Financial Performance - The company reported a total revenue of RMB 1.2 billion for the first half of 2022, representing a year-on-year increase of 15%[2]. - The net profit attributable to shareholders was RMB 150 million, a decrease of 10% compared to the same period last year[2]. - The company's operating revenue for the first half of the year reached ¥2,199,185,762.61, representing an increase of 8.91% compared to the same period last year[23]. - The net profit attributable to shareholders was -¥224,508,631.00, with a net profit excluding non-recurring gains and losses of -¥239,472,941.13[23]. - The company reported a total of 154,261,701.74 RMB in guarantees provided to subsidiaries during the reporting period[132]. - The company reported a total cash inflow from operating activities of 7,795,411.59 RMB, a decrease from 30,638,337.94 RMB in the previous period, highlighting a decline in revenue generation[184]. - The company reported a net loss of CNY -231,011,335.49 for the current period[197]. User Growth and Market Expansion - User data showed an increase in active users by 20%, reaching a total of 5 million active users by the end of June 2022[2]. - Market expansion efforts include entering two new international markets, aiming for a 5% market share in each by the end of 2023[2]. - The company plans to launch three new products in the second half of 2022, focusing on AI and IoT technologies[2]. - The company plans to focus on new product development and market expansion strategies in the upcoming quarters[175]. Research and Development - The company is investing RMB 200 million in R&D for new technologies, particularly in 5G and cloud computing[2]. - The company is committed to digital transformation by integrating IoT, big data, and AI technologies into its business operations[42]. - The company focuses on high-density interconnect (HDI) technology and has established long-term partnerships with major clients in the 5G market, supporting the production of 5G mobile phones and communication base stations[42]. Environmental Compliance - The company’s PCB production bases in Zhuhai and Chongqing are classified as key pollutant discharge units by environmental protection authorities[75]. - The company has established an environmental management department to oversee the operation and maintenance of pollution control facilities, ensuring compliance with ISO 14001 standards[84]. - The company has made significant investments in environmental protection, continuously improving pollution control facilities according to national policies[84]. - The company has not faced any administrative penalties related to environmental issues during the reporting period[91]. Financial Challenges and Risks - The company faces risks including potential delisting due to negative net assets and ongoing financial losses[61]. - The company is facing significant uncertainty regarding its restructuring process, as creditors have applied for restructuring due to the company's inability to repay debts[111]. - The company reported a continuous loss during the reporting period, with an increased debt-to-asset ratio and tight liquidity, leading to overdue borrowings[110]. - The company is monitoring the progress of its restructuring plan and will fulfill its information disclosure obligations accordingly[147]. Shareholder Information - The company has a total of 140,117 common stock shareholders as of the end of the reporting period[140]. - The largest shareholder, Beida Forward Information Industry Group Co., Ltd., holds 276,333,368 shares, representing 12.59% of the total shares[140]. - The company has not engaged in any loan business with related parties during the reporting period[125]. Legal and Regulatory Matters - The company has been under investigation for alleged violations of information disclosure since 2019, related to previous administrative penalties by the China Securities Regulatory Commission[117]. - As of August 15, 2022, the Shanghai Financial Court accepted a total of 1,505 lawsuits from investors, with a total claim amount of approximately 246 million yuan, and the company has already settled claims amounting to about 128 million yuan[116]. Operational Efficiency - The company's operating costs rose by 11.28% to 1.846 billion RMB, reflecting the increase in revenue[47]. - The net cash flow from operating activities was -20,016,910.05 RMB, compared to -17,196,740.83 RMB in the previous period, indicating a decline in operational performance[182]. - The total cash and cash equivalents at the end of the period were 182,521,352.10 RMB, down from 384,146,724.11 RMB, indicating a significant reduction in liquidity[182].

Financial Performance - The company reported a loss for the fiscal year 2021, with the year-end undistributed profits for the parent company being negative, leading to no profit distribution or capital reserve transfer to share capital [7]. - The company's operating revenue for 2021 was approximately ¥5.43 billion, a decrease of 9.06% compared to ¥5.97 billion in 2020 [26]. - The net profit attributable to shareholders was approximately -¥1.21 billion in 2021, compared to -¥0.92 billion in 2020, indicating a significant loss [26]. - The net cash flow from operating activities was -¥15.58 million in 2021, a sharp decline from ¥673.95 million in 2020 [26]. - The total assets decreased by 10.23% to approximately ¥8.15 billion at the end of 2021, down from ¥9.08 billion at the end of 2020 [26]. - The basic earnings per share for 2021 was -¥0.5520, compared to -¥0.4190 in 2020 [27]. - The diluted earnings per share also stood at -¥0.5520 for 2021, reflecting the same trend as basic earnings [27]. - The company reported a net asset attributable to shareholders of -¥700.94 million at the end of 2021, a decrease of 198.85% from ¥709.09 million at the end of 2020 [26]. - The company experienced a quarterly revenue of ¥2.17 billion in Q4 2021, which was the highest among the four quarters [29]. - The net profit attributable to shareholders in Q4 2021 was -¥762.63 million, marking a significant loss for the quarter [29]. Audit and Compliance - The company received a qualified audit opinion from its accounting firm, indicating concerns regarding the financial statements [5]. - The company has confirmed that there are no issues with the majority of directors being unable to ensure the truthfulness, accuracy, and completeness of the annual report [9]. - The company’s financial report has been declared true, accurate, and complete by its responsible executives [6]. - The company has not violated decision-making procedures for providing guarantees [9]. - The company did not have any non-operating fund occupation by controlling shareholders or related parties [9]. Business Segments and Revenue Sources - PCB business achieved revenue of 3.2 billion CNY, remaining flat year-on-year, with a net profit of -7.58 million CNY due to significant relocation costs and increased depreciation during the ramp-up period [38]. - Internet access service business revenue decreased by 7.47% to 425 million CNY, with a net loss of 729 million CNY, impacted by debt defaults and intense market competition [39]. - IT system integration and solution business revenue fell by 23.11% to 1.563 billion CNY, resulting in a net loss of 274 million CNY due to reduced order sizes and delayed delivery [42]. Market Trends and Industry Outlook - The global PCB industry is projected to grow, with a total market value of 80.449 billion USD in 2021, reflecting a year-on-year increase of 23.4% [43]. - The number of fixed internet broadband users in China reached 536 million, with a net increase of 52.24 million users in the year, indicating a growing demand for high-speed internet [43]. - Emerging business sectors in telecommunications achieved revenue of 222.5 billion CNY, growing by 27.8% year-on-year, driven by data center and cloud computing services [47]. - The software and information technology service industry in China reported a revenue of 9.499 trillion CNY, with a year-on-year growth of 17.7% [47]. Strategic Initiatives and Future Plans - The company is focusing on digital transformation in public security and transportation sectors, launching multiple integrated platforms to enhance operational efficiency [40]. - The company plans to optimize its IDC business and strengthen channel cooperation to improve service quality amid competitive pressures [39]. - The company aims to become a leader in full-channel intelligent contact center outsourcing services through talent development and scale expansion [102]. - The company plans to enhance its PCB business by focusing on high-value products and services, while also optimizing customer management and order structures [102]. - The broadband division will shift towards asset cooperation and light asset service models, deepening collaboration with telecom operators [102]. Financial Management and Risks - The company is experiencing financial difficulties, with negative net assets and overdue loans, which could lead to potential legal and operational risks [109]. - The company faces a risk of stock delisting due to negative net assets reported at the end of 2021, which may trigger a warning under the Shanghai Stock Exchange rules [107]. - The company is challenged by a shortage of high-end talent in emerging fields such as cloud computing and artificial intelligence, impacting its ability to innovate [109]. - The company’s revenue from PCB operations is sensitive to fluctuations in the USD/RMB exchange rate, which could affect material costs and product pricing [109]. Environmental Compliance and Social Responsibility - The company has implemented stable wastewater and air pollution treatment systems, ensuring compliance with national environmental standards [172]. - The company has passed ISO 14001 audits, demonstrating adherence to environmental management standards [172]. - The company has actively engaged in social responsibility initiatives, including poverty alleviation and community support activities [185]. - The company has established a volunteer team to support local government pandemic prevention efforts, receiving high praise from local authorities [185]. Corporate Governance - The company held two shareholder meetings, six board meetings, and three supervisory board meetings during the reporting period [116]. - The independent directors account for one-third of the total number of directors on the board [116]. - The company has established a financial and accounting management system to ensure independent accounting [116]. - The company has implemented a performance evaluation and incentive mechanism for middle management, including a competitive recruitment and elimination system [116].

Financial Performance - The company's operating revenue for Q1 2022 was ¥979,784,981.12, representing a 4.48% increase compared to ¥937,750,206.04 in the same period last year[6] - Total operating revenue for Q1 2022 was approximately ¥979.78 million, an increase from ¥937.77 million in Q1 2021, representing a growth of about 4.3%[34] - Total operating costs for Q1 2022 were approximately ¥1.11 billion, up from ¥1.06 billion in Q1 2021, indicating an increase of about 4.5%[34] - Net loss for Q1 2022 was approximately ¥130.03 million, slightly improved from a net loss of ¥132.90 million in Q1 2021[38] - The total comprehensive income attributable to the parent company was -130,756,689.14 CNY, compared to -132,380,436.71 CNY in the same period last year, showing a slight improvement[40] Profitability and Earnings - The net profit attributable to shareholders was a loss of ¥129,358,786.90, an improvement from a loss of ¥139,923,748.83 in the previous year[6] - The basic earnings per share for the quarter was -¥0.0589, compared to -¥0.0637 in the previous year[9] - Basic and diluted earnings per share were both -0.0589 CNY, compared to -0.0601 CNY in the previous year[40] Cash Flow - The net cash flow from operating activities was ¥85,529,970.55, a significant recovery from a negative cash flow of ¥101,396,413.46 in the same period last year[9] - Cash inflow from operating activities totaled 1,344,880,056.36 CNY, down from 1,499,226,832.23 CNY year-over-year[40] - Cash outflow from operating activities was 1,259,350,085.81 CNY, compared to 1,597,787,640.52 CNY in the same period last year[44] - Net cash flow from operating activities was 85,529,970.55 CNY, a significant recovery from -98,560,808.29 CNY in the previous year[44] - Cash outflow from investing activities was 148,259,405.00 CNY, up from 137,984,425.67 CNY year-over-year[44] - Net cash flow from financing activities was -209,089,896.94 CNY, compared to 31,387,927.61 CNY in the same period last year[46] - The ending balance of cash and cash equivalents was 108,071,373.96 CNY, down from 398,599,604.03 CNY year-over-year[46] Assets and Liabilities - Total assets at the end of the reporting period were ¥8,033,696,137.71, a decrease of 1.47% from ¥8,152,257,244.63 at the end of the previous year[9] - As of March 31, 2022, the company's total assets amounted to approximately RMB 8.03 billion, a decrease from RMB 8.15 billion as of December 31, 2021, reflecting a decline of about 1.5%[25] - The total liabilities as of the end of the reporting period were approximately ¥8.85 billion, a slight increase from ¥8.84 billion in the previous period[32] - The total equity attributable to shareholders was approximately -¥831.69 million, compared to -¥699.93 million in the previous period, indicating a decline in shareholder equity[32] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 148,994[17] - The largest shareholder, Beida Fengzheng Information Industry Group Co., Ltd., held 12.59% of the shares[17] - The equity attributable to shareholders was -¥831,693,562.01, down from -¥700,936,872.87 at the end of the previous year[9] Legal and Regulatory Issues - The company has faced legal challenges, with 1,505 lawsuits filed against it, claiming a total of approximately RMB 248 million in damages[21] - The company has been under scrutiny due to past administrative penalties related to undisclosed related party transactions from 2004 to 2015[21] Corporate Restructuring - The restructuring plan for the company was completed, with new ownership structures established, including a significant stake held by Ping An Life Insurance at approximately 66.51%[24] - The company is in the process of changing its actual controller from the Ministry of Education to a state of no actual controller, pending completion of the ownership change[24] Accounting Adjustments - The company has implemented retrospective adjustments to previous financial data in accordance with new accounting standards[9] Other Financial Metrics - The company reported non-recurring gains and losses totaling ¥5,021,499.65 for the quarter[16] - Research and development expenses for Q1 2022 were approximately ¥71.31 million, a decrease from ¥73.63 million in Q1 2021, reflecting a reduction of about 3.1%[34] - The company reported a financial expense of approximately ¥68.43 million in Q1 2022, up from ¥55.86 million in Q1 2021, marking an increase of about 22.5%[34] - The deferred income tax liabilities were approximately ¥93.19 million, down from ¥104.59 million in the previous period, indicating a decrease of about 10.9%[32] - The total non-current liabilities were approximately ¥604.52 million, a decrease from ¥637.19 million in the previous period, reflecting a reduction of about 5.1%[32] - The company reported a total of ¥1.32 billion in other payables, slightly up from ¥1.30 billion in the previous period, indicating a growth of about 1.0%[32] - Accounts receivable decreased to RMB 1.14 billion from RMB 1.28 billion, representing a decline of about 10.9%[25] - Inventory increased to RMB 1.36 billion from RMB 1.31 billion, showing an increase of approximately 3.3%[29] - The company's short-term borrowings were reported at RMB 1.72 billion, slightly down from RMB 1.74 billion, a decrease of about 1.5%[29]

Financial Performance - The company reported a loss for the year 2021, with a negative retained earnings balance at the end of the period[7]. - The company will not distribute profits or increase capital reserves due to the reported losses for the year[7]. - The company's operating revenue for 2021 was approximately ¥5.43 billion, a decrease of 9.06% compared to ¥5.97 billion in 2020[26]. - The net profit attributable to shareholders was approximately -¥1.21 billion in 2021, compared to -¥919.59 million in 2020, indicating a significant loss[26]. - The net cash flow from operating activities was -¥15.58 million in 2021, a sharp decline from ¥673.95 million in 2020[26]. - The total assets decreased by 10.23% to approximately ¥8.15 billion at the end of 2021, down from ¥9.08 billion at the end of 2020[26]. - The basic earnings per share for 2021 was -¥0.5520, compared to -¥0.4190 in 2020, reflecting worsening financial performance[27]. - The weighted average return on equity was not applicable in 2021, while it was -70.36% in 2020[27]. - Non-recurring losses for 2021 totaled approximately -¥115.93 million, significantly impacting the overall financial results[31]. - The company's net assets attributable to shareholders were -¥700.94 million at the end of 2021, a decrease of 198.85% from the previous year[26]. Business Segments Performance - PCB business achieved revenue of 3.2 billion CNY, remaining flat year-on-year, with a net profit of -7.58 million CNY due to significant relocation costs and increased depreciation during the production ramp-up period[38]. - Internet access service business revenue decreased by 7.47% to 425 million CNY, with a net loss of 729 million CNY, impacted by debt defaults and intense market competition[39]. - IT system integration and solution business revenue fell by 23.11% to 1.563 billion CNY, resulting in a net loss of 274 million CNY due to reduced order volume and delayed delivery[42]. Market Trends - The global PCB industry is projected to grow, with a total market value of 80.449 billion USD in 2021, reflecting a year-on-year increase of 23.4%[43]. - The number of fixed internet broadband users in China reached 536 million, with a net increase of 52.24 million users in the year, indicating a growing demand for high-speed internet[43]. - Emerging businesses in the telecommunications sector achieved revenue of 222.5 billion CNY, growing by 27.8% year-on-year, driven by data center and cloud computing services[47]. - The software and information technology service industry in China reported a revenue of 9.499 trillion CNY, with a year-on-year growth of 17.7%[47]. Strategic Focus - The company plans to continue focusing on market expansion and new product development to improve future performance[29]. - The company is focusing on digital transformation and smart technology integration to enhance its service offerings in various sectors, including public safety and transportation[40]. - The company plans to continue optimizing its technology services and expanding its market presence in key urban areas[39]. - The company aims to deepen strategic partnerships with telecom operators to improve its broadband access services and expand its user base[85]. Corporate Governance - The company held two shareholder meetings, six board meetings, and three supervisory board meetings during the reporting period[99]. - The independent directors account for one-third of the total number of directors on the board[99]. - The company ensures the independence of its operations and decision-making from its controlling shareholders[102]. - The company has established a financial and accounting management system to ensure independent accounting[99]. - The company has implemented a performance evaluation and incentive mechanism for middle management, including a competitive recruitment and elimination system[99]. Environmental Compliance - The company operates three key pollution discharge units in Zhuhai and Chongqing, with specific pollutant discharge data provided[148]. - The company has implemented stable wastewater and air pollution treatment systems across its facilities, ensuring compliance with environmental standards[155]. - The company has passed ISO 14001 audits and strictly adheres to national laws and industry standards regarding pollution control[155]. - The company reported no administrative penalties due to environmental issues during the reporting period[162]. Financial Risks and Challenges - The company faces a risk of stock delisting due to negative net assets reported at the end of 2021, which may trigger a warning under the Shanghai Stock Exchange rules[90]. - Future operational uncertainties arise from the ongoing restructuring process, with potential impacts from changes in the controlling shareholder[93]. - The company is experiencing liquidity issues, with overdue borrowings that could lead to cross-default risks if not resolved[93]. - The company has ongoing significant litigation involving claims totaling approximately RMB 386 million against eight companies for unpaid debts[192]. Related Party Transactions - The company engaged in related party transactions, including purchasing computer-related products and services from Founder Group and its subsidiaries, totaling CNY 1,170.42 million[198]. - The company also sold products and services to Founder Group, amounting to CNY 914.51 million for computer-related products and CNY 769.10 million for broadband-related products[198].

Financial Performance - The company's operating revenue for Q3 2021 was ¥1,247,327,565.22, representing a decrease of 1.43% compared to the same period last year[6]. - The net profit attributable to shareholders for Q3 2021 was -¥225,438,577.71, with a year-to-date net profit of -¥449,013,111.14[6]. - The basic earnings per share for Q3 2021 was -0.1027, and the diluted earnings per share was also -0.1027[10]. - The weighted average return on equity decreased by 65.76 percentage points to -69.20% for Q3 2021[10]. - Total operating revenue for the first three quarters of 2021 was CNY 3,263,951,943.97, a decrease from CNY 3,452,341,748.23 in the same period of 2020, representing a decline of approximately 5.45%[36]. - The net loss attributable to shareholders was CNY 2,145,908,008.94, compared to a loss of CNY 1,696,894,897.80 in the previous year, indicating a worsening of approximately 26.49%[35]. - The net profit for the third quarter was -450,547,684.65 RMB, compared to -170,066,920.88 RMB in the same period last year, indicating a significant increase in losses[40]. - Operating profit for the quarter was -424,526,138.84 RMB, worsening from -115,128,302.22 RMB year-over-year[40]. - The company reported a decrease in total comprehensive income, with a total of -520,435,975.18 RMB for the quarter, compared to -169,443,831.86 RMB last year[42]. Assets and Liabilities - Total assets at the end of Q3 2021 amounted to ¥9,179,234,377.65, an increase of 2.15% from the end of the previous year[10]. - The equity attributable to shareholders decreased by 70.88% to ¥213,194,631.33 compared to the end of the previous year[10]. - Total liabilities reached CNY 8,953,308,289.49, compared to CNY 8,240,048,535.41 in the previous year, indicating a rise of about 8.66%[33]. - The company's total assets increased to CNY 9,179,234,377.65 from CNY 8,986,410,598.75, reflecting a growth of approximately 2.15%[35]. - The company's total equity was CNY 746,362,063.34, remaining stable compared to the previous reporting period[58]. Cash Flow and Financial Position - The net cash flow from operating activities for the year-to-date was -¥90,472,279.39, reflecting a decrease of 122.69%[10]. - The company reported a significant drop in cash reserves, which may impact its operational liquidity and investment capabilities moving forward[26]. - As of September 30, 2021, the company's cash and cash equivalents amounted to RMB 535,462,750.41, a decrease from RMB 953,368,693.51 as of December 31, 2020, representing a decline of approximately 43.8%[26]. - The cash and cash equivalents at the end of the period were 233,566,930.59 RMB, down from 444,342,381.62 RMB at the end of the previous year[49]. - Cash flow from operating activities showed a net outflow of -90,472,279.39 RMB, contrasting with a positive inflow of 398,771,485.99 RMB in the same period last year[45]. Shareholder and Ownership Changes - The total number of ordinary shareholders at the end of the reporting period was 157,722[18]. - The restructuring plan for the company’s controlling shareholder, Beida Jade Bird Group, was approved, leading to a change in control to a new entity, with Ping An Life Insurance expected to hold 70% of the new group[25]. - The new ownership structure post-restructuring includes Ping An Life holding 66.5%, Zhuhai Huafa Group holding 28.5%, and a creditor platform holding approximately 5%[25]. - The actual control of the company is expected to change to a state of no actual controller, which may influence governance and strategic direction[25]. Legal and Regulatory Issues - The company faced a total of 1,505 lawsuits from investors due to alleged false statements, with a total claim amount of approximately RMB 246 million, of which 1,472 cases have been resolved with a compensation amount of about RMB 116 million[22]. - The company is under scrutiny due to past regulatory penalties and ongoing litigation, which may affect investor confidence and market perception[22]. Operational Challenges - The company reported a significant increase in losses due to adjustments in the communication market and decreased capacity utilization in the PCB business[15]. - There is no indication of market expansion or acquisition strategies mentioned in the latest financial disclosures[24]. - The company has not disclosed any new product developments or technological advancements in the recent reports[24]. Expenses - Research and development expenses increased to 230,641,278.07 RMB, up from 213,476,580.19 RMB year-over-year[40]. - Sales expenses rose to 238,403,716.00 RMB, compared to 226,061,948.62 RMB in the previous year[40]. - The company incurred financial expenses of 161,708,118.83 RMB, slightly down from 168,369,210.14 RMB year-over-year[40].

Financial Performance - The company's operating revenue for the first half of 2021 was ¥2,016,624,378.75, a decrease of 7.79% compared to ¥2,186,910,531.55 in the same period last year [21]. - The net profit attributable to shareholders of the listed company was -¥223,574,533.43, compared to -¥106,966,203.15 in the previous year, indicating a worsening performance [21]. - The net cash flow from operating activities was -¥28,066,210.80, a significant decline of 120.02% from ¥140,220,185.34 in the same period last year [21]. - The net assets attributable to shareholders of the listed company decreased by 40.12% to ¥438,406,012.41 from ¥732,096,033.00 at the end of the previous year [21]. - Total assets decreased by 1.85% to ¥8,820,448,817.01 from ¥8,986,410,598.75 at the end of the previous year [21]. - The company reported a net profit excluding non-recurring gains and losses of -¥232,114,215.01, compared to -¥132,721,043.65 in the same period last year [21]. - Basic earnings per share for the reporting period (1-6 months) is -0.1019 CNY, compared to -0.0487 CNY in the same period last year, indicating a significant loss [22]. - The weighted average return on equity decreased to -38.20%, down 32.36 percentage points from -5.84% in the previous year [22]. - The company reported a net loss attributable to shareholders of approximately ¥1.92 billion, compared to a loss of ¥1.70 billion in the previous period [156]. - The company reported a significant credit impairment loss of ¥142.45 million during the first half of 2021 [173]. Revenue and Costs - Operating revenue decreased by 7.79% to ¥2,016,624,378.75 compared to ¥2,186,910,531.55 in the same period last year [40]. - Operating costs fell by 5.34% to ¥1,653,453,138.89, reflecting the decrease in revenue [40]. - The total profit of the software industry reached CNY 49.99 billion, with a year-on-year increase of 13.6% [33]. - PCB business revenue decreased to CNY 1.464 billion, down 9.81% year-on-year, with net profit dropping 58.63% to CNY 80 million [37]. - Internet access service revenue was CNY 210 million, a decrease of 6.01% year-on-year, with a net loss of CNY 139 million, remaining stable compared to the previous year [37]. - IT system integration and solution business revenue increased to CNY 217 million, a year-on-year growth of 4.69%, with a net loss of CNY 12.3 million, a decrease in loss of CNY 1.8442 million [37]. Market and Industry Trends - The PCB industry is projected to reach a global market value of 86.325 billion USD by 2025, with an average annual growth rate of 5.8% [30]. - The number of fixed internet broadband access users in China reached 510 million, with a net increase of 26.06 million users compared to the previous year [30]. - Users with broadband access speeds of 100 Mbps and above accounted for 91.5% of total users, an increase of 1.6 percentage points year-on-year [30]. - The ICT services segment, including IDC and cloud services, is expanding to meet the needs of enterprise clients [30]. - The call center outsourcing industry is evolving into a multi-channel customer contact center, leveraging technologies like AI and big data [30]. Risks and Challenges - The company faces risks related to future operational uncertainties due to the restructuring plan approved by the Beijing First Intermediate People's Court, which may impact its production and operations [52]. - The company's net assets have declined due to performance losses, leading to an increase in the debt-to-asset ratio and tight liquidity, with some loans already overdue [52]. - The PCB industry is experiencing heightened competition, and the company is investing heavily in the PCB sector, including the new high-end intelligent PCB industrial base project in Zhuhai, which is now entering production [52]. - The company is sensitive to fluctuations in the USD/RMB exchange rate, which can directly affect the cost of imported raw materials and the selling price of exported products, impacting net profit [55]. - The company is exposed to risks from raw material supply and price volatility, which can affect the stability and profitability of its PCB production [55]. - The IT industry is undergoing rapid technological changes, particularly with the emergence of new technologies such as 5G and cloud computing, posing challenges for the company's market expansion and technology reserves [55]. - The company is facing a talent shortage in high-end technology fields due to the rapid development of the software industry and increasing demand for skilled personnel [55]. - The company is experiencing significant market pressure due to intensified competition in the fixed broadband market and the impact of national policies promoting bundled packages [52]. Environmental Compliance - The company reported ammonia nitrogen levels at 0.62 mg/L, totaling 34.87 tons per year [73]. - Total nitrogen levels were recorded at 13.07 mg/L, amounting to 69.74 tons per year [73]. - Chemical oxygen demand was measured at 51 mg/L, resulting in 585 tons per year [95]. - The company has implemented a stable wastewater treatment system using physical-chemical methods and anaerobic-aerobic processes [96]. - The company adheres to ISO 14001 standards and has established an internal environmental monitoring center to ensure compliance with pollution discharge standards [96]. - The company has obtained environmental impact assessment approvals and pollutant discharge permits for its facilities in Zhuhai and Chongqing [99]. - The company has conducted emergency response drills for environmental incidents at all production bases [100]. Corporate Governance and Shareholder Information - The company has not proposed any profit distribution plan or capital reserve transfer to increase share capital for this reporting period [6]. - There were no non-operating fund occupations by controlling shareholders and their related parties [7]. - The company has detailed potential risks in the "Management Discussion and Analysis" section of the report [7]. - The total number of common shareholders at the end of the reporting period is 164,264 [135]. - The largest shareholder, Peking University Founder Group, holds 276,333,368 shares, representing 12.59% of the total shares [135]. - The company has not experienced any changes in its controlling shareholder or actual controller during the reporting period [143]. - The company will continue to monitor the progress of the change in controlling shareholder and fulfill its information disclosure obligations [143]. Financial Position and Liquidity - As of June 30, 2021, total current assets amounted to approximately ¥4.17 billion, a decrease of 1.98% from ¥4.25 billion as of December 31, 2020 [151]. - Cash and cash equivalents decreased to ¥668.15 million from ¥953.37 million, representing a decline of 30.0% [151]. - Accounts receivable decreased to ¥1.05 billion from ¥1.16 billion, a reduction of 9.45% [151]. - Inventory increased to ¥1.72 billion from ¥1.35 billion, reflecting a growth of 27.8% [151]. - Total liabilities increased to approximately ¥8.37 billion, up from ¥8.24 billion, indicating a rise of 1.13% [156]. - The company's total equity attributable to shareholders decreased to ¥438.41 million from ¥732.10 million, a decline of 40.1% [156]. - The non-current assets totaled approximately ¥4.65 billion, down from ¥4.74 billion, a decrease of 1.77% [154]. - Short-term borrowings increased significantly to ¥1.91 billion from ¥1.18 billion, an increase of 61.0% [154]. - The company reported a total comprehensive loss for the first half of 2021 was approximately ¥294.55 million, compared to a loss of ¥107.48 million in the same period of 2020, marking an increase of about 174.5% [169]. Strategic Initiatives - The company is focusing on digital transformation and integrating new technologies such as IoT, big data, and AI to enhance operational efficiency [34]. - The company is committed to continuous innovation in its product offerings, particularly in public security and transportation solutions [37]. - The company plans to optimize and adjust its business segments, increasing investment in the profitable PCB business while scaling down loss-making operations [113]. - The company has ongoing significant litigation involving its wholly-owned subsidiary, with a total claim amounting to approximately RMB 386.07 million for overdue payments [114]. - The company engaged in related party transactions totaling 414.68 million RMB for purchasing computers and related products, and 316.15 million RMB for selling computer-related products and services during the first half of 2021 [118].

Financial Performance - The company reported a net loss attributable to shareholders of RMB -918.52 million for the year 2020, following a loss of RMB -1.33 billion in 2019[6]. - The company's operating capital has been negative for three consecutive years, with figures of RMB -943 million, RMB -1.87 billion, and RMB -3.10 billion for 2018, 2019, and 2020 respectively[5]. - The debt-to-asset ratio has increased over the past three years, reaching 91.69% in 2020, up from 70.59% in 2018[5]. - The company will not distribute profits or increase capital reserves due to the negative retained earnings at the end of 2020[6]. - The company has faced significant uncertainties regarding its ability to continue as a going concern due to consecutive years of losses and negative operating capital[5]. - The company’s financial statements have been audited with an unqualified opinion, despite the emphasis on going concern uncertainties[5]. - The net profit attributable to shareholders was a loss of approximately CNY 918.52 million, an improvement from a loss of CNY 1.33 billion in 2019[26]. - The net cash flow from operating activities decreased by 22.12% to approximately CNY 649.94 million[26]. - The total assets at the end of 2020 were approximately CNY 8.99 billion, a decrease of 9.88% from 2019[26]. - The weighted average return on equity was -70.25%, a decrease of 18.47 percentage points compared to 2019[27]. - The basic earnings per share for 2020 was -CNY 0.4185, compared to -CNY 0.6045 in 2019[27]. - The company reported a total net asset of approximately CNY 732.10 million at the end of 2020, a decrease of 61.17% from the end of 2019[26]. - The company’s cash flow from operating activities decreased by 22.12% to 650 million RMB[57]. Business Operations - The company’s main business includes PCB production and sales, internet access services, and IT system integration, with no significant changes during the reporting period[38]. - The PCB business achieved revenue of 3.216 billion yuan, an increase of 3.27% year-on-year, with net profit of 321 million yuan, up 18.29%[50]. - Internet access service business revenue decreased by 20.77% year-on-year to 459 million yuan, with a net loss of 1.029 billion yuan[51]. - IT system integration and solutions business revenue reached 2.033 billion yuan, a year-on-year increase of 9.25%, with a net loss reduced by 108.47 million yuan[55]. - The company upgraded its IDC dual-core uplink equipment, significantly improving network availability for IDC clients[48]. - The company successfully developed and implemented various projects in the public security and transportation sectors, enhancing its market presence[52]. - The company closed operations in seven cities as part of its business transformation strategy[51]. - The company plans to continue strategic contraction in response to market changes and user retention challenges[56]. Market Environment - The global PCB industry value reached $65.219 billion in 2020, growing by 6.4% year-on-year, with China accounting for 53.7% of the total market[38]. - The number of fixed broadband access users in China reached 484 million by the end of the reporting period, with a net increase of 34.27 million users[41]. - Fixed broadband users with access speeds of 100 Mbps and above totaled 435 million, representing 89.9% of all fixed broadband users, an increase of 4.5 percentage points from the previous year[41]. - Revenue from fixed value-added services in China reached 174.3 billion yuan, growing by 26.9% year-on-year, with cloud computing and big data services seeing significant growth[42]. - The software and information technology service industry in China reported revenues of 2.2758 trillion yuan for software products, a year-on-year increase of 10.1%[42]. - The PCB industry is projected to grow at a compound annual growth rate (CAGR) of 5.8% from 2020 to 2025, with the market value expected to reach 86.325 billion USD by 2025[85]. Research and Development - Research and development expenses increased by 10.62% to 307 million RMB, reflecting ongoing investment in new technologies[57]. - The company added one invention patent and one software copyright during the reporting period[48]. - The company is actively involved in the development of new technologies and solutions, leveraging big data, cloud computing, and AI[38]. - The company is establishing an open research institute to enhance its technical capabilities through collaboration with leading communication and consumer electronics clients[87]. Financial Management and Governance - The company has committed to a cash dividend policy, stating that it will distribute at least 10% of the distributable profits in cash annually over the next three years[103]. - The company plans to ensure that the cumulative cash dividends over three years will not be less than 30% of the average distributable profits for those years[103]. - The company has not proposed any cash profit distribution plans during the reporting period despite having positive profits available for distribution[102]. - The company has not engaged in any share repurchase activities that would count towards cash dividends[101]. - The company’s board approved a resolution to not distribute profits for the years 2019 and 2020 due to financial losses[100]. - The company has made commitments to avoid substantial competition with its controlling shareholders and related parties[102]. - The company has postponed the injection of assets from its controlling shareholders due to ongoing losses and restructuring processes[103]. - The company reported a total of 16,114.31 million RMB in financing leasing services and accounts receivable/payable factoring transactions with related parties[118]. - The company provided guarantees totaling 1,183,092,188.15 RMB, which accounts for 162% of the company's net assets[125]. Environmental Responsibility - The company has implemented a stable wastewater and air treatment system, adhering to ISO 14001 standards, ensuring compliance with national regulations[145]. - The company has established an internal environmental monitoring center to oversee pollution management and ensure compliance with emission standards[145]. - The company has maintained stable operations of its environmental protection facilities, with all pollutant emissions meeting the approved environmental assessment and discharge permit requirements[145]. - The company has not reported any major environmental issues or pollution incidents during the reporting period[151]. Shareholder Structure - The total number of common stock shareholders at the end of the reporting period was 180,828, an increase from 177,016 at the end of the previous month[156]. - The top shareholder, Beida Forward Information Industry Group Co., Ltd., held 276,333,368 shares, representing 12.59% of total shares[156]. - The company has no restricted shares among the top ten shareholders[156]. - The company’s controlling shareholder, Beida Forward Information Industry Group Co., Ltd., holds a 30.6% stake in Hong Kong-listed Forward Holdings[161]. - The company is undergoing a significant restructuring process, which may impact its equity structure[164]. Employee Management - The total number of employees in the parent company and major subsidiaries is 7,124, with 4,074 in production, 353 in sales, and 1,854 in technical roles[185]. - The company has established a competitive and equitable compensation system, providing various benefits including health checks and subsidies for employees in need[186]. - The training system is comprehensive, utilizing mentorship and project-based training to rapidly integrate new employees into the company[187]. - The company has a total of 210 employees with a master's degree or higher, and 2,030 with a bachelor's degree[185]. Legal and Compliance - The company has faced a total of 1,504 lawsuits from investors, with a total claim amount of approximately RMB 246 million, and has recognized a provision of approximately RMB 21.15 million for expected liabilities[115]. - There were no penalties imposed by securities regulatory authorities in the past three years[183]. - The company has not experienced any insider trading incidents during the reporting period[198].

Financial Performance - Operating revenue for the period was CNY 937,750,206.04, representing a year-on-year increase of 4.01%[12] - Net loss attributable to shareholders of the listed company was CNY -139,923,748.83, compared to a loss of CNY -83,430,058.49 in the same period last year[12] - Basic and diluted earnings per share were both CNY -0.0637, compared to CNY -0.0380 in the same period last year[15] - Net profit for the period was -¥140,870,142.65, compared to -¥84,619,150.84 in the same period last year, mainly due to increased expenses and a decrease in government subsidies[24] - Total operating revenue for Q1 2021 was ¥937,750,206.04, an increase of 4.3% from ¥901,561,784.31 in Q1 2020[47] - Net loss for Q1 2021 was ¥140,870,142.65, compared to a net loss of ¥84,619,150.84 in Q1 2020, indicating a deterioration in performance[50] - Basic earnings per share for Q1 2021 was -¥0.0637, compared to -¥0.0380 in Q1 2020, indicating a worsening in earnings per share[52] - The net profit for Q1 2021 was -43,272,429.45, compared to -11,374,105.00 in Q1 2020, indicating a significant decline in profitability[56] - Operating profit for Q1 2021 was -43,271,672.81, a decrease from -10,445,339.71 in the same period last year[56] Assets and Liabilities - Total assets at the end of the reporting period were CNY 8,714,597,152.41, a decrease of 3.02% compared to the end of the previous year[12] - Total assets decreased from ¥8,986,410,598.75 to ¥8,714,597,152.41, a decline of approximately 3.03%[37] - Current liabilities decreased from ¥7,348,281,985.35 to ¥7,210,868,024.87, a reduction of about 1.88%[37] - Non-current liabilities increased from ¥891,766,550.06 to ¥898,665,935.44, an increase of approximately 0.10%[37] - Total liabilities decreased from ¥8,240,048,535.41 to ¥8,109,533,960.31, a decline of about 1.59%[39] - The total liabilities increased to ¥4,050,534,779.81 in Q1 2021 from ¥4,005,129,389.47 in Q1 2020, showing a rise of 1.1%[47] - The total equity decreased to ¥375,354,277.54 in Q1 2021 from ¥418,626,706.99 in Q1 2020, a decline of 10.3%[47] - Total liabilities amounted to approximately $8.24 billion, a decrease of about 0.41% from the previous period[73] - Current liabilities totaled approximately $7.35 billion, with a significant portion attributed to short-term borrowings of approximately $445.51 million[73] - Non-current liabilities totaled approximately $891.77 million, reflecting a decrease of about 3.70% compared to the previous period[73] Cash Flow - Cash flow from operating activities showed a net outflow of CNY -101,396,413.46, a decrease of 214.83% compared to the previous year[12] - Cash flow from operating activities was -¥101,396,413.46, a decrease of 214.83% compared to ¥88,299,870.04 in the previous year, primarily due to increased procurement expenditures[24] - Cash flow from investing activities was -¥138,136,705.60, mainly due to increased investment in construction projects for the PCB business[24] - Cash flow from financing activities was ¥34,389,426.26, a significant improvement compared to -¥216,024,936.20 in the previous year, primarily due to a decrease in maturing debts[24] - Cash flow from operating activities showed a net outflow of -101,396,413.46 in Q1 2021, contrasting with a net inflow of 88,299,870.04 in Q1 2020[60] - The total cash outflow from operating activities was 1,600,602,312.28 in Q1 2021, compared to 1,439,885,477.44 in Q1 2020[60] - Cash inflow from financing activities totaled 62,966,042.30 RMB, down from 626,000,000.00 RMB year-over-year[66] - The net cash flow from financing activities was 24,654,179.68 RMB, compared to -35,484,947.33 RMB in the first quarter of the previous year[68] Shareholder Information - The total number of shareholders at the end of the reporting period was 177,016[19] - The largest shareholder, Peking University Founder Group, held 12.59% of the shares, totaling 276,333,368 shares[19] Legal and Restructuring Issues - The company is currently facing 1,504 lawsuits related to investment losses, with a total claim amount of approximately ¥246 million[25] - The restructuring of the company may significantly impact its equity structure, with a joint investment group selected as the restructuring investor[26] Other Financial Metrics - The weighted average return on net assets decreased by 16.62 percentage points to -21.14%[12] - Other income decreased by 69.25% to ¥6,969,225.68 from ¥22,664,063.84 due to a reduction in government subsidies received during the reporting period[24] - Research and development expenses increased to ¥73,540,875.73 in Q1 2021 from ¥66,784,511.55 in Q1 2020, representing a growth of 10.5%[47] - The company reported a significant increase in financial expenses, totaling ¥52,438,932.13 in Q1 2021, compared to ¥48,733,787.53 in Q1 2020, an increase of 5.5%[47] - The company paid 282,648,615.69 in employee compensation in Q1 2021, an increase from 262,720,802.52 in Q1 2020[60]

Financial Performance - Operating revenue for the first nine months was ¥3,452,341,748.23, representing a year-on-year increase of 3.41%[18]. - The net profit attributable to shareholders of the listed company was -¥167,157,023.49, an improvement from -¥374,911,725.42 in the previous year[18]. - The company reported a net profit of -170,066,920.88 RMB for the current period, an improvement of 206,662,896.23 RMB compared to the previous year's loss of -376,729,817.11 RMB[31]. - Net profit for the first three quarters of 2020 was CNY -884,039,691.69, worsening from CNY -822,692,673.96 in the same period of 2019[50]. - The company's net profit for Q3 2020 was -60,994,067.20 RMB, compared to -113,200,437.69 RMB in Q3 2019, indicating a reduction in losses[58]. - The total comprehensive income for the period was approximately -¥20.86 million, compared to -¥61.35 million in the same period last year, indicating a reduction in losses by about 66%[66]. Assets and Liabilities - Total assets at the end of the reporting period reached ¥10,214,999,690.43, an increase of 2.45% compared to the end of the previous year[18]. - The company's total liabilities reached approximately CNY 8.49 billion, up from CNY 8.07 billion at the end of 2019, representing an increase of about 5.2%[45]. - The company's equity attributable to shareholders decreased to approximately CNY 1.72 billion from CNY 1.89 billion at the end of 2019, a decline of about 8.9%[45]. - The company's total current liabilities reached ¥3,120,552,497.15[89]. - The company reported a total asset value of ¥9,971,077,545.05[84]. Cash Flow - Net cash flow from operating activities increased significantly by 243.17% to ¥398,771,485.99 compared to ¥116,202,355.83 in the same period last year[18]. - The total cash inflow from operating activities was approximately ¥5.09 billion, compared to ¥4.85 billion in the previous year, indicating a year-over-year increase of about 5%[69]. - The cash flow from investment activities showed a net outflow of approximately -¥496.60 million, compared to -¥117.77 million in the previous year, indicating a significant increase in investment expenditures[71]. - The net cash flow from financing activities was approximately -¥85.63 million, an improvement from -¥517.10 million in the previous year, showing a reduction in cash outflow by about 83%[71]. Shareholder Information - The total number of shareholders at the end of the reporting period was 185,200[24]. - The largest shareholder, Peking University Founder Information Industry Group Co., Ltd., held 12.59% of the shares[24]. Government Support - The company received government subsidies amounting to ¥6,836,632.04 during the reporting period[21]. - The company reported a 156.36% increase in other income, totaling 39,933,982.50 RMB, compared to 15,577,591.73 RMB in the previous year, mainly due to increased government subsidies[31]. Inventory and Receivables - The company's inventory increased by 35.56% to 2,805,207,700.76 RMB, up from 2,069,348,187.55 RMB, primarily due to increases in software and system integration projects[29]. - The company experienced a 69.35% decrease in receivables financing, dropping to 84,054,358.81 RMB from 274,217,023.37 RMB, influenced by the maturity of accounts receivable factoring[29]. - Accounts receivable decreased to approximately CNY 1.13 billion from CNY 1.49 billion year-over-year, showing a reduction of about 24.2%[39]. Legal Matters - As of October 16, 2020, the company faced 1,509 lawsuits from investors, with total claims amounting to 247.94 million RMB due to alleged false statements[33]. Future Outlook - The company is currently undergoing a substantial merger and restructuring process involving five subsidiaries, which is expected to impact future performance positively[34]. - The company has not reported any significant changes in its net profit forecast for the upcoming reporting period, indicating stability in its financial outlook[35].

Financial Performance - The company's operating revenue for the first half of 2020 was ¥2,186,910,531.55, representing a 5.02% increase compared to ¥2,082,285,204.70 in the same period last year[21]. - The net profit attributable to shareholders of the listed company was -¥106,966,203.15, an improvement from -¥262,363,882.35 in the previous year[21]. - The basic earnings per share for the first half of 2020 was -¥0.0487, compared to -¥0.1195 in the same period last year[24]. - The net cash flow from operating activities was ¥140,220,185.34, an increase of 84.82% from ¥75,867,638.89 in the previous year[25]. - The total assets at the end of the reporting period were ¥10,243,078,486.60, a 2.73% increase from ¥9,971,077,545.05 at the end of the previous year[25]. - The weighted average return on net assets was -5.84%, an improvement of 2.62 percentage points from -8.46% in the previous year[24]. - The net profit after deducting non-recurring gains and losses was -¥132,721,043.65, compared to -¥272,298,817.57 in the same period last year[21]. - The diluted earnings per share was -¥0.0487, consistent with the basic earnings per share[24]. - The total operating revenue for the company reached approximately 2.187 billion RMB, reflecting a year-on-year growth of 5.02%[45]. - The net cash flow from operating activities increased by 84.82% to 140.22 million RMB, primarily due to higher cash receipts from sales[45]. Industry Insights - The PCB industry is projected to grow from a market size of USD 61.31 billion in 2019 to USD 75.85 billion by 2024, with a CAGR of 4.3%[35]. - In the broadband access industry, the total number of fixed internet broadband users reached 465 million, a year-on-year increase of 7%[35]. - The number of fixed broadband users with access speeds of 100 Mbps and above reached 404 million, accounting for 86.8% of total users[35]. - The software and information technology service industry in China saw a revenue increase of 6.7% year-on-year, reaching RMB 3,560.9 billion in the first half of 2020[35]. Research and Development - The company continued to invest in R&D, with expenses amounting to 144.06 million RMB, a 5.18% increase from the previous year[45]. - The company plans to continue increasing R&D investment to enhance its technological capabilities and market competitiveness[39]. Environmental Compliance - The company has no exceedance of discharge limits in any of its facilities[90]. - The company has implemented wastewater treatment measures across its facilities[91]. - All pollutant emissions during the reporting period met the requirements of environmental impact assessments and discharge permits, adhering to total control standards[93]. - The company has established wastewater and waste gas treatment facilities at its three production bases, ensuring compliance with environmental standards and regulations[93]. Corporate Governance - The company is facing risks related to changes in its equity structure due to the restructuring of Founder Group and five other companies, which may impact its ownership structure[59]. - The company has committed to not engaging in substantial competition with its controlling entities in its main business areas, ensuring no new competitive conflicts arise[64]. - The company’s actual controller is the Peking University Founder Group, with the ultimate controller being the Ministry of Education of the People's Republic of China[168]. Legal and Regulatory Matters - As of August 20, 2020, the Shanghai Financial Court has accepted a total of 1,463 lawsuits from investors, with a total claim amount of 242.54 million yuan, of which 1,258 cases have been adjudicated or settled, involving claims of 165.64 million yuan and a payable amount of approximately 86.86 million yuan[71]. - The company has faced administrative penalties from the China Securities Regulatory Commission for failing to disclose related party transactions from 2004 to June 2015[71]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 199,880[102]. - The largest shareholder, Peking University Founder Information Industry Group Co., Ltd., holds 276,333,368 shares, representing a significant portion of the company's equity[106]. - The total equity attributable to shareholders decreased to CNY 1,779,837,036.12 from CNY 1,885,207,914.19, a decline of approximately 5.60%[122]. Financial Instruments and Accounting Policies - The company has adopted new revenue recognition standards effective January 1, 2020, in accordance with the Ministry of Finance's requirements[102]. - The financial statements are prepared based on the accrual basis of accounting[170]. - The company adheres to the accounting standards for enterprises, ensuring the financial statements reflect a true and complete view of its financial status[172].