Stock Code: 603529 Abbreviation: Aima Technology
AIMA TECHNOLOGY GROUP CO., LTD.
Letter to Shareholders
Dear Shareholders,
The past 2022 was remarkably significant. For Aima Technology, it was a year full of progress, which
was gained by working hard to surmount difficulties and facing up to changes while maintaining stability.
It was also a year witnessing our all-out efforts in forging ahead. As the Russo-Ukrainian War triggered a
global energy crisis, pushed up the prices of raw materials, and impacted the already overwhelmed global
supply chain, and suffering from the public safety risk caused by the highly contagious virus, China keeps
to the guiding principle of being “people-oriented” and has taken effective strategies to respond to this
public health issue, which somehow restricted the domestic circulation and consumption. Facing the
frequent extreme weather and climate incidents and the notable climate anomalies, no country could stay
aloof, and any extreme weather may result in a rather big shock to the offline economy.
In pursuit of realizing the goals of Carbon Peaking and Carbon Neutrality and in the context of a
world-wide replacement of fossil fuel with electricity, considering the complex political and economic
situation and market environment, the Company focuses on its main business, and persistently
transforms into a platform-based technology company that provides green and convenient travel solutions,
and continues to promote its innovative development, organizational reform, management improvement,
product upgrade, quality improvement, and digital transformation, adheres to the guiding value centered
on long-termism, and continuously improves the comprehensive distribution efficiency of “from insight
into user demands to satisfying them”. In the past year, the Company achieved a leapfrog growth: its
main products recorded a sales volume of 10.7727 million units, up by 24.25% on a year-on-year basis,
its revenue hit RMB 20.802 billion yuan, a year-on-year increase of 35.09%, its net profit attributable to
shareholders reached RMB 1.873 billion yuan, skyrocketing by 182.14%, and many of its important
subsidiaries have been certified as high-tech enterprises.
In recent years, electric two-wheeler users in China have attached more importance to such major
claims as green, convenience, intelligence, experience, and personalization. In addition to making
increasingly diversified demands, consumers are also seeking for ever greater perfection in riding
experience and personalization, putting forward higher requirements for vehicle manufacturers, so that a
large number of companies providing homogeneous products are being knocked out of the game. It will
be the mainstream trend in the industry at present and within a certain period of time in the future for
large-scale enterprises to compete in terms of comprehensive strength. This competition comes down to
the value guidance, accurate identification, rapid response and full satisfaction of user demands.
Since its engagement in the R&D and manufacturing of electric two-wheelers in 2004, Aima
Technology, remaining “Users First”, has made continuous investments of valuable resources and energy
to the insight into user demands and the improvement of independent research and development
capabilities. Through more than 20 years of in-depth engagement, we have accumulated and formed a
product development system and category innovation capabilities mainly oriented to “technology and
fashion”, making sound contributions to the Company’s ceaseless growth and innovation. In terms of
research and development, the Company keeps making greater investments in basic and cutting-edge
industrial technologies, insight into user demands, research on consumer behavior, human-machine
interaction design, and innovation in vehicle models and categories, to record a research and
development expense of RMB 507 million yuan, representing a year-on-year increase of 25.39%; in
channels building, the Company attaches great importance to the quality improvement of channels while
pursuing a higher channel coverage, and actively promotes the digital and intelligent application of its
terminal stores, to continuously refine their capabilities of user service, so as to provide users with
considerate services centering on user demands; for operation and management, the Company sticks to
an organizational culture of making changes and continuous improvements in its operation and
management, to guide enterprises and motivate employees with culture; for the industry, the Company
guides the cooperation with industrial partners with the values emphasizing “co-creation, co-development,
win-win and sharing”, to jointly expand a green and smart ecosystem for short- and medium-distance
travel, and to promote industrial upgrades and development.
Facing the future, we see 2023 as a year full of opportunities and challenges. Against the backdrop
of the recovering China’s economic vitality and the global acceleration of the Carbon Peaking and Carbon
Neutrality policy, an industry development trend of being differentiated, high-end, intelligent, and
international has been increasingly highlighted; the Company will firmly stick to its strategic objective of
“focusing on two-wheelers and developing multi-wheelers, centering on travel and continuing
transformation” and its strategic axis of “Users First, Excellent Products, In-depth Development in the
Market, Refined Operation”, to boost the investment and layout in such key fields as the research and
implementation of power battery, drive motor and vehicle electric control technologies, the construction
and optimization of Aima’s vehicle manufacturing platform, and the upgrade and application of intelligent
technology; at the same time, the Company adheres to the development concept of “love”, and attaches
great importance to the common sustainable development of enterprises and the environment and society.
We unswervingly seek to create long-term value for our shareholders, just as we keep to the value
proposition of “Users First” over the past 20 years. To repay our shareholders, based on the Company’s
operating performance and overall financial situation in 2022, and fully considering our future corporate
development and reasonable returns for shareholders, the Board of Directors recommends this plan for
profit distribution and capitalization of reserves to create new shares for 2022: on the base of the total
share capital registered on the equity registration date for the implementation of equity distribution, by
June 30, 2023, a cash dividend of RMB 13.04 yuan (tax-included) per 10 shares is estimated to be
distributed to all shareholders of the Company, and the reserve is estimated to be capitalized to create 5
new shares per 10 shares. This matter still requires additional deliberation and approval by the
Company’s 2022 general meeting of shareholders.
We feel grateful for the constant company, support and trust from our shareholders, customers,
suppliers and all walks of life! As the new chapter is being unfolded, Aima Technology, confidently and
longingly, hopes to go hand in hand with all of you, by upholding the corporate values of being “Users
First, Striving Based, High Integrity, Open and Innovative”, and do our utmost to achieve greater glories
under the mission of “Fill the ride with love”.
Chairman of the Board:
April 14, 2023
Important Notice
I. The Board of Directors (the “Board”), the Board of Supervisors, the directors, the supervisors
and senior executives of the Company warrant that there are no false representations or
misleading statements contained in, or material omissions from, this report; and jointly and
severally accept full responsibility for the truthfulness, accuracy and completeness of the
information contained in this report.
II. All members of the Board attended the Board Meeting.
III. Ernst & Young Hua Ming LLP audited and issued a standard unqualified opinion on the annual
financial statements of the Company.
IV. Zhang Jian, representative of the Company, Zheng Hui, person in charge of accounting
operation, and head of Accounting Department, make representations in respect of the
truthfulness, accuracy and completeness of the financial statements contained in the annual
report.
V. Proposal for profit distribution and proposal for the capitalization of capital reserve during the
reporting period approved by the Board
Upon the audit by Ernst & Young Hua Ming LLP, the Company recorded the profit attributable to
shareholders of the listed company of RMB 1,873,433,343.24, and the parent company recorded the net
profit of RMB 889,542,954.09 in 2022. By 31 December 2022, the undistributed accumulated profit of the
Company amounted to RMB 2,142,503,000.74. The Company intends to take the total shares on the
equity registration date for the implementation of equity distribution as the basis to execute the profit
distribution and capitalization of capital reserve in year 2022 as below:
all shareholders. Based on the total share capital of 574,700,004 shares of the Company so far, the cash
dividend to be distributed as above will be RMB 749,408,805.22 in total (tax included). The cash dividend
of the Company in this year accounts for 40.00% in the net profit attributable to common shareholders of
the Company. After the profit distribution, the remaining balance of undistributed profit will be
accumulated for further distribution in the years to come.
shareholders. Based on the total share capital of 574,700,004 shares of the Company so far, the total
shares of the Company will increase to 862,050,006 shares after this conversion (the total share capital
of the Company is based on the final registration result of China Securities Depository and Clearing
Corporation Limited Shanghai Branch, in case of the rounding differences if any).
In case of any change in the Company’s total share capital from the date of disclosure of this
announcement to the equity registration date for the implementation of equity distribution, the Company
plans to maintain the ratios of distribution and capitalization per share, and to adapt the total amounts of
profit distribution and capitalization accordingly.
VI. Risk relating to forward-looking statements
√Applicable ?Not applicable
The future plan, development strategy and other forward-looking statements contained in the report
do not constitute any substantive commitments to investors of the Company. Investors should be fully
aware of the relevant risks and the difference among plan, forecast and commitments, and pay attention
to investment risk.
VII. Whether controlling shareholder and its affiliated parties occupy fund on a non-operating
purpose
No
VIII. Whether there was any violation of regulations, decisions or procedures in relation to
provisions of external guarantees
No
IX. Whether over half of board members cannot guarantee the truthfulness, accuracy and
completeness of the annual report declared by the Company
No
X. Significant risk notice
In the reporting period, there was no significant risk with material impact on the production and
management of the Company. The Company had described in details relevant risks that may face in the
course of production and operation in the report. Please refer to Section 3, VI. (IV)Possible risks.
XI. Other
?Applicable √Not applicable
Table of Contents
(I) Full text and Abstract of the Company’s Annual Report signed by the legal
representative of the Company and stamped by the Company;
(II) Financial statements signed by the legal representative, the Financial
Documents
Controller, and the head of the accounting department (accounting supervisor)
Available for
and stamped by the Company;
Reference
(III) The originals of all the Company’s documents and announcements
disclosed on newspapers designed by China Securities Regulatory
Commission during the reporting period.
Section 1 Definition
I. Definition
In this report, unless otherwise stated in the context, the following terms have the following
meanings:
Definition of common terms
Aima Technology
/Aima /Company/the refers to Aima Technology Group Co., LTD.
Company /the Group
Changxing Dingai Investment Management Partnership (Limited
Changxing Dingai refers to
Partnership)
Guangdong Aima Vehicle Technology Co., Ltd, a subsidiary of
Guangdong Vehicle refers to
Aima Technology
Jiangsu Aima Vehicle Technology Co., Ltd, a subsidiary of Aima
Jiangsu Vehicle refers to
Technology
Aima Nanfang refers to Aima Nanfang Co., Ltd., a subsidiary of Aima Technology
Tianjin Aima Vehicle Technology Co., Ltd., a subsidiary of Aima
Tianjin Vehicle refers to
Technology
Zhejiang Aima Vehicle Technology Co., Ltd., a subsidiary of Aima
Zhejiang Vehicle refers to
Technology
Henan Vehicle refers to Henan Aima Vehicle Co., Ltd., a subsidiary of Aima Technology
Tianjin Aima Sports Goods Co., Ltd., a subsidiary of Aima
Tianjin Sports refers to
Technology
Guangxi Vehicle refers to Guangxi Aima Vehicle Co., Ltd., a subsidiary of Aima Technology
Tianjin Suiwanwan Cultural Communication Co., Ltd., a
Suiwanwan refers to
subsidiary of Aima Technology
Tianjin Jinge Industrial Design Co., Ltd., a subsidiary of Aima
Tianjin Jinge refers to
Technology
Xiaopa Electric Technology (Shanghai) Co., Ltd., a subsidiary of
Xiaopa Electric refers to
Aima Technology
Sichuan Aima Technology., Ltd., a subsidiary of Aima
Sichuan Aima refers to
Technology
Tianjin Aima Share Technology Services Co., Ltd., a subsidiary
Aima Share refers to
of Aima Technology
Chongqing Xiaoma Network Technology Co., Ltd., formerly
Xiaoma Network refers to Tianjin Xiaoma Network Technology Co., Ltd., a subsidiary of
Aima Technology
Tianjin Tianli Electric Bicycle Co., Ltd., a subsidiary of Aima
Tianjin Tianli refers to
Technology
Aima Technology (Chongqing) Co., Ltd., a subsidiary of Aima
Aima Chongqing refers to
Technology
Chongqing Aima Vehicle Technology Co., Ltd., a subsidiary of
Chongqing Vehicle refers to
Aima Technology
Aima Technology (Zhejiang) Co., Ltd., a subsidiary of Aima
Zhejiang Sales refers to
Technology
Taizhou Aima Vehicle Manufacture Co., Ltd., a subsidiary of
Taizhou Manufacture refers to
Aima Technology
Aima Growth Venture Capital (Ningbo) Co., Ltd., a subsidiary of
Aima Venture Capital refers to
Aima Technology
Lishui Aima Vehicle Technology Co., Ltd., a subsidiary of Aima
Lishui Vehicle refers to
Technology
Suoteng Technology Hong Kong Co., Ltd., a subsidiary of Aima
Suoteng Technology refers to
Technology
Tianjin Jiema Electric Technology Co., Ltd., a company in which
Tianjin Jiema refers to
Aima Technology holds shares
Zhejiang Today Sunshine New Energy Vehicle Co., Ltd., a
Today Sunshine refers to
company in which Aima Technology holds shares
Geling New Energy Technology (Shandong) Co., Ltd., formerly
Geling New Energy refers to Shandong Geling Electric Vehicle Co., Ltd., a company in which
Aima Technology holds shares
Taizhou Jinfu Venture Capital Partnership (Limited Partnership),
Taizhou Jinfu refers to
a company in which Aima Technology holds shares
Shandong Aidebang Intelligent Technology Co., Ltd., a company
Shandong Aidebang refers to
in which Taizhou Jinfu holds shares
Beijing Zhongzhong Travel Technology Co., Ltd., a company in
Beijing Zhongzhong refers to
which Aima Technology holds shares
refers to Chongqing Xiaoma Intelligent Technology Co., Ltd., a subsidiary
Xiaoma Intelligent
of Aima Technology
Chongqing refers to
Chongqing Aima Mechanical and Electrical Technology Co., Ltd.,
Mechanical and
a subsidiary of Aima Technology
Electrical Technology
Chongqing Vehicle refers to Chongqing Aima Vehicle Service Technology Co., Ltd., a
Service subsidiary of Aima Technology
refers to Super Universe (Chongqing) Vehicle Industry Technology Co.,
Super Universe
Ltd., a subsidiary of Aima Technology
refers to Aima technology Singapore Pte. Ltd., a subsidiary of Aima
Aima Singapore
Technology
refers to Chongqing Aima Zhilian Logistics Co., Ltd., a subsidiary of Aima
Aima Logistics
Technology
CITIC Investment refers to CITIC Securities Investment Co., Ltd.
GoldStone Zhiyu Equity Investment (Hangzhou) Partnership
GoldStone Zhiyu refers to
(Limited Partnership)
GoldStone Haofeng Equity Investment (Hangzhou) Partnership
GoldStone Haofeng refers to
(Limited Partnership)
Changxia GoldStone (Wuhan) Equity Investment Fund
Partnership (Limited Partnership), formerly Three Gorges
Changxia GoldStone refers to
GoldStone (Wuhan) Equity Investment Fund Partnership (Limited
Partnership)
New National
refers to GB17761-2018 Safety Technical Specification for Electric Bicycle
Standard
CRSC Refers to China Securities Regulatory Commission
SSE refers to Shanghai Stock Exchange
Company Law refers to Company Law of the People’s Republic of China
Securities Law refers to Securities Law of the People’s Republic of China
Expressed in the Chinese currency of RMB
Yuan, Yuan’0000 refers to
Expressed in tens of thousands of RMB
Articles of
refers to Articles of Tianjin Aima Technology Co., Ltd.
Association
Reporting period refers to January 1, 2022 to December 31, 2022
Same period of last
refers to January 1, 2021 to December 31, 2021
year
Electric two-wheel vehicles contain “electric bicycles” defined
according to the standard Safety Technical Specification for
Electric two-wheel Electric Bicycle (GB17761-2018) and “electric moped” and
refers to
vehicles “electric motorcycle” with two wheels defined according to
Technical Terms of Motorcycle and Moped Part 1: Type of
Vehicle (GB/T5359.1-2019).
“Electric moped” and “electric motorcycle” with two wheels
Electric two-wheel
refers to defined according to Technical Terms of Motorcycle and Moped
motorcycle
Part 1: Type of Vehicle (GB/T5359.1-2019).
Section 2 Company Profile and Key Financial Indexes
I. Company’s Information
Chinese name 爱玛科技集团股份有限公司
Abbreviation of Chinese name 爱玛科技
English name Aima Technology Group Co., Ltd.
Abbreviation of English name AIMA
Legal representative Zhang Jian
II. Contact Information
Board Secretary Securities Representative
Name Wang Chunyan Li Xin, Ma Qunbo
Address Dagu North Road, Heping District, Dagu North Road, Heping District,
Tianjin City Tianjin City
Tel 022-5959 6888 022-5959 6888
Fax 022-5959 9570 022-5959 9570
Email amkj@aimatech.com amkj@aimatech.com
III. General Company Information
No. 5 Aima Road, South Area, Jinghai Economic Development Area,
Registered address
Tianjin City
Changes of registered
Not applicable
address
No. 5 Aima Road, South Area, Jinghai Economic Development Area,
Office address
Tianjin City
Zip code 301600
Website www.aimatech.com
Email amkj@aimatech.com
IV. Information Disclosure and Place of Preparation
Media and websites where this Securities Times, Securities Daily, China Securities Journal,
Report is disclosed Shanghai Securities News
Stock exchange website where this
http://www.sse.com.cn
Report is disclosed
Place where this Report is lodged The Securities Department of the Company
V. Stock Profile
Stock profile
Abbreviation of Abbreviation of stock
Category of stock Stock exchange Stock code
stock before change
Shanghai Stock Aima
A share 603529 Not applicable
Exchange Technology
VI. Other Relevant Information
Name Ernst & Young Hua Ming LLP
Accounting firm
Office address Dongchangan Street, Dongcheng District, Beijing
engaged by the
City
Company (domestic)
Signed by the
Guo Jing, Zhang Bin
Accountants
Name Huatai United Securities Co., Ltd.
Room 401, Building B7, Qianhai SZ-HK Fund Town,
No. 128, Guiwan 5th Road, Nanshan Street,
Office address
Qianhai Shenzhen-Hong Kong Modern Service
Sponsor that exercised Industry Cooperation Zone, Shenzhen
supervision over the
Company in the Name of sponsor
reporting period representative Zhao Naiji, Xu Nan
signing
Period of continual
direction and August 16, 2022 to December 31, 2024
supervision
VII. Major Accounting Data and Financial Indexes in Recent Three Years
(I) Major accounting data
In: Yuan Currency: RMB
Change
Major accounting data 2022 2021 2020
(%)
Revenue 20,802,212,994.46 15,398,710,870.72 35.09 12,904,586,099.11
Profit attributable to
shareholders of the 1,873,433,343.24 663,998,092.90 182.14 598,524,584.35
listed company
Net profit deducting
non-recurring gains or 1,797,357,709.42 616,214,620.89 191.68 513,503,070.76
losses attributable to
shareholders of the
listed company
Net cash flows from
operating activities
Change
(%)
Net assets attributable
to shareholders of the 6,721,176,109.98 4,974,827,390.92 35.10 2,629,761,352.35
listed company
Total assets 18,471,355,153.82 13,396,944,911.18 37.88 9,558,496,657.40
(II) Major financial indexes
Major financial indexes 2022 2021 Change (%) 2020
Basic earnings per share (RMB/share) 3.31 1.79 84.92 1.77
Diluted earnings per share (RMB/share) 3.31 1.79 84.92 1.77
Basic earning per share deducting non-recurring
gains or losses (RMB/share)
Increasing by 13.69
Weighted average return on net assets (%) 31.15 17.46 25.65
percentage points
Weighted average return on net assets after Increasing by 13.77
deducting non-recurring profit or loss (%) percentage points
Description of major accounting data and financial indexes of the Company within three years before
the end of the reporting period
?Applicable √Not applicable
VIII. Difference of Accounting Data under Domestic and International Accounting Standards
(I) Difference between net profits in the financial report concurrently disclosed according to
international accounting standard and accounting standard of China, and difference between net
assets attributable to shareholders of the listed company
?Applicable √Not applicable
(II)Difference between net profits in the financial report concurrently disclosed according to
overseas accounting standard and accounting standard of China, and difference between net
assets attributable to shareholders of the listed company
?Applicable √Not applicable
(III) Description of difference between overseas and domestic accounting standards:
?Applicable √Not applicable
IX. Major Financial Data by Quarter in 2022
In: Yuan Currency: RMB
Q1 Q2 Q3 Q4
(Jan. - Mar.) (Apr. - Jun.) (Jul. - Sep.) (Oct. -Dec.)
Revenue 4,586,633,662.82 4,851,032,662.39 7,790,597,846.78 3,573,948,822.47
Net profit attributable
to shareholders of 317,478,581.47 372,443,626.63 686,561,796.23 496,949,338.91
the listed company
Net profit deducting
non-recurring gains 323,580,131.73 371,277,867.55 669,440,490.93 433,059,219.21
or losses, attributable
to shareholders of
the listed company
Net cash flows from
operating activities
Description of difference between quarterly data and data of the disclosed periodical report
?Applicable √Not applicable
X. Non-recurring Gains or Losses Items and Amounts
√Applicable ?Not applicable
In: Yuan Currency: RMB
Non-recurring gains or losses 2022 2021 2020
Gains or losses from disposal of non-current
-5,205,312.26 -12,713,091.69 -8,941,375.47
assets
Government grants recognized in during profit or
loss (excluding those having close relationship
with the Company’s normal business,
conforming to the national policies and
regulations and enjoying ongoing fixed amount
or quantity according to certain standard)
Except for the effective hedging business related
to the ordinary business of the Company,
changes in fair value of financial assets and
financial liabilities held for trading, and derivative
financial assets and liabilities; as well as the
-12,120,000.00 9,978,187.68 12,219,498.91
return on investment generated from the
disposal of financial assets and financial
liabilities held for trading, and derivative financial
assets and liabilities, and financial assets at fair
value through other comprehensive income
Write back of the impairment provision for
receivables and contract assets that have been 24,164,117.84
individually tested for impairment
The investment costs for acquiring subsidiaries,
associates and joint ventures were less than the
earnings generated by the fair value of the
identifiable net assets of the investee that the
Company should have been entitled to at the
time of acquiring the investment
Non-operating income or expenses other than
-13,062,366.52 6,361,478.19 6,780,501.09
the above items
Other gain or loss in compliance with the
definition of non-recurring gain or loss
Less: Amount affected by the income tax 25,387,754.23 15,927,824.01 28,340,504.54
Affected amount of minority shareholders’ equity
(after tax)
Total 76,075,633.82 47,783,472.01 85,021,513.59
Description of non-recurring profit and loss items listed in the Explanatory Announcement No. 1 on
Information Disclosure for Companies Offering Their Securities to the Public - Non-recurring Gains or
Losses, and defining the non-recurring gains or losses items as recurring profit and loss items.
?Applicable √Not applicable
XI. Items Measured at Fair Value
√Applicable ?Not applicable
In: Yuan Currency: RMB
Impact to the
Beginning profit or loss
Name of item Ending balance Change
balance of current
period
Financial assets at fair
value through other
comprehensive income-
receivables financing
Financial asset held for
trading
Total 1,315,277,240.83 151,001,429.59 -1,164,275,811.24 5,816,022.09
XII. Other
?Applicable √Not applicable
Section 3 Discussion and Analysis of the Management
I. Discussion and Analysis on Operation Situation
In the reporting period, with more intensive industry competition, rising cost of raw materials, and
other disadvantages, the Company focused on its core business, namely, development and manufacture
of electric two-wheel vehicles by adhering to its strategic axis of “Users First, Excellent Products, In-depth
Development in the Market, Refined Operation”, and executing its strategic directives of transformation
to digital and smart technological company. The Company strictly implemented the annual business &
operating plan; and achieved good business results.
In the reporting period, the Company recorded revenue of RMB 20,802.213 million, representing a
year-on-year increase of 35.09%, the profit attributable to shareholders of the listed company of RMB
recurring gains or losses attributable to shareholders of the listed company of RMB 1,797.3577 million,
representing a year-on-year increase of 191.68%. The key milestones of the Company in 2022 were
described below:
(I) Improvement of product power
In terms of platform-based vehicle production, based on the APDS process (development processes
of AIMA products), the Company established a vehicle manufacture platform for several exceptional
vehicle models and subsequently expanded it to cover various vehicle models, thus improving the stability
and consistency of the Company's product quality, increasing the product development efficiency and
reducing the product cost. In the reporting period, the Company conducted the comprehensive review,
competitive product benchmarking and technology trend analysis of the vehicle manufacture platform
from six dimensions of convenience, maneuverability, economic efficiency, power performance, refined
manufacture, and riding comfort, and launched the upgrade of the vehicle manufacture platform on this
basis in an effort to further optimize the forward development process from user need management to
platform development.
With regard to product design, the Industrial Design Center of the Company was committed to
continuously improving the lean design of the Company's products. By using the principles of ergonomics,
taking HVE (human-vehicle-environment) as the object of systematic study, conducting comprehensive
analysis from the perspective of overall concept, and considering the relationship between human and
vehicle, vehicle and environment, and human and environment, the Center managed to better align the
functions, configurations, colors and structures of various vehicle models with the physiological
characteristic and psychological needs of users. The Center further combined various actual vehicle
using scenario parameters and designed and developed safe, comfortable, beautiful and personalized
products that meet user requirements, so as to integrate user needs into each new model and equip the
product with a comfortable, accurate, reliable and convenient man–machine interaction system.
As to new product introduction (NPI), the Company set up a NPI project team, which effectively
connects and integrates different business processes, work nodes, post members, key tasks, department
functions and information systems throughout the product life cycle, coordinates various links within the
NPI process (including new product planning and development, cost reduction and optimization,
marketing and publicity, distribution, promotion and phase-out management), sets up a business
collaboration process, and works out a set of incentive measures centered on new product sales
indicators and profit indicators. In the reporting period, the NPI project functioned well, and the proportion
of new products and the percentage of gross profit contribution increased significantly compared with the
same period last year.
In the matter of quality management, the Company continued to promote and optimize the all-
process quality control system. In the design stage, the Company, on the basis of the APDS processes,
identified quality problems and optimized the design through virtual simulation and data simulation. In the
production development stage, while implementing closed-loop new production quality management,
reviewing each quality management threshold strictly in accordance with AIMA standards and prohibiting
models with quality problems from entering the mass production stage, the Company increased
investment to raise evaluation standards, improve evaluation and review technology, and enhance R&D
efficiency. In the component configuration stage, the Company took incoming inspection as the starting
point to conduct reasonable supervision over the production process of suppliers, and constantly
improved the quality management of suppliers by providing them with support such as technical
consultation and management assistance. As regards manufacturing, the Company implemented
dynamic and real-time quality management throughout the entire process and built a market quality
management system consisting of an early warning mechanism for market feedback information and an
audit mechanism for market quality issues to connects production bases with dealers and users to
respond to and address quality issues in an accurate and rapid way. In respect of testing, the Company
kept on enhancing its own testing capabilities for components and production processes and
implemented a combination of prevention and inspection.
(II) Improvement of channel capacity and capability
In the aspect of offline channels, channel construction and upgrading are two priorities of the
Company. On one hand, the Company continued to promote channel expansion and the “channel sinking”
strategy, actively extended its channel to city communities and areas of township, and increased numbers
of retail stores. At the end of reporting period, the Company’s dealership network exceeded 1,900, and
retail stores exceeded 30,000. On the other hand, the Company adopted the three-in-one operation
system of "headquarters empowerment + mobile support + targeted assistance" to help dealers improve
their store management efficiency and store output. Headquarters empowerment means that the
Company insists on value integration of factory and distributor and establishes a special training system
and business team, aiming to comprehensively improve the business capabilities of dealers. In particular,
the Company set up a special empowerment training module for sales assistants and held various kinds
of competitions of sales ability and service ability regularly to reward excellent sales assistants, thus
enhancing their sense of honor and sense of belonging. By giving mobile support, the Company is
required to implement the grid-based channel management and promote the city manager campaign
designed to serve individual stores (the city managers are obliged to visit retail stores and in-store sales
assistants frequently). By connecting the workflow of the Company with that of the dealers, retail stores
and in-store sales assistants and through the standardization and informatization of such workflows,
mobile support allows the Company to conduct lean management of channel terminals and
comprehensively improve store operation efficiency. With the provision of targeted assistance, the
Company can identify channel problems through the collection and statistical analysis of channel
operation data and thereby optimizing the product structure and marketing plan of retail stores of each
segment to achieve precise marketing and improving single-store output. In addition, the channel
operation data so collected can also be used to give feedback to production and increase the accuracy
of production planning.
In the reporting period, the Company set up and promoted digital stores and their new online retail
platform to carry out the integrated operation of new retail and the upgrade of digital and smart technology
on all-channel marketing characterized by deep user reach. At the end of reporting period, the digital and
smart technology system of the Company has basically covered all dealers, the coverage of the “Retail
Connection System” considerably improved, and the proportion of store data recovery greatly increased.
The Company further empowered dealers' e-commerce thinking, formed standardized workflows for
the acquisition, recognition and transformation of online traffic and the conversion of such online traffic
into sales, conducted special training and provided technical support to guide more dealers to try to use
self-media, short videos, seeding APPs and other new online platforms for marketing. Among these
innovative marking approaches, the vehicle sales through live broadcasting has received more and more
attention and recognition from dealers, and the Company's dealer live broadcasting matrix has begun to
take shape.
As to online channels, the Company established online sales channels across multiple platforms. In
the reporting period, the Company strived to integrate online traffic with offline operation. Through the
implementation of e-commerce, an important way to drive online traffic, the Company precisely directed
customer flow into offline stores and provided these customers with the services of the same quality as
offline customers, including test drive experience, vehicle delivery, license registration and after-sales
service.
In respect of international channels, the Company’s International Business Department established
a marketing team based on the Company's current international product portfolio, and implemented a
channel expansion plan tailored to local conditions in accordance with the regional characteristics and
consumption habits of the major markets and conducive to the increase in sales in the international
market. In the reporting period, the international business income was RMB 221.1865 million,
representing a year-on-year increase of 28.26%.
(III) Improvement of brand power
The Company adopted the brand proposition of “technology and fashion”, and kept on promoting the
“differentiation” and “high-end” strategy. In the reporting period, the Company worked with the
internationally renowned designer Rob Janoff (designer of the famous Apple logo) to carry out the high-
end upgrade of "AIMA" brand logo with the brand proposition of "technology and fashion" as the core and
enhance the “brand tone”.
In the aspect of technology, the Company regarded R&D and product innovation as the underlying
architecture for high-end branding and product competitiveness improvement, intensified R&D
investment, improved independent R&D capabilities, and accelerated brand premium by increasing
technological added value of product. In the reporting period, the Company’s R&D expenses were RMB
high-technology products through activities such as extreme challenges and championship rallies.
In the aspect of fashion, the Company enhanced the fashion sense of “AIMA” brand by cooperating
with Harper's Bazaar, implementing the “Star-chasing Campaign” (regular release, interpretation and
supporting marketing activities of fashionable and popular colors and model colors, which can effectively
reinforce the emotional bond between its products and female customers), upgrading the store image,
conducting actresses endorsement and shooting fashion blockbusters. In the first half of 2022, the
Company cooperated with the high-quality variety show "Sister Riding the Wind and Waves", and took
advantage of the momentum to release the hot two-wheelers “Qingtian”, a high-end vogue model
designed for female customers. In the second half of 2022, the Company cooperated with the "Call Me
by Fire", an equivalent variety show, to highlight the technological sense and tough appearance of the
brand and demonstrate a variety of fashionable use scenario suitable for male customers. These two
shows helped AIMA to maintain its popularity throughout the year on the most visited fashion platforms
such as Weibo and Xiaohongshu (including generating over 100 million topic exposures and discussions)
and achieved good publicity effects.
To effectively enhance young consumers’ value perception and recognition of the Company's brand
and products, the Company devoted itself to meet this young group’s needs for trendy personality and
virtual social interaction, created the IP of “Xiaoma”, which is a combination of beauty and cuteness, and
strengthened the cool and trendy appearance design of certain product series. Meanwhile, the Company
carried out a number of new marketing activities that are popular among young consumers, such as the
interaction with the Advertising Art Festival of The Chinese College Students to launch the national youth
co-creation of super item based on AIMA elements like new AIMA logo, the IP of “Xiaoma” and the
eyelash headlamps, the crossover cooperation with the Arena of Valor team, and the “Passerby King
Basketball Game”. In addition, the community section “Mayou” was added to the Company’s application
to provide users with a communication and interaction platform where they can post photos, share riding
experience, participate in the Company's user interaction or feedback activities, etc.
(IV) Improvement of technological power
The Company fully adopted its development strategy of “transformation to technological company”
and took independent R&D as its important support to improve product performance and competitive
advantage and the engine to drive long-term stable growth. In the reporting period, the Company applied
for a total of 138 invention patents and utility models.
In terms of research on core technologies of the industry, AIMA Research Institute (“AIMA Institute”)
made sustained efforts to steam up the research and development of such technologies as motor,
controller, electrical technology and new materials, and made great achievements during the reporting
period. For example, (1) electric control project: by referring to the research and development process of
the automobile industry and integrating the Autosar software architecture and the torque control strategy
architecture, and through software development based on matlab digital modeling, AIMA Institute
elementarily achieved three-in-one domain control integration (MCU & VCU & DCDC) and efficient FOC
motor control for all operating conditions, and on this basis, built a control system platform featuring high
safety factor, excellent and stable performance and good compatibility with various driving models; (2)
electronic drive project: by taking advantage of the unequal air gap design, AIMA Institute preliminarily
achieved a reduction in magnetic field harmonics, noise, torque ripple, and back-EMF harmonics, and
thus created a silent and efficient motor platform. Benefited by the design concept and technology of
reluctance-assisted permanent-magnet synchronous motor in the auto industry, AIMA Institute
maintained a high magnetic flux while taking into account the reluctance torque generated by saliency
effect, thus improving the maximum output torque of motors; (3) new materials application project:
through thorough research, development and application, high-gloss ABS and high-gloss PP+PU finish
can improve the glossiness and scratch resistance of plastic parts, and be more environmentally friendly
and cost-effective.
In the aspect of intelligent technology research, in the reporting period, the Company focused on
promoting AIMA’s Intelligent IoV (Internet of Vehicle) Platform Project to unify different businesses
(service-side, product-side, and dealer-side) and client software portals of subsidiary brands. This
platform can not only improve consumers’ car-using experience in the whole process and lay a structural
foundation for the Company to collect big data of users and products in an accurate and efficient manner,
but also support the Company’s R&D of various IoV hardware technologies, including but not limited to
improving the non-discriminatory centralized purchasing capability of the intelligent hardware supply
chain, enhancing the after-sales quality supervision capability for IoV products, conducting firmware
remote upgrades, implementing whole-vehicle EEA architecture, etc. Up to now, the Company's unified
intelligent port was put into use. In addition to offering intelligent functions such as vehicle sharing and
NFC smart keys, this intelligent port can also provide services such as store guidance, online customer
service, and repair and maintenance, and support the compatibility with other intelligent hardware devices
of the Company (such as smart helmet).
In respect of R&D of new products and technology sourcing, the Company upgraded the “Engine
MAX” (an energy accumulation system), and on this basis, developed the "Engine Core Power" energy
management system by focusing on the integration of IoV technologies and referring to some algorithms
and processes of the automotive industry as standards. In addition to the SDS smart power system and
the CES braking energy recovery system independently developed by the Company and granted with
invention patent, the Company also upgraded or introduced BMS intelligent lithium battery safety
management system, DMC driving mode management system, GVC acceleration control system and
QEMS full process tracking quality management platform, which can effectively improve the energy
utilization efficiency under the existing energy framework and provide users with a smarter and more
comfortable riding experience. Meanwhile, the Company improved the vehicle quality and prolonged the
service life of vehicle by reducing the wear and tear of key components during use. As a result, the
Company managed to provide a warranty period longer than the statutory warranty period for some key
components.
In addition, the Company attached great importance to improving its testing and inspection
capabilities through independent research and development. In the reporting period, the Company
continued to develop and optimize the databases of standards, processes and methods for performance
testing of products and key components. In terms of power and economy test database, the driving
mileage calculation standards for new products (the error compared with the actual driving mileage can
be controlled within ±5%), road test operation manuals, and performance quality goal setting and
acceptance procedures have been established. With regard to NVH (noise, vibration and harshness)
database, the vibration serviceability testing and evaluation standards, modal testing process (in
assistance to the neumorphic design of whole vehicle), vibration isolation rate testing process and data
processing methods of shock absorber, mounting-point dynamic stiffness testing process and one-meter
sound pressure level testing process of motor have been formulated. In the aspect of CAE simulation
system, the frame strength, stiffness and modal simulation and transfer function simulation have been
carried out.
(V) Improvement of productivity
In the reporting period, the Company upgraded its manufacturing system in an all-round way by
adhering to the idea of "technology-driven development, lean cultivation, and digital operation and
maintenance", and achieved phased breakthroughs in many aspects, which in turn enabled the
manufacturing system to respond to market demand more quickly and improved the cost competitiveness
of products.
In terms of technology-driven development, the Company was committed to build automatic and
smart factories. Specifically speaking, the Company optimized the manufacturing process of frame
assembly and set up the automatic frame production line; introduced and upgraded the automatic spray
painting & transfer technology; conducted refined upgrade of spot automation in assembly workshop to
increase the production efficiency of assembly process; utilized advanced technologies such as AI-based
visual recognition to identify information of various key materials, achieve precise feeding and realize
binding and traceability of key materials and vehicles in production and sales system; and increased
investment to upgrade the software and hardware of component stereoscopic warehouse as well as
finished product warehouse with the upgrade of smart logistics system as the core to realize smart
logistics within the factory. In addition, the Company made sustained efforts to promote its manufacturing
capacity for core components. In the reporting period, the Company invested in the construction of
production workshops and sophisticated equipment and managed to acquire the ability to manufacture
components of power driven system independently through continuous trials and enhancement of
production process and constant exploration and improvement of manufacturing technique during the
trial production, which in turn allowed the Company to improve the quality and delivery speed of core
components and reduce costs. More importantly, the improvement of customized production capacity for
core components ensured that the Company can customize and develop products based on accurate
insights into the performance requirements of segmented consumer groups.
In the aspect of lean cultivation, the Company constantly stepped up the integration of Aima Business
System and its production processes, and unceasingly improved and implemented the defined and
standardized operation manuals for quality control, lean logistics, cost management and delivery
management under three core driving factors including ABS methodology, talent cultivation and
benchmark setup. Furthermore, the Company set up a special task force to provide incentives based on
performance indicators such as achievement rate of process cost reduction, on-time delivery rate and
accurate delivery rate, material turnover rate, and quality target achievement rate and implement the
normalized working mechanism consisting of daily tracking, continuous improvement, motivation and
demonstration, and consolidation and improvement, so as to comprehensively improve the Company's
lean manufacturing.
As to digital operation and maintenance, the Company successfully pushed out APS, MES and QMS,
and fully realized the information management of manufacturing process during the reporting period. The
APS allows the Company to set the UPH (units per hour) and process-critical bottleneck capacity of each
model, match the material resource with the supply resource, improve the efficiency of production lines,
optimize the multi-process and multi-resource arrangement process, and implement automatic
scheduling. The introduction of MES enables the Company to exercise effective and standardized
management of process resources, manufacturing resources and process nodes, make problems
visualized and traceable, and comprehensively improve the efficiency and effectiveness of manufacturing
process control. With the implementation of QMS, the Company can conduct all-round data monitoring
on product quality to further improve the quality and reliability of AIMA products.
(VI) Improvement of operation capacity
In terms of digital and smart operation, the Company implemented “361 Digital and Smart
Engineering” strategy during the reporting period. With the continuous integration of digital and smart
systems and businesses, the precise and diligent operation of the Company has been continuously
improved, and various business fields fully empowered. By adopting algorithmic models based on big
data, the Company formulated accurate sales plans to facilitate procurement, production and marketing,
smoothly connected business processes such as pre-order placement, material supply chain, planning
and scheduling, production processes and logistics scheduling, improved the efficiency of procurement
and inventory management and the timeliness and accuracy of product delivery and launching, and
reduced the operating cost through refined management. As regards digital and smart R&D, the Company
explored the value of online business conditions and public opinions, collected user information, vehicle
using scenarios, behavior data, etc., and established and continuously improved user portraits to obtain
accurate insight into consumer needs, which in turn raised the success rate of product development. In
respect of lean manufacturing, the Company made sustained efforts to introduce digital and smart
systems into various production segments (e.g. defined calculation of paint dosage standard and feeding
plan of each painting factory) and, in addition to reduced process costs, contributed to the increase of
production and delivery achievement rate and the reduction of cost. The real-time presentation of
information such as output of each production line and process quality inspection result in system enables
the precise feedback on and the rapid adjustment to the implementation of production plan.
With regard to digital and smart service, driven by work orders, the Company provided users with
high-quality after-sales services, including convenient user port operations, efficient and diligent service
responses, real-time service progress display, and transparent service supervision. Meanwhile, the
Company connected AIMA’s vehicle service system with its dealer management system, which in turn
helped the dealers to build and operate their private domain traffic pool and benefited the collection of
accurate consumption characteristics data, product shelf sales data and quality data.
In the matter of digital and smart finance, the Company created a strategic financial management
system of “compliant efficiency improvement, closed-loop processes, business-finance integration and
safe and controlled operation” based on four platforms (including expense management platform and
fund management platform) by taking the overall budget as the main line and the enterprise internal
control as the criterion. Besides, the Company reviewed and adjusted the decision execution based on
operation data to control as well as serve the business.
As for talent operation, the Company appreciated human capital under the talent management idea
of “showing respect for our staff, improving their competence and making them happy”. It cultivated the
“talent pool” idea by external recruitment and internal training to attract experienced R&D talents and
formed “talent pool”, in addition to on-campus recruitment for graduating students from universities and
colleges as its talent reserve. The Company also focused on organizational development, talent
cultivation, progression pathways and echelon building, as well as established qualification system for
managers, professionals and technicians, building up transparent career pathways. The Company set up
a learning center to focus on four core professional areas of R&D, production, sales and service,
developed and provided targeted customized professional empowerment courses based on the operating
experience accumulated by the Company over the years and the practical problems encountered in the
process of business development, and promoted the construction of a learning organization through
diversified and innovative means, such as excellent R&D project evaluation and skill competition. The
Company also continuously optimized the remuneration and incentive system based on “Fighter Culture”
and oriented by performance result, and provided equity incentive by issuing restrictive stocks to key
members of employees for their personal growth and deep bondage with the Company.
II. Company’s Industry in the Reporting Period
According to the Industrial Classification for National Economic Activities, the industry in which the
Company operates is "C377-C3770 Moped Manufacture" (Group and Class) of "C37 Manufacture of
Railway, Ship, Aerospace and Other Transport Equipment” (Division).
The first electric two-wheel vehicle appeared in China in 1995. After rapid development and
regulatory exploration for more than 20 years, electric two-wheel vehicle became the important
transportation and production tools of short-distance travel for Chinese residents.
Before implementation of Chinese New National Standard in 2019, the complete industrial eco-
system and broad market condition were formed. The cumulative ownership of electric bicycles in the
society has exceeded 250 million sets, and annual average of production and sales quantity maintained
some 35 million sets for years, and market competition was intensive and industrial concentration degree
was low.
The Chinese New National Standard, released in 2019, regulated research and development,
production, sale, distribution and use of electric bicycles, and brought industry new opportunities.
Meanwhile, local governments set up different transition periods for implementation of New National
Standard. According to the actual situation, it was estimated that the transition period would expire at the
end of 2024. After the transition period, the vehicle models, which didn’t meet the requirements of New
National Standard, would not be allowed to run on roads. The subsequent replacement demand would
bring new growth point for market volume. With the compound demands on both organic growth and
replacement, the industry entered a new rapid growth period. In this phase, market shares would be
further taken by large-scale, leading and brand enterprises, the industry would accelerate optimization,
and the degree of market concentration would increase.
Under the macroscopic background of economy transformation, information technology, the carbon
peak and neutrality targets, the consumer electric two-wheel vehicles market showed three trends:(1)
consumption upgrades and personalized consumer demand; (2) environmental protection awareness by
consumers;(3) consumer’s pursuit of convenience and smart technology. In addition, due to the increased
demand from international markets, electric two-wheel industry, originated, developed and flourished in
China, would further penetrate into overseas markets and accelerate its internationalization within the
industry. For this reason, the industry would be trending toward differentiation, high-end orientation,
intelligence and internationalization. After the transition period of the Chinese New National Standard
expires, and the industry would enter a new round of rapid development period, driven by the deep
understanding of consumer demand and product customization, continuous implementation of Internet
technologies, smart technologies and new energy technologies in electric two-wheel vehicle industry, and
the expansion and further growth of global business.
Form Development Stages of Electric Two-wheel Vehicle Industry
Industry
Development
development Period Industry features and structure
characteristics
stage
From 1995 to
Generation and Many manufacturers, serious
New National Rapid development from
rapid product homogenization and
Standard taking zero
development fragmented market share
effect
Market volume increasing
From New Regulatory system Many small enterprises withdraw
National improved
Transition to competition, the market share of
Standard taking
orderly Industry order meeting head enterprises is being
effect to expiry
development specification improved, and resources are
of transition
Market concentration concentrated to head enterprises
period
degree improved
From mainly relying on the
local the market to
combination of local
From expiry of market and overseas
Future and market Industry development shows
transition period
transformed differential, high-end, smart and
of New National The industry is
development international features
Standard transformed from
manufacture and sale of
vehicles to service
provision based on users
III. Description of The Company’s Businesses in the Reporting Period
(I) Main business of the Company
The Company was established in 1999 and entered electric two-wheel vehicle industry in 2004, and
it was one of the earliest manufacturing enterprises of electric two-wheel vehicles in China. The main
business of the Company is development, production and sale of electric bicycle, electric moped and
electric motorcycle. With development for years, the Company has high market share and is one of
leading enterprises in the electric two-wheel vehicle industry.
(II) Major products of the Company
Electric Electric two-wheel motorcycle
Classification
bicycle Electric moped Electric motorcycle
Non-motor
Nature Motor vehicle Motor vehicle
vehicle
Pedal riding Compulsory
None None
ability requirement
Highest ≤25km/h
≤50km/h ＞50km/h
velocity
Shall not
Whole mass May exceed 55kg May exceed 55kg
exceed 55kg
Voltage of ≤48V
No restriction No restriction
battery
Production
None With production qualification With production qualification
qualification
Product 3C announcement of the Ministry of announcement of the Ministry of
qualification certification Industry and Information Industry and Information
Technology Technology
Riding
None Motorcycle driver’s license Motorcycle driver’s license
qualification
As for electric tricycle products, the Company boasts electric tricycle for leisure purposes, plus
electric tricycle with canopy, and electric tricycle for freight. The electric tricycle for leisure purpose is
more suitable for the following demands of young mothers, middle-aged and old people: leisure travel,
pickup of children from and to school, and relevant consumers liked it very much. The electric tricycle
with canopy features sheltering from wind and rain, and it refers to the manufacture and assembly
technology of vehicle in the aspects of whole vehicle design and manufacture process, with exceptional
functionality and fashionability that cater to the demand of comfortable short-distance travel. The electric
tricycle for freight adds faddish elements to durability, enjoying high popularity among consumers. In the
reporting period, the revenue of electric tricycles of the Company increased by 21.76% year over year.
In addition, the Company has also launched bicycles, e-bikes, electric scooters and other products,
all of them constitute green traffic tool product system for short and medium distance travel.
(III) Operation model
The Company adopts a user-centric approach to spur self-reform and transformation, implement
product and technology innovation, striving to becoming the world’s leading platform-based technology
company that integrates all services across the industrial chain of electric two-wheel vehicles.
In terms of R&D and design, the Company considers technological innovation as its development
foundation and continuously increases spending on innovation as it expands its business footprint. It has
established AIMA Institute in Hangzhou, which is mainly responsible for the R&D and validation of core,
cutting-edge technologies in the industry such as the EIC system (battery, motor, and electric control);
AIMA Institute has set up an intelligent center to launch R&D projects such as the upgrading and
application of smart technologies, Internet of Vehicles consumption software, and IOT-linked smart
hardware; and the R&D Department is responsible for the development of new model and the application
of new technologies and processes, including product design, development, testing and inspection,
compliance, quality control, etc. Aima has set up R&D bases in Tianjin, Wuxi, and Chongqing, together
with industrial design center and CMF center (responsible for the design and application of product colors
and visual effects), with considerable influence in the industry.
In terms of parts procurement, the Company focuses on building a highly integrated and adaptable
industry-wide supply chain system, and has established a supply chain management center (consisting
of a supplier quality control department) and a procurement center for the business units to select and
establish a close and friendly long-term supply relationship with high-quality suppliers. Meanwhile, the
Company actively builds up its manufacturing capacity of core components, including frames, coating,
motors, etc.
In terms of manufacturing, the Company has set up 7 production bases across China, and another
In terms of sales, the Company carries out marketing based on the distribution model, under which,
it insists on the value integration of factory and dealer. Dealers are the direct customers and also
important partners of the Company who sell products, provide services and exhibit brand image to
consumers. The Company has established a complete and reasonable management system of dealers,
and had formulated detailed rules on admittance, management, training, appraisal and evaluation of
dealers. It empowers dealers on all fronts through operational assistance, training delivery, special
services for city managers, and precise promotion toward new customers for retailing.
In terms of logistics, Aima has established a specialized logistics management platform company to
gradually implement unified logistics and distribution management. Intensive management of goods
distribution at various points of sales (POS) helped the Company shorten the time spent in the "company's
finished product warehouse - logistics - POS” process and effectively use logistics resources to achieve
inventory optimization and further improve finished stock turnover.
In terms of service, in order to meet the changing needs of users from the "era of vehicle purchase"
to the "era of vehicle use", the Company is committed to creating a lifecycle service system that can
provide users with services of sales, repair, replacement, maintenance, leasing, and battery replacement.
It has established a specialized service company with distribution channels-backed service outlets to
provide users with efficient and premium services.
IV. Analysis on Core Competitive Advantages in the Reporting Period
√Applicable ?Not applicable
(I) Precision product development and innovation based on “technology and fashion”
After development of electric two-wheel vehicles for more than 20 years, homogeneous phenomenon
of product was highly general. The Company insisted on “technology and fashion” and took R&D and
product innovation as major measures for improving its product competition and realizing long-term
development. In terms of product development, the Company has developed and keeps improving the
precise, efficient user-centered APDS process (forward development process of AIMA products). User-
oriented product development and validation are always conducted from product design to planning,
research and development, and introduction. Multiple critical thresholds and specifications are set for the
confirmation of phased goals in finished vehicle development in order to develop vehicle models that
accurately cater to the needs of the target user group under the premise of required quality Q, time C and
cost D. The innovative vehicle models independently developed by the Company had received various
honors, such as Annual Innovative Vehicle Model, Annual Fashion Vehicle Model issued by Annual
Motorcycle Model Selection Organizing Committee of China, MUSE Golden Medal issued by International
Design Awards (IAA).
In terms of technical strength, the Company continuously stepped up its investment in the
independent research and development of industry underlying technologies, cutting-edge technologies
and engineering technologies, introduced new technologies and new materials, and applied them to
product manufacturing and to improve existing production technologies and processes and enhance
product performance and added value, which guarantee the Company’s leading technical and product
strength. After years of business operation, the Company has built a R&D team boasting high professional
quality, strong research and development capability, and considerable influence in the industry. As of
December 31, 2022, the Company owned over 1,600 patents, and many of its subsidiaries had obtained
certification of New & Hi-tech Enterprise.
In the field of fashion design, and the Company’s products were always the fashion wind vane in
vehicle body modeling, paint texture, color matching and other aspects, and owned diversified product
design innovation capacity. The Company can provide multiple vehicle models that will meet the
requirements of different consumers to fashion and personality. In particular, the Company boasts
outstanding and unique capacity for innovating fashion colors. It cooperated with China Fashion Color
Association (the authority on color fashion of China) to establish an electric bicycle fashion color R&D
base, a leader in the industry, and had acquired various original design achievements including Mai Mini,
ICOOL.
In addition, the Company was active in fulfilling its industry responsibilities, and fully utilized its
strength in R&D and technology to promote standardization of industrial technologies. It had organized
to compile or participated in drafting more than a score of national standards and industrial standards,
including Technical Requirements of Charger in Electric Bicycle, Motor Performance Testing Methods for
Electric Motorcycle and Electric Moped, Safety Requirements of Electric Motorcycle and Electric Moped.
Jiangsu Vehicle obtained the honor title of “Leading Unit in Industrial Standardization” issued by Electric
Bicycle Technical Sub-committee of All-China Bicycle Standardization Technical Committee.
(II) Reliable production technologies, leading product quality
The Company always considered technical R&D, product quality as its development foundation,
pursued excellence in the course of production and guaranteed output of high-quality products. The
Company used first-class electrophoretic technique for manufacture of vehicle frame. Internal and
external double-layer paint spraying provided good packaging of internal frame structure and significantly
improved corrosion resistance and durability; acquired advanced CNC pipe bending machines and
welding robots to guarantee vehicle frame cutting and produce quality and appearance quality. In the
aspect of painting, the Company established dust-free painting workshop to guarantee painting quality,
and took cathode electrophoretic technology to strengthen anti-rusting performance of products; used
high-quality paint materials to guarantee anti-aging, anti-corrosive performance of products and
maintained products cosmetically beautiful. In the aspect of other core components, the Company
cooperated with brand suppliers leading in the industry to ensure stability of operating system of electric
two-wheel vehicles. In the aspect of manufacture and inspection of whole vehicle, the Company carried
out lean production mode to improve profit and guarantee quality with five-inspection system including
first inspection, self-inspection, mutual inspection, sampling and special inspection.
The Company had established fully equipped testing laboratories in the production bases situated in
Tianjin, Jiangsu, Guangdong and etc. The Company owned 400 sets of testing devices and equipment,
and employed about 30 technicians who had passed ISO/IEC training and obtained qualification
certificates. The Company had set up 7 professional laboratories, including whole vehicle performance
laboratory, environment laboratory, material analysis laboratory, electronic and electric laboratory,
mechanic performance laboratory, core technology laboratory and intelligent laboratory, which owned
various testing equipment and powerful technical capacity, and had the testing capacities to electric two-
wheel vehicles, electric tricycles and some low-speed electric quadricycle. The Testing Technology
Center of the Company (Wuxi Base) had received the certificate from China National Accreditation
Service for Conformity Assessment (CNAS). With reference to the product development testing model
used in automobile industry, the Company worked out the testing processes highly consistent with APDS
product development processes and the Company’s production system, and carried out overall testing to
parts, system and whole vehicle to ensure product quality.
The Company’s products had been sold in the market for years, and the Company had received
high-level accreditation and various honors in the aspect of quality, for example, “All-China Quality
Benchmark Enterprise” issued by China Association for Quality Inspection, AAA Enterprise Credit Rating
Certificate issued by China Urban Transportation Association.
(III) Sales channel system with large coverage and high efficiency
In the aspect of offline channel, the Company actively implemented the brand strategy focusing at
consumption demand, grasped the development opportunity of electric two-wheel vehicle market, fully
utilized its brand influence to develop dealer channel and formed an offline sales network over China.
The Company had achieved economy of scale and rapid growth accordingly. The Company insisted on
value integration of factory and dealer, continually improved management rules and system of dealers
and attracted excellent dealers that have large share in district/county markets to establish long-term
strategic cooperation relationship with the Company. After accumulation for years, the Company had
established flat marketing channels in unit of district/county and demonstrated its advantage of wide
coverage and high efficiency.
In the aspect of online channel, the Company had set up online channel system on multiple platforms,
including Tmall, JD and other major e-commerce platforms, as well as Douyin, Xiaohongshu, Kuaishou
and other emerging platforms. The Company further provided overall and all-time shopping experience
and convenient after-sale services to online customers by virtue of its digital and smart empowerment
platform and nationwide service network. In addition, by coordination with the marketing measures of the
Company, the online channels played an important role as traffic driver and in new customer acquisition.
(IV) Service network with high quality, high efficiency and high coverage
In the aspect of service network, based on long-term operation, the Company had established a
perfect service network, consisting of nationwide service shops, efficient work order distribution system,
industrial leading service effect and service content standards, efficient part warehousing and distribution
system, examination system based on service satisfaction indicators and professional service team. The
outstanding and efficient services of the Company were widely praised by customers and highly accepted
by regulatory bodies. All-China Goods After-sale Service Rating Authentication Reviewing Committee
determined the Company reaching five-star level in technical support, maintenance service and etc.,
China Customer Connection Center granted the Company “Customer’s Satisfaction Award”; the
Company also participated in drafting the industrial self-regulatory service specification After-sale Service
Specification for Electric Bicycle, organized to draft After-sale Service Time Effect Specification for
Electric Bicycle, which led the standardized development of services in the industry.
(V) Brand influence leading in the industry
The Company took “Technology and Fashion” as its brand strategy and “love, and act at once” as
its brand slogan to carry out brand construction in China on the basis of fashionable and high-quality
products. With great efforts for years, the brand AIMA received general acceptance and high reputation,
and its brand influence led ahead in the industry.
The qualification and honors that the Company had acquired in brand construction included
authentication of Famous Trademark of China, recognized as the 1st position for 11 consecutive years
on the list of China brand influence indexes (C-BPI) in the category of electric bicycles issued by
Chnbrand.
(VI) Production and sales volume leading in the industry, with significant scale advantage and
cost advantage
The Company became one of leading enterprises in the electric two-wheel vehicle industry of China
due to good quality, large distribution system and high brand reputation. The Company keeps closely
cooperative relationship with dealers and suppliers. The Company had strong bargaining power when it
made concentrated procurement to suppliers, beneficial for maintaining stable price of raw materials and
obtaining beneficial payment period; while selling goods to dealers, the Company generally used the
mode of delivering goods after receipt of payment, and thus possessed very stable cash flow.
Furthermore, larger production scale can allow the Company to realize lower cost per single vehicle in
production and manufacture. With the production scale and sales volume increased, the Company had
sufficient resources and development strength to improve production processes and technologies,
product performance and production efficiency, and this would further enhance scale effect and cost
competition advantage. The leading production scale made the Company to achieve efficiency and cost
advantage that its competitors were incomparable in market competition.
(VII) Digital and smart management system with full empowerment and efficiency improvement
The Company had started and implemented the “361 digital and smart engineering” strategy to lead
digital transformation of the Company. The Company had also built up a digital and smart management
system highly consistent with organizational structure and business procedure, and empowered
Company in various business fields. The Company had established the digital marketing system based
on retail and covering all business processes of marketing, and achieved smooth connection of enterprise
marketing system to shop terminals of dealers, so that the coordinated business of dealers can be made
online and thus it significantly improved efficiency. Meanwhile, the system data can guide ordering plan
of dealers and internal production plan of the Company, and improved accuracy of sales and production
plan; the Company had constructed private flow pool of AIMA, and laid foundation for the Company to
perform user operation. The Company carried out transformation of intelligent manufacturing, analyzed
business plan execution situation through data perspective, and realized data-feeding lean manufacturing.
The Company promoted supply and sale integration by smooth system connection concurrently, which
remarkably enhanced efficiency. The Company empowered management, realized integration of
business and finance, inspected execution of decision with operation data and realizes consistent data
collection standards and decision-making based on data. With accurate operation, forward development,
lean manufacture, and accurate data supporting operation decision-making, the Company gave quick
response and agile treatment to market demand, accurately understood and promptly met users’ demand,
and reduced costs and improved benefit by refinement operation. The Company had initially realized
overall information technology use, digital operation, smart decision-making and automatic execution.
(VIII) Talent team with high loyalty and professional level
The Company upheld the talent management idea of “showing respect for our staff, improving their
competence and making them happy”, established the human resource management system based on
talent development and human capital appreciation, including attractive remuneration system, smooth
occupational promotion channel, professional talent training system, good employee welfare system and
inclusive and creative diversified business culture, so that the Company became the happy platform of
contributors, improved professional capacity and quality of staff and cultivated the talent team with high
loyalty and professional level, and made them happier.
V. Major Operation Situation in the Reporting Period
In the reporting period, the Company recorded revenue of RMB 20,802.213 million, representing a
year-on-year increase of 35.09%, the profit attributable to shareholders of the listed company of RMB
recurring gains or losses attributable to shareholders of the listed company of RMB 1,797.3577 million,
representing a year-on-year increase of 191.68%. The main reasons were that the Company continuously
focused on its core business, i.e. R&D and manufacture of electric two-wheel vehicles, executed annual
business and operating plan, continuously improved product power, channel capacity and capability,
brand power, technological power, productivity, operation capacity, and achieved good business
operations in 2022.
(I) Analysis on main business
In: Yuan Currency: RMB
Amount of the current Amount of last Change
Items
year year (%)
Revenue 20,802,212,994.46 15,398,710,870.72 35.09
Cost of sales 17,398,502,632.36 13,593,606,029.56 27.99
Selling expenses 587,315,848.35 550,605,290.98 6.67
Administrative expenses 432,777,222.67 316,594,598.36 36.70
Financial expenses -382,697,297.50 -261,133,668.57 N/A
R&D expenses 506,685,038.01 404,084,127.91 25.39
Net cash flows from operating activities 5,051,454,116.94 2,094,187,373.97 141.21
Net cash flows from investing activities -2,178,319,161.48 -2,024,141,754.57 N/A
Net cash flows from financing activities -182,243,777.55 1,797,930,958.66 -110.14
The change in revenue was mainly attributable to the fact that the Company continued to leverage
its competitive advantage, there was a robust demand for the Company’s main products, and its operating
performance was on the increase.
The change in cost of sales was mainly attributable to the growing sales scale and the simultaneous
increase of operating cost.
The change in selling expenses was mainly attributable to the enlarged sales volume and the
simultaneous increase of selling expenses.
The change in administrative expenses was primarily attributable to the increased amortization of
spending on restricted stock incentives implemented during the reporting period.
The change in financial expenses was mainly due to the increased interest income generated from
the larger scale of the currency funds.
The change in R&D expenses was due to that the Company enhanced the R&D investment.
The change in net cash flows from operating activities was mainly due to that the business growth
led to more cash received from operating activities.
The change in net cash flows from investing activities was mainly due to the difference of low-risk
financial products purchased and redeemed by the Company in the reporting period increased year on
year.
Reasons for the change in net cash flows from financing activities: ① the cash outflow increased
since the Company implemented the 2021 Equity Distribution Plan during the reporting period; ② the
Company raised capital by IPO in the same period of the previous year.
Detailed description of major changes of the Company in business type, profit makeup or profit
source
?Applicable √Not applicable
√Applicable ?Not applicable
In the reporting period, the Company recorded revenue of RMB 20,802.213 million, representing a
year-on-year increase of 35.09%, and cost of sales of RMB 17,398.5026 million, representing a year-on-
year increase of 27.99%, as the Company achieved performance growth by focusing on its main business,
and continually utilizing its brand influence strength.
(1). Sales information of principal operation by industry, products, regions and sales models
In: Yuan Currency: RMB
Information of main business by industries
Change Change
Change of
Gross of of cost of
gross profit
Based on profit revenue sales
Revenue Cost of sales margin
industry margin compared compared
compared with
(%) with last with last
last year (%)
year (%) year (%)
Railway,
ship,
aerospace
Increased by
and other
transport
points
equipment
manufacture
industries
Information of principal operation by products
Change Change
Change of
Gross of of cost of
gross profit
profit revenue sales
Product Revenue Cost of sales margin
margin compared compared
compared with
(%) with last with last
last year (%)
year (%) year (%)
Electric Increased by
bicycles 5.53
percentage
points
Electric two- Increased by
wheel 3.74
motorcycles percentage
points
Electric Increased by
tricycles 3.13
percentage
points
Bicycles 3,206,607.36 2,893,119.15 9.78 -93.36 -93.64 Increased by
percentage
points
Sale of Increased by
parts 1.48
percentage
points
Information of principal operation by regions
Change Change
Change of
Gross of of cost of
gross profit
profit revenue sales
Region Revenue Cost of sales margin
margin compared compared
compared with
(%) with last with last
last year (%)
year (%) year (%)
Increased by
Northeast
China
points
Increased by
East China 8,346,994,705.28 6,916,047,881.80 17.14 45.38 36.97
percentage
points
Increased by
North China 2,710,951,421.43 2,295,863,032.64 15.31 34.97 30.43
percentage
points
Increased by
Central 4.00
China percentage
points
Increased by
South China 3,487,873,335.66 2,911,045,655.29 16.54 52.67 45.16
percentage
points
Increased by
Southwest
China
points
Increased by
Northwest 2.68
China percentage
points
Increased by
Overseas 221,186,462.65 174,610,671.34 21.06 28.26 24.77
percentage
points
Increased by
Undefined 2.48
region percentage
points
Information of principal operation by sales models
Change Change
Change of
Gross of of cost of
gross profit
profit revenue sales
Sales model Revenue Cost of sales margin
margin compared compared
compared with
(%) with last with last
last year (%)
year (%) year (%)
Distribution 19,944,845,861.46 16,682,005,922.88 16.36 39.85 32.68 Increased by
percentage
points
Increased by
Direct sales 720,579,033.32 630,618,749.69 12.48 -28.17 -31.31
percentage
points
Description of principal operation by industry, products, regions, sales models
① Description of revenue and cost of sales of principal operation by industry: in the reporting period,
the Company focused on its main business, continually utilized its brand strength and obtained
performance growth. Furthermore, the Company strengthened new product development efforts,
optimized product structure and increased the ratio of the newly developed and high-profit products in
sale.
② Description of sales of principal operation by products: in the reporting period, as the main
products of the Company, the electric bicycles achieved sound sales performance, and the demand of
electric tricycles also showed the trend of rapid increase. The market demand for electric two-wheel
motorcycles was stabilizing due to the influence of the New National Standard.
③ Description of sales of principal operation by regions: The Company actively developed its sales
channels, and consequently caused the steady growth in the major sales regions.
④ Description of sales of principal operation by sales models: The revenue from direct sales model
reduced than last year because of the decreased orders of sharing bicycles and electric two-wheel
vehicles produced through OEMs.
(2). Analysis on production and sales volumes
√Applicable ?Not applicable
Change
Change of Change of
Production Sales of sales
Main product Unit Inventory production inventory
volume volume volume
volume (%) (%)
(%)
Electric
Set 7,258,671 7,236,942 280,239 41.97 44.20 8.41
bicycles
Electric two-
wheel Set 3,254,501 3,269,590 76,968 -2.49 -1.86 -16.39
motorcycles
Electric
Set 263,463 261,446 14,324 24.35 27.84 16.39
tricycles
Bicycles Set 2,052 4,755 6 -98.18 -95.88 -99.78
Total Set 10,778,687 10,772,733 371,537 22.83 24.25 1.63
Description of production and sales volumes
① In the reporting period, the Company's electric two-wheel vehicles sold well, with a YoY growth
of 25.82%. Among them, the market demand for electric bicycles was strong, with a YoY increase of
National Standard.
② In the reporting period, the Company's electric tricycles sold well because of brisk demand.
③ The significant decline in the Company's bicycle production and sales during the reporting period
was caused by the decreased orders of sharing bicycles.
④ The production and inventory of the Company remained stable, with flexible adjustments between
categories based on market orders.
(3). Performance situation of major purchasing contracts, major sales contracts
?Applicable √Not applicable
(4). Cost analysis form
In: Yuan
Information based on industry
Ratio in Ratio in
total total
Change in
Cost Consumed in cost in Consumed in last cost in
Industry consumption
components current year current year last
(%)
year year
(%) (%)
Railway, Direct
ship, materials
aerospace
and other Direct labor
transport and
equipment 814,505,577.87 4.70 655,410,117.04 4.86 24.27
manufacture
manufacture expenses
industries
Total 17,312,624,672.57 100 13,491,387,679.85 100 28.32
Information based on product
Ratio in Ratio in
total Consumed in last total
Cost Change in
Consumed in cost in year cost in
Product structure consumption
current year current last
item (%)
year year
(%) (%)
Direct
materials
Direct labor
Electric
and
bicycle 586,195,389.63 3.39 400,191,585.40 2.97 46.48
manufacture
expenses
Sub-total 10,068,416,512.74 58.16 6,336,213,579.94 46.97 58.90
Direct
materials
Electric two- Direct labor
wheel and
motorcycle manufacture
expenses
Sub-total 6,063,830,677.68 35.03 5,996,024,990.92 44.44 1.13
Direct
materials
Direct labor
Electric
and
tricycle 52,362,529.15 0.30 50,871,646.25 0.38 2.93
manufacture
expenses
Sub-total 665,107,850.67 3.84 566,701,721.63 4.2 17.36
Direct
materials
Direct labor
Bicycle and
manufacture
expenses
Sub-total 2,893,119.15 0.02 45,487,358.07 0.34 -93.64
Sale of Direct
parts materials
Total 17,312,624,672.57 100.00 13,491,387,679.85 100.00 28.32
Description of other situations in cost analysis
During the reporting period, the cost components of the Company's main products remained
generally stable, with a slight increase in the cost of purchased main raw materials. But this influence
was offset by the 35.38% increase in the Company's prime operating revenue over the previous year.
(5). Equity change of major subsidiaries in the reporting period caused change of consolidation
scope
?Applicable √Not applicable
(6). Major changes of the Company about business, product or service in the reporting period
or relevant adjustment situation
?Applicable √Not applicable
(7). Major customers and major suppliers
A. Information of major customers of the Company
√Applicable ?Not applicable
The total sales amount to the top five customers was RMB 1,032.9955 million, accounting for 4.97%
of the annual sales amount. Among the sales to the top five customers, the amount of sales to the related
parties was nil, accounting for 0% of the annual sales amount.
In the reporting period, the circumstance that sales ratio to single customer exceeded 50% of total
amount, there were new customers in top five customers or it seriously relied on minority customers
?Applicable √Not applicable
B. Information of major suppliers of the Company
√Applicable ?Not applicable
The total purchasing amount from the top five suppliers was RMB 6,175.381 million, accounting for
of purchase from the related parties was nil, accounting for 0% of the annual purchases.
In the reporting period, the circumstance that purchasing ratio from single supplier exceeded 50% of
total amount, there were new suppliers in top five suppliers or it seriously relied on minority suppliers
?Applicable √Not applicable
√Applicable ?Not applicable
In: Yuan
Change
Expense item Current year Prior year Description of change reasons
(%)
Mainly attributable to the enlarged
Selling
expenses
increase of selling expenses.
Primarily attributable to the
increased amortization of spending
Administrative
expenses
implemented during the reporting
period.
The increased interest income
Financial - -
N/A generated from the larger scale of
expenses 382,697,297.50 261,133,668.57
the currency funds
The Company enhanced the R&D
R&D expenses 506,685,038.01 404,084,127.91 25.39
investment
(1). R&D input form
√Applicable ?Not applicable
In: Yuan
Research and development input expensed in current period 506,685,038.01
Research and development input capitalized in current period 0.00
Total of research and development input 506,685,038.01
Ratio of total R&D input in revenue (%) 2.44
Ratio of capitalization of R&D input (%) 0.00
(2). Information of R&D personnel
√Applicable ?Not applicable
Quantity of R&D personnel of the Company 917
Ratio of R&D personnel in staff of the Company (%) 11.28
Educational structure of R&D personnel
Category of educational structure People in educational structure
Doctorate 3
Master degree 21
University 322
Junior college 299
High school and below 272
Age structure of R&D personnel
Category of age structure People in age structure
Below 30 (exclusive) 270
Above 60 3
(3). Description of situation
?Applicable √Not applicable
(4). Reasons of major change about R&D personnel structure and impact on future development
of the Company
?Applicable √Not applicable
√Applicable ?Not applicable
Change Description of change
Cash flow item Current year Prior year
(%) reasons
Net cash flows The business growth led
from operating 5,051,454,116.94 2,094,187,373.97 141.21 to more cash received
activities from operating activities
The difference of low-risk
financial products
Net cash flows
purchased and redeemed
from investing -2,178,319,161.48 -2,024,141,754.57 N/A
by the Company in the
activities
reporting period increased
than in last year.
Net cash flows Main reasons: ① the cash
from financing outflow increased since
activities the Company
implemented the 2021
Equity Distribution Plan
-182,243,777.55 1,797,930,958.66 -110.14
during the reporting
period; ② the Company
raised capital by IPO in
the same period of the
previous year.
(II) Description of major changes of project caused by non-main business
?Applicable √Not applicable
(III) Analysis on assets and liabilities
√Applicable ?Not applicable
In: Yuan
Percentage Percentage
of closing of closing
balance of Year-on-
Closing balance balance of Closing balance Description of
Item last year in year
of current year current of last year change
total assets Change (%)
year in total
assets (%) (%)
The Company's
sales increased
in the reporting
Currency
funds
in an increase in
the payments for
goods received.
The Company
reduced its
Financial
holdings of short-
assets held 142,668,675.59 0.77 1,265,981,818.24 9.45 -88.73
maturity, low-risk
for trading
bank financial
products.
The Company's
sales increased
in the reporting
Accounts
receivable
in an increase in
accounts
receivable.
Decreased
unexpired bank
acceptance bill
Receivables
financing
Company at the
end of reporting
period.
Other The deposit for
receivables
lithium battery
components with
fixed price at the
end of the
previous year
was converted
into payment for
goods in this
reporting period.
Increased fixed
Non-current term deposits
assets due in 3,524,708,328.77 19.08 N/A due within a year
one year at the end of the
reporting period
Decreased input
Other current VAT to be
assets deducted in the
reporting period
Payment for land
purchases in
Taizhou and
Intangible
assets
production bases
in the reporting
period.
Increased
spending on
Long-term
workshop
prepaid 43,895,107.41 0.24 29,394,318.63 0.22 49.33
reconstruction in
expenses
the reporting
period
The Company's
sales increased
in the reporting
Notes period, resulting
payable in increased
bank acceptance
bills issued to
suppliers.
Increased plant
Receipts in rental payments
advance received in the
reporting period
The Company's
sales increased
in the reporting
Contract
liabilities
in an increase in
the rebates to
dealers.
Increase annual
bonuses accrued
Payroll
payable
end of the
reporting period.
The Company's
sales increased
in the reporting
Taxes and
period, resulting
surcharges 154,033,696.44 0.83 58,301,487.57 0.44 164.20
in an increase in
payable
the corporate
income tax
payable.
Other current Decreased
liabilities output VAT
Increased
deferred income
represented the
Deferred government
income grants relating to
assets received
in the reporting
period
Increased book-
tax difference
resulting from
investment
Deferred tax income of
liabilities unexpired
financial
products at the
end of the
reporting period.
The Company
conducted
capitalization of
Equity 574,700,004.00 3.11 403,660,003.00 3.01 42.37
capital reserve in
the reporting
period.
The Company
issued restricted
Treasury stocks to
stock employees as
incentives in the
reporting period.
The parent
company
sustained to
make profits in
Surplus
reserves
period, resulting
in an increase in
the provision for
surplus reserves.
The Company's
net profit
increased
significantly in
Undistributed
profits
period, resulting
in an increase in
retained
earnings.
Non-wholly
owned
subsidiaries
Minority newly
shareholders' 13,145,608.02 0.07 4,940,339.11 0.04 166.09 established in the
equity reporting period
absorbed
minority
investments.
?Applicable √Not applicable
√Applicable ?Not applicable
Item Closing book Restriction reason
value
Currency funds 1,096,591,549.00 Bill deposit
Bank acceptance bills issued as pledge
Other non-current assets 3,230,000,000.00
guarantee
Non-current assets due in one Bank acceptance bills issued as pledge
year guarantee
Total 7,526,591,549.00 /
?Applicable √Not applicable
(IV) Analysis on industrial operation information
?Applicable √Not applicable
(V) Analysis on investment status
Overall analysis on external equity investment
√Applicable ?Not applicable
See the following “major non-equity investments” and “financial assets measures with fair value” for details.
?Applicable √Not applicable
√Applicable ?Not applicable
(1) Guigang Base
In July 2022, the Company reviewed and adopted the Proposal on the Company Intends to Sign the Investment Agreement with the People’s Government
of Guigang City at the 28th meeting of the fourth session of the Board, approving the Company’s proposal to invest approximately RMB 1.15 billion in the
construction of the Aima Smart Travel Industrial Park Project in Guigang City. This project was undertaken by the Company’s wholly-owned subsidiary Guangxi
Vehicle. As of the end of the reporting period, the Company had obtained the State-owned Land Use Certificate and Construction Land Planning Permit for the
project site.
(2) Lishui Base
In November 2021, the Company held the second temporary general meeting of 2021, discussed and adopted the Proposal on the Company Intends to
Sign the Investment Agreement with the People’s Government of Qingtian County, Lishui City, and the Company was agreed to invest about RMB 2 billion in
the construction of the project of Aima New Energy Smart Transportation Ecological Industry Park. The project was undertaken by the Company’s wholly-
owned subsidiary Lishui Vehicle. During the reporting period, Lishui Vehicle signed the Contract for Transferring the Right to Use State-owned Construction
Land with the Qingtian County Natural Resources and Planning Bureau for the project site. As of the end of the reporting period, the Company had obtained
the State-owned Land Use Certificate for the project site.
(3) Taizhou Base
In September 2021, the Company held the 21st meeting of the fourth board of directors, discussed and adopted the Proposal on the Company Intends to
Sign the Investment Agreement on Taizhou Smart Electric Vehicles and High-Speed Electric Motorcycle Project, and the Company was agreed to invest a total
of RMB 1 billion to build up the smart electric vehicles and high-speed electric motorcycle project of Taizhou at Huangyan District, Taizhou City. Taizhou Vehicle,
a wholly-owned subsidiary, was responsible for implementation of the project. As of end of the reporting period, Taizhou Vehicle has signed Contract for
Transferring the Right to Use State-owned Construction Land with Taizhou Natural Resources and Planning Bureau of Taizhou City.
?Applicable √Not applicable
Securities investment
√Applicable ?Not applicable
In: Yuan’0000, currency: RMB
Gains or
Commutativ
losses
Source e changes in Gain or
Categor Initial Opening arising Closing
Code of Abbreviatio of fair value Purchase Sale loss on
y of investmen book from book Account
security n fundin recognized s s investment
security t cost value changes value
g in profit or s
in fair
loss
value
Financia
Self-
Stock 8,399.79 owned -1,212.00 0 0 -1,212.00
H Share 0 0 0 held for
funds
trading
Private equity investment
?Applicable √Not applicable
Derivatives investment
?Applicable √Not applicable
?Applicable √Not applicable
(VI) Sale of major assets and equity
?Applicable √Not applicable
(VII) Analysis of major controlling and companies invested by the Company
√Applicable ?Not applicable
In: Yuan’0000, currency: RMB
Control
Name of Main Registere Total Net Net
relationsh Revenue
company business d capital assets assets profit
ip
Developme
nt,
manufactur
e and sale
Aima Wholly-
of electric 452,148. 203,735. 1,051,515. 38,161.7
Chongqin owned 1,000
bicycle, 23 22 83 4
g subsidiary
electric
moped,
electric
motorcycle
Developme
nt,
manufactur
e and sale
of electric
Wholly-
Tianjin bicycle, 297,269. 58,021.2 41,726.4
owned 10,000 719,812.63
Vehicle electric 42 3 5
subsidiary
moped,
electric
motorcycle,
electric
tricycle
Developme
nt,
manufactur
e and sale
Wholly-
Jiangsu of electric 152,930. 32,949.3 18,426.7
owned 44,000 539,619.59
Vehicle bicycle, 19 4 1
subsidiary
electric
moped,
electric
motorcycle
Developme
nt,
manufactur
e and sale
Guangdo Wholly-
of electric 72,331.6 32,578.1 19,596.3
ng owned 10,000 236,195.42
bicycle, 7 8 5
Vehicle subsidiary
electric
moped,
electric
motorcycle
Developme
nt,
manufactur
e and sale
Wholly-
Zhejiang of electric 69,004.1 24,571.3 12,174.7
owned 10,000 220,517.78
Vehicle bicycle, 1 6 2
subsidiary
electric
moped,
electric
motorcycle
In the reporting period, net profit realized by the above major wholly-funded subsidiaries came from
the sales of major products including electric two-wheel vehicles, electric tricycles. Other subsidiaries and
associates of the Company were in normal operation, and their profit and loss situation had little impact
to the Company.
(VIII) Information of structured subjects under control of the Company
?Applicable √Not applicable
VI. Discussion and Analysis of The Company on Its Future Development
(I) Industrial structure and trend
√Applicable ?Not applicable
With more intensive market competition and implementation of New National Standard, a large
number of small-scale and low-efficiency enterprises that don’t have product development and
technological competitiveness have been eliminated or closed down, and the industry concentration has
continued to increase. In view of enterprise features, the industry participants mainly include three
categories of enterprises: the enterprises in the first category are nationwide brand enterprises, which
have nationwide marketing network, nationwide production layout, independent product development
capacity, powerful capital strength and good market reputation. These enterprises generally have
significant scale strength and brand influence, pay attention to product development and technical
innovation and own wide user foundation and market recognition; the enterprises in the second category
are regional brand enterprises, which have formed unique competition strength in long-term market
competition, have certain market strength in specific regions and specific products, and have powerful
industry chain integration capacity and market promotion capacity; the enterprises in the third category
are newcomers, which start to enter the industry after the electric two-wheel vehicle industry has been
mature. By focusing on products for specific users or specific uses, with intelligence and networking
technology as the selling point, as they gain a certain market in specific markets and specific uses, they
begin to penetrate into the mass consumer market.
Form market competition situation of electric two-wheel vehicles
Market Distribution of
Customer group Brand influence Channel
participant manufacture base
Select a few of
regions with industrial
Has set up the
Nationwide With brand cluster effect in
Nationwide nationwide
brand popularity in China, establish
consumers marketing
enterprises China nationwide
network
manufacture base
system
With good
Regional With brand Establish
marketing
brand Local consumers popularity in a manufacture base at
network at local
enterprises region local place
place
Newcomers A segmenting With brand Channels mainly Outsource some
consumer group popularity concentrated in production processes
(currently they are mainly in first- first-tier and
mainly high-income tier and second-tier cities
people in first-tier second-tier
and second-tier cities
cities)
(1) Policy
The supervision system in the aspect of policy is becoming better, and implementation of
New National Standard and other industrial policies regulates development of industry and brings
development opportunities for head enterprises.
Implementation of New National Standard brings changes in competition order and market volume.
The inspection rules of Old National Standard are divided into three categories, veto items, important
items and common items. The electric bicycle, meeting all veto items, at least 15 ones in 18 important
items and at least 9 items in 13 common items, are deemed as qualified in inspection conclusion. The
New National Standard does not distinguish the inspection rules of electric bicycle, all technical
parameters are compulsory requirements, and insists on the nature of non-motor vehicle of electric
bicycle in a few of aspects, for example, the highest velocity of vehicle shall not exceed 25km/h, and
increases the technical requirement to prevent changing maximum speed.
With implementation of New National Standard, in order to further strengthen transportation safety
management, the administrative departments implement transition period management policy for the
existing electric bicycles that exceed the standard, and each local government set the transition period.
After the transition period expires, the electric bicycles exceeding the standard will not be allowed to run
on the road again. Local governments promulgated the management policies for electric bicycles that
exceed the standard, and set different transition periods (generally 5 years, i.e. closing before the end of
monitoring equipment and execution tools greatly reduced execution difficulty, therefore, the
implementation effect of the New National Standard was good, and the replacement demand increasing
every year extended the industry’s market volume.
After implementation of the New National Standard, the demand to electric mopeds and electric
motorcycles significantly increased, many manufacturers had to pass strict entry examination in order to
obtain production and management qualification. In addition, all electric two-wheel vehicles must pass
These requirements significantly raised industrial entry barrier and the operating costs of whole vehicle
manufacturers, accelerated survival of the fittest in the industry, and had active promotion action for
regulating development and competition order of electric two-wheel vehicle industry. In view of
implementation effect of New National Standard in recent two years, integration showed acceleration
trend in the industry, and the market share would be concentrated to the leading enterprises.
The industry supervision and administration policies promulgated and implemented in recent years
were mainly related to safety (including riding safety and fire safety). Benefiting from digital and smart
transportation monitoring equipment and execution tools, execution strength and effect continually
increase, safety use of electric two-wheel vehicles and industrial order were strictly regulated from
production end, sales end and user end.
The State Taxation Administration, Ministry of Industry and Information Technology, Ministry of
Public Security jointly released Measures for the Use of Motor Vehicle Invoices, which was formally
implemented in July 2021. Enterprises which manufacture and sell motor vehicles shall issue unified
invoices for the motor vehicles which they have sold according to the principle of “one invoice for one
vehicle”, and any electric motorcycle and electric moped not issued with invoice cannot obtain license
plate and run on road. The policy of “one invoice for one vehicle” is convenient for after-sale claim of
consumers and effectively removes unsymmetrical competition in the industry.
In addition, occurrence of public safety accidents arising from electric two-wheel vehicle on fire
catches more social attention in recent years. Execution of the rule “electric vehicles shall not be upstairs”
is stricter, safe charging had become the focal point in consumption and an important issue affecting the
development of the industry, and generated a huge potential demand market, and also provided room for
business expansion and performance growth.
(2) Society
The common view of “low carbon emission and green transport” and worse traffic jam to
commute habit made more users to accept electric two-wheel vehicles.
In recent years, governments of various nations continually improved the policy and law system on
low carbon emission, and advocated the concept of green environmental protection, in order to solve
greenhouse effect. The common view of “low carbon emission and green transport” made electric two-
wheel vehicles accepted by more customers; traffic jam had become worse day by day, many families
and individuals who owned vehicle or electric four-wheel vehicles were willing to select electric two-wheel
vehicles for medium and short-distance travel because they were flexible and convenient.
(3) Economy
The medium and short-distance travel demand of residents is basic, transport cost advantage
makes electric two-wheel vehicle as major selection for medium and short-distance travel; the
rise of take-out distribution and other emerging businesses remarkably extend the use scenarios
of electric two-wheel vehicles.
With economic development and urbanization progress, the travel radius of residents (including
urban and rural residents) continually increases, and the medium and short-distance travel demand is
increasing. Compared with other medium and short-distance vehicles, electric two-wheel vehicle has the
following advantages: economical, convenient, time-saving and labor-saving, and the transportation cost
advantage is even more obvious, this highly meets the demand of residents and it becomes the major
selection of residents for medium and short-distance travel. This is the basic drive factor of industry
development.
Furthermore, when consumption awareness of residents improves and the “Internet +” service model
is becoming mature in China, various door-to-door services have become mainstream of new
consumption, take-out services driven under O2O (online/offline) model and express services driven
under e-commerce have become the new consumption scenarios of electric two-wheel vehicle, which
benefits the expansion of industry capacity.
(4) Technology
In-depth research on the design, technology and process of electric two-wheel vehicles and
the continuous application of networking and intelligence jointly drive the technological
development of the industry.
Industry technologies are developed mainly in two paths, one is innovation and improvement of the
inherent technology system of the industry (including material, process and structure), including
performance improvement of core hardware such as battery, application of new environment-friendly
materials and new technologies, improvement of vehicle body structure. The other is technical application
crossing industries, networking and smart technical application is the R&D field of current important cross-
industry technical application. Both of them jointly promote technology development of the industry,
improvement of product performance and function expansion, and it is beneficial that the products in the
industry obtain wider market recognition. After the leading enterprises with strength in R&D investment
acquire economic interest from research and development, they will further increase input in R&D and
design, so that it can generate good cycle of R&D - design - manufacture - sale, and promote
improvement of industry concentration and whole upgrading of industry.
(5) International demand
Carbon emission reduction is an important strategic consensus formed on a global scale.
Under the background of the continuous implementation of "carbon peaking and carbon
neutrality" policies in various countries, the international market for electric two-wheel vehicles
is showing a growing trend.
Since electric two-wheel vehicle emerged, the domestic market is the major consumption market,
but the international market has low demand to electric two-wheel vehicles. Compared with electric two-
wheel vehicles, motorcycles and electric assistance products with leisure and fitness function are greatly
acceptable by overseas customers. A few of manufacturers in China have a little export business, and
they try to build up factories in Southeast Asia /other countries for developing business, but the effect is
very little. While environmental protection awareness is being strengthened in the world, many countries
promulgate relevant policies for “prohibiting motorcycle” or encouraging “replacing oil with electricity”, and
the demand to electric two-wheel vehicles in the international market shows increasing trend, and this
provides another huge development space for the industry.
Economic transformation and consumption upgrading, application of networking and smart
technologies and rise of international demand under carbon peaking and carbon neutrality will
drive electric two-wheel vehicle industry developing to differential, high-end, smart and
international direction.
(1) Differentiation
Electric two-wheel vehicles in early days mainly met the short-distance travel demand of the public,
and the products focused at riding function and cost performance, they had simple functions and are
homogeneous. With improvement of living standard of residents and development of consumption
upgrading trend, the consumption demand to electric two-wheel vehicles changes to the direction of
quality, function, personality and experience, including color, vehicle model and style (such as business,
fashion and sports), driving mileage, smart interaction, riding comfort, brake safety, stability, etc. In the
trend of consumption demand transformation and consumption upgrading, electric two-wheel vehicles
will show differential trend, namely, manufacturers carry out precise identification and deep research to
segmenting consumption demand, and organize customized production according to different personal
demands.
(2) High-end
With more intensive competition in the industry, restructuring of industry order and change of
consumption demand, high-end will be the necessary option of electric two-wheel vehicle industry, and
is also only way of brand enterprises. High-end trend of the industry includes three aspects: first, product
function upgrading and expansion, second, brand re-positioning and extension, third, overall high-end
transformation. Overall high-end transformation mainly refers to innovation, evolution and upgrading of
the existing industrial pattern under the networking, smart and digital trend.
(3) Smartness
Consumption upgrading and cross-industry technical application provide opportunities for smart
development of the industry, including development and application of automatic driving, automatic
parking, smart navigation, automatic unlocking, health testing, remote failure diagnosis, anti-theft warning
and other smart modules. Especially, Gen Z people, who have been one of the major consumption groups,
pay more attention to smart unlocking, human-vehicle interconnection and other smart functions. With
continual development of Internet of vehicles, smart function is hopeful to be the standard function
configuration. At that time, electric two-wheel vehicles will not be limited to be short-distance transport
vehicle, and they will become an important part of smart networking media system of residents and the
important source of social networking data.
(4) Internationalization
With formation of international common view on carbon emission reduction and understanding of
overseas users about green and convenient characteristics of electric two-wheel vehicle, international
market faces development opportunity, electric two-wheel vehicle industry will gradually move from
domestic market to global market. At present, many domestic manufacturers of China Intensify their
efforts to expand the international market. In spite of the obstruction of trade protectionism in the course
of internationalization, the unique advantage of electric two-wheel vehicle industry and the international
strategy of some leading enterprises will be helpful for electric two-wheel vehicles to enter overseas
market, and this will become the important development trend of this industry.
(II) Development strategy of the Company
√Applicable ?Not applicable
The Company will, based on its strategic axis of “Users First, Excellent Products, In-depth
Development in the Market, Refined Operation” and following its strategic direction of transforming to
digital and smart technical company, focus its core business and carry out differential competition. The
Company will achieve products smart and high-end by application of Internet of vehicle technologies and
development of core hardware and others, and actively develop international market.
(III) Management plan
√Applicable ?Not applicable
Taking meeting user needs as the core and starting point, we continuously improve the product
forward development process (APDS) and create hot product projects, promote the upgrading of the
Aima vehicle manufacturing platform, increase investment in user demand research and data collection,
and product trend insight, and improve the precision development ability of products. And the success
rate of product development and the contribution rate of best-selling product sales are also enhanced.
The Company also continues to streamline SKU, implement platform and standardization, and focus on
resources. It further makes the whole processes of planning, design, development, manufacturing and
procurement smooth, solves coordination problem in the course of product development and improves
efficiency. The Company continues to optimize and strictly implement the whole-process quality control
system, strictly control the key point management of new product quality, increase investment in product
testing equipment, and promote the implementation of key component standards to ensure product
quality. The Company takes improvement of product service experience as an important strategic
measure of improving brand and product competition, adds input to digital and smart service platform
and professional service team, improves service quality and accelerates service demand response.
The Company carries out defined management of domestic channels, insists on value integration
direction of factories and dealers, continually adds quantity of shops and optimizes dealers and shops
management system and digital and smart management to improve marketing capacity of dealers and
single shop output. The Company concurrently adds input to e-commerce platforms and makes more
efforts in drawing online attention and development of new customers, so as to promote online and offline
collaborative development.
The Company continues to implement the R&D project manager system in depth, focuses on the
research on the application of the Internet of vehicles technology and the research on the core technology
of the industry, and at the same time increases the project investment in the application of the R&D results,
to actively promote the transformation of the results.
The Company continually explores brand publicity strategy in the new online traffic era, improves the
marketing capacity of dealers in new flow era and takes adjustment of product structure as marketing
point to increase marketing strength of best selling products.
The Company continues to promote the construction of digital and intelligent projects, empower all
business units, and focus on promoting the iterative launch of systems in the three major areas of
manufacturing, marketing and information. At the same time, the Company continuously strengthen its
ability to "raise data, manage data, and use data", and establishes data-driven management capabilities.
The Company increased input, firmly develops international market with localization strategy,
focuses on main markets and realizes collaborative development between key OEM customers and
independent brand business; actively promotes overseas localization construction and international
manufacturing system upgrading, and builds core competitive advantages for the global markets.
The Company further optimizes the organizational level, clarifies functions and responsibilities, and
fully implements the application of performance results in training, recruitment & promotion, incentives,
and other areas; strengthens cultivation of technicians, improves training and development system of
skilled personnel, and improves professional development path of skilled personnel related to
remuneration distribution.
The Company pushes ahead with supplier optimization and empowerment, and creates a high-
quality supplier base through quality supplier introduction, graded evaluation, technical consultation, and
management assistance; continuously strengthens the localization of supply chain, stimulating excellent
suppliers to establish factories, offices, or third-party transit warehouses in or near the Company's
production bases, in order to improve supply safety and speed; the Supply Chain Management
Department collaborates with the R&D, quality control and production departments to create a parts
platform, jointly participating in the design, development, and production process of key components, and
encouraging the use of new materials and new processes to cut down the procurement cost without
compromising quality.
(IV) Potential risks
√Applicable ?Not applicable
The competition in the electric two-wheel vehicle industry is more intensive increasingly. In recent
years, with regulatory development of industry and optimization of competition order, many small
enterprises withdraw from the market, and industry competition mainly exists between leading enterprises.
This is a new situation. These enterprises continue to reduce sales prices while improving product
performance and expanding service coverage, greatly increasing the difficulty of competition. If a
manufacturer fails to promptly launch high-cost performance products and offer high-quality services
according to market demand, it may lose original competition advantage and industrial position. At
present, the Company has maintained a leading position in the industry by virtue of its capabilities of
strong product development, technological innovation, excellent cost control and quality management,
good brand image and user reputation, nationwide marketing channels and service networks and other
competitive advantages. The Company will continually focus on users’ demand, carry out differential
competition, realize smart and high-end products by application of Internet of vehicles technologies,
development of industrial core hardware, improve production efficiency and defined operation through
digital and smart upgrading, development and cost reduction and raise its cost competition advantage.
With the improvement of consumers' consumption awareness and the trend of consumption
upgrading becoming more and more obvious, consumers' demand for electric two-wheeled vehicles
presents the characteristics of fashion, intelligence and networking, which requires electric two-wheeled
vehicle manufacturers to continuously research and predict the trend of consumer demand, continue to
carry out product innovation and technology research and development, and launch new models with
new shapes and new functions to meet the constantly upgraded consumer needs of users. Failure to
meet consumption expectations will have a negative impact on performance. In addition, the R&D of new
models requires a certain period of time. If a manufacturer takes the lead in developing similar products
and locks the relevant patents, it may put pressure on the R&D of other manufacturers. The Company
always regards R&D and product innovation as the main means to enhance its product competitiveness
and achieve long-term development. Starting from the needs of users, after years of continuous R&D
investment and exploration, it has acquired the relevant capabilities of accurate user demand positioning,
excellent technology and innovation, which makes its products popular among consumers. The Company
will continue to improve the APDS process with a user-centered R&D strategy, and enhance the
Company's technological capabilities to reduce R&D risks.
The main sales model of the Company's products is distribution. Dealers are not only the Company's
direct customers, but also important windows for the Company to show its brand image and enhance its
brand reputation to consumers in its distribution areas. The operating capabilities, risk appetite and
willingness to work hard of the dealers have a greater impact on the sales of the Company's products in
the relevant distribution areas. If the dealer's operation method and service quality are contrary to the
Company's business purpose or the dealer's understanding of the Company's management philosophy
deviates, it may have an adverse impact on the Company's business performance and brand image. In
this regard, the Company continuously improves the dealer management system, strictly implements the
management standards for dealer access, training, assessment and exit, etc., and establishes a
scorecards and dynamic channel management system to “retain winners and retire losers”, to stimulate
the dealer’ working enthusiasm, improve their operation capabilities and ensure the vitality and healthy
development of the Company's channel system.
The purchase price of raw materials in the industry is affected by factors such as macro trends and
industrial policies, and there is the possibility of fluctuations, which increases the difficulty of controlling
purchase costs and may have a certain impact on the operating performance of production enterprises.
In this regard, the Company has built and will continue to improve a high-quality and efficient supply chain
system, set up a special supplier quality management department, and select and integrate global supply
chain resources. The Company invested in key parts suppliers to ensure the safety of the supply of key
parts; at the same time, for products with a clear price increase, the Company adopts the method of
locking the price in advance and locking the purchase volume to avoid operating risks caused by sharp
price increases. The Company has established close strategic cooperative relations with major parts
suppliers, which is conducive to achieving sufficient supply of raw materials and stable prices. At the
same time, the Company upgrades and optimizes the supply chain platform through the construction of
digital intelligence, realizes the deep synergy between the Company's manufacturing process and the
supply chain system, and hedges the cost control pressure caused by rising raw materials with the
improvement of production efficiency.
(V) Other
?Applicable √Not applicable
VII. Explanation for Non-disclosure in Accordance with The Accounting Standard due to Being
Not Applicable to The Provisions of The Standard or State Secret and Business Secrete and Other
Special Reasons
?Applicable √Not applicable
Section 4 Corporate Governance
I. Related Information about Corporate Governance
√Applicable ?Not applicable
In accordance with the Company Law, Securities Law, Code of Corporate Governance for Listed
Companies, Rules Governing the Listing of Stocks on Shanghai Stock Exchange and other laws and
regulations, and based on its actual situation, the Company has constantly improved its corporate
governance structure and internal control system to further enhance its governance level.
The general meeting of shareholders, board of directors, board of supervisors and managers have
their respective clear rights and responsibilities, and they perform according to their duties and
specifications. Four specialized committees including the Strategy and Development Committee, Audit
Committee, Nomination Committee, Remuneration and Appraisal Committee have been set up under the
Board of Directors, and each specific committee does its work according to its duties. In 2022, the
Company held 4 general meetings of Shareholders, 9 meetings of board of directors and 8 meetings of
board of supervisors, reviewing the important matters such as external guarantees, related transactions,
external investments and convertible bonds. The independent directors of the Company seriously
performed duties, expressed independent opinions on relevant matters and practically maintained legal
interest of all shareholders in accordance with the requirements of relevant laws and regulations and the
Articles of Association. Concurrently, the Company continues to amend and improve relevant regulations,
which are effectively executed; The Company has established impartial, transparent performance
evaluation standard and incentive and restriction mechanism for senior executives, and has made
comprehensive evaluation with reference to the operation targets of the Company and its business units,
individual ability and performance examination.
The Company continually improves information disclosure quality according to the provisions of the
Articles of Association, Management Method on Information Disclosure and other rules. The Company
insists on combination of statutory information disclosure and voluntary information disclosure and ensure
that all shareholders and other stakeholders could obtain the Company’s information equally. During the
reporting period, the Company disclosed 99 temporary reports and 4 regular reports, and prepared
printed regulars reports which were kept in the Company’s securities affairs management department for
investors’ reference. The Company also strictly executed the Insider Registration and Filing System to
enhance the confidentiality of insider information, maintain the openness, fairness and justness of
information disclosure and protect the legitimate rights and interests of investors.
The Company attaches great importance to the management of investor relations, and keeps in
touch with investors and industry researchers through diverse channels such as Shanghai Stock
Exchange E Interaction Platform, investor hotline, e-mail, website column, online meetings and on-site
reception, so as to enable investors to keep abreast of company information. During the reporting period,
the Company organized a number of performance briefings and investor research activities, and actively
took part in strategy conferences organized by securities and investment institutes, thus not only building
an effective communication bridge between investors and listed companies, but also understanding
investors’ demands and expectations, guiding and standardizing the management of investor relations
and supporting quality improvement.
Indicate whether there was any material incompliance with the applicable laws and regulations, as
well as the CSRC’s requirements in corporate governance. If yes, please explain.
?Applicable √Not applicable
II. Specific Measures Taken by the Controlling Shareholder and Actual Controller to Guarantee the
Asset, Personnel, Financial, Organizational and Business Independence of the Company, as well
as Solutions, Progress and Subsequent Plans when the Company’s Independence Is Intervened
√Applicable ?Not applicable
The Company has been operating strictly according to the Company Law, Articles of Association
and other relevant regulations. The Company is independent of the controlling shareholder, the actual
controller and other enterprises under its control in assets, personnel, finance, organization, business,
etc. The Company has a complete business system and the ability to operate independently in the market.
The concrete situation is as follows:
(I) Independent assets
The Company has an independent and complete production, procurement and sales system and
supporting facilities for production and operation, and legally owns fixed assets (e.g., plants and
equipment) and intangible assets (e.g., land use rights, trademarks and patents) related to production
and operation. There is no illegal occupation of the Company’s funds, assets and other resources by the
controlling shareholder or its affiliates, and there are no unclear property rights in the business systems
and major assets related to operation.
(II) Independent personnel
The Company has set up an independent human resource department, and has formulated the rules
related to labor, personnel and salary. All of the Company’s senior executives hold full-time positions in
and receive remunerations from the Company, and none of them hold a position other than director and
supervisor in the controlling shareholder or actual controller of the Company or any other enterprise under
control thereof. The Company is absolutely independent from its controlling shareholder and actual
controller, and other enterprises under their control in terms of labor, personnel and salary management.
(III) Independent finance
The Company has set up an independent finance department, and established a set of independent,
complete and normative financial accounting system, accounting management system and internal
control system. The Company independently opens banking accounts, pays tax in accordance with the
law, and does not use any joint account with the controlling shareholder, actual controller and other
enterprises under control thereof.
(IV) Independent organization
The Company has independent production, operation and office places. According to law, the
Company has set the general meeting of shareholders as the highest authority, the board of directors as
the decision-making body and the board of supervisors as the supervisory body, built an independent
organizational structure suitable for its own development, and formulated reasonable and complete
position duties and internal management rules. Each department independently operates according to
the stated responsibilities. There is no shareholder entity or any other entity or individual that interferes
with the establishment of the Company’s organization, and the Company is completely independent of
the controlling shareholder, actual controller and other enterprises under control thereof.
(V) Independent business
The Company owns independent and complete purchasing, production, sales and business systems,
and has independent management decision-making rights, independently organizes its production and
management according to operation plans, independently carries out business, which is independent with
the controlling shareholder, actual controller and other enterprises under control thereof. The Company
does not have horizontal competition or unconscionable related transaction with the controlling
shareholder, actual controller and other enterprises under control thereof.
Indicate whether the controlling shareholder, the actual controller, or any entity under their control is
engaged in the same or similar business with the Company. Explain the impact of horizontal competition
or any significant change to horizontal competition on the Company, solutions taken, progress and
subsequent plans.
?Applicable √Not applicable
III. Introduction to General Meetings of Shareholders
Index to
Disclosure
Meeting Date disclosed Resolutions
date
resolutions
Reviewed and adopted the Proposal on the
Work Report of the Board of Directors in
Board of Supervisors in 2021, the Proposal
on the Final Financial Report of 2021, the
Proposal on the Plan for Profit Distribution
and Capitalization of Capital Reserves in
of Idle Self-owned Fund for Cash
Management, the Proposal on Provision of
Guarantee for Some Subsidiaries, the
Annual Proposal on Applying for Comprehensive
general Credit Line to Bank in 2022, the Proposal on
May 6, www.sse.c
meeting of May 7, 2022 the Work Report of Independent Directors in
shareholder 2021, the Proposal on the Remuneration of
s in 2021 Directors and Senior Executives in 2021 and
Remuneration Program for 2022, the
Proposal on the Remuneration of Supervisors
in 2021 and Remuneration Program for 2022,
the Proposal on Changing the Registered
Capital and Amending the Articles of
Association, the Proposal on Terminating
Some investment projects with raised funds
and Permanently Injecting Remaining Raised
Funds into Working Capital, and the Proposal
on Purchasing Liability Insurance for the
Company and its Directors, Supervisors and
Senior Executives.
First
extraordinar
Reviewed and adopted the Proposal on
y general July 8, www.sse.c
July 9, 2022 Changing the Registered Capital and
meeting of 2022 om.cn
Amending the Articles of Association
shareholder
s in 2022
Second Reviewed and adopted the Proposal on
extraordinar August 5, www.sse.c August, 6, Meeting the Conditions for Public Issuance of
y general 2022 om.cn 2022 Convertible Bonds, the Proposal on the Plan
meeting of for Public Issuance of Convertible Bonds, the
shareholder Proposal on the Advance Scheme for Public
s in 2022 Issuance of Convertible Bonds, the Proposal
on the Feasibility Analysis Report on Use of
the Funds Raised by Public Issuance of
Convertible Bonds, the Proposal on
Formulating the Rules of AIMA Technology
Group Co., Ltd. for Meetings of Convertible
Bond Holders, the Proposal on Diluting
Immediate Returns, Taking Filling Measures
and Fulfilling Commitments of Relevant
Subjects by Public Issuance of Convertible
Bonds, the Proposal on Making the
Shareholders’ Return Plan of AIMA
Technology Group Co., Ltd. for the Next
Three Years (2022-2024), the Proposal on
the Report on Use of Previously Raised
Funds, the Proposal on Requesting the
General Meeting of Shareholders to
Authorize the Board of Directors to Handle
the Specific Matters Concerning the Public
Issuance of Convertible Bonds, the Proposal
on Revising the Management Rules of AIMA
Technology Group Co., Ltd. for Special
Deposit and Use of Raised Funds, the
Proposal on Changing the Company’s
Registered Capital and Amending the Articles
of Association, and the Proposal on
Continuing the Employment of the Financial
Audit Body and Internal Control Audit Body
for 2022.
Reviewed and adopted the Proposal on
Changing the Registered Capital and
Third Amending the Articles of Association, the
extraordinar Proposal on Electing Non-independent
y general September www.sse.c September Directors of the Fifth Board of Directors, the
meeting of 9, 2022 om.cn 10, 2022 Proposal on Electing Independent Directors
shareholder of the Fifth Board of Directors, and the
s in 2022 Proposal on Electing Non-employee
Representative Supervisors of the Fifth Board
of Supervisors.
Extraordinary general meetings of shareholders convened at the request of preference shareholders with
resumed voting rights:
?Applicable √Not applicable
Description of general meetings of shareholders
√Applicable ?Not applicable
IV. Situation of Directors, Supervisors and Senior Executives
(I) Shareholding changes and remunerations of incumbent directors, supervisors and senior executives and those who resigned before the end of
their tenures during the reporting period
√Applicable ?Not applicable
In: Share
Total
amount of
Whether
remuneratio
Change in acquiring
n pre-tax
shareholdin remuneratio
Opening Closing acquired
Office title Gende Ag Start of End of g in the Reason for n in the
Name shareholdin shareholdin from the
(note) r e tenure tenure reporting change related
g (share) g (share) Company in
period parties of
the
(share) the
reporting
Company
period
(Yuan’0000)
Chairman Capitalizatio
Zhang Septembe Septembe 282,317,00 395,243,80 112,926,80
of the M 53 n of capital 360.73 No
Jian r 27, 1999 r 8, 2025 0 0 0
Board, GM reserves
Vice
Chairman
Septembe Septembe
Duan Hua of the F 54 360.73 No
r 13, 2013 r 8, 2025
Board, vice
GM
Zhang Septembe Septembe
Director F 29 60.73 No
Gege r 13, 2013 r 8, 2025
Capitalizatio
n of capital
reserves
August Septembe
Peng Wei Director M 52 3,150,000 4,147,840 997,840 and share 85.59 No
reduction for
personal
reasons
Director, Septembe Septembe Granting of
Gao Hui M 44 1,680,000 1,680,000 470.83 No
vice GM r 9, 2022 r 8, 2025 restricted
stock and
capitalizatio
n of capital
reserves
Director,
vice GM,
Wang January Septembe
secretary of M 43 141.73 No
Chunyan 24, 2018 r 8, 2025
board of
director
Sun Independe Septembe Septembe
M 59 2.48 No
Minggui nt director r 9, 2022 r 8, 2025
Liu Independe Septembe Septembe
M 54 2.48 No
Junfeng nt director r 9, 2022 r 8, 2025
Ma Independe Septembe Septembe
M 47 2.48 No
Junsheng nt director r 9, 2022 r 8, 2025
Chairman
Septembe Septembe
Xu Peng of board of M 33 35.57 No
r 13, 2016 r 8, 2025
supervisors
Employee May 7, Septembe
Li Yan F 39 77.23 No
supervisor 2018 r 8, 2025
Septembe Septembe
Liu Tingxu Supervisor F 41 25.97 No
r 9, 2022 r 8, 2025
January Septembe
Li Yubao Vice GM M 47 288.83 No
Granting of
Vice GM, restricted
Chief July 21, Septembe stock and
Zheng Hui F 41 560,000 560,000 234.81 No
Financial 2021 r 8, 2025 capitalizatio
Officer n of capital
reserves
Granting of
Septembe Septembe restricted
Luo Qingyi Vice GM M 43 840,000 840,000 stock and 357.66 No
r 9, 2022 r 8, 2025
capitalizatio
n of capital
reserves
Capitalizatio
n of capital
Liu Jianxin reserves
August Septembe
(Left Director M 56 3,150,000 3,611,080 461,080 and share No
office) reduction for
personal
reasons
Fang Hao
Novembe July 7,
(Left Director M 48 Yes
r 28, 2017 2022
office)
Wang
Independe April 16, Septembe
Aijian (Left F 68 5.55 No
nt director 2018 r 9, 2022
office)
Sun
Guanglian Independe January Septembe
M 59 5.55 No
g (Left nt director 24, 2018 r 9, 2022
office)
Xu Haoran
Independe January Septembe
(Left M 53 5.55 No
nt director 24, 2018 r 9, 2022
office)
Wu Lyubo
August Septembe
(Left Supervisor M 54 No
office)
Granting of
Hu restricted
Yupeng May 14, Septembe stock and
Vice GM M 43 280,000 280,000 104.18 No
(Left 2020 r 9, 2022 capitalizatio
office) n of capital
reserves
Total / / / / / / 2,628.68 /
Name Main working experience
Former executive director of Tianjin Qiyu Interactive Technology Co., Ltd., former director of Tianjin Sanshang Investment Management Co.,
Zhang Jian
Ltd. Current Chairman of the Board and general manager of the Company.
Duan Hua Former vice general manger of Aima Technology. Current vice Chairman of the Board, vice general manger.
Zhang Former general manager assistant, former secretary of Chairman of the Board of the Company. Current director of the Company, executive
Gege director and general manager of Suiwanwan, executive partner of Changxing Dingai.
Former general manager of Tianjin Bond Fushida Electric Vehicle Co., Ltd., former general manager of Tianjin Sports. Current director of the
Peng Wei
Company.
Former president of the Special Vehicle Department and International Business Department of the Company. Current director, vice general
Gao Hui
manager, president of the Domestic Business Department and general manager of the International Business Department of the Company.
Wang Former lecturer of Shanghai Ocean University, former Chairman of the Board and president of Tianjin Sanshang Investment Management
Chunyan Co., Ltd. Current director, vice general manager, secretary of board of directors of the Company.
Sun Former teaching assistant, lecturer, associate professor and professor of Lanzhou University. Current independent director of the Company,
Minggui and current professor and doctoral supervisor of Glorious Sun School of Business and Management, Donghua University.
Former vice general manager and board secretary of Tasly Pharmaceutical Group Co., Ltd., and former vice general manager and board
Liu Junfeng secretary of Masterwork Group Co., Ltd. Current independent director of the Company, and current full-time vice chairman and secretary-
general of Tianjin Association for Public Companies.
Current independent director of the Company, current director of the Financial Research Institute of Shanghai Pudong Financial Promotion
Association, current training partner of Shandong Paramount Certified Public Accountants, current researcher of the Intelligent Finance
Ma
Research Institute of Shanghai National Accounting Institute, current independent director of Shanghai Guohui Environmental Technology
Junsheng
Co., Ltd., current independent director of Shanghai CN Science and Technology Co., Ltd., and current external director of Shanghai Yangpu
Trading (Group) Co., Ltd.
Former Chairman of the Board of Tianjin Bond Fushida Electric Vehicle Co., Ltd., former general manager assistant of Tianjin Sanshang
Xu Peng
Investment Management Co., Ltd. Current chairman of board of supervisors of the Company.
Former section chief of Supplier Management Section of Procurement Department of the Company, former secretary of vice Chairman of the
Li Yan Board, former director of Improvement Office, Brand Management Center, former director of office of vice Chairman of the Board. Current
employee supervisor, product manager of R & D Department of the Company.
Former section chief of the Procurement Department and deputy director of the Brand Center of the Company. Current supervisor and
Liu Tingxu
secretary to deputy chairman of the Company.
Former director of Procurement Department of Tianjin New Times Vehicle Industry Co., Ltd., former director of Procurement Department of
Li Yubao
Tianjin Taimei Bicycle Co., Ltd., former director of Procurement Department of the Company. Current vice general manager of the Company.
Former financial manager of Product Company of Midea Group Co., Ltd., former vice general manager, Chief Financial Officer of Meizhi
Zheng Hui Photoelectric Technology Co., Ltd., former vice general manager of Foshan Hange E-commerce Technology Co., Ltd., former Senior Financial
Director of Foshan Yunmi Electric Technology Co., Ltd., and former Senior Financial Director of the Company. Current vice general manager
and Chief Financial Officer of the Company.
Former administrative vice general manager of Ningbo Geely Royal Engine Components Co., Ltd. Current vice general manager, president
Luo Qingyi
assistant and Chief Talent Officer of the Company.
Description of other situation
√Applicable ?Not applicable
Directors of the Fifth Board of Directors, and the Proposal on Electing Non-employee Representative Supervisors of the Fifth Board of Supervisors were
reviewed and adopted at the third extraordinary general meeting of shareholders in 2022. Accordingly, Gao Hui and Wang Chunyan were elected as non-
independent directors, Liu Junfeng, Sun Minggui and Ma Junsheng were elected as independent directors, and Liu Tingxu was elected as a non-employee
supervisor; the former non-independent director Liu Jianxin, former independent directors Wang Aijian, Xu Haoran and Sun Guangliang, and former non-
employee supervisor Wu Lyubo retired at the expiration of their respective term.
of the Company. Accordingly, Gao Hui and Luo Qingyi were appointed as new vice general managers of the Company; Hu Yupeng, former vice general
manager, left his post at the expiration of his term.
(II) Incumbency of current and resigned directors, supervisors and senior executives during the
reporting period
√Applicable ?Not applicable
Name of Name of shareholding Position held in Starting date Ending date
in-service staff entity shareholder entity of tenure of tenure
CITIC Securities
Fang Hao Director, GM August 2017
Investment Co., Ltd.
Statement of the CITIC Investment and its concerted actors Goldstone Zhiyu, Goldstone Haofeng
position held in and Three Gorges Goldstone reduced their shares in AIMA Technology due to
shareholding their own fund demands. On July 25, 2022, the above shareholders no longer held
entity more than 5% of shares in the Company.
√Applicable ?Not applicable
Starting
Name of in-service Position held in Ending date
Name of other entities date of
staff other entities of tenure
tenure
Tianjin Jiema Electric January
Zhang Jian Director
Technology Co., Ltd. 2019
Zhejiang Today Sunshine
Zhang Jian Director May 2022
New Energy Vehicle Co., Ltd.
Changxing Dingai Investment
December
Zhang Gege Management Partnership Managing partner
(Limited Partnership)
Wuxi Lyuling Electric
Gao Hui Executive director May 2015
Technology Co., Ltd.
Full-time vice
Tianjin Association for Public
Liu Junfeng president and August 2021
Companies
secretary general
Glorious Sun School of Professor,
February
Sun Minggui Business and Management, doctoral
Donghua University supervisor
Shanghai Guohui
Independent October
Ma Junsheng Environmental Technology
director 2020
Co., Ltd.
Luoyang Xiyuan State-owned December
Ma Junsheng Director June 2022
Capital Investment Co., Ltd. 2021
Shanghai CN Science and Independent February
Ma Junsheng
Technology Co., Ltd. director 2022
Shanghai Yangpu Trading January
Ma Junsheng External director
(Group) Co., Ltd. 2022
Ningbo Hengai Enterprise
December
Luo Qingyi Management Partnership Executive partner
(Limited Partnership)
Liu Jianxin (Left Tianjin Sanshang Investment February
Supervisor
office) Management Co., Ltd. 2017
Fang Hao (Left CITIC Industry Investment
Director June 2018
office) Fund Management Co., Ltd.
Fang Hao (Left Zhejiang Huayou New Energy Director May 2019 August
office) Technology Co., Ltd. 2022
Fang Hao (Left China Investment and November
Director July 2022
office) Financing Guarantee Co., Ltd. 2019
Fang Hao (Left Zhejiang Xingxing Cold Chain December
Director
office) Integration Co., Ltd. 2019
Fang Hao (Left China National Gold Group October
Director
office) Gold Jewellery Co., Ltd. 2017
Shenzhen BGI Smart
Fang Hao (Left
Manufacture Technology Co., Director June 2020
office)
Ltd.
Fang Hao (Left
CSI Capricornus Limited Director
office)
Fang Hao (Left
Jupiter Connection Limited Director
office)
Fang Hao (Left
Neptune Connection Limited Director
office)
Fang Hao (Left
Uranus Connection Limited Director
office)
Fang Hao (Left
Pluto Connection Limited Director
office)
Fang Hao (Left
CS Regal Holding Limited Director
office)
Sailing International
Fang Hao (Left
Investment Fund (Shanghai) Director June 2021
office)
Co., Ltd.
Fang Hao (Left Xi’an Yisiwei Material
Director July 2021 March 2023
office) Technology Co., Ltd.
Fang Hao (Left Guangzheng Lingxiu Executive December
office) Investment Co., Ltd. director, GM 2020
Fang Hao (Left October October
Hunan Steel Group Co., Ltd. Director
office) 2021 2022
Fang Hao (Left
Citron PE Holdings Limited Director
office)
Wang Aijian (Left Northern International Trust December December
Director
office) Co., Ltd. 2015 2022
Wang Aijian (Left TASLY PHARMACEUTICAL Independent
June 2021
office) GROUP CO., LTD. director
Sun Guangliang Dongxing Securities Independent December
(Left office) Corporation Limited director 2017
Sun Guangliang Independent September
CITIC Metal Co., Ltd.
(Left office) director 2020
Sun Guangliang January
Beijing Huatang Law Firm Director
(Left office) 1998
Xu Haoran (Left Beijing Youshi Capital Vice chairman of September
office) Management Co., Ltd. the board 2019
Xu Haoran (Left Kunming Mengtang December
Director
office) Technology Co., Ltd. 2015
Xu Haoran (Left Beijing Gaopeng Tianxia Director July 2014
office) Investment Management Co.,
Ltd.
Xu Haoran (Left Nanjing Wudengdeng Media
Supervisor March 2004 May 2022
office) Advertising Co., Ltd.
Xu Haoran (Left Chongqing Yunhuan Cultural October
Director
office) Industry (Group) Co., Ltd. 2018
Xu Haoran (Left TOJOY Holding Group Co., September
Director
office) Ltd. 2020
Guangzhou Dingda
Xu Haoran (Left
Educational Information Supervisor August 2008
office)
Consultation Co., Ltd.
Xu Haoran (Left Yonghu Cross-border E- Chairman of the
July 2018
office) commerce Co., Ltd. board
Beijing Huizhi Huaxia
Xu Haoran (Left
Business Management Supervisor May 2021
office)
Consultation Co., Ltd.
Xu Haoran (Left Chongqing Yunyixuan
Director June 2017
office) Cultural Technology Co., Ltd.
Xu Haoran (Left Qinzhi Digital Technology
Director July 2015
office) Co., Ltd.
Xu Haoran (Left Far East Holding Group Co., January
Supervisor
office) Ltd. 2019
Xu Haoran (Left TOJOY (Qingdao) Financial October
Executive director
office) Technology Group Co., Ltd. 2019
Description of
taking office in N/A
other organizations
(III) Remunerations of directors, supervisors and senior executives
√Applicable ?Not applicable
The Remuneration and Appraisal Committee of the board of directors
Decision-making process brings forth a proposal to the board of directors about remuneration of
for the remuneration of directors and senior executives of the Company. The board of directors
directors, supervisors and decides remuneration of management, reward and punishment affairs,
senior executives and general meeting of shareholders decides remuneration affairs of
directors and supervisors.
Basis for deciding the
The Company determines the remuneration of directors, supervisors
remuneration of directors,
and senior executives according to the Articles of Association and
supervisors and senior
relevant rules.
executives
In 2022, the Company’s annual allowance for each independent director
Actual payment of was RMB 80,000 (tax-inclusive); non-independent directors and
remuneration for directors, supervisors had no allowances; directors, supervisors and senior
supervisors and senior executives who take office in the Company were paid based on their
executives respective positions and duties and according to the Company’s
relevant remuneration and performance appraisal management rules.
Total remuneration actually
obtained by all directors,
supervisors and senior RMB 26.2868 million
executives at the end of
reporting period
(IV) Changes in directors, supervisors and senior executives
√Applicable ?Not applicable
Name Position Change Reason of change
Election and appointment at expiration of office
Gao Hui Director, vice GM Elected
terms
Wang
Director Elected Election at expiration of office terms
Chunyan
Independent
Sun Minggui Elected Election at expiration of office terms
director
Independent
Liu Junfeng Elected Election at expiration of office terms
director
Independent
Ma Junsheng Elected Election at expiration of office terms
director
Liu Tingxu Supervisor Elected Election at expiration of office terms
Luo Qingyi Vice GM Appointed Appointment at expiration of office terms
Liu Jianxin Director Left office Leave office at expiration of office terms
Fang Hao Director Left office Leave office due to personal reasons
Independent
Wang Aijian Left office Leave office at expiration of office terms
director
Sun Independent
Left office Leave office at expiration of office terms
Guangliang director
Independent
Xu Haoran Left office Leave office at expiration of office terms
director
Wu Lyubo Supervisor Left office Leave office at expiration of office terms
Hu Yupeng Vice GM Left office Leave office at expiration of office terms
(V) Punishments imposed by securities regulators in the past three years
?Applicable √Not applicable
(VI) Other
?Applicable √Not applicable
V. Board Meetings Convened during the Reporting Period
Convening
Meeting Resolutions
date
Reviewed and adopted the Proposal on the Work Report of the Board
of Directors in 2021, the Proposal on the Work Report of the General
Manager in 2021, the Proposal on the Final Financial Report of 2021,
the Proposal on the Plan for Profit Distribution and Capitalization of
Capital Reserves in 2021, the Proposal on the Annual Report of 2021
and its Summary, the Proposal on the Special Report on Deposit and
of the fourth April 14, Fund for Cash Management, the Proposal on Provision of Guarantee
board of 2022 for Some Subsidiaries, the Proposal on Applying for Comprehensive
directors Credit Line to Bank in 2022, the Proposal on the Work Report of
Independent Directors in 2021, the Proposal on the Performance
Report of the Audit Committee of the Board of Directors for 2021, the
Proposal on the Remuneration of Directors and Senior Executives in
Daily Related Transactions of the Company and its Subsidiaries in
the Articles of Association, the Proposal on Terminating Some
investment projects with raised funds and Permanently Injecting
Remaining Raised Funds into Working Capital, the Proposal on
Purchasing Liability Insurance for the Company and its Directors,
Supervisors and Senior Executives., the Proposal on Formulating the
Management Rules for External Information Reporting, the Proposal on
Formulating Donation Management Rules, the Proposal on
Formulating Subsidiary Management Rules, the Proposal on Granting
Reserved Restricted Stock to Incentive Objects, the Proposal on
Repurchase and Cancellation of Restricted Stock Granted at the First
Time under the Restricted Stock Incentive Plan 2021, and the Proposal
on Convening the Annual General Meeting of Shareholders in 2021.
of the fourth April 28, Reviewed and adopted the Proposal on the First Quarter Report of
board of 2022 2022.
directors
Reviewed and adopted the Proposal on Changing the Registered
Capital and Amending the Articles of Association, the Proposal on
of the fourth June 21,
Continuing to Use Part of the Temporarily Idle Raised Funds for Cash
board of 2022
Management, and the Proposal on Convening the First Extraordinary
directors
General Meeting of Shareholders in 2022
Reviewed and adopted the Proposal on the Company’s Intention to
of the fourth
July 5, 2022 Sign the Investment Agreement with the People’s Government of
board of
Guigang Municipality
directors
Reviewed and adopted the Proposal on Meeting the Conditions for
Public Issuance of Convertible Bonds, the Proposal on the Plan for
Public Issuance of Convertible Bonds, the Proposal on the Advance
Scheme for Public Issuance of Convertible Bonds, the Proposal on the
Feasibility Analysis Report on Use of the Funds Raised by Public
Issuance of Convertible Bonds, the Proposal on Formulating the Rules
of AIMA Technology Group Co., Ltd. for Meetings of Convertible Bond
Holders, the Proposal on Diluting Immediate Returns, Taking Filling
Measures and Fulfilling Commitments of Relevant Subjects by Public
of the fourth July 11, Shareholders’ Return Plan of AIMA Technology Group Co., Ltd. for the
board of 2022 Next Three Years (2022-2024), the Proposal on the Report on Use of
directors Previously Raised Funds, the Proposal on Requesting the General
Meeting of Shareholders to Authorize the Board of Directors to Handle
the Specific Matters Concerning the Public Issuance of Convertible
Bonds, the Proposal on Revising the Management Rules of AIMA
Technology Group Co., Ltd. for Special Deposit and Use of Raised
Funds, the Proposal on Changing the Company’s Registered Capital
and Amending the Articles of Association, the Proposal on Continuing
the Employment of the Financial Audit Body and Internal Control Audit
Body for 2022, and the Proposal on Convening the Second
Extraordinary General Meeting of Shareholders in 2022
Reviewed and adopted the Proposal on the Semi-annual Report of
of the fourth August 24, Electing Non-independent Directors of the Fifth Board of Directors, the
board of 2022 Proposal on Electing Independent Directors of the Fifth Board of
directors Directors, the Proposal on Changing the Registered Capital and
Amending the Articles of Association, and the Proposal on Convening
the Third Extraordinary General Meeting of Shareholders in 2022.
September
the fifth board Vice Chairman of the Fifth Board of Directors, the Proposal on Electing
of directors Members of Special Committees of the Fifth Board of Directors, the
Proposal on Appointing the General Manager, the Proposal on
Appointing the Chief Financial Officer, the Proposal on Appointing the
Secretary of the Board of Directors, the Proposal on Appointing Vice
General Managers, and the Proposal on Appointing the Securities
Affairs Representative.
October 28, Reviewed and adopted the Proposal on the Third Quarter Report of
the fifth board
of directors
December
the fifth board Transactions of the Company and its Subsidiaries in 2023, and the
of directors Proposal on Changing the Securities Affairs Representative.
VI. Performance of Duty by Directors
(I) Attendance of directors at board meetings and general meetings of shareholders during the
reporting period
Attendance at
general
Attendance at board meetings
meetings of
shareholders
Indep
enden Total Board
Boar The
Name of t number of meeting Board Total number
d director
director directo board s meeting of general
meet failed to
r or meetings attende s meetings of
ings Abs attend two
not the d by Attende shareholders
atten ence consecutiv
director way of d the director
ded e board
was telecom through was supposed
on meetings
supposed municat a proxy to attend
site (yes/no)
to attend ion
Zhang Jian No 9 9 7 0 0 No 4
Duan Hua No 9 9 7 0 0 No 4
Zhang
No 9 9 7 0 0 No 4
Gege
Peng Wei No 9 9 7 0 0 No 4
Gao Hui No 3 3 2 0 0 No 0
Wang
No 3 3 2 0 0 No 0
Chunyan
Sun
Yes 3 3 2 0 0 No 0
Minggui
Ma
Yes 3 3 2 0 0 No 0
Junsheng
Liu Junfeng Yes 3 3 2 0 0 No 0
Liu Jianxin No 6 6 5 0 0 No 4
Fang Hao No 4 4 3 0 0 No 2
Wang Aijian Yes 6 6 5 0 0 No 4
Sun
Yes 6 6 5 0 0 No 4
Guangliang
Xu Haoran Yes 6 6 5 0 0 No 4
Explain why any director failed to attend two consecutive board meetings.
?Applicable √Not applicable
Total number of board meetings convened in the reporting period 9
Of which: on-site meetings 0
Meetings convened by way of telecommunication 7
Meetings where on-site attendance and attendance by telecommunication were both allowed 2
(II) Objections raised by directors on matters of the Company
?Applicable √Not applicable
(III) Other
?Applicable √Not applicable
VII. Specialized Committees under the Board of Directors
√Applicable ?Not applicable
(1). Members of the specialized committees
Specialized committee Members
Audit Committee Ma Junsheng, Zhang Jian, Sun Minggui, Liu Junfeng
Nomination Committee Liu Junfeng, Zhang Jian, Ma Junsheng
Remuneration and Appraisal Committee Sun Minggui, Duan Hua, Liu Junfeng
Strategy and Development Committee Zhang Jian, Sun Minggui, Liu Junfeng, Ma Junsheng
(2). The Audit Committee held six meetings during the reporting period.
Important Other
Convening comments and
Content of meeting performance
date
suggestions of duties
Reviewed the Proposal on the Annual Report of 2021
and its Summary, the Proposal on the Final Financial
Report of 2021, the Proposal on the Plan for Profit
Distribution and Capitalization of Capital Reserves in
Agree to submit
and Use of Raised Funds in 2021, the Proposal on
April 7, to the board of
Use of Idle Self-owned Fund for Cash Management, Nil
the Proposal on Estimated Daily Related
deliberation
Transactions of the Company and its Subsidiaries in
investment projects with raised funds and
Permanently Injecting Remaining Raised Funds into
Working Capital.
Agree to submit
April 26, Reviewed the Proposal on the First Quarter Report to the board of
Nil
deliberation
Reviewed the Proposal on the Report on Use of Agree to submit
July 7, Previously Raised Funds, and the Proposal on to the board of
Nil
Body and Internal Control Audit Body for 2022. deliberation
Reviewed the Proposal on the Semi-annual Report Agree to submit
August 22, of 2022 and its Summary, and the Proposal on the to the board of
Nil
in the First Half of 2022. deliberation
October Reviewed the Proposal on the Third Quarter Report Agree to submit
to the board of Nil
directors for
deliberation
Agree to submit
Reviewed the Proposal on Estimated Daily Related
December to the board of
Transactions of the Company and its Subsidiaries in Nil
deliberation
(3). The Nomination Committee held two meetings during the reporting period.
Other
Convening Important comments and
Content of meeting performance
date suggestions
of duties
Agree to submit to the
August 22, Reviewed the Proposal on Candidates
board of directors for Nil
deliberation
Reviewed the Proposal on Electing the Agree to submit to the
September
Chairman and Vice Chairman and board of directors for Nil
Appointing Senior Executives. deliberation
(4). The Remuneration and Appraisal Committee held one meeting during the reporting period.
Important Other
Convening
Content of meeting comments and performance
date
suggestions of duties
Reviewed the Proposal on the Remuneration of
Directors and Senior Executives in 2021 and
Agree to submit
Remuneration Program for 2022, the Proposal on
April 7, to the board of
Granting Reserved Restricted Stock to Incentive Nil
Objects, and the Proposal on Repurchase and
deliberation
Cancellation of Restricted Stock Granted at the First
Time under the Restricted Stock Incentive Plan 2021.
(5). Strategy and Development Committee held three meetings during the reporting period.
Important Other
Convening
Content of meeting comments and performance
date
suggestions of duties
Agree to submit
April 7, Reviewed the Proposal on the Company’s Strategy to the board of
Nil
deliberation
Agree to submit
Reviewed the Proposal on the Company’s
July 5, to the board of
Intention to Sign the Investment Agreement with Nil
the People’s Government of Guigang Municipality.
deliberation
Reviewed the Proposal on the Plan for Public
Issuance of Convertible Bonds, the Proposal on Agree to submit
July 11, the Advance Scheme for Public Issuance of to the board of
Nil
Feasibility Analysis Report on Use of the Funds deliberation
Raised by Public Issuance of Convertible Bonds.
(6). Specification of Objections
?Applicable √Not applicable
VIII. Risks Detected by the Board of Supervisors
?Applicable √Not applicable
IX. Employees of the Company as the Parent and Its Principal Subsidiaries at the Period-end
(I) Employees
Number of in-service employees of the Company as the parent 1,112
Number of in-service employees of principal subsidiaries 7,014
Total number of in-service employees 8,126
Number of retirees to whom the Company as the parent or its principal subsidiaries
need to pay retirement pensions
Functions
Function Employees
Production 5,155
Sales 1,183
Technical 917
Financial 154
Administrative 717
Total 8,126
Educational background
Quantity
Category of education level
(person)
Doctor 5
Master 64
Undergraduate 1,134
Junior College and Technical secondary school 1,875
High school and below 5,048
Total 8,126
(II) Remuneration policy
√Applicable ?Not applicable
Guided by the Fighters Culture and the performance-oriented idea, The Company implements a
remuneration policy that is internally fair, externally competitive, and based on performance evaluation,
which takes the post system and pay grade as the standard and the qualification evaluation as the basis
to establish a sound, scientific and reasonable talent development and compensation management
system. At the same time, through the implementation of incentive measures such as equity incentives,
the Company has realized the deep binding between its interests and the key employees and improved
loyalty. Under its framework of overall compensation system, for key businesses (including marketing,
R&D and manufacturing), the Company conducts performance appraisals based on business attributes
and the final realization of the value of related products, including marketing incentive, and reward of
production process improvements, etc.
(III) Training plans
√Applicable ?Not applicable
Aimed at value-added human capital, the Company has set up the AIMA Learning Center. Targeted
at the professional competence matrix, focusing on the four core areas of “research”, “production”, “sales”
and “service”, and in combination with the Company’s strategic objectives, job requirements and related
problems in operation, AIMA Learning Center provided customized professional empowerment training,
organized campaigns and competitions which focus on different aspects such as R&D, technological
innovation, manufacturing technology improvement and skill enhancement, promoted the construction of
a learning organization on the basis of training, and followed up on the practical application of theoretical
knowledge, thus leading thousands of employees to constantly strive towards “great country craftsman”.
The Company has initially formed a three-level training system, with emphasis on key and general
capabilities, professional capabilities for various functional sections and internal working competence for
organizations at all levels. In order to create a good learning atmosphere that “everyone is a teacher and
everyone is a student” and accumulate professional experience, AIMA Learning Center launched the
“Hundred Trainers and Hundred Courses Construction Project”, under which 130 internal trainers got
certified and 92 internal training courses were produced in 2022.
(IV) Labor outsourcing
√Applicable ?Not applicable
Total remuneration paid for labor outsourcing RMB 110,759,484
X. Plan on Profit Distribution or Conversion of Capital Reserve
(I) Formulation, implementation or adjustment of the cash dividend policy
√Applicable ?Not applicable
If the Company’s profit for the year and the accumulative undistributed profit are positive, and it has
no significant investment plan or material cash spending, the Company shall give priority to cash
dividends in the profit distribution, which shall be no less than 20% of distributable profit recorded in the
year, provided that such distribution shall not prejudice the normal operation and long-term business
development of the Company. The dividend ratio of each year shall be formulated by the board of
directors according to the operation condition and relevant regulations, and submitted to the general
meeting for consideration and approval.
When proposing the profit distribution, the board of directors shall take into consideration of the
industry characteristics, ranking in the industry, competition power, profit margin when determining the
Company’s development stage, and whether it has any significant capital expenditure arrangements, and
formulate the profit distribution proposal, in accordance with the provisions set out below:
(1) If the Company is at the mature stage, and has no significant capital expenditure arrangement,
the ratio of cash dividends shall be at least 80%in the profit distribution.
(2) If the Company is at the mature stage, and has a significant capital expenditure arrangement, the
ratio of cash dividends shall be at least 40% in the profit distribution.
(3) If the Company is at the growing stage, and has a significant capital expenditure arrangement,
the ratio of cash dividends shall be at least 20% in the profit distribution.
(4) If it is difficult to determine the development stage of the Company while it has a significant capital
expenditure arrangement, the profit distribution may be dealt with according to the rules applied in the
previous paragraph.
to take the total shares on the equity registration date for the implementation of equity distribution as the
basis to execute the profit distribution and capitalization of capital reserve in year 2022 as below:
(1) The Company intends to distribute a cash dividend of RMB 13.04 (tax included) per 10 shares to
all shareholders. Based on the total share capital of 574,700,004 shares of the Company so far, the cash
dividend to be distributed as above will be RMB 749,408,805.22 (tax included) in total. The cash dividend
of the Company in this year accounts for 40.00% in the net profit attributable to common shareholders of
the Company. After the profit distribution, the remaining balance of undistributed profit will be
accumulated for further distribution in the years to come.
(2) The Company intends to issue 5 shares converted by capital reserve, per 10 shares to all
shareholders. Based on the total share capital of 574,700,004 shares of the Company so far, the total
shares of the Company will increase to 862,050,006 shares (the total share capital of the Company is
based on the final registration result of China Securities Depository and Clearing Corporation Limited
Shanghai Branch, in case of the rounding differences if any) after this conversion.
From the date of disclosure of this Report to the equity registration date for the implementation of
equity distribution, if the total equity of the Company changes, the Company intends to maintain the ratio
of distribution and conversion unchanged, and correspondingly adjust the amount of profit distribution
and capital reserve capitalization. This matter needs to be submitted to the 2022 annual general meeting
of the Company for consideration.
(II) Special description of cash dividend policy
√Applicable ?Not applicable
In compliance with the Company’s Articles of Association or the relevant resolutions
√Yes □No
of general meeting of shareholders
Specific and clear dividend standards and ratios √Yes □No
Complete decision-making procedure and mechanism √Yes □No
Independent directors have faithfully performed their duties and played their due role √Yes □No
Non-controlling shareholders are able to fully express their opinion and demand and
√Yes □No
their legal rights and interests are fully protected
(III) Where the Company fails to put forward a cash dividend proposal despite the facts that the
Company has made profits in the reporting period and the profits of the Company as the parent
distributable to shareholders are positive, it shall give a detailed explanation of why, as well as of
the purpose and use plan for the retained earnings.
?Applicable √Not applicable
(IV) Profit Distribution and Capitalization of Capital Reserves during the reporting period
√Applicable ?Not applicable
In: Yuan Currency: RMB
Number of bonus shares for every 10 shares 0
Dividends for every 10 shares (RMB) (tax-inclusive) 13.04
Number of shares converted from capital reserves for every 10 shares 5
Amount of cash dividends (tax-inclusive) 749,408,805.22
Net profit attributable to common shareholders of the Company in the annual
consolidated statement of dividends
Percentage of cash dividends in the net profit attributable to common
shareholders of the Company in the consolidated statements (%)
Shares repurchased in cash which are recognized as cash dividends 0
Total amount of dividends (tax-inclusive) 749,408,805.22
Percentage of total dividends in the net profit attributable to common
shareholders of the Company in the consolidated statements (%)
XI. Status and Impact of Share Incentive Schemes, Employee Shareholding Plan or Other
Incentive Measures for Employees
(I) Relevant incentive matters disclosed in current announcement with no subsequent progress
or change
√Applicable ?Not applicable
Index to the disclosed
Overview
information
The 23rd meeting of the fourth board of directors decided to
See the relevant announcements
implement the Restricted Stock Incentive Plan 2021 (Draft), which
disclosed on the website of
plans to grant 7.06 million restricted shares to the incentive objects
Shanghai Stock Exchange on
at the price of 20.23 yuan/share, including 6.86 million shares
November 17, 2021 for details.
granted at the first time and 200,000 shares reserved.
The third extraordinary general meeting of shareholders in 2012 See the relevant announcements
agreed to implement the Restricted Stock Incentive Plan 2021, and disclosed on the website of
authorized the board of directors to handle related matters. The Shanghai Stock Exchange on
First Incentive Objects and Number of Restricted Stock Granted at
the First Time under the Restricted Stock Incentive Plan 2021, and
decided to grant 6.79 million restricted shares to 106 incentive
objects on December 27, 2021.
On January 24, 2022, the Company completed first granting See the relevant announcements
registration of restricted stock incentive plan of 2021 with China disclosed on the website of
Securities Depository and Clearing Corporation Limited Shanghai Shanghai Stock Exchange on
Branch. January 26, 2022 for details.
The 25th meeting of the fourth board of directors decided to
See the relevant announcements
repurchase and cancel 120,000 restricted shares under the lock-
disclosed on the website of
up period held by four incentive objects who were no longer eligible
Shanghai Stock Exchange on
for incentives due to departure, and to grant 200,000 reserved
April 16, 2022 for details.
restricted shares to 15 incentive objects on April 18, 2022.
On May 19, 2022, the Company completed the registration of the See the relevant announcements
reserved share granting under the Restricted Stock Incentive Plan disclosed on the website of
Clearing Corporation Limited. May 21, 2022 for details.
See the relevant announcements
On June 9, 2022, the Company repurchased and cancelled
disclosed on the website of
Shanghai Stock Exchange on
longer eligible for incentives due to departure.
June 7, 2022 for details.
(II) Incentives not disclosed in temporary announcement or with subsequent progress
Equity incentive situation
?Applicable √Not applicable
Other description
?Applicable √Not applicable
Employee stock ownership plan
?Applicable √Not applicable
Other incentive measures
?Applicable √Not applicable
(III) Equity incentives granted to directors and senior management during the reporting period
√Applicable ?Not applicable
In: Share
Market
Restricted Restricted Restricted
value at
Shares Shares shares
Grant Shares the end
held at granted in Unlocked held at
Name Position price still in of
the the shares the
(RMB) lockup reporting
period- reporting period-
period
begin period end
(RMB)
Gao Director,
Hui Vice GM
Luo
Vice GM 600,000 20.23 840,000 840,000 45.87
Qingyi
Vice
Zheng GM, 400,000 20.23 560,000 560,000 45.87
Hui Chief
Financial
Officer
Hu
Yupeng
Vice GM 200,000 20.23 280,000 280,000 45.87
(Left
office)
Total / 2,400,000 / 3,360,000 3,360,000 /
Note: ① According to the Plan for Profit Distribution and Capitalization of Capital Reserves in 2021
reviewed and adopted at the annual general meeting of shareholders in 2021, it was agreed that the
Company would distribute a cash dividend of RMB 0.5 (tax-inclusive) for every share based on the total
share capital of 410,500,003 shares, and issue 0.4 share converted from capital reserves for every share
to all shareholders. On June 28, 2022, the Company completed the annual equity distribution for 2021,
and the number of restricted shares held by incentive objects increased proportionally.
② The Proposal on Appointing Vice General Managers was reviewed and adopted at the first
meeting of the fifth board of directors. Accordingly, Hu Yupeng, former vice general manager, left his post
at the expiration of his term, and thereafter, he is still an employee of the Company.
(IV) Formulation and implementation of appraisal and incentive mechanisms for senior executives
during the reporting period
√Applicable ?Not applicable
The evaluation and incentive mechanisms of the Company to is based on" Developing with the
organization and Achieving organizational goals", the Company selects suitable performance indexes
(including financial indexes, operation indexes, quality indexes, key events and veto item) according to
business attributes, sets up short-term performance target and long-term performance target to the
departments or business units for which the senior executives are responsible, the Company regularly
tracks and implements the achievement of these target, and implements short-term and long-term
incentives based on assessment and achievement of organizational goals.
XII. Establishment and Implementation of Internal Control System in the Reporting Period
√Applicable ?Not applicable
The Company has established a relatively sound internal control and management system in strict
accordance with the requirements of China Securities Regulatory Commission and Shanghai Stock
Exchange and other relevant regulatory requirements, and made continuous improvements in
consideration of its actual operation situation. In 2022, the Company maintained effective internal control
over financial reports in all major aspects in accordance with the internal control standards for enterprises
and relevant regulations, and had no major defects in internal control. For details, please refer to the
Annual Internal Control Evaluation Report 2022 disclosed by the Company on the website of Shanghai
Stock Exchange.
Description of major defects existing in internal control in the reporting period.
?Applicable √Not applicable
XIII. Management and Control of Subsidiaries during the Reporting Period
√Applicable ?Not applicable
During the reporting period, the Company carried out standardized management and risk control
over its subsidiaries through effective management, control, evaluation and supervision in terms of
personnel management, finance management, operation and investment decision-making management,
information disclosure management, audit supervision and management, and archives and seal
management based on the Subsidiary Management Rules reviewed and adopted by the board of
directors and in strict accordance with laws and regulations, regulatory documents, and various
management rules of the Company. According to its overall strategic planning, the Company required its
subsidiaries to develop relevant business plans, risk management procedures and internal control
systems to continuously improve the standardized operation of subsidiaries.
XIV. Information about the Internal Control Audit Report
?Applicable √Not applicable
Ernst & Young Hua Ming LLP was entrusted by the Company to audit the Company’s internal controls
in 2022, and issue a standard unqualified Internal Control Audit Report. For details, please refer to the
Internal Control Audit Report 2022 disclosed by the Company on the same day as the Annual Report of
Whether internal control audit report is disclosed: Yes
Type of opinions in the internal control audit report: standard unqualified opinions
XV. Rectification of Issues in Self- inspection of Special Actions for Governance of the Listed
Company
Not applicable
XIV. Other
?Applicable √Not applicable
Section 5 Environmental and Social Responsibility
I. Environmental Information
Whether there is an environmental protection mechanism in place Yes
Investment in environmental protection during the reporting period (In: Yuan ‘0000) 2,042.25
(I) Information about environmental protection of the Company and its main subsidiaries as the
key pollutant discharging entities published by environmental protection department
√Applicable ?Inapplicable
√Applicable ?Not Applicable
In accordance with the Notification of Releasing the List of Key Pollutant Discharging Entities of
Tianjin City in 2022, issued by Tianjin Ecology and Environment Bureau, Tianjin Vehicle, a subsidiary of
the Company, was listed as a key pollutant discharging entity of atmospheric environment, solid waste
and hazardous waste of Tianjin City in 2022. In accordance with the Notification of Releasing the List of
Key Pollutant Discharging Entities of Shangqiu City in 2022, issued by Shangqiu Ecology and
Environment Bureau, Henan Vehicle, a subsidiary of the Company, was listed as a key pollutant
discharging entity of soil environment in April 2022.
Tianjin Vehicle and Henan Vehicle have strictly executed relevant requirements of laws, regulations
and pollutant discharging permit, they have truthfully disclosed relevant information to the public on the
nationwide pollutant discharging permit management information platform, including pollutants,
discharging manner, discharging concentration and total discharging volume, construction and operation
situation of pollution prevention and control facilities, and accept supervision of the public.
√Applicable ?Not Applicable
Tianjin Vehicle has constructed various pollutant treatment facilities strictly according to regulations,
standards, environmental impact assessment and approval requirements, and these pollutant treatment
facilities are operating well. It has strictly executed national, local discharging standards to ensure that
the pollutant discharging concentration meet the standards, and the solid waste has been properly
disposed. Details are as follows:
(1) Tianjin Vehicle
The major waste gases emitted by Tianjin Vehicle include spraying dust, organic waste gas and fuel
waste gas, and the major factors of these pollutants are dust, methylbenzene, dimethylbenzene, VOCs,
smoke dust, SO2, NOx. Painting rooms, leveling rooms and drying rooms of various production lines are
airtight, the purifying method of organic waste gases is mainly “zeolite roller + RTO”, and the gases are
emitted through exhaust stack after treatment; Dust from the static powder spraying process is recovered
through recovery system, and the tail gas is fully emitted through exhaust tubes. The main waste gas
exhaust port of spraying workshop is set with online monitoring devices, which is networked with Tianjin
Ecology and Environment Bureau to real-time monitor of atmospheric pollutants emission meeting
standards. The waste gas treatment facilities of Tianjin Vehicle are in good operation, methylbenzene,
dimethylbenzene, VOCs, PM, smoke dust, SO2, NOx and other pollutants are discharged up to the
standard.
The wastewater discharged by Tianjin Vehicle includes industrial wastewater and domestic
wastewater. In particular, painting wastewater is the key object of monitoring, and the main pollutant
factors include PH, COD, B0D5, SS, ammonia nitrogen, total phosphorus, total nitrogen, petroleum, etc.
In the plant area, there is a 500m?/d wastewater treatment station used to treat the industrial wastewater
including painting wastewater. The station adopts the treatment techniques of “flocculation and
precipitation + micro-electrolysis + Fenton + biological contact oxidation”, and ensures that effluent
discharged from the plant area reaches the Level 3 standard specified in the Integrated Wastewater
Discharge Standard (DB12/356-2018). In the plant area, rainwater and wastewater are separated, and
the flow directions of wastewater and rainwater pipelines are marked, to achieve diversion of industrial
wastewater, domestic wastewater and rainwater. The treated wastewater flows to the professional
sewage treatment plant through the municipal pipeline network. The wastewater treatment facilities in the
plant area operate well, and all pollutants are discharged according to the relevant discharge standards;
the general wastewater drainage port of the plant area is equipped with an online monitoring device,
which is networked with Tianjin Ecology and Environment Bureau to monitor the discharge of water
pollutants out of the plant area in real time.
Tianjin Vehicle has constructed a temporary storage room of hazardous waste, recovery area of
general solid waste and other facilities, the construction of the temporary storage room of hazardous
waste met Pollution Control Standards for Hazardous Waste Storage. General industrial solid waste has
been disposed according to garbage classification, and those with recycling value have been delivered
to the third-party professional institutions for recycle, while production and domestic waste has been
cleaned and transported regularly by sanitation departments, and hazardous waste has been disposed
of safely by qualified professional companies. In 2022, Tianjin Vehicle fully performed the hazardous
waste transfer formalities according to laws, and the hazardous waste was disposed of on the basis of
compliance.
Besides the above environmental protection measures, Tianjin Vehicle has taken corresponding
environmental protection measures to noise, which met the requirements in relevant with national and
local environmental protection.
(2) Henan Vehicle
As per the requirements of soil pollution risk control zoning in Henan Province, Shangqiu Urban-
Rural Integration Demonstration Zone, where the plant area of Henan Vehicle is located, is a soil pollution
risk control zone (enterprise under key supervision of soil pollution). However, the land in the plant area
of Henan Vehicle is industrial land, and Henan Vehicle does not belong to an industry with soil pollution
risks, so the plant area of Henan Vehicle meets the requirements of the soil pollution risk prevention and
control bottom-line. The risk of groundwater and soil pollution in the plant area of Henan Vehicle mainly
lies in wastewater and solid waste. In the plant area, temporary hazardous waste storerooms are treated
as the key anti-seepage areas, and the wastewater treatment area, paint mixing room and the like are
treated as the general anti-seepage areas.
The wastewater discharged by Henan Vehicle includes such main pollutant factors as PH, COD,
ammonia nitrogen, SS, total phosphorus, etc. In the plant area, there is a 100m?/d wastewater treatment
station used to treat industrial wastewater. The station adopts the treatment techniques of “pretreatment
+ biochemical reaction + filtration + biochemical treatment”. Domestic sewage is pretreated in the plant
area and discharged into the municipal sewage treatment plant. The wastewater treatment facilities in
the plant area operate well, and all pollutants are discharged according to the relevant discharge
standards.
Henan Vehicle has constructed a temporary storage room of hazardous waste, recovery area of
general solid waste and other facilities, the construction of the temporary storage room of hazardous
waste met Pollution Control Standards for Hazardous Waste Storage. General industrial solid waste has
been disposed according to garbage classification, and those with recycling value have been delivered
to the qualified professional institutions for recycle, while production and domestic waste has been
cleaned and transported regularly by sanitation departments, and hazardous waste has been disposed
of safely by qualified professional companies. In 2022, Henan Vehicle fully performed the hazardous
waste transfer formalities according to laws, and the hazardous waste was disposed of on the basis of
compliance.
Besides the above environmental protection measures, Henan Vehicle has taken corresponding
environmental protection measures to exhaust gas and noise, which met the requirements in relevant
with national and local environmental protection.
for environmental protection
√Applicable ?Not applicable
Strictly according to the requirements of laws and regulations, The Company prepares environmental
impact assessment documents for the new reconstruction and expansion projects that need to go through
environmental protection procedures, and obtains EIA approval and constructs strictly according to laws,
regulations and EIA approval. The Company performs the completion and acceptance procedures of
environmental protection according to laws and regulations after the completion of the construction.
√Applicable ?Not applicable
Tianjin Vehicle and Henan Vehicle filed their contingency plans for environmental emergencies in
local environmental protection administrations in August 2021 and August 2022 respectively and received
the corresponding filing receipt. They further inspected risk sources and took relevant corrective
measures to improved environmental risk prevention mechanism, and reduce the possibility of
environmental risk accidents. Tianjin Vehicle and Henan Vehicle have organized relevant personnel
every year to carry out emergency drills for environmental risk accidents in order to improve emergency
response capacities.
√Applicable ?Not applicable
The main waste gas and wastewater discharging ports of Tianjin Vehicle are installed with online
monitoring system for real-time monitoring of main pollutants, and monitoring data is directly uploaded to
environmental protection data platform, various pollutants are discharged in conformity with relevant
standards. Tianjin Vehicle keeps operation and maintenance records on waste gas, wastewater treatment
facilities in daily production, and solid waste and hazardous waste records.
Tianjin Vehicle entrusts qualified testing institutions to regularly monitor waste water, waste gas and
noise strictly in accordance with Self-monitoring Technical Guidance for Pollutant Discharging Entities
and other standards, as well as monitoring frequency requirement of environmental impact evaluation
documents and pollutant discharging license. The testing report is uploaded to the pollution source
monitoring data management and information sharing platform.
In addition, Henan Vehicle entrusts qualified testing institutions to regularly monitor wastewater,
waste gas and noise strictly in accordance with self-monitoring Technical Guidance for Pollutant
Discharging Entities and other regulations and standards, as well as monitoring frequency requirement
of environmental assessment reports and pollutants-discharging license. Various pollutants are
discharged according to relevant standards. The testing report is uploaded to the management and
information sharing platform for pollution source monitoring data. Henan Vehicle keeps operation and
maintenance records on production and waste gas, wastewater treatment facilities in daily production,
and solid waste and hazardous waste transfer records.
In June 2022, Henan Vehicle carried out a project to investigate the potential risks of soil and
groundwater pollution in the plant area. It developed an Investigation Plan for the Potential Risks of Soil
and Groundwater as per relevant requirements such as the Guidelines for the Investigation of Potential
Risks of Soil Pollution in Enterprises under Key Supervision (Trial), conducted on-site investigations on
key areas and key facilities, completed sampling and monitoring of soil and groundwater, and issued
relevant test reports. In September 2022, the Investigation Report on Potential Risks of Soil Pollution was
prepared. After comprehensive investigation and testing, the test results of soil and groundwater in the
plant area met the relevant standard limits, and the soil pollution prevention and control measures have
been continuously enhanced. Therefore, there was low risk of soil pollution in the plant area.
?Applicable √Not applicable
?Applicable √Not applicable
(II) Description of environmental protection situation of companies other than those defined as
key pollutant-discharging entities
√Applicable ?Not applicable
?Applicable √Not applicable
entities
√Applicable ?Not applicable
Upholding the concept of green development, the Company has established a comparatively perfect
modern environmental management system which covers R&D, production, marketing and other
business links. The Company and its subsidiaries actively promote the effective environmental
management by establishing and implementing normal and long-term environmental protection measures,
and constantly improve the environmental management system to promote high-quality development.
Several subsidiaries have passed the third-party certifications.
The Company and its subsidiaries strictly abide by relevant laws, regulations and standards. All new,
reconstruction and expansion projects have gone through the EIA procedures, with their construction
contents consistent with the EIA approval, and have passed the completion acceptance of environmental
protection. Relevant subsidiaries actively manage the operation of pollutant prevention and control
facilities to ensure satisfactory treatment capacity of the facilities, strictly implement the management
regulations of pollutant discharge licenses, carry out daily and regular monitoring of pollutants, and realize
up-to-standard discharge of waste gas, wastewater and noise and compliant disposal of solid waste. All
relevant subsidiaries have developed emergency plans for sudden environmental incidents as required,
and organized regular drills.
?Applicable √Not applicable
(III) Relevant information favorable to ecological protection, pollution prevention and control and
environmental responsibility fulfillment
√Applicable ?Not applicable
The Company integrates the concept of sustainable development into its production and operation,
strengthens the green management throughout the product life cycle by establishing and improving the
environmental management system, constantly improves the utilization efficiency of resources and
energy, and actively creates an efficient, clean, low-carbon and recycling green manufacturing system.
The Company and its subsidiaries regularly inspect and improve high-energy-consuming equipment,
enhance the analysis of energy consumption and improve the energy utilization rate; actively choose
energy-saving and water-saving products, maximize the use of recyclable packaging materials, and
improve the service life of containers, in an effort to reduce the consumption of resources and energy.
(IV) Measures taken during the reporting period to reduce carbon emission and their effectiveness
Whether carbon emission reduction
Yes
measures were taken
Reduction in CO2 equivalent
emissions (In: Ton)
Carbon reduction measures (e.g., Actively explore effective ways to reduce resource
using clean energy in power consumption and increase resource recycling, improve the
generation, using carbon reduction comprehensive utilization efficiency of energy and resources,
technologies in production, establish the awareness of energy conservation and emission
developing and producing new reduction throughout the Company, and create a sound
products for carbon reduction) atmosphere of energy conservation and emission reduction.
In 2022, the Company’s energy conservation and emission
reduction projects in the process of production included Tianjin
Vehicle Gas-Saving Renovation Project, Tianjin Vehicle
Transformer Capacity Reduction Project and Guangxi Vehicle
Painting Preheater Renovation Project.
Detailed description
?Applicable √Not applicable
II. Performance of Social Responsibilities
(I) Whether a social responsibility report, sustainable development report or ESG report was
disclosed separately
√Applicable ?Not applicable
For details about the Company’s performance of its social responsibilities, please refer to the
Environmental, Social and Governance (ESG) Report 2022 published on the same day as the Annual
Report of 2022.
(II) Specific social responsibility works
√Applicable ?Not applicable
Donation and public welfare
Quantity/Content Descriptions
projects
Mainly for charitable donations, education
Total investment (Yuan’0000) 2,751.13
donation, etc.
Detailed description
?Applicable √Not applicable
III. Particulars on the Efforts to Consolidate and Expand Its Achievements in Poverty Alleviation
and Rural Area Invigoration
√Applicable ?Not applicable
Poverty alleviation and rural Quantity/Content
revitalization projects
Total investment (Yuan’0000) 574.78
Including: funds (Yuan’0000) 352
Materials (Yuan’0000) 222.78
Number of beneficiaries N/A
The Company constantly explores and tries new ways to perform
Forms of assistance (e.g., poverty its social responsibilities, and takes different measures according
alleviation through industrial to the actual needs of objects. In recent years, the Company has
development, poverty alleviation made great efforts to support rural revitalization and national
through employment, poverty education development, and made its own contribution through
alleviation through education, etc.) donation, provision of jobs and targeted support, in order to
respond to the national policy.
Detailed description
?Applicable √Not applicable
Section 6 Significant Events
I. Fulfillment of Commitments
(I) Commitments of the Company’s actual controller, shareholders, related parties, acquirer, as well as the Company and other relevant entities
during or up to the reporting period
"√ Applicable" "□ Not applicable"
If it is not If it is not
timely timely
Whether it
Commitment Whether there is performed, performed,
Commitment Commitment Commitment is timely
Promisor a deadline for the specific the plan for
background Category Description Duration and strictly
implementation reasons the further
performed
should be step should
stated be stated
June 15, 2021
Restricted Zhang Jian and Zhang
Note 1 to June 14, Yes Yes N/A N/A
shares Gege
June 15, 2021
Restricted Changxing Dingai and
Note 2 to June 14, Yes Yes N/A N/A
shares its partners
CITIC Investment,
Goldstone Zhiyu,
Goldstone Haofeng,
June 15, 2021
Commitments Restricted Three Gorges
Note 3 to June 14, Yes Yes N/A N/A
related to IPO shares Goldstone, Liu Jianxin,
Peng Wei, Han
Jianhua, Li Shishuang
and Qiao Baogang
Zhang Jian, Zhang
Gege, Changxing
Others Dingai and its partners, Note 4 Long term No Yes N/A N/A
Liu Jianxin and Peng
Wei
Others The Company, Zhang Note 5 June 15, 2021 Yes Yes N/A N/A
Jian, Zhang Gege, to June 14,
Duan Hua, Liu Jianxin, 2024
Peng Wei, Fang Hao,
Xu Peng, Wu Lyubo, Li
Yan, Wang
Quanzhang, Li Yubao,
Hao Hong, Wang
Chunyan, Ren Yong
and Hu Yupeng
Solution to
Zhang Jian and Zhang
horizontal Note 6 Long term No Yes N/A N/A
Gege
competition
Solution to
Zhang Jian and Zhang
related Note 7 Long term No Yes N/A N/A
Gege
transactions
February 23,
Restricted 2023 to
Zhang Jian Note 8 Yes Yes N/A N/A
shares September 3,
Zhang Gege, Gao Hui, February 23,
Restricted Peng Wei, Wang 2023 to
Note 9 Yes Yes N/A N/A
shares Chunyan, Zheng Hui, September 3,
Commitments Li Yubao, Luo Qingyi 2023
related to
refinancing Sun Minggui, Liu
February 23,
Junfeng, Ma
Others Note 10 2023 to March Yes Yes N/A N/A
Junsheng, Xu Peng, Li
Yan
February 23,
Restricted Duan Hua and Liu 2023 to
Note 11 Yes Yes N/A N/A
shares Tingxu September 3,
Note 1: Commitment of the controlling shareholder and actual controller for locking up their shares
Zhang Jian, the Company's controlling shareholder and the actual controller and Zhang Gege, the Company’s actual controller have made the following
commitment and confirmed that:
(1) Within 36 months from the date of lPO, I shall not transfer or entrust others to manage the shares directly or indirectly held by me that have been
issued before the Company's public offering, nor shall the Company repurchase the shares directly or indirectly held by me that have been issued before the
Company's public offering.
(2) Within 6 months after the listing of the Company's stock, the closing price of the Company's stock is continuously lower than the issuing price for
successively 20 trading days, or the closing price is lower than the issuing price at the end of the 6 months after listing, the locking duration of the shares held
by me in the Company shall prolong automatically 6 months.
Note 2: Commitment of Changxing Dingai and its partner for locking up their shares
Within 36 months from the date of IPO, I shall not transfer or entrust others to manage the shares directly or indirectly held by me that have been issued
before the Company's public offering, nor shall the Company repurchase the shares directly or indirectly held by me that have been issued before the
Company's public offering.
Note 3: Commitment of CITIC Investment, Goldstone Zhiyu, Goldstone Haofeng, Changxia Goldstone, Liu Jianxin, Peng Wei, Han Jianhua, Li
Shishuang and Qiao Baogang for locking up their shares
Within 12 months from the date of listing of the Company's shares, I shall neither transfer nor entrust others to manage the shares directly or indirectly
held by me that have been issued before the Company's public offering, nor shall the Company repurchase such shares directly or indirectly held by me that
have been issued before the Company's public offering.
Note 4：Commitment of the controlling shareholder, actual controller, Changxing Dingai and its partner Liu Jianxin, and Peng Wei for the
intentions about shareholding or reduction of shares
(1) During my tenure as a director or senior executive of the Company, the annual transfer of the shares of the Company directly or indirectly held by me
shall not exceed 25% of the total shares of the Company directly or indirectly held by me; within six months after my leave from the office, none of the shares
of the Company directly or indirectly held by me shall be transferred.
(2) I commit that if the shareholding is lessened within two years after the expiration of the lock-up period, the price of the shares reduced shall not be
lower than the issue price. In the event of dividends, bonus shares, capitalization of provident fund, share allotment, etc., the price shall be adjusted accordingly
based on the ex-right and ex-dividend conditions.
(3) The above commitments shall not be exempted from the implementation due to job change, leave from office, etc. If I cause any loss to the Company
or other investors due to my failure to perform the above commitments, I shall be liable for compensation to the Company or other investors in accordance
with the law.
Note 5: Commitment for the stabilization of the share price and share repurchase
(1) The Company's Commitment
① Within three years from the date of IPO, if the closing price of the stock is lower than the Company's latest audited net assets per share for 20
consecutive trading days (if ex-right and ex-right is conducted due to the distribution of the cash bonus, bonus shares, capitalization of reserve or additional
issuing of new shares, the closing price shall be adjusted accordingly, the same below), and the repurchase measures do not result in the Company's equity
distribution not meeting the listing criteria, the Company will initiate the measures for stabilizing the stock price through repurchasing of the shares in accordance
with the relevant laws, rules and regulations.
②The Board of Directors should hold a Board meeting to review the proposal for repurchase of the Company's shares within 5 trading days commencing
from the day of starting the measures for stabilizing the stock price as stated above and submit the same to the general meeting for examination. The Company
should start the repurchase commencing from the date when the general meeting has reviewed and approved such a proposal.
③The price of the Company’s shares repurchased shall not be higher than the net assets per share in the latest audited financial statements. The
repurchase of the shares is conducted in a way of centralized bidding, tender offer or other ways as recognized by the securities regulatory authority. Under
the premise that the Company's equity distribution may not be caused to fail to meet the listing conditions, the amount of the funds used by the Company for
repurchase at a time is not less than RMB 10 million in principle, the total repurchase funds used to stabilize the stock price in a single fiscal year shall not
exceed 50% of the net profit attributable to the shareholders of the parent Company in the latest audited financial statements, and the total amount of funds
used by the Company to repurchase shares shall not exceed the total amount of funds raised by the Company's initial public offering of shares.
④From the time when the Company initiates the stock price stabilization plan to that before the formal implementation of the stock price stabilization
measures, or during the implementing the measures for stabilizing the stock price, if any of the conditions as stated in the “conditions for terminating the
implementation of the measures for stabilizing the stock price” in the “AIMA Technology Group Co., Ltd.'s IPO of RMB Common Shares (A Shares) and the
Stabilization Plan of the Stock Price within Three Years After Listing of the Company’s Stock" is triggered, the implementation of the above-mentioned price
stabilization plan will be terminated.
⑤Within three years from the date of the listing of the Company's stock, if the Company has newly appointed directors (independent directors are exclusive)
and senior executives, the Company will require these newly appointed directors and senior executives to fulfill the corresponding commitments made by the
directors and senior executives appointed at the time of the listing.
(2) Controlling shareholder and actual controller
① Within three years from the date of IPO, if the closing price of the stock is lower than the Company's latest audited net assets per share for 20
consecutive trading days (if ex-right and ex-right is conducted due to the distribution of the cash bonus, bonus shares, capitalization of reserve or additional
issuing of new shares, the closing price shall be adjusted accordingly, the same below), and the repurchase measures do not result in the Company's equity
distribution not meeting the listing criteria, I will initiate the measures for stabilizing the stock price through repurchasing of the shares in accordance with the
relevant laws, rules and regulations.
②If the closing price of the stock is lower than the Company's latest audited net assets per share for 10 consecutive trading days from the next day after
the Company has finished implementation of the measures for stabilizing the stock price (subject to the date of the announcement that implementation is
finished), or within 3 months from the next day after the Company has finished implementation of the measures for stabilizing the stock price (subject to the
date of the announcement that implementation is finished), the closing price of the Company’s stock is once again lower than the Company's latest audited
net assets per share for 20 consecutive trading days, I will initiate the measures for stabilizing the stock price.
③Within 5 trading days from the day when the above-mentioned conditions for initiating the measures to stabilize the stock price are satisfied, I will
propose a plan to increase my shareholding of the Company’s shares (including the number of shares to be increased, the price range, the completion period,
etc.) and notify the Company. After receiving my shareholding plan, the Company should announce the increasing plan in accordance with the relevant
regulations; and I will start to increase the shareholding on the trading day after the day of announcement for the increasing plan.
④ The price of my increased shares is not higher than the Company’s audited net assets per share at the end of the previous fiscal year. Under the
premise that the Company's equity distribution may not be caused to fail to meet the listing conditions, and the cumulative number of the increased shares
shall not exceed 1% of the Company’s total shares within every 12 months from the day when the condition for taking the measures to stabilize the stock price
is triggered, the funds I use to increase my shareholdings are not less than 30% of the total amount of the cash dividends, remuneration or allowance(after-
tax) that I receive directly or indirectly from the Company in the previous year within every 12 months from the day when the condition for taking the measures
for stabilizing stock price is triggered.
⑤From the time when the Company initiates the stock price stabilization plan to that before the formal implementation of the stock price stabilization
measures, or during the implementing the measures for stabilizing the stock price, if any of the conditions as stated in the “conditions for terminating the
implementation of the measures for stabilizing the stock price” in the “AIMA Technology Group Co., Ltd.'s IPO of RMB Common Shares (A Shares) and the
Stabilization Plan of the Stock Price within Three Years After Listing of the Company’s Stock" is triggered, the implementation of the above-mentioned price
stabilization plan will be terminated.
⑥I guarantee that when the Company implements the plan for stabilizing stock price, I shall vote in favor of the resolution to repurchase shares.
(3) Commitments of the directors (independent directors are exclusive) and senior executives
① Within three years from the date of IPO, if the closing price of the stock is lower than the Company's latest audited net assets per share for 20
consecutive trading days (if ex-right and ex-right is conducted due to the distribution of the cash bonus, bonus shares, capitalization of reserve or additional
issuing of new shares, the closing price shall be adjusted accordingly, the same below), and the repurchase measures do not result in the Company's equity
distribution not meeting the listing criteria, I will initiate the measures for stabilizing the stock price through repurchasing of the shares in accordance with the
relevant laws, rules and regulations.
②If the closing price of the stock is lower than the Company's latest audited net assets per share for 10 consecutive trading days from the next day after
the Company has finished implementation of the measures for stabilizing the stock price (subject to the date of the announcement that implementation is
finished), or within 3 months from the next day after the Company has finished implementation of the measures for stabilizing the stock price (subject to the
date of the announcement that implementation is finished), the closing price of the Company’s stock is once again lower than the Company's latest audited
net assets per share for 20 consecutive trading days, I will initiate the measures for stabilizing the stock price.
③Within 5 trading days from the day when the above-mentioned conditions for initiating the measures to stabilize the stock price are satisfied, I will
propose a plan to increase my shareholding of the Company’s shares (including the number of shares to be increased, the price range, the completion period,
etc.) and notify the Company. After receiving my shareholding plan, the Company should announce the increasing plan in accordance with the relevant
regulations; and I will start to increase the shareholding on the trading day after the day of announcement for the increasing plan.
④ The price of my increased shares is not higher than the Company’s audited net assets per share at the end of the previous fiscal year. Under the
premise that the Company's equity distribution may not be caused to fail to meet the listing conditions, and the cumulative number of the increased shares
shall not exceed 1% of the Company’s total shares within every 12 months from the day when the condition for taking the measures to stabilize the stock price
is triggered, the funds I use to increase my shareholdings are not less than 30% of the total amount of the cash dividends, remuneration or allowance(after-
tax) that I receive directly or indirectly from the Company in the previous year within every 12 months from the day when the condition for taking the measures
for stabilizing stock price is triggered.
⑤ From the time when the Company initiates the stock price stabilization plan to that before the formal implementation of the stock price stabilization
measures, or during the implementing the measures for stabilizing the stock price, if any of the conditions as stated in the “conditions for terminating the
implementation of the measures for stabilizing the stock price” in the “AIMA Technology Group Co., Ltd.'s IPO of RMB Common Shares (A Shares) and the
Stabilization Plan of the Stock Price within Three Years After Listing of the Company’s Stock" is triggered; the implementation of the above-mentioned price
stabilization plan will be terminated.
⑥I guarantee that when the Company implements the plan for stabilizing stock price, I shall vote in favor of the resolution to repurchase shares.
Note 6: Commitment to resolve or avoid the Horizontal Competition
The Company's controlling shareholder and actual controller Zhang Jian and actual controller Zhang Gege have issued a letter of commitment to resolve
or avoid the horizontal competition with the commitment as follows:
(1) For the purpose of avoiding horizontal competition between the enterprise I control or impose significant impact on and the Company after listing, I
hereby commit that while I act as a shareholder and actual controller of Aima Technology Group Co., Ltd., the enterprise I may control or exert significant
influence on shall not be directly or indirectly involved in any business or activities which may form competition with Aima Technology by any means both in
and out of the territory of China (including but not limited to independent operation, operation through joint venture or owning of the shares and other equity in
another company or enterprise), I shall not hold any post to perform any practical management duties in any economic organization that competes with the
Company.
If Aima Technology further expands its business scope, I promise and will urge the enterprise that I control or exert significant influence on to commit not
to compete with the expanded business of Aima Technology; if I and the enterprise that I control or exert significant influence on have any business opportunity
to do or participate in any activity which may compete with Aima Technology currently or in future, I will take and urge the enterprise that I control or exert
significant influence on to take all possible and reasonable measures to transfer such opportunity to Aima Technology; if Aima Technology does not accept
the transfer of such opportunity, the enterprise that I control or exert significant influence on will take any possible measures before the implementation of such
opportunity to any unaffiliated third party or voluntarily withdraw from such business opportunity, or take any other measures favorable to protect Aima
Technology’s interest and to avoid horizontal competition with Aima Technology.
For enterprises that I control or exert significant influence on, I will urge these enterprises to perform their obligations in this letter of commitment by
dispatching agencies and personnel (including but not limited to directors and managers) and obtaining controlling positions, and commit not to be involved in
horizontal competition with Aima Technology.
(2)I commit not to take advantage of my status as the controlling shareholder and actual controller of Aima Technology to damage the legitimate rights
and interests of Aima Technology and other minority shareholders, nor to use my special status to seek abnormal additional interests.
(3) I confirm that each of the commitments contained in this letter of commitment is independently enforceable. If any of the above commitments is violated,
Aima Technology has the right to require me and the enterprises I control or exert significant influence on to immediately stop horizontal competition, and has
the right to require me or the enterprises I control or exert significant influence on to bear the direct or indirect economic losses, claim liability and related
expenses caused to Aima Technology.
(4) I guarantee that the above commitments shall continue to be valid and irrevocable as long as Aima Technology remains listed on the domestic stock
exchange and I act as its controlling shareholder and actual controller. If change takes place in the relevant laws, rules or regulations, I shall update or
supplement the relevant commitments in a timely manner in accordance with the regulations.
Note 7: Measures taken by the Company to reduce related transactions
In order to further regulate and reduce related-party transactions, the controlling shareholder and actual controller Zhang Jian and actual controller Zhang
Gege of the Company issued the letter of commitment on regulating and reducing related transactions with details as follows:
(1) My close relatives and I, other economic organizations controlled by myself or my close relatives, will try to avoid or reduce related transactions with
Aima Technology (including its subsidiaries within the scope of consolidated financial statements, the same below). Transactions between the independent
third parties and Aima Technology that occur through the market will be carried out by the independent third parties and Aima Technology. My close relatives
and I, other economic organizations controlled by myself or my close relatives, will strictly avoid borrowing from Aima Technology, appropriating Aima
Technology funds or taking the form of advances and payments to occupy Aima Technology funds, etc.
(2) Any necessary transaction between my close relatives and myself, other economic organizations controlled by myself or my close relatives and Aima
Technology will strictly comply with the market principle and in accordance with the general principles of equality and mutual benefit, and the transaction should
be fair and reasonable. If there is government price in pricing for the transaction, the government price shall be applicable; if there is no government price, the
market fair price shall be applicable; if there is neither government price nor market price for reference, the cost price shall be determined according to the cost
plus a comparable and reasonable profit level.
(3) Any related transactions between my close relatives and myself, other economic organizations controlled by myself or my close relatives and Aima
Technology will be clearly stipulated in the form of signing a written contract or agreement. And these transactions must comply with the necessary statutory
procedures, which stipulated in the Aima Technology’s Articles of Association and the regulations concerning management of related transactions. When the
authority of Aima Technology reviews the concerned related transaction, I will initiatively implement the obligation of avoidance in accordance with the law.
The related transactions that need to be reported to the authority should be implemented only after the authority has deliberated and approved them.
(4) I promise not to obtain any improper benefit through related transactions or making Aima Technology undertake any improper obligations. If the
violation of the above commitments causes Aima Technology to lose or using the related transactions to encroach on the interests of Aima Technology. Aima
Technology has the right to unilaterally terminate such related transactions, and I shall bear the loss of Aima Technology.
(5) For any unavoidable related transaction, I shall urge Aima Technology to strictly implement the related transaction decision-making procedures, the
voting avoidance system and the information disclosure system formulated by the Company's articles of association, so as to ensure the fairness, justice and
impartiality of related party transactions, and to avoid related transactions that harm the interest of Aima Technology and its shareholders.
(6) The above commitments will retain valid during the period when I constitute a related party of Aima Technology.
Note 8: Commitment of Zhang Jian to participate in the subscription of convertible bonds to be issued
(1) I will subscribe for the convertible bonds to be issued by the Company this time with my self-owned or self-raised funds. The amount of subscription
will be determined according to the relevant laws, regulations and normative documents, the plan for issuance of convertible bonds and my financial condition
at that time.
(2) If I or my spouse, parents or children reduce our shares in the Company within six months before the first day of this issue, I shall not participate in the
subscription of the convertible bonds on my own or by entrusting other entities.
(3) If I successfully subscribe for the convertible bonds, both I and my spouse, parents and children shall strictly abide by the legal requirements on short-
term trading, that is, commit not to reduce our shares in the Company and these convertible bonds from the first day of this issue to six months after the
completion of this issue.
(4) I voluntarily make the aforesaid commitment, and agree to be bound by the aforesaid commitment and to strictly abide by relevant laws, regulations
and normative documents. If I or my spouse, parents or children violate the aforesaid commitment, all earnings from such violation shall belong to the Company,
and I or my spouse, parents or children shall bear the legal liabilities arising therefrom according to law.
Note 9: Commitment of Zhang Gege, Gao Hui, Peng Wei, Wang Chunyan, Zheng Hui, Li Yubao and Luo Qingyi to participate in the subscription
of convertible bonds to be issued
(1) If I or my spouse, parents or children reduce our shares in the Company within six months before the first day of this issue, I shall not participate in the
subscription of the convertible bonds on my own or by entrusting other entities.
(2) If I and my spouse, parents and children do not reduce our shares in the Company within six months before the first day of this issue, I will decide
whether to participate in the subscription of the convertible bonds according to the market conditions and my capital arrangements. If I successfully subscribe
for the convertible bonds, both I and my spouse, parents and children shall strictly abide by the legal requirements on short-term trading, that is, commit not to
reduce our shares in the Company and these convertible bonds from the first day of this issue to six months after the completion of this issue.
(3) If I or my spouse, parents or children reduce our shares in the Company or the subscribed convertible bonds in violation of the aforesaid commitment,
all earnings from such violation shall belong to the Company, and I or my spouse, parents or children shall bear the legal liabilities arising therefrom according
to law.
Note 10: Commitment of Sun Minggui, Liu Junfeng, Ma Junsheng, Xu Peng and Li Yan to participate in the subscription of convertible bonds
to be issued
I will not participate in the subscription of the convertible bonds to be issued by the Company this time on my own, or through my spouse, parents or
children or any other person. The above commitment reveals my genuine intention. If I participate in the subscription of the convertible bonds in violation of
the above commitment, all earnings from such violation shall belong to the Company, and I shall bear the legal liabilities arising therefrom according to law.
Note 11: Commitment of Duan Hua and Liu Tingxu to participate in the subscription of convertible bonds to be issued
(1) I will not participate in the subscription of the convertible bonds to be issued by the Company this time. If my spouse, parents and/or children have the
preemptive right to the convertible bonds due to shareholding in the Company, he/she/they will decide whether to participate in the subscription of the
convertible bonds according to the market conditions and capital arrangements. In case of successful subscription of the convertible bonds, both I and my
spouse, parents and/or children shall strictly abide by the legal requirements on short-term trading, that is, commit not to reduce his/her/their shares in the
Company (if any) from the first day of this issue to six months after the completion of this issue. Except for the above circumstances, I commit not to entrust
other entities to participate in the subscription of the convertible bonds, and not to participate in the subscription of the convertible bonds by using the account
of my spouse, parents or children or any other person. The above commitment reveals my genuine intention.
(2) If I or my spouse, parents or children violate the aforesaid commitment, all earnings from such violation shall belong to the Company, and I or my
spouse, parents or children shall bear the legal liabilities arising therefrom according to law.
(II) If there is earnings forecast for the assets or projects of the Company and the reporting period
is still in the earnings forecast period, the Company should explain whether the asset or project
reaches the original earnings forecast and give the reasons
□ Already reached □ Not reached √ Not applicable
(III) Fulfillment of commitments on the performance and its impacts on goodwill impairment test
□ Applicable √ Not applicable
II. Non-operational Occupancy of the Company’s Capital by the Controlling Shareholder and its
Related Parties during the Reporting Period
□ Applicable √ Not applicable
III. Information on Non-compliance Guarantees
□ Applicable √ Not applicable
IV. Explanation of the Board of Directors in Company on the “Non-standard Opinion Audit Report”
Issued by the Accounting Firm
□ Applicable √ Not applicable
V. Analysis and Explanation on the Causes and Influences of the Changes in the Company’s
Accounting Policies, Accounting Estimates or Correction of Major Accounting Errors
(I) Analysis and explanation of the Company on the causes and influences of the changes in the
accounting policies and accounting estimates
□ Applicable √ Not applicable
(II)Explanation of the Company’s analysis on reasons and effects of the correction of significant
accounting errors
□ Applicable √ Not applicable
(III) Communication with former accounting firm
□ Applicable √ Not applicable
(IV) Other notes
□ Applicable √ Not applicable
VI. Engagement/Disengagement of the CPAs
In: Yuan’0000 Currency: RMB
Currently engaged
Name of the domestic CPAs Ernst & Young Hua Ming LLP
Remuneration to the domestic CPAs 290
Years of the domestic CPAs offering auditing services 10 years
Name of CPAs of the domestic accounting firm Guo Jing and Zhang Bin
Years of CPAs of the domestic accounting firm offering
auditing services
Name Remuneration
Accounting firm for internal control audit Ernst & Young Hua Ming LLP 45
Sponsor Huatai United Securities Co., Ltd. 200
Note to Engagement/Disengagement of the CPAs
□ Applicable √ Not applicable
On August 5, 2022, the Proposal on Continuing the Employment of the Financial Audit Body and
Internal Control Audit Body for 2022 was reviewed and adopted at the second extraordinary general
meeting of shareholders in 2022. Accordingly, Ernst & Young Hua Ming LLP continued to be appointed
as the Company’s financial audit body and internal control audit body for 2022.
Note to the replacement of the CPAs during the auditing
□ Applicable √ Not applicable
VII. Delisting Risk
(I) Reasons for the delisting risks warning
□ Applicable √ Not applicable
(II) Solution to be adopted by the Company
□ Applicable √ Not applicable
(III) Termination of the listing and its reasons
□ Applicable √ Not applicable
VIII. Events Related to Bankruptcy and Reorganization
□ Applicable √ Not applicable
IX. Major Lawsuit and Arbitration Issues
□ Significant lawsuits and arbitrations in the reporting period
√ No significant lawsuit or arbitration in the reporting period
X. Punishment and Correction on the Listed Company as well as its Directors, Supervisors, Senior
Management, Controlling Shareholders and Actual Controller due to Suspect of Law Violations
□ Applicable √ Not applicable
XI. Integrity Status of the Company, its Controlling Shareholder and Actual Controller during the
Reporting Period
√ Applicable □ Not applicable
During the reporting period, the Company, its controlling shareholder and actual controller were all
enjoying good reputation in integrity, and there was no failure to perform any effective judgment of the
court, or large amount of outstanding due debts remaining unpaid.
XII. Significant Related Transactions
(I) Related Transactions Related with Day-to-Day Operations
subsequent implementation
□ Applicable √ Not applicable
subsequent implementation
√ Applicable □ Not applicable
On April 14, 2022, the Proposal on Estimated Daily Related Transactions of the Company and its
Subsidiaries in 2022 was reviewed and adopted with 6 votes in favor, 0 vote against and 0 abstention at
the 25th meeting of the fourth board of directors. The related directors Zhang Jian, Duan Hua and Zhang
Gege withdrew from voting. For details, please refer to the relevant announcement published on the
website of Shanghai Stock Exchange on April 16, 2022.
The estimated and actual daily related transactions between the Company and related parties in
In: Yuan ‘0000
Trading Type of related Estimated amount Actual amount
Related party
party transaction in 2022 in 2022
Company Purchasing goods Tianjin Jiema Electric
and its from the related party Technology Co., Ltd.
subsidiaries Selling goods to the
related party
Providing services to
the related party
Leasing a house to
the related party
Renting equipment
from the related party
Other daily related
transactions
Subtotal 7,250.00 3,451.68
Renting a house from
Duan Hua 500.00 476.19
the related party
Company Accepting the services
Shangqiu Yichong
and goods provided 5,000.00 1,897.47
Trading Co., Ltd.
by the related party
Total 12,750.00 5,825.34
□ Applicable √ Not applicable
(II) Related transactions concerning acquisition and sales of assets or equity
subsequent implementation
□ Applicable √ Not applicable
subsequent implementation
□ Applicable √ Not applicable
□ Applicable √ Not applicable
period should be disclosed
□ Applicable √ Not applicable
(III) Significant related transactions concerning joint investment in foreign countries
subsequent implementation
□ Applicable √ Not applicable
subsequent implementation
□ Applicable √ Not applicable
□ Applicable √ Not applicable
(IV) Associated Rights of Credit and Liabilities
subsequent implementation
□ Applicable √ Not applicable
subsequent implementation
□ Applicable √ Not applicable
□ Applicable √ Not applicable
(V) Financial business between the Company and the financial company with an associated
relationship, the Company's holding financial company and the related party
□ Applicable √ Not applicable
(VI) Others
□ Applicable √ Not applicable
XIII. Important Contracts and Implementation
(I) Custody, contacting and leases
□ Applicable √ Not applicable
□ Applicable √ Not applicable
□ Applicable √ Not applicable
(II) Guarantees
√ Applicable □ Not applicable
In: Yuan Currency: RMB
Outward guarantees by the Company (excluding guarantee to the subsidiaries)
Guarant
Relation
ee Has
ship
occurre Is the the
between Guaran Overd About Guaran Associa
Amount nce date Guarant Type of Collate guarant guarant
Guarant the Guarant tee ue counter tee to ted
guarant (date of ee due guarant ral (if ee ee
ors guaranto ees starting amou guarant related relation
eed signing date ee any) finishe been
r and the date nt ee party? s hip
the d overdu
Compan
agreem e
y
ent)
Total amount of guarantees incurred during the reporting period
(excluding guarantees to subsidiaries)
Total amount of guarantees incurred at the end of the reporting
period (A) (excluding guarantees to subsidiaries)
Guarantee to the subsidiaries provided by the Company and its subsidiaries
Total amount of guarantee to the subsidiaries incurred in the
reporting period
Total balance of guarantees to the subsidiaries at the end of the
reporting period (B)
About total amount of guarantees provided by the Company (including guarantees to subsidiaries)
Total amount of guarantees (A+B) 454,170,625.88
Proportion of the total amount of guarantees in the Company’s net
assets (%)
Including:
Amount of guarantees offered to the shareholders, actual controller
and its related parties (C)
Amount of guarantee for liabilities directly or indirectly offered to the
guarantees with the asset-liability ratio exceeding 70% (D)
Amount of total guarantees exceeding 50% of the net assets (E) 0
Total amount of the aforesaid three guarantees (C+D+E) 394,184,340.52
Note to the immature guarantees which may bear joint liability for
N/A
repayment
The 2021 Annual General Meeting held on May 7, 2022 reviewed and approved the
"Proposal on the Company's Guarantee Plan for Year 2022", and the above-
Note to the guarantees
mentioned guarantees have been reviewed and approved by the Company's
General Meeting.
(III) Entrusting others to manage the cash assets
(1) Overall of entrusted wealth management
√ Applicable □ Not applicable
In: Yuan’0000 Currency: RMB
Amount Immature Overdue amount
Type Capital source
incurred balance unrecovered
Bank financial Self-owned
product funds
Note: The amount of entrusted wealth management in the above table is the highest
single-day purchase balance of this type of wealth management product.
Other Information
□ Applicable √ Not applicable
(2) Single entrusted wealth management
√ Applicable □ Not applicable
In: Yuan’0000 Currency: RMB
Is there
Has it
Commenc any
Amount Expiratio Actu gone
Type of ement entruste
of n date of Sour Ann al throug
entruste date of Actual d wealth
Trust entruste entruste ces ual Inco h
d wealth entrusted recove manage
ee d wealth d wealth of Yiel me statuto
manage wealth ry ment
manage manage funds d or ry
ment managem plan in
ment ment loss proce
ent the
dure
future
Self- Recov
Structur
ICB 2022.7.1 owne 2.36 362. ered
ed 30,000 2022.1.12 Yes Yes
C 8 d % 11
deposit
funds
Self- Recov
Boh Structur
owne 2.76 149. ered
ai ed 20,000 2022.1.26 2022.5.5 Yes Yes
d % 96
Bank deposit
funds
Note: The above table shows the wealth management products of the Company's single
significant amount of structured deposits during the reporting period, and other open-end wealth
management products are Not applicable.
Other Information
□ Applicable √ Not applicable
(3) Provisions for impairment of entrusted wealth management
□ Applicable √ Not applicable
(1) Overall entrusted loans
□ Applicable √ Not applicable
Other Information
□ Applicable √ Not applicable
(2) Single entrusted loans
□ Applicable √ Not applicable
Other Information
□ Applicable √ Not applicable
(3) Provisions for impairment of entrusted loans
□ Applicable √ Not applicable
□ Applicable √ Not applicable
(IV) Other important contracts
□ Applicable √ Not applicable
XIV. Note to Other Major Events that Have Significant Impact on Investors' Value
Judgments and Investment Decisions
√ Applicable □ Not applicable
During the reporting period, subsidiaries Henan Vehicle and Aima Share acquired the
qualifications of high-tech enterprises, and may enjoy income tax preference policy for high-tech
enterprises for three consecutive years (i.e. 2022, 2023 and 2024); that means they pay
corporate income tax at a rate of 15%.
Section 7 Changes in Common Shares and Information about
Shareholders
I. Changes in Shares Capital
(I) Table of changes in shares
In: Share
Before the change Increase or decrease of the change (+, -) After the change
Shares
Bon
New converte
Percent us Percent
Quantity shares d from Others Subtotal Quantity
age (%) shar age (%)
issued capital
es
reserves
I.
Restrict 338,660, 6,960, 122,436, 89,865,9 428,526,
ed 003 000 000 97 000
shares
Shares
held by
the
state
Shares
held by
the
state-
owned
legal
entities
Other -
domesti 83.90 39,530, 74.57
c 003
shares
Includin
g:
shares
held by
- -
Domest 40,593,0 6,773,20 23,706,2
ic non- 03 0 00
state-
owned
legal
entities
Shares
held by
domesti 298,067, 6,960, 115,662, 106,752, 404,819,
c 000 000 800 800 800
individu
als
Shares
held by
foreign
investor
s
Includin
g:
shares
held by
foreign
legal
entities
Shares
held by
foreign
individu
als
II.
Tradabl
e
shares 65,000,0 41,764,0 39,410, 81,174,0 146,174,
without 00 01 003 04 004
selling
restricti
ons
commo 00 01 003 04 004
n
shares
Domest
ic listed
foreign
shares
Overse
as
listed
foreign
shares
Others
III.
Total 100 100
shares
√ Applicable □ Not applicable
(1) On January 24, 2022, the Company completed the registration of the first granting under
the Restricted Stock Incentive Plan 2021, and granted 6,780,000 restricted shares to 105
incentive objects for the first time. As a result, the Company’s share capital increased from
(2) On May 19, 2022, the Company completed the registration of the reserved share
granting under the Restricted Stock Incentive Plan 2021, and granted 180,000 reserved
restricted shares to 14 incentive objects. As a result, the Company’s share capital increased
from 410,440,003 shares to 410,620,003 shares.
(3) On June 9, 2022, the Company repurchased and cancelled 120,000 restricted shares,
which were granted under the Restricted Stock Incentive Plan 2021 for the first time, from four
incentive objects who were no longer eligible for incentives. As a result, the Company’s share
capital changed from 410,620,003 shares to 410,500,003 shares.
(4) On June 28, 2022, the Company completed the annual equity distribution for 2021. This
profit distribution and capitalization were based on the Company’s total capital of 410,500,003
shares, and 0.4 share converted from capital reserves was issued for every share, totaling
shares to 574,700,004 shares.
asset per share (if any) over the last year and the last reporting period
√ Applicable □ Not applicable
During the reporting period, the Company completed the capitalization of capital reserves
and implemented the restricted stock incentive plan. As a result, the Company’s share capital
changed from 403,660,003 shares to 574,700,004 shares. The above-mentioned change in
shares has resulted in the dilution of the Company's basic earnings per share and net assets per
share in 2022 and other financial indicators.
authorities require disclosing
□ Applicable √ Not applicable
(II) Changes in restricted shares
√ Applicable □ Not applicable
In: Share
Number of
Number of Date of
shares Increase in Number of Reason
restricted release
Name of released the number restricted for
shares at from
shareholder from of restricted shares at restrictio
the restrictio
s restriction shares in the end of n on
beginning n on
on sales in the year the year sales
of the year sales
the year
Non-
tradable
Zhang Jian for 36
months
from IPO
Changxing
Dingai
Non-
Investment
tradable
Managemen June 15,
t 2024
months
Partnership
from IPO
(Limited
Partnership)
Non-
CITIC
tradable
Securities June 15,
Investment 2022
months
Co., Ltd.
from IPO
Goldstone
Non-
Zhiyu Equity
tradable
Investment June 15,
(Hangzhou) 2022
months
Partnership
from IPO
(LLP)
Changxia
GoldStone
(Wuhan) Non-
Equity tradable
June 15,
Investment 3,500,001 -3,500,001 for 12
Fund months
Partnership from IPO
(Limited
Partnership)
Goldstone
Haofeng Non-
Equity tradable
Investment June 15,
(Hangzhou) 2022
months
Partnership from IPO
(LLP)
Non- June 15,
Peng Wei 3,150,000 -3,150,000
tradable 2022
for 12
months
from IPO
Non-
tradable
June 15,
Han Jianhua 3,150,000 -3,150,000 for 12
months
from IPO
Non-
tradable
Li June 15,
Shishuang 2022
months
from IPO
Non-
tradable
June 15,
Liu Jianxin 3,150,000 -3,150,000 for 12
months
from IPO
Non-
tradable
Qiao June 15,
Baogang 2022
months
from IPO
Incentive
objects of Restricte
restricted d stock
stock granted
granted in in 2021
Total 39,410,00 / /
II. Securities Issuance and Listing
(I) Issuance of securities during the reporting period
√ Applicable □ Not applicable
In: Share Currency: RMB
Type of
Quantity
shares and Issuing price Date Expiry
Date of Shares approved for
its (or interest of date of
issuance issued being listed and
derivative rate) listing trading
traded
securities
Type of common stock
Restricted January RMB
stock 24, 2022 20.23/share
Restricted May 19, RMB
stock 2022 20.23/share
Convertible bonds and convertible bonds with warrants
Note to issuance of securities during the reporting period (for the bonds with different interest
rates during the period, please explain separately):
√ Applicable □ Not applicable
restricted shares to 105 incentive objects for the first time. On January 24, 2022, the Company
completed the registration of the first granting under the Restricted Stock Incentive Plan 2021.
reserved restricted shares to 14 incentive objects. On May 19, 2022, the Company completed
the registration of the reserved share granting under the Restricted Stock Incentive Plan 2021.
(II) Changes in total common shares and shareholders structure, as well as in assets and
liabilities structure
√ Applicable □ Not applicable
During the reporting period, the Company completed the capitalization of capital reserves
and implemented the restricted stock incentive plan. As a result, the Company’s share capital
changed from 403,660,003 shares to 574,700,004 shares. At the end of last year, the Company
had total assets of RMB 13,396,944,911.18, and total liabilities of RMB 8,417,177,181.15, with
an asset-liability ratio of 62.83%. At the end of the reporting period, the Company had total assets
of RMB 18,471,355,153.82, and total liabilities of RMB 11,737,033,435.82, with an asset-liability
ratio of 63.54%.
(III) Existing staff-held shares
□ Applicable √ Not applicable
III. Shareholders and Actual Controller
(I) Total number of shareholders
Total number of common shareholders up to the end of the reporting period 25,994
Total number of common shareholders as at the end of the last month prior to the
disclosure day of the annual report
Total number of preferred shareholders whose voting rights have been restored as
at the end of the reporting period
Total number of preferred shareholders whose voting rights have been restored as
at the end of the month prior to the date of the annual report
(II) Table of top 10 shareholders, top 10 common shares (or tradable shares without
selling restrictions) by the end of reporting period
In: Share
Shareholdings by top 10 shareholders
Status of
Number of shares
Names of Increase/D pledged,
shares held Number
the ecrease Perc marked or Nature of
at the end of
Shareholder during the entag frozen the
of the restricted
s (Full reporting e (%) shareholder
reporting shares Status Qu
name) period
period of the anti
shares ty
Domestic
Zhang Jian 68.77 Nil natural
person
Changxing
Dingai
Investment
Manageme 6,773,200 23,706,200 4.12 Nil Others
nt
Partnership
(LLP)
Hong Kong
Domestic
Securities
non-state-
Clearing 12,017,351 12,017,351 2.09 Nil
owned legal
Company
entity
Ltd.
Domestic
Han
Jianhua
person
Domestic
Peng Wei 997,840 4,147,840 0.72 Nil natural
person
CITIC
Domestic
Securities
-4,416,747 3,983,253 0.69 Nil natural
Investment
person
Co., Ltd.
Goldstone Others
Zhiyu
Equity
Investment
(Hangzhou)
Partnership
(Limited
Partnership)
Li Others
Shishuang
Domestic
Qiao
Baogang
person
Domestic
Liu Jianxin 461,080 3,611,080 0.63 Nil natural
person
Shareholdings of top 10 shareholders of tradable shares without selling restrictions
Names of the Number of tradable shares Type and quantity of shares
Shareholders without selling restrictions Type Quantity
RMB
Hong Kong Securities
Clearing Company Ltd.
shares
RMB
Han Jianhua 4,410,000 common 4,410,000
shares
RMB
Peng Wei 4,147,840 common 4,147,840
shares
RMB
CITIC Securities
Investment Co., Ltd.
shares
Goldstone Zhiyu Equity
RMB
Investment (Hangzhou)
Partnership
shares
(Limited Partnership)
RMB
Li Shishuang 3,807,121 common 3,807,121
shares
RMB
Qiao Baogang 3,777,000 common 3,777,000
shares
RMB
Liu Jianxin 3,611,080 common 3,611,080
shares
Beijing Lexue Private Fund
Management Partnership RMB
(Limited Partnership)— 3,460,886 common 3,460,886
Lexue Private Securities shares
Investment Fund
Invesco Great Wall Fund
Management Co., Ltd.—
China Life Insurance Co.,
Ltd.—Dividend Insurance RMB
— Invesco Great Wall- 2,567,620 common 2,567,620
China Life Balanced Stock shares
Portfolio-Single Asset
Management Plan
(available for sale)
Explanation on
repurchase account of top Nil
Explanation on delegated
voting rights, entrusted
voting rights, abstained Nil
voting rights of the
aforesaid shareholders
CITIC Investment and Goldstone Zhiyu are enterprises under
the same control of CITIC Securities Co., Ltd. and are
Notes to the related concerted actors. Apart from the above circumstance, it is not
relation or consistent known whether there is an associated relationship among the
actions of the above- other shareholders mentioned above, and it is also unknown
mentioned shareholders whether the other shareholders are concerted actors as
stipulated in the Measures for the Administration of the
Acquisition of Listed Companies.
Explanation on preference
stockholders with
recovered voting rights Nil
and the number of stocks
held by them
Number of shares held by top ten shareholders with selling restrictions and the selling
restrictions
√ Applicable □ Not applicable
In: Share
Restricted shares allowed for
public trading
Names of
Number of Increase in
shareholders Selling
No. restricted restricted
with selling Date when public restrictions
shares shares
restrictions trading is allowed
allowed for
public trading
Non-tradable for
IPO
Changxing
Dingai
Non-tradable for
Investment
Management
IPO
Partnership
(LLP)
Non-tradable
incentive
Non-tradable
incentive
Non-tradable
incentive
Non-tradable
incentive
Non-tradable
incentive
Non-tradable
incentive
Non-tradable
incentive
Non-tradable
incentive
Notes to the related
relation or consistent
actions of the above- Nil
mentioned
shareholders
Note: The Company issued the Restricted Stock Incentive Plan on November 17, 2021, and
the incentive objects could not apply for public trading until and unless the performance appraisal
indicators of the incentive plan were achieved.
(III) Strategic investors or general legal entity who became the top 10 shareholders due
to placing of new shares
□ Applicable √ Not applicable
IV. Controlling Shareholders and Actual Controllers
(I) Controlling shareholder
□ Applicable √ Not applicable
√ Applicable □ Not applicable
Name Zhang Jian
Nationality China
Residency in other countries or regions (yes/no) No
Main occupations and positions Chairman of the Board & General Manager
□ Applicable √ Not applicable
□ Applicable √ Not applicable
controlling shareholder
√ Applicable □ Not applicable
(II) Actual controller
□ Applicable √ Not applicable
√ Applicable □ Not applicable
Name Zhang Jian, Zhang Gege
Nationality China
Residency in other countries
No
or regions (yes/no)
Zhang Jian is the Chairman of the Board and the General
Main occupations and Manager of the Company; Zhang Gege is a director of the
positions Company, the executive director and general manager of
Suiwanwan, and the executive partner of Changxing Dingai.
Controlling interests in other
domestically and overseas Not applicable
listed companies in the past
□ Applicable √ Not applicable
□ Applicable √ Not applicable
actual controllers
√ Applicable □ Not applicable
Management
□ Applicable √ Not applicable
(III) Other information about Controlling shareholders and actual controllers
□ Applicable √ Not applicable
V. The Proportion of the Accumulated Number of Shares Pledged by The Controlling
Shareholders or the Largest Shareholder of the Company, together with The Parties
Acting in Concert with Them to the Number of Shares of the Company Held by Them
Amounts to More Than 80%
□ Applicable √ Not applicable
VI. Other Legal Entity Shareholder Holding More Than 10%
□ Applicable √ Not applicable
VII. Restrictions on Shareholding Reduction
□ Applicable √ Not applicable
VIII. Specific Implementation of Share Repurchase During the Reporting Period
□ Applicable √ Not applicable
Section 8 Preferred Shares
□ Applicable √ Not applicable
Section 9 Corporate Bonds
I. Enterprise Bonds, Corporate Bonds and Debt Financing Instruments for Non-financial
Enterprises
□ Applicable √ Not applicable
II. Convertible Corporate Bonds
√ Applicable □ Not applicable
(I) Issuance of convertible bonds
√ Applicable □ Not applicable
With the approval of CSRC (Z.J.X.K. [2022] No.3038 Document), the Company publicly
issued 20 million convertible corporate bonds on February 23, 2023, with a face value of RMB
of Convertible Bonds by AIMA Technology Group Co., Ltd. in 2022 issued by CSCI Pengyuan,
the corporate credit rating of the Company is AA, and the credit rating of the convertible bonds
issued is AA. With the approval of the Self-Regulatory Decision (No. 41 [2023] Document) of
Shanghai Stock Exchange, the Company’s RMB 2 billion convertible corporate bonds have been
listed for trading on Shanghai Stock Exchange since March 20, 2023, under the short name of
“AIMA Convertible Bonds” and the bond code of “113666”.
(II) Convertible bond holders and guarantors during the reporting period
□ Applicable √ Not applicable
(III) Changes in convertible bonds during the reporting period
□ Applicable √ Not applicable
Accumulated convertible bonds converted into shares during the reporting period
□ Applicable √ Not applicable
(IV) Adjustments in the price of conversion into shares
□ Applicable √ Not applicable
(V) The Company’s liabilities, credit changes and cash arrangements for debt repayment
in future years
□ Applicable √ Not applicable
(VI) Other information about convertible bonds
□ Applicable √ Not applicable
Section 10 Financial report
I. Auditor’s Report
"√ Applicable" "□ Inapplicable"
Ernst & Young Hua Ming (2023) Shen Zi NO.60968971_L01
AIMA Technology Group Co,. LTD.
To all shareholders of AIMA Technology Group Co,. LTD.,
I. Opinion
We have audited the financial statements of AIMA Technology Group Co,. LTD. (the
“Company”), which comprise the consolidated and company balance sheets as at 31 December
statement of changes in equity and the consolidated and company statement of cash flows for
the year then ended, and notes to the financial statements.
In our opinion, the accompanying financial statements present fairly, in all material
respects, the financial position of the consolidated and company as at 31 December 2022, and
of its financial performance and cash flows for the year then ended in accordance with
Accounting Standards for Business Enterprises (“ASBEs”).
II. Basis for opinion
We conducted our audit in accordance with China Standards on Auditing (“CSAs”). Our
responsibilities under those standards are further described in the Auditor’s responsibilities for
the audit of the financial statements section of our report. We are independent of the Company
in accordance with China Code of Ethics for Certified Public Accountants (the “Code”), and we
have fulfilled our other ethical responsibilities in accordance with the Code. We believe that the
audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
III. Key audit matters
Key audit matters are those matters that, in our professional judgement, were of most
significance in our audit of the financial statements of the current period. These matters were
addressed in the context of our audit of the financial statements as a whole, and in forming our
opinion thereon, and we do not provide a separate opinion on these matters. For each matter
below, our description of how our audit addressed the matter is provided in that context.
We have fulfilled the responsibilities described in the Auditor’s responsibilities for the audit
of the financial statements section of our report, including in relation to these matters.
Accordingly, our audit included the performance of procedures designed to respond to our
assessment of the risks of material misstatement of the financial statements. The results of our
audit procedures, including the procedures performed to address the matters below, provide the
basis for our audit opinion on the accompanying financial statements.
How our audit addressed the key audit
Key audit matters:
matter：
Sales rebates and incentives
The book value of sales rebates and Our audit procedures performed on sales
incentives payable in the consolidated rebates and incentives mainly include:
financial statements on December 31, 2022
was RMB 437,665,926.26, and the book value 1) understand the internal control of sales
of sales rebates and incentives payable in the rebate and incentives management,
Company's financial statements was RMB perform walkthrough and control test on
It is stipulated in the distribution agreement with several dealers in 2022, and
signed with the dealers that sales rebates and examine the provisions in the distribution
other specific incentives should be given agreements on sales rebates and
based on the purchase volume to offset incentives;
against revenue. On the balance sheet date, 3) select a number of dealers to check
sales rebates and incentives are estimated whether the sales rebates and incentives
based on the dealers’ purchase volume and obtained by them comply with the
other rebates and promotion policies. Due to relevant sales policies, and check the
the large number of dealers and the various application of these dealers' sales
forms of sales rebates and incentives, the rebates and incentives;
purchase volume of each dealer and the 4) review the year-end rebate provision
achievement of other performances needs to process prepared by management and
be considered in order to determine the period select samples to review the relevant
of sales rebates and incentives. The supporting documents;
calculation of sales rebates and incentives 5) execute the subsequent review
depends on the judgment and estimate of the procedure to check the sales rebate
management. payable by the Company at the end of
the year and the actual payment status
The accounting policies, accounting estimates thereafter.
and disclosures for the sales rebates and
incentives are set out in “V. 38.”, “V. 43.” and
“VII. 38. ”.
Bad debt provision of accounts receivable
The book value of accounts receivable in the Our audit procedures performed on bad debt
consolidated financial statements on provision for accounts receivable mainly
December 31, 2022 was RMB include:
accounts receivable in the Company's 1) for the accounts receivable that have
financial statements was RMB been individually assessed for
the sales department and the legal
The management considers the credit risk department, and review the basis for the
characteristics of different customers and management to estimate the bad debt
evaluates the expected credit losses (“ECLs”) provision, including the communication
of accounts receivable based on the aging correspondences between the
portfolio. Then, on the basis of ECLs, the bad management and the relevant
debt provision is measured according to the customers, the management’s
ECLs amount equivalent to the entire lifetime. assessment on credit risks of the
The management considers reasonable and customers in consideration of their
supportable information about past events, operating conditions and historical
current conditions and forecasts of future payment record, etc.;
economic conditions when assessing ECLs. 2) for the accounts receivable assessed by
combination, review the management's
The dealers’ customers are scattered and setting of the combination of credit risk
numerous, and the estimation of bad-debt characteristics, key information such as
provision for accounts receivable depends on the aging and credit quality records of
the judgment and estimation of the each combination by sampling; and with
management. the combination of credit risk
characteristics (i.e. aging combination)
The accounting policies and disclosures for as the base, review the management’s
bad-debt provision for accounts receivable are basis to assess the credit risk and
set out in “V. 10.”, “V. 43.”, “VII. 5.” in the ECLs amount, including testing historical
financial report of this section, “XVII. 1.". default data, evaluating adjustments to
historical loss rates based on current
economic conditions, and evaluating
forward-looking information by
examining publicly available
macroeconomic factors, and check the
actual credit losses incurred during the
year;
accounts receivable, and consider the
impact of subsequent events on the
estimation of bad debt provision;
provision for accounts receivable, and
review the amount of bad debt provision;
provision for accounts receivable in the
financial statements.
IV. Other information
The management of AIMA Technology Group Co,. LTD. is responsible for the other
information. The other information comprises the information included in the Annual Report,
other than the financial statements and our auditor’s report thereon.
Our opinion on the financial statements does not cover the other information and we do not
express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other
information and, in doing so, consider whether the other information is materially inconsistent
with the financial statements or our knowledge obtained in the audit or otherwise appears to be
materially misstated.
If, based on the work we have performed, we conclude that there is a material misstatement
of this other information, we are required to report that fact. We have nothing to report in this
regard.
V. Responsibilities of the management and those charged with governance for the
financial statements
The management of the Company is responsible for the preparation and fair presentation
of the financial statements in accordance with ASBEs, and for designing, implementing and
maintaining such internal control as the management determines is necessary to enable the
preparation of financial statements that are free from material misstatement, whether due to
fraud or error.
In preparing the financial statements, the management is responsible for assessing AIMA
Technology Group Co,. LTD.’s ability to continue as a going concern, disclosing, as applicable,
matters related to going concern and using the going concern basis of accounting unless either
intend to liquidate AIMA Technology Group Co,. LTD. or to cease operations or have no realistic
alternative but to do so.
Those charged with governance is responsible for overseeing AIMA Technology Group Co,.
LTD.’s financial reporting process.
VI. Auditor’s responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements
as a whole are free from material misstatement, whether due to fraud or error, and to issue an
auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance,
but is not a guarantee that an audit conducted in accordance with CSAs will always detect a
material misstatement when it exists. Misstatements can arise from fraud or error and are
generally considered material if, individually or in the aggregate, they could reasonably be
expected to influence the economic decisions of users taken on the basis of these financial
statements.
As part of an audit in accordance with CSAs, we exercise professional judgement and
maintain professional scepticism throughout the audit. We also:
(1) Identify and assess the risks of material misstatement of the financial statements,
whether due to fraud or error, design and perform audit procedures responsive to those risks,
and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion.
The risk of not detecting a material misstatement resulting from fraud is higher than for one
resulting from error, as fraud may involve collusion, forgery, intentional omissions,
misrepresentations, or the override of internal control.
(2) Obtain an understanding of internal control relevant to the audit in order to design audit
procedures that are appropriate in the circumstances, but not for the purpose of expressing an
opinion on the effectiveness of internal control.
(3) Evaluate the appropriateness of accounting policies used and the reasonableness of
accounting estimates and related disclosures made by the management.
(4) Conclude on the appropriateness of the management’s use of the going concern basis
of accounting and, based on the audit evidence obtained, whether a material uncertainty exists
related to events or conditions that may cast significant doubt on the Company’s ability to
continue as a going concern. If we conclude that a material uncertainty exists, we are required
to draw attention in our auditor’s report to the related disclosures in the financial statements or,
if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the
audit evidence obtained up to the date of our auditor’s report. However, future events or
conditions may cause the Company to cease to continue as a going concern.
(5) Evaluate the overall presentation, structure and content of the financial statements,
including the disclosures, and whether the financial statements represent the underlying
transactions and events in a manner that achieves fair presentation.
(6) Obtain sufficient appropriate audit evidence regarding the financial information of the
entities or business activities within the Company to express an opinion on the financial
statements. We are responsible for the direction, supervision and performance of the group
audit. We remain solely responsible for our audit opinion.
We communicate with those charged with governance regarding, among other matters, the
planned scope and timing of the audit and significant audit findings, including any significant
deficiencies in internal control that we identify during our audit.
We also provide those charged with governance with a statement that we have complied
with relevant ethical requirements regarding independence and to communicate with those
charged with governance all relationships and other matters that may reasonably be thought to
bear on our independence, and where applicable, related safeguards.
From the matters communicated with those charged with governance, we determine those
matters that were of most significance in the audit of the financial statements of the current period
and are therefore the key audit matters. We describe these matters in our auditor’s report unless
law or regulation precludes public disclosure about the matter or when, in extremely rare
circumstances, we determine that a matter should not be communicated in our report because
the adverse consequences of doing so would reasonably be expected to outweigh the public
interest benefits of such communication.
Ernst & Young Hua Ming LLP Chinese Certified Public Accountant :Guo Jing
Chinese Certified Public Accountant :Zhang Bin
Beijing, the People’s Republic of China 14 April 2023
II. Financial Statements
Consolidated Balance Sheet
December 31, 2022
Prepared by AIMA Technology Group Co,. LTD.
In: Yuan Currency: RMB
Items Notes December 31, December 31,
Current assets:
Currency funds VII.1 6,633,455,070.29 2,846,143,310.70
Settlement reserve
Inter-bank lending
Financial assets held for trading VII.2 142,668,675.59 1,265,981,818.24
Derivative financial assets
Notes receivable
Accounts receivable VII.5 290,365,547.11 207,629,801.65
Receivables financing VII.6 8,332,754.00 49,295,422.59
Prepayments VII.7 17,554,574.37 21,538,098.38
Receivable premium
Reinsurance accounts receivable
Reserve for reinsurance contract
receivable
Other receivables VII.8 28,051,920.26 150,069,854.58
Including: Interest receivable 1,160,941.82 642,997.45
Dividend receivable
Redemptory monetary capital for sale
Inventories VII.9 810,511,287.32 795,689,208.89
Contract assets
Assets classified as held for sale
Current portion of non-current assets VII.12 3,524,708,328.77
Other current assets VII.13 77,023,491.16 170,807,953.30
Total current assets 11,532,671,648.87 5,507,155,468.33
Non-current assets:
Loan issuing and advance in cash
Debt investments
Other debt investments
Long-term receivables
Long-term equity investments VII.17 128,152,070.40 105,073,280.23
Other equity investments
Other non-current financial assets
Investment properties VII.20 254,380,733.64 270,188,544.27
Fixed assets VII.21 2,032,623,909.57 1,966,085,704.31
Construction in progress VII.22 86,011,318.10 114,131,095.16
Productive biological asset
Oil and Gas Assets
Right-of-use assets VII.25 42,520,495.80 41,226,833.58
Intangible assets VII.26 457,986,772.95 332,074,064.23
Development expenditures
Goodwill
Long-term prepaid expenses VII.29 43,895,107.41 29,394,318.63
Deferred tax assets VII.30 84,023,263.65 88,843,633.31
Other non-current assets VII.31 3,809,089,833.43 4,942,771,969.13
Total non-current assets 6,938,683,504.95 7,889,789,442.85
Total assets 18,471,355,153.82 13,396,944,911.18
Current liabilities:
Short-term borrowings VII.32 511,250,000.00
Borrowings from the central bank
Loans from other banks
Financial liabilities held for trading
Derivative financial liabilities
Notes payable VII.35 6,853,338,997.32 4,926,337,711.40
Accounts payable VII.36 2,535,832,081.83 2,132,113,371.54
Receipts in advance VII.37 20,619,060.26 13,125,994.89
Contract liabilities VII.38 638,429,605.04 483,535,624.57
Money from sale of the repurchased
financial assets
Deposits taking and interbank
placement
Acting trading securities
Income from securities underwriting
on commission
Employee benefits payable VII.39 162,900,880.50 113,584,622.70
Taxes and surcharges payable VII.40 154,033,696.44 58,301,487.57
Other payables VII.41 564,648,489.37 478,360,431.77
Including: interest payable
Dividends payable
Service charge and commission
payable
Payable reinsurance
Liabilities classified as held for sale
Current portion of non-current VII.43 5,682,224.67 5,923,801.00
liabilities
Other current liabilities VII.44 24,329,644.32 39,990,259.74
Total current liabilities 11,471,064,679.75 8,251,273,305.18
Non-current liabilities:
Reserve for insurance contract
Long-term borrowings
Bonds payable
Including: preferred shares
Perpetual bond
Lease liabilities VII.47 53,522,636.81 46,589,311.07
Long-term payables
Long-term employee benefits
payable
Provisions
Deferred income VII.51 198,066,664.29 118,883,340.46
Deferred tax liabilities VII.30 14,379,454.97 431,224.44
Other non-current liabilities
Total non-current liabilities 265,968,756.07 165,903,875.97
Total liabilities 11,737,033,435.82 8,417,177,181.15
Shareholders’ equity：
Share capital VII.53 574,700,004.00 403,660,003.00
Other equity instruments
Including: preferred shares
Perpetual bond
Capital reserves VII.55 1,977,765,415.63 1,935,686,839.31
Less: Treasury shares 134,953,200.00
Other comprehensive income
Special reserves
Surplus reserves VII.59 290,784,296.91 201,830,001.50
General risks reserves
Retained earnings VII.60 4,012,879,593.44 2,433,650,547.11
Total shareholders’ equity attributable 6,721,176,109.98 4,974,827,390.92
to the parent company
Non-controlling interests 13,145,608.02 4,940,339.11
Total shareholder’s equity 6,734,321,718.00 4,979,767,730.03
Total Liabilities and Shareholder’s 18,471,355,153.82 13,396,944,911.18
equity
Legal representative: Zhang Jian Financial controller: Zheng Hui Accounting
supervisor: Zheng Hui
Balance Sheet, Parent Company
December 31, 2022
Prepared by: AIMA Technology Group Co,. LTD.
In: Yuan Currency: RMB
Items Notes December 31, December 31,
Current assets:
Currency funds 4,266,016,159.86 1,381,189,954.73
Financial assets held for trading 73,480,000.00 487,120,547.95
Derivative financial assets
Notes receivable
Accounts receivable XVII.1 132,291,280.96 90,196,112.09
Receivables financing
Prepayments 17,235,274.40 8,325,601.78
Other receivables XVII.2 68,706,590.46 226,834,333.25
Including: Interest receivable 350,530.03 255,452.31
Dividend receivable
Inventories 4,103,773.21 11,327,860.00
Contract assets
Assets classified as held for sale
Current portion of non-current assets 3,306,865,479.45
Other current assets 1,908,746.07
Total current assets 7,868,698,558.34 2,206,903,155.87
Non-current assets:
Debt investments
Other debt investments
Long-term receivables
Long-term equity investments XVII.3 1,141,022,337.98 874,946,715.49
Other equity investments
Other non-current financial assets
Investment properties 396,853,576.99 426,912,592.10
Fixed assets 53,213,577.74 62,254,198.18
Construction in progress 21,015,488.53 49,538,123.48
Productive biological asset
Oil and Gas Assets
Right-of-use assets 6,601,760.89 11,005,806.85
Intangible assets 101,097,036.78 59,929,778.27
Development expenditures
Goodwill
Long-term prepaid expenses 21,412,482.96 14,285,240.24
Deferred tax assets 43,885,593.62
Other non-current assets 1,402,486,388.12 4,108,653,262.00
Total non-current assets 3,143,702,649.99 5,651,411,310.23
Total assets 11,012,401,208.33 7,858,314,466.10
Current liabilities:
Short-term borrowings
Financial liabilities held for trading
Derivative financial liabilities
Notes payable 4,513,457,663.63 1,200,158,631.00
Accounts payable 662,254,935.86 1,856,691,257.42
Receipts in advance 21,964,709.66 18,776,664.32
Contract liabilities 224,829,884.12 259,774,265.64
Employee benefits payable 39,866,027.04 32,754,658.59
Taxes and surcharges payable 29,001,097.89 1,220,779.78
Other payables 396,088,908.57 356,709,196.67
Including: interest payable
Dividends payable
Liabilities classified as held for sale
Current portion of non-current 4,555,680.46 4,349,098.29
liabilities
Other current liabilities 8,375,154.72 22,063,245.17
Total current liabilities 5,900,394,061.95 3,752,497,796.88
Non-current liabilities:
Long-term borrowings
Bonds payable
Including: preferred shares
Perpetual bond
Lease liabilities 2,353,501.71 6,909,182.17
Long-term payables
Long-term employee benefits
payable
Provisions
Deferred income 52,366,165.75 35,407,977.88
Deferred tax liabilities 10,790,576.99
Other non-current liabilities
Total non-current liabilities 65,510,244.45 42,317,160.05
Total liabilities 5,965,904,306.40 3,794,814,956.93
Shareholders’ equity：
Share capital 574,700,004.00 403,660,003.00
Other equity instruments
Including: preferred shares
Perpetual bond
Capital reserves 2,173,462,800.28 1,910,845,161.11
Less: Treasury shares 134,953,200.00
Other comprehensive income
Special reserves
Surplus reserves 290,784,296.91 201,830,001.50
Retained earnings 2,142,503,000.74 1,547,164,343.56
Total shareholder’s equity 5,046,496,901.93 4,063,499,509.17
Total Liabilities and Shareholder’s
equity
Legal representative: Zhang Jian Financial controller: Zheng Hui Accounting
supervisor: Zheng Hui
Consolidated Income Statement
In: Yuan Currency: RMB
Items Notes 2022 2021
I. Revenue 20,802,212,994.46 15,398,710,870.72
Including: operating revenue VII.61 20,802,212,994.46 15,398,710,870.72
Interest income
Earned insurance premium
Service charge and commission income
II. Total operating costs 18,647,645,240.06 14,659,904,964.29
Including: cost of sales VII.61 17,398,502,632.36 13,593,606,029.56
Interest payment
Service charge and commission payment
Surrender Value
Compensation expenses, net
Provision of reserve for insurance liabilities,
net
Payment of policy dividend
Reinsurance expenses
Taxes and surcharges VII.62 105,061,796.17 56,148,586.05
Selling expenses VII.63 587,315,848.35 550,605,290.98
Administrative expenses VII.64 432,777,222.67 316,594,598.36
Research and development expenses VII.65 506,685,038.01 404,084,127.91
Financial expenses VII.66 -382,697,297.50 -261,133,668.57
Including: Interest expenses 8,693,658.65 1,869,959.31
Interest income 394,300,036.06 264,701,993.37
Add: Other income VII.67 78,130,046.97 22,672,276.61
Investment income (loss is stated with “-”) VII.68 -3,687,987.74 -16,374,983.63
Including: Income from investments in
-21,624,009.83 -39,867,033.98
associates and joint ventures
Income from the derecognition of financial
assets measured at amortised cost
Exchange income (loss stated with “-“)
Net position hedging gains (loss stated with
“-“)
Fair value gains (loss is stated with “-”) VII.70 -12,120,000.00 9,978,187.68
Credit impairment losses (loss is stated VII.71
with “-”)
Impairment losses of assets (loss is stated VII.72
-3,399,468.47 -11,557,401.98
with “-”)
Gains on disposal of non-current assets VII.73
(loss is stated with “-”)
III. Operating profit (loss is stated with “-“) 2,233,631,542.17 738,892,826.26
Add: Non-operating income VII.74 34,198,940.47 30,687,494.40
Less: Non-operating expenses VII.75 40,844,163.45 11,326,697.86
IV. Total profit (total loss is stated with “-”) 2,226,986,319.19 758,253,622.80
Less: Income tax expense VII.76 354,443,490.41 90,532,343.61
V. Net Profit (net loss is stated with “-“) 1,872,542,828.78 667,721,279.19
(I) Classified by continuity of operations
stated with “-”)
is stated with “-”)
(II) Classified by ownership
parent(loss is stated with “-”)
-890,514.46 3,723,186.29
interests(loss is stated with “-”)
VI. Other comprehensive income, net of tax
(I) Other comprehensive income, net of tax,
attributable to owners of the parent
be reclassified to profit or loss
(1) Remeasurement of a defined benefit
plan
(2) Other comprehensive income using the
equity method that will not be reclassified
to profit or loss
(3) Change in the fair value of other equity
investments
(4) Change in the fair value of the entity’s
own credit risks
be reclassified to profit or loss
(1) Other comprehensive income using the
equity method that may be reclassified to
profit or loss
(2) Change in the fair value of other debt
investments
(3) Amount 109ecognized in other
comprehensive income resulting from the
reclassification of financial assets
(4) Provision for credit impairment of
receivables financing
(5) Cash flow hedge reserve (Effective
portion of cash flow hedges)
(6) Exchange differences on translation of
foreign currency financial statements
(7) Others
(II) Other comprehensive income, net of
tax, attributable to non-controlling interests
VII. Total comprehensive income 1,872,542,828.78 667,721,279.19
(I) Total comprehensive income attributable
to owners of the parent
(II) Total comprehensive income
-890,514.46 3,723,186.29
attributable to non-controlling interests
VIII. Earnings per share:
(I)Basic earning per share (RMB/share) 3.31 1.79
(II) Diluted earning per share (RMB/share) 3.31 1.79
Where business combinations involving entities under common control occurred in the current
period, the net profit achieved by the acquirees before the combinations was RMB0.00, with
the amount for last year being RMB0.00.
Legal representative: Zhang Jian Financial controller: Zheng Hui Accounting
supervisor: Zheng Hui
Income Statement, Parent Company
In: Yuan Currency: RMB
Items Notes 2022 2021
I. Operating revenue XVII.4 8,263,777,075.64 10,943,228,159.23
Less: cost of sales XVII.4 7,659,354,139.02 10,678,372,712.23
Taxes and surcharges 20,983,232.85 10,355,046.08
Selling expenses 229,438,863.69 365,753,276.19
Administrative expenses 237,029,411.46 179,546,823.66
Research and development expenses 8,732,594.46 8,486,096.33
Financial expenses -252,311,999.65 -210,284,084.80
Including: Interest expenses 426,973.01 646,375.99
Interest income 255,146,331.63 211,239,319.46
Add: Other income 3,541,812.97 3,645,613.87
Investment income (loss is stated with “-”) XVII.5 647,705,392.11 511,195,864.47
Including: Income from investments in
-30,086,884.58 -39,589,711.80
associates and joint ventures
Income from the derecognition of financial
assets measured at amortised cost
Net position hedging gains (loss stated
with “-“)
Fair value gains (loss is stated with “-”) -12,120,000.00 3,122,647.95
Credit impairment losses (loss is stated
-5,964,963.11 7,853,598.98
with “-”)
Impairment losses (loss is stated with “-”)
Gains on disposal of non-current assets
(loss is stated with “-”)
II. Operating Profit (loss is stated with “-”) 993,862,836.76 437,917,022.50
Add: Non-operating income 5,728,258.49 11,846,519.04
Less: Non-operating expenses 30,327,413.42 5,497,070.24
III. Total profit (total loss is stated with “-“) 969,263,681.83 444,266,471.30
Less: Income tax expense 79,720,727.74 -23,009,306.85
IV. Net Profit (net loss is stated with “-“) 889,542,954.09 467,275,778.15
(I) Profit from continuing operations (net
loss is stated with “-”)
(II) Profit from a discontinued operation
(net loss is stated with “-”)
V. Other comprehensive income, net of tax
(I) Other comprehensive income which
cannot be re-classified into the gain and
loss
plan
equity method that will not be reclassified
to profit or loss
investments
own credit risks
(II) Other comprehensive income that may
be reclassified to profit or loss
equity method that may be reclassified to
profit or loss
investments
comprehensive income resulting from the
reclassification of financial assets
receivables financing
portion of cash flow hedges)
foreign currency financial statements
VI. Total comprehensive income 889,542,954.09 467,275,778.15
VII. Earnings per share:
(I)Basic earning per share (RMB/share)
(II) Diluted earning per share (RMB/share)
Legal representative: Zhang Jian Financial controller :Zheng Hui Accounting
supervisor: Zheng Hui
Consolidated Statement of Cash Flows
In: Yuan Currency: RMB
Items Notes 2022 2021
I. Cash flows from operating activities
Cash receipts from the sale of goods and
the rendering of services
Net increase of customers’ deposit and
due from banks
Net increase of borrowings from the
central bank
Net increase of borrowings from other
financial institutions
Cash received from the premium of the
original insurance contract
Net cash received from the reinsurance
business
Net increase of the reserve from policy
holders and investment
Cash received from interest, service
charge and commission
Net increase of loan from other banks
Net increase of fund from repurchase
business
Net cash received from securities trading
on commission
Receipts of taxes and surcharges refunds 116,364,189.79 52,669,169.36
Other cash receipts relating to operating VII.78
activities
Total cash inflows from operating
activities
Cash payments for goods and services 16,219,896,063.13 13,901,355,060.72
Net increase of loans and advances to
customers
Net increase of due from central bank
and due from other banks
Cash from payment for settlement of the
original insurance contract
Net increase of the lending capital
Cash paid for interest, service charge and
commission
Cash for payment of policy dividend
Cash payments to and on behalf of
employees
Payments of all types of taxes and
surcharges
Other cash payments relating to VII.78
operating activities
Total cash outflows from operating
activities
Net cash flows from operating activities 5,051,454,116.94 2,094,187,373.97
II. Cash flows from investing activities:
Cash receipts from returns of investments 1,148,910,000.00 119,800,000.00
Cash receipts from returns on
investments
Net cash receipts from disposal of fixed
assets, intangible assets and other long- 15,787,319.61 17,849,229.40
term assets
Net cash receipts from disposal of
subsidiaries and other business units
Other cash receipts relating to investing VII.78
activities
Total cash inflows from investing
activities
Cash payments to acquire fixed assets,
intangible assets and other long-term 842,288,846.59 659,592,055.18
assets
Cash payments for investments 2,521,302,800.00 1,659,730,000.04
Net increase of the pledged loan
Net cash payments for acquisition of
subsidiaries and other business units
Other cash payments relating to investing
activities
Total cash outflows from investing
activities
Net cash flows from investing activities -2,178,319,161.48 -2,024,141,754.57
III. Cash flows from financing activities:
Cash proceeds from investments by
others
Including: Cash receipts from capital
contributions from non-controlling 4,500,000.00
interests of subsidiaries
Cash receipts from borrowing 511,250,000.00
Other cash receipts relating to financing VII.78
activities
Total cash inflows from financing
activities
Cash repayments for debts
Cash payments for distribution of
dividends or profit and interest expenses
Including: Dividends or profit paid to non-
controlling shareholders of subsidiaries
Other cash payments relating to financing VII.78
activities
Total cash outflows from financing
activities
Net cash flows from financing activities -182,243,777.55 1,797,930,958.66
IV. Effect of foreign exchange rate
-967,800.79 -534,069.84
changes on cash and cash equivalents
V. Net increase in cash and cash
equivalents
Add: Cash and cash equivalents at the
beginning of the year
VI. Cash and cash equivalents at the
end of the year
Legal representative: Zhang Jian Financial controller: Zheng Hui Accounting
supervisor: Zheng Hui
Statement of Cash Flows, Parent Company
In: Yuan Currency: RMB
Items Notes 2022 2021
I. Cash flows from operating activities
Cash receipts from the sale of goods and
the rendering of services
Receipts of tax and surcharges refunds 6,047,760.47 31,843,942.86
Other cash receipts relating to operating
activities
Total cash inflows from operating activities 9,398,423,863.57 12,569,731,591.90
Cash payments for goods and services 6,519,217,665.28 13,036,232,276.18
Cash payments to and on behalf of
employees
Payments of all types of taxes and
surcharges
Other cash payments relating to operating
activities
Total cash outflows from operating
activities
Net cash flows from operating activities 1,867,294,031.39 -1,099,818,244.57
II. Cash flows from investing activities:
Cash receipts from returns of investments 407,856,433.66 5,724,000.00
Cash receipts from returns on investments 685,878,871.32 661,081,902.78
Net cash received from disposal of fixed
assets, intangible assets and other long- 2,116,717.78 1,516,772.14
term assets
Net cash receipts from disposal of
subsidiaries and other business units
Other cash receipts relating to investing
activities
Total cash inflows from investing activities 1,265,852,022.76 694,324,774.92
Cash payments to acquire fixed assets,
intangible assets and other long-term 113,428,354.80 135,643,702.12
assets
Cash payments for investments 924,392,160.00 673,914,101.00
Net cash payments for acquisition of
subsidiaries and other business units
Other cash payments relating to other
investing activities
Total cash outflows from investing activities 1,053,220,514.80 994,557,803.12
Net cash flows from investing activities 212,631,507.96 -300,233,028.20
III. Cash flows from financing activities:
Cash proceeds from investments by others 28,909,800.00 1,828,453,699.40
Cash receipts from borrowings
Other cash receipts relating to financing
activities
Total cash inflows from financing activities 28,909,800.00 1,828,453,699.40
Cash repayments for debts
Cash payments for distribution of dividends
or profit and interest expenses
Other cash payments relating to financing
activities
Total cash outflows from financing
activities
Net cash flows from financing activities -181,102,106.26 1,819,479,909.71
IV. Effect of foreign exchange rate
-713,369.57 -308,858.66
changes on cash and cash equivalents
V. Net increase in cash and cash
equivalents
Add: Cash and cash equivalents at the
beginning of the year
VI. Cash and cash equivalents at the
end of the year
Legal representative: Zhang Jian Financial controller: Zheng Hui Accounting
supervisor: Zheng Hui
Consolidated Statement of Changes in Owner’s Equity
In: Yuan Currency: RMB
Owners’ equity attributable to the parent company
Other equity Othe
instruments r Sp Rese Non- Total
Items
com eci rves controllin sharehol
Less:
Share Pre Per Capital preh al Surplus for Retained Oth g ders’
O Treasury Sub-total
capital ferr pet reserves ensiv res Reserves gene earnings ers interests equity
th shares
ed ual e erv ral
er
sha bon inco es risks
s
res d me
I. Balance at end of prior 403,660, 1,935,686, 201,830,00 2,433,650,54 4,974,827, 4,940,339. 4,979,767
year 003.00 839.31 1.50 7.11 390.92 11 ,730.03
Add: Changes in
accounting policy
Correction of prior period
errors
Business combination
involving entities under
common control
Others
II. Balance at the 403,660, 1,935,686, 201,830,00 2,433,650,54 4,974,827, 4,940,339. 4,979,767
beginning 003.00 839.31 1.50 7.11 390.92 11 ,730.03
of the year
III. Changes for the year 171,040, 42,078,576 134,953,20 88,954,295 1,579,229,04 1,746,348, 8,205,268. 1,754,553
(decrease is stated with 001.00 .32 0.00 .41 6.33 719.06 91 ,987.97
“-“)
(I) Total comprehensive 1,873,433,34 1,873,433, - 1,872,542
income 3.24 343.24 890,514.46 ,828.78
(II) Shareholders’ 6,840,00 212,194,10 134,953,20 84,080,907 3,958,970. 88,039,87
contributions and 0.00 7.94 0.00 .94 38 8.32
reduction in capital
by shareholders 0.00 0.00 0.00 00 00 .00
other equity instruments
holders
based payments .94 .94 7.94
recognised in equity
- - - -
(III) Profit Distribution 88,954,295 - - - -
.41 294,204,296. 205,250,00 778,717.63 206,028,7
reserves .41 88,954,295.4
risks reserves
shareholders 205,250,001. 205,250,00 778,717.63 206,028,7
(IV) Internal carry-over of 164,200, - - 5,915,530.
owners’ equity 001.00 170,115,53 5,915,530. 62
capital reserves 001.00 164,200,00
surplus reserves
surplus reserves
the defined benefit plan
to retained earnings
comprehensive income
to retained earnings
- - 5,915,530.
(V) Special reserves
year
(VI) Others
IV. Balance at end of 574,700, 1,977,765, 134,953,20 290,784,29 4,012,879,59 6,721,176, 13,145,608 6,734,321
year 004.00 415.63 0.00 6.91 3.44 109.98 .02 ,718.00
Items
Owners’ equity attributable to the parent company Non- Total
controllin shareho
Other equity Othe
g lders’
instruments r Sp Rese
interests equity
com eci rves
Less:
Share Pre Per Capital preh al Surplus for Retained Oth
O Treasury Sub-total
capital ferr pet reserves ensiv res Reserves gene earnings ers
th shares
ed ual e erv ral
er
sha bon inco es risks
s
res d me
I. Balance at end of prior 338,660, 319,618,89 189,936,41 1,781,546,04 2,629,761, 18,081,486 2,647,84
year 003.00 3.64 2.55 3.16 352.35 .56 2,838.91
Add: Changes in
accounting policy
Correction of prior period
errors
Business combination
involving entities under
common control
Others
II. Balance at the 338,660, 319,618,89 189,936,41 1,781,546,04 2,629,761, 18,081,486 2,647,84
beginning of the year 003.00 3.64 2.55 3.16 352.35 .56 2,838.91
III. Changes for the year 65,000,0 1,616,067, 11,893,588 652,104,503. 2,345,066, - 2,331,92
(decrease is stated with 00.00 945.67 .95 95 038.57 13,141,147 4,891.12
“-“) .45
(I) Total comprehensive 663,998,092. 663,998,09 3,723,186. 667,721,
income 90 2.90 29 279.19
(II) Shareholders’ 65,000,0 1,616,067, 1,681,067, - 1,677,43
contributions and 00.00 945.67 945.67 3,634,333. 3,611.93
reduction in capital 74
by shareholders 00.00 800.00 800.00 3,800.00
other equity instruments
holders
based payments
recognised in equity
controlling interests 7 7 3,898,246 3,694,1
.67 01.00
subsidiaries 3 .93
(III) Profit Distribution - - -
.95 0.00 000.00
reserves 11,893,588
.95
risk reserves
shareholders 13,230,00 13,230,
(IV) Internal carry-over of
owners’ equity
capital reserves
surplus reserves
surplus reserves
the defined benefit plan
to retained earnings
comprehensive income
to retained earnings
(V) Special reserves
year
(VI) Others
IV. Balance at end of 403,660, 1,935,686, 201,830,00 2,433,650,5 4,974,827, 4,940,339. 4,979,76
year 003.00 839.31 1.50 47.11 390.92 11 7,730.03
Legal representative: Zhang Jian Financial controller: Zheng Hui Accounting supervisor: Zheng Hui
Statement of Changes in Owner’s Equity, Parent Company
In: Yuan Currency: RMB
Other equity
Othe Sp
instruments
r eci Surplus Total
Items Less:
Capital com al Reserves Retained
Share capital Pref O Treasury shareholders’
Per reserves preh res earnings
erred th shares equity
pet ensiv erv
shar er
ual e es
es s
bon inco
d me
I. Balance at end of prior year 403,660,003.00 1,910,845,161.11 201,830,001.50 1,547,164,343.56 4,063,499,509.17
Add: Changes in accounting
policy
Correction of prior period errors
Others
II. Balance at the beginning 403,660,003.00 1,910,845,161.11 201,830,001.50 1,547,164,343.56 4,063,499,509.17
of the year
III. Decrease/increase of the 171,040,001.00 262,617,639.17 134,953,200.00 88,954,295.41 595,338,657.18 982,997,392.76
report year (decrease is stated
with “-“)
(I) Total comprehensive income 889,542,954.09 889,542,954.09
(II) Shareholders’contributions 6,840,000.00 426,817,640.17 134,953,200.00 298,704,440.17
and reduction in capital
shareholders
equity instruments holders
shares counted to shareholders’
equity
(III) Profit Distribution 88,954,295.41 -294,204,296.91 -205,250,001.50
(IV) Internal carry-over of 164,200,001.00 -164,200,001.00
owners’ equity
reserves
reserves
reserves
defined benefit plan to retained
earnings
comprehensive income to
retained earnings
(V) Special reserves
(VI) Others
IV. Balance at end of year 574,700,004.00 2,173,462,800.28 134,953,200.00 290,784,296.91 2,142,503,000.74 5,046,496,901.93
Year 2021
Other equity
Other Sp
instruments
Less: compr eci Total
Items
Treas ehensi al Surplus Retained
Share capital Pref Capital reserves shareholders’
Perp ury ve res Reserves earnings
erred Othe equity
etual shares incom erv
shar rs
bond e es
es
I. Balance at end of prior year 338,660,003.00 294,981,361.11 189,936,412.55 1,091,782,154.36 1,915,359,931.02
Add: Changes in accounting
policy
Correction of prior period
errors
Others
II. Balance at the beginning 338,660,003.00 294,981,361.11 189,936,412.55 1,091,782,154.36 1,915,359,931.02
of the year
III. Decrease/increase of the 65,000,000.00 1,615,863,800.00 11,893,588.95 455,382,189.20 2,148,139,578.15
report year (decrease is
stated with “-“)
(I) Total comprehensive 467,275,778.15 467,275,778.15
income
(II) Shareholders’ 65,000,000.00 1,615,863,800.00 1,680,863,800.00
contributions and reduction in
capital
shareholders
other equity instruments
holders
shares counted to
shareholders’ equity
(III) Profit Distribution 11,893,588.95 -11,893,588.95
reserves
shareholders
(IV) Internal carry-over of
owners’ equity
reserves
reserves
reserves
defined benefit plan to
retained earnings
comprehensive income to
retained earnings
(V) Special reserves
(VI) Others
IV. Balance at end of year 403,660,003.00 1,910,845,161.11 201,830,001.50 1,547,164,343.56 4,063,499,509.17
Legal representative: Zhang Jian Financial controller: Zheng Hui Accounting supervisor: Zheng Hui
III. Company Profile
"√ Applicable" "□ Inapplicable"
AIMA Technology Group Co,. LTD. is a joint stock limited company registered in
Tianjin, People's Republic of China. It was established on September 27, 1999. The
Company is headquartered at 5 Aima Road, Jinghai Economic Development Zone, Tianjin.
The Company's principal business includes development, production and sales of
bicycles, electric bicycles, electric motorcycles and electric tricycles.
The Company's controlling shareholder is Mr. Zhang Jian, a natural person.
"√ Applicable" "□ Inapplicable"
The consolidation scope of consolidated financial statements is determined on the
basis of control. Details of changes during the year are shown in “Section 10: Changes in
the Scope of Consolidation” and “Section 10: IX. Interests in Other Entities”.
IV. Basis for preparation of financial statements
These financial statements have been prepared in accordance with Accounting
Standards for Business Enterprises - Basic Standard and specific accounting standards,
implementation guidance, interpretations and other relevant provisions issued
subsequently by the Ministry of Finance (the “MOF”) (collectively referred to as “ASBEs”).
"√ Applicable" "□ Inapplicable"
The financial statements of the Company have been prepared on going concern basis.
The financial statements have been prepared under the historical cost convention, except
for certain financial instruments. If the assets are impaired, corresponding provisions for
impairment shall be made according to relevant requirements.
V. Significant accounting policies and estimates
Presentation on specific accounting policies and accounting estimates
"√ Applicable" "□ Inapplicable"
The Company has formulated specific accounting policies and accounting estimates
based on the practical production and operation characteristics, which are mainly reflected
in the provision for bad debts of receivables, inventory valuation methods, depreciation
and amortization of investment properties, depreciation of fixed assets, amortization of
intangible assets, amortization of long-term prepaid expenses, etc.
The Company declares that the financial statements prepared by the Company
comply with requirements of the enterprise accounting standards, truly and completely
reflect the concerned information, including the Company’s financial position as at
December 31, 2022 and results of their operations, cash flow, etc. of the year then ended.
The accounting year of the Group is a calendar year, i.e., from 1 January to 31
December of each year.
"√ Applicable" "□ Inapplicable"
The Company takes 12 months as a business cycle.
The Company’s functional and presentation currency is Renminbi (“RMB”). The
currency unit is RMB Yuan unless otherwise stated.
and not under the common control
"√ Applicable" "□ Inapplicable"
Business combinations are classified into business combinations involving entities
under common control and business combinations not involving entities under common
control.
Business combinations involving entities under common control
The assets and liabilities (including goodwill arising from the ultimate controlling
party’s acquisition of the entity being absorbed) that are obtained by the absorbing entity
in a business combination involving entities under common control shall be measured on
the basis of their carrying amounts in the financial statements of the ultimate controlling
party at the combination date. The difference between the carrying amount of the net
assets obtained and the carrying amount of the consideration paid for the combination (or
the aggregate face value of shares issued as consideration) shall be adjusted to capital
premium under capital reserves. If the capital premium is not sufficient to absorb the
difference, any excess shall be adjusted against retained earnings.
Business combinations not involving entities under common control
A business combination not involving entities under common control is a business
combination in which all of the combining entities are not ultimately controlled by the same
party or parties both before and after the combination.
The acquirer shall measure the acquiree’s identifiable assets, liabilities and contingent
liabilities acquired in the business combination at their fair values on the acquisition date.
Goodwill is initially recognised and measured at cost, being the excess of the
aggregate of the fair value of the consideration transferred (or the fair value of the equity
securities issued) and any fair value of the Group’s previously held equity interest in the
acquiree over the Group’s interest in the fair value of the acquiree’s net identifiable assets.
After initial recognition, goodwill is measured at cost less any accumulated impairment
losses. Where the aggregate of the fair value of the consideration transferred (or the fair
value of the equity securities issued) and any fair value of the Group’s previously held
equity interest in the acquiree is lower than the Group’s interest in the fair value of the
acquiree’s net identifiable assets, the Group reassesses the measurement of the fair value
of the acquiree’s identifiable assets, liabilities and contingent liabilities and the fair value of
the consideration transferred (or the fair value of the equity securities issued), together with
the fair value of the Group’s previously held equity interest in the acquiree. If after that
reassessment, the aggregate of the fair value of the consideration transferred (or the fair
value of the equity securities issued) and the Group’s previously held equity interest in the
acquiree is still lower than the Group’s interest in the fair value of the acquiree’s net
identifiable assets, the Group recognises the remaining difference in profit or loss.
"√ Applicable" "□ Inapplicable"
The scope of the consolidated financial statements, which include the financial
statements of the Company and all of its subsidiaries, is determined on the basis of control.
A subsidiary is an entity that is controlled by the Company (such as an enterprise, a
deemed separate entity, or a structured entity controlled by the Company).
In the preparation of the consolidated financial statements, the financial statements of
subsidiaries are prepared for the same accounting year as the Company, using consistent
accounting policies. All intra-group assets and liabilities, equity, income, expenses and
cash flows relating to transactions between members of the Group are eliminated in full on
consolidation.
Where the loss for the current period attributable to non-controlling interests of a
subsidiary exceeds the non-controlling interests of the opening balance of equity of the
subsidiary, the excess shall still be allocated against the non-controlling interests.
For subsidiaries acquired through business combinations not involving entities under
common control, the financial performance and cash flows of the acquiree shall be
consolidated from the date on which the Group obtains control, and continue to be
consolidated until the date such control ceases. While preparing the consolidated
financial statements, the Group shall adjust the subsidiary’s financial statements, on the
basis of the fair values of the identifiable assets, liabilities and contingent liabilities
recognised on the acquisition date.
For subsidiaries acquired through business combinations involving entities under
common control, the financial performance and cash flows of the entity being absorbed
shall be consolidated from the beginning of the period in which the combination occurs.
While preparing the comparative financial statements, adjustments are made to related
items in the financial statements for the prior period as if the reporting entity after the
combination has been in existence since the date the ultimate controlling party first
obtained the control.
The Group reassesses whether or not it controls an investee if any change in facts
and circumstances indicates that there are changes to one or more of the three elements
of control.
A change in the non-controlling interests, without a loss of control, is accounted for as
an equity transaction.
"√ Applicable" "□ Inapplicable"
A joint arrangement is classified as either a joint operation or a joint venture. A joint
operation is a joint arrangement whereby the joint operators have rights to the assets, and
obligations for the liabilities, relating to the arrangement. A joint venture is a joint
arrangement whereby the joint operators have rights to the net assets of the arrangement.
A joint operator recognises the following items in relation to its interest in a joint
operation: its solely-held assets, and its share of any assets held jointly; its solely-assumed
liabilities, and its share of any liabilities incurred jointly; its revenue from the sale of its share
of the output arising from the joint operation; its share of the revenue from the sale of the
output by the joint operation; its solely-incurred expenses, and its share of any expenses
incurred jointly.
Cash comprises the Group’s cash on hand and bank deposits that can be readily
withdrawn on demand. Cash equivalents are short-term, highly liquid investments that
are readily convertible into known amounts of cash, and are subject to an insignificant risk
of changes in value.
"√ Applicable" "□ Inapplicable"
The Group translates foreign currency transactions into its functional currency.
Foreign currency transactions are initially recorded, on initial recognition in the
functional currency using average exchange rates for the period in which the transactions
occur. Monetary items denominated in foreign currencies are translated at the spot
exchange rates ruling at the balance sheet date. Differences arising on settlement or
translation of monetary items are recognised in profit or loss, with the exception of those
relating to foreign currency borrowings specifically for the construction and acquisition of
qualifying assets, which are capitalised in accordance with the guidance for capitalisation
of borrowing costs. Non-monetary items that are measured in terms of historical cost in a
foreign currency are translated using the exchange rates at the dates of the initial
transactions, and the amount denominated in the functional currency is not changed.
Non-monetary items measured at fair value in a foreign currency are translated using the
exchange rates at the date when the fair value was measured. The resulting exchange
differences are recognised in profit or loss or other comprehensive income depending on
the nature of the non-monetary items.
For foreign operations, the Group translates their functional currency amounts into
RMB when preparing the financial statements as follows: as at the balance sheet date, the
assets and liabilities are translated using the spot exchange rate at the balance sheet date,
and equity items other than “unappropriated profit” are translated at the spot exchange
rates at the dates of transactions; revenue and expense items in profit or loss are translated
using the average exchange rates for the period during which the transactions occur
(unless this is inappropriate due to exchange rate fluctuations, in which case the spot
exchange rates prevailing on the dates of the transactions are used). The resulting
exchange differences are recognised in other comprehensive income. On disposal of a
foreign operation, the component of other comprehensive income relating to that particular
foreign operation is recognised in profit or loss. If the disposal only involves a portion of
a particular foreign operation, the component of other comprehensive income relating to
that particular foreign operation is recognised in profit or loss on a pro-rata basis.
Foreign currency cash flows and the cash flows of foreign subsidiaries are translated
using the average exchange rates for the period during which the cash flows occur (unless
this is inappropriate due to exchange rate fluctuations, in which case the spot exchange
rates prevailing on the dates of cash flows are used). The effect of exchange rate
changes on cash is separately presented as an adjustment item in the statement of cash
flows.
"√ Applicable" "□ Inapplicable"
A financial instrument is any contract that gives rise to a financial asset of one entity
and a financial liability or equity instrument of another entity.
(1) Recognition and derecognition
The Group recognises a financial asset or a financial liability when it becomes a party
to the contractual provisions of a financial instrument.
A financial asset (or, where applicable, a part of a financial asset or part of a group of
similar financial assets) is primarily derecognised (i.e., removed from the Group’s
consolidated balance sheet) when:
① the rights to receive cash flows from the financial asset have expired;
or
② the Group has transferred its rights to receive cash flows from the financial asset,
or has assumed an obligation to pay the received cash flows in full without material delay
to a third party under a “pass-through” arrangement; and either (i) has transferred
substantially all the risks and rewards of the financial asset, or (ii) has neither transferred
nor retained substantially all the risks and rewards of the asset, but has transferred control
of the financial asset.
A financial liability is derecognised when the obligation under the liability is discharged
or cancelled, or expires. When an existing financial liability is replaced by another from
the same lender on substantially different terms, or the terms of an existing liability are
substantially modified, such an exchange or modification is treated as a derecognition of
the original liability and a recognition of a new liability, and the difference between the
respective carrying amounts is recognised in profit or loss.
Regular way purchases and sales of financial assets are recognised and
derecognised using trade date accounting. Regular way purchases or sales are
purchases or sales of financial assets that require delivery within the period generally
established by regulation or convention in the marketplace. The trade date is the date
that the Group committed to purchase or sell a financial asset.
(2) Classification and measurement of financial assets
The classification of financial assets at initial recognition depends on the financial
asset’s contractual cash flow characteristics and the Group’s business model for managing
them: financial assets at fair value through profit or loss, financial assets at amortised cost
and financial assets at fair value through other comprehensive income.
Financial assets are measured at fair value on initial recognition, but accounts
receivable or notes receivable arising from the sale of goods or rendering of services that
do not contain significant financing components or for which the Group has applied the
practical expedient of not adjusting the effect of a significant financing component due
within one year, are initially measured at the transaction price.
For financial assets at fair value through profit or loss, relevant transaction costs are
directly recognised in profit or loss, and transaction costs relating to other financial assets
are included in the initial recognition amounts.
The subsequent measurement of financial assets depends on their classification as
follows:
① Debt investments measured at amortised cost
The Group measures financial assets at amortised cost if both of the following
conditions are met: the financial asset is held within a business model with the objective to
hold financial assets in order to collect contractual cash flows; the contractual terms of the
financial asset give rise on specified dates to cash flows that are solely payments of
principal and interest on the principal amount outstanding. Financial assets at amortised
cost are subsequently measured using the effective interest method and are subject to
impairment. Gains and losses are recognised in profit or loss when the asset is
derecognised, modified or impaired. Such financial assets mainly include currency funds,
notes receivable, accounts receivable and other receivables.
② Debt investments at fair value through other comprehensive income
The Group measures debt investments at fair value through other comprehensive
income if both of the following conditions are met: the financial asset is held within a
business model with the objective of both holding to collect contractual cash flows and
selling; the contractual terms of the financial asset give rise on specified dates to cash
flows that are solely payments of principal and interest on the principal amount outstanding.
Interest income is recognised using the effective interest method. The interest income,
impairment losses and foreign exchange revaluation are recognised in profit or loss. The
remaining fair value changes are recognised in other comprehensive income. Upon
derecognition, the cumulative fair value change recognised in other comprehensive income
is recycled to profit or loss. Such financial assets are reported as other creditor's rights
investments, other creditor's rights investments that mature within one year as of the
balance sheet date are reported as non-current assets that mature within one year, and
other creditor's rights investments whose original maturity is within one year are reported
as other current assets.
③ Financial assets at fair value through profit or loss
The financial assets other than the above financial assets measured at amortised cost
and financial assets at fair value through other comprehensive income are classified as
financial assets at fair value through profit or loss. Such financial assets are subsequently
measured at fair value with net changes in fair value recognised in profit or loss. Such
financial assets are presented as held-for-trading financial assets, and those with maturity
more than one year from the balance sheet date and expected to be held for more than
one year are presented as other non-current financial assets.
(3) Classification and measurement of financial liabilities
The financial liabilities of the Company are, on initial recognition, classified as:
financial liabilities measured at amortised cost. Transaction costs relating to financial
liabilities measured at amortised cost are included in the initial recognition amounts.
The subsequent measurement of financial liabilities depends on their classification:
Financial liabilities measured at amortised cost: such financial liabilities are measured
at amortised cost using the effective interest method.
(4) Impairment of financial instruments
Based on the expected credit losses (“ECLs”), the Group recognises an allowance for
ECLs for the financial assets measured at amortised cost, debt investments at fair value
through other comprehensive income.
For accounts receivable and contract assets that do not contain a significant financing
component, the Group applies the simplified approach to recognise a loss allowance based
on lifetime ECLs.
Except for financial assets which apply the simplified approach as mentioned above,
other financial assets, the Group assesses whether the credit risk has increased
significantly since initial recognition at each balance sheet date. If the credit risk has not
increased significantly since initial recognition (stage 1), the loss allowance is measured at
an amount equal to 12-month ECLs by the Group and the interest income is calculated
according to the carrying amount and the effective interest rate; if the credit risk has
increased significantly since initial recognition but are not credit-impaired (stage 2), the
loss allowance is measured at an amount equal to lifetime ECLs by the Group and the
interest income is calculated according to the carrying amount and the effective interest
rate; if such financial assets are credit-impaired after initial recognition (stage 3), the loss
allowance is measured at an amount equal to lifetime ECLs by the Group and the interest
income is calculated according to the amortised cost and the effective interest rate. For
financial instruments with lower credit risk on the balance sheet date, the Company
assumes that its credit risk has not increased significantly since the initial recognition.
The Group assesses the expected credit losses of financial instruments based on
individual items and portfolios. The Group has considered the credit risk characteristics of
different customers and assessed the expected credit losses of receivables based on the
age combination.
The Group considers reasonable and supportable information about past events,
current conditions and forecasts of future economic conditions when assessing expected
credit losses.
For the Group's judgment criteria for significant increase in credit risk, the definition of
credit-impaired assets, and the assumption for the measurement of expected credit losses,
please refer to “Section 10 X. Risks Related to Financial Instruments”.
The Group measures expected credit losses on a financial instrument in a way that
reflects: (a) an unbiased and probability-weighted amount that is determined by evaluating
a range of possible outcomes; (b) the time value of money; and (c) reasonable and
supportable information that is available without undue cost or effort at the balance sheet
date about past events, current conditions and forecasts of future economic conditions.
When the Group no longer reasonably expects to collect all or part of the contractual
cash flows of the financial asset, the Group directly writes down the carrying amount of the
financial asset.
(5) Offsetting of financial instruments
Financial assets and financial liabilities are offset and the net amount is reported in
the balance sheet if there is a currently enforceable legal right to offset the recognised
amounts; and there is an intention to settle on a net basis, or to realise the assets and
settle the liabilities simultaneously.
(6) Financial guarantee contract
Financial guarantee contracts are those contracts that require a payment to be made
by the issuer to reimburse the holder for a loss it incurs because the specified debtor fails
to make a payment when due in accordance with the terms of a debt instrument. Financial
guarantee contracts are measured, on initial recognition, at fair value. For financial
guarantee contracts that are not designated as financial liabilities at fair value through profit
or loss, they are, after initial recognition, subsequently measured at the higher of: (i) the
amount of provisions for ECLs at the balance sheet date, and (ii) the amount initially
recognised less the cumulative amortisation recognised in accordance with the guidance
for revenue recognition.
(7) Transfer of Financial Assets
A financial asset is derecognised when the Group has transferred substantially all the
risks and rewards of the asset to the transferee. A financial asset is not derecognised
when the Group retains substantially all the risks and rewards of the financial asset.
When the Group has neither transferred nor retained substantially all the risks and
rewards of the financial asset, it either (i) derecognises the financial asset and recognises
the assets and liabilities created in the transfer when it has not retained control of the asset;
or (ii) continues to recognise the transferred asset to the extent of the Group's continuing
involvement, in which case, the Group also recognises an associated liability.
Continuing involvement that takes the form of a guarantee over the transferred
financial asset is measured at the lower of the original carrying amount of the financial
asset and the guarantee amount. The guarantee amount is the maximum amount of
consideration that the Group could be required to repay.
Method for determination and accounting treatment of the expected credit loss of other
receivables
"□ Applicable " "√ Inapplicable"
Method for determination and accounting treatment of the expected credit loss of
other receivables
"√ Applicable" "□ Inapplicable"
For details, please refer to “10. Financial Instruments" and "V. 43. Other Important
Accounting Policies and Accounting Estimates" of "V. Significant Accounting Policies and
Accounting Estimates" in "Section X. Financial Report".
"√ Applicable" "□ Inapplicable"
For details, please refer to “10. Financial Instruments" and "V. 43. Other Important
Accounting Policies and Accounting Estimates" of "V. Significant Accounting Policies and
Accounting Estimates" in "Section X. Financial Report".
Method for determination and accounting treatment of the expected credit loss of
other receivables
"√ Applicable" "□ Inapplicable"
For details, please refer to “10. Financial Instruments" and "V. 43. Other Important
Accounting Policies and Accounting Estimates" of "V. Significant Accounting Policies and
Accounting Estimates" in "Section X. Financial Report".
"√ Applicable" "□ Inapplicable"
The Company’s inventories consist of raw materials, work-in-process and finished
goods.
Inventories are initially carried at cost. Cost of inventories comprises all costs of
purchase, costs of conversion and other costs. For inventories delivered, the actual costs
are determined on the weighted average basis. Turnover materials include low value
consumables and packing materials, which are on the immediate write-off basis.
The Company adopts the perpetual inventory system.
At the balance sheet date, inventories are stated at the lower of cost and net realisable
value. The inventories are written down below cost to net realisable value and the write-
down is recognised in profit or loss if the cost is higher than the net realisable value. Net
realisable value is the estimated selling price in the ordinary course of business less the
estimated costs of completion and the estimated costs necessary to make the sale and
relevant taxes.
(1). Recognition method and impairment test method of contract assets
"□ Applicable" "√ Inapplicable"
(2) Methods for determination and accounting treatment of the expected credit loss
of contract assets
"□ Applicable" "√ Inapplicable"
"□ Applicable" "√ Inapplicable"
(1). Methods for determination and accounting treatment of the expected credit loss
of debt investment
"□ Applicable" "√ Inapplicable"
(1). Methods for determination and accounting treatment of the expected credit loss
of other debt investment
"□ Applicable" "√ Inapplicable"
(1). Method for determination and accounting treatment of the expected credit loss
of long-term receivables
"□ Applicable" "√ Inapplicable"
"√ Applicable" "□ Inapplicable"
Long-term equity investments include equity investments in subsidiaries, joint
ventures and associates.
A long-term equity investment is initially measured at its initial investment cost on
acquisition. The initial cost of a long-term equity investment acquired through a business
combination involving enterprises under common control is the Company’s share of the
carrying amount of the subsidiary’s equity in the consolidated financial statements of the
ultimate controlling party at the combination date. The difference between the initial
investment cost and the carrying amounts of the consideration given is adjusted to the
capital premium in the capital reserve, with any excess adjusted to retained earnings. For
OCI before the combination date, when disposing of the investment, the same basis as the
investee's direct disposal of relevant assets or liabilities shall be adopted. Shareholders'
equity recognised due to changes in shareholders' equity other than net profit or loss, OCI
and profit distribution of the investee shall be transferred to the profit or loss upon the
disposal of the investment. Those that are still long-term equity investments after disposal
are carried forward on a pro-rata basis, and those that are converted into financial
instruments after disposal are carried forward in full.
For a long-term equity investment obtained through a business combination not
involving enterprises under common control, the initial cost comprises the aggregate of the
fair value of assets transferred, liabilities incurred or assumed, and equity securities issued
by the Company, in exchange for control of the acquiree. For a long-term equity investment
obtained through a business combination not involving enterprises under common control
and achieved in stages, the initial cost comprises the carrying value of the previously-held
equity investment in the acquiree immediately before the acquisition date, and the
additional investment cost at the acquisition date. OCI held before the acquisition date and
recognised by the use of the equity method shall be accounted for when the investment is
disposed of on the same basis as the investee directly disposes of the relevant assets or
liabilities. Shareholders' equity recognised as a result of changes in shareholders' equity
other than net profit or loss, OCI and profit distribution of the investee is transferred to profit
or loss upon the disposal of the investment. Those that remain long-term equity
investments after disposal are carried forward on a pro-rata basis, while those that are
converted into financial instruments after disposal are carried forward in full. For long-term
equity investments obtained by means other than business combination, the initial
investment cost is determined according to the following method: for those obtained by
paying cash, the actual purchase price paid and the expenses, taxes and other necessary
costs directly related to the acquisition of long-term equity investments shall be used.
Expenses are taken as the initial investment cost. For those obtained by issuing equity
securities, the fair value of the issued equity securities is taken as the initial investment
cost.
For a long-term equity investment where the Company can exercise control over the
investee, the long-term investment is accounted for using the cost method in the
Company’s individual financial statements. Control is achieved when the Group is
exposed, or has rights, to variable returns from its involvement with the investee and has
the ability to affect those returns through its power over the investee.
Under the cost method, the long-term equity investment is measured at its initial
investment cost. When additional investment is made or the investment is recouped, the
cost of long-term equity investment is adjusted accordingly. Cash dividends or profit
distributions declared by the investee are recognised as investment income in profit or loss.
The equity method is adopted when the Group has joint control, or exercises
significant influence over the investee. Joint control is the contractually agreed sharing of
control of an arrangement, which exists only when decisions about the relevant activities
require the unanimous consent of the parties sharing control. Significant influence is the
power to participate in the financial and operating policy decisions of the investee, but is
not control or joint control with other parties over those policies.
Under the equity method, where the initial investment cost of a long-term equity
investment exceeds the Group’s interest in the fair value of the investee’s identifiable net
assets at the acquisition date, no adjustment is made to the initial investment cost. Where
the initial investment cost is less than the Group’s interest in the fair values of the investee’s
identifiable net assets at the acquisition date, the difference is charged to profit or loss, and
the cost of the long-term equity investment is adjusted accordingly.
Under the equity method, after it has acquired a long-term equity investment, the
Group recognises its share of the investee’s profit or loss, as well as its share of the
investee’s other comprehensive income, as investment income or loss and other
comprehensive income, and adjusts the carrying amount of the investment accordingly.
The Group recognises its share of the investee’s profit or loss after making appropriate
adjustments to the investee’s profit or loss based on the fair value of the investee’s
identifiable assets at the acquisition date, using the Group’s accounting policies and
periods. Unrealised profits and losses from transactions with its joint ventures and
associates are eliminated to the extent of the Group’s investments in the associates or joint
ventures (except for assets that constitute a business) (However, any loss arising from
such transactions which are attributable to an impairment loss shall be recognised at its
entirety). For any long-term equity investment differences (debit side) arising from
investments in joint ventures and associates held before the first-time adoption of ASBEs,
the investment income or loss is recognised after deducting the debit balance to be
amortised over the remaining period on a straight-line basis. The carrying amount of the
investment is reduced based on the Group’s share of any profit distributions or cash
dividends declared by the investee. The Group’s share of losses of the investee is
recognised to the extent that the carrying amount of the investment together with any long-
term interests that in substance form part of its net investment in the investee is reduced
to zero, except that the Group has the obligations to assume further losses. The Group’s
share of the investee’s equity changes, other than those arising from the investee’s profit
or loss, other comprehensive income or profit distribution, is recognised in the Group’s
equity, and the carrying amount of the long-term equity investment is adjusted accordingly.
Upon disposal of a long-term equity investment, the difference between the proceeds
actually received and the carrying amount is recognised in profit or loss. For a long-term
equity investment accounted for using the equity method, when the Group discontinues
using the equity method due to disposal, all amounts previously recognised in other
comprehensive income are accounted for on the same basis as would have been required
if the investee had directly disposed of the related assets or liabilities. Equity previously
recognised resulting from the investee’s equity changes other than profit or loss, other
comprehensive income and profit distribution is reclassified to profit or loss in its entirety.
When the Group continues to use the equity method, the amounts previously
recognised in other comprehensive income are accounted for on the same basis as would
have been required if the investee had directly disposed of the related assets or liabilities
and reclassified to profit or loss on a pro-rata basis. Equity previously recognised
resulting from the investee’s equity changes other than profit or loss, other comprehensive
income and profit distribution is reclassified to profit or loss on a pro-rata basis.
(1) If the cost measurement model is used,
Depreciation or amortization method
Investment properties are properties held to earn rental income and/or for capital
appreciation. Investment properties include land use rights leased out, land use rights
held for transfer upon capital appreciation, and buildings leased out.
An investment property is measured initially at cost. If the economic benefits relating
to an investment property will probably flow in and the cost can be reliably measured,
subsequent costs incurred for the property are included in the cost of the investment
property. Otherwise, subsequent costs are recognised in profit or loss as incurred.
The Group uses the cost model for the subsequent measurement of its investment
properties. For the depreciation method of houses and buildings in investment real estate,
please refer to the relevant content of “Section 10 V. 23 Fixed Assets”, and for the
amortization method of land use rights in investment real estate, please refer to “Section
(1) Recognition of fixed assets
"√ Applicable" "□ Inapplicable"
A fixed asset is recognised only when the economic benefits associated with the asset
will probably flow into the Group and the cost of the asset can be measured reliably.
Subsequent expenditures incurred for a fixed asset that meets the recognition criteria shall
be included in the cost of the fixed asset, and the carrying amount of the component of the
fixed asset that is replaced shall be derecognised. Otherwise, such expenditures are
recognised in profit or loss as incurred.
The fixed assets are initially measured at the cost. The cost of a purchased fixed asset
comprises the purchase price, relevant taxes and any directly attributable expenditure for
bringing the asset to working condition for its intended use.
(2) Depreciation methods
"√ Applicable" "□ Inapplicable"
Annual
Depreciation Useful life
Categories Residual rate depreciation
method (year)
rate
Straight-line
Buildings 20 5% 4.75%
method
Machinery
Straight-line
and 10 5% 9.50%
method
equipment
Office Straight-line
equipment method
Straight-line
Vehicles 4 5% 23.75%
method
Electronic Straight-line
equipment method
Production Straight-line
tools method
The Group reviews the useful life and estimated net residual value of a fixed asset
and the depreciation method applied at least at each year end, and make adjustments if
necessary.
(3) Basis for recognizing the fixed assets under financing lease, pricing and
depreciation methods
"□ Applicable" "√ Inapplicable"
"√ Applicable" "□ Inapplicable"
The cost of construction in progress is determined according to the actual
expenditures incurred for the construction, including all necessary construction
expenditures incurred during the construction period and other relevant expenditures.
An item of construction in progress is transferred to fixed assets, when the asset is
ready for its intended use.
"√ Applicable" "□ Inapplicable"
The borrowing costs that are directly attributable to the acquisition, construction or
production of a qualifying asset are capitalised. The amounts of other borrowing costs
incurred are recognised as an expense in the period in which they are incurred.
Qualifying assets are assets (fixed assets, investment properties, inventories, etc.) that
necessarily take a substantial period of time of acquisition, construction or production to
get ready for their intended use or sale.
The capitalisation of borrowing costs commences only when all of the following
conditions are satisfied:
(1) expenditures for the asset have been incurred;
(2) borrowing costs have been incurred; and
(3) activities that are necessary to acquire, construct or produce the asset for its
intended use or sale have been undertaken.
Capitalisation of borrowing costs ceases when the qualifying asset being acquired,
constructed or produced gets ready for its intended use or sale. Any borrowing costs
subsequently incurred are recognised in profit or loss.
During the capitalisation period, the amount of interest eligible for capitalisation for
each accounting period shall be determined as follows:
(1) where funds are borrowed specifically for the purpose of obtaining a qualifying
asset, the amount of interest eligible for capitalisation is the actual interest costs incurred
on that borrowing for the period less any bank interest earned from depositing the borrowed
funds before being used on the asset or any investment income on the temporary
investment of those funds; or
(2) where funds are borrowed generally for the purpose of obtaining a qualifying
asset, the amount of interest eligible for capitalisation is determined by applying a weighted
average interest rate on the general borrowings to the weighted average of the excess of
the cumulative expenditures on the asset over the expenditures on the asset funded by
the specific borrowings.
Capitalisation of borrowing costs is suspended during periods in which the acquisition,
construction or production of a qualifying asset is suspended abnormally by activities other
than those necessary to get the asset ready for its intended use or sale, when the
suspension is for a continuous period of more than 3 months. Borrowing costs incurred
during these periods are recognised as an expense in profit or loss until the acquisition,
construction or production is resumed.
"□ Applicable" "√ Inapplicable"
"□ Applicable" "√ Inapplicable"
"√ Applicable" "□ Inapplicable"
At the commencement date, the Group recognises the right of using leased assets
within the lease term as right-of-use assets, the amount of which includes: (1) the amount
of the initial measurement of the lease liability; (2) any lease payments made at or before
the commencement date, less any lease incentives received (if applicable); (3) any initial
direct costs incurred; (4) an estimate of costs to be incurred by the lessee in dismantling
and removing the underlying asset, restoring the site on which it is located or restoring the
underlying asset to the condition required by the terms and conditions of the lease. The
Group depreciates right-of-use assets using the straight-line method. If the lease transfers
ownership of the underlying assets to the lessee by the end of the lease term or if the cost
of the right-of-use asset reflects that the lessee will exercise a purchase option, the lessee
shall depreciate the right-of-use asset from the commencement date to the end of the
useful life of the underlying asset. Otherwise, the lessee shall depreciate the right-of-use
asset from the commencement date to the earlier of the end of the useful life of the right-
of-use asset and the end of the lease term.
(1). Pricing method, useful life and impairment test
"√ Applicable" "□ Inapplicable"
An intangible asset shall be recognised only when it is probable that the economic
benefits associated with the asset will flow to the Group and the cost of the asset can be
measured reliably. Intangible assets are measured initially at cost. However, intangible
assets acquired in a business combination not involving entities under common control
with a fair value that can be measured reliably are recognised separately as intangible
assets and initially measured at the fair value at the date of acquisition.
The useful life of an intangible asset is determined according to the period over which
it is expected to generate economic benefits for the Group. An intangible asset is
regarded as having an indefinite useful life when there is no foreseeable limit to the period
over which the asset is expected to generate economic benefits for the Group.
Land use rights that are purchased by the Group are accounted for as intangible
assets.
An intangible asset with a finite useful life is amortised using the straight-line method
over its useful life. For an intangible asset with a finite useful life, the Group reviews the
useful life and amortisation method at least at each year end and makes adjustment if
necessary.
The useful life of each intangible asset is as follows:
Items Useful Life
Land use rights 50 years
Software 5-10 years
Trademarks 5-10 years
(2). Accounting policy for internal research and development expenditure
"√ Applicable" "□ Inapplicable"
The Group classifies the expenditures on an internal research and development
project into expenditure on the research phase and expenditure on the development phase.
Expenditure on the research phase is recognised in profit or loss as incurred.
Expenditure on the development phase is capitalised only when the Group can
demonstrate all of the following: (i) the technical feasibility of completing the intangible
asset so that it will be available for use or sale; (ii) the intention to complete the intangible
asset and use or sell it; (iii) how the intangible asset will generate probable future economic
benefits (among other things, the Group can demonstrate the existence of a market for the
output of the intangible asset or the intangible asset itself or, if it is to be used internally,
the usefulness of the intangible asset); (iv) the availability of adequate technical, financial
and other resources to complete the development and the ability to use or sell the
intangible asset; and (v) the ability to measure reliably the expenditure attributable to the
intangible asset during the development phase. Expenditure on the development phase
which does not meet these above criteria is recognised in profit or loss when incurred.
"√ Applicable" "□ Inapplicable"
The Group determines the impairment of assets other than impairment of inventories,
contract assets and assets related to contract costs, deferred income tax and financial
assets, using the following methods:
The Group assesses at the balance sheet date whether there is any indication that an
asset may be impaired. If any indication exists that an asset may be impaired, the Group
estimates the recoverable amount of the asset and performs impairment testing. Goodwill
arising from a business combination and an intangible asset with an indefinite useful life
are tested for impairment at least at each year end, irrespective of whether there is any
indication that the asset may be impaired. Intangible assets that have not been ready for
their intended use are tested for impairment each year.
The recoverable amount of an asset is the higher of its fair value less costs to sell and
the present value of the future cash flows expected to be derived from the asset. The
Group estimates the recoverable amount on an individual basis unless it is not possible to
estimate the recoverable amount of the individual asset, in which case the recoverable
amount is determined for the asset group to which the asset belongs. Identification of an
asset group is based on whether major cash inflows generated by the asset group are
largely independent of the cash inflows from other assets or asset groups.
When the recoverable amount of an asset or asset group is less than its carrying
amount, the carrying amount is reduced to the recoverable amount by the Group. The
reduction in the carrying amount is treated as an impairment loss and recognised in profit
or loss. A provision for impairment loss of the asset is recognised accordingly.
For the purpose of impairment testing, the carrying amount of goodwill acquired in a
business combination is allocated from the acquisition date on a reasonable basis, to each
of the related asset groups unless it is impossible to allocate to the related asset groups,
in which case it is allocated to each of the related sets of asset groups. Each of the related
asset groups or sets of asset groups is an asset group or a set of asset groups that is
expected to benefit from the synergies of the business combination and shall not be larger
than a reportable segment determined by the Group.
When testing an asset group (a set of asset groups) to which goodwill has been
allocated for impairment, if there is any indication of impairment, the Group firstly tests the
asset group (set of asset groups), excluding the amount of goodwill allocated, for
impairment, i.e., the Group determines and compares the recoverable amount with the
related carrying amount and recognises any impairment loss. After that, the Group tests
the asset group (set of asset groups), including goodwill, for impairment, the carrying
amount of the related asset group (set of asset groups) is compared to its recoverable
amount. If the carrying amount of the asset group (set of asset groups) is higher than its
recoverable amount, the amount of the impairment loss is firstly used to reduce the carrying
amount of the goodwill allocated to the asset group (set of asset groups), and then used
to reduce the carrying amount of other assets (other than the goodwill) within the asset
group (set of asset groups), on a pro-rata basis of the carrying amount of each asset.
Once the above impairment loss is recognised, it cannot be reversed in subsequent
accounting periods.
"√ Applicable" "□ Inapplicable"
Long-term expenses to be apportioned are amortized using the straight-line method, and
the amortization period is as follows:
Items Amortization term
Building decoration 36 months
Leasehold Improvement 36 months
Others 24 to 60 months
(1). Recognition of contract liabilities
"√ Applicable" "□ Inapplicable"
The Company presents contract liabilities in the balance sheet based on the
relationship between the performance of the contract obligations and the payment by the
customer.
A contractual liability is an obligation to transfer goods or service to a customer for
consideration received or receivable from the customer, such as money that a business
has received before transferring the promised goods or service.
Employee benefits refer to all forms of consideration or compensation other than
share-based payments given by the Group in exchange for services rendered by
employees or for termination of employment. Employee benefits include short-term
employee benefits, post-employment benefits, termination benefits and other long-term
employee benefits. Benefits given by the Group to an employee’s spouse, children and
dependents, family members of deceased employees and other beneficiaries are also
employee benefits.
(1). Accounting treatment of short term salaries
"√ Applicable" "□ Inapplicable"
The Company recognizes the actual short-term remuneration as a liability during the
accounting period when employees provide services to the Group, and stated in the profit
or loss or the cost of related assets.
(2). Accounting treatment of post-employment benefits
"√ Applicable" "□ Inapplicable"
The employees of the Group participate in a pension scheme and unemployment
insurance managed by the local government, the corresponding expenses shall be
included in the cost of related assets or profit or loss..
(3). Dismission benefits
"□ Applicable" "√ Inapplicable"
(4). Other long term employees' benefits
"□ Applicable" "√ Inapplicable"
"√ Applicable" "□ Inapplicable"
At the commencement date of the lease, the Group measures the lease liability at the
present value of the lease payments that are not paid at that date, except for short-term
leases and leases of low-value assets. The lease payments include fixed payments
(including in-substance fixed payments) less any lease incentives receivable, variable
lease payments that depend on an index or a rate, and amounts expected to be paid under
residual value guarantees. The lease payments also include the exercise price of a
purchase option reasonably certain to be exercised by the Group and payments of
penalties for termination of a lease, if the lease term reflects the Group exercising the
option to terminate the lease.
In calculating the present value of the lease payments, the Group uses the interest
rate implicit in the lease as the discount rate. If that rate cannot be readily determined, the
Group uses the lessee’s incremental borrowing rate. The Group calculates the interest
expenses of the lease liability in each period during the lease term using the constant
periodic rate of interest, and recognises such interest expenses in profit or loss, except
those in the costs of the related asset as required. Variable lease payments that are not
included in the measurement of the lease liabilities are recognised in profit or loss as
incurred, except those in the costs of the related asset as required.
After the commencement date of the lease, the amount of lease liabilities is increased
to reflect the accretion of interest and reduced for the lease payments made. In addition,
the Group remeasures the lease liability at the present value of revised lease payments
upon a change in any of the following: in-substance fixed payments, the amounts expected
to be payable under residual value guarantees, the index or rate used to determine lease
payments, or the assessment or exercise of the purchase option, the renewal option or the
option to terminate the lease.
"√ Applicable" "□ Inapplicable"
An obligation related to a contingency shall be recognised by the Group as a provision
when all of the following conditions are satisfied, except for contingent considerations and
contingent liabilities assumed in a business combination not involving entities under
common control:
(1) the obligation is a present obligation of the Group;
(2) it is probable that an outflow of economic benefits from the Group will be required
to settle the obligation; and
(3) a reliable estimate can be made of the amount of the obligation.
A provision is initially measured at the best estimate of the expenditure required to
settle the related present obligation, taking into account factors pertaining to a contingency
such as the risks, uncertainties and time value of money as a whole. Provisions are
reviewed at each balance sheet date. Where there is clear evidence that the carrying
amount of a provision does not reflect the current best estimate, the carrying amount is
adjusted to the current best estimate.
"√ Applicable" "□ Inapplicable"
A share-based payment is classified as either an equity-settled share-based payment
or a cash-settled share-based payment. An equity-settled share-based payment is a
transaction in which the Group receives services and uses shares or other equity
instruments as consideration for settlement.
An equity-settled share-based payment in exchange for services received from
employees is measured at the fair value of the equity instruments granted to the employees.
If such equity-settled share-based payment could vest immediately, related costs or
expenses at an amount equal to the fair value on the grant date are recognised, with a
corresponding increase in capital reserves; if such equity-settled share-based payment
could not vest until the completion of services for a vesting period, or until the achievement
of a specified performance condition, the Group at each balance sheet date during the
vesting period recognises the services received for the current period as related costs and
expenses, with a corresponding increase in capital reserves, at an amount equal to the fair
value of the equity instruments at the grant date, based on the best estimate of the number
of equity instruments expected to vest. The fair value is determined using the market price.
For awards that do not ultimately vest because non-market performance and/or
service conditions have not been met, no expense is recognised. Where awards include
a market or non-vesting condition, the transactions are treated as vesting irrespective of
whether the market or non-vesting condition is satisfied, provided that all other
performance and/or service conditions are satisfied.
Where the terms of an equity-settled share-based award are modified, as a minimum
an expense is recognised as if the terms had not been modified. In addition, an expense
is recognised for any modification that increases the total fair value of the share-based
payments, or is otherwise beneficial to the employee as measured at the date of
modification.
Where an equity-settled share-based award is cancelled, it is treated as if it had vested
on the date of cancellation, and any expense not yet recognised for the award is recognised
immediately. This includes any award where non-vesting conditions within the control of
either the Group or the employee are not met. However, if a new award is substituted for
the cancelled award, and is designated as a replacement on the date that it is granted, the
cancelled and new awards are treated as if they were a modification of the original award.
"□ Applicable" "√ Inapplicable"
(1). Accounting policies used in revenue recognition and measurement
"√ Applicable" "□ Inapplicable"
Revenue from contracts with customers is recognised when the Group has fulfilled its
performance obligations in the contracts, that is, when the customer obtains control of
relevant goods or services. Control of relevant goods or services refers to the ability to
direct the use of the goods, or the provision of the services, and obtain substantially all of
the remaining benefits from the goods or services.
① Contracts for the sale of goods
A contract for the sale of goods between the Group and the customer usually only
includes the performance obligation to transfer the xx goods. The revenue is recognised
at xx point in time based on the following indicators, which include: a present right to
payment for goods, the transfer of significant risks and rewards of ownership of goods, the
transfer of legal title to goods, the transfer of physical possession of goods, the customer's
acceptance of goods.
② Contracts for the rendering of services
A contract for the rendering of services between the Company and the customer
usually includes the performance obligation of after-sales service guarantee. Because the
customer simultaneously receives and consumes the benefits provided by the Group's
performance as the Group performs, the revenue is recognised over time only if the Group
can reasonably measure its progress towards the complete satisfaction of the performance
obligation. The Company uses the straight-line method and determines the progress of the
services rendered on the basis of the time elapsed. If the progress towards the complete
satisfaction of the performance obligation cannot be reasonably measured, but the Group
expects to recover the costs incurred in satisfying the performance obligation, the revenue
is recognised only to the extent of the costs incurred until such time that the Group can
reasonably measure the progress towards the complete satisfaction of the performance
obligation.
③ Variable consideration
Some of the Group's contracts with customers including arrangements of sales
rebates result in variable consideration. The Group determines the best estimate of
variable consideration by using the expected value method or the most likely amount
method. However, the transaction price including variable consideration is only to the
extent that it is highly probable that a significant reversal in the amount of cumulative
revenue recognised will not occur when the uncertainty associated with the variable
consideration is subsequently resolved.
④ Consideration payable to a customer
The Group accounts for the consideration payable to a customer as a reduction of the
transaction price, and recognises the reduction of revenue when (or as) the later of the
recognition of relevant revenue and the payment (or promised payment) of the
consideration to a customer, unless the payment to the customer is in exchange for a
distinct good or service that the customer transfers to the Group.
⑤ Sales with a right of return
For sales with a right of return, the Group recognises the revenue in the amount of
consideration to which the Group expects to be entitled in exchange for transferring control
of the goods to the customer, and recognises the amount expected to be refunded as a
result of the sales return as a refund liability. At the same time, an asset recognised for
an entity’s right to recover goods from a customer on settling a refund liability is measured
by reference to the carrying amount of the goods less any expected costs to recover the
goods (including potential decreases in the value of the returned goods), that is, right-of-
return assets, and recognised cost of sales based on the carrying amount of the transferred
goods at the time of transfer of the goods less the net amount of the asset cost above. At
each balance sheet date, the Group re-estimates the future sales return and remeasures
the assets and liabilities above.
⑥ Warranties
The Group provides a warranty in connection with the sale of a good in accordance
with the contract and the relevant laws and regulations, etc. For an assurance-type
warranty that provides the customer the assurance that the good complies with agreed-
upon specifications. When assessing whether a service-type warranty provides a customer
with a separate service in addition to the assurance that the good complies with agreed-
upon specifications, the Group considers whether the warranty is required by law, the
length of the warranty coverage period and the nature of the tasks that the Group promises
to perform, etc.
(2) Differences in accounting policies for revenue recognition caused by the
adoption of different business models for similar businesses
"□ Applicable" "√ Inapplicable"
"√ Applicable" "□ Inapplicable"
The Group’s contract cost assets include the costs to obtain and fulfil a contract and
are classified as inventories, other current assets and other non-current assets by liquidity.
The Group recognises as an asset the incremental costs of obtaining a contract with
a customer if the Group expects to recover those costs, unless the amortisation period of
the asset is one year or less.
Other than the costs which are capitalised as inventories, fixed assets and intangible
assets, etc., costs incurred to fulfil a contract with a customer are capitalised as an asset
if all of the following criteria are met:
(1) the costs relate directly to a contract or to an anticipated contract, including direct
labour, direct materials, overheads (or similar expenses), costs that are explicitly
chargeable to the customer and other costs that are incurred only because an entity
entered into the contract;
(2) the costs generate or enhance resources of the Group that will be used in
satisfying performance obligations in the future; and
(3) the costs are expected to be recovered.
The contract cost asset is amortised and charged to profit or loss on a systematic
basis that is consistent with the pattern of the revenue to which the asset related is
recognised.
The Group accrues provisions for impairment and recognises impairment losses to
the extent that the carrying amount of a contract cost asset exceeds:
(1) the remaining amount of consideration that the entity expects to receive in
exchange for the goods or services to which the asset relates; less
(2) the costs that are expected to be incurred to transfer those related goods or
services.
"√ Applicable" "□ Inapplicable"
Government grants are recognised when all attaching conditions will be complied with
and the grants will be received. If a government grant is in the form of a transfer of a
monetary asset, it is measured at the amount received or receivable.
Asset-related government grants are recognised when the government document
designates that the government grants are used for constructing or forming long-term
assets. If the government document is inexplicit, the Company should make a judgement
based on the basic conditions to obtain the government grants, and recognises them as
asset-related government grants if the conditions are to form long-term assets through
construction or other method. Otherwise, the government grants should be income-related.
The Company's government grants are subject to the gross method.
A government subsidy related to income, which is used to compensate the related
costs or losses in the future period, is recognised as deferred income, and is recorded into
the profit or loss or to offset the relevant costs during the period when the related costs
and expenses or losses are recognised; costs or losses incurred in compensation is
directly recorded into the profit or loss or offset the relevant costs.
A government grant relating to an asset shall be offset against the carrying amounts
of relevant assets, or recognised as deferred income and amortised in profit or loss over
the useful life of the related asset by annual instalments in a systematic and rational way
(however, a government grant measured at a nominal amount is recognised directly in
profit or loss). Where the assets are sold, transferred, retired or damaged before the end
of their useful lives, the rest of the remaining deferred income is released to profit or loss
for the period in which the relevant assets are disposed of.
"√ Applicable" "□ Inapplicable"
For temporary differences at the balance sheet date between the tax bases of assets
and liabilities and their carrying amounts, and temporary differences between the carrying
amounts and the tax bases of items, the tax bases of which can be determined according
to related tax laws for tax purposes but which have not been recognised as assets and
liabilities, deferred taxes are provided using the balance sheet liability method.
Deferred tax liabilities are recognised for all taxable temporary differences, except:
(1) when the taxable temporary difference arises from the initial recognition of goodwill,
or an asset or liability in a transaction that is not a business combination and, at the time
of transaction, affects neither accounting profit nor taxable profit or loss; and
(2) in respect of taxable temporary differences associated with investments in
subsidiaries, associates and joint ventures, when the timing of the reversal of the
temporary differences can be controlled and it is probable that the temporary differences
will not be reversed in the foreseeable future.
Deferred tax assets are recognised for all deductible temporary differences, and the
carryforward of unused tax losses and any unused tax credits. Deferred tax assets are
recognised to the extent that it is probable that taxable profit will be available against which
the deductible temporary differences, the carryforward of unused tax losses and unused
tax credits can be utilised, except:
(1) when the deductible temporary difference arises from the initial recognition of an
asset or liability in a transaction that is not a business combination and, at the time of the
transaction, affects neither the accounting profit nor taxable profit or loss; and
(2) in respect of the deductible temporary differences associated with investments in
subsidiaries, associates and joint ventures, deferred tax assets are only recognised to the
extent that it is probable that the temporary differences will be reversed in the foreseeable
future and taxable profit will be available against which the temporary differences can be
utilised in the future.
At the balance sheet date, deferred tax assets and liabilities are measured at the tax
rates that are expected to apply to the period when the asset is realised or the liability is
settled, in accordance with the requirements of tax laws. The measurement of deferred
tax assets and deferred tax liabilities reflects the tax consequences that would follow from
the manner in which the Group expects, at the balance sheet date, to recover the assets
or settle the liabilities.
The carrying amount of deferred tax assets is reviewed at the balance sheet date and
reduced to the extent that it is no longer probable that sufficient taxable profit will be
available in future periods to allow the deferred tax assets to be utilised. Unrecognised
deferred tax assets are reassessed at the balance sheet date and are recognised to the
extent that it has become probable that sufficient taxable profit will be available to allow all
or part of the deferred tax asset to be recovered.
Deferred tax assets and deferred tax liabilities are offset if and only if the Group has a
legally enforceable right to set off current tax assets and current tax liabilities, and the
deferred tax assets and deferred tax liabilities relate to income taxes levied by the same
taxation authority on either the same taxable entity or different taxable entities which intend
either to settle current tax liabilities and assets on a net basis, or to realise the assets and
settle the liabilities simultaneously, in each future period in which significant amounts of
deferred tax liabilities or assets are expected to be settled or recovered.
(1) Accounting process for operating lease
"□ Applicable" "√ Inapplicable"
(2) Accounting treatment method for finance lease
"□ Applicable" "√ Inapplicable"
(3) Determination method and accounting treatment method for lease under the new
lease standard
"√ Applicable" "□ Inapplicable"
At inception of a contract, the Group assesses whether the contract is, or contains, a
lease. A contract is, or contains, a lease if the contract conveys the right to control the
use of an identified asset for a period of time in exchange for consideration.
① As lessee
(a) The Group recognises lease liabilities and right-of-use assets, except for short-
term leases and leases of low-value assets, as described in “V. 28” and “V. 34”
(b) Short-term leases and leases of low-value assets
The Group considers a lease that, at the commencement date of the lease, has a
lease term of 12 months or less, and does not contains any purchase option as a short-
term lease; and a lease for which the value of the individual underlying asset is not more
than RMB 40,000 when it is new as a lease of low-value assets. If the Group subleases an
asset, or expects to sublease an asset, the head lease does not qualify as a lease of a
low-value asset. The Group does not recognize right-of-use assets and lease liabilities for
short-term leases and low-value asset leases. The Group recognises lease payments on
short-term leases and leases of low-value assets in the costs of the related asset or profit
or loss on a straight-line basis
② As the lessor
A lease is classified as a finance lease if it transfers substantially all the risks and
rewards incidental to ownership of an underlying asset, except that a lease is classified as
an operating lease at the inception date.
③ As the lessor of operating lease
Rental income under an operating lease is recognised on a straight-line basis
over the lease term, through profit or loss. Variable lease payments that are not included
in the measurement of lease receivables are charged to profit or loss as incurred. Initial
direct costs are capitalised and recognised over the lease term on the same basis as rental
income, through profit or loss.
?Applicable □inapplicable
The preparation of the financial statements requires management to make judgements,
estimates and assumptions that affect the reported amounts of revenue, expenses, assets
and liabilities, and their accompanying disclosures, and the disclosure of contingent
liabilities at the balance sheet date. Uncertainty about these assumptions and estimates
could result in outcomes that could require a material adjustment to the carrying amounts
of the assets or liabilities affected in the future.
(1) Judgments
① Business models
The classification of financial assets at initial recognition depends on the Group's
business model for managing financial assets. When determining the business model,
the Group considers the methods to include evaluation and report financial asset
performance to key management, the risks affecting the performance of financial assets
and the risk management, and the manner in which the relevant management receives
remuneration. When assessing whether the objective is to collect contractual cash flows,
the Group needs to analyse and judge the reason, timing, frequency and value of the sale
before the maturity date of the financial assets.
② Contractual cash flow characteristics
The classification of financial assets at initial recognition depends on the financial
asset’s contractual cash flow characteristics, and the judgements on whether the
contractual cash flows are solely payments of principal and interest on the principal amount
outstanding, including when assessing the modification of the time value of money, the
judgement on whether there is any significant difference from the benchmark cash flow
and whether the fair value of the prepayment features is insignificant for financial assets
with prepayment features, etc.
（2）Estimation uncertainty
The key assumptions concerning the future and other key sources of estimation
uncertainty at the balance sheet date, that have a significant risk of causing a material
adjustment to the carrying amounts of assets and liabilities within the future accounting
periods, are described below.
① Impairment of financial instruments
Commencing from January 1, 2019, the Company has adopted the expected credit
loss model to assess the impairment of financial instruments. The Group is required to
perform significant judgement and estimation and take into account all reasonable and
supportable information, including forward-looking information. When making such
judgements and estimates, the Group infers the expected changes in the debtor's credit
risk based on historical repayment data combined with economic policies, macroeconomic
indicators, industry risks and other factors. The different estimates may impact the
impairment assessment, and the provision for impairment may also not be representative
of the actual impairment loss in the future.
② Impairment of non-current assets other than financial assets (other than goodwill)
The Group assesses whether there are any indications of impairment for all non-
current assets other than financial assets at the balance sheet date. Intangible assets
with indefinite useful lives are tested for impairment annually and at other times when such
an indication exists. Other non-current assets other than financial assets are tested for
impairment when there are indications that the carrying amounts may not be recoverable.
An impairment exists when the carrying amount of an asset or asset group exceeds its
recoverable amount, which is the higher of its fair value less costs of disposal and the
present value of the future cash flows expected to be derived from it. The calculation of
the fair value less costs of disposal based on available data from binding sales transactions
in an arm’s length transaction of similar assets or observable market prices less
incremental costs for disposing of the assets. When the calculations of the present value
of the future cash flows expected to be derived from an asset or asset group are
undertaken, management must estimate the expected future cash flows from the asset or
asset group and choose a suitable discount rate in order to calculate the present value of
those cash flows.
③ Service life and estimated net residual value of fixed assets
During the use of fixed assets, the economic environment, technology environment
and other environments in which they are may have a greater impact on the service life
and estimated net residual value of fixed assets. At the end of each year, the management
reviews the service life and estimated net residual value of fixed assets. If there is
conclusive evidence that: the estimated service life of the fixed asset is different from the
original estimate, the service life of the fixed asset shall be adjusted; the estimated net
residual value of the fixed asset is different from the original estimate, and the estimated
net residual value shall be adjusted.
④ Provision of sales rebates and rewards
The Group applies the sales rebate and incentive policy to the dealers. According to
the relevant stipulations in the distribution agreement, with reference to the completion of
the agreed assessment indicators by the dealers, sales rebates and incentives are
estimated and accrued at the end of each year.
(1). Change in accounting policies
"□ Applicable" "√ Inapplicable"
(2). Change of Significant Accounting Estimates
"□ Applicable" "√ Inapplicable"
(3) First-time implementation of new accounting standards or interpretations of
standards, etc. from 2022 involves adjustments to the financial statements as
of the beginning of the year of first-time implementation.
"□ Applicable" "√ Inapplicable"
"□ Applicable" "√ Inapplicable"
VI. Taxes
Types of major taxes and tax rates
"√ Applicable" "□ Inapplicable"
Types of
Tax basis Tax rates
taxes
The output VAT is calculated based on
the sales of goods and taxable labor
Value-added income according to the tax law. After
tax deducting the offsetable input VAT in the
reporting period, the difference is the
value-added tax payable.
Urban
maintenance
It is paid based on the turnover tax
and 7%
actually paid
construction
tax
Corporate
Based on the amount of income taxable 25%, 20%, 15%
income tax
Education It is paid based on the turnover tax
Surcharge actually paid
Local
It is paid based on the turnover tax
education 2%
actually paid
Surcharge
In case there exist taxpayers subject to different corporate income tax rates, disclose the
information.
"√ Applicable" "□ Inapplicable"
Income tax
Taxpayers
rate (%)
Tianjin Suiwanwan Culture Communication Co., Ltd. 20
Tianjin Tianli E-bike Co., Ltd. 20
Aima Growth Venture Capital (Ningbo) Co., Ltd. 20
Xiaopa Electric Technology （Shanghai） Co., Ltd. 20
Chongqing Xiaoma Network Technology Co., Ltd. 20
Chongqing Aima Zhilian Logistics Co., Ltd. 20
Aima Technology (Chongqing) Co., Ltd. 15
Chongqing Xiaoma Intelligent Technology Co., Ltd. 15
Chongqing Aima Vehicle Technology Co., Ltd. 15
Chongqing Aima Vehicle Service Technology Co., Ltd. 15
Chongqing Aima Mechanical and Electrical Technology Co., Ltd. 15
Super Universe (Chongqing) Vehicle Industry Technology Co., Ltd. 15
Tianjin Aima Vehicle Technology Co., Ltd. 15
Guangdong Aima Vehicle Technology Co., Ltd. 15
Guangxi Aima Vehicle Technology Co., Ltd. 15
Henan Aima Vehicle Co., Ltd. 15
Tianjin Aima Share Technology Services Co., Ltd. 15
"√ Applicable" "□ Inapplicable"
In 2022, Tianjin Suiwanwan Cultural Communication Co., Ltd., Xiaopa Electric
Technology (Shanghai) Co., Ltd., Aima Growth Venture Capital (Ningbo) Co., Ltd.,
Chongqing Aima Zhilian Logistics Co., Ltd., Tianjin Tianli E-Bike Co., Ltd. and Chongqing
Xiaoma Network Technology Co., Ltd. enjoyed preferential taxes for small low-profit
enterprises. In accordance with the Enterprise Income Tax Law of the People’s Republic
of China and the regulations for the implementation, and the Ministry of Finance and the
State Administration of Taxation on Implementing the Inclusive Tax Deduction and
Exemption Policies for Micro and Small Enterprises (CAISHUI [2019] No. 13), from January
that is not more than RMB 1 million shall be included in its taxable income at the reduced
rate of 25%, with the applicable enterprise income tax rate of 20%;and the annual taxable
income that is not less than RMB 1 million nor more than RMB 3 million shall be
included in its taxable income at the reduced rate of 50%, with the applicable enterprise
income tax rate of 20%. In accordance with the Announcement of the State Administration
of Taxation on the Implementation of Preferential Income Tax Policies Supporting the
Development of Small and Low-profit Enterprises and Individual Industrial and Commercial
Households (State Administration of Taxation Announcement No. 8 [2021]),from January
enterprises does not exceed RMB 1 million, a reduction of 12.5% shall be included in the
taxable income, and the corporate income tax shall be paid at the rate of 20%.
Aima Technology (Chongqing) Co., Ltd., Chongqing Aima Vehicle Technology Co.,
Ltd., Chongqing Xiaoma Intelligent Technology Co., Ltd., Chongqing Aima Vehicle Service
Technology Co., Ltd., Chongqing Aima Mechanical and Electrical Technology Co., Ltd.
and Super Universe (Chongqing) Vehicle Industry Technology Co., Ltd. belong to the
encouraged industrial companies of the Western Development, and can enjoy the tax
preference of 15% corporate income tax from 2021 to 2030.
Tianjin Aima Vehicle Technology Co., Ltd., Guangdong Aima Vehicle Technology Co.,
Ltd. and Guangxi Aima Vehicle Technology Co., Ltd. were qualified for hi-tech enterprise
in 2021, and may enjoy the tax preference of 15% corporate income tax from 2021 to 2023.
Henan Aima Vehicle Co., Ltd. and Tianjin Aima Share Technology Services Co., Ltd.
were qualified for hi-tech enterprise in 2022, and may enjoy the tax preference of 15%
corporate income tax from 2022 to 2024.
"□ Applicable" "√ Inapplicable"
VII. Notes to items of consolidated financial statements
"√ Applicable" "□ Inapplicable"
In: Yuan Currency: RMB
Items Ending balance Opening balance
Cash
Cash at banks 6,030,234,206.13 2,844,921,448.22
Others 603,220,864.16 1,221,862.48
Total 6,633,455,070.29 2,846,143,310.70
Where: Total amount with restricted
ownership due to mortgage, pledge or 1,096,591,549.00
freezing, etc.
Other notes
For the bank demand deposits, the interest income is received at the interest rate of
bank demand deposits. As at December 31, 2022, the Group holds one-year time deposits
with the amount of RMB 470,000,000.00. The deposit periods for time deposits were 12
months depending on the Group's cash requirements. Interest income earned on current
deposits is calculated by using the current deposit interest rate.
Details of the amounts restricted for use due to mortgage, pledge or freezing are
shown in X. VII.81.
"√ Applicable" "□ Inapplicable"
In: Yuan Currency: RMB
Items Ending balance Opening balance
Financial assets at fair value
through profit or loss
Where:
Equity investments 73,480,000.00 85,600,000.00
Financial products 69,188,675.59 1,180,381,818.24
Financial assets designated at
fair value through profit or loss
Where:
Total 142,668,675.59 1,265,981,818.24
Other notes:
"√ Applicable" "□ Inapplicable"
As at December 31, 2022, the Company had no financial products with restricted
ownership (December 31, 2021: RMB 390,000,000.00).
"□ Applicable" "√ Inapplicable"
(1) Classification of notes receivable
"□ Applicable" "√ Inapplicable"
(2) Notes receivable already pledged by the Company at the end of the reporting
period
"□ Applicable" "√ Inapplicable"
(3) Endorsed or discounted notes receivable at the end of the reporting period, but
not yet due on the balance sheet date
"□ Applicable" "√ Inapplicable"
(4) Notes transferred to receivables due to issuer’s default at the end of the reporting
period
"□ Applicable" "√ Inapplicable"
(5) Classified disclosure based on the method of provision for bad debt
"□ Applicable" "√ Inapplicable"
Individual provision for bad debts:
"□ Applicable" "√ Inapplicable"
Provision for bad and doubtful debts based on portfolio:
"□ Applicable" "√ Inapplicable"
If the provision for bad debt is accrued in accordance with the general model of expected
credit loss, please refer to the disclosure of other receivables
"□ Applicable" "√ Inapplicable"
(6) Provision for bad debts
"□ Applicable" "√ Inapplicable"
(7) Notes receivable actually written off in the reporting period
"□ Applicable" "√ Inapplicable"
Other notes
"□ Applicable" "√ Inapplicable"
(1) Disclosed based on aging
"√ Applicable" "□ Inapplicable"
In: Yuan Currency: RMB
Aging Ending book balance
Within 1 year
Where: Itemized within 1 year
Within 1 year 291,745,445.04
Sub-total within 1 year 291,745,445.04
Over 3 years
Total 297,506,252.15
(2) Classified disclosure based on the method of provision for bad debt
"√ Applicable" "□ Inapplicable"
In: Yuan Currency: RMB
Ending balance Opening balance
Bad debt Bad debt
Book balance Book balance
reserve reserve
Pro
visi Provis
Categories Prop Book Prop Book
on ion
ortio Amou value ortio Amou value
Amount pro Amount propo
n nt n nt
port rtion
(%) (%)
ion (%)
(%)
Assessed bad debt 3,176,31 3,176,3 100.
provision individually 7.65 17.65 00
Where:
Individually significant
amount and separate 1.07
provision for bad debts
Assessed bad debt 294,329, 3,964,3 290,365, 209,966, 100.0 2,336,6 207,629,80
provision in portfolio 934.50 87.39 547.11 445.36 0 43.71 1.65
Where:
Portfolios based on
credit risk 98.93 1.35 1.11
characteristics
Total 2.40 1.11
Individual provision for bad debts:
?Applicable □ Inapplicable
In: Yuan Currency: RMB
Ending balance
Name Book Bad debt Provision
Provision reason
balance provision proportion (%)
Suning Procurement
Unlikely to be
Center of Suning Tesco 3,176,317.65 3,176,317.65 100.00
recovered
Group Co., Ltd.
Total 3,176,317.65 3,176,317.65 100.00 /
Notes for Individual provision for bad debts:
"□ Applicable" "√ Inapplicable"
Provision for bad and doubtful debts based on portfolio:
?Applicable □ Inapplicable
Provision items on portfolio
In: Yuan Currency: RMB
Ending balance
Name Accounts Bad debt
Provision proportion (%)
receivable provision
Within 1 year (with
years inclusive)
years inclusive)
Total 294,329,934.50 3,964,387.39 1.35
Criteria of and note to recognition of provision for bad debts based on portfolio:
"□ Applicable" "√ Inapplicable"
If the provision for bad debt is accrued in accordance with the general model of expected
credit loss, please refer to the disclosure of other receivables
"□ Applicable" "√ Inapplicable"
(3) Provision for bad debts
"√ Applicable" "□ Inapplicable"
In: Yuan Currency: RMB
Amount of movement during the reporting period
Opening Ending
Categories Recovery or Charge-off or Other
balance Provision balance
reversal write-off changes
Assessed
bad debt
provision
in portfolio
Total 2,336,643.71 9,474,851.97 2,336,643.71 2,334,146.93 7,140,705.04
Where the significant amount of the reserve for bad debt recovered or reversed:
"□ Applicable" "√ Inapplicable"
(4) Accounts receivable actually written off in the reporting period
"□ Applicable" "√ Inapplicable"
(5) Accounts receivable owed by the top five debtors based on the ending balance
"√ Applicable" "□ Inapplicable"
In: Yuan Currency: RMB
Proportion in total
Ending balance
ending balance of
Organization name Ending balance of the provision
accounts receivable
for bad debts
(%)
Company 1 15,998,598.60 5.38 180,784.16
Company 2 10,927,560.62 3.67 123,481.44
Company 3 8,753,822.48 2.94 98,918.19
Company 4 8,521,841.71 2.86 304,685.07
Company 5 8,140,000.00 2.74 91,982.00
Total 52,341,823.41 17.59 799,850.86
(6) Account receivable with recognition terminated due to transfer of financial
assets
"□ Applicable" "√ Inapplicable"
(7) Amount of assets and liabilities formed through transfer of account receivable
and continuing to be involved
"□ Applicable" "√ Inapplicable"
Other notes:
"□ Applicable" "√ Inapplicable"
"√ Applicable" "□ Inapplicable"
In: Yuan Currency: RMB
Items Ending balance Opening balance
Bank acceptance notes 8,332,754.00 49,295,422.59
Total 8,332,754.00 49,295,422.59
Change of increase/decrease and fair value of accounts receivable financing financing in
the reporting period:
"□ Applicable" "√ Inapplicable"
If the provision for bad debt is accrued in accordance with the general model of expected
credit loss, please refer to the disclosure of other receivables
"□ Applicable" "√ Inapplicable"
Other notes:
"□ Applicable" "√ Inapplicable"
(1) Prepayments are presented based on aging
"√ Applicable" "□ Inapplicable"
In: Yuan Currency: RMB
Ending balance Opening balance
Aging Proportion Proportion
Amount Amount
(%) (%)
Within 1
year
years
years
Over 3
years
Total 17,554,574.37 100.00 21,538,098.38 100.00
Description of the reasons for the untimely settlement of prepayments with an age of
more than 1 year and significant amounts:
None
(2) Prepayments to the top five debtors of the ending balance collected based on
the debtors of the prepayments
"√ Applicable" "□ Inapplicable"
In: Yuan Currency: RMB
Proportion in total ending
Organization name Ending balance
balance of prepayments (%)
Supplier 1 720,886.95 4.11
Supplier 2 694,622.39 3.96
Supplier 3 563,244.77 3.21
Supplier 4 538,200.00 3.07
Supplier 5 537,566.43 3.06
Total 3,054,520.54 17.41
Other notes
"□ Applicable" "√ Inapplicable"
Items Presentation
"√ Applicable" "□ Inapplicable"
In: Yuan Currency: RMB
Items Ending balance Opening balance
Interest receivables 1,160,941.82 642,997.45
Other receivables 26,890,978.44 149,426,857.13
Total 28,051,920.26 150,069,854.58
Other notes:
"□ Applicable" "√ Inapplicable"
Interest receivables
(1) Classification of interest receivable
"√ Applicable" "□ Inapplicable"
In: Yuan Currency: RMB
Items Ending balance Opening balance
Interest of accounts receivable 1,160,941.82 642,997.45
Total 1,160,941.82 642,997.45
(2) Significant overdue interest
"□ Applicable" "√ Inapplicable"
(3) Provision for bad debts
"□ Applicable" "√ Inapplicable"
Other notes:
"□ Applicable" "√ Inapplicable"
Dividend receivable
(1) Dividend receivable
"□ Applicable" "√ Inapplicable"
(2) Significant dividends receivable with age exceeding 1 year
"□ Applicable" "√ Inapplicable"
(3) Provision for bad debts
"□ Applicable" "√ Inapplicable"
Other notes:
"□ Applicable" "√ Inapplicable"
Other receivables
(1) Disclosed based on aging
"√ Applicable" "□ Inapplicable"
In: Yuan Currency: RMB
Aging Ending book balance
Within 1 year
Where: Itemized within 1 year
Within 1 year 25,350,872.34
Sub-total within 1 year 25,350,872.34
Over 3 years 1,265,939.69
Total 26,904,718.07
(2) Classification based on the nature of fund
"√ Applicable" "□ Inapplicable"
In: Yuan Currency: RMB
Nature of the fund Ending book balance Opening book balance
Three guarantees 11,527,981.67 5,447,697.83
Receivable from disposal of
fixed assets
Deposits 1,766,722.22 138,555,562.94
Advance to employees 242,296.80 406,934.00
Construction cost 24,164,117.84
Others 8,439,377.17 1,611,062.21
Total 26,904,718.07 175,433,949.05
(3) Provision for bad debts
"√ Applicable" "□ Inapplicable"
In: Yuan Currency: RMB
Stage 1 Stage 2 Stage 3
Bad debt provision expected (no credit (credit Total
credit impairment impairment
losses incurred) already incurred)
Balance as at
January 1, 2022
Balance as at
January 1, 2022 in
the reporting period
-- transferred into
Stage 2
-- transferred into
Stage 3
-- revered to Stage 2
-- reversed to Stage
Accrual 10,300.00 3,439.63 13,739.63
Reversal 21,647.20 1,821,326.88 24,164,117.84 26,007,091.92
Transfer out
Write-off
Other changes
Balance as at
December 31, 2022
Note to the significant changes in the book balance of other receivables with changes in
provision for loss in the reporting period:
"□ Applicable" "√ Inapplicable"
The amount of provision for bad debts in the reporting period and the basis for assessing
whether the credit risk of financial instruments has increased significantly
"□ Applicable" "√ Inapplicable"
(4) Provision for bad debts
"√ Applicable" "□ Inapplicable"
In: Yuan Currency: RMB
Amount of movement during the reporting
period
Opening Ending
Categories Charge-
balance Recovery or Other balance
Provision off or
reversal changes
write-off
Bad debt
provision
Total 26,007,091.92 13,739.63 26,007,091.92 13,739.63
Where a significant amount of the reserve for bad debt recovered or reversed during the
reporting period:
"□ Applicable" "√ Inapplicable"
(5) Other receivables actually written off in the reporting period
"□ Applicable" "√ Inapplicable"
(6) Other receivables owed by the top five debtors based on the ending balance
"√ Applicable" "□ Inapplicable"
In: Yuan Currency: RMB
Bad
Proportion in
debt
Organizatio Nature of total ending
Ending balance Aging reserve
n name Payment balance of other
Ending
receivables
balance
Receivables of
Within 1
Company 1 fixed assets 4,821,488.81 17.92
year
disposals
Over 3
Company 2 Deposits 500,000.00 1.86
years
Over 3
Company 3 Deposits 450,000.00 1.67
years
Receivables of
Within 1
Company 4 fixed assets 359,238.69 1.34
year
disposals
Within 1
Company 5 Others 291,482.80 1.08
year
Total / 6,422,210.30 / 23.87
(7) Accounts receivable involving government subsidy
"□ Applicable" "√ Inapplicable"
(8) Other receivables with recognition terminated due to transfer of financial assets
"□ Applicable" "√ Inapplicable"
(9) Amount of assets and liabilities formed through transfer of other receivables
and continuing to be involved
"□ Applicable" "√ Inapplicable"
Other notes:
"□ Applicable" "√ Inapplicable"
(1) Classification of inventories
"√ Applicable" "□ Inapplicable"
In: Yuan Currency: RMB
Ending balance Opening balance
Provision for
Provision for write-
write-down of
down of inventories
Items Book Book inventories / Book
/ impairment of Book value
balance balance impairment of value
costs to fulfil a
costs to fulfil a
contract
contract
Raw 343,462,9 343,399,37 359,993, 355,263,
materials 48.77 1.70 370.61 221.99
Finished 467,111,9 467,111,91 440,425, 440,425,
goods 15.62 5.62 986.90 986.90
Total 63,577.07 4,730,148.62
(2) Provision for write-down of inventories / impairment of costs to fulfil a contract
"√ Applicable" "□ Inapplicable"
In: Yuan Currency: RMB
Amount increased in the Decrease in the
Opening reporting period reporting period Ending
Items
balance Reversal or Other balance
Provision Others
write-off s
Raw materials 4,730,148.62 63,577.07 4,730,148.62 63,577.07
Total 4,730,148.62 63,577.07 4,730,148.62 63,577.07
(3) Note to the amount of capitalized borrowing costs involved in the ending balance
of inventories
"□ Applicable" "√ Inapplicable"
(4) Note to the current amortization amount of contract performance costs
"□ Applicable" "√ Inapplicable"
Other notes
"□ Applicable" "√ Inapplicable"
(1) About contract assets
"□ Applicable" "√ Inapplicable"
(2) The amount involved in the significant change of the book value and the cause
during the reporting period
"□ Applicable" "√ Inapplicable"
(3) Provision for impairment of contract assets in the reporting period
"□ Applicable" "√ Inapplicable"
If the provision for bad debt is accrued in accordance with the general model of expected
credit loss, please refer to the disclosure of other receivables
"□ Applicable" "√ Inapplicable"
Other notes:
"□ Applicable" "√ Inapplicable"
"□ Applicable" "√ Inapplicable"
"√ Applicable" "□ Inapplicable"
In: Yuan Currency: RMB
Items Ending balance Opening balance
Non-current assets due within one year 3,524,708,328.77
Total 3,524,708,328.77
Significant debt investment and other debt investments at the end of the reporting period:
"□ Applicable" "√ Inapplicable"
Other notes：
As at December 31, 2022, the Company issued bank acceptance bills pledged with
RMB 3,200,000,000.00 of three-year time certificates of deposit due within 1 year
(December 31, 2021: None)
"√ Applicable" "□ Inapplicable"
In: Yuan Currency: RMB
Items Ending balance Opening balance
Input VAT to be credited 61,570,447.87 91,878,628.00
CIT paid in advance 15,453,043.29 78,929,325.30
Total 77,023,491.16 170,807,953.30
(1) About debt investment
"□ Applicable" "√ Inapplicable"
(2) Significant debt investment at the end of the reporting period
"□ Applicable" "√ Inapplicable"
(3) Provision for impairment
"□ Applicable" "√ Inapplicable"
The amount of provision for impairment in the reporting period and the basis for assessing
whether the credit risk of financial instruments has increased significantly
"□ Applicable" "√ Inapplicable"
Other notes
"□ Applicable" "√ Inapplicable"
(1) About other debt investment
"□ Applicable" "√ Inapplicable"
(2) Significant other debt investment at the end of the reporting period
"□ Applicable" "√ Inapplicable"
(3) Provision for impairment
"□ Applicable" "√ Inapplicable"
The amount of provision for impairment in the reporting period and the basis for assessing
whether the credit risk of financial instruments has increased significantly
"□ Applicable" "√ Inapplicable"
Other notes:
"□ Applicable" "√ Inapplicable"
(1) About long-term receivables
"□ Applicable" "√ Inapplicable"
(2) Provision for bad debts
"□ Applicable" "√ Inapplicable"
The amount of provision for bad debts in the reporting period and the basis for assessing
whether the credit risk of financial instruments has increased significantly
"□ Applicable" "√ Inapplicable"
(3) Long term receivables with recognition terminated due to transfer of financial
assets
"□ Applicable" "√ Inapplicable"
(4) Amount of assets and liabilities formed through transfer of long-term receivables
and continuing to be involved
"□ Applicable" "√ Inapplicable"
Other notes
"□ Applicable" "√ Inapplicable"
?Applicable □ Inapplicable
In: Yuan Currency: RMB
Increase/ Decrease (+ / -) in the reporting period
Impa
Othe
irme
r Prov
Openin Investment Cash nt at
De com Other ision Ot
Investe g income dividen Ending the
Increa cre preh equity for h
es balanc under the d balance end
se as ensi move impa er
e equity declare of
e ve ment irme s
method d the
inco nt
year
me
I. Joint Venture
Sub-
total
II. Associates
Today 11,569 -
Sunshin ,394.3 1,665,571.
e 2 43
Tianjin 1,835,264. 13,610,
,599.8 2,800,0
Jiema 92 864.77
Geling 19,255 24,50 -
New ,284.4 2,800. 4,428,681.
Energy 4 00 67
Taizhou 38,817,
,323.8 16,133,02
Jinfu 295.52
Beijing 23,00 -
Zhongz 0,000. 1,231,993.
hong 00 37
Sub-
total
Total 3,280. 2,800. 21,624,00 2,800,0 2,070.4
(1) Other equity instrument investment
"□ Applicable" "√ Inapplicable"
(2) Investment in non-transactional equity instruments
"□ Applicable" "√ Inapplicable"
Other notes:
"□ Applicable" "√ Inapplicable"
"□ Applicable" "√ Inapplicable"
Other notes:
"□ Applicable" "√ Inapplicable"
Measurement model for investment-oriented real estate
(1) Investment properties measured based on the cost method
In: Yuan Currency: RMB
Items Buildings Land use rights Total
I. Original book value
in the reporting period
(1) Purchased
(2) Inventories\fixed
assets/construction in 121,652.01 32,841.04 154,493.05
process transferred in
(3) Increase of
enterprise
consolidation
in the reporting period
(1) Disposals
(2) Other transfer out
II. Accumulative depreciation and accumulative amortization
in the reporting period
(1) Depreciation and
amortisation provided 14,113,825.29 1,827,809.72 15,941,635.01
during the year
(2)Transfer-in of the
fixed asset or 15,523.57 5,145.10 20,668.67
intangible assets
in the reporting period
(1) Disposal
(2) Other transfer out
III. Provision for impairment
in the reporting period
(1) Provision
in the reporting period
(1) Disposal
(2) Other transfer out
IV. Book value
end of the reporting 184,219,530.09 70,161,203.55 254,380,733.64
period
beginning of the 198,227,226.94 71,961,317.33 270,188,544.27
reporting period
(2) Investment property with no title certificate
"□ Applicable" "√ Inapplicable"
Other notes
"□ Applicable" "√ Inapplicable"
Items Presentation
"√ Applicable" "□ Inapplicable"
In: Yuan Currency: RMB
Items Ending balance Opening balance
Fixed asset 2,032,571,583.72 1,964,000,630.29
Disposal of fixed assets 52,325.85 2,085,074.02
Total 2,032,623,909.57 1,966,085,704.31
Fixed asset
(1) About fixed assets
"√ Applicable" "□ Inapplicable"
In: Yuan Currency: RMB
Machinery
Office Electronic Production
Items Buildings and Vehicles Total
equipment equipment tools
equipment
I. Original book value:
the reporting period .95 .86 47 2 .70 .46 66
(1) Purchase 3,720,260. 39,225,963 1,406,102. 4,246,254.3 14,855,665 23,420,712. 86,874,959.5
(2) Transfers from 40,299,473 45,534,630 1,498,232.8 7,146,689. 124,139,240 218,841,505.
construction in progress .05 .23 7 20 .81 10
(3) Increase of enterprise
consolidation
the reporting period .23 21 21 0
(1) Disposals or 16,804,383 2,359,652. 42,464,270. 62,740,769.6
retirements .23 21 21 9
(2) Transferred into
investment properties
II. Accumulative depreciation
the reporting period .54 .61 55 4 12 64 00
(1) Depreciation 82,130,045 44,826,252 4,709,880. 6,108,250.5 8,572,096. 67,085,473. 213,431,999.
provided during the year .54 .61 55 4 12 64 00
the reporting period .33 68 06 1
(1) Disposals or 10,074,440 1,910,861. 26,158,334. 38,647,527.0
retirements .33 68 06 4
(2) Transferred into
investment properties
III. Provision for impairment
the reporting period 68 2
(1) Provision 1,720,019. 1,615,871.7
the reporting period 01
(1) Disposals or 2,988,624.
retirements 01
IV. Book value
of the reporting period 411.78 8.16 .46 90 .03 .39 3.72
beginning of the
reporting period
(2) About temporarily idle fixed assets
"□ Applicable" "√ Inapplicable"
(3) Fixed assets rented through finance lease
"□ Applicable" "√ Inapplicable"
(4) Fixed assets leased through operating lease
"□ Applicable" "√ Inapplicable"
(5) About fixed assets without title certificate
"√ Applicable" "□ Inapplicable"
In: Yuan Currency: RMB
The reason why the title certificate
Items Book value
has not been granted
For self-built auxiliary function
Buildings 5,629,363.91 houses, it is unnecessary to apply for
title certificate.
Other notes:
"√ Applicable" "□ Inapplicable"
On December 31, 2022, the Group has no fixed assets of buildings and buildings
subject to ownership restrictions (December 31, 2020: RMB 51,854,177.47).
Disposal of fixed assets
"√ Applicable" "□ Inapplicable"
In: Yuan Currency: RMB
Items Ending balance Opening balance
Disposal of fixed
assets
Total 52,325.85 2,085,074.02
Items Presentation
"√ Applicable" "□ Inapplicable"
In: Yuan Currency: RMB
Items Ending balance Opening balance
Engineering supplies 63,522,676.76 96,123,598.65
Construction in progress 22,488,641.34 18,007,496.51
Total 86,011,318.10 114,131,095.16
Other notes:
"□ Applicable" "√ Inapplicable"
Construction in progress
(1) About construction in progress
"√ Applicable" "□ Inapplicable"
In: Yuan Currency: RMB
Items Ending balance Opening balance
Impairm Impairm
Book Book Book
ent Book value ent
balance balance value
reserve reserve
Taizhou
Manufacture’s
,240.10 40.10
factory plant
Aima Group’s 10,749 10,749,7 35,59 35,59
Software ,759.11 59.11 6,259.61 6,259.61
Tianjin Vehicle’s 8,403, 8,403,36
moulds 362.82 2.82
Zhejiang Vehicle’s 8,269, 8,269,28
buildings 289.96 9.96
Jiangsu Vehicle’s 3,272, 3,272,59
moulds 592.74 2.74
Henan Vehicle’s
machinery
equipment
Guangdong 2,137, 2,137,16
Vehicle’s moulds 168.19 8.19
Chongqing
Vehicle’s factory
plant
Guangdong
Vehicle’s machinery
equipment
Tianjin Vehicle’s
machinery
,305.01 ,305.01
equipment
Jiangsu Vehicle’s 5,026 5,026
moulds ,548.70 ,548.70
Chongqing
Vehicle’s machinery
,300.92 ,300.92
equipment
Tianjin Vehicle’s 2,655 2,655
constructions ,991.45 ,991.45
Others 10,621 10,621,6 10,51 10,51
,608.90 08.90 7,182.36 7,182.36
Total
,676.76 76.76 3,598.65 3,598.65
(2) Movements of important construction in progress projects in the reporting
period
"√ Applicable" "□ Inapplicable"
In: Yuan Currency: RMB
The
Oth
Transferr proportion of
er
Project Opening ed to the Ending projects Project
Budget Addition dec
name balance fixed balance investment Progress
rea
assets accounted for
ses
budget (%)
Chongqing
Vehicle 201,880, 23,791,1 13,050,2
factory 000.00 24.92 11.92
building
Tianjin -
Vehicle 55,035,5 85 85
equipment 76.79
Aima Group -
software 49,710,6 108 108
system 93.91
Total 141,587, / /
(3) Provision for impairment of construction in progress in the reporting period
"□ Applicable" "√ Inapplicable"
Other notes
"□ Applicable" "√ Inapplicable"
Engineering supplies
(4). About engineering supplies
"√ Applicable" "□ Inapplicable"
In: Yuan Currency: RMB
Ending balance Opening balance
Provisio Provisio
Items Book n for Book n for
Book value Book value
balance impairm balance impairm
ent ent
Engineer
ing
.34 .34 .51 .51
supplies
Total
.34 .34 .51 .51
(1) Productive biological asset by using the cost measurement model
"□ Applicable" "√ Inapplicable"
(2) Productive biological asset by using the fair value measurement model
"□ Applicable" "√ Inapplicable"
Other notes
"□ Applicable" "√ Inapplicable"
"□ Applicable" "√ Inapplicable"
"√ Applicable" "□ Inapplicable"
In: Yuan Currency: RMB
Items Buildings Total
I. Original book value:
reporting period
Newly leased 16,840,537.52 16,840,537.52
reporting period
Expiration of lease contract 9,319,172.28 9,319,172.28
II. Accumulative depreciation
reporting period
(1) Depreciation provided
during the year
reporting period
(1) Disposals 2,804,537.69 2,804,537.69
III. Provision for impairment
reporting period
(1) Provision
reporting period
(1) Disposal
IV. Book value
reporting period
of the reporting period
(1) About the intangible assets
"√ Applicable" "□ Inapplicable"
In: Yuan Currency: RMB
Items Land use rights Software Trademarks Total
I. Original book value:
balance
increased in the 95,735,523.09 59,979,589.88 1,124,245.28 156,839,358.25
reporting period
(1) Purchase 2,625,615.96 1,011,037.73 3,636,653.69
(2) Internal R&D
(3) Increase due
to business
combinations
(4) Transfers
from
construction-in-
process
decreased in the 32,841.04 1,447,334.67 1,480,175.71
reporting period
(1) Disposal 1,447,334.67 1,447,334.67
(2) Transferred
into investment 32,841.04 32,841.04
properties
balance
II. Accumulative amortization
balance
increased in the 7,676,228.44 22,558,905.09 148,298.61 30,383,432.14
reporting period
(1) Amortisation
provided during 7,676,228.44 22,558,905.09 148,298.61 30,383,432.14
the year
decreased in the 5,145.10 931,813.22 936,958.32
reporting period
(1) Disposal 931,813.22 931,813.22
(2) Transferred
into investment 5,145.10 5,145.10
properties
balance
III. Provision for impairment
balance
increased in the
reporting period
(1) Provision
decreased in the
reporting period
(1) Disposal
balance
IV. Book value
the end of the 360,659,230.38 96,170,674.02 1,156,868.55 457,986,772.95
reporting period
the beginning of
the reporting
period
The proportion of intangible assets formed through internal R&D to the balance of intangible
assets at the end of the period was nil.
(2) About the land use rights without title certificate
"□ Applicable" "√ Inapplicable"
Other notes:
As at December 31, 2022, the net book value of the land use rights with restricted
ownership was 0 (December 31, 2021: RMB 30,632,651.23).
"□ Applicable" "√ Inapplicable"
(1). Original book value of the goodwill
"□ Applicable" "√ Inapplicable"
(2). Provision for impairment of the goodwill
"□ Applicable" "√ Inapplicable"
(3). Relevant information of the assets group or portfolio of the assets groups where
the goodwill is located
"□ Applicable" "√ Inapplicable"
(4). Explain the confirmation method of goodwill impairment test process, key
parameters (such as predicted period growth rate, stable period growth rate,
profit margin, discount rate, predicted period, etc., if applicable) and goodwill
impairment loss.
"□ Applicable" "√ Inapplicable"
(5). Influence of goodwill impairment test
"□ Applicable" "√ Inapplicable"
Other notes
"□ Applicable" "√ Inapplicable"
"√ Applicable" "□ Inapplicable"
In: Yuan Currency: RMB
Amount Amount
Opening increased in amortized in Other Ending
Items
balance the reporting the reporting decrease balance
period period
Refurbishment
payment
Payment for
the
improvement 6,712,870.09 1,521,411.01 3,566,970.56 4,667,310.54
of the rented
fixed assets
Others 9,429,280.53 27,274,703.48 8,033,346.80 379,651.54 28,290,985.67
Total 29,394,318.63 33,233,768.47 18,353,328.15 379,651.54 43,895,107.41
Other notes:
None
(1) Deferred tax asset before being offset
"√ Applicable" "□ Inapplicable"
In: Yuan Currency: RMB
Ending balance Opening balance
Deductible Deductible
Items Deferred tax Deferred tax
temporary temporary
assets Assets
differences differences
Deductible loss 198,066,664.29 40,218,297.85 118,883,340.46 23,421,534.15
Deferred income 7,154,444.67 1,598,398.96 28,343,735.63 4,322,808.35
Bad debt
provision
Provision of
inventories
Depreciation
book-tax
difference of
fixed assets
Provision for
impairment of 2,734,154.64 582,125.16 3,220,013.50 483,002.03
fixed assets
Investment
losses of 51,544,467.53 12,804,720.20 29,920,457.76 7,480,114.44
associates
Sales rebates
and rewards
Book-tax
difference based
on the new
leases standard
Share-based
payment
Accrued
expenses
Total 857,992,745.82 175,432,259.71 656,556,435.88 146,316,984.80
(2) Deferred tax liabilities before being offset
"√ Applicable" "□ Inapplicable"
In: Yuan Currency: RMB
Ending balance Opening balance
Taxable Taxable
Items Deferred tax Deferred tax
temporary temporary
Liabilities Liabilities
differences differences
Investment income of
financial products
Depreciation of fixed
assets
Deferred interest
payments on 1,158,116.42 219,920.55 642,997.45 122,469.75
occupancy fees
Leasing 15,167.35 379.18
Total 451,267,045.06 105,788,451.03 235,005,929.39 57,904,575.93
(3) Net amount of deferred tax assets/liabilities after being offset
"√ Applicable" "□ Inapplicable"
In: Yuan Currency: RMB
Offset amount Net amount at
Offset amount Net amount at
at the the beginning
at the end of the end of the
Items beginning of of the
the reporting reporting
the reporting reporting
period period
period period
Deferred tax
assets
Deferred tax
liability
Deductible temporary differences and deductible losses on unrecognised deferred
income tax assets are as follows
"√ Applicable" "□ Inapplicable"
In: Yuan Currency: RMB
Items Ending balance Opening balance
Deductible temporary
differences
Deductible tax losses 20,898,005.44 16,775,342.31
Total 21,285,180.28 16,788,202.31
(4) Unrecognised deferred tax assets arising from deductible tax losses will expire
in the following years
"√ Applicable" "□ Inapplicable"
In: Yuan Currency: RMB
Amount at the
Amount at the year
Year end of the Remarks
beginning
reporting period
To expire in 2023 975,536.59
To expire in 2024
To expire in 2025
To expire in 2026 10,066,688.21 16,788,202.31
To expire in 2027 10,242,955.48
Total 21,285,180.28 16,788,202.31 /
Other notes:
"□ Applicable" "√ Inapplicable"
"√ Applicable" "□ Inapplicable"
In: Yuan Currency: RMB
Ending balance Opening balance
Provision Provision
Items Book Book
for Book value for Book value
balance balance
impairment impairment
deposit 013.71 013.71 013.47 013.47
Store 150,975,3 150,975,3
Decoration 84.28 84.28
Prepayment
for land use 133,276,4 133,276,4 22,982,95 22,982,95
right and 35.44 35.44 5.66 5.66
equipment
Total
Other notes:
On December 31, 2022, the Group issued bank acceptance notes with three-year
fixed deposit certificates of RMB 3,230,000,000.00 as the pledge (December 31, 2021:
RMB 4,700,000,000.00)，VII.81 for details.
(1) Classification of short-term borrowings
"√ Applicable" "□ Inapplicable"
In: Yuan Currency: RMB
Items Ending balance Opening balance
Pledged loans 511,250,000.00
Total 511,250,000.00
Notes to the classification of short-term borrowings:
None
(2) Short-term borrowings overdue but still remaining outstanding
"□ Applicable" "√ Inapplicable"
Short-term borrowings overdue but still remaining outstanding
"□ Applicable" "√ Inapplicable"
Other notes
"□ Applicable" "√ Inapplicable"
"□ Applicable" "√ Inapplicable"
"□ Applicable" "√ Inapplicable"
(1) Presentation of notes payable
?Applicable □Inapplicable
In: Yuan Currency: RMB
Categories Ending balance Opening balance
Bank acceptance notes 6,853,338,997.32 4,926,337,711.40
Total 6,853,338,997.32 4,926,337,711.40
Notes payable that due and unpaid at the end of the period were nil.
(1) Presentation of accounts payable
"√ Applicable" "□ Inapplicable"
In: Yuan Currency: RMB
Items Ending balance Opening balance
Accounts payable 2,535,832,081.83 2,132,113,371.54
Total 2,535,832,081.83 2,132,113,371.54
(2) Significant accounts payable with age exceeding 1 year
"□ Applicable" "√ Inapplicable"
Other notes
"√ Applicable" "□ Inapplicable"
① Accounts payable are non-interest-bearing and are usually settled within three
months.
② As of December 31, 2022 and 2021, the Company had no significant accounts
payable aged over one year.
(1) Presentation of receipts in advance
"√ Applicable" "□ Inapplicable"
In: Yuan Currency: RMB
Items Ending balance Opening balance
Factory building rent 20,619,060.26 13,125,994.89
Total 20,619,060.26 13,125,994.89
(2) Significant receipts in advance with age exceeding 1 year
"□ Applicable" "√ Inapplicable"
Other notes
"√ Applicable" "□ Inapplicable"
As of December 31, 2022, the Company had no significant advance receipts aged
over one year.
(1) About contract liabilities
"√ Applicable" "□ Inapplicable"
In: Yuan Currency: RMB
Items Ending balance Opening balance
Sales rebates 437,665,926.26 186,926,832.16
Advances from sales of goods 198,486,523.06 286,324,441.22
Advances from service 2,277,155.72 10,284,351.19
Total 638,429,605.04 483,535,624.57
(2) The amount involved in the significant change of the book value and the cause
during the reporting period
"√ Applicable" "□ Inapplicable"
In: Yuan Currency: RMB
Items Fluctuation Reasons for the fluctuation
Increase rebates to expand channels
Sales rebates 250,739,094.10
and boost sales
Advances from
-87,837,918.16 Decrease in customer prepayments
sales of goods
Total 162,901,175.94 /
Other notes:
"□ Applicable" "√ Inapplicable"
(1) Employee benefits payable
"√ Applicable" "□ Inapplicable"
In: Yuan Currency: RMB
Opening Increase in the Decrease in the
Items Ending balance
balance reporting period reporting period
I. Short-term
employee 113,222,680.79 1,198,711,851.56 1,149,462,577.79 162,471,954.56
benefits
II. Post-
employment
benefits-defined
contribution plans
III. Dismissal
compensation
IV. Other benefit
due within a year
Total 113,584,622.70 1,274,914,959.89 1,225,598,702.09 162,900,880.50
(2) Presentation of short term remuneration
"√ Applicable" "□ Inapplicable"
In: Yuan Currency: RMB
Increase in the Decrease in
Opening
Items reporting the reporting Ending balance
balance
period period
I. Wages or salaries,
bonuses, allowances and 157,884,201.76
subsidies
II. Staff welfare 3,570,473.19 80,223,348.63 80,131,976.62 3,661,845.20
III. Social security
contributions
Including: Medical
insurance
Work injury insurance 22,355.11 3,242,598.08 3,243,768.85 21,184.34
Maternity insurance 1,599.60 2,246,638.88 2,241,118.88 7,119.60
IV. Housing fund 381,340.00 26,777,536.60 26,668,006.60 490,870.00
V. Union running costs
and employee education 121,292.32 457,683.80 462,665.38 116,310.74
costs
VI. Short-term paid
absence from work
VII. Short-term profit
sharing plan
VIII. Other insurance for
employees
Total 162,471,954.56
(3) Presentation of the defined contribution plan
"√ Applicable" "□ Inapplicable"
In: Yuan Currency: RMB
Increase in the Decrease in
Opening Ending
Items reporting the reporting
balance balance
period period
insurance
insurance
Contributions
Total 361,941.91 76,203,108.33 76,136,124.30 428,925.94
Other notes:
"□ Applicable" "√ Inapplicable"
"√ Applicable" "□ Inapplicable"
In: Yuan Currency: RMB
Items Ending balance Opening balance
Value-added tax 7,961,223.12 3,743,717.32
Corporate income tax 134,652,186.50 47,385,304.15
Personal income tax 2,867,285.91 2,287,395.24
Urban maintenance and
construction tax
Land appreciation tax 4,566,646.41 1,114,037.62
Stamp duty 589,381.87 631,354.38
Education Surcharge 419,518.73 389,398.48
Others 2,390,662.30 2,237,337.37
Total 154,033,696.44 58,301,487.57
Other notes:
None
Items Presentation
"√ Applicable" "□ Inapplicable"
In: Yuan Currency: RMB
Items Ending balance Opening balance
Other payables 564,648,489.37 478,360,431.77
Total 564,648,489.37 478,360,431.77
Other notes:
"□ Applicable" "√ Inapplicable"
Interest payable
(1) Presentation of classification
"□ Applicable" "√ Inapplicable"
Dividends payable
(2) Presentation of classification
"□ Applicable" "√ Inapplicable"
Other payables
(1) Other payables stated based on nature of fund
"√ Applicable" "□ Inapplicable"
In: Yuan Currency: RMB
Items Ending balance Opening balance
Deposits 304,954,079.97 290,556,463.25
Money for subscription of
restricted shares
Expenses accrued 72,492,382.44 45,047,280.28
Payable of equipment &
engineering projects
Others 21,676,821.48 17,804,187.48
Total 564,648,489.37 478,360,431.77
(2) Significant other payables with age exceeding 1 year
"√ Applicable" "□ Inapplicable"
In: Yuan Currency: RMB
Cause of failure in
Items Ending balance
repayment or carry-over
Security deposit of The cash pledge has not
suppliers 172,620,136.30 been refunded as the
cooperation is going on
Security deposit of The cash pledge has not
distributors 70,826,510.45 been refunded as the
cooperation is going on
Total 243,446,646.75 /
Other notes:
"□ Applicable" "√ Inapplicable"
"□ Applicable" "√ Inapplicable"
"√ Applicable" "□ Inapplicable"
In: Yuan Currency: RMB
Items Ending balance Opening balance
Lease liabilities due within
one year
Total 5,682,224.67 5,923,801.00
About other current liabilities
"√ Applicable" "□ Inapplicable"
In: Yuan Currency: RMB
Items Ending balance Opening balance
Pending output VAT 24,329,644.32 39,990,259.74
Total 24,329,644.32 39,990,259.74
Increase/decrease of the short term bonds payable:
"□ Applicable" "√ Inapplicable"
Other notes:
"□ Applicable" "√ Inapplicable"
(1) Classification of long-term borrowings
"□ Applicable" "√ Inapplicable"
Other notes, including the interest rate interval:
"□ Applicable" "√ Inapplicable"
(1) Bonds payable
"□ Applicable" "√ Inapplicable"
(2) Increase/Decrease of bonds payable (excluding other financial instruments
classified as financial liabilities, such as preferred shares, perpetual bonds, etc.)
"□ Applicable" "√ Inapplicable"
(3) Note to the conditions and time of share conversion of convertible company
bonds
"□ Applicable" "√ Inapplicable"
(4) Note to other financial instruments classified as financial liabilities
Basic information on the outstanding other financial instruments, including preferred shares,
perpetual bonds, etc. at the end of the reporting period
"□ Applicable" "√ Inapplicable"
Statement of movement of the outstanding other financial instruments, including preferred
shares, perpetual bonds, etc. at the end of the reporting period
"□ Applicable" "√ Inapplicable"
Note to the basis of other financial instruments classified as financial liabilities
"□ Applicable" "√ Inapplicable"
Other notes:
"□ Applicable" "√ Inapplicable"
"√ Applicable" "□ Inapplicable"
In: Yuan Currency: RMB
Items Ending balance Opening balance
Lease payments 69,772,565.55 59,855,125.79
Unrecognised financing costs -16,249,928.74 -13,265,814.72
Total 53,522,636.81 46,589,311.07
Items Presentation
"□ Applicable" "√ Inapplicable"
Other notes:
"□ Applicable" "√ Inapplicable"
Long-term accounts payable
(1) Long term accounts payable stated based on the nature
"□ Applicable" "√ Inapplicable"
Special accounts payable
(2) Special accounts payable stated based on the nature
"□ Applicable" "√ Inapplicable"
"□ Applicable" "√ Inapplicable"
"□ Applicable" "√ Inapplicable"
About deferred income
"√ Applicable" "□ Inapplicable"
In: Yuan Currency: RMB
Increase in Decrease in
Opening Cause of
Items the reporting the reporting Ending balance
balance formation
period period
Related
Government
subsidies
assets
Total 118,883,340.46 89,121,100.00 9,937,776.17 198,066,664.29 /
Items involving government subsidies:
"√ Applicable" "□ Inapplicable"
In: Yuan Currency: RMB
Amount Amount Amount Oth Related
Openin of newly counted to counted to er with
Ending
Liabilities g added the non- the other cha assets/rela
balance
balance subsidy operating income in nge ted with
in the income in the s income
reportin the reporting
g period reporting period
period
Subsidy of
infrastructure 17,078, 16,667,485. Related
construction to 028.14 70 with assets
Henan Vehicle
Subsidy for asset
purchase by 111,111.12
Jiangsu Vehicle
Subsidy for
technology 985,262 261,700 Related
improvement to .93 .00 with assets
Jiangsu Vehicle
Subsidy for
construction of high
standard factory 26,315.76 342,105.39
.15 with assets
buildings to Jiangsu
Vehicle
Jiangsu vehicle’s
project of IT 189,400 Related
application with .00 with assets
industrialization
Subsidy of
equipment and 333,333 Related
production line to .46 with assets
Aima Technology
Subsidy for
technology 1,474,3 500,000 1,088,748.1 Related
improvement to 03.08 .00 9 with assets
Aima Technology
Subsidy of
environmental
protection
equipment for
treatment of baking
varnish waste gas
to Aima Technology
Subsidy of
infrastructure 28,467, 27,723,439. Related
construction to Aima 007.63 51 with assets
Technology
Funds of 20,000, 19,540,644. Related
Infrastructure 000.00 14 with assets
Construction
Support to Aima
Technology
Subsidy of
infrastructure 12,876, 12,587,800. Related
construction to 071.13 89 with assets
Tianjin Vehicle
Subsidy of
transformer 793,778 Related
substation cables to .76 with assets
Tianjin Vehicle
Special subsidy for
intelligent 2,481,2 2,152,791.6 Related
manufacturing to 64.12 0 with assets
Tianjin Vehicle
Subsidy for
technology 545,242 170,000 Related
improvement to .24 .00 with assets
Henan Vehicle
Subsidy for
technology 283,176 Related
improvement to .79 with assets
Zhejiang Vehicle
Subsidy of
equipment and 20,657, 2,685,525. 17,971,712. Related
production line to 237.44 12 32 with assets
Guangxi Vehicle
Subsidy of
infrastructure to
Lishui Vehicle (land)
Subsidy of
infrastructure 21,000, 18,000, 1,845,403. 37,154,596. Related
construction to 000.00 000.00 06 94 with assets
Chongqing Vehicle
Financial preference
policy fund to
Chongqing Vehicle
Total
,340.46 100.00 17 .29
Other notes:
"□ Applicable" "√ Inapplicable"
"□ Applicable" "√ Inapplicable"
"√ Applicable" "□ Inapplicable"
In: Yuan Currency: RMB
Increase/Decrease (+/ -)
Capital
reserves\
Opening Ending
Shares Bonus surplus
balance Others Sub-total balance
issued shares reserves
turned to
shares
Total -
Shares 120,000.00
Other notes:
On January 24, 2022, the Company completed the registration of the first granting
under the Restricted Stock Incentive Plan 2021, and granted 6,780,000 restricted shares
to 105 incentive objects. As a result, the Company’s share capital increased from
On May 19, 2022, the Company completed the registration of the reserved share
granting under the Restricted Stock Incentive Plan 2021, and granted 180,000 reserved
restricted shares to 14 incentive objects. As a result, the Company’s share capital
increased from 410,440,003 shares to 410,620,003 shares.
On June 9, 2022, the Company repurchased and cancelled 120,000 restricted shares,
which were granted under the Restricted Stock Incentive Plan 2021 for the first time, from
four incentive objects who were no longer eligible for incentives. As a result, the Company’s
share capital decreased from 410,620,003 shares to 410,500,003 shares.
On June 28, 2022, the Company completed the annual equity distribution for 2021.
This profit distribution and capitalization were based on the Company’s total capital of
share, totaling 164,200,001 shares issued. As a result, the Company’s share capital
increased from 410,500,003 shares to 574,700,004 shares.
(1) Basic information on the outstanding other financial instruments, including
preferred shares, perpetual bonds, etc. at the end of the reporting period
"□ Applicable" "√ Inapplicable"
(2) Statement of movement of the outstanding other financial instruments,
including preferred shares, perpetual bonds, etc. at the end of the reporting period
"□ Applicable" "√ Inapplicable"
Note to their increase/decrease and the cause(s) of their movement of other equity
instruments in the reporting period and the basis for the corresponding accounting
treatment:
"□ Applicable" "√ Inapplicable"
Other notes:
"□ Applicable" "√ Inapplicable"
"√ Applicable" "□ Inapplicable"
In: Yuan Currency: RMB
Increase in Decrease in
Items Opening balance Ending balance
current year current year
Capital
premium
(capital stock
premium)
Change of
the
-880,906.06 5,915,530.62 -6,796,436.68
shareholders’
equity shares
Capital
reserve
transferred to
share capital
Share-based
payment
Total 1,935,686,839.31 212,194,107.94 170,115,531.62 1,977,765,415.63
Other notes, including the changes in the current period and the reasons for the changes:
The change in capital reserves of current year came: (a) the stock premium of RMB
RMB 5,915,530.62 caused by the acquisition of 38% minority interest of Xiaopa Electric
Technology （Shanghai） Co., Ltd., (c) transferred to share capital of RMB 164,200,001.00,
and, (d) related cost and expenses of stock incentive of RMB 80,660,907.94.
"√ Applicable" "□ Inapplicable"
In: Yuan Currency: RMB
Decrease in
Increase in the
Items Opening balance the reporting Ending balance
reporting period
period
Share-based
Payment
Total 134,953,200.00 134,953,200.00
"□ Applicable" "√ Inapplicable"
"□ Applicable" "√ Inapplicable"
"√ Applicable" "□ Inapplicable"
In: Yuan Currency: RMB
Decrease in
Increase in the
Items Opening balance the reporting Ending balance
reporting period
period
Statutory
surplus 201,830,001.50 88,954,295.41 290,784,296.91
reserve
Total 201,830,001.50 88,954,295.41 290,784,296.91
Notes for surplus reserves, including the change in the current period, the reasons for the
change:
In accordance with the Company Law and the Company's Articles of Association, the
Company appropriates 10% of the profit to the statutory surplus reserves. Where the
accumulated amount of the surplus reserves reaches 50% or more of the Company’s
registered capital, further appropriation is not required.
After the appropriation to the statutory surplus reserves, the Company may
appropriate the discretionary surplus reserves. When approved, the discretionary surplus
reserves can be used to make up for accumulated losses or converted to the paid-in capital.
?Applicable □Inapplicable
In: Yuan Currency: RMB
Items Reporting period Previous period
Retained earnings at the end of the
previous period before the adjustment
Total retained earnings under
adjustment at the beginning of the
reporting year (adjustment up +,
adjustment down -)
After adjustment: Retained earnings at
the beginning of the reporting period
Plus: net profit attributable to owners
of the parent
Less: Appropriation to statutory
surplus reserves
Appropriation to discretionary surplus
reserves
Appropriation to general risks reserves
Cash dividends declared 205,250,001.50
Dividends converted to capital
Retained earnings at the end of the
reporting period
Statement of adjustment of retained earnings at the beginning of the reporting period:
relevant new provisions influencing the retained earnings at the beginning of the reporting
period was RMB 0.00.
earnings at the beginning of the reporting period was RMB 0.00.
retained earnings at the beginning of the reporting period was RMB0.00.
control influencing the retained earnings at the beginning of the reporting period was
RMB0.00.
beginning of the reporting period was RMB0.00 .
(1) Operating revenue and costs of sales
"√ Applicable" "□ Inapplicable"
In: Yuan Currency: RMB
Amount incurred in the reporting period Amount incurred in the previous period
Items
Income Cost Income Cost
Primary
business
Other
businesses
Total 20,802,212,994.46 17,398,502,632.36 15,398,710,870.72 13,593,606,029.56
(2)Revenue arising from contracts
"√ Applicable" "□ Inapplicable"
In: Yuan Currency: RMB
Classification of Contracts Total
Types of commodities
Revenue from electric bicycles, electric Tricycle,
bicycles and accessories
Other revenue 87,518,398.95
Classification based on the operation regions
Domestic 20,531,756,831.08
Overseas 221,186,462.65
Time classification based on transfer of commodities
Revenue recognition at a point in time
Sales of goods 20,665,424,894.78
Revenue from materials 55,464,959.86
Others 8,191,173.48
Revenue recognition over time
After-sale service revenue 23,862,265.61
Total 20,752,943,293.73
Description of revenue arising from contracts
"□ Applicable" "√ Inapplicable"
(3) Information about the Group’s performance obligations
"√ Applicable" "□ Inapplicable"
The performance obligation is satisfied upon delivery of the products to customers. For
sales by distributors, most customers need to prepay the price, and the contract price for
some customers usually expires within 1 year after delivery of the product.
The performance obligation is satisfied over time as services are rendered. The duration
of the after-sales service contract is 1 year, and the settlement is based on the time of
occurrence, and customers usually need to pay in advance before the after-sales service
is provided.
(4) Information about apportioning to the residual performance obligations
"√ Applicable" "□ Inapplicable"
At the end of the reporting period, the aggregate amount of the transaction price
allocated to the performance obligations that are unsatisfied, partially unsatisfied, or without
contract signed was RMB 200,763,678.78, which is expected to be recognised as revenue
in 2023.
Other notes:
The revenue recognised in the current year included in the book value of contract
liabilities at the beginning of the year is as follows:
In: Yuan Currency: RMB
Items 2022 2021
Sales of goods 296,608,792.41 106,355,078.68
"√ Applicable" "□ Inapplicable"
In: Yuan Currency: RMB
Amount incurred in the Amount incurred in the
Items
reporting period previous period
Urban maintenance and
construction tax
Education Surcharge 9,186,588.15 6,192,599.61
Local education Surcharge 20,144,185.11 17,876,192.00
Real estate tax 4,917,111.34 3,534,624.49
Land use tax 57,516.00 53,600.04
Tax on using vehicle and
boat
Stamp duty 218,331.65 526,668.97
Others 13,784,404.46 4,128,399.74
Total 105,061,796.17 56,148,586.05
"√ Applicable" "□ Inapplicable"
In: Yuan Currency: RMB
Amount incurred in the Amount incurred in the
Items
reporting period previous period
Employee benefits 340,972,332.90 257,554,844.33
Advertisement and
propaganda expenses
Business travel expenses 37,211,421.89 35,916,040.16
Transportation expenses 32,326,093.02 41,223,042.77
Consulting service 25,139,713.34 41,336,729.66
Others 51,091,961.05 62,684,726.64
Total 587,315,848.35 550,605,290.98
"√ Applicable" "□ Inapplicable"
In: Yuan Currency: RMB
Items Amount incurred in the Amount incurred in
reporting period the previous period
Employee benefits 244,895,671.09 150,147,109.18
Depreciation and amortization 76,108,989.94 58,312,277.30
Consulting services 33,971,119.44 37,096,614.25
Others 77,801,442.20 71,038,597.63
Total 432,777,222.67 316,594,598.36
"√ Applicable" "□ Inapplicable"
In: Yuan Currency: RMB
Amount incurred in the Amount incurred in
Items
reporting period the previous period
Employee benefits 212,768,918.62 154,206,183.20
Depreciation and amortization 71,713,991.80 52,553,979.40
Professional service fees 185,359,756.90 179,006,416.22
Others 36,842,370.69 18,317,549.09
Total 506,685,038.01 404,084,127.91
"√ Applicable" "□ Inapplicable"
In: Yuan Currency: RMB
Amount incurred in the Amount incurred in
Items
reporting period the previous period
Interest income -394,300,036.06 -264,701,993.37
Interest expenses 8,693,658.65 1,869,959.31
Service charge expenses 1,941,279.12 1,164,295.65
Foreign exchange differences 967,800.79 534,069.84
Total -382,697,297.50 -261,133,668.57
"√ Applicable" "□ Inapplicable"
In: Yuan Currency: RMB
Items Amount incurred in the Amount incurred in the
reporting period previous period
Government subsidies related to
the ordinary course of business
Fees refunded for individual
income tax withheld
Value added tax credit 46,432.16 153,226.45
Tax deductions for the poor and
the recruitment of veterans
Total 78,130,046.97 22,672,276.61
Other notes:
Government subsidies related to daily activities included in other income
Amount incurred Amount incurred
Related with
Items in the reporting in the previous
assets/income
period period
Government support fund to Related with
Aima Chongqing income
Logistics subsidy to Guangxi Related with
Vehicle income
Government grants to Zhejiang Related with
Sales income
Investment construction subsidy Related with
to Guangxi Vehicle assets
Subsidy of infrastructure
construction to Chongqing 1,845,403.06 Related with
Vehicle assets
Related with
Rental subsidy to Lishui Vehicle 1,702,766.64
income
Subsidy of environmental
protection equipment to Aima 1,119,999.96 1,119,999.96 Related with
Technology assets
Subsidy for intelligent
manufacturing to Aima 861,413.41 Related with
Technology assets
Subsidy of infrastructure
construction to Aima 743,568.96 743,568.96 Related with
Technology assets
Subsidy of infrastructure
construction to Aima 459,355.86 Related with
Technology assets
Subsidy of infrastructure Related with
construction to Henan Vehicle assets
Equipment production line Related with
subsidy to Aima Technology assets
Intelligent manufacture subsidy Related with
to Tianjin Vehicle assets
Subsidy for technology Related with
improvement to Jiangsu Vehicle assets
Subsidy of infrastructure Related with
construction to Tianjin Vehicle assets
Subsidy for technology Related with
improvement to Henan Vehicle assets
Asset purchase subsidy to Related with
Jiangsu Vehicle assets
Related with
Other government grants assets
Total 78,068,464.81 20,852,054.87
"√ Applicable" "□ Inapplicable"
In: Yuan Currency: RMB
Amount incurred in the Amount incurred in
Items
reporting period the previous period
Return on investment from financial
products
Return on investment during the
holding of financial assets held for 1,200,000.00 1,200,000
trading
Long-term equity investment income
-21,624,009.83 -39,867,033.98
under the equity method
Gains from disposal of long-term
equity investment
Total -3,687,987.74 -16,374,983.63
"□ Applicable" "√ Inapplicable"
"√ Applicable" "□ Inapplicable"
In: Yuan Currency: RMB
Source of income arising from Amount incurred in the Amount incurred in the
change in fair value reporting period previous period
Financial assets held for trading -12,120,000.00 9,978,187.68
Total -12,120,000.00 9,978,187.68
"√ Applicable" "□ Inapplicable"
In: Yuan Currency: RMB
Amount incurred in the Amount incurred in the
Items
reporting period previous period
Impairment loss for accounts
-7,138,208.26 7,759,504.13
receivable
Impairment loss for other
receivables
Total 18,855,144.03 5,960,856.26
"√ Applicable" "□ Inapplicable"
In: Yuan Currency: RMB
Amount incurred in the Amount incurred in the
Items
reporting period previous period
I. Loss for write-down of
inventories and Impairment -63,577.07 -6,516,185.89
loss for contract assets
II. Impairment loss for fixed
-3,335,891.40 -5,041,216.09
assets
Total -3,399,468.47 -11,557,401.98
"√ Applicable" "□ Inapplicable"
In: Yuan Currency: RMB
Amount incurred in the Amount incurred in the
Items
reporting period previous period
Loss on disposal of fixed
assets
Total 1,286,052.98 -10,592,015.11
About non-operating income
"√ Applicable" "□ Inapplicable"
In: Yuan Currency: RMB
Amount counted to
Amount incurred Amount incurred
the current non-
Items in the reporting in the previous
operating profit or
period period
loss
Government subsidies 12,908,508.78 11,622,656.94 12,908,508.78
Liquidated damage
income
Others 11,794,944.19 10,581,706.10 11,794,944.19
Total 34,198,940.47 30,687,494.40 34,198,940.47
Government subsidy counted to the profit or loss.
"√ Applicable" "□ Inapplicable"
In: Yuan Currency: RMB
Amount incurred Amount incurred Related with
Subsidy items in the reporting in the previous assets/related
period period with income
Related with
Subsidy for stabilizing employment 5,346,603.78 4,975,484.71
income
Aima Technology’s subsidy of highly Related with
skilled personnel training base income
Guangdong Vehicle’s incentive on Related with
the "Doubling Plan" income
Subsidy for provincial enterprise Related with
technology center of Jiangsu Vehicle income
Subsidy for skill training in Jiangsu Related with
Vehicle income
Henan Vehicle’s high-quality Related with
development incentive grant income
Subsidy for provincial smart
Related with
manufacturing demonstration 450,000.00
income
workshop in Jiangsu Vehicle in 2021
Special subsidy for listing to Aima Related with
Group income
Special technology improvement fund
Related with
for economic high quality 738,000.00
income
development to Guangdong Vehicle
Related with
Vocational skill training subsidy 505,000.00
income
Subsidy from the Science and
Related with
Technology Department of Guangxi 500,000.00
income
Zhuang Autonomous Region
Jiangsu Industry’s fund on industry Related with
transformation and upgrading income
Related with
Other government subsidies 2,541,705.00 1,404,172.23
income
Total 12,908,508.78 11,622,656.94
Other notes:
"□ Applicable" "√ Inapplicable"
"√ Applicable" "□ Inapplicable"
In: Yuan Currency: RMB
Amount counted
Amount incurred in Amount incurred in to the current
Items
the reporting period the previous period non-operating
profit or loss
Total losses on damage
and retirement of non- 6,491,365.24 2,121,076.58 6,491,365.24
current assets
Where: Loss on disposal
of fixed assets
Donation expenditures for
public interest
Others 6,841,473.22 5,217,685.30 6,841,473.22
Total 40,844,163.45 11,326,697.86 40,844,163.45
(1) Statement of income tax expenses
"√ Applicable" "□ Inapplicable"
In: Yuan Currency: RMB
Amount incurred in the Amount incurred in the
Items
reporting period previous period
Current tax 335,674,890.22 122,717,324.96
Deferred tax 18,768,600.19 -32,184,981.35
Total 354,443,490.41 90,532,343.61
(2) Process of adjustment of accounting profit and income tax expenses
"√ Applicable" "□ Inapplicable"
In: Yuan Currency: RMB
Amount incurred in
Items
the reporting period
Total profit 2,226,986,319.19
In come tax expense at the statutory or applicable tax rate 556,746,579.80
Effect of different tax rates for some subsidiaries -142,904,072.02
Adjustments in respect of current tax of previous periods 1,812,922.68
Income not subject to tax -969,882.84
Expenses not deductible for tax 1,451,877.74
The effect of using deductible losses of deferred income tax
-113,471.02
assets that have not been recognised in the previous period
Deductible temporary differences and tax losses not
recognised
Effect on opening deferred tax of change in the tax rate 3,384,146.49
Tax preferences such as R&D expenses super deduction -65,565,051.71
Income tax expenses 354,443,490.41
Other notes:
"□ Applicable" "√ Inapplicable"
"□ Applicable" "√ Inapplicable"
(1) Other cash received relating to operating activities
"√ Applicable" "□ Inapplicable"
In: Yuan Currency: RMB
Amount incurred in the Amount incurred in the
Items
reporting period previous period
Interest income 176,106,716.62 69,232,716.23
Government subsidy 170,221,879.89 57,403,078.76
Recovery of engineering claims 24,164,117.84
Liquidated damage income 9,495,487.50 8,483,131.36
Collection of security deposit
and advance payment
Others 18,602,244.33 3,096,032.13
Total 404,578,051.90 151,715,468.87
(2) Other cash paid relating to operating activities
"√ Applicable" "□ Inapplicable"
In: Yuan Currency: RMB
Amount incurred in the Amount incurred in the
Items
reporting period previous period
Administrative expenses and
R&D expenses paid in cash
Selling expense paid in cash 201,212,849.54 250,325,799.04
Payment of bill deposit 79,544,463.13
Bank service charge paid 1,941,279.12 1,164,295.68
Others 11,816,296.94 19,577,211.88
Total 566,988,903.02 543,942,594.40
(3) Other cash received relating to investment activities
"√ Applicable" "□ Inapplicable"
In: Yuan Currency: RMB
Amount incurred in the Amount incurred in the
Items
reporting period previous period
Recovery of the prepayment
for strategic equity placement
Total 16,002,100.00
(4) Other cash paid relating to investment activities
"□ Applicable" "√ Inapplicable"
(5) Other cash received relating to financing activities
"□ Applicable" "√ Inapplicable"
(6) Other cash paid relating to financing activities
"√ Applicable" "□ Inapplicable"
In: Yuan Currency: RMB
Amount incurred in the Amount incurred in the
Items
reporting period previous period
Payment of loan deposits 511,250,000.00
Cash outflows relating to long
term rented assets
Listing expenses 4,171,533.23
Purchase of the non-
controlling interests
Total 517,454,858.42 17,292,740.74
(1) Notes to the statement of cash flows
"√ Applicable" "□ Inapplicable"
In: Yuan Currency: RMB
Amount in the Amount in the
Supplementary information
reporting period previous period
Net profit 1,872,542,828.78 667,721,279.19
Plus: Provisions for asset impairment 3,399,468.47 11,557,401.98
Loss from impairment of credit -18,855,144.03 -5,960,856.26
Depreciation of fixed assets, depletion of oil
and gas asset, depreciation of productive 213,431,999.00 183,522,689.28
biological asset
Amortization of right-of-use assets 9,032,240.71 13,543,970.77
Depreciation and amortization of investment
property
Amortization of intangible assets 30,383,432.14 19,289,301.40
Amortization of long-term prepaid expenses 18,353,328.15 8,250,604.81
Loss (income is stated in “-”) from disposal of
fixed assets, intangible assets and other long- 5,584,963.80 12,713,091.69
term assets
Loss on retirements of fixed assets (profit is
stated with “-”)
Loss from change of fair value (profit is stated
with “-”)
Financial expenses (income is stated with “-”) -196,253,286.61 -168,283,587.71
Investment loss (income is stated with “-”) 3,687,987.74 16,374,983.63
Decrease of the deferred tax asset (increase is
stated with “_”)
Increase of deferred tax liability (decrease is
stated with “-”)
Decrease of inventories (Increase is stated
-14,885,655.50 -307,454,125.14
with “-”)
Decrease in receivables from operating
activities (Increase is stated with “-”)
Increase in payables from operating activities
(Decrease is stated with “-”)
Share-based payments 80,660,907.94
Others 34,543,952.84
Net cash flows arising from operating activities 5,051,454,116.94 2,094,187,373.97
involved:
Capital converted from liabilities
Convertible company bonds due within a year
Fixed assets under finance lease
Ending cash balance 5,536,066,687.82 2,846,143,310.70
Less: Opening balance of cash 2,846,143,310.70 978,700,802.48
Plus: Ending balance of cash equivalent
Less: Opening balance of cash equivalent
Net increase of cash and cash equivalents 2,689,923,377.12 1,867,442,508.22
(2) Net cash paid for acquisition of subsidiary in the reporting period
"□ Applicable" "√ Inapplicable"
(3) Net cash received from disposal of subsidiary in the reporting period
"□ Applicable" "√ Inapplicable"
(4) Composition of cash and cash equivalents
"√ Applicable" "□ Inapplicable"
In: Yuan Currency: RMB
Items Ending balance Opening balance
I. Cash 5,536,066,687.82 2,846,143,310.70
Including: Cash in stock
Bank deposit available for payment
at any time
Other monetary fund used for
payment at any time
Due from central bank available for
payment
Due from banks
Call loan to banks
II. Cash equivalents
Including: bond investment due
within three months
III. Ending balance of cash and
cash equivalents
Including：Use of restricted cash
and cash equivalents by the parent
company or subsidiaries within the
Group
Other notes:
"□ Applicable" "√ Inapplicable"
Note to the description of item “Others” and adjusted amounts for adjusting the closing
balance of the previous year:
"□ Applicable" "√ Inapplicable"
"√ Applicable" "□ Inapplicable"
In: Yuan Currency: RMB
Items Book value at the end of
Cause of restriction
the reporting period
Currency Funds Pledge for issuing bank
acceptance draft Note 1
Other non-current Pledge for issuing bank
assets acceptance draft Note 2
Non-current assets Pledge for issuing bank
due within one year acceptance draft Note 2
Total 7,526,591,549.00 /
Other notes:
Note 1:
As of December 31, 2022, the Company issued banker's acceptances pledged with
RMB 602,044,463.13 of banker's acceptance deposits (December 31, 2021: none).
As of December 31, 2022, the Company had no bank financial products with restricted
ownership (December 31, 2021: RMB 390,000,000.00).
As of December 31, 2022, the Company issued bank acceptance bills pledged with
one-year time deposit certificates of RMB 470,000,000.00 (December 31, 2021: None).
As of December 31, 2022, the Company subscribed for financial products with RMB
Note 2:
As of December 31, 2022, the Company issued bank acceptance notes with a three-
year fixed deposit certificate of RMB 6,430,000,000.00 as the pledge (December 31, 2021:
RMB 4,700,000,000.00).
As of December 31, 2022, RMB 947,085.87 was requested to freeze by the
respondent due to labor litigation (December 31, 2021: None).
(1) Foreign currency monetary items
"□ Applicable" "√ Inapplicable"
(2) Note to overseas operating entities, including important overseas operating
entities, which should be disclosed about its principal business place, function
currency for bookkeeping and basis for the choice. In case of any change in
function currency, the cause should be disclosed.
"□ Applicable" "√ Inapplicable"
"□ Applicable" "√ Inapplicable"
(1) Basic information of government subsidies
"√ Applicable" "□ Inapplicable"
In: Yuan Currency: RMB
Amount
Items
Categories Amount counted to the
presented
profit or loss
Non-operating
Subsidy for stabilizing employment 5,346,603.78 5,346,603.78
income
Aima Technology’s highly skilled Non-operating
personnel training base income
Guangdong Vehicle’s incentive on the Non-operating
"Doubling Plan" income
Subsidy for provincial enterprise Non-operating
technology center of Jiangsu Vehicle income
Subsidy for skill training in Jiangsu Non-operating
Vehicle income
Henan Vehicle’s high-quality Non-operating
development incentive grant income
Subsidy for provincial smart
Non-operating
manufacturing demonstration 450,000.00 450,000.00
income
workshop in Jiangsu Vehicle in 2021
Non-operating
Other government grants 2,541,705.00 2,541,705.00
income
Government support fund to Aima
Chongqing
Logistics subsidy to Guangxi Vehicle 25,333,891.00 Other income 25,333,891.00
Government grants to Zhejiang Sales 5,030,000.00 Other income 5,030,000.00
Investment construction subsidy to
Guangxi Vehicle
Subsidy of infrastructure construction
to Chongqing Vehicle
Rental subsidy to Lishui Vehicle 1,702,766.64 Other income 1,702,766.64
Subsidy of environmental protection
equipment for treatment of baking
varnish waste gas to Aima
Technology
Subsidy for intelligent manufacturing
to Aima Technology
Subsidy of infrastructure construction
to Aima Technology
Subsidy of infrastructure construction
to Aima Technology
Subsidy of infrastructure construction
to Henan Vehicle
Equipment production line subsidy to
Aima Technology
Intelligent manufacture subsidy to
Tianjin Vehicle
Subsidy for technology improvement
to Jiangsu Vehicle
Subsidy of infrastructure construction
to Tianjin Vehicle
Subsidy for technology improvement
to Henan Vehicle
Asset purchase subsidy to Jiangsu
Vehicle
Other government grants 289,004.01 Other income 289,004.01
Total 90,976,973.59 90,976,973.59
(2). Refunding of the government subsidies
"□ Applicable" "√ Inapplicable"
"□ Applicable" "√ Inapplicable"
VIII. Change in the consolidation scope
"□ Applicable" "√ Inapplicable"
"□ Applicable" "√ Inapplicable"
"□ Applicable" "√ Inapplicable"
Does there exist any such situation that a single disposal may cause the control power
over the investment in a subsidiary lost?
"□ Applicable" "√ Inapplicable"
Other notes:
"□ Applicable" "√ Inapplicable"
Note to the change in the scope of consolidation caused by other reasons (such as newly
established subsidiaries, liquidation subsidiaries, etc.) and related conditions:
"√ Applicable" "□ Inapplicable"
Proportion of Proportion Cause of
the total of the total increase of
Names of Place of Nature of shareholding votes new
subsidiaries registration business by the enjoyed by subsidiaries
Group (%) the Group
(%)
Xiaoma Wholesale Newly
Chongqing 100.00 100.00
Intelligent and retail established
Chongqing
Mechanical and Newly
Chongqing Manufacture 100.00 100.00
Electrical established
Technology
Chongqing Wholesale Newly
Chongqing 100.00 100.00
Vehicle Service and retail established
Wholesale Newly
Super Universe Chongqing 100.00 100.00
and retail established
Wholesale Newly
Aima Singapore Singapore 100.00 100.00
and retail established
Newly
Aima Logistics Chongqing Logistics 55.00 55.00
established
Design
Tianjin Jinge Tianjin 76.00 76.00 Cancellation
industry
Hainan Aima Hainan Sales 100.00 100.00 Cancellation
Sichuan Aima Sichuan Sales 100.00 100.00 Cancellation
Software and
Shenzhen information
Guangdong 100.00 100.00 Cancellation
Zhixing technology
services
Wholesale
Zhejiang Beisite Zhejiang 100.00 100.00 Cancellation
and retail
"□ Applicable" "√ Inapplicable"
IX. Equity in other entities
(1)Composition of enterprise group
"√ Applicable" "□ Inapplicable"
Main Shareholding
Names of Place of Nature of Way of
business proportion (%)
subsidiaries registration business acquisition
location Direct Indirect
Tianjin Vehicle Tianjin Tianjin Manufacture 100 Established
Henan Vehicle Henan Henan Manufacture 100 Established
Jiangsu Vehicle Jiangsu Jiangsu Manufacture 100 Established
Guangdong
Guangdong Guangdong Manufacture 100 Established
Vehicle
Zhejiang Vehicle Zhejiang Zhejiang Manufacture 100 Established
Aima Nanfang Jiangsu Jiangsu Manufacture 100 Established
Xiaopa Electric Shanghai Shanghai Service industry 100 Established
Tianjin Sports Tianjin Tianjin Manufacture 100 Established
Wholesale and
Xiaoma Network Chongqing Chongqing 100 Established
retail
Aima Share Tianjin Tianjin Manufacture 73 Established
Guangxi Vehicle Guangxi Guangxi Manufacture 100 Established
Tianjin Tianli Tianjin Tianjin Manufacture 100 Established
Wholesale and
Aima Chongqing Chongqing Chongqing 100 Established
retail
Chongqing
Chongqing Chongqing Manufacture 100 Established
Vehicle
Wholesale and
Zhejiang Sales Zhejiang Zhejiang 100 Established
retail
Taizhou
Zhejiang Zhejiang Manufacture 100 Established
Manufacture
Aima Venture Investment
Zhejiang Zhejiang 100 Established
Capital Platform
Lishui Vehicle Zhejiang Zhejiang Manufacture 100 Established
Suoteng Wholesale and
Hong Kong Hong Kong 100 Established
Technology retail
Wholesale and
Xiaoma Intelligent Chongqing Chongqing 100 Established
retail
Chongqing Established
Mechanical and
Chongqing Chongqing Manufacture 100
Electrical
Technology
Chongqing Wholesale and Established
Chongqing Chongqing 100
Vehicle Service retail
Wholesale and Established
Super Universe Chongqing Chongqing 100
retail
Wholesale and Established
Aima Singapore Singapore Singapore 100
retail
Aima Logistics Chongqing Chongqing Logistics 55 Established
Consolidation
Suiwanwan Tianjin Tianjin Service industry 100 under the same
control
Other notes:
Aima Singapore, Chongqing Mechanical and Electrical Technology, Xiaoma Intelligent,
Chongqing Vehicle Service, Aima Logistics and Super Universe are newly established for
The Company had implemented the group shareholding structure adjustment in the
second half of 2022, which had no impact on the scope of consolidation of the Company.
(2)Important non-wholly-owned subsidiaries
"□ Applicable" "√ Inapplicable"
(3)Key financial information of important non-wholly-owned subsidiaries
"□ Applicable" "√ Inapplicable"
(4)Significant restriction on use of enterprise group’s assets and paying off the
enterprise group’s liabilities
"□ Applicable" "√ Inapplicable"
(5) Financial support or other support provided to the structured entities
incorporated in the scope of consolidated financial statements
"□ Applicable" "√ Inapplicable"
Other notes:
"□ Applicable" "√ Inapplicable"
still under control
"√ Applicable" "□ Inapplicable"
(1)Note to the change in the share of the owner’s equity in subsidies
"√ Applicable" "□ Inapplicable"
In March 2022, the Company acquired 38% equity interest in Xiaopa Electric from Shi
Xiumin, the minority shareholder, with a zero consideration. Upon completion of the
acquisition, the Company held 100% equity interest in Xiaopa Electric. The above
acquisition resulted in an increase of RMB 5,915,530.62 in minority interests and a
decrease of RMB 5,915,530.62 in capital reserve in the consolidated financial statements.
(2) Effect of the transaction on the non-controlling interests and owner's equity
attributable to the parent company
"√ Applicable" "□ Inapplicable"
In: Yuan Currency: RMB
Xiaopa Technology
Purchase cost/Disposal consideration 0
-- Cash
-- Fair value of non-cash assets
Purchase cost/Total disposal consideration 0
Less: Subsidiary's net asset share calculated based
-5,915,530.62
on the proportion of equity acquired/disposed
Balance 5,915,530.62
Where: Adjustment of capital reserves 5,915,530.62
Adjustment of surplus reserves
Adjustment of retained earnings
Other notes:
"□ Applicable" "√ Inapplicable"
"√ Applicable" "□ Inapplicable"
(1) Important joint ventures or associates
"□ Applicable" "√ Inapplicable"
(2). Key financial information of important joint ventures
"□ Applicable" "√ Inapplicable"
(3) Key financial information of important associates
"□ Applicable" "√ Inapplicable"
(4) Financial information summary of unimportant joint ventures and associates
"√ Applicable" "□ Inapplicable"
In: Yuan Currency: RMB
Opening
Ending balance/amount
balance/amount
incurred in the reporting
incurred in the
period
previous period
Associates:
Total book value of investment 128,152,070.40 129,206,858.54
Total of the following items calculated based on shareholding proportion
-- Net profit -21,624,009.83 -39,867,033.98
-- Other comprehensive income
-- Total comprehensive income -21,624,009.83 -39,867,033.98
Other notes:
Shareholding Accounting
proportion (%) treatment
Main Place of Natureof
Name of joint venture method for
business registratio business
or associate investment in
location n Direct Indirect joint ventures or
associates
Today Sunshine Zhejiang Zhejiang Manufacture 10.42 Equity method
Tianjin Jiema Tianjin Tianjin Manufacture 40.00 Equity method
Venture capital
Taizhou Jinfu Zhejiang Zhejiang 55.90 Equity method
investment
Geling New Energy Shandong Shandong Manufacture 49.01 Equity method
Beijing Zhongzhong Beijing Beijing Service industry 38.00 Equity method
According to the articles of association of Sunshine Today, the Company is entitled to
appoint directors to its board of directors, and accordingly has the right to participate in the
decision-making on its financial and business operations, thereby exert significant
influence on it.
According to the Partnership Agreement with Taizhou Jinfu, the Company, as one of
the limited partners, does not have the right to unilaterally decide the relevant activities of
the partnership enterprise, so the Company does not control the partnership enterprise,
but has a significant influence on it.
(5) Note to significant restriction on the competence of a joint venture or an
associate in transferring funds to the Company
"□ Applicable" "√ Inapplicable"
(6) Excessive loss incurred to a joint venture or an associate
"□ Applicable" "√ Inapplicable"
(7) Unrecognised commitment in connection with investment in a joint venture
"□ Applicable" "√ Inapplicable"
(8) Contingent liabilities in connection with investment in joint ventures or
associates
"□ Applicable" "√ Inapplicable"
"□ Applicable" "√ Inapplicable"
statements
Relevant note to the structured entities not incorporated in the consolidated financial
statements
"□ Applicable" "√ Inapplicable"
"□ Applicable" "√ Inapplicable"
x. Risk relating to financial instruments
"√ Applicable" "□ Inapplicable"
The Company faces various risks of financial instruments in its daily activities, mainly
including credit risk, liquidity risk, market risk and exchange rate risk. The Group’s financial
instruments mainly include monetary capital, notes receivable, accounts receivable,
accounts receivable financing, notes payable and accounts payable. The risks involved in
these financial instruments and the Group’s risk control tactics aiming at reducing these
risks are stated as follows.
(1) Credit risk
The Company carries out transactions only with accredited and reputable third parties.
In accordance with the Group's policy, all customers requiring credit transactions are
subject to credit checks. In addition, the Group continuously monitors the balance of
accounts receivable to ensure that the Group shall not access to significant bad debt risks.
For transactions that are not settled in the functional currency of the relevant operating unit,
the Group shall not provide credit transaction conditions unless specifically approved by
the Group's credit control department.
Since the counterparties of monetary funds, transactional financial assets and bank
acceptance drafts receivable are banks with good reputation and high credit rating, these
financial instruments have low credit risk.
The Company's other financial assets include accounts receivable and other
receivables. The credit risk of these financial assets is derived from the default of the
counterparty, and the maximum risk exposure is equal to the book value of these
instruments.
As the Company carries out transactions only with accredited and reputable third
parties, no collateral is necessary. The credit risks are managed centrally based on
customers/counterparties, geographic locations and industries. As the Group's accounts
receivable are widely dispersed among the customers bases, there exists no significant
concentration of credit risks within the Company.
For the quantitative data of the Company's credit risk exposure arising from notes
receivable, accounts receivable and other receivables, please refer to "Section 10 VII. 5
Accounts Receivable" and "Section 10 VII. 8 Other Receivables ".
(2) Liquidity risks
The Company's goal is to maintain a balance between continuity and flexibility of
financing by using various financing means such as notes payable and accounts payable.
(3) Exchange rate risk
The Company faces transactional exchange rate risk. Such risks arise from sales or
purchases by operating units in currencies other than their functional currency.
Approximately 1.13% (2020: 0.80%) of the Group's sales was denominated in currencies
other than the functional currency of the operating unit in which the sales occurred. As the
amount of the Group's foreign currency business is not significant, the Group believes that
changes in foreign exchange rates will not have a significant impact on the Company's
financial statements.
XI. Disclosure of Fair Value
based on the fair value
"√ Applicable" "□ Inapplicable"
In: Yuan Currency: RMB
Fair value at the end of the reporting period
Level 2 fair
Level 1 fair Level 3 fair
Items value
value value Total
measuremen
measurement measurement
t
I. Continuous fair value
measurement
(I)Financial assets held for
trading
through profit or loss
(1) Debt instrument investment
(2) Equity instrument investment
(3) Derivative financial assets
at fair value through profit or loss
(1) Debt instrument investment
(2) Equity instrument investment
(II)Other debt investment
(III)Other equity instrument
investment
(IV) Investment properties
purpose
be assigned after appreciation.
(V)Biological assets
(VI)Receivables financing 8,332,754.00 8,332,754.00
Total assets measured based
on fair value
(VI) Financial liabilities held for
trading
value through profit or loss
Where: Issued transactional
bonds
Derivative financial liabilities
Others
at fair value through profit or loss
Total liabilities continuously
measured based on fair value
II. Non-continuous fair value
measurement
(I) Held-for-sale assets
Total assets non-
continuously measured
based on fair value
Total liabilities non-
continuously measured
based on fair value
continuous and non-continuous first level fair value
"□ Applicable" "√ Inapplicable"
valuation technique as used, nature of important parameters and quantitative
information
"□ Applicable" "√ Inapplicable"
valuation technique as used, nature of important parameters and quantitative
information
"□ Applicable" "√ Inapplicable"
on adjusted information and unobservable parameters between the book value at
beginning and end of the period
"□ Applicable" "√ Inapplicable"
incurred in the reporting period, state the cause of conversion and determine
conversion time point
"□ Applicable" "√ Inapplicable"
change
"□ Applicable" "√ Inapplicable"
"□ Applicable" "√ Inapplicable"
"□ Applicable" "√ Inapplicable"
XII. Related parties and transactions
"□ Applicable" "√ Inapplicable"
"√ Applicable" "□ Inapplicable"
For details of the Company's subsidiaries, please refer to “Section X IX. 1. Equity in
Subsidiaries”.
Refer to the Notes for details of the Company's major joint ventures or associates
"√ Applicable" "□ Inapplicable"
Please refer to Section X “VII. 17 Long-term Equity Investments” and “IX. 3 Equity in Joint
Ventures or Associates” for the important joint ventures or associates of the Company.
Other joint ventures or associates that had related transactions with the Company in the
reporting period, or had related transactions with the Company in the previous period and
formed a balance are as follows
"√ Applicable" "□ Inapplicable"
Name of joint venture or associate Relationship with the Company
Tianjin Jiema Electric Technology An associate in which the controlling
Co., Ltd. shareholder acts as a director
Other notes
"□ Applicable" "√ Inapplicable"
"√ Applicable" "□ Inapplicable"
Names of other related parties Relationship between other related parties and
the Company
Shandong Aidebang Intelligent
A joint stock company of an associate
Technology Co., Ltd.
Taizhou Aidebang Intelligent Subsidiary of a joint stock company of an
Technology Co., Ltd. associate
Tianjin Magic Square Travel
Subsidiary of an associate
Technology Co., Ltd.
Enterprises controlled by close family members
Shangqiu Yichong Trading Co., Ltd.
of directors
Duan Hua Director, the controlling shareholder’s spouse
Other notes:
On August 15, 2021, Taizhou Huangyan Technology Innovation Investment Co., Ltd.,
Suzhou Jinshajiang United Phase III Equity Investment Partnership (Limited Partnership),
Suzhou Zhongxin Botong Jinshi Venture Capital Partnership(L.P.) and Suzhou Jinsha
Lake Venture Capital Management Co., Ltd. jointly funded the establishment of Taizhou
Jinfu. On September 27, 2021, Taizhou Jinfu signed the "Shareholders Agreement" and
"Capital Increase Agreement" with the original shareholder of Aidebon, according to which
they would invest RMB 160 million in Aidebang, with a shareholding ratio of 21.05%.
Aidebang became a related party of the Company on September 27, 2021, and the said
related transaction was disclosed as a related transaction. According to the relevant
provisions of the "Listing Rules of Shanghai Stock Exchange", Shandong Aidebang
Intelligent Technology Co., Ltd. is not a related party based on the Company's information
disclosure standard.
(1) Related transactions of purchase and sale of commodities and supply and
acceptance of labor services
Statement of purchase of commodities and acceptance of labor services
"√ Applicable" "□ Inapplicable"
In: Yuan Currency: RMB
Amount of Whether the
Amount Amount
Description of approved transaction
Related incurred in incurred in
Related transaction amount is
parties the reporting the previous
Transactions s (if exceeded (if
period period
applicable) applicable)
Tianjin Purchase of 50,000,000 11,095,671.
Jiema raw materials. .00 78
Geling New Purchase of 24,803,224.6
Energy raw materials 6
Taizhou
Aidebang
Purchase of 120,959,079.
Intelligent
raw materials 64
Technology
Co., Ltd.
Shangqiu
Yichong Purchase of 18,974,739.2 50,000,000
No
Trading Co., raw materials 3 .00
Ltd.
Shandong
Aidebang
Purchase of 53,999,230.7 69,726,294.
Intelligent
raw materials 1 77
Technology
Co., Ltd.
Total
Statement of sales of goods/supply of services
"√ Applicable" "□ Inapplicable"
In: Yuan Currency: RMB
Amount
Description of Amount incurred
incurred in the
Related party Related in the previous
reporting
Transactions period
period
Tianjin Jiema Supply of services 400,633.54 223,442.56
Beijing Zhongzhong Sales of goods 3,565,572.70 5,860,008.19
Sales of goods,
Geling New Energy 30,758,228.37
accessories
Tianjin Magic Square Travel
Sales of goods 1,653,539.83
Technology Co., Ltd.
Total 36,377,974.44 6,083,450.75
Note to related transactions of purchase and sale of commodities and supply and
acceptance of labor services
"√ Applicable" "□ Inapplicable"
① In 2022, the Company purchased parts, semi-finished products and received
services from Tianjin Jiema Electric Technology Co., Ltd. for a total amount of RMB
the purchase default fine paid of RMB 2,000,000.00) (2021: RMB 11,095,671.78).
② In 2022, the Company purchased raw materials totaling RMB 24,803,224.66 (2021: none)
from Geling New Energy Technology (Shandong) Co., Ltd.
③ In 2022, the Company purchased raw materials totaling RMB 120,959,079.64 (2021:
None) from Taizhou Aidebang Intelligent Technology Co., Ltd.
④In 2022, the Company purchased raw materials of RMB 18,974,739.23 (2021: none) from
Shangqiu Yichong Trading Co., Ltd.
⑤ In 2022, the Company procured accessories, semi-finished products and obtained labour
services from Shandong Aidebang Intelligent Technology Co., Ltd. for a total amount of RMB
⑥In 2022, the Company rendered services to Tianjin Jiema Electric Technology Company
Limited totaling RMB 400,633.54 (2021: RMB 223,442.56).
⑦In 2022, the Company sold products to Beijing Zhongzhong Travel Technology Co., Ltd.
of RMB 3,565,572,70 (2021: RMB 5,860,008.19).
⑧In 2022, the Company sold products and accessories to Geling New Energy Technology
(Shandong) Co., Ltd. of RMB 30,758,228.37 (2021: none).
⑨In 2022, the Company sold products to Tianjin Magic Square Travel Technology Co., Ltd.
of RMB 1,653,539.83 (2021: none).
(2) Related entrusted management/contracted and mandatory
management/contracting
Statement of the Company's entrusted management/contracting:
"□ Applicable" "√ Inapplicable"
Related entrusted management/contracting
"□ Applicable" "√ Inapplicable"
Statement of the Company's entrusted management/outsourcing
"□ Applicable" "√ Inapplicable"
Related management/outsourcing
"□ Applicable" "√ Inapplicable"
(3) Related lease
The Company as lessor:
"√ Applicable" "□ Inapplicable"
In: Yuan Currency: RMB
Categories of Rental income Rental income
Names of lessee leasehold recognised in the recognised in the
properties reporting period previous period
Tianjin Jiema Electric
Property lease 5,795,080.18 6,333,512.82
Technology Co., Ltd.
Total 5,795,080.18 6,333,512.82
The Company as lessee:
"√ Applicable" "□ Inapplicable"
In: Yuan Currency: RMB
Rental charges for Variable lease
streamlined short- payments not
Interest expense on
term leases and included in the Increased right-to-use
Rent paid lease liabilities
leases of low-value measurement of the assets
Categories assumed
assets (if lease liability (if
Names of of applicable) applicable)
lessor leasehold
properties Amount Amount Amount Amount Amount Amount Amount Amount
Amount Amount
incurred incurred incurred incurred incurred incurred incurred incurred
incurred in incurred in
in the in the in the in the in the in the in the in the
the reporting the previous
reportin previous reporting previous reporting previous reporting previous
period period
g period period period period period period period period
Tianjin Equipment 26,548.6 26,548.6
Jiema lease 8 8
Duan Property 4,761,904.7 4,761,904.7 412,806. 606,024.
Hua lease 6 6 47 29
Related lease
"√ Applicable" "□ Inapplicable"
① In 2022, the Company leased premises to Tianjin Jiema Electric Technology Company Limited
and received rental income with the amount of RMB 5,795,080.18 (excluding collection of utility charges)
(2021: RMB 6,333,512.82).
② In July 2019, the Company leased the office in Tianjin World Financial Center (“Jin Tower”)
from Duan Hua for daily operation for a term from July 10, 2019 to July 9, 2024 at an annual rent of RMB
RMB 4,761. 904.76). The Company adopted the new leasing standard from January 1, 2021, therefore
the leasing transactions were accounted for under the right-of-use asset and lease liability accounts.
③ In 2022, the Company did not lease in equipment from Tianjin Jiema Electric Technology Co.,
Ltd.
(4) Related guarantee
The Company as a guarantor
"□ Applicable" "√ Inapplicable"
The Company as a guarantee
"□ Applicable" "√ Inapplicable"
Note to related guarantee
"□ Applicable" "√ Inapplicable"
(5) Borrowings and lendings among related parties
"□ Applicable" "√ Inapplicable"
(6) Assets assignment and liabilities reorganization of related parties
"√ Applicable" "□ Inapplicable"
In: Yuan Currency: RMB
Description of Related Amount incurred in Amount incurred in
Related party
Transactions the reporting period the previous period
Geling New Energy Fixed assets disposal 11,277,349.19
Total 11,277,349.19
(7) Remuneration to senior executives
"√ Applicable" "□ Inapplicable"
In: Yuan Currency: RMB
Amount incurred in the reporting Amount incurred in the
Items
period previous period
Remuneration to senior executives 54,784,735.46 13,086,510.11
(8) Other related transactions
"√ Applicable" "□ Inapplicable"
(including the use of monetary, in-kind and other forms) was RMB 54,784,735.46 (2021: RMB
RMB 28,497,920.00 (2021: none).
(1) Receivables
"√ Applicable" "□ Inapplicable"
In: Yuan Currency: RMB
Ending balance Opening balance
Description Related party Bad debt
Book balance Bad debt reserve Book balance
reserve
Accounts Tianjin Jiema Electric
receivable Technology Co., Ltd.
Tianjin Jiema Electric
Prepayment 9,469.19 2,593,313.53
Technology Co., Ltd.
Tianjin Jiema Electric
Other receivables 291,482.00 2,685,921.37 1,125,000.00
Technology Co., Ltd.
Shandong Aidebang
Other receivables Intelligent Technology 107,506,442.86
Co., Ltd.
Other receivables Geling New Energy 4,821,488.81
Other receivables Duan Hua 450,000.00 450,000.00
(2)Payables
"√ Applicable" "□ Inapplicable"
In: Yuan Currency: RMB
Description Related party Ending book balance Opening book
balance
Tianjin Jiema Electric
Accounts payable 1,162,195.26 2,232,360.55
Technology Co., Ltd.
Accounts payable Geling New Energy 1,606,049.08
Taizhou Aidebang Intelligent
Accounts payable 1,103,656.70
Technology Co., Ltd.
Accounts payable Shangqiqu Yichong 14,031,638.68
Shandong Aidebang Intelligent
Accounts payable 22,567.50 445,120.13
Technology Co., Ltd.
Shandong Aidebang Intelligent
Notes payable 24,796,814.74
Technology Co., Ltd.
Contract liabilities Beijing Zhongzhong 8,167.96
Contract liabilities Tianjin Magic Square 3,729,203.54
Other current
Beijing Zhongzhong 1,061.83
liabilities
Other current
Tianjin Magic Square 484,796.46
liabilities
Receipts in Tianjin Jiema Electric
advance Technology Co., Ltd.
Other payables Geling New Energy 200,000.00
Other payables Shangqiu Yichong 50,000.00
Other payables Tianjin Jiema 1,297,834.33 228,242.60
Other payables Taizhou Aidebang 1,000,000.00
Other payables Shandong Aidebang Intelligent
Technology Co., Ltd.
Lease liabilities Duan Hua 2,353,501.71 6,909,182.17
"□ Applicable" "√ Inapplicable"
"□ Applicable" "√ Inapplicable"
XIII. Share-based payment
"√ Applicable" "□ Inapplicable"
In: share Currency: RMB
Total amount of various equity instruments granted by the
Company during the reporting period 80,660,907.94
Other notes
On December 27, 2021, 2021 3rd extraordinary general meeting of Aima Group reviewed and
approved the proposal on the 2021 Restricted Stock Incentive Plan of AIMA Technology Group Co,.
LTD. (Draft) and its summary. A total of 7.06 million restricted shares were granted, accounting for
about 1.75% of the total share capital of 403,660,003 shares, of which 6,860,000 shares were
granted for the first time and 200,000 shares were reserved; the number of incentive objects granted
for the first time by this plan was 112 persons, including senior executives, medium and senior
management personnel, and core technical (business) personnel; the grant price of the restricted
shares granted for the first time in this plan is RMB 20.23 per share.
On December 27, 2021, the 24th session of the fourth board of directors of Aima Group reviewed
and approved the “Proposal on Adjusting the List of Incentive Objects and the Number of Equity
Granted for the First Time in 2021 Restricted Stock Incentive Plan”. After the adjustment, the number
of incentive objects granted for the first time by this plan was changed from 112 to 106, and the total
amount of restricted shares granted for the first time was adjusted from 6.86 million shares to 6.79
million shares. Later, because some incentive objects voluntarily gave up the subscription of 10,000
restricted shares granted in part, a total of 6,780,000 restricted shares were actually granted to 105
incentive objects. As of January 5, 2022, the Company had received the total amount of RMB
On April 14, 2022, the 25th meeting of the fourth board of directors and the 13th meeting of the
fourth board of supervisors of the Company considered and approved the Proposal on Repurchase
and Cancellation of Restricted Stock Granted at the First Time under the Restricted Stock Incentive
Plan 2021 and the Proposal on Granting Reserved Restricted Stock to Incentive Objects. After the
completion of this repurchase and cancellation, the total number of restricted shares granted for the
first time changed from 6,780,000 shares to 6,660,000 shares, and the number of incentive objects
granted for the first time changed from 105 to 101. The repurchase price paid by the Company for
the repurchase of restricted shares was RMB 2,427,600.00 (plus interest on bank deposits). Also, it
was determined to grant 200,000 reserved restricted shares to 15 incentive objects on April 18, 2022
at a grant price of RMB 20.23 per share. Finally, as one incentive object voluntarily gave up the
subscription of 20,000 restricted shares due to personal reasons, the actual number of reserved
grant of the Company's 2021 Restricted Share Incentive Plan was adjusted from 200,000 shares to
As of May 5, 2022, the Company had received the total amount of RMB3,641,400.00 from the 14
incentive objects for the proceeds of 180,000 restricted shares.
The lock-up periods for restricted shares granted based on this incentive plan are 15 months,
granted to the incentive objects is completed.
"√ Applicable" "□ Inapplicable"
In: Yuan Currency: RMB
Method of determining the fair value of equity
Closing price on the grant date
instruments at the date of grant
The financial performance indexes and individual
performance indexes of the Company are evaluated
Basis for determining the number of
each year, and the number held by the incentive
exercisable equity instruments
objects who satisfy the evaluation target is used as
the basis
Reasons for significant differences between
current period and prior period estimates
Aggregate amount of equity-settled share-
based payments charged to capital surplus
Total expense recognised for equity-settled
share-based payments during the period
"□ Applicable" "√ Inapplicable"
"□ Applicable" "√ Inapplicable"
"□ Applicable" "√ Inapplicable"
XIV. Commitments and contingencies
"√ Applicable" "□ Inapplicable"
Important external commitments, the nature and the amount existing as at the balance sheet date
Items December 31, 2022 December 31, 2021
Capital commitments with contract
signed but not yet provided
(1) Significant contingencies existing as at the balance sheet date
"□ Applicable" "√ Inapplicable"
(2) The Company had no important contingencies unnecessary to be disclosed but necessary to
be explained
"□ Applicable" "√ Inapplicable"
"□ Applicable" "√ Inapplicable"
XV. Events after the balance sheet date
"□ Applicable" "√ Inapplicable"
"√ Applicable" "□ Inapplicable"
In: Yuan Currency: RMB
Profit or dividend to be distributed 749,408,805.22
Profit or dividend announced to be distributed after review and approval 749,408,805.22
On April 14, 2023, the Company held 6th session of the Fifth Board of Directors at which a preplan
for profit distribution and capital reserves capitalization in 2022 was proposed. According to the preplan,
the Company was to distribute cash dividend amounting to RMB 749,408,805.22 (or at the rate of RMB
shareholders at the rate of 5 shares for every 10 shares. Calculated based on the Company's total capital
stock of 574,700,004 shares as of April 14, 2023, after the capitalization, the Company's total capital
stock would increase to 862,050,006 shares.
"□ Applicable" "√ Inapplicable"
"√ Applicable" "□ Inapplicable"
(1) Issuance of convertible bonds
On August 5, 2022, the Company held the second extraordinary general meeting of 2022 to consider
and approve the Proposal on the Plan for Public Issuance of Convertible Bonds. Pursuant to the
resolution of the Company's shareholders' meeting and the approval of the China Securities Regulatory
Commission (Z.J.X.K. [2022] No.3038 Document), the convertible bonds issued by the Company will be
placed on a preferential basis to the original shareholders registered in China Securities Depository and
Clearing Corporation Limited Shanghai Branch after the close of business on the share registration date
(February 22, 2023), and the remaining part after the preferential placement of the original shareholders
(including the portion of the original shareholders who have waived) will be issued to public investors
through the trading system of the Shanghai Stock Exchange. According to the capital verification report
(Ernst & Young Hua Ming (2023) Yanzi No. 60968971_L01), as of March 1, 2023, the Company received
net proceeds of RMB 1,996,200,000.00, excluding the underwriting and sponsorship fees paid (including
tax) of RMB 3,800,000.00. With the approval of the Self-Regulatory Decision (No. 41 [2023] Document)
of Shanghai Stock Exchange, the Company’s RMB 2 billion convertible corporate bonds have been listed
for trading on Shanghai Stock Exchange since March 20, 2023, under the short name of “AIMA
Convertible Bonds” and the bond code of “113666”.
(2) Stock option incentive plan
On April 14, 2023, the Company held the first extraordinary general meeting of 2023 to consider and
approve the proposal on the Stock Option Incentive Plan for 2023 (Draft) and its summary, and the
proposal on the Management Measures for the Implementation Evaluation of the Stock Option Incentive
Plan for 2023. According to the resolution of the general meeting of the Company, the total number of
incentive objects granted by the Company was 328, the number of stock options granted was 4.812
million with the exercise price of RMB 48.07 per share. The incentive plan is valid for a maximum of 48
months from the date of stock option grant to the date of exercise or cancellation of all the stock options
granted to the incentive objects.
(3) Establishment of subsidiaries
On January 12, 2023, Chongqing Xiaoma Intelligent Technology Co., Ltd. and Guangxi Guigang
Fushuai Electric Vehicle Co., Ltd. jointly founded Guangxi Xiaoma Intelligent Technology Co., Ltd. The
registered capital of Guangxi Xiaoma Intelligent Technology Co., Ltd. is RMB 50,000,000.00, with the
capital contribution received from the shareholders of RMB 20,000,000.00 so far.
On February 16, 2023, Chongqing Aima Mechanical and Electrical Technology Co., Ltd. established
a wholly-owned subsidiary, Tianjin Aima Mechanical and Electrical Technology Co., Ltd. ("Tianjin
Mechanical and Electrical Technology"). The registered capital of Tianjin Mechanical and Electrical
Technology is RMB 50,000,000.00, with the capital contribution received by RMB 18,619,000.00 so far.
(4) Other investments
On January 5, 2023, the Company invested in Guangxi Ningfu New Energy Technology Co., Ltd. by
acquiring 4.9261% shares with the cost of RMB50,000,000.00.
On February 6, 2023, the Company subscribed 10% shares of Kunming Mi Riding Transportation
Technology Co., Ltd., with no capital injected yet.
XVI. Other significant events
(1) Retroactive restatement
"□ Applicable" "√ Inapplicable"
(2) Prospective application method
"□ Applicable" "√ Inapplicable"
"□ Applicable" "√ Inapplicable"
(1) Non-monetary assets exchange
"□ Applicable" "√ Inapplicable"
(2) Other assets exchange
"□ Applicable" "√ Inapplicable"
"□ Applicable" "√ Inapplicable"
"□ Applicable" "√ Inapplicable"
(1) Basis for determining the reporting segments and accounting policy
"□ Applicable" "√ Inapplicable"
(2) Financial information of the reporting segments
"□ Applicable" "√ Inapplicable"
(3) In case there is no reporting segment or the total assets and liabilities of the reporting
segments cannot be disclosed, explain the reason
"√ Applicable" "□ Inapplicable"
The Company is mainly engaged in the electric two-wheeled vehicle business, and the assets related
to the services supply are located in China. In terms of internal organizational structure and management
requirements, the Company takes the Company's businesses as a whole to review internal reports,
allocate resources and performance assessment. Therefore, except the information already presented in
the financial statements, there is no other segment information necessary to be presented.
(4) Other notes
"√ Applicable" "□ Inapplicable"
Geographical information: The vast majority of the Company's foreign transaction revenue comes
from domestic sources. The Company's non-current assets (excluding financial assets and deferred
income tax assets) are all located in China.
In 2022, the Company did not generate more than 10% of its operating revenues from a single
customer.
"□ Applicable" "√ Inapplicable"
"□ Applicable" "√ Inapplicable"
XVII. Notes to the parent company’s financial statements
(1) Disclosed based on aging
"√ Applicable" "□ Inapplicable"
In: Yuan Currency: RMB
Aging Ending book balance
Within 1 year
Where: Itemized within 1 year
Within 1 year 132,394,484.26
Sub-total within 1 year 132,394,484.26
Over 3 years
Total 137,024,744.78
(2) Classified disclosure based on the method of provision for bad debt
"√ Applicable" "□ Inapplicable"
In: Yuan Currency: RMB
Ending balance Opening balance
Bad debt Bad debt Book
Book balance Book balance
reserve reserve value
Categorie Provi Provi
s Book
Prop sion Propo sion
Amoun value Amou
Amount ortio propo Amount rtion propo
t nt
n (%) rtion (%) rtion
(%) (%)
Assessed
bad debt
provision 23.7 9.78 12.03
individual
ly
Where:
Individual
provision 32,471, 3,176,3 29,295,1 10,964, 10,964,
for bad 486.51 17.65 68.86 633.94 633.94
debts
Assessed
bad debt
provision 76.3 1.49 87.97 1.18
,258.27 46.17 112.10 079.09 00.94 478.15
in
portfolio
Where:
Portfolios
based on
credit risk 76.3 1.49 87.97 1.18
,258.27 46.17 112.10 079.09 00.94 478.15
character
istics
Total 100 / 100 /
,744.78 63.82 280.96 713.03 00.94 112.09
Individual provision for bad debts:
"√ Applicable" "□ Inapplicable"
In: Yuan Currency: RMB
Ending balance
Name Bad debt Provision Provision
Book balance
provision proportion (%) reason
Suning Procurement
Less likely to
Center of Suning 3,176,317.65 3,176,317.65 100.00
be recovered
Tesco Group Co., Ltd.
Accounts receivable
from subsidiaries in the 29,295,168.86
scope of consolidation
Total 32,471,486.51 3,176,317.65 9.78 /
Notes to the provision for bad debts by individual items:
"□ Applicable" "√ Inapplicable"
Provision for bad and doubtful debts based on portfolio:
"√ Applicable" "□ Inapplicable"
Provision items on portfolio: Provision for bad debts recognised based on the portfolio of credit risk
characteristics
In: Yuan Currency: RMB
Ending balance
Name
Accounts receivable Bad debt provision Provision proportion (%)
Within 1 year(including 1
year)
year)
year)
Total 104,553,258.27 1,557,146.17 1.49
Criteria of and note to recognition of provision for bad debts based on portfolio:
"□ Applicable" "√ Inapplicable"
If the provision for bad debt is accrued in accordance with the general model of expected credit loss,
please refer to the disclosure of other receivables
"□ Applicable" "√ Inapplicable"
(3) Provision for bad debts
"√ Applicable" "□ Inapplicable"
In: Yuan Currency: RMB
Amount of movement during the reporting period
Opening Ending
Categories Recovery or Charge-off or Other
balance Provision balance
reversal write-off changes
Provision for
bad debts
Total 938,600.94 6,907,610.75 938,600.94 2,174,146.93 4,733,463.82
Where the significant amount of the reserve for bad debt recovered or reversed:
"□ Applicable" "√ Inapplicable"
(4)Accounts receivable actually written off in the reporting period
"□ Applicable" "√ Inapplicable"
Where, the important accounts receivable written-off
"□ Applicable" "√ Inapplicable"
(5)Accounts receivable owed by the top five debtors based on the ending balance
"√ Applicable" "□ Inapplicable"
In: Yuan Currency: RMB
Proportion in total ending
Ending balance of the
Organization name Ending balance balance of accounts
provision for bad debts
receivable (%)
Customer 1 8,478,929.97 6.19 304,210.17
Customer 2 8,140,000.00 5.94 91,982.00
Customer 3 6,289,132.53 4.59 71,067.20
Customer 4 6,228,065.34 4.55 70,377.14
Customer 5 5,906,898.47 4.31 66,747.95
Total 35,043,026.31 25.58 604,384.46
Other Notes:
The top five companies in accounts receivable are disclosed according to a single entity.
(6) Account receivable with recognition terminated due to transfer of financial assets
"□ Applicable" "√ Inapplicable"
(7) Amount of assets and liabilities formed through transfer of account receivable and
continuing to be involved
"□ Applicable" "√ Inapplicable"
Other notes:
"□ Applicable" "√ Inapplicable"
Items Presentation
"√ Applicable" "□ Inapplicable"
In: Yuan Currency: RMB
Items Ending balance Opening balance
Interest receivables 350,530.03 255,452.31
Dividends receivable
Other receivables 68,356,060.43 226,578,880.94
Total 68,706,590.46 226,834,333.25
Other notes:
"□ Applicable" "√ Inapplicable"
Interest receivables
(1) Classification of interest receivable
"√ Applicable" "□ Inapplicable"
In: Yuan Currency: RMB
Items Ending balance Opening balance
Interest of accounts receivable 350,530.03 255,452.31
Total 350,530.03 255,452.31
(2) Significant overdue interest
"□ Applicable" "√ Inapplicable"
(3) Provision for bad debts
"□ Applicable" "√ Inapplicable"
Other notes:
"□ Applicable" "√ Inapplicable"
Dividend receivable
(1) Dividend receivable
"□ Applicable" "√ Inapplicable"
(2）Significant dividends receivable with age exceeding 1 year
"□ Applicable" "√ Inapplicable"
(3) Provision for bad debts
"□ Applicable" "√ Inapplicable"
Other notes:
"□ Applicable" "√ Inapplicable"
Other receivables
(1) Disclosed based on aging
"√ Applicable" "□ Inapplicable"
In: Yuan Currency: RMB
Aging Ending book balance
Within 1 year
Where: Itemized within 1 year
Within 1 year 67,617,489.04
Sub-total within 1 year 67,617,489.04
Over 3 years 579,394.50
Total 68,366,360.43
(2) Classification based on the nature of fund
"□ Applicable" "√ Inapplicable"
(3) Provision for bad debts
"√ Applicable" "□ Inapplicable"
In: Yuan Currency: RMB
Stage 1 Stage 2 Stage 3
Lifetime Lifetime
expected expected credit
Bad debt provision credit losses (no losses (credit Total
expected
credit impairment
credit losses
impairment already
incurred) incurred)
Balance as at January 1, 2022 14,346.70 14,346.70
Balance as at January 1, 2022
in the reporting period
-- transferred into Stage 2
-- transferred into Stage 3
-- revered to Stage 2
-- reversed to Stage 1
Accrual 10,300.00 10,300.00
Reversal 14,346.70 14,346.70
Transfer out
Write-off
Other changes
Balance as at December 31,
Note to the significant changes in the book balance of other receivables with changes in provision for loss
in the reporting period:
"□ Applicable" "√ Inapplicable"
The amount of provision for bad debts in the reporting period and the basis for assessing whether the
credit risk of financial instruments has increased significantly
"□ Applicable" "√ Inapplicable"
(4) Provision for bad debts
"√ Applicable" "□ Inapplicable"
In: Yuan Currency: RMB
Amount of movement during the reporting period
Opening Ending
Categories
balance Recovery or Charge-off Other balance
Provision
reversal or write-off changes
Bad debt
provision
Total 14,346.70 10,300.00 14,346.70 10,300.00
Where a significant amount of the reserve for bad debt recovered or reversed during the reporting period:
"□ Applicable" "√ Inapplicable"
(5) Other receivables actually written off in the reporting period
"□ Applicable" "√ Inapplicable"
(6) Other receivables owed by the top five debtors based on the ending balance
"√ Applicable" "□ Inapplicable"
In: Yuan Currency: RMB
Proportion in total
Closing balance
Organization Nature of Ending ending balance
Aging of Provision for
name Payment balance of other
bad debts
receivables
Intercompany 15,400,000.00 Within 1
Company 1 22.53
accounts year
Intercompany 15,000,000.00 Within 1
Company 2 21.83
accounts year
Intercompany 13,019,590.39 Within 1
Company 3 18.95
accounts year
Intercompany 4,851,369.54 Within 1
Company 4 7.06
accounts year
Intercompany 3,434,871.24 Within 1
Company 5 5.00
accounts year
Total / 51,705,831.17 / 75.37
(7) Accounts receivable involving government subsidy
"□ Applicable" "√ Inapplicable"
(8) Other receivables with recognition terminated due to transfer of financial assets
"□ Applicable" "√ Inapplicable"
(9) Amount of assets and liabilities formed through transfer of other receivables and continuing
to be involved
"□ Applicable" "√ Inapplicable"
Other notes:
"□ Applicable" "√ Inapplicable"
?Applicable □Inapplicable
In: Yuan Currency: RMB
Ending balance Opening balance
Provision Provision
Items
Book balance for Book value Book balance for Book value
impairment impairment
Investment
in 1,102,205,042.46 1,102,205,042.46 774,596,113.08 774,596,113.08
subsidiaries
Investment
in
associates 38,817,295.52 38,817,295.52 100,350,602.41 100,350,602.41
and joint
ventures
Total 1,141,022,337.98 1,141,022,337.98 874,946,715.49 874,946,715.49
(1) Investment in subsidiaries
"√ Applicable" "□ Inapplicable"
In: Yuan Currency: RMB
Ending
Provision
balance
for
Increase in Decrease in of the
Opening Ending impairme
Investees the reporting the reporting provision
balance balance nt in the
period period for
reporting
impairme
period
nt
Aima 100,000,000. 100,000,000.0
Nanfang 00 0
Aima 866,070,335. 866,070,335.7
Chongqing 76 6
Henan
Vehicle
Guangdon
g Vehicle
Jiangsu 495,706,179. 495,706,179.
Vehicle 13 13
Zhejiang
Vehicle
Tianjin
Vehicle
Sichuan 10,211,400.0 10,211,400.0
Aima 0 0
Xiaopa
Electric
Tianjin
Jinge
Aima
Venture 92,329,028.97
Capital
Zhejiang
Sales
Chongqing 50,000,000.0 50,000,000.0
Vehicle 0 0
Tianjin 10,000,000.0
Sports 0
Xiaoma
Network
Aima
Share
Suiwanwa
n
Taizhou
Manufactu
re
Super
Universe
Suoteng
Technolog 1,100.00 1,100.00
y
Tianjin
Tianli
Total
(2) Investment in associates and joint ventures
"√ Applicable" "□ Inapplicable"
In: Yuan Currency: RMB
Increase/ Decrease (+ / -) in the reporting period Endin
Oth Pro g
other
Investme er visi balan
com Cash Endin
nt eq on ce of
Investme Opening preh dividen g
Increas Decr income uity for the
nt In: Balance ensi d Others Balan
e ease under the mo im provis
ve declare ce
equity ve pai ion for
inco d
method me rm impair
me
nt ent ment
I. Joint Venture
Sub-total
II. Associates
- -
Today 11,569,39
Sunshine 4.32
- -
Tianjin 14,575,59 2,800,0
Jiema 9.85 00.00
Geling - -
New 12,057,4 31,700,
Energy 72.41 612.03
- 38,81
Taizhou 54,950,32
Jinfu 3.80
- - 38,81
Sub-total 30,086,8 53,149, 7,295.
- - 38,81
Total 30,086,8 53,149, 7,295.
(1). Operating revenue and costs
"√ Applicable" "□ Inapplicable"
In: Yuan Currency: RMB
Amount incurred in the reporting period Amount incurred in the previous period
Items
Income Cost Income Cost
Primary
business
Other
businesses
Total 8,263,777,075.64 7,659,354,139.02 10,943,228,159.23 10,678,372,712.23
(2) Revenue arising from contracts
"√ Applicable" "□ Inapplicable"
In: Yuan Currency: RMB
Classification of Contracts Total
Types of commodities
Revenue from electric two-wheelers, electric Tricycle,
bicycles and accessories
Other revenue 185,489,980.80
Classification based on the operation regions
China Mainland 8,196,154,830.70
Other countries or regions 21,377,347.69
Timing of revenue recognition -
Sales of goods 8,032,042,197.59
Revenue from materials 157,356,118.73
Others 13,785,022.89
After-sale service revenue 14,348,839.18
Total 8,217,532,178.39
Description of revenue arising from contracts
"□ Applicable" "√ Inapplicable"
(3) Note to performance obligations
"√ Applicable" "□ Inapplicable"
The performance obligation is satisfied upon delivery of the products to customers. For sales by
distributors, most customers need to prepay the price, and the contract price for some customers
usually expires within 1 year after delivery of the product.
(4) Note to apportioning to the residual performance obligations
"√ Applicable" "□ Inapplicable"
At the end of the reporting period, the amount of revenue corresponding to the performance obligations
of the contracts which have been signed, but not yet performed or not yet completed is RMB
Other notes:
The revenue recognised in the current year included in the book value of contract liabilities at the
beginning of the year is as follows:
In: Yuan Currency: RMB
Items 2022 2021
Sales of goods 158,708,940.97 87,057,363.44
"√ Applicable" "□ Inapplicable"
In: Yuan Currency: RMB
Amount incurred in the Amount incurred in the
Items
reporting period previous period
Long-term equity investment income under
the cost method
Long-term equity investment income under
-30,086,884.58 -39,589,711.80
the equity method
Gains from disposal of long-term equity
-54,407.60 -600,000.00
investment
Return on investment from financial 11,346,684.29 14,815,576.27
products
Total 647,705,392.11 511,195,864.47
Other notes:
None
"□ Applicable" "√ Inapplicable"
XVIII. Supplementary information
"√ Applicable" "□ Inapplicable"
In: Yuan Currency: RMB
Items Amount
Profit or loss from disposal of non-current assets -5,205,312.26
Government grants recognised in during profit or loss (excluding those having close
relationship with the Company’s normal business, conforming to the national
policies and regulations and enjoying ongoing fixed amount or quantity according to
certain standard)
The investment costs for acquiring subsidiaries, associates and joint ventures were
less than the income generated by the fair value of the identifiable net assets of the -12,120,000.00
investee at the time of acquiring the investment.
Except for the effective hedging business related to the ordinary business of the
Company, changes in fair value of financial assets and financial liabilities held for
trading, as well as the return on investment generated from the disposal of 24,164,117.84
financial assets and financial liabilities held for trading and financial assets at fair
value through other comprehensive income
Net non-operating income or expenses other than the above items -13,062,366.52
Other gain or loss in compliance with the definition of non-recurring gain or loss. 16,736,022.09
Less: Amount affected by the income tax 25,387,754.23
Amount of minority interest impact 87,628.85
Total 76,075,633.82
For the Company’s non-recurring gain/loss items as defined in the Explanatory Announcement No. 1 on
Information Disclosure for Companies Offering their Securities to the Public – Non-recurring gain/loss
and its non-recurring gain/loss items as illustrated in the Explanatory Announcement No. 1 on
Information Disclosure for Companies Offering their Securities to the Public – Non-recurring gain/loss
which have been defined as recurring gain/loss , it is necessary to explain the reason.
"□ Applicable" "√ Inapplicable"
"√ Applicable" "□ Inapplicable"
Net return Earnings per share
on equity,
Profit in the reporting period Basic earnings Diluted earnings
weighted
average (%) per share per share
Net profit attributable to owners of the parent 31.15 3.31 3.31
Net profit attributable to owners of the parent
excluding non-recurring gains or losses
Standards (CAS) and International Accounting Standards (IAS)
"□ Applicable" "√ Inapplicable"
"□ Applicable" "√ Inapplicable"
Chairman of the Board: Zhang Jian
The Report was approved by the Board of Directors. Date of the submission 4/14/2023
Revision information
"□ Applicable" "√ Inapplicable"
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