Financial Performance - The company reported a revenue of RMB 1.2 billion for the fiscal year 2020, representing a year-over-year growth of 15%[22]. - Revenue for 2020 reached ¥328,900,200.07, a 54.30% increase compared to ¥213,156,650.17 in 2019[34]. - Net profit attributable to shareholders was ¥48,828,560.81, up 66.79% from ¥29,275,895.55 in 2019[34]. - Basic earnings per share rose to ¥0.58, a 26.09% increase from ¥0.46 in 2019[35]. - The company achieved a revenue of 328.90 million yuan, representing a 54.30% increase compared to the same period in 2019[116]. - The net profit attributable to shareholders reached 48.83 million yuan, a growth of 66.79% year-on-year[116]. - Revenue from photolithography coating and developing equipment reached ¥236,120,267.40, with a gross margin of 42.89%, marking a significant year-over-year increase of 111.43%[143]. - The single-wafer wet processing equipment saw a revenue decline of 20.26%, resulting in a gross margin of 38.63%[143]. - Revenue from mainland China accounted for 99.50% of total revenue, with a year-over-year increase of 58.24%[146]. Dividend and Shareholder Returns - The company plans to distribute a cash dividend of 2.00 CNY per 10 shares, totaling 16,800,000.00 CNY (including tax) based on a total share capital of 84,000,000 shares as of December 31, 2020, resulting in a cash dividend payout ratio of 34.41%[8]. - The company does not plan to issue bonus shares or convert capital reserves into share capital, with remaining undistributed profits carried forward to the next fiscal year[8]. Audit and Compliance - The company has received a standard unqualified audit report from Rongcheng Accounting Firm, ensuring the accuracy and completeness of the financial report[7]. - The board of directors and supervisory board members have confirmed the authenticity and completeness of the annual report, taking legal responsibility for any misrepresentation[4]. - The company’s financial report has been confirmed by the responsible persons, ensuring its authenticity and accuracy[7]. - There are no non-operating fund occupations by controlling shareholders or related parties reported[10]. - The company does not have any special arrangements for corporate governance or significant matters that require disclosure[12]. Research and Development - The company has allocated RMB 200 million for R&D in 2021, focusing on next-generation semiconductor technologies[22]. - R&D expenditure as a percentage of revenue was 13.81%, down 2.64 percentage points from 16.45% in 2019[35]. - The total R&D investment for the year was 45,414,740.24 RMB, representing a 29.55% increase compared to the previous year[90]. - The company has 144 R&D personnel, which constitutes 36.46% of the total workforce, an increase from 31.67% in the previous year[97]. - The company has received a total of 195 patent authorizations, including 151 invention patents, 23 utility model patents, and 21 design patents as of December 31, 2020[88]. - The company has focused on R&D of core components to meet higher technical requirements and market needs for its front-end coating and developing equipment[81]. Market and Industry Trends - The global semiconductor equipment sales reached $68.9 billion in 2020, a 16% increase from $59.8 billion in 2019, with projections for continued growth in 2021 and 2022[61]. - The compound semiconductor market is projected to grow at a compound annual growth rate (CAGR) of 12.9%, driven by the demand for high-frequency and high-power applications in 5G and electric vehicles[71]. - The SiC power semiconductor market is expected to grow at a CAGR of 29% and reach $2 billion by 2024, highlighting the increasing demand for advanced semiconductor technologies[71]. - The global advanced packaging market is expected to grow to $43.6 billion by 2024, with a compound annual growth rate (CAGR) of 8.2% from 2018 to 2024[191]. - The Mini LED market is expected to see rapid growth, becoming a mainstream expansion direction for LED chip manufacturers[194]. Strategic Initiatives - The company plans to expand its market presence in Southeast Asia, targeting a 20% market share by 2023[22]. - A strategic acquisition of a local competitor is anticipated to be finalized by Q2 2021, which is expected to increase production capacity by 40%[22]. - The company aims to enhance its supply chain efficiency, targeting a reduction in operational costs by 10% over the next year[22]. - The company is actively working on new product commercialization, which is critical for maintaining competitive advantage in the market[131]. - The company is focused on developing multi-layer stacked cavity equipment to enrich its product line in advanced packaging technology[198]. Risks and Challenges - The company has detailed various risks faced during its operations in the "Risk Factors" section of the report, urging investors to be cautious of investment risks[5]. - The semiconductor equipment industry faces risks from potential overcapacity and demand fluctuations, which could impact future performance[127]. - The company is exposed to risks related to high customer concentration, which may lead to revenue volatility[129]. - Future R&D investments may significantly increase, potentially impacting operational performance[128]. Operational Performance - Net cash flow from operating activities decreased by 691.67% to -¥72,389,945.01, compared to ¥12,234,952.89 in 2019[34]. - Total assets increased by 31.52% to ¥1,224,599,920.37 from ¥931,116,076.19 in 2019[34]. - The company has established a stable supply chain with domestic and international suppliers, ensuring the reliability of raw material sources[112]. - The company has expanded its customer base to include major clients such as TSMC, Changjiang Electronics Technology, and Huada Semiconductor[121]. - The company has established significant relationships with major domestic clients, including TSMC and Longi Green Energy, in the advanced packaging sector[192].

Financial Performance - Operating revenue for the first nine months was ¥211,926,262.92, representing a significant increase of 121.43% year-on-year[11]. - Net profit attributable to shareholders was ¥44,686,074.52, a remarkable increase of 4,761.26% compared to the same period last year[11]. - Basic earnings per share rose to ¥0.53, up 5,200.00% from ¥0.01 in the previous year[11]. - The company's total revenue for Q3 2020 reached ¥149,470,440.07, a significant increase of 420.5% compared to ¥28,692,414.68 in Q3 2019[42]. - Net profit for Q3 2020 was ¥38,468,558.24, compared to a net loss of ¥1,885,758.31 in Q3 2019, indicating a strong turnaround[44]. - The company reported a net profit increase, with undistributed profits rising by 129.75% to ¥60,534,380.51 compared to ¥26,348,305.99 in the previous year[23]. Assets and Liabilities - Total assets at the end of the reporting period reached ¥1,060,435,895.94, an increase of 13.89% compared to the end of the previous year[11]. - The total assets increased to ¥1,060,435,895.94, up from ¥931,116,076.19 year-over-year, reflecting a growth of 13.9%[41]. - The total liabilities rose to ¥271,352,893.86, compared to ¥176,219,148.63 in the previous year, marking an increase of 54.0%[41]. - The company's total equity increased to ¥789,083,002.08, compared to ¥754,896,927.56 in the previous year, showing a growth of 4.5%[41]. - The company's total current assets reached ¥893.40 million, compared to ¥831.97 million at the end of 2019, marking an increase of about 7.4%[35]. Cash Flow - The net cash flow from operating activities for the first nine months was -¥88,944,493.11, compared to -¥822,370.33 in the same period last year[11]. - Cash inflow from operating activities totaled CNY 239,784,381.15, up from CNY 140,590,990.30 in the previous year, representing an increase of approximately 70.5%[46]. - Cash inflow from investment activities was CNY 1,328,456,338.74, significantly higher than CNY 87,317,311.34 in the previous year[46]. - Net cash flow from investment activities was CNY 133,248,945.49, a recovery from a negative CNY 39,373,467.45 in the same period last year[46]. - The company's cash flow from investment activities was positive at ¥133,248,945.49, a significant improvement from -¥39,373,467.45 in the same period last year, due to increased recovery of financial products[27]. Shareholder Information - The total number of shareholders at the end of the reporting period was 9,507[17]. - The top shareholder, Shenyang Advanced Manufacturing Technology Industry Co., Ltd., held 14,332,430 shares, accounting for 17.06% of the total shares[17]. Research and Development - Research and development expenses accounted for 12.20% of operating revenue, a decrease of 11.80 percentage points compared to the previous year[11]. - Research and development expenses for Q3 2020 were ¥9,402,639.82, slightly down from ¥9,425,023.98 in Q3 2019, indicating stable investment in innovation[42]. Inventory and Receivables - The company's inventory increased by 96.46% to ¥321,761,639.81, reflecting the expansion of business operations[23]. - The accounts receivable rose by 64.57% to ¥90,262,912.76, attributed to increased operating income[23]. - Accounts receivable increased to ¥90.26 million from ¥54.85 million year-over-year, reflecting a growth of approximately 64.5%[35]. - Inventory levels rose significantly to ¥321.76 million, up from ¥163.78 million, indicating an increase of approximately 96.3% compared to the previous year[35]. Financial Stability - The company did not report any significant changes in net profit or losses compared to the previous year, indicating stability in financial performance[34]. - The company has not faced any overdue commitments during the reporting period, suggesting effective management of obligations[34]. - The company's long-term equity investments stood at ¥10 million, consistent with the previous year, indicating stability in investment strategy[35].

Financial Performance - The company reported a total revenue of 500 million RMB for the first half of 2020, representing a year-on-year increase of 20%[2]. - The net profit for the reporting period was 100 million RMB, with a profit margin of 20%[2]. - The report includes a forward-looking statement regarding potential market fluctuations and investment risks[7]. - The company reported a significant increase in revenue, achieving a total of 1.2 billion CNY for the first half of 2020, representing a year-over-year growth of 25%[18]. - The company has outlined a positive outlook for the future, projecting a revenue growth of 30% for the next fiscal year[18]. - Operating revenue for the first half of the year was ¥62,455,822.85, a decrease of 6.81% compared to ¥67,017,720.68 in the same period last year[26]. - Net profit attributable to shareholders increased by 121.66% to ¥6,217,516.28 from ¥2,804,986.04 in the previous year[27]. - The net profit attributable to shareholders, excluding non-recurring gains and losses, is -¥1,438.79 million, a decrease of ¥1,397.15 million compared to the previous year[95]. - The company predicts a net profit attributable to shareholders, excluding non-recurring gains and losses, will remain in a loss state for Q3 2020[111]. Research and Development - The company has allocated 50 million RMB for R&D in the upcoming year, focusing on advanced manufacturing techniques[2]. - The company is investing in research and development, allocating 10% of its revenue towards innovation in micro-electromechanical systems (MEMS) technology[18]. - R&D expenditure accounted for 22.78% of operating revenue, an increase of 2.57 percentage points from 20.21% in the previous year[26]. - The company achieved a total R&D investment of ¥14,226,693.07, which accounts for 22.78% of its operating revenue[58]. - The company has obtained 185 patent authorizations, including 144 invention patents[57]. - The company is currently developing key technologies in semiconductor equipment, including precise control of internal microenvironments and wafer cleaning technologies[67]. - The company continues to invest in R&D to enhance its core technologies, aiming to close the gap with international competitors in specific areas[53]. Market Expansion and Strategy - The company plans to expand its market presence in Southeast Asia, targeting a 30% market share by 2022[2]. - The company is expanding its market presence, targeting new regions in Asia and Europe to enhance its global footprint[18]. - Strategic acquisitions are being considered to bolster the company's technology capabilities and market share[18]. - The company aims to expand its market presence in semiconductor equipment, focusing on domestic production to replace imports[39]. - The company has established partnerships with leading firms in the semiconductor industry to enhance its competitive edge[18]. Operational Insights - The company adopts a production model primarily based on existing orders, with potential orders being produced in advance to meet specific customer needs and manage inventory risks[43]. - The sales model is mainly direct sales, supplemented by agency sales, with a professional sales and service team responsible for customer needs analysis and after-sales support[47]. - The semiconductor equipment industry is supported by national policies, creating a favorable environment for growth, driven by increasing demand from downstream sectors like electronics and automotive[48]. - The company has achieved breakthroughs in key technologies for photoresist coating and development equipment, with successful validations at major clients like Shanghai Huahong and Yangtze Memory Technologies[49]. - The company ranks among the top five domestic semiconductor equipment manufacturers in China, with over 800 units sold across various applications, including advanced packaging and MEMS[52]. Financial Position and Assets - The company's total assets increased by 7.85% to ¥1,004,180,470.96 from ¥931,116,076.19 at the end of the previous year[26]. - The net assets attributable to shareholders decreased by 0.57% to ¥750,614,443.84 from ¥754,896,927.56 at the end of the previous year[26]. - The company has a stable core management team with extensive industry experience, contributing to its competitive advantage[66]. - The company achieved a total asset of 1,004.18 million yuan and a net asset of 750.61 million yuan, indicating a solid financial position[80]. Risks and Challenges - There are no significant risks related to non-operational fund occupation by controlling shareholders[8]. - The company faces risks related to the cyclical downturn in the LED industry, which may impact sales of related equipment[89]. - The company is facing risks related to supply chain stability, particularly due to reliance on foreign suppliers for key components[92]. - The company received government subsidies amounting to ¥11,855,000, which may decrease if government support policies weaken in the future[95]. Shareholder and Governance Matters - The company has no plans for profit distribution or capital increase through reserves for this reporting period[7]. - The board of directors has confirmed that the financial report is accurate and complete, ensuring compliance with regulations[6]. - The company’s shareholders approved all proposals at the annual general meeting held on May 25, 2020[114]. - The company has committed to not transferring shares for 36 months post-IPO, ensuring compliance with relevant regulations[118]. Investment Funds and Management - The company reported a total of 3,028 million in various investment funds, all with a lock-up period starting from June 16, 2020[175]. - The funds include a diverse range of strategies, such as flexible allocation and index enhancement, catering to different market segments[177]. - The company plans to continue expanding its product offerings in the investment fund sector to capture more market share[180]. - The investment strategy emphasizes a mix of traditional and innovative approaches to meet evolving market demands[176]. - The company is actively managing its funds to adapt to market conditions, ensuring competitive performance[184].

2020 年第一季度报告 公司代码：688037 公司简称：芯源微 沈阳芯源微电子设备股份有限公司 2020 年第一季度报告 1 / 15 2020 年第一季度报告 一、 二、 11Í 四、 目录 | --- | |----------------| | | | 重要提示 . | | 公司基本情况 . | | 重要事项 . | | 附录 . | 2 / 15 2020 年第一季度报告 单位：元 币种：人民币 一、 重要提示 2.1 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整， 不存在虚假记载、误导性陈述或者重大遗漏，并承担个别和连带的法律责任。 2.2 公司全体董事出席董事会审议季度报告。 2.3 公司负责人宗润福、主管会计工作负责人李风莉及会计机构负责人（会计主管人员）林顺富 保证季度报告中财务报表的真实、准确、完整。 2.4 本公司第一季度报告未经审计。 二、 公司基本情况 2.5 主要财务数据 | --- | --- | --- | --- | --- | |-------------------------------------------------|----- ...

Financial Performance - The company reported a significant increase in revenue, achieving a total of 1.5 billion RMB for the fiscal year, representing a 25% year-over-year growth [24]. - The company's operating revenue for 2019 was CNY 213,156,650.17, representing a year-on-year increase of 1.51% compared to CNY 209,990,524.25 in 2018 [33]. - The net profit attributable to shareholders for 2019 was CNY 29,275,895.55, a decrease of 3.94% from CNY 30,477,913.09 in 2018 [33]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 14,932,657.22, down 25.70% from CNY 20,098,187.26 in 2018 [33]. - The net cash flow from operating activities for 2019 was CNY 12,234,952.89, a significant improvement from a negative cash flow of CNY -28,315,546.72 in 2018 [33]. - The gross margin improved to 40%, up from 35% in the previous year, reflecting better cost management and pricing strategies [24]. - The company achieved a net cash inflow from financing activities of ¥518,123,349.06, primarily due to the completion of its initial public offering [166]. - The company reported a total asset of 931.12 million yuan and a net profit attributable to shareholders of 29.28 million yuan, representing a 3.94% decrease compared to the previous year [117]. Research and Development - The company is investing heavily in R&D, with a budget increase of 15%, totaling 300 million RMB for new technology development [24]. - Research and development expenses accounted for 16.45% of operating revenue, an increase of 0.16 percentage points compared to 16.29% in 2018 [34]. - The company invested a total of ¥35,054,505.34 in R&D, which represents 16.45% of its operating revenue [93]. - The company has a total of 95 R&D personnel, accounting for 31.67% of the total workforce [93]. - The company has received 174 patent authorizations, including 139 invention patents, demonstrating its commitment to innovation and technology development [122]. - The company is currently developing key technologies for semiconductor equipment, including environmental control and wafer transport [96]. - The company has established a testing and validation platform to shorten R&D and client validation cycles [199]. Market Expansion and Strategy - Market expansion plans include entering the Southeast Asian market, targeting a 10% market share within the next two years [24]. - The company is exploring potential acquisitions to enhance its technology portfolio, with a budget of 500 million RMB allocated for this purpose [24]. - The company plans to enhance the technology level of its wafer processing equipment and expand its market presence to improve recognition and penetration in the downstream market [182]. - The company aims to expand its market share in the LED chip manufacturing sector by launching products suitable for emerging technologies [194]. Product Development and Innovation - New product launches included advanced semiconductor equipment, which is expected to contribute an additional 200 million RMB in revenue [24]. - The company has achieved breakthroughs in key technologies for front-end photoresist coating and development equipment, with significant improvements validated at major clients such as Shanghai Huali and Yangtze Memory Technologies [66]. - The company has developed core technologies with independent intellectual property rights, achieving international advanced levels in various semiconductor manufacturing fields [73]. - The company is focusing on the development of advanced photoresist coating and cleaning equipment, targeting the front-end equipment market [196]. Awards and Recognition - The company has been recognized with several awards, including "National First Batch of Specialized and Innovative 'Little Giants'" and "Top Five Semiconductor Equipment Enterprises in China" in 2019 [86]. - The company has been recognized with multiple awards, including "Top Ten Enterprises in China's Semiconductor Equipment Industry" and "National-level Intellectual Property Advantage Enterprise," reflecting its industry standing [110]. Risks and Challenges - The company has outlined various risks in its operations, which are detailed in the "Risk Factors" section of the report, urging investors to be aware of investment risks [5]. - The company faces risks related to core technology leakage, which could weaken its competitive position [128]. - Government subsidies accounted for 62.13% of the total profit, highlighting the potential impact of changes in government support on financial performance [139]. Sustainability and Corporate Responsibility - The company emphasized its commitment to sustainability, aiming to reduce production waste by 30% over the next three years [24].