingGroupCo.,Ltd | Director | July11,2000 | No | |
| ChenYuzhong | SanhuaHoldingGroupCo.,Ltd | Director | November26,2014 | No | |
| ZhangShaobo | SanhuaHoldingGroupCo.,Ltd | Director | August7,2003 | No | |
| ZhangShaobo | ZhejiangSanhua | Director | August14,2023 | Yes |
| lvnengIndustrialGroupCo.,Ltd | |||||
| ZhaoYajun | ZhejiangSanhuaLvnengIndustrialGroupCo.,Ltd | Supervisor | July1,2019 | No | |
| MoYang | SanhuaHoldingGroupCo.,Ltd | Supervisor | November26,2014 | Yes |
Positionsheldinotherentities
√Applicable□Notapplicable
| Name | Otherentities | Positionsinotherentities | Commencementoftheterm | Terminationoftheterm | Compensationandallowancefromotherentities |
| ZhangYabo | XinchangHuaxinIndustrialCo.,Ltd | ChairmanoftheBoard | March16,2016 | No | |
| ZhangYabo | HangzhouZhichengInvestmentManagementCo.,Ltd. | ExecutiveDirector | July23,2007 | No | |
| ZhangYabo | HangzhouZhishenInvestmentManagementCo.,Ltd | Supervisor | July23,2007 | No | |
| ZhangYabo | HangzhouSanhuaResearchInstituteCo.,Ltd | ChairmanoftheBoard | February10,2017 | No | |
| ZhangYabo | SanhuaTradingSingaporePrivateLimited | Director | October13,2017 | No | |
| ZhangYabo | ZhejiangHaoyuanTechnologyCo.,Ltd | Director | May4,2018 | No | |
| ZhangYabo | WuhuALDOCTechnologyCo.,Ltd | Director | February3,2016 | No | |
| WangDayong | HangzhouTianfanManagementCosultingCo.,Ltd | Director | April28,2016 | November1,2024 | No |
| WangDayong | XinchangHuayongEnterpriseManagementCo.,Ltd | ExecutiveDirector | November11,2021 | No | |
| WangDayong | GuochuangEnergyInternetInnovationCenter(Guangdong)Co.,Ltd | Director | August20,2019 | No | |
| WangDayong | ZhejiangSanhuaIndustrialAutomationCo.,Ltd | ExecutiveDirector | August1,2023 | No | |
| WangDayong | NingboJiaerlingPneumaticMachineryCo., | Director | October9,2023 | No |
| Ltd | |||||
| RenJintu | HangzhouTianfanManagementCosultingCo.,Ltd | Director | July9,2010 | November1,2024 | No |
| RenJintu | NingboFuerdaIntelligentTechnologyCo.,Ltd | Director | April8,2021 | No | |
| RenJintu | HangzhouSanhuaInternationalBuildingCo.,Ltd | Supervisor | July31,2013 | No | |
| RenJintu | ShenyangSanhuaDaikaWheelHubCo.,Ltd.(Bankruptcy) | Director | December1,2006 | No | |
| RenJintu | XinchangCountyZhongheEnterpriseManagementCosultingCo.,Ltd | ChairmanofSupervisoryBoard | April8,2018 | No | |
| RenJintu | XinchangCountyUnitedInvestmentManagementCo.,Ltd | Supervisor | April29,2015 | No | |
| RenJintu | ZhejiangSanhuaZhiyuanRealEstateCo.,Ltd. | Director | October30,2023 | No | |
| ZhangShaobo | HangzhouTianfanManagementCosultingCo.,Ltd | Directorandmanager | July9,2010 | No | |
| ZhangShaobo | ZhejiangHuatengIndustrialCo.,Ltd | ChairmanoftheBoard | December22,2021 | No | |
| ZhangShaobo | NingboFuerdaIntelligentTechnologyCo.,Ltd | Director | December26,2019 | No | |
| ZhangShaobo | HangzhouZhishenInvestmentManagementCo.,Ltd | ExecutiveDirectorandGeneralManager | July23,2007 | No | |
| ZhangShaobo | HangzhouZhichengInvestmentManagementCo.,Ltd | Manager | November4,2020 | No | |
| ZhangShaobo | InnerMongoliaXiqiMiningCo.,Ltd | Supervisor | September11,2012 | No | |
| ZhangShaobo | ZhejiangSanhuaEcologicalAgricultureCo.,Ltd | ExecutiveDirector,Manager | September11,2018 | No | |
| ZhangShaobo | HangzhouKaisidaTechnologyCo.,Ltd | ExecutiveDirector | December1,2018 | No | |
| ZhangShaobo | HangzhouSanhua | ExecutiveDirector | July31,2013 | No |
| InternationalBuildingCo.,Ltd | andGeneralManager | ||||
| ZhangShaobo | TianjinSanhuaIndustrialParkManagementCo.,Ltd | ExecutiveDirector,Manager | October1,2018 | No | |
| ZhangShaobo | XinchangCountyZhongheEnterpriseManagementCosultingCo.,Ltd | Director | April8,2018 | No | |
| ZhangShaobo | HangzhouFuxiangPropertyManagementCo.,Ltd | ChairmanoftheBoard | January3,2016 | No | |
| ZhangShaobo | ShaoxingSanhuaZhiyueRealEstateDevelopmentCo.,Ltd | ExecutiveDirector,Manager | September1,2022 | No | |
| ZhangShaobo | ShanghaiSanhuaElectricCo.,Ltd | ExecutiveDirector,Manager | April10,2017 | No | |
| ZhangShaobo | XinchangCountyUnitedInvestmentManagementCo.,Ltd | Director | April29,2015 | No | |
| ZhangShaobo | ShanghaiTihuCateringCo.,Ltd | Director | September26,2017 | March12,2024 | No |
| ZhangShaobo | HangzhouZhiwoInvestmentManagementCo.,Ltd | GeneralManager | June16,2014 | No | |
| ZhangShaobo | XinchangCountySanhuaPropertyManagementCo.,Ltd | ChairmanoftheBoard | March29,2011 | No | |
| ZhangShaobo | XinchangSanhuaHongdaoVentureCapitalPartnership(limitedpartnership) | ExecutivePartner | July1,2022 | No | |
| ZhangShaobo | XinchangZhushiVentureCapitalPartnership(limitedpartnership) | ExecutivePartner | June9,2022 | No | |
| ZhangShaobo | HangzhouSanhuaHongdaoVentureCapitalPartnershipEnterprise(LimitedPartnership) | ExecutivePartner | May7,2017 | No | |
| ZhangShaobo | ZhejiangSanhuaZhiyuanRealEstateCo.,Ltd. | GeneralManager | October30,2023 | No | |
| BaoEnsi | ChinaRailwayTrustCo.,Ltd. | IndependentDirector | May25,2022 | July18,2024 | Yes |
| ShiJianhui | BaimeiSmart | Director | January1,2020 | Yes |
| Technology(Shanghai)Co.,Ltd. | |||||
| ShiJianhui | HangzhouHaomianTechnologyCo.,Ltd | GeneralManager | August19,2021 | No | |
| ShiJianhui | ShanghaiShijiaTechnologyCo.,Ltd | Director | January26,2022 | No | |
| ShiJianhui | NingboMeishanBondedPortZoneXiaozhiEntrepreneurshipInvestmentPartnershipEnterprise(LimitedPartnership) | ExecutivePartner | September22,2017 | No | |
| ShiJianhui | NingboLingdongEntrepreneurshipInvestmentPartnershipEnterprise(LimitedPartnership) | ExecutivePartner | July28,2020 | No | |
| ShiJianhui | HangzhouChishiEnterpriseManagementConsultingPartnership(LimitedPartnership) | ExecutivePartner | August3,2022 | No | |
| ShiJianhui | ShanxiSishanNingruiConstructionEngineeringCo.,Ltd | GeneralManager | February16,2023 | December16,2024 | No |
| ShiJianhui | NingboFangzhengAutomotiveMoldCo.,Ltd | IndependentDirector | December11,2023 | December10,2026 | Yes |
| ShiJianhui | AAPICOHitechPublicCompanyLimited | IndependentDirector | June29,2022 | Yes | |
| PanYalan | Lin'anRuralCommercialBankCo.,Ltd | IndependentDirector | October15,2019 | October12,2024 | Yes |
| PanYalan | ZhejiangDailyDigitalCultureGroupCo.,Ltd | IndependentDirector | December22,2021 | October16,2026 | Yes |
| PanYalan | XianhengInternationalTechnologyCo.,Ltd | IndependentDirector | September25,2023 | September24,2026 | Yes |
| ZhaoYajun | XinchangHuaxinIndustrialCo.,Ltd | Director | March21,2017 | No | |
| ZhaoYajun | NingboFuerda | Supervisor | April8,2021 | No |
| IntelligentTechnologyCo.,Ltd | |||||
| ZhaoYajun | ZhejiangXiezhongAutomobileNewEnergyTechnologyDevelopmentCo.,Ltd | Supervisor | May25,2018 | No | |
| ZhaoYajun | ShanghaiFuyulongAutomotiveTechnologyCo.,Ltd | Supervisor | December26,2019 | No | |
| ZhaoYajun | XinchangPrivateFinancingServiceCenterCo.,Ltd | Supervisor | March26,2014 | No | |
| ZhaoYajun | Fuerda(Tianjin)IntelligentTechnologyCo.,Ltd | Supervisor | November2,2018 | No | |
| ZhaoYajun | ZhejiangHaoyuanTechnologyCo.,Ltd | Supervisor | May4,2018 | No | |
| ZhaoYajun | HangzhouTongchanMachineryCo.,Ltd | Supervisor | May31,2011 | No | |
| ZhaoYajun | ShanghaiSanhuaElectricCo.,Ltd | Supervisor | April12,2011 | No | |
| ZhaoYajun | WuhuALDOCTechnologyCo.,Ltd | Supervisor | July31,2018 | No | |
| ZhaoYajun | XinchangCountyUnitedInvestmentManagementCo.,Ltd | Supervisor | January1,2012 | No | |
| ZhaoYajun | XiezhongInternationalThermalManagementSystem(Jiangsu)Co.,Ltd | ChairmanoftheBoardofSupervisors | February28,2019 | No | |
| ZhaoYajun | NingboJiaerlingPneumaticMachineryCo.,Ltd | Supervisor | October9,2023 | No | |
| HuKaicheng | PinwoFoodCo.,Ltd | IndependentDirector | September8,2023 | September7,2026 | Yes |
| YuYingkui | ZhejiangHuatengIndustrialCo.,Ltd | Director | April19,2010 | No | |
| YuYingkui | XinchangPrivateFinancingServiceCenterCo.,Ltd | Director | October23,2015 | No | |
| YuYingkui | ChongqingTainuoMachineryCo.,Ltd | Director | December8,2016 | No |
| YuYingkui | NingboJinlifengMachineryCo.,Ltd | Director | July2,2020 | No | |
| YuYingkui | SanhuaTradingSingaporePrivateLimited | Director | October13,2017 | No | |
| Descriptionofemploymentinotherorganizations | Theaboveemploymentinotherentitiesdoesnotincludetheemploymentofdirectors,supervisorsandseniormanagementinsubsidiarieswithinthescopeoftheCompany'sconsolidatedfinancialstatements. |
Incumbentandresigneddirectors,supervisorsandseniormanagementpersonnelduringthereportingperiodthathavebeenimposedadministrativepenaltiesbytheCSRCduringthelastthreeyears.
□Applicable√Notapplicable
3.Remunerationofdirectors,supervisorsandseniormanagementpersonnelDecision-MakingProcedures,DeterminationBasis,andActualPaymentofRemunerationforDirectors,Supervisors,andSeniorManagementDecision-makingProcessThesalariesofdirectors,supervisors,andseniormanagementpersonnelshallbedeterminedinaccordancewiththestandardsstipulatedintheCompany'sunifiedsalarymanagementsystem.AccordingtotheCompany'sperformanceevaluationmechanism,regularevaluationsareconductedonthedirectors,supervisors,andseniormanagementpersonnel,andcompensationisdeterminedbasedontheevaluationresults.Theallowancestandardsforindependentdirectorsshallbereviewedanddecidedintheshareholders'meeting.BasisfordeterminationTheremunerationofdirectors,supervisors,andseniormanagementpersonnelisdeterminedbasedonthecompany'soperatingperformanceandperformanceevaluationindicators.Remunerationofdirectors,supervisorsandseniormanagementpersonnel
Unit:RMBin10thousand
| Name | Gender | Age | Title | Tenurestatus | TotalremunerationfromtheCompany(RMB'0,000) | Remunerationfromrelatedparties(Y/N) |
| ZhangYabo | Male | 51 | Director,Chairman,CEO | Incumbent | 331.4 | No |
| WangDayong | Male | 56 | Director,President | Incumbent | 533.05 | No |
| RenJintu | Male | 63 | Director | Incumbent | 0 | Yes |
| NiXiaoming | Male | 57 | Director | Incumbent | 264.79 | No |
| ChenYuzhong | Male | 59 | Director,chiefengineer | Incumbent | 586.82 | No |
| ZhangShaobo | Male | 46 | Director | Incumbent | 0 | Yes |
| BaoEnsi | Male | 57 | Independentdirector | Incumbent | 10.8 | No |
| ShiJianhui | Male | 53 | Independentdirector | Incumbent | 10.8 | No |
| PanYalan | Female | 60 | Independentdirector | Incumbent | 10.8 | No |
| ZhaoYajun | Male | 54 | Conveneroftheboardofsupervisors | Incumbent | 0 | Yes |
| MoYang | Male | 49 | Supervisor | Incumbent | 0 | Yes |
| ChenXiaoming | Male | 56 | Supervisor | Incumbent | 54.7 | No |
| HuKaicheng | Male | 50 | Vicepresident,Secretaryoftheboardofdirectors | Incumbent | 138.61 | No |
| YuYingkui | Male | 51 | Vicepresident,CFO | Incumbent | 177.63 | No |
| Total | -- | -- | -- | -- | 2,119.4 | -- |
Explanationofothersituations
□Applicable√NotapplicableVI.Performanceofdutiesbydirectorsduringthereportingperiod
1.Boardofdirectorsinthereportingperiod
| Meeting | ConvenedDate | DisclosureDate | DisclosureIndex |
| The20thinterimmeetingofthe7thboardofdirectors | April19,2024 | April20,2024 | http://www.cninfo.com.cn |
| The21stmeetingofthe7thboardofdirectors | April28,2024 | April30,2024 | http://www.cninfo.com.cn |
| The22ndinterimmeetingofthe7thboardofdirectors | May13,2024 | May15,2024 | http://www.cninfo.com.cn |
| The23rdinterimmeetingofthe7thboardofdirectors | June3,2024 | June5,2024 | http://www.cninfo.com.cn |
| The24thinterimmeetingofthe7thboardofdirectors | July22,2024 | July23,2024 | http://www.cninfo.com.cn |
| The25thinterimmeetingofthe7thboardofdirectors | August5,2024 | August6,2024 | http://www.cninfo.com.cn |
| The26thinterimmeetingofthe7thboardofdirectors | August28,2024 | August30,2024 | http://www.cninfo.com.cn |
| The27thmeetingofthe7thboardofdirectors | October22,2024 | October23,2024 | http://www.cninfo.com.cn |
| The28thinterimmeetingofthe7thboardofdirectors | October30,2024 | October31,2024 | http://www.cninfo.com.cn |
| The29thinterimmeetingofthe7thboardofdirectors | December12,2024 | December14,2024 | http://www.cninfo.com.cn |
| The30thinterimmeetingofthe7thboardofdirectors | December30,2024 | December31,2024 | http://www.cninfo.com.cn |
2.Attendanceofdirectorsinboardmeetingsandgeneralmeetings
| Attendanceofdirectorsinboardmeetingsandgeneralmeetings | |||||||
| NameofDirector | Boardmeetingpresencerequiredinthereportingperiod(times) | Boardmeetingpresenceonsite(times) | Boardmeetingpresenceonsite(times) | Boardmeetingpresencethroughaproxy(times) | Boardmeetingabsence(times) | Boardmeetingnotattendinpersonfortwoconsecutivetimes | Presenceofdirectorsingeneralmeetings(times) |
| ZhangYabo | 11 | 1 | 10 | 0 | 0 | No | 4 |
| WangDayong | 11 | 1 | 10 | 0 | 0 | No | 4 |
| RenJintu | 11 | 1 | 10 | 0 | 0 | No | 4 |
| NiXiaoming | 11 | 1 | 10 | 0 | 0 | No | 0 |
| ChenYuzhong | 11 | 1 | 10 | 0 | 0 | No | 3 |
| ZhangShaobo | 11 | 0 | 11 | 0 | 0 | No | 0 |
| BaoEnsi | 11 | 1 | 10 | 0 | 0 | No | 0 |
| ShiJianhui | 11 | 1 | 10 | 0 | 0 | No | 0 |
| PanYalan | 11 | 1 | 10 | 0 | 0 | No | 4 |
ExplanationofnotattendingtheboardofdirectorsinpersonfortwoconsecutivetimesNotapplicable
3.ObjectionsraisedbydirectorstorelevantmattersoftheCompanyWhetherthereisanyobjectiononrelatedissuesoftheCompanyfromdirectors
□Yes√NoDuringthereportingperiod,thereisnoobjectiononrelatedissuesoftheCompanyfromdirectors.WhetherthereisanysuggestionfromdirectorsadoptedbytheCompany
√Yes□NoDuringthereportingperiod,thedirectorsstrictlycompliedwiththerelevantlaws,regulationsandtheArticlesofAssociation,performedtheirdutiesconscientiously,paidcloseattentiontotheCompany'soperation,regularlyreviewedtheCompany'sannouncements,gotaccesstotheinformationofoperationanddevelopmentperiodically,deeplydiscussedtheopportunitiesandchallengesintheoperationanddevelopment,andtimelypromptedrisks.Directorsputforwardreasonableopinionsandsuggestionsfromtheirprofessionalperspectives,whichenhancedthescientificdecision-makingoftheboardofdirectors.Meanwhile,directorsprovidedindependentandfairopinionsonrelatedtransactions,profitdistribution,stockbuyback,guaranteeandArticlesofAssociationduringthereportingperiod.InordertoimprovethesupervisionmechanismoftheCompanyandsafeguardthelegalrightsofallshareholders,theCompanyshalladopttheopinionsofdirectors.
VII.Performanceofdutiesbyspecialcommitteesundertheboardduringthereportingperiod
| Committee | Member | Numberofmeetings | Dateofmeetings | Meetingcontent | Importantopinionsandsuggestions | Otherperformanceofduties | Detailsofobjections(ifany) |
| AuditCommittee | IndependentdirectorPanYalan;IndependentdirectorShiJianhui;DirectorRenJintu(HasbeenservingasIndependentDirectorBaoEnsi,IndependentDirectorShiJianhui,andIndependentDirectorPanYalansinceDecember12,2024) | 4 | April18,2024 | 1.Reviewofthe"Company's2023AnnualReportandSummary"2.Reviewofthe"Company's2023AnnualInternalControlSelf-AssessmentReport"3.Reviewofthe"SpecialReportontheAnnualDepositandUsageofRaisedFunds"4.Reviewofthe"ProposalontheReappointmentofthe2024Annual |
| AuditFirm"5.Reviewofthe"Company'sFirstQuarter2024Report"6.Reviewofthe"AuditCommittee'sReportonthePerformanceofSupervisionDutiesoverthe2023AnnualAuditAccountants" | |
| August23,2024 | 1.Reviewofthe"Company's2024InterimReportandSummary"2.Reviewofthe"SpecialReportonthe2024InterimDepositandUsageofRaisedFunds"3.Reviewofthe"ProposalontheExtensionofPartialRaisedFundsInvestmentProjects" |
| October24,2024 | Reviewofthe"2024ThirdQuarterReport" |
| December9,2024 | 1.Reviewofthe"ProposalontheAppointmentoftheAuditFirmforH-shareIssuanceandListing"2.Reviewofthe"AuditCommittee |
| MembershipComposition"underthe"ProposalonAdjustmentstotheMembershipoftheCompany'sSpecializedCommittees"3.Reviewofthe"BoardAuditCommitteeWorkingProcedures"underthe"ProposalontheAmendmenttotheCompany'sInternalGovernanceSystems" | ||||
| StrategicManagementandESGCommittee | ChairmanoftheBoardZhangYabo;DirectorWangDayong;DirectorNiXiaoming;DirectorChenYuzhong;DirectorZhangShaobo;IndependentdirectorShiJianhui; | 2 | April18,2024 | 1.Reviewofthe"Company's2023AnnualReportandSummary"2.Reviewofthe"ProposalontheRenamingoftheStrategyCommitteeandAmendmentstoItsWorkingProcedures"3.Reviewofthe"Company's2023AnnualEnvironmental,SocialandGovernance(ESG)Report" |
| October24,2024 | 1.Reviewofthe"ProposalontheTermination |
| oftheOverseasIssuanceofGlobalDepositaryReceipts(GDRs)"2.Reviewofthe"ProposalontheApprovalfortheCompanytoConductResearchandFeasibilityStudyontheOverseasIssuanceofSecurities(H-shares)andListing" | ||||
| RemunerationandAssessmentCommittee | IndependentdirectorShiJianhui;IndependentdirectorBaoEnsi;DirectorRenJintu | 4 | April14,2024 | 1.Reviewofthe"ZhejiangSanhuaIntelligentControlsCo.,Ltd.2024RestrictedStockIncentivePlan(Draft)andItsSummary"2.Reviewofthe"ZhejiangSanhuaIntelligentControlsCo.,Ltd.2024StockAppreciationRights(SARs)IncentivePlan(Draft)andItsSummary"3.Reviewofthe"ZhejiangSanhuaIntelligentControlsCo.,Ltd.2024EquityIncentivePlanImplementati |
| onAssessmentandAdministrationMeasures"4.Reviewofthe"ProposalontheAuthorizationoftheShareholders'GeneralMeetingtotheBoardofDirectorsforHandlingMattersRelatedtothe2024EquityIncentivePlan" | |
| May7,2024 | 1.Reviewofthe"ProposalontheGrantofRestrictedStocktoParticipantsundertheCompany's2024RestrictedStockIncentivePlan"2.Reviewofthe"ProposalontheGrantofStockAppreciationRights(SARs)toParticipantsundertheCompany's2024SARsIncentivePlan" |
| May28,2024 | 1.Reviewofthe"ProposalontheGrantofRestrictedStocktoDeferredParticipantsundertheCompany's |
| RestrictedStockIncentivePlan"6.Reviewofthe"ProposalontheRepurchaseandCancellationofaPortionofRestrictedStock"7.Reviewofthe"ProposalonAdjustmentstotheExercisePriceunderthe2022SARsIncentivePlan"8.Reviewofthe"ProposalontheFulfillmentofExerciseConditionsfortheSecondExercisePeriodunderthe2022SARsIncentivePlan"9.Reviewofthe"ProposalontheCancellationofaPortionofSARs" | |
| December9,2024 | 1.Reviewofthe"CompensationandEvaluationCommitteeMembershipComposition"underthe"ProposalonAdjustmentstotheMembership |
VIII.PerformanceofdutiesbytheSupervisoryCommittee
WhetherthereisanyrisktotheCompanyidentifiedbySupervisoryCommitteewhenperformingitsdutiesduringtheReportingPeriod
□Yes√NoTheBoardofSupervisorsraisednoobjectionstothesupervisedmattersduringthereportingperiod.IX.StaffintheCompany
1.Statisticsofemployees,professionalstructureofthestaff,andeducationalbackground
oftheCompany'sSpecializedCommittees"
2.Reviewofthe"BoardCompensationandEvaluationCommitteeWorkingProcedures"underthe"ProposalontheAmendmenttotheCompany'sInternalGovernanceSystems"Numberofincumbentemployeesintheparentcompany
| Numberofincumbentemployeesintheparentcompany | 3,523 |
| Numberofincumbentemployeesinmajorsubsidiaries | 16,264 |
| Numberofincumbentemployees | 19,787 |
| Numberofemployeesreceivingsalariesincurrentperiod | 19,787 |
| NumberofretiredemployeesrequiringtheparentCompanyanditssubsidiariestobearcosts | 0 |
| Professionalstructure | |
| ProfessionalCategory | Numberofemployees |
| Productionstaff | 12,961 |
| Salesstaff | 701 |
| Technicalstaff | 3,578 |
| Financialstaff | 464 |
| AdministrativeStaff | 2,083 |
| Total | 19,787 |
| Educationalbackground | |
| Educationalbackground | Numberofemployees |
| Masterandabove | 1,365 |
| Bachelor | 5,176 |
| College | 5,369 |
| Others | 7,877 |
| Total | 19,787 |
2.Staffremunerationpolicy
Thecompanyhasestablishedacompensationandincentivesystemthatishighlyalignedwithitsbusinessdevelopmentstrategyandhumanresourcesstrategy.Basedonmarketsalarylevelsandjobvalueevaluationsystems,combinedwithemployeecapabilitiesandperformanceresults,thecompanyhasbuiltacomprehensivecompensationstructurecomprisingbasesalaries,bonuses,andlong-termincentives,supportedbyrelevantmanagementpolicies.Thissystemeffectivelymotivatesemployeestocontinuouslycreatevaluethroughscientificperformanceevaluationandrewardmechanisms,providinginternalmomentumforthecompany’shigh-qualitydevelopment.
Thecompanyimplementsannualevaluationsfornewgraduatesandprofessionaltalentclassification,creatingpositiveincentivesforemployeesatalllevels.Regularsalaryreviewsandmarketcomparisonensurecompetitivecompensationpackages.Additionally,annualawardssuchastheR&DProjectAchievementAward,QualityProjectAchievementAward,ManagementProjectAward,PatentAward,CostReductionProcurementAward,andLeanImprovementAwardaregrantedtoencourageinnovationandvaluecreation.Toretaincoretalent,thecompanylauncheditsfirstequityincentiveplanin2018,followedbyasecondrestrictedequityincentiveplanin2020,athirdequityincentiveplanin2022,andafourthequityincentiveplanin2024,layingasolidtalentfoundationforsustainablegrowth.
3.Stafftrainingplans
Alignedwithits2021-2025developmentplan,thecompanyadherestoatalentstrategyof"prioritizinginternalcultivationwhilemoderatelysupplementingexternalrecruitment,"institutionalizingtheTDR(TalentDevelopmentReview)processasalong-termmechanismtoactualizethe"TalentBlossom"initiative.Thismechanismfacilitatessystematicalignmentacrossstrategy,operations,organizationalstructure,andworkforcecapabilities.Throughlayeredtalentevaluations,thecompanyidentifieshigh-potentialindividuals,harmonizesmanagementterminology,andformulatesretentionanddevelopmentplansforcriticaltalent,therebyensuringthat
humancapitalevolutionfulfillsstrategicdemands.
IntegratedwiththeTDRframework,acorporatetalentcultivationsystemhasbeenestablished,comprisingthreepillars:LeadershipDevelopmentTrack("NavigationSeriesProgram"):Strategicallyelevatestheholisticmanagementcompetenciesofincumbentexecutivesandhigh-potentialsuccessors.ProfessionalCompetencyTracks:Constructsspecializedtalentechelonsinfunctionaldomainssuchasfinance,HRBP(HumanResourcesBusinessPartner),andITthroughtargetedprograms.Early-CareerTrainingInitiatives:Implementsmanagementtraineeandcampusgraduatedevelopmentschemestoreserveexceptionaltalentsforfutureleadershiproles.
Concurrently,thecompanyreinforcesfoundationalinfrastructurebyiterativelyintegratingadvancedlearningtechnologies,certifyinginternalinstructorcohorts,curatingproprietaryeducationalresources,andconstructinganinternallearningplatform.Leveragingthe"Five-PowerMechanism"—CulturalAlignment(culturaltraction),IntrinsicDrive(growthpropulsion),ExternalCatalysis(instructorfacilitation),ResourceEnablement(infrastructuresupport),andOrganizationalLearningCapacity(learning-orientedculture)—thecompanyfostersenterprise-wideautonomouslearningandtalenttransformation,advancingtherealizationofglobalcompetitivenessforboththeorganizationanditshumancapital.
4.Laboroutsourcing
□Applicable√Notapplicable
X.ProfitdistributionofordinarysharesandcapitalizationofcapitalreservesProfitdistributionpolicyinthereportingperiod,especiallytheformulation,implementationandadjustmentofcashdividendpolicy
□Applicable√NotapplicableDuringthereportingperiod,theCompanywasprofitableandtheparentcompanyhadapositiveprofitavailableforshareholderdistribution,butnocashdividenddistributionplanwasproposed.
□Applicable√NotapplicableProfitdistributionandconversionofcapitalreservetosharecapitalduringthisreportingperiod
√Applicable□Notapplicable
| Bonusshareissuedper10shares(share) | 0 |
| Cashdividendper10shares(RMB)(taxinclusive) | 2.5 |
| Totalcapitalsharebasisforthedistributionproposal(share) | 3,730,997,314 |
| Totalcashdividend(RMB)(taxinclusive) | 932,749,328.50 |
| Cashdividendamountinotherways(suchassharerepurchase)(RMB) | 0.00 |
| Totalcashdividends(includingotherways)(RMB) | 932,749,328.50 |
| Distributableprofits(RMB) | 1,836,924,867.90 |
| Percentageofcashdividendsinthetotaldistributedprofit(%) | 100% |
| Cashdividends | |
| ForthegrowthstageoftheCompanywithsignificantcapitalexpenditurearrangements,thecashdividendpayoutratioshallaccountfornolessthan20%ofthetotalprofitdistribution. | |
| Detaileddescriptionofprofitdistributionorcapitalreservesconversionplan | |
| TheCompanyproposestodistributethecashdividendofRMB2.50per10shares(tax-inclusive)toallshareholdersbasedonthecurrentsharecapitalof3,730,997,314shares[Note],withnobonussharesissuedandnocapitalizationofcapitalsurplus.[Note]Asoftherecorddate,theCompany'stotalsharecapitalis3,732,389,535shares,including1,392,221repurchasedsharesheldinthededicatedrepurchaseaccount.PursuanttotheCompanyLaw,repurchasedsharesretainedintheCompany'streasurystockaccountarenoteligibleforprofitdistributionorcapitalsurpluscapitalization.IntheeventofchangesintheCompany'stotalsharecapitalpriortotheimplementationofthedistributionplanduetosharerepurchases,exercisesofequityincentiveschemes,H-shareofferingsandlistings,orothersimilarevents,thetotaldistributionamountshallbeproportionallyadjustedinaccordancewiththeprincipleofmaintainingfixeddistributionratios. | |
XI.TheImplementationofanEquityIncentivePlan,EmployeeStockOwnershipPlan,orOther
IncentivePlans
√Applicable□Notapplicable
1.EquityIncentivePlan
1.In2022,theCompanylaunchedthe2022restrictedstockincentiveplan,granting17.58millionrestrictedsharesto1,366incentiveobjects,granting485,000appreciationrightssharesto41incentiveobjects.ThegrantdateofthisequityincentiveplanwasMay31,2022.ThegrantpriceofrestrictedshareswasRMB10pershare,andthelistingdatewasJune30,2022.
(1)OnJune3,2024,theCompanyheldthe23rdinterimmeetingofthe7thBoardofDirectorsandthe20thinterimmeetingofthe7thBoardofSupervisorsrespectively,inwhichthefollowingproposalswereapprovedProposalonadjustingtherepurchasepriceofthe2022restrictedstockincentiveplan,Proposalontheachievementofunlockingconditionsofthesecondvestingperiodofthe2022restrictedstockincentiveplan,Proposalonrepurchaseandcancellationofsomerestrictedstocks,Proposalonadjustingtheexercisepriceofthe2022stockappreciationrightsincentiveplan,Proposalontheachievementofexerciseconditionsofthesecondexerciseperiodofthe2022stockappreciationrightsincentiveplan,Proposaloncancellationofsomestockappreciationrights.ThelistingdateforcirculationoftherestrictedshareswasJuly1,2024,with1,313shareholdersmeetingtheunlockingconditions.Atotalof5.133millionshareswerereleased,representing
0.1375%oftheCompany'scurrenttotalsharecapital.TheCompanyplanstorepurchaseandcancel226,000restrictedsharesheldby33unqualifiedincentiveobjectsinthe2022restrictedstockincentiveplanatRMB9.40pershare.Additionally,135,000stockappreciationrightsbecameexercisableby37qualifiedincentiveobjects,while8,500stockappreciationrightsheldby2unqualifiedincentiveobjectsunderthe2022stockappreciationrightsincentiveplanwillbecancelled.
(2)OnJune20,2024,thesecondextraordinarygeneralmeetingofshareholdersin2024washeld,approvingtheProposaloncancellationofsomerestrictedstocks.TheCompanywillrepurchaseandcancel226,000restrictedsharesheldby33unqualifiedincentiveobjectsinthe2022restrictedstockincentiveplanatRMB9.40pershare.
2.In2024,theCompanylaunchedthe2024RestrictedStockIncentivePlanandStockAppreciationRightsIncentivePlan,granting24.91millionrestrictedsharesto1,933incentiveobjectsand560,000stockappreciationrightsto47incentiveobjects.ThegrantdatesforthisequityincentiveplanwereMay13,2024andJune3,2024,withthegrantpriceofRMB11.75pershare.ThelistingdateforthegrantedrestrictedshareswasJune20,2024.Shareincentivesfordirectorsandseniorexecutivesinthereportingperiod
√Applicable□Notapplicable
Unit:share
| Name | Title | Numberofstockoptionsheldatthebeginningoftheyear | Numberofnewlygrantedstockoptionsinthereportingperiod | Numberofexercisablesharesinthereportingperiod | Numberofexercisedsharesinthereportingperiod | Exercisepriceofexercisedsharesduringthereportingperiod(yuan/share) | Numberofstockoptionsheldattheendoftheperiod | Marketpriceattheendofthereportperiod(yuan/share) | RestrictedSharesheldatthebeginningoftheperiod | Sharesvestedinthecurrentperiod | Sharesnewlygrantedinthecurrentperiod | Priceforrestrictedsharesgranted(RMBpershare) | RestrictedSharesheldatperiod-end |
| WangDayong | Direct,President | 23.51 | 56,000 | 24,000 | 100,000 | 11.75 | 132,000 | ||||||
| NiXiaoming | Direct | 23.51 | 49,000 | 21,000 | 80,000 | 11.75 | 108,000 | ||||||
| ChenYuzhong | Direct,chiefengineer | 23.51 | 56,000 | 24,000 | 80,000 | 11.75 | 112,000 | ||||||
| HuKaicheng | Vicepresident,Secretaryoftheboardofdirectors | 23.51 | 56,000 | 24,000 | 80,000 | 11.75 | 112,000 | ||||||
| YuYingkui | Vicepresident, | 23.51 | 56,000 | 24,000 | 80,000 | 11.75 | 112,000 |
| CFO | |||||||||||||
| Total | -- | 0 | 0 | 0 | 0 | -- | 0 | -- | 273,000 | 117,000 | 420,000 | -- | 576,000 |
| Note(ifany) | 1.Atthebeginningofeachyear,thenumberoflockedsharesshouldbere-calculatedaccordingto75%ofthetotalnumberofsharesheldbytheseniormanagement.Thenumberofunlockedsharesinthisperiodis25%ofthetotalnumberofsharesatthebeginningoftheyear.2.June5,2024,thesecondvestingperiodofthe2022Restrictedstockincentiveplanmatured,andtherestrictedsharesofdirectorWangDayong,ChenYuzhong,seniormanagementHuKaicheng,andYuYingkuihavebeenunlockedby24,000shareseach;restrictedsharesofdirectorNiXiaominghavebeenunlockedby21,000shares,totaling117,000shares. | ||||||||||||
Assessmentandincentivemechanismfortheseniormanagement
Inordertoencourageseniormanagersbetterperformtheirdutiesandclarifytheirrightsandobligations,theCompanyhasestablishedafairlysophisticatedperformanceevaluationstandardandremunerationsystem,accordingtowhichseniormanagers’performanceandannualbusinessindicatorswouldbeassessed.
TheseniormanagersoftheCompanyareresponsibletotheboardofdirectorsandundertakethebusinessobjectivesissuedbytheboard.Theremunerationandassessmentcommitteeoftheboardformulatetheremunerationplanbasedonevaluationofseniormanagers’ability,performanceandcompletionofbusinesstargets.
2.EmployeeStockOwnershipPlan
□Applicable√Notapplicable
3.Otherincentiveplan
□Applicable√NotapplicableXII.Constructionandimplementationofinternalcontrol
1.Constructionandimplementationofinternalcontrol
InaccordancewiththerequirementsoftheCompanyLawandotherrelevantregulationsandnormativedocuments,theCompanyhassetupaninternalcontrolsystemincombinationwithitsownbusinesscharacteristics,whichiscomposedofthegeneralmeeting,theboardofdirectors,theboardofsupervisors,themanagement,eachcontrollingsubsidiaryanditsfunctionaldepartments.Thus,itformedarelativelyeffectivedivisionofresponsibilitiesandbalances.
TheCompanycontinuestostrengthenthecontrolofhigh-riskareassuchassalesbusiness,procurementbusiness,majorinvestments,acquisitionandmerger,assetsecurityandinformationsystemmanagement,andhasestablishedcorrespondingcontrolpoliciesandprocedures.
Duringthereportingperiod,theCompanytimelyorganizeddirectors,supervisorsandseniormanagerstoparticipateinrelevanttrainingorganizedbyregulatoryauthorities,whichimprovesthemanagement'sawareness
ofstandardizedoperation,ensurestheeffectiveimplementationofinternalcontrolsystem,effectivelyimprovesthestandardoperationlevelandpromotesthehealthyandsustainabledevelopmentoftheCompany.TheCompany'sinternalauditdepartmentshallregularlyinspectandsupervisetheestablishmentandimplementationofthisinternalcontrolsystemaswellastheauthenticityandcompletenessofitsfinancialinformation.Duringthereportingperiod,theCompanyestablishedeffectiveinternalcontroloverthebusinessesincludedintheevaluationscope.Ithasachieveditsinternalcontroltargetintermsoftheauthenticityofoperatingresults,businesscomplianceandtheeffectivenessofinternalcontrol.
2.Anysignificantinternalcontroldeficienciesduringthereportingperiod
□Yes√NoXIII.Managementandcontrolofsubsidiariesduringthereportingperiod
| CompanyName | IntegrationPlan | IntegrationProgress | ChallengesIdentifiedDuringIntegration | ImplementedSolutions | RemediationProgress | Follow-upActionPlan |
| HangzhouLvnengNewEnergyVehicleComponentsCo.,Ltd. | Intermsofassets,conductcomprehensiveinventoryaudits,optimizeallocation,andimplementunifiedmanagement;intermsofpersonnel,assessandretaintalent;intermsoffinance,integrateintoaunifiedmanagementsystem;intermsoforganization,optimizeorganizationalstructureandclarifydepartmentalresponsibilities;intermsofbusiness,planbusinesscollaborationtoenhanceoverallefficiencyandcompetitiveness | ThetransferagreementwascompletedinSeptember2024. | / | / | / | / |
XIV.Self-evaluationreportoninternalcontrolorInternalcontrolauditreport
1.Self-evaluationreportoninternalcontrol
| Disclosuredateoftheinternalcontrolself-evaluationreport | March27,2025 | |
| Disclosureindexoffulltextofself-evaluationreportoninternalcontrol | Self-evaluationReportonInternalControloftheCompanyin2024http://www.cninfo.com.cn | |
| Proportionofassetsevaluatedintotalassets | 100.00% | |
| Proportionofrevenueevaluatedintotalrevenueperconsolidatedfinancialstatement | 100.00% | |
| Recognitionstandardofdeficiencies | ||
| Nature | Financialreportlevel | Non-financialreportlevel |
| Qualitativecriteria | Significantdeficiency:1.Fraudofdirectors,supervisorsandseniormanagers;2.MajormisstatementinthecurrentfinancialreportfoundbytheCPAbutnotidentifiedbytheinternalcontroloftheCompany;3.TheCompanyhasmajorviolationsoflawsandregulationsinfinancialaccounting,assetmanagement,capitaloperation,informationdisclosure,productquality,safetyproduction,environmentalprotectionandotheraspects,causingmajorlossesandadverseeffectstotheCompany,orsubjecttomajoradministrativesupervisionandpunishment;4.SupervisionoftheauditcommitteeandinternalcontroldepartmentisineffectiveontheCompany'sexternalfinancialreportandinternalcontrol.Importantdeficiency:(1).FailuretoselectandapplyaccountingpoliciesinaccordancewithGAAP；(2).Failuretoestablishanti-fraudproceduresandcontrolmeasures;(3).Itcannotreasonablyguaranteethetruthfulnessandcompletenessofthefinancialstatementsduetooneormoredefectsincontrolprocess;(4).Thereisnocorrespondingcontrolmechanismornocompensatorycontrolfortheaccountingtreatmentofnon-routineorspecialtransactions.Generaldeficiency:Generaldefectsotherthantheabove-mentioned. | Significantdeficiency:Thepossibilityofdefectsishigh,whichwillsignificantlyreducetheworkefficiencyoreffect,orsignificantlyincreasetheuncertaintyoftheeffect,ormakeitsignificantlydeviatefromtheexpectedgoal.Importantdefects：Defectsaremorelikelytooccur,whichwillseriouslyreducetheworkefficiencyoreffect,orseriouslyincreasetheuncertaintyoftheeffect,ormakeitseriouslydeviatefromtheexpectedgoal.Generaldefects：Theprobabilityofdefectsissmall,whichwillreducetheefficiencyoreffect,increasetheuncertaintyoftheeffect,ormakeitdeviatefromtheexpectedgoal. |
| Quantitativecriteria | Thequantitativestandardisbasedonthepercentageofpotentialmisstatementsofpre-taxprofit.Significantdeficiency:Thisdefectaloneortogetherwithotherdefectsmaycausethemisstatementoffinancialreporttoexceed10%oftheprofitbeforetax.Importantdefects:Thisdefectaloneortogetherwithotherdefectsmaycausethemisstatementoffinancialreporttoexceed5%butlessthan10%oftheprofitbeforetax.Generaldefects:Thisdefectaloneortogetherwithotherdefectsmaycausethemisstatementoffinancialreportlessthan5%oftheprofitbeforetax. | Thequantitativestandardisbasedonthepercentageofpotentialmisstatementsofpre-taxprofit.Significantdeficiency:Thisdefectaloneortogetherwithotherdefectsmaycausethemisstatementoffinancialreporttoexceed10%oftheprofitbeforetax.Importantdefects:Thisdefectaloneortogetherwithotherdefectsmaycausethemisstatementoffinancialreporttoexceed5%butlessthan10%oftheprofitbeforetax.Generaldefects:Thisdefectaloneortogetherwithotherdefectsmaycausethemisstatementoffinancialreportlessthan5%oftheprofitbeforetax. |
| Numberofsignificantdeficienciesinfinancialreportlevel | 0 | |
| Numberofsignificantdeficienciesinnon-financialreportlevel | 0 | |
| Numberofimportantdeficienciesinfinancialreportlevel | 0 | |
| Numberofimportantdeficienciesinnon-financialreportlevel | 0 | |
2.Auditreportorassurancereportoninternalcontrol
√Applicable□Notapplicable
| DeliberationOpinionParagraphinInternalControlAuditReport | |
| WebelievethattheCompanymaintainedeffectiveinternalcontroloverfinancialreportinginallmaterialaspectsasofDecember31,2024inaccordancewiththeBasicStandardforEnterpriseInternalControlandotherrelatedregulations. | |
| Disclosureofinternalcontrolauditreport | Disclose |
| Disclosuredateofthefulltextoftheauditor’sreportoninternalcontrol | March27,2025 |
| Disclosureindexoffulltextofinternalcontrolauditreport | 2024InternalControlAuditReport(ww.cninfo.com.cn) |
| Internalcontrolauditopinion | Standardunqualifiedauditopinion |
| Whetherthereismaterialweaknessofnon-financialreport | No |
Whethertheaccountingfirmissuedaninternalcontrolauditreportwithanon-standardopinion
□Yes√NoWhethertheinternalcontrolauditreportissuedbytheaccountingfirmisconsistentwiththeself-evaluationreportoftheboardofdirectors
√Yes□No
XV.GovernanceproblemrectificationoftheCompanyAccordingtoself-examination,theCompanyhasnomaterialviolationsaffectingthelevelofcorporategovernance.TheCompanyhasestablishedarelativelycompleteandreasonablecorporategovernancestructureandinternalcontrolsysteminaccordancewiththeCompanyLaw,SecuritiesLaw,CorporateGovernanceCodeforListedCompaniesandotherrelevantlawsandregulations.However,withthecontinuousdevelopmentoftheCompany'sbusinessscaleandthechangesinexternalmacroeconomicandmarketenvironment,theCompanyneedstofurtherimproveitsinternalcontrolsystem,continuetostrengthenitsownconstruction,effectivelyimprovetheCompany'sstandardizedoperationlevelandtheeffectivenessofcorporategovernance.TheCompanywillcontinuouslyimprovethegovernancequalitybyenhancingtheabilitiesofscientificdecision-making,ensuringstableoperation,andpromotingstandardizeddevelopment.
SectionVEnvironmentalandSocialResponsibility
I.Materialenvironmentalissues
WhethertheCompanyortheCompany’ssubsidiariesarecriticalpollutantenterprisesdisclosedbyNationalEnvironmentalProtectionDepartment
√Yes□NoEnvironmentalprotectionrelatedpoliciesandindustrystandards
Duringthereportingperiod,theCompanystrictlyadheredtonationalenvironmentalprotectionrelatedlawsandregulationsinitsdailyproductionandoperation,suchastheEnvironmentalProtectionLaw,theAirPollutionPreventionandControlLaw,theWaterPollutionPreventionandControlLaw,theSolidWastePollutionEnvironmentalPreventionandControlLaw,theEnvironmentalNoisePollutionPreventionandControlLaw,theSoilPollutionPreventionandControlLaw,theEnvironmentalImpactAssessmentLaw,etc.TheCompanystrictlyimplementsnationalenvironmentalprotectionrelatedindustrystandards,suchastheElectroplatingPollutantDischargeStandard(GB2190-2008),ComprehensiveAirPollutantDischargeStandard(GB16297-1996),ComprehensiveWastewaterDischargeStandard(GB8978-1996),EmissionStandardforAirPollutantsfromBoilers(GB13271-2014),EmissionStandardforPollutantsintheSyntheticResinIndustry(GB31572-2015),UnorganizedEmissionControlStandardforvolatileorganiccompounds(GB37822-2019),theElectroplatingWaterPollutantDischargeStandard(DB33/2260-2020)inZhejiangProvinceandIndirectEmissionLimitsofNitrogenandPhosphorusPollutantsinIndustrialEnterpriseWastewater(DB33/887-2013),andEmissionStandardforEnvironmentalNoiseattheBoundaryofIndustrialEnterprises(GB12348-2008).Administrativepermitsforenvironmentalprotection
Since2010,theCompanyhasinvestedintheconstructionofMeizhuSanhuaIndustrialEstateinXinchangCounty,andhasobtained25EIApermits.Alltheprojectshavepassed.InOctober2023,theCompanycompletedthereapplicationofthenationalversionofthepollutiondischargepermit.Industryemissionstandardsandspecificsituationsofpollutantemissionsinvolvedinproductionandbusinessactivities
| NameofCompanyorsubsidiary | Mainpollutantsandtypesofcharacteristicpollutants | Nameofmainpollutantsandcharacteristicpollutants | Emissionmode | Numberofoutlets | Distributionofemissionoutlets | Emissionconcentration | Emissionstandards | Totalemissions | Approvedtotalemission | Overstandardemission |
| ZhejiangSanhuaIntelligentControlsCo.,Ltd. | Wastewater | COD | Sewersystem | 1 | North | ≦500mg/L | ThelimitationofCODinGB8978-1996IntegratedWastewa | 47.33T | 62.386T/year | Notexceedingthestandard |
| terEmissionStandardis500mg/L | ||||||||||
| ZhejiangSanhuaIntelligentControlsCo.,Ltd | Wastewater | AmmoniaNitrogen | Sewersystem | 1 | North | ≦35mg/L | ThelimitationlistedinDB33/887-2013IndirectEmissionLimitsofNitrogenandPhosphorusPollutantsfromIndustrialWastewateris35mg/L | 4.73T | 6.262T/year | Notexceedingthestandard |
| ZhejiangSanhuaIntelligentControlsCo.,Ltd | Wastegas | SO2 | Directemission | 1 | North | ≦50mg/m3 | ThelimitationlistedinGB13271-2014EmissionStandardofAirPollutantsforBoilersis50mg/m3 | 0.042T | 2.15T/year | Notexceedingthestandard |
| ZhejiangSanhuaIntelligentControlsCo.,Ltd | Wastegas | NitrogenOxide | Directemission | 1 | North | ≦50mg/m3 | AccordingtothelowNitrogenemissionrequirementsoflocalgovernment,thelimitvalueofgas-firedboileris | 0.909T | 10.06T/year | Notexceedingthestandard |
Treatmentofpollutants
Adheringtotheadvancedmanagementconcept,theCompanytakes"developingenergy-savingandlow-carboneconomy,creatingagreenqualityenvironment"asitsownresponsibility,constantlysurpasses,andbecomesanimportantcreatorandcontributorofhumangreenqualitylivingenvironmentwithlimitedresourcesandunlimitedwisdom.
1.Intermsofwastewatertreatment,theCompanyrespondedtotheconstructionof"fivewatertreatment",
"eliminatinginferiorV-typewater"and"zerodirectdischargeofsewage"inthewholeprovince.The
Companyrenovatedtherainwaterandsewageoutletsinthefactoryarea,implementedtheseparationof
rainwaterandsewage,andinstalledcut-offvalvesandvideomonitoringequipmentattheCompany's
rainwaterdischargeoutlets,andcollectedandtreatedtheearlyrainwater.Therearetwowastewatertreatment
stationsinthefactory.Thesewagetreatmentstationshavebeenequippedwithstandardizedsewageoutlets
andsetupdischargeoutletsigns.Onlinemonitoringdevice,solenoidvalveflowmeterandcardswiping
sewagesystemareinstalledatthedischargeoutlet,whichhasbeenconnectedwiththeenvironmental
protectiondepartment.ThemonitoringindicatorsincludePH,COD,totalCopper,totalZinc,totalChromium,
totalNickelandflow.Wastewatertreatment:TheCompanyhasentrustedathird-partyprofessionaltreatment
unitfortreatment.ThedischargeindicatorsoftheCompany'sinternalcontrolwastewaterarestricterthanthe
environmentaldischargestandard.Thefinaltreatedwastewaterisdischargedintothesewagecollectionpipe
networkoftheindustrialzoneandsenttoShengxinsewagetreatmentplantforretreatment.
2.Wastegastreatment:TheCompanyhasacidpickling,electroplatingwastegas,weldingdustandotherwaste
gas.Allkindsofwastegasdischargecylindersareequippedwithcorrespondingwastegastreatmentdevices.
Theacidpicklingandelectroplatingwastegasabsorptionandtreatmenttowerisinstalledwithautomatic
dosingsystem,andthewastegasisdischargedtoairaftertreatment.Atthesametime,inordertowinthe
blue-skydefenseactivity,theCompanycarriedoutlowNitrogenemissiontransformationoftheCompany's
gasboilersinaccordancewiththerequirementsofrelevantofficialdepartmentsin2019.In2021,the
transformationandupgradingofVOCstreatmentfacilitiesinindustrialenterpriseshavebeenimplemented.
Atthesametime,theprocesshasbeenimproved,andthewatercleaningisusedtoreplacetheorganic
solventcleaning,soastoreducethegenerationofVOCs.In2022,theCompanycarriedoutanupgradeand
transformationofdiesel-poweredmobilesourceemissions,upgradingfromtheoriginalNationalIIemission
standardtoNationalIV,greatlyreducingparticulatematteremissions.In2023,theCompanypassedtheB-
levelacceptancecheckofairpollutionpreventionandcontrolperformanceforkeyindustryenterprisesin
ZhejiangProvince.
3.Solidwasteandsoiltreatment(groundwater):allkindsofhazardouswasteoftheCompanyareentrustedto
thethirdqualifiedpartyfordisposal,thegeneralsolidwastewithutilizationvalueisrecycled,thedomestic
wasteisclearedandtransportedbytheenvironmentalsanitationstation,andtheconstructionwasteis
cleanedandtransportedbytheconstructionunit.InJuly2020,theCompanybecameoneofthefirst"waste
freefactories"inShaoxing.TheCompanycommissionedathird-partytestingagencytoconductsoiland
groundwatertestingin2022,andnocontaminationwasfound.In2023,theCompanyisnolongerlistedasa
keyregulatoryunitforsoilpollution.ZhejiangSanhuaCommercialRefrigerationCo.,Ltdpassedthe"Zero
WasteFactory"examinationinShaoxingCityin2023
4.Noisecontrol:TheCompany'sexistingmainnoiseisworkshopproductionnoise,aircompressorroom,waste
gasandwastewatertreatmentequipmentnoise.Equipmentlayoutisreasonable,andtreesareplantedaround
theworkshop.Noiseatfactorymeetsthestandard.
5.The"threewastes"pollutioncontrolfacilitiesoftheCompanyareinnormalandstableoperation.The
pollutantsaredischargedbasedonthestandard,andthereisnoenvironmentalpollutionevent.EmergencyResponsePlanTheCompanyre-preparedtheEnvironmentalEmergencyResponsePlaninAugust2023,andfiledwithXinchangEnvironmentalProtectionBureauonAugust30,2023(RecordNo.330624-2023-40-M).Environmentalself-monitoringprogramTheCompanyformulatedSelf-monitoringSchemeofZhejiangSanhuaIntelligentControlCo.,Ltd.accordingtotherequirementsofthesuperiorenvironmentalprotectiondepartment,combinedwiththeactualproductionsituationandtheactualneedsofenvironmentalmanagementoftheCompany.ThesewagestationoftheCompanyisequippedwithalaboratory,andthedetectionisconductedbyaspeciallyassignedperson.OnonlineautomaticmonitoringequipmentsuchaspH,COD,TOC,totalcopper,totalzinc,totalchromium,totalnickel,andflowrateisinstalledattheCompany'stotalwastewaterdischargeoutlet,soastoachievethecombinationofautomaticmonitoringandmanualtesting.Forthetargetpollutantssuchassuspendedmatters,totalphosphorus,ammonianitrogen,totalironandpetroleumhydrocarbons,theCompanyentrustsathird-partytestingagencytocarryoutregularmonitoring.ThemonitoringresultsarepublishedregularlyonZhejiangProvincialKeyPollutionSourceMonitoringDataManagementSystem.Investmentinenvironmentalgovernance,protectionandpaymentofenvironmentalprotectiontaxesDuringthereportingperiod,theCompany'senvironmentalgovernance,investment,andpaymentofenvironmentalprotectiontaxamountedto34.2376millionyuan.Measuresandeffectsinreducingcarbonemissionsduringthereportingperiod
√Applicable□Notapplicable
Therearedirectgreenhousegasemissionsfromtheuseofnaturalgas,gasoline,anddieselfuel,aswellasindirectgreenhousegasemissionsfrompurchasedelectricityintheCompany'sproductionandoperations.Inthisregard,theCompanyiscommittedtoenergysavingandemissionreductionpractices,aswellascontinuestoinnovategreenproducttechnologiestoensureeffectiveuseofresourcesandimproveoperationalefficiency.Asoftheendofthereportingperiod,theCompanyhadpreparedandissuedtheEnergyManagementMeasures,GasandLiquidManagementMeasures,CompressedAirUseInspectionandReward&PenaltyManagementRegulations,TrialManagementMeasuresforCompressedAirCostReduction,WaterConservationSystem,andothermanagementsystemsrelatingtoresourceconservation.Byregularlycheckingusage,weaimtominimizetheconsumptionofwater,electricity,fuel,andotherresources,andactivelyassistsocietyinenergyconservationandemissionreductionwhileoptimizingourownenergyresourcecosts.Atthesametime,theCompanyhasalwaysadheredtothebusinessphilosophyofenergysavingandenvironmentalprotection,constantlyinnovatingproductsandtechnologies,andiscommittedtopromotingthegreenandlow-carbondevelopmentoftheindustry.
1.Low-CarbonDesignandR&D:Integrationofecologicalprinciplesintoproductdevelopment,design,andmanufacturingprocesses,alignedwithsustainabledevelopmentstrategies.Comprehensivelifecycleassessmentsaresystematicallyimplementedtoquantifyenvironmentalimpactsacrossallstagesfromrawmaterialprocurementtoproductretirement.
2.EnergyPortfolioOptimization:Renewableenergyadoptionthroughlarge-scaledeploymentofdistributedphotovoltaicsystemsreplacinggrid-suppliedelectricity,coupledwithdiversifiedgreenpowerprocurementchannels.Wasteheatrecoveryinitiatives(e.g.,compressedairsystemretrofits)andenergy-savingtechnological
upgradesachievemeasurablereductionsinenergyconsumptionwhileenhancingutilizationefficiency.Productionfacilitiesemployenergystoragetechnologiestomaximizephotovoltaicutilizationrates,implementpeak-valleyloadmanagement,andoptimizeenergyallocationmechanisms.
3.Accuratecontrolofenergyefficiency:TheCompanycontinuestopromotetheapplicationofsmartenergyIOTplatform,andeffectivelycontrolstheuseefficiencyofallenergywithinthescopethroughreal-timedisplayofdigitalinformation,traceability,technicaltransformationandenergyconservationandconsumptionreductionanalysis.
4.Promotegreentechnology:TheCompanyreducesenergyconsumptionandimprovesenergyefficiencythroughtheimprovementofmanufacturingandtechnologicalprocess.Reduceenergyconsumptionandcarbonemissionbytroubleshootingofairleakagepointofcompressedairpipelineofequipment,upgradingandtransformationofaircompressor,emissionreductionoftriplesupplyandnitrogenrecycling.
5.Strengthengreencooperation:Inordertoreducetheenergyconsumptionrequiredforliquefactionduringthetransportationofoxygenandnitrogen,andreducetheimpactonclimate,thecompanyhasreplacedthemethodofpurchasingliquidoxygenandnitrogenwithself-madeoxygenandnitrogen.
6.Completegreenproducts:Inordertosignificantlyreducecarbonemissionsduringtheuseofterminalproductsandpromotegreenandlow-carbondevelopmentintheindustry,theCompanyhasdevelopedaseriesoflow-carbonkeycorecomponents,suchaselectronicexpansionvalves,invertercontrollers,andmicrochannelproducts.
7.SustainablePackaging:Implementationofoptimizedpackagingworkflowsleveragingeco-friendlymaterialsandproductrecoveryprograms,complementedbyscientificallydesignedlogisticsnetworkstominimizeenvironmentalfootprintwhileadvancingresourceconservationandcircularutilization.
8.GreenManufacturingFacilities:Thecompanyisacceleratingdigitalandintelligenttransformation,establishinggreenindustrialecosystems,andintegratingtraditionalmanufacturingwithsustainablepractices.Facilitiesareengineeredtoachievehigh-techprecision,superiorquality,andintelligentoperations.ZhejiangSanhuaIntelligentControlsCo.,Ltd.hasbeenawardedtheNationalGreenFactorydesignationbyChineseauthorities,certifyingcompliancewithstate-levellow-carbonmanufacturingstandards.
9.Productionlayout:Sanhuaadherestotheconceptof"wherevercustomersare,Sanhuaisthere"Bysettingupfactoriesnearby,wenotonlyservecustomersbutalsoreducecarbonemissionsintransportation.WehaveestablishedproductionbasesinMexico,Poland,Vietnam,Thailand,India,Hangzhou,Wuhu,Shaoxing,Xinchangandotherareas.
Atthesametime,astheworld'slargestrefrigerationcontrolcomponentmanufacturerandaleadingglobalmanufacturerofthermalmanagementsystemcontrolcomponentsfornewenergyvehicles,theCompanyfullygraspsthebusinessopportunitiesbroughtbytheglobalintelligentenergy-savingandenvironmentallyfriendlyhomeappliancesanddevelopmentoftheglobalnewenergyvehicleindustry,activelyexploresgreenandefficientrefrigerationtechnology,andcontinuestobringprofessionalandgreenproductsolutionstotheindustry.Administrativepenaltiesduetoenvironmentalissuesduringthereportingperiod
NotapplicableOtherenvironmentalinformationthatshouldbedisclosedNotapplicableOtherenvironmentalinformationNotapplicableII.SocialresponsibilityPleaserefertothe2024Environmental,Social,andGovernance(ESG)ReportonCNINFO(http://www.cninfo.com.cn)fordetails.
III.Achievementsofpovertyalleviationandruralrevitalization
Notapplicable
SectionVISignificantEventsI.Performanceofcommitments
1.CompleteandincompletecommitmentsoftheCompanyanditsactualcontroller,shareholders,relatedparties,acquirers,andotherrelatedpartiesforthecommitmentsbytheendofthereportingperiod.
√Applicable□Notapplicable
| Commitments | Commitmentparty | Nature | Detailsofcommitments | Dateofcommitments | Termofcommitments | Performance |
| Commitmentfromreformationofshareholding | ZhangYabo,controllingshareholderSanhuaHoldingGroupCo.,Ltd. | Othercommitment | WhenthenumberofsharessoldthroughlistingandtradinginShenzhenStockExchangereaches1%ofthetotalnumberofsharesoftheCompany,itshallmakeanannouncementwithintwoworkingdaysfromthedateoftheoccurrenceofthefact. | November21,2005 | Untilthecommitmentisfulfilled | Strictperformance |
| Commitmentsfromassetsreorganization | ZhangDaocai,controllingshareholderSanhuaHoldingGroupCo.,Ltd. | Commitmentonhorizontalcompetition,relatedpartytransactionsandcapitaloccupation | ZhangDaocaiandSanhuaholdinggroup,thecontrollingshareholderoftheCompany,promisethattherewillnotbeanycompetitionwithSanhuaintelligentcontrolsinthebusinessscopebeingoralreadycarriedoutinthefuture. | January5,2009 | Longterm | Strictperformance |
| ZhangDaocai,controllingshareholderSanhuaHoldingGroupCo.,Ltd. | Commitmentonhorizontalcompetition,relatedpartytransactionsandcapitaloccupation | SanhuaHoldingGrouppromises:afterthecompletionofthistransaction,SanhuaHoldingGroupandSanhuaintelligentcontrolswillsignanagreementaccordingtolaw,performlegalprocedures,fulfilltheobligationofinformationdisclosureandhandlesignificantmattersforapprovalinaccordancewithrelevantlaws,regulations,andarticlesofassociationofSanhuaintelligentcontrols.Intheprocessofimplementationofrelatedpartytransactions,wewillfollowtheprincipleoflegalityandreasonableness,ensurethefairnessofpricesandprocedures,andmakecertainthatthelegitimateinterestsofSanhuaintelligentcontrolsandothershareholderswillnotbedamagedthroughrelatedpartytransactions. | January5,2009 | Longterm | Strictperformance |
| ZhangDaocai,ZhangYabo,ZhangShaobo,controllingshareholderSanhuaHoldingGroupCo.,Ltd.,ZhejiangSanhuaLvnengIndustrialGroupCo.,Ltd. | Commitmentonhorizontalcompetition,relatedpartytransactionsandcapitaloccupation | InordertoavoidhorizontalcompetitionwithSanhuaintelligentcontrols,ZhangDaocai,ZhangYabo,ZhangShaobo,SanhuaHoldingGroupthecontrollingshareholderoftheCompany,andSanhuaLvnengIndustry,thetradingpartnermadethefollowingcommitments:1.I(ortheCompany)willnotdirectlyorindirectlyengageinorparticipateinthebusinessthatconstitutespotentialdirectorindirectcompetitionwithSanhuaIntelligentControlsanditssubordinateenterprises;guaranteethatlegalandeffectivemeasuresshallbetakentourgeotherenterprisescontrolledbyme(ortheCompany)nottoengageinorparticipateinanybusinesscompetingwithSanhuaIntelligentControlsanditssubordinateenterprises.2.IfSanhuaIntelligentControlsfurtherexpandsitsbusinessscope,I(ortheCompany)andothercontrolledenterpriseswillnotcompetewithSanhuaIntelligentControls'expandedbusiness;ifitispossibletocompetewithSanhuaIntelligentControls'businessafterexpansion,I(ortheCompany)andothercontrolledenterpriseswillwithdrawfromSanhuaIntelligentControlsinthefollowingwaysofcompetition:A.StopthebusinessesthatcompeteormaycompetewithSanhuaIntelligentControls;B.InjectthecompetitivebusinessintoSanhuaIntelligentControls;C.Transferthecompetitivebusinesstoanunrelatedthirdparty.3.IfI(ortheCompany)andotherenterprisescontrolledbyme(ortheCompany)haveanybusinessopportunitiestoengageinandparticipateinanyactivitiesthatmaycompetewithSanhuaIntelligentControls'businessoperation,theyshallimmediatelyinformSanhuaIntelligentControlsoftheabovebusinessopportunities.IfSanhuaIntelligentControlsmakesanaffirmativereplytotakeadvantageofthebusinessopportunitywithinareasonableperiodspecifiedinthenotice,itshalldoitsbesttogivethe | July24,2015 | Longterm | Strictperformance |
| businessopportunitytoSanhuaIntelligentControls.4.Incaseofbreachoftheabovecommitment,I(ortheCompany)iswillingtobearallresponsibilitiesarisingtherefromandfullycompensatealldirectorindirectlossescausedtoSanhuaIntelligentControls. | |||||
| ZhangDaocai,ZhangYabo,ZhangShaobo,controllingshareholderSanhuaHoldingGroupCo.,Ltd.,ZhejiangSanhuaLvnengIndustrialGroupCo.,Ltd. | Commitmentonhorizontalcompetition,relatedpartytransactionsandcapitaloccupation | InordertostandardizetherelatedpartytransactionswithSanhuaIntelligentControls,ZhangDaocai,ZhangYabo,ZhangShaobo,SanhuaHoldingGroupthecontrollingshareholderoftheCompanyandSanhuaLvnengIndustrialthetradingpartnermadethefollowingcommitments:1.I(ortheCompany)andthecontrolledenterpriseswillreducetherelatedpartytransactionswithSanhuaintelligentcontrolsasfaraspossible,andwillnotusetheirownstatusasshareholdersofSanhuaintelligentcontrolstoseekforsuperiorrightsintermsofbusinesscooperationandotheraspectscomparedwithotherthirdparties;2.I(ortheCompany)willnottakeadvantageoftherighttoenterintoatransactionwithSanhuaintellectualcontrolsusingthepositionasashareholder.3.Iftherearenecessaryandunavoidablerelatedpartytransactions,I(ortheCompany)andthecontrolledenterpriseswillsignagreementswithSanhuaintelligentcontrolsinaccordancewiththeprinciplesoffairness,followlegalprocedures,andperformtheinformationdisclosureobligationsinaccordancewiththerequirementsofrelevantlaws,regulatorydocumentsandthearticlesofassociation.Itshallalsoperformrelevantinternaldecision-makingandapprovalprocedurestoensurethatitwillnotconducttransactionswithSanhuaintelligentcontrolsontermsthatareobviouslyunfaircomparedwiththemarketprice,andwillnotusesuchtransactionstoengageinany | July24,2015 | Longterm | Strictperformance |
| behaviorthatdamagesthelegitimaterightsandinterestsofSanhuaintelligentcontrolsandothershareholders. | |||||
| ZhangDaocai,ZhangYabo,ZhangShaobo,controllingshareholderSanhuaHoldingGroupCo.,Ltd. | OtherCommitment | ZhangDaocai,ZhangYabo,ZhangShaoboandSanhuaholdingGroup,thecontrollingshareholderoftheCompany,madethefollowingcommitments:afterthecompletionofthetransaction,SanhuaintelligentcontrolswillcontinuetoimprovethecorporategovernancestructureandindependentoperationoftheCompanymanagementsysteminaccordancewiththerequirementsofrelevantlawsandregulationsandthearticlesofAssociation,andcontinuetomaintaintheindependenceofSanhuaintelligentcontrolsinbusiness,assets,finance,institutions,personnel,etc.toprotecttheinterestsofallshareholders. | July24,2015 | Longterm | Strictperformance |
| ZhangDaocai,ZhangYabo,ZhangShaobo,controllingshareholderSanhuaHoldingGroupCo.,Ltd.,ZhejiangSanhuaLvnengIndustrialGroupCo.,Ltd. | Commitmentonhorizontalcompetition,relatedpartytransactionsandcapitaloccupation | 1.I(ortheCompany)andthecontrolledenterpriseswillreducetherelatedpartytransactionswithSanhuaintelligentcontrolsasfaraspossible,andwillnotusethepositionasashareholderofSanhuaintellectualcontrolstoseekthesuperiorrightsforbusinesscooperationwithSanhuaintelligentcontrolscomparedwithotherthirdparties;2.I(ortheCompany)willnotusemypositionasashareholderofSanhuaintellectualcontrolstoseekforthepriorityrighttocooperatewithSanhuaintellectualcontrols;3.Iftherearenecessaryandunavoidablerelatedpartytransactions,I(ortheCompany)andthecontrolledenterpriseswillsignagreementswithSanhuaintelligentcontrolsinaccordancewiththeprinciplesoffairness,followlegalprocedures,andperformtheinformationdisclosureobligationsinaccordancewiththerequirementsofrelevantlaws,regulatorydocumentsandthearticlesofassociation.It | September18,2017 | Longterm | Strictperformance |
| shallalsoperformrelevantinternaldecision-makingandapprovalprocedurestoensurethatitwillnotconducttransactionswithSanhuaintelligentcontrolsontermsthatareobviouslyunfaircomparedwiththemarketprice,andwillnotusesuchtransactionstoengageinanybehaviorthatdamagesthelegitimaterightsandinterestsofSanhuaintelligentcontrolsandothershareholders. | |||||
| ZhangDaocai,ZhangYabo,ZhangShaobo,controllingshareholderSanhuaHoldingGroupCo.,Ltd.,ZhejiangSanhuaLvnengIndustrialGroupCo.,Ltd. | Commitmentonhorizontalcompetition,relatedpartytransactionsandcapitaloccupation | 1.I(ortheCompany)willnotdirectlyorindirectlyengageinorparticipateinanybusinessthatmayconstitutepotentialdirectorindirectcompetitionwithSanhuaintelligentcontrolsanditssubordinateenterprises;guaranteedthatlegalandeffectivemeasureswillbetakentourgeotherenterprisescontrolledbyme(ortheCompany)nottoengageinorparticipateinanybusinessthatiscompetitivewithSanhuaintelligentcontrolsanditssubordinateenterprisesBusiness.2.IfSanhuaintelligentcontrolsfurtherexpandsitsbusinessscope,I(ortheCompany)andotherenterprisescontrolledbyme(ortheCompany)willnotcompetewithSanhuaintelligentcontrols'expandedbusiness;ifitispossibletocompetewithSanhuaintelligentcontrols'businessafterexpansion,I(ortheCompany)andotherenterprisescontrolledbyme(ortheCompany)willwithdrawfromSanhuaintelligentcontrolsinthefollowingwaysofcompetition:A.stopthebusinessesthatcompeteormaycompetewithSanhuaintelligentcontrols;B.injectthecompetitivebusinessintoSanhuaintelligentcontrols;C.transferthecompetitivebusinesstoanunrelatedthirdparty.3.IfI(ortheCompany)andotherenterprisescontrolledbyme(ortheCompany)haveanybusinessopportunitiestoengageinandparticipateinanyactivitiesthatmaycompetewithSanhuaintelligentcontrols'businessoperation,theyshallimmediatelyinform | September18,2017 | Longterm | Strictperformance |
| Sanhuaintelligentcontrolsoftheabovebusinessopportunities.IfSanhuaintelligentcontrolsmakesanaffirmativereplytotakeadvantageofthebusinessopportunitywithinareasonableperiodspecifiedinthenotice,itshalldoitsbesttogivethebusinessopportunitytoSanhuaintelligentcontrols.4.Incaseofbreachoftheabovecommitment,I(ortheCompany)iswillingtobearallresponsibilitiesarisingtherefromandfullycompensatealldirectorindirectlossescausedtoSanhuaintelligentcontrols. | ||||||
| ZhangDaocai,ZhangYabo,ZhangShaobo,controllingshareholderSanhuaHoldingGroupCo.,Ltd.,ZhejiangSanhuaLvnengIndustrialGroupCo.,Ltd. | Othercommitment | Afterthecompletionofthetransaction,thelistedCompanywillcontinuetoimprovethecorporategovernancestructureandindependentoperationoftheCompanymanagementsysteminaccordancewiththerequirementsofrelevantlawsandregulationsandthearticlesofassociation,continuetomaintaintheindependenceofthelistedCompanyinbusiness,assets,finance,institutions,personnelandotheraspects,andeffectivelyprotecttheinterestsofallshareholders. | September18,2017 | Longterm | Strictperformance | |
| Commitmentmadeduringinitialpublicofferingorrefinancing | ZhangDaocai,controllingshareholderSanhuaHoldingGroupCo.,Ltd. | Commitmentonhorizontalcompetition,relatedpartytransactionsandcapitaloccupation | ThecommitmentmadeatthetimeofIPO,itshallnotengageinthesameproduction,operationorbusinessastheCompanyinthefuture.InordertoavoidbusinesscompetitionwiththeCompanyandclarifythenon-competitionobligations,SanhuaHoldingGroup,onbehalfofitselfanditssubsidiarieswithmorethan50%equity,makesacommitmenttoSanhuaintelligentcontrolstoavoidpossiblehorizontalcompetition. | June72005 | Longterm | Strictperformance |
| OthercommitmentsmadetominorityshareholdersoftheCompany | ThecontrollingshareholdersofthelistedCompanySanhuaHoldingGroupCo.,Ltd.,ZhejiangSanhuaLvnengIndustrial | Othercommitment | WillnotactivelyreduceholdingsoftheCompany'sshareswithineighteenmonthsfromAugust18,2022. | August18,2022 | February17,2024 | Strictperformance |
| GroupCo.,Ltd.,andMr.ZhangYabo | ||
| Arethecommitmentsfulfilledontime | Yes | |
| Intheeventthatcommitmentsremainunfilfilledbeyondtheprescribeddeadline,theobligatedpartyshallsubmitadetailedexplanationofthespecificcausesforincompleteperformanceandformulateacomprehensiveroadmapforsubsequentremedialactions. | Notapplicable | |
2.IfthereisaprofitforecastfortheCompany'sassetsorprojects,andthereportingperiodisstillintheprofitforecastperiod,theCompanyshallexplainthereasonsfortheassetsorprojectsreachingtheoriginalprofitforecast
□Applicable√Notapplicable
II.TheCompany’sfundsusedbythecontrollingshareholderoritsrelatedpartiesfornon-
operatingpurposes.
□Applicable√NotapplicableNosuchcaseduringthereportingperiod.III.Illegalexternalguarantee
□Applicable√NotapplicableNoillegalexternalguaranteesduringthereportingperiod.IV.ExplanationGivenbytheBoardofDirectorsRegardingthe“Non-standardAuditor’s
Report”IssuedbytheCPAFirmfortheReportingPeriod
□Applicable√Notapplicable
V.ExplanationGivenbytheBoardofDirectors,BoardofSupervisorsandIndependent
Directors(ifany)Regardingthe“Non-standardAuditor’sReport”IssuedbytheCPAFirmfortheReportingPeriod
□Applicable√Notapplicable
VI.Forchangesinaccountingpolicies,accountingestimatesandaccountingmethodsas
comparedtothefinancialreportfortheprioryear
√Applicable□NotapplicableChangesinAccountingPoliciesduetoAmendmentstotheAccountingStandardsforBusinessEnterprises
1.EffectiveJanuary1,2024,theCompanyhasadoptedtheprovisionsofAccountingStandardsforBusinessEnterprisesInterpretationNo.17issuedbytheMinistryofFinanceregardingthe"ClassificationofCurrentLiabilitiesandNon-currentLiabilities,"withadjustmentsmadetocomparableperiodinformation.ThisaccountingpolicychangehasnoimpactontheCompany'sfinancialstatements.
2.EffectiveJanuary1,2024,theCompanyhasimplementedthedisclosurerequirementsunderAccountingStandardsforBusinessEnterprisesInterpretationNo.17pertainingto"SupplierFinancingArrangements."
3.EffectiveJanuary1,2024,theCompanyhasappliedtheaccountingtreatmentprovisionsofAccountingStandardsforBusinessEnterprisesInterpretationNo.17concerning"SaleandLeasebackTransactions."ThisaccountingpolicychangehasnoimpactontheCompany'sfinancialstatements.
4.EffectiveJanuary1,2024,theCompanyhasadoptedtheprovisionsofAccountingStandardsforBusinessEnterprisesInterpretationNo.18regarding"AccountingTreatmentforWarranty-typeQualityAssuranceNotConstitutingaSinglePerformanceObligation,"withretrospectiveadjustmentsappliedtocomparableperiods.Thespecificadjustmentsareasfollows:
| MateriallyAffectedFinancialStatementItems | 2023ImpactAmount | |
| ConsolidatedIncomeStatement | ParentCompanyIncomeStatement | |
| 2023ConsolidatedIncomeStatementItems | ||
| Salesofcost | +65,738,686.79 | +7,001,846.35 |
| SellingExpenses | -65,738,686.79 | -7,001,846.35 |
VII.Explanationforchangesinscopeoftheconsolidatedfinancialstatementsascompared
tothefinancialreportfortheprioryear
√Applicable□Notapplicable
1.Increaseinconsolidationscope
| Name | Equityacquisitionmethod | Dateofequityacquisition | ActualcapitalcontributionattheendOftheperiod | Proportionofcapitalcontribution |
| HangzhouLvnengNewEnergyAutomotiveComponentsCo.,Ltd. | ContractualEquity | 2024-09-30 | RMB7.7million | 100% |
| Name | Equityacquisitionmethod | Dateofequityacquisition | ActualcapitalcontributionattheendOftheperiod | Proportionofcapitalcontribution |
| Transfer | ||||
| ZhejiangSanhuaIntelligentDriveCo.,Ltd. | GreenfieldEquityInvestment | 2024-06-04 | RMB74million | 100% |
| ZhejiangShengtaiPaperIndustryCo.,Ltd. | GreenfieldEquityInvestment | 2024-06-20 | RMB21million | 70% |
| SanhuaAutomotiveComponentsKoreaCo.,Ltd. | GreenfieldEquityInvestment | 2024-07-08 | 90,000KRW | 100% |
| SanhuaInternationalSingaporePTE.Ltd.(Consolidated) | GreenfieldEquityInvestment | 2024-08-28 | 0.00 | 100% |
| SanhuaIntelligentDrive(Thailand)Co.,Ltd. | GreenfieldEquityInvestment | 2024-11-01 | 0.00 | 100% |
| SANHUATROYPROPERTYMANAGEMENT,LLC | GreenfieldEquityInvestment | 2024-06-28 | 0.00 | 100% |
2.Reductioninconsolidationscope
| Name | Equitydisposalmethod | Dateofequitydisposal | Netassetsondisposaldate | Netprofitfromthebeginningoftheperiodtothedateofdisposal |
| AmericanTubingInternationalLeveragelenderLLC | Cancellation | 2024-10-09 | — | — |
VIII.EngagementanddisengagementoftheCPAfirm
CPAfirmengagedatpresent
| NameofthedomesticCPAfirm | Pan-ChinaCertifiedPublicAccountantsLLP. |
| Remunerationofdomesticaccountingfirms(in10,000yuan) | 318 |
| ConsecutiveyearsoftheauditserviceprovidedbythedomesticCPAfirm | 24 |
| NameofthecertifiedpublicaccountantsfromthedomesticCPAfirm | QianZhongxian,OuyangXiaoyun,ZhouHeng |
| ConsecutiveyearsoftheauditserviceprovidedbythecertifiedpublicaccountantsfromthedomesticCPAfirm | QianZhongxianhasbeeninservicefor1consecutiveyearOuyangXiaoyunhasbeeninservicefor1consecutiveyearZhouHenghasbeeninservicefor1consecutiveyear |
WhethertheCPAfirmwaschangedinthecurrentperiod
□Yes√NoEngagementofinternalcontrolauditCPAfirm,financialadvisororsponsor
√Applicable□NotapplicableDuringthereportingperiod,theCompanyengagedPan-ChinaCertifiedPublicAccountantsLLP.astheinternalcontrolauditaccountingfirm,withaninternalcontrolauditfeeofRMB212,000.
IX.Listingsuspensionandterminationafterdisclosureofthisannualreport
□Applicable√NotapplicableX.BankruptcyandRestructuring
□Applicable√NotapplicableNosuchcaseduringthereportingperiod.XI.MaterialLitigationandArbitration
□Applicable√NotapplicableNosuchcaseduringthereportingperiod.XII.PunishmentsandRectifications
□Applicable√NotapplicableNosuchcaseduringthereportingperiod.XIII.IntegrityoftheCompanyandItsControllingShareholdersandActualControllers
□Applicable√NotapplicableXIV.SignificantRelated-partyTransaction
1.Related-partytransactionsarisingfromroutineoperation
□Applicable√NotapplicableNosuchcaseinthereportingperiod.
2.Related-partytransactionsregardingpurchaseanddisposalofassetsorequity
□Applicable√NotapplicableNosuchcaseinthereportingperiod.
3.Significantrelated-partytransactionsarisingfromjointinvestmentsonexternalparties
□Applicable√NotapplicableNosuchcaseinthereportingperiod.
4.Relatedcreditanddebttransactions
□Applicable√NotapplicableNosuchcaseinthereportingperiod.
5.Transactionswithrelatedfinancialcompanies
□Applicable√NotapplicableNosuchcaseinthereportingperiod.
6.TransactionsbetweenfinancialcompaniescontrolledbytheCompanyandrelatedparties
□Applicable√NotapplicableNosuchcaseinthereportingperiod.
7.Othersignificantrelatedpartytransactions
□Applicable√NotapplicableNosuchcaseinthereportingperiod.
XV.SignificantContractsandExecution
1.Mattersontrusteeship,contracting,andleasing
（1）Trusteeship
□Applicable√NotapplicableNosuchcaseinthereportingperiod.
（2）Contracting
□Applicable√NotapplicableNosuchcaseinthereportingperiod.
（3）Leasing
√Applicable□NotapplicableIllustrationofleaseFordetailsofrelatedinformationaboutleasing,pleaserefertothe"LeaseDisclosures"subsectionwithin"15.OtherSignificantMatters"of“SectionXfinancialreport”.Itemswithprofitandlossexceeding10%ofthetotalprofitoftheCompanyinthereportperiod
□Applicable√NotapplicableDuringthereportingperiod,thereisnoleasingprojectwithprofitandlossofmorethan10%ofthetotalprofitoftheCompanyduringthereportingperiod.
2.Significantguarantees
√Applicable□Notapplicable
Unit:RMBin10thousand
| ExternalGuaranteesfromtheCompanyanditsSubsidiaries(ExcludingGuaranteestotheSubsidiaries) | ||||||||||
| GuaranteedParty | AnnouncementDateofDisclosureoftheGuaranteeAmount | GuaranteeAmount | ActualOccurrenceDate | ActualGuaranteeAmount | TypeofGuarantee | Collateral(ifany) | Counterguarantee(ifany) | TermofGuarantee | Dueornot | GuaranteeforRelatedPartiesorNot |
| Company'sGuaranteestoSubsidiaries | ||||||||||
| GuaranteedParty | AnnouncementDateofDisclosureoftheGuaranteeAmount | GuaranteeAmount | ActualOccurrenceDate | ActualGuaranteeAmount | TypeofGuarantee | Collateral(ifany) | Counterguarantee(ifany) | TermofGuarantee | Dueornot | GuaranteeforRelatedPartiesorNot |
| SANHUAINTERNATIONALSINGAPOREPTE.LTD. | 2022.8.13 | 240,000 | 202.3.24 | 5,267.99 | Jointliabilityguarantee | 2023.3.24-2024.3.23 | Yes | Yes | ||
| GuangdongSanhuaNewEnergyVehicleComponentsCo.,Ltd. | 2023.11.7 | 500 | 2023.11.29 | 500 | Jointliabilityguarantee | 2023.11.29-2024.4.2 | Yes | Yes | ||
| SANHUAINTERNATIONALSINGAPOREPTE.LTD. | 2023.4.29 | 340,000 | 2023.5.4 | 3,010.28 | Jointliabilityguarantee | 2023.5.4-2024.5.3 | Yes | Yes | ||
| SANHUAINTERNATIONALSINGAP | 2023.4.29 | 340,000 | 2023.5.4 | 4,515.42 | Jointliabilityguarantee | 2023.5.4-2024.5.3 | Yes | Yes | ||
| OREPTE.LTD. | |||||||||
| SANHUAINTERNATIONALSINGAPOREPTE.LTD. | 2023.4.29 | 340,000 | 2023.5.11 | 3,762.85 | Jointliabilityguarantee | 2023.5.11-2024.5.10 | Yes | Yes | |
| SANHUAINTERNATIONALSINGAPOREPTE.LTD. | 2023.4.29 | 340,000 | 2023.5.22 | 14,298.83 | Jointliabilityguarantee | 2023.5.22-2024.5.21 | Yes | Yes | |
| SANHUAINTERNATIONALSINGAPOREPTE.LTD. | 2023.4.29 | 340,000 | 2023.5.31 | 7,525.7 | Jointliabilityguarantee | 2023.5.31-2024.5.30 | Yes | Yes | |
| SANHUAINTERNATIONAL,INC. | 2023.4.29 | 95,000 | 2023.6.9 | 10,782.6 | Jointliabilityguarantee | 2023.6.9-2024.6.5 | Yes | Yes | |
| SANHUAINTERNATIONALSINGAPOREPTE.LTD. | 2023.4.29 | 340,000 | 2023.5.11 | 2,156.52 | Jointliabilityguarantee | 2023.5.11-2024.7.8 | Yes | Yes | |
| SANHUAINTERNATIONAL,INC. | 2023.4.29 | 95,000 | 2023.9.8 | 2,875.36 | Jointliabilityguarantee | 2023.9.8-2024.9.6 | Yes | Yes | |
| SANHUAINTERNATIONAL,INC. | 2023.4.29 | 95,000 | 2023.9.1 | 1,437.68 | Jointliabilityguarantee | 2023.9.1-2024.9.30 | Yes | Yes |
| SANHUAINTERNATIONALSINGAPOREPTE.LTD. | 2023.4.29 | 340,000 | 2023.8.21 | 14,376.8 | Jointliabilityguarantee | 2023.8.21-2024.8.20 | Yes | Yes | |
| SANHUAINTERNATIONALSINGAPOREPTE.LTD. | 2023.4.29 | 340,000 | 2023.10.20 | 5,267.99 | Jointliabilityguarantee | 2023.10.20-2024.10.19 | Yes | Yes | |
| SANHUAINTERNATIONALSINGAPOREPTE.LTD. | 2023.4.29 | 340,000 | 2023.10.25 | 4,515.42 | Jointliabilityguarantee | 2023.10.25-2024.10.24 | Yes | Yes | |
| SANHUAINTERNATIONALSINGAPOREPTE.LTD. | 2023.4.29 | 340,000 | 2023.11.20 | 7,525.7 | Jointliabilityguarantee | 2023.11.20-2024.11.19 | Yes | Yes | |
| SANHUAINTERNATIONALSINGAPOREPTE.LTD. | 2023.4.29 | 340,000 | 2023.11.20 | 7,188.4 | Jointliabilityguarantee | 2023.11.20-2024.11.19 | Yes | Yes | |
| SANHUAINTERNATIONALSINGAPOREPTE.LTD. | 2023.4.29 | 340,000 | 2023.12.7 | 9,783.41 | Jointliabilityguarantee | 2023.12.7-2024.12.6 | Yes | Yes | |
| ZhejiangSanhuaHeat | 2024.4.30 | 20,000 | 2024.6.28 | 5,000 | Jointliabilityguarante | 2024.6.28-2029.7.2 | Yes | Yes |
| ExchangerCo.,Ltd. | e | 0 | |||||||
| GuangdongSanhuaNewEnergyVehicleComponentsCo.,Ltd. | 2023.11.7 | 500 | 2024.4.25 | 1,105.88 | Jointliabilityguarantee | 2024.4.25-2024.11.30 | Yes | Yes | |
| GuangdongSanhuaNewEnergyVehicleComponentsCo.,Ltd. | 2023.11.7 | 500 | 2024.4.25 | 62.67 | Jointliabilityguarantee | 2024.4.25-2024.11.30 | Yes | Yes | |
| GuangdongSanhuaNewEnergyVehicleComponentsCo.,Ltd. | 2023.11.7 | 500 | 2024.4.25 | 647.41 | Jointliabilityguarantee | 2024.4.25-2024.11.30 | Yes | Yes | |
| GuangdongSanhuaNewEnergyVehicleComponentsCo.,Ltd. | 2023.11.07 | 500 | 2024.4.25 | 989.29 | Jointliabilityguarantee | 2024.4.25-2024.12.30 | Yes | Yes | |
| GuangdongSanhuaNewEnergyVehicleComponentsCo.,Ltd. | 2023.11.7 | 500 | 2024.4.25 | 935.38 | Jointliabilityguarantee | 2024.4.25-2024.12.30 | Yes | Yes | |
| SANHUAINTERNATIONAL,INC. | 2024.4.30 | 95,000 | 2024.6.6 | 10,782.6 | Jointliabilityguarantee | 2024.6.6-2025.6.4 | Yes | Yes | |
| SanhuaAWECO | 2024.4.30 | 350,000 | 2024.7.29 | 1,505.14 | Jointliabilityguarante | 2024.7.29-2024.10. | Yes | Yes |
| ApplianceSystemsGmbH | e | 31 | |||||||
| SanhuaAWECOApplianceSystemsGmbH | 2024.4.30 | 350,000 | 2024.11.4 | 752.57 | Jointliabilityguarantee | 2024.11.4-2024.11.29 | Yes | Yes | |
| SanhuaAWECOApplianceSystemsGmbH | 2024.4.30 | 350,000 | 2024.9.9 | 1,505.14 | Jointliabilityguarantee | 2024.9.9-2024.12.9 | Yes | Yes | |
| SanhuaAWECOApplianceSystemsGmbH | 2024.4.30 | 350,000 | 2024.9.9 | 1,505.14 | Jointliabilityguarantee | 2024.9.9-2024.12.9 | Yes | Yes | |
| SanhuaAWECOApplianceSystemsGmbH | 2024.4.30 | 350,000 | 2024.12.9 | 1,505.14 | Jointliabilityguarantee | 2024.12.9-2025.2.10 | No | Yes | |
| SanhuaAWECOApplianceSystemsGmbH | 2024.4.30 | 350,000 | 2024.12.9 | 1,505.14 | Jointliabilityguarantee | 2024.12.9-2025.2.10 | No | Yes | |
| SANHUAINTERNATIONALSINGAPOREPTE.LTD. | 2023.4.29 | 340,000 | 2024.3.24 | 5,267.99 | Jointliabilityguarantee | 2024.3.24-2025.3.23 | No | Yes | |
| SANHUAINTERNATIONALSINGAPOREPTE.LTD. | 2024.4.30 | 360,000 | 2024.5.3 | 3,010.28 | Jointliabilityguarantee | 2024.5.3-2025.5.2 | No | Yes |
| SANHUAINTERNATIONALSINGAPOREPTE.LTD. | 2024.4.30 | 360,000 | 2024.5.3 | 4,515.42 | Jointliabilityguarantee | 2024.5.3-2025.5.2 | No | Yes | |
| SANHUAINTERNATIONALSINGAPOREPTE.LTD. | 2024.4.30 | 360,000 | 2024.5.10 | 3,762.85 | Jointliabilityguarantee | 2024.5.10-2025.5.9 | No | Yes | |
| SANHUAINTERNATIONALSINGAPOREPTE.LTD. | 2024.4.30 | 360,000 | 2024.5.21 | 14,298.83 | Jointliabilityguarantee | 2024.5.21-2025.5.20 | No | Yes | |
| SANHUAINTERNATIONALSINGAPOREPTE.LTD. | 2024.4.30 | 360,000 | 2024.5.30 | 7,525.7 | Jointliabilityguarantee | 2024.5.30-2025.5.29 | No | Yes | |
| SANHUAINTERNATIONALSINGAPOREPTE.LTD. | 2024.4.30 | 360,000 | 2024.7.3 | 2,156.52 | Jointliabilityguarantee | 2024.7.3-2025.7.2 | Yes | Yes | |
| SANHUAINTERNATIONALSINGAPOREPTE.LTD. | 2024.4.30 | 360,000 | 2024.8.20 | 7,188.4 | Jointliabilityguarantee | 2024.8.20-2025.8.19 | No | Yes | |
| SANHUAINTER | 2024.4.30 | 360,000 | 2024.8.20 | 7,188.4 | Jointliabilityguarante | 2024.8.20-2025.8.1 | No | Yes |
| NATIONALSINGAPOREPTE.LTD. | e | 9 | |||||||
| SANHUAINTERNATIONAL,INC. | 2024.4.30 | 95,000 | 2024.9.4 | 2,156.52 | Jointliabilityguarantee | 2024.9.4-2025.9.3 | No | Yes | |
| SANHUAINTERNATIONAL,INC. | 2024.4.30 | 95,000 | 2024.9.27 | 2,515.94 | Jointliabilityguarantee | 2024.9.27-2025.9.26 | No | Yes | |
| SANHUAINTERNATIONALSINGAPOREPTE.LTD. | 2024.4.30 | 360,000 | 2024.10.20 | 5,267.99 | Jointliabilityguarantee | 2024.10.20-2025.10.19 | No | Yes | |
| SANHUAINTERNATIONALSINGAPOREPTE.LTD. | 2024.4.30 | 360,000 | 2024.10.25 | 4,515.42 | Jointliabilityguarantee | 2024.10.25-2025.10.24 | No | Yes | |
| SANHUAINTERNATIONALSINGAPOREPTE.LTD. | 2024.4.30 | 360,000 | 2024.11.19 | 7,525.7 | Jointliabilityguarantee | 2024.11.19-2025.11.18 | No | Yes | |
| SANHUAINTERNATIONALSINGAPOREPTE.LTD. | 2024.4.30 | 360,000 | 2024.11.19 | 7,188.4 | Jointliabilityguarantee | 2024.11.19-2025.11.18 | No | Yes | |
| SANHUAINTER | 2024.4.30 | 360,000 | 2024.12.6 | 9,783.41 | Jointliabilityguarante | 2024.12.6-2025.12. | No | Yes |
| NATIONALSINGAPOREPTE.LTD. | e | 5 | ||||||||
| TotalAmountofGuaranteestoSubsidiariesApprovedduringtheReportingPeriod(B1) | 810,000 | TotalAmountofGuaranteestoSubsidiariesActuallyOccurredduringtheReportingPeriod(B2) | 226,460.21 | |||||||
| TotalAmountofGuaranteestoSubsidiariesApprovedbytheEndoftheReportingPeriod(B3) | 810,000 | TotalBalanceofGuaranteesActuallyPaidtoSubsidiariesattheEndoftheReportingPeriod(B4) | 94,721.53 | |||||||
| Subsidiaries'GuaranteestoSubsidiaries | ||||||||||
| GuaranteedParty | AnnouncementDateofDisclosureoftheGuaranteeAmount | GuaranteeAmount | ActualOccurrenceDate | ActualGuaranteeAmount | TypeofGuarantee | Collateral(ifany) | Counterguarantee(ifany) | TermofGuarantee | Dueornot | GuaranteeforRelatedPartiesorNot |
| ThetotalamountoftheCompany'sguarantees(thetotaloftheabovethreeitems) | ||||||||||
| TotalAmountofGuaranteesApprovedduringtheReportingPeriod(A1+B1+C1) | 810,000 | TotalAmountofGuaranteesActuallyOccurredduringtheReportingPeriod(A2+B2+C2) | 226,460.21 | |||||||
| TotalAmountofGuaranteesApprovedbytheEndoftheReportingPeriod(A3+B3+C3) | 810,000 | TotalBalanceofGuaranteesActuallyPaidattheEndoftheReportingPeriod(A4+B4+C4) | 94,721.53 | |||||||
| TotalAmountofActualGuarantees(A4+B4+C4)asaPercentageoftheCompany'sNetAssets | 4.91% | |||||||||
| Ofwhich: | ||||||||||
| OutstandingGuaranteesProvidedtoShareholders,ActualControllers,andTheirRelatedParties(D) | 0 | |||||||||
| BalanceofDebtGuaranteesDirectlyorIndirectlyOfferedtoGuaranteedObjectswithAsset-liabilityRatioExceeding70%(E) | 3,010.28 | |||||||||
| AmountExceeding50%ofNetAssetsinTotalGuarantees(F) | 0 | |||||||||
| TotalAmountoftheAboveThreeGuarantees(D+E+F) | 3,010.28 | |||||||||
3.Entrustingotherstomanagecashassets
(1)Entrustedfinancing
√Applicable□NotapplicableEntrustedfinancingduringthereportingperiod
Unit:RMBin10thousand
| Specifictype | Capitalsource | Amount | Balancebeforematurity | Overdueuncollectedamount | Accruedimpairmentamountofoverdueunrecoveredfinancialmanagement |
| Bankfinancialproducts | Ownfunds,RaisedCapital | 163,500 | 163,500 | ||
| SecuritiesCompanyWealthManagementProducts | Ownfunds,RaisedCapital | 149,399.9 | 139,399.9 | ||
| Total | 312,899.9 | 302,899.9 | |||
Detailsofhigh-riskentrustedfinancialmanagementwithlargesingleamount,lowsecurityorpoorliquidity
□Applicable√NotapplicableTheprincipalofentrustedfinancialmanagementisexpecteduncollectibleorthereareothersituationsthatmayleadtoimpairment
□Applicable√Notapplicable
(2)Entrustedloans
□Applicable√NotapplicableNosuchcaseinthereportingperiod.
4.Significantcontractsinoperation
□Applicable√NotapplicableNosuchcaseinthereportingperiod.XVI.OtherSignificantEvents
√Applicable□Notapplicable
1.RepurchaseofcompanysharesThe30thInterimMeetingoftheSeventhBoardofDirectorsconvenedonDecember30,2024,reviewedandapprovedtheProposalontheShareRepurchasePlan.TheCompanyutilizedself-ownedfundsandspecializedsharerepurchaseloancapitaltorepurchasesharesthroughcentralizedbiddingontheShenzhenStockExchange,withtherepurchasedsharesdesignatedforsubsequentequityincentiveplansoremployeestockownershipprograms.ThemaximumrepurchasepricewouldnotexceedRMB36.00pershare,withtotalrepurchasefunds
rangingbetweenRMB300millionandRMB600million.Therepurchaseperiodwillspan12monthsfromthedateofboardapproval.FurtherdetailsareavailableintheofficialannouncementspublishedbytheCompanyontheJuchaoInformationNetwork(www.cninfo.com.cn).XVII.SignificantEventsoftheCompany’sSubsidiaries
□Applicable√Notapplicable
SectionVIIChangesinSharesandInformationaboutShareholdersI.ChangesinShares
1.Changesinshares
Unit:Share
| Beforethechange | Changesintheperiod(+,-) | Afterthechange | |||||||
| Shares | Ratio | NewSharesIssued | Bonusshare | Sharetransferredfromcapitalreserve | Others | Sub-total | Shares | Ratio | |
| 1.Sharessubjecttoconditionalrestriction(s) | 42,522,191 | 1.14% | 19,417,311 | 19,417,311 | 61,939,502 | 1.66% | |||
| 1)Sharesheldbystates | |||||||||
| 2)Sharesheldbystate-ownedcorporations | |||||||||
| 3)Sharesheldbyotherdomesticinvestors | 42,466,191 | 1.14% | 19,441,311 | 19,441,311 | 61,907,502 | 1.66% | |||
| Ofwhich:Sharesheldbydomesticcorporations | |||||||||
| Sharesheldbydomesticindividuals | 42,466,191 | 1.14% | 19,441,311 | 19,441,311 | 61,907,502 | 1.66% | |||
| 4)Sharesheldbyoverseasinvestors | 56,000 | 0.00% | -24,000 | -24,000 | 32,000 | 0.00% | |||
| Ofwhich:Sharesheldbyoverseascorporations | |||||||||
| Sharesheldbyoverseasindividuals | 56,000 | 0.00% | -24,000 | -24,000 | 32,000 | 0.00% | |
| 2.Shareswithoutrestriction | 3,690,093,344 | 98.86% | -19,643,311 | -19,643,311 | 3,670,450,033 | 98.34% | |
| 1)RMBcommonshares | 3,690,093,344 | 98.86% | -19,643,311 | -19,643,311 | 3,670,450,033 | 98.34% | |
| 2)Domesticallylistedforeignshares | |||||||
| 3)Foreignshareslistedoverseas | |||||||
| 4)Others | |||||||
| 3.Total | 3,732,615,535 | 100.00% | -226,000 | -226,000 | 3,732,389,535 | 100.00% |
Reasonforthechangesinsharecapital
√Applicable□Notapplicable
1.Atthebeginningofeachyear,thenumberoflockedsharesshouldbere-calculatedaccordingto75%ofthetotalnumberofsharesheldbytheseniormanagement.
2.UndertheCompany's2024restrictedsharesincentiveplan,24.91millionrestrictedsharesweregrantedto1,933incentiverecipients,withthesharessourcedfromthecompany'srepurchaseaccountandtradablesharesbeingconvertedintorestrictedshares.
3.June29,2024,thesecondvestingperiodofthe2022restrictedshareincentiveplanwascompleted,and5.133millionrestrictedsharesof1,313incentiverecipientswhomeettheconditionswerereleased.
4.TheCompanyhasrepurchasedandcanceled226,000restrictedsharesheldby33incentiverecipientswhodonotmeettheconditionsunderthe2022RestrictedShareIncentivePlan.Approvalforchangesinsharecapital
√Applicable□Notapplicable
1.Underthe2024restrictedstockincentiveplan,thetotalof24.91millionrestrictedsharesweregrantedto1,933incentiverecipientswiththepriceofRMB11.75persharebyJune19,2024.Theapprovaldetailsareasfollows:
(1)April19,2024,theCompanyheldthe20thextraordinarymeetingofthe7thBoardofDirectorsandthe17thextraordinarymeetingofthe7thBoardofSupervisors,respectively,inwhich,Resolutiononthe'2024RestrictedShareIncentivePlan(Draft)'andItsSummaryofZhejiangSanhuaIntelligentControlsCo.,Ltd.,Resolutiononthe'ImplementationandAssessmentManagementMeasuresforthe2024EquityIncentivePlanofZhejiangSanhuaIntelligentControlsCo.,Ltd.andResolutiononRequestingtheGeneralShareholders'Meetingto
AuthorizetheBoardofDirectorstoHandleMattersRelatedtothe2024EquityIncentivePlanwereapprovedbytheCompensationandAssessmentCommitteeoftheBoardofDirectors.
(2)April30,2024,theCompanydisclosedinannouncementtheSupervisoryCommittee'sReportonthePublicDisclosureandVerificationoftheGranteeListforthe2024EquityIncentivePlan.
(3)May6,2024,thefirstextraordinarygeneralmeetingofshareholdersin2024washeld,inwhich,Resolutiononthe'2024RestrictedShareIncentivePlan(Draft)'andItsSummaryofZhejiangSanhuaIntelligentControlsCo.,Ltd.,Resolutiononthe'ImplementationandAssessmentManagementMeasuresforthe2024EquityIncentivePlanofZhejiangSanhuaIntelligentControlsCo.,Ltd.andResolutiononAuthorizingtheBoardofDirectorstoHandleMattersRelatedtothe2024EquityIncentivePlanwereapproved.
(4)May13,2024,the22ndextraordinarymeetingofthe7thBoardofDirectorsandthe19thextraordinarymeetingofthe7thBoardofSupervisorsapprovedtheResolutiononGrantingRestrictedSharestoGranteesunderthe2024RestrictedShareIncentivePlan.TheseresolutionshadbeenpreviouslyapprovedbytheCompensationandAssessmentCommitteeoftheBoardofDirectors.
(5)June3,2024,the23rdextraordinarymeetingofthe7thBoardofDirectorsandthe20thextraordinarymeetingofthe7thBoardofSupervisorsapprovedtheResolutiononGrantingRestrictedSharestoDeferredGranteesundertheCompany's2024RestrictedShareIncentivePlanandResolutiononAdjustingtheListofGrantees,GrantQuantity,andGrantPriceunderthe2024RestrictedShareIncentivePlan.TheseresolutionshadbeenpreviouslyapprovedbytheCompensationandAssessmentCommitteeoftheBoardofDirectors.
(6)June20,2024,thesecondextraordinarygeneralmeetingofshareholdersin2024washeld,inwhichProposalonrepurchaseandcancellationofsomerestrictedshareswasapproved.TheCompanyrepurchasedandcancelled22,600restrictedsharesheldbyunqualifiedincentiveobjectsinthe2022restrictedstockincentiveplan.
2.June3,2024,the23rdextraordinarymeetingofthe7thBoardofDirectorsandthe20thextraordinarymeetingofthe7thBoardofSupervisorsapprovedtheResolutiononFulfillmentofReleaseConditionsfortheSecondVestingPeriodunderthe2022RestrictedShareIncentivePlanandResolutiononRepurchaseandCancellationofPortionofRestrictedShares.TheseresolutionswerepreviouslyapprovedbytheCompensationandAssessmentCommitteeoftheBoardofDirectors.Atotalof1,313incentiverecipientshavemetthereleaseconditions,with
5.133millionshareseligibleforreleasefromrestrictions.Transferofshares
√Applicable□Notapplicable
1.May13,2024andJune3,2024,theCompanygrantedatotalof24.91millionrestrictedsharesto1,933incentiverecipients.ThesharetransferregistrationforrestrictedshareswasformallycompletedonJune19,2024.
2.In2024,theCompanyrepurchasedandcancelled226,000sharesthatwerenotqualifiedforunlocking,withtherepurchaseandcancellationproceduresformallycompletedonSeptember27,2024.Effectsofchangesinsharecapitalonthebasicearningspershare("EPS"),dilutedEPS,netassetspershareattributabletocommonshareholdersoftheCompany,andotherfinancialindexesoverthelastyear
andlastperiod
□Applicable√NotapplicableOthercontentsthattheCompanyconsidersnecessaryorrequiredbythesecuritiesregulatoryauthoritiestodisclose
□Applicable√Notapplicable
2.Changesinrestrictedshares
√Applicable□Notapplicable
Unit:Share
| Nameofshareholder | Openingbalanceofrestrictedshares | Vestedincurrentperiod | Unlocksharesincurrentperiod | Closingbalanceofrestrictedshares | Noteforrestrictedshares | Dateofunlocking |
| ZhangYabo | 29,268,150 | 0 | 0 | 29,268,150 | Complywiththerelevantprovisionsofexecutivessharesmanagement | Complywiththerelevantprovisionsofexecutivessharesmanagement |
| WangDayong | 189,421 | 100,000 | 0 | 289,421 | Complywithrelevantprovisionsofequityincentiveandexecutivesharesmanagement. | Complywithrelevantprovisionsofequityincentiveandexecutivesharesmanagement. |
| NiXiaoming | 183,796 | 80,000 | 0 | 263,796 | Complywithrelevantprovisionsofequityincentiveandexecutivesharesmanagement. | Complywithrelevantprovisionsofequityincentiveandexecutivesharesmanagement. |
| ChenYuzhong | 252,562 | 80,000 | 0 | 332,562 | Complywithrelevantprovisionsofequityincentiveandexecutivesharesmanagement. | Complywithrelevantprovisionsofequityincentiveandexecutivesharesmanagement. |
| HuKaicheng | 189,421 | 80,000 | 0 | 269,421 | Complywithrelevantprovisionsofequityincentiveandexecutivesharesmanagement. | Complywithrelevantprovisionsofequityincentiveandexecutivesharesmanagement. |
| YuYingkui | 212,901 | 80,000 | 0 | 292,901 | Complywithrelevantprovisionsofequityincentiveandexecutive | Complywithrelevantprovisionsofequityincentiveandexecutive |
| sharesmanagement. | sharesmanagement. | |||||
| MoYang | 10,926 | 0 | 0 | 10,926 | Complywithrelevantprovisionsofexecutivesharesmanagement. | Complywithrelevantprovisionsofexecutivesharesmanagement. |
| ChenXiaoming | 8,325 | 0 | 0 | 8,325 | Complywithrelevantprovisionsofexecutivesharesmanagement. | Complywithrelevantprovisionsofexecutivesharesmanagement. |
| Otherincentiveobjects | 11,956,000 | 24,490,000 | 5,242,000 | 31,204,000 | Complywithrelevantprovisionsofequityincentive | Complywithrelevantprovisionsofequityincentive |
| Total | 42,271,502 | 24,910,000 | 5,242,000 | 61,939,502 | -- | -- |
II.IssuanceandListingofSecurities
1.Securities(excludepreferredshare)issuedduringthereportingperiod
□Applicable√Notapplicable
2.Explanationonchangesinsharecapital&thestructureofshareholders,thestructureofassetsandliabilities
√Applicable□NotapplicableJune20,2024,thesecondextraordinarygeneralmeetingofshareholdersin2024washeld,inwhichProposalonrepurchaseandcancellationofsomerestrictedshareswasapproved.TheCompanyrepurchasedandcancelled226,000restrictedsharesheldbyunqualifiedincentiveobjectsinthe2022restrictedstockincentiveplan.
3.ExistentsharesheldbyinternalstaffoftheCompany
□Applicable√NotapplicableIII.Particularsabouttheshareholdersandactualcontroller
1.Totalnumberofshareholdersandtheirshareholdings
Unit:Share
| TotalNumberofCommonShareholdersattheEndofthe | 145,342 | Totalnumberofcommonshareholdersattheendofprevious | 216,612 | TotalNumberofPreferredShareholders(IfAny)(Referto | 0 | Totalnumberofpreferredshareholders(ifany)(refertoNote8)withresumedvotingrightsattheendofpreviousmonthbeforethedisclosuredate | 0 |
| ReportingPeriod | monthbeforethedisclosuredateoftheannualreport | Note8)WhoseVotingRightsHaveBeenRecoveredattheEndoftheReportingPeriod | oftheannualreport | |||||
| ParticularsaboutSharesHeldbyShareholderswithaShareholdingPercentageover5%ortheTop10ofThem(excludingSecuritiesLendingandBorrowing) | ||||||||
| Nameofshareholder | Natureofshareholder | Share-holdingpercentage(%) | Totalsharesheldattheendofthereportingperiod | Increase/decreaseduringthereportingperiod | Thenumberofsharesheldwithtradingrestrictions | Thenumberofsharesheldwithouttradingrestrictions | Pledged,markedorfrozen | |
| Status | Amount | |||||||
| SanhuaHoldingGroupCo.,Ltd. | Domesticnon-state-ownedcorporation | 25.41% | 948,487,077 | 0 | 0 | 948,487,077 | Notapplicable | 0 |
| ZhejiangSanhuaLvnengIndustrialGroupCo.,Ltd | Domesticnon-state-ownedcorporation | 19.90% | 742,747,954 | 0 | 0 | 742,747,954 | Pledged | 220,000,000 |
| HongKongCentralClearingLimited | Overseascorporation | 6.40% | 238,986,593 | -340,165,422 | 0 | 238,986,593 | Notapplicable | 0 |
| ZhangYabo | DomesticIndividual | 1.05% | 39,024,200 | 0 | 29,268,150 | 9,756,050 | Notapplicable | 0 |
| IndustrialandCommercialBankofChinaLimited–Huatai-PineBridgeCSI300ExchangeTradedOpen-EndIndexSecuritiesInvestmentFund | Others | 1.04% | 38,648,497 | 21,994,900 | 0 | 38,648,497 | Notapplicable | 0 |
| ChinaConstructionBankCorporationLimited–EFund | Others | 0.71% | 26,667,180 | 20,614,800 | 0 | 26,667,180 | Notapplicable | 0 |
| CSI300SponsoredExchangeTradedOpen-EndIndexSecuritiesInvestmentFund | ||||||||
| KuwaitInvestmentAuthority | Overseascorporation | 0.63% | 23,520,834 | 5,974,295 | 0 | 23,520,834 | Notapplicable | 0 |
| NationalSocialSecurityFundPortfolio102 | Others | 0.52% | 19,432,707 | 19,432,707 | 0 | 19,432,707 | Notapplicable | 0 |
| ChinaLifeInsuranceCompanyLimited–Traditional-GeneralInsuranceProduct-005L-CT001Shanghai | Others | 0.51% | 19,143,116 | 2,518,126 | 0 | 19,143,116 | Notapplicable | 0 |
| IndustrialandCommercialBankofChinaLimited–ChinaEuropeTimesPioneerEquitySponsoredSecuritiesInvestmentFund | Others | 0.48% | 17,847,644 | 17,847,644 | 0 | 17,847,644 | Notapplicable | 0 |
| InformationaboutStrategicInvestors’orGeneralLegalPersons’BecomingTopTenCommonShareholdersforPlacementofNewShares(IfAny)(RefertoNote3) | No | |||||||
| ExplanationonAssociatedRelationshiporConcertedActionsamongtheAbove-MentionedShareholders | Amongtheaboveshareholders,SanhuaHoldingGroupCo.,Ltd.,ZhejiangSanhuaLvnengIndustrialGroupCo.,Ltd.andZhangYaboarethepersonsactinginconcert.TheCompanydoesnotknowwhetherthereisanyrelatedrelationshipbetweenothershareholders,orwhethertheybelongtothepersonsactinginconcertstipulatedintheAdministrativeMeasuresfortheAcquisitionofListedCompanies. | |||||||
| DisclosureonDelegated/ExercisedVotingRightsandWaiverofVotingRightsbytheAbove-MentionedShareholders | No | ||
| SpecialNoteonBuybackDedicatedAccountsAmongTop10Shareholders(ifapplicable)(seeNote10) | No | ||
| ParticularsaboutSharesHeldbyTop10CommonShareholdersHoldingSharesThatAreNotSubjecttoTradingRestrictions | |||
| NameofShareholder | NumberofCommonSharesHeldwithoutRestrictionsattheEndoftheReportingPeriod | Typeofshares | |
| Type | Amount | ||
| SanhuaHoldingGroupCo.,Ltd. | 948,487,077 | RMBcommonstock | 948,487,077 |
| ZhejiangSanhuaLvnengIndustrialGroupCo.,Ltd | 742,747,954 | RMBcommonstock | 742,747,954 |
| HongKongCentralClearingLimited | 238,986,593 | RMBcommonstock | 238,986,593 |
| IndustrialandCommercialBankofChinaLimited–Huatai-PineBridgeCSI300ExchangeTradedOpen-EndIndexSecuritiesInvestmentFund | 38,648,497 | RMBcommonstock | 38,648,497 |
| ChinaConstructionBankCorporationLimited–EFundCSI300SponsoredExchangeTradedOpen-EndIndexSecuritiesInvestmentFund | 26,667,180 | RMBcommonstock | 26,667,180 |
| KuwaitInvestmentAuthority | 23,520,834 | RMBcommonstock | 23,520,834 |
| NationalSocialSecurityFundPortfolio102 | 19,432,707 | RMBcommonstock | 19,432,707 |
| ChinaLifeInsuranceCompanyLimited–Traditional-GeneralInsuranceProduct-005L-CT001Shanghai | 19,143,116 | RMBcommonstock | 19,143,116 |
| IndustrialandCommercialBankofChinaLimited–ChinaEuropeTimesPioneerEquitySponsored | 17,847,644 | RMBcommonstock | 17,847,644 |
| SecuritiesInvestmentFund | |||
| IndustrialandCommercialBankofChinaLimited–ChinaAMCCSI300ExchangeTradedOpen-EndIndexSecuritiesInvestmentFund | 17,726,424 | RMBcommonstock | 17,726,424 |
| ExplanationofAssociatedRelationshiporConcertedActionsamongTopTenCommonShareholderswithoutTradingRestrictions,andamongTopTenCommonShareholderswithoutTradingRestrictionsandTopTenCommonShareholders | Amongtheaboveshareholders,SanhuaHoldingGroupCo.,Ltd.,ZhejiangSanhuaLvnengIndustrialGroupCo.,Ltd.andZhangYaboarethepersonsactinginconcert.TheCompanydoesnotknowwhetherthereisanyrelatedrelationshipbetweenothershareholders,orwhethertheybelongtothepersonsactinginconcertstipulatedintheAdministrativeMeasuresfortheAcquisitionofListedCompanies. | ||
| ExplanationofTopTenCommonShareholders’ParticipationinSecuritiesMarginTrading(IfAny)(RefertoNote4) | N/A | ||
Themajorshareholders(holding≥5%shares),thetoptenshareholdersandunrestrictedcirculatingshareholdersparticipatinginthesecuritieslendingandborrowing
√Applicable□Notapplicable
Unit:share
| Themajorshareholders(holding≥5%shares),thetoptenshareholdersandunrestrictedcirculatingshareholdersparticipatinginthesecuritieslendingandborrowing | ||||||||
| Fullnameofshareholder | Sharesinthecommonaccountandcreditaccountattheperiod-begin | Shareslentandnotyetreturnedattheperiod-begin | Sharesinthecommonaccountandcreditaccountattheperiod-end | Shareslentandnotyetreturnedattheperiod-end | ||||
| Totalshares | As%oftotalsharecapital | Totalshares | As%oftotalsharecapital | Totalshares | As%oftotalsharecapital | Totalshares | As%oftotalsharecapital | |
| IndustrialandCommercialBankofChinaLimited–Huatai-PineBridgeCSI300ExchangeTradedOpen-EndIndexSecuritiesInvestment | 16,653,597 | 0.45% | 20,600 | 0.00% | 38,648,497 | 1.04% | 0 | 0.00% |
| Fund | ||||||||
| ChinaConstructionBankCorporation–EFundCSI300ExchangeTradedOpen-EndIndexSponsoredSecuritiesInvestmentFund | 6,052,380 | 0.16% | 146,400 | 0.00% | 26,667,180 | 0.71% | 0 | 0.00% |
| IndustrialandCommercialBankofChinaLimited–ChinaAMCCSI300ExchangeTradedOpen-EndIndexSecuritiesInvestmentFund | 4,558,024 | 0.12% | 285,600 | 0.01% | 17,726,424 | 0.47% | 0 | 0.00% |
Changesinthetoptenshareholderscomparedtothepreviousperiod
□Applicable√NotapplicableAnyoftheCompany’stop10commonshareholdersortop10non-restrictedcommonshareholdersconductedanyagreedbuy-backinthereportingperiod
□Applicable√NotapplicableNosuchcasesduringthecurrentreportingperiod.
2.ParticularsaboutcontrollingshareholderoftheCompany
Natureofthecontrollingshareholder:NaturalpersonTypeoftheactualcontroller:Corporation
| Nameofcontrollingshareholder | LegalRepresentative/Peopleincharge | Dateofestablishment | Organizationcode | Businessscope |
| SanhuaHoldingGroupCo.,Ltd | ZhangDaocai | July11,2000 | 91330624720002522J | Industrialinvestment;Manufacturingandsales:Generalparts, |
| electronicproducts;sales:metalmaterials(excludingpreciousandraremetals),chemicalrawmaterials(exceptdangerouschemicalsandprecursorchemicals),rubber;exportofproductsandrelatedtechnologiesproducedbytheenterpriseanditsmemberenterprises.Itisengagedintheexportbusinessofrawandauxiliarymaterials,machineryandequipment,instrumentsandmeters,sparepartsandrelatedtechnologiesneededbytheenterpriseanditsmemberenterprisesforproductionandscientificresearch;itisengagedintheprocessingofimportedmaterialsandthebusinessof"threesuppliesandonesupplement".Technicalconsultation,technicalservice,financialconsultationandinvestmentconsultation.(Intermsofprojectssubjecttoapprovalaccordingtolaw,businessactivitiescanbecarriedoutonlyafterapprovalbyrelevantdepartments.) | ||
| Sharesheldbythecontrollingshareholderinotherforeignlistedcompaniesthroughcontrollingorholdingduringthereportingperiod | N/A | |
Changeofthecontrollingshareholderduringthereportingperiod
□Applicable√NotapplicableTheCompany'scontrollingshareholderhasnotchangedduringthereportingperiod.
3.ParticularsabouttheCompany’sactualcontroller&concertedpartiesNatureoftheactualcontroller:DomesticnaturalpersonTypeoftheactualcontroller:Naturalperson
| Nameoftheactualcontroller | Relationshipwiththeactualcontroller | Nationality | Whetherhe/shehasobtainedtherightofresidenceinanothercountryorregion |
| ZhangDaocai | Himself | China | No |
| ZhangYabo | Himself | China | No |
| ZhangShaobo | Himself | China | No |
| Mainoccupationandposition | Mr.ZhangDaocai:Chinesenationality,bornin1950,senioreconomist.HeishonorarychairmanoftheCompanyandchairmanoftheboardofdirectorsofSanhuaHoldingGroupCo.,Ltd.Hewaselectedastherepresentativeofthe8th,9th,10th,11thand12thNationalPeople'sCongressofZhejiangProvinceandvicepresidentoftheChinaEnterpriseFederationandtheChineseEntrepreneursAssociation.UsedtobethevicepresidentofZhejiangsmallandmediumsizedEnterprisesAssociation,vicepresidentofZhejiangBusinessManagementResearchAssociationandvicepresidentofAsiaPacificChineseLeadersAssociation,andwontheNationalLaborMedalofMay1st,nationalexcellententrepreneur,masterofChinesemanagement,mostcreativeChinesebusinessleaderinAsiaPacific,ModelworkerofZhejiangProvince,meritoriousentrepreneurofimplementingthe"eighteightstrategy"inZhejiangProvince,lifelongleaderentrepreneurofZhejiangProvince,leadingfiguresofZhejiangManufacturingandotherhonors.Mr.ZhangYabo:Chinesenationality,CPCmember,bornin1974,senioreconomist,graduatedfromShanghaiJiaotongUniversity,receivedamaster'sdegreeinBusinessAdministrationfromCEIBS.Atpresent,heisthechairmanoftheboardoftheCompany,SecretaryofthePartycommitteeofSanhuaholdinggroup,vicechairmananddirectoroftheboardofSanhuaHoldingGroupCo.,Ltd.HehassuccessivelywonZhejiangoutstandingyoungprivateentrepreneurs,Zhejiangoperationandmanagementmasters,Shaoxinglabormodel,Shaoxingtoptenoutstandingyoungpeople,Shaoxingmayoraward,ChangjiangRiverDeltatoptenoutstandingyoungbusinessmen,FengyunZhejiangbusinessmen,Zhejiangoutstandingentrepreneurs,Zhejiangexcellententrepreneurs,gloriousZhejiangbusinessman,etc.Nowheservesasarepresentativetothe14thNationalPeople'sCongress,the13thExecutiveCommitteeMemberoftheChinaFederationofIndustryandPartyRepresentativeofthe15thZhejiangProvincialPartyCongress,VicePresidentofZhejiangChamberofCommerceandChairmanSupervisoroftheZhejiangChamberofCommerce.Mr.ZhangShaobo:Chinesenationality,bornin1979,master'sdegree,graduatedfromCEIBS.HeservesasadirectoroftheCompany,directorofSanhuaHoldingGroupCo.,Ltd.,chairmanoftheboardofZhejiangSanhuaLvnengIndustrialGroupCo.,Ltd.,GeneralManagerofHangzhouSanhuaInternationalBuildingCo.,Ltd.,andchairmanoftheboardofZhejiangSanhuaZhiyuanRealEstateCo.,Ltd. | ||
| Domesticandforeignlistedcompaniescontrolledinthepast10years | N/A | ||
Changeoftheactualcontrollerduringthereportingperiod
□Applicable√NotapplicableNosuchchangeduringthereportingperiod.TheownershipandcontrollingrelationshipbetweentheactualcontrollerandtheCompanyaredetailedasfollows:
TheactualcontrollercontrolstheCompanyviatrustorotherwaysofassetmanagement
□Applicable√Notapplicable
4.ThecumulativenumberofPledgedSharesoftheCompany'scontrollingshareholderorthelargestshareholderanditsconcertedactorsaccountsfor80%oftheCompany'sshares
□Applicable√Notapplicable
5.Particularsaboutothercorporateshareholderswithshareholdingproportionover10%
√Applicable□Notapplicable
| Nameofcorporateshareholder | Legalrepresentative | Dateofincorporation | Registeredcapital | Mainbusiness |
| ZhejiangSanhuaLvnengIndustrialGroupCo.,Ltd | ZhangShaobo | September30,2001 | 649millionyuan | Manufacturingandsales:airsuspensionassembly,generalequipment,electromechanicalequipment,technologydevelopment,technicalservice,technicalconsultation,achievementtransfer:electromechanicaltechnology, |
10.04%
10.04%
45.45%
45.45%
28.77%
| 28.77% | 9.04% |
ZhejiangHuatengIndustrialCo.,
ZhejiangHuatengIndustrialCo.,6%
6%
19.90%
19.90%
28.20%
28.20%100%
100%100%
100%22%
| 22% | 21% |
38.84%
38.84%
12.35%
12.35%51%
51%
1.05%
1.05%ZhangYabo
ZhangYaboZhangDaocai
| ZhangDaocai | ||
| ZhangShaobo |
SanhuaHoldingGroupCo.,Ltd.
| 11.78% | SanhuaHoldingGroupCo.,Ltd. |
25.41%
25.41%FuxunCo.,Ltd.
FuxunCo.,Ltd.ZhejiangSanhualvnengIndustrialGroupCo.,Ltd.
ZhejiangSanhualvnengIndustrialGroupCo.,Ltd.
46.23%
46.23%
ZhejiangSanhuaIntelligentControlsCo.,Ltd.
ZhejiangSanhuaIntelligentControlsCo.,Ltd.XinchangHuaqingInvestmentCo.,Ltd.
XinchangHuaqingInvestmentCo.,Ltd.XinchangHuaxinIndustrialCo.,Ltd.
XinchangHuaxinIndustrialCo.,Ltd.YuQingjuan
YuQingjuanHongKongHaoyideInternationalLtd.
6.Particularsonshareholdingdecreaserestrictionsforthecontrollingshareholders,actualcontroller,restructurerorothercommittingparties
√Applicable□Notapplicable
August2022,theCompanydisclosedAnnouncementonSanhuaHoldings,SanhuaLvneng,andMr.ZhangYabo'sCommitmentnottoActivelyReduceTheirHoldingsoftheCompanyStocks.ThecontrollingshareholderSanhuaHoldings,theshareholderSanhuaLvneng,andtheactualcontrollerMr.ZhangYabowillnotactivelyreducetheirholdingsoftheCompany'sshareswithin18monthsfromAugust18,2022.IV.Informationabouttheimplementationofsharerepurchaseduringthereportingperiod
Informationabouttheimplementationofsharerepurchase
√Applicable□Notapplicable
| Schemedisclosuredate | Numberofsharestoberepurchased | Proportionintotalsharecapital | ProposedrepurchaseamountUnit:(RMBin10thousand) | Periodtoberepurchased | Repurchasepurpose | Quantityrepurchased(shares) | Proportionofrepurchasedsharesinequityincentiveplanshares(ifany) |
| November7,2023 | 5,555,555-11,111,110, | 0.15%-0.30% | 20,000-40,000 | November7,2023-November6,2024 | Forequityincentiveplansoremployeestockownershipplans | 13,961,794 | 100.00% |
| December31,2024 | 8,333,333-16,666,666 | 0.22%-0.45% | 30000-60000 | December31,2024-December30,2025 | Forequityincentiveplansoremployeestockownershipplans | 0 | 100.00% |
Theprogressonreductionofre-purchasesharesbymeansofcentralizedbidding
□Applicable√Notapplicable
SectionVIIIInformationofPreferredShares
□Applicable√NotapplicableNoexistingpreferredsharesfortheCompanyduringthecurrentreportingperiod.
SectionIXBonds
□Applicable√Notapplicable
SectionXFinancialReportI.Auditreport
| Typeofauditopinion | StandardUnqualifiedopinion |
| Dateofsigningofauditreport | March25,2025 |
| Nameofauditfirm | Pan-ChinaCertifiedPublicAccountantsLLP |
| Documentnumberofauditreport | PCCPAAR[2025]No.888 |
| Nameofthecertifiedaccountants | QianZhongxian、OuyangXiaoyun、ZhouHeng |
Auditor’sReportTotheShareholdersofZhejiangSanhuaIntelligentControlsCo.,Ltd.:
1.AuditOpinionWehaveauditedtheaccompanyingfinancialstatementsofZhejiangSanhuaIntelligentControlsCo.,Ltd.(the“Company”),whichcomprisetheconsolidatedandparentcompanybalancesheetsasatDecember31,2024,theconsolidatedandparentcompanyincomestatements,theconsolidatedandparentcompanycashflowstatements,andtheconsolidatedandparentcompanystatementsofchangesinequityfortheyearthenended,aswellasnotestofinancialstatements.
Inouropinion,theattachedfinancialstatementspresentfairly,inallmaterialrespects,thefinancialpositionoftheCompanyasatDecember31,2024,andofitsfinancialperformanceanditscashflowsfortheyearthenendedinaccordancewithChinaAccountingStandardsforBusinessEnterprises.
2.BasisforAuditOpinion
WeconductedourauditinaccordancewithChinaStandardsonAuditing.OurresponsibilitiesunderthosestandardsarefurtherdescribedintheCertifiedPublicAccountant’sResponsibilitiesfortheAuditoftheFinancialStatementssectionofourreport.WeareindependentoftheCompanyinaccordancewiththeChinaCodeofEthicsforCertifiedPublicAccountants,andwehavefulfilledotherethicalresponsibilities.Webelievethattheauditevidencewehaveobtainedissufficientandappropriatetoprovideabasisforourauditopinion.
3.KeyAuditMatters
Keyauditmattersarethosemattersthat,inourprofessionaljudgment,wereofmostsignificanceinourauditofthefinancialstatementsofthecurrentperiod.Thesematterswereaddressedinthecontextofourauditofthefinancialstatementsasawhole,andinformingouropinionthereon,andwedonotexpressaseparateopiniononthesematters.(I)Revenuerecognition
1.MattersdescriptionPleaserefertosectionⅢ(24),Ⅴ(2)1andXVofthenotestothefinancialstatementsfordetails.ThemajorityoftheCompany'srevenuecomesfromcontrollingcomponentsandcomponentsforhomeappliancesandautomobiles.In2024,theamountofoperatingincomeoftheCompanyisRMB27.9471645billion,AsoperatingrevenueisoneofthekeyperformanceindicatorsoftheCompany,theremightbeinherentrisksthattheCompany’smanagement(the“Management”)adoptsinappropriaterevenuerecognitiontoachievespecificgoalsorexpectations,wehaveidentifiedrevenuerecognitionasakeyauditmatter.
2.ResponsiveauditproceduresOurmainauditproceduresforrevenuerecognitionareasfollows:
(1)Weunderstandandassessthedesignofinternalcontrolsoverfinancialreportingrelatedtorevenuerecognitionandtesttheeffectivenessofkeycontrolimplementation;
(2)Weexaminethecoretermsofsalescontractstoassesstheappropriatenessandconsistentapplicationofaccountingpoliciesrelatedtorevenuerecognition;
(3)Weperformanalyticalprocedurestoidentifywhethertherearesignificantorunusualvariationsinrevenuesduringthereportingperiod,questionmanagementtounderstandthereasonsforsuchvariationsandassessthereasonableness;
(4)Weimplementeddetailtestandcheckedsupportingdocumentsrelatedtorevenuerecognitionbysamplingmethod,includingsalescontracts,salesinvoices,salescollection,deliverylists,shippingdocuments,clientacceptancereceipts,exportdeclaration,ladingbill,weobtainedinformationfromE-portandcomparedwithaccountingrecordsofexportrevenue；
(5)Weperformedconfirmationproceduresoncurrentsalesamountbysamplingmethodincombinationwithconfirmationprocedureofaccountsreceivable;
(6)Weinquiredtheindustrialandcommercialregistrationinformationorpublicinformationofmajorcustomerstoevaluatewhetherthebusinesslogicrelatedtosalestransactionsistenable;
(7)Weimplementedcut-offtestsontheoperatingrevenuerecognizedbeforeandafterthebalancesheetdatetoevaluatewhethertheoperatingrevenueisrecognizedinanappropriateperiod;
(II)Inventoriesvaluation
1.Mattersdescription
PleaserefertosectionⅢ(12)andⅤ(1)7ofthenotestothefinancialstatementsfordetails.
AsofDecember31,2024,thebookbalanceoftheCompany'sinventoriesamountedtoRMB5.2804418billion,themajorcomponentsaremetalmaterialssuchascopperandaluminum.Themetalmaterialshavehighvalueandgoodliquidity,theyareimportantcontrolledassets.Therefore,wehaveidentifiedtheexistence,valuation,andtransferofinventoryasakeyauditmatter.
2.Responsiveauditprocedures
Ourmainauditproceduresforinventoriesvaluationareasfollows:
(1)Weunderstandandassessthedesignofinternalcontrolsoverfinancialreportingrelatedtoinventorymanagement,includingtheassessmentoftheprovisionforinventorywrite-downs,andtesttheeffectivenessoftheimplementationofkeycontrols;
(2)Weimplementedanalysisprocedurestoidentifysignificantorabnormalchangesininventorysizeandstructure,andquestionmanagementtounderstandthereasonsforsuchvariationsandassessreasonableness;
(3)Weimplementeddetailtestandcheckedsupportingdocumentsrelatedtomaterialpurchasebysamplingmethod,includingpurchasescontracts,inputinvoices,warehousereceipts,purchasepayments,etc;
(4)Weperformedconfirmationproceduresoncurrentpurchasesamountbysamplingmethodincombinationwithconfirmationprocedureofaccountspayable;
(5)Wesearchedthemarketpricetrendsofthemainrawmaterialsandcomparedthemwiththeactualpurchasepricestocheckforanyabnormalsituations;
(6)Weunderstandproductionprocessesandcostingmethods,selectsamples,recalculateproductioncostsandassesstheconsistencyandreasonablenessofmanagement'sapproachtocostaggregationandallocation;
(7)Weconductedsamplingtestsontheinventoriesvaluationtocheckthepricingaccuracyoftheinventoriesissuanceamountandthebalanceamount;
(8)Weperformedinventorymonitoring,evaluatedmanagement'sinstructionsandproceduresforrecordingandcontrollingtheresultsofinventorycounts,observedtheimplementationofthecountingproceduresestablishedbymanagement,inspectedthequantityandconditionofinventoryandperformedspot-checks;
(9)Weobtainedmanagement'scalculationsheetfortheprovisionfordeclineinvalueofinventories,checkedthereasonablenessofthemethodofrecognisingthenetrealisablevalueofinventoriesattheendoftheperiod,measuredthenetrealisablevalueofinventoriesattheendoftheperiodandjudgedtheaccuracyoftheamountoftheprovisionfordeclineinvalue.
4.OtherInformation
TheCompany’smanagement(the“Management”)isresponsiblefortheotherinformation.TheotherinformationcomprisestheinformationincludedintheCompany’sannualreport,butdoesnotincludethefinancialstatementsandourauditor’sreportthereon.
Ouropiniononthefinancialstatementsdoesnotcovertheotherinformationandwedonotexpressanyformofassuranceconclusionthereon.
Inconnectionwithourauditofthefinancialstatements,ourresponsibilityistoreadtheotherinformationand,indoingso,considerwhethertheotherinformationismateriallyinconsistentwiththefinancialstatementsorourknowledgeobtainedintheauditorotherwiseappearstobemateriallymisstated.
Ifbasedontheworkwehaveperformed,weconcludethatthereisamaterialmisstatementoftheotherinformation,wearerequiredtoreportthatfact.Wehavenothingtoreportinthisregard.
5.ResponsibilitiesoftheManagementandThoseChargedwithGovernancefortheFinancialStatements
TheManagementisresponsibleforpreparingandpresentingfairlythefinancialstatementsinaccordancewithChinaAccountingStandardsforBusinessEnterprises,aswellasdesigning,implementingandmaintaininginternalcontrolrelevanttothepreparationoffinancialstatementsthatarefreefrommaterialmisstatement,whetherduetofraudorerror.
Inpreparingthefinancialstatements,theManagementisresponsibleforassessingtheCompany’sabilitytocontinueasagoingconcern,disclosing,asapplicable,mattersrelatedtogoingconcernandusingthegoingconcernbasisofaccountingunlesstheManagementeitherintendstoliquidatetheCompanyortoceaseoperations,orhasnorealisticalternativebuttodoso.
ThosechargedwithgovernanceareresponsibleforoverseeingtheCompany’sfinancialreportingprocess.
6.CertifiedPublicAccountant’sResponsibilitiesfortheAuditoftheFinancialStatements
Ourobjectivesaretoobtainreasonableassuranceaboutwhetherthefinancialstatementsasawholearefreefrommaterialmisstatement,whetherduetofraudorerror,andtoissueanauditor’sreportthatincludesouropinion.Reasonableassuranceisahighlevelofassurance,butisnotaguaranteethatanauditconductedinaccordancewithChinaStandardsonAuditingwillalwaysdetectamaterialmisstatementwhenitexists.Misstatementcanarisefromfraudorerrorandareconsideredmaterialif,individuallyorintheaggregate,theycouldreasonablybeexpectedtoinfluencetheeconomicdecisionsofuserstakenonthebasisofthesefinancialstatements.
WeexerciseprofessionaljudgmentandmaintainprofessionalskepticismthroughouttheauditperformedinaccordancewithChinaStandardsonAuditing.Wealso:
(I)Identifyandassesstherisksofmaterialmisstatementofthefinancialstatements,whetherduetofraudorerror,designandperformauditproceduresresponsivetothoserisks,andobtainauditevidencethatissufficientandappropriatetoprovideabasisforouropinion.Theriskofnotdetectingamaterialmisstatementresultingfromfraudishigherthanforoneresultingfromerror,asfraudmayinvolvecollusion,forgery,intentionalomissions,misrepresentations,ortheoverrideofinternalcontrol.
(II)Obtainanunderstandingofinternalcontrolrelevanttotheauditinordertodesignauditproceduresthat
areappropriateinthecircumstances.
(III)EvaluatetheappropriatenessofaccountingpoliciesusedandthereasonablenessofaccountingestimatesandrelateddisclosuresmadebytheManagement.(IV)ConcludeontheappropriatenessoftheManagement’suseofthegoingconcernbasisofaccountingand,basedontheauditevidenceobtained,whetheramaterialuncertaintyexistsrelatedtoeventsorconditionsthatmaycastsignificantdoubtontheCompany’sabilitytocontinueasagoingconcern.Ifweconcludethatamaterialuncertaintyexists,wearerequiredtodrawattentioninourauditor’sreporttotherelateddisclosuresinthefinancialstatements.Ifthedisclosureisinsufficient,weshouldexpressanonunqualifiedopinion.Ourconclusionsarebasedontheauditevidenceobtaineduptothedateofourauditor’sreport.However,futureeventsorconditionsmaycausetheCompanytoceasetocontinueasagoingconcern.(V)Evaluatetheoverallpresentation,structureandcontentofthefinancialstatements,andwhetherthefinancialstatementsrepresenttheunderlyingtransactionsandeventsinamannerthatachievesfairpresentation.(VI)ObtainsufficientandappropriateauditevidenceregardingthefinancialinformationoftheentitiesorbusinessactivitieswithintheCompanytoexpressanopiniononthefinancialstatements.Weareresponsibleforthedirection,supervisionandperformanceofthegroupaudit.Weremainsoleresponsibilityforourauditopinion.
Wecommunicatewiththosechargedwithgovernanceregardingtheplannedauditscope,timescheduleandsignificantauditfindings,includinganydeficienciesininternalcontrolofconcernthatweidentifyduringouraudit.
Wealsoprovidethosechargedwithgovernancewithastatementthatwehavecompliedwithrelevantethicalrequirementsregardingindependence,andtocommunicatewiththemallrelationshipsandothermattersthatmayreasonablybethoughttobearonourindependence,andwhereapplicable,relatedsafeguards.
Fromthematterscommunicatedwiththosechargedwithgovernance,wedeterminethosemattersthatwereofmostsignificanceintheauditofthefinancialstatementsofthecurrentperiodandarethereforethekeyauditmatters.Wedescribethesemattersinourauditor’sreportunlesslaworregulationprecludespublicdisclosureaboutthematterorwhen,inextremelyrarecircumstances,wedeterminethatamattershouldnotbecommunicatedinourreportbecausetheadverseconsequencesofdoingsowouldreasonablybeexpectedtooutweighthepublicinterestbenefitsofsuchcommunication.
Pan-ChinaCertifiedPublicAccountantsLLPChineseCertifiedPublicAccountant：QianZhongxian
(EngagementPartner)Hangzhou·ChinaChineseCertifiedPublicAccountant：OuyangXiaoyun
ChineseCertifiedPublicAccountant：ZhouHengDateofReport:March25,2025
II.FinancialStatements
Unitsoffinancialreportsinthenotes:RMB
1.ConsolidatedBalanceSheetPreparedby:ZhejiangSanhuaIntelligentControlsCo.,Ltd.
December31,2024
Unit:RMB
| Items | December31,2024 | January1,2024 |
| Currentasset： | ||
| CashandBankBalances | 5,248,567,646.21 | 6,584,684,683.93 |
| Settlementfunds | ||
| Loanstootherbanks | ||
| Held-for-tradingfinancialassets | ||
| Derivativefinancialassets | 6,237,202.48 | 22,636,112.68 |
| Notesreceivable | 2,677,270,284.96 | 2,476,839,413.89 |
| Accountsreceivable | 6,951,066,861.07 | 5,773,991,481.22 |
| Receivablefinancing | ||
| Advancespaid | 158,980,448.21 | 133,792,623.54 |
| Premiumreceivable | ||
| Reinsuranceaccountsreceivable | ||
| Reinsurancereservesreceivable | ||
| Otherreceivables | 258,058,796.63 | 227,792,892.12 |
| Including:Interestreceivable | ||
| Dividendsreceivable | ||
| Repurchasingoffinancialassets | ||
| Inventories | 5,280,441,824.48 | 4,600,729,378.19 |
| Including:dataresources | ||
| Contractassets | ||
| Assetsheldforsales | ||
| Non-currentassetsduewithinoneyear | ||
| Othercurrentassets | 1,720,539,931.75 | 251,073,584.56 |
| Totalcurrentassets | 22,301,162,995.79 | 20,071,540,170.13 |
| Non-currentassets: | ||
| Loansandadvancespaid | ||
| Debtinvestments | ||
| Otherdebtinvestments | ||
| Long-termreceivable | 3,912,822.74 | 3,805,833.60 |
| Long-termequityinvestments | 40,599,793.42 | 37,924,431.29 |
| Otherequityinstrumentinvestments | ||
| Othernon-currentfinancialassets | ||
| Investmentproperty | 7,053,153.92 | 8,165,805.31 |
| Fixedassets | 9,794,453,949.92 | 7,730,363,778.82 |
| Constructioninprogress | 2,171,985,301.79 | 2,036,326,757.72 |
| Productivebiologicalassets | ||
| Oil&gasassets | ||
| Right-of-useassets | 336,584,880.00 | 313,254,745.53 |
| Intangibleassets | 1,074,511,282.42 | 843,866,292.82 |
| Including:dataresources | ||
| Developmentexpenditures | ||
| Goodwill | 6,785,228.04 | |
| Long-termprepayments | 200,664,440.75 | 118,096,436.09 |
| Deferredtaxassets | 112,698,841.53 | 156,432,157.23 |
| Othernon-currentassets | 311,120,963.93 | 564,023,136.83 |
| Totalnon-currentassets | 14,053,585,430.42 | 11,819,044,603.28 |
| Totalassets | 36,354,748,426.21 | 31,890,584,773.41 |
| Currentliabilities: | ||
| Short-termborrowings | 1,553,345,651.16 | 1,212,150,378.85 |
| Centralbankloans | ||
| Loansfromotherbanks | ||
| Held-for-tradingfinancialliabilities | 3,500,000.00 | |
| Derivativefinancialliabilities | 79,678,118.93 | 10,719,110.02 |
| Notespayable | 3,791,834,944.38 | 3,416,711,594.64 |
| Accountspayable | 5,985,427,008.79 | 4,449,940,359.81 |
| Advancesreceived | ||
| Contractliabilities | 49,461,722.83 | 51,788,802.03 |
| Sellingofrepurchasedfinancialassets | ||
| Absorbingdepositandinterbankdeposit | ||
| Depositforagencysecuritytransaction | ||
| Depositforagencysecurityunderwriting | ||
| Employeebenefitspayable | 726,001,478.89 | 598,801,246.34 |
| Taxesandratespayable | 309,874,433.92 | 382,396,791.19 |
| Otherpayables | 545,412,160.30 | 250,642,662.86 |
| Including:InterestPayable | 1,894,919.92 | |
| DividendsPayable | 2,528,280.00 | |
| Handlingfeeandcommissionpayable | ||
| Reinsuranceaccountspayable | ||
| Liabilitiesclassifiedasheldforsale | ||
| Non-currentliabilitiesduewithinoneyear | 590,993,952.12 | 1,440,093,253.93 |
| Othercurrentliabilities | 1,274,402.83 | 2,099,986.27 |
| Totalcurrentliabilities | 13,633,303,874.15 | 11,818,844,185.94 |
| Non-currentliabilities: | ||
| Insurancepolicyreserve | ||
| Long-termborrowings | 2,045,772,594.73 | 1,030,801,111.13 |
| Bondspayable | ||
| Including:Preferredshares |
| Perpetualbonds | ||
| Leaseliabilities | 237,913,009.51 | 221,295,481.86 |
| Long-termpayables | 11,290,788.32 | |
| Long-termemployeebenefitspayable | 33,943,063.56 | 39,840,362.77 |
| Provisions | ||
| Deferredincome | 607,754,278.80 | 379,140,042.48 |
| Deferredtaxliabilities | 258,263,974.78 | 307,511,069.30 |
| Othernon-currentliabilities | 18,154,107.25 | 18,154,107.25 |
| Totalnon-currentliabilities | 3,201,801,028.63 | 2,008,032,963.11 |
| Totalliabilities | 16,835,104,902.78 | 13,826,877,149.05 |
| Equity: | ||
| Sharecapital | 3,732,389,535.00 | 3,732,615,535.00 |
| Otherequityinstruments | ||
| Including:Preferredshares | ||
| Perpetualbonds | ||
| Capitalreserve | 3,271,313,277.48 | 3,455,643,565.98 |
| Less:Treasuryshares | 381,847,576.78 | 423,468,591.57 |
| Othercomprehensiveincome | -138,362,653.48 | 114,757,064.28 |
| Specialreserve | ||
| Surplusreserve | 1,163,964,885.09 | 1,011,914,243.67 |
| Generalriskreserve | ||
| Undistributedprofit | 11,650,311,639.17 | 10,002,942,167.43 |
| TotalequityattributabletotheparentCompany | 19,297,769,106.48 | 17,894,403,984.79 |
| Non-controllinginterest | 221,874,416.95 | 169,303,639.57 |
| Totalequity | 19,519,643,523.43 | 18,063,707,624.36 |
| Totalliabilities&equity | 36,354,748,426.21 | 31,890,584,773.41 |
Legalrepresentative：ZhangYaboOfficerinchargeofaccounting：YuYingkuiHeadofaccountingdepartment：LiZhimi
2.ParentCompanyBalanceSheet
Unit:RMB
| Items | December31,2024 | January1,2024 |
| Currentassets: | ||
| Cashandbankbalances | 1,281,822,278.41 | 3,755,111,885.56 |
| Held-for-tradingfinancialassets | ||
| Derivativefinancialassets | 6,237,202.48 | 1,463,100.00 |
| Notesreceivable | 104,502,053.60 | 1,293,651,597.02 |
| Accountsreceivable | 1,080,382,526.59 | 703,445,875.41 |
| Receivablesfinancing | ||
| Advancespaid | 8,132,127.70 | 7,501,313.44 |
| Otherreceivables | 543,161,883.89 | 2,269,591,236.02 |
| Including:InterestReceivable | ||
| DividendsReceivable | 16,559,297.60 | 550,000,000.00 |
| Inventories | 1,109,270,311.12 | 772,429,361.79 |
| Including:dataresources | ||
| Contractassets | ||
| Assetsclassifiedasheldfor |
| sale | ||
| Non-currentassetsduewithinoneyear | ||
| Othercurrentassets | 1,318,633,228.26 | |
| Totalcurrentassets | 5,452,141,612.05 | 8,803,194,369.24 |
| Non-currentassets: | ||
| Debtinvestments | ||
| Otherdebtinvestments | ||
| Long-termreceivable | 665,000.00 | 500,000.00 |
| Long-termequityinvestments | 9,156,037,051.42 | 8,880,133,268.57 |
| Otherequityinstrumentinvestments | ||
| Othernon-currentfinancialassets | ||
| Investmentproperty | ||
| Fixedassets | 1,697,518,019.23 | 1,623,330,889.08 |
| Constructioninprogress | 54,990,106.41 | 53,871,265.08 |
| Productivebiologicalassets | ||
| Oil&gasassets | ||
| Right-of-useassets | 4,919,723.92 | 9,370,623.95 |
| Intangibleassets | 146,685,225.25 | 142,130,830.79 |
| Including:dataresources | ||
| Developmentexpenditures | ||
| Including:dataresources | ||
| Goodwill | ||
| Long-termprepayments | 16,084,833.04 | 15,876,569.88 |
| Deferredtaxassets | 5,587,256.35 | |
| Othernon-currentassets | 65,584,943.61 | 99,458,254.31 |
| Totalnon-currentassets | 11,142,484,902.88 | 10,830,258,958.01 |
| Totalassets | 16,594,626,514.93 | 19,633,453,327.25 |
| Currentliabilities: | ||
| Short-termborrowings | 632,253,710.78 | 202,384,500.02 |
| Held-for-tradingfinancialliabilities | ||
| Derivativefinancialliabilities | 446,250.00 | |
| Notespayable | 560,444,773.77 | 559,657,858.19 |
| Accountspayable | 1,208,365,209.93 | 1,465,144,230.80 |
| Advancesreceived | ||
| Contractliabilities | 223,624.17 | 121,488.76 |
| Employeebenefitspayable | 164,621,089.24 | 127,817,926.77 |
| Taxesandratespayable | 19,981,753.25 | 112,191,203.17 |
| Otherpayables | 966,447,508.28 | 4,315,100,068.76 |
| Including:interestpayable | ||
| DividendsPayable | ||
| Liabilitiesclassifiedasheldforsale | ||
| Non-currentliabilitiesduewithinoneyear | 502,033,323.64 | 1,373,267,226.41 |
| Othercurrentliabilities | ||
| Totalcurrentliabilities | 4,054,817,243.06 | 8,155,684,502.88 |
| Non-currentliabilities: | ||
| Long-termborrowings | 2,045,772,594.73 | 1,030,801,111.13 |
| Bondspayable |
| Including:Preferredshares | ||
| Perpetualbonds | ||
| Leaseliabilities | 1,718,851.19 | 5,571,522.93 |
| Long-termpayables | ||
| Long-termemployeebenefitspayable | ||
| Provisions | ||
| Deferredincome | 56,310,135.06 | 47,332,045.49 |
| Deferredtaxliabilities | 40,767,922.43 | 81,604,566.52 |
| Othernon-currentliabilities | ||
| Totalnon-currentliabilities | 2,144,569,503.41 | 1,165,309,246.07 |
| Totalliabilities | 6,199,386,746.47 | 9,320,993,748.95 |
| Equity: | ||
| Sharecapital | 3,732,389,535.00 | 3,732,615,535.00 |
| Otherequityinstruments | ||
| Including:Preferredshares | ||
| Perpetualbonds | ||
| Capitalreserve | 4,171,900,229.57 | 4,351,276,453.48 |
| Less:treasuryshares | 381,847,576.78 | 423,468,591.57 |
| Othercomprehensiveincome | ||
| Specialreserve | ||
| Surplusreserve | 1,035,872,712.77 | 883,822,071.35 |
| Undistributedprofit | 1,836,924,867.90 | 1,768,214,110.04 |
| Totalequity | 10,395,239,768.46 | 10,312,459,578.30 |
| Totalliabilities&equity | 16,594,626,514.93 | 19,633,453,327.25 |
3.ConsolidatedIncomeStatement
Unit:RMB
| Items | Year2024 | Year2023 |
| I.Totaloperatingrevenue | 27,947,164,515.93 | 24,557,802,066.59 |
| Including:Operatingrevenue | 27,947,164,515.93 | 24,557,802,066.59 |
| Interestincome | ||
| Premiumearned | ||
| Revenuefromhandlingchargesandcommission | ||
| II.Totaloperatingcost | 24,243,018,159.23 | 21,011,657,641.34 |
| Including:Operatingcost | 20,269,833,554.48 | 17,773,858,964.12 |
| Interestexpenses | ||
| Handlingchargesandcommissionexpenditures | ||
| Surrendervalue | ||
| Netpaymentofinsuranceclaims | ||
| Netprovisionofinsurancepolicyreserve | ||
| Premiumbonusexpenditures | ||
| Reinsuranceexpenses | ||
| Taxesandsurcharges | 171,276,648.16 | 139,816,022.50 |
| Sellingexpenses | 726,437,231.46 | 597,565,638.25 |
| Administrativeexpenses | 1,767,454,322.16 | 1,476,334,172.35 |
| R&Dexpenses | 1,351,798,786.50 | 1,096,834,224.41 |
| Financialexpenses | -43,782,383.53 | -72,751,380.29 |
| Including:Interestexpenses | 161,564,080.95 | 212,081,658.78 |
| Interestincome | 130,315,478.18 | 159,145,071.07 |
| Add:Otherincome | 229,205,925.38 | 188,255,263.06 |
| Investmentincome(orless:losses) | -16,279,865.95 | -131,453,928.62 |
| Including:Investmentincomefromassociatesandjointventures | 8,925,362.13 | 7,986,227.16 |
| Gainsfromderecognitionoffinancialassetsatamortizedcost | -5,619,589.87 | |
| Gainsonforeignexchange(orless:losses) | ||
| Gainsonnetexposuretohedgingrisk(orless:losses) | ||
| Gainsonchangesinfairvalue(orless:losses) | -90,733,609.50 | 48,123,522.34 |
| Creditimpairmentloss(orless:losses) | -56,378,564.98 | -51,477,741.58 |
| Assetsimpairmentloss(orless:losses) | -62,921,312.20 | -55,376,891.25 |
| Gainsonassetdisposal(orless:losses) | 3,016,317.77 | 8,741,208.41 |
| III.Operatingprofit(orless:losses) | 3,710,055,247.22 | 3,552,955,857.61 |
| Add:Non-operatingrevenue | 9,648,962.88 | 14,932,933.39 |
| Less:Non-operatingexpenditures | 28,017,800.98 | 14,625,298.02 |
| IV.Profitbeforetax(orless:totalloss) | 3,691,686,409.12 | 3,553,263,492.98 |
| Less:Incometaxexpense | 579,960,606.78 | 619,548,753.99 |
| V.Netprofit(orless:netloss) | 3,111,725,802.34 | 2,933,714,738.99 |
| (I)Categorizedbythecontinuityofoperations | ||
| 1.Netprofitfromcontinuingoperations(orless:netloss) | 3,111,725,802.34 | 2,933,714,738.99 |
| 2.Netprofitfromdiscontinuedoperations(orless:netloss) | ||
| (II)Categorizedbytheportionofequityownership | ||
| 1.NetprofitattributabletoownersofparentCompany(orless:netloss) | 3,099,165,128.06 | 2,920,992,940.01 |
| 2.Netprofitattributabletonon-controllingshareholders(orless:netloss) | 12,560,674.28 | 12,721,798.98 |
| VI.Othercomprehensiveincomeaftertax | -253,119,717.76 | 123,300,112.61 |
| ItemsattributabletotheownersoftheparentCompany | -253,119,717.76 | 123,300,112.61 |
| (I)Nottobereclassifiedsubsequentlytoprofitorloss | ||
| 1.Changesinremeasurementonthenetdefinedbenefitplan |
| 2.Itemsunderequitymethodthatwillnotbereclassifiedtoprofitorloss | ||
| 3.Changesinfairvalueofotherequityinstrumentinvestments | ||
| 4.Changesinfairvalueofowncreditrisk | ||
| 5.Others | ||
| (II)Tobereclassifiedsubsequentlytoprofitorloss | -253,119,717.76 | 123,300,112.61 |
| 1.Itemsunderequitymethodthatmaybereclassifiedtoprofitorloss | ||
| 2.Changesinfairvalueofotherdebtinvestments | ||
| 3.Profitorlossfromreclassificationoffinancialassetsintoothercomprehensiveincome | ||
| 4.Provisionforcreditimpairmentofotherdebtinvestments | ||
| 5.Cashflowhedgingreserve | ||
| 6.Translationreserve | -253,119,717.76 | 123,300,112.61 |
| 7.Others | ||
| Itemsattributabletonon-controllingshareholders | ||
| VII.Totalcomprehensiveincome | 2,858,606,084.58 | 3,057,014,851.60 |
| ItemsattributabletotheownersoftheparentCompany | 2,846,045,410.30 | 3,044,293,052.62 |
| Itemsattributabletonon-controllingshareholders | 12,560,674.28 | 12,721,798.98 |
| VIII.Earningspershare(EPS): | ||
| (I)BasicEPS(yuanpershare) | 0.84 | 0.81 |
| (II)DilutedEPS(yuanpershare) | 0.84 | 0.81 |
Inthecaseofabusinesscombinationunderthesamecontrolinthecurrentperiod,thenetprofitrealisedbythepartytobecombinedbeforethecombinationwas:0.00,andthenetprofitrealisedbythepartytobecombinedinthepreviousperiodwas:0.00.Legalrepresentative：ZhangYaboOfficerinchargeofaccounting：YuYingkuiHeadofaccountingdepartment：LiZhimi
4.IncomeStatementoftheParentCompany
Unit:RMB
| Items | Year2024 | Year2023 |
| I.Operatingrevenue | 6,590,535,731.34 | 6,035,624,442.65 |
| Less:Operatingcost | 5,161,837,637.19 | 4,651,458,852.44 |
| Taxesandsurcharges | 35,607,263.11 | 37,243,922.63 |
| Sellingexpenses | 58,222,787.21 | 36,875,004.17 |
| Administrativeexpenses | 360,252,325.38 | 298,794,306.84 |
| R&Dexpenses | 273,559,135.05 | 246,667,877.34 |
| Financialexpenses | 17,252,826.25 | 45,466,484.33 |
| Including:Interestexpenses | 82,768,255.52 | 156,056,944.56 |
| Interestincome | 67,532,514.63 | 111,419,579.71 |
| Add:Otherincome | 29,370,049.61 | 29,311,262.35 |
| Investmentincome(orless:losses) | 1,049,000,511.55 | 855,697,868.30 |
| Including:Investmentincomefromassociatesandjointventures | 7,562,029.89 | 6,857,976.74 |
| Gainsfromderecognitionoffinancialassetsatamortizedcost(orless:losses) | ||
| Gainsonnetexposuretohedging(orless:losses) | ||
| Gainsonchangesinfairvalue(orless:losses) | -722,147.52 | -2,305,364.33 |
| Creditimpairmentloss(orless:losses) | -27,079,363.56 | -10,404,792.17 |
| Assetsimpairmentloss(orless:losses) | -153,699,230.52 | -58,872.39 |
| Gainsonassetdisposal(orless:losses) | 334,426.86 | 780,544.45 |
| II.Operatingprofit(orless:losses) | 1,581,008,003.57 | 1,592,138,641.11 |
| Add:Non-operatingrevenue | 1,356,138.17 | 1,573,287.56 |
| Less:Non-operatingexpenditures | 6,955,538.17 | 2,946,675.16 |
| III.Profitbeforetax(orless:totalloss) | 1,575,408,603.57 | 1,590,765,253.51 |
| Less:Incometaxexpense | 54,902,189.39 | 106,853,406.95 |
| IV.Netprofit(orless:netloss) | 1,520,506,414.18 | 1,483,911,846.56 |
| (I)Netprofitfromcontinuingoperations(orless:netloss) | 1,520,506,414.18 | 1,483,911,846.56 |
| (II)Netprofitfromdiscontinuedoperations(orless:netloss) | ||
| V.Othercomprehensiveincomeaftertax | ||
| (I)Nottobereclassifiedsubsequentlytoprofitorloss | ||
| 1.Changesinremeasurementonthenetdefinedbenefitplan | ||
| 2.Itemsunderequitymethodthatwillnotbereclassifiedtoprofitorloss | ||
| 3.Changesinfairvalueofotherequityinstrumentinvestments | ||
| 4.Changesinfairvalueofowncreditrisk | ||
| 5.Others | ||
| (II)Tobereclassifiedsubsequentlytoprofitorloss | ||
| 1.Itemsunderequitymethodthatmaybereclassifiedtoprofitorloss | ||
| 2.Changesinfairvalueof |
| otherdebtinvestments | ||
| 3.Profitorlossfromreclassificationoffinancialassetsintoothercomprehensiveincome | ||
| 4.Provisionforcreditimpairmentofotherdebtinvestments | ||
| 5.Cashflowhedgingreserve(profitorlossoncashflowhedging) | ||
| 6.Translationreserve | ||
| 7.Others | ||
| VI.Totalcomprehensiveincome | 1,520,506,414.18 | 1,483,911,846.56 |
| VII.Earningspershare(EPS): | ||
| (I)BasicEPS(yuanpershare) | ||
| (II)DilutedEPS(yuanpershare) |
5.ConsolidatedCashFlowStatement
Unit:RMB
| Items | Year2024 | Year2023 |
| I.Cashflowsfromoperatingactivities: | ||
| Cashreceiptsfromsaleofgoodsorrenderingofservices | 28,102,746,002.07 | 24,566,452,573.26 |
| Netincreaseofclientdepositandinterbankdeposit | ||
| Netincreaseofcentralbankloans | ||
| Netincreaseofloansfromotherfinancialinstitutions | ||
| Cashreceiptsfromoriginalinsurancecontractpremium | ||
| Netcashreceiptsfromreinsurance | ||
| Netincreaseofpolicy-holderdepositandinvestment | ||
| Cashreceiptsfrominterest,handlingchargesandcommission | ||
| Netincreaseofloansfromothers | ||
| Netincreaseofrepurchase | ||
| Netcashreceiptsfromagencysecuritytransaction | ||
| Receiptsoftaxrefund | 502,177,487.14 | 484,789,623.62 |
| Othercashreceiptsrelatedtooperatingactivities | 582,900,691.72 | 339,834,145.05 |
| Subtotalofcashinflowsfromoperatingactivities | 29,187,824,180.93 | 25,391,076,341.93 |
| Cashpaymentsforgoodspurchasedandservicesreceived | 18,892,533,307.65 | 16,770,167,910.97 |
| Netincreaseofloansandadvancestoclients | ||
| Netincreaseofcentralbankdepositandinterbankdeposit |
| Cashpaymentsforinsuranceindemnitiesoforiginalinsurancecontracts | ||
| Netincreaseofloanstoothers | ||
| Cashpaymentsforinterest,handlingchargesandcommission | ||
| Cashpaymentsforpolicybonus | ||
| Cashpaidtoandonbehalfofemployees | 4,119,702,971.29 | 3,528,344,941.32 |
| Cashpaymentsfortaxesandrates | 1,057,640,501.87 | 717,979,563.06 |
| Othercashpaymentsrelatedtooperatingactivities | 751,316,451.76 | 650,619,571.95 |
| Subtotalofcashoutflowsfromoperatingactivities | 24,821,193,232.57 | 21,667,111,987.30 |
| Netcashflowsfromoperatingactivities | 4,366,630,948.36 | 3,723,964,354.63 |
| II.Cashflowsfrominvestingactivities: | ||
| Cashreceiptsfromwithdrawalofinvestments | ||
| Cashreceiptsfrominvestmentincome | 13,272,483.08 | 2,671,131.50 |
| Netcashreceiptsfromthedisposaloffixedassets,intangibleassetsandotherlong-termassets | 109,300,264.22 | 591,067,618.05 |
| Netcashreceiptsfromthedisposalofsubsidiaries&otherbusinessunits | ||
| Othercashreceiptsrelatedtoinvestingactivities | 3,914,970,182.10 | 1,101,747,550.91 |
| Subtotalofcashinflowsfrominvestingactivities | 4,037,542,929.40 | 1,695,486,300.46 |
| Cashpaymentsfortheacquisitionoffixedassets,intangibleassetsandotherlong-termassets | 3,290,148,187.49 | 2,745,462,227.77 |
| Cashpaymentsforinvestments | 3,500,000.00 | 3,500,000.00 |
| Netincreaseofpledgedborrowings | ||
| Netcashpaymentsfortheacquisitionofsubsidiaries&otherbusinessunits | 6,881,953.25 | |
| Othercashpaymentsrelatedtoinvestingactivities | 4,248,549,873.64 | 155,803,826.18 |
| Subtotalofcashoutflowsfrominvestingactivities | 7,549,080,014.38 | 2,904,766,053.95 |
| Netcashflowsfrominvestingactivities | -3,511,537,084.98 | -1,209,279,753.49 |
| III.Cashflowsfromfinancingactivities: | ||
| Cashreceiptsfromabsorbinginvestments | 337,374,745.03 | 7,090,938.20 |
| Including:Cashreceivedbysubsidiariesfromnon-controllingshareholdersasinvestments | 44,682,245.03 | 7,090,938.20 |
| Cashreceiptsfromborrowings | 2,368,662,378.85 | 1,567,786,939.45 |
| Othercashreceiptsrelatedtofinancingactivities | 62,339,375.64 | 31,874,512.08 |
| Subtotalofcashinflowsfromfinancingactivities | 2,768,376,499.52 | 1,606,752,389.73 |
| Cashpaymentsfortherepaymentofborrowings | 1,852,948,800.00 | 1,308,452,644.96 |
| Cashpaymentsfordistributionofdividendsorprofitsandforinterestexpenses | 1,444,616,011.10 | 1,066,830,039.62 |
| Including:Cashpaidbysubsidiariestonon-controllingshareholdersasdividendorprofit | 13,000,000.00 | 25,692,386.09 |
| Othercashpaymentsrelatedtofinancingactivities | 426,111,230.39 | 323,319,993.66 |
| Subtotalofcashoutflowsfromfinancingactivities | 3,723,676,041.49 | 2,698,602,678.24 |
| Netcashflowsfromfinancingactivities | -955,299,541.97 | -1,091,850,288.51 |
| IV.Effectofforeignexchangeratechangesoncash&cashequivalents | -81,247,330.35 | 151,792,584.44 |
| V.Netincreaseincashandcashequivalents | -181,453,008.94 | 1,574,626,897.07 |
| Add:Openingbalanceofcashandcashequivalents | 3,624,955,498.84 | 2,050,328,601.77 |
| VI.Closingbalanceofcashandcashequivalents | 3,443,502,489.90 | 3,624,955,498.84 |
6.CashFlowStatementoftheParentCompany
Unit:RMB
| Items | Year2024 | Year2023 |
| I.Cashflowsfromoperatingactivities: | ||
| Cashreceiptsfromsaleofgoodsandrenderingofservices | 6,923,046,726.29 | 5,249,148,595.56 |
| Receiptsoftaxrefund | 85,847,294.72 | 97,118,035.37 |
| Othercashreceiptsrelatedtooperatingactivities | 64,162,955.90 | 93,644,650.81 |
| Subtotalofcashinflowsfromoperatingactivities | 7,073,056,976.91 | 5,439,911,281.74 |
| Cashpaymentsforgoodspurchasedandservicesreceived | 5,015,189,649.44 | 3,843,328,325.84 |
| Cashpaidtoandonbehalfofemployees | 668,247,457.78 | 555,364,759.84 |
| Cashpaymentsfortaxesandrates | 221,432,990.78 | 131,083,648.39 |
| Othercashpaymentsrelatedtooperatingactivities | 132,370,987.20 | 107,109,355.87 |
| Subtotalofcashoutflowsfromoperatingactivities | 6,037,241,085.20 | 4,636,886,089.94 |
| Netcashflowsfromoperatingactivities | 1,035,815,891.71 | 803,025,191.80 |
| II.Cashflowsfrominvestingactivities: | ||
| Cashreceiptsfromwithdrawalofinvestments | ||
| Cashreceiptsfrominvestmentincome | 1,572,716,699.35 | 296,264,902.08 |
| Netcashreceiptsfromthedisposal | 5,141,819.84 | 100,682,940.02 |
| offixedassets,intangibleassetsandotherlong-termassets | ||
| Netcashreceiptsfromthedisposalofsubsidiaries&otherbusinessunits | ||
| Othercashreceiptsrelatedtoinvestingactivities | 3,006,559,541.99 | 907,825,506.19 |
| Subtotalofcashinflowsfrominvestingactivities | 4,584,418,061.18 | 1,304,773,348.29 |
| Cashpaymentsfortheacquisitionoffixedassets,intangibleassetsandotherlong-termassets | 275,180,043.01 | 298,167,575.30 |
| Cashpaymentsforinvestments | 1,329,444,721.10 | 249,714,910.39 |
| Netcashpaymentsfortheacquisitionofsubsidiaries&otherbusinessunits | ||
| Othercashpaymentsrelatedtoinvestingactivities | 2,155,706,864.14 | 1,436,710,655.47 |
| Subtotalofcashoutflowsfrominvestingactivities | 3,760,331,628.25 | 1,984,593,141.16 |
| Netcashflowsfrominvestingactivities | 824,086,432.93 | -679,819,792.87 |
| III.Cashflowsfromfinancingactivities: | ||
| Cashreceiptsfromabsorbinginvestments | 292,692,500.00 | |
| Cashreceiptsfromborrowings | 2,080,000,000.00 | 800,000,000.00 |
| Othercashreceiptsrelatedtofinancingactivities | 552,544,536.00 | 2,237,929,883.41 |
| Subtotalofcashinflowsfromfinancingactivities | 2,925,237,036.00 | 3,037,929,883.41 |
| Cashpaymentsfortherepaymentofborrowings | 1,506,000,000.00 | 540,733,987.38 |
| Cashpaymentsfordistributionofdividendsorprofitsandforinterestexpenses | 1,384,521,151.06 | 979,392,786.32 |
| Othercashpaymentsrelatedtofinancingactivities | 3,483,297,215.06 | 844,479,220.53 |
| Subtotalofcashoutflowsfromfinancingactivities | 6,373,818,366.12 | 2,364,605,994.23 |
| Netcashflowsfromfinancingactivities | -3,448,581,330.12 | 673,323,889.18 |
| IV.Effectofforeignexchangeratechangesoncashandcashequivalents | ||
| V.Netincreaseincashandcashequivalents | -1,588,679,005.48 | 796,529,288.11 |
| Add:Openingbalanceofcashandcashequivalents | 1,793,207,457.49 | 996,678,169.38 |
| VI.Closingbalanceofcashandcashequivalents | 204,528,452.01 | 1,793,207,457.49 |
7.ConsolidatedStatementofChangesinOwners'Equity
Amountofthisperiod
Unit:RMB
| Items | Year2024 | ||||||||||||||
| EquityAttributabletoparentCompany | Non-controllinginterest | Totalequity | |||||||||||||
| ShareCapital | Otherequityinstruments | Capitalreserve | Less:treasuryshares | Othercomprehensiveincome | Specialreserve | Surplusreserve | Generalriskreserve | Undistributedprofit | Others | Subtotal | |||||
| Preferredshares | Perpetualbonds | Others | |||||||||||||
| I.Balanceattheendofprioryear | 3,732,615,535.00 | 3,455,643,565.98 | 423,468,591.57 | 114,757,064.28 | 1,011,914,243.67 | 10,002,942,167.43 | 17,894,403,984.79 | 169,303,639.57 | 18,063,707,624.36 | ||||||
| Add:Cumulativechangesofaccountingpolicies | |||||||||||||||
| Errorcorrectionofpriorperiod | |||||||||||||||
| Others | |||||||||||||||
| II.Balanceatthebeginningofcurrentyear | 3,732,615,535.00 | 3,455,643,565.98 | 423,468,591.57 | 114,757,064.28 | 1,011,914,243.67 | 10,002,942,167.43 | 17,894,403,984.79 | 169,303,639.57 | 18,063,707,624.36 | ||||||
| III.Currentperiodincrease(orless:decrease) | -226,000.00 | -184,330,288.50 | -41,621,014.79 | -253,119,717.76 | 152,050,641.42 | 1,647,369,471.74 | 1,403,365,121.69 | 52,570,777.38 | 1,455,935,899.07 | ||||||
| (I)Totalcomprehensiveincome | -253,119,717.76 | 3,099,165,128.06 | 2,846,045,410.30 | 12,560,674.28 | 2,858,606,084.58 | ||||||||||
| (II)Capitalcontributedorwithdrawnbyowners | -226,000.00 | -179,628,225.23 | -41,621,014.79 | -138,233,210.44 | 50,836,319.83 | -87,396,890.61 | |||||||||
| 1.Ordinary | - | - | 50,836,31 | 50,836,319.83 | |||||||||||
| sharescontributedbyowners | 284,970,400.00 | 284,970,400.00 | 9.83 | |||||||||
| 2.Capitalcontributedbyholdersofotherequityinstruments | ||||||||||||
| 3.Amountofshare-basedpaymentincludedinequity | 109,070,573.06 | 109,070,573.06 | 109,070,573.06 | |||||||||
| 4.Others | -226,000.00 | -3,728,398.29 | 243,349,385.21 | -247,303,783.50 | -247,303,783.50 | |||||||
| (III)Profitdistribution | 152,050,641.42 | -1,451,795,656.32 | -1,299,745,014.90 | -15,528,280.00 | -1,315,273,294.90 | |||||||
| 1.Appropriationofsurplusreserve | 152,050,641.42 | -152,050,641.42 | ||||||||||
| 2.Appropriationofgeneralriskreserve | ||||||||||||
| 3.Appropriationofprofittoowners | -1,299,745,014.90 | -1,299,745,014.90 | -15,528,280.00 | -1,315,273,294.90 | ||||||||
| 4.Others | ||||||||||||
| (IV)Internalcarry-overwithinequity | ||||||||||||
| 1.Transferofcapitalreservetocapital |
| 2.Transferofsurplusreservetocapital | |||||||||||||
| 3.Surplusreservetocoverlosses | |||||||||||||
| 4.Changesindefinedbenefitplancarriedovertoretainedearnings | |||||||||||||
| 5.Othercomprehensiveincomecarriedovertoretainedearnings | |||||||||||||
| 6.Others | |||||||||||||
| (V)Specialreserve | |||||||||||||
| 1.Appropriationofcurrentperiod | |||||||||||||
| 2.Applicationofcurrentperiod | |||||||||||||
| (VI)Others | -4,702,063.27 | -4,702,063.27 | 4,702,063.27 | ||||||||||
| IV.Balanceattheendofcurrentperiod | 3,732,389,535.00 | 3,271,313,277.48 | 381,847,576.78 | -138,362,653.48 | 1,163,964,885.09 | 11,650,311,639.17 | 19,297,769,106.48 | 221,874,416.95 | 19,519,643,523.43 |
AmountofPreviousPeriod
Unit:RMB
| Items | Year2023 | ||||||||||||||
| EquityAttributabletoparentCompany | Non-controllinginterest | Totalequity | |||||||||||||
| ShareCapital | Otherequityinstruments | Capitalreserve | Less:treasuryshares | Othercomprehensiveincome | Specialreserve | Surplusreserve | Generalriskreserve | Undistributedprofit | Others | Subtotal | |||||
| Preferredshares | Perpetualbonds | Others | |||||||||||||
| I.Balanceattheendofprioryear | 3,590,869,465.00 | 409,544,970.41 | 282,602,695.98 | 330,022,975.53 | -8,543,048.33 | 863,523,059.01 | 8,133,336,242.88 | 12,941,310,409.42 | 177,989,781.40 | 13,119,300,190.82 | |||||
| Add:Cumulativechangesofaccountingpolicies | |||||||||||||||
| Errorcorrectionofpriorperiod | |||||||||||||||
| Others | |||||||||||||||
| II.Balanceatthebeginningofcurrentyear | 3,590,869,465.00 | 409,544,970.41 | 282,602,695.98 | 330,022,975.53 | -8,543,048.33 | 863,523,059.01 | 8,133,336,242.88 | 12,941,310,409.42 | 177,989,781.40 | 13,119,300,190.82 | |||||
| III.Currentperiodincrease(orless:decrease) | 141,746,070.00 | -409,544,970.41 | 3,173,040,870.00 | 93,445,616.04 | 123,300,112.61 | 148,391,184.66 | 1,869,605,924.55 | 4,953,093,575.37 | -8,686,141.83 | 4,944,407,433.54 | |||||
| (I)Totalcomprehensiveincome | 123,300,112.61 | 2,920,992,940.01 | 3,044,293,052.62 | 12,721,798.98 | 3,057,014,851.60 | ||||||||||
| (II)Capitalcontributedorwithdrawnbyowners | 141,746,070.00 | -409,544,970.41 | 3,173,040,870.00 | 93,445,616.04 | 2,811,796,353.55 | 4,284,445.28 | 2,816,080,798.83 | ||||||||
| 1.Ordinary | 7,090,938 | 7,090,938.2 | |||||||||||||
| sharescontributedbyowners | .20 | 0 | |||||||||||
| 2.Capitalcontributedbyholdersofotherequityinstruments | 141,926,470.00 | -409,544,970.41 | 3,104,716,711.55 | 2,837,098,211.14 | 2,837,098,211.14 | ||||||||
| 3.Amountofshare-basedpaymentincludedinequity | 69,716,518.45 | 69,716,518.45 | 69,716,518.45 | ||||||||||
| 4.Others | -180,400.00 | -1,392,360.00 | 93,445,616.04 | -95,018,376.04 | -2,806,492.92 | -97,824,868.96 | |||||||
| (III)Profitdistribution | 148,391,184.66 | -1,051,387,015.46 | -902,995,830.80 | -25,692,386.09 | -928,688,216.89 | ||||||||
| 1.Appropriationofsurplusreserve | 148,391,184.66 | -148,391,184.66 | |||||||||||
| 2.Appropriationofgeneralriskreserve | |||||||||||||
| 3.Appropriationofprofittoowners | -902,995,830.80 | -902,995,830.80 | -25,692,386.09 | -928,688,216.89 | |||||||||
| 4.Others | |||||||||||||
| (IV)Internalcarry-overwithinequity | |||||||||||||
| 1.Transferofcapitalreserve |
| tocapital | ||||||||||||||
| 2.Transferofsurplusreservetocapital | ||||||||||||||
| 3.Surplusreservetocoverlosses | ||||||||||||||
| 4.Changesindefinedbenefitplancarriedovertoretainedearnings | ||||||||||||||
| 5.Othercomprehensiveincomecarriedovertoretainedearnings | ||||||||||||||
| 6.Others | ||||||||||||||
| (V)Specialreserve | ||||||||||||||
| 1.Appropriationofcurrentperiod | ||||||||||||||
| 2.Applicationofcurrentperiod | ||||||||||||||
| (VI)Others | ||||||||||||||
| IV.Balanceattheendofcurrentperiod | 3,732,615,535.00 | 0.00 | 3,455,643,565.98 | 423,468,591.57 | 114,757,064.28 | 1,011,914,243.67 | 10,002,942,167.43 | 17,894,403,984.79 | 169,303,639.57 | 18,063,707,624.36 |
8.StatementofChangesinOwners'EquityoftheParentCompanyAmountofthisperiod
Unit:RMB
| Items | Year2024 | |||||||||||
| ShareCapital | Otherequityinstruments | Capitalreserve | Less:treasuryshares | Othercomprehensiveincome | Specialreserve | Surplusreserve | Undistributedprofit | Others | Totalequity | |||
| Preferredshares | Perpetualbonds | Others | ||||||||||
| I.Balanceattheendofprioryear | 3,732,615,535.00 | 4,351,276,453.48 | 423,468,591.57 | 883,822,071.35 | 1,768,214,110.04 | 10,312,459,578.30 | ||||||
| Add:Cumulativechangesofaccountingpolicies | ||||||||||||
| Errorcorrectionofpriorperiod | ||||||||||||
| Others | ||||||||||||
| II.Balanceatthebeginningofcurrentyear | 3,732,615,535.00 | 4,351,276,453.48 | 423,468,591.57 | 883,822,071.35 | 1,768,214,110.04 | 10,312,459,578.30 | ||||||
| III.Currentperiodincrease(orless:decrease) | -226,000.00 | -179,376,223.91 | -41,621,014.79 | 152,050,641.42 | 68,710,757.86 | 82,780,190.16 | ||||||
| (I)Totalcomprehensiveincome | 1,520,506,414.18 | 1,520,506,414.18 | ||||||||||
| (II)Capitalcontributedorwithdrawnbyowners | -226,000.00 | -179,376,223.91 | -41,621,014.79 | -137,981,209.12 | ||||||||
| 1.Ordinaryshares | -284,970,400.00 | -284,970,400.00 | ||||||||||
| contributedbyowners | |||||||||
| 2.Capitalcontributedbyholdersofotherequityinstruments | |||||||||
| 3.Amountofshare-basedpaymentincludedinequity | 109,070,573.06 | 109,070,573.06 | |||||||
| 4.Others | -226,000.00 | -3,476,396.97 | 243,349,385.21 | -247,051,782.18 | |||||
| (III)Profitdistribution | 152,050,641.42 | -1,451,795,656.32 | -1,299,745,014.90 | ||||||
| 1.Appropriationofsurplusreserve | 152,050,641.42 | -152,050,641.42 | |||||||
| 2.Appropriationofprofittoowners | -1,299,745,014.90 | -1,299,745,014.90 | |||||||
| 3.Others | |||||||||
| (IV)Internalcarry-overwithinequity | |||||||||
| 1.Transferofcapitalreservetocapital | |||||||||
| 2.Transferofsurplusreservetocapital | |||||||||
| 3.Surplusreservetocover |
| losses | |||||||||
| 4.Changesindefinedbenefitplancarriedovertoretainedearnings | |||||||||
| 5.Othercomprehensiveincomecarriedovertoretainedearnings | |||||||||
| 6.Others | |||||||||
| (V)Specialreserve | |||||||||
| 1.Appropriationofcurrentperiod | |||||||||
| 2.Applicationofcurrentperiod | |||||||||
| (VI)Others | |||||||||
| IV.Balanceattheendofcurrentperiod | 3,732,389,535.00 | 4,171,900,229.57 | 381,847,576.78 | 1,035,872,712.77 | 1,836,924,867.90 | 10,395,239,768.46 |
AmountofPreviousPeriod
Unit:RMB
| Items | Year2023 | |||||||||||
| ShareCapital | Otherequityinstruments | Capitalreserve | Less:treasuryshares | Othercomprehensiveincome | Specialreserve | Surplusreserve | Undistributedprofit | Others | Totalequity | |||
| Preferredshares | Perpetualbonds | Others | ||||||||||
| I.Balanceattheendofprioryear | 3,590,869,465.00 | 409,544,970.41 | 1,180,826,355.13 | 330,022,975.53 | 735,430,886.69 | 1,335,689,278.94 | 6,922,337,980.64 | |||||
| Add:Cumulative | ||||||||||||
| changesofaccountingpolicies | ||||||||||
| Errorcorrectionofpriorperiod | ||||||||||
| Others | ||||||||||
| II.Balanceatthebeginningofcurrentyear | 3,590,869,465.00 | 409,544,970.41 | 1,180,826,355.13 | 330,022,975.53 | 735,430,886.69 | 1,335,689,278.94 | 6,922,337,980.64 | |||
| III.Currentperiodincrease(orless:decrease) | 141,746,070.00 | -409,544,970.41 | 3,170,450,098.35 | 93,445,616.04 | 148,391,184.66 | 432,524,831.10 | 3,390,121,597.66 | |||
| (I)Totalcomprehensiveincome | 1,483,911,846.56 | 1,483,911,846.56 | ||||||||
| (II)Capitalcontributedorwithdrawnbyowners | 141,746,070.00 | -409,544,970.41 | 3,170,450,098.35 | 93,445,616.04 | 2,809,205,581.90 | |||||
| 1.Ordinarysharescontributedbyowners | ||||||||||
| 2.Capitalcontributedbyholdersofotherequityinstruments | 141,926,470.00 | -409,544,970.41 | 3,104,716,711.55 | 2,837,098,211.14 | ||||||
| 3.Amountofshare-basedpaymentincludedinequity | 67,125,746.80 | 67,125,746.80 | ||||||||
| 4.Others | -180,400.00 | -1,392,360.00 | 93,445,616.04 | -95,018,376.04 |
| (III)Profitdistribution | 148,391,184.66 | -1,051,387,015.46 | -902,995,830.80 | ||
| 1.Appropriationofsurplusreserve | 148,391,184.66 | -148,391,184.66 | |||
| 2.Appropriationofprofittoowners | -902,995,830.80 | -902,995,830.80 | |||
| 3.Others | |||||
| (IV)Internalcarry-overwithinequity | |||||
| 1.Transferofcapitalreservetocapital | |||||
| 2.Transferofsurplusreservetocapital | |||||
| 3.Surplusreservetocoverlosses | |||||
| 4.Changesindefinedbenefitplancarriedovertoretainedearnings | |||||
| 5.Othercomprehensiveincomecarriedovertoretainedearnings | |||||
| 6.Others |
| (V)Specialreserve | |||||||||
| 1.Appropriationofcurrentperiod | |||||||||
| 2.Applicationofcurrentperiod | |||||||||
| (VI)Others | |||||||||
| IV.Balanceattheendofcurrentperiod | 3,732,615,535.00 | 4,351,276,453.48 | 423,468,591.57 | 883,822,071.35 | 1,768,214,110.04 | 10,312,459,578.30 |
III.CompanyprofileTheCompanywasestablishedbytheoriginalSanhuaFujiKokiCo.,Ltd.TheCompanycurrentlyholdsabusinesslicensewithaunifiedsocialcreditcodeof913300006096907427registeredandissuedbyZhejiangAdministrationofIndustryandCommerce,withheadquarterinShaoxingCity,ZhejiangProvince.Theregisteredcapitalof3,732,389,535.00yuan,totalshareof3,732,389,535shares(eachwithparvalueofoneyuan).TheCompany’sshareswerelistedatShenzhenStockExchange.
TheCompanyoperatesinthemachinerymanufacturingindustry,mainbusinessactivitiesincluderesearchanddevelopment,productionandsalesofrefrigerationandair-conditioningappliancesandautomotivecomponents.Thefinancialstatementswereapprovedbythethirty-firstmeetingoftheseventhBoardofDirectorsoftheCompanyon25March2025forexternalreporting.
IV.Preparationbasisofthefinancialstatements
1.PreparationbasisThefinancialstatementshavebeenpreparedonthebasisofgoingconcern.
2.GoingconcernTheCompanyhasnoeventsorconditionsthatmaycastsignificantdoubtsupontheCompany’sabilitytocontinueasagoingconcernwithinthe12monthsafterthebalancesheetdate.V.SignificantaccountingpoliciesandestimatesTipsonspecificaccountingpoliciesandaccountingestimates:
ImportantTip:theCompanyhassetupaccountingpoliciesandestimatesontransactionsoreventssuchasimpairmentoffinancialinstruments,inventories,depreciationoffixedassets,constructioninprogress,intangibleassets,revenuerecognition,share-basedpayment,etc.,basedontheCompany’sactualproductionandoperationfeatures.
1.StatementofcompliancewithChinaAccountingStandardsforBusinessEnterprises
ThefinancialstatementshavebeenpreparedinaccordancewiththerequirementsofChinaAccountingStandardsforBusinessEnterprises(CASBEs),andpresenttrulyandcompletelythefinancialposition,resultsofoperationsandcashflowsoftheCompany.
2.Accountingperiod
TheaccountingyearoftheCompanyrunsfromJanuary1toDecember31undertheGregoriancalendar.
3.Operatingcycle
TheCompanyhasarelativelyshortoperatingcycleforitsbusiness,anassetoraliabilityisclassifiedascurrentifitisexpectedtoberealizedorduewithin12months.
4.Functionalcurrency
ThefunctionalcurrencyoftheCompanyanditsdomesticsubsidiariesisRenminbi(RMB)Yuan,whilethefunctionalcurrencyofsubsidiariesengagedinoverseasoperationsincludingSANHUAAWECOApplianceSystemsGmbH、SanhuaInternationalIncetc.isthecurrencyoftheprimaryeconomicenvironmentinwhichtheyoperate.
5.Determinationmethodandbasisforselectionofmateriality
√Applicable□NotApplicable
| Discloseditemsinvolvingmaterialityjudgements | Materialitycriteria |
| Significantaccountsreceivablewithprovisionforbaddebtsmadeonanindividualbasis | Individualaccrualsaccountingformorethan5%ofthetotalbaddebtprovisionforalltypesofaccountsreceivableandamountingtomorethan30millionyuanareconsideredsignificant. |
| Significantotherreceivableswithprovisionforbaddebtsmadeonanindividualbasis | Individualaccrualsaccountingfor5%ormoreofthetotalbaddebtprovisionforeachcategoryofotherreceivablesandamountingtomorethan20millionyuanareconsideredsignificant. |
| Significantconstructioninprogress | Thebudgetforasingleprojectismorethan500millionyuan. |
| Significantcashflowsfrominvestingactivities | Asingleinvestingactivitythataccountsformorethan5%ofthetotalcashinflowsoroutflowsrelatedtothereceiptordisbursementofcashrelatedtoinvestingactivitiesandisgreaterthan50millionyuanisconsideredtobesignificant. |
| Significantsubsidiaries,notwholly-ownedsubsidiaries | Subsidiarieswithtotalassets/totalrevenue/profitbeforetaxinexcessof15%ofthegroup’stotalassets/totalrevenue/profitbeforetaxareidentifiedassignificantsubsidiaries/significantnotwholly-ownedsubsidiaries. |
| Significantjointventures,associatesandjointoperations | Jointventuresorassociateswithtotalassetsexceeding1billionyuanareconsideredsignificant. |
| Significantcommitments | ProjectmattersinwhichtheCompanyisinvolvedinfundraisingareconsideredsignificant. |
| Significanteventssubsequenttothebalancesheetdate | Distributionofprofitafterthebalancesheetdate,significantfinancing,etc. |
6.Accountingtreatmentsofbusinesscombinationunderandnotundercommoncontrol
1.AccountingtreatmentofbusinesscombinationundercommoncontrolAssetsandliabilitiesarisingfrombusinesscombinationaremeasuredatcarryingamountofthecombinedpartyincludedintheconsolidatedfinancialstatementsoftheultimatecontrollingpartyatthecombinationdate.Differencebetweencarryingamountoftheequityofthecombinedpartyincludedintheconsolidatedfinancialstatementsoftheultimatecontrollingpartyandthatofthecombinationconsiderationortotalparvalueofsharesissuedisadjustedtocapitalreserve,ifthebalanceofcapitalreserveisinsufficienttooffset,anyexcessisadjustedtoretainedearnings.
2.AccountingtreatmentofbusinesscombinationnotundercommoncontrolWhencombinationcostisinexcessofthefairvalueshareofidentifiablenetassetsobtainedfromtheacquireeattheacquisitiondate,theexcessisrecognizedasgoodwill;Ifthecombinationcostislessthanthefairvalueshareofidentifiablenetassetsobtainedfromtheacquiree,thefairvalueoftheidentifiableassets,liabilities,andcontingentliabilitiesobtainedfromtheacquiree,aswellasthemeasurementofthecombinationcost,needtobereviewedatfirst.Afterreview,ifthecombinationcostisstilllessthanthefairvalueshareoftheidentifiablenetassetsobtainedfromtheacquiree,thedifferenceisrecognizedinprofitorloss.
7.Judgementcriteriaforcontrolandcompilationmethodofconsolidatedfinancialstatements
1.Judgementofcontrol
Havingthepowerovertheinvestedparty,enjoyingvariablereturnsthroughparticipatinginrelatedactivitiesoftheinvestedparty,andhavingtheabilitytousethepowerovertheinvestedpartytoinfluenceitsvariablereturnamount,isrecognizedascontrol.
2.Compilationmethodofconsolidatedfinancialstatements
Theparentcompanybringsallitscontrolledsubsidiariesintotheconsolidationscope.Theconsolidatedfinancialstatementsarecompiledbytheparentcompanyaccordingto“CASBE33–ConsolidatedFinancialStatements”,basedonrelevantinformationandthefinancialstatementsoftheparentcompanyanditssubsidiaries.
8.Recognitioncriteriaofcashandcashequivalents
Cashaspresentedincashflowstatementreferstocashonhandanddepositondemandforpayment.Cashequivalentsrefertoshort-term,highlyliquidinvestmentsthatcanbereadilyconvertedtocashandthataresubjecttoaninsignificantriskofchangesinvalue.
9.Foreigncurrencytranslation
1.Translationoftransactionsdenominatedinforeigncurrency
TransactionsdenominatedinforeigncurrencyaretranslatedintoRMByuanatthespotexchangerateortheapproximateexchangeratesimilartothespotexchangerateatthetransactiondateatinitialrecognition.Atthebalancesheetdate,monetaryitemsdenominatedinforeigncurrencyaretranslatedatthespotexchangerateatthebalancesheetdatewithdifference,exceptforthosearisingfromtheprincipalandinterestofexclusiveborrowingseligibleforcapitalization,includedinprofitorloss;non-cashitemscarriedathistoricalcostsaretranslatedatthespotexchangerateatthetransactiondate,withitsRMBamountunchanged;non-cashitemscarriedatfairvalueinforeigncurrencyaretranslatedatthespotexchangerateatthedatewhenthefairvaluewasdetermined,withdifferenceincludedinprofitorlossorothercomprehensiveincome.
2.Translationoffinancialstatementsmeasuredinforeigncurrency
Theassetsandliabilitiesinthebalancesheetaretranslatedatthespotrateatthebalancesheetdate;theequityitems,otherthanundistributedprofit,aretranslatedatthespotrateatthetransactiondate;therevenuesandexpensesintheincomestatementaretranslatedattheapproximateexchangeratesimilartothesystematicallyandrationallydeterminedspotexchangerateatthetransactiondate.Thedifferencearisingfromforeigncurrencytranslationisincludedinothercomprehensiveincome.10．Financialinstruments
1.Classificationoffinancialassetsandfinancialliabilities
Financialassetsareclassifiedintothefollowingthreecategorieswheninitiallyrecognized:(1)financialassetsatamortizedcost;(2)financialassetsatfairvaluethroughothercomprehensiveincome;(3)financialassetsatfairvaluethroughprofitorloss.
Financialliabilitiesareclassifiedintothefollowingfourcategorieswheninitiallyrecognized:(1)financialliabilitiesatfairvaluethroughprofitorloss;(2)financialliabilitiesthatarisewhenatransferofafinancialassetdoesnotqualifyforderecognitionorwhenthecontinuinginvolvementapproachapplies;(3)financialguaranteecontractsnotfallwithintheabovecategories(1)and(2),andcommitmentstoprovidealoanatabelow-marketinterestrate,whichdonotfallwithintheabovecategory(1);(4)financialliabilitiesatamortizedcost.
2.Recognitioncriteria,measurementmethodandderecognitionconditionoffinancialassetsandfinancialliabilities
(1)RecognitioncriteriaandmeasurementmethodoffinancialassetsandfinancialliabilitiesWhentheCompanybecomesapartytoafinancialinstrument,itisrecognizedasafinancialassetorfinancialliability.ThefinancialassetsandfinancialliabilitiesinitiallyrecognizedbytheCompanyaremeasuredatfairvalue;forthefinancialassetsandliabilitiesatfairvaluethroughprofitorloss,thetransactionexpensesthereofaredirectlyincludedinprofitorloss;forothercategoriesoffinancialassetsandfinancialliabilities,thetransactionexpensesthereofareincludedintotheinitiallyrecognizedamount.However,atinitialrecognition,foraccountsreceivablethatdonotcontainasignificantfinancingcomponentorincircumstanceswheretheCompanydoesnotconsiderthefinancingcomponentsincontractswithinoneyear,theCompanymeasuresthetransactionpriceinaccordancewith“CASBE14–Revenues”.
(2)Subsequentmeasurementoffinancialassets
1)FinancialassetsmeasuredatamortizedcostsTheCompanymeasuresitsfinancialassetsattheamortizedcostsusingeffectiveinterestmethod.Gainsorlossesonfinancialassetsthataremeasuredatamortizedcostandarenotpartofhedgingrelationshipsshallbeincludedintoprofitorlosswhenthefinancialassetsarederecognized,reclassified,throughtheamortizationprocessorinordertorecognizeimpairmentgainsorlosses.
2)DebtinstrumentinvestmentsatfairvaluethroughothercomprehensiveincomeTheCompanymeasuresitsdebtinstrumentinvestmentsatfairvalue.Interests,impairmentlossesorgains,andgainsandlossesonforeignexchangethatcalculatedusingeffectiveinterestmethodshallbeincludedintoprofitorloss,whileothergainsorlossesareincludedintoothercomprehensiveincome.Accumulatedgainsorlossesthatinitiallyrecognizedasothercomprehensiveincomeshouldbetransferredoutintoprofitorlosswhenthefinancialassetsarederecognized.
3)EquityinstrumentinvestmentsatfairvaluethroughothercomprehensiveincomeTheCompanymeasuresitsequityinstrumentinvestmentsatfairvalue.Dividendsobtained(otherthanthoseaspartofinvestmentcostrecovery)shallbeincludedintoprofitorloss,whileothergainsorlossesareincludedintoothercomprehensiveincome.Accumulatedgainsorlossesthatinitiallyrecognizedasothercomprehensiveincomeshouldbetransferredoutintoretainedearningswhenthefinancialassetsarederecognized.
4)FinancialassetsatfairvaluethroughprofitorlossTheCompanymeasuresitsfinancialassetsatfairvalue.Gainsorlossesarisingfromchangesinfairvalue(includinginterestsanddividends)shallbeincludedintoprofitorloss,exceptforfinancialassetsthatarepartofhedgingrelationships.
(3)Subsequentmeasurementoffinancialliabilities
1)FinancialliabilitiesatfairvaluethroughprofitorlossFinancialliabilitiesatfairvaluethroughprofitorlossincludeheld-for-tradingfinancialliabilities(includingderivativesthatareliabilities)andfinancialliabilitiesdesignatedasatfairvaluethroughprofitorloss.TheCompanymeasuressuchkindofliabilitiesatfairvalue.TheamountofchangesinthefairvalueofthefinancialliabilitiesthatareattributabletochangesintheCompany’sowncreditriskshallbeincludedintoothercomprehensiveincome,unlesssuchtreatmentwouldcreateorenlargeaccountingmismatchesinprofitorloss.Othergainsorlossesonthosefinancialliabilities(includinginterests,changesinfairvaluethatareattributabletoreasonsotherthanchangesintheCompany’sowncreditrisk)shallbeincludedintoprofitorloss,exceptforfinancialliabilitiesthatarepartofhedgingrelationships.Accumulatedgainsorlossesthatoriginallyrecognizedasothercomprehensiveincomeshouldbetransferredoutintoretainedearningswhenthefinancialliabilitiesarederecognized.
2)Financialliabilitiesthatarisewhenatransferofafinancialassetdoesnotqualifyforderecognitionor
whenthecontinuinginvolvementapproachapplies
TheCompanymeasuresitsfinancialliabilitiesinaccordancewith“CASBE23–TransferofFinancialAssets”.
3)Financialguaranteecontractsnotfallwithintheabovecategories1)and2),andcommitmentstoprovidealoanatabelow-marketinterestrate,whichdonotfallwithintheabovecategory1)
TheCompanymeasuresitsfinancialliabilitiesatthehigherof:a.theamountoflossallowancesinaccordancewithimpairmentrequirementsoffinancialinstruments;b.theamountinitiallyrecognizedlesstheamountofaccumulatedamortizationrecognizedinaccordancewith“CASBE14–Revenues”.
4)Financialliabilitiesatamortizedcost
TheCompanymeasuresitsfinancialliabilitiesatamortizedcostusingeffectiveinterestmethod.Gainsorlossesonfinancialliabilitiesthataremeasuredatamortizedcostandarenotpartofhedgingrelationshipsshallbeincludedintoprofitorlosswhenthefinancialliabilitiesarederecognizedandamortizedusingeffectiveinterestmethod.
(4)Derecognitionoffinancialassetsandfinancialliabilities
1)Financialassetsarederecognizedwhen:
a.thecontractualrightstothecashflowsfromthefinancialassetsexpire;
b.thefinancialassetshavebeentransferredandthetransferqualifiesforderecognitioninaccordancewith“CASBE23–TransferofFinancialAssets”.
2)Onlywhentheunderlyingpresentobligationsofafinancialliabilityarerelievedtotallyorpartlymaythefinancialliabilitybederecognizedaccordingly.
3.Recognitioncriteriaandmeasurementmethodoffinancialassetstransfer
WheretheCompanyhastransferredsubstantiallyalloftherisksandrewardsrelatedtotheownershipofthefinancialasset,itderecognizesthefinancialasset,andanyrightorliabilityarisingfromsuchtransferisrecognizedindependentlyasanassetoraliability.Ifitretainedsubstantiallyalloftherisksandrewardsrelatedtotheownershipofthefinancialasset,itcontinuesrecognizingthefinancialasset.WheretheCompanydoesnottransferorretainsubstantiallyalloftherisksandrewardsrelatedtotheownershipofafinancialasset,itisdealtwithaccordingtothecircumstancesasfollowsrespectively:(1)iftheCompanydoesnotretainitscontroloverthefinancialasset,itderecognizesthefinancialasset,andanyrightorliabilityarisingfromsuchtransferisrecognizedindependentlyasanassetoraliability;(2)iftheCompanyretainsitscontroloverthefinancialasset,accordingtotheextentofitscontinuinginvolvementinthetransferredfinancialasset,itrecognizestherelatedfinancialassetandrecognizestherelevantliabilityaccordingly.
Ifthetransferofanentirefinancialassetsatisfiestheconditionsforderecognition,thedifferencebetweentheamountsofthefollowingtwoitemsisincludedinprofitorloss:(1)thecarryingamountofthetransferredfinancialassetasofthedateofderecognition;(2)thesumofconsiderationreceivedfromthetransferofthefinancialasset,andtheaccumulativeamountofthechangesofthefairvalueoriginallyincludedinothercomprehensiveincomeproportionatetothetransferredfinancialasset(financialassetstransferredrefertodebtinstrumentinvestmentsatfairvaluethroughothercomprehensiveincome).Ifthetransferoffinancialassetpartiallysatisfiestheconditionstoderecognition,theentirecarryingamountofthetransferredfinancialassetis,betweentheportionwhichisderecognizedandtheportionwhichisnot,apportionedaccordingtotheirrespectiverelativefairvalue,andthedifferencebetweentheamountsofthefollowingtwoitemsisincludedintoprofitorloss:(1)thecarryingamountoftheportionwhichisderecognized;(2)thesumofconsiderationoftheportionwhichisderecognized,andtheportionoftheaccumulativeamountofthechangesinthefairvalueoriginallyincludedinothercomprehensiveincomewhichiscorrespondingtotheportionwhichisderecognized(financialassetstransferredrefertodebtinstrumentinvestmentsatfairvaluethroughothercomprehensive
income).
4.FairvaluedeterminationmethodoffinancialassetsandliabilitiesTheCompanyusesvaluationtechniquesthatareappropriateinthecircumstancesandforwhichsufficientdataandinformationareavailabletomeasurefairvalue.Theinputstovaluationtechniquesusedtomeasurefairvaluearearrangedinthefollowinghierarchyandusedaccordingly:
(1)Level1inputsareunadjustedquotedpricesinactivemarketsforidenticalassetsorliabilitiesthattheCompanycanaccessatthemeasurementdate.
(2)Level2inputsareinputsotherthanquotedpricesincludedwithinLevel1thatareobservablefortheassetorliability,eitherdirectlyorindirectly.Level2inputsinclude:quotedpricesforsimilarassetsorliabilitiesinactivemarkets;quotedpricesforidenticalorsimilarassetsorliabilitiesinmarketsthatarenotactive;inputsotherthanquotedpricesthatareobservablefortheassetorliability,forexample,interestratesandyieldcurvesobservableatcommonlyquotedintervals;market-corroboratedinputs;
(3)Level3inputsareunobservableinputsfortheassetorliability.Level3inputsincludeinterestratethatisnotobservableandcannotbecorroboratedbyobservablemarketdataatcommonlyquotedintervals,historicalvolatility,futurecashflowstobepaidtofulfillthedisposalobligationassumedinbusinesscombination,financialforecastdevelopedusingtheCompany’sowndata,etc.
5.Impairmentoffinancialinstruments
TheCompany,onthebasisofexpectedcreditloss,recognizeslossallowancesoffinancialassetsatamortizedcost,debtinstrumentinvestmentsatfairvaluethroughothercomprehensiveincome,contractassets,leasesreceivable,loancommitmentsotherthanfinancialliabilitiesatfairvaluethroughprofitorloss,financialguaranteecontractsnotbelongtofinancialliabilitiesatfairvaluethroughprofitorlossorfinancialliabilitiesthatarisewhenatransferofafinancialassetdoesnotqualifyforderecognitionorwhenthecontinuinginvolvementapproachapplies.
Expectedcreditlossesrefertotheweightedaverageofcreditlosseswiththerespectiverisksofadefaultoccurringastheweights.CreditlossreferstothedifferencebetweenallcontractualcashflowsthatareduetotheCompanyinaccordancewiththecontractandallthecashflowsthattheCompanyexpectstoreceive(i.e.allcashshortfalls),discountedattheoriginaleffectiveinterestrate.Amongwhich,purchasedororiginatedcredit-impairedfinancialassetsarediscountedatthecredit-adjustedeffectiveinterestrate.
Atthebalancesheetdate,theCompanyshallonlyrecognizethecumulativechangesinthelifetimeexpectedcreditlossessinceinitialrecognitionasalossallowanceforpurchasedororiginatedcredit-impairedfinancialassets.
Forleasesreceivable,andaccountsreceivableandcontractassetsresultingfromtransactionsregulatedin“CASBE14–Revenues”,theCompanychoosessimplifiedapproachtomeasurethelossallowanceatanamountequaltolifetimeexpectedcreditlosses.
Forfinancialassetsotherthantheabove,oneachbalancesheetdate,theCompanyshallassesswhetherthecreditriskonthefinancialinstrumenthasincreasedsignificantlysinceinitialrecognition.TheCompanyshallmeasurethelossallowanceforthefinancialinstrumentatanamountequaltothelifetimeexpectedcreditlossesifthecreditriskonthatfinancialinstrumenthasincreasedsignificantlysinceinitialrecognition;otherwise,theCompanyshallmeasurethelossallowanceforthatfinancialinstrumentatanamountequalto12-monthexpectedcreditloss.
Consideringreasonableandsupportableforward-lookinginformation,theCompanycomparestheriskofadefaultoccurringonthefinancialinstrumentasatthebalancesheetdatewiththeriskofadefaultoccurringonthefinancialinstrumentasatthedateofinitialrecognition,soastoassesswhetherthecreditriskonthefinancialinstrumenthasincreasedsignificantlysinceinitialrecognition.
TheCompanymayassumethatthecreditriskonafinancialinstrumenthasnotincreasedsignificantlysinceinitialrecognitionifthefinancialinstrumentisdeterminedtohaverelativelylowcreditriskatthebalancesheetdate.TheCompanyshallestimateexpectedcreditriskandmeasureexpectedcreditlossesonanindividualoracollectivebasis.WhentheCompanyadoptsthecollectivebasis,financialinstrumentsaregroupedwithsimilarcreditriskfeatures.
TheCompanyshallremeasureexpectedcreditlossoneachbalancesheetdate,andincreasedorreversedamountsoflossallowancearisingtherefromshallbeincludedintoprofitorlossasimpairmentlossesorgains.Forafinancialassetmeasuredatamortizedcost,thelossallowancereducesthecarryingamountofsuchfinancialassetpresentedinthebalancesheet;foradebtinvestmentmeasuredatfairvaluethroughothercomprehensiveincome,thelossallowanceshallberecognizedinothercomprehensiveincomeandshallnotreducethecarryingamountofsuchfinancialasset.
6.Offsettingfinancialassetsandfinancialliabilities
Financialassetsandfinancialliabilitiesarepresentedseparatelyinthebalancesheetandarenotoffset.However,theCompanyoffsetsafinancialassetandafinancialliabilityandpresentsthenetamountinthebalancesheetwhen,andonlywhen,theCompany:(1)currentlyhasalegallyenforceablerighttosetofftherecognizedamounts;and(2)intendseithertosettleonanetbasis,ortorealizetheassetandsettletheliabilitysimultaneously.
Foratransferofafinancialassetthatdoesnotqualifyforderecognition,theCompanydoesnotoffsetthetransferredassetandtheassociatedliability.
11.Recognitioncriteriaandaccrualmethodforexpectedcreditlossesofreceivables
1.Receivableswithexpectedcreditlossesmeasuredonacollectivebasisusingsimilarcreditriskfeatures
| Categories | Basisfordeterminationofportfolio | Methodformeasuringexpectedcreditloss |
| Notesreceivable-Bankacceptancereceivable | Typeofnotes | Basedonhistoricalcreditlossexperience,thecurrentsituationandtheforecastoffutureeconomicconditions,theCompanycalculatesexpectedcreditlossthroughexposureatdefaultandlifetimeexpectedcreditlossrate. |
| Notesreceivable-Tradeacceptancereceivable | ||
| Notesreceivable-financecompany | ||
| Accountsreceivable–Portfoliogroupedwithaging | Creditriskcharacteristicssuchasaccountagingandcustomersegmentdimensions | Basedonhistoricalcreditlossexperience,thecurrentsituationandtheforecastoffutureeconomicconditions,theCompanypreparesthecomparisontableofaccountsreceivableagesandlifetimeexpectedcreditlossrate,soastocalculateexpectedcreditloss. |
| Otherreceivable–Portfoliogroupedwithaging | Aging | Basedonhistoricalcreditlossexperience,thecurrentsituationandtheforecastoffutureeconomicconditions,theCompanypreparesthecomparisontableofotherreceivableagesandlifetimeexpectedcreditlossrate,soastocalculateexpectedcreditloss. |
2.Accountsreceivable–comparisontableofagingandlifetimeexpectedcreditlossrateofportfoliogroupedwithaging.
| Aging | Expectedcreditlossrate(%) |
| Within1year | 5% |
| 1-2years | 10% |
| 2-3years | 30% |
| Aging | Expectedcreditlossrate(%) |
| Over3years | 50% |
Agingofaccountsreceivable/otherreceivables/…arecalculatedfromthemonthwhensuchreceivablesareaccrued.
3.Recognitioncriteriaforreceivablesandcontractassetswithexpectedcreditlossesmeasuredonanindividualbasis
Forreceivablesandcontractassetswhosecreditriskissignificantlydifferentfromthatofportfolios,theCompanyaccruesexpectedcreditlossesonanindividualbasis.12．Inventories
1.Classificationofinventories
Inventoriesincludefinishedgoodsorgoodsheldforsaleintheordinarycourseofbusiness,workinprocessintheprocessofproduction,materialsorsuppliesetc.,tobeconsumedintheproductionprocessorintherenderingofservices.
2.Accountingmethodfordispatchinginventories
Inventoriesdispatchedfromstorageareaccountedforwithweightedaveragemethodorspecificidentificationmethodattheendofeachmonth.
3.Inventorysystem
Theperpetualinventorysystemisadopted.
4.Amortizationmethodoflow-valueconsumablesandpackages
Low-valueconsumablesandpackagesareamortizedwithone-offmethodatthetimeofpurchaseorreceipt.
5.Provisionsforinventorywrite-down
Atthebalancesheetdate,inventoriesaremeasuredatthelowerofcostornetrealizablevalue;provisionsforinventorywrite-downaremadeontheexcessofitscostoverthenetrealizablevalue.13．Long-termequityinvestments
1.Judgmentofjointcontrolandsignificantinfluence
Jointcontrolisthecontractuallyagreedsharingofcontrolofanarrangement,whichexistsonlywhendecisionsabouttherelevantactivitiesrequiretheunanimousconsentofthepartiessharingcontrol.Significantinfluenceisthepowertoparticipateinthefinancialandoperatingpolicydecisionsoftheinvesteebutisnotcontrolorjointcontrolofthesepolicies.
2.Determinationofinvestmentcost
(1)Forbusinesscombinationundercommoncontrol,iftheconsiderationofthecombiningpartyisthatitmakespaymentincash,transfersnon-cashassets,assumesitsliabilitiesorissuesequitysecurities,onthedateofcombination,itregardstheshareofthecarryingamountoftheequityofthecombinedpartyincludedtheconsolidatedfinancialstatementsoftheultimatecontrollingpartyastheinitialcostoftheinvestment.Thedifferencebetweentheinitialcostofthelong-termequityinvestmentsandthecarryingamountofthecombinationconsiderationpaidortheparvalueofsharesissuedoffsetscapitalreserve;ifthebalanceofcapitalreserveisinsufficienttooffset,anyexcessisadjustedtoretainedearnings.
(2)Forbusinesscombinationnotundercommoncontrol,investmentcostisinitiallyrecognizedattheacquisition-datefairvalueofconsiderationspaid.
(3)Long-termequityinvestmentsobtainedthroughwaysotherthanbusinesscombination,theinitialcostofalong-termequityinvestmentobtainedbymakingpaymentincashisthepurchasecostwhichisactuallypaid.
3.Subsequentmeasurementandrecognitionmethodofprofitorloss
Forlong-termequityinvestmentswithcontrolrelationship,itisaccountedforwithcostmethod;forlong-termequityinvestmentsofassociatedenterprisesandcooperativeenterprises,itisaccountedforwithequitymethod.
14.Investmentproperty
1.Investmentpropertyincludesleasedbuildings,etc.
2.Theinitialmeasurementofinvestmentpropertyisbasedonitscost,andsubsequentmeasurementismadeusingthecostmodel,thedepreciationoramortizationmethodisthesameasthatoffixedassetsandintangibleassets.
15.Fixedassets
（1）Recognitionprinciplesoffixedassets
Fixedassetsaretangibleassetsheldforuseintheproductionofgoodsorrenderingofservices,forrentaltoothers,orforadministrativepurposes,andexpectedtobeusedduringmorethanoneaccountingyear.Fixedassetsarerecognizedif,andonlyif,itisprobablethatfutureeconomicbenefitsassociatedwiththeassetswillflowtotheCompanyandthecostoftheassetscanbemeasuredreliably.
（2）Depreciationmethodofdifferentcategoriesoffixedassets
| Categories | Depreciationmethod | Usefullife(years) | Estimatedresidualvalueproportion(%) | Annualdepreciationrate(%) |
| Buildingsandstructures | Straight-linemethod | 30 | 0 | 3.33 |
| Machineryandequipment | Straight-linemethod | 5-10 | 0-5 | 9.50～19.00 |
| Vehicle | Straight-linemethod | 10 | 5 | 9.5 |
| Officeequipmentandothers | Straight-linemethod | 5 | 0 | 20.00 |
16．Constructioninprogress
1.Constructioninprogressisrecognizedif,andonlyif,itisprobablethatfutureeconomicbenefitsassociatedwiththeitemwillflowtotheCompany,andthecostoftheitemcanbemeasuredreliably.Constructioninprogressismeasuredattheactualcostincurredtoreachitsdesignedusableconditions.
2.Constructioninprogressistransferredintofixedassetsatitsactualcostwhenitreachesthedesignedusableconditions.Whentheauditingoftheconstructioninprogresswasnotfinishedwhilereachingthedesignedusableconditions,itistransferredtofixedassetsusingestimatedvaluefirst,andthenadjustedaccordinglywhentheactualcostissettled,buttheaccumulateddepreciationisnottobeadjustedretrospectively.
| Categories | Standardsandtimepointoftransferringconstructioninprogresstofixedassets |
| Machinery | Afterinstallationandcommissioning,itmeetsthestandardofproduction |
| Housesandbuildings | Afterinstallationandcommissioning,theconstructioniscompletedandacceptedtomeetthecommissioningstandards |
17．Borrowingcosts
WheretheborrowingcostsincurredtotheCompanycanbedirectlyattributabletotheacquisitionandconstructionorproductionofassetseligibleforcapitalization,itiscapitalizedandincludedinthecostsofrelevantassets;otherborrowingcostsarerecognizedasexpensesonthebasisoftheactualamountincurred,andareincludedinprofitorloss.
18.Intangibleassets
1.Intangibleassetsincludelanduseright,landownership,applicationsoftwareandintellectualpropertyetc.Theinitialmeasurementofintangibleassetsisbasedonitscost.
2.Forintangibleassetswithfiniteusefullives,theiramortizationamountsareamortizedwithintheirusefullivessystematicallyandreasonably,ifitisunabletodeterminetheexpectedrealizationpatternreliably,intangibleassetsareamortizedbythestraight-linemethodwithdetails.asfollows:
| Items | Usefullifeanddeterminationbasis | Amortizationmethod |
| Landuserights | fiftyyears,Contractualservicelife | Straight-linemethod |
| Applicationsoftware | 1-4,Usefullife | Straight-linemethod |
| Intellectualproperty | 5-10,Usefullife | Straight-linemethod |
Intangibleassetswithindefiniteusefullifearenotamortized,buttheirusefullifeisreviewedannually.Theindefinitelandownershipheldbyoverseassubsidiariesabroadisnotamortizedduetouncertainservicelife.
3.CollectionofR&Dcosts
ThecollectionofR&DcostsisdirectlyrelatedtotheR&Dactivitiesofenterprises,includingR&Dpersonnelsalaries,R&Dmaterials,depreciationandamortizationexpenses,technicalcooperationfees,evaluationandtestingfees,etc.
4.ThecostsincurredduringtheresearchphaseofinternalR&Dprojectsarerecognizedinthecurrentperiod'sprofitandlosswhenincurred.Expendituresontheresearchphaseofaninternalprojectarerecognizedasprofitorlosswhentheyareincurred.AnintangibleassetarisingfromthedevelopmentphaseofaninternalprojectisrecognizediftheCompanycanmeetrelevantconditions.19．Impairmentofpartoflong-termassets
Forlong-termassetssuchaslong-termequityinvestments,investmentpropertyatcostmodel,fixedassets,constructioninprogress,right-of-useassets,intangibleassetswithfiniteusefullives,etc.,ifatthebalancesheetdatethereisindicationofimpairment,therecoverableamountistobeestimated.Forgoodwillrecognizedinbusinesscombinationandintangibleassetswithindefiniteusefullives,nomatterwhetherthereisindicationofimpairment,impairmenttestisperformedannually.Impairmenttestongoodwillisperformedonrelatedassetgrouporassetgroupportfolio.
Whentherecoverableamountofsuchlong-termassetsislowerthantheircarryingamount,thedifferenceisrecognizedasprovisionforassetsimpairmentthroughprofitorloss.20．Long-termprepayments
Long-termprepaymentsareexpensesthathavebeenrecognizedbutwithamortizationperiodoveroneyear(excludingoneyear).Theyarerecordedwithactualcost,andevenlyamortizedwithinthebeneficiaryperiodorstipulatedperiod.Ifitemsoflong-termprepaymentsfailtobebeneficialtothefollowingaccountingperiods,residualvaluesofsuchitemsareincludedinprofitorloss.21．Employeebenefits
1.Short-termemployeebenefitsTheCompanyrecognizes,intheaccountingperiodinwhichanemployeeprovidesservice,short-termemployeebenefitsactuallyincurredasliabilities,withacorrespondingchargetoprofitorlossorthecostofarelevantasset.
2.Post-employmentbenefitsPost-employmentbenefitsaredividedintodefinedcontributionanddefinedbenefitplans.
（1）Duringtheaccountingperiodemployeesprovideservices,accordingthedefinedcontributionplan,theamountpayableisrecognizedasliabilitiesandincludedinthecurrentprofitsandlossesorrelevantassetcosts.
（2）Theaccountingtreatmentofadefinedbenefitplantypicallyincludesthefollowingsteps:
1）Measuretheobligationarisingfromthedefinedbenefitplananddeterminetheperiodoverwhichtheobligationfalls,basedontheprojectedunitcreditmethod,usingunbiasedandconsistentactuarialassumptionstoestimate,amongotherthings,therelevantdemographicandfinancialvariables.Atthesametime,theobligationsarisingfromthedefined-benefitplansarediscountedtodeterminethepresentvalueofthedefined-benefitplanobligationsandthecurrentservicecost;
2）Wherethereareassetsinadefinedbenefitplan,thedeficitorsurplusresultingfromthepresentvalueofthedefinedbenefitplanobligationlessthefairvalueofthedefinedbenefitplanassetsisrecognisedasanetdefinedbenefitplanliabilityornetasset.Whereadefinedbenefitplanhasasurplus,thenetdefinedbenefitplanassetismeasuredatthelowerofthesurplusofthedefinedbenefitplanortheassetlimit；
3）Attheendoftheperiod,employeecompensationcostsarisingfromdefinedbenefitplansarerecognisedasservicecosts,netinterestonnetliabilitiesornetassetsofthedefinedbenefitplansandchangesarisingfromtheremeasurementofnetliabilitiesornetassetsofthedefinedbenefitplans,withtheservicecostsandnetinterestonnetliabilitiesornetassetsofthedefinedbenefitplansbeingrecognisedinprofitorlossorinthecostoftherelevantassetsfortheperiod,andchangesarisingfromtheremeasurementofnetliabilitiesorchangesarisingfromtheremeasurementofthenetliabilitiesornetassetsofthedefinedbenefitplanareincludedinothercomprehensiveincomeandarenotallowedtobereversedtoprofitorlossinsubsequentaccountingperiods,buttheseamountsrecognisedinothercomprehensiveincomecanbetransferredwithinequity.
3.Terminationbenefits
Terminationbenefitsprovidedtoemployeesarerecognizedasanemployeebenefitliability,withacorrespondingchargetoprofitorlossattheearlierofthefollowingdates:(1)whentheCompanycannotunilaterallywithdrawtheofferofterminationbenefitsbecauseofanemploymentterminationplanoracurtailmentproposal;(2)whentheCompanyrecognizescostorexpensesrelatedtoarestructuringthatinvolvesthepaymentofterminationbenefits.
4.Otherlong-termemployeebenefits
Whenotherlong-termemployeebenefitsprovidedtotheemployeessatisfiedtheconditionsforclassifyingasadefinedcontributionplan,thosebenefitsareaccountedforinaccordancewiththerequirementsrelatingtodefinedcontributionplan,whileotherbenefitsareaccountedforinaccordancewiththerequirementsrelatingtodefinedbenefitplan.Tosimplifyrelevantaccountingtreatments,thetotalnetamountofrecognizedemployeecompensationcostsasservicecosts,netinterestonotherlong-termemployeebenefitsnetliabilitiesornetassets,andchangesresultingfromremeasuringotherlong-termemployeebenefitsnetliabilitiesornetassetsshallberecognizedinthecurrentperiod'sprofitandlossorrelatedassetcosts22．Projectedliability
1.Whenanobligationarisingfromcontingenciessuchaslitigationmatters,productqualityassurance,losscontracts,etc.becomesapresentobligationofthecompany,itisprobablethatthefulfilmentoftheobligationwillresultinanoutflowofeconomicbenefitstothecompanyandtheamountoftheobligationcanbemeasuredreliably,thecompanyrecognisestheobligationasaprojectedliability.
2.Theinitialmeasurementofprovisionsisbasedonthebestestimatedexpendituresrequiredinfulfillingthepresentobligations,anditscarryingamountisreviewedatthebalancesheetdate.23．Share-basedpayment
1.Typesofshare-basedpaymentShare-basedpaymentconsistsofequity-settledshare-basedpaymentandcash-settledshare-basedpayment.
2.Accountingtreatmentforsettlements,modificationsandcancellationsofshare-basedpaymenttermsandconditions
(1)Equity-settledshare-basedpayment
Forequity-settledshare-basedpaymenttransactionwithemployees,iftheequityinstrumentsgrantedvestimmediately,thefairvalueofthoseequityinstrumentsismeasuredatgrantdateandrecognizedastransactioncostorexpense,withacorrespondingadjustmentincapitalreserve;iftheequityinstrumentsgranteddonotvestuntilthecounterpartycompletesaspecifiedperiodofservice,atthebalancesheetdatewithinthevestingperiod,thefairvalueofthoseequityinstrumentsmeasuredatgrantdatebasedonthebestestimateofthenumberofequityinstrumentsexpectedtovestisrecognizedastransactioncostorexpense,withacorrespondingadjustmentincapitalreserve.
(2)Cash-settledshare-basedpayment
Forcash-settledshare-basedpaymenttransactionswithemployees,ifshareappreciationrightsvestimmediately,thefairvalueoftheliabilityincurredastheacquisitionofgoodsorservicesismeasuredatgrantdateandrecognizedastransactioncostorexpense,withacorrespondingincreaseinliabilities;ifshareappreciationrightsdonotvestuntiltheemployeeshavecompletedaspecifiedperiodofservice,theliabilityismeasured,ateachbalancesheetdateuntilsettled,atthefairvalueoftheshareappreciationrightsmeasuredatgrantdatebasedonthebestestimateofthenumberofshareappreciationrightexpectedtovest.
(3)Modificationsandcancellationsofshare-basedpaymenttermsandconditions
Ifthemodificationincreasesthefairvalueoftheequityinstrumentsgranted,measuredimmediatelybeforeandafterthemodification,theCompanyincludestheincrementalfairvaluegrantedinthemeasurementoftheamountrecognizedforservicesreceivedasconsiderationfortheequityinstrumentsgranted;similarly,ifthemodificationincreasesthenumberofequityinstrumentsgranted,theCompanyincludesthefairvalueoftheadditionalequityinstrumentsgranted,measuredatthedateofthemodification,inthemeasurementoftheamountrecognizedforservicesreceivedasconsiderationfortheequityinstrumentsgranted;iftheCompanymodifiesthe
vestingconditionsinamannerthatisbeneficialtotheemployee,theCompanytakesthemodifiedvestingconditionsintoaccount.Ifthemodificationreducesthefairvalueoftheequityinstrumentsgranted,measuredimmediatelybeforeandafterthemodification,theCompanydoesnottakeintoaccountthatdecreaseinfairvalueandcontinuetomeasuretheamountrecognizedforservicesreceivedasconsiderationfortheequityinstrumentsbasedonthegrantdatefairvalueoftheequityinstrumentsgranted;ifthemodificationreducesthenumberofequityinstrumentsgrantedtoanemployee,thatreductionisaccountedforasacancellationofthatportionofthegrant;iftheCompanymodifiesthevestingconditionsinamannerthatisnotbeneficialtotheemployee,theCompanydoesnottakethemodifiedvestingconditionsintoaccount.IftheCompanycancelsorsettlesagrantofequityinstrumentsduringthevestingperiod(otherthanagrantcancelledbyforfeiturewhenthevestingconditionsarenotsatisfied),theCompanyaccountsforthecancellationorsettlementasanaccelerationofvesting,andthereforerecognizesimmediatelytheamountthatotherwisewouldhavebeenrecognizedforservicesreceivedovertheremainderofthevestingperiod.24．Revenue
1.RevenuerecognitionprinciplesAtcontractinception,theCompanyshallassessthecontractsandshallidentifyeachperformanceobligationinthecontracts,anddeterminewhethertheperformanceobligationshouldbesatisfiedovertimeoratapointintime.
TheCompanysatisfiesaperformanceobligationovertimeifoneofthefollowingcriteriaismet,otherwise,theperformanceobligationissatisfiedatapointintime:(1)thecustomersimultaneouslyreceivesandconsumesthebenefitsprovidedbytheCompany’sperformanceastheCompanyperforms;(2)thecustomercancontrolgoodsorservicesastheyarecreatedbytheCompany’sperformance;(3)theCompany’sperformancedoesnotcreategoodsorserviceswithanalternativeusesandtheCompanyhasanenforceablerighttopaymentforperformancecompletedtodate.
Foreachperformanceobligationsatisfiedovertime,theCompanyshallrecognizerevenueovertimebymeasuringtheprogresstowardscompletesatisfactionofthatperformanceobligation.Inthecircumstancethattheprogresscannotbemeasuredreasonably,butthecostsincurredinsatisfyingtheperformanceobligationareexpectedtoberecovered,theCompanyshallrecognizerevenueonlytotheextentofthecostsincurreduntilitcanreasonablymeasuretheprogress.
Foreachperformanceobligationsatisfiedatapointintime,theCompanyshallrecognizerevenueatthetimepointthatthecustomerobtainscontrolofrelevantgoodsorservices.Todeterminewhetherthecustomerhasobtainedcontrolofgoods,theCompanyshallconsiderthefollowingindicators:(1)theCompanyhasapresentrighttopaymentforthegoods,i.e.,thecustomerispresentlyobligedtopayforthegoods;(2)theCompanyhastransferredthelegaltitleofthegoodstothecustomer,i.e.,thecustomerhaslegaltitletothegoods;(3)theCompanyhastransferredphysicalpossessionofthegoods,i.e.,thecustomerhasphysicallypossessedthegoods;
(4)theCompanyhastransferredsignificantrisksandrewardsofownershipofthegoods,i.e.,thecustomerhasobtainedsignificantrisksandrewardsofownershipofthegoods;(5)thecustomerhasacceptedthegoods;(6)otherindicatorsshowingthecustomerhasobtainedcontroloverthegoods.
2.Revenuemeasurementprinciple
(1)Revenueismeasuredattheamountofthetransactionpricethatisallocatedtoeachperformanceobligation.ThetransactionpriceistheamountofconsiderationtowhichtheCompanyexpectstobeentitledinexchangefortransferringgoodsorservicestoacustomer,excludingamountscollectedonbehalfofthirdparties
andthoseexpectedtoberefundedtothecustomer.
(2)Iftheconsiderationpromisedinacontractincludesavariableamount,theCompanyshallconfirmthebestestimateofvariableconsiderationatexpectedvalueorthemostlikelyamount.However,thetransactionpricethatincludestheamountofvariableconsiderationonlytotheextentthatitishighprobablethatasignificantreversalintheamountofcumulativerevenuerecognizedwillnotoccurwhentheuncertaintyassociatedwiththevariableconsiderationissubsequentlyresolved.
(3)Inthecircumstancethatthecontractcontainsasignificantfinancingcomponent,theCompanyshalldeterminethetransactionpricebasedonthepricethatacustomerwouldhavepaidforifthecustomerhadpaidcashforobtainingcontroloverthosegoodsorservices.Thedifferencebetweenthetransactionpriceandtheamountofpromisedconsiderationisamortizedundereffectiveinterestmethodovercontractualperiod.TheeffectsofasignificantfinancingcomponentshallnotbeconsiderediftheCompanyexpects,atthecontractinception,thattheperiodbetweenwhenthecustomerobtainscontrolovergoodsorservicesandwhenthecustomerpaysconsiderationwillbeoneyearorless.
(4)Forcontractscontainingtwoormoreperformanceobligations,theCompanyshalldeterminethestand-alonesellingpriceatcontractinceptionofthedistinctgoodunderlyingeachperformanceobligationandallocatethetransactionpricetoeachperformanceobligationonarelativestand-alonesellingpricebasis.
3.Revenuerecognitionmethod
Thecompany'smainbusinessactivitiesaretheR&D,productionandsalesofcontrolcomponentsandpartsofhouseholdappliancesandautomobiles,whichbelongtotheperformanceobligationsatacertainpointintime.
Therevenuefromdomesticsalesofproductsshallberecognizedbasedonsalescontracts,settlementvouchers(deliveryorusage),andotherdocumentsuponcompletionofproductdelivery;andtherevenuefromexportofproductsshallberecognizedaccordingtothesalescontract,customsdeclarationform,billoflading,andotherdocumentsuponcompletionofcustomsdeclarationandexport.Thesalesrevenueofmetalscrapisrecognizedafterweighingandpickingupthegoodsandobtainingthereceiptcertificate.25．Costsofobtainingacontractandcoststofulfillacontract
TheCompanyrecognizesasanassettheincrementalcostsofobtainingacontractifthosecostsareexpectedtoberecovered.Thecostsofobtainingacontractshallbeincludedintoprofitorlosswhenincurrediftheamortizationperiodoftheassetisoneyearorless.
Ifthecostsincurredinfulfillingacontractarenotwithinthescopeofstandardsrelatedtoinventories,fixedassetsorintangibleassets,etc.,theCompanyshallrecognizethecoststofulfillacontractasanassetifallthefollowingcriteriaaresatisfied:
1.Thecostsrelatedirectlytoacontractortoananticipatedcontract,includingdirectlabor,directmaterials,manufacturingoverheadcost(orsimilarcost),costthatareexplicitlychargeabletothecustomerunderthecontract,andothercoststhatareonlyrelatedtothecontract;
2.ThecostsenhanceresourcesoftheCompanythatwillbeusedinsatisfyingperformanceobligationsinthefuture;
3.Thecostsareexpectedtoberecovered.
Anassetrelatedtocontractcostsshallbeamortizedonasystematicbasisthatisconsistentwithrelatedgoodsorservices,withamortizationincludedintoprofitorloss.
TheCompanyshallmakeprovisionforimpairmentandrecognizeanimpairmentlosstotheextentthatthecarryingamountofanassetrelatedtocontractcostsexceedstheremainingamountofconsiderationthattheCompanyexpectstoreceiveinexchangeforthegoodsorservicestowhichtheassetrelateslessthecosts
expectedtobeincurred.TheCompanyshallrecognizeareversalofanimpairmentlosspreviouslyrecognizedinprofitorlosswhentheimpairmentconditionsnolongerexistorhaveimproved.Thecarryingamountoftheassetafterthereversalshallnotexceedtheamountthatwouldhavebeendeterminedonthereversaldateifnoprovisionforimpairmenthadbeenmadepreviously.26．Contractassets,contractliabilitiesTheCompanypresentscontractassetsorcontractliabilitiesinthebalancesheetbasedontherelationshipbetweenitsperformanceobligationsandcustomers’payments.Contractassetsandcontractliabilitiesunderthesamecontractshalloffseteachotherandbepresentedonanetbasis.
TheCompanypresentsanunconditionalrighttoconsideration(i.e.,onlythepassageoftimeisrequiredbeforetheconsiderationisdue)asareceivable,andpresentsarighttoconsiderationinexchangeforgoodsthatithastransferredtoacustomer(whichisconditionalonsomethingotherthanthepassageoftime)asacontractasset.TheCompanypresentsanobligationtotransfergoodstoacustomerforwhichtheCompanyhasreceivedconsideration(ortheamountisdue)fromthecustomerasacontractliability.27．Governmentgrants
1.Governmentgrantsshallberecognizedif,andonlyif,thefollowingconditionsareallmet:(1)theCompanywillcomplywiththeconditionsattachingtothegrants;(2)thegrantswillbereceived.Monetarygovernmentgrantsaremeasuredattheamountreceivedorreceivable.Non-monetarygovernmentgrantsaremeasuredatfairvalue,andcanbemeasuredatnominalamountinthecircumstancethatfairvaluecan’tbeassessed.
2.Governmentgrantsrelatedtoassets
GovernmentgrantsrelatedtoassetsaregovernmentgrantswithwhichtheCompanyconstructorotherwiseacquirelong-termassetsunderrequirementsofgovernment.Inthecircumstancesthatthereisnospecificgovernmentrequirement,theCompanyshalldeterminebasedontheprimaryconditiontoacquirethegrantsandgovernmentgrantsrelatedtoassetsaregovernmentgrantswhoseprimaryconditionistoconstructorotherwiseacquirelong-termassets.Theyoffsetcarryingamountofrelevantassetsorrecognizedasdeferredincome.Ifrecognizedasdeferredincome,theyareincludedinprofitorlossonasystematicbasisovertheusefullivesoftherelevantassets.Thosemeasuredatnotionalamountisdirectlyincludedintoprofitorloss.Forassetssold,transferred,disposedordamagedwithintheusefullives,balanceofunamortizeddeferredincomeistransferredintoprofitorlossoftheyearinwhichthedisposaloccurred.
3.Governmentgrantsrelatedtoincome
Governmentgrantsrelatedtoincomearegovernmentgrantsotherthanthoserelatedtoassets.Forgovernmentgrantsthatcontainbothpartsrelatedtoassetsandpartsrelatedtoincome,inwhichthosetwopartsareblurredandthuscollectivelyclassifiedasgovernmentgrantsrelatedtoincome.Forgovernmentgrantsrelatedtoincomeusedforcompensatingtherelatedfuturecost,expensesorlossesoftheCompanyarerecognizedasdeferredincomeandareincludedinprofitorlossoroffsetrelevantcostduringtheperiodinwhichtherelevantcost,expensesorlossesarerecognized;forgovernmentgrantsrelatedtoincomeusedforcompensatingtherelatedcost,expensesorlossesincurredtotheCompany,theyaredirectlyincludedinprofitorlossordirectlyoffsetrelevantcost.
4.Governmentgrantsrelatedtotheordinarycourseofbusinessshallbeincludedintootherincomeoroffsetrelevantcostbasedonbusinessnature,whilethosenotrelatedtotheordinarycourseofbusinessshallbeincluded
intonon-operatingrevenueorexpenditures.
5.Policyinterestsubvention
(1)Inthecircumstancethatgovernmentappropriatesinterestsubventiontolendingbank,whoprovidesloansfortheCompanywithapolicysubsidisedinterestrate,borrowingsarecarriedattheamountreceived,withrelevantborrowingscostcomputedbasedontheprincipalandthepolicysubsidisedinterestrate.
(2)InthecircumstancethatgovernmentdirectlyappropriatesinterestsubventiontotheCompany,thesubsidisedinterestshalloffsetrelevantborrowingcost.28．Deferredtaxassets/Deferredtaxliabilities
1.Deferredtaxassetsordeferredtaxliabilitiesarecalculatedandrecognizedbasedonthedifferencebetweenthecarryingamountandtaxbaseofassetsandliabilities(andthedifferenceofthecarryingamountandtaxbaseofitemsnotrecognizedasassetsandliabilitiesbutwiththeirtaxbasebeingabletobedeterminedaccordingtotaxlaws)andinaccordancewiththetaxrateapplicabletotheperiodduringwhichtheassetsareexpectedtoberecoveredortheliabilitiesareexpectedtobesettled.
2.Adeferredtaxassetisrecognizedtotheextentoftheamountofthetaxableincome,whichitismostlikelytoobtainandwhichcanbedeductedfromthedeductibletemporarydifference.Atthebalancesheetdate,ifthereisanyexactevidencethatitisprobablethatfuturetaxableincomewillbeavailableagainstwhichdeductibletemporarydifferencescanbeutilized,thedeferredtaxassetsunrecognizedinpriorperiodsarerecognized.
3.Atthebalancesheetdate,thecarryingamountofdeferredtaxassetsisreviewed.Thecarryingamountofadeferredtaxassetisreducedtotheextentthatitisnolongerprobablethatsufficienttaxableincomewillbeavailabletoallowthebenefitofthedeferredtaxassettobeutilized.Suchreductionissubsequentlyreversedtotheextentthatitbecomesprobablethatsufficienttaxableincomewillbeavailable.
4.Theincometaxanddeferredtaxfortheperiodaretreatedasincometaxexpensesorincomethroughprofitorloss,excludingthosearisingfromthefollowingcircumstances:(1)businesscombination;and(2)thetransactionsoritemsdirectlyrecognizedinequity.
5.Deferredtaxassetsanddeferredtaxliabilitiesshalloffseteachotherandbepresentedonanetbasiswhenthefollowingconditionsareallmet:(1)theCompanyhasthelegalrighttosettleoffcurrenttaxassetsagainstcurrenttaxliabilities;(2)Deferredincometaxassetsanddeferredincometaxliabilitiesarerelatedtotheincometaxleviedbythesametaxadministrationdepartmentonthesametaxpayerorrelatedtothesametaxadministrationdepartmentfordifferenttaxpayers.However,ineachperiodduringwhichsignificantdeferredincometaxassetsanddeferredincometaxliabilitiesarereversedinthefuture,thetaxpayerinvolvedintendstosettlethecurrentincometaxassetsandliabilitiesonanetbasisorsimultaneouslyacquireassetsandsettledebts.
29.Leases
1.TheCompanyaslessee
Atthecommencementdate,theCompanyrecognizesaleasethathasaleasetermof12monthsorlessasashort-termlease,whichshallnotcontainapurchaseoption;theCompanyrecognizesaleaseasaleaseofalow-valueassetiftheunderlyingassetisoflowvaluewhenitisnew.
Forallshort-termleasesandleasesoflow-valueassets,leasepaymentsarerecognizedascostorprofitor
losswithstraight-linemethodovertheleaseterm.
Apartfromtheabove-mentionedshort-termleasesandleasesoflow-valueassetswithsimplifiedapproach,theCompanyrecognizesright-of-useassetsandleaseliabilitiesatthecommencementdate.
(1)Right-of-useassets
Theright-of-useassetismeasuredatcostandthecostshallcomprise:1)theamountoftheinitialmeasurementoftheleaseliabilities;2)anyleasepaymentsmadeatorbeforethecommencementdate,lessanyleaseincentivesreceived;3)anyinitialdirectcostsincurredbythelessee;and4)anestimateofcoststobeincurredbythelesseeindismantlingandremovingtheunderlyingasset,restoringthesiteonwhichitislocatedorrestoringtheunderlyingassettotheconditionrequiredbythetermsandconditionsofthelease.
TheCompanydepreciatestheright-of-useassetusingthestraight-linemethod.Ifitisreasonabletobecertainthattheownershipoftheunderlyingassetcanbeacquiredbytheendoftheleaseterm,theCompanydepreciatestheright-of-useassetfromthecommencementdatetotheendoftheusefullifeoftheunderlyingasset.Otherwise,theCompanydepreciatestheright-of-useassetfromthecommencementdatetotheearlieroftheendoftheusefullifeoftheright-of-useassetortheendoftheleaseterm.
(2)Leaseliabilities
Atthecommencementdate,theCompanymeasurestheleaseliabilityatthepresentvalueoftheleasepaymentsthatarenotpaidatthatdate,thepresentvalueoftheleasepaymentsiscalculatedusingtheinterestrateembeddedintheleaseasthediscountrateor,iftheinterestrateembeddedintheleasecannotbedetermined,theinterestrateontheCompany'sincrementalborrowingsisusedasthediscountrate.Thedifferencebetweentheleasepaymentsandtheirpresentvalueisrecognizedasunrecognizedfinancingexpenses,whicharerecognizedasinterestexpensesovertheleasetermatthediscountrateusedtodeterminethepresentvalueoftheleasepaymentsandincludedinthecurrentperiod'sprofitorloss.Variableleasepaymentsnotincludedinthemeasurementofleaseliabilitiesareincludedinprofitorlossintheperiodsinwhichtheyareincurred.
Afterthecommencementdateoftheleaseterm,whenthereisachangeinthesubstantivefixedpaymentamount,achangeintheestimatedpayableamountoftheresidualvalueoftheguarantee,achangeintheindexorratiousedtodeterminetheleasepaymentamount,achangeintheappraisalresultoftheoptiontopurchase,theoptiontorenewtheleaseortheoptiontoterminateorachangeintheactualsituationofexercisingtherighttopurchase,thecompanywillre-measuretheleaseliabilitybasedonthepresentvalueoftheleasepaymentsafterthechangeandadjustthecarryingvalueoftheright-of-useassetaccordingly.Ifthecarryingvalueoftheright-of-useassethasbeenreducedtozero,buttheleaseliabilitystillneedstobefurtherreduced,theremainingamountwillberecognisedinprofitorlossforthecurrentperiod.
2.TheCompanyaslessor
Atthecommencementdate,theCompanyclassifiesaleaseasafinanceleaseifittransferssubstantiallyall
therisksandrewardsincidentaltoownershipofanunderlyingasset.Otherwise,itisclassifiedasanoperatinglease.Foroperatinglease,leasereceiptsarerecognizedasleaseincomewithstraight-linemethodovertheleaseterm.Initialdirectcostsincurredshallbecapitalized,amortizedonthesamebasisastherecognitionofleaseincome,andincludedintoprofitorlossbyinstallments.Variableleasepaymentsrelatedtooperatingleasewhicharenotincludedintheleasepaymentarechargedasprofitorlossintheperiodsinwhichtheyareincurred.
30.SegmentreportingOperatingsegmentsaredeterminedbasedonthestructureoftheCompany’sinternalorganization,managementrequirementsandinternalreportingsystem.AnoperatingsegmentisacomponentoftheCompany:
1.thatengagesinbusinessactivitiesfromwhichitmayearnrevenuesandincurexpenses;
2.whosefinancialperformanceisregularlyreviewedbytheManagementtomakedecisionsaboutresourcetobeallocatedtothesegmentandtoassessitsperformance;and
3.forwhichaccountinginformationregardingfinancialposition,financialperformanceandcashflowsisavailablethroughanalysis.
31.Significantaccountingpoliciesandchangesinaccountingestimates
(1)ChangesinaccountingpoliciesarisingfromchangesinCASBEs
1)Effectivefrom1January2024,theCompanyimplementedtheprovisionsofthe‘InterpretationofChinaAccountingStandardsforBusinessEnterprisesNo.17’issuedbytheMinistryofFinance,‘ClassificationofCurrentLiabilitiesandNon-currentLiabilities’,andmadeadjustmentstotheinformationofcomparableperiods.ThechangeinaccountingpolicyhadnoimpactontheCompany'sfinancialstatements.
2)Effectivefrom1January2024,theCompanyimplementedtheprovisionsofthe‘InterpretationofChinaAccountingStandardsforBusinessEnterprisesNo.17’‘DisclosuresaboutVendorFinancingArrangements’issuedbytheMinistryofFinance.
3)Effectivefrom1January2024,theCompanyhasimplementedtheprovisionsof‘InterpretationofChinaAccountingStandardsforBusinessEnterprisesNo.17’‘AccountingforSaleandLeasebackTransactions’issuedbytheMinistryofFinance.ThischangeinaccountingpolicyhasnoimpactontheCompany'sfinancialstatements.
4)Effectivefrom1January2024,theCompanyimplementedtheprovisionsof‘InterpretationofChinaAccountingStandardsforBusinessEnterprisesNo.18’‘AccountingforGuaranteesthatarenotIndividualPerformanceObligations’issuedbytheMinistryofFinance,andretrospectivelyadjustedtheinformationforcomparableperiods.Thedetailsoftheadjustmentsareasfollows:
| Significantlyaffectedstatementitems | FY2023ImpactAmount | |
| ConsolidatedIncomeStatement | IncomeStatementoftheParentCompany | |
| ConsolidatedIncomeStatementItemsforFY2023 | ||
| OperatingCost | +65,738,686.79 | +7,001,846.35 |
| SellingExpense | -65,738,686.79 | -7,001,846.35 |
VI.Taxes
1.Majorcategoriesoftaxesandtaxrates
| TaxType | Taxationbasis | Taxrate |
| Value-addedtax(VAT) | CalculateoutputtaxonthebasisoftheincomefromthesaleofgoodsandtaxableservicescalculatedinaccordancewiththeprovisionsoftheTaxLaw,andafterdeductingtheinputtaxallowablefordeductioninthecurrentperiod,thedifferencewillbetheVATpayable | 13%，9%，6% |
| Urbanmaintenanceandconstructiontax | Turnovertaxactuallypaid | 7%，5% |
| Enterpriseincometax | Taxableincome | 15%，25% |
| Propertytax | Forhousingpropertyleviedonthebasisofprice,housingpropertytaxisleviedattherateof1.2%ofthebalanceafterdeducting30%ofthecost;forhousingpropertyleviedonthebasisofrent,housingpropertytaxisleviedattherateof12%ofleaseincome | 12%,1.2% |
| Educationsurcharge | Turnovertaxactuallypaid | 3% |
| Localeducationsurcharge | Turnovertaxactuallypaid | 2% |
Differententerpriseincometaxratesapplicabletodifferenttaxpayers:
| Taxpayers | Incometaxrate |
| ZhejiangSanhuaIntelligentControlsCo.,Ltd | 15% |
| ZhejiangSanhuaCommercialRefrigerationCo.Ltd | 15% |
| Sanhua(hangzhou)MicroChannelHeatExchangerCo.,Ltd | 15% |
| ZhejiangSanhuaAutomotiveComponentsCo.,Ltd. | 15% |
| ShaoxingSanhuaNewEnergyAutomotiveComponentsCo.,Ltd | 15% |
| ShaoxingSanhuaAutomotiveThermalManagementTechnologyCo.,Ltd | 15% |
| Certainothersubsidiaries | 15% |
| Domestictaxpayersotherthantheabove-mentioned | 25% |
2.Taxpreferentialpolicies
Thecompanyandseveralsubsidiariescanenjoytaxincentivesforhigh-techenterprises,andthefinalsettlementandpaymentshallprevail.ExportgoodsenjoytheVATexemptionandrefundpolicy;theexceedingportionoverthe3%VATpayable
ofthecertifiedsoftwareproductsenjoytheimmediaterefundpolicy;severalsubsidiariesarewelfareenterprises,andvalue-addedtaxenjoysthepreferentialpolicyofimmediatecollectionandrefundofthe"employmentquotafordisabledpersons".
3.OthersTheoverseassubsidiaryshallbesubjecttothetaxregulationsofitshostcountry.
VII.NotestoItemsintheConsolidatedFinancialStatements
1.Cashandbankbalances
Unit:RMB
| Items | Closingbalance | Openingbalance |
| Cashonhand | 166,912.72 | 291,216.13 |
| Cashinbank | 5,186,146,972.89 | 6,507,907,610.98 |
| Othercashandbankbalances | 62,253,760.60 | 76,485,856.82 |
| Total | 5,248,567,646.21 | 6,584,684,683.93 |
| Including:Depositedoverseas | 952,617,169.74 | 510,550,872.27 |
2.DerivativeFinancialAssets
Unit:RMB
| Items | Closingbalance | Openingbalance |
| Foreignexchangetool | 6,237,202.48 | 20,878,992.10 |
| Futurestools | 1,757,120.58 | |
| Total | 6,237,202.48 | 22,636,112.68 |
3.Notesreceivable
（1）Categoriesofnotesreceivable
Unit:RMB
| Items | Closingbalance | Openingbalance |
| Bankacceptance | 2,513,499,394.14 | 2,332,015,457.09 |
| Tradeacceptance | 2,802,500.00 | 7,632,781.39 |
| Financialcompanyacceptance | 160,968,390.82 | 137,191,175.41 |
| Total | 2,677,270,284.96 | 2,476,839,413.89 |
（2）Provisionforbaddebts
Unit:RMB
| Categories | Closingbalance | Openingbalance | ||||||||
| Bookbalance | Provisionforbaddebt | Carryingamount | Bookbalance | Provisionforbaddebt | Carryingamount | |||||
| Amount | Proportion | Amount | Provisionproportion | Amount | Proportion | Amount | Provisionproportion | |||
| Including: | ||||||||||
| Notesreceivablewithprovisionforbaddebtmadeonacollectivebasis | 2,685,889,805.53 | 100.00% | 8,619,520.57 | 0.32% | 2,677,270,284.96 | 2,484,457,759.72 | 100.00% | 7,618,345.83 | 0.31% | 2,476,839,413.89 |
| Including: | ||||||||||
| Bankacceptance | 2,513,499,394.14 | 93.58% | 2,513,499,394.14 | 2,332,015,457.09 | 93.87% | 2,332,015,457.09 | ||||
| Financialcompanyacceptance | 169,440,411.39 | 6.31% | 8,472,020.57 | 5.00% | 160,968,390.82 | 144,407,795.90 | 5.81% | 7,216,620.49 | 5.00% | 137,191,175.41 |
| Tradeacceptance | 2,950,000.00 | 0.11% | 147,500.00 | 5.00% | 2,802,500.00 | 8,034,506.73 | 0.32% | 401,725.34 | 5.00% | 7,632,781.39 |
| Total | 2,685,889,805.53 | 100.00% | 8,619,520.57 | 0.32% | 2,677,270,284.96 | 2,484,457,759.72 | 100.00% | 7,618,345.83 | 0.31% | 2,476,839,413.89 |
Provisionforbaddebtmadeonacollectivebasis:
Unit:RMB
| Items | Closingbalance | ||
| Bookbalance | Provisionforbaddebt | Provisionproportion(%) | |
| Bankacceptanceportfolio | 2,513,499,394.14 | ||
| Financialcompanyacceptance | 169,440,411.39 | 8,472,020.57 | 5.00% |
| Tradeacceptanceportfolio | 2,950,000.00 | 147,500.00 | 5.00% |
| Total | 2,685,889,805.53 | 8,619,520.57 | |
Explanationfordeterminingthebasisofthiscombination:
Iftheprovisionforbaddebtofnotesreceivableisinaccordancewiththegeneralexpectedcreditlossmodel:
□Applicable√NotApplicable
（3）Provisionforbaddebtaccrued,recoveredorreversedincurrentperiodProvisionforbaddebtaccruedincurrentperiod:
Unit:RMB
| Categories | Openingbalance | Changedamountofthisperiod | Closingbalance | |||
| Accrual | Recoveredor | Writeoff | Others | |||
| reversed | |||||
| Provisionforbaddebtmadeonacollectivebasis | 7,618,345.83 | 8,619,520.57 | 7,618,345.83 | 8,619,520.57 | |
| Total | 7,618,345.83 | 8,619,520.57 | 7,618,345.83 | 8,619,520.57 |
Includingsignificantprovisionforbaddebtrecoveredorreversedamount:
□Applicable√NotApplicable
（4）Pledgednotesatthebalancesheetdate
Unit:RMB
| Items | Closingbalanceofpledgednotes |
| Bankacceptance | 1,669,542,620.23 |
| Financialcompanyacceptance | 169,918,986.28 |
| Total | 1,839,461,606.51 |
（5）Endorsedordiscountedbutunduenotesatthebalancesheetdate
Unit:RMB
| Items | Closingbalancederecognized | Closingbalancenotyetderecognized |
| Bankacceptance | 135,428,108.68 | 22,016,350.29 |
| Total | 135,428,108.68 | 22,016,350.29 |
4.Accountsreceivable
（1）Disclosureofaccountsreceivablebyaging
Unit:RMB
| ARAging | Closingbalance | Openingbalance |
| Within1year(includingoneyear) | 7,288,127,347.10 | 6,039,601,208.01 |
| 1to2years | 26,880,148.32 | 45,652,788.88 |
| 2to3years | 8,522,780.88 | 388,260.85 |
| Over3years | 384,122.15 | 265,553.29 |
| Total | 7,323,914,398.45 | 6,085,907,811.03 |
（2）Disclosureofaccountsreceivablebycategories
Unit:RMB
| Categories | Closingbalance | Openingbalance | ||||||||
| Bookbalance | Provisionforbaddebt | Carryingamount | Bookbalance | Provisionforbaddebt | Carryingamount | |||||
| Amount | Proportion | Amount | Accruedproportion | Amount | Proportion | Amount | Accruedproportion | |||
| Receivableswithprovisionmadeonanindividualbasis | 13,187,837.64 | 0.18% | 5,231,227.55 | 39.67% | 7,956,610.09 | 5,690,817.36 | 0.09% | 5,690,817.36 | 100.00% | |
| Including: | ||||||||||
| Receivableswithprovisionmadeonacollectivebasis | 7,310,726,560.81 | 99.82% | 367,616,309.83 | 5.03% | 6,943,110,250.98 | 6,080,216,993.67 | 99.91% | 306,225,512.45 | 5.04% | 5,773,991,481.22 |
| Including: | ||||||||||
| Total | 7,323,914,398.45 | 100.00% | 372,847,537.38 | 5.09% | 6,951,066,861.07 | 6,085,907,811.03 | 100.00% | 311,916,329.81 | 5.13% | 5,773,991,481.22 |
Provisionforbaddebtsbyindividualitem:Therewerenosignificantindividualaccountsreceivableforwhichprovisionforbaddebtswasrequiredtobedisclosedduringtheperiod.Provisionforbaddebtsbyportfolio:accountsreceivableforwhichbaddebtprovisionismadeusingageingportfolios.
Unit:RMB
| Items | Closingbalance | ||
| Bookbalance | Provisionforbaddebt | Accruedproportion | |
| Within1year | 7,283,188,043.37 | 364,159,402.15 | 5.00% |
| 1to2years | 24,407,359.92 | 2,440,735.99 | 10.00% |
| 2to3years | 2,747,035.37 | 824,110.61 | 30.00% |
| Over3years | 384,122.15 | 192,061.08 | 50.00% |
| Total | 7,310,726,560.81 | 367,616,309.83 | |
Iftheprovisionforbaddebtofaccountsreceivableisinaccordancewiththegeneralexpectedcreditlossmodel:
□Applicable□√NotApplicable
（3）Provisionforbaddebtaccrued,recoveredorreversedincurrentperiodProvisionforbaddebtaccruedincurrentperiod:
Unit:RMB
| Categories | Openingbalance | Changedamountofthecurrentperiod | Closingbalance | ||
| Accrued | Recoveredorreversed | Consolidationnotunderthesamecontrol | |||
| Receivableswithprovisionmadeonanindividualbasis | 5,690,817.36 | 2,472,788.40 | 7,683,343.52 | 4,750,965.31 | 5,231,227.55 |
| Receivableswithprovisionmadeonacollectivebasis | 306,225,512.45 | 61,571,623.30 | 1,624,270.61 | 1,443,444.69 | 367,616,309.83 |
| Total | 311,916,329.81 | 64,044,411.70 | 9,307,614.13 | 6,194,410.00 | 372,847,537.38 |
Therewerenosignificantrecoveriesorreversalsofbaddebtprovisionsduringtheperiod
（4）Detailsaboutaccountsreceivableactuallywrittenoffinthecurrentperiod
Unit:RMB
| Item | Amount |
| Actuallywrittenoffamount | 180,825.92 |
Explanationofaccountsreceivablewrittenoff:
Therearenosignificantaccountsreceivablewrittenoffinthisperiod.
（5）Accountsreceivableandcontractassetsofthetopfiveendingbalances
Closingbalanceoftop5debtorstotaled3290.1883millionyuan,accountingfor44.92%ofthetotalclosingbalanceofaccountsreceivable.Thecorrespondingprovisionforbaddebtsofaccountsreceivableis
164.8327millionyuan.
（6）Otherremarks
Someofthecompany'saccountsreceivablearecollectedbydigitalandelectronicdebtvouchers.Thesedebtvouchershavecertaincreditliquidityandcanbeusedforcommercialfactoringortransferpayment.AsofDecember31,2024,thecompanyhad1304.0048millionyuanofdigitalandelectronicdebtvouchersinhand,and76.1797millionyuanofdigitalandelectronicdebtvouchersthathadbeentransferredforpaymentbutnotexpired.
5.Otherreceivables
Unit:RMB
| Items | Closingbalance | Openingbalance |
| Otherreceivables | 258,058,796.63 | 227,792,892.12 |
| Total | 258,058,796.63 | 227,792,892.12 |
（1）Otherreceivables1）Otherreceivablescategorizedbynature
Unit:RMB
| Items | Closingbalance | Openingbalance |
| Taxrefundreceivable | 172,315,455.31 | 164,712,845.63 |
| Guaranteedeposits | 58,761,000.97 | 45,694,632.70 |
| Equitytransfer | 6,154,074.80 | |
| Others | 29,163,174.28 | 25,466,493.81 |
| Total | 266,393,705.36 | 235,873,972.14 |
2）Disclosurebyaging
Unit:RMB
| Aging | Closingbalance | Openingbalance |
| Within1year(including1year) | 245,128,042.58 | 209,294,612.66 |
| 1to2years | 10,421,180.98 | 7,805,876.63 |
| 2to3years | 3,857,893.12 | 6,125,806.34 |
| Over3years | 6,986,588.68 | 12,647,676.51 |
| Total | 266,393,705.36 | 235,873,972.14 |
3）Disclosurebycategories
√Applicable□NotApplicable
Unit:RMB
| Categories | Closingbalance | Openingbalance | ||||||||
| Bookbalance | Provisionforbaddebt | Carryingamount | Bookbalance | Provisionforbaddebt | Carryingamount | |||||
| Amount | Proportion | Amount | Accruedproportion | Amount | Proportion | Amount | Accruedproportion | |||
| Provisionmadeonanindividualbasis | 192,285,475.65 | 72.18% | 192,285,475.65 | 170,268,281.68 | 72.19% | 170,268,281.68 | ||||
| Including: | ||||||||||
| Provisionmadeonacollectivebasis | 74,108,229.71 | 27.82% | 8,334,908.73 | 11.25% | 65,773,320.98 | 65,605,690.46 | 27.81% | 8,081,080.02 | 12.32% | 57,524,610.44 |
| Including: | ||||||||||
| Total | 266,393,705.36 | 100.00% | 8,334,908.73 | 3.13% | 258,058,796.63 | 235,873,972.14 | 100.00% | 8,081,080.02 | 3.43% | 227,792,892.12 |
Provisionforbaddebtsonanindividualbasis:significantotherreceivableswithasingleprovisionforbaddebts
Unit:RMB
| Name | Openingbalance | Closingbalance | ||||
| Carryingamount | Provisionforbaddebts | Carryingamount | Provisionforbaddebts | Accruedproportion | Accrualreason | |
| MexicanTaxAuthorities | 110,195,377.57 | 24,886,583.98 | Amountsfromgovernmentunits,lessriskofbaddebts | |||
| Domestictaxauthorities | 48,769,669.81 | 133,400,622.49 | Amountsfromgovernmentunits,lessriskofbaddebts | |||
| Total | 158,965,047.38 | 158,287,206.47 | ||||
Provisionmadeonacollectivebasis:Agingportfolio
Unit:RMB
| Items | Closingbalance | ||
| Bookbalance | Provisionforbaddebt | Accruedproportion | |
| Within1year | 52,842,566.93 | 2,642,128.35 | 5.00% |
| 1to2years | 10,421,180.98 | 1,042,118.10 | 10.00% |
| 2to3years | 3,857,893.12 | 1,157,367.94 | 30.00% |
| Over3years | 6,986,588.68 | 3,493,294.34 | 50.00% |
| Total | 74,108,229.71 | 8,334,908.73 | |
Provisionforbaddebtofotherreceivablesinaccordancewiththegeneralexpectedcreditlossmodel:
Unit:RMB
| Provisionforbaddebt | PhaseI | PhaseII | PhaseIII | Subtotal |
| 12?monthexpectedcreditlosses | Lifetimeexpectedcreditlosses(creditnotimpaired) | Lifetimeexpectedcreditlosses(creditimpaired) | ||
| BalanceonJanuary1,2024 | 2,301,288.08 | 780,587.67 | 4,999,204.27 | 8,081,080.02 |
| ThebalanceasofJanuary1,2024isinthecurrentperiod | —— | —— | —— | —— |
| --TransferredtophaseII | -521,059.05 | 521,059.05 | ||
| --TransferredtophaseIII | -771,578.62 | 771,578.62 | ||
| Provisionmadeinthecurrentperiod | 861,899.32 | 512,050.00 | -1,120,120.61 | 253,828.71 |
| BalanceonDecember31,2024 | 2,642,128.35 | 1,042,118.10 | 4,650,662.28 | 8,334,908.73 |
Lossprovisionsforsignificantchangesinbookbalancesincurrentperiod
□Applicable√NotApplicable4）Provisionforbaddebtaccrued,recoveredorreversedincurrentperiodTherewerenosignificantrecoveriesorreversalsofbaddebtprovisionsduringtheperiod5）OtherreceivablesactuallywrittenoffduringtheperiodTherewerenosignificantwrite-offsofotherreceivablesduringtheperiod.6）Topfiveotheraccountsreceivablewithclosingbalances,bypartyowed
Unit:RMB
| Items | Natureofreceivables | Closingbalance | Ages | Proportiontothetotalbalanceofotherreceivables | Provisionforbaddebtattheendoftheperiod |
| Domestictaxauthorities | Taxrefund | 133,400,622.49 | Within1year | 50.08% | |
| Mexicantaxauthorities | Taxrefund | 24,886,583.98 | Within1year | 9.34% | |
| USCustoms | Customsdeposit | 12,939,838.84 | Within1year | 4.86% | |
| U.S.CBPFreightCashier | Taxrefund | 7,461,856.22 | Within1year | 2.80% | |
| NingboHongquanEnterpriseManagementPartnership(Limited | Equitytransfer | 5,696,522.80 | Within1year | 2.14% |
| Partnership) | ||||
| Total | -- | 184,385,424.33 | -- | 69.22% |
6.Advancespaid
（1）Advancespaidbyaging
Unit:RMB
| Aging | Closingbalance | Openingbalance | ||
| Amount | Percentage | Amount | Percentage | |
| Within1year | 151,678,804.24 | 95.41% | 128,617,877.12 | 96.13% |
| 1to2years | 4,420,562.62 | 2.78% | 2,851,372.48 | 2.13% |
| 2to3years | 1,494,692.35 | 0.94% | 1,053,936.12 | 0.79% |
| Over3years | 1,386,389.00 | 0.87% | 1,269,437.82 | 0.95% |
| Total | 158,980,448.21 | 133,792,623.54 | ||
Explanationofthereasonsforuntimelysettlementofprepaymentsagedoveroneyearandofsignificantamounts:
Therewerenosignificantprepaymentsagedoveroneyearattheendoftheperiod.
（2）Top5debtorswiththelargestadvancespaidbalancesClosingbalanceoftop5debtorstotaled27,856,613.58yuan,accountingfor17.52%ofthetotalclosingbalance.
7.InventoriesWhethertheCompanyneedstocomplywiththedisclosurerequirementsoftherealestateindustryNo
（1）Categoriesofinventories
Unit:RMB
| Items | Closingbalance | Openingbalance | ||||
| Bookbalance | Provisionfordeclineinvalueofinventoriesorprovisionforimpairmentofcontractperformancecosts | Carryingamount | Bookbalance | Provisionfordeclineinvalueofinventoriesorprovisionforimpairmentofcontractperformancecosts | Carryingamount | |
| Rawmaterials | 774,517,455.48 | 55,956,420.74 | 718,561,034.74 | 932,169,486.90 | 61,788,757.16 | 870,380,729.74 |
| Work-in-progress | 736,441,490.73 | 5,940,605.41 | 730,500,885.32 | 596,409,922.79 | 1,602,512.78 | 594,807,410.01 |
| Finishedgoods | 3,833,665,539.54 | 63,704,038.66 | 3,769,961,500.88 | 3,179,557,350.47 | 50,888,480.61 | 3,128,668,869.86 |
| Work-in-mould | 51,291,852.64 | 51,291,852.64 | ||||
| Others | 10,126,550.90 | 10,126,550.90 | 6,872,368.58 | 6,872,368.58 | ||
| Total | 5,406,042,889.29 | 125,601,064.81 | 5,280,441,824.48 | 4,715,009,128.74 | 114,279,750.55 | 4,600,729,378.19 |
（2）ProvisionfordeclineinvalueofinventoriesandProvisionforimpairmentofcontractperformancecosts
Unit:RMB
| Items | Openingbalance | Increaseincurrentperiod | Decreaseincurrentperiod | Closingbalance | ||
| Accrued | Others | Reversalorwriteoff | Others | |||
| Rawmaterials | 61,788,757.16 | 29,365,353.75 | 99,745.41 | 35,297,435.58 | 55,956,420.74 | |
| Work-in-progress | 1,602,512.78 | 4,791,598.58 | 453,505.95 | 5,940,605.41 | ||
| Finishedgoods | 50,888,480.61 | 38,251,194.39 | 5,980,581.98 | 31,416,218.32 | 63,704,038.66 | |
| Total | 114,279,750.55 | 72,408,146.72 | 6,080,327.39 | 67,167,159.85 | 125,601,064.81 | |
（3）Otherdebtinvestmentsmaturingwithinoneyear
□Applicable√NotApplicable
8.Othercurrentassets
Unit:RMB
| Items | Closingbalance | Openingbalance |
| Deductibleinputtax | 188,133,785.99 | 186,254,431.54 |
| PrepaidEnterpriseincometax | 20,736,089.01 | 61,993,000.46 |
| CITICSecuritiesPrincipalProtectedIncomeCertificates | 1,099,929,200.00 | |
| TreasuryBondReverseRepurchase | 399,999,000.00 | |
| H-sharedeclarationintermediaryservicefee | 8,727,451.00 | |
| Others | 3,014,405.75 | 2,826,152.56 |
| Total | 1,720,539,931.75 | 251,073,584.56 |
9.Long-termreceivable
（1）Long-termreceivable
Unit:RMB
| Items | Closingbalance | Openingbalance | Rangeofdiscountrate | ||||
| Bookbalance | Provisionforbaddebt | Carryingamount | Bookbalance | Provisionforbaddebt | Carryingamount | ||
| Employeehomeloan | 3,805,833.60 | 3,805,833.60 | |||||
| Deposit | 4,118,760.78 | 205,938.04 | 3,912,822.74 | ||||
| Guarantee | |||||||
| Total | 4,118,760.78 | 205,938.04 | 3,912,822.74 | 3,805,833.60 | 3,805,833.60 | -- |
（2）Disclosurebycategories
Unit:RMB
| Categories | Closingbalance | Openingbalance | ||||||||
| Bookbalance | Provisionforbaddebt | Carryingamount | Bookbalance | Provisionforbaddebt | Carryingamount | |||||
| Amount | Proportion | Amount | Accruedproportion | Amount | Proportion | Amount | Accruedproportion | |||
| Including: | ||||||||||
| Provisionforbaddebtsbyportfolio | 4,118,760.78 | 100.00% | 205,938.04 | 5.00% | 3,912,822.74 | |||||
| Including: | ||||||||||
| Total | 4,118,760.78 | 100.00% | 205,938.04 | 5.00% | 3,912,822.74 | |||||
10.Long-termequityinvestments
Unit:RMB
| Investees | Openingbalance(Bookvalue) | Openingbalanceofprovisionforimpairment | Changesincurrentperiod | Closingbalance(Bookvalue) | Closingbalanceofprovisionforimpairment | |||||||
| Investmentsincreased | Investmentsdecreased | Investmentincomerecognizedunderequitymethod | Adjustmentinothercomprehensiveincome | Changesinotherequity | Cashdividend/Profitdeclaredfordistribution | Provisionforimpairment | Others | |||||
| 1.Associates | ||||||||||||
| 2.Jointventures | ||||||||||||
| GuochuangEnergyInternetInnovationCenter(Guangdong)Co.,Ltd. | 4,941,151.03 | 505,377.08 | 5,446,528.11 | ||||
| ChongqingTainuoMachineryCo.,Ltd. | 18,304,176.79 | 3,097,829.03 | 5,000,000.00 | 16,402,005.82 | |||
| NingboJinlifengMachineryCo.,Ltd. | 2,818,824.39 | 1,020,308.31 | 1,250,000.00 | 2,589,132.70 | |||
| QingdaoSanhuaJinlifengMachineryCo.,Ltd. | 7,207,202.81 | 3,843,063.97 | 11,050,266.78 | ||||
| ZhongshanXuanyiPipeManufacturingCo.,Ltd. | 2,806,313.58 | 402,566.25 | 3,208,879.83 | ||||
| Xinchangzhejiangenergysanhuacomprehensiveenergyco.LTD | 1,846,762.69 | 56,217.49 | 1,902,980.18 | ||||
| Subtotal | 37,924,431.29 | 8,925,362.13 | 6,250,000.00 | 40,599,793.42 | |||
| Total | 37,924,431.29 | 8,925,362.13 | 6,250,000.00 | 40,599,793.42 |
Therecoverableamountisdeterminedbasedonthenetamountafterdeductingdisposalexpensesfromfairvalue
□Applicable√NotApplicableTherecoverableamountisdeterminedbasedonthepresentvalueofexpectedfuturecashflows
□Applicable√NotApplicable
11.InvestmentpropertyInvestmentpropertymeasuredbycostmethod
√Applicable□NotApplicable
Unit:RMB
| Items | Buildingsandstructures | LanduserightandOverseaslandownership | Total |
| Ⅰ.OriginalCarryingamount | |||
| 1.Openingbalance | 12,988,799.79 | 3,465,907.20 | 16,454,706.99 |
| 2.Increaseincurrentperiod | -516,154.12 | -147,073.50 | -663,227.62 |
| （1）Acquisition | |||
| （2）Transferredinfrominventory\fixedassets\constructioninprogress | |||
| （3）Increaseinbusinessmerger | |||
| （4）ConverteddifferenceinForeignCurrencyStatements | -516,154.12 | -147,073.50 | -663,227.62 |
| 3.Decreaseincurrentperiod | |||
| （1）Disposal | |||
| （2）Othertransferout |
4.Closingbalance
| 4.Closingbalance | 12,472,645.67 | 3,318,833.70 | 15,791,479.37 |
| Ⅱ.Accumulateddepreciationandamortization | |||
| 1.Openingbalance | 8,288,901.68 | 8,288,901.68 | |
| 2.Increaseincurrentperiod | 449,423.77 | 449,423.77 | |
| （1）Accrualoramortization | 1,511,403.49 | 1,511,403.49 |
| （2）ConverteddifferenceinForeignCurrencyStatements | -1,061,979.72 | -1,061,979.72 | |
| 3.Decreaseincurrentperiod | |||
| （1）Disposal | |||
| （2）Othertransferout |
4.Closingbalance
| 4.Closingbalance | 8,738,325.45 | 8,738,325.45 | |
| Ⅲ.Provisionforimpairment | |||
| 1.Openingbalance | |||
| 2.Increaseincurrentperiod | |||
| （1）Accrual |
3.Decreaseincurrentperiod
| 3.Decreaseincurrentperiod |
| （1）Disposal |
| （2）Othertransferout |
4.Closingbalance
| 4.Closingbalance | |||
| Ⅳ.Carryingamount | |||
| 1.Closingbalance | 3,734,320.22 | 3,318,833.70 | 7,053,153.92 |
| 2.Openingbalance | 4,699,898.11 | 3,465,907.20 | 8,165,805.31 |
Therecoverableamountisdeterminedbasedonthenetamountafterdeductingdisposalexpensesfromfairvalue
□Applicable√NotApplicableTherecoverableamountisdeterminedbasedonthepresentvalueofexpectedfuturecashflows
□Applicable√NotApplicable
12.Fixedassets
Unit:RMB
| Items | Closingbalance | Openingbalance |
| Fixedassets | 9,794,453,949.92 | 7,730,363,778.82 |
| Fixedassetsliquidation | ||
| Total | 9,794,453,949.92 | 7,730,363,778.82 |
（1）Fixedassets
Unit:RMB
| Items | Buildingsandstructures | Machineryandequipment | Transportationvehicles | Officeandotherequipment | Total |
| Ⅰ.Originalbookvalue: | |||||
| 1.Openingbalance | 4,047,371,816.59 | 7,015,745,758.89 | 48,012,520.72 | 288,532,729.20 | 11,399,662,825.40 |
| 2.Increaseincurrentperiod | 950,164,204.20 | 1,967,641,156.88 | 7,678,673.80 | 52,960,518.06 | 2,978,444,552.94 |
| （1）Acquisition | 3,236,235.04 | 207,512,183.22 | 3,497,438.36 | 5,522,349.09 | 219,768,205.71 |
| （2）Transferredinfromconstructioninprogress | 993,309,981.71 | 1,789,017,640.72 | 4,283,999.06 | 51,661,588.65 | 2,838,273,210.14 |
| （3）Increaseinbusinessmerger | |||||
| （4）ConverteddifferenceinForeignCurrencyStatements | -46,382,012.55 | -28,888,667.06 | -102,763.62 | -4,223,419.68 | -79,596,862.91 |
| 3.Decreaseincurrentperiod | 10,209,068.09 | 284,362,228.64 | 2,646,112.76 | 43,016,744.52 | 340,234,154.01 |
| （1）Disposalorscrap | 10,209,068.09 | 284,362,228.64 | 2,646,112.76 | 43,016,744.52 | 340,234,154.01 |
4.Closingbalance
| 4.Closingbalance | 4,987,326,952.70 | 8,699,024,687.13 | 53,045,081.76 | 298,476,502.74 | 14,037,873,224.33 |
| Ⅱ.Accumulateddepreciation | |||||
| 1.Openingbalance | 757,805,108.30 | 2,712,789,940.74 | 29,589,671.69 | 144,827,742.27 | 3,645,012,463.00 |
| 2.Increaseincurrentperiod | 147,925,794.55 | 617,433,126.96 | 4,867,365.34 | 41,528,485.97 | 811,754,772.82 |
| （1）Accrual | 154,574,474.19 | 627,187,615.44 | 4,882,751.71 | 44,002,932.42 | 830,647,773.76 |
| (2)ConverteddifferenceinForeignCurrencyStatements | -6,648,679.64 | -9,754,488.48 | -15,386.37 | -2,474,446.45 | -18,893,000.94 |
| 3.Decreaseincurrentperiod | 4,641,832.76 | 208,592,861.04 | 2,552,155.23 | 34,856,596.59 | 250,643,445.62 |
| （1）Disposalorscrap | 4,641,832.76 | 208,592,861.04 | 2,552,155.23 | 34,856,596.59 | 250,643,445.62 |
4.Closingbalance
| 4.Closingbalance | 901,089,070.09 | 3,121,630,206.66 | 31,904,881.80 | 151,499,631.65 | 4,206,123,790.20 |
| Ⅲ.Provisionforimpairment | |||||
| 1.Openingbalance | 23,829,156.84 | 457,426.74 | 24,286,583.58 | ||
| 2.Increaseincurrentperiod | 20,848,890.81 | 33,375.46 | 20,882,266.27 | ||
| （1）Accrual | 20,848,890.81 | 33,375.46 | 20,882,266.27 |
3.Decreaseincurrentperiod
| 3.Decreaseincurrentperiod | 7,843,017.56 | 30,348.08 | 7,873,365.64 | ||
| （1）Disposalorscrap | 7,843,017.56 | 30,348.08 | 7,873,365.64 |
4.Closingbalance
| 4.Closingbalance | 36,835,030.09 | 460,454.12 | 37,295,484.21 | ||
| Ⅳ.Carryingamount | |||||
| 1.Closingbalance | 4,086,237,882.61 | 5,540,559,450.38 | 21,140,199.96 | 146,516,416.97 | 9,794,453,949.92 |
| 2.Openingbalance | 3,289,566,708.29 | 4,279,126,661.31 | 18,422,849.03 | 143,247,560.19 | 7,730,363,778.82 |
（2）Temporarilyidlefixedassets
Unit:RMB
| Item | Originalbookvalue | Accumulateddepreciation | Impairmentprovision | Netbookvalue | Notes |
| Machineryandequipment | 69,871,920.63 | 33,036,890.54 | 36,835,030.09 | ||
| Officeequipmentandothers | 665,001.21 | 204,547.09 | 460,454.12 |
（3）Fixedassetsleasedoutthroughoperatingleases
Unit:RMB
| Item | Closingbalance |
| Buildingsandstructures | 38,026,861.17 |
（4）Fixedassetswithcertificateoftitlesbeingunsettled
Unit:RMB
| Item | Carryingamount | Reasonsforunsettlement |
| Sitongnewfactory1#productionworkshopandpowerworkshop | 33,847,785.02 | Newassets,thecertificateoftitletobeprocesseduniformlyafterthe |
| overallcompletion | ||
| Parts,accessories,andClassAwarehouseinthenewfactoryofSitong | 22,162,902.96 | Newassets,thecertificateoftitletobeprocesseduniformlyaftertheoverallcompletion |
| PumpandauxiliaryroominthenewfactoryofSitong | 16,455,564.68 | Newassets,thecertificateoftitletobeprocesseduniformlyaftertheoverallcompletion |
| DormitoryofSitong1#&2# | 57,156,676.44 | Newassets,thecertificateoftitletobeprocesseduniformlyaftertheoverallcompletion |
| Factory13-16#inMeichuNorthDistrict | 177,176,302.49 | Newassets,thecertificateoftitletobeprocesseduniformlyaftertheoverallcompletion |
| FinishedproductwarehouseandClassAwarehouseinMeichuNorthDistrict | 19,619,414.76 | Newassets,thecertificateoftitletobeprocesseduniformlyaftertheoverallcompletion |
| Power,tooling,experimentaltesting,andR&Dtestingworkshopin1-8#ofCommercial | 416,651,516.44 | Newassets,thecertificateoftitletobeprocesseduniformlyaftertheoverallcompletion |
| Commercialrefrigerationproductwarehouse,rawmaterialwarehouse,ClassAwarehouse,andClassCwarehouse | 60,881,519.47 | Newassets,thecertificateoftitletobeprocesseduniformlyaftertheoverallcompletion |
| Commercialdormitory1-4# | 144,730,686.60 | Newassets,thecertificateoftitletobeprocesseduniformlyaftertheoverallcompletion |
| Commercialcanteens,trainingbuildings,etc | 37,825,556.72 | Newassets,thecertificateoftitletobeprocesseduniformlyaftertheoverallcompletion |
| Commercialassistedbuildings | 18,097,804.23 | Newassets,thecertificateoftitletobeprocesseduniformlyaftertheoverallcompletion |
| 1#Superworkshopandpowerplant | 665,359,009.27 | Newassets,thecertificateoftitletobeprocesseduniformlyaftertheoverallcompletion |
| NewEnergy3-5#Dormitory | 182,905,582.62 | Newassets,thecertificateoftitletobeprocesseduniformlyaftertheoverallcompletion |
| Heatexchanger9#productionworkshop | 84,531,250.07 | Newassets,thecertificateoftitletobeprocesseduniformlyaftertheoverallcompletion |
| WuhuSanhuaAutomaticControldormitory | 67,557,135.21 | Newassets,thecertificateoftitletobeprocesseduniformlyaftertheoverallcompletion |
（5）Impairmenttestingoffixedassets
√Applicable□NotApplicableTherecoverableamountisdeterminedbasedonthenetamountafterdeductingdisposalexpensesfromfairvalue
√Applicable□NotApplicable
Unit:RMB
| Item | Bookvalue | Recoverableamount | Impairmentamount | Determinationoffairvalueanddisposalcosts | Keyparametersandthedeterminationbasis |
| Machineryandequipment | 20,848,890.81 | 20,848,890.81 | Fullprovisionforimpairment | ||
| Officeandotherequipment | 33,375.46 | 33,375.46 | Fullprovisionforimpairment | ||
| Total | 20,882,266.27 | 20,882,266.27 |
Therecoverableamountisdeterminedbasedonthepresentvalueofexpectedfuturecashflows
□Applicable√NotApplicable
13.Constructioninprogress
Unit:RMB
| Items | Closingbalance | Openingbalance |
| Constructioninprogress | 2,171,985,301.79 | 2,036,326,757.72 |
| Total | 2,171,985,301.79 | 2,036,326,757.72 |
（1）Detailsofconstructioninprogress
Unit:RMB
| Items | Closingbalance | Openingbalance | ||||
| Bookbalance | Provisionforimpairment | Carryingamount | Bookbalance | Provisionforimpairment | Carryingamount | |
| Annualproductionof12millionsetsofintelligentthermalmanagementcomponentsofnewenergyvehiclestechnicalrenovationproject | 51,157,823.83 | 51,157,823.83 | 259,331,934.09 | 259,331,934.09 | ||
| Annualproductionof12.5millionsetsofintelligentthermalmanagementmodulefornewenergyvehiclesconstruction | 23,395,885.64 | 23,395,885.64 | 208,351,289.28 | 208,351,289.28 | ||
| project | ||||||
| Annualproductionof8millionsetsofintelligentthermalmanagementcomponentproject | 69,617,800.61 | 69,617,800.61 | 186,106,762.72 | 186,106,762.72 | ||
| SanhuaMinshiAutomotiveinvestment21millioneurostoestablishanewautomotivepartsproductionlineproject | 87,414,582.47 | 87,414,582.47 | 138,550,445.99 | 138,550,445.99 | ||
| IndustrialPlantEngineeringinMexico | 13,597,940.07 | 13,597,940.07 | 128,804,884.71 | 128,804,884.71 | ||
| ThenewenergyvehiclethermalmanagementpartsproductionprojectinGuangdongSanhua | 684,266,101.06 | 684,266,101.06 | 113,445,275.23 | 113,445,275.23 | ||
| Annualproductionof1.5millionsetsnewenergythermalmanagementcomponentproject | 11,496,626.55 | 11,496,626.55 | 87,649,308.50 | 87,649,308.50 | ||
| Annualoutputof11millionsetsofhighefficiencyheatexchangecomponentfornewenergyvehiclesproject | 131,312,189.55 | 131,312,189.55 | 87,188,916.55 | 87,188,916.55 | ||
| DormitoryofAutomotive | 123,872,435.82 | 123,872,435.82 | 77,248,786.37 | 77,248,786.37 | ||
| 150-3#-6#Rentaldormitorybuildings | 73,709,950.00 | 73,709,950.00 | ||||
| Annualoutputof14millionsetsofnewenergycooling | 32,026,363.72 | 32,026,363.72 | 66,609,673.61 | 66,609,673.61 |
| componenttechnologyrenovationproject | ||||||
| Annualoutputof11millionsetsofcomponentstechnicalrenovationprojects | 61,306,246.90 | 61,306,246.90 | ||||
| 5millionsetsoftechnicalrenovationprojectsandequipment | 157,627,221.46 | 157,627,221.46 | 28,032,778.68 | 28,032,778.68 | ||
| VietnamIndustrialPlantEngineering | 97,324,396.85 | 97,324,396.85 | 27,351,178.96 | 27,351,178.96 | ||
| Annualoutputof3millionsetsofthermalmanagementcomponentsfornewenergyvehiclestechnicalrenovationproject | 11,556,497.72 | 11,556,497.72 | 24,537,513.20 | 24,537,513.20 | ||
| Annualoutputof4millionsetsofheatpumpcomponentsfornewenergyvehiclestechnicalrenovationproject | 12,509,834.13 | 12,509,834.13 | 16,303,564.10 | 16,303,564.10 | ||
| Annualoutputof65millionsetsofintelligentcontrolcomponentsforcommercialrefrigerationandairconditioningproject | 9,849,391.27 | 9,849,391.27 | 14,882,282.34 | 14,882,282.34 | ||
| Sanhuanewenergyvehiclebatterywatercooledplateproductionlineconstructionproject | 51,862,454.69 | 51,862,454.69 | 13,525,758.03 | 13,525,758.03 |
| Annualoutputof3millionsetsofplateheatexchangeunitsandannualoutputof2millionsetsofEXVelectronicexpansionvalvecomponentsproject | 11,493,210.78 | 11,493,210.78 | ||||
| AnnualOutputof50millionSetsofnewenergyvehicledomaincontrolandCO2thermalmanagementsystemcomponentstechnologytransformationproject | 16,939,625.33 | 16,939,625.33 | ||||
| AnnualOutputof20millionSetsofthermalmanagementcomponentsfornewenergyvehiclesproject | 17,421,829.50 | 17,421,829.50 | ||||
| Polandautopartsplantproject | 63,112,137.86 | 63,112,137.86 | ||||
| Shenyangautopartsplantproject | 55,276,912.51 | 55,276,912.51 | 7,979,602.26 | 7,979,602.26 | ||
| Thailandmicrochannelpantproject | 45,355,154.15 | 45,355,154.15 | 22,102,023.60 | 22,102,023.60 | ||
| others | 404,992,097.00 | 404,992,097.00 | 381,815,371.82 | 381,815,371.82 | ||
| Total | 2,171,985,301.79 | 2,171,985,301.79 | 2,036,326,757.72 | 2,036,326,757.72 |
（2）Changesofsignificantconstructioninprogressincurrentperiod
Unit:RMB
| Items | Budget | Openingbalance | Increasedincurrentperiod | Transferredtofixedassetsinthecurrentperiod | Otheramountsdecreasedincurrentperiod | Closingbalance | Accumulatedinvestmenttobudget(%) | Completionpercentage(%) |
| Annual | 1,780,55 | 14,882,28 | 147,156,457.5 | 152,189,348.5 | 9,849,391.27 | 81.11% | 81.11% |
| productionof65millionsetsofcommercialrefrigerationandairconditioningintelligentcontrolcomponentsconstructionproject | 0,000.00 | 2.34 | 0 | 7 | ||||
| Annualoutputof50.5millionsetsofhighefficiencyandenergysavingrefrigerationandairconditioningcontrolcomponentsproject | 785,570,000.00 | 121,551,440.48 | 121,551,440.48 | 40.96% | 40.96% | |||
| Annualproductionof8millionsetsofintelligentthermalmanagementcomponentsproject | ＄150,000,000.00 | 186,106,762.72 | 207,694,398.73 | 324,183,360.84 | 69,617,800.61 | 35.55% | 35.55% | |
| Annualproductionof1.5millionsetsofnewenergythermalmanagementcomponentsproject | 650,500,000.00 | 87,649,308.50 | 25,045,393.99 | 101,198,075.94 | 11,496,626.55 | 136.20% | 99.99% | |
| Annualoutputof11million | 940,000,000.00 | 87,188,916.55 | 287,433,887.79 | 243,310,614.79 | 131,312,189.55 | 98.00% | 98.00% |
| setsofnewenergyvehicleshighefficiencyheatexchangerassemblyproject | ||||||||
| Annualoutputof12.5millionsetsintelligentthermalmanagementmodulefornewenergyvehiclesconstructionproject | 1,372,650,000.00 | 208,351,289.28 | 315,184,511.61 | 500,139,915.25 | 23,395,885.64 | 38.14% | 38.14% | |
| ThenewenergyvehiclethermalmanagementpartsproductionprojectinGuangdongSanhua | 2,050,000,000.00 | 113,445,275.23 | 579,812,066.70 | 8,991,240.87 | 684,266,101.06 | 33.81% | 33.81% | |
| Total | 697,623,834.62 | 1,683,878,156.80 | 1,451,563,996.74 | 929,937,994.68 |
Duringtheperiod,constructioninprogresswasfinancedbyownfundsandfundsraised,andnointerestwascapitalized.
（3）Impairmenttestingofconstructioninprogress
□Applicable√NotApplicable
14.Rightofuseassets
（1）Detailsofrightofuseassets
Unit:RMB
| Items | Housesandbuildings | Vehicle | Total |
| Ⅰ.OriginalCarryingamount | |||
| 1.Openingbalance | 515,115,808.59 | 9,520,959.07 | 524,636,767.66 |
| 2.Increasedincurrentperiod | 182,779,161.47 | 364,624.70 | 183,143,786.17 |
| (1)Rent | 187,143,888.81 | 750,941.17 | 187,894,829.98 |
| (2)ConverteddifferenceinForeignCurrencyStatements | -4,364,727.34 | -386,316.47 | -4,751,043.81 |
| 3.Decreasedincurrentperiod | 147,909,194.85 | 2,170,431.24 | 150,079,626.09 |
| (1)Disposal | 147,909,194.85 | 2,170,431.24 | 150,079,626.09 |
| 4.Closingbalance | 549,985,775.21 | 7,715,152.53 | 557,700,927.74 |
| Ⅱ.Accumulatedamortization | |||
| 1.Openingbalance | 208,527,758.51 | 2,854,263.62 | 211,382,022.13 |
| 2.Increasedincurrentperiod | 115,548,813.42 | -32,071.31 | 115,516,742.11 |
| (1)Accrual | 117,071,690.21 | 88,470.32 | 117,160,160.53 |
| (2)ConverteddifferenceinForeignCurrencyStatements | -1,522,876.79 | -120,541.63 | -1,643,418.42 |
| 3.Decreasedincurrentperiod | 105,431,122.99 | 351,593.51 | 105,782,716.50 |
| (1)Disposal | 105,431,122.99 | 351,593.51 | 105,782,716.50 |
4.Closingbalance
| 4.Closingbalance | 218,645,448.94 | 2,470,598.80 | 221,116,047.74 |
| Ⅲ.Provisionforimpairment | |||
| 1.Openingbalance | |||
| 2.Increasedincurrentperiod | |||
| （1）Accrual |
3.Decreasedincurrentperiod
| 3.Decreasedincurrentperiod |
| （1）Disposal |
4.Closingbalance
| 4.Closingbalance | |||
| Ⅳ.Carryingamount | |||
| 1.Closingbalance | 331,340,326.27 | 5,244,553.73 | 336,584,880.00 |
| 2.Openingbalance | 306,588,050.08 | 6,666,695.45 | 313,254,745.53 |
（2）Detailsofimpairmenttestingofright-of-useassets
□Applicable√NotApplicable
15.IntangibleAssets
（1）Detailsofintangibleassets
Unit:RMB
| Items | Landuseright | Overseaslandownership | Applicationsoftware | Intellectualproperty | Total |
| Ⅰ.OriginalCarryingamount | |||||
| 1.Openingbalance | 831,065,742.54 | 87,865,763.74 | 59,242,753.80 | 52,824,940.36 | 1,030,999,200.44 |
| 2.Increasedincurrentperiod | 176,830,006.53 | 82,129,791.46 | 18,235,367.03 | 277,195,165.02 | |
| （1）Acquisition | 178,710,679.65 | 93,628,162.97 | 18,869,391.77 | 291,208,234.39 | |
| （2）Internalresearchanddevelopment | |||||
| （3）Increasedinbusinessmerger | |||||
| （4）ConverteddifferenceinForeignCurrencyStatements | -1,880,673.12 | -11,498,371.51 | -634,024.74 | -14,013,069.37 | |
| 3.Decreasedincurrentperiod | 848,519.60 | 16,143,875.56 | 16,992,395.16 | ||
| （1）Disposal | 848,519.60 | 16,143,875.56 | 16,992,395.16 |
4.Closingbalance
| 4.Closingbalance | 1,007,895,749.07 | 169,995,555.20 | 76,629,601.23 | 36,681,064.80 | 1,291,201,970.30 |
| Ⅱ.Accumulatedamortization | |||||
| 1.Openingbalance | 120,494,299.60 | 739,235.92 | 35,248,356.61 | 30,651,015.49 | 187,132,907.62 |
| 2.Increasedincurrentperiod | 18,655,818.42 | 11,032.13 | 15,692,807.77 | 11,581,530.18 | 45,941,188.50 |
| （1）Accrual | 18,449,727.98 | 16,153,522.17 | 11,581,530.18 | 46,184,780.33 | |
| （2)ConverteddifferenceinForeignCurrencyStatements | 206,090.44 | 11,032.13 | -460,714.40 | -243,591.83 | |
| 3.Decreasedincurrentperiod | 239,532.68 | 16,143,875.56 | 16,383,408.24 | ||
| （1）Disposal | 239,532.68 | 16,143,875.56 | 16,383,408.24 |
4.Closingbalance
| 4.Closingbalance | 139,150,118.02 | 750,268.05 | 50,701,631.70 | 26,088,670.11 | 216,690,687.88 |
| Ⅲ.Provisionforimpairment | |||||
| 1.Openingbalance | |||||
| 2.Increasedincurrentperiod | |||||
| （1）Accrual |
3.Decreasedincurrentperiod
| 3.Decreasedincurrentperiod |
| （1）Disposal |
4.Closingbalance
| 4.Closingbalance | |||||
| Ⅳ.Carryingamount | |||||
| 1.Closingbalance | 868,745,631.05 | 169,245,287.15 | 25,927,969.53 | 10,592,394.69 | 1,074,511,282.42 |
| 2.Openingbalance | 710,571,442.94 | 87,126,527.82 | 23,994,397.19 | 22,173,924.87 | 843,866,292.82 |
Attheendofthisperiod,theproportionofintangibleassetsformedthroughinternalresearchanddevelopmentofthecompanytothebalanceofintangibleassetsis0.00%.
16.Goodwill
（1）OriginalCarryingamountofgoodwill
Unit:RMB
| Investeeoreventsresultingingoodwill | Openingbalance | Increasedincurrentperiod | Decreasedincurrentperiod | Closingbalance | ||
| Duetobusinesscombination | Disposal | |||||
| R-SquaredPuckettInc. | 31,959,091.60 | 31,959,091.60 | ||||
| GoodwillofAssetGroupofZhejiangSanhuaplateExchangeTechnologyCo.,Ltd | 5,839,387.56 | 5,839,387.56 | ||||
| GoodwillofNon-AssetGroupofZhejiangSanhuaplateExchangeTechnologyCo.,Ltd | 1,752,443.05 | 1,752,443.05 | ||||
| Total | 39,550,922.21 | 39,550,922.21 | ||||
（2）Provisionforgoodwillimpairment
Unit:RMB
| Investeeoreventsresultingingoodwill | Openingbalance | Increasedincurrentperiod | Decreasedincurrentperiod | Closingbalance | ||
| Provisionmade | Disposal | |||||
| R-SquaredPuckettInc. | 31,959,091.60 | 31,959,091.60 | ||||
| GoodwillofAssetGroupofZhejiangSanhuaplateExchangeTechnologyCo.,Ltd | 5,839,387.56 | 5,839,387.56 | ||||
| GoodwillofNon-Asset | 806,602.57 | 945,840.48 | 1,752,443.05 | |||
| GroupofZhejiangSanhuaplateExchangeTechnologyCo.,Ltd | ||||
| Total | 32,765,694.17 | 6,785,228.04 | 39,550,922.21 |
（3）Informationabouttheassetgrouporcombinationofassetgroupsinwhichthegoodwillislocated
GoodwillofNon-AssetGroupofZhejiangSanhuaplateExchangeTechnologyCo.,Ltd.referstothegoodwillformedbyrecognizingdeferredincometaxliabilitiesforassetvaluationappreciation,thegoodwillgeneratedwhenZhejiangSanhuaCommercialCo.,Ltd.acquiredandmergedZhejiangSanhuaplateExchangeTechnologyCo.,Ltd.undernon-commoncontrol,thegoodwillimpairmentlossisprovisionedsynchronouslywiththereversalofdeferredtaxliabilities.
17.Long-termprepayments
Unit:RMB
| Items | Openingbalance | Increasedincurrentperiod | Amortization | Otherdecreases | Closingbalance |
| Rentalhousingconstructionandtransformationexpenditure | 91,089,761.84 | 65,801,792.06 | 18,017,890.04 | 138,873,663.86 | |
| Expendituresontoolingandmolds | 27,006,674.25 | 47,404,582.01 | 15,311,689.08 | 59,099,567.18 | |
| Homepurchaseborrowing | 2,691,209.71 | 2,691,209.71 | |||
| Total | 118,096,436.09 | 115,897,583.78 | 33,329,579.12 | 200,664,440.75 |
18.Deferredtaxassets/deferredtaxliabilities
（1）Deferredtaxassetsbeforeoffset
Unit:RMB
| Items | Closingbalance | Openingbalance | ||
| Deductibletemporarydifference | Deferredtaxassets | Deductibletemporarydifference | Deferredtaxassets | |
| Provisionforbaddebt | 326,849,301.89 | 69,943,332.36 | 261,315,206.58 | 54,641,190.49 |
| Provisionforinventorywrite-down | 43,998,128.38 | 8,173,456.58 | 42,325,391.26 | 8,139,006.84 |
| Unrealizedprofitfrominternaltransactions | 448,402,964.21 | 34,420,003.98 | 433,833,345.36 | 34,546,191.69 |
| Deductiblelosses | 103,831,524.35 | 15,574,728.65 | 76,215,945.95 | 18,485,636.55 |
| Deferredincome-governmentgrants | 607,151,143.89 | 95,572,671.35 | 378,102,855.53 | 68,133,180.61 |
| Provisionforfixed | 29,655,449.24 | 4,448,317.51 | 20,614,046.13 | 3,102,355.15 |
| assetsimpairments | ||||
| Leaseliabilities | 148,436,132.18 | 29,100,767.41 | 85,136,567.36 | 16,775,016.78 |
| Share-basedpaymentexpenses(accountingstandards) | 157,883,504.75 | 24,246,236.51 | 115,180,902.79 | 17,742,289.08 |
| Floatinglossofderivativeinstruments | 1,638,625.00 | 245,793.75 | 1,228,538.00 | 184,280.70 |
| Total | 1,867,846,773.89 | 281,725,308.10 | 1,413,952,798.96 | 221,749,147.89 |
（2）Deferredtaxliabilitiesbeforeoffset
Unit:RMB
| Items | Closingbalance | Openingbalance | ||
| Taxabletemporarydifference | Deferredtaxliabilities | Taxabletemporarydifference | Deferredtaxliabilities | |
| Appreciationofassetsappraisalofthebusinesscombinationsnotundercommoncontrol | 9,008,004.60 | 1,351,200.69 | ||
| Assetdepreciation | 2,571,351,484.51 | 388,942,087.41 | 2,047,041,074.93 | 324,214,511.19 |
| Floatinggainonderivatives | 1,187,202.48 | 178,080.37 | 1,463,100.00 | 219,465.00 |
| Floatinggainonfinancialproducts | 764,300.00 | 191,075.00 | ||
| Accruedinterestofcertificateofdeposit | 35,348,090.40 | 5,302,213.56 | 191,331,258.62 | 30,267,866.29 |
| Right-of-useassets | 165,465,739.82 | 32,676,985.01 | 85,136,567.36 | 16,775,016.78 |
| Total | 2,774,116,817.21 | 427,290,441.35 | 2,333,980,005.51 | 372,828,059.95 |
（3）Deferredtaxassetsorliabilitiesafteroffsetshownonanetoffsettingbasis
Unit:RMB
| Items | Deferredtaxassetsandliabilitiesoffsetamountattheendofthebalanceamount | Closingbalanceofdeferredtaxassetsorliabilitiesafteroffset | Deferredtaxassetsandliabilitiesoffsetamountatthebeginningofthebalanceamount | Openingbalanceofdeferredtaxassetsorliabilitiesafteroffset |
| Deferredtaxassets | 169,026,466.57 | 112,698,841.53 | 65,316,990.66 | 156,432,157.23 |
| Deferredtaxliabilities | 169,026,466.57 | 258,263,974.78 | 65,316,990.66 | 307,511,069.30 |
（4）Detailsofunrecognizeddeferredtaxassets
Unit:RMB
| Items | Closingbalance | Openingbalance |
| Provisionforbaddebt | 63,158,602.83 | 66,300,549.08 |
| Provisionforinventorywrite-down | 81,602,936.43 | 71,954,359.29 |
| Deductiblelossesofsubsidiaries | 343,483,589.64 | 280,085,140.01 |
| Investmentlossesrecognizedbytheequitymethod | 8,925,362.13 | 20,324,431.29 |
| Floatinglossonderivatives | 78,039,493.93 | 9,490,572.02 |
| Deferredincome-governmentgrants | 603,134.91 | 1,037,186.95 |
| Total | 575,813,119.87 | 449,192,238.64 |
（5）Deductiblelossesofunrecognizeddeferredtaxassetswillexpireinthefollowingyears
Unit:RMB
| Maturityyears | Closingbalance | Openingbalance | Remarks |
| Year2025 | 1,160,674.55 | 1,160,674.55 | |
| Year2026 | 521,923.98 | 521,923.98 | |
| Year2027 | 18,275,346.16 | 23,055,008.78 | |
| Year2028 | 71,351,566.57 | 74,714,376.64 | |
| Year2029 | 77,949,676.95 | 16,716,170.44 | |
| Year2030 | 12,549,643.88 | 12,549,643.88 | |
| Year2031 | 69,321,405.03 | 69,321,405.03 | |
| Year2032 | 3,108,373.33 | 6,336,459.07 | |
| Year2033 | 58,952,640.71 | 75,709,477.64 | |
| Year2034 | 30,292,338.48 | ||
| Total | 343,483,589.64 | 280,085,140.01 |
19.Othernon-currentassets
Unit:RMB
| Items | Closingbalance | Openingbalance | ||||
| Bookbalance | Provisionforimpairment | Carryingamount | Bookbalance | Provisionforimpairment | Carryingamount | |
| Advancedpaymentfornon-currentassetspurchasing | 311,120,963.93 | 311,120,963.93 | 564,023,136.83 | 564,023,136.83 | ||
| Total | 311,120,963.93 | 311,120,963.93 | 564,023,136.83 | 564,023,136.83 | ||
20.Assetswithtitleoruserightrestrictions
Unit:RMB
| Items | Closing | Opening | ||||||
| Bookbalance | Carryingamount | Typeofrestrictions | Reasonsforrestriction | Bookbalance | Carryingamount | Typeofrestrictions | Reasonsforrestriction | |
| s | s | |||||||
| Cashandbankbalances | 62,214,705.42 | 62,214,705.42 | Pledge | Guaranteedeposit | 76,476,700.95 | 76,476,700.95 | Pledge | Guaranteedeposit |
| Cashandbankbalances | 3,199,267.50 | 3,199,267.50 | Pledge | Litigationfreeze | 281,570,379.73 | 281,570,379.73 | Pledge | Pledgefinancing |
| Notesreceivable | 1,839,461,606.51 | 1,839,461,606.51 | Pledge | Pledgefinancing | 2,214,363,880.38 | 2,208,446,869.75 | Pledge | Pledgefinancing |
| Accountsreceivable | 84,120,090.81 | 79,914,086.27 | Restrictionsonuse | Digitalandelectronicdebtvouchersthathavebeenendorsedordiscountedbutarenotdue | 66,621,446.85 | 63,290,374.51 | Restrictionsonuse | Digitalandelectronicdebtvouchersthathavebeenendorsedordiscountedbutarenotdue |
| Total | 1,988,995,670.24 | 1,984,789,665.70 | 2,639,032,407.91 | 2,629,784,324.94 |
21.Short-termborrowings
（1）Categoriesofshort-termborrowings
Unit:RMB
| Items | Closingbalance | Openingbalance |
| Creditborrowings | 630,000,000.00 | 200,000,000.00 |
| Overseasloanunderdomesticguarantee | 896,728,880.47 | 1,002,451,361.04 |
| Financialassetdiscountfinancing | 22,016,350.29 | 5,748,871.44 |
| Accruedinterest | 4,600,420.40 | 3,950,146.37 |
| Total | 1,553,345,651.16 | 1,212,150,378.85 |
22.Tradingfinancialliabilities
Unit:RMB
| Items | Closingbalance | Openingbalance |
| Tradingfinancialliabilities | 3,500,000.00 | |
| Including: | ||
| Contingentconsiderationforbusinessmerge | 3,500,000.00 | |
| Including: | ||
| Total | 3,500,000.00 |
23.Derivativefinancialliabilities
Unit:RMB
| Items | Closingbalance | Openingbalance |
| Exchangeratederivative | 76,859,519.31 | 10,719,110.02 |
| Futuresderivative | 2,818,599.62 | |
| Total | 79,678,118.93 | 10,719,110.02 |
24.Notespayable
Unit:RMB
| Categories | Closingbalance | Openingbalance |
| Bankacceptance | 3,791,834,944.38 | 3,416,711,594.64 |
| Total | 3,791,834,944.38 | 3,416,711,594.64 |
25.Accountspayable
（1）Detailsofaccountspayable
Unit:RMB
| Items | Closingbalance | Openingbalance |
| Within1year | 5,879,226,937.77 | 4,405,227,329.99 |
| 1to2years | 86,393,278.56 | 27,522,682.35 |
| 2to3years | 11,380,750.49 | 10,155,105.49 |
| Over3years | 8,426,041.97 | 7,035,241.98 |
| Total | 5,985,427,008.79 | 4,449,940,359.81 |
26.Otherpayables
Unit:RMB
| Item | Closingbalance | Openingbalance |
| Interestpayables | 1,894,919.92 | |
| Dividendpayables | 2,528,280.00 | |
| Otherpayables | 540,988,960.38 | 250,642,662.86 |
| Total | 545,412,160.30 | 250,642,662.86 |
（1）Interestpayables
| Item | Closingbalance | Openingbalance |
| Interestonborrowings | 1,894,919.92 | |
| Total | 1,894,919.92 |
（2）Dividendpayables
| Item | Closingbalance | Openingbalance |
| Dividendstominorityshareholdersofsubsidiaries | 2,528,280.00 | |
| Total | 2,528,280.00 |
（3）Otherpayables1）Otherpayableslistedbynature
Unit:RMB
| Items | Closingbalance | Openingbalance |
| Restrictedsharesrepoobligations | 354,074,424.29 | 118,010,274.29 |
| Guaranteedeposit | 40,069,013.70 | 41,716,593.20 |
| Interbankborrowings | 27,085,752.88 | 27,591,919.18 |
| Compensationforproductqualityloss | 22,691,316.63 | 19,370,760.58 |
| Riskresponsibilityfee | 19,192,202.00 | |
| IntermediaryservicefeeforH-sharefiling | 9,242,068.00 | |
| Stockappreciationrightsriskdeposit | 7,707,817.97 | |
| Optionfee | 5,050,000.00 | |
| Rentandpropertyfee | 4,433,252.17 | 2,401,192.28 |
| Collectionoftalentawards | 1,021,052.17 | 4,114,516.00 |
| Others | 50,422,060.57 | 37,437,407.33 |
| Total | 540,988,960.38 | 250,642,662.86 |
27.Contractliabilities
Unit:RMB
| Items | Closingbalance | Openingbalance |
| Customercontractadvancepayment | 49,461,722.83 | 51,788,802.03 |
| Total | 49,461,722.83 | 51,788,802.03 |
28.Employeebenefitspayable
（1）Detailsofemployeebenefitspayable
Unit:RMB
| Items | Openingbalance | Increasedincurrentperiod | Decreasedincurrentperiod | Closingbalance |
| Ⅰ.Short-termemployeebenefits | 581,554,274.99 | 4,198,434,261.38 | 4,070,738,034.39 | 709,250,501.98 |
| Ⅱ.Post-employmentbenefits-definedcontributionplan | 12,017,618.66 | 152,166,051.91 | 150,582,162.91 | 13,601,507.66 |
| Ⅲ.Terminationbenefits | 5,229,352.69 | 6,673,376.86 | 8,753,260.30 | 3,149,469.25 |
| Total | 598,801,246.34 | 4,357,273,690.15 | 4,230,073,457.60 | 726,001,478.89 |
（2）DetailsofShort-termemployeebenefits
Unit:RMB
| Items | Openingbalance | Increasedincurrentperiod | Decreasedincurrentperiod | Closingbalance |
| 1.Wage,bonus,allowancesandsubsidy | 528,759,992.88 | 3,128,629,052.77 | 3,029,172,976.80 | 628,216,068.85 |
| 2.Employeewelfarefund | 805,549.18 | 192,185,992.97 | 192,991,542.15 | 0.00 |
| 3.Socialinsurancepremium | 6,485,922.75 | 90,585,168.30 | 89,657,191.04 | 7,413,900.01 |
| Including:Medicarepremium | 5,616,918.92 | 83,368,940.77 | 82,112,773.67 | 6,873,086.02 |
| Occupationalinjuriespremium | 747,127.97 | 7,216,227.53 | 7,422,541.51 | 540,813.99 |
| Maternitypremium | 121,875.86 | 0.00 | 121,875.86 | 0.00 |
| 4.Housingprovidentfund | 19,286.00 | 88,759,464.05 | 88,742,255.17 | 36,494.88 |
| 5.Overseassocialsecuritycontributions | 12,235,847.63 | 151,968,086.56 | 144,043,435.22 | 20,160,498.97 |
| 6.Dispatchingremuneration | 23,811,068.55 | 503,421,088.01 | 498,818,113.08 | 28,414,043.48 |
| 7.Profitsharingplan | 0.00 | 13,375,400.19 | 0.00 | 13,375,400.19 |
| 8.Stockappreciationoption | 7,879,890.00 | 2,606,390.00 | 1,288,980.00 | 9,197,300.00 |
| 9.Other | 1,556,718.00 | 26,903,618.53 | 26,023,540.93 | 2,436,795.60 |
| Total | 581,554,274.99 | 4,198,434,261.38 | 4,070,738,034.39 | 709,250,501.98 |
（3）Detailsofdefinedcontributionplan
Unit:RMB
| Items | Openingbalance | Increasedincurrentperiod | Decreasedincurrentperiod | Closingbalance |
| 1.Basicendowmentinsurancepremium | 11,603,727.01 | 147,098,635.86 | 145,599,971.33 | 13,102,391.54 |
| 2.Unemploymentinsurancepremium | 413,891.65 | 5,067,416.05 | 4,982,191.58 | 499,116.12 |
| Total | 12,017,618.66 | 152,166,051.91 | 150,582,162.91 | 13,601,507.66 |
29.Taxespayable
Unit:RMB
| Items | Closingbalance | Openingbalance |
| Enterpriseincometax | 118,969,383.22 | 186,575,216.87 |
| VAT | 36,186,055.27 | 30,168,036.77 |
| Urbanmaintenanceandconstructiontax | 6,226,349.92 | 5,330,039.26 |
| Educationsurcharge | 2,840,421.75 | 2,459,912.39 |
| Localeducationsurcharge | 1,893,614.54 | 1,639,941.61 |
| Housingpropertytax | 25,291,596.40 | 23,482,515.63 |
| Landusetax | 14,321,852.38 | 12,974,469.60 |
| Overseastax | 83,321,755.69 | 99,516,370.91 |
| Individualincometax | 14,143,021.77 | 12,843,108.53 |
| Others | 6,680,382.98 | 7,407,179.62 |
| Total | 309,874,433.92 | 382,396,791.19 |
30.Non-currentliabilitiesduewithinoneyear
Unit:RMB
| Items | Closingbalance | Openingbalance |
| Guaranteedborrowings | 1,370,000,000.00 | |
| Creditborrowings | 500,000,000.00 | |
| Accruedinterest | 420,291.67 | 1,195,277.78 |
| Leaseliabilities | 90,573,660.45 | 68,897,976.15 |
| Total | 590,993,952.12 | 1,440,093,253.93 |
31.Othercurrentliabilities
Unit:RMB
| Items | Closingbalance | Openingbalance |
| Outputtaxtobewrittenoff | 1,274,402.83 | 2,099,986.27 |
| Total | 1,274,402.83 | 2,099,986.27 |
32.Long-termborrowings
（1）Categoriesoflong-termborrowings
Unit:RMB
| Items | Closingbalance | Openingbalance |
| Guaranteedborrowings | 1,030,000,000.00 | |
| Creditborrowings | 2,044,000,000.00 | |
| Accruedinterest | 1,772,594.73 | 801,111.13 |
| Total | 2,045,772,594.73 | 1,030,801,111.13 |
33.Leasedliabilities
Unit:RMB
| Items | Closingbalance | Openingbalance |
| Leasepayables | 361,987,999.06 | 297,708,584.83 |
| Unrecognizedfinancingcosts | -33,501,329.10 | -7,515,126.82 |
| Leasedliabilitiesduewithin1year | -90,573,660.45 | -68,897,976.15 |
| Total | 237,913,009.51 | 221,295,481.86 |
34.Long-termpayables
Unit:RMB
| Items | Closingbalance | Openingbalance |
| Long-termpayables | 11,290,788.32 | |
| Total | 11,290,788.32 |
（1）Long-termpayableslistedbynature
Unit:RMB
| Items | Closingbalance | Openingbalance |
| Stockappreciationrightsdeposit | 3,499,818.32 | |
| Retentionmoney | 7,790,970.00 |
35.Long-termemployeebenefitspayable
（1）Tableoflong-termemployeebenefitspayable
Unit:RMB
| Items | Closingbalance | Openingbalance |
| Long-termemployeerightsprotectionfunds | 33,943,063.56 | 39,840,362.77 |
| Total | 33,943,063.56 | 39,840,362.77 |
36.Deferredincome
Unit:RMB
| Items | Openingbalance | Increasedincurrentperiod | Decreasedincurrentperiod | Closingbalance | Reasonsforbalance |
| Governmentgrants | 379,140,042.48 | 277,350,770.05 | 48,736,533.73 | 607,754,278.80 | Relatedtoassets |
| Total | 379,140,042.48 | 277,350,770.05 | 48,736,533.73 | 607,754,278.80 | -- |
37.Othernon-currentliabilities
Unit:RMB
| Items | Closingbalance | Openingbalance |
| Engineeringagentconstructionfund | 18,154,107.25 | 18,154,107.25 |
| Total | 18,154,107.25 | 18,154,107.25 |
38.Sharecapital
Unit:RMB
| Openingbalance | Changedamountofcurrentperiod（+/-） | Closingbalance | |||||
| Issueofnewshares | Bonusshares | Reservetransferredtoshares | Others | Subtotal | |||
| Totalshares | 3,732,615,535.00 | -226,000.00 | -226,000.00 | 3,732,389,535.00 | |||
Otherremarks:
Inthecurrentperiod,226,000shareswerereducedduetotherepurchaseandcancellationofrestrictedshares.
39.Capitalreserve
Unit:RMB
| Items | Openingbalance | Increasedincurrentperiod | Decreasedincurrentperiod | Closingbalance |
| Capitalpremium（Sharepremium） | 3,296,004,248.86 | 39,323,925.00 | 286,868,800.00 | 3,048,459,373.86 |
| Othercapitalreserve | 159,639,317.12 | 109,070,573.06 | 45,855,986.56 | 222,853,903.62 |
| Total | 3,455,643,565.98 | 148,394,498.06 | 332,724,786.56 | 3,271,313,277.48 |
40.Treasuryshares
Unit:RMB
| Items | Openingbalance | Increasedincurrentperiod | Decreasedincurrentperiod | Closingbalance |
| Restrictedshares | 118,009,850.00 | 292,692,500.00 | 56,628,350.00 | 354,074,000.00 |
| Reposhares | 305,458,741.57 | 299,977,735.21 | 577,662,900.00 | 27,773,576.78 |
| Total | 423,468,591.57 | 592,670,235.21 | 634,291,250.00 | 381,847,576.78 |
41.Othercomprehensiveincome(OCI)
Unit:RMB
| Items | Openingbalance | Changedamountofthecurrentperiod | Closingbalance | |||||
| Currentperiodcumulativebeforeincometax | Less:OCIcarriedforwardtransferredtoprofitorloss | Less:OCIcarriedforwardtransferredtoundistributedprofit | Less:incometaxexpense | AttributabletotheparentCompanyaftertax | AttributabletoNon-controllinginterestaftertax | |||
| Itemstobereclassifiedsubsequentlytoprofitorloss | 114,757,064.28 | -253,119,717.76 | -253,119,717.76 | -138,362,653.48 | ||||
| ConverteddifferenceinForeign | 114,757,064.28 | -253,119,717.76 | -253,119,717.76 | -138,362,653.48 | ||||
| Othercomprehensiveincomeintotal | 114,757,064.28 | -253,119,717.76 | -253,119,717.76 | -138,362,653.48 | ||||
42.Surplusreserve
Unit:RMB
| Items | Openingbalance | Increasedincurrentperiod | Decreasedincurrentperiod | Closingbalance |
| Statutorysurplusreserve | 985,419,187.09 | 152,050,641.42 | 1,137,469,828.51 | |
| Discretionarysurplusreserve | 8,681,137.20 | 8,681,137.20 | ||
| Reservefund | 17,813,919.38 | 17,813,919.38 | ||
| Total | 1,011,914,243.67 | 152,050,641.42 | 1,163,964,885.09 |
Remarksonsurplusreserve,includingmovementincurrentperiodandthereasonforchanges:
ThisperiodincreasedbyRMB152,050,641.42,accordingtotheparentcompany'scurrentnetprofit10%ofthestatutorysurplusreserve.
43.Undistributedprofit
Unit:RMB
| Items | Currentperiod | Previousperiod |
| Balanceafteradjustmentattheendofthepreviousperiod | 10,002,942,167.43 | 8,133,336,242.88 |
| Add:NetprofitattributabletoshareholdersoftheparentCompanyforcurrentyear | 3,099,165,128.06 | 2,920,992,940.01 |
| Less:Appropriationofstatutorysurplus | 152,050,641.42 | 148,391,184.66 |
| reserve | ||
| Payabledividendsonordinaryshares | 1,299,745,014.90 | 902,995,830.80 |
| Closingbalance | 11,650,311,639.17 | 10,002,942,167.43 |
44.OperatingrevenueandOperatingcost
Unit:RMB
| Items | Currentperiodcumulative | Precedingperiodcomparative | ||
| Revenue | Cost | Revenue | Cost | |
| Mainoperations | 27,123,003,867.37 | 19,528,781,317.88 | 23,942,063,896.26 | 17,222,868,860.02 |
| Otheroperations | 824,160,648.56 | 741,052,236.60 | 615,738,170.33 | 550,990,104.10 |
| Total | 27,947,164,515.93 | 20,269,833,554.48 | 24,557,802,066.59 | 17,773,858,964.12 |
Afterdeductingnon-recurringprofitorlossbyaudit,whetherthenetprofitisnegativeornot
□Applicable√NotApplicable
45.Taxesandsurcharges
Unit:RMB
| Items | Currentperiodcumulative | Precedingperiodcomparative |
| Urbanmaintenanceandconstructiontax | 49,043,125.00 | 41,620,164.98 |
| Educationsurcharge | 23,641,474.55 | 20,384,359.04 |
| Localeducationsurcharge | 15,791,831.37 | 13,605,572.72 |
| Housingpropertytax | 31,759,148.64 | 28,446,815.02 |
| Landusetax | 15,265,300.38 | 5,066,854.78 |
| Stampduty | 22,738,472.95 | 21,392,535.74 |
| Localfoundationforwaterworks | 1,350,007.41 | 1,145,402.41 |
| Overseastaxesandfees | 10,050,417.90 | 8,030,714.76 |
| Others | 1,636,869.96 | 123,603.05 |
| Total | 171,276,648.16 | 139,816,022.50 |
46.Generalandadministrativeexpenses
Unit:RMB
| Items | Currentperiodcumulative | Precedingperiodcomparative |
| Laborcost | 1,038,779,366.49 | 871,450,950.33 |
| Share-basedpaymentremuneration | 46,874,437.58 | 51,167,739.35 |
| Depreciationandamortizationexpense | 175,058,947.44 | 134,971,322.17 |
| Officeexpense | 288,291,005.36 | 217,169,017.48 |
| Intermediaryorganexpense | 94,216,117.91 | 78,105,298.36 |
| Relocationpayment | 20,589,497.91 | |
| Entertainmentexpense | 27,392,296.32 | 24,892,269.92 |
| Vehicleexpense | 22,226,179.29 | 18,256,637.96 |
| Sporadicrenovationexpenseinthepark | 51,032,505.48 | 23,581,176.29 |
| Securityfundforthedisabled | 2,768,178.24 | 5,838,805.65 |
| Others | 20,815,288.05 | 30,311,456.93 |
| Total | 1,767,454,322.16 | 1,476,334,172.35 |
47Sellingexpenses
Unit:RMB
| Items | Currentperiodcumulative | Precedingperiodcomparative |
| Laborcost | 396,104,926.62 | 331,659,767.15 |
| Share-basedpaymentofremuneration | 14,872,075.64 | |
| Warehousing,freightandmiscellaneouscharges | 119,411,615.55 | 102,848,591.91 |
| Entertainmentexpense | 69,549,661.34 | 62,370,229.50 |
| Travelexpense | 48,639,067.37 | 42,454,354.33 |
| Advertisingexpense | 30,737,660.07 | 24,044,549.16 |
| Others | 47,122,224.87 | 34,188,146.20 |
| Total | 726,437,231.46 | 597,565,638.25 |
Otherremarks:
Asaresultoftheimplementationof“InterpretationofChinaAccountingStandardsforBusinessEnterprisesNo.18”,theCompanyretroactivelycorrectedthepresentationofproductwarrantyfeesin2023byreclassifyingthemfrom“Sellingexpenses”to“Costofsales”.
48.R&Dexpenses
Unit:RMB
| Items | Currentperiodcumulative | Precedingperiodcomparative |
| Laborcost | 764,779,384.09 | 586,262,227.24 |
| Share-basedpaymentofremuneration | 45,400,398.91 | |
| Directinputexpense | 439,535,792.28 | 425,272,233.05 |
| Depreciationandamortizationexpense | 50,675,445.97 | 42,222,750.79 |
| Royalties | 16,159,725.11 | 12,029,990.63 |
| OutsourcingR&Dexpense | 3,756,220.44 | 1,187,512.67 |
| Others | 31,491,819.70 | 29,859,510.03 |
| Total | 1,351,798,786.50 | 1,096,834,224.41 |
49.Financialexpenses
Unit:RMB
| Items | Currentperiodcumulative | Precedingperiodcomparative |
| Interestexpense | 152,267,440.63 | 212,081,658.78 |
| Interestincome | -130,315,478.18 | -159,145,071.07 |
| Exchangegainsorlosses | -83,153,926.15 | -133,515,123.19 |
| Incomefromderecognitionoffinancialassetsmeasuredatamortizedcost | 9,296,640.32 | |
| Others | 8,122,939.85 | 7,827,155.19 |
| Total | -43,782,383.53 | -72,751,380.29 |
50.Otherincome
Unit:RMB
| Sourceoftheotherincome | Currentperiodcumulative | Precedingperiodcomparative |
| Governmentsubsidiesrelatedtoassets | 48,736,533.73 | 38,505,871.41 |
| Governmentsubsidiesrelatedtorevenue | 156,546,385.56 | 110,601,829.40 |
| VATextradeductions | 21,948,485.83 | 37,270,140.16 |
| Handlingfeesforwithholdingtax | 1,974,520.26 | 1,877,422.09 |
51.Gainsorlossesonchangesinfairvalue
Unit:RMB
| Items | Currentperiodcumulative | Precedingperiodcomparative |
| Financialassetsheldfortrading(floatinggainsandlossesonbankfinancialproducts) | -25,980.08 | |
| Floatinggainsandlossesonfuturescontracts | -3,010,560.26 | -3,400,201.17 |
| Floatinggainsandlossesonforeignexchangecontract | -87,723,049.24 | 51,549,703.59 |
| Total | -90,733,609.50 | 48,123,522.34 |
52.Investmentincome
Unit:RMB
| Items | Currentperiodcumulative | Precedingperiodcomparative |
| Investmentincomefromlong-termequityinvestmentsunderequitymethod | 8,925,362.13 | 7,986,227.16 |
| Gainsandlossesonbankfinancialproducts | 7,022,483.08 | 171,131.50 |
| Gainsandlossesonbankfinancialproductsduringtheholdingperiod | 5,920,200.00 | |
| Gainsandlossesonexchangeratederivatives | -55,218,517.77 | -150,933,667.67 |
| Gainsandlossesonfuturesderivatives | 11,602,521.92 | 12,909,340.21 |
| Incomefromderecognitionoffinancialassetsmeasuredatamortizedcost | -5,619,589.87 | |
| Advancepaymentgains | 5,468,084.69 | 4,032,630.05 |
| Total | -16,279,865.95 | -131,453,928.62 |
53.Creditimpairmentloss
Unit:RMB
| Items | Currentperiodcumulative | Precedingperiodcomparative |
| Provisionforbaddebt | -56,378,564.98 | -51,477,741.58 |
| Total | -56,378,564.98 | -51,477,741.58 |
54Assetsimpairmentloss
Unit:RMB
| Items | Currentperiodcumulative | Precedingperiodcomparative |
| I.Inventorywrite-downlossandcontractperformancecostimpairmentloss | -35,253,817.89 | -41,206,282.08 |
| Ⅳ.Impairmentlossoffixedassets | -20,882,266.27 | -13,364,006.60 |
| Ⅹ.Goodwillimpairmentloss | -6,785,228.04 | -806,602.57 |
| Total | -62,921,312.20 | -55,376,891.25 |
55.Gainsonassetdisposal
Unit:RMB
| Items | Currentperiodcumulative | Precedingperiodcomparative |
| Gainsondisposalofassets | 3,016,317.77 | 8,741,208.41 |
56.Non-operatingrevenue
Unit:RMB
| Items | Currentperiodcumulative | Precedingperiodcomparative | Amountrecordedintothecurrentnon-recurringprofitandloss |
| Exemptedpayment | 1,486,141.05 | 7,200,691.96 | 1,486,141.05 |
| Compensationandpenaltyincome | 3,014,752.68 | 3,348,736.31 | 3,014,752.68 |
| Gainsfromretirementoffixedassets | 119,462.59 | 1,419,940.46 | 119,462.59 |
| Gainsfromacquisitionofequity | 2,097,001.82 | 2,097,001.82 | |
| Others | 2,931,604.74 | 2,963,564.66 | 2,931,604.74 |
| Total | 9,648,962.88 | 14,932,933.39 | 9,648,962.88 |
57.Non-operatingexpenditures
Unit:RMB
| Items | Currentperiodcumulative | Precedingperiodcomparative | Amountincludedinnon-recurringprofitorloss |
| Lossesonretirementoffixedassets | 17,730,289.97 | 11,318,566.98 | 17,730,289.97 |
| Litigationfordamages | 8,107,136.89 | 1,169,762.74 | 8,107,136.89 |
| Others | 2,180,374.12 | 2,136,968.30 | 2,180,374.12 |
| Total | 28,017,800.98 | 14,625,298.02 | 28,017,800.98 |
58.Incometaxexpenses
（1）Incometaxexpenses
Unit:RMB
| Items | Currentperiodcumulative | Precedingperiodcomparative |
| Currentperiodincometaxexpenses | 588,438,788.90 | 537,385,513.45 |
| Deferredincometaxexpenses | -8,478,182.12 | 82,163,240.54 |
| Total | 579,960,606.78 | 619,548,753.99 |
（2）Reconciliationofaccountingprofittoincometaxexpenses
Unit:RMB
| Items | Currentperiodcumulative |
| Incomebeforetax | 3,691,686,409.12 |
| Incometaxexpensecalculatedattheapplicabletaxrate | 688,073,677.14 |
| Adjustmentofpreliminaryincometaxexpensesettlementandpayment | 8,763,056.88 |
| PlusdeductionofR&Dexpenses | -152,335,338.10 |
| Thedifferencebetweentaxandaccountingstandardsforconvertiblecorporatebonds | |
| Effectofutilizationofdeductiblelossesnotpreviouslyrecognizedasdeferredtaxassets | 19,852,227.40 |
| Others | 15,606,983.46 |
| Incometaxexpenses | 579,960,606.78 |
59.OthercomprehensiveincomePleaserefertothenotesofbalancesheetitemsandothercomprehensiveincomefordetails.
60.Notestoitemsoftheconsolidatedcashflowstatement
（1）CashrelatedtooperatingactivitiesOthercashreceiptsrelatedtooperatingactivities
Unit:RMB
| Items | Currentperiodcumulative | Precedingperiodcomparative |
| Governmentgrants | 375,520,971.27 | 238,258,666.39 |
| Interestincome | 130,315,478.18 | 54,287,886.38 |
| Rentalincome | 19,262,208.26 | 11,054,740.49 |
| Enterpriseincometaxremittancerefund | 33,298,518.81 | |
| Guaranteedeposit | 16,286,416.39 | 28,043,128.73 |
| Insuranceindemnities | 3,014,752.68 | 3,348,736.31 |
| Other | 5,202,346.13 | 4,840,986.75 |
| Total | 582,900,691.72 | 339,834,145.05 |
Othercashpaymentsrelatedtooperatingactivities
Unit:RMB
| Items | Currentperiodcumulative | Precedingperiodcomparative |
| Frozenbankdeposit | 3,199,267.50 | |
| GuaranteedepositandExpensepayments | 748,117,184.26 | 650,619,571.95 |
| Total | 751,316,451.76 | 650,619,571.95 |
（2）CashrelatedtoinvestmentactivitiesOthercashreceiptsrelatedtoinvestingactivities
Unit:RMB
| Items | Currentperiodcumulative | Precedingperiodcomparative |
| Redemptionofbrokeragefinancingproducts | 1,301,000,000.00 | 100,000,000.00 |
| Redemptionofcertificatesofdeposit | 2,602,367,660.18 | 962,037,101.21 |
| IncomefromFuturescontractderivativessettlement | 11,602,521.92 | 12,909,340.21 |
| Restrictedfunds | 26,801,109.49 | |
| Total | 3,914,970,182.10 | 1,101,747,550.91 |
Importantcashreceivedrelatedtoinvestmentactivities
Unit:RMB
| Items | Currentperiodcumulative | Precedingperiodcomparative |
| Compensationforlandcollectionandstorage | 546,216,590.00 | |
| Total | 546,216,590.00 |
Othercashpaymentsrelatedtoinvestingactivities
Unit:RMB
| Items | Currentperiodcumulative | Precedingperiodcomparative |
| Purchaseofbrokeragefinancialproducts | 2,395,000,000.00 | 4,870,158.51 |
| Purchaseoflargecertificatesofdeposit | 1,395,671,527.63 | |
| PurchaseofTreasuryBondReverseRepurchase | 399,999,000.00 | |
| Lossonexchangeratederivativesinstrumentsettlement | 55,218,517.77 | 150,933,667.67 |
| restrictedfunds | 2,660,828.24 | |
| Total | 4,248,549,873.64 | 155,803,826.18 |
Importantcashpaymentsrelatedtoinvestmentactivities
Unit:RMB
| Items | Currentperiodcumulative | Precedingperiodcomparative |
| Constructionprojectofintelligentcontrolcomponentsfor | 121,007,400.00 | 309,743,621.56 |
| commercialrefrigerationandairconditioningwithanannualproductioncapacityof65millionsets | ||
| Efficientandenergy-savingrefrigerationandairconditioningcontrolcomponenttechnologyrenovationprojectwithanannualproductioncapacityof50.5millionsets | 116,325,643.10 | 149,195,510.91 |
| Total | 237,333,043.10 | 458,939,132.47 |
（3）CashrelatedtofinancingactivitiesOthercashreceiptsrelatedtofinancingactivities
Unit:RMB
| Items | Currentperiodcumulative | Precedingperiodcomparative |
| Restrictedfunds | 16,922,823.77 | 15,585,461.73 |
| Notes/Electronicdebtvoucherdiscountfinancing | 22,016,350.22 | 16,289,050.35 |
| ProfitSharingPlanDeposit | 19,192,202.00 | |
| DepositofStockappreciationright | 4,207,999.65 | |
| Total | 62,339,375.64 | 31,874,512.08 |
Othercashpaymentsrelatedtofinancingactivities
Unit:RMB
| Items | Currentperiodcumulative | Precedingperiodcomparative |
| Reposharesexpenses | 299,977,735.21 | 190,095,426.04 |
| Restrictedstockrepurchaseexpenses | 2,124,400.00 | 1,572,760.00 |
| Rentalexpenses | 124,009,095.18 | 103,809,960.27 |
| Restrictedfunds | 26,510,463.54 | |
| DepositofStockappreciationright | 1,331,383.81 | |
| Total | 426,111,230.39 | 323,319,993.66 |
Changesinliabilitiesrelatedtofinancingactivities
√Applicable□NotApplicable
Unit:RMB
| Items | Openingbalance | Increase | Decrease | Closingbalance | ||
| Changesincash | Changesinnon-cash | Changesincash | Changesinnon-cash | |||
| Short-termborrowings | 1,212,150,378.85 | 848,662,378.85 | 77,877,473.29 | 524,967,328.95 | 60,377,250.88 | 1,553,345,651.16 |
| Long-termborrowings(includinglong-term | 2,401,996,388.91 | 1,520,000,000.00 | 84,048,964.74 | 1,459,852,467.25 | 2,546,192,886.40 | |
| borrowingsduewithinoneyear) | ||||||
| Leaseliabilities(leaseliabilitiesduewithinoneyear) | 290,193,458.01 | 206,599,216.72 | 124,009,095.18 | 44,296,909.59 | 328,486,669.96 | |
| Dividendspayable | 1,315,273,294.90 | 1,312,745,014.90 | 2,528,280.00 | |||
| Total | 3,904,340,225.77 | 2,368,662,378.85 | 1,683,798,949.65 | 3,421,573,906.28 | 104,674,160.47 | 4,430,553,487.52 |
（4）Presentationofcashflowsonanetbasis
Thecashflowrelatedtocorporatebankwealthmanagementandlargedepositcertificatebusinessreferstothecashinflowsandoutflowsofprojectswithlargeamountsandshortmaturities,aspresentingtheabovecashflowsonanetbasiscanbetterexplaintheirimpactontheCompany’spaymentabilityandsolvency,andismorehelpfultoevaluatetheCompany’spaymentabilityandsolvencyandanalyzeitsfuturecashflows,theCompanypresentscashflowsrelatedtotheabovebusinessonanetbasis.Ifcashflowsrelatedtotheabovebusinessarepresentedonagrossbasis,effectsontheCompany’scashflowstatementareasfollows:
Unit:RMB
| Items | Increaseinthecurrentperiod | Increaseintheprecedingperiod |
| Othercashreceiptsrelatedtoinvestingactivities | 2,940,986,500.00 | 150,599,133.34 |
| Othercashpaymentsrelatedtoinvestingactivities | 2,940,986,500.00 | 150,599,133.34 |
（5）SignificantactivitiesnotinvolvingcashreceiptsandpaymentsEndorsedacceptanceanddigitalelectronicdebtvouchersthatdonotinvolvecashreceiptsandpayments
Unit:RMB
| Items | Currentperiodcumulative | Precedingperiodcomparative |
| Endorsedacceptanceanddigitalelectronicdebtvouchers | 281,579,934.53 | 190,927,646.72 |
| Including:Paymentforoperatingactivities | 279,607,560.43 | 186,949,115.96 |
| Paymentforinvestmentactivities | 1,972,374.10 | 3,978,530.76 |
61.Supplementinformationtothecashflowstatement
（1）Supplementinformationtothecashflowstatement
Unit:RMB
| Supplementinformation | Currentperiodcumulative | Precedingperiodcomparative |
| 1.Reconciliationofnetprofittocashflowfromoperatingactivities: | -- | -- |
| Netprofit | 3,111,725,802.34 | 2,933,714,738.99 |
| Add:Provisionforassetsimpairmentloss | 119,299,877.18 | 106,854,632.83 |
| Depreciationoffixedassets,oilandgasassets,productivebiologicalassets | 949,319,337.78 | 771,658,318.39 |
| Amortizationofright-of-useassets | ||
| Amortizationofintangibleassets | 46,184,780.33 | 26,610,545.56 |
| AmortizationofLong-termprepayments | 33,329,579.12 | 28,786,355.23 |
| Lossondisposaloffixedassets,intangibleassetsandotherlong-termassets(Less:gains) | -3,016,317.77 | -8,741,208.41 |
| Lossonretirementoffixedassets(Less:gains) | 17,610,827.38 | 9,898,626.52 |
| Lossesonchangesinfairvalue(Less:gains) | 90,733,609.50 | -48,123,522.34 |
| Financialexpenses(Less:gains) | 89,172,608.83 | -26,290,649.10 |
| Investmentlosses(Less:gains) | 21,747,950.64 | 129,866,968.80 |
| Decreaseofdeferredtaxassets(Less:increase) | 43,733,315.70 | 64,726,517.25 |
| Increaseofdeferredtaxliabilities(Less:decrease) | -49,247,094.52 | 18,753,147.93 |
| Decreaseofinventories(Less:increase) | -718,016,907.59 | -343,250,556.55 |
| Decreaseofoperatingreceivables(Less:increase) | -1,569,723,085.16 | -1,398,918,684.91 |
| Increaseofoperatingpayables(Less:decrease) | 2,076,536,089.83 | 1,388,702,605.99 |
| Others | 107,240,574.77 | 69,716,518.45 |
| Netcashflowsfromoperatingactivities | 4,366,630,948.36 | 3,723,964,354.63 |
| 2.Significantinvestingandfinancingactivitiesnotrelatedtocashreceiptsandpayments: | ||
| Conversionofdebtintocapital | 2,837,347,315.20 | |
| Newright-of-asset | 187,894,829.98 | 117,529,342.96 |
| 3.Netchangesincashandcashequivalents: | ||
| Cashattheendoftheperiod | 3,443,502,489.90 | 3,624,955,498.84 |
| Less:Cashatthebeginningoftheperiod | 3,624,955,498.84 | 2,050,328,601.77 |
| Add:Cashequivalentsattheendoftheperiod | ||
| Less:Cashequivalentsatthebeginningoftheperiod | ||
| Netincreaseofcashandcashequivalents | -181,453,008.94 | 1,574,626,897.07 |
（2）Netcashpaidduringtheperiodforacquisitionofsubsidiaries
Unit：RMB
| Amount | |
| Cashorcashequivalentspaidduringtheperiodforbusinesscombinationsoccurringduringtheperiod | 7,700,000.00 |
| Including： | |
| Deducting：Cashandcashequivalentsheldbythecompanyonthedateofpurchase | 818,046.75 |
| Including： | |
| Including： | |
| Netcashpaidforacquisitionofsubsidiaries | 6,881,953.25 |
（3）Compositionofcashandcashequivalents
Unit:RMB
| Items | Closingbalance | Openingbalance |
| I.Cash | 3,443,502,489.90 | 3,624,955,498.84 |
| Including:Cashonhand | 166,912.72 | 291,216.13 |
| Cashinbankthatcanbereadilydrawnondemand | 3,443,335,577.18 | 3,624,655,126.84 |
| Othermonetaryfundsthatcanbereadilyforpayment | 9,155.87 | |
| III.Cashandcashequivalentsatendofyear | 3,443,502,489.90 | 3,624,955,498.84 |
（4）Situationswherethescopeofuseislimitedbutstillclassifiedascashandcashequivalents
Unit:RMB
| Items | Currentperiodcumulative | Precedingperiodcomparative | Reasonsforstillbeingclassifiedascashandcashequivalents |
| Cashandbankbalances | 3,828,084.44 | 852,004,540.00 | Fundraising,specialpurpose,readyforwithdrawalatanytime |
| Total | 3,828,084.44 | 852,004,540.00 |
（5）Cashandbankbalancesthatdonotbelongtocashandcashequivalents
Unit:RMB
| Items | Currentperiodcumulative | Precedingperiodcomparative | Reasonsthatdonotbelongtocashandcashequivalents |
| Principalandinterestofdepositcertificates | 1,739,651,183.39 | 2,883,252,484.14 | Managementintendstoholdontomaturity |
| Margindeposit | 18,151,490.33 | 35,074,314.10 | Liquidityrestricted |
| Futurescontractmargin | 44,063,215.09 | 41,402,386.85 | Liquidityrestricted |
| Frozenbankdeposit | 3,199,267.50 | ||
| Total | 1,805,065,156.31 | 2,959,729,185.09 |
62.Monetaryitemsinforeigncurrencies
（1）Monetaryitemsinforeigncurrencies
Unit:RMB
| Items | Closingbalanceinforeigncurrencies | Exchangerate | RMBequivalent |
| CashandBankBalances | |||
| Including:USD | 106,344,584.14 | 7.1884 | 764,447,408.64 |
| EUR | 18,530,256.98 | 7.5257 | 139,453,154.96 |
| MXN | 316,724,426.19 | 0.3498 | 110,853,549.17 |
| Othercurrencies | 92,240,013.58 | ||
| Subtotal | 1,106,994,126.35 | ||
| Accountsreceivable | |||
| Including:USD | 272,415,399.33 | 7.1884 | 1,958,230,856.54 |
| EUR | 55,841,682.41 | 7.5257 | 420,247,749.33 |
| MXN | 3,903,944.94 | 0.3498 | 1,366,380.73 |
| Othercurrencies | 118,536,091.07 | ||
| Subtotal | 2,498,381,077.67 | ||
| Otherreceivables | |||
| Including:USD | 4,663,769.14 | 7.1884 | 33,525,038.09 |
| EUR | 319,150.56 | 7.5257 | 2,401,831.37 |
| MXN | 91,264,789.55 | 0.3498 | 31,924,423.38 |
| Othercurrencies | 13,542,139.77 | ||
| Subtotal | 81,393,432.61 | ||
| Long-termreceivable | |||
| Including:EUR | 22,000.00 | 7.5257 | 165,565.40 |
| Subtotal | 165,565.40 | ||
| Derivativefinancialliabilities | |||
| Including:USD | 6,158,575.02 | 7.1884 | 44,270,300.67 |
| Othercurrencies | 447,200.25 | ||
| Subtotal | 44,717,500.92 | ||
| Short-termborrowings | |||
| Including:USD | 30,000,000.00 | 7.1884 | 215,652,000.00 |
| EUR | 91,000,000.00 | 7.5257 | 684,838,700.00 |
| Subtotal | 900,490,700.00 | ||
| Accountspayable | |||
| Including:USD | 61,692,378.09 | 7.1884 | 443,469,490.66 |
| EUR | 6,706,473.58 | 7.5257 | 50,470,908.22 |
| MXN | 191,418,609.18 | 0.3498 | 66,996,965.79 |
| Othercurrencies | 42,007,725.48 | ||
| Subtotal | 602,945,090.15 | ||
| Otherpayables | |||
| Including:USD | 1,351,905.02 | 7.1884 | 9,718,034.05 |
| EUR | 4,803,713.79 | 7.5257 | 36,151,308.88 |
| MXN | 2,262,878.42 | 0.3498 | 791,554.87 |
| Othercurrencies | 3,467,190.92 | ||
| Subtotal | 50,128,088.72 | ||
| Non-currentliabilitiesduewithinoneyear | |||
| Including:USD | 1,585,441.10 | 7.1884 | 11,396,784.80 |
| EUR | 1,305,092.58 | 7.5257 | 9,821,735.23 |
| MXN | 21,651,810.06 | 0.3498 | 7,578,133.52 |
| Othercurrencies | 8,283,711.25 | ||
| Subtotal | 37,080,364.80 | ||
| Leaseliabilities | |||
| Including:USD | 4,529,803.44 | 7.1884 | 32,562,039.05 |
| EUR | 6,629,977.01 | 7.5257 | 49,895,217.98 |
| MXN | 151,495,774.96 | 0.3498 | 52,993,222.08 |
| Othercurrencies | 20,015,690.67 | ||
| Subtotal | 155,466,169.78 | ||
（2）Notesonoverseasoperatingentities,includingforthesignificantoverseasoperatingentities,itsmainoperatinglocations,reportingcurrencyandthebasisforselectionshouldbedisclosed,andthereasonforchangesinreportingcurrencyshouldalsobedisclosed.
√Applicable□NotApplicable
TheCompanyhasseveraloverseassubsidiaries,locateintheUnitedStates,Europe,Japan,Poland,Mexico,Vietnamandothercountries,whereUSdollars,Euro,Japaneseyen,Polishzloty,MexicanpesosVietnamesedong,etc.areusedasthestandardreportingcurrency.
63.Leases
(1)TheCompanyaslessee
1)PleaserefertosectionX(VII)14ofnotestotheconsolidatedfinancialstatementsfordetailsonright-of-useassets.
2)PleaserefertonotestothefinancialstatementsfordetailsontheCompany’saccountingpoliciesonshort-termleasesandleasesforwhichtheunderlyingassetisoflowvalue.Theamountsofshort-termleasesandlow-valueassetleasesincludedintoprofitorlossareasfollows:
| Items | Currentperiodcumulative | Precedingperiodcomparative |
| Expenserelatingtoshort-termleases | 20,592,131.51 | 37,499,886.35 |
| Total | 20,592,131.51 | 37,499,886.35 |
3)Profitorlossandcashflowsrelatedtoleases
| Items | Currentperiodcumulative | Precedingperiodcomparative |
| Interestexpensesonleaseliabilities | 18,704,386.74 | 2,624,284.04 |
| Totalcashoutflowsrelatedtoleases | 144,601,226.69 | 143,934,130.66 |
4)Pleaserefertonotestothefinancialstatementsfordetailsonmaturityanalysisofleaseliabilitiesandrelatedliquidityriskmanagement.
(2)TheCompanyaslessor
1)Operatinglease
①Leaseincome
| Items | Currentperiodcumulative | Precedingperiodcomparative |
| Leaseincome | 19,262,208.26 | 11,054,740.49 |
| Including:Incomerelatingtovariableleasepaymentsnotincludedinthemeasurementoftheleaseliabilities | — | — |
②Assetsleasedoutunderoperatingleases
| Items | Closingbalance | December31,2022 |
| Fixedassets | 38,026,861.17 | 34,172,628.21 |
| Intangibleassets | 6,082,450.77 | 6,297,200.85 |
| Investmentproperty | 7,053,153.92 | 8,165,805.31 |
| Total | 51,162,465.86 | 48,635,634.37 |
Pleaserefertonotestothefinancialstatementsfordetailsonfixedassetsleasedoutunderoperatingleases.
2)Undiscountedleasepaymentstobereceivedarisingfromnon-cancellableleasesbasedontheleasecontractsignedwithlessee
| Remainingyears | Closingbalance | December31,2022 |
| Within1year | 7,671,371.57 | 7,306,068.16 |
| Total | 7,671,371.57 | 7,306,068.16 |
VIII.R&DExpenses
Expensesoninternalresearchanddevelopmentprojectsarerecognizedinprofitorlosswhenincurredandarenotcapitalized.FordetailsoftheR&Dexpenditures,pleaserefertotheR&Dremarksin“Ⅶ.NotestoitemsintheConsolidatedFinancialStatements”in“SectionX.FinancialReporting”.
IX.Changesinthescopeofconsolidation
1.Accountingtreatmentofbusinesscombinationnotundercommoncontrol
（1）Accountingtreatmentofbusinesscombinationnotundercommoncontrolduringtheperiod
Unit：RMB
| Nameofpurchasedparty | Equityacquisitiondate | Equityacquisitioncost | Equityacquisitionproportion | Equityacquisitionmethod | Purchasedate | Basisfordeterminingthepurchasedate | Revenueofthepurchaserattheendofthepurchaseperiod | Netprofitofthepurchaserasoftheendofthepurchasedate | Cashflowofthepurchaserattheendofthepurchaseperiod |
| HangzhouLvnengNewEnergyVehiclePartsCo.,Ltd | 2024-9-30 | 7,700,000.00 | 100.00% | Agreedtobetransferred | 2024-9-30 | Completionofregistrationofindustrialandcommercialchanges | 65,955,411.78 | 3,083,107.09 | 43,952.20 |
Otherremarks:
InSeptember2024,thecompanyacquired100%oftheequityinterestinHangzhouLvnengNewEnergyVehiclePartsCo.,LtdfromShanghaiElecNewEnergyTechnologyCo.,Ltd.Theequitytransactionwaspricedonthebasisofappraisedvalueandthetransactionpricewas7.7million.
（2）Consolidationcostandgoodwill
Unit：RMB
| Item | Amount |
| Consolidationcost | 7,700,000.00 |
| Including:paymentbycash | 7,700,000.00 |
| Deducting:shareoffairvalueofnetidentifiableassetsacquired | 9,797,001.82 |
| Non-operatingrevenue | 2,097,001.82 |
（3）Identifiableassetsandliabilitiesoftheacquireeatthedateofpurchase
Unit：RMB
| HangzhouLvnengNewEnergyVehiclePartsCo.,Ltd | ||
| Fairvalueatdateofpurchase | Bookvalueatdateofpurchase | |
| Asset： | 117,993,514.84 | 118,467,910.65 |
| CashandbankBalances | 818,046.75 | 818,046.75 |
| Accountsreceivable | 46,428,945.67 | 46,715,724.01 |
| Inventories | 30,762,367.18 | 29,513,095.25 |
| Non-currentassets | 4,557,707.15 | 5,982,290.65 |
| Intangibleassets | ||
| Notesreceivable | 35,263,191.46 | 35,275,497.36 |
| Constructioninprogress | 163,256.63 | 163,256.63 |
| Liability： | 108,196,513.02 | 108,196,513.02 |
| Loans | 28,363,384.14 | 28,363,384.14 |
| Accountspayable | 76,416,553.93 | 76,416,553.93 |
| Deferredincometaxliabilities | ||
| Employeepayable | 2,284,142.79 | 2,284,142.79 |
| Taxespayable | 671,930.52 | 671,930.52 |
| Leaseliabilities | 460,501.64 | 460,501.64 |
| NetAssets | 9,797,001.82 | 10,271,397.63 |
| Deducting：Minorityinterests | ||
| NetAssetsacquired | 9,797,001.82 | 10,271,397.63 |
Methodofdeterminingthefairvalueofidentifiableassetsandliabilities:
ThefairvalueoftheidentifiableassetsandliabilitiesofHangzhouLvnengNewEnergyVehiclePartsCo.,Ltdwasdeterminedonthebasisoftheappraisedvalue.
（4）Gainsorlossesarisingfromtheremeasurementofequityinterestsheldbeforethedateofpurchaseatfairvalue
Whethertherearetransactionsinwhichabusinesscombinationisrealizedinstepsthroughmultipletransactionsandcontrolisobtainedduringthereportingperiod.
□Yes√No
2.Disposalofsubsidiaries
Whetherthereareanytransactionsoreventsduringtheperiodinwhichcontrolofasubsidiaryislost
□Yes√No
Whethertherewasastep-by-stepdisposalofinvestmentsinsubsidiariesthroughmultipletransactionsandlossofcontrolduringtheperiod
□Yes√No
3.Changesinthescopeofconsolidationduetootherreasons
Thissectiondescribeschangesinthescopeofconsolidationduetootherreasons(e.g.,establishmentofnewsubsidiaries,liquidationofsubsidiaries,etc.)andtherelatedinformation:
（1）Increaseinconsolidationscope
| Subsidyname | Equityacquisitionmethod | Dateofequityacquisition | Actualcapitalcontributionattheendoftheperiod | Proportionofcapitalcontribution |
| ZhejiangSanhuaIntelligentDriveCo.,Ltd. | Newinvestment | 2024-06-04 | RMB74.00million | 100% |
| ZhejiangShengtaiPaperIndustryCo.,Ltd. | Newinvestment | 2024-06-20 | RMB21.00million | 70% |
| SanhuaAutomativeComponents(Korea)Co.,Ltd. | Newinvestment | 2024-07-08 | KRW90,000 | 100% |
| SANHUASINGAPOREHEATEXCHANGERPTE.LTD | Newinvestment | 2024-08-28 | 0.00 | 100% |
| SANHUAINTELLIGENTDRIVES(THAILAND)CO.,LTD. | Newinvestment | 2024-11-01 | 0.00 | 100% |
| SANHUATROYPROPERTYMANAGEMENT,LLC | Newinvestment | 2024-06-28 | 0.00 | 100% |
（2）Decreaseinconsolidationscope
| Companyname | Equitydisposalmethod | Dateofequitydisposal | Netassetatthedisposaldate | Netprofitduringtheperiod |
| AmericanTubingInternationalLeveragelenderLLC | Deregister | 2024-10-09 | — | — |
X.Interestinotherentities
1.Compositionofenterprisegroup
（1）ThecompanyincludessubsidiariessuchasZhejiangSanhuaAutomotiveComponentsCo.,Ltd.inthescopeofconsolidatedfinancialstatements.
（2）Basicinformationofimportantsubsidiaries
| Subsidyname | Registeredcapital（millionyuan） | Mainoperatingplaceandplaceofregistration | Businessnature | Holdingproportion | Acquisitionmethod | |
| Direct | Indirect | |||||
| ZhejiangSanhuaAutomotiveComponentsCo.,Ltd. | 2160 | Zhejiang | Automotivecomponents | 100.00% | Businesscombinationundercommoncontrol | |
| Sanhua(hangzhou)MicroChannelHeatExchangerCo.,Ltd | 360 | Zhejiang | Refrigerationcomponents | 100.00% | Businesscombinationundercommoncontrol | |
| ZhejiangSanhuaTradingCo.,Ltd | 50 | Zhejiang | Refrigerationcomponents | 100.00% | Investmentandestablishment | |
| ZhejiangSanhuaCommercialRefrigerationCo.Ltd | 1655.29 | Zhejiang | Refrigerationcomponents | 100.00% | Investmentandestablishment | |
| SanhuaInternationalInc. | 37.55millionUSD | USA | Business | 100.00% | Investmentandestablishment | |
2.Transactionsinwhichtheshareofownershipinterestinasubsidiarychangesbutthesubsidiaryisstillcontrolled
（1）Descriptionofchangesinshareofownershipinterestsinsubsidiaries
| Subsidyname | ChangeTime | Holdingproportionbeforechange | Holdingproportionafterchange |
| Subsidyname | ChangeTime | Holdingproportionbeforechange | Holdingproportionafterchange |
| HangzhouLeaderwayElectronicsCo.,Ltd. | 2024-12-30 | 71.39% | 72.33% |
Asaresultoftheone-waycapitalincreaseandequitydisposalbytheminorityshareholders,theCompany'sshareholdinginHangzhouLeaderwayElectronicsCo.,Ltd.(HLE)increasedfrom71.39%to
72.33%.
（2）Effectofthetransactiononminorityinterestsandequityattributabletoownersoftheparentcompany
| Item | HangzhouLeaderwayElectronicsCo.,Ltd. |
| Purchasingcost/Disposalconsideration | 85,663,678.35 |
| Including:Cash | 85,663,678.35 |
| Totalpurchasingcost/Disposalconsideration | 85,663,678.35 |
| Deducting:Shareofnetassetsofsubsidiariesinproportiontoequityacquired/disposed | 80,961,615.08 |
| Balance | 4,702,063.27 |
3.Significantwholly-ownedsubsidiaries
AsofDecember31,2024,thecompanyhasnosignificantwholly-ownedsubsidiaries.
4.Equityinjointventuresorassociates
（1）Significantjointventuresandassociates
AsofDecember31,2024,thecompanyhasnosignificantjointventuresandassociates.
（2）Aggregatedfinancialinformationofinsignificantjointventuresandassociates
Unit:RMB
| Items | Closingbalance/Currentperiodcumulative | Openingbalance/Precedingperiodcomparative |
| Associates | -- | -- |
| Totalbookvalueofinvestment | 40,599,793.42 | 37,924,431.29 |
| Totalofthefollowingitemscalculatedbyshareholdingratio | 8,925,362.13 | 7,986,227.16 |
| Netprofit | 8,925,362.13 | 7,986,227.16 |
| Items | Closingbalance/Currentperiodcumulative | Openingbalance/Precedingperiodcomparative |
| Totalcomprehensiveincome | 8,925,362.13 | 7,986,227.16 |
XI.Governmentgrants
（1）Governmentgrantsincreasedinthecurrentperiod
Unit:RMB
| Items | Amount |
| Governmentgrantsrelatedtoassets | 277,350,770.05 |
| Including:Includedintodeferredincome | 277,350,770.05 |
| Governmentgrantsrelatedtoincome | 156,546,385.56 |
| Including:Includedintootherdincome | 156,546,385.56 |
| Total | 433,897,155.61 |
（2）Governmentgrantsrecognizedbasedonreceivables
Unit:RMB
| Items | Closingbookbalance |
| Governmentgrantsreceivable | 6,391,391.79 |
| Total | 6,391,391.79 |
（3）Liabilitiesrelatedtogovernmentgrants
Unit:RMB
| Items | Openingbalance | Increase | Carryover | Closingbalance | Remarks |
| Deferredincome | 379,140,042.48 | 277,350,770.05 | 48,736,533.73 | 607,754,278.80 | Relatedtoassets |
| Total | 379,140,042.48 | 277,350,770.05 | 48,736,533.73 | 607,754,278.80 |
（4）Governmentgrantsincludedintoprofitorloss
Unit:RMB
| Items | Currentperiodcumulative | Precedingperiodcomparative |
| Otherincome | 205,282,919.29 | 149,107,700.81 |
| Total | 205,282,919.29 | 149,107,700.81 |
XII.RisksRelatedtoFinancialInstruments
Inriskmanagement,theCompanyaimstoseektheappropriatebalancebetweentherisksandbenefitsfromitsuseoffinancialinstrumentsandtomitigatetheadverseeffectsthattherisksoffinancialinstrumentshaveontheCompany’sfinancialperformance,soastomaximizetheprofitsofshareholdersandotherequityinvestors.Basedonsuchriskmanagementobjectives,theCompany’sriskmanagementpoliciesareestablishedtoidentifyandanalyzetherisksfacedbytheCompany,tosetappropriaterisklimitsandcontrols,andtomonitorrisksandadherencetolimitsonatimelyandreliablebasis.
Thecompanyfacesvariousrisksrelatedtofinancialinstrumentsindailyactivities,mainlyincludingcreditrisk,liquidityrisk,andmarketrisk.Themanagementhasreviewedandapprovedpoliciesformanagingtheserisks,summarizedasfollows.
(I)Creditrisk
Creditriskistheriskthatonepartytoafinancialinstrumentwillcauseafinanciallossfortheotherpartybyfailingtodischargeanobligation.
1.Creditriskmanagementpractice
(1)Evaluationmethodofcreditrisk
Ateachbalancesheetdate,theCompanyassesseswhetherthecreditriskonafinancialinstrumenthasincreasedsignificantlysinceinitialrecognition.Whenassessingwhetherthecreditriskhasincreasedsignificantlysinceinitialrecognition,theCompanytakesintoaccountreasonableandsupportableinformation,whichisavailablewithoutunduecostoreffort,includingqualitativeandquantitativeanalysisbasedonhistoricaldata,externalcreditriskrating,andforward-lookinginformation.TheCompanydeterminesthechangesindefaultriskoffinancialinstrumentsduringtheestimatedlifetimethroughcomparisonofthedefaultriskatthebalancesheetdateandtheinitialrecognitiondate,onanindividualbasisoracollectivebasis.
TheCompanyconsidersthecreditriskonafinancialinstrumenthasincreasedsignificantlywhenoneormoreofthefollowingqualitativeandquantitativestandardsaremet:
1)Quantitativestandardmainlyrelatestothescenarioinwhich,atthebalancesheetdate,theprobabilityofdefaultintheremaininglifetimehasrisenbymorethanacertainpercentagecomparedwiththeinitialrecognition;
2)Qualitativestandardmainlyrelatestosignificantadversechangesinthedebtor’soperationorfinancialposition,presentorexpectedchangesintechnology,market,economyorlegalenvironmentthatwillhavesignificantadverseimpactonthedebtor’srepaymentability.
(2)Definitionofdefaultandcredit-impairedassets
Afinancialinstrumentisdefinedasdefaultedwhenoneormorefollowingeventshaveoccurred,ofwhichthestandardisconsistentwiththatforcredit-impairment:
1)significantfinancialdifficultyofthedebtor;
2)abreachofbindingclauseofcontract;
3)itisverylikelythatthedebtorwillenterbankruptcyorotherfinancialreorganization;
4)thecreditorofthedebtor,foreconomicorcontractualreasonsrelatingtothedebtor’sfinancialdifficulty,havinggrantedtothedebtoraconcession(s)thatthecreditorwouldnototherwiseconsider.
2.Measurementofexpectedcreditlosses
Thekeyfactorsinthemeasurementofexpectedcreditlossincludetheprobabilityofdefault,lossrateofdefault,andexposuretodefaultrisk.TheCompanydevelopsamodeloftheprobabilityofdefault,lossrateofdefault,andexposuretodefaultriskonthebasisofquantitativeanalysisofhistoricaldata(e.g.counterpartyrating,
guaranteemeasuresandcollateraltype,paymentmethod,etc.)andforward-lookinginformation.
3.Theadjustmenttablefortheopeningbalanceandclosingbalanceoffinancialinstrumentlossreservesisdetailedintherelevantnotestothesefinancialstatements.
4.Exposuretocreditriskandconcentrationofcreditrisk
TheCompany’screditriskisprimarilyattributabletocashandbankbalancesandreceivables.Inordertocontrolsuchrisks,theCompanyhastakenthefollowingmeasures:
(1)Cashandbankbalances
TheCompanydepositsitsbankbalancesandothercashandbankbalancesinfinancialinstitutionswithrelativelyhighcreditlevels,hence,itscreditriskisrelativelylow.
(2)Receivables
TheCompanyperformscreditassessmentoncustomersusingcreditsettlementonacontinuousbasis.TheCompanyselectscredibleandwell-reputedcustomersbasedoncreditassessmentresult,andconductsongoingmonitoringonbalanceofreceivables,toavoidsignificantrisksinbaddebts.
TheCompanyconductstransactionswithrecognizedandcreditworthycustomers,andcreditriskiscentrallymanagedbycustomers.TheCompanyhadcertaincreditconcentrationrisks,theaccountreceivablesmainlyoriginatefromthetopfivecustomerswithoutstandingbalances.TheaccountsreceivablefromtheCompany'scustomershavebeendigitizedandelectronic,withcertaincreditliquidity.Inaddition,thebalanceoftheCompany'saccountsreceivablebasicallydoesnotholdcollateralorothercreditenhancements.
ThemaximumamountofexposuretocreditriskoftheCompanyisthecarryingamountofeachfinancialassetatthebalancesheet.
(II)Liquidityrisk
LiquidityriskistheriskthattheCompanymayencounterdeficiencyoffundsinmeetingobligationsassociatedwithcashorotherfinancialassetssettlement,whichispossiblyattributabletofailureinsellingfinancialassetsatfairvalueonatimelybasis,orfailureincollectingliabilitiesfromcounterpartiesofcontracts,orearlyredemptionofdebts,orfailureinachievingestimatedcashflows.
Inordertocontrolsuchrisk,theCompanycomprehensivelyutilizesfinancingtoolssuchasnotessettlement,bankborrowings,etc.andadoptslong-termandshort-termfinancingmethodstooptimizefinancingstructures,andfinallymaintainsabalancebetweenfinancingsustainabilityandflexibility.TheCompanyhasobtainedcreditlimitfromseveralcommercialbankstomeetworkingcapitalrequirementsandexpenditures.
Thefinancialliabilitiesofthecompanyareclassifiedandpresentedbasedonremainingtimeperiodtillmaturityinthetablebelow:
| Items | Closingbalance | ||||
| Carryingamount | Contractamountnotyetdiscounted | Within1year | 1-3years | Over3years | |
| Short-termborrowings | 1,553,345,651.16 | 1,570,277,923.11 | 1,570,277,923.11 | ||
| Notespayable | 3,791,834,944.38 | 3,791,834,944.38 | 3,791,834,944.38 | ||
| Accountspayable | 5,985,427,008.79 | 5,985,427,008.79 | 5,985,427,008.79 | ||
| Otherpayable | 545,412,160.30 | 545,412,160.30 | 545,412,160.30 | ||
| Non-currentliabilitiesduewithinoneyear | 590,993,952.12 | 610,683,512.28 | 610,683,512.28 | ||
| Long-termborrowings | 2,045,772,594.73 | 2,146,183,533.34 | 2,146,183,533.34 | ||
| Leaseliabilities | 237,913,009.51 | 254,854,902.60 | 148,585,822.09 | 106,269,080.51 | |
| Subtotal | 14,750,699,320.99 | 14,902,673,984.80 | 12,503,635,548.86 | 2,294,769,355.43 | 106,269,080.51 |
(Continued)
| Items | Openingbalance | ||||
| Carryingamount | Contractamountnotyetdiscounted | Within1year | 1-3years | Over3years | |
| Short-termborrowings | 1,212,150,378.85 | 1,220,397,152.46 | 1,220,397,152.46 | ||
| Notespayable | 3,416,711,594.64 | 3,416,711,594.64 | 3,416,711,594.64 | ||
| Accountspayable | 4,449,940,359.81 | 4,449,940,359.81 | 4,449,940,359.81 | ||
| Otherpayable | 250,642,662.86 | 250,642,662.86 | 250,642,662.86 | ||
| Non-currentliabilitiesduewithinoneyear | 1,440,093,253.93 | 1,451,597,753.93 | 1,451,597,753.93 | ||
| Long-termborrowings | 1,030,801,111.13 | 1,091,440,666.68 | 1,091,440,666.68 | ||
| Leaseliabilities | 221,295,481.86 | 227,606,748.42 | 12,657,389.96 | 105,453,688.05 | 109,495,670.41 |
| Subtotal | 12,021,634,843.08 | 12,108,336,938.80 | 10,801,946,913.66 | 1,196,894,354.73 | 109,495,670.41 |
(III)MarketriskMarketriskistheriskthattheCompanymayencounterfluctuationinfairvalueorfuturecashflowsoffinancialinstrumentsduetochangesinmarketprice.Marketriskmainlyincludesinterestrateriskandexchangeraterisk.
1.InterestRateRiskInterestrateriskreferstotheriskoffluctuationsinthefairvalueorfuturecashflowsoffinancialinstrumentsduetochangesinmarketinterestrates.Fairvalueinterestrisksarisefromfixed-ratefinancialinstruments.TheCompanydeterminestheproportionoffixed-ratefinancialinstrumentsandfloating-ratefinancialinstrumentsbasedonthemarketenvironment.Thescaleofthecompany'sliabilitiesneedtopayinterestiscontrolledatareasonablelevel,andtheburdenoffinancialexpensesisnotheavy.Anincreaseininterestrateswithinareasonablerangewillnothaveasignificantadverseimpactonfinancialperformance.Thecompany'smanagementwillcontinuetomonitorinterestratelevelsandtakenecessaryresponsemeasuresinatimelymannerbasedonthelatestmarketconditions
2.ExchangeRateRiskTheexchangerateriskreferstotheriskoffluctuationsinthefairvalueorfuturecashflowsoffinancialinstrumentsduetochangesinforeignexchangerates.Thecompany'sproductionbaseandsalesmarketaredistributedinmajordevelopedanddevelopingcountries,includingtheUnitedStates,theEuropeanUnion,Japan,India,Mexico,etc.Thebusinessvolumesettledineurosanddollarshasacertainproportion,anditfacessignificantexchangeraterisks.Basedoninternalriskcontrolpolicies,thecompany'smanagementhastakenseveralmeasurestorespondexchangeraterisks.Firstly,basedonthetrendofexchangeratefluctuations,timelysettlementordelayedsettlementofexportreceipts;secondly,hedgeforeigncurrencymonetaryassetsandcontrolnetriskexposurebyoverseasfinancingthroughdomesticguaranteeandexternalloan;thirdly,carryoutforwardexchangesettlementandforeigncurrencyswapbusiness,andlockinexchangerates.Thecompany'sforeigncurrencymonetaryassetsandliabilitiesattheendoftheperiodaredescribedinthenotestothisfinancialreport.(IV)Financialassetstransfer
1.Financialassetsderecognizedduetotransfer
| Items | Waysoffinancialassetstransfer | Currenttransferamount | Gainsorlosses | ClosingBalance |
| Bankacceptancebill | Endorsementpayment | 110,067,406.37 | 59,521,614.68 |
| Bankdiscount | 250,629,655.17 | -7,455,575.10 | 75,906,494.00 | |
| Total | 360,697,061.54 | -7,455,575.10 | 135,428,108.68 |
2.Financialassetsnotderecognizedduetotransfer
| Items | Waysoffinancialassetstransfer | Currenttransferamount | Gainsorlosses | ClosingBalance |
| Bankacceptancebill | Bankdiscount | 22,016,350.29 | -108,955.87 | 22,016,350.29 |
| Electronicdebtvoucher | Endorsementpayment | 171,512,528.16 | 76,179,714.02 | |
| Bankdiscount | 27,858,378.84 | -286,000.66 | 7,940,376.79 | |
| Total | 221,387,257.29 | -394,956.53 | 106,136,441.10 |
XIII.DisclosureofFairValues
1.Fairvaluesoftheassetsandliabilitiesattheendoftheperiod
Unit:RMB
| ItemName | Fairvalueasofthebalancesheetdate | |||
| Level1fairvaluemeasurement | Level2fairvaluemeasurement | Level3fairvaluemeasurement | Total | |
| I.Continuousfairvaluemeasurement | -- | -- | -- | -- |
| 1.Held-for-tradingfinancialassets | 6,237,202.48 | 6,237,202.48 | ||
| (3)Derivativefinancialassets | 6,237,202.48 | 6,237,202.48 | ||
| Totalamountofassetsconstantlymeasuredattheirfairvalues | 6,237,202.48 | 6,237,202.48 | ||
| 6.Held-for-tradingliabilities | 2,818,599.62 | 76,859,519.31 | 79,678,118.93 | |
| Derivativefinancialliabilities | 2,818,599.62 | 76,859,519.31 | 79,678,118.93 | |
| Totalamountofliabilitiesconstantlymeasuredattheirfairvalues | 2,818,599.62 | 76,859,519.31 | 79,678,118.93 | |
| II.Non-constantmeasurementatfairvalue | -- | -- | -- | -- |
2.Basisfordeterminingthemarketpriceofitemsunderfirstlevelconstantandnon-constantmeasurementatfairvalue.Thefairvalueoffuturescontractsismeasuredattheexchange'sopenmarketquotes.
3.Itemsundersecondlevelconstantandnon-constantmeasurementatfairvalue,valuationtechniqueadopted,andqualitativeandquantitativeinformationofimportantparametersThefairvalueofexchangeratecontractsismeasuredbasedonthevaluationamountofthehostbankortheforwardforeignexchangerateannouncedbytheBankofChina.Bankfinancingproductsaremeasuredbasedonthevaluationamountoftheissuerormanager.
XIV.Relatedpartyrelationshipsandtransactions
1.ParentCompany
| ParentCompany | Placeofregistration | Businessnature | Registeredcapital | HoldingproportionovertheCompany | VotingrightproportionovertheCompany |
| SanhuaHoldingGroupCo.,Ltd | ZhejiangProvince | IndustrialInvestment | 730millionyuan | 25.41% | 43.85% |
RemarksontheparentCompany:
AsofDecember31,2024,SanhuaHoldingGroupCo.,Ltd.(HereinafterreferredtoasSHG)directlyholds
25.41%oftheCompany'sshares,andindirectlyholds18.44%ofthesharesthroughitssubsidiaries,foratotalof
43.85%oftheshares.ThefinalcontrollersoftheCompanyareMrZhangDaocai,MrZhangYaboandZhangShaobo.
2.InformationabouttheCompany'ssubsidiariesPleaserefertoNoteⅩ：interestinotherentities.
3.JointventuresandassociatesoftheCompanyPleaserefertoNoteⅩ：interestinotherentities.DetailsofotherjointventuresorassociatescarryingoutrelatedpartytransactionswiththeCompanyincurrentperiodorinprecedingperiodbutwithbalanceincurrentperiodareasfollows:
| Associatesorjointventures | RelationshipwiththeCompany |
| ChongqingTainuoMachineryCo.,Ltd | Jointventures |
| QingdaoSanhuaJinlifengMachineryCo.,Ltd | Jointventures |
| ZhongshanXuanyiPipeMakingCo.,Ltd | Jointventures |
| NingboJinlifengMachineryCo.,Ltd | Jointventures |
4.OtherrelatedpartiesoftheCompany
| OtherrelatedpartiesoftheCompany | RelationshipwiththeCompany |
| ZhejiangSanhuaGreenEnergyIndustrialGroupCo.,Ltd. | Shareholders,underthecontrolofthesameparentcompany |
| HangzhouSanhuaResearchInstituteCo.,Ltd. | Underthecontrolofthesameparentcompany |
| HangzhouLvnengNewEnergyVehiclePartsCo.,Ltd | Precedingunderultimatecontrol,transferredinMarch2022 |
| XinchangCountySanhuaPropertyManagementCo.,Ltd. | Underthecontrolofthesameparentcompany |
| ShanghaiSanhuaElectricCo.,Ltd | Underthecontrolofthesameparentcompany |
| ZhejiangHaoyuanTechnologyCo.,Ltd. | Underthecontrolofthesameparentcompany |
| WuhuAldaTechnologyCo.,Ltd. | Joint-stockenterpriseoftheparentcompany |
| HangzhouFormostMaterialTechnologyCo.,Ltd | Joint-stockenterpriseoftheparentcompany |
| NingboJiaerlingPneumaticMachineryCo.,Ltd. | Underthecontrolofthesameparentcompany |
| JiaerlingTechnology(Xinchang)Co.,Ltd. | Underthecontrolofthesameparentcompany |
| TianjinSanhuaIndustrialParkManagementCo.,Ltd. | Underthecontrolofthesameparentcompany |
| ShaoxingSanhuaZhiyueRealEstateDevelopmentCo.,Ltd. | Underthecontrolofthesameparentcompany |
| ShanghaiShijiaTechnologyCo.,Ltd. | ShiJianhuiasdirector |
| NingboHongrongEnterpriseManagementPartnership(LimitedPartnership) | HuKaichengasmanagingpartner |
| FUERDASMARTECHSDERLDECV | Underthecontrolofthesameparentcompany |
5.Relatedpartytransactions
（1）Purchaseandsaleofgoods,renderingandreceivingservicesPurchaseofgoodsandreceivingofservices
Unit:RMB
| Relatedparties | Contentoftransaction | Currentperiodcumulative | ApprovedTransactionLimit | OvertheTransactionLimitorNo | Precedingperiodcomparative |
| SHG | Services | 1,494,694.11 | 47,500,000.00 | No | 556,770.56 |
| SHG | Goods | No | 33,457.60 | ||
| ZSGE | Goods | 1,813,534.17 | 60,400,000.00 | No | 1,975,992.88 |
| ZSGE | Services | 3,959,658.63 | 47,500,000.00 | No | 4,196,676.62 |
| HSRI | Services | 157,297.34 | 47,500,000.00 | No | 76,543.03 |
| ZXPM | Goods | 14,819,605.75 | 18,000,000.00 | No | 19,627,331.84 |
| ZHT | Goods | 45,535,835.95 | 60,400,000.00 | No | 38,202,410.30 |
| ZHT | Services | 867,660.64 | 47,500,000.00 | No | 1,939,571.51 |
| QSJM | Goods | 3,070,151.05 | 4,500,000.00 | No | 4,471,352.50 |
| WAT | Goods | 64,339.81 | 2,300,000.00 | No | 147,911.48 |
| XCSP | Services | 332,250.00 | 47,500,000.00 | No | 301,617.92 |
| NJPM | Goods | 1,999,658.46 | 60,400,000.00 | No | 350,188.20 |
| TSIP | Goods | 828,912.63 | 60,400,000.00 | No | 919,982.30 |
| TSIP | Services | 1,103,978.73 | 47,500,000.00 | No |
Saleofgoodsandrenderingofservices
Unit:RMB
| Relatedparties | Contentoftransaction | Currentperiodcumulative | Precedingperiodcomparative |
| SHG | Goods | 203,592.04 | 2,879.18 |
| SHG | Services | 1,684,018.87 | 1,684,018.88 |
| HFMT | Services | 148,754.72 | 148,754.72 |
| ZHT | Goods | 509,001.99 | |
| QSJM | Goods | 44,612.66 | 193,143.68 |
| HLNE | Goods | 4,167,522.64 | |
| CTMC | Goods | 623,896.00 | |
| HSRI | Goods | 128,997.72 | 242,670.22 |
| WAT | Services | 176,615.08 | 98,319.77 |
| WAT | Goods | 48,785.00 | 39,567.85 |
| ZXPM | Goods | 52,701.18 | |
| SSZR | Services | 9,905.66 | |
| JT | Goods | 115,969.81 | |
| NJPM | Goods | 178,619.47 | |
| NJPM | Services | 747,000.00 | |
| SST | Goods | 359,383.06 | 308,194.07 |
| NJM | Goods | 584,886.76 | |
| ZSGE | Goods | 2,239,885.48 | |
| FSS | Services | 1,357,776.58 |
RemarksofrelatedtransactionsrelatedtothepurchaseandsaleofgoodsandtheprovisionandacceptanceofservicesDuetothelargenumberofrelatedpartiesinvolvedinrelatedpartytransactionsbetweentheparentCompanySanhuaHoldingGroupCo.,Ltdanditssubsidiaries,thetransactionlimitwithSanhuaHoldingsGroupCo.,Ltd.anditssubsidiariesisapprovedthroughaconsolidatedsummary,withapurchasegoodslimitof60.40millionyuan,withleasessuchaspurchaseofbuildings,landandequipment,propertymanagement,waterandelectricitypowerservicefeeandpurchaseofequipmentlimitof47.50millionyuan.
（2）RelatedpartyleasesTheCompanyasthelessor：
Unit:RMB
| Lessees | Typesofassetleased | Confirmedrentalincome | |
| Currentperiod | Precedingperiod | ||
| SHG | Officebuilding | 5,309,339.45 | 5,309,339.44 |
| Dormitory | 50,388.70 | ||
| SSZR | Officebuilding | 48,165.14 | |
| HFMT | Plant | 300,342.84 | 300,342.84 |
| WAT | Plant | 986,705.00 | 954,666.15 |
| JT | Plant | 457,332.00 | |
| FSS | Plant | 1,837,417.42 | |
TheCompanyasthelessee：
Unit:RMB
| Lessor | Typesofassetleased | Confirmedrentalexpenses | |
| Currentperiod | Precedingperiod | ||
| HSRI | Officebuilding | 762,514.28 | 1,057,028.58 |
| Plant | 363,085.72 | 457,371.42 | |
| Dormitory | 376,409.97 | 349,761.47 | |
| ZSGE | Dormitory | 788,955.44 | 2,794,933.24 |
| Plant | 5,736,256.28 | 3,800,609.80 | |
| TSIP | Plant | 2,147,187.96 | 1,789,323.30 |
（3）Assetstransferanddebtrestructuringoftherelatedparties
Unit:RMB
| Relatedparties | Contentofrelatedpartytransactions | Currentperiodcumulative | Precedingperiodcomparative |
| SHG | Purchasingvehicles | 131,626.41 | |
| HSRI | Purchasingequipment | 1,120,684.00 | |
| SSE | Purchasingvehicles | 392,000.00 | |
| ZSGE | Sellingequipment | 322,253.80 |
（4）Keymanagement’semoluments
Duringthecurrentperiod,NingboHongrongEnterpriseManagementPartnership(NHEM)wasassigned
0.2%oftheCompany'sequityinterestinHangzhouLeaderwayElectronicsCo.,Ltd(HLE)foratotalequitytransferpriceof457,552.00yuan.
（5）Keymanagement’semoluments
Unit:RMB
| Items | Currentperiodcumulative | Precedingperiodcomparative |
| Keymanagement’semoluments | 20,870,000.00 | 17,415,700.00 |
（6）Otherrelatedpartytransactions
Unit:RMB
| Abbreviationofassociate | Contentoftransaction | Currentperiodcumulative | Precedingperiodcomparative |
| ZSGE | Waterandelectricitypayment | 7,267,433.10 | 8,958,049.18 |
| TSIP | Waterandelectricitypayment | 1,451,750.59 | 1,164,076.58 |
| HSRI | Waterandelectricitypayment | 606,666.25 | |
| SHG | Waterandelectricitycollection | 814,677.12 | 830,948.28 |
| HFMT | Waterandelectricitycollection | 299,684.21 | 594,361.13 |
| HSRI | Waterandelectricitycollection | 983,376.96 | 1,833,782.25 |
| WAT | Waterandelectricitycollection | 346,006.46 | 390,267.49 |
| ZSGE | Waterandelectricitycollection | 893,528.74 | 947,855.37 |
| ZHT | Waterandelectricitycollection | 28,906,802.42 | 23,932,470.68 |
| SSZR | Waterandelectricitycollection | 3,150.55 |
Inaddition，itisaffectedbytheinconsistencybetweentheregisteredpermanentresidenceofafewemployeesandtheplaceofwork,therearetransactionsbetweenrelatedpartiesthatpayemployeesocialinsurancepremiumandhousingaccumulationfundonbehalfofthem.Incurrentperiod，thecompanypaysfortherelatedpartyRMB1,430,575.08.
6.Balanceduetoorfromrelatedparties
（1）Receivables
Unit:RMB
| Items | Relatedparties | Closingbalance | OpeningBalance | ||
| Bookbalance | Provisionforbaddebts | Bookbalance | Provisionforbaddebts | ||
| Accountsreceivable | HSRI | 1,356.00 | 67.80 | 2,542.50 | 127.13 |
| Accountsreceivable | QSJM | 10,000.00 | 500.00 | 10,000.00 | 500.00 |
| Accountsreceivable | SST | 125,118.01 | 6,255.90 | 48,205.80 | 2,410.29 |
| Accountsreceivable | JT | 131,045.90 | 6,552.30 | ||
| Accountsreceivable | ZHT | 3,059,315.79 | 152,965.79 | ||
| Accountsreceivable | CTMC | 69,788.70 | 3,489.44 | ||
| Accountsreceivable | FSS | 3,564,631.94 | 178,231.60 | ||
| Accountsreceivable | ZSGE | 1,008,480.00 | 50,424.00 | ||
| Otherreceivables | ZHT | 670,000.00 | 67,000.00 | 670,000.00 | 67,000.00 |
| Otherreceivables | NHEM | 457,552.00 | |||
| Prepayments | ZXPM | 67,660.61 | |||
（2）Payables
Unit:RMB
| Items | Relatedparties | Closingbalance | OpeningBalance |
| Accountspayable | QSJM | 331,735.80 | |
| Accountspayable | ZHT | 4,225,109.49 | |
| Accountspayable | ZXPM | 9,233,751.78 | |
| Accountspayable | HSRI | 261,150.00 | 357,150.00 |
| Accountspayable | NJPM | 450,664.64 | 300,646.95 |
| Otherpayables | HFMT | 100,000.00 | 100,000.00 |
| Otherpayables | ZSGE | 814,340.00 | 387,216.00 |
| Otherpayables | XCSP | 155,676.00 | |
| Otherpayables | TSIP | 706,263.58 |
XV.Share-basedpayment
1.Overallinformation
√Applicable□Notapplicable
Unit:Tenthousandshares/TenthousandyuanRMB
| Objects | Grantedinthecurrentperiod | Vestedinthecurrentperiod | Unlockedinthecurrentperiod | Expiredinthecurrentperiod | ||||
| Quantity | Amount | Quantity | Amount | Quantity | Amount | Quantity | Amount | |
| Managementpersonnel | 1,049.00 | 9,938.46 | 171.60 | 1,276.70 | 20.75 | 175.94 | |
| R&Dpersonnel | 1,018.50 | 9,573.90 | 226.65 | 1,686.28 | 25.90 | 226.02 | |
| Salespersonnel | 240.00 | 2,256.00 | 61.35 | 456.44 | 1.00 | 9.40 | |
| Productionpersonnel | 183.50 | 1,724.90 | 53.70 | 399.53 | 1.20 | 10.89 | |
| Total | 2,491.00 | 23,493.26 | 513.30 | 3,818.95 | 48.85 | 422.25 |
Shareoptionsandotherequityinstrumentsoutstandingatthebalancesheetdate
√Applicable□Notapplicable
| Objects | Shareoptionsoutstanding | Otherequityinstrumentsoutstanding | ||
| Rangeofexerciseprices | Remainingcontractuallife | Rangeofexerciseprices | Remainingcontractuallife | |
| Managementpersonnel | Restrictedstockgrantedin2024,withanadjustedrestrictedstockgrantpriceofRMB11.65.Restrictedstockgrantedin2022,withanadjustedrestrictedstockgrantpriceofRMB9.30. | Fromthedateofgrantofrestrictedstock,unlockinbatcheswithin12monthsafter12months,24months,and36months. | ||
| R&Dpersonnel | Restrictedstockgrantedin2024,withanadjustedrestrictedstockgrantpriceofRMB11.65.Restrictedstockgrantedin2022,withanadjustedrestrictedstockgrantpriceofRMB9.30. | Fromthedateofgrant,unlockinbatcheswithin12monthsafter12months,24months,and36months. | ||
| Salespersonnel | Restrictedstockgrantedin2024,withanadjustedrestrictedstockgrantpriceofRMB11.65.Restrictedstockgrantedin2022,withanadjustedrestrictedstockgrantpriceofRMB9.30. | Fromthedateofgrant,unlockinbatcheswithin12monthsafter12months,24months,and36months. | ||
| Productionpersonnel | Restrictedstockgrantedin2024,withanadjustedrestrictedstockgrantpriceofRMB11.65.Restrictedstock | Fromthedateofgrant,unlockinbatcheswithin12monthsafter12months,24months,and36months. | ||
OtherRemarks:
(1)IncentiveplanforRestrictedstockimplementedin2022InMay2022，theCompanyimplementedarestrictedstockincentiveplanforcoreemployees.Amongthem，thenumberofrestrictedstocksgrantedwas17.5850millionshares,thenumberofstockappreciationrightsgrantedwas0.4850millionshares,andthegrantpricepersharewasRMB10.00，ThegrantdatewasMay31,2022,anditwillbeunlockedyearbyyearinbatchesataratioof30%:30%:40%.
InSeptember2022,theCompanyimplementedthe2022semi-annualequitydistribution.InJune2023,theCompanyimplementedthe2022equitydistribution.InOctober2023,theCompanyimplementedthe2023semi-annualequitydistribution.InJune2024,theCompanyimplementedthe2023equitydistribution.InSeptember2024,theCompanyimplementedthe2024semi-annualequitydistribution.Accordingtothemethodstipulatedinthe"2022RestrictedStockIncentivePlan"and"2022StockAppreciationRightsIncentivePlan",theexercisepriceandquantityoftheunderlyingstocksinvolvedwereadjustedaccordingly.Aftertheadjustment,thenumberofrestrictedstocksgrantedwas17.5850millionshares,thenumberofstockappreciationrightsgrantedwas0.4850millionshares,andthegrantpricepersharewasRMB9.30.
(2)IncentiveplanforRestrictedstockimplementedin2024
InMay2024，theCompanyimplementedarestrictedstockincentiveplanforcoreemployees.Amongthem，thenumberofrestrictedstocksgrantedwas24.5700millionshares,thenumberofstockappreciationrightsgrantedwas0.5600millionshares,andthegrantpricepersharewasRMB12.00，ThegrantdatewasMay13,2024,anditwillbeunlockedyearbyyearinbatchesataratioof30%:30%:40%.
InJune2024，theCompanyimplementedarestrictedstockincentiveplanforcoreemployees.Amongthem，thenumberofrestrictedstocksgrantedwas0.34millionshares,andthegrantpricepersharewasRMB
11.75，ThegrantdatewasJune3,2024,anditwillbeunlockedyearbyyearinbatchesataratioof30%:30%:40%.
InJune2024，theCompanyimplementedthe2023equitydistribution.InSeptember2024,theCompanyimplementedthe2024semi-annualequitydistribution.Accordingtothemethodstipulatedinthe"2024RestrictedStockIncentivePlan"and"2024StockAppreciationRightsIncentivePlan",theexercisepriceandquantityoftheunderlyingstocksinvolvedwereadjustedaccordingly.Aftertheadjustment,thenumberofrestrictedstocksgrantedwas24.9100millionshares,thenumberofstockappreciationrightsgrantedwas
0.5600millionshares,andthegrantpricepersharewasRMB11.65.
2.Equity-settledshare-basedpayment
(1)IncentiveplanforRestrictedstockimplementedin2022
Unit:RMB
grantedin2022,withanadjustedrestrictedstockgrantpriceofRMB9.30.Determinationmethodandimportantparametersforgrant-datefairvalueofequityinstruments
| Determinationmethodandimportantparametersforgrant-datefairvalueofequityinstruments | Calculatedbasedontheclosingpriceofthestockonthegrantdateminusthegrantpriceoftherestrictedstock. |
| Determinationmethodforthenumberofequityinstrumentsexpectedtovest | [Note] |
| Reasonsforsignificantdifferencebetweentheestimatesincurrentperiodandprecedingperiod | Notapplicable |
| Capitalreserveaccumulatedduetoequity-settled | 120,764,013.33 |
Note：In2022,theCompanyinitiallygranted17.5850millionsharesrestrictedstockstoincentiveobject.Thenumberisthebase,itwillbeunlockedyearbyyearinbatchesataratioof30%:30%:40%.TheCompanyestimatesthenumberofexercisableequityinstrumentsonthefollowingbasis:theCompany'soperatingperformancecanmeetthetarget，thefuturevoluntaryturnoverrateoftheincentiveobjectsis0%，andtheperformanceappraisallevelisaboveC(theunlockingcoefficientis1).
(2)IncentiveplanforRestrictedstockimplementedin2024
Unit:RMB
share-basedpaymentDeterminationmethodandkeyparametersofgrant-datefairvalueofequityinstruments
| Determinationmethodandkeyparametersofgrant-datefairvalueofequityinstruments | Calculatedbasedontheclosingpriceofthestockonthegrantdateminusthegrantpriceoftherestrictedstock. |
| Determinationmethodforthenumberofequityinstrumentsexpectedtovest | [Note] |
| Reasonsforsignificantdifferencebetweentheestimatesinthecurrentperiodandprecedingperiod | Notapplicable |
| Capitalreserveaccumulatedduetoequity-settledshare-basedpayment | 85,102,354.72 |
Note：In2024,theCompanyinitiallygranted24.9100millionsharesrestrictedstockstoincentiveobject.Thenumberisthebase,itwillbeunlockedyearbyyearinbatchesataratioof30%:30%:40%.TheCompanyestimatesthenumberofexercisableequityinstrumentsonthefollowingbasis:theCompany'soperatingperformancecanmeetthetarget，thefuturevoluntaryturnoverrateoftheincentiveobjectsis0%，andtheperformanceappraisallevelisaboveC(theunlockingcoefficientis1).
3.Cash-settledshare-basedpayment
| DeterminationmethodandkeyparametersofthefairvalueofliabilityincurredbytheCompanyandtobesettledincashorotherequityinstruments | Calculatedbasedontheclosingpriceofthestockonthebalancesheetdateminusthegrantpriceofthestockappreciationrights |
| Accumulatedamountofliabilitiesincurredduetocash-settledshare-basedpayment | 9,197,300.00 |
4.Share-basedpaymentexpenseinthecurrentperiod
√Applicable□NotApplicable
Unit:RMB
| Objects | Equity-settledshare-basedpayment | Cash-settledshare-basedpayment |
| Managementpersonnel | 44,268,047.58 | 2,606,390.00 |
| R&Dpersonnel | 45,400,398.91 | |
| Salespersonnel | 11,226,875.64 | |
| Productionpersonnel | 8,175,250.93 | |
| Total | 109,070,573.06 | 2,606,390.00 |
XVI.Commitmentsandcontingencies
1.SignificantcommitmentsSignificantcontingenciesexistingonthebalancesheetdate
WiththeapprovaloftheCSRCindocumentCSRCLicense[2021]No.168,theCompanypubliclyissued30
millionconvertiblecorporatebondsinJune2021,withafacevalueof100yuaneachandnetamountofraisedfundsis2,987.53millionyuan.Inadditiontoreplenishingworkingcapital,theraisedfundsarecommittedtothefollowingprojects:
| Investmentprojectswithraisedfunds | Committedcapital | Actualcapital |
| Annualproductionof65millionsetsofcommercialrefrigerationandairconditioningintelligentcontrolcomponentsconstructionproject | 1487millionyuan | 1214.2889millionyuan |
| Annualoutputof50.5millionsetsofhighefficiencyandenergysavingrefrigerationandairconditioningcontrolcomponentsproject | 698millionyuan | 397.0674millionyuan |
2.Contingencies
（1）IfnosignificantcontingentmattertobedisclosedbytheCompany,itshouldalsobenotedaccordinglyNoimportantcontingentmatterneedstobedisclosedbytheCompany.
（2）OtherinformationrequiredbytheindustryinformationdisclosureguidelinesTheCompanyshallcomplywiththedisclosurerequirementsofautomobilemanufacturingrelatedindustriesintheguidelinesforselfdisciplinesupervisionoflistedcompaniesofShenzhenStockExchangeNo.3-industryinformationdisclosure.Thesalesamountinthemodesofmortgagesalesandfinancialleasingaccountsformorethan10%oftheoperatingrevenue
□Applicable√NotApplicableGuaranteeofthecompanytothedistributor
□Applicable√NotApplicable
XVII.Eventsafterthebalancesheetdate
1.Notesofothereventsafterthebalancesheetdate
(1)Dividenddistribution
Accordingtotheprofitdistributionplanof2024approvedbytheboardofdirectorsoftheCompanyonMarch25,2025,cashdividendsof2.5yuan(includingtax)forevery10shareswillbedistributedtoallshareholdersbasedon3,730,997,314share(deductingrepurchaseaccount1,392,221shares),nobonusshareswillbegiven,andnocapitalreservewillbeconvertedintosharecapital.Theprofitdistributionplanhasyettobeconsideredandapprovedbythegeneralmeetingofshareholders.
(2)Shareissue
OnJanuary15,2025,theCompanysubmittedanapplicationtoTheStockExchangeofHongKongLtd.(SEHK)foraninitialpublicofferingofHsharesandlistingontheMainBoardoftheHongKongStockExchangeinFebruary,2025,theChinaSecuritiesRegulatoryCommission(CSRC)receivedtheapplicationmaterialssubmittedbytheCompanyforfilingtheapplicationforissuanceofoverseaslistedshares(Hshares).Atpresent,theissuanceofHsharesbytheCompanyisinnormalprogress.XVIII.OtherSignificantEvents
1.Segmentinformation
（1）BasisforreportablesegmentsandtheaccountingpolicyReportablesegmentsareidentifiedbasedonoperatingsegmentswhicharedeterminedbasedonthestructureoftheCompany’sinternalorganization,managementrequirementsandinternalreportingsystem,etc.,andidentifiedthereportablesegmentsbasedonproducts.
（2）Financialinformationofthereportingsubsection
Unit:TenthousandyuanRMB
| Items | 2024 | |||
| Operatingrevenue | Operatingcost | Totalassets | Totalliabilities | |
| Refrigerationandair-conditioningelectricalcomponentsbusiness | 1,656,060.54 | 1,203,098.60 | 2,184,524.32 | 1,003,349.94 |
| Automotivecomponentsbusiness | 1,138,655.91 | 823,884.76 | 1,450,950.52 | 680,160.55 |
| Total | 2,794,716.45 | 2,026,983.36 | 3,635,474.84 | 1,683,510.49 |
Items
| Items | 2023 | |||
| Operatingrevenue | Operatingcost | Totalassets | Totalliabilities | |
| Refrigerationandair-conditioningelectricalcomponentsbusiness | 1,464,413.52 | 1,054,785.21 | 2,009,461.39 | 819,136.48 |
| Automotivecomponentsbusiness | 991,366.69 | 722,600.69 | 1,179,597.09 | 563,551.23 |
| Total | 2,455,780.21 | 1,777,385.90 | 3,189,058.48 | 1,382,687.71 |
XIX.Notestoitemsofparentcompanyfinancialstatements
1.Accountsreceivable
（1）Disclosureofaccountsreceivablebyaging
Unit:RMB
| Aging | Closingbalance | Openingbalance |
| Within1year（Including1year） | 1,085,876,689.00 | 712,624,340.09 |
| 1to2year | 327,234.66 | 5,846,510.80 |
| 2to3year | 5,775,745.51 | |
| Total | 1,091,979,669.17 | 718,470,850.89 |
（2）Disclosureofaccountsreceivablebybaddebtprovisionmethod
Unit:RMB
| Category | Closingbalance | Openingbalance | ||||||||
| Bookbalance | Provisionforbaddebt | Carryingamount | Bookbalance | Provisionforbaddebt | Carryingamount | |||||
| Amount | Proportion | Amount | Accruedproportion | Amount | Proportion | Amount | Accruedproportion | |||
| Receivableswithprovisionmadeonanindividualbasis | 866,139,797.87 | 79.32% | 288,787.28 | 0.03% | 865,851,010.59 | 531,943,381.96 | 74.04% | 5,690,817.36 | 1.07% | 526,252,564.60 |
| Including: | ||||||||||
| Receivableswithprovisionmadeonacollectivebasis | 225,839,871.30 | 20.68% | 11,308,355.30 | 5.01% | 214,531,516.00 | 186,527,468.93 | 25.96% | 9,334,158.12 | 5.00% | 177,193,310.81 |
| Including: | ||||||||||
| Total | 1,091,979,669.17 | 100.00% | 11,597,142.58 | 1.06% | 1,080,382,526.59 | 718,470,850.89 | 100.00% | 15,024,975.48 | 2.09% | 703,445,875.41 |
Provisionforbaddebtsbyindividualbasis:Therewerenosignificantindividualaccountsreceivableforwhichprovisionforbaddebtswasrequiredtobedisclosedduringtheperiod.Provisionmadeonacollectivebasis:
Unit:RMB
| Items | Closingbalance | ||
| Bookbalance | Provisionforbaddebt | Accruedproportion | |
| Within1year | 225,512,636.64 | 11,275,631.83 | 5.00% |
| 1to2year | 327,234.66 | 32,723.47 | 10.00% |
| Total | 225,839,871.30 | 11,308,355.30 | -- |
Iftheprovisionforbaddebtofaccountsreceivableisaccruedinaccordancewiththegeneralexpectedcreditlossmodel:
√Applicable□Notapplicable
| Provisionforbaddebt | PhaseI | PhaseII | PhaseIII | Total |
| Next12?monthexpectedcreditlosses | Lifetimeexpectedcreditlosses(creditnotimpaired) | Lifetimeexpectedcreditlosses(creditimpaired) | ||
| BalanceonJanuary1,2024 | 9,318,588.78 | 15,569.34 | 5,690,817.36 | 15,024,975.48 |
| BalanceincurrentperiodonJanuary1,2024 | ||||
| Provisionmadeincurrentperiod | 1,957,043.05 | 17,154.13 | 1,974,197.18 | |
| Provisionreversedincurrentperiod | 5,402,030.08 | 5,402,030.08 | ||
| BalanceonDecember31,2024 | 11,275,631.83 | 32,723.47 | 288,787.28 | 11,597,142.58 |
（3）Provisionforbaddebtaccrued,recoveredorreversedincurrentperiodProvisionforbaddebtaccruedincurrentperiod:
Unit:RMB
| Category | Openingbalance | Changedamountofthecurrentperiod | Closingbalance | |||
| Accrued | Recoveredorreversed | Writeoff | Others | |||
| Provisionmadeonanindividualbasis | 5,690,817.36 | 5,402,030.08 | 288,787.28 | |||
| Receivableswithprovisionmadeonacollectivebasis | 9,334,158.12 | 1,974,197.18 | 11,308,355.30 | |||
| Total | 15,024,975.48 | 1,974,197.18 | 5,402,030.08 | 11,597,142.58 | ||
Thesignificantamountofbaddebtprovisionrecoveredorreversedduringtheperiod:
Unit:RMB
| NameofCorporation | AmountRecoveredorReversed | ReasonforReversal | MethodofRecovery | Basisfortheproportionoftheoriginalprovisionforbaddebtsanditsreasonableness |
| YouVinya(Thailand)Co.,Ltd | 5,402,030.08 | Paymentreceived | Payback | Amountsrecoveredaftertheperiod |
| Total | 5,402,030.08 |
（4）Top5ofaccountsreceivable
Closingbalanceoftop5debtorstotaled749.3440millionyuan,accountingfor68.62%ofthetotalclosingbalanceofaccountsreceivable.
2.Otherreceivables
Unit:RMB
| Items | Closingbalance | Openingbalance |
| Dividendreceivable | 16,559,297.60 | 550,000,000.00 |
| Otherreceivables | 526,602,586.29 | 1,719,591,236.02 |
| Total | 543,161,883.89 | 2,269,591,236.02 |
（1）Dividendreceivable
Classificationofdividendsreceivable
Unit:RMB
| Items | Closingbalance | Openingbalance |
| ZhejiangSanhuaClimate&ApplianceControlsGroupCo.,Ltd | 550,000,000.00 | |
| XinchangSitongElectricalandMechanicalCo.,Ltd | 16,559,297.60 | |
| Total | 16,559,297.60 | 550,000,000.00 |
（2）Otherreceivables1）Otherreceivablescategorizedbynature
Unit:RMB
| Otherreceivablescategorizedbynature | Closingbalance | Openingbalance |
| Principalandinterestofcapitalassistancetosubsidiaries | 477,260,693.52 | 1,708,500,801.49 |
| Taxrefundreceivable | 70,713,817.52 | 6,387,103.55 |
| Equitytransfers | 6,154,074.80 | |
| Others | 7,084,314.10 | 5,207,052.58 |
| Total | 561,212,899.94 | 1,720,094,957.62 |
2）Disclosurebyaging
Unit:RMB
| Aging | Closingbalance | Openingbalance |
| Within1year(including1year) | 560,581,207.52 | 1,718,634,775.79 |
| 1to2years | 6,235.00 | 793,523.42 |
| 2to3years | 93,523.42 | 481,517.41 |
| Over3years | 531,934.00 | 185,141.00 |
| Total | 561,212,899.94 | 1,720,094,957.62 |
3）Disclosureofotherreceivablesbybaddebtprovisionmethod
Unit:RMB
| Category | Closingbalance | Openingbalance | ||||||||
| Bookvalue | Provisionforbaddebt | Netbookvalue | Bookvalue | Provisionforbaddebt | Netbookvalue | |||||
| Amount | Proportion | Amount | Accrued | Amount | Proportion | Amount | Accrued | |||
| proportion | proportion | |||||||||
| Receivableswithprovisionmadeonanindividualbasis | 554,267,885.14 | 98.76% | 34,000,000.00 | 6.13% | 520,267,885.14 | 1,714,887,905.04 | 99.70% | 1,714,887,905.04 | ||
| Including: | ||||||||||
| Receivableswithprovisionmadeonacollectivebasis | 6,945,014.80 | 1.24% | 610,313.65 | 8.79% | 6,334,701.15 | 5,207,052.28 | 0.30% | 503,721.60 | 9.67% | 4,703,330.98 |
| Including: | ||||||||||
| Total | 561,212,899.94 | 100.00% | 34,610,313.65 | 6.17% | 526,602,586.29 | 1,720,094,957.32 | 100.00% | 503,721.60 | 0.03% | 1,719,591,236.02 |
Provisionmadeonanindividualbasis:
Unit:RMB
| Name | Openingbalance | Closingbalance | ||||
| Bookbalance | Provisionforbaddebt | Bookbalance | Provisionforbaddebt | Accruedproportion | Accruedreason | |
| Taxrefundreceivable | 6,387,103.55 | 70,713,817.52 | — | |||
| Severalsubsidiaries | 1,708,500,801.49 | 477,399,992.82 | 34,000,000.00 | — | ||
| Total | 1,714,887,905.04 | 548,113,810.34 | 34,000,000.00 | |||
Provisionmadeonacollectivebasis:
Unit:RMB
| Items | Closingbalance | ||
| Bookbalance | Provisionforbaddebt | Accruedproportion | |
| Within1year | 6,313,322.38 | 315,666.12 | 5.00% |
| 1to2year | 6,235.00 | 623.50 | 10.00% |
| 2to3year | 93,523.42 | 28,057.03 | 30.00% |
| 3to4year | 531,934.00 | 265,967.00 | 50.00% |
| Total | 6,945,014.80 | 610,313.65 | |
Provisionforbaddebtsbasedonthegeneralmodelofexpectedcreditlosses:
Unit:RMB
| Provisionforbaddebt | PhaseI | PhaseII | PhaseIII | Total |
| Next12?monthexpectedcreditlosses | Lifetimeexpectedcreditlosses(creditnotimpaired) | Lifetimeexpectedcreditlosses(creditimpaired) | ||
| BalanceonJanuary | 187,343.54 | 79,352.34 | 237,025.72 | 503,721.60 |
| 1,2024 | ||||
| BalanceincurrentperiodonJanuary1,2024 | ||||
| --TransferredtophaseII | -311.75 | 311.75 | ||
| --TransferredtophaseIII | -18,704.68 | 18,704.68 | ||
| Provisionmadeincurrentperiod | 128,634.33 | -60,335.91 | 38,293.63 | 106,592.05 |
| BalanceonDecember31,2024 | 315,666.12 | 623.50 | 294,024.03 | 610,313.65 |
Lossprovisionsforsignificantchangesinbookvalueincurrentperiod
□Applicable√NotApplicable4）Top5debtorswiththelargestotherreceivablesbalances
Unit:RMB
| Debtors | Natureofreceivables | Closingbalance | Age | Proportiontothetotalbalanceofotherreceivables | Provisionforbaddebtattheendoftheperiod |
| HangzhouLeaderwayElectronicsCo.,Ltd | Financialaid | 104,180,000.00 | Within1year | 18.56% | |
| SanhuaNewEnergyThermalManagementTechnology(Hangzhou)Co.,Ltd | Financialaid | 86,000,000.00 | Within1year | 15.32% | |
| Domestictaxbureau | Taxrefundreceivable | 70,713,817.52 | Within1year | 12.60% | |
| Sanhua(Jiangxi)Self-controlComponentsCo.,Ltd | Financialaid | 70,000,000.00 | Within1year | 12.47% | |
| WuhuSanhuaRefrigerationFittingsCo.,Ltd. | Financialaid | 49,080,693.52 | Within1year | 8.75% | |
| Total | 379,974,511.04 | 67.70% |
3.Long-termequityinvestments
Unit:RMB
| Items | Closingbalance | Openingbalance | ||||
| Bookbalance | Provisionforimpairment | Carryingamount | Bookbalance | Provisionforimpairment | Carryingamount | |
| Investmentsinsubsidiaries | 9,273,524,116.60 | 152,115,412.08 | 9,121,408,704.52 | 8,846,816,951.56 | 8,846,816,951.56 | |
| Investmentsinassociatesandjointventures | 34,628,346.90 | 34,628,346.90 | 33,316,317.01 | 33,316,317.01 | ||
| Total | 9,308,152,463.50 | 152,115,412.08 | 9,156,037,051.42 | 8,880,133,268.57 | 8,880,133,268.57 | |
（1）Investmentsinsubsidiaries
Unit:RMB
| Investees | Openingbalance(Carryingamount) | Openingbalanceofprovisionforimpairment | Changedamountofthecurrentperiod | Closingbalance(Carryingamount) | Closingbalanceofprovisionforimpairment | |||
| Investmentsincreased | Investmentsdecreased | Provisionforimpairment | Others | |||||
| ZhejiangSanhuaAutomotiveComponentsCo.,Ltd. | 2,736,994,138.03 | 31,501,667.91 | 2,768,495,805.94 | |||||
| Sanhua(Hangzhou)MicroChannelHeatExchangerCo.,Ltd | 661,662,655.05 | 8,045,581.36 | 669,708,236.41 | |||||
| ZhejiangSanhuaClimate&ApplianceControlsGroupCo.,Ltd | 1,376,473,565.88 | 1,376,473,565.88 | ||||||
| SanhuaInternationalInc. | 307,863,648.30 | 307,863,648.30 | ||||||
| SanhuaInternationalSingaporePte.Ltd | 959,288,106.40 | 170,713,194.88 | 1,130,001,301.28 | |||||
| WuhuSanhuaAutomaticControlComponentsCo.,Ltd | 294,042,343.47 | 821,714.60 | 294,864,058.07 | |||||
| Sanhua(Jiangxi)Self-controlComponentsCo.,Ltd | 94,227,657.67 | 406,579.52 | 94,634,237.19 | |||||
| Xinchang | 138,940,625.94 | 1,558,597.68 | 140,499,223.6 | |||||
| SitongElectricalandMechanicalCo.,Ltd | 2 | ||||
| ZhejiangSanhuaCommercialRefrigerationCo.Ltd | 1,659,471,139.20 | 12,028,216.55 | 1,671,499,355.75 | ||
| ZhejiangSanhuaTradingCo.Ltd | 59,656,207.70 | 3,160,519.80 | 62,816,727.50 | ||
| ChangzhouRancoReversingvalueCo,ltd | 62,541,614.60 | 62,541,614.60 | |||
| HangzhouLeaderwayElectronicsCo.,Ltd | 57,600,171.50 | 90,547,904.50 | 148,148,076.00 | ||
| ShaoxingShangyuSanliCopperIndustryCo.,Ltd | 33,693,798.36 | 483,491.08 | 34,177,289.44 | ||
| ZhongshanSanhuaAirconditioningRefrigerationComponentsCo.,Ltd | 5,840,963.15 | 540,907.24 | 6,381,870.39 | ||
| WuhanSanhuaRefrigerationComponentsCo.,Ltd | 5,291,974.78 | 508,029.55 | 5,800,004.33 | ||
| ZhongshanSanhuaRefrigerationCompone | 6,803,867.94 | 503,428.33 | 7,307,296.27 |
| ntsCo.,Ltd | ||||||||
| SuzhouSanhuaAir-ConditionerPartsCo.,Ltd | 9,261,580.01 | 245,387.88 | 9,506,967.89 | |||||
| SanhuaAWECOApplianceSystems(Wuhu)Co.,Ltd. | 153,515,398.66 | 1,070,504.27 | 154,585,902.93 | |||||
| ZhejiangSanhuaMinshiAutomotiveComponentsCo.,Ltd | 51,000,000.00 | 103,522.73 | 51,103,522.73 | |||||
| SanhuaNewEnergyThermalManagementTechnology(Hangzhou)Co.,Ltd | 142,647,494.92 | 9,467,917.16 | 152,115,412.08 | 152,115,412.08 | ||||
| ZhejiangXianjiIntelligentTechnologyCo.,Ltd | 30,000,000.00 | 30,000,000.00 | ||||||
| ZhejiangSanhuaIntelligentDriveCo.,Ltd. | 74,000,000.00 | 74,000,000.00 | ||||||
| ZhejiangShengtaiPaperIndustryCo.,Ltd. | 21,000,000.00 | 21,000,000.00 | ||||||
| Total | 8,846,816,951.56 | 426,707,165.04 | 152,115,412.08 | 9,121,408,704.52 | 152,115,412.08 |
（2）Investmentsinassociatesandjointventures
Unit:RMB
| Investees | Openingbalance(Carryingamount | Openingbalanceofprovisionforimpairment | Changedamountofthecurrentperiod | Closingbalance(Carryingamount) | Closingbalanceofprovisionforimpairment | |||||||
| Investmentsincreased | Investmentsdecreased | Investmentincomerecognizedunderequitymethod | Adjustmentinothercomprehensiveincome | Changesinotherequity | Cashdividend/profitdeclaredfordistribution | Provisionforimpairment | Others | |||||
| Ⅰ.Jointventures | ||||||||||||
| Ⅱ.Associates | ||||||||||||
| GuochuangEnergyInternetInnovationCenter(Guangdong)Co.,Ltd. | 4,941,151.03 | 505,377.08 | 5,446,528.11 | |||||||||
| ChongqingTainuoMachineryCo.,Ltd. | 18,304,176.79 | 3,097,829.03 | -5,000,000.00 | 16,402,005.82 | ||||||||
| NingboJinlifengMachineryCo.,Ltd | 2,818,824.39 | 1,020,308.31 | -1,250,000.00 | 2,589,132.70 | ||||||||
| QingdaoSanhuaJinlifengMachineryCo.,Ltd. | 5,405,402.11 | 2,882,297.98 | 8,287,700.09 | |||||||||
| Xinchangzhejiang | 1,846,762.69 | 56,217.49 | 1,902,980.18 | |||||||||
| energysanhuacomprehensiveenergyco.LTD | |||||||
| Subtotal | 33,316,317.01 | 7,562,029.89 | -6,250,000.00 | 34,628,346.90 | |||
| Total | 33,316,317.01 | 7,562,029.89 | -6,250,000.00 | 34,628,346.90 |
Therecoverableamountisdeterminedbasedonthenetamountafterdeductingdisposalexpensesfromfairvalue
□Applicable√NotApplicableTherecoverableamountisdeterminedbasedonthepresentvalueofexpectedfuturecashflows
□Applicable√NotApplicable
4.OperatingrevenueandOperatingcost
Unit:RMB
| Items | Currentperiodcumulative | Precedingperiodcomparative | ||
| Revenue | Cost | Revenue | Cost | |
| Mainoperations | 6,183,290,983.32 | 4,796,719,010.39 | 5,648,172,805.20 | 4,291,163,249.20 |
| Otheroperations | 407,244,748.02 | 365,118,626.80 | 387,451,637.45 | 360,295,603.24 |
| Total | 6,590,535,731.34 | 5,161,837,637.19 | 6,035,624,442.65 | 4,651,458,852.44 |
5.Investmentincome
Unit:RMB
| Items | Currentperiodcumulative | Precedingperiodcomparative |
| Investmentincomefromlong-termequityinvestmentsunderequitymethod | 7,562,029.89 | 6,857,976.74 |
| Dividendincome | 1,009,704,255.08 | 815,502,001.82 |
| Investmentincomeofbankfinancingproducts | 2,171,472.82 | 171,131.50 |
| Incomeofbankfinancialproductsduringtheholdingperiod | 5,641,200.00 | |
| Gainsandlossesonsettlementoffuturescontracts | 8,386,131.45 | 6,112,835.61 |
| Gainsandlossesonsettlementofforeignexchangecontract | -1,757,270.34 | 2,462,740.20 |
| InterestIncomeoffund | 15,152,266.59 | 22,722,372.50 |
| Advancepaymentgains | 2,140,426.06 | 1,868,809.93 |
| Total | 1,049,000,511.55 | 855,697,868.30 |
6.OthersR&Dexpenses
Unit:RMB
| Items | 2024 | 2023 |
| Laborcost | 162,257,160.82 | 136,148,043.78 |
| Share-basedpaymentofremuneration | 18,041,878.69 | |
| Directinputcosts | 77,741,383.01 | 93,014,421.12 |
| Depreciationandamortizationexpense | 9,785,151.36 | 8,741,825.68 |
| Royalties | 3,120,319.51 | 1,991,176.57 |
| OutsourcingR&Dexpense | 550,514.94 | |
| Others | 2,613,241.66 | 6,221,895.25 |
| Total | 273,559,135.05 | 246,667,877.34 |
XX.Supplementaryinformation
1.Non-recurringprofitorlossincurrentperiod
√Applicable□NotApplicable
Unit:RMB
| Items | Amount | Remarks |
| Gainsorlossondisposalofnon-currentassets | -14,594,509.61 | |
| Governmentgrantsincludedinprofitorloss(excludingthosecloselyrelatedtooperatingactivitiesoftheCompany,satisfyinggovernmentpoliciesandregulations,andcontinuouslyenjoyedwithcertainquantity/quotabasedoncertainstandards) | 124,291,859.56 | |
| Gainsorlossesonchangesinfairvalueofheld-for-tradingfinancialassets,held-for-tradingfinancialliabilities,andinvestmentincomefromdisposalofheld-for-tradingfinancialassets,held-for-tradingfinancialliabilities,andotherdebtinvestments,excludingthosearisingfromhedgingbusinessrelatedtooperatingactivities | -134,349,605.35 | Inordertoavoidthepriceriskofrawmaterialsandpreventexchangeraterisk,theCompanyanditssubsidiarieshavecarriedoutderivativesbusiness,includingfuturescontractsandforeignexchangeforwardcontracts.In2024,thefuturesgainwas8.5920millionyuanandtheforeignexchangelosswas142.9416millionyuan;In2023,thefutureslosswas9.5091millionyuanandtheforeignexchangelosswas99.3840millionyuan.Meanwhile,theexchangeincomewas83.1539millionyuanin2024,theexchangeincomewas133.5151millionyuanin2023.Accordingto“theNo.1ExplanatoryAnnouncementonInformationDisclosureforCompaniesOfferingTheirSecuritiestoPublic-Non-recurringProfitorLoss”,exchangegainsandlossesarerecurringgainsandlosses,andFuturesandforwardgainsandlossesarenon-recurringgainsandlosses. |
| Reversalofprovisionforimpairmentofreceivablesindividuallytestedforimpairment | 5,690,817.36 | |
| Gainsthecostofinvestmentsinsubsidiaries,associatesandjointventuresbyanenterpriseislessthanthefairvalueoftheinvestee'sidentifiablenetassetsatthetimeofacquisition | 2,097,001.82 |
| Othernon-operatingrevenueorexpendituresexcepttheaboveitems | -2,855,012.54 | |
| Less:Enterpriseincometaxaffected | -2,401,931.56 | |
| Non-controllinginterestaffected(aftertax) | 1,452,567.55 | |
| Total | -18,770,084.75 | -- |
Detailsofotherprofitandlossitemsthatmeetthedefinitionofnon-recurringprofitandloss:
□Applicable√NotApplicableTheCompanyhasnospecificcircumstancesofotherprofitandlossitemsthatmeetthedefinitionofnon-recurringprofitandloss.Foritemsdefinedasnon-recurringprofitorlossaccordingto“theNo.1ExplanatoryAnnouncementonInformationDisclosureforCompaniesOfferingTheirSecuritiestoPublic-Non-recurringProfitorLoss”,non-recurringprofitorlossitemslistedinthesaiddocumentdefinedasprojectofrecurringprofitorloss,specifythereason
□Applicable√NotApplicable
2.ROEandEPS
| Profitofthereportingperiod | WeightedaverageROE | EPS(yuan/share) | |
| BasicEPS | DilutedEPS | ||
| Netprofitattributabletoshareholdersofordinaryshares | 16.77% | 0.84 | 0.84 |
| Netprofitattributabletoshareholdersofordinarysharesafterdeductingnon-recurringprofitorloss | 16.88% | 0.84 | 0.84 |
3.Financialdatavariancebetweenfinancialreportingpreparedunderdomesticandabroadaccountingstandards
（1）DifferencesofnetprofitsandnetassetsinthefinancialreportsdisclosedaccordingtotheIFRSandChineseAccountingStandards
□Applicable√NotApplicable
（2）DifferencesofnetprofitsandnetassetsinthefinancialreportsdisclosedaccordingtotheoverseasaccountingstandardsandChineseAccountingStandards
□Applicable√NotApplicable
（3）Explanationofthereasonsfordifferencesinaccountingdataunderdomesticandforeignaccountingstandards.Ifadjustingfordifferencesindataalreadyauditedbyoverseasauditinginstitutions,thenameoftheoverseasinstitutionshouldbeindicated
4.CalculationprocessforweightedaverageROE
（1）Weightedaveragenetassets
| Changesinnetassets | Amount | Weightedbymonth | Weightedaveragenetassets |
| Netassetsattributabletoordinaryshareholdersofthecompanyatthebeginningoftheperiod | 17,894,403,984.79 | 12/12 | 17,894,403,984.79 |
| Netprofitattributabletoordinaryshareholdersofthecompanythisperiod | 3,099,165,128.06 | 6/12 | 1,549,582,564.03 |
| Cashdividendfortheyear2023 | -926,626,153.50 | 7/12 | -540,531,922.88 |
| Cashdividendforthesemiyear2024 | -373,118,861.40 | 4/12 | -124,372,953.80 |
| Dividendsonrestrictedsharesnotyetreleasedfromlock-up | 3,057,250.00 | 7/12 | 1,783,395.83 |
| 3,196,500.00 | 4/12 | 1,065,500.00 | |
| Repurchaseofshares | -299,977,735.21 | — | -257,817,162.14 |
| Netassetsincreasedfromunlockingofrestrictedsharesforequityincentives | 48,250,200.00 | 6/12 | 24,125,100.00 |
| Equity-settledshare-basedpaymentremuneration | 109,070,573.06 | 6/12 | 54,535,286.53 |
| Impactoncurrentincometaxbenefitduetodifferenceincalculationcaliberbetweenaccountingcostandtaxcostofshare-basedpaymentcompensation | -1,829,998.29 | 6/12 | -914,999.15 |
| DecreaseinnetassetsfromcapitalincreasebyminorityshareholdersofHangzhouLeaderwayElectronicsCo.,Ltd | -4,702,063.27 | — | |
| Differenceintranslationofforeigncurrencystatements | -253,119,717.76 | 6/12 | -126,559,858.88 |
| Netassetsattributabletothecompany'scommonshareholdersattheendoftheperiod | 19,297,769,106.48 | 18,475,298,934.35 |
（2）WeightedaverageROE
| Item | Notes | Currentperiodcumulative |
| Netprofitattributabletoordinaryshareholdersofthecompany | A | 3,099,165,128.06 |
| Netnon-recurringprofitorlossattributabletoownersoftheparentcompany | B | -18,770,084.75 |
| Netprofitattributabletoordinaryshareholdersofthecompanyafterextraordinarygainsandlosses | C=A-B | 3,117,935,212.81 |
| Weightedaveragenetassets | D | 18,475,298,934.35 |
| WeightedaverageROE | E=A/D | 16.77% |
| WeightedaverageROEafterextraordinarygainsandlosses | F=C/D | 16.88% |
5．Thecalculationprocessofbasicearningspershareanddilutedearningspershare
(1)Basicearningspershare
| Item | Notes | Currentperiodamount |
| Netprofitattributabletoordinaryshareholdersofthecompany | A | 3,099,165,128.06 |
| Netnon-recurringgainsandlossesattributabletoownersoftheparentcompany | B | -18,770,084.75 |
| Netprofitattributabletoordinaryshareholdersofthecompanyafterdeductingnon-recurringgainsandlosses | C=A-B | 3,117,935,212.81 |
| Cashdividendsallocatedtoholdersofrestrictedstockexpectedtobeunlockedinthefuture | D | 6,253,750.00 |
| Totalnumberofsharesoutstandingatthebeginningoftheperiod(excludingtreasurysharesandrestrictedstock) | E | 3,707,536,608.00 |
| Weightedaveragenumberofrepurchasedshares | F | -11,387,189.25 |
| Numberofsharesthathavebeenunlocked | G | 2,566,500.00 |
| Weightedaveragenumberofordinarysharesoutstanding(excludingrestrictedstock) | H[Notes] | 3,698,715,918.75 |
| Basicearningspershare | I=A/H | 0.84 |
| Dilutedearningspershareafterdeductingnon-recurringgainsandlosses | J=C/H | 0.84 |
Notes：H=E+F+H
(2)Dilutedearningspershare
| Item | Notes | Currentperiodamount |
| Netprofitattributabletoordinaryshareholdersofthecompany | A | 3,099,165,128.06 |
| Netnon-recurringgainsandlossesattributabletoownersoftheparentcompany | B | -18,770,084.75 |
| Netprofitattributabletoordinaryshareholdersofthecompanyafterdeductingnon-recurringgainsandlosses | C=A-B | 3,117,935,212.81 |
| Totalnumberofsharesoutstandingatthebeginningoftheperiod(excludingtreasurysharesandrestrictedstock) | D | 3,707,536,608.00 |
| Weightedaveragenumberofrepurchasedshares | E | -11,387,189.25 |
| Weightedaveragenumberofsharesincreasedduetotheunlockingofrestrictedstockunderequityincentiveplans | F | 10,528,366.70 |
| Weightedaveragenumberofordinarysharesoutstanding | G[Notes] | 3,706,677,785.45 |
| Basicearningspershare | H=C/J | 0.84 |
| Dilutedearningspershareafterdeductingnon-recurringgainsandlosses | I=E/J | 0.84 |
Notes：G=D+E+F