证券代码：688153 证券简称：唯捷创芯 公告编号：2023-009 唯捷创芯（天津）电子技术股份有限公司 关于召开 2022 年度暨 2023 年第一季度业绩说明会 的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： 会议召开时间：2023 年 4 月 28 日（星期五）15:30-16:30 会议召开地点：上海证券报·中国证券网路演中心（https://roadshow.cns tock.com/） 会议召开方式：网络文字互动 投资者可于 2023 年 4 月 27 日（星期四）15:00 前，将需要了解的情况和 相关问题通过电子邮件的形式发送至公司投资者关系邮箱 IR@vanchip.com。公 司将在说明会上对投资者普遍关注的问题进行回答。 一、说明会类型 唯捷创芯（天津）电子技术股份有限公司（以下简称"公司"）将于 2023 年 4 月 27 日发布公司 2022 年年度报告与 2023 年第一季度报告，为便于广大投资 者更加全面深入地了解公司经营成果、财务状况、利润分配等情况，公司计划于 ...

[Definitions](index=4&type=section&id=Section%20I%20Definitions) This section provides definitions of key terms used throughout the report [Company Profile and Key Financial Indicators](index=8&type=section&id=Section%20II%20Company%20Profile%20and%20Key%20Financial%20Indicators) [Company Basic Information](index=8&type=section&id=I.%20Company%20Basic%20Information) Vanchip (Tianjin) Electronic Technology Co., Ltd. (Vanchip, stock code 688153) is a company listed on the STAR Market of the Shanghai Stock Exchange, focusing on R&D, design, and sales of RF front-end chips - Company basic information: Vanchip (stock code **688153**) is listed on the STAR Market of the Shanghai Stock Exchange[14](index=14&type=chunk)[18](index=18&type=chunk) [Key Accounting Data and Financial Indicators](index=9&type=section&id=VI.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) In the first half of 2022, the company's operating revenue decreased by 22.93% to 1.312 billion CNY, while net profit attributable to shareholders significantly increased by 524.19% to 26.58 million CNY, achieving a turnaround due to product structure optimization and reduced expenses Key Accounting Data | Item | Current Period (Jan-Jun) (CNY) | Prior Period (CNY) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 1,311,581,903.16 | 1,701,891,845.77 | -22.93 | | Net Profit Attributable to Shareholders | 26,581,450.09 | 4,258,555.52 | 524.19 | | Net Profit Attributable to Shareholders (Excl. Non-recurring Items) | 10,099,221.64 | -16,504,011.72 | N/A | | Net Cash Flow from Operating Activities | -346,154,860.26 | 77,218,108.35 | -548.28 | | **Key Asset Status** | **End of Current Period** | **End of Prior Year** | **Change from Prior Year-End (%)** | | Net Assets Attributable to Shareholders | 3,747,314,673.90 | 1,098,811,501.96 | 241.03 | | Total Assets | 4,401,656,970.50 | 2,039,382,136.02 | 115.83 | Key Financial Indicators | Item | Current Period (Jan-Jun) | Prior Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Basic EPS (CNY/share) | 0.0712 | 0.0100 | 612.00 | | Weighted Average ROE (%) | 1.33 | 0.61 | Increased by 0.72 percentage points | | R&D Investment as % of Operating Revenue (%) | 18.42 | 12.46 | Increased by 5.96 percentage points | - Net profit significantly increased by **524.19%**, primarily due to improved gross margin from product structure optimization and reduced total expenses[22](index=22&type=chunk) - Net cash flow from operating activities significantly decreased by **548.28%**, mainly due to lower revenue and increased raw material procurement to ensure supply chain stability[22](index=22&type=chunk) [Non-recurring Gains and Losses Items and Amounts](index=10&type=section&id=VIII.%20Non-recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) During the reporting period, the company's total non-recurring gains and losses amounted to 16.48 million CNY, primarily from government subsidies Non-recurring Gains and Losses Items | Non-recurring Gains and Losses Item | Amount (CNY) | | :--- | :--- | | Government Subsidies | 17,796,924.97 | | Gains and Losses from Disposal of Non-current Assets | 643,091.66 | | Other Non-operating Income/Expenses and Investment Income | 941,156.65 | | Less: Income Tax Impact | 2,898,944.83 | | **Total** | **16,482,228.45** | [Management Discussion and Analysis](index=11&type=section&id=Section%20III%20Management%20Discussion%20and%20Analysis) [Industry and Main Business Overview for the Reporting Period](index=11&type=section&id=I.%20Industry%20and%20Main%20Business%20Overview%20for%20the%20Reporting%20Period) Vanchip is a Fabless design company specializing in RF front-end chips, with core products like RF power amplifier (PA) modules widely used in smartphones, operating on a "distribution-led, direct sales-supplemented" model - The company is an integrated circuit design enterprise focused on R&D, design, and sales of RF front-end chips, with main products including RF power amplifier modules, RF switches, Wi-Fi RF front-end modules, and receiver modules[26](index=26&type=chunk) - The company adopts the industry-standard Fabless model, focusing on R&D and sales, while outsourcing manufacturing, packaging, and testing to professional vendors[27](index=27&type=chunk)[28](index=28&type=chunk) - The global RF front-end market is dominated by US and Japanese manufacturers such as Murata, Skyworks, and Broadcom, collectively holding **79%** market share, while the domestic market faces high external dependence but an increasing number of local enterprises[29](index=29&type=chunk) - The company is one of the earliest domestic enterprises to pass certification and achieve large-scale supply to mainstream mobile phone brands like Xiaomi, OPPO, and vivo[30](index=30&type=chunk) [Company's Main Products](index=11&type=section&id=1.%20Company's%20Main%20Products) The company's main products include RF power amplifier (PA) modules, RF switches, Wi-Fi RF front-end modules, and receiver modules, with PA modules being core signal transmission components and receiver modules showing strong growth with a 2,964.33% revenue increase in the reporting period - Receiver modules (LNA Bank, L-FEM), launched in the first half of 2021, saw a significant year-on-year revenue increase of **2,964.33%** during the reporting period, accounting for **8.85%** of main business revenue[27](index=27&type=chunk) [Core Technologies and R&D Progress](index=14&type=section&id=II.%20Core%20Technologies%20and%20R%26D%20Progress) The company emphasizes R&D, possessing 16 core technologies applied in 4G/5G PA modules and RF switches, with 37 invention patents and 101 integrated circuit layout designs, and a 13.88% increase in R&D investment to 242 million CNY in H1 2022, focusing on 5G PA and Wi-Fi 6/6E modules R&D Investment | R&D Investment Item | Current Period Amount (CNY) | Prior Period Amount (CNY) | Change (%) | | :--- | :--- | :--- | :--- | | Expensed R&D Investment | 241,569,513.13 | 212,130,848.79 | 13.88 | | Total R&D Investment | 241,569,513.13 | 212,130,848.79 | 13.88 | | R&D Investment as % of Operating Revenue (%) | 18.42 | 12.46 | Increased by 5.96 percentage points | R&D Personnel | R&D Personnel Item | Current Period Number | Prior Period Number | | :--- | :--- | :--- | | Number of R&D Personnel | 299 | 171 | | R&D Personnel as % of Total Employees (%) | 55.78 | 53.11 | - As of the end of the reporting period, the company holds **16 core technologies**, **37 invention patents**, **5 utility model patents**, and **101 integrated circuit layout designs**[34](index=34&type=chunk)[35](index=35&type=chunk) - The company has **12 ongoing R&D projects** with a total budget of **608 million CNY**, having cumulatively invested **452 million CNY**, covering key areas such as 5G PA modules, L-PAMiD modules, and Wi-Fi 6/6E modules, with most projects in engineering sample, small-batch production, or mass production stages[39](index=39&type=chunk)[40](index=40&type=chunk)[41](index=41&type=chunk)[42](index=42&type=chunk)[43](index=43&type=chunk) [Analysis of Core Competitiveness During the Reporting Period](index=22&type=section&id=III.%20Analysis%20of%20Core%20Competitiveness%20During%20the%20Reporting%20Period) The company's core competitiveness stems from an experienced management team, a comprehensive product line covering 2G-5G and Wi-Fi 6, strong R&D capabilities, deep partnerships with major clients like Xiaomi, OPPO, and vivo, stable collaborations with top-tier suppliers, and a leading position in 5G RF front-end solutions with cost-effective advantages - The company has established stable customer relationships with numerous well-known mobile intelligent terminal manufacturers such as Xiaomi, OPPO, and vivo, and engages in deep R&D collaboration with some clients[49](index=49&type=chunk) - The company has built long-term partnerships with top-tier industry suppliers like Winbond, TSMC, GlobalFoundries, and JCET, ensuring capacity supply and product quality[49](index=49&type=chunk) - The company is one of the earliest domestic enterprises to launch 5G RF front-end solutions, with products sold to renowned manufacturers like Xiaomi, OPPO, and vivo, offering high cost-performance advantages[50](index=50&type=chunk) [Discussion and Analysis of Operating Performance](index=23&type=section&id=IV.%20Discussion%20and%20Analysis%20of%20Operating%20Performance) In the first half of 2022, the company achieved a net profit of 26.58 million CNY, a 524.19% year-on-year increase, successfully turning losses into profits, driven by product structure optimization and significant growth in receiver modules - During the reporting period, RF power amplifier modules accounted for **89.91%** of main business revenue, while receiver modules accounted for **8.85%**[52](index=52&type=chunk) - Product structure continued to optimize, with 5G PA module revenue accounting for **36.05%** of total RF power amplifier module revenue, a year-on-year increase of **7.15 percentage points**[53](index=53&type=chunk) - Receiver module sales achieved substantial growth, accounting for **8.85%** of main business revenue, a **2,964.33%** increase from the prior period, becoming the company's second growth driver[53](index=53&type=chunk) [Risk Factors](index=25&type=section&id=V.%20Risk%20Factors) The company faces various risks including R&D failure, market competition, high customer concentration, supply chain dependencies, financial risks, and legal and project-related challenges - Technical risks: Including risks of R&D failure, inability of product iteration to meet market demand, loss of excellent R&D talent, and leakage of technical secrets[54](index=54&type=chunk)[55](index=55&type=chunk) - Operational risks: Intensified market competition, especially in high-end markets dominated by US and Japanese manufacturers; revenue growth and profitability affected by fluctuations in the smartphone industry; high customer concentration, with the top five customers accounting for **94.34%** of revenue; limited alternative choices for high-quality suppliers[56](index=56&type=chunk)[57](index=57&type=chunk) - Financial risks: Including risks of accounts receivable collection, exchange rate fluctuations, reduction in government subsidies, and inventory impairment (period-end inventory accounts for **34.79%** of current assets)[58](index=58&type=chunk)[59](index=59&type=chunk)[60](index=60&type=chunk) - Legal and project risks: Facing risks of intellectual property disputes, interruption of EDA software technical authorization, product quality disputes, underperformance of IPO-funded projects, and changes in the international trade environment[60](index=60&type=chunk)[61](index=61&type=chunk)[62](index=62&type=chunk)[63](index=63&type=chunk) [Key Operating Performance During the Reporting Period](index=29&type=section&id=VI.%20Key%20Operating%20Performance%20During%20the%20Reporting%20Period) In the reporting period, operating revenue decreased by 22.93% due to market slowdown, but a larger 27.01% drop in operating costs and reduced expenses led to a 524.19% increase in net profit, while operating cash flow turned negative due to lower revenue and increased raw material purchases Income Statement Changes | Item | Current Period Amount (CNY) | Prior Period Amount (CNY) | Change (%) | Primary Reason | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 1,311,581,903.16 | 1,701,891,845.77 | -22.93 | Global market slowdown, decline in terminal demand | | Operating Cost | 911,680,580.89 | 1,248,995,589.58 | -27.01 | Lower revenue and optimized product structure | | Administrative Expenses | 96,934,632.91 | 181,064,252.13 | -46.46 | Decrease in share-based payment expenses | | Financial Expenses | -13,169,165.49 | 5,392,682.10 | -344.20 | Increase in exchange gains | | R&D Expenses | 241,569,513.13 | 212,130,848.79 | 13.88 | Continuous increase in R&D investment | | Net Cash Flow from Operating Activities | -346,154,860.26 | 77,218,108.35 | -548.28 | Lower revenue and increased raw material procurement payments | Balance Sheet Changes | Asset/Liability Item | Current Period End Balance (CNY) | Prior Year End Balance (CNY) | Change (%) | Primary Reason | | :--- | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 2,399,935,723.33 | 381,153,529.29 | 529.65 | Funds raised from private placement of shares | | Inventories | 1,412,022,121.12 | 1,073,950,402.35 | 31.48 | Increased inventory to cope with supply chain tension | | Accounts Receivable | 82,142,302.86 | 200,588,251.13 | -59.05 | Decrease in sales revenue and timely customer payments | | Accounts Payable | 328,497,379.85 | 621,805,110.01 | -47.17 | Decrease in procurement volume | [Corporate Governance](index=35&type=section&id=Section%20IV%20Corporate%20Governance) [Overview of Shareholder Meetings](index=35&type=section&id=I.%20Overview%20of%20Shareholder%20Meetings) During the reporting period, the company's governance structure remained stable, with all proposals passed at the 2021 Annual General Meeting, no changes in key personnel, no profit distribution, and the cancellation of 32,782 unexercised stock options due to employee departures - During the reporting period, there were no changes in the company's directors, supervisors, senior management, or core technical personnel[79](index=79&type=chunk) - The company did not formulate any profit distribution or capital reserve capitalization plans for the current reporting period[82](index=82&type=chunk) - Due to the departure of **4 incentive recipients**, the company canceled a total of **32,782** unexercised stock options previously granted to them[83](index=83&type=chunk) [Environmental and Social Responsibility](index=37&type=section&id=Section%20V%20Environmental%20and%20Social%20Responsibility) [Environmental Information](index=37&type=section&id=I.%20Environmental%20Information) As a Fabless chip design and sales company, Vanchip does not engage in manufacturing and is not a key polluter, though its subsidiary's testing operations generate minor waste handled in compliance with environmental regulations - The company primarily engages in chip R&D, design, and sales, does not conduct manufacturing, does not generate production pollutants, and is therefore not classified as a key polluting entity[85](index=85&type=chunk) [Significant Matters](index=38&type=section&id=Section%20VI%20Significant%20Matters) [Fulfillment of Commitments](index=38&type=section&id=I.%20Fulfillment%20of%20Commitments) During the reporting period, the company's actual controllers, shareholders, and directors fulfilled their IPO commitments, including share lock-ups, price stabilization, avoidance of competition, and related party transaction regulations, with some share lock-up periods automatically extended due to specific conditions - The company's actual controllers, largest shareholders, some directors, supervisors, senior management, and core technical personnel committed not to reduce their pre-IPO shares within **3 full fiscal years** from the listing date if the company had not achieved profitability[89](index=89&type=chunk)[91](index=91&type=chunk)[93](index=93&type=chunk) - Due to the company's share price falling below its offering price within **6 months** of listing, the lock-up period for pre-IPO shares held by actual controllers Rong Xiuli and Sun Yijun, and the largest shareholder Gaintech, was automatically extended by **6 months**, until October 11, 2025[89](index=89&type=chunk)[91](index=91&type=chunk)[95](index=95&type=chunk) [Significant Guarantees Performed and Outstanding During the Reporting Period](index=56&type=section&id=II.%20Significant%20Guarantees%20Performed%20and%20Outstanding%20During%20the%20Reporting%20Period) As of the end of the reporting period, the company had one outstanding joint liability guarantee for its wholly-owned subsidiary, Beijing Vanchip Precision Testing Technology Co., Ltd., totaling 119 million CNY, representing 3.18% of the company's net assets Significant Guarantees | Guarantor | Guaranteed Party | Guaranteed Amount (CNY) | Guarantee Type | As % of Net Assets (%) | | :--- | :--- | :--- | :--- | :--- | | Vanchip (Tianjin) | Beijing Vanchip Precision Testing Technology | 119,000,000 | Joint Liability Guarantee | 3.18 | [Explanation of Progress in Use of Raised Funds](index=58&type=section&id=XII.%20Explanation%20of%20Progress%20in%20Use%20of%20Raised%20Funds) The company's net proceeds from its initial public offering amounted to 2.503 billion CNY, with 1.053 billion CNY cumulatively invested as of the reporting period, representing a 42.07% overall progress, primarily directed towards integrated circuit production testing, R&D center construction, and working capital, with 400 million CNY temporarily used for cash management Raised Funds Overview | Source of Raised Funds | Net Amount Raised (CNY) | Cumulative Investment (CNY) | Cumulative Investment Progress (%) | | :--- | :--- | :--- | :--- | | Initial Public Offering | 2,502,511,345.53 | 1,052,837,214.19 | 42.07 | Investment Projects | Invested Project Name | Adjusted Committed Investment (CNY) | Cumulative Investment (CNY) | Cumulative Investment Progress (%) | | :--- | :--- | :--- | :--- | | Integrated Circuit Production Testing Project | 1,308,002,200.00 | 224,693,301.06 | 17.18 | | R&D Center Construction Project | 679,216,000.00 | 428,143,913.13 | 63.04 | | Supplementary Working Capital Project | 500,000,000.00 | 400,000,000.00 | 80.00 | - The company used up to **1 billion CNY** of temporarily idle raised funds for cash management, with **400 million CNY** used to purchase structured deposits and large-denomination certificates of deposit as of the reporting period[126](index=126&type=chunk)[124](index=124&type=chunk) [Share Changes and Shareholder Information](index=64&type=section&id=Section%20VII%20Share%20Changes%20and%20Shareholder%20Information) [Share Capital Changes](index=64&type=section&id=I.%20Share%20Capital%20Changes) During the reporting period, the company's total share capital increased from 360 million to 400.08 million shares due to its initial public offering, with 9.54 million new restricted shares and 30.54 million new unrestricted tradable shares, resulting in 92.29% restricted and 7.71% unrestricted shares post-issuance Share Capital Changes | Share Class | Quantity Before Change (shares) | Change in Current Period (shares) | Quantity After Change (shares) | Ratio After Change (%) | | :--- | :--- | :--- | :--- | :--- | | Restricted Shares | 360,000,000 | +9,232,209 | 369,232,209 | 92.29 | | Unrestricted Tradable Shares | 0 | +30,847,791 | 30,847,791 | 7.71 | | **Total Shares** | **360,000,000** | **+40,080,000** | **400,080,000** | **100.00** | - The company was listed on the STAR Market of the Shanghai Stock Exchange on April 12, 2022, publicly issuing **40,080,000 shares**[135](index=135&type=chunk) [Shareholder Information](index=66&type=section&id=II.%20Shareholder%20Information) As of the reporting period, the company had 14,409 shareholders, with the top ten holding 64.23% of shares, led by Gaintech Co. Limited at 25.31%, and actual controllers Rong Xiuli and Sun Yijun collectively controlling 34.45% of voting rights - As of the end of the reporting period, the company had a total of **14,409 shareholders**[138](index=138&type=chunk) Top Ten Shareholders | Shareholder Name | Shares Held (shares) | Percentage (%) | Share Nature | | :--- | :--- | :--- | :--- | | Gaintech Co. Limited | 101,247,461 | 25.31 | Overseas Legal Person | | Rong Xiuli | 53,265,280 | 13.31 | Domestic Natural Person | | Shenzhen Guiren Capital Investment Co., Ltd. | 31,152,404 | 7.79 | Domestic Non-state-owned Legal Person | | Beijing Yuyue Investment Management Center (Limited Partnership) | 30,514,794 | 7.63 | Other | | Tianjin Yujie Technology Partnership (Limited Partnership) | 25,242,375 | 6.31 | Other | | Hubble Technology Investment Co., Ltd. | 12,834,789 | 3.21 | Domestic Non-state-owned Legal Person | | OPPO Guangdong Mobile Communications Co., Ltd. | 12,208,697 | 3.05 | Domestic Non-state-owned Legal Person | | Sun Yijun | 10,975,441 | 2.74 | Domestic Natural Person | | Vivo Mobile Communications Co., Ltd. | 9,391,306 | 2.35 | Domestic Non-state-owned Legal Person | | Tianjin Yushang Technology Partnership (Limited Partnership) | 9,278,263 | 2.32 | Other | - Actual controllers Rong Xiuli and Sun Yijun, through direct shareholding and controlled partnerships, collectively control **34.45%** of the company's voting rights[140](index=140&type=chunk) [Preferred Shares and Bonds Related Information](index=70&type=section&id=Section%20VIII%20Preferred%20Shares%20and%20Bonds%20Related%20Information) [Preferred Shares and Bonds](index=70&type=section&id=Preferred%20Shares%20and%20Bonds) The report indicates that the company had no preferred shares, corporate bonds, company bonds, non-financial enterprise debt financing instruments, or convertible corporate bonds during the reporting period - During the reporting period, the company had no preferred shares, corporate bonds, company bonds, non-financial enterprise debt financing instruments, or convertible corporate bonds[146](index=146&type=chunk)[147](index=147&type=chunk)[148](index=148&type=chunk) [Financial Report](index=73&type=section&id=Section%20XI%20Financial%20Report) [Financial Statement Summary](index=73&type=section&id=II.%20Financial%20Statements) As of June 30, 2022, total assets reached 4.402 billion CNY, a 115.8% increase driven by IPO proceeds, while total liabilities decreased by 30.4% to 654 million CNY, and net profit for H1 2022 was 26.58 million CNY, a 524.2% increase despite a 22.9% revenue decline [Consolidated Balance Sheet](index=73&type=section&id=Consolidated%20Balance%20Sheet) As of June 30, 2022, total assets were 4.402 billion CNY, with current assets comprising 92.2%, mainly cash and cash equivalents (2.400 billion CNY) and inventories (1.412 billion CNY), while total liabilities were 654 million CNY, and owners' equity was 3.747 billion CNY Consolidated Balance Sheet | Item | Period-End Balance (CNY) | Period-Beginning Balance (CNY) | | :--- | :--- | :--- | | **Total Assets** | **4,401,656,970.50** | **2,039,382,136.02** | | Cash and Cash Equivalents | 2,399,935,723.33 | 381,153,529.29 | | Inventories | 1,412,022,121.12 | 1,073,950,402.35 | | Accounts Receivable | 82,142,302.86 | 200,588,251.13 | | **Total Liabilities** | **654,342,296.60** | **940,570,634.06** | | Accounts Payable | 328,497,379.85 | 621,805,110.01 | | Short-term Borrowings | 139,263,479.81 | 38,817,151.40 | | **Owners' Equity** | **3,747,314,673.90** | **1,098,811,501.96** | | Share Capital | 400,080,000.00 | 360,000,000.00 | | Capital Reserve | 3,524,002,834.59 | 942,713,029.98 | [Consolidated Income Statement](index=77&type=section&id=Consolidated%20Income%20Statement) In the first half of 2022, the company reported 1.312 billion CNY in operating revenue, 912 million CNY in operating costs, and a gross margin of approximately 30.5%, with R&D expenses being the highest at 242 million CNY, ultimately achieving a net profit of 26.58 million CNY Consolidated Income Statement | Item | Jan-Jun 2022 (CNY) | Jan-Jun 2021 (CNY) | | :--- | :--- | :--- | | I. Total Operating Revenue | 1,311,581,903.16 | 1,701,891,845.77 | | Less: Operating Cost | 911,680,580.89 | 1,248,995,589.58 | | R&D Expenses | 241,569,513.13 | 212,130,848.79 | | Administrative Expenses | 96,934,632.91 | 181,064,252.13 | | Selling Expenses | 17,392,939.51 | 21,594,482.60 | | Financial Expenses | -13,169,165.49 | 5,392,682.10 | | III. Operating Profit | 71,954,152.63 | 51,061,310.72 | | V. Net Profit | 26,581,450.09 | 4,258,555.52 | | Net Profit Attributable to Parent Company Shareholders | 26,581,450.09 | 4,258,555.52 | | VIII. Earnings Per Share (CNY/share) | 0.07 | 0.01 | [Consolidated Cash Flow Statement](index=81&type=section&id=Consolidated%20Cash%20Flow%20Statement) In the first half of 2022, the company experienced a net cash outflow of 346 million CNY from operating activities, a net outflow of 169 million CNY from investing activities, and a net inflow of 2.514 billion CNY from financing activities, primarily due to IPO proceeds, increasing cash and cash equivalents to 2.394 billion CNY at period-end Consolidated Cash Flow Statement | Item | H1 2022 (CNY) | H1 2021 (CNY) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -346,154,860.26 | 77,218,108.35 | | Net Cash Flow from Investing Activities | -169,461,661.00 | -81,822,845.20 | | Net Cash Flow from Financing Activities | 2,514,325,980.24 | -58,893,143.99 | | Net Increase in Cash and Cash Equivalents | 2,022,526,929.03 | -66,797,304.54 | | Cash and Cash Equivalents at Period End | 2,394,316,049.24 | 424,438,590.31 | [Significant Accounting Policies and Estimates](index=92&type=section&id=V.%20Significant%20Accounting%20Policies%20and%20Estimates) The company's financial statements are prepared on a going concern basis, adhering to enterprise accounting standards, with key policies including revenue recognition upon customer control, inventory valuation at the lower of cost or net realizable value, capitalization of development expenditures meeting specific criteria, and equity-settled share-based payment measurement at fair value - Revenue recognition: Revenue is recognized when the customer obtains control of the related goods, with the company adopting both direct sales and distribution buy-out models, using customer receipt documents as the basis for revenue recognition[223](index=223&type=chunk)[224](index=224&type=chunk) - Inventories: Valued at the lower of cost or net realizable value using the perpetual inventory system, with cost determined by the weighted average method upon issuance[194](index=194&type=chunk) - R&D expenditures: Research phase expenditures are expensed as incurred, while development phase expenditures are capitalized as intangible assets when five specific conditions, including technical feasibility and commercial intent, are met[209](index=209&type=chunk) - Share-based payments: Equity-settled share-based payments are measured at the fair value of the equity instruments granted on the grant date and expensed over the vesting period[220](index=220&type=chunk)