On April 23rd, JASIC announced its 2022 first quarter business results. This quarter JASIC reached a 12.05% YoY growth rate in its total operating revenue while recorded a 14.52% YoY decrease in net profit attributable to shareholders.

First Quarter 2022 Financial Performance

JASIC total operating revenue amounted to RMB340.18 million ($53.57 million*) for the first quarter of 2022, up 12.05% compared to one year ago.

Period	2020-Q1	2021-Q1	2022-Q1
Total operating revenue	141,479,478.04	303,596,900.73	340,180,758.42

Operating income plunged to RMB57.24 million, decreased by 13.53% year over year. Total profits were RMB57.10 million, down 14.01% compared with the first quarter of 2021. Net profit attributable to shareholders was RMB48.44 million, drop 14.52% from the previous year. Earnings per share were RMB0.10, falling 16.67% from the last year.

The loss in profit is primarily attributable to the following factors:

• The uncertainties caused by recent COVID-19 lockdowns in key Chinese cities
• Macroeconomic headwinds aggravated by recent geopolitical crisis
• The decrease of government subsidies
• The corporate investment dividend is not yet credited to the company’s account
• The free cash flow loss caused by the recent weakening Chinese yuan against the US dollar

Period	2020-Q1	2021-Q1	2022-Q1
Operating income	38,243,379.20	66,195,368.52	57,240,379.80
Total profits	33,653,737.74	66,405,666.20	57,100,640.68
Net profit attributable to shareholders	28,702,752.11	56,669,853.04	48,442,140.30
Earnings per share	0.06	0.12	0.10

*exchange rate at the end of March 2022: US$1 = CNY6.3500