证券代码：603773 证券简称：沃格光电 公告编号：2022-024 江西沃格光电股份有限公司 关于接待机构调研情况的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 江西沃格光电股份有限公司（以下简称"公司"）于 2022 年 3 月 17 日通 过电话会议交流形式接待了机构调研，现将情况公告如下： 一、 调研情况 时间：2022 年 3 月 17 日 调研方式：电话会议交流 调研机构名称（顺序不分先后）及具体时间： 1、南方基金 朱苌阳、汪径尘；新华资产 耿金文；金鹰基金 田啸；兴业证券 李雾、仇文妍；2022 年 3 月 17 日 10:00-11:00; 2、湘财基金 刘生；长城证券 张元默；2022 年 3 月 17 日 13:30-14:30; 3、大成基金 方向；2022 年 3 月 17 日 15:00-16:30; 公司接待人员：董事长、总经理 易伟华；董事、副总经理、财务总监 张雄斌； 董事会秘书 胡芳芳。 二、交流的主要问题及公司回复概要 1、公司主要产品及产品应用领域情况？ 回复：公司产品主 ...

Financial Performance - The company's operating revenue for 2021 was CNY 1,049,995,306.70, representing a 73.79% increase compared to CNY 604,157,536.52 in 2020[23]. - The net profit attributable to shareholders of the listed company was a loss of CNY 26,862,904.82 in 2021, a decrease of 290.37% from a profit of CNY 14,110,621.93 in 2020[23]. - The net cash flow from operating activities was CNY 91,015,280.30, down 16.22% from CNY 108,632,381.38 in 2020[23]. - Total assets at the end of 2021 were CNY 2,605,370,387.87, an increase of 29.46% from CNY 2,012,544,176.06 at the end of 2020[23]. - The basic earnings per share for 2021 was -CNY 0.2220, a decrease of 292.54% from CNY 0.1153 in 2020[24]. - The weighted average return on equity was -1.72% in 2021, a decrease of 2.59 percentage points from 0.87% in 2020[24]. - The company reported a quarterly revenue of CNY 371,853,367.29 in Q4 2021, the highest among the four quarters[26]. - The net profit attributable to shareholders in Q4 2021 was a loss of CNY 20,158,184.79, marking a significant decline from the profit in Q1 2021[26]. Dividend and Share Capital - The company plans to distribute a cash dividend of RMB 1 per 10 shares, totaling RMB 12,029,401.30 (including tax) based on 120,294,013 shares as of March 14, 2022[6]. - The total amount of cash dividends, including share repurchase treated as cash dividends, is RMB 64,817,700.04 (including tax) for the year 2021[7]. - The company intends to increase its share capital by 3 shares for every 10 shares held, resulting in a new total share capital of 158,443,917 shares[7]. Audit and Compliance - The company has received a standard unqualified audit report from Zhongqin Wanxin Accounting Firm[5]. - The company emphasizes that forward-looking statements do not constitute substantive commitments to investors, highlighting investment risks[9]. - The company has confirmed that all board members attended the board meeting, ensuring accountability for the report's accuracy[4]. - The company has not encountered any situations where more than half of the directors could not guarantee the report's authenticity and completeness[10]. - The company has not faced any non-operational fund occupation by controlling shareholders or related parties[10]. - The company has not violated decision-making procedures for external guarantees[10]. Research and Development - R&D investment reached 51.22 million yuan, a 60.50% increase compared to the previous year, accounting for 4.88% of total revenue[31]. - The company has filed 472 national patents, including 189 invention patents and 280 utility model patents, with a total of 306 authorized patents[31]. - The company has developed advanced technologies in thinning, coating, and photolithography, maintaining a leading position in the domestic market[55][56]. - The company is focusing on the development of UTG (Ultra-Thin Glass) for foldable devices, which is expected to become a significant direction in the market[30]. Market Trends and Projections - The global display panel market demand is projected to grow at a CAGR of 3% from 2020 to 2025, reaching a market size exceeding 400 billion yuan by 2022[34]. - In 2021, the global smartphone shipment volume is expected to increase by 5.7% to 1.355 billion units, with display panel shipments rising by 11% to 1.714 billion units[34]. - The domestic smartphone market saw a shipment increase of 13.9% to 351 million units, with 5G smartphone shipments growing by 63.5% to 266 million units, accounting for 75.9% of total shipments[35]. - The average size of television panels is expected to grow from 47.3 inches in 2020 to 51 inches by 2025, driving an increase in display panel shipment area[37]. Acquisitions and Strategic Partnerships - The company acquired 51% stakes in Huichen Electronics and Beijing Baoang, and 60% in Xingwei Electronics to enhance its supply chain in the optical display module industry[31]. - The company completed acquisitions of 51% stakes in Huichen Electronics and Beijing Baoang, and a 60% stake in Xingwei Electronics, enhancing its supply capabilities in the display industry[52]. - The company has established long-term stable partnerships with major manufacturers such as TCL Group and BOE Technology Group, enhancing its market position[58]. Employee and Management Structure - The company has a total of 4,203 employees, with 3,223 in production, 107 in sales, and 313 in technical roles[126]. - The company has established a competitive salary management system to promote employee development and growth[127]. - The company implemented a performance-based salary system for senior management, with remuneration determined based on annual operational plans and performance evaluations[114]. - The company’s management team has seen significant shareholding increases, indicating confidence in future performance[104]. Environmental Compliance - The company has implemented strict environmental protection measures, ensuring that pollutant discharge concentrations meet standards without any environmental pollution incidents or penalties during the reporting period[145]. - The company has completed environmental impact assessments for construction projects and has updated its wastewater discharge permits in April and December 2021[146]. - An emergency response plan for environmental incidents was established and rehearsed on March 9, 2021, to enhance the company's ability to handle pollution events[148]. Shareholder Commitments - The company has committed to not transferring or entrusting the management of shares held directly or indirectly for 36 months post-IPO[155]. - The lock-up period for shares held by major shareholders is set for 36 months after the IPO, with a potential extension of 6 months if share prices fall below the IPO price[158]. - The company has established a commitment to comply with relevant laws and regulations regarding share transfers and reductions[156]. - The commitments include provisions for the management of shares by directors and senior management, ensuring they do not leave the company during the lock-up period[160].

Financial Performance - The company's operating revenue for Q3 2021 was ¥276,292,388.24, representing a year-on-year increase of 66.11%[5] - The net profit attributable to shareholders was -¥9,160,759.58, a decrease of 255.82% compared to the same period last year[5] - The net profit attributable to shareholders after deducting non-recurring gains and losses was -¥11,095,021.08, down 473.25% year-on-year[5] - The basic and diluted earnings per share were both -¥0.0749, reflecting a decrease of 220.42% compared to the previous year[6] - Total revenue for the first three quarters of 2021 reached ¥678,141,939.41, a significant increase of 55.6% compared to ¥435,789,494.25 in the same period of 2020[28] - The net profit for the third quarter of 2021 was a loss of ¥4,255,421.94, contrasting sharply with a net profit of ¥14,896,270.20 in the same quarter of 2020[29] - The total comprehensive income attributable to the parent company was -6,704,720.03 CNY, compared to 14,896,270.20 CNY in the previous period[30] - The basic and diluted earnings per share were both -0.0548 CNY, down from 0.1575 CNY in the same period last year[30] Assets and Liabilities - The total assets at the end of the reporting period were ¥2,615,509,287.02, an increase of 29.96% from the end of the previous year[6] - The company's total assets as of September 30, 2021, amounted to ¥2,615,509,287.02, an increase from ¥2,012,544,176.06 at the end of 2020[27] - The total liabilities increased to ¥969,512,541.49 in Q3 2021, compared to ¥397,350,287.90 in Q3 2020, marking a growth of 143.5%[26] - Cash and cash equivalents decreased to ¥216,684,418.70 from ¥475,343,240.19, indicating a decline of 54.4%[24] - Accounts receivable rose significantly to ¥529,310,748.82 from ¥248,723,089.58, representing an increase of 112.5%[24] - Inventory levels increased to ¥171,730,858.06, up from ¥21,832,383.17, a substantial rise of 684.5%[25] - The company's equity attributable to shareholders decreased to ¥1,550,823,182.75 from ¥1,615,193,888.16, a decline of 4.0%[27] - Total liabilities amounted to 397,350,287.90, with current liabilities at 386,928,598.28[36] Cash Flow - The company reported a cash flow from operating activities of -¥22,640,361.94 for the year-to-date, indicating a decrease of 135.74%[6] - Cash inflows from operating activities amounted to 1,082,832,803.51 CNY, an increase from 713,280,228.99 CNY year-over-year[32] - The net cash flow from operating activities was -22,640,361.94 CNY, a decline from 63,340,645.53 CNY in the previous year[32] - Cash inflows from financing activities totaled 429,401,352.20 CNY, compared to 228,450,000.00 CNY in the same period last year[33] - The net cash flow from financing activities was 72,963,619.65 CNY, down from 135,914,038.47 CNY year-over-year[33] - The company reported a net cash outflow of 166,735,563.05 CNY in the current period, compared to -170,448,893.17 CNY in the same period last year[33] - The company recorded a net cash outflow from investing activities of -217,029,756.41 CNY, an improvement from -369,616,164.30 CNY in the previous year[33] Research and Development - The company is currently undergoing a product transformation phase, which has led to increased R&D expenses and a decrease in overall gross margin[10] - The company reported R&D expenses of ¥36,703,100.43 for the first three quarters of 2021, compared to ¥22,502,680.48 in 2020, reflecting an increase of 63.0%[28] - The company aims to achieve mass production of Mini LED glass-based backlight products with over 2000 partitions, leveraging PVD thick copper technology[19] - The company has completed the debugging of a 75-inch Mini LED glass-based backlight product with 2046 partitions and is entering the mass production phase[20] - The company is focusing on solving key core technologies in the optoelectronic display field to address import bottlenecks[16] Corporate Developments - The company has established a new subsidiary in Dongguan and relocated its central research institute to enhance R&D capabilities[16] - The company has established a full subsidiary in Dongguan for the production of Mini LED products, with the first batch of samples completed[20] - The company has engaged a leading consulting management firm to optimize its organizational structure and business processes[18] - The company has made progress in litigation matters, successfully lifting the freeze on assets valued at 99 million yuan[22] - The company plans to launch glass substrate direct display products in 2022, collaborating with several industry leaders[19] Shareholder Information - The total number of common shareholders at the end of the reporting period is 13,905[13] - The largest shareholder, Yi Weihua, holds 33,584,526 shares, accounting for 27.45% of the total shares, with 24,609,000 shares pledged[13]

Financial Performance - The company reported a significant increase in revenue for the first half of 2021, with total revenue reaching RMB 500 million, representing a year-on-year growth of 25%[11]. - The net profit for the first half of 2021 was RMB 80 million, an increase of 15% compared to the same period last year[11]. - The company's operating revenue for the first half of the year reached ¥401,849,551.17, representing a 49.13% increase compared to ¥269,455,441.68 in the same period last year[18]. - The net profit attributable to shareholders decreased by 72.76% to ¥2,456,039.55 from ¥9,017,166.81 year-on-year[18]. - The basic earnings per share fell by 72.40% to ¥0.0263 from ¥0.0953 in the previous year[19]. - The total assets increased by 12.56% to ¥2,265,247,403.45 from ¥2,012,544,176.06 at the end of the previous year[18]. - The company reported a total revenue of 4,900.00 million, with a slight decrease of 0.04% compared to the previous period[65]. - The company achieved a net profit of 1,688.52 million, reflecting a significant decline of 407.49 million compared to the previous period[65]. User and Market Growth - User data showed an increase in active users by 30%, reaching a total of 1.2 million active users by the end of June 2021[11]. - The company plans to expand its market presence in Southeast Asia, targeting a 20% market share in the region by 2023[11]. - Qualcomm predicts 5G smartphone shipments of 200 million, 500 million, and 750 million units for 2020-2022, with a 4.6% year-on-year growth expected in China's smartphone shipments in 2021, reaching 340 million units[29]. - The global foldable smartphone market is expected to double in 2021, reaching approximately 9 million units, indicating significant growth potential in this niche market[30]. - Emerging markets are anticipated to drive demand for displays in new industries such as smart cities, smart healthcare, and IoT applications, spurred by the commercialization of 5G technology[31]. Research and Development - New product development includes the launch of a next-generation OLED display technology, expected to increase production efficiency by 40%[11]. - The company has allocated RMB 50 million for research and development in the second half of 2021, focusing on innovative display technologies[11]. - The company holds 282 domestic patents, including 73 invention patents, and has filed for 78 additional invention patents, demonstrating strong innovation capabilities[34]. - The company is a leading domestic player in thin-film technology for TFT-LCD and OLED glass, with ongoing R&D projects aimed at product upgrades[34]. - The company has developed advanced coating technologies, including ITO and In-Cell anti-interference high-resistance coatings, with successful mass production since 2016[35]. - The company continues to enhance its R&D capabilities, focusing on AG, AR, and AF technologies for high-end display applications[42]. - The company's R&D investment reached ¥22,429,126.62, a 65.86% increase compared to the same period last year, accounting for 5.58% of total revenue[43]. Acquisitions and Industrial Expansion - The company has extended its industrial chain through acquisitions, including stakes in Huichen Electronics and Beijing Baoang, enhancing its capabilities in high-end optical film materials and precision integrated circuit design[26]. - The company has completed acquisitions of 51% stakes in Huichen Electronics and Beijing Baoang, and a 60% stake in Xingwei Electronics, enhancing its supply capabilities in the display industry[32]. - The company acquired 31% of Shenzhen Huichen Electronics for CNY 26.97 million, raising its stake to 51%[59]. - The company purchased 51% of Beijing Baoang for CNY 204 million, establishing it as a subsidiary[60]. - The acquisition of 60% of Dongguan Xingwei Electronics involved a cash investment of CNY 25 million for capital increase and CNY 50 million for equity transfer[62]. Financial Position and Cash Flow - The company has maintained a strong cash flow position, with cash and cash equivalents amounting to RMB 200 million as of June 30, 2021[11]. - The company reported a net cash flow from operating activities of -¥45,727,893.78, indicating a significant cash outflow compared to -¥4,616,131.86 in the same period last year[18]. - The company reported a cash and cash equivalents balance of RMB 351,506,368.13 as of June 30, 2021, down from RMB 475,343,240.19 at the end of 2020, a decrease of about 26.00%[163]. - The total liabilities increased to RMB 675,210,722.89 from RMB 397,350,287.90, which is an increase of approximately 69.94%[165]. - The short-term borrowings rose to RMB 262,975,311.66 from RMB 149,939,360.83, representing an increase of about 75.51%[164]. Environmental Compliance - The company has implemented pollution prevention measures and has not faced any environmental pollution incidents during the reporting period[82]. - The company’s wastewater online monitoring system is maintained by Jiangxi Yizheng Environmental Protection Technology Company, ensuring normal operation during the reporting period[82]. - The company strictly adheres to the "three simultaneous" requirements for environmental impact assessments for construction projects, ensuring compliance with legal regulations[83]. - The company has established an emergency response mechanism for environmental pollution incidents, with a registered emergency plan number of 360502-2018-009-L[84]. - The company emphasizes sustainable development and actively promotes energy conservation and emission reduction activities[88]. Shareholder Commitments and Governance - The company’s major shareholder and actual controller, Yi Weihua, committed to not transferring or entrusting the management of shares held directly or indirectly for 36 months post-IPO[94]. - The company reported a commitment to stabilize stock prices for three years post-IPO[92]. - The company has committed to ensuring that fundraising is used for its intended purposes and to accelerate the implementation of fundraising projects[108]. - The controlling shareholder has assured that there are currently no violations regarding guarantees or fund occupation related to the company[128]. - The company has received commitments from major shareholders to reduce and regulate related party transactions, ensuring no misuse of funds or assets[131]. Legal Matters - The company won a lawsuit against Chunghwa Picture Tubes, with a judgment amounting to $8,474,476.84, plus interest calculated at an annual rate of 5% from January 24, 2019, until payment is made[137]. - The company is involved in a legal dispute with Qintai Sheng Intelligent Technology, seeking a total of RMB 543,319, which includes various claims such as deposit refunds and damages[138]. - The court upheld the original ruling in the case against Qintai Sheng, confirming the company is to receive RMB 381,879 as part of the final settlement[138]. Corporate Structure and Changes - The company experienced changes in senior management, with Xu Wenjun resigning as General Manager and Director, and Yi Weihua appointed as the new General Manager and Chairman[75]. - The first phase of the stock option incentive plan was completed with the initial grant registration on February 22, 2021[77]. - The company held a temporary shareholders' meeting on August 23, 2021, to approve the election of new directors[75]. - The company has not reported any updates or changes regarding disclosed environmental information during the reporting period[88].

Financial Performance - Operating revenue rose by 79.29% to CNY 188,790,945.05 year-on-year[5] - Net profit attributable to shareholders was CNY 10,905,073.91, a significant recovery from a loss of CNY 6,256,489.09 in the same period last year[5] - Basic earnings per share improved to CNY 0.1153 from a loss of CNY 0.0661 per share in the previous year[5] - The company's net profit for Q1 2021 was ¥10,905,073.91, a significant recovery from a net loss of ¥6,256,489.09 in the same quarter last year[12] - The company's operating profit for Q1 2021 was CNY 12,607,305.43, compared to an operating loss of CNY 3,959,768.56 in Q1 2020[26] - The total profit for Q1 2021 was CNY 12,694,510.45, compared to a total loss of CNY 4,970,197.47 in Q1 2020, marking a turnaround in financial performance[26] Assets and Liabilities - Total assets increased by 1.98% to CNY 2,052,479,712.73 compared to the end of the previous year[5] - The total assets of the company as of March 31, 2021, amounted to ¥2,052,479,712.73, compared to ¥2,012,544,176.06 at the end of the previous year[16] - Total liabilities increased to ¥500,034,965.17 in Q1 2021 from ¥404,335,653.20 in Q1 2020, marking an increase of approximately 23.7%[20] - The company’s total liabilities amounted to CNY 386,928,598.28, remaining stable compared to the previous year[35] - Total assets reached CNY 1,886,356,714.00, with current assets totaling CNY 661,071,476.30[39] Cash Flow - Net cash flow from operating activities decreased by 235.23% to -CNY 92,212,795.73 compared to the same period last year[5] - The company's cash flow from operating activities showed a significant decline, with a net outflow of ¥92,212,795.73 compared to an inflow of ¥68,189,912.16 in the previous year, mainly due to increased cash payments for goods purchased[12] - The cash flow from operating activities for Q1 2021 was negative at CNY -92,212,795.73, compared to a positive cash flow of CNY 68,189,912.16 in Q1 2020[28] - The net cash flow from operating activities was negative at CNY -55,754,219.18, compared to a positive CNY 73,272,735.86 in the same period last year[32] Shareholder Information - The total number of shareholders reached 13,878 by the end of the reporting period[9] - The largest shareholder, Yi Weihua, holds 27.31% of the shares, with 18,930,000 shares pledged[9] Research and Development - Research and development expenses rose by 66.23% to ¥9,700,518.03, compared to ¥5,835,449.41 in the previous year, reflecting increased investment in R&D[12] - Research and development expenses increased to CNY 9,700,518.03 in Q1 2021, up from CNY 5,835,449.41 in Q1 2020, reflecting a growth of 66.5%[25] Other Income and Expenses - Government subsidies recognized in the current period amounted to CNY 876,650.74[8] - Non-recurring gains and losses totaled CNY 837,489.53 for the period[8] - The company reported a significant increase in other income, which rose by 417.02% to ¥302,460.21, compared to ¥58,501.11 in the previous year, primarily due to increased compensation received[12] - The financial asset impairment loss for Q1 2021 was CNY 319,249.21, a significant improvement from a loss of CNY 4,545,773.72 in Q1 2020[26] - The company reported a decrease in sales expenses to CNY 9,981,427.11 in Q1 2021 from CNY 5,276,099.72 in Q1 2020, indicating a strategic cost management approach[25] Inventory and Accounts Receivable - Inventory increased by 56.14% to ¥34,089,084.28, up from ¥21,832,383.17, due to higher order volumes and raw material stockpiling[12] - Accounts receivable increased to ¥300,113,933.55 in Q1 2021 from ¥240,042,601.03 in Q4 2020, representing an increase of about 25.0%[19] - Inventory levels rose to ¥29,174,233.45 in Q1 2021, compared to ¥20,845,254.76 in Q4 2020, indicating an increase of approximately 39.5%[19] Financing Activities - The company secured CNY 200,000,000.00 in cash from financing activities, a substantial increase from CNY 30,000,000.00 in Q1 2020[32] - The net cash flow from financing activities was CNY 22,355,009.23, compared to CNY 28,998,066.67 in the previous year, indicating a decrease of approximately 23%[32]

Financial Performance - The company's operating revenue for 2020 was ¥604,157,536.52, representing a 15.23% increase compared to ¥524,324,061.46 in 2019[22]. - The net profit attributable to shareholders for 2020 was ¥14,110,621.93, a decrease of 72.28% from ¥50,904,512.75 in 2019[22]. - The basic earnings per share for 2020 was ¥0.1492, down 72.27% from ¥0.5381 in 2019[23]. - The total assets at the end of 2020 were ¥2,012,544,176.06, an increase of 11.23% from ¥1,809,304,220.46 at the end of 2019[22]. - The net cash flow from operating activities for 2020 was ¥108,632,381.38, a 39.17% increase from ¥78,056,509.16 in 2019[22]. - The weighted average return on equity for 2020 was 0.87%, a decrease of 2.28 percentage points from 3.15% in 2019[23]. - The company reported a diluted earnings per share of ¥0.1492 for 2020, consistent with the basic earnings per share[23]. - The total net profit attributable to shareholders for Q4 2020 was a loss of ¥785,648.27, indicating volatility in quarterly performance[25]. - Non-recurring gains and losses for 2020 totaled ¥8,771,126.45, compared to ¥12,062,913.77 in 2019[27]. Dividend and Share Capital - The company plans to distribute a cash dividend of RMB 0.52 per 10 shares, totaling RMB 4,868,809.71, which represents 34.50% of the net profit attributable to shareholders for 2020[5]. - The company intends to increase its share capital by 3 shares for every 10 shares held, resulting in a total share capital of 122,684,843 shares after the increase[6]. Audit and Compliance - The company has received a standard unqualified audit opinion from Zhongqin Wanxin Certified Public Accountants[4]. - The company has not faced any non-operating fund occupation by controlling shareholders or related parties[8]. - The company has not violated decision-making procedures for external guarantees[8]. - The company's financial report is guaranteed to be true, accurate, and complete by its board of directors and senior management[7]. - The company emphasizes strict compliance with legal regulations to ensure transparent management and protect shareholder interests[97]. Risk Management - The company emphasizes the importance of investment risk awareness regarding forward-looking statements in the report[7]. - The company has a comprehensive risk management strategy in place to address potential risks outlined in the report[8]. - The company faces risks from intense market competition and potential price fluctuations in the consumer electronics sector, which could impact profitability and market share[98]. - The company is exposed to talent retention risks, particularly for core technical personnel, which could impact product quality and innovation capabilities[99]. - The company faces risks related to high accounts receivable, which may increase due to rapid business growth and could lead to financial risks if not managed properly[100]. Business Segments and Market Trends - The company operates in two main business segments: optoelectronics and optical devices, focusing on processing FPD optoelectronic glass substrates for mobile smart terminal products such as smartphones and tablets[31]. - In 2020, global smartphone shipments reached 1.292 billion units, a year-on-year decline of 5.86%, while 5G smartphone shipments are projected to grow significantly, reaching 750 million units by 2022[35]. - The domestic smartphone market saw shipments of 296 million units in 2020, a decrease of 20.4%, with 5G smartphones accounting for 55.1% of total shipments[35]. - The company is focusing on the development of new products and technologies to adapt to the increasing demand for thinner glass substrates and larger sizes in the display industry[37]. - The company aims to enhance its core competitive advantages through collaboration with end customers and accelerate the commercialization of its core technologies[39]. Research and Development - The company has established a strong R&D team with multiple national and provincial technology centers, enhancing its innovation capabilities[42]. - The company holds 157 domestic patents, including 60 invention patents, and has 67 invention patents pending[44]. - The company has developed advanced etching and coating technologies, maintaining a leading position in the TFT-LCD and OLED glass sectors[44]. - The company plans to build a new R&D center and improve its R&D conditions, with an emphasis on developing new technologies and processes for optical glass coating, including 3D glass cover and back panel products[123]. Financial Management - Cash and cash equivalents decreased by 33.44% to ¥475,343,240.19 due to the acquisition of Dongguan Shangyu Company, which cost approximately ¥260 million[40]. - Accounts receivable decreased by 95.42% to ¥100,000.00, primarily due to a reduction in endorsed notes receivable[40]. - Prepayments increased significantly by 833.40% to ¥25,350,055.39, mainly due to increased prepayments for OLED display screen purchases[40]. - The company has committed to measures to fill the dilution of immediate returns as per relevant laws and regulations[121]. - The company will implement a profit distribution policy that emphasizes stable returns for investors, with plans for shareholder dividends post-IPO[124]. Shareholder Commitments - The company’s controlling shareholder, Yi Weihua, committed not to transfer or entrust the management of shares held directly or indirectly for 36 months post-IPO[110]. - The company’s management and shareholders are bound by commitments to ensure no misleading statements or omissions in financial reporting[109]. - The company has established a plan to stabilize share prices as part of its commitments[109]. - The company will publicly disclose reasons for any failure to meet commitments and apologize to shareholders and investors[138]. Environmental Management - The company has not experienced any environmental pollution incidents during the reporting period and has not been penalized by regulatory authorities[175]. - The company has implemented an online monitoring system for wastewater, which has been operating normally during the reporting period[175]. - The company has established an emergency response plan for environmental incidents, which was rehearsed on May 22, 2020[178]. - The company has actively invested in pollution prevention and control measures, enhancing its environmental management practices[175]. Legal Matters - The company is involved in a significant lawsuit regarding a payment dispute, with a claim amounting to USD 8,474,476.84[157]. - The company has received partial payment of USD 1,260.06 related to the lawsuit, with further distributions expected[157]. - The company is awaiting further developments in the legal proceedings and will disclose updates as necessary[158].

证券代码：603773 证券简称：沃格光电 江西沃格光电股份有限公司投资者关系活动记录表 编号：2020-007 | --- | --- | --- | --- | |------------------------------|--------------------------------------|--------------------------------------------------------------|-----------------------------------------------------------------| | 投 资 者 \n关 系 活 \n动类别 | √ \n□新闻发布会 \n√ 现场参观 □其他 | 特定对象调研 □分析师会议 \n□媒体采访 □业绩说明会 \n□路演活动 | | | 参与单 | | | | | 位名称 | 中金公司：胡誉镜、刘莹莹 | | | | 及人员 | 银华基金：陈日华 | | | | 姓名 | | | | | | | | | | 时间 | 2020 年 12 月 15 日 | 下午 14 ： 00-16 ： 00 | | | ...

Financial Performance - Operating revenue for the first nine months rose by 8.47% to CNY 435,789,494.25 compared to the same period last year[6]. - Net profit attributable to shareholders decreased by 69.17% to CNY 14,896,270.20 for the first nine months[6]. - Basic and diluted earnings per share fell by 69.17% to CNY 0.1575[6]. - The company reported a total of CNY 99,893,403.76 in other payables, significantly higher than CNY 1,938,754.87 from the previous year[23]. - Total profit for the first three quarters of 2020 was ¥20,492,721.67, a decline of 66% from ¥61,838,182.94 in the same period of 2019[25]. - The net profit for Q3 2020 was CNY 3,255,561.12, showing a significant increase compared to CNY 1,403,485.12 in Q3 2019, representing a growth of approximately 132.5%[30]. - Operating profit for Q3 2020 reached CNY 3,805,161.85, compared to CNY 1,136,377.24 in the same period last year, indicating an increase of about 234.1%[30]. Assets and Liabilities - Total assets increased by 15.15% to CNY 2,083,354,284.26 compared to the end of the previous year[6]. - Non-current assets totaled CNY 1,181,153,512.37, compared to CNY 819,815,030.77 in the previous year, reflecting a growth of approximately 44%[19]. - Current liabilities rose to CNY 455,714,447.76, significantly higher than CNY 180,487,477.35 from the previous year[19]. - Total liabilities increased to CNY 467,454,050.49, compared to CNY 192,896,474.16 in the same period last year[19]. - Owner's equity decreased slightly to CNY 1,615,900,233.77 from CNY 1,616,407,746.30 year-over-year[19]. - Accounts receivable increased to CNY 242,547,684.17, up from CNY 181,492,463.75, indicating a growth of about 34%[22]. Cash Flow - Cash flow from operating activities decreased by 11.96% to CNY 63,340,645.53 compared to the same period last year[6]. - Cash inflow from investment activities totaled CNY 953,110,077.49 in the first nine months of 2020, compared to CNY 865,726,148.48 in 2019, marking an increase of about 10.1%[32]. - Cash outflow from investment activities was CNY 1,322,726,241.79 for the first nine months of 2020, compared to CNY 1,000,075,254.03 in the previous year, indicating an increase of approximately 32.3%[32]. - The net cash flow from financing activities for the first nine months of 2020 was CNY 135,914,038.47, a turnaround from a net outflow of CNY 30,760,770.60 in the same period of 2019[33]. - Cash outflow from investment activities totaled CNY 1.32 billion in Q3 2020, up from CNY 991.51 million in Q3 2019, indicating a rise of 33.06%[36]. Shareholder Information - The total number of shareholders reached 15,153 at the end of the reporting period[10]. - The largest shareholder, Yi Weihua, holds 27.31% of the shares, with 25,834,251 shares pledged[10]. Research and Development - Research and development expenses increased by 34.73% to ¥22,502,680.48 from ¥16,701,769.07, reflecting higher investment in R&D activities[13]. - R&D expenses in Q3 2020 amounted to ¥8,979,825.40, compared to ¥7,211,110.94 in Q3 2019, reflecting a 25% increase[24]. Government Subsidies and Other Income - Government subsidies recognized in the current period amounted to CNY 3,383,900.63[9]. - The company experienced a 61.86% decline in other income, which fell to ¥4,676,080.13 from ¥12,261,483.68, mainly due to a decrease in government grants received[14].

Financial Performance - The company reported a total revenue of RMB 500 million for the first half of 2020, representing a year-on-year increase of 15%[20]. - The net profit attributable to shareholders was RMB 80 million, with a profit margin of 16%, showing a growth of 10% compared to the same period last year[20]. - The company's operating revenue for the first half of the year was approximately ¥269.46 million, representing a year-on-year increase of 2.87% compared to ¥261.94 million in the same period last year[21]. - The net profit attributable to shareholders decreased significantly by 77.03%, amounting to approximately ¥9.02 million, down from ¥39.25 million in the previous year[21]. - The basic earnings per share dropped by 77.03% to ¥0.0953, compared to ¥0.4149 in the same period last year[22]. - The net cash flow from operating activities turned negative at approximately -¥4.62 million, a decline of 108.75% from ¥52.78 million in the previous year[21]. - The total assets increased by 13.94% to approximately ¥2.06 billion, up from ¥1.81 billion at the end of the previous year[21]. - The weighted average return on equity decreased by 1.84 percentage points to 0.56% from 2.40% in the same period last year[22]. - The company achieved a revenue of ¥269,455,441.68, representing a year-on-year growth of 2.87%[47]. - The net profit attributable to shareholders was ¥9,017,166.81 during the reporting period[47]. - Operating profit decreased by 73.17% to CNY 13,498,378.71, primarily due to a decline in gross margin and reduced government subsidies[59]. - Net profit fell by 77.03% to CNY 9,017,166.81, attributed to increased management expenses, R&D costs, and asset impairment losses[59]. Market Expansion and Strategy - The company plans to expand its market presence in Southeast Asia, targeting a 20% market share by the end of 2021[20]. - The company aims to leverage its technological advantages in micro-circuit technology and device processing to capitalize on the growth opportunities presented by the 5G market[29]. - The demand for in-car displays is increasing due to the growth of safety features, navigation systems, and entertainment systems in vehicles, driven by government support for the new energy vehicle industry[33]. - The company is focused on integrating its business operations, which enhances customer loyalty and reduces supply chain management costs[38]. - The company is investing in projects to expand its TFT-LCD glass processing and special functional coating processing capacities, which are expected to enhance competitiveness but may face market and operational risks[70]. Research and Development - The company has allocated RMB 50 million for research and development in 2020, focusing on OLED technology advancements[20]. - New product development includes the launch of a Mini LED display technology, expected to contribute an additional RMB 100 million in revenue in the next fiscal year[20]. - The company has a strong R&D team and has established several research centers, enhancing its innovation capabilities and ensuring a robust product development pipeline[38]. - The company holds 137 domestic patents, including 50 invention patents, and is actively pursuing additional patents to strengthen its intellectual property portfolio[40]. - R&D investment for the reporting period was CNY 13,522,855.08, an increase of 42.49% year-on-year, accounting for 5.02% of total revenue[53]. - Research and development expenses for the first half of 2020 were CNY 13,522,855.08, compared to CNY 9,490,658.13 in the same period of 2019, indicating a 42.5% increase[158]. Risks and Challenges - The company faces risks from intense market competition in the FPD optical glass processing industry, which may lead to reduced market share and declining average profit margins due to increased capacity and new entrants[66]. - The company is exposed to risks related to product price fluctuations, as the consumer electronics industry is characterized by rapid product updates and declining prices, which could adversely affect profitability if not managed effectively[67]. - The company has a significant amount of accounts receivable, which may pose financial risks if market conditions change or if there are delays in payment collection[69]. - The company is at risk of talent loss, particularly among core technical personnel, which could impact product quality and innovation capabilities[68]. - The company has a high customer concentration risk, primarily selling to display panel manufacturers, which could adversely affect business performance if major customers reduce or cease orders[70]. Acquisitions and Partnerships - The total amount for the acquisition of Dongguan Shangyu Industrial Investment Co., Ltd. and Shenzhen Huihe Network Technology Co., Ltd. is RMB 258,000,000[72]. - The company acquired 100% equity of Shenzhen Huihe Network and 100% equity of Shangyu Industrial, making them wholly-owned and subsidiary companies respectively[72]. - The company has established partnerships with major clients such as OPPO, VIVO, and CRRC for the commercialization of electrochromic technology and Mini LED glass substrate technology[34]. - The company signed a framework procurement contract with Shanghai Hehui Optoelectronics, a leading OLED panel manufacturer, to accelerate entry into the smart wearable market and establish a long-term strategic partnership[127]. Corporate Governance and Compliance - The company has committed to a profit distribution policy that emphasizes stable returns for investors, ensuring compliance with regulations and shareholder interests[94]. - The company will ensure that any gains from violations of shareholding commitments will be returned to the company[83]. - The company has measures in place to compensate for any dilution of immediate returns due to the public offering, in accordance with regulatory guidelines[90]. - The company will cooperate with the audit firm to ensure compliance with internal control standards[118]. - The company has committed to comply with relevant laws and regulations regarding related party transactions and will not seek benefits beyond agreed terms[118]. Environmental Responsibility - The company has implemented effective pollution control measures, with no environmental pollution incidents reported during the reporting period[135]. - The company has established an emergency response plan for environmental pollution incidents, which has been filed with the relevant environmental protection department[137]. - The company conducted self-monitoring in accordance with the new discharge permit and reported monitoring results to government platforms[138]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 15,828[143]. - The largest shareholder, Yi Weihua, held 25,834,251 shares, representing 27.31% of the total shares, with 18,930,000 shares pledged[145]. - The company’s controlling shareholder has committed to not transferring shares for 36 months post-IPO[79]. - The company has fulfilled all commitments made by its controlling shareholders and related parties during the reporting period[77].

Financial Performance - Operating income for the period was CNY 105,300,068.64, representing a growth of 7.72% year-on-year[5]. - Net profit attributable to shareholders was a loss of CNY 6,256,489.09, a decline of 159.87% compared to the previous year[5]. - The company reported a net loss of CNY 7,226,006.35 after deducting non-recurring gains and losses, a decrease of 767.73% year-on-year[5]. - Net profit decreased by 159.87% to -¥6,256,489.09 from ¥10,449,740.18 in the previous year, attributed to increased operational losses due to COVID-19[13]. - Net profit for Q1 2020 was a loss of CNY 6,256,489.09, compared to a profit of CNY 10,449,740.18 in Q1 2019, indicating a significant decline in profitability[25]. - Operating profit for Q1 2020 was a loss of ¥11,865,440.74, compared to a profit of ¥4,935,685.19 in Q1 2019[27]. - Net profit for Q1 2020 was a loss of ¥12,273,174.20, compared to a profit of ¥3,809,430.79 in Q1 2019[28]. - The total comprehensive income for Q1 2020 was -¥12,273,174.20, compared to ¥3,809,430.79 in Q1 2019[28]. Assets and Liabilities - Total assets at the end of the reporting period reached CNY 1,822,450,711.79, an increase of 0.73% compared to the end of the previous year[5]. - Total assets as of March 31, 2020, amounted to ¥1,822,450,711.79, up from ¥1,809,304,220.46 at the end of 2019[17]. - The total assets of the company as of March 31, 2020, were CNY 1,687,588,086.25, compared to CNY 1,678,418,990.20 at the end of 2019, showing a modest increase[22]. - Total liabilities increased to ¥212,299,454.58 from ¥192,896,474.16, reflecting a rise in short-term borrowings[18]. - Total liabilities increased to CNY 200,360,183.24 from CNY 178,917,912.99, reflecting an increase of approximately 11.5%[22]. - The total liabilities amounted to ¥192,896,474.16, remaining stable compared to the previous year[35]. Cash Flow - The net cash flow from operating activities increased by 29.62% to CNY 68,189,912.16 compared to the same period last year[5]. - Cash flow from operating activities for Q1 2020 was ¥68,189,912.16, an increase from ¥52,605,545.77 in Q1 2019[30]. - Cash inflow from operating activities totaled ¥157,516,515.54, compared to ¥139,989,561.78 in the same period last year, reflecting a growth of 12.6%[31]. - Cash flow from financing activities showed a net increase of ¥28,998,066.67, compared to a net outflow of -¥18,130,500.01 in the previous year[13]. - Cash flow from financing activities for Q1 2020 was a net inflow of ¥28,998,066.67, compared to a net outflow of ¥18,130,500.01 in Q1 2019[30]. Shareholder Information - The number of shareholders at the end of the reporting period was 16,457[10]. - The largest shareholder, Yi Weihua, held 27.31% of the shares, with 25,834,251 shares pledged[10]. Research and Development - R&D expenses increased by 37.77% to ¥5,835,449.41 compared to ¥4,235,559.92 in the same period last year[13]. - Research and development expenses for Q1 2020 were CNY 5,835,449.41, up from CNY 4,235,559.92 in Q1 2019, indicating a year-over-year increase of 37.7%[25]. - The company incurred research and development expenses of ¥5,835,449.41 in Q1 2020, up from ¥4,235,559.92 in Q1 2019[27]. Financial Ratios - The weighted average return on equity decreased by 1.03 percentage points to -0.39%[5]. - The gross profit margin declined, leading to an operating profit of -¥3,959,768.56, down from ¥13,857,553.94 in the previous year[13]. Inventory and Receivables - Accounts receivable decreased by 45.46% to CNY 17,410,108.93 due to the collection of overdue receivables[12]. - Accounts receivable decreased to CNY 151,361,614.63 from CNY 181,492,463.75, representing a reduction of approximately 16.6%[20]. - Inventory decreased slightly to ¥22,259,823.75 from ¥22,542,787.96, indicating stable inventory management[17]. - Inventory decreased slightly to CNY 20,032,841.04 from CNY 21,296,397.63, a decline of about 5.9%[20]. Financial Expenses - Financial expenses rose significantly by 490.81% to -¥7,822,909.63, primarily due to increased exchange rate fluctuations[13]. - The company reported a financial expense of CNY -7,822,909.63 in Q1 2020, compared to CNY -1,324,108.82 in Q1 2019, highlighting a significant change in financial performance[25].