Financial Performance - The company reported a significant increase in revenue, achieving a total of 1.2 billion yuan, representing a year-over-year growth of 25%[13]. - The company's operating revenue for the first half of 2021 was approximately CNY 186.59 million, representing a 40.17% increase compared to CNY 133.11 million in the same period last year[20]. - The company reported a total revenue of 14,080.00 million RMB for the first half of 2021, with a net profit of 2,930.46 million RMB, representing a significant increase from the previous period[78]. - The company achieved total revenue of RMB 187 million in the reporting period, representing a year-on-year growth of 40.17%[92]. - The company reported a total revenue of RMB 73,232.09 million for the first half of 2021, with a significant decrease of RMB 38,034.55 million compared to the previous period, representing a decline of 48.06%[183]. Profitability - The net profit attributable to shareholders decreased by 40.05% to CNY 10.22 million from CNY 17.04 million year-on-year[20]. - The net profit after deducting non-recurring gains and losses fell by 68.76% to CNY 4.97 million from CNY 15.92 million in the previous year[20]. - The basic earnings per share decreased by 55.81% to CNY 0.19 from CNY 0.43 year-on-year[21]. - Net profit attributable to shareholders was RMB 10.22 million, while net profit excluding non-recurring gains and losses was RMB 4.97 million, reflecting declines of 40.05% and 68.76% respectively due to new share-based payment expenses[92]. - Excluding the impact of share-based payment expenses, net profit attributable to shareholders and net profit excluding non-recurring gains and losses increased by 51.39% and 29.15% year-on-year, reaching RMB 25.80 million and RMB 20.56 million respectively[92]. Market Expansion and Strategy - The company is expanding its market presence, targeting a 10% increase in market share within the next year[13]. - Market expansion plans include entering three new international markets by the end of 2022, projected to increase user base by 30%[146]. - The company is considering strategic acquisitions to bolster its market position, with a budget of $100 million allocated for potential deals[146]. - The company aims to enhance its market share by adopting a "key customer" strategy and actively developing potential clients, including partnerships with well-known ODM manufacturers[93]. - The company is focusing on expanding its product offerings in various markets, including consumer electronics, automotive, and medical sectors, with new products like acoustic sensors and pressure sensors[90]. Research and Development - Research and development expenditures have increased by 18%, reflecting the company's commitment to innovation[13]. - The company's R&D expenditure accounted for 15.71% of operating revenue, an increase of 3.57 percentage points compared to 12.14% in the previous year[21]. - The company has developed 14 core technologies covering chip design, packaging, testing, and production processes, enhancing its competitive edge in the MEMS industry[48]. - The company plans to increase its R&D personnel by 30-40% annually over the next three years to meet the growing demand for MEMS sensors in the domestic market[53]. - The company has invested a total of $3,024.44 million in MEMS sensor research and development, with $296.71 million spent in the current period[76]. Product Development - New product development includes the launch of a next-generation MEMS sensor, expected to enhance performance by 30% over previous models[13]. - The company has successfully developed and mass-produced a 64-channel accelerometer testing machine, enhancing production capabilities[77]. - The company has launched a new bone conduction sensor, MSB102S, which has been recognized with the "2021 China IC Design Achievement Award for Best Sensor" and is currently in the optimization phase with TWS chip manufacturers[56]. - The company is developing a micro differential pressure sensor capable of measuring as low as 100 Pa, suitable for medical devices like ventilators[50]. - The company is focusing on developing smaller-sized MEMS acoustic sensors to meet the demands of TWS and other compact devices[76]. Operational Efficiency - The company has implemented new strategies to improve operational efficiency, aiming for a 15% reduction in production costs[13]. - The cash flow from operating activities improved significantly, with a net increase of 279.50% to CNY 15.99 million[114]. - The company has improved warehouse turnover capacity and efficiency by 30% through the implementation of a new WMS system, streamlining operational processes[99]. - The company is focusing on larger wafer sizes, such as 12-inch wafers, to reduce costs and increase production yield[45]. - The company is committed to continuous improvement in product quality and customer service, maintaining communication with clients to address their needs effectively[98]. Legal and Compliance - The company has reported significant litigation matters, including a patent infringement lawsuit against Baidu regarding products with specific codes, which has been ongoing since July 2019[166]. - The company has faced a patent ownership lawsuit regarding a specific utility model patent, with a first-instance judgment against it[169]. - The company has emphasized compliance with legal procedures and timely disclosure of related party transactions[164]. - The company will take legal responsibility for the authenticity, accuracy, and completeness of its IPO documents[157]. - The company has committed to avoiding related party transactions and ensuring fair pricing in any unavoidable transactions[164]. Shareholder and Capital Management - The board has approved a profit distribution plan, ensuring shareholder returns remain a priority[7]. - The company plans to grant 577,602 restricted shares, accounting for approximately 1.09% of the total share capital at the time of the incentive plan announcement[135]. - The company will not issue securities for 12 months after eliminating all adverse effects from unfulfilled commitments[161]. - The company has committed that the cumulative amount used for working capital will not exceed 30% of the total excess funds within the next 12 months, ensuring that it does not affect the normal progress of investment projects[183]. - The company has established a fundraising management system to ensure the efficient use of raised funds and to enhance profitability[159].

Financial Performance - The net profit attributable to the shareholders of the listed company for 2020 was RMB 41,636,093.96, with a proposed cash dividend of RMB 2.4 per 10 shares, totaling RMB 12,768,000.00, which accounts for 30.67% of the net profit[6]. - The total distributable profit of the parent company at the end of the period was RMB 135,375,501.33[6]. - The company's operating revenue for 2020 was CNY 330.07 million, representing a 16.21% increase compared to CNY 284.03 million in 2019[24]. - The net profit attributable to shareholders decreased by 30.00% to CNY 41.64 million from CNY 59.48 million in the previous year[26]. - The net cash flow from operating activities dropped by 56.75% to CNY 18.41 million, primarily due to a significant increase in inventory[26]. - Total assets grew by 231.02% to CNY 1.12 billion, while net assets attributable to shareholders increased by 272.47% to CNY 1.06 billion[26]. - Basic earnings per share decreased by 38.56% to CNY 0.94, with diluted earnings per share also at CNY 0.94[25]. - The company reported a non-recurring profit and loss total of CNY 6,010,360.20 in 2020, compared to CNY 8,546,604.39 in 2019, indicating a decrease of approximately 29% year-over-year[31]. - The company achieved total operating revenue of 33,007.47 million yuan, representing a year-on-year growth of 16.21%[102]. - The net profit attributable to the parent company was 4,163.61 million yuan, a decrease of 30% compared to the previous year[102]. Research and Development - The company's R&D expenditure accounted for 12.74% of operating revenue, slightly up from 12.56% in 2019[25]. - The total R&D investment for the year was approximately ¥42.04 million, representing a 17.87% increase from the previous year, with R&D expenses accounting for 12.74% of total revenue[81]. - The company has developed 14 core technologies, including 5 new technologies during the reporting period, covering chip design, packaging testing, and production processes[60]. - The company aims to increase its R&D personnel by 30-40% annually over the next three years to meet the growing demand for MEMS sensors in the domestic market[66]. - The company is focusing on the development of new MEMS sensors, including pressure sensors and force sensors, to expand its product line and market share[86]. - The company has established a MEMS industry research institute to accelerate the development of new technologies and products[101]. - The company plans to continuously improve its R&D capabilities by introducing advanced testing equipment and attracting high-end technical talent[184]. Market Position and Strategy - The company aims to become a leading MEMS chip platform enterprise, targeting high-potential markets such as traditional consumer electronics, automotive, and industrial control[36]. - The company has established stable partnerships with major clients including Huawei, Xiaomi, and Samsung, enhancing its market presence[98]. - The company is positioned to leverage the growing demand for MEMS devices in consumer electronics, automotive, and industrial manufacturing sectors[46]. - The company aims to enhance its market share by targeting ODM manufacturers and global consumer electronics brands[104]. - The MEMS sensor market is highly concentrated, with the top seven categories accounting for over 90% of the total market volume, guiding the company's R&D direction[65]. - The company has established long-term stable partnerships with major clients such as Huawei, Xiaomi, and Samsung, aiming to optimize its customer structure while expanding its market share[185]. Production and Operations - The company has established a dual-mode production process, combining outsourced processing and in-house manufacturing to enhance operational efficiency[40]. - The company has invested in automation for its packaging production line, aiming for full automation and smart manufacturing[88]. - The company has successfully localized its MEMS production process, achieving full production cycle domestically[97]. - The company is constructing a specialized MEMS sensor packaging and testing production line to improve product quality and capacity, enhancing its market competitiveness[182]. Challenges and Risks - The company faces risks related to new product development, particularly in the MEMS sensor sector, where rapid technological advancements and market demands require continuous innovation[127]. - The company is at risk of talent shortages in the MEMS industry, which could hinder its ability to maintain ongoing R&D capabilities[128]. - The company faces risks from intensified industry competition and potential impacts from macroeconomic factors, including trade tensions[138][139]. Inventory and Cash Flow - The total inventory increased significantly, with MEMS acoustic sensor inventory up 95.81%, pressure sensor inventory up 102.88%, and inertial sensor inventory up 226.46%[149]. - Operating cash flow decreased by 56.75% to CNY 18.41 million, indicating potential liquidity challenges[144]. - The company reported a significant increase in financing cash flow, up 777.69% to CNY 730.26 million, suggesting successful capital raising efforts[144]. Profit Distribution Policy - The company aims to implement a stable and sustainable profit distribution policy, ensuring that cash dividends account for at least 10% of the distributable profits each year[194]. - The company’s differentiated cash dividend policy stipulates that during the mature stage without significant capital expenditure, cash dividends should account for at least 80% of the profit distribution[196]. - The decision-making process for profit distribution was complete, compliant, and transparent[200]. - Independent directors fulfilled their responsibilities during the review of the profit distribution plan[200]. - The legitimate rights and interests of minority shareholders were fully protected[200].

2021 年第一季度报告 1、2021 年 1-3 月营业收入较上年同期增长 51.82%，主要是公司积极拓展客户，顺应市场需 求、不断提升公司产品品类和性能，从而销售量大幅增加所致。 2、一季度归属于上市公司股东的净利润 434.06 万元，扣除非经常性损益的净利润 317.32 万 元，盈利受股份支付费用影响较大，如不考虑股份支付费用影响，归属于上市公司股东的净利润 和归属于上市公司股东的扣除非经常性损益的净利润分别为 1,213.25 万元和 1,096.51 万元，比去 年同期增长 94.53%和 98.50%；基本每股收益和稀释每股收益为 0.23 元，比去年同期增长 43.75%。 扣除股份支付影响后盈利大幅上升主要系公司收入规模增长和毛利率提升所致。 公司代码：688286 公司简称：敏芯股份 苏州敏芯微电子技术股份有限公司 2021 年第一季度报告 1 / 23 | 一、 | 重要提示 3 | | --- | --- | | 二、 | 公司基本情况 3 | | 三、 | 重要事项 7 | | 四、 | 附录 11 | 2021 年第一季度报告 一、 重要提示 二、 公司基本情况 2.1 主要财 ...

Financial Performance - The net profit attributable to the shareholders of the listed company for 2020 is RMB 41,636,093.96, with a proposed cash dividend of RMB 2.4 per 10 shares, totaling RMB 12,768,000.00, which accounts for 30.67% of the net profit[6]. - The company's operating revenue for 2020 was CNY 330.07 million, an increase of 16.21% compared to CNY 284.03 million in 2019[24]. - The net profit attributable to shareholders decreased by 30.00% to CNY 41.64 million from CNY 59.48 million in the previous year[26]. - The net cash flow from operating activities dropped by 56.75% to CNY 18.41 million, primarily due to a significant increase in inventory[26]. - Total assets grew by 231.02% to CNY 1.12 billion from CNY 339.49 million in 2019[26]. - The net assets attributable to shareholders increased by 272.47% to CNY 1.06 billion compared to CNY 285.16 million in the previous year[26]. - Basic earnings per share decreased by 38.56% to CNY 0.94 from CNY 1.53 in 2019[25]. - The company reported a non-recurring profit of RMB 6,010,360.20 in 2020, compared to RMB 8,546,604.39 in 2019, indicating a decrease of approximately 29% year-over-year[30]. - The company’s revenue from government subsidies related to normal business operations was RMB 5,166,782.53 in 2020, down from RMB 9,609,137.00 in 2019, reflecting a decrease of approximately 46%[30]. Research and Development - The R&D expenditure accounted for 12.74% of operating revenue, slightly up from 12.56% in 2019[25]. - The total R&D investment for the year was approximately ¥42.04 million, representing a 17.87% increase from the previous year, with R&D expenses accounting for 12.74% of total revenue[80]. - The company has developed 14 core technologies, including 5 new technologies during the reporting period, covering chip design, packaging testing, and production processes[59]. - The company aims to increase its R&D personnel by 30-40% annually over the next three years to meet the growing demand for MEMS sensors in the domestic market[63]. - The company is focusing on low-power and self-sustaining sensor technologies to meet the increasing demand driven by IoT applications[57]. - The company has established a MEMS industry research institute to accelerate the development of new processes and products[101]. - The company is investing in a MEMS industry research institute to accelerate the development of new technologies and products[179]. Market Position and Strategy - The company has partnered with major brands such as Huawei, Xiaomi, and Samsung, indicating strong market presence and demand for its products[35]. - The MEMS sensor market is expected to grow significantly due to the increasing demand for low-power and high-consistency devices in IoT applications, supported by advancements in 5G technology[35]. - The company aims to become a leading MEMS chip platform enterprise, focusing on high-potential MEMS chip categories based on downstream market needs[36]. - The company has implemented a "big customer" strategy to expand its market share and optimize its customer structure[104]. - The company is actively expanding into new markets, including automotive and industrial control, while enhancing its product offerings[100]. - The company has established long-term stable relationships with major clients such as Huawei, Xiaomi, and Samsung, aiming to increase market share in the ODM sector[184]. Product Development and Innovation - The company has developed a comprehensive MEMS chip design and manufacturing capability, focusing on MEMS acoustic sensors, pressure sensors, and inertial sensors, with significant market potential in consumer electronics and automotive sectors[34]. - The company has launched MEMS chips with a signal-to-noise ratio (SNR) exceeding 70dB and an acoustic overload point (AOP) greater than 127dB, expanding its product offerings in acoustic sensors[64]. - The company has completed the development of a new generation of pressure sensors for medical applications, with engineering samples currently in testing[86]. - The company is developing a high-performance MEMS acoustic sensor ASIC chip, with current products achieving high SNR and AOP metrics, and plans to further enhance these specifications[83]. - The company is focusing on MEMS sensors, with products widely used in consumer electronics, automotive, and medical fields, serving major brands like Huawei, Xiaomi, and Samsung[98]. Financial Management and Capital Structure - The total distributable profit of the parent company at the end of the period is RMB 135,375,501.33[6]. - The company plans to distribute dividends based on a total share capital of 53,200,000 shares as of the dividend distribution record date[6]. - The company’s cash flow from financing activities was significantly bolstered by the initial public offering, indicating strong investor confidence and capital inflow[161]. - The company has a mechanism in place to deduct cash dividends from shareholders who have illegally occupied company funds[197]. - The cumulative distributable profits at the end of the period for the parent company amounted to RMB 135,375,501.33[198]. - The company’s cash dividend policy stipulates that at least 10% of the distributable profit should be allocated as cash dividends if the net profit is positive[193]. Operational Efficiency - The company has established a procurement management system to ensure effective supplier management, which is crucial for maintaining production efficiency[37]. - The company has successfully implemented an ERP system and a self-developed warehouse management system, optimizing operational processes and improving efficiency[125]. - The company is enhancing its internal management systems, including organizational structure and talent development, to improve operational efficiency and resource value[124]. - The company is actively pursuing automation in its packaging processes, with some segments already confirmed for automation[88]. Challenges and Risks - The company faced increased intermediary costs related to IPO and intellectual property maintenance, contributing to the decline in net profit[26]. - The MEMS sensor industry faces risks related to new product development and talent acquisition, which are critical for maintaining competitive advantage[127][128]. - The company emphasizes the importance of maintaining a robust intellectual property strategy to protect its core technologies from competitors[139]. - The company has established long-term partnerships with major wafer manufacturers, but faces risks if these suppliers cannot meet capacity demands[132].

Financial Performance - Operating income for the first nine months rose by 18.76% to approximately CNY 235.29 million compared to the same period last year[7]. - Net profit attributable to shareholders decreased by 26.96% to approximately CNY 31.04 million compared to the same period last year[7]. - The net profit for the first nine months of 2020 increased by 30.42% to ¥133,048,116.64 compared to the same period in 2019[17]. - The company reported a net profit margin improvement due to increased revenue and controlled costs, although specific profit figures were not disclosed[30]. - The net profit for Q3 2020 was ¥13,078,649.47, a decrease of 12.5% from ¥14,847,855.95 in Q3 2019[35]. - The total profit for Q3 2020 was ¥13,802,525.39, down from ¥14,520,142.90 in the same period last year, indicating a decline of 4.9%[35]. - The total comprehensive income for the first three quarters of 2020 was CNY 31,779,524.72, compared to CNY 42,343,890.70 in the same period of 2019, reflecting a decrease of approximately 25%[36]. Assets and Liabilities - Total assets increased by 226.11% to approximately CNY 1.11 billion compared to the end of the previous year[7]. - The total assets as of September 30, 2020, amounted to CNY 1,107,108,107.07, significantly up from CNY 339,485,437.58 at the end of 2019[22]. - The total assets as of Q3 2020 were ¥1,109,408,889.95, compared to ¥331,085,404.02 in the same period last year[27]. - Total liabilities decreased by 51.72% in accounts payable to ¥3,000,000.00 due to matured bills being paid[17]. - The total liabilities stood at CNY 55,303,998.65, up from CNY 51,876,770.86 in the previous year[24]. - Total current liabilities totaled CNY 50,794,270.86, with accounts payable at CNY 36,100,368.66 and notes payable at CNY 6,213,331.00[46]. - Total liabilities reached $45,979,010.60, including current liabilities of $44,896,510.60[50]. Shareholder Equity - Net assets attributable to shareholders increased by 267.69% to approximately CNY 1.05 billion compared to the end of the previous year[7]. - The company's equity attributable to shareholders reached CNY 1,048,518,274.54, a substantial increase from CNY 285,160,993.58[24]. - Owner's equity totaled ¥1,049,206,850.54 in Q3 2020, significantly up from ¥285,106,393.42 in Q3 2019[27]. - Shareholders' equity totaled $285,106,393.42, with retained earnings of $101,957,167.92[51]. Cash Flow - The company experienced a net cash flow from operating activities of approximately -CNY 6.72 million, a decrease of 132.91% compared to the same period last year[7]. - The cash paid for investments surged to CNY 491,500,000, reflecting a 280.75% increase from CNY 129,088,300.00[18]. - Cash flow from investing activities showed a net outflow of CNY 445,673,619.81 for the first three quarters of 2020, compared to a net outflow of CNY 104,394,360.88 in 2019, indicating increased investment activity[38]. - Cash flow from financing activities generated a net inflow of CNY 733,551,283.06 in the first three quarters of 2020, a substantial increase from CNY 86,265,334.98 in the same period of 2019[42]. - The cash and cash equivalents at the end of the third quarter of 2020 amounted to CNY 445,461,826.64, up from CNY 74,797,877.42 at the end of the same period in 2019[38]. Expenses - Research and development expenses accounted for 12.61% of operating income, a decrease of 1.27 percentage points compared to the previous year[7]. - Research and development expenses for Q3 2020 amounted to ¥13,515,714.86, representing a 60.7% increase from ¥8,395,526.25 in Q3 2019[30]. - The cash paid to employees increased by 43.03% to CNY 47,817,685.04, attributed to increased staffing in subsidiaries[18]. - The total operating costs for Q3 2020 were ¥86,928,758.70, up 67.6% from ¥51,889,810.19 in Q3 2019[30]. Taxation - The corporate income tax rate for the parent company changed from 0% in 2019 to 12.5% in 2020[9]. - The cash received from tax refunds was CNY 13,543,918.64, primarily due to income tax refunds[18]. - The income tax expense for Q3 2020 was ¥723,875.92, compared to a tax benefit of -¥327,713.05 in Q3 2019[35]. - The company reported a significant increase in tax refunds received, totaling CNY 13,543,918.64 in 2020 compared to CNY 2,177,222.48 in 2019[37]. Investments - The company reported a 122.34% increase in investment income to ¥562,724.31, mainly from financial investment returns[17]. - The company executed the new revenue recognition and leasing standards starting January 1, 2020, with no retrospective adjustments required[51]. - The company holds long-term equity investments valued at CNY 72,400,000.00[49].

Financial Performance - The company reported a total revenue of 100 million RMB for the first half of 2020, representing a year-on-year increase of 20%[13]. - The gross profit margin for the first half of 2020 was 45%, compared to 40% in the same period last year, indicating improved profitability[13]. - The company's operating revenue for the first half of the year was ¥133,113,997.57, a decrease of 3.56% compared to the same period last year[20]. - The net profit attributable to shareholders decreased by 40.77% to ¥17,043,387.28, primarily due to a decline in gross margin caused by the pandemic and changes in product structure[20][22]. - Basic earnings per share fell by 43.42% to ¥0.43, reflecting the decline in net profit attributable to shareholders[22][24]. - The company achieved a total revenue of 9,730 million RMB, with a net profit of 1,616.18 million RMB, indicating a significant performance in the first half of 2020[55]. - Operating profit was 16.31 million yuan, down 44% year-on-year[74]. - The company reported a net profit margin of 18% for the first half of 2020, an improvement from 15% in the previous year[128]. User Growth and Market Expansion - User data showed an increase in active users by 15% compared to the previous half-year, reaching 1.5 million active users[13]. - The company is expanding its market presence in Southeast Asia, aiming for a 5% market penetration by the end of 2021[13]. - The company plans to launch two new products in the second half of 2020, targeting a market share increase of 10% in the MEMS sensor sector[13]. - The company is focusing on localizing its supply chain, reducing reliance on imported chips, and enhancing supply chain security[78]. - The company aims to enhance its market share among major smartphone manufacturers and expand into the medical device market, including blood pressure monitors and ventilators[76]. Research and Development - Research and development expenses increased by 30% in the first half of 2020, reflecting the company's commitment to innovation and new technology[13]. - The company has established a comprehensive R&D management system to ensure quality, risk, and cost control in new product development[30][32]. - The R&D team consists of 105 personnel, accounting for 25% of the total workforce, with an average salary of 84,491.18 RMB[58]. - The company achieved a total R&D investment of ¥16,161,779.72, which represents 12.14% of its operating revenue[50]. - The company is focused on technological innovation as a breakthrough to continuously improve product and service quality, aiming to create new profit growth points and enhance sustainable profitability[141]. Product Development and Innovation - The main products include MEMS microphones, MEMS pressure sensors, and MEMS inertial sensors, with applications expanding into automotive and medical fields[30]. - The company has achieved full domestic production capabilities for MEMS sensors, including chip design, wafer manufacturing, packaging, and testing[30]. - The company has developed a localized production system for MEMS sensors, achieving full production cycle domestication[66]. - The company is developing a disposable blood pressure monitor, with a total investment of ¥100,000 and cumulative investment of ¥16,180, currently in the sample stage[52]. - The company has made significant progress in developing a micro-melt pressure sensor, with a total investment of ¥100,000 and cumulative investment of ¥21,490, currently in the sample stage[52]. Financial Management and Risks - The company has identified potential risks related to supply chain disruptions and is implementing measures to mitigate these risks[13]. - The company is facing risks related to product structure, as a high proportion of revenue comes from MEMS microphones, making it vulnerable to demand fluctuations[86]. - The company is addressing potential risks from supplier concentration, as a high percentage of procurement is from its top five suppliers[85]. - The company has established a procurement management system to ensure effective supplier management and has a qualified supplier list for procurement[33]. Corporate Governance and Compliance - The company confirmed compliance with all legal and regulatory requirements during the shareholders' meeting[111]. - The company commits to ensuring that its IPO-related documents do not contain false records or misleading statements, and will bear legal responsibility for their authenticity[135]. - The company will fulfill all obligations and responsibilities disclosed in the prospectus during the initial public offering process[148]. - The company emphasizes the protection of minority investors' interests in its profit distribution decisions[147]. Market Trends and Competitive Landscape - The MEMS industry is experiencing rapid growth due to the increasing demand for sensors in consumer electronics, automotive, industrial, and medical applications[43]. - The MEMS industry market size reached $11.79 billion in 2017 and is projected to grow to $30.98 billion by 2023, with a compound annual growth rate (CAGR) of 17.5% from 2018 to 2023[39]. - The company faces intensified competition in the MEMS industry, with major competitors including Infineon and STMicroelectronics[92]. Shareholder Information and Stock Management - The company reported a 36-month lock-up period for shares held prior to the IPO, during which no transfers or repurchases are allowed[116]. - The company will initiate stock repurchase measures if the closing price falls below the audited net asset value per share for 20 consecutive trading days[134]. - The company will adjust the share price accordingly in case of rights issues or other equity adjustments[116]. - The company will not engage in any securities issuance during the specified period after addressing unfulfilled commitments[149].