2021 年第一季度报告 公司代码：603267 公司简称：鸿远电子 北京元六鸿远电子科技股份有限公司 2021 年第一季度报告 2021 年 4 月 27 日 1 / 25 2021 年第一季度报告 一、 二、 11Í 四、 目录 | --- | |--------------| | | | 重要提示 | | 公司基本情况 | | 重要事项 | | 附录 | 2 / 25 2021 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 公司负责人郑红、主管会计工作负责人李永强及会计机构负责人（会计主管人员）李永强保 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 | --- | --- | --- | --- | |-----------------------------------------------|------ ...

Dividend Policy - The company plans to distribute a cash dividend of RMB 3.70 per 10 shares to shareholders, pending approval at the shareholders' meeting[6]. - The company will implement a cash dividend policy, distributing at least 15% of the annual distributable profit in cash, provided certain conditions are met[168]. - In 2019, the company distributed a cash dividend of RMB 0.10 per 10 shares, totaling RMB 1,653,400, which accounted for 30.26% of the net profit attributable to shareholders[169]. - For 2020, the proposed cash dividend is RMB 3.70 per 10 shares, with an expected total cash dividend of RMB 85,646,120, representing 17.62% of the net profit attributable to shareholders[171]. - The cumulative cash dividend for 2019 was RMB 84,323,400, which was 30.26% of the net profit attributable to shareholders[171]. - The company did not propose a cash profit distribution plan for the reporting period despite having positive distributable profits[174]. - The company plans to maintain a dividend policy that aligns with its profitability and cash flow situation[174]. Financial Performance - The company's operating revenue for 2020 reached ¥1,700,035,358.09, representing a 61.22% increase compared to ¥1,054,459,334.18 in 2019[22]. - Net profit attributable to shareholders was ¥486,068,659.00, a 74.43% increase from ¥278,668,781.35 in the previous year[22]. - The net profit after deducting non-recurring gains and losses was ¥470,671,307.71, up 86.88% from ¥251,854,709.09 in 2019[22]. - The company's total assets increased by 33.75% to ¥3,156,091,286.66 at the end of 2020, compared to ¥2,359,633,191.81 at the end of 2019[22]. - Basic earnings per share for 2020 were ¥2.10, a 56.72% increase from ¥1.34 in 2019[23]. - The weighted average return on equity rose to 20.83%, an increase of 4.21 percentage points from 16.62% in 2019[23]. - The company reported a net cash flow from operating activities of ¥153,175,622.63, a decrease of 12.52% from ¥175,091,864.32 in 2019[22]. - The company achieved operating revenue of CNY 1,700.04 million, a year-on-year increase of 61.22%[82]. - The net profit attributable to shareholders reached CNY 486.07 million, up 74.43% compared to the previous year[82]. Audit and Compliance - The company received a standard unqualified audit report from Xinyong Zhonghe Accounting Firm[5]. - The company emphasizes the importance of accurate and complete financial reporting, as stated by its management[4]. - The audit fees for the fiscal year 2020 amounted to RMB 700,000, including RMB 500,000 for financial audit and RMB 200,000 for internal control audit[200]. - The company has retained the accounting firm Xinyong Zhonghe for the fiscal year 2020, continuing a two-year relationship[200]. - The company's internal control audit was conducted by Xinyong Zhonghe, ensuring compliance with regulatory standards[196]. - The company has not encountered any significant accounting errors or changes in accounting policies during the reporting period[197]. Research and Development - Research and development investment amounted to CNY 45.13 million, representing a 40.82% increase year-on-year[67]. - The company has established a robust quality management system, achieving ISO9001 and GJB9001 certifications, ensuring high-quality product delivery[52]. - The company has a well-established R&D team and technical reserves, enabling it to support diverse product development needs across multiple application fields[56]. - The company has undertaken 28 military research projects, with 10 currently in progress, reflecting its commitment to R&D[67]. - As of the end of the reporting period, the company had obtained a total of 83 patents, with 42 more pending[72]. - The company's R&D expenses increased by 40.82% compared to the previous year, primarily due to the addition of new R&D projects and associated labor costs[89]. - In 2021, the company plans to increase R&D investment and accelerate new product development, focusing on military and high-end civilian products to expand market share[150]. Market Position and Strategy - The company has been recognized as one of the "Top 100 Electronic Component Enterprises in China" for eight consecutive years, indicating a strong industry position[48]. - The company aims to enhance its core position in the military-grade capacitor market while increasing investment in civilian ceramic capacitors to meet diverse user demands[148]. - The company is focusing on high-end civilian products in sectors such as 5G, automotive electronics, and medical electronics to expand its market presence[150]. - The company is expanding its product offerings by introducing high-value international brands to meet market demand[154]. - The company intends to strengthen its marketing network by establishing new subsidiaries and offices to improve sales coverage and customer satisfaction[155]. Risk Management - The company has described potential risks in the report, which investors should pay attention to[10]. - The company faces risks related to accounts receivable due to long payment cycles from clients in aerospace and defense sectors[161]. - The company emphasizes compliance management and risk control to ensure sustainable and high-quality development[157]. Shareholder Commitments - The company has a commitment that shareholders will not transfer or manage their shares for 36 months post-IPO, with specific conditions for share transfer thereafter[174]. - Major shareholders, including the controlling shareholders, have agreed to a lock-up period of 36 months post-IPO, with specific conditions for share reduction thereafter[186]. - The company has stated that it will strictly adhere to relevant laws and regulations regarding shareholding and lock-up commitments[186]. - The company has committed to avoiding and minimizing related party transactions, ensuring fairness and compliance with legal procedures[193]. - The company has a clear strategy to manage potential conflicts of interest among its major shareholders and executives[187]. Operational Highlights - The company expanded its product categories and increased capital and R&D investments, benefiting from strong downstream customer demand[26]. - The company’s self-operated business focuses on high-end multilayer ceramic capacitors, widely used in aerospace, aviation, and electronic information industries[35]. - The company maintains long-term stable relationships with international suppliers in its agency business, covering various electronic components[36]. - The company operates a comprehensive marketing service network with offices in multiple cities, enhancing customer service and market reach[58]. - The company has developed strong partnerships with over a thousand clients across key industries, laying a solid foundation for growth[60]. - The company added over 100 new clients in its self-operated business, aiming to expand market share further[73]. Financial Position - The company's cash and cash equivalents increased by 199.62% to CNY 826.99 million, primarily due to the recovery of maturing structured deposits and significant net cash inflows from operating activities[118]. - Accounts receivable increased by 53.57% to CNY 895.50 million, driven by growth in both self-manufactured and agency business revenues[119]. - The company's accounts payable increased significantly due to a substantial growth in agency business and the recognition of contractor payments related to fundraising projects[127]. - The company's fixed assets increased due to the completion and commissioning of the Suzhou electronic components production base and the DC filter project, with some production lines already in operation[126]. - Short-term borrowings increased at year-end due to the expansion of the company's business scale, leading to additional bank loans to supplement working capital[126].

2020 年第三季度报告 公司代码：603267 公司简称：鸿远电子 北京元六鸿远电子科技股份有限公司 2020 年第三季度报告 2020 年 10 月 30 日 1 / 27 2020 年第三季度报告 目录 | --- | |-------| | | | | | | | | | | | | | | | | | | | | | | | --- | --- | |--------------|-------| | | | | 重要提示 - | | | 公司基本情况 | | | 重要事项 | | | 附录 | | 2 / 27 2020 年第三季度报告 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 公司负责人郑红、主管会计工作负责人李永强及会计机构负责人（会计主管人员）李永强保 证季度报告中财务报表的真实、准确、完整。 1.4 本公司第三季度报告未经审计。 二、 公司基本情况 2.1 主要财务数据 | --- ...

Financial Performance - The company's operating revenue for the first half of 2020 was approximately RMB 692.84 million, representing a 27.44% increase compared to RMB 543.67 million in the same period last year[21]. - The net profit attributable to shareholders of the listed company was approximately RMB 205.38 million, an increase of 15.90% from RMB 177.21 million year-on-year[21]. - The net profit after deducting non-recurring gains and losses was approximately RMB 198.79 million, up 18.90% from RMB 167.20 million in the previous year[21]. - The net cash flow from operating activities was RMB 13.20 million, a decrease of 25.77% compared to RMB 17.79 million in the same period last year[21]. - The total assets at the end of the reporting period were approximately RMB 2.64 billion, an increase of 11.91% from RMB 2.36 billion at the end of the previous year[21]. - The net assets attributable to shareholders of the listed company were approximately RMB 2.30 billion, reflecting a 10.50% increase from RMB 2.08 billion at the end of the previous year[21]. - Basic earnings per share for the first half of 2020 were RMB 0.89, down 8.25% from RMB 0.97 in the same period last year[22]. - The weighted average return on net assets was 9.38%, a decrease of 3.95 percentage points compared to 13.33% in the previous year[22]. - The company reported a non-recurring profit of RMB 6,589,874.41, after accounting for various non-operating income and expenses[26]. - The company's sales gross profit reached 346.33 million yuan, a 7.18% increase year-on-year, with a gross profit margin of 50.05%, down 9.45 percentage points from the previous year[69]. Revenue and Growth - The company’s self-operated business revenue was 373.85 million yuan, an increase of 7.22% year-on-year, while the agency business revenue surged by 63.71% to 318.16 million yuan[60][66]. - The core product, ceramic capacitors, accounted for 99.06% of the self-operated business revenue, maintaining stability compared to the previous year[64]. - The top five customers in the self-operated business generated revenue of 285.24 million yuan, representing 76.30% of the self-operated business revenue, with an 8.50% increase year-on-year[65]. - The agency business saw significant growth, achieving revenue of ¥318,157,100, which is a 63.71% increase year-on-year, driven by strong demand in the photovoltaic and new energy sectors[76]. - Total operating revenue for the first half of 2020 reached ¥692,838,559.74, an increase of 27.5% compared to ¥543,665,065.93 in the same period of 2019[195]. Costs and Expenses - Operating costs increased by 57.25% to ¥345,989,776.59, primarily due to a shift in revenue structure with higher-cost agency business growing faster than the lower-cost self-operated business[74]. - Research and development expenses rose by 8.94% to ¥14,474,191.12, attributed to the addition of new R&D projects and increased personnel costs[74]. - The total operating costs amounted to ¥434,109,303.87, up 34.5% from ¥323,165,009.84 year-on-year[195]. - The company reported a financial expense of -¥6,382,428.91, a significant improvement from ¥3,760,789.15 in the previous year[195]. Assets and Liabilities - Cash and cash equivalents increased by 114.96% to ¥593,315,533.42, primarily due to the recovery of maturing bank structured deposits[81]. - Accounts receivable rose by 61.33% to ¥940,730,787.78, driven by increased sales in both self-operated and agency businesses[81]. - The company’s total liabilities increased to ¥342,370,891.96 from ¥279,750,379.87, representing an increase of about 22.4%[184]. - Total assets increased to ¥2,640,647,437.48, up from ¥2,359,633,191.81, representing an increase of approximately 11.9% year-over-year[184]. - Current liabilities decreased from ¥158,467,417.01 to ¥143,628,360.76, a reduction of approximately 9.4%[190]. Strategic Initiatives - The company plans to increase its total share capital from 165,340,000 shares to 231,476,000 shares through a capital reserve transfer, resulting in a change in earnings per share metrics[22]. - The company is currently in the construction phase of its fundraising projects, which has impacted its earnings per share and return on equity metrics[23]. - The company has established a marketing service network with offices in multiple cities, enhancing its market penetration and customer service capabilities[46]. - The company has established stable long-term strategic partnerships with multiple clients in the defense industry, enhancing its market advantage[47]. - The company has expanded its product range, achieving mass production of various capacitor series, including multilayer ceramic capacitors and RF microwave multilayer ceramic capacitors[56]. Social Responsibility - The company actively supports targeted poverty alleviation efforts in line with national policies[139]. - The company donated essential pandemic prevention materials, including masks and disinfectants, to Hengshanling Village in Laishui County, Hebei Province, totaling 1.08 million RMB[140]. - In the first half of 2020, the company actively engaged in poverty alleviation efforts, addressing urgent needs for epidemic prevention and spring farming recovery[141]. - The company plans to continue its support actions in the second half of 2020, contributing to the fight against poverty and the establishment of a moderately prosperous society[142]. Shareholder Commitments - Major shareholders, including the controlling shareholders, committed to a 36-month lock-up period for their shares post-IPO[115]. - The company will ensure that any share reduction proceeds will be returned to the company if commitments are not fulfilled[115]. - The controlling shareholders have agreed to not reduce their holdings for 36 months post-IPO, with specific conditions for subsequent reductions[116]. - The company has committed to adhering to stricter regulations if imposed by relevant authorities regarding share transfers[111]. - The company will avoid and minimize related party transactions with shareholders or entities controlled by them, ensuring fairness and compliance with legal regulations[125].

2020 年第一季度报告 公司代码：603267 公司简称：鸿远电子 北京元六鸿远电子科技股份有限公司 2020 年第一季度报告 2020 年 4 月 28 日 1/24 2020 年第一季度报告 一、 二、 11Í 四、 目录 | --- | |--------------| | | | 重要提示 | | 公司基本情况 | | 重要事项 | | 附录 | 2/24 2020 年第一季度报告 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 公司负责人郑红、主管会计工作负责人李永强及会计机构负责人（会计主管人员）李永强保 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 2019 was CNY 1,054,459,334.18, representing a 14.19% increase compared to CNY 923,430,908.20 in 2018[23]. - Net profit attributable to shareholders for 2019 was CNY 278,668,781.35, a growth of 27.62% from CNY 218,362,688.51 in 2018[23]. - The net cash flow from operating activities increased by 232.64% to CNY 175,091,864.32, compared to CNY 52,636,554.41 in the previous year[26]. - Total assets grew by 62.40% to CNY 2,359,633,191.81 at the end of 2019, up from CNY 1,453,015,233.35 at the end of 2018[26]. - The net assets attributable to shareholders increased by 87.28% to CNY 2,079,882,811.94, compared to CNY 1,110,572,367.53 at the end of 2018[26]. - The basic earnings per share for 2019 was CNY 1.76, compared to CNY 1.64 in 2018, reflecting a growth of 6.82%[23]. - The total profit amounted to CNY 334.37 million, with a year-on-year increase of 27.98%[87]. - The company's operating cash flow net amount was CNY 175.09 million, a significant increase of 232.64% year-on-year[88]. - The gross margin for self-produced electronic components was 78.97%, while the agency electronic components gross margin was 13.83%, both showing a decrease compared to the previous year[92]. Shareholder Information - The company plans to distribute a cash dividend of RMB 0.1 per 10 shares and to convert 4 shares from capital reserves for every 10 shares held, pending shareholder approval[6]. - The company plans to distribute cash dividends amounting to RMB 84,323,400, which represents 30.26% of the net profit attributable to shareholders in 2019[172]. - In 2019, the company distributed cash dividends of RMB 5.00 per 10 shares, totaling RMB 82,670,000, accounting for 29.67% of the net profit[171]. - The company aims to maintain a cash dividend distribution of at least 15% of the annual distributable profit[171]. Corporate Governance and Risk Management - The company emphasizes the importance of risk awareness regarding future plans and development strategies, advising investors to consider potential risks[7]. - The company has confirmed no non-operating fund occupation by controlling shareholders or related parties[8]. - The company emphasizes the importance of internal control and governance improvement to enhance risk management capabilities[161]. - The company acknowledges the potential impact of macroeconomic factors on market demand for its products[165]. - The company faces risks related to potential price reductions of self-produced military products due to changes in customer procurement models or intensified competition[162]. - The company has a significant amount of accounts receivable, which may lead to financial risks if not collected[167]. Research and Development - The company has a professional R&D team and a high-level technology research center, supporting the development of high-reliability MLCC products[55]. - The company plans to enhance R&D investment to accelerate the development of new products, focusing on high-reliability military-grade capacitors and high-end civilian capacitors for automotive electronics and 5G base stations[148]. - The company successfully developed new products including multi-layer ceramic capacitors and high-power DC filters, enhancing its product line[68]. - The company acquired 9 new patents during the reporting period, bringing the total to 76 patents, with 24 additional patents under application[69]. - The company received the "Best Paper Award" at the 2019 International Materials Science and Technology Conference for its research on ultra-wide temperature MLCC materials[80]. Market Position and Strategy - The company has a market share of approximately 40% in ceramic capacitors, with MLCC accounting for over 90% of the ceramic capacitor market size[43]. - The company ranked 66th in the "Top 100 Electronic Components Enterprises in China" in 2019, improving by 18 places from the previous year[49]. - The company is one of the main manufacturers of military-grade MLCC in China, with a significant demand growth trend due to the modernization of national defense[51]. - The company has established a strong marketing service network with offices in multiple cities, enhancing market penetration and customer service[56]. - The company has a stable customer base with long-term strategic partnerships in the aerospace and defense sectors, ensuring a solid market advantage[57]. - The company intends to leverage the capital market to actively expand its civilian ceramic capacitor production capacity through direct investment and acquisitions[154]. - The company will strengthen its marketing network across key regions in China while expanding its core customer base in the context of global satellite internet development[152]. Initial Public Offering and Financial Management - The company successfully completed its initial public offering, raising a net amount of CNY 745 million[75]. - The company raised CNY 745 million through a public offering in May 2019, contributing to the significant increase in total assets and net assets[26]. - The company has committed to not transferring or entrusting the management of its shares for 36 months following the initial public offering[177]. - The company will ensure that any share reduction after the lock-up period will not be below the issue price, adjusted for any dividends or stock splits[180]. - The company has implemented a strategy to manage share transfers effectively to maintain market stability[186]. - The company will monitor its stock price and take necessary actions to maintain stability as per its board's implementation plan[192]. Operational Highlights - The company has organized 8 on-site research activities and responded to 115 inquiries on the Shanghai Stock Exchange e-interaction platform during the reporting period[81]. - The production volume of ceramic capacitors increased by 39.95% year-on-year, while sales volume rose by 43.72%, resulting in an inventory increase of 37.99%[102]. - The sales volume of DC filters surged by 130.92% year-on-year, leading to a decrease in inventory by 7.77%[102]. - The overall sales rate for self-produced products was 94.95%, an increase of 2.49 percentage points compared to the previous year[103]. - The company has experienced steady growth in self-operated business sales, benefiting from the rapid development of high-end fields such as aerospace and defense equipment[162].

2019 年第三季度报告 公司代码：603267 公司简称：鸿远电子 北京元六鸿远电子科技股份有限公司 2019 年第三季度报告 2019 年 10 月 30 日 1 / 27 2019 年第三季度报告 目录 | --- | |-------| | | | | | | | | | | | | | | | | | | | | | | | --- | --- | |--------------|-------| | | | | 重要提示 - | | | 公司基本情况 | | | 重要事项 | | | 附录 | | 2 / 27 2019 年第三季度报告 单位：元 币种：人民币 3 / 27 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 公司负责人郑红、主管会计工作负责人李永强及会计机构负责人（会计主管人员）李永强保 证季度报告中财务报表的真实、准确、完整。 1.4 本公司第三季度报告未经审计。 二、 公司基本情况 2.1 主要财务数 ...

Financial Performance - The company's operating revenue for the first half of the year reached ¥543,665,065.93, representing a 14.14% increase compared to ¥476,313,826.84 in the same period last year [25]. - Net profit attributable to shareholders increased by 39.25% to ¥177,207,877.09 from ¥127,261,866.14 year-on-year [25]. - The net profit after deducting non-recurring gains and losses rose by 33.03% to ¥167,196,752.43 compared to ¥125,678,911.26 in the previous year [25]. - The company's total assets grew by 61.21% to ¥2,342,423,772.05 from ¥1,453,015,233.35 at the end of the previous year [26]. - Net assets attributable to shareholders increased by 84.32% to ¥2,046,969,934.01 from ¥1,110,572,367.53 at the end of the previous year [26]. - Basic earnings per share rose by 31.07% to ¥1.35 from ¥1.03 in the same period last year [25]. - The company's gross profit margin for the first half of 2019 was 59.53%, an increase of 6.63 percentage points compared to the same period last year, primarily due to the higher proportion of self-operated business revenue [69]. - The company reported a significant increase in total comprehensive income of CNY 179,008,507.27 for the first half of 2019, compared to CNY 127,261,866.14 in the same period of 2018, representing an increase of approximately 40.7% [185]. Cash Flow and Investments - The net cash flow from operating activities decreased by 33.04% to ¥17,788,424.59 from ¥26,563,932.03 year-on-year [25]. - Cash inflows from operating activities totaled CNY 432,927,694.33, slightly down from CNY 443,992,479.56 year-over-year [194]. - Cash outflows for investing activities reached CNY 446,018,937.33, compared to CNY 17,946,484.85 in the previous period, indicating increased investment activity [194]. - Net cash flow from financing activities was CNY 681,934,235.70, a substantial increase from CNY 13,524,921.44 year-over-year [194]. - The ending balance of cash and cash equivalents was CNY 464,467,248.13, up from CNY 222,654,638.95 in the previous period [194]. - The company received CNY 760,020,532.46 from investment activities, indicating strong capital inflow [194]. - The cash flow from operating activities showed a significant decline, highlighting potential operational challenges [197]. - The increase in cash and cash equivalents reflects improved liquidity position despite operational cash flow challenges [197]. Shareholder and Equity Information - The company plans to distribute a cash dividend of RMB 5.00 per 10 shares, totaling RMB 82,670,000.00 based on a total share capital of 165,340,000 shares [6]. - The company issued 41,340,000 new shares at a price of RMB 20.24 per share, increasing total shares from 124,000,000 to 165,340,000 [147]. - The total number of ordinary shareholders reached 23,908 by the end of the reporting period [147]. - The largest shareholder, Zheng Hong, holds 47,532,471 shares, representing 28.75% of the total shares [151]. - The company has committed to a lock-up period for major shareholders, with specific release dates for their shares [155]. - The company plans to reduce its shareholding by no more than 10% of the shares held at the time of the initial public offering (IPO) within the first year after the lock-up period, and an additional 10% in the second year, totaling a maximum of 20% over two years [112]. Risks and Challenges - The company has disclosed potential risks in the report, which investors should pay attention to [8]. - The company faces risks related to price reductions of self-produced military products, which could lead to profit declines if core technologies do not meet customer demands [90]. - The company is exposed to risks from large accounts receivable, which may lead to significant bad debt losses if not collected [95]. - The company’s agent business, primarily in electronic components, is sensitive to macroeconomic conditions, which could impact revenue and profit if market demand declines [93]. Corporate Governance and Compliance - The company has confirmed that there are no non-operating fund occupations by controlling shareholders or related parties [8]. - The company has not reported any significant integrity issues involving its controlling shareholders or actual controllers during the reporting period [121]. - The company has not engaged in any major related-party transactions during the reporting period, ensuring fair dealings and protecting shareholder interests [124]. - The company has committed to avoiding and minimizing related-party transactions with shareholders or entities controlled by shareholders [118]. - The company will strictly adhere to relevant laws and regulations regarding share lock-up commitments during the specified periods [106]. Research and Development - The company continues to focus on the research and development of multilayer ceramic capacitors (MLCC) and related electronic components, which are widely used in aerospace, military, and consumer electronics [30][31]. - The company added 5 new patents during the reporting period, bringing the total to 69 patents, including 15 invention patents [49]. - Research and development expenses for the first half of 2019 were RMB 13,285,829.19, consistent with RMB 13,179,404.35 in the same period of 2018 [179].