Financial Performance - The company's operating revenue for the first half of 2020 was CNY 3,139,085,787.17, representing a 10.07% increase compared to CNY 2,851,841,936.69 in the same period last year[13]. - Net profit attributable to shareholders of the listed company was CNY 477,922,656.14, up 12.06% from CNY 426,478,428.76 in the previous year[14]. - The net profit after deducting non-recurring gains and losses was CNY 428,144,271.80, reflecting a 14.35% increase from CNY 374,431,441.89 year-on-year[14]. - The net cash flow from operating activities reached CNY 785,165,284.76, a significant increase of 48.00% compared to CNY 530,530,843.43 in the same period last year[14]. - Basic earnings per share for the first half of the year increased by 9.62% to CNY 0.57 compared to CNY 0.52 in the same period last year[15]. - Diluted earnings per share also rose by 9.62% to CNY 0.57 from CNY 0.52 year-on-year[15]. - The weighted average return on equity decreased by 0.89 percentage points to 8.50% from 9.39% in the previous year[15]. - The company achieved operating revenue of 3.139 billion yuan, a year-on-year increase of 10.07%, and a net profit attributable to shareholders of 478 million yuan, up 12.06% year-on-year[43]. Assets and Liabilities - The total assets at the end of the reporting period were CNY 9,207,098,098.51, which is a 4.39% increase from CNY 8,820,032,353.92 at the end of the previous year[14]. - The net assets attributable to shareholders of the listed company were CNY 5,758,207,109.37, marking a 6.14% increase from CNY 5,424,905,176.60 at the end of the previous year[14]. - The total liabilities increased, with short-term borrowings rising to CNY 110,844,643.53, a 21.34% increase from CNY 91,346,780.39 in the previous year[54]. - The total current assets decreased to CNY 5,344,996,119.39 from CNY 5,456,245,779.06, reflecting a decline of about 2.0%[119]. - The total liabilities increased to CNY 3,241,518,378.58 from CNY 3,191,396,600.43, indicating an increase of approximately 1.6%[121]. Research and Development - R&D investment reached 166 million yuan, an increase of 23.35% year-on-year, focusing on the development of new products such as 5G base station PCBs and automotive ADAS radar boards[49]. - The company has obtained 148 invention patents and 212 utility model patents, contributing to its technological advancements and industry standards[42]. - Research and development expenses for the first half of 2020 were ¥165,983,070.90, compared to ¥134,563,304.18 in the same period last year, showing a growth of 23.29%[125]. Market and Strategy - The company aims to enhance production capacity for high-layer and high-end HDI boards, providing diverse product options and one-stop services to global customers[19]. - The global PCB market is projected to reach USD 75.846 billion by 2024, with a compound annual growth rate of 4.35%[25]. - The company has expanded its overseas presence with subsidiaries in Europe, Japan, and the United States to enhance market reach and customer service[23]. - The PCB business group generated sales revenue of 2.108 billion yuan, a year-on-year growth of 14.81%, driven by increased demand for computer and peripheral products due to the rise of home economy during the pandemic[45]. Environmental Compliance - The company has maintained 100% compliance with environmental regulations, with no government penalties or external complaints during the reporting period[80]. - The company has implemented a new wastewater treatment system that processes various types of wastewater, ensuring stable and compliant water quality[91]. - The company has established an emergency response plan for environmental incidents, registered with the local environmental protection bureau[99]. Shareholder Information - The total number of ordinary shareholders reached 24,071 by the end of the reporting period[110]. - The company completed the issuance of 6,362,800 new shares, resulting in a total share count of 602,371,610[107]. - A cash dividend of RMB 3.00 per 10 shares was distributed to all shareholders, alongside a capital reserve conversion of 4 shares for every 10 shares held[109]. Risks and Challenges - The company reported a significant risk from macroeconomic fluctuations affecting the PCB industry, which could negatively impact revenue and profitability[64]. - The ongoing COVID-19 pandemic poses a risk of reduced orders, potentially impacting the global electronics supply chain and the company's performance[67]. - The company is exposed to raw material price volatility, with direct materials accounting for a high proportion of operating costs, influenced by international commodity prices[65]. Corporate Governance - The company has established strict guidelines for related party transactions, ensuring compliance with relevant laws and regulations to protect shareholder interests[73]. - The company has committed to not engaging in any business that competes with its subsidiaries, ensuring no direct or indirect competition[72]. - The company will fully assume liabilities for any penalties related to employee social insurance and housing fund contributions, ensuring no losses to its subsidiaries[73].

2020 年第一季度报告 公司代码：603228 公司简称：景旺电子 深圳市景旺电子股份有限公司 2020 年第一季度报告 二〇二〇年四月 1 / 27 2020 年第一季度报告 í 重要提示 = 、 公司基本情况 líl 重要事项 四、 附录 目录 2 / 27 2020 年第一季度报告 单位：元 币种：人民币 一、 重要提示 1.1 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准 确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担个别和连带的法 律责任。 1.2 公司全体董事出席董事会审议季度报告。 1.3 公司负责人刘绍柏、主管会计工作负责人王长权及会计机构负责人（会计主管人 员）成杏娜保证季度报告中财务报表的真实、准确、完整。 1.4 本公司第一季度报告未经审计。 二、 公司基本情况 2.1 主要财务数据 | --- | --- | --- | --- | |------------------------------------------------|------------------|-----------------------|---------------- ...

Financial Performance - The company's operating revenue for 2018 was CNY 6,332,122,845.94, representing a 27.01% increase compared to CNY 4,985,559,104.51 in 2017[14]. - The net profit attributable to shareholders for 2018 was CNY 802,658,748.18, a 4.29% increase from CNY 659,735,093.35 in 2017[14]. - The net cash flow from operating activities for 2018 was CNY 803,839,605.06, reflecting an 8.68% increase compared to CNY 728,556,733.64 in 2017[14]. - The total assets at the end of 2018 were CNY 8,820,032,353.92, a 14.99% increase from CNY 7,670,109,491.55 at the end of 2017[14]. - The company's net assets attributable to shareholders increased by 30.94% to CNY 5,424,905,176.60 at the end of 2018 from CNY 4,143,029,496.68 at the end of 2017[14]. - The company's revenue for the fourth quarter of 2019 was CNY 1,797,533,304.84, contributing to a total annual revenue of CNY 6,332,122,845.94[16]. - The company achieved total operating revenue of CNY 6,332,122,845.94 in 2019, representing a year-on-year growth of 27.01%[52]. - The net profit attributable to shareholders was CNY 83,708,660, an increase of 4.29% compared to the previous year[52]. - The total assets of the company reached CNY 882,003,240, reflecting a year-on-year growth of 14.99%[52]. Dividend Policy - The company plans to distribute a cash dividend of RMB 3.00 per 10 shares (including tax) and to increase capital by converting 4 shares for every 10 shares held, pending shareholder approval[3]. - The company has a cash dividend policy that mandates a minimum of 20% of distributable profits to be distributed as cash dividends, contingent on certain conditions being met[80]. - The company will consider stock dividends to align the growth of total shares with performance, ensuring it benefits all shareholders[81]. - The company is committed to maintaining a cash dividend ratio of at least 20% of the total distributable profits in the absence of major investment plans[82]. - In 2019, the company distributed a cash dividend of 3.00 CNY per 10 shares, with a net profit attributable to ordinary shareholders of 837,086,594.52 CNY, representing 21.59% of the profit[84]. - In 2018, the cash dividend was 7.50 CNY per 10 shares, with a net profit of 802,658,748.18 CNY, accounting for 40.20% of the profit[84]. - In 2017, the cash dividend was 7.00 CNY per 10 shares, with a net profit of 659,735,093.35 CNY, which was 43.29% of the profit[84]. - The company did not propose a cash profit distribution plan for the reporting period despite having positive distributable profits[84]. Risk Management - The company reported no significant risks affecting its operations during the reporting period, ensuring stable business performance[4]. - The company emphasizes the importance of risk management and has outlined potential risks and mitigation strategies in its report[4]. - The company is sensitive to exchange rate fluctuations due to its significant export business, and it will implement strategies to manage currency risk effectively[79]. - The company will continue to optimize its supply chain management and control production costs to mitigate risks associated with raw material price fluctuations[78]. Research and Development - The company focuses on the R&D, production, and sales of printed circuit boards, covering various types including rigid, flexible, and metal-based circuit boards[19]. - Research and development investment reached CNY 297,183,502, a year-on-year increase of 28.57%, accounting for 4.69% of operating revenue[48]. - The company established a high-efficiency technology R&D operation system and applied for a total of 130 invention patents and 201 utility model patents during the reporting period[49]. - The company has developed 130 invention patents and 201 utility model patents, showcasing its commitment to innovation and technology advancement[42]. - The company is focusing on high-value products such as 5G high-frequency amplifier boards and automotive ADAS radar microwave boards, which have achieved mass production capabilities[48]. Environmental Responsibility - The company has invested significantly in environmental protection, achieving compliance with all waste discharge standards and receiving multiple awards for its green initiatives[106]. - The company maintained 100% compliance with environmental regulations, with no government penalties or external complaints[112]. - The company has established advanced waste treatment systems, ensuring that all pollutants are within legal limits, including COD at 10.74 tons/year and ammonia nitrogen at 2.96 tons/year[113]. - The company has implemented a wastewater treatment system in Shenzhen with a design capacity of 243.5 m³/month, operational since October 2019[120]. - The total wastewater treatment capacity in Jiangxi has reached 8,800 m³/d after the completion of the second phase in March 2018[121]. - The actual wastewater discharge in 2019 was 226,800 tons, complying with government environmental regulations[124]. - The company achieved a total pollutant discharge of 10.74 tons for chemical oxygen demand in 2019[124]. - The company has successfully obtained the necessary environmental permits to ensure compliance with regulations[124]. Corporate Governance - The company has a diverse board with members holding academic and independent director roles in various institutions, enhancing its strategic insights[168]. - The company’s governance structure was updated with new appointments, reflecting a commitment to effective management and oversight[165]. - The company maintains a strong shareholder structure with significant indirect holdings by key executives, ensuring alignment of interests[165]. - The company completed the election of the third board of directors and supervisory board on June 14, 2019, with terms lasting until June 13, 2022[165]. - The company’s remuneration and assessment committee is responsible for evaluating the performance of directors and senior management[169]. Financial Management - The company has engaged in structured deposits with a total amount of RMB 1,050,000,000.00 during the reporting period[100]. - The annualized return rates for the structured deposits ranged from 3.15% to 3.65%[100]. - The actual returns from the structured deposits amounted to RMB 4,200,000.00, with all funds successfully recovered[100]. - The company’s financial management strategy includes both capital preservation and potential returns through various financial products[100]. - The company has a history of engaging in financial management activities since at least December 2018[100]. Employee Engagement - The company has implemented a comprehensive employee health system, providing regular health check-ups and improving working conditions[107]. - The company has organized numerous employee engagement activities to enhance morale and cohesion among staff[107]. - The company conducted 278 training sessions during the reporting period, with over 11,725 participants, enhancing the capabilities of management and employees[173]. - The company has established a comprehensive training mechanism to support employee development and align with strategic goals[173]. Shareholder Information - The total number of shares held by directors and senior management increased from 327,252,138 at the beginning of the year to 458,153,637 at the end of the year, representing a change of 130,901,499 shares[162]. - The total pre-tax remuneration for directors and senior management during the reporting period amounted to 1,462.26 million yuan[163]. - The company has a total of 32,037,373 shares held by Dongguan Hengxin Industrial Investment Co., Ltd., accounting for 5.32% of the total shares[153]. - The company has established a joint action agreement among key shareholders to maintain stable control over the company until 36 months after the IPO[154].

Financial Performance - Operating revenue for the first nine months was ¥4,534,589,541.10, reflecting a growth of 24.52% year-on-year[5] - Net profit attributable to shareholders of the listed company was ¥630,894,939.97, a slight increase of 0.35% compared to the same period last year[5] - Total revenue for Q3 2019 reached ¥1,682,747,604.41, a 23.1% increase from ¥1,366,722,999.14 in Q3 2018[20] - Operating profit for Q3 2019 was ¥218,705,093.57, compared to ¥285,914,803.89 in Q3 2018, reflecting a decrease of 23.5%[21] - Net profit for Q3 2019 was ¥182,226,677.68, down 23.3% from ¥237,564,798.72 in Q3 2018[21] - The company reported a total profit of ¥324,208,970.54 for Q3 2019, compared to ¥75,623,298.60 in Q3 2018, an increase of 328.5%[23] Assets and Liabilities - Total assets at the end of the reporting period reached ¥8,218,663,276.57, an increase of 7.15% compared to the previous year[5] - The company's total assets included trading financial assets of ¥540,000,000.00 as of September 30, 2019, reflecting adjustments under new financial instrument standards[10] - Total liabilities decreased to RMB 2,799,009,660.61 from RMB 3,263,336,483.88, a reduction of approximately 14.2%[15] - Total liabilities reached ¥2,378,500,062.80 in Q3 2019 from ¥2,365,103,416.67 in Q3 2018, showing a slight increase of 0.5%[19] - The company reported a total current liability of RMB 2,658,507,822.04, which is an increase from RMB 2,424,146,076.64, representing a growth of approximately 9.7%[15] Shareholder Information - Net assets attributable to shareholders of the listed company increased by 25.50% to ¥5,199,358,144.63[5] - The total number of shareholders at the end of the reporting period was 19,930[8] - The top ten shareholders held a combined 85.15% of the shares, with the largest shareholder holding 35.33%[8] - The company's equity attributable to shareholders increased to RMB 5,199,358,144.63 from RMB 4,143,029,496.68, reflecting a growth of about 25.6%[15] Cash Flow - Net cash flow from operating activities increased by 33.58% to ¥755,229,255.83 for the first nine months[5] - Operating cash inflow for the first three quarters of 2019 reached CNY 4,712,223,627.63, an increase of 24.6% compared to CNY 3,779,811,957.73 in the same period of 2018[25] - Cash inflow from investment activities totaled CNY 5,888,292,568.67, a significant increase from CNY 199,731,366.41 in the previous year[26] - Cash flow from financing activities showed a net outflow of CNY -371,000,614.47, contrasting with a net inflow of CNY 720,472,413.87 in the previous year[26] Expenses - The operating costs increased by 33.66% to ¥3,289,325,398.92, up from ¥2,461,028,959.28, primarily due to intensified market competition[11] - The company’s management expenses increased by 59.01% to ¥231,349,002.04, up from ¥145,493,871.78, due to salary adjustments and increased intermediary service fees[11] - Research and development expenses for Q3 2019 were ¥79,250,480.07, an increase of 28.1% compared to ¥61,835,311.71 in Q3 2018[20] Other Financial Metrics - Basic earnings per share decreased by 30.52% to ¥1.07[5] - The weighted average return on equity decreased by 4.72 percentage points to 13.36%[5] - The company reported an investment income of ¥16,865,254.13, a significant increase of 2801.82% from ¥581,196.68, attributed to higher financial product returns[11] - The company reported a credit impairment loss of ¥13,072,004.20 in Q3 2019, compared to a loss of ¥1,300,432.90 in Q3 2018[21]

Financial Performance - The company's operating revenue for the first half of 2019 was CNY 2,851,841,936.69, representing a 25.37% increase compared to CNY 2,274,790,076.21 in the same period last year[14]. - The net profit attributable to shareholders of the listed company was CNY 426,478,428.76, an increase of 9.04% from CNY 391,124,544.15 in the previous year[14]. - The net cash flow from operating activities reached CNY 530,530,843.43, showing a significant increase of 78.30% compared to CNY 297,553,300.62 in the same period last year[14]. - The total assets at the end of the reporting period were CNY 7,942,209,723.37, a 3.55% increase from CNY 7,670,109,491.55 at the end of the previous year[14]. - The net assets attributable to shareholders of the listed company were CNY 4,987,296,876.70, reflecting a 20.38% increase from CNY 4,143,029,496.68 at the end of the previous year[14]. - Basic earnings per share for the first half of 2019 were CNY 0.73, a decrease of 23.96% from CNY 0.96 in the same period last year[15]. - The weighted average return on net assets was 9.39%, down by 2.10 percentage points from 11.49% in the previous year[15]. - The company reported a non-recurring gain of ¥52,046,986.87, primarily from government subsidies and other non-operating income[17]. Market Position and Industry Overview - The company has been focusing on the printed circuit board (PCB) industry, offering a diverse range of products including rigid PCBs, flexible PCBs, and metal-based PCBs[18]. - The global PCB market is projected to grow at a compound annual growth rate (CAGR) of 3.7% from 2018 to 2023, with the market value expected to reach $74.756 billion by 2023[21]. - The company's market share in the PCB sector is significant, with a ranking of 9th among comprehensive PCB enterprises in China and 25th globally among PCB manufacturers[23]. - The PCB industry is characterized by low seasonality, with production and sales typically higher in the second half of the year due to holiday demand[21]. - The company has maintained a strong position in the PCB industry for 26 years, recognized for its quality control and technological innovation[23]. Operational Efficiency and Management - The company has established a procurement management center to optimize supplier management and enhance procurement transparency[19]. - The production model is based on "sales-driven production," ensuring that manufacturing aligns with customer orders[19]. - The company operates primarily through a direct sales model, supplemented by distributors to enhance customer service capabilities[19]. - The company has developed a comprehensive cost control management system, enhancing its cost control capabilities[30]. - The company has integrated various information systems, including ERP and MES, to optimize resource allocation and improve management efficiency[32]. Research and Development - R&D investment totaled 135 million CNY, up 24.49% year-on-year, accounting for 4.72% of total revenue[39]. - The company holds 115 invention patents and 186 utility model patents, showcasing its commitment to R&D and technological advancement[34]. - The company launched significant advancements in 5G-related technology, enhancing production capabilities for 5G infrastructure and smart terminal devices[39]. - The company is actively pursuing technology innovations in automotive electronics, focusing on the transformation towards electric, connected, intelligent, and shared vehicles[40]. Environmental Compliance and Sustainability - The company has maintained compliance with environmental regulations, achieving 100% compliance in environmental management without any government penalties or external complaints during the reporting period[80]. - The company has implemented strict measures for clean production and waste management, adhering to ISO certifications and legal requirements[80]. - The company has established emergency response plans for environmental incidents, registered with local environmental authorities[98][99][100][101]. - Environmental self-monitoring is conducted three times a day for wastewater and once a month by a third party for air emissions[102]. Shareholder and Corporate Governance - The company did not propose any profit distribution plan or capital reserve transfer to increase share capital for the reporting period[3]. - The company has established strict guidelines for related party transactions, adhering to relevant laws and regulations to protect shareholder interests[63]. - Shareholders are restricted from transferring or managing their shares for 36 months post-IPO, with specific conditions for extending this lock-up period[63]. - The company granted 3 million restricted stock units to 26 eligible participants as part of the incentive plan, increasing total shares from 408 million to 411 million[68]. - The company appointed Liu Shaobai as the new president and Wang Changquan as the CFO during the board meeting held on June 14, 2019[117]. Financial Position and Capital Structure - The total assets at the end of the reporting period amounted to CNY 5,229,782,181.56, showing growth compared to the previous year[139]. - The total liabilities at the end of the reporting period were CNY 1,944,048,093.37, indicating the company's leverage position[139]. - The total equity of the company at the end of the first half of 2019 was RMB 2,150,004,262.83, which decreased by RMB 500,262,777.19 during the period[141]. - The company reported a profit distribution of CNY -204,000,000.00 to shareholders, indicating a reduction in retained earnings[140]. Risks and Challenges - The company is exposed to macroeconomic risks, particularly fluctuations in demand from downstream industries such as telecommunications and consumer electronics, which could impact revenue and profitability[55]. - The company reported a significant reliance on raw materials, with direct material costs constituting a high percentage of operating costs, influenced by international commodity prices[56]. - The company's foreign sales are substantial, making it sensitive to exchange rate fluctuations, which could affect import costs and export pricing[57].

Financial Performance - Operating revenue for the period was ¥1,316,225,801.31, representing a year-on-year growth of 33.57%[6] - Net profit attributable to shareholders of the listed company was ¥183,875,350.84, up 17.67% from the previous year[6] - Basic earnings per share rose by 18.42% to ¥0.45[6] - The company's operating revenue for Q1 2019 was CNY 1,316,225,801.31, representing a 33.57% increase compared to CNY 985,420,742.14 in the same period last year[14] - Net profit for Q1 2019 reached ¥177,247,706.27, representing a 13.4% increase compared to ¥156,256,964.47 in Q1 2018[26] - Total profit for Q1 2019 was ¥206,822,213.00, up from ¥186,048,745.35 in Q1 2018[25] - Other income for Q1 2019 was ¥13,174,195.54, an increase from ¥8,083,684.42 in Q1 2018[25] Assets and Liabilities - Total assets at the end of the reporting period reached ¥7,785,911,226.54, an increase of 1.51% compared to the end of the previous year[6] - The company's total assets as of March 31, 2019, amounted to CNY 7,785,911,226.54, up from CNY 7,670,109,491.55 at the end of 2018[17] - Total liabilities decreased from CNY 3,263,336,483.88 to CNY 2,955,735,059.63, a reduction of approximately 9.4%[19] - Current liabilities totaled CNY 2,335,301,121.64, down from CNY 2,424,146,076.64, reflecting a decrease of about 3.7%[19] - Non-current liabilities decreased from CNY 839,190,407.24 to CNY 620,433,937.99, representing a decline of approximately 26.1%[19] - Total current assets amounted to RMB 4,829,936,148.71 as of January 1, 2019[35] Shareholder Information - Net assets attributable to shareholders of the listed company increased by 10.38% to ¥4,573,060,300.49[6] - The total number of shareholders at the end of the reporting period was 7,971[9] - The top shareholder, Shenzhen Jinghong Yongtai Investment Holding Co., Ltd., holds 36.42% of the shares[9] Cash Flow - Net cash flow from operating activities increased by 36.25% to ¥280,625,910.55[6] - The total cash inflow from operating activities was ¥1,508,498,964.45, up from ¥1,149,694,518.19 in the same period last year, representing a growth of 31.3%[29] - The company experienced a net cash outflow from investing activities of ¥285,746,977.94, worsening from a net outflow of ¥125,561,976.05 in Q1 2018[30] - Cash and cash equivalents at the end of Q1 2019 totaled ¥958,915,915.49, down from ¥1,007,530,942.49 at the beginning of the quarter, reflecting a decrease of 4.9%[31] Expenses - Research and development expenses rose by 21.92% to CNY 59,883,555.67, reflecting the company's commitment to increasing R&D investment[14] - Management expenses increased by 49.38% to CNY 76,762,999.38, attributed to rising stock incentive costs and repair expenses[14] - Sales expenses for Q1 2019 were ¥41,032,001.79, compared to ¥35,834,189.21 in Q1 2018[25] - The company paid ¥301,844,729.65 in cash to employees, which is an increase of 37.3% compared to ¥219,603,659.43 in Q1 2018[30] Government Subsidies - The company received government subsidies amounting to ¥13,174,195.54, closely related to its normal business operations[7] - The company reported a 62.97% increase in other income to CNY 13,174,195.54, mainly from increased government subsidies received[14] Financial Instruments - The financial assets measured at fair value and recognized in profit or loss decreased by 100% to CNY 500,000,000.00 due to the implementation of new financial instrument standards[13] - The company reclassified financial assets under new financial instrument standards effective January 1, 2019[37] - The company implemented new financial instrument standards effective January 1, 2019, impacting asset classification and measurement[42]

Dividend and Profit Distribution - The company plans to distribute a cash dividend of RMB 7.50 per 10 shares (including tax) and to increase capital by converting 6 shares for every 10 shares held[4]. - The company has a cash dividend policy requiring a minimum of 20% of distributable profits to be distributed as cash dividends if certain conditions are met, including achieving profitability and having positive retained earnings[74]. - In 2018, the company distributed cash dividends totaling RMB 308.25 million, representing 38.40% of the net profit attributable to ordinary shareholders[74]. - The company plans to maintain a minimum cash dividend distribution of 40% of the total profit distribution if there are no major investment plans or cash expenditure arrangements[74]. - The company has not proposed a cash profit distribution plan for the reporting period despite having positive distributable profits, indicating a focus on reinvestment[74]. Financial Performance - The company's operating revenue for 2018 was approximately CNY 4.99 billion, representing an 18.93% increase compared to 2017[18]. - Net profit attributable to shareholders for 2018 was approximately CNY 802.66 million, reflecting a growth of 21.66% year-over-year[18]. - The net profit after deducting non-recurring gains and losses was approximately CNY 750.52 million, which is a 19.05% increase from the previous year[18]. - The company's total assets increased by 60.55% year-over-year, reaching approximately CNY 7.67 billion by the end of 2018[20]. - The weighted average return on net assets was 21.5%, showing a slight increase of 0.47 percentage points compared to the previous year[19]. - The net cash flow from operating activities for 2018 was approximately CNY 803.84 million, a 10.33% increase from 2017[18]. Risk Management and Compliance - The company reported no significant risks that could materially affect its operations during the reporting period[6]. - The company has established a comprehensive risk management strategy to address potential operational risks[6]. - The company has no violations in decision-making procedures for providing guarantees[6]. - The company has committed to maintaining transparency and compliance in its financial reporting and dividend distribution practices[75]. - The company has a strategy to balance foreign currency exposure through flexible trade settlement methods to mitigate exchange rate risks[73]. Audit and Financial Reporting - The audit report issued by Tianzhi International Accounting Firm was a standard unqualified opinion[3]. - The company's financial report has been confirmed for its authenticity and completeness by its management[3]. - The company has not reported any significant accounting policy changes or major accounting errors during the period, marked as not applicable[78]. - The company did not identify any major deficiencies in internal controls during the reporting period[169]. - The audit committee played a significant role in the reappointment of the auditing firm and the preparation of financial statements[167]. Research and Development - The company invested 231.14 million yuan in R&D, a 16.24% increase compared to 2017, focusing on technologies related to 5G and advanced PCB manufacturing[39]. - The company’s R&D investment accounted for 4.64% of operating revenue, with 1,028 R&D personnel, representing 10.48% of total employees[53]. - The company is committed to innovation, with ongoing research and development efforts in new products and technologies[153]. - The company has a robust governance structure with independent directors overseeing operations and strategic decisions[153]. Market Position and Industry Outlook - The global PCB market value was approximately $62.40 billion in 2018, with China's PCB market value at $32.70 billion[27]. - The PCB industry is expected to grow at a compound annual growth rate (CAGR) of 3.7% globally and 4.4% in mainland China from 2018 to 2023[27]. - The company is ranked 10th in the Chinese PCB industry and 31st among the global top PCB manufacturers, showing an upward trend in rankings[29]. - The demand for PCBs is driven by sectors such as automotive electronics, medical devices, and 5G technology, which are experiencing significant growth[59]. Environmental Responsibility - The company invested over 95 million yuan in environmental protection during the reporting period, achieving compliance with all environmental regulations and receiving multiple awards for its eco-friendly practices[92]. - The company has maintained a 100% compliance rate in environmental monitoring, with all pollutants meeting regulatory standards during the reporting period[96]. - The company has implemented a clean production management system, certified under multiple international standards, to enhance operational efficiency and reduce environmental impact[96]. - The company has not reported any significant environmental pollution incidents during the reporting period, reflecting its commitment to sustainable operations[92]. Employee and Governance Structure - The company employed a total of 4,594 people in its subsidiaries located in Longchuan County, with 70% of employees being local residents[95]. - The company has established a comprehensive training mechanism to meet strategic development needs and improve employee skills[159]. - The board of directors consists of 9 members, including 3 independent directors, and held 10 meetings during the reporting period[162]. - The company emphasizes performance-based remuneration, linking individual performance to team outcomes[158]. Shareholder Information - The top shareholder, Shenzhen Jinghong Yongtai Investment Holdings Co., Ltd., holds 152,014,080 shares, representing 36.99% of the total shares[136]. - The number of ordinary shareholders increased from 7,381 to 7,505 during the reporting period[135]. - The company’s total share capital after the issuance of restricted stock is 411,000,000 shares[128]. - The company granted a total of 340,000 stock options during the reporting period, with an exercise price of 49.99 CNY per share[150].

Financial Performance - Operating income for the first nine months reached CNY 3,641,513,075.35, an increase of 18.09% compared to the same period last year[5] - Net profit attributable to shareholders increased by 21.71% to CNY 628,689,342.87 year-over-year[5] - Basic earnings per share increased by 21.26% to CNY 1.54[5] - Total revenue for Q3 2018 reached ¥1,366,722,999.14, an increase of 22.7% compared to ¥1,113,799,957.08 in Q3 2017[27] - Operating profit for Q3 2018 was ¥285,914,803.89, up 18.0% from ¥242,386,849.90 in the same period last year[29] - Net profit for Q3 2018 was ¥237,564,798.72, representing a 18.4% increase from ¥200,652,677.71 in Q3 2017[29] - The total comprehensive income attributable to the parent company for the first nine months of 2018 reached ¥628.69 million, a 21.7% increase from ¥516.53 million in the same period last year[31] - The total profit for Q3 2018 was ¥75.62 million, an increase of 22.6% from ¥61.68 million in Q3 2017[33] Asset and Liability Growth - Total assets increased by 39.13% to CNY 6,646,776,300.04 compared to the end of the previous year[5] - Total liabilities amounted to approximately 2.69 billion RMB, up from 1.50 billion RMB, marking an increase of about 79%[21] - Total assets as of Q3 2018 amounted to ¥4,156,520,012.97, compared to ¥2,953,719,795.21 at the end of Q3 2017, reflecting a growth of 40.5%[25] - Total liabilities increased to ¥2,047,645,689.61 in Q3 2018, up from ¥1,080,487,394.11 in Q3 2017, marking an increase of 89.5%[25] Cash Flow Analysis - Cash flow from operating activities for the first nine months was CNY 565,367,582.39, up 20.58% from the previous year[5] - The net cash flow from operating activities for the first nine months of 2018 was CNY 222,288,514.76, a decrease of 26.8% compared to CNY 303,812,636.67 in the same period last year[40] - Total cash inflow from operating activities was CNY 1,807,403,173.57, up 19.7% from CNY 1,509,706,404.38 year-on-year[40] - The net cash flow from investing activities was -CNY 1,103,593,244.30, worsening from -CNY 957,723,501.41 in the previous year[41] - Cash inflow from financing activities totaled CNY 978,807,701.71, significantly higher than CNY 6,101,262.38 in the same period last year[41] Shareholder Information - The total number of shareholders at the end of the reporting period was 8,038[8] - The top shareholder, Shenzhen Jinghong Yongtai Investment Holding Co., Ltd., holds 37.26% of the shares[8] Investment and Acquisitions - The company agreed to acquire 51% of Zhuhai Double Win Flexible Circuit Co., Ltd. from Luxshare Precision for 289.59 million RMB, with the first payment of 80 million RMB due within 15 working days after approval[15] - The company successfully issued convertible bonds totaling RMB 97,800 million, with a net amount of RMB 96,290.20 million after deducting issuance costs[13] Research and Development - Research and development expenses for Q3 2018 were ¥61,835,311.71, an increase of 10.5% from ¥55,859,409.82 in Q3 2017[28] - Research and development expenses for Q3 2018 were ¥30.84 million, a significant increase of 51% compared to ¥20.40 million in Q3 2017[32] Financial Ratios - The weighted average return on equity improved by 1.08 percentage points to 18.08%[5] - The company reported a gross profit margin of approximately 20.5% for Q3 2018, compared to 18.5% in Q3 2017[28] - The gross profit margin for Q3 2018 was approximately 20.3%, compared to 21.5% in Q3 2017, indicating a slight decline in profitability[32]

Financial Performance - The company's operating revenue for the first half of 2018 was approximately RMB 2.27 billion, representing a 15.47% increase compared to RMB 1.97 billion in the same period last year[21]. - The net profit attributable to shareholders for the first half of 2018 was approximately RMB 391.12 million, an increase of 23.82% from RMB 315.88 million in the previous year[21]. - Basic earnings per share for the first half of 2018 were RMB 0.96, reflecting a growth of 24.68% compared to RMB 0.77 in the same period last year[20]. - Operating profit for the same period was 470 million yuan, an increase of 22.53% year-on-year[42]. - The company achieved a revenue of 2.275 billion yuan in the first half of 2018, representing a year-on-year growth of 15.47%[42]. - The company reported a total comprehensive income of ¥115,214,875.41 for the current period, compared to ¥77,820,337.42 in the previous period[116]. - The company reported a total equity attributable to shareholders of 2,861,502,895.00 RMB at the end of the reporting period[126]. Cash Flow and Investments - The net cash flow from operating activities for the first half of 2018 was approximately RMB 294.65 million, a slight increase of 1.74% from RMB 289.61 million in the same period last year[21]. - The company reported a significant increase in cash flow from operating activities, generating a net amount of ¥294,653,300.62, slightly up from ¥289,611,884.67 in the previous period[118]. - Investment activities resulted in a net cash outflow of ¥354,805,692.40, improving from a net outflow of ¥508,227,520.95 in the previous period[119]. - The cash paid for the acquisition of subsidiaries and other business units was 810,766,562.50 RMB, indicating a substantial investment in growth[122]. Assets and Liabilities - The company's total assets as of June 30, 2018, were approximately RMB 5.22 billion, a 9.28% increase from RMB 4.78 billion at the end of the previous year[21]. - The company's total liabilities increased by 24.96% to ¥1,072,770,044.63, attributed to higher procurement scale[53]. - Total current assets increased to CNY 3,307,426,755.77 from CNY 3,046,420,972.49, representing a growth of approximately 8.56%[105]. - Total liabilities rose to CNY 1,757,188,109.10 from CNY 1,500,958,660.07, marking an increase of around 17.06%[107]. Market Position and Strategy - The company ranks 10th in the China PCB industry and 31st among the global top PCB manufacturers, indicating a steady improvement in its market position[33]. - The company is focusing on expanding its market presence and optimizing production efficiency through continuous improvement initiatives[21]. - The company has established a global market strategy, with a diverse customer base across various industries, including automotive electronics and consumer electronics[38]. - The company aims to meet one-stop procurement needs for end customers, contributing to steady growth in revenue and net profit[28]. Research and Development - The company holds 68 invention patents and 167 utility model patents, demonstrating its commitment to research and development[40]. - Research and development expenses amounted to ¥108,089,429.12, reflecting a 30.93% increase compared to ¥82,554,663.41 in the previous year[49]. - The company successfully filed for 34 new patents and developed 8 non-patented technologies during the reporting period[46]. Environmental Compliance - The company has established a stable operation for its wastewater treatment facilities, ensuring compliance with environmental regulations[84]. - The company has implemented a classification and quality-based collection and treatment system for wastewater, currently categorizing it into 12 types[85]. - The company has obtained the "Guangdong Province Pollution Discharge Permit" with the number 4403012010000186, ensuring compliance with environmental regulations[86]. Corporate Governance - The company appointed Tianzhi International Accounting Firm as the auditor for the 2018 fiscal year, approved by the 2017 annual shareholders' meeting[72]. - There were no significant lawsuits or arbitration matters during the reporting period[72]. - The company has committed to not directly or indirectly engage in any business that competes with its subsidiaries, ensuring no potential competition arises[66]. Shareholder Information - The total number of common stock shareholders reached 8,110 by the end of the reporting period[94]. - The largest shareholder, Shenzhen Jinghong Yongtai Investment Holdings Co., Ltd., holds 152,014,080 shares, representing 37.26% of total shares, with 13,000,000 shares pledged[96]. - The report indicates that the shares held by major shareholders are subject to lock-up conditions until January 7, 2020[99].

Financial Performance - Net profit attributable to shareholders rose by 3.38% to CNY 156,256,964.47 year-on-year[6] - Operating revenue grew by 8.93% to CNY 985,420,742.14 compared to the same period last year[6] - Basic earnings per share increased by 2.70% to CNY 0.38[6] - Total operating revenue for Q1 2018 was CNY 985,420,742.14, an increase of 8.93% compared to CNY 904,634,323.36 in the same period last year[26] - Net profit for Q1 2018 reached CNY 156,256,964.47, up 3.5% from CNY 151,141,600.89 in Q1 2017[28] - Operating profit for Q1 2018 was CNY 188,329,671.71, slightly higher than CNY 187,089,194.98 in the previous year[27] - The company reported a total comprehensive income of CNY 156,256,964.47 for Q1 2018, up from CNY 151,141,600.89 in Q1 2017[28] Assets and Liabilities - Total assets increased by 3.80% to CNY 4,959,155,815.07 compared to the end of the previous year[6] - Total liabilities increased to CNY 1,526,460,862.01 from CNY 1,500,958,660.07, representing a rise of 1.51%[22] - Current liabilities totaled CNY 1,445,820,322.76, slightly up from CNY 1,422,014,836.71, indicating a growth of 1.67%[22] - Non-current assets reached CNY 1,798,093,583.41, compared to CNY 1,730,975,676.17 at the start of the year, marking an increase of 3.91%[22] - Cash and cash equivalents were reported at CNY 453,164,391.79, up from CNY 376,973,739.25, showing a growth of 20.23%[23] Cash Flow - Net cash flow from operating activities increased by 1.48% to CNY 203,062,313.42[6] - The net cash flow from operating activities for Q1 2018 was ¥83,075,267.30, an increase of 96.3% compared to ¥42,370,086.57 in the previous period[34] - Total cash inflow from operating activities was ¥563,528,155.94, up 23.7% from ¥455,579,973.70 in the same period last year[34] - The cash outflow for investing activities was ¥16,035,057.30, significantly lower than ¥840,703,938.75 in the previous period, indicating a reduction in investment spending[34] - The net cash flow from financing activities improved by 65.66% to -¥31,999,834.85 compared to the previous period, mainly due to lower loan repayments[17] Shareholder Information - The total number of shareholders reached 8,583 at the end of the reporting period[11] - The largest shareholder, Shenzhen Jinghong Yongtai Investment Holding Co., Ltd., holds 37.26% of the shares[11] Expenses - Sales expenses grew by 29.65% to ¥35,834,189.21 driven by market expansion and increased sales scale[16] - Management expenses increased by 31.57% to ¥100,502,919.89 due to upfront investments in the Jiangxi Jingwang Phase II project and increased R&D costs[16] - Financial expenses surged by 508.87% to ¥13,450,782.13 primarily due to increased exchange losses from RMB appreciation against the USD[16] Other Financial Metrics - Non-recurring gains and losses totaled CNY 4,326,640.77 for the period[10] - Other income rose by 92.70% to ¥8,083,684.42 mainly from increased government subsidies received[16] - Accounts receivable decreased by 10.72% to ¥1,162,725,258.66 due to improved collection rates[15] - Prepayments increased by 161.82% to ¥15,728,030.94 primarily due to increased advance payments for electronic components[15] - Other receivables rose by 46.88% to ¥25,278,520.14 mainly from increased export tax rebates and VAT deposits[15] - Fixed asset clearance increased by 41.63% to ¥2,852,879.12 due to the retirement of obsolete equipment from production line upgrades[15] Future Plans - The company plans to invest in a PCB production base in Zhuhai, with an environmental impact report approved for a capacity of 3 million square meters of high-density PCBs and 200 million square meters of flexible PCBs[18]