杭州格林达电子材料股份有限公司关于接受投资者调研的纪要 杭州格林达电子材料股份有限公司（以下简称"公司"）于 2022 年 3 月 9 日通过电话会议的形式接待投资者调研，公司总经理方伟华先生和董事会秘书 章琪女士出席会议，介绍公司基本情况并回答了投资者提出的问题。 一、参与调研的机构 广发证券、富国基金 二、交流的主要问题与公司回复概要 1、公司 2021 年的基本情况如何？ 答：公司 2021 年生产经营状况良好。项目建设方面，公司募投项目四川格 林达电子材料项目（一期）正在建设中，目前处于设备购置阶段，将按计划于 2022 年 6 月建成，公司年产 7 万吨扩产项目（一期）自 2020 年下半年投入运 行，2021 年整体运行状况良好，保持较高的产能利用率，二期项目的建设将视 市场实际情况而定，公司将于 4 月 22 日披露 2021 年年度报告，届时将在报告 中汇报最新的情况；研发项目方面，公司省级重点研发项目（"半导体集成电路 级高纯绿色四甲基氢氧化铵显影液专用化学品开发"项目）已按照开发计划已 通过浙江省专家组验收和公示，公司"光刻胶用显影液（极大规模集成电路用）" 项目处于产线测试阶段。 2、原 ...

Financial Performance - The company's revenue for Q3 2021 reached ¥199,731,420.24, representing a year-over-year increase of 25.75%[5] - Net profit attributable to shareholders was ¥38,669,582.19, reflecting a growth of 30.36% compared to the same period last year[5] - The net profit after deducting non-recurring gains and losses was ¥32,776,158.29, which is an increase of 16.52% year-over-year[5] - The company experienced a 25.88% increase in revenue for the year-to-date period, totaling ¥532,398,138.80[5] - Net profit for the first three quarters of 2021 was ¥101,255,501.25, representing a 24.4% increase from ¥81,423,345.13 in 2020[21] Earnings and Shareholder Returns - Basic earnings per share for the quarter were ¥0.27, down 22.86% from the previous year[6] - Earnings per share for the first three quarters of 2021 were ¥0.71, down from ¥1.03 in the same period of 2020[22] Assets and Liabilities - Total assets at the end of the reporting period amounted to ¥1,334,062,748.59, marking a 6.88% increase from the end of the previous year[6] - Current assets totaled RMB 996,380,641.95, compared to RMB 915,971,049.50 in the previous year, indicating an increase of about 8.8%[17] - Total liabilities increased to RMB 155,511,336.33 from RMB 143,342,647.74, reflecting a growth of about 8.5%[18] - The total non-current assets amounted to RMB 337,682,106.64, slightly up from RMB 332,159,140.10, indicating a growth of about 1.6%[17] Cash Flow - The company reported cash flow from operating activities of ¥100,674,666.85, which increased by 6.42% year-to-date[6] - Cash flow from operating activities for the first three quarters of 2021 was ¥100,674,666.85, compared to ¥94,597,141.30 in 2020[24] - The company generated cash inflows from operating activities totaling ¥548,411,828.41, compared to ¥412,158,781.60 in the same period of 2020[24] - Investment activities resulted in a net cash outflow of ¥174,745,648.24 for the first three quarters of 2021, compared to a net outflow of ¥163,536,555.19 in 2020[24] Equity and Retained Earnings - The total equity attributable to shareholders was ¥1,178,551,412.26, up 6.68% from the previous year[6] - The company reported a total of ¥288,859,291.74 in undistributed profits as of the end of the third quarter of 2021, up from ¥224,336,591.17 at the end of 2020[19] Research and Development - Research and development expenses for the first three quarters of 2021 amounted to ¥17,021,868.49, an increase of 25.5% from ¥13,602,325.34 in 2020[20] Other Information - The company has not disclosed any new product developments or market expansion strategies in the current report[15] - The report was issued by the board of directors on October 22, 2021[26]

Financial Performance - The company's operating revenue for the first half of 2021 was CNY 332,666,718.56, representing a 25.96% increase compared to CNY 264,095,679.02 in the same period last year[19]. - The net profit attributable to shareholders for the first half of 2021 was CNY 62,585,919.06, up 20.92% from CNY 51,758,739.58 in the previous year[19]. - The net cash flow from operating activities decreased by 43.38% to CNY 36,986,563.21 from CNY 65,320,120.80 in the same period last year[20]. - The total assets at the end of the reporting period were CNY 1,252,971,429.29, a slight increase of 0.39% from CNY 1,248,130,189.6 at the end of the previous year[20]. - The basic earnings per share decreased by 35.29% to CNY 0.44 from CNY 0.68 in the same period last year[21]. - The weighted average return on net assets decreased by 4.05 percentage points to 5.53% from 9.58% in the previous year[21]. - The company reported non-recurring gains of CNY 6,256,159.62, including government subsidies and other non-operating income[24]. - The total comprehensive income for the first half of 2021 was CNY 62,585,919.06, compared to CNY 51,758,739.58 in the first half of 2020, reflecting a growth of 20.0%[167]. Business Operations - The company specializes in the R&D, production, and sales of ultra-pure electronic chemicals, with key products including developing solutions and etching liquids[27]. - The company adopts a "sales-driven production" model, organizing production based on customer orders[28]. - The core product TMAH developing solution meets SEMI G4 standards, crucial for the production of LCD and OLED display panels[27]. - The company has achieved a technological breakthrough in TMAH developer liquid, breaking the monopoly of foreign enterprises and successfully replacing imports while exporting to South Korea, Japan, and Taiwan[33]. - The domestic sales model involves direct sales to major display panel manufacturers, utilizing online promotion, trade shows, and sales visits to expand the customer base[34]. - The overseas sales strategy is led by the marketing department, which formulates annual sales plans based on customer procurement needs and historical sales performance[37]. - The company has maintained stable sales prices with foreign clients, supported by framework agreements that allow for regular procurement orders[38]. - The company is focusing on expanding its production capacity for TMAH developer, BOE etching solution, and aluminum etching solution to meet growing demand[64]. Market and Industry Trends - The demand for wet electronic chemicals has significantly increased due to the rapid development of downstream industries such as semiconductors and display panels, with a projected industry growth rate of 6.3% in 2021[46][47]. - The domestic semiconductor industry has been growing rapidly, with the global display panel market value reaching $114.6 billion in 2020, showing a 13% year-on-year increase[47]. - The government is providing increasing policy support for the wet electronic chemicals industry, enhancing the competitive position of domestic enterprises[44][45]. - The company is well-positioned to capture the growing domestic market for high-end wet electronic chemicals, with significant potential for import substitution[48]. Risk Management - The company has detailed potential risks in the report, which investors should review[6]. - The company faces safety production risks due to the nature of its chemical products, which could impact operations if accidents occur[74]. - The company is exposed to raw material price fluctuations, which can affect its operating performance due to the high proportion of raw material costs in its overall expenses[81]. - The company acknowledges the potential impact of unforeseen events, such as natural disasters or social unrest, on its business and financial performance[86]. Shareholder Commitments - The company has established a profit distribution policy to ensure stable returns for investors and maintain continuous shareholder value[113]. - The controlling shareholder commits not to interfere with the company's management or infringe on its interests[113]. - The actual controller of the company also pledges not to interfere with management activities or infringe on company interests[114]. - The company commits to a six-month lock-up period for shareholders, extending automatically if stock prices fall below the adjusted issuance price for 20 consecutive trading days[101]. - Major shareholders, including the controlling shareholder, express confidence in the company's future and commit to long-term stockholding[102]. Environmental and Safety Standards - The company has established comprehensive safety and environmental operation standards, continuously investing in environmental protection to meet national and local regulations[75]. - The company has passed the ISO 14001:2015 environmental management system certification, indicating its commitment to environmental responsibility[93]. - During the reporting period, the company did not receive any penalties from relevant authorities due to environmental protection issues[93]. - The company has implemented measures to properly handle "three wastes" (waste gas, waste water, and solid waste) during its production processes, ensuring emissions meet national standards[93]. Shareholder Structure - The total number of ordinary shareholders at the end of the reporting period was 16,790[143]. - The top ten shareholders held a total of 106,906,240 shares, with the largest shareholder, Hangzhou Electric Chemical Group, owning 60,039,890 shares, representing 42.12% of the total[145]. - The company has a total of 60,039,890 restricted shares that will become tradable on August 19, 2023[147]. - The total number of shares held by the top ten unrestricted shareholders was 992,978, with the largest being Zhu Xiaohong[146].

Financial Performance - Operating revenue for the period was CNY 171,918,824.54, representing a year-on-year increase of 25.38%[6] - Net profit attributable to shareholders of the listed company was CNY 31,257,578.33, up 11.24% from the same period last year[6] - Basic earnings per share decreased by 16.22% to CNY 0.31 from CNY 0.37 in the same period last year[6] - The weighted average return on net assets was 2.79%, down 2.44 percentage points from the previous year[6] - The total comprehensive income for Q1 2021 was CNY 31,257,578.33, compared to CNY 28,099,991.75 in Q1 2020[25] - The net profit for Q1 2021 was CNY 30,612,612.46, up 4.7% from CNY 29,235,110.66 in Q1 2020[26] Assets and Liabilities - Total assets at the end of the reporting period reached CNY 1,254,019,170.29, an increase of 0.47% compared to the end of the previous year[6] - Total liabilities decreased to ¥116,741,107.32 from ¥143,342,647.74, indicating improved financial stability[19] - The company’s equity increased to ¥1,160,792,859.06 from ¥1,128,951,446.28 at the end of 2020[23] - Current assets totaled ¥883,007,039.86, an increase from ¥858,687,402.02 at the end of 2020[21] Cash Flow - The net cash flow from operating activities was CNY 1,659,627.49, a significant decrease of 94.25% compared to the previous year[6] - The company reported a net cash outflow from investing activities of CNY -159,968,299.01 in Q1 2021, compared to CNY -5,943,291.74 in Q1 2020[30] - The total cash inflow from operating activities was significantly impacted by a 90.8% increase in cash paid for goods and services, totaling ¥149,961,785.24 in Q1 2021[32] - The company’s cash flow from operating activities was affected by a 19.9% increase in cash paid to employees, amounting to ¥12,021,247.77 in Q1 2021[32] Shareholder Information - The total number of shareholders at the end of the reporting period was 15,402[11] - The largest shareholder, Hangzhou Electric Chemical Group Co., Ltd., held 42,885,636 shares, accounting for 42.12% of the total shares[11] Operational Costs and Expenses - Operating costs rose by 37.65% to ¥127,747,881.27, primarily due to rising raw material prices[14] - Research and development expenses for Q1 2021 were ¥4,018,974.12, compared to ¥3,380,806.66 in Q1 2020, indicating an increase of 18.9%[24] - The company reported a financial expense of CNY -3,178,844.47 in Q1 2021, compared to CNY -579,063.20 in Q1 2020[25] Investments - Trading financial assets increased to ¥151,098,356.16, a 100% increase due to the purchase of bank wealth management products[13] - Investment cash flow net amount was -¥159,968,299.01, primarily due to investments in wealth management products[14] Other Financial Metrics - The company reported non-recurring gains and losses totaling CNY 1,999,946.99 for the period[10] - Employee compensation payable decreased by 64.07% to ¥3,693,259.24, attributed to a reduction in salaries payable[13] - Tax payable increased by 56.86% to ¥6,307,629.68, mainly due to an increase in taxes payable at the end of the period[13]

Financial Performance - The company's operating revenue for 2020 was RMB 583,534,845.70, representing an increase of 11.25% compared to RMB 524,548,249.32 in 2019[23]. - The net profit attributable to shareholders for 2020 was RMB 100,844,374.54, a decrease of 1.59% from RMB 102,477,130.17 in the previous year[23]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was RMB 92,776,272.02, down 2.04% from RMB 94,704,007.17 in 2019[23]. - The net cash flow from operating activities was RMB 126,565,753.21, a decrease of 11.56% compared to RMB 143,112,171.62 in 2019[23]. - The total assets at the end of 2020 were RMB 1,248,130,189.60, an increase of 82.28% from RMB 684,720,079.86 at the end of 2019[24]. - The net assets attributable to shareholders at the end of 2020 were RMB 1,104,787,541.86, reflecting a growth of 111.25% from RMB 522,978,028.92 at the end of 2019[24]. - Basic earnings per share decreased by 11.19% to CNY 1.19 compared to CNY 1.34 in 2019[25]. - The weighted average return on equity decreased to 13.92%, down 7.49 percentage points from 21.41% in 2019[25]. - The gross profit margin decreased to 28.96%, down 11.64% from the previous year, primarily due to the reclassification of transportation costs[73]. - Operating costs rose to CNY 414.53 million, reflecting a 33.04% increase year-on-year[73]. Dividend Policy - The company plans to distribute a cash dividend of 3 RMB per 10 shares, totaling 30,544,650 RMB (including tax) for the year 2020, resulting in a cash dividend ratio of 30.29%[182]. - The company’s cash dividend policy stipulates that at least 10% of the distributable profit must be distributed in cash each year[175]. - In 2020, the company’s total distributable profit was 100,844,374.54 RMB, with cash dividends accounting for 30.29% of the net profit attributable to ordinary shareholders[184]. - The company’s cash dividend distribution is contingent upon achieving positive distributable profits and receiving an unqualified audit opinion on its financial reports[173]. - The company’s cash dividend distribution plan for 2020 is subject to approval at the shareholders' meeting[183]. Share Capital and Structure - The company intends to increase its share capital by 4 shares for every 10 shares held, resulting in an additional 40,726,200 shares, bringing the total share capital to 142,541,700 shares[5]. - The capital reserve increased by 203.14% to 713,093,752.27, mainly due to the IPO premium[95]. - The retained earnings increased by 40.82% to 224,336,591.17, reflecting an increase in profits during the period[96]. Risk Management - The company has outlined potential risks in its future development plans, which investors should be aware of[8]. - The report emphasizes the importance of investor awareness regarding the uncertainties in forward-looking statements[6]. - The company faces safety production risks due to the hazardous nature of some of its wet electronic chemical products, which could lead to accidents affecting operations[157]. - Environmental risks are present due to the production process generating pollutants, necessitating ongoing investment in compliance with environmental regulations[158]. - The company is exposed to market risks from macroeconomic fluctuations and significant changes in downstream industries, which could impact its performance[163]. Research and Development - The company maintained a strong R&D capability, holding 5 invention patents and 15 utility model patents during the reporting period[60]. - The company has established a comprehensive R&D mechanism, emphasizing sustainable development and continuous innovation, with significant investments in R&D to enhance its technological capabilities[116]. - The company is actively involved in research and development of new materials and technologies to meet the stringent requirements of the electronic manufacturing industry[98]. - The company has formed partnerships with several universities to enhance its R&D capabilities and improve automation levels in the industry[119]. Market Position and Strategy - The company is focused on the development of wet electronic chemicals used in microelectronics and optoelectronics, which are critical for semiconductor and solar cell applications[22]. - The company plans to expand its market presence and enhance its product offerings in the electronic chemical materials sector[22]. - The company is positioned as a key supplier in the display panel industry, with major clients including BOE Technology Group and LG Group[65]. - The company is actively pursuing market expansion and product development to enhance its competitive position against foreign enterprises in high-end applications[141]. Compliance and Governance - The board of directors and senior management have confirmed the authenticity and completeness of the annual report, taking legal responsibility for any misstatements[7]. - The company has not reported any violations in decision-making procedures regarding external guarantees[7]. - The company’s governance structure includes commitments from both controlling shareholders and management to uphold these agreements[191].

Financial Performance - Operating revenue for the first nine months increased by 6.59% to CNY 422,926,289.34 compared to the same period last year[6]. - Net profit attributable to shareholders for the first nine months was CNY 81,423,345.13, a 1.54% increase year-on-year[6]. - Total revenue for Q3 2020 reached ¥158,830,610.32, an increase of 24.9% compared to ¥127,188,365.36 in Q3 2019[28]. - Total revenue for Q3 2020 was CNY 160,082,136.40, an increase from CNY 128,865,580.16 in Q3 2019, representing a growth of approximately 24.2%[33]. - The company reported a net profit margin improvement, with net profit for the first three quarters of 2020 reaching ¥238,253,762.15, compared to ¥177,303,028.35 in the same period of 2019, an increase of 34.4%[27]. - Net profit for Q3 2020 was CNY 29,664,605.55, up from CNY 26,864,851.25 in Q3 2019, indicating a growth of approximately 6.7%[30]. - The total profit for Q3 2020 reached CNY 34,824,557.90, up from CNY 30,675,604.36 in Q3 2019, indicating a growth of about 13.9%[30]. - The total comprehensive income for Q3 2020 was CNY 29,664,605.55, consistent with the net profit, indicating no significant changes in other comprehensive income[31]. - The total comprehensive income for the first nine months of 2020 was CNY 85,950,733.80, up from CNY 81,591,529.61 in the same period of 2019, reflecting a growth of 5.4%[35]. Assets and Liabilities - Total assets increased by 77.28% year-on-year to CNY 1,213,893,395.45[6]. - Total assets as of September 30, 2020, amounted to ¥1,222,847,034.00, up from ¥689,427,965.99 at the end of 2019, reflecting a growth of 77.4%[27]. - Total liabilities decreased to ¥116,583,222.11 in Q3 2020 from ¥149,792,095.70 in Q3 2019, a reduction of 22.2%[27]. - Owner's equity increased significantly to ¥1,106,263,811.89 in Q3 2020, compared to ¥539,635,870.29 in Q3 2019, representing a growth of 105.5%[27]. - The company’s total current assets reached ¥881,440,107.23, up from ¥342,922,534.11 in the previous year[21]. Cash Flow - Net cash flow from operating activities decreased by 10.88% to CNY 94,597,141.30 compared to the same period last year[6]. - Cash flow from operating activities for the first nine months of 2020 was CNY 94,597,141.30, down from CNY 106,149,662.26 in the same period of 2019, a decrease of 10.5%[37]. - The company reported a total of CNY 403,482,454.00 in cash received from sales of goods and services for the first nine months of 2020, a decrease of 3.2% from CNY 416,813,783.43 in the same period of 2019[36]. - Cash inflow from financing activities in Q3 2020 was $518.31 million, a substantial increase from $31.11 million in Q3 2019[41]. - Net cash flow from financing activities in Q3 2020 was $425.48 million, contrasting with a net outflow of $22.90 million in Q3 2019[41]. - The ending cash and cash equivalents balance for Q3 2020 was $311.29 million, up from $138.41 million at the end of Q3 2019[41]. Shareholder Information - The total number of shareholders at the end of the reporting period was 18,383[12]. - The largest shareholder, Hangzhou Electric Chemical Group, holds 42.12% of the shares[12]. Investment and Expenses - The investment income turned negative at -¥1,092,235.52, a decline of 251.53% due to the poor performance of associated companies[16]. - The net cash flow from investment activities was -¥163,536,555.19, reflecting increased expenditures on financial product investments[17]. - Research and development expenses for Q3 2020 were CNY 3,391,250.61, a decrease from CNY 5,828,054.53 in Q3 2019, showing a reduction of about 41.8%[33]. - The company reported a 75.80% decrease in sales expenses, attributed to the reclassification of certain costs to operating costs under new revenue recognition standards[16]. Financial Ratios - The weighted average return on net assets decreased by 3.68 percentage points to 13.44%[7]. - The company’s total liabilities to equity ratio improved, indicating a stronger financial position with lower leverage compared to the previous year[27]. - The company reported a decrease in credit impairment losses of CNY 520,824.68 in Q3 2020, compared to an increase of CNY 146,697.08 in Q3 2019, indicating improved credit quality[34].

Financial Performance - The company reported a total revenue of RMB 100 million for the first half of 2020, representing a year-on-year increase of 15%[12]. - The gross profit margin for the reporting period was 35%, indicating a stable profitability level compared to the previous year[12]. - The company's operating revenue for the first half of the year was ¥264,095,679.02, a decrease of 2.04% compared to the same period last year[20]. - The net profit attributable to shareholders was ¥51,758,739.58, down 2.93% year-on-year[20]. - The net cash flow from operating activities decreased by 26.77% to ¥65,320,120.80 compared to the previous year[20]. - The company's total assets increased by 2.47% to ¥701,642,929.17 at the end of the reporting period[20]. - The net assets attributable to shareholders rose by 5.51% to ¥551,803,251.69 compared to the end of the previous year[20]. - Basic earnings per share for the first half of the year were ¥0.68, a decrease of 2.86% from the same period last year[21]. - The company achieved operating revenue of CNY 264.10 million in the first half of 2020, a decrease of 2.04% compared to the same period last year[44]. - The net profit attributable to shareholders was CNY 51.76 million, down 2.93% year-on-year[44]. Research and Development - The company is investing RMB 10 million in R&D for new electronic materials, aiming to enhance product performance and meet market demands[12]. - The company's R&D expenses increased by 21.33% to CNY 10.71 million, reflecting a strong commitment to product development and technological advancement[48]. - The company has developed and mastered new product technologies such as aluminum etching liquid, copper etching liquid, cleaning liquid, and dilution liquid, with some products already in mass production[34]. - The company is recognized as a national high-tech enterprise and has established a provincial-level research institute, holding multiple patents and industry awards[33]. - The company has a total of 5 invention patents and 15 utility model patents, showcasing its strong R&D capabilities[38]. Market Expansion - The company has expanded its user base by 20%, reaching a total of 50,000 active users in the first half of 2020[12]. - Future outlook includes a projected revenue growth of 25% for the second half of 2020, driven by new product launches and market expansion strategies[12]. - Market expansion efforts have led to a 30% increase in sales in the Southeast Asian region, indicating successful penetration into new markets[12]. - The company specializes in the R&D, production, and sales of ultra-pure electronic chemicals, with a market concentration of approximately 95% in the display panel sector[26]. Financial Health - The company has maintained a strong cash position with RMB 50 million in cash reserves, providing flexibility for future investments[12]. - The company has a well-established procurement and production system, with a stable customer base that is expected to expand continuously[36]. - The company's cash and cash equivalents were reported at CNY 184,953,448.67, compared to CNY 163,082,266.57 in the previous period, reflecting a growth of approximately 13.5%[125]. - The total liabilities decreased to CNY 149,839,677.48 from CNY 161,742,050.94, indicating a reduction in financial obligations[127]. - The company's total current assets reached CNY 363,344,573.22, up from CNY 342,922,534.11 in the previous year[125]. Corporate Governance - The company has no plans for major acquisitions in the near term, focusing instead on organic growth and product development[12]. - No non-operating fund occupation by controlling shareholders or related parties was reported, ensuring financial integrity[12]. - The controlling shareholder, Electric Group, committed to a 36-month lock-up period for shares post-IPO, prohibiting any transfer or management delegation of shares held prior to the public offering[62]. - The company and its controlling shareholders have pledged to avoid any business activities that may compete directly or indirectly with the issuer's main business[67]. - The company will take legal measures to ensure compliance with these commitments and protect shareholder interests[68]. Environmental and Quality Management - The company’s production process utilizes environmentally friendly methods, such as the carbonate electrolysis method, which avoids chlorine gas production and enhances product stability[37]. - The company has established a robust quality management system, achieving certifications including ISO9001:2015, ISO14001:2015, and OHSAS 18001:2007[39]. - The company has passed the ISO 14001:2015 environmental management system certification, ensuring compliance with environmental regulations[111]. Future Outlook - The company expects stable growth in the downstream display panel and semiconductor IC industries, providing a positive outlook for future performance[44]. - The demand for wet electronic chemicals is expected to increase significantly due to rapid growth in downstream industries such as semiconductors and solar energy[34]. - The company will publicly disclose any failure to fulfill share lock-up commitments and apologize to shareholders, with a plan to extend the lock-up period by six months if violations occur[63].