中信建投证券股份有限公司 | 序号 | 工作内容 | 持续督导情况 | | --- | --- | --- | | | 注函的情况，并督促其完善内部控制制 | | | | 度，采取措施予以纠正。 | | | 12 | 持续关注上市公司及控股股东、实际控 制人等履行承诺的情况，上市公司及控 | 唯捷创芯不存在控股股东；2023 年半年 | | | | 度，唯捷创芯及其实际控制人不存在未履 | | | 股股东、实际控制人等未履行承诺事项 | 行承诺的情况。 | | | 的，及时向上海证券交易所报告。 | | | | 关注公共传媒关于上市公司的报道，及 | | | | 时针对市场传闻进行核查。经核查后发 | 2023 年半年度，保荐机构持续关注公共媒 | | | 现上市公司存在应披露未披露的重大事 | 体关于唯捷创芯的报道及相关市场传闻， | | 13 | 项或与披露的信息与事实不符的，应及 | 经保荐机构核查，唯捷创芯不存在应披露 | | | 时督促上市公司如实披露或予以澄清； | 未披露的重大事项或与披露的信息与事 | | | 上市公司不予披露或澄清的，应及时向 | 实不符的情况。 | | | 上海证券交易所报 ...

Financial Performance - The company reported a significant increase in revenue for the first half of 2023, reaching a total of 500 million RMB, representing a 25% year-over-year growth[2]. - The company reported a revenue of 1.2 billion RMB for the first half of 2023, representing a year-over-year increase of 15%[12]. - The company has provided a revenue guidance of 2.5 billion RMB for the full year 2023, which reflects an expected growth of 10%[12]. - The company reported a revenue of ¥890,931,776.73 for the first half of 2023, a decrease of 32.07% compared to the same period last year[18]. - The net profit attributable to shareholders was -¥70,200,958.01, representing a decline of 364.10% year-over-year[18]. - The company achieved operating revenue of 89,093.18 million yuan in the reporting period, a year-on-year decrease of 32.07%[52]. - The net profit attributable to shareholders was -7,020.10 million yuan, a decline of 364.10% year-on-year, but the second quarter net profit was 1,239.32 million yuan, indicating a turnaround in performance[52]. - The company reported a total revenue of 105,807.92 million RMB for the first half of 2023, with a gross profit of 16,035.66 million RMB, resulting in a gross margin of approximately 15.16%[45]. User Growth - User data showed a 30% increase in active users, with the total number of users reaching 1.5 million by the end of June 2023[2]. - User data indicates a growth in active users by 20% compared to the previous year, reaching 5 million active users[12]. - User data showed a growth in active users, reaching 10 million, which is a 15% increase compared to the previous year[104]. Market Expansion - The company is expanding its market presence in Southeast Asia, targeting a 15% market share by the end of 2024[2]. - Market expansion efforts include entering Southeast Asian markets, targeting a 25% increase in market penetration by the end of 2024[12]. - The company is actively expanding into the automotive sector, with vehicle-grade chips validated and being promoted to clients, aiming to provide high-performance solutions for smart and autonomous vehicles[54]. - Market expansion plans include entering three new international markets by Q4 2023[105]. Research and Development - Research and development expenses increased by 40% to 80 million RMB, reflecting the company's commitment to innovation and new technology[2]. - The company's R&D expenditure accounted for 23.81% of its revenue, an increase of 5.39 percentage points from the previous year[19]. - The company is investing in R&D for 5G and Wi-Fi 6E technologies, aiming to capture a larger market share in the wireless communication sector[11]. - The total R&D investment for the period is approximately ¥212.16 million, a decrease of 12.17% compared to the same period last year, while the R&D investment as a percentage of operating income increased by 5.39 percentage points to 23.81%[39]. - The company is focusing on enhancing RF power amplifier linearity and power-added efficiency through advanced feedback mechanisms[35]. Product Development - New product launches are expected to contribute an additional 100 million RMB in revenue by the end of the year, focusing on advanced semiconductor technologies[2]. - New product launches include the L-PAMiD and L-PAMiF RF power amplifier modules, which are expected to enhance market competitiveness[11]. - The company launched a new generation low-voltage version of the L-PAMiF product, which reduces the need for boost power management chips and optimizes overall system costs[25]. - The company has successfully launched the LNA Bank and L-FEM receiver modules, generating 9,298.27 million yuan in revenue, which constitutes 10.45% of the main business[54]. - The company is developing a Wi-Fi 6 and Wi-Fi 6E RF front-end module, with the first and second generation products already in mass production, and the third generation expected to further enhance performance[42]. Strategic Partnerships and Acquisitions - The company has initiated discussions for potential mergers and acquisitions to enhance its product portfolio and market reach[2]. - A new strategic partnership with a leading technology firm is expected to enhance product offerings and drive future growth[2]. - The company is exploring potential acquisitions to enhance its product portfolio and technological capabilities[12]. - The company is considering strategic acquisitions to enhance its market position, with a budget of 500 million allocated for potential deals[103]. Risk Management - The company has identified key risks, including supply chain disruptions and market competition, and has outlined mitigation strategies[2]. - The company faces significant competition in the RF front-end market, dominated by major players such as Broadcom and Qualcomm, which may pressure profit margins[58]. - The company has a high customer concentration, with the top five customers accounting for 98.99% of total revenue, exposing it to risks if these customers' market positions decline[58]. - The company is at risk of losing talented R&D personnel due to a shortage in the integrated circuit industry, which could impact its competitive edge[57]. Governance and Compliance - The board of directors confirmed that there are no significant governance issues affecting the company's operations or financial reporting[2]. - The company has confirmed that all resolutions submitted to the shareholders' meeting were approved without any rejections[81]. - The company has established long-term effective commitments for actual controllers and senior management personnel since June 2, 2021[101]. - The company guarantees strict adherence to the commitments disclosed in the prospectus for its initial public offering, including public disclosure of any unfulfilled commitments and compensation for investor losses[147]. Shareholder Information - The company has a commitment to maintain shareholder value, with a share buyback program of up to 200 million announced[105]. - The company’s actual controllers have extended the lock-up period for shares until October 11, 2025, due to the fulfillment conditions of their commitments[97]. - The company reported a lock-up period for major shareholders, extending until October 11, 2025, due to the fulfillment of commitment conditions[98]. - The company has established a fundraising management system to ensure the effective use of raised funds for designated investment projects[124]. Environmental and Social Responsibility - The company continues to focus on sustainability initiatives, with a goal to reduce carbon emissions by 25% by 2025[103]. - The company has established internal management systems for solid waste pollution prevention and advocates energy-saving and low-carbon practices among employees[92]. - The company does not engage in chip production and processing, thus does not generate production pollutants[91].

唯捷创芯（天津）电子技术股份有限公司 关于召开 2023 年半年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。 证券代码：688153 证券简称：唯捷创芯 公告编号：2023-035 重要内容提示： 会议召开时间：2023 年 9 月 4 日（星期一）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 9 月 1 日（星期五）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 8 月 31 日发布公司 2023 年半年度报告，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 2023 年 9 月 4 日 15:30- 16:3 ...

Financial Performance and Profit Distribution - Revenue in 2022 decreased by 34.79% year-over-year to RMB 2,287.88 million, primarily due to weak demand in the consumer electronics market[22] - Net profit attributable to shareholders of the listed company turned positive in 2022, increasing by RMB 121.81 million compared to the previous year[22] - Net cash flow from operating activities in 2022 was negative RMB 88.64 million, a decrease of RMB 120.35 million year-over-year, mainly due to revenue decline and increased employee costs[22] - R&D expenses accounted for 20.19% of revenue in 2022, an increase of 6.88 percentage points from the previous year[21] - Total assets at the end of 2022 increased by 107.15% year-over-year to RMB 4,224.67 million, driven by IPO proceeds[22] - Share-based compensation expenses in 2022 amounted to RMB 161.23 million[22] - Basic and diluted earnings per share turned positive in 2022, driven by improved profitability and optimized product structure[22] - Weighted average return on equity (ROE) increased by 10.1 percentage points year-over-year to 1.85% in 2022[21] - Net assets attributable to shareholders of the listed company increased by 248.74% year-over-year to RMB 3,831.98 million at the end of 2022, mainly due to share premium from the IPO[22] - Government subsidies recognized in 2022 amounted to RMB 28.26 million, a decrease from RMB 42.09 million in 2021[26] - Revenue for 2022 was 2.287 billion yuan, a decrease of 34.79% year-on-year, with net profit attributable to shareholders of 53.391 million yuan, turning a profit compared to the previous year[30] - The company did not distribute cash dividends, issue bonus shares, or convert capital reserves into share capital for the year 2022[4] - The company's 2022 profit distribution plan was approved by the board of directors on April 26, 2023, and is subject to approval by the shareholders' meeting[4] - 2022 profit distribution plan: No cash dividends, no stock dividends, and no capital reserve to share capital conversion[156] - Unallocated profits from 2022 will be rolled over to the next year to meet operational, R&D, and investment needs[159] Corporate Governance and Compliance - The company has no special arrangements for corporate governance[5] - The company has no non-operational fund occupation by controlling shareholders or related parties[6] - The company has no violations of decision-making procedures in providing external guarantees[6] - The company's future plans and development strategies are forward-looking statements and do not constitute a commitment to investors[5] - The company's 2022 annual report includes detailed risk factors and countermeasures in the "Management Discussion and Analysis" section[3] - The company's 2022 annual report was signed and sealed by the company's legal representative, chief financial officer, and accounting supervisor, ensuring its authenticity, accuracy, and completeness[3] - The company has established a comprehensive corporate governance structure, ensuring compliance with legal and regulatory requirements[126] - The company's decision-making process for remuneration of directors, supervisors, and senior management involves the Compensation and Assessment Committee, with final approval by the board of directors and shareholders' meeting[142] - Non-employee directors and supervisors who do not hold positions in the company do not receive salaries or allowances[142] - The actual payment of remuneration for directors, supervisors, and senior management during the reporting period was consistent with the disclosed information[142] - The company held 13 board meetings in 2022, all conducted via telecommunication, with no in-person meetings[147] - The company approved the 2021 consolidated and parent company review reports during the 3rd Board of Directors' 11th meeting on 2022.01.28[144] - The company approved the 2021 financial statement audit report during the 3rd Board of Directors' 13th meeting on 2022.03.22[144] - The company approved the 2022 Q1 report during the 3rd Board of Directors' 14th meeting on 2022.04.25[144] - The company approved the 2022 semi-annual report and the special report on the use of raised funds during the 3rd Board of Directors' 19th meeting on 2022.08.25[145] - The company approved the 2022 Q3 report during the 3rd Board of Directors' 21st meeting on 2022.10.27[145] - The company approved the 2022 annual audit work plan during the 3rd Board of Directors' Risk and Audit Committee's 12th meeting on 2022.12.27[149] - The company approved the nomination of non-independent director candidates for the 3rd Board of Directors during the 3rd Board of Directors' Nomination Committee's 1st meeting on 2022.12.13[151] - The company approved the use of some idle raised funds for cash management during the 3rd Board of Directors' 16th meeting on 2022.06.23[145] - The company approved the application for comprehensive credit lines and provision of guarantees by the company and its wholly-owned subsidiaries during the 3rd Board of Directors' 20th meeting on 2022.09.21[145] R&D and Innovation - R&D expenses accounted for 20.19% of revenue in 2022, an increase of 6.88 percentage points from the previous year[21] - The company's R&D expenses for 2022 were 461.9537 million yuan, accounting for 20.19% of the company's revenue[32] - The company successfully listed on the Shanghai Stock Exchange's STAR Market on April 12, 2022, raising a total of 2.669328 billion yuan[32] - The company's inventory levels were effectively controlled, with inventory balances declining from mid-2022 and returning to healthy levels by the end of the year[32] - The company's share-based payment expenses for 2022 were 161.2286 million yuan, with adjusted net profit attributable to shareholders of 214.6196 million yuan[29] - The company's trading financial assets increased by 99.81 million yuan, contributing 79.5543304 million yuan to the current profit[28] - The company's non-recurring gains and losses for 2022 totaled 329.6469856 million yuan, compared to a loss of 831.048723 million yuan in the previous year[27] - The company's RF power amplifier modules accounted for 88.49% of its main business revenue, with 5G products contributing 44.32% of the RF power amplifier module revenue[36] - The company achieved small-scale shipments of high-integration L-PAMiD products, becoming one of the first domestic companies to supply this product to leading brand customers[36] - The company's Wi-Fi RF front-end modules primarily supported Wi-Fi 6, with third-generation Wi-Fi 6E products achieving mass shipments and nearing international advanced performance levels[37] - The company's RF front-end modules are widely used in smartphones from brands like Xiaomi, OPPO, and vivo, as well as ODM manufacturers such as Huaqin, Longqi, and Wingtech[34] - The company operates under the Fabless model, focusing on design while outsourcing manufacturing, packaging, and testing to specialized suppliers[38] - The company has established long-term stable relationships with key clients, leveraging its brand depth and breadth as a competitive advantage[34] - The company's R&D process includes rigorous stages such as project initiation, design, prototype evaluation, and mass production, ensuring product quality and market fit[39][40][41][42][43] - The company's RF front-end modules are critical for enabling wireless communication functions in mobile devices, including cellular, Wi-Fi, Bluetooth, and GPS[34][35] - The company's product portfolio includes RF power amplifier modules, RF switches, receiver modules, and Wi-Fi RF front-end modules, covering 2G to 5G technologies[34][36][37] - The company's sales model is primarily distributor-based, supplemented by direct sales to certain end customers[43] - The company has 43 invention patents, 12 utility model patents, and 108 integrated circuit layout designs as of the end of 2022[52] - The company successfully launched L-PAMiF products in 2020 and achieved mass production in 2021, becoming a leading domestic supplier[52] - The company plans to achieve mass production of L-PAMiD products in 2023, becoming one of the first domestic companies to do so[52] - The company entered the automotive RF front-end chip market by signing strategic cooperation agreements with BYD and Quectel[52] - The company has 12 core technologies in mass production, including high-power balanced power amplification and improved linearity for RF power amplifiers[58] - The company's RF front-end modules are being applied in mobile broadband, automotive, IoT, and wearable devices[54] - The company's RF front-end solutions for 5G, such as L-PAMiD and L-PAMiF, are becoming standard in mid-to-high-end smartphones[54] - The company has developed a chip reuse and variable coding technology to reduce development costs and simplify supply chain management[58] - The company's RF module testing fixtures reduce product introduction time and improve reliability assessment[58] - The company has developed and mass-produced multiple core technologies, including adaptive voltage surge suppression, RF power amplifier temperature compensation, and RF 3dB coupler technology, all of which are in the mass production stage[59] - The company holds 43 invention patents, 12 utility model patents, and 108 integrated circuit layout designs as of the end of the reporting period[60] - In 2022, the company applied for 40 new invention patents and was granted 17, bringing the cumulative total to 106 applications and 43 grants[61] - Total R&D investment for the year was 461.95 million yuan, a slight decrease of 1.09% compared to the previous year[62] - R&D investment as a percentage of revenue increased significantly to 20.19%, up 6.88 percentage points from the previous year[62] - The company's R&D efforts focus on improving performance and reducing costs in areas such as power detection, RF power amplifier linearization, and chip-to-chip communication[59] - Key innovations include a high-bandwidth power amplifier technology that achieves load modulation with high efficiency and low loss[59] - The company has developed a multi-standard wireless communication RF circuit that enables almost cost-free 2G communication by reusing 3G, 4G, or 5G hardware circuits[59] - A new positive and negative voltage charge pump circuit design provides stable and reliable voltage generation above and below the input power rails[59] - The company's high-speed analog voltage buffer technology significantly improves operating speed without increasing overall power consumption[59] - The total investment in R&D projects is 98,325.13 million yuan, with a cumulative investment of 65,264.86 million yuan, and 33,349.79 million yuan invested in the current period[64][66][68] - The 5G PA module project has a total investment of 15,879.31 million yuan, with 15,832.68 million yuan cumulatively invested, and 7,468.08 million yuan invested in the current period[64] - The Wi-Fi 6 and Wi-Fi 6E RF front-end module project has a total investment of 17,420.63 million yuan, with 10,085.03 million yuan cumulatively invested, and 5,725.17 million yuan invested in the current period[66] - The high-power RF switch and antenna tuning switch project for 5G NR has a total investment of 20,500.57 million yuan, with 11,763.95 million yuan cumulatively invested, and 6,007.96 million yuan invested in the current period[66] - The L-FEM module project has a total investment of 7,077.49 million yuan, with 6,533.03 million yuan cumulatively invested, and 2,701.25 million yuan invested in the current period[66] - The base station RF power amplifier product project has a total investment of 2,758.92 million yuan, with 1,386.31 million yuan cumulatively invested, and 1,128.16 million yuan invested in the current period[66] - The DiFEM module project has a total investment of 3,503.08 million yuan, with 1,485.42 million yuan cumulatively invested, and 848.26 million yuan invested in the current period[66] - The diversity receiver module project has a total investment of 3,434.20 million yuan, with 1,745.97 million yuan cumulatively invested, and 125.73 million yuan invested in the current period[68] - The number of R&D personnel increased to 353, accounting for 56.94% of the total workforce, with a total R&D personnel compensation of 15,718.71 million yuan and an average salary of 44.53 thousand yuan[69] - R&D investment in 2022 reached 461.95 million yuan, accounting for 20.19% of total revenue[71] - The company has 353 R&D personnel, representing 56.94% of total employees[71] - 5G RF power amplifier module revenue accounted for 44.32% of total RF power amplifier module revenue, a 15.42 percentage point increase year-over-year[73] - The company holds 43 domestic invention patents, 12 utility model patents, and 108 integrated circuit layout design registrations[71] - The company's 5G RF power amplifier module has been mass-produced since early 2020 and is used in products from well-known terminal customers[73] - The company's receiving-end module achieved 11.51% of main business revenue in 2022, a 9.43 percentage point increase year-over-year[75] - The company has mastered multiple RF power amplifier core technologies and can rapidly develop high-performance products[72] - The company has developed a complete set of RF front-end testing tools and solutions, enabling rapid product iteration and market launch[72] - The company's integrated circuit testing project began operations in 2022, strengthening its testing technology advantages[72] - The company faces risks related to R&D failure, product iteration, and talent retention, which could impact its competitiveness[76] Market and Industry Trends - The global RF front-end market size is expected to grow from 19.2 billion USD in 2022 to 26.9 billion USD in 2028, with a CAGR of 5.8%[48] - The global automotive semiconductor market is projected to grow from $50.5 billion in 2021 to nearly $100 billion by 2027, with a CAGR of over 30%[55] - The automotive semiconductor market in China is expected to reach $13.7 billion by 2025[56] - By 2025, over 60% of smartphones and 90% of routers are expected to support Wi-Fi 6, driving demand for Wi-Fi 6 and Wi-Fi 6E modules[54] - The company has achieved mass production and sales of Wi-Fi 6 and Wi-Fi 6E modules, with next-generation products under development[54] - The company's RF front-end modules are being applied in mobile broadband, automotive, IoT, and wearable devices[54] - The automotive RF front-end market is expected to grow significantly due to the rise of electric vehicles and advanced driver-assistance systems[55] - The company's RF front-end solutions for 5G, such as L-PAMiD and L-PAMiF, are becoming standard in mid-to-high-end smartphones[54] - The RF front-end market is highly concentrated, with the top five global vendors accounting for over 80% of the market share in 2021 and 2022[50] - The global RF front-end market is dominated by five major players, accounting for 80% of the market share, with U.S. and Japanese companies leading the industry[118] - The smartphone market is expected to decline in 2023, with a potential rebound in the second half of the year if consumer confidence improves[119] - The RF front-end market is projected to reach $26.9 billion by 2028, driven by the growth of 5G smartphones[120] - The company has successfully introduced its products into brand smartphone customers such as Xiaomi, OPPO, and vivo, gaining a competitive edge in the market[121] Shareholder and Management Information - Chairman Rong Xiuli holds 53,265,280 shares with no change in shareholding during the year[132] - General Manager Sun Yijun increased his shareholding by 1,196,186 shares to 12,171,627 shares, primarily through equity incentives and secondary market purchases[132] - CFO Xin Jing received 393,385 shares through equity incentives, bringing her total shareholding to 393,385 shares[132] - Board Secretary Zhao Yanping also received 393,385 shares through equity incentives, increasing her total shareholding to 393,385 shares[132] - Core technical personnel Bai Yunfang received 393,385 shares through equity incentives, bringing her total shareholding to 393,385 shares[133] - Core technical personnel Lin Sheng received 285,038 shares through equity incentives, increasing his total shareholding to 285,038 shares[133] - The total shareholding of the company's key personnel increased by 3,251,456 shares to 67,492,177 shares during the year[133] - Chairman Rong Xiuli has extensive experience in the telecommunications industry, including roles at Beijing Tianyu Langtong Communication Equipment Co., Ltd. and VTech Holdings Limited[134] - General Manager Sun Yijun has a strong background in sales and management, with previous roles at companies such as Tyco Electronics and RF Micro Devices[134] - CFO Xin Jing has a diverse financial management background, with experience at companies including Beijing Venus Information Technology Co., Ltd. and Beijing MaiBo Interactive Technology Co., Ltd.[134] - FENG WANG has been serving as the Chief Technology Officer of Weijie Chuangxin since February 2018, with extensive experience in wireless transceiver design and RF engineering[135] - Bai Yunfang has been the R&D Director of Weijie Chuangxin since December 2011, with a background in integrated circuit design and RF engineering[136] - Lin Sheng has been the R&D Director of Weijie Chuangxin since July 2011, with experience in semiconductor and RF engineering[136] - Rong Xiuli serves as the executive partner of Tianjin Yuteng Technology Partnership since September 2020[137] - Gu Dawei has been a director of Gaintech Co. Limited since November 2010 and serves as the executive partner of

Financial Performance - The company's operating revenue for Q1 2023 was ¥318,006,441.23, representing a decrease of 62.87% compared to the same period last year[4] - The net profit attributable to shareholders for Q1 2023 was -¥82,594,172.74, a decline of 324.70% year-over-year[4] - The net profit attributable to shareholders after deducting non-recurring gains and losses was -¥83,697,209.39, down 337.56% from the previous year[4] - Basic and diluted earnings per share for Q1 2023 were both -¥0.20, a decrease of 300.00% year-over-year[5] - The weighted average return on net assets was -2.17%, a decrease of 5.35 percentage points compared to the same period last year[5] - Total operating revenue for Q1 2023 was ¥318,006,441.23, a decrease of 62.9% compared to ¥856,361,433.35 in Q1 2022[16] - Net loss for Q1 2023 was ¥82,594,172.74, compared to a net profit of ¥36,758,327.14 in Q1 2022[18] - The company reported a gross profit margin of -10.5% in Q1 2023, compared to a positive margin in Q1 2022[17] Cash Flow and Investments - The net cash flow from operating activities for Q1 2023 was ¥15,997,608.34, an increase of ¥38,700,330.17 compared to the same period last year[6] - In Q1 2023, the cash inflow from operating activities was approximately ¥394 million, a decrease of 55.1% compared to ¥874 million in Q1 2022[19] - The net cash flow from operating activities turned positive at approximately ¥160 million, compared to a negative cash flow of ¥227 million in the same period last year[19] - Cash inflow from investment activities was approximately ¥8 million, significantly up from ¥838 thousand in Q1 2022[20] - The net cash flow from investment activities was negative at approximately ¥28.75 million, an improvement from a negative cash flow of ¥37.42 million in Q1 2022[20] - Cash inflow from financing activities was approximately ¥7 million, down from ¥231 million in Q1 2022[20] - The net cash flow from financing activities was negative at approximately ¥84.4 million, compared to a positive cash flow of ¥212.5 million in Q1 2022[20] - The ending balance of cash and cash equivalents increased to approximately ¥2.57 billion, up from ¥321 million at the end of Q1 2022[20] - The company received approximately ¥12.6 million in tax refunds, a decrease of 86.8% from ¥95.7 million in Q1 2022[19] - The total cash outflow from operating activities was approximately ¥234 million, down from ¥1.1 billion in Q1 2022[19] - The company reported a significant increase in cash received from other operating activities, totaling approximately ¥16.2 million, compared to ¥1.5 million in Q1 2022[19] Assets and Liabilities - Total assets at the end of Q1 2023 were ¥4,070,240,631.79, down 3.66% from the end of the previous year[5] - Total current assets as of March 31, 2023, amounted to approximately CNY 3.63 billion, a decrease of 4.4% from CNY 3.80 billion as of December 31, 2022[13] - Total assets decreased to CNY 4.07 billion from CNY 4.22 billion, representing a reduction of 3.6%[14] - Total liabilities decreased to CNY 268.38 million from CNY 365.16 million, a decrease of 26.5%[14] - Total liabilities as of Q1 2023 were ¥293,061,000.61, down from ¥392,683,746.86 in the previous year[15] - Total equity attributable to shareholders was ¥3,777,179,631.18, a decrease from ¥3,831,983,077.01 in Q1 2022[15] - The company reported a significant increase in non-current assets, totaling CNY 442.91 million, up from CNY 429.65 million, indicating a growth of 3.0%[14] Research and Development - R&D investment totaled ¥101,044,267.47, accounting for 31.77% of operating revenue, an increase of 17.43 percentage points year-over-year[5] - Research and development expenses for Q1 2023 were ¥101,044,267.47, a decrease of 17.7% from ¥122,833,196.88 in Q1 2022[17] Shareholder Information - The top shareholder, Gaintech Co. Limited, holds 24.74% of the shares, followed by Rong Xiuli with 13.02%[10] - The company has a total of 9,833 common shareholders as of the report date[10] Market and Strategy - The company reported an increase in inventory impairment losses due to a cautious approach in response to weak market demand in the consumer electronics sector[9] - The company has not disclosed any significant new strategies or product developments in this quarter[12]

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)