[中报]虹美菱B(200521):长虹美菱股份有限公司2023年半年度报告 (英文)
原标题:虹美菱B:长虹美菱股份有限公司2023年半年度报告 (英文) CHANGHONG MEILING CO., LTD. Semi-Annual Report 2023 August 2023 Section I. Important Notice, Contents and Interpretation Board of Directors, Supervisory Committee, all directors, supervisors and senior executives of Changhong Meiling 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. Mr. Wu Dinggang, Chairman of the Company, Mr. Pang Haitao, person in charge of accounting work and Mr. Yang Jun, person in charge of accounting organ (accountant in charge) hereby confirm that the Financial Report of 2023 Semi- Annual Report is authentic, accurate and complete. The Company did not have directors, supervisors and senior executives of the Company could not guarantee the reality, accuracy and completion of the whole contents or have objections. All the directors attended the board meeting to deliberating the Report by a combination of on-site and communication. Modified audit opinions notes □ Applicable √ Not applicable Risk warning of concerning the forward-looking statements with future planning involved in semi-annual report √ Applicable □Not applicable Concerning the forward-looking statements with future planning involved in the Report, they do not constitute a substantial commitment for investors, investors and the person concerned should maintain adequate risk awareness, furthermore, differences between the plans, forecast and commitments should be comprehended. Investors are advised to exercise caution of investment risks. Investors are advised to read the full text of semi-annual report, and pay particular attention to the following risk factors: More details about the possible risks and countermeasures in the operation of the Company are described in the report “X. Risks and countermeasures” of “Section III Management Discussion and Analysis”, investors are advised to read the relevant content. Securities Times, China Securities Journal, Hong Kong Commercial Daily and Juchao Website (www.cninfo.com.cn) are the media for information disclosure for year of 2023 that appointed by the Company. All public information under the name of the Company disclosed on the above said media and website shall prevail, and investors are advised to exercise caution. Does the Company need to comply with disclosure requirements of the special industry: No Profit distribution pre-plan or capitalizing of common reserves pre-plan deliberated by the Board in the semi-annual period □Applicable √Not applicable The Company has no plans of cash distribution, bonus shares and capitalizing of common reserves either. Directors, supervisor and senior executives of the Company respectively signed Written Confirmation Opinions for 2023 Semi-Annual Report. Supervisory Committee of the Company formed Written Examination Opinions for 2023 Semi-Annual Report. Contents I.Important Notice, Table of contents and Definitions 1 II. Company Profile and Main Financial Indexes 2 III. Management Discussion & Analysis 10 IV. Corporate Governance 33 V. Environmental & Social Responsibility 34 VI. Important Events 43 VII. Change of share capital and shareholding of Principal Shareholders 91 VIII. Situation of the Preferred Shares 98 IX. Corporate Bond 99 X. Financial Report 100 Documents Aavailable for Reference I.Financial statement carrying the signatures and seals of the Chairman, principal of the accounting works and person in charge of accounting organ; II. Original documents of the Company and manuscripts of public notices that disclosed in the website designated by CSRC in the report period; Definition
II. Company Profile and Main Financial Indexes I.Company Profile
(I) Way of contact Whether registrations address, offices address and codes as well as website and email of the Company changed in reporting period or not □ Applicable √ Not applicable Registrations address, offices address and codes as well as website and email of the Company has no change in reporting period, found more details in Annual Report 2022. (II) Information disclosure and preparation place Whether information disclosure and preparation place changed in reporting 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 2022. (III) Other relevant information Whether other relevant information has changed in reporting period or not □Applicable √Not applicable IV. Main accounting data and financial indexes Whether it has retroactive adjustment or re-statement on previous accounting data or not □Yes √No
(I) 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 has no 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) in reporting period. (II) 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 In RMB
accounting rules or Chinese GAAP (Generally Accepted Accounting Principles) in the period. (III) Reasons for the differences of accounting data under accounting rules in and out of China √ Applicable □ Not applicable The “Notice of Relevant Issues of Audit for Company with Domestically Foreign Shares Offering” was issued from CSRC dated 12 September 2007, since the day issuing, cancel the previous “dual audit” requirement for companies who offering domestically listed foreign shares (B-share enterprise) while engaging securities practice qualification CPA for auditing. The Company did not compile financial report under foreign accounting rules since 2007, the financial report of the Company is complying on the “Accounting Standard for Business Enterprise” in China, and therefore, there are no differences of accounting data under accounting rules in and out of China at period-end. VI. Items and amounts of non-recurring profit (gains)/losses √ Applicable □ Not applicable In RMB
There are no other gains/losses items that meet the definition of non-recurring gains/losses in the Company. Explain 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 Public --- Extraordinary Profit/loss □ Applicable √ Not applicable There are no 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 Public --- Extraordinary Profit/loss Section III Management Discussion and Analysis I. Main businesses of the company engaged in during the Period The Company is one of China's major electric appliance manufacturers, possesses four major domestic manufacturing bases in Hefei, Mianyang, Jingdezhen and Zhongshan, and two overseas manufacturing bases in Indonesia and Pakistan. Currently, we have completed the industry layout of white electricity basically, covering the full product line including refrigerator, washing machine, air conditioner, kitchen and bath, small household appliances and others, at the same time, the Company enters the new industrial fields as bio-medical and with certain achievements made. For more than 40 years, the Company has always been adhering to the "independent innovation, created in China", and always focus on the home appliance industry with great persistence, elaborately building the core competitiveness of enterprises by technological innovation and product innovation. Relying on the cutting-edge R&D team and advanced technology, Meiling continue to achieve breakthrough results in the variable frequency, intelligence, refreshment, thin-wall, odourless, energy-saving, forced air cooling, deep cooling and other fields. The Company has set up the first RoHS public testing center in Anhui Province, the national enterprise technology center, the national industrial design center, and the 5G industrial internet innovation application laboratory. In recent years, the Company has successively awarded several national honorary titles as the “Smart Refrigerator Intelligent Manufacturing Pilot Demonstration Project”, the “National Green Factory”, the “National Industrial Design Center” and “National Leading Enterprises of Qualify in Home Appliance Industry” etc. At the same time, many products of Meiling have repeatedly won a number of domestic awards, continuously demonstrating the capabilities and strength of Meiling's intelligent manufacturing and Meiling brand intelligent innovation technology. At the 2023 China Refrigerator Industry Summit Forum, Meiling won the 2023 China Refrigerator Industry Smart and Healthy Brand Award, and its product Meiling M-Fresh Refrigerator BCD-600WQ5S won the title of "Pioneer of Fresh Storage". At the same time, Meiling also was awarded the first batch of Embedding Grade Certification of Embedded Refrigerator issued by the Organizing Committee of the 2023 China Refrigerator Industry Summit and the participation certificate of Quality Classification and "Leader" Evaluation Requirements for Household Refrigerators; "Frozen fresh" BCD-506WP9BDZ refrigerator won the world record of "The World's Most Constant Temperature Refrigerator in the Freezer" by World Record Association; Changhong all-dust-free fresh air conditioner won the "Nanshan Award" trophy and honorary certificate personally awarded by Academician Zhong Nanshan, Chairman of China Brand Building Indoor Air Purification Brand Cluster and Honorary President of the Association; Meiling 10KG hand-washing-like drum washing machine RS2H100 set a world record in the World Record Association as "the fastest drum washing machine in the world for cleaning white shirts stained with 10ml old stains by clean water". In addition, the product also obtained CHCT certificate of "mother-baby household appliances certification" and CVC certificate of "product double safety standard certification"; Meiling range hood (CXW-188-MY-KD615) won the "Low Noise Range Hood Award" in the evaluation of 2023 FT Quality Award; Zhongke Meiling "XC-168L Intelligent Temperature Control Medical Blood Box" and "CX-1000 Chromatography Cabinet" passed the new product appraisal in Anhui Province and obtained the new product appraisal certificate in Anhui Province. In recent years, driven by the industry transformation and upgrades and consumption upgrades, the Company always adheres to the strategy of smart and variable frequency products, promoted the Company’s products to transform and upgrade to become intelligent and high-end and comprehensively enhanced the competitiveness of products in the industry by grasping the opportunities of refreshment, thin-wall, odourless, air cooling and energy efficiency upgrades and effectively resolving the pain points of customers. Under the guidance of the “intelligent” strategy, in recent year, the Company has released and listed a number of CHiQ series of smart refrigerators and air- conditioning products, “M-Fresh” refrigerators, “M-Fresh” comprehensive thin series products and “very clean” series of refrigerators, Meiling always leads the trend of the industry by solving the pain points of users effectively. During the reporting period, main income of the Company coming from refrigerator (freezer), air conditioner, washing machine, small home appliances, kitchen & toilet products and biomedical etc., total amounting to 12.735 billion yuan, a 99.27% of the operating income. II. Core Competitiveness Analysis (1) Brand capacity The Company is one of the famous home appliances manufacturers in China, owns several product lines such as refrigerator, The "Meiling" brand is listed as one of the most valuable brands in China, It has a younger sub-brand "AQNA", and in the meantime, it will gradually build the high-end product "M-Fresh" into a sub-brand of high-end fashion consumers, build a brand matrix and expand brand influence. The year 2023 is the 40th anniversary of the Company's founding. The Company adheres to the brand positioning of "Meiling, may the happiness come", and around the value proposition of "Beautiful China Fresh Meiling", and the brand association of "trend", "fun" and "freshness", creates a fresher lifestyle for consumers, shapes the brand impression of "Meiling = freshness" in consumers' minds, and accelerates brand revitalization. During the reporting period, the Company carried out and planned brand management activities such as event marketing and entering the campus around the young mainstream consumer groups, constantly improving brand activity and exposure, and accelerating well-knownness of the brand; It has been reported by mainstream media such as People's Daily for many times, which further enhanced the visibility and reputation of the Company's brand. In terms of products, M-fresh, Wide Narrow Door, Seamless and Frozen Fresh refrigerators have become the phenomenal faddish in the industry, the hand-washing-like washing machines with "kneading, striking and washing" have become the pioneers of hand washing, Changhong all-dust-free fresh air conditioners provide users with 5A fresh air solutions, and tea machines with special temperature and refrigerators with a temperature of -180° continuously enhances the core competitiveness of the brand. The Company constantly reshapes its brand image through differentiated innovation measures such as technological innovation, product innovation and service innovation, creates refrigerators that keep food fresher, washing machines that make clothes cleaner, air conditioners that make air fresher and household appliances that make water cleaner, thus creating a fresher life for consumers. (2) Product capacity The Company has a relatively advanced and refined R&D and quality assurance system, and passed the management system certifications such as ISO9001 and ISO14001. Its products are guaranteed with high quality and reliable performance. In the meantime, the Company has authoritative certifications such as "National Enterprise Technology Center", "National Industrial Design Center", "National Intellectual Property Demonstration Enterprise, National Industrial Product Green Design Demonstration Enterprise", "National Technological Innovation Demonstration Enterprise", "China Industry-University-Research Cooperative Innovation Demonstration Enterprise", "Anhui Green Energy-Saving Refrigerator Engineering Technology Research Center", "Anhui Energy-Saving and Fresh Green Refrigerator Engineering Research Center" and "Anhui Manufacturing Innovation Center" as strong guarantees. In terms of technical research, the Company is committed to the application of basic technology research and industrialization transfer, and has established a technical strategic plan with "intelligence, frequency conversion, simulation and fresh-keeping" as the core technologies and "refrigeration, new materials and foaming" as the key technologies. In terms of product R&D, it has established a three-layer R&D system, including technical research layer, platform module layer and product management layer. The product manager responsibility system with the product management as the main body is for product definition and development, internally driving cost reduction and efficiency improvement, externally driving sales promotion, which promotes the high integration of "research, production and marketing", and links up the value chain and business chain to achieve "the same desire and the same frequency and resonance". In terms of refrigerator products, the Company has been focusing on the refrigeration industry for 40 years, and has developed a number of different types of refrigerator products, mainly including "M-Fresh" first-generation series fresh-keeping refrigerators equipped with water molecule activation fresh-keeping technology, "M-Fresh" second-generation series fresh-keeping refrigerators with zero impact "and "slight freezing" fresh-keeping technologies, "Very Clean" second-generation refrigerators with upgraded odor purification technology, "Wide Narrow Door" series cross refrigerators, "Frozen Fresh" series refrigerators and French/Italian/two-door BCD- 401WP, large-capacity and ADF+ negative ion antibacterial "Magic Stone" series (O2O) glass door refrigerators, e- commerce "Worry-free Embedded" series cross BCD-501WPU9CX, French BCD-505WPU9CX, and "Seamless" series refrigerators that are flush with the cupboard. In terms of freezer products, it has developed the thin-walled defrosting and bacteriostatic freezers, -40°C cryogenic intelligent electric control freezers, DTEB series freezers with intelligent round screen display, large-volume commercial freezers, export vertical air-cooled freezers, SC- 270WE single-door refrigerated vertical display cabinets, and commercial kitchen cabinets. In terms of washing machine products, it released the hand-washing-like products on the "Very Thin" drum platform, which not only inherits the core functions of ultra-thin and large drum diameter, but also returned to the essence of washing machine to strive to create the "clean" washing machine, establishing Meiling's position as a pioneer in cleaning as hand washing, and demonstrating the hard-core strength of its washing machine products in the core technology field with triple efforts in cleaning technology, cleaner washing and ultra-high standard technology. In terms of export, it has actively laid out and enriched the product formation around the energy efficiency upgrade, and expanded customers. Its air-conditioning products adhere to the product concept of "good air (dust-free and clean) + good comfort (far-reaching and near soft cooling) + good sleep (constant temperature and fresh air)", focusing on the three dimensions of "air-air sense, air vent and air control" for product upgrading and serialization layout. The Company continuously expands the breadth and depth of air-conditioning products, and based on the traditional air supply mode, deeply studies the user's use scenarios of air-conditioners, and introduces Changhong double-wing wall- mounted Q7V air-conditioner, which realizes the ultimate air supply comfort experience of "keeping out the air without blocking the coolness, blowing the air without blowing people". In addition, in order to meet the needs of different users for air-conditioning products, the Company will gradually develop high-volume cabinet air- conditioner and double-wing wall-mounted air-conditioner products. For overseas markets, the Company takes "what is suitable is the best" as its product core strategy, relies on key customers, and focuses on analyzing customer and market demand and product benchmarking, so as to finally form a product portfolio suitable for customers and effectively meet their diversified needs. In terms of kitchen, household appliances, it adheres to product driving as the strategic support and market demand as the guidance, strengthens the R&D capabilities and optimizes product structure. During the reporting period, the intelligent tea machine launched integrates the essence of modern technology and traditional tea art, and with seven kinds of tea-making procedures, it subverts the traditional tea-making process and brings a new experience of tea drinking. In terms of kitchen and bathroom products, aiming at the water leakage of water heaters in the industry, the Company launched an integrated fine steel heating product, which completely eliminates the pain point of water leakage, and takes the lead in putting forward the 8-year warranty commitment, leading the product upgrade and service reform. In the meantime, it released the industry-leading gas self-adaptive fully premixed wall-hung boiler products, the thermal efficiency of which is higher than the national standard, and the emission of nitrogen oxides reaches five levels, achieving high efficiency, energy saving and green emission. The gas self-adaptive function better adapted to the climate and gas source changes, and the fully premixed load adjustment ratio reached 1:10, greatly improving the user's comfortable experience. In terms of the biomedical development, the Company adhered to the brand concept of "taking products as the main carrier and delivering core values to users", focused on the field of life sciences, continued to promote product iterative innovation and quality upgrading based on user scenario-based needs, and provided users with professional full-scenario solutions, so as to shape a safe and stable brand image and continuously enhanced brand influence. In the field of low-temperature storage in life science, it has independently developed a series of high-efficiency refrigeration system products, and adopted innovative auto-cascade technology, which greatly improved the stability and reliability of the products, and realized the 100% localization rate of the parts of this series of products, breaking the monopoly of foreign countries in the field of ultra-low-temperature refrigerated storage. Its technologies of "double engines and double frequency conversion" and "equipment full-time management" developed on the basis of high-efficiency refrigeration system broke through the existing domestic ultra-low-temperature refrigeration technology level, obviously improving the product competitiveness. The newly-launched Ruigu series desktop high- speed centrifuges are in the forefront of China in terms of centrifugal force, rotational speed, precision and vibration after repeated tempering in many dimensions, with all performances fully in line with the requirements of centrifugal preparation equipment for biological components, thus guaranteeing the safety of multi-scenario laboratories. (3) Operation capacity The Company continues to carrying out bench-marking activities to improve the operation and management standards and competitiveness of the Company. At the same time, the internal management capability has been continuously improved by continuing to carry out the improvement work in "human efficiency, money efficiency and material efficiency". The company established a hierarchical sharing system with clear goals, quantitative indicators, performance-oriented performance appraisal and incentives to activate internal productivity. Taking value chain management as the main line, continued to carry out value creation work, and enhanced the company's competitiveness. At the same time, continuously improved the internal control system and improved the ability to prevent risks. (4) Marketing ability The Company has established a relatively complete sales network and service system, which can provide users with high-quality services covering all categories of white goods. The domestic market is actively accelerated to realize the marketing transformation from product line-oriented sales management to channel- and user-oriented business services, from single-category marketing to full-category marketing, quickly building an operation management system with reasonable commercial inventory management as the core and a value management system core with terminal retail price; through determined bench marking match, achieved products leading and efficiency improvement and builds the capability for marketing system and development potential for long period of time. For overseas markets, through internal and external cooperation, the Company makes full use of the excellent marketing strategy and distribution experience accumulated by China household appliances, and combines the consumption and usage habits of the local market to drive the promotion of comprehensive marketing capabilities for the international market. It actively explores the market, consolidates core customers, explore potential customers, cooperates with internationally renowned household appliance brands and large-scale electrical appliance chain channels, and continuously optimizes the customer structure. It strengthens the cooperation between ice washing and ice belt washing, realizes the rapid growth of washing machine export and balances the industrial structure. It accelerates the construction of overseas brands, enhances the popularity of overseas brands, promotes "one country, one policy", and tailors market strategies to promote market expansion. III. Main Business Analysis (1) Overview Whether the disclosure is the same as the main businesses of the company engaged in during the Period □Yes √No 1. Overview In the first half of 2023, the performance of the domestic household appliance market was less than expected. Although the overseas market rebounded in the second quarter, the household appliance market has already entered a mature stage, and the industry is facing a situation of saturation and weak growth. The household appliance industry has entered a new cycle of inventory game. In the first half of the year, the Company's revenue scale achieved year-on-year growth, profitability improved, and achieved benign development. Its operating income increased by 25.47% and its net profit increased by 408.88%. 2. Progress of the company's development strategy and business plan during the reporting period During the reporting period, according to the development strategy, the Company focused on "one goal", closely followed "three main lines", implemented "four management systems" and unswervingly deepened marketing transformation into business ideas, and actively promoted the implementation of business plans. 1. Refrigerator industry At home, adhere to value orientation, improve efficiency in an all-round way, and achieve benign growth in performance. With commercial inventory turnover as the core, improve the capability of the whole supply chain, and realize the improvement of capital efficiency through retail drive. Upgrade "fresh, thin, large and embedded" with users as the center, integrate product planning ability, R&D and manufacturing ability, marketing promotion ability and user service ability, and realize the improvement of product gross profit margin. Consolidate its own channels offline to increase scale, focus on refined operations online to improve capacity, expand the pre-installation market to achieve rapid growth, and achieve double growth in both scale profit and loss in the market. Benchmark and establish a full-value linked accounting system to greatly improve management efficiency and manufacturing efficiency. Overseas, give full play to the advantages of industrial supply chain and domestic and foreign sales synergy, and promote product frequency conversion, energy saving and air cooling in combination with overseas market demand; implement "determining production by refrigerator" to promote the efficiency of capital and inventory, and promote product efficiency through product globalization promotion. During the reporting period, the Company's refrigerator (freezer) business realized an income of about RMB 4.098 billion, with a year-on-year increase of 22.54%. 2. Air conditioning industry In domestic air conditioning, implement the marketing strategy of "zone management, channel expansion, product upgrade and comprehensive retail". Under the framework of the overall strategy of benign operation, through channel expansion and product upgrade, constantly increase the market share of the base area, constantly improve the market position, and rapidly increase the online scale, achieving obvious effect of cost reduction and efficiency increase, and constant improvement of profitability. During the reporting period, the Company's domestic air-conditioning retail sales grew well, and CHIQ air-conditioning retail sales increased significantly year on year. The construction of the granary area was further strengthened. The offline self-owned channels and O2O channels increased substantially year on year, and the capital efficiency turnover increased steadily. In terms of overseas air conditioners, accelerate channel development and deepen customer transformation, further consolidate key regional markets such as the Middle East, Latin America and Africa, and continuously increase the revenue share of TOP10 customers and new customers. Under the guidance of determining production by "sales" and integrated and efficient operation of the whole value chain, improve the overall manufacturing efficiency, reduce the cost, and achieve obvious scale effect. Improve development efficiency, realize smooth platform switching and year-on-year increase of the conversion rate of development projects and orders, achieve the annual set target of order quantity of newly developed product platforms and frequency conversion products, further enhance product competitiveness, and provide certain guarantee for sustained business growth. Reach a new high in production capacity, and increase the output in the first half of the year significantly year on year. During the reporting period, the Company's air-conditioning business realized an income of about RMB 6.997billion, with a year-on-year increase of 30.78%. 3. Washing machine industry In washing machines, the Company insists on differentiated competition and optimizes and adjusts the product structure. In the domestic market, based on the base market, focus on promoting outlet development, deepen channel transformation, and achieve scale improvement. Give full play to the "Very Thin" differentiated competitive advantage, closely focus on the needs of users, and launch the "Hand-Washing-Like" series drum washing machines, defining the positioning of drum waist products, and further enhancing the competitiveness of high-end products of Meiling washing machines. In terms of foreign markets, expand customer order resources through ice washing cooperation and achieve a huge breakthrough in overseas markets; Focus on ultra-thin drum, focus on resource investment, quickly enrich the export product matrix, and significantly improve product profitability; Promote the timely delivery of new products and comprehensively improve the customer service satisfaction. During the reporting period, the Company's washing machine business realized an income of about RMB 0.557 billion, with a year-on-year increase of 41.71%. 4. Kitchen, bathroom and household appliance industry Through accumulation and precipitation, sort out and determine the development direction with tea, cleaning and heating as the "troika" in kitchen, bathroom and household appliance industry, focus on the core product areas and help the high-quality development of the industry. Continue to promote the iteration of product technology update, promote the successful launch of new products, optimize production processes, accelerate the upgrading of product structure, improve the marketing network system, and constantly innovate and seek breakthroughs from R&D, production to marketing. During the reporting period, the Company's kitchen, bathroom and household appliance business realized an income of about RMB 0.853 billion, with a year-on-year increase of 17.21%. 5. Biomedical In the biomedical industry, the Company commits to the field of life sciences, focuses on the scenario needs of users, continuously enhances the research on core technologies such as ultra-low temperature refrigeration, automation and informatization, optimizes the R&D process, and stimulates innovation vitality, dedicated to providing users with professional full-scenario solutions. It insists on user-orientation, deeply subdivides the market channel layout, improves the professional service level and constantly shapes the brand value; Promotes the standardization of production technology, improves the management level of value chain, continuously enhances product quality and production efficiency, and provides users with first-class product and service experience. In the biomedical industry, the Company mainly develops on the platform of its subsidiary Zhongke Meiling, and its products are mainly the end products such as low-temperature and ultra-low-temperature storage equipment for biological cells in the full temperature range from -180°C to 8°C, liquid nitrogen biological containers at -196°C, biosafety cabinets, clean benches, high-speed refrigerated centrifuges, as well as medical cold chain equipment and related comprehensive system solutions in the biomedical field. At present, the Company's products and solutions have been widely used in medical system, blood system, disease control system, health system, universities and scientific research institutions, biomedical enterprises, and genetic engineering and material research fields. During the reporting period, the Company's biomedical business realized an income of about RMB 0.127 billion, with a year-on-year decrease of 40.53%. (2)Y-o-y changes in the key financial data In RMB
 |