[中报]苏威孚Ｂ:2021年半年度报告（英文版）
原标题:苏威孚Ｂ:2021年半年度报告（英文版） WEIFU HIGH - TECHNOLOGY GROUP CO., LTD. SEMI - ANNUAL REPORT 2021 AUGUST 2021 Section I. Important Notice, Contents and Interpretation Board of Directors, Supervisory Committee, all directors, supervisors and senior executives of Weifu High-Technology Group Co., Ltd. (hereinafter referred to as the Company) hereby confirm that there are no any fictitious statements, misleading statements, or important omissions carried in this report, and shall take all responsibilities, individual and/or joint, for the reality, accuracy and completion of the whole contents. Wang Xiaodong, Principal of the Company, Ou Jianbin, person in charger of accounti ng works and Ou Jianbin, person in charge of accounting organ (accounting principal) hereby confirm that the Financial Report of 2021 Semi - Annual Report is authentic, accurate and complete. All directors are attend the Meeting for the Report deliberation. In this report, details of relevant risks and countermeasures in operation have described, found more in relevant content in the Report. Concerning the forward - looking statements with future planning involved in the Report, they do not constitute a substantial commitment for investors. The China Securities Journal , Securities Times , Hong Kong Commercial Daily and Juchao Website (www.cninfo.com.cn)are the information disclosure media appointed by the Company, all information should be prevail on the a bove mentioned media, investors are advice to pay attention on investment risks. The Company has no plan of cash dividend distributed, no cash bonus and capitalizing of common reserves either carried out. The R eport is prepared in Chinese and English re spectively. In the event of any discrepancy between the two versions, the Chinese version shall prevail. Contents Section I. Important Notice, Contents and Interpretation ................................ ...... 2 Section II Company Profile and Main Financial Indexes ................................ ....... 6 Section III Management Discussion and Analysis ................................ .................... 9 Section IV. Corporate Governance ................................ ................................ .......... 22 Section V. Environmental and Social Responsibility ................................ ............. 24 Section VI. Important Matters ................................ ................................ ................. 25 Sect ion VII. Changes in Shares and Particulars about Shareholders .................. 34 Section VIII. Preferred Stock ................................ ................................ ................... 40 Section IX. Corporate Bonds ................................ ................................ .................... 41 Sectio n X . Financial Report ................................ ................................ ...................... 42 Documents Available for Reference I. Financial statement carrying the signatures and seals of person in charge of the company, principal of the accounting works and person in charge of accounting organ (accounting Supervisor); II. Original documents of the Company and manuscripts of public notices that disclosed in the website Juchao (http://www.cninfo.com.cn) designated by CSRC in the report period; III. The Semi - Annual report published on China Securities Journal , Securities Times and Hong Kong Commercial Daily during the Period. Interpretation Items Refers to Contents Company, The Company, WFHT Refers to WEIFU HIGH - TECHNOLOGY GROUP CO., LTD. Wuxi Industry Group Refers to Wuxi Industry Development Group Co., Ltd. Robert Bosch, Robert Bosch Company Refers to Robert Bosch Co., Ltd, ROBERT BOSCH GMBH RBCD Refers to Bosch Powertrain Systems Co., Ltd. WFLD Refers to Wuxi Weifu Lida Catalytic Converter Co., Ltd. WFJN Refers to Nanjing Weifu Jinning Co., Ltd. WFTT Refers to Ningbo Weifu Tianli Turbocharging Technology Co., Ltd. WFCA Refers to Wuxi Weifu Chang’an Co., Ltd. WFMA Refers to Wuxi Weifu Mashan Fuel Injection Equipment Co., Ltd. WFTR Refers to Wuxi Weifu International Trade Co., Ltd. WFSC Refers to Wuxi Weifu Schmitter Powertrain Components Co., Ltd. WFAM Refers to Wuxi Weifu Autocam Precision Machinery Co., Ltd. WFDT Refers to Wuxi Weifu E - drive Technologies Co., Ltd. WFAS Refers to Wuxi Weifu Autosmart Seating System Co., Ltd. SPV Refers to Weifu Holding ApS IRD Refers to IRD Fuel Cells A/S Borit Refers to Borit NV WFEC Refers to Wuxi Weifu Environmental Catalysts Co., Ltd. WFPM Refers to Wuxi Weifu Precision Machinery Manufacturing Co., Ltd. Zhonglian Electronics Refers to Zhonglian Automobile Electronics Co., Ltd. Shinwell Automobile Refers to Shinwell Automobile Technology (Wuxi) Co., Ltd. CSRC Refers to China Securities Regulatory Commission SZ Stock Exchange Refers to Shenzhen Stock Exchange Reporting period Refers to 1 January 2021 to 30 June 2021 Section II Company Profile and Main Financial Indexes I. Company profile Short form of the stock WFHT, Su Weifu - B Stock code 000581, 200581 Stock exchange for listing Shenzhen Stock Exchange Name of the Company (in Chinese) 无锡威孚高科技集团股份有限公司 Short form of the Company (in Chinese if applicable) 威孚高科 Foreign name of the Company (if applicable) WEIFU HIGH - TECHNOLOGY GROUP CO.,LTD. Short form of foreign name of the Company (if applicable) WFHT Legal representative Wang Xiaodong II. Person/Way to contact Secretary of the Board Rep. of security affairs Name Liu Jinjun Xu Kan Contact add. No.5 Huashan Road, Xinwu District, Wuxi No.5 Huashan Road, Xinwu District, Wuxi Tel. 0510 - 80505999 0510 - 80505999 Fax. 0510 - 80505199 0510 - 80505199 E - [email protected] [email protected] III. Others 1. Way of contact Whether registrations address, offices address and codes as well as website and email of the Company changed in reporting per iod or not □ Applicable √ Not applicable Registrations address, offices addr ess and codes as well as website and email of the Company has no change in reporting period, found more details in Annual Report 2020. 2. Information disclosure and preparation place Whether information disclosure and preparation place changed in reporti ng period or not □ Applicable √ Not applicable The newspaper appointed for information disclosure, website for semi - annual report publish appointed by CSRC and preparation place for semi - annual report have no change in reporting period, found more details in Annual Report 2020. IV. Main accounting data and financial indexes Whether it has retroactive adjustment or re - statement on previous accounting data □ Yes √ No Current period Same period of last year Changes over last year Operating income (RMB) 9,037,691,756.24 6,594,403,624.56 37.05% Net profit attributable to shareholders of the listed company (RMB) 1,645,389,487.32 1,326,344,424.98 24.05% Net profit attributable to shareholders of the listed company after deducting non - recurring gains and losses (RMB) 1,702,220,554.09 1,175,574,728.86 44.80% Net cash flow arising from operating activities (RMB) 80,191,609.17 437,657,072.41 - 81.68% Basic earnings per share (RMB/Share) 1.66 1.32 25.76% Diluted earnings per share (RMB/Share) 1.66 1.32 25.76% Weighted average ROE 8. 7 2 % 7.80% 0.92 % Current period - end period - end of last year Changes over period - end of last year Total assets (RMB) 27,779,188,733.05 27,350,695,388.21 1.57% Net assets attributable to shareholder of listed company (RMB) 18,435,134,764.13 18,282,017,990.66 0.84% V. Difference of the accounting data under accounting rules in and out of China 1. Difference of the net profit and net assets disclosed in financial report, under both IAS (International Accounting Standards) and Chinese GAAP (Generally Accepted Accounting Principles) □ Applicable √ Not applicable The Company had no difference of the net profit or net assets disclosed in financial report, under either IAS (International Accounting Standards) or Chi nese GAAP (Generally Accepted Accounting Principles) in the period. 2. Difference of the net profit and net assets disclosed in financial report, under both foreign accounting rules and Chinese GAAP (Generally Accepted Accounting Principles) □ Applicable √ Not applicable The Company had no difference of the net profit or net assets disclosed in financial report, under either foreign accounting rules or Chinese GAAP (Generally Accepted Accounting Principles) in the period. VI. Items and amounts of extraordinary profit (gains)/loss √Applicable □ Not applicable Unit: yuan Item Amount Note Gains/losses from the disposal of non - current asset (including the write - off that accrued for impairment of assets) 2,301,315.63 Governmental subsidy reckoned into current gains/losses (not including the subsidy enjoyed in quota or ration according to national standards, which are closely relevant to enterprise’s business) 23,433,211.68 Gains/losses of fair value changes from holding the trading financial ass et, derivative financial assets, trading financial liability and derivative financial liability and investment earnings obtained from disposing the trading financial asset, derivative financial assets, trading financial liability, derivative financial liab ility and other debt investment, except for the effective hedging business related to normal operation of the Company - 91,729,334.10 Other non - operating income and expenditure except for the aforementioned items 261,828.55 Less: Impact on income tax - 9,604,873.99 Impact on minority shareholders’ equity (post - tax) 702,962.52 Total - 56,831,066.77 -- Concerning the extraordinary profit (gain)/loss defined by Q&A Announcement No.1 on Information Disclosure for Companies Offering Their Securities to the Public --- Extraordinary Profit/loss , and the items defined as recurring profit (gain)/loss according to the lists of extraordinary profit (gain)/loss in Q&A Announcement No.1 on Information Disclosure for Companies Offering Their Securities to the Pub lic --- Extraordinary Profit/loss , explain reasons □ Applicable √ Not applicable In reporting period, the Company has no particular about items defined as recurring profit (gain)/loss according to the lists of extraordinary profit (gai n)/loss in Q&A Announcement No.1 on Information Disclosure for Companies Offering Their Securities to the Public --- Extraordinary Profit/loss Section III Management Discussion and Analysis I. Main businesses of the company in the reporting period During the reporting period, there were no major changes in the company's main business and business model. Details were as follows: (i) The company’s main business The company's main business is the R & D, production and sales of automotive core components. During the reporting period, the main products were diesel fuel injection system products, and automobile exhaust after-treatment system products and air management system products. At the same time, the company has established R & D capabilities of fuel cell core components and has achieved production and sales. 1. The diesel fuel management system products are widely used in different power diesel engines supporting all types of trucks, passenger cars, buses, construction machinery, marine, and generator sets. The company not only makes products matching with the main engines used at home but also exports some products to the Americas, Southeast Asia, and the Middle East. The products meet the needs of national emission standards. 2. The auto exhaust after-treatment system products are supporting all major automobile manufactures in China. And the products meet the needs of national emission standards. 3. The Air management system products, matches with most of the domestic small-bore diesel engine plants and some 6-cyl diesel engine manufacturers, and meet the needs of the light and heavy commercial vehicles and some passenger cars and the engineering machinery. And the products meet the needs of national emission standards. 4. Key parts of the fuel cell, including membrane electrodes, graphite bipolar plates, metal bipolar plates and BOP key components for domestic and foreign fuel cell reactor and system manufacturers. (ii) Business model of the Company The Company follows the operating philosophy of “making competitive products, creating famous brands, and achieving joint value growth”, implements the business model that parent company unifies the management and subsidiaries decentralize the production. The parent company is responsible for making strategic development planning and operation targets, and making the unified management, instruction and assessment for the finance, significant personnel management, core raw materials, quality control, and the R&D of technologies. The subsidiaries arrange production based on the order management model of market, which makes the subsidiaries keep the consistent quality with the company, helps keep abreast of customer needs and saving logistics costs, maintain the timeliness of products production and supply, and improve the company’s economic benefits. (iii) Development of the industry Since this year, the national economy has been showing a continuous and steady recovery, and China's economy is steadily strengthening and improving. In this context, the automobile market is overall stable, constantly laying a solid foundation for the development of the industry. According to the data of China Association of Automobile Manufactures: From January to June of 2021, the production and sales of automobile totaled 12.57 million and 12.89 million respectively, up 24.24% and 25.63% on a y-o-y basis respectively. Among them, the production and sales of passenger vehicles totaled 9.84 million and 10.01 million respectively with 26.83% and 27.04% increased on a y-o-y basis; the production and sales of commercial vehicles completed 2.73 million and 2.88 million respectively, an increase of 15.73% and 20.95% respectively from a year earlier. (iv) The Company’s business conditions during the reporting period Since this year, the company has seriously implemented the annual work goal, seized the development opportunities of automobile industry, especially the commercial vehicles, and both production and sales of main products including diesel fuel injection system products, automobile exhaust after-treatment system products and air management system products have been thriving. The company's main economic indicators in the first half of the year has maintained better growth compared with the same period last year. During the reporting period, the Company achieved an operating income of 9.038 billion yuan, an increase of 37.05% over the same period of the previous year; the net profit attributable to shareholder of parent company has 1.645 billion yuan, an increase of 24.05% over the same period last year. Main work carried out by the company during the reporting period: 1. Seize market opportunities and improve marketing management. The company seized the market development opportunities of the automobile industry, especially the commercial vehicles, dynamically focused on the annual key projects and indicator schedules. Driven by factors such as China VI standard switching, over-limit control and infrastructure projects, the sales of diesel fuel injection system products and automobile exhaust after-treatment system products have increased significantly, and the share of the company's main products and strategic customers in the market has increased. The current China VI projects have been making steady progress, and new business projects such as hydrogen fuel cells and intelligent networks have achieved positive progress. The company has accelerated the integration and training of marketing team, continuously improved the operation mechanism of the key customer manager platform, focused on core strategic customers and key customers, and achieved remarkable results in the new energy field. The company's new image and new brand have been steadily promoted, and the major exchange activities with customers have been carried out intensively. 2. Strengthen technological innovation and accelerate new layout. Key research and development projects such as diesel fuel injection system, automobile exhaust after-treatment system, air management system, hydrogen energy fuel cell, and intelligent network has been promoting steadily as planned. We deepened the business planning of the core components of hydrogen fuel cell, promoted the feasibility study of producing hydrogen by water electrolysis, promoted the construction planning of the hydrogen energy department, and obtained the support of government departments for the development of hydrogen energy business; further improved the planning of environmental situation awareness in the intelligent safeguard field, and combined with the intelligent cockpit to complete a new round of intelligent network planning. In order to seek opportunities for coordinated development of the industrial chain, we have completed the investments in Qingdao Shang Qi Hui Zhu Zhan Xin Industry Investment Fund and Wuxi Auto-link World Information Technology Co., Ltd., improved the cooperative management mode of new business and overseas subsidiaries, and made positive progress in customer cooperation and market application of new business. 3. Strengthen quality management and promote intelligent manufacturing. Improved the evaluation standards for the product quality full lifecycle management maturity and the preparation process of 5M1E full factors maturity and completed the pilots; planned and organized special work of high quality improvement in production, strengthened the effectiveness of employee raising hands, review and rectification implementation in process quality control. Intelligent manufacturing system projects such as WMS and MES continued to advance and gradually put into service, and the construction of intelligent factories proceeded in an orderly manner, 5G+ Innovation Lab completed the infrastructure work and subject system design, information security system completed construction and passed the on-site audit of the ISO27001 system, and built EHS information regulatory platform and imported the safety process S-FMEA control. 4. Promote management upgrade and improve business benefits. Established a "one report one meeting" management monitoring mechanism and put into normal operation. Completed the launch of the main plan of the common rail parts collaborative system, promoted the raw material quality management improvement project, and strengthened the analysis and disposal of slow flow materials. Continuously optimized the sharing service platform, and further promoted cost standardization and refined management, and asset operation quality and fund operating efficiency had continuous improvement. Continuously carried out risk control capacity building and self-investigation work of business division risk control compliance. Further implemented the ten measures for human resources control, planned and organized the "Three Sail One Master" special training activities, formulated salary structural adjustment programs, and continued to enhance internal fairness and external competitiveness. II. Core Competitiveness Analysis 1. Industry and brand advantages. The company was established in 1958, after more than 60 years of development, it has become a famous manufacturer of auto parts at home, and has established long - term and stable cooperative relations with major domestic main engine factories and vehicle manuf acturers, the existing automobile core components main products (including diesel fuel injection system, exhaust after - treatment system, air management system) have strong market competitiveness and higher market share. The company is a pacesetter enterpri se in China's internal combustion engine industry, and ranks in the top 30 enterprises in China’s auto parts industry. 2. Technology and product advantages. The company is a national high-tech enterprise. It has scientific research platforms such as "National Enterprise Technology Center", "National High-tech Research and Development Plan Achievement Industrialization Base", "Post-Doctoral Scientific Research Workstation", "Jiangsu Postgraduate Workstation" and number of provincial-level engineering and technological research centers, provincial-level engineering laboratories, and other research and development institutions, mainly focus on fuel injection systems, exhaust after-treatment systems, and air management systems to conduct technical research and product development. The company has mastered a number of core patented technologies, the main product technical indicators are at the leading level in the industry. In recent years, the company focuses on the strategic layout in the fields of hydrogen energy & driving and intelligent network connection, established a new energy and network technology research institute, built a hydrogen energy fuel cell test center, and formed technical research and development capabilities of hydrogen fuel cell core components and intelligent network products. 3.Management and manufacturing advantages. The company has a complete organizational structure and management systems process, and has built a financial sharing platforms, which can realize the effective migration and stable operation of organization & personnel, business & accounting; The established human resources information system platforms can ensure the timely and accurate standardization of organization, personnel, salary and attendance; built a purchase sharing system, opened up the information interconnection of enterprises and suppliers, and achieved the closed-loop management of the procurement process; carried out the Weifu Production System (WPS) with lean philosophy, established the quality management system with the whole process, and has strong capabilities in production and manufacturing, quality assurance, cost control and product delivery. The company focuses on intelligent manufacturing, continues to build intelligent factories with Weifu characteristics, and promotes the application of cloud computing and 5G networks, which can strongly support the company’s future business development. 4. Advantages in marketing and service. The company has a stable, professional and experienced marketing team that can provide targeted support and services according to customer needs, and customer relationships are harmonious. For long-term strategic customers, the company has established a four-in-one marketing collaboration organization composed of leaders, key account managers, marketing departments, and business departments. The company’s management exchanges regular visits to promote exchanges and cooperation. The company has a relatively perfect after-sales service system, has built after-sales service network and intelligent service platform, established special maintenance technology service stations nationwide to regularly provide end users with the training of operation and maintenance, fault analysis and judgment and provide customers with fast, timely and professional comprehensive after-sales services. 5. Talent advantage. The company's management team has extensive experience and a good industry reputation in the Automobile components industry. The company pays attention to the growth of employees and the construction of a core talent team. After years of accumulation, it has accumulated a group of professional and high-quality management and technical personnel, established a reasonable talent echelon, and provided strong manpower resource guarantee for the company's long-term and stable development. The company's human resource management system is relatively complete, continuously optimizing various human resource management systems to provide a fair value realization platform for employees' career development. The company pays attention to the service and care of employees, improves the service experience of employees through the establishment of employee self-service platform, and creates a working environment with warmth and sense of belonging. 6. Excellent corporate culture. The company takes “quality and intelligence driving a better life”as a mission and "100 - year Weifu auto core parts industry expert" as a vision, fulfills the core value of "focus, innovation, responsibility, integration", insists on the enterprise spirit of "doing practical things, daring to act, being good at cooperation, bravely contending for t he first". During the reporting period, the company put forward the cultural positioning of "quality and intelligence", created a cultural system of "quality and intelligence", quality and intelligence is the company's cultural double engine, reflecting the persistence of the original aspiration and the pursuit of the future. The company held the release and interpretation conference of "quality and intelligence" cultural system (including cultural concept system, behavioral normative system, visual ident ity system), issued the "Five - Year Outline of Enterprise Culture Construction". The continuous innovation of corporate culture construction is a strong support for the company's sustained excellence, provides strong support for the company to become a trus tworthy and respected industrial experts, and plays a positive role in achieving the company's strategic objectives. III. Main business analysis See the “ I. Main businesses of the company in the reporting period ” Change of main financial data on a y - o - y basis Unit: yuan Current period Same period of last year y - o - y changes (+, - ) Reasons Operation income 9,037,691,756.24 6,594,403,624.56 37.05% Mainly d ue to the major growth from sales of the products of diesel fuel management system and auto exhaust after - treatment system Operation cost 7,497,917,157.07 5,413,969,374.53 38.49% Mainly d ue to the major growth from sales of the products of diesel fuel management system and auto exhaust after - treatment system Sales expenses 111,193,615.56 138,394,171.31 - 19.65% Administrative expenses 266,226,378.32 336,984,661.28 - 21.00% Financial cost 15,935,073.06 - 34,606,959.25 Mainly due to increase in borrowings Income tax expense 117,972,661.22 57,505,452.12 105.15% Mainly due to profit increase R&D investment 249,583,255.99 211,531,953.72 17.99% Net cash flow arising from operation activities 80,191,609.17 437,657,072.41 - 81.68% M ainly due to i ncrease in the raw material purchases Net cash flow arising from investment activities 951,130,720.49 1,445,525,014.63 - 34.20% Mainly due to the year - on - year decrease in dividends received from participating companies Net cash flow arising from financing activities - 496,851,948.29 - 1,000,189,530.78 Mainly due to increase in borrowings Net increase of cash and cash equivalent 531,062,209.58 887,655,835.02 - 40.17% Major changes on profit composition or profit resources in reporting period □ Applicable √ Not applicable No major changes on profit composition or profit resources occurred in reporting period Constitution of operation revenue Unit: yuan Current period Same period of lat year Increase/decrease y - o - y(+, - ) Amount Ratio in operation revenue Amount Ratio in operation revenue Total operation revenue 9,037,691,756.24 100% 6,594,403,624.56 100% 37.05% According to industries Automobile components 8,767,778,890.21 97.01% 6,352,974,489.95 96.34% 38.01% Other business 269,912,866.03 2.99% 241,429,134.61 3.66% 11.80% According to products Diesel fuel management system 3,998,550,461.69 44.24% 2,698,345,643.33 40.92% 48.19% Automobile after - treatment system 4,379,307,721.36 48.46% 3,298,709,150.58 50.02% 32.76% Air management system 389,920,707.16 4.31% 355,919,696.04 5.40% 9.55% Other business 269,912,866.03 2.99% 241,429,134.61 3.66% 11.80% According to region Domestic 8,782,591,522.28 97.18% 6,479,404,165.51 98.26% 35.55% Foreign 255,100,233.96 2.82% 114,999,459.05 1.74% 121.83% The industries, products, or regions accounting for over 10% of the company’s operating revenue or operating profit √Applicable □ Not applicable Unit: yuan Operating revenue Operating cost Gross profit ratio Increase/decrease of operating revenue y - o - y Increase/decrease of operating cost y - o - y Increase/decrea se of gross profit ratio y - o - y According to industries Automobile components 8,767,778,890.21 7,264,238,382.73 17.15% 38.01% 38.21% - 0.12% According to products Diesel fuel management system 3,998,550,461.69 3,055,555,268.29 23.58% 48.19% 55.11% - 3.41% Automobile after - treatment system 4,379,307,721.36 3,948,752,250.29 9.83% 32.76% 30.08% 1.86% Air management system 389,920,707.16 259,930,864.15 33.34% 9.55% 3.76% 3.72% According to region Domestic 8,512,678,656.25 7,016,338,304.86 17.58% 36.47% 36.38% 0.05% Foreign 255,100,233.96 247,900,077.87 2.82% 121.83% 122.41% - 0.26% Under circumstances of adjustment in reporting period for statistic scope of main business data, adjusted main business based on latest one year’s scope of period - end □ Applicable √ Not applicable Reasons for y - o - y relevant data with over 30% changes √ Applicable □Not applicable Mainly due to the major growth from sales of the products of diesel fuel management system and auto exhaust after - treatment system IV. Analysis of non-main business √Applicable □Not applicable Unit: yuan Amount Ratio in total profit Note Whether be sustainable (Y/N) Investment income 1,105,771,532.34 61.19% The investment income mainly from the joint ventures RBCD and Zhonglian Electronics Y (The Company’s joint ventures RBCD and Zhonglian Electronics have stable production and operation both on a sustained basis) Gain/loss of fair value changes - 86,131,772.46 - 4.77% Mainly the fair value changes from investment on Guolian Securities Asset impairment - 103,997,387.44 - 5.76% Non - operating income 488,184.66 0.03% Non - operating expense 851,627.30 0.05% V. Assets and liability 1. Major changes of assets composition Unit: yuan End of the current period End of last year Ratio changes(+ , - ) Notes of major changes Amount Ratio in total assets Amount Ratio in total assets Monetary fund 2,459,226,978.01 8.85% 1,963,289,832.33 7.18% 1.67% Account receivable 4,213,530,522.34 15.17% 2,824,780,352.41 10.33% 4.84% Sales revenue increased Inventory 2,269,721,200.22 8.17% 2,877,182,174.64 10.52% - 2.35% Investment property 20,124,766.49 0.07% 20,886,681.62 0.08% - 0.01% Long - term equity investment 5,010,523,270.10 18.04% 4,801,488,290.97 17.56% 0.48% Fix assets 2,903,123,563.06 10.45% 2,882,230,191.08 10.54% - 0.09% Construction in progress 234,758,990.27 0.85% 243,795,493.04 0.89% - 0.04% Right - of - use assets 19,558,033.46 0.07% 0.07% Implementing the new lease standards in 2021 Short - term loans 1,209,809,417.24 4.36% 302,238,600.05 1.11% 3.25% Bank loans from WFLD increased due to the needs of production and operation Contractual liability 57,488,324.87 0.21% 81,717,387.25 0.30% - 0.09% Long - term loans 2,921,841.19 0.01% 3,050,640.97 0.01% Lease liability 16,761,771.80 0.06% 0.06% Implementing the new lease standards in 2021 2. Major foreign assets √Applicable □Not applicable Assets Formation reasons Assets size Location Operation model Controls to safeguard the security of assets Earnings status Foreign assets as a percentage of the Company’ s assets Whether there is a significant risk of impairment IRD Fuel Cells A/S （未完）  |