2023 年第一季度报告 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 2023 年第一季度报告 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法律责任。 2023 年第一季度报告 | 归属于上市公司股东的 | 1, 375, 937, 338. 81 | | 1, 375, 784, 656. 76 | 0.01 | | --- | --- | --- | --- | | 所有者权益 | | | | 重要内容提示 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、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保证季度报告中财务信息 的真实、准确、完整。 第一季度财务报表是否经审计 □是 √否 一、 主要财务数据 (一)主要会计数据和财务指标 单位：元 币种：人民币 | 项目 | | 本报告期 | 本报告期比上年同期 | | | | --- | --- | --- | --- | --- | --- ...

Financial Performance - The company's operating revenue for Q3 2022 was ¥326,478,129.34, representing an increase of 18.16% compared to the same period last year[2]. - The net profit attributable to shareholders was -¥29,590,024.08 for the quarter, with a year-to-date net profit of -¥34,535,496.79, indicating significant losses[2]. - The company reported a basic and diluted earnings per share of -¥0.1860 for the quarter, with a year-to-date figure of -¥0.2171[2]. - Total operating revenue for the first three quarters of 2022 reached ¥1,071,967,058.40, a significant increase from ¥678,141,939.41 in the same period of 2021, representing a growth of approximately 58%[15]. - The net profit attributable to the parent company's shareholders for the first three quarters of 2022 was a loss of ¥34,535,496.79, worsening from a loss of ¥6,704,720.03 in the same period of 2021[16]. - The company reported a net loss of ¥16,194,531.45 for the first three quarters of 2022, compared to a net loss of ¥4,255,421.94 in 2021[16]. - The company experienced a foreign exchange loss of ¥6,274,540.47 during the reporting period[16]. - The company reported a total comprehensive loss of ¥14,612,049.97 for the third quarter of 2022, compared to a loss of ¥4,255,421.94 in the same quarter of 2021[17]. Assets and Liabilities - The total assets at the end of the reporting period reached ¥3,501,474,369.43, reflecting a 34.39% increase from the end of the previous year[3]. - As of September 30, 2022, the total assets of the company amounted to RMB 3,501,474,369.43, an increase from RMB 2,605,370,387.87 as of December 31, 2021, reflecting a growth of approximately 34.4%[11]. - The company's current assets reached RMB 1,807,343,671.46, compared to RMB 1,052,665,258.76 in the previous year, indicating a year-over-year increase of about 71.6%[12]. - The total liabilities stood at RMB 1,725,935,631.37, up from RMB 971,094,591.70 in the previous year, representing an increase of approximately 77.7%[13]. - The total equity of the company was reported at RMB 1,775,538,738.06, an increase from RMB 1,634,275,796.17 in the previous year, reflecting a growth of about 8.6%[13]. - The company's retained earnings decreased to RMB 422,721,003.74 from RMB 469,492,071.83, indicating a decline of approximately 10%[13]. Cash Flow - The net cash flow from operating activities was -¥229,337,336.03 year-to-date, indicating cash flow challenges[2]. - Cash flow from operating activities for the first three quarters of 2022 was ¥1,490,824,986.45, compared to ¥1,053,580,360.26 in 2021, showing an increase of about 42%[19]. - The net cash flow from financing activities was 522,243,401.19, a substantial increase from 72,963,619.65 year-over-year, showcasing improved capital management[21]. - The total cash outflow from operating activities was 1,778,824,698.36, significantly higher than 1,105,473,165.45 in the previous year, suggesting increased operational costs[20]. - The net cash flow from investment activities was -234,227,870.12, compared to -217,029,756.41 in the previous year, reflecting ongoing investment challenges[20]. - The cash paid for debt repayment was 592,144,534.58, up from 275,066,352.20, reflecting a focus on debt management[21]. Competition and Market Conditions - The company faced increased competition in the LCD panel industry, leading to a decline in product sales prices and gross margins[6]. - The company is actively advancing projects related to Mini/Micro LED glass substrates and backlight modules, which has increased funding requirements[6]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 12,257[8].

Financial Performance - The company reported a total revenue of RMB 1.2 billion for the first half of 2022, representing a year-on-year increase of 15%[11]. - The company's operating revenue for the first half of the year reached ¥745.49 million, an increase of 85.51% compared to ¥401.85 million in the same period last year[19]. - The net profit attributable to shareholders was a loss of ¥4.95 million, a decline of 301.36% from a profit of ¥2.46 million in the previous year[19]. - The net cash flow from operating activities was a negative ¥99.99 million, worsening from a negative ¥45.73 million in the same period last year[19]. - The company achieved a net profit of RMB 8.17 million, representing an increase of 181.37% compared to the previous year[72]. - The company reported a comprehensive income total of ¥8,399,670.52, an increase from ¥2,905,364.28 in the previous year[182]. - The company’s total comprehensive income for the first half of 2022 was a loss of RMB 7.69 million, compared to a profit of RMB 482.33 million in the first half of 2021[185]. Market Expansion and Product Development - The company plans to launch two new products in Q3 2022, focusing on OLED technology and Mini LED displays, aiming to capture a larger market share[11]. - The company is expanding its market presence in Southeast Asia, targeting a 10% market share by the end of 2023[11]. - The company focuses on the application of "glass-based" new materials in consumer electronics, automotive displays, and semiconductor packaging[24]. - The company has established a subsidiary in Jiangxi for the production of Mini/Micro LED substrates, with an expected annual production capacity of 5,240,000 square meters once fully operational[44]. - The company has developed ultra-thin glass substrates (UTG) with a minimum thickness of 0.025mm, which are crucial for flexible display applications[51]. - The company is focusing on the development of glass-based Mini LED backlight and 3A glass integrated black cover plates for automotive display modules[60]. Research and Development - Research and development expenses increased by 30% to RMB 150 million, reflecting the company's commitment to innovation and new technology[11]. - The company’s R&D expenses reached RMB 38.44 million, a 71.4% increase year-on-year, accounting for 5.16% of total revenue[66]. - The company has filed for 476 national patents, including 196 invention patents, with 340 patents granted as of June 30, 2022[49]. - The company has completed R&D upgrades on its In-Cell anti-interference high-resistance coating technology, which is expected to reduce costs and improve yield[52]. - The company has maintained a stable and efficient R&D team, which is crucial for sustaining its competitive edge in the FPD optical glass processing industry[110]. Financial Health and Risks - The total assets increased by 21.10% to ¥3.16 billion from ¥2.61 billion at the end of the previous year[19]. - The company’s total assets amounted to ¥2,700,432,915.10, compared to ¥2,116,825,495.13 in the previous year, reflecting a growth of 27.5%[181]. - The company faces risks from intense market competition in the FPD optical glass processing industry, which is capital and technology-intensive[84]. - The company has significant accounts receivable, which may lead to financial risks if market conditions change or if there are delays in payment collection[87]. - Rising labor costs in China pose a risk to the company's profitability, as the industry relies heavily on labor[86]. Corporate Governance and Compliance - The board confirmed that all financial disclosures are accurate and complete, with no major omissions or misleading statements[6]. - The company has implemented a stock incentive plan to attract and retain talent, enhancing employee motivation[70]. - The controlling shareholder has pledged not to interfere with the company's management or infringe on its interests, and will publicly apologize if any commitments are violated[115]. - The company has committed to strict compliance with information disclosure regulations to avoid misleading statements[141]. - The company guarantees that any share transfers will not occur below the issuance price and will provide prior notice of the transfer plans[117]. Strategic Partnerships and Collaborations - The company has established a joint venture for the investment in Mini LED backlight modules and high-end LCD backlight modules, enhancing its industry chain layout[44]. - The company signed a strategic cooperation agreement with Dongguan Zhongqi Optoelectronic Technology Co., Ltd., committing to purchase no less than 800 million RMB worth of glass substrate products over the next five years[153]. - The company has established a strategic partnership with Zhongqi Optoelectronics to leverage complementary advantages in core materials and application technologies for semiconductor packaging[55]. Environmental and Social Responsibility - The company has established a robust environmental monitoring and management system, ensuring compliance with national and local environmental discharge standards[100]. - The company received the environmental impact assessment approval for the "Annual Production of 16.12 Million AG Glass Project" in April 2022[101]. - The company has implemented a comprehensive emergency response plan for environmental incidents, with a successful drill conducted on March 29, 2022[102].

Financial Performance - The company's operating revenue for Q1 2022 was CNY 356,127,443.09, representing an increase of 88.64% compared to the same period last year[5]. - The net profit attributable to shareholders decreased to CNY 2,336,468.30, a decline of 78.57% year-on-year[5]. - The basic earnings per share were CNY 0.0194, down 83.17% from the previous year[5]. - Total operating revenue for Q1 2022 reached ¥356,127,443.09, a significant increase of 88.8% compared to ¥188,790,945.05 in Q1 2021[22]. - Net profit for Q1 2022 was ¥7,350,782.37, a decrease of 32.5% from ¥10,905,073.91 in Q1 2021[23]. - The company reported a basic earnings per share of ¥0.0194 for Q1 2022, down from ¥0.1153 in Q1 2021[24]. Cash Flow and Liquidity - The company's cash flow from operating activities was negative at CNY -28,737,547.31, indicating a significant cash outflow[5]. - Cash flow from operating activities for Q1 2022 was ¥421,788,255.99, compared to ¥203,346,855.62 in Q1 2021, indicating a growth of 107.5%[25]. - The net cash flow from operating activities was -28,737,547.31, compared to -92,212,795.73 in the previous year, indicating an improvement[26]. - The ending balance of cash and cash equivalents was 280,207,263.87, down from 298,259,221.26 at the beginning of the period[27]. - The company received 7,438,503.52 in cash related to operating activities, showing a significant increase compared to the previous year's 1,427,648.71[26]. - The company paid 115,431,098.72 in cash to employees, which is an increase from 71,932,367.07 in the same period last year[26]. - The cash paid for purchasing goods and services was 293,620,162.24, compared to 203,012,274.43 in the previous year, reflecting a rise in operational costs[26]. - The company reported a cash outflow of 4,377,914.10 related to financing activities, which is a decrease from 31,219,195.66 in the previous year[27]. - The impact of exchange rate changes on cash and cash equivalents was -667,946.01, indicating a negative effect on cash reserves[27]. Assets and Liabilities - Total assets increased by 6.36% to CNY 2,771,164,710.38 compared to the end of the previous year[6]. - The total assets increased to ¥2,771,164,710.38 in Q1 2022 from ¥2,605,370,387.87 in Q1 2021, marking a growth of 6.4%[20]. - Total liabilities rose to ¥1,129,456,954.56 in Q1 2022, up from ¥971,094,591.70 in Q1 2021, reflecting an increase of 16.3%[20]. - The company's non-current assets totaled ¥1,595,132,134.05 in Q1 2022, compared to ¥1,552,705,129.11 in Q1 2021, showing a growth of 2.7%[20]. Investment and Development - Research and development expenses rose by 70.08%, reflecting increased investment in innovation[9]. - Research and development expenses for Q1 2022 were ¥16,499,080.62, an increase of 69.5% from ¥9,700,518.03 in Q1 2021[23]. - The company plans to invest RMB 165 million in a new Mini/Micro LED substrate production project, with an expected annual production capacity of 5,240,000 square meters once fully operational[14]. - The total investment for the new project includes RMB 125 million for construction and RMB 40 million for working capital[14]. - The company established a subsidiary, Jiangxi Dehong Display Technology Co., Ltd., to facilitate the new production project[14]. Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 12,708[11]. - The company has initiated a second phase of its stock option and restricted stock incentive plan to attract and retain talent, with the grant date set for March 29, 2022[14]. Contractual Obligations - The company reported a significant increase in contract liabilities by 147.28%, attributed to an increase in advance payments received[8]. - A strategic cooperation agreement was signed with Dongguan Zhongqi Optoelectronics Technology Co., Ltd., committing to a minimum purchase of RMB 800 million in glass substrate products over the next five years[15]. Taxation - The company experienced a 301.08% increase in taxes and surcharges, primarily due to higher VAT obligations[9]. - Total operating costs for Q1 2022 were ¥345,851,280.43, up from ¥177,574,468.10 in Q1 2021, reflecting a year-over-year increase of 94.9%[22]. Accounting Standards - The company executed the new accounting standards starting from 2022, which may affect future financial reporting[27].

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].