Financial Performance - The company's operating revenue for the first half of 2021 was approximately ¥1.646 billion, representing a 26.32% increase compared to ¥1.303 billion in the same period last year[19]. - The net profit attributable to shareholders of the listed company was approximately ¥152.77 million, an increase of 22.12% from ¥125.10 million in the previous year[19]. - The net profit after deducting non-recurring gains and losses was approximately ¥140.67 million, reflecting a 27.25% increase from ¥110.54 million in the same period last year[19]. - The net cash flow from operating activities was approximately ¥72.01 million, a significant recovery from a negative cash flow of ¥73.11 million in the previous year[19]. - Basic earnings per share for the reporting period increased to CNY 0.30, up 7.14% from CNY 0.28 in the same period last year[20]. - The total profit reached CNY 170.81 million, reflecting a growth of 20.61% compared to the previous year[51]. - The company achieved operating revenue of CNY 1,646.11 million, a year-on-year increase of 26.32%[51]. - The company reported a total comprehensive income of ¥151,240,153.59 for the first half of 2021, compared to ¥127,941,206.35 in the previous year, indicating a growth of 18.2%[141]. Assets and Liabilities - The total assets at the end of the reporting period were approximately ¥6.099 billion, a 9.61% increase from ¥5.564 billion at the end of the previous year[19]. - The total liabilities reached CNY 2,549,851,514.61, compared to CNY 2,062,213,808.96, showing an increase of approximately 23.7%[134]. - The company's total assets included overseas assets of 308,735,029.93, accounting for 5.06% of total assets[56]. - The total equity attributable to shareholders increased to CNY 3,538,834,107.43 from CNY 3,501,542,419.85, showing a growth of approximately 1.1%[135]. - The company's retained earnings rose to CNY 1,049,590,462.81 from CNY 927,136,283.61, reflecting an increase of about 13.2%[134]. Cash Flow - The net cash flow from financing activities was positive at ¥30,172,622.34, although lower than ¥75,623,757.32 in the same period last year, indicating reduced financing activities[151]. - The ending cash and cash equivalents balance was ¥142,399,973.12, down from ¥166,017,006.49 at the end of the first half of 2020, showing a decrease in liquidity[151]. - The net cash flow from operating activities for the first half of 2021 was ¥99,293,329.57, a significant increase from ¥7,959,672.76 in the same period of 2020, reflecting improved operational efficiency[151]. Research and Development - The company has completed 30 major R&D projects, resulting in proprietary core technologies in high-end products such as HDI boards and flexible boards[38]. - The company has developed 78 core products in fields such as 100G/200G optical modules and automotive electronics, and has applied for 14 patents during the reporting period[39]. - Research and development expenses for the first half of 2021 were ¥64,646,189.90, up 29.9% from ¥49,777,325.97 in the same period of 2020[140]. Market and Industry Trends - The PCB industry is experiencing a shift towards high-density, small aperture, and lightweight products, with the market concentration increasing due to the impact of the pandemic and rising raw material costs[34]. - The global PCB industry value reached $65.219 billion in 2020, with China's PCB production value at $35.009 billion, both showing a year-on-year growth of 6.4%[35]. - The projected compound annual growth rate (CAGR) for the global PCB industry from 2020 to 2025 is about 5.8%[62]. Environmental Compliance - The company is listed as a key pollutant discharge unit by the Meizhou Ecological Environment Bureau, with wastewater and waste gas emissions meeting the required standards[72]. - The company has established comprehensive environmental risk prevention measures and emergency response plans for potential environmental incidents[92]. - The company has implemented measures to reduce carbon emissions, including replacing high-energy-consuming motors and utilizing waste heat for production processes[97]. Corporate Governance - The company plans to strictly adhere to regulations regarding related party transactions and external guarantees post-transaction completion[105]. - The company has committed to compensating any losses incurred by shareholders due to violations of its commitments[106]. - The company has established strict guidelines for related party transactions to ensure compliance with relevant laws and protect shareholder interests[110]. Shareholder Information - The total number of ordinary shareholders reached 35,418 by the end of the reporting period[122]. - The top ten shareholders held a total of 15.83% of shares, with Xu Huan holding 80,881,419 shares[124]. - The company voluntarily extended the lock-up period for 6,000,000 shares held by Qiongqing City Haoxiang until September 30, 2021[121].

Financial Performance - Operating revenue rose by 49.76% to CNY 699,702,046.93 year-on-year[6] - Net profit attributable to shareholders increased by 197.10% to CNY 46,567,449.92 compared to the same period last year[6] - Net profit after deducting non-recurring gains and losses surged by 668.45% to CNY 42,782,904.21 year-on-year[6] - Basic earnings per share increased by 125.00% to CNY 0.09[8] - The company reported a total comprehensive income of CNY 48.28 million for Q1 2021, compared to CNY 18.72 million in Q1 2020, reflecting strong overall performance[25] - The net profit for Q1 2021 reached CNY 46.57 million, compared to a net profit of CNY 15.67 million in Q1 2020, representing a significant increase[25] Assets and Liabilities - Total assets increased by 4.39% to CNY 5,808,122,201.77 compared to the end of the previous year[6] - Cash and cash equivalents decreased by 34.53% to CNY 329,496,866.40 due to investments in financial products and share buybacks[13] - Total liabilities increased to ¥2,306,831,499.74 in Q1 2021 from ¥2,062,213,808.96 in Q4 2020, indicating a rise of approximately 11.9%[21] - Total equity decreased to ¥3,501,290,702.03 in Q1 2021 from ¥3,501,542,419.85 in Q4 2020, reflecting a slight decline[21] - The company’s long-term receivables decreased by 31.45% to CNY 13,144,454.65, primarily due to the receipt of long-term equipment payments[14] Cash Flow - Cash flow from operating activities improved, with a net cash outflow of CNY -36,537,793.77, an improvement from CNY -50,296,039.14 in the previous year[6] - The net cash flow from operating activities was -¥36.54 million in Q1 2021, an improvement compared to -¥50.30 million in Q1 2020, indicating a reduction in cash outflow by approximately 27.3%[29] - Cash inflow from investment activities totaled ¥370.10 million in Q1 2021, significantly higher than ¥40.63 million in Q1 2020, marking an increase of 812.5%[31] - The net cash flow from investment activities was -¥193.99 million in Q1 2021, worsening from -¥38.59 million in Q1 2020, reflecting an increase in cash outflow by approximately 403.5%[31] - Cash inflow from financing activities was ¥300.25 million in Q1 2021, compared to ¥158.96 million in Q1 2020, showing an increase of 88.8%[31] Shareholder Information - The number of shareholders reached 32,095 by the end of the reporting period[10] - The largest shareholder, Xu Huan, holds 15.83% of the shares, with 55,300,000 shares pledged[10] Inventory and Costs - Operating costs for Q1 2021 were CNY 570,783,025.52, reflecting a 41.99% increase from CNY 401,975,490.18 in the same period last year[15] - Inventory increased by 30.08% to CNY 486,894,615.65, driven by increased orders and preemptive stockpiling due to rising raw material prices[14] - Total operating costs for Q1 2021 were CNY 339.31 million, up from CNY 308.54 million in Q1 2020, reflecting increased operational expenses[26] Research and Development - Research and development expenses for Q1 2021 were ¥29,809,021.84, up from ¥24,545,870.83 in Q1 2020, indicating a focus on innovation[23] - Research and development expenses remained stable at CNY 14.60 million, slightly up from CNY 14.59 million in Q1 2020, indicating continued investment in innovation[26] Financial Management - The company experienced a decrease in financial expenses, which were CNY 6.04 million in Q1 2021, compared to CNY 3.92 million in Q1 2020, indicating improved financial management[26] - The company incurred a credit impairment loss of CNY 1.37 million in Q1 2021, slightly higher than CNY 1.27 million in Q1 2020, indicating a need for continued monitoring of credit risk[26] Future Outlook - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[27]

Financial Performance - The company's operating revenue for 2020 was approximately ¥2.79 billion, representing a 4.35% increase compared to ¥2.67 billion in 2019[20]. - Net profit attributable to shareholders for 2020 was approximately ¥246.71 million, a 22.40% increase from ¥201.56 million in 2019[20]. - Basic earnings per share for 2020 increased to ¥0.55, up 19.57% from ¥0.46 in 2019[21]. - The weighted average return on equity rose to 9.36%, an increase of 0.84 percentage points from 8.52% in 2019[21]. - The company's total assets at the end of 2020 were approximately ¥5.56 billion, a 24.13% increase from ¥4.48 billion at the end of 2019[20]. - Cash flow from operating activities for 2020 was approximately ¥71.10 million, a significant decrease of 69.91% compared to ¥236.30 million in 2019[20]. - The net assets attributable to shareholders increased to approximately ¥3.50 billion, a 41.99% increase from ¥2.47 billion at the end of 2019[20]. - The total profit reached 283.14 million RMB, reflecting a growth of 22.56% compared to the previous year[56]. - The net profit attributable to shareholders was 246.71 million RMB, up 22.40% year-on-year, with a net profit excluding non-recurring gains and losses of 217.27 million RMB, increasing by 20.09%[56]. - The main business revenue increased by 136.76 million RMB, a growth of 5.33% year-on-year, while the main business cost rose by 96.14 million RMB, a 4.63% increase[58]. Dividend Policy - The company plans to distribute cash dividends of 30,469,164 RMB, with a payout of 0.6 RMB per share based on the total share capital as of the dividend record date[5]. - The company implemented a cash dividend policy, ensuring that at least 10% of the distributable profits are allocated as cash dividends each year[106]. - In 2019, the company distributed a cash dividend of 0.7 RMB per 10 shares, totaling 22,052,680 RMB, which represented 10.94% of the net profit attributable to shareholders[107]. - For 2020, the company plans to distribute a cash dividend of 0.6 RMB per 10 shares, with a total cash dividend amounting to 30,469,164 RMB[108]. - The company has a commitment to maintain a stable profit distribution policy, with a minimum cash dividend ratio of 80% during mature stages without major capital expenditures[106]. Audit and Compliance - The company has received a standard unqualified audit report from Tianjian Accounting Firm, ensuring the accuracy and completeness of the financial report[4]. - The company has not faced any non-standard audit opinions from the accounting firm[129]. - The company has not faced any risks of suspension or termination of listing during the reporting period[133]. - The company guarantees that any related transactions will be conducted at fair market prices and will not harm the interests of shareholders[120]. - The company will adhere to strict regulations regarding related party transactions, ensuring no harm to shareholder interests[124]. Risk Management - The company has outlined various risks in its operations, which are detailed in the report, urging investors to pay attention to these risks[7]. - The company’s future plans and development strategies involve uncertainties and do not constitute a commitment to investors, highlighting the need for caution[6]. - The company faces risks from macroeconomic fluctuations and industry volatility, which could impact revenue and net profit if the PCB industry slows down[100]. - The company is addressing raw material price volatility by optimizing production processes and developing strategic agreements with suppliers to mitigate cost increases[101]. Research and Development - The company has established a professional team to manage outsourcing production processes when internal capacity cannot meet customer demand, ensuring quality and delivery timelines[33]. - The company has implemented an ERP system to monitor production processes, which includes modules for production planning, quality management, and cost management[33]. - The company developed 113 core products in fields such as optical modules, servers, and automotive electronics during the reporting period[43]. - The company applied for 29 patents, including 16 invention patents, and published 16 technical papers during the reporting period[43]. - The company has achieved significant progress in multiple R&D projects, including high-frequency and high-density interconnect PCBs[45]. Market Strategy - The company has increased its focus on high-value products such as 5G, automotive electronics, and customized electronic devices, enhancing its technological capabilities and product quality[32]. - The company aims to become a core value creator in the industry chain, focusing on optimizing product structure and enhancing product competitiveness[36]. - The company plans to implement a differentiated competition strategy based on the personalized needs of benchmark customers, aiming to become a trusted electronic circuit supplier[92]. - The company will enhance its production capabilities in HDI boards, flexible circuit boards, and other specialized boards to meet emerging market demands[93]. - The company is exploring potential mergers and acquisitions to strengthen its competitive position in the industry[200]. Environmental Responsibility - The company has implemented a green manufacturing policy, achieving compliance with national pollution discharge standards for wastewater and waste gas[152]. - The company has been listed as a key pollutant discharge unit by the Meizhou Ecological Environment Bureau, with all wastewater treated to meet standards before discharge[153]. - The company has established a safety management system, conducting regular health checks and safety drills to ensure a safe working environment for employees[152]. - The company has introduced digital office systems to improve data processing efficiency and reduce paper usage, aligning with national energy-saving and environmental protection initiatives[152]. - The company has committed to continuous improvement in environmental protection standards, which may increase operational costs and impact profitability[102]. Shareholder Structure - The company’s total share capital was adjusted to 441,053,596 shares after the implementation of the profit distribution plan[174]. - The shareholding structure shows that state-owned shares account for 4.60% and other domestic shares account for 17.78%[173]. - The company’s major shareholders include individuals who had their shares released from restrictions in early 2020[174]. - The company has a diversified shareholder structure with significant stakes held by both individual and institutional investors[186]. - The company’s chairman and general manager, Xu Huan, increased his shareholding from 63,872,442 to 80,881,419 shares, a change of 17,008,977 shares due to capital reserve conversion and secondary market transactions[198]. Employee Management - The company has focused on human resource management, enhancing employee benefits and training to attract and retain talent amid rising labor costs[102]. - The company committed 1-1.5% of total employee salaries annually for training expenses, establishing a comprehensive training system to enhance employee skills and career development[149]. - The company has a strategic plan for talent development, emphasizing internal training and external recruitment to support its growth[102]. - The company’s independent directors and supervisors received total compensation ranging from 4.58 to 32.15 million yuan during the reporting period[198]. Corporate Governance - The company has confirmed that all board members attended the board meeting, ensuring governance and oversight[8]. - The board members and senior management pledge to faithfully perform their duties and protect the legal rights of all shareholders[118]. - The company’s executives are committed to maintaining the rights of all shareholders and will not engage in unfair practices that could harm the company[125]. - The company will disclose any stock reduction plans three trading days in advance, ensuring transparency[123]. - The company’s management will determine the specific personnel scope and reward distribution ratio for performance rewards[114].

Financial Performance - Net profit attributable to shareholders rose by 9.58% to CNY 156,695,081.15 for the first nine months of the year[6]. - Operating revenue for the first nine months increased by 11.00% to CNY 1,995,633,439.56 compared to the same period last year[6]. - Basic earnings per share increased by 12.50% to CNY 0.36[7]. - The weighted average return on net assets increased by 0.06 percentage points to 6.19%[7]. - Non-recurring gains and losses for the first nine months amounted to CNY 138,910,756.77, reflecting a 6.03% increase year-on-year[6]. - Total profit for the first three quarters of 2020 was 177,311,534.62, an increase of 10.4% from 160,601,713.46 in the same period of 2019[27]. - The company reported a total comprehensive income of 22,196,665.95 for Q3 2020, compared to 44,509,287.55 in Q3 2019, reflecting a significant decline[28]. Assets and Liabilities - Total assets increased by 5.57% to CNY 4,731,934,803.19 compared to the end of the previous year[6]. - Total liabilities increased to ¥2,137,768,356.26 from ¥2,016,193,095.72 year-over-year[19]. - The company's equity attributable to shareholders rose to ¥2,594,166,446.93 from ¥2,466,081,254.44, showing a growth of about 5.2%[19]. - Total assets as of September 30, 2020, amounted to ¥3,771,456,245.23, an increase from ¥3,527,726,910.64 at the end of 2019[22]. - Long-term borrowings increased significantly to ¥413,180,000.00 from ¥190,550,000.00, indicating a strategy to leverage debt for growth[19]. - Total liabilities amounted to approximately $1.24 billion, with current liabilities at $1.05 billion and non-current liabilities at $195.65 million[44]. Cash Flow - The net cash flow from operating activities decreased by 170.44% to -CNY 62,301,937.26 for the first nine months[6]. - Cash and cash equivalents decreased by 48.97% to ¥257,157,979.57 from ¥503,957,105.60 due to payments for bank acceptance bill guarantees and goods[13]. - Cash flow from operating activities for the first three quarters of 2020 was approximately ¥1.56 billion, an increase from ¥1.41 billion in the same period of 2019, representing a growth of about 10.7%[34]. - The net cash flow from investment activities was -230,962,623.38 RMB, an improvement from -345,022,832.84 RMB in Q3 2019[35]. - The total cash inflow from operating activities for the first nine months of 2020 was 1,056,454,859.73 RMB, compared to 1,149,467,351.55 RMB in the same period of 2019[36]. Shareholder Information - The total number of shareholders reached 34,838 at the end of the reporting period[11]. - The largest shareholder, Xu Huan, holds 18.34% of the shares, with 80,881,419 shares pledged[11]. Government Subsidies and Other Income - The company received government subsidies amounting to CNY 22,652,731.34 during the first nine months[8]. - Other income increased by 54.63% to ¥22,652,731.34 from ¥14,649,873.44, mainly due to increased government subsidies[14]. Inventory and Receivables - Accounts receivable decreased by 40.67% to ¥16,972,766.44 from ¥28,607,758.32, primarily due to the maturity of receivable bills[13]. - Inventory levels decreased to ¥223,381,332.34 from ¥238,862,372.92, suggesting improved inventory management[21]. Research and Development - R&D expenses for Q3 2020 were 26,339,193.06, slightly down from 26,349,893.88 in Q3 2019, indicating stable investment in innovation[26]. - Research and development expenses for Q3 2020 were approximately ¥11.55 million, slightly down from ¥14.00 million in Q3 2019, reflecting a decrease of about 17.5%[31]. Financial Expenses - Financial expenses for Q3 2020 were 12,003,630.53, up 65.8% from 7,250,835.63 in Q3 2019, indicating increased borrowing costs[26]. - The company reported a decrease in financial expenses to approximately ¥9.63 million in Q3 2020 from ¥3.84 million in Q3 2019, an increase of about 151.5%[31].

Financial Performance - The company's operating revenue for the first half of 2020 was approximately ¥1.30 billion, representing a 17.73% increase compared to ¥1.11 billion in the same period last year[19]. - The net profit attributable to shareholders of the listed company was approximately ¥125.10 million, an increase of 20.73% from ¥103.62 million in the previous year[19]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was approximately ¥110.54 million, up 17.72% from ¥93.90 million in the same period last year[19]. - Basic earnings per share increased by 21.74% to CNY 0.28 compared to CNY 0.23 in the same period last year[21]. - The weighted average return on equity rose by 0.49 percentage points to 4.96% from 4.47% year-on-year[21]. - The total profit reached CNY 141.62 million, reflecting a growth of 20.48% compared to the previous year[57]. - The company achieved operating revenue of 1,303.10 million yuan, a year-on-year increase of 17.73%, and a net profit of 125.10 million yuan, up 20.73% year-on-year[32]. Cash Flow and Assets - The net cash flow from operating activities was negative at approximately -¥73.11 million, compared to a positive cash flow of ¥17.26 million in the previous year, indicating a significant change[20]. - The company's cash and cash equivalents increased by 96.49% to CNY 411.56 million, accounting for 8.64% of total assets[60]. - Accounts receivable rose by 43.80% to CNY 880.85 million, representing 18.49% of total assets[60]. - Inventory increased by 32.81% to CNY 454.83 million, which is 9.55% of total assets[60]. - The total assets at the end of the reporting period were approximately ¥4.76 billion, reflecting a 6.28% increase from ¥4.48 billion at the end of the previous year[20]. - The total liabilities of the company were reported at ¥2,191,887,116.29, up from ¥2,016,193,095.72, indicating an increase of about 8.7%[131]. Business Strategy and Market Position - The company has expanded its business into the PCBA field following the acquisition of Jun Tian Heng Xun, aiming to become a trusted supplier of electronic circuit solutions[27]. - The revenue share from data/communication and automotive electronics has significantly increased, optimizing the product structure[27]. - The company has established a robust customer base in high-tech sectors, including consumer electronics, data/communications, and automotive electronics, enhancing its market position[41]. - The company is actively engaged in R&D, with several projects underway, including key technologies for 5G communication terminals and server PCBs, showing significant progress[43]. - The company is focusing on digital transformation across eight areas, including operational strategy and supply chain management[56]. Risks and Challenges - The company has outlined various risks it may face in its production and operations, which are detailed in the report[6]. - The company faces risks from macroeconomic fluctuations that could impact the PCB industry's growth rate and profitability[67]. - The ongoing pandemic presents uncertainties for the macro economy and the electronic manufacturing industry, which the company is monitoring closely[71]. - The COVID-19 pandemic has caused delays in the resumption of work and supply chain disruptions, impacting the company's operations and logistics[70]. Environmental and Compliance - The company has established a systematic pollution management system to ensure compliance with environmental regulations, which may increase operational costs due to stricter future standards[69]. - The company has implemented a 24-hour dynamic monitoring system for key pollution sources, achieving near-total coverage of environmental monitoring[104]. - The company has established proper waste management practices for hazardous waste, ensuring no external discharge[92]. - The company has committed to environmental responsibilities, conducting third-party assessments of waste emissions biannually[104]. Shareholder and Governance - The company has not proposed any profit distribution or capital reserve increase for the half-year period, indicating a focus on reinvestment[73]. - The stock lock-up period for certain shareholders is set for 36 months if they hold shares for less than 12 months, and 12 months if they have held shares for more than 12 months[76]. - The controlling shareholder of the company has committed to not interfering in the company's management and not infringing on the company's interests[78]. - The company guarantees that there will be no non-operational occupation of funds from the company or its subsidiaries[80]. Research and Development - The company increased R&D investment in key technologies for high-frequency and high-speed printed circuit boards for the 5G communication industry, with projects recognized by the Shenzhen municipal government[44]. - The company has established multiple R&D institutions, including the Jiangsu Provincial Enterprise Graduate Workstation, and made significant progress in various internal projects, adding 7 new patents during the reporting period[45]. - The company has mastered key technologies for high-density interconnect (HDI) production, which enhances product quality and reduces production costs[46]. Future Outlook - The company plans to continue focusing on market expansion and new product development to sustain growth in the upcoming quarters[141]. - The company plans to raise no more than CNY 1,244.78 million through a non-public offering of A shares, primarily for high-precision multi-layer flexible printed circuit board industrialization and R&D center upgrades[56].

Financial Performance - Net profit attributable to shareholders was CNY 15,674,030.31, down 11.11% year-on-year[6]. - Operating revenue for the period was CNY 467,220,980.27, representing a decline of 6.89% compared to the same period last year[6]. - The net profit after deducting non-recurring gains and losses was CNY 5,567,418.72, a decrease of 62.04% year-on-year[6]. - Basic earnings per share were CNY 0.05, down 16.67% from CNY 0.06 in the same period last year[6]. - The company reported a total profit of CNY 14,963,728.45 for Q1 2020, a decline of 19.5% from CNY 18,549,077.62 in Q1 2019[25]. - Net profit for Q1 2020 was CNY 15,674,030.31, down 11.0% from CNY 17,633,896.46 in Q1 2019[25]. - Comprehensive income for Q1 2020 was CNY 18,722,957.84, an increase of 19.0% from CNY 15,726,095.79 in Q1 2019[26]. Assets and Liabilities - Total assets at the end of the reporting period were CNY 4,416,194,291.61, a decrease of 1.47% compared to the end of the previous year[6]. - Total assets amounted to CNY 4,482,274,350.16, with current assets at CNY 1,948,867,439.09 and non-current assets at CNY 2,533,406,911.07[36]. - Total liabilities reached CNY 2,016,193,095.72, with current liabilities at CNY 1,697,241,517.11 and non-current liabilities at CNY 318,951,578.61[37]. - Total liabilities to equity ratio stands at approximately 0.82, suggesting a balanced capital structure[37]. - Total equity reached approximately 2.29 billion, with retained earnings of about 490.56 million[42]. Cash Flow - The net cash flow from operating activities was negative CNY 50,296,039.14, a decrease of 509.34% compared to the previous year[6]. - Cash flow from operating activities showed a net outflow of ¥50,296,039.14, a decrease of 509.34% compared to the same period last year[14]. - Cash inflow from financing activities was CNY 131,313,625.95, a decrease from CNY 230,696,886.05 in the previous year[33]. - Net cash flow from operating activities was CNY 33,932,169.27, a significant improvement compared to a net outflow of CNY 78,535,319.92 in the same period last year[32]. - Cash outflow for financing activities reached CNY 195,068,192.64, compared to CNY 80,001,489.61 in Q1 2019, reflecting an increase of approximately 143.5%[33]. Shareholder Information - The total number of shareholders at the end of the reporting period was 33,086[11]. - The largest shareholder, Xu Huan, held 57,772,442 shares, accounting for 18.34% of the total shares[11]. - Shareholders' equity totaled CNY 2,466,081,254.44, including CNY 711,209,603.84 in undistributed profits[38]. Operational Metrics - Research and development expenses increased to CNY 14,594,506.64 in Q1 2020, up 28.5% from CNY 11,346,233.81 in Q1 2019[26]. - The company executed a new revenue standard on January 1, 2020, affecting the classification of customer prepayments[38]. - The company implemented new revenue recognition standards starting January 1, 2020, affecting the classification of customer prepayments[42]. Inventory and Receivables - Accounts receivable increased by 35.34% to ¥38,718,434.84 due to an increase in customer notes received[13]. - The company reported a significant increase in inventory, which rose to ¥458,857,705.42 from ¥385,078,173.67[18]. - Inventory levels increased to ¥244,393,309.39 from ¥238,862,372.92 at the end of 2019[21].

Financial Performance - The company's operating revenue for 2019 was approximately CNY 2.67 billion, representing a year-on-year increase of 36.95% compared to CNY 1.95 billion in 2018[20]. - The net profit attributable to shareholders of the listed company reached approximately CNY 201.56 million, a 61.58% increase from CNY 124.74 million in the previous year[20]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was approximately CNY 180.92 million, up 63.54% from CNY 110.63 million in 2018[20]. - The net cash flow from operating activities was approximately CNY 236.30 million, reflecting a 36.08% increase from CNY 173.65 million in the previous year[20]. - The total assets of the company at the end of 2019 were approximately CNY 4.48 billion, an increase of 17.11% compared to CNY 3.83 billion at the end of 2018[20]. - The net assets attributable to shareholders of the listed company were approximately CNY 2.47 billion, an increase of 8.46% from CNY 2.27 billion at the end of 2018[20]. - Basic earnings per share (EPS) increased by 39.13% to CNY 0.64 in 2019 from CNY 0.46 in 2018[21]. - The total profit reached 231.02 million yuan, an increase of 72.33% compared to the previous year[61]. - The net profit attributable to shareholders was 201.56 million yuan, up 61.58% year-on-year, with a net profit of 180.92 million yuan after deducting non-recurring gains and losses, reflecting a growth of 63.54%[61]. Business Operations - The company’s main products include multi-layer boards, double-sided printed circuit boards, and flexible circuit boards, widely used in high-tech fields[29]. - The company has established a product structure advantage, with HDI products accounting for over 50% of PCB sales revenue[40]. - The company has expanded its customer base, forming partnerships with high-tech sectors such as telecommunications, automotive electronics, and medical devices[41]. - The company has implemented strict procurement control procedures to optimize inventory and reduce costs[31]. - The company has established a unified marketing center to enhance customer order production efficiency[32]. - The company has invested in R&D, establishing multiple technology centers and collaborating with educational institutions[42]. - The company has established a strategic development plan for the PCB business group for 2020-2024, setting a sales target of 1 billion yuan and implementing eight strategic measures[56]. - The company has integrated nearly 40 information systems to enhance operational efficiency and support intelligent manufacturing initiatives[59]. Acquisitions and Investments - The acquisition of Jun Tian Heng Xun expanded the company’s business into the PCBA field, enhancing its service offerings[29]. - The company completed a capital increase of 40% by converting capital reserves, raising total shares to 315,038,283[22]. - The company invested RMB 21.7887 million in the "Key Technology Research Project of Power Semiconductor Devices," increasing its stake in Ding Tai Hao Hua to 95.61%[82]. - The company established Shenzhen Huixin Communication Technology Co., Ltd. with a registered capital of RMB 2 million, holding a 1% stake[82]. - The company set up a wholly-owned subsidiary, Bochuang Zhili, with a registered capital of RMB 5 million, focusing on R&D and sales of electronic products[82]. Market Trends and Projections - The PCB market is projected to experience a turnaround due to new driving forces, despite a 1.7% decline in global PCB output value in 2019[35]. - The demand for PCBs is expected to grow significantly due to advancements in 5G, automotive electronics, and artificial intelligence[80]. - The PCB industry in China is projected to reach a market value of $32.942 billion in 2019, with global PCB industry value expected to reach $77.009 billion by 2022[79]. - The PCB industry is expected to grow at a compound annual growth rate (CAGR) of 3.2% over the next five years, driven by demand from communication, computing, consumer electronics, and automotive electronics sectors[94]. Risk Management - The company emphasizes the importance of risk awareness regarding potential operational risks detailed in the report[7]. - The PCB industry faces risks from macroeconomic fluctuations, raw material price volatility, and intensified market competition, which could impact the company's revenue and profitability[99][100]. Environmental and Social Responsibility - The company actively engages in social responsibility, donating 100,000 yuan to support education and 1 million yuan for COVID-19 relief efforts[142]. - The company emphasizes environmental protection and has implemented measures to reduce resource consumption and pollution, aligning with national energy-saving and emission-reduction goals[142]. - The company’s environmental management system ensures compliance with pollution discharge regulations, but increasing environmental standards may raise operational costs[102]. - The company conducts regular third-party monitoring of waste gas and noise, with 24-hour dynamic monitoring in place for key pollution sources[160]. Shareholder and Governance - The company has established a long-term commitment to protect the interests of public investors and ensure compliance with regulatory requirements[115]. - The company has committed to maintaining transparency regarding shareholding changes and related party transactions[187]. - The total remuneration for all directors, supervisors, and senior management was 8.0532 million yuan[198]. - The company has no controlling shareholder or actual controller, ensuring a stable governance structure[184][186]. Future Outlook - The company aims to expand its market presence through the successful completion of its 5G-related projects, positioning itself for future growth[49]. - The company is committed to digitalization and smart manufacturing as part of its strategy for sustainable development in 2020[98]. - The company plans to maintain a cash dividend ratio of at least 80% during mature stages without major capital expenditures[107].

Financial Performance - Net profit attributable to shareholders increased by 73.48% to CNY 143,000,657.60 for the first nine months of the year[6]. - Operating revenue for the first nine months reached CNY 1,797,871,958.46, reflecting a growth of 25.82% year-on-year[6]. - The net profit after deducting non-recurring gains and losses rose by 88.38% to CNY 131,015,272.68 for the first nine months[6]. - Basic and diluted earnings per share increased by 32.35% to CNY 0.45[7]. - Net profit for the first three quarters of 2019 was ¥151,644,318.25, compared to ¥71,503,644.83 in the same period of 2018, representing a 112.3% increase[26]. - The company recorded a total profit of CNY 160,601,713.46 for the first three quarters of 2019, compared to CNY 82,970,622.34 in the same period of 2018, showing a significant increase of about 93%[27]. Assets and Liabilities - Total assets increased by 10.49% to CNY 4,228,931,642.78 compared to the end of the previous year[6]. - Accounts receivable increased by 49.54% to ¥755,141,099.45 due to increased sales[13]. - Other receivables rose by 101.25% to ¥101,755,253.38 primarily due to guarantee deposits[13]. - Prepayments increased by 108.16% to ¥13,056,157.17 as a result of higher customer advance payments[13]. - Long-term borrowings surged by 336.25% to ¥216,600,000.00 due to increased bank loans[13]. - Current liabilities totaled ¥1,511,480,925.26, compared to ¥1,441,629,613.50 in the previous year[20]. - Total liabilities decreased slightly to ¥1,149,443,708.09 in Q3 2019 from ¥1,128,560,491.79 in Q3 2018[24]. Cash Flow - The net cash flow from operating activities decreased by 12.64% to CNY 88,452,450.09 compared to the same period last year[6]. - Net cash flow from investing activities was -¥345,022,832.84, a significant increase from -¥58,718,621.41 in the same period last year[14]. - Net cash flow from financing activities increased by 1,272.50% to ¥200,293,517.57, primarily due to increased cash received from borrowings[14]. - Cash inflow from operating activities for the first nine months of 2019 was ¥1,406,022,580.28, an increase from ¥1,298,722,271.28 in the same period of 2018[35]. - The net cash flow from operating activities for the first three quarters of 2019 was ¥12,285,290.23, recovering from a negative cash flow of -¥34,147,351.95 in the same period of 2018[38]. Revenue and Costs - Total revenue for Q3 2019 reached ¥691,006,565.87, a 32.0% increase compared to ¥523,598,240.93 in Q3 2018[26]. - Total operating costs for Q3 2019 were ¥648,088,174.24, up 30.6% from ¥495,887,387.62 in Q3 2018[26]. - Total revenue for Q3 2019 was CNY 481,890,987.93, compared to CNY 400,953,527.94 in Q3 2018, indicating a year-over-year increase of about 20%[30]. - Operating costs for Q3 2019 were CNY 420,525,792.89, compared to CNY 344,963,281.47 in Q3 2018, reflecting an increase of approximately 22%[30]. Shareholder Information - The total number of shareholders reached 32,047 by the end of the reporting period[11]. - The company reported a government subsidy of CNY 14,649,873.44 for the first nine months, contributing to its financial performance[8]. Research and Development - Research and development expenses for the first three quarters of 2019 were ¥70,899,410.58, an increase of 13.5% from ¥62,529,377.82 in the same period of 2018[26]. - Research and development expenses for Q3 2019 were ¥13,999,603.24, slightly down from ¥14,428,318.62 in Q3 2018, indicating a focus on cost management[31]. Other Financial Metrics - The weighted average return on equity decreased by 1.09 percentage points to 6.13%[7]. - Financial expenses increased by 37.20% to ¥24,889,612.01 due to increased interest expenses from additional borrowings[14]. - The company incurred financial expenses of ¥4,004,274.71 in Q3 2019, up from ¥3,291,055.63 in Q3 2018, primarily due to increased interest expenses[31]. - The company reported a gross profit margin of approximately 6.2% for Q3 2019, compared to 6.3% in Q3 2018[26].

Financial Performance - The company's operating revenue for the first half of 2019 was ¥1,106,865,392.59, representing a 22.26% increase compared to ¥905,328,224.24 in the same period last year[20] - The net profit attributable to shareholders for the first half of 2019 was ¥103,624,659.54, a significant increase of 122.91% from ¥46,487,212.35 in the previous year[20] - The net profit after deducting non-recurring gains and losses was ¥93,899,959.53, up 149.40% from ¥37,650,957.45 in the same period last year[20] - The total profit amounted to 117.55 million RMB, marking a significant increase of 157.06% year-on-year[54] - The net profit attributable to shareholders reached 103.62 million RMB, up by 122.91% from the previous year, with a net profit of 93.90 million RMB after deducting non-recurring gains and losses, reflecting a growth of 149.40%[54] - The total comprehensive income for the first half of 2019 was CNY 104,094,226.18, compared to CNY 46,487,067.61 in the same period of 2018, representing a significant increase[147] Cash Flow and Assets - The net cash flow from operating activities decreased by 67.68% to ¥17,262,969.81, down from ¥53,409,323.04 in the previous year[20] - Cash and cash equivalents decreased by 31.96% to ¥209.45 million, primarily due to payments for investment projects[59] - Accounts receivable increased by 30.06% to ¥211.70 million, mainly due to an increase in customer notes received[59] - The total assets at the end of the reporting period were ¥3,968,565,336.04, reflecting a 3.69% increase from ¥3,827,469,285.23 at the end of the previous year[20] - The total liabilities of the company were RMB 1,613,297,316.38, up from RMB 1,553,785,621.82, marking an increase of approximately 3.83%[139] - The company's total current assets reached RMB 1,553,154,305.18, compared to RMB 1,435,576,761.70 at the end of 2018, indicating an increase of about 8.19%[137] Business Operations and Strategy - The increase in net profit was primarily attributed to the acquisition of Jun Tian Heng Xun, which contributed additional profits[21] - The company has expanded its business scope into the PCBA field through the acquisition of Jun Tian Heng Xun, aiming to become a provider of customized electronic circuit solutions[28] - The company has implemented a performance management process to enhance marketing services and achieve sales targets[31] - The company utilizes an order-driven production model supported by an ERP management system to ensure timely and accurate procurement[30] - The company is actively expanding its overseas market presence and adjusting its customer and product structure to attract international clients[54] Research and Development - The company added 37 valid patents during the reporting period, including 6 invention patents, demonstrating its commitment to innovation and R&D[43] - The company has established several research and development centers, including a provincial-level enterprise technology center, to enhance its technological capabilities[41] - The company is progressing well in its project on key technologies for high-speed, high-heat dissipation printed circuits for 5G communication terminals, now in small batch testing[45] - The company invested ¥21.79 million in the "Key Technology Research Project for Power Semiconductor Devices" through capital increase in Ding Tai Hao Hua[61] - Research and development expenses increased to ¥44,549,516.70, compared to ¥41,389,043.01 in the first half of 2018, indicating a growth of 5.2%[146] Market and Industry Outlook - The PCB industry is expected to recover despite economic downturns, driven by new market forces emerging from technological advancements[33] - The PCB industry is entering an adjustment period in 2019, with growth areas identified in 5G/data centers and high-end substrates[35] - The company is focusing on high-end applications in sectors such as 5G communication and artificial intelligence, aiming to enhance its product offerings and market position[53] - The PCB industry in China has grown to account for approximately 52% of the global market share, up from 31.18% in 2008, with an estimated total global PCB industry output value of $62.4 billion in 2018, reflecting a year-on-year growth of 6.12%[71] Financial Management and Risks - The company reported a significant increase in financial expenses by 36.97% due to increased bank loans and corresponding interest expenses[56] - The company faces risks from intensified market competition, with approximately 2,800 PCB companies globally, and a market concentration that remains low, necessitating innovation to maintain competitive strength[73] - The company has maintained stable raw material prices during the reporting period, but future price increases could adversely affect production stability and profitability[72] - The company has been recognized as a high-tech enterprise since November 2016, benefiting from a reduced corporate income tax rate of 15%, but risks losing this status could impact future earnings[74] Shareholder and Corporate Governance - The company did not propose any profit distribution or capital reserve transfer for the half-year period, indicating a focus on reinvestment[78] - The stock lock-up period for certain shareholders is set for 36 months post-issuance, with specific conditions for unlocking based on performance commitments[81] - The company has established a mechanism to ensure that no competing businesses are operated by the controlling shareholders during their shareholding period[82] - The company guarantees that there will be no non-operational occupation of funds from the listed company or its subsidiaries[84] - The company will ensure compliance with relevant laws and regulations regarding related party transactions to protect shareholder interests[87] Environmental and Compliance - The company has established a systematic pollution management system to comply with environmental regulations, but potential environmental incidents could harm its reputation and operations[75] - The company has implemented standard wastewater treatment through a partnership with Meizhou Huayu Wastewater Treatment Co., Ltd.[95] - The company’s environmental facilities are operating normally and in compliance with regulatory standards[102] - The company has established a comprehensive waste management system for hazardous waste disposal[95] - The company holds pollution discharge permits from relevant environmental protection authorities, with the latest renewal expected by the end of December 2019[108] Financial Reporting and Accounting - The company’s financial statements are prepared based on the going concern principle, indicating no significant doubts about its ability to continue operations[182] - The company adheres to the accounting standards for enterprises, ensuring the financial statements reflect a true and complete picture of its financial status[184] - The company has implemented specific accounting policies for bad debt provisions, fixed asset depreciation, and revenue recognition[183] - Financial assets are classified into three categories upon initial recognition: 1) measured at amortized cost; 2) measured at fair value with changes recognized in other comprehensive income; 3) measured at fair value with changes recognized in profit or loss[193]

Financial Performance - Operating revenue for the period was CNY 501,806,479.47, representing an increase of 15.89% year-on-year[5] - Net profit attributable to shareholders was CNY 17,633,896.46, up 11.72% from the same period last year[5] - Basic earnings per share decreased by 11.11% to CNY 0.08[5] - The weighted average return on equity was 0.77%, down 0.81 percentage points from the previous year[5] - Total operating revenue for Q1 2019 was CNY 501,806,479.47, an increase of 15.8% compared to CNY 432,998,646.72 in Q1 2018[23] - Net profit for Q1 2019 reached CNY 17,633,896.46, compared to CNY 15,784,408.26 in Q1 2018, representing an increase of 11.7%[23] - The net profit attributable to the parent company for Q1 2019 was ¥11,571,079.23, down 23.5% from ¥15,156,990.62 in Q1 2018[26] - The total comprehensive income for Q1 2019 was ¥11,571,079.23, a decrease from ¥15,156,990.62 in Q1 2018[27] - The company's operating profit for Q1 2019 was ¥11,940,726.68, down 20.0% from ¥14,928,961.97 in Q1 2018[26] Assets and Liabilities - Total assets at the end of the reporting period were CNY 3,813,616,710.02, a decrease of 0.36% compared to the end of the previous year[5] - Total assets as of March 31, 2019, were CNY 3,321,740,809.76, slightly down from CNY 3,376,712,975.05 at the end of 2018[19] - Total liabilities decreased to CNY 1,062,017,247.27 in Q1 2019 from CNY 1,128,560,491.79 in Q1 2018, a reduction of 5.9%[21] - Shareholders' equity increased to CNY 2,259,723,562.49 in Q1 2019 from CNY 2,248,152,483.26 in Q1 2018, an increase of 0.7%[21] Cash Flow - Net cash flow from operating activities was CNY 12,287,004.32, a decrease of 1.24% compared to the previous year[5] - Net cash flow from investing activities was negative at ¥-184,540,014.71, primarily due to increased fixed asset purchases and external investments[12] - Net cash flow from financing activities increased by 985.09% to ¥150,621,601.49 due to an increase in borrowings[12] - In Q1 2019, the net cash flow from operating activities was -78,535,319.92 RMB, a decrease from 13,197,540.81 RMB in Q1 2018[31] - The total cash outflow from operating activities was 403,428,096.44 RMB, an increase from 378,582,569.12 RMB in Q1 2018[31] - The company incurred a net cash outflow from investing activities of -173,113,627.66 RMB, compared to -6,295,087.43 RMB in Q1 2018, indicating increased investment expenditures[31] - The net increase in cash and cash equivalents was -100,923,190.89 RMB, contrasting with an increase of 2,654,704.79 RMB in Q1 2018[32] Shareholder Information - The total number of shareholders at the end of the reporting period was 18,696[10] - The largest shareholder, Xu Huan, holds 20.68% of the shares, with 39,500,000 shares pledged[10] Expenses - Management expenses increased by 42.60% to ¥22,070,617.41 due to higher consulting service fees and acquisition-related costs[12] - Financial expenses rose by 37.54% to ¥9,487,020.97 as a result of increased interest expenses from bank loans[12] - Research and development expenses for Q1 2019 were CNY 19,664,385.28, down from CNY 23,913,954.32 in Q1 2018, a decrease of 17.7%[23] - The company's financial expenses for Q1 2019 were ¥7,339,475.51, up from ¥3,382,604.73 in Q1 2018, primarily due to increased interest expenses[26] Other Financial Metrics - Non-recurring gains and losses totaled CNY 2,969,228.83 for the period[8] - Revenue from taxes and surcharges increased by 43.64% to ¥3,261,809.87 mainly due to higher value-added tax[12] - Other receivables rose by 102.59% to ¥102,433,501.07 primarily due to increased investment payments[11] - Other non-current assets decreased by 74.40% to ¥23,090,664.49 as prepayments for the purchase of an office building were reclassified to fixed assets[11] - Cash inflows from operating activities in Q1 2019 totaled ¥737,930,366.37, significantly higher than ¥372,352,460.49 in Q1 2018[28] - The other income for Q1 2019 was ¥1,059,374.15, down from ¥2,222,327.62 in Q1 2018[26] - The company reported a decrease in other comprehensive income, with a net amount of -¥1,907,800.67 for Q1 2019 compared to -¥4,116.03 in Q1 2018[24] Future Plans - The company plans to issue A-share convertible bonds, pending approval from the China Securities Regulatory Commission[13]