Financial Performance - Revenue for the first half of 2021 was CNY 1,688,750,675.15, a decrease of 11.41% compared to CNY 1,906,157,016.14 in the same period last year[25]. - Net profit attributable to shareholders was CNY 128,934,594.64, down 56.59% from CNY 296,986,016.45 in the previous year[25]. - Net cash flow from operating activities was CNY 102,078,954.40, a decline of 72.80% compared to CNY 375,255,150.84 in the same period last year[25]. - Basic earnings per share decreased by 62.22% to CNY 0.17 from CNY 0.45 in the same period last year[28]. - The company's performance has decreased compared to the same period last year due to a slowdown in customer order demand and rising raw material costs[29]. - Basic earnings per share, diluted earnings per share, and basic earnings per share after deducting non-recurring gains and losses have decreased compared to the same period last year, mainly due to an increase in total share capital and a decline in net profit[29]. - The decline in revenue is primarily due to a reduction in demand for communication equipment products during the industry's adjustment period[81]. Assets and Liabilities - Total assets increased by 36.00% to CNY 6,216,964,789.03 from CNY 4,571,383,737.15 at the end of the previous year[25]. - Net assets attributable to shareholders rose by 94.06% to CNY 3,768,205,229.54 from CNY 1,941,769,208.16 at the end of the previous year[25]. - Cash and cash equivalents at the end of the period amounted to ¥1,319,069,337.74, representing 21.22% of total assets, a significant increase of 735.31% compared to ¥157,913,230.04 from the previous year[87]. - Fixed assets reached ¥2,614,358,643.32, accounting for 42.05% of total assets, with a year-on-year increase of 34.49% due to the completion of the first phase of the Ji'an Shengyi project[87]. - The company's capital reserve increased to ¥2,253,374,938.51, which is 36.25% of total assets, reflecting a 406.60% rise from ¥444,800,017.41 in the previous year due to the premium from the initial public offering[87]. Research and Development - R&D expenditure as a percentage of revenue increased by 0.68 percentage points to 5.25% from 4.57% in the previous year[28]. - The company has obtained 173 invention patents and established 8 industry standards, showcasing its strong R&D capabilities[49]. - The company is actively developing high-end PCBs for 5G energy systems and intelligent automotive radar control systems[49]. - R&D expenses amounted to approximately ¥88.74 million, a 1.82% increase from the previous period, representing 5.25% of total revenue[53]. - The company is currently developing 13 projects, with total expected investments ranging from ¥12 million to ¥40 million for each project, focusing on advanced PCB technologies for 5G and high-end applications[56][58]. Market and Industry Trends - The global PCB industry is projected to grow at a compound annual growth rate (CAGR) of 5.8% from 2020 to 2025, reaching a market value of $86.325 billion by 2025[44]. - The PCB market in mainland China is expected to grow at a CAGR of 5.6%, reaching $46.044 billion by 2025[45]. - The demand for high-frequency and high-speed PCBs is anticipated to increase significantly due to the expansion of 5G infrastructure[43]. - The automotive electronics sector is projected to see PCB usage increase to four times that of traditional fuel vehicles by 2025, driven by the rise of electric and intelligent vehicles[48]. Environmental Compliance - The company reported wastewater pollution monitoring compliance, with a total allowable discharge of 3,000 tons/day for wastewater at the Dongguan East City factory[102]. - The company operates its own wastewater treatment system for certain pollutants, including silver and nickel[102]. - The company has achieved compliance with industrial noise emission standards as per GB12348-2008[111]. - The company has received multiple environmental impact assessment approvals for its new projects, including a PCB manufacturing project with a capacity of 150,000 Ft²/month[117]. - The company has constructed wastewater and sewage treatment systems with a total processing capacity of 4,500 m³/d, achieving compliance in all pollutant discharges[123]. Shareholder and Corporate Governance - The company commits to not infringe on its interests during its tenure as a controlling shareholder and will not interfere with the company's management[152]. - The company has established a clear strategy to avoid conflicts of interest and ensure fair dealings with related parties[138]. - The company guarantees compliance with relevant laws and regulations regarding share reduction, including advance notice requirements[136]. - The company has committed to resolving related party transactions in accordance with regulations[138]. - The company will ensure compliance with commitments made during its initial public offering, including compensation for any losses incurred by investors due to non-compliance[157].

Financial Performance - Operating income for the period was CNY 802,281,242.77, a year-on-year increase of 3.93%[10] - Net profit attributable to shareholders decreased by 40.05% to CNY 64,367,941.85 compared to the same period last year[10] - Basic earnings per share decreased by 43.75% to CNY 0.09 compared to the same period last year[10] - Diluted earnings per share decreased by 62.50% to CNY 0.06 compared to the same period last year[10] - Total revenue for Q1 2021 reached ¥802,281,242.77, an increase of 3.4% compared to ¥771,963,396.95 in Q1 2020[40] - Net profit for Q1 2021 was ¥64,367,941.85, a decrease of 40.0% from ¥107,362,401.89 in Q1 2020[42] - The company experienced a decrease in comprehensive income, totaling ¥64,507,272.11 in Q1 2021, compared to ¥107,285,709.37 in Q1 2020[42] - Operating revenue for Q1 2021 was RMB 798,564,440.02, an increase of 3.9% compared to RMB 771,963,396.95 in Q1 2020[46] - Net profit for Q1 2021 was RMB 82,899,763.88, down 24.5% from RMB 110,004,102.26 in Q1 2020[46] Assets and Liabilities - Total assets increased by 46.50% to CNY 6,697,159,888.98 compared to the end of the previous year[10] - The company reported a significant increase in cash and cash equivalents, reaching ¥2,103,809,761.79, up 1232.26% from ¥157,913,230.04 at the end of the previous year[18] - The company’s total liabilities decreased by 35.50%, with current liabilities at ¥110,838,307.21 compared to ¥171,835,171.32 last year[18] - Total liabilities amounted to RMB 2,718,413,457.64, compared to RMB 2,629,614,528.99, indicating a growth of about 3.4%[31] - The total assets of the company reached RMB 6,697,159,888.98, a significant rise from RMB 4,571,383,737.15, representing an increase of approximately 46.4%[29] - Total liabilities amounted to CNY 2,587,369,064.38, slightly down from CNY 2,596,739,295.28 in the previous year[57] - The company’s non-current assets totaled CNY 2,813,731,096.43, a decrease from CNY 2,890,271,477.10 year-over-year[57] Cash Flow - The net cash flow from operating activities decreased by 54.91% to CNY 144,543,733.77 compared to the same period last year[10] - The company recorded a significant increase in cash inflow from financing activities, totaling RMB 2,255,981,522.73 in Q1 2021[50] - Cash inflow from operating activities totaled CNY 864,090,167.63, a decrease of 9.9% compared to CNY 959,016,353.20 in the previous year[52] - Net cash flow from operating activities was CNY 136,847,963.70, down 57.8% from CNY 325,016,918.20 year-over-year[52] - Cash inflow from financing activities reached CNY 2,255,981,522.73, significantly higher than CNY 255,000,000.00 in the previous year[52] Research and Development - The proportion of R&D investment to operating income increased by 0.47 percentage points to 4.95%[10] - Research and development expenses for Q1 2021 were ¥39,729,791.97, compared to ¥34,555,046.51 in Q1 2020, marking an increase of 15.8%[42] - Research and development expenses increased to RMB 39,729,791.97, up 15% from RMB 34,555,046.51 in the same period last year[46] Market and Operational Adjustments - The company adjusted its product structure to stabilize revenue growth amid market adjustments[10] - Increased costs of materials due to rising prices of industrial metals impacted profit margins[10] - The company anticipates a potential decline in operating results for the first half of 2021 compared to the same period last year due to fluctuations in demand influenced by national industrial policies and macroeconomic conditions[23]

Financial Performance - The company's operating revenue for 2020 was approximately CNY 3.63 billion, an increase of 17.35% compared to CNY 3.10 billion in 2019[25]. - The net profit attributable to shareholders for 2020 was approximately CNY 439.23 million, a slight decrease of 0.44% from CNY 441.18 million in 2019[25]. - The net cash flow from operating activities reached approximately CNY 838.34 million, representing a significant increase of 219.25% compared to CNY 262.60 million in 2019[25]. - Basic earnings per share for 2020 remained stable at CNY 0.66, unchanged from 2019[28]. - The weighted average return on net assets decreased to 24.72% in 2020, down by 3.90 percentage points from 28.62% in 2019[28]. - Operating revenue for the fourth quarter of 2020 was CNY 822,918,709.06, with a net profit attributable to shareholders of CNY 46,299,882.28[29]. - The company reported a total of CNY 19,787,651.57 in non-recurring gains and losses for 2020, compared to CNY 449,136.87 in 2019[33]. - The total operating revenue reached CNY 3,633,501,932.99, representing a year-on-year growth of 17.35%[102]. - Operating costs amounted to CNY 2,641,721,847.76, reflecting a year-on-year increase of 21.47%[102]. - The gross margin for the electronic components segment was 26.02%, down by 2.87 percentage points year-on-year[108]. Assets and Liabilities - The net assets attributable to shareholders of the listed company at the end of 2020 were CNY 1,941,769,208.16, an increase of 12.76% compared to CNY 1,722,107,078.75 at the end of 2019[28]. - Total assets at the end of 2020 reached CNY 4,571,383,737.15, reflecting a 21.86% increase from CNY 3,751,451,931.12 at the end of 2019[28]. - The company's cash and cash equivalents at the end of the reporting period were 157.91 million RMB, which is 3.45% of total assets, down 22.07% from the previous period[128]. - The company's short-term borrowings increased to 1,165.30 million RMB, representing 25.49% of total assets, an increase of 81.53% compared to the previous period[128]. - The company's total assets at the end of the reporting period were 4,580.00 million RMB, with a significant increase in construction in progress, which reached 747.01 million RMB, accounting for 16.34% of total assets[128]. - The company's retained earnings at the end of the reporting period were 698.94 million RMB, representing 15.29% of total assets, an increase of 32.44% from the previous period[131]. Research and Development - Research and development expenses accounted for 4.30% of operating income in 2020, a decrease of 0.30 percentage points from 4.60% in 2019[28]. - The company invested approximately ¥156.20 million in R&D in the current year, representing a 9.70% increase from the previous year[64]. - The R&D personnel count increased to 596, representing 12.14% of the total workforce, up from 10.45% in the previous period[77]. - The company has developed 13 core technologies in PCB manufacturing, maintaining a strong competitive edge, and has obtained 150 invention patents as of the end of 2020[56]. - The company is focusing on expanding its capabilities in 5G technology, with multiple projects aimed at enhancing product standards and testing databases[70]. - The company has initiated projects related to "5G multi-module heterogeneous high-frequency PCB key technologies" and "high-speed large-size PCBs for 5G baseband processing units," achieving international advanced levels[57]. - The company has completed several key R&D projects, including the "Data Center Computing Node PCB Development" and "Rigid-Flex PCB Development," both of which are now in the market application stage[68]. Market Position and Strategy - The company ranks 20th among the top 100 PCB companies in China and 7th among domestic PCB companies based on total revenue[48]. - The company aims to expand its market presence by enhancing its sales network and technical support services for both domestic and international clients[41]. - The company has successfully passed certifications from well-known domestic and international enterprises, establishing itself as an important PCB supplier in the communications sector[48]. - The demand for high-frequency and high-speed PCBs is expected to increase with the deployment of 5G base stations, which will drive the development of the PCB industry[51]. - The company is expanding its product portfolio and market presence, which is expected to enhance its market ranking and share[48]. - The company has maintained a direct sales model, focusing on customized PCB products to meet client needs[38]. - The company is collaborating with major institutions on significant R&D projects, including a key project supported by the national key R&D plan for broadband communication and new networks[59]. Corporate Governance and Compliance - The company has a standard unqualified audit report issued by Huaxing Accounting Firm[6]. - The company does not have any special arrangements for corporate governance[8]. - The company has not reported any non-operating fund occupation by controlling shareholders or related parties[9]. - The company has not violated any decision-making procedures for external guarantees[9]. - The company’s financial report has been confirmed as true, accurate, and complete by its management[4]. - The company has implemented a strict compliance framework to ensure sustainable and healthy development in accordance with relevant laws and regulations[143]. - The company will strictly adhere to the requirements of the Company Law of the People's Republic of China regarding related party transactions, ensuring fair treatment and disclosure[164]. Shareholder and Dividend Policies - The company plans to distribute a cash dividend of CNY 3.30 per 10 shares to shareholders, pending approval at the annual general meeting[7]. - In 2020, the company distributed a total of 274,500,987.75 RMB in cash dividends, representing 62.50% of the net profit attributable to ordinary shareholders[148]. - The company has established a return mechanism for investors, ensuring compliance with regulations regarding profit distribution policies[145]. - The company has a cash dividend policy where the minimum cash dividend ratio is set at 80% for mature companies without significant capital expenditure, 40% for mature companies with significant capital expenditure, and 20% for growth-stage companies with significant capital expenditure[170]. Risks and Challenges - The company has outlined potential risks in its future development in the report[5]. - The company faces risks related to technological innovation, including potential loss of core technology and key personnel, which could impact its R&D capabilities[93]. - The company has committed to ensuring independent operation and decision-making for Shengyi Electronics[164]. - The company guarantees that any reduction in shares will not exceed 1% of the total shares through centralized bidding within any continuous 90-day period[158].

Financial Performance - The company's operating revenue for 2020 was approximately CNY 3.63 billion, an increase of 17.35% compared to CNY 3.10 billion in 2019[25]. - The net profit attributable to shareholders for 2020 was approximately CNY 439.23 million, a slight decrease of 0.44% from CNY 441.18 million in 2019[25]. - The net cash flow from operating activities reached approximately CNY 838.34 million, representing a significant increase of 219.25% compared to CNY 262.60 million in 2019[25]. - Basic earnings per share for 2020 remained at CNY 0.66, unchanged from 2019, while diluted earnings per share also stayed at CNY 0.66[28]. - The weighted average return on net assets decreased to 24.72% in 2020, down by 3.90 percentage points from 28.62% in 2019[28]. - Operating revenue for the first quarter of 2020 was CNY 771,963,396.95, while the second quarter saw revenue of CNY 1,134,193,619.19[29]. - The net profit attributable to shareholders in the second quarter of 2020 was CNY 189,623,614.56, compared to CNY 107,362,401.89 in the first quarter[29]. - The net cash flow from operating activities in the second quarter of 2020 was CNY 54,695,853.61, significantly lower than CNY 320,559,297.23 in the first quarter[29]. - Non-operating income for 2020 totaled CNY 19,787,651.57, compared to CNY 449,136.87 in 2019[33]. - Operating costs increased by 21.47% year-over-year to CNY 2,641,721,847.76, primarily due to the growth in operating revenue[102]. Research and Development - The company has a strong focus on R&D and is committed to expanding its product offerings in the PCB sector[25]. - Research and development expenses accounted for 4.30% of operating income in 2020, a decrease of 0.30 percentage points from 4.60% in 2019[28]. - The company invested approximately ¥156.20 million in R&D in the current year, representing a 9.70% increase from the previous year[64]. - The R&D personnel count increased to 596, accounting for 12.14% of the total workforce, up from 10.45% in the previous period[77]. - The company has developed 13 core technologies in PCB manufacturing, maintaining a strong competitive edge, and has obtained 150 invention patents as of the end of 2020[56]. - The company has achieved international advanced level in two key technology projects related to 5G PCB manufacturing, which are widely used in 5G communication base stations[57][58]. - The company is collaborating with Guangzhou Haige Communication Group and Tsinghua University on a key national R&D project for 5G technology, currently in implementation[59]. - The company aims to enhance its market competitiveness by developing diverse high-frequency materials for PCB applications, with a focus on 5G technology[73]. - The company has established a comprehensive R&D innovation platform, maintaining a strong focus on technological advancements and customer collaboration[79]. - The company achieved significant progress in various R&D projects, with several completed and others in development, indicating a strong commitment to innovation[68]. Market Position and Strategy - The company ranks 20th in the overall PCB industry and 7th among domestic PCB manufacturers according to CPCA's 2019 report[48]. - The company has established strong brand recognition and market presence in the communication PCB sector through successful certifications with well-known domestic and international enterprises[48]. - The demand for high-frequency and high-speed PCBs is expected to increase with the growth of 5G technology, which requires low dielectric constant and low loss factor materials[51]. - The company is positioned as one of the few capable suppliers of high-end communication PCBs for 5G applications[51]. - The company aims to enhance its market share and ranking through continuous market expansion and product diversification[48]. - The company’s PCB products are essential for the stability and reliability required in communication equipment, which fosters long-term customer relationships[48]. - The global PCB industry is projected to grow at a compound annual growth rate (CAGR) of 4.30% from 2019 to 2024, reaching a market value of $75.846 billion by 2024[52]. - The PCB industry in mainland China is expected to maintain a CAGR of 4.90%, with a total market value of $41.770 billion by 2024[52]. - The company aims to expand its international market presence and strengthen its overseas marketing service network, focusing on communication, cloud computing, IoT, and new energy sectors over the next three years[141]. Governance and Compliance - The company has maintained a consistent governance structure, ensuring the integrity of its financial reporting[11]. - The company has received a standard unqualified audit report from Huaxing Accounting Firm[6]. - The company has not reported any non-operating fund occupation by controlling shareholders or related parties[9]. - The company has established a robust management system and automated processes to improve production efficiency and reduce labor costs[83]. - The company has passed multiple management system certifications, including ISO9001 and IATF16949, reinforcing its commitment to quality and customer satisfaction[82]. - The company will strictly adhere to legal regulations and improve its governance level to ensure sustainable and healthy development[143]. - The company has committed to ensuring independent operation and decision-making for Shengyi Electronics[164]. - The company will strictly adhere to the requirements of the Company Law of the People's Republic of China regarding related party transactions, ensuring fair treatment for all shareholders[164]. Investment and Financial Management - The company plans to distribute a cash dividend of CNY 3.30 per 10 shares to shareholders, pending approval at the annual general meeting[7]. - The company has established a profit distribution policy to enhance investor returns, focusing on reasonable and stable returns for investors[179]. - The company will set up a special account for the raised funds and ensure strict management and effective use of these funds[179]. - The company is committed to improving the protection system for small and medium investors, ensuring their rights to information and participation in decision-making[179]. - The company will not engage in unfair benefit transfers or damage its interests, ensuring accountability for any violations of commitments made[182]. - The company will compensate investors for direct losses incurred due to reliance on the stock price stabilization plan, with the compensation amount to be determined through negotiation or according to regulatory authority determinations[171]. - The company will actively seek feedback from independent directors and public investors to continuously improve its profit distribution policy[179]. Risks and Challenges - The company has outlined potential risks in its future development strategies, which investors should be aware of[5]. - The company faces risks related to technological innovation, including potential loss of core technical personnel and the impact of market competition on profitability[95]. - The company has reported a 100% decrease in long-term borrowings, which were reclassified as current liabilities[131]. - The company will publicly apologize and stop receiving remuneration and dividends until it takes appropriate measures to stabilize the stock price if it fails to fulfill its commitments[191]. - The company is liable for compensation to investors if it causes losses due to non-fulfillment of public commitments[190]. Production and Capacity - The company produced 822,000 square meters of printed circuit boards in 2020, an increase of 1.88% year-over-year[101]. - The company established the Dongguan Hongmei branch to enhance production capacity, focusing on the semi-process drilling of circuit boards, effectively addressing capacity bottlenecks[89]. - The company implemented a comprehensive quality management model, enhancing risk identification and prevention capabilities, ensuring high product quality[88]. - The company initiated the East City Phase IV project to strengthen its competitive edge, with construction starting on September 28, 2020[89]. Shareholder Relations - The company has established a return mechanism for investors, enhancing the transparency of its cash dividend policy to protect the rights of minority investors[145]. - Major shareholders, including Guohong Investment, will not reduce their holdings within two years after the lock-up period ends, and any reduction will comply with relevant laws and regulations[158]. - The company guarantees that any reduction in shares will not be below the price at the time of the initial public offering[158]. - The company will report any planned share reductions to the stock exchange 15 trading days in advance[158].