Financial Performance - Revenue for Q3 2022 was ¥41.13 billion, a decrease of 26.79% compared to ¥55.99 billion in the same period last year[5] - Net profit attributable to shareholders was -¥1.30 billion, down 118.01% from ¥7.25 billion year-on-year[5] - Net profit excluding non-recurring items was -¥2.69 billion, a decline of 138.81% from ¥6.94 billion in the previous year[5] - Basic earnings per share were -¥0.039, a decrease of 119.90% from ¥0.197 in the same period last year[5] - Total operating revenue for the current period is CNY 132.74 billion, a decrease of 19.5% from CNY 164.80 billion in the previous period[19] - Net profit for the current period is CNY -1.33 billion, compared to a net profit of CNY 26.02 billion in the previous period, indicating a significant decline[20] - Basic earnings per share for the current period is CNY 0.128, down from CNY 0.564 in the previous period[22] Cash Flow - Cash flow from operating activities for the year-to-date was ¥31.03 billion, down 30.73% from ¥44.75 billion last year[5] - The net cash flow from operating activities for the current period is ¥31,030,436,301, a decrease of 30.8% compared to ¥44,793,836,011 in the previous period[23] - Cash inflow from investment activities increased significantly to ¥63,677,316,412, compared to ¥26,326,812,787 in the previous period[23] - The net cash flow from financing activities shows a negative balance of ¥10,235,331,115, worsening from a negative ¥5,149,197,635 in the previous period[24] - The total cash and cash equivalents at the end of the period decreased to ¥72,422,237,580 from ¥81,295,613,675 in the previous period[24] - The company received cash from the absorption of investments amounting to ¥2,701,942,329, down from ¥28,856,737,400 in the previous period[24] - Cash received from borrowings increased to ¥43,532,798,686, compared to ¥23,470,837,385 in the previous period[24] - The cash outflow for purchasing fixed assets and other long-term assets was ¥21,617,268,503, down from ¥28,852,051,825 in the previous period[23] - The cash inflow from tax refunds was ¥15,073,124,057, an increase from ¥8,364,815,287 in the previous period[23] - The company reported a cash outflow of ¥4,733,280,889 for taxes, a decrease from ¥5,980,745,956 in the previous period[23] - The net cash flow from investment activities was negative at ¥26,839,053,791, slightly worsening from ¥-25,947,852,480 in the previous period[24] Assets and Liabilities - Total assets at the end of the reporting period were ¥430.99 billion, a decrease of 4.27% from ¥450.23 billion at the end of the previous year[5] - The company’s total assets decreased to CNY 430.99 billion from CNY 450.23 billion, a reduction of 4.3%[18] - Total liabilities decreased to CNY 228.21 billion from CNY 232.85 billion, a reduction of 2.8%[18] - The total equity decreased to CNY 202.79 billion from CNY 217.38 billion, reflecting a decline of 6.7%[18] - The company reported a decrease in total liabilities, with current liabilities dropping from 69,000,000,000.00 CNY to 66,000,000,000.00 CNY, indicating a reduction of about 4.3%[17] Shareholder Information - The total number of common shareholders at the end of the reporting period is 1,604,066, with 1,571,609 holding restricted shares[9] - Beijing State-owned Capital Operation Management Co., Ltd. holds 10.64% of shares, totaling 4,063,333,333 shares[9] - Hong Kong Central Clearing Limited holds 3.70% of shares, totaling 1,414,248,418 shares[9] - Beijing Jingdong Investment Development Co., Ltd. holds 2.15% of shares, totaling 822,092,180 shares[9] - The top ten shareholders collectively hold significant stakes, with the largest shareholder holding over 10%[9] Investments and Projects - Construction in progress increased by 33% compared to the beginning of the year, reflecting ongoing investments in new projects[8] - The company plans to raise up to 2 billion CNY through a private placement to fund various projects, including a 24.06% stake acquisition in Wuhan BOE Optoelectronics[15] - The company has initiated the first phase of the 12-inch silicon-based OLED project, achieving small-scale production in 2021, but further phases are pending due to market conditions[15] Financial Management - Other income increased by 206% year-on-year, primarily due to an increase in government subsidies during the reporting period[8] - Financial expenses decreased by 53% year-on-year, mainly due to a reduction in net interest expenses[8] - The company reported a significant increase in financial expenses, totaling CNY 1.30 billion, compared to CNY 2.73 billion in the previous period, a decrease of 52.5%[20] - Deferred income decreased to CNY 4.93 billion from CNY 6.42 billion, a decline of 23.3%[18] Share Buyback and Bonds - The company completed a share buyback of 243,229,361 B shares, accounting for approximately 25.98% of total B shares and 0.63% of total share capital, with a total expenditure of 999,999,946.81 HKD[15] - The company has issued multiple tranches of perpetual bonds, with the first tranche maturing on October 28, 2022[13] - The company decided not to exercise the renewal option for the 19BOEY1 bond, opting for full repayment instead[14] - The company has a total of 528,186,052 shares held in a repurchase special securities account[12] - The report indicates that there are no known related party transactions among the top ten shareholders[12] - The company maintains a consistent relationship with its major shareholders through various agreements[12]

Financial Performance - In 2021, BOE Technology Group achieved a revenue of CNY 219.31 billion, a year-on-year increase of 61.79%, and a net profit attributable to shareholders of CNY 25.83 billion, up 412.96% year-on-year[4]. - The company reported a net profit of CNY 10 billion, up 15% compared to the previous year[16]. - The net profit attributable to shareholders in 2021 was CNY 25.83 billion, a significant increase of 412.96% from CNY 5.04 billion in 2020[22]. - The company’s operating revenue for 2021 was CNY 219.31 billion, representing a 61.79% increase compared to CNY 135.55 billion in 2020[22]. - The company reported a total of CNY 2.08 billion in government subsidies for 2021, down from CNY 2.33 billion in 2020[27]. - The company’s revenue from the Americas increased by approximately 130.40% year-on-year, reaching about CNY 23.77 billion[49]. - The company reported a net profit margin of 10.5% for the fiscal year 2021, indicating strong profitability[100]. Research and Development - R&D investment exceeded CNY 10 billion for the first time in 2021, with a year-on-year growth of 31.72%, and the company ranked 11th globally in patent applications[4]. - BOE is investing CNY 5 billion in R&D for new technologies, including MicroLED and AIoT applications[16]. - The company filed over 9,000 new patent applications in 2021, with more than 90% being invention patents, and ranked 11th globally in patent grants[39]. - The company’s R&D investment amounted to ¥12.44 billion in 2021, an increase of 31.72% compared to ¥9.44 billion in 2020[63]. Market Expansion and Strategy - The company plans to expand its production capacity for OLED displays by 30% in the next fiscal year[16]. - Market expansion efforts include entering the European market, targeting a 10% market share by 2025[16]. - BOE aims to become a global leader in both the semiconductor display and IoT innovation fields, with a focus on enhancing its competitive advantages and industry influence[7]. - The company plans to deepen its IoT innovation business by enhancing system design capabilities and expanding strategic customer partnerships[81]. - The company is actively pursuing market expansion and new technology development to drive high-quality growth[82]. Corporate Governance - The company reported a significant improvement in governance structure, ensuring compliance with relevant laws and regulations, enhancing internal control systems, and maintaining effective communication with investors[89]. - The board of directors and supervisory board strictly adhered to legal requirements and company regulations, ensuring the governance structure's effectiveness and compliance[90]. - The company has implemented a digital platform for investor relations, facilitating better communication and transparency with investors[92]. - The company emphasized the protection of minority shareholders' rights by providing convenient access to shareholder meetings, including online voting options[90]. Environmental Responsibility - The company has implemented a comprehensive environmental management system to monitor and improve overall environmental performance[158]. - The company has achieved a 100% disposal rate for hazardous waste, ensuring compliance with environmental regulations[158]. - The company emphasizes the recycling of materials, adhering to the "4R concept" of Reduce, Reuse, Recycle, and Responsibly[158]. - The company has established various management standards for water pollution, air pollution, hazardous waste, and energy management[158]. Shareholder Returns - The board proposed a cash dividend of CNY 2.10 per 10 shares, with a total dividend amount of CNY 7.963 billion, representing 30.83% of the net profit attributable to shareholders[8]. - The company reported a cash dividend of CNY 7,962,687,690.30, with a cash dividend per share of CNY 2.10, based on a total share capital of 37,917,560,430 shares[143]. - The total cash dividend, including other methods, amounted to CNY 10,390,205,600.53, which represents 130.49% of the distributable profit of CNY 11,950,975,927[144]. Operational Efficiency - The company reported a decrease in operational costs by 8% due to improved efficiency measures implemented in 2021[100]. - The company has established a comprehensive internal audit and risk control framework, with the current chief audit officer also serving as the chief risk control officer[120]. - The internal control system was revised and improved to align with the company's digital transformation and innovation requirements, ensuring compliance and efficient business development[150]. Future Outlook - Looking ahead to 2022, BOE will persist in its innovation-driven approach to achieve long-term stable high-quality development amid a complex global economic landscape[9]. - The company has set a performance guidance for 2022, expecting a revenue growth of 15% to 20%[16]. - The company anticipates continued growth in the global display market, projecting a revenue increase of approximately 15% for 2022[130].

Financial Performance - Net profit attributable to shareholders decreased by 81.42% to CNY 403.86 million year-on-year[4] - Operating revenue for the period was CNY 25.99 billion, reflecting a 4.79% increase compared to the same period last year[4] - The net profit attributable to shareholders after deducting non-recurring gains and losses dropped by 93.68% to CNY 119.98 million[4] - Basic earnings per share fell by 80.65% to CNY 0.012[4] - The weighted average return on net assets decreased by 82.33% to 0.47%[4] Assets and Investments - Total assets increased by 13.11% to CNY 289.68 billion compared to the end of the previous year[4] - Long-term equity investments decreased by 42% to RMB 4,036,661,192 primarily due to the conversion of an associate into a subsidiary[13] - Construction in progress rose by 33% to RMB 67,442,708,371 due to increased investment in new projects during the reporting period[13] - The total investment in securities amounts to 555,840,180.00 CNY, with a fair value of 512,838,390.00 CNY at the end of the reporting period[19] - The report indicates a loss of 27,310,012.00 CNY during the reporting period, with a total purchase amount of 7,132,513.00 CNY and total sales amounting to 9,102,573.00 CNY[19] Shareholder Information - The total number of shareholders at the end of the reporting period was 1,423,472[9] - The top shareholder, Beijing State-owned Capital Management Center, holds 11.68% of shares, totaling 4,063,333,333 shares[9] Operational Changes - Inventory increased by 36% to RMB 12,178,965,256 due to new project mass production and increased consolidation scope[13] - Accounts payable increased by 32% to RMB 22,096,470,048 as a result of higher material procurement costs corresponding to increased production and sales[13] - Financial expenses surged by 59% to RMB 2,242,661,339 mainly due to increased exchange losses and capitalized interest expenses[13] - Other income increased by 393% to RMB 2,261,274,910 primarily due to increased government subsidies during the reporting period[13] - Investment income rose by 323% to RMB 258,565,775 due to higher returns from financial products[13] Cash Flow and Financing - Cash flow from financing activities decreased by 57% to RMB 11,681,695,994 mainly due to increased repayment of bank loans[13] Legal and Compliance - The company is involved in a lawsuit with LeEco for approximately USD 41.84 million, with uncertain impacts on the company[14] - No overdue commitments were reported by the actual controller, shareholders, or related parties during the reporting period[16] - The company has no non-operating fund occupation by controlling shareholders or related parties during the reporting period[24] - There are no violations related to external guarantees during the reporting period[23] Investment Management - The company has invested 1,257,000.00 CNY in bank wealth management products, with an unexpired balance of 583,200.00 CNY[21] - There are no overdue amounts or expected impairments related to the entrusted wealth management investments[21] - The company did not engage in derivative investments during the reporting period[21] - The company reported a fair value change of 0.00 CNY for its securities investments during the period[19] - The total fair value change for the securities held is recorded as 0.00 CNY, indicating stability in the investment portfolio[19] Market and Product Development - The company did not report any significant new product developments or market expansion strategies during this period[3] - There were multiple institutional visits for research and communication regarding the company's semi-annual performance and industry conditions[22]

Financial Performance - The company's operating revenue for the first half of 2018 was CNY 43.47 billion, a decrease of 2.54% compared to CNY 44.61 billion in the same period last year[18]. - The net profit attributable to shareholders was CNY 2.98 billion, down 30.85% from CNY 4.30 billion year-on-year[18]. - The net profit after deducting non-recurring gains and losses was CNY 978.87 million, a significant decline of 75.64% compared to CNY 4.02 billion in the previous year[18]. - Basic and diluted earnings per share were both CNY 0.085, down 30.89% from CNY 0.123 in the same period last year[18]. - The weighted average return on net assets decreased to 3.45%, down from 4.48% in the previous year[18]. - The company reported a net profit of CNY 1,092,672,322 from Chongqing BOE Optoelectronics Technology Co., Ltd., highlighting its strong performance[67]. - The net profit for the first half of 2018 was CNY 2.83 billion, down 38.4% from CNY 4.59 billion in the previous year[182]. - The basic earnings per share for the first half of 2018 was CNY 0.085, down from CNY 0.123 in the same period last year[183]. Cash Flow and Assets - The net cash flow from operating activities increased by 7.53% to CNY 11.44 billion, compared to CNY 10.64 billion in the same period last year[18]. - Cash and cash equivalents decreased by 4.20% to ¥50,581,910,423, representing 18.31% of total assets[53]. - Total current assets increased slightly to CNY 99.84 billion from CNY 99.78 billion, with cash and cash equivalents decreasing to CNY 50.58 billion from CNY 57.13 billion[172]. - Accounts receivable rose to CNY 17.36 billion, up from CNY 15.51 billion, indicating a growth of approximately 11.9%[172]. - Inventory increased significantly to CNY 10.93 billion from CNY 8.96 billion, reflecting a growth of about 22.5%[172]. - Non-current assets totaled CNY 176.39 billion, up from CNY 156.33 billion, marking an increase of approximately 12.9%[173]. - The company's total assets reached CNY 276.23 billion, up from CNY 256.11 billion, marking an increase of approximately 7.9%[175]. Investments and R&D - The company achieved a significant increase in R&D investment, totaling CNY 3.65 billion, which is a 15.02% increase year-on-year[46]. - The company reported a 140% year-on-year increase in shipment volume for innovative applications[40]. - The company successfully launched multiple innovative products, including a 6.18-inch flexible product capable of 1mm dynamic bending and the world's thinnest 3.9mm semi-set MNT product[41]. - The company is focusing on enhancing its AMOLED global competitiveness and accelerating the development of its sensing business to improve profitability[70]. Market Position and Strategy - BOE's display screen shipments reached nearly 400 million units in the first half of 2018, a year-on-year increase of over 35%, maintaining the global leading position[34]. - The market share for smartphone LCD displays, tablet displays, and laptop displays remains the highest globally, while monitor and TV displays have risen to the top position[34]. - The company has maintained long-term stable cooperation with many well-known domestic and international clients, solidifying its position as a core supplier in the semiconductor display field[34]. - The company has restructured its business into seven segments to enhance competitive advantages in specialized markets[26]. Dividends and Profit Distribution - The company plans not to distribute cash dividends or bonus shares for this reporting period[5]. - The company plans not to distribute cash dividends, issue bonus shares, or convert capital reserves into share capital for the semi-annual period[74]. - The company set a profit distribution plan for 2017, proposing a dividend of RMB 0.5 per 10 shares[122]. Environmental and Social Responsibility - The company has implemented a strict environmental management system, ensuring all wastewater and emissions meet national and local standards[110][112]. - The company has committed to the "4R concept" for raw material usage, focusing on recycling, reduction, renewal, and responsible sourcing[111]. - The company has successfully completed environmental impact assessments for all construction projects, obtaining necessary approvals[113]. - The company reported no significant environmental protection issues during the reporting period[106]. Shareholder Information - The largest shareholder, Beijing State-owned Capital Management Center, holds 11.68% of the total shares, amounting to 4,063,333,333 shares[134]. - The total number of common stock shareholders at the end of the reporting period is 1,423,193, including 1,383,999 A-share shareholders and 39,194 B-share shareholders[134]. - The number of shares held by the National Social Security Fund 108 Combination increased by 254,993,381 shares, representing a 1.24% holding[134]. Debt and Financial Obligations - The company's liquidity ratio is 2.04, and the debt-to-asset ratio is 59.31% as of the end of the reporting period[162]. - The company has a total bank credit limit of 47.6 billion yuan, of which 18.4 billion yuan has been utilized, leaving 29.2 billion yuan available[165]. - The company has maintained a loan repayment rate of 100% and has no overdue debts[163][165]. Corporate Governance - The company has experienced changes in its board and supervisory personnel, with several members resigning and new members being elected[149]. - The company continues to maintain its operational strategies without any significant changes in its management structure[139].

Financial Performance - Revenue for Q1 2018 was CNY 21,566,813,037, a decrease of 1.32% compared to CNY 21,854,974,362 in the same period last year[4] - Net profit attributable to shareholders was CNY 2,018,692,554, down 16.34% from CNY 2,413,015,650 year-over-year[4] - Net profit excluding non-recurring gains and losses was CNY 966,342,404, a decline of 58.01% compared to CNY 2,301,442,129 in the previous year[4] - Operating cash flow for the period was CNY 7,198,088,816, an increase of 15.80% from CNY 6,216,049,821 year-over-year[4] Assets and Shareholder Equity - Total assets at the end of the reporting period were CNY 262,729,417,350, reflecting a growth of 2.59% from CNY 256,108,741,849 at the end of the previous year[4] - Net assets attributable to shareholders increased to CNY 86,611,338,154, up 2.12% from CNY 84,809,816,377 at the end of the last year[4] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 1,313,406, including 1,275,197 A-share shareholders and 38,209 B-share shareholders[8] - The top three shareholders held a combined 26.51% of the company, with Beijing State-owned Capital Management Center holding 11.68%[8] Non-Recurring Gains and Losses - The company reported non-recurring gains of CNY 1,052,350,150, after accounting for tax and minority interests[5] - The company did not report any adjustments or reclassifications of non-recurring gains and losses during the reporting period[6] Asset Changes - Intangible assets increased by 70% compared to the beginning of the period, mainly due to business combinations during the reporting period[12] - Goodwill increased by 268% compared to the beginning of the period, primarily due to business combinations during the reporting period[12] - Short-term borrowings decreased by 30% compared to the beginning of the period, mainly due to the repayment of bank loans during the reporting period[12] Income Changes - Investment income increased by 1434% year-on-year, primarily due to increased returns from financial products during the reporting period[12] - Other income increased by 700% year-on-year, mainly due to increased government subsidies during the reporting period[12] Investments and Acquisitions - The company completed the acquisition of 79.94% of SES shares, paying a total consideration of €323,675,580[14] - The company plans to invest in the construction of a 6th generation AMOLED production line in Chongqing[16] - The company plans to invest in the construction of a high-generation TFT-LCD production line in Wuhan[17] Corporate Governance - The company has not engaged in any repurchase transactions during the reporting period[12] - The company has no derivative investments during the reporting period[21] - The company reported no violations regarding external guarantees during the reporting period[23] - There were no non-operating fund occupations by controlling shareholders or their affiliates during the reporting period[24] Research and Communication - The company engaged in multiple institutional research and communication activities throughout January and March 2018, focusing on performance and industry conditions[22]

Financial Performance - In 2017, the company's operating revenue reached ¥93.80 billion, an increase of 36.15% compared to ¥68.90 billion in 2016[15] - The net profit attributable to shareholders was ¥7.57 billion, representing a significant increase of 301.99% from ¥1.88 billion in 2016[15] - The net cash flow from operating activities was ¥26.27 billion, up 160.76% from ¥10.07 billion in the previous year[15] - The basic earnings per share rose to ¥0.217, a 301.85% increase from ¥0.054 in 2016[15] - Total assets at the end of 2017 amounted to ¥256.11 billion, reflecting a growth of 24.85% from ¥205.14 billion at the end of 2016[15] - The net assets attributable to shareholders increased to ¥84.81 billion, a rise of 7.76% from ¥78.70 billion in 2016[15] - The weighted average return on equity was 9.25%, up from 2.40% in the previous year[15] - The net profit after deducting non-recurring gains and losses was ¥6.68 billion, a staggering increase of 53,185.01% from ¥12.53 million in 2016[15] - The company reported no significant discrepancies between the financial indicators disclosed in quarterly and semi-annual reports[19] - Total operating revenue reached ¥93.80 billion, a year-on-year increase of 36.15%[38] - The net profit for 2017 reached 7.568 billion, with a remarkable year-on-year increase of about 301.99%[34] Revenue Breakdown - Display and sensor business contributed ¥82.64 billion, accounting for 88.10% of total revenue, with a growth of 35.01%[38] - Smart system business revenue was ¥18.13 billion, representing 19.33% of total revenue, with a significant increase of 45.04%[38] - Revenue from the health services business was ¥1.02 billion, showing a year-on-year growth of 12.86%[38] - Revenue from other regions in Asia surged by 54.43% to ¥44.26 billion, making up 47.19% of total revenue[38] - Revenue from the Americas grew by 79.30% to ¥3.20 billion, indicating strong market expansion[38] Production and Innovation - The company launched the world's first 6th generation flexible AMOLED production line in Chengdu, achieving product lighting in May 2017 and mass production in October 2017[29] - The company also established the world's first 10.5 generation TFT-LCD production line in Hefei, which was lit and put into production ahead of schedule in December 2017[29] - The Fuzhou 8.5 generation TFT-LCD production line achieved mass production in February 2017, setting a record for the fastest time from construction to production at 15.8 months[29] - The sensor business continued to develop, with strategic partnerships established in areas such as optical sensors and molecular antennas, enhancing technical strength and market promotion[29] - The company is accelerating its transformation into an IoT enterprise, focusing on smart systems and health services as key growth areas[24][25][26] - The company filed 8,678 patent applications in 2017, with over 4,600 patents granted, totaling more than 60,000 usable patents[31] Strategic Initiatives - The company plans to leverage opportunities in the Internet of Things (IoT) and artificial intelligence (AI) sectors, marking 2018 as a pivotal year for its strategic initiatives[74] - The company is focusing on soft and hard integration, application integration, and service transformation to promote business evolution in response to market changes[74] - The company has initiated the "Wooden Sword" strategy in 2018, focusing on a new "1433" overall strategy from 2018 to 2022 to drive innovation and transformation in the DSH business[75] - The company is committed to sustainability, with plans to invest M million in green technologies over the next five years[180] Shareholder and Dividend Information - The company plans to distribute a cash dividend of ¥0.50 per 10 shares, based on a total of 34,798,398,763 shares[5] - The company’s cash dividend accounted for 100% of the total profit distribution in 2017[89] - The cash dividend for 2016 was RMB 1,046,578,275.99, representing 55.59% of the net profit attributable to the parent company[87] - The cash dividend for 2015 was RMB 703,061,354.86, which was 42.97% of the net profit attributable to the parent company[87] Environmental Management - The company has established a strict environmental management system to oversee its environmental performance and ensure compliance with national standards[132] - The company has implemented a "4R concept" for raw material usage, focusing on recycling, reducing, renewing, and responsible sourcing[133] - The company’s environmental emissions have consistently met national standards, including the Comprehensive Discharge Standard for Wastewater and Air Pollutants[135] - The company has developed emergency response plans for environmental incidents, covering wastewater, waste gas, and hazardous materials[136] - The company has not reported any significant environmental issues during the reporting period, indicating effective management of its environmental impact[132] Market Position and Future Outlook - The company maintained its position as the world's largest supplier of smartphone LCD displays, tablet displays, and notebook displays, with market shares ranking first globally[34] - The company anticipates strong growth in the display market driven by the increasing demand for large-sized TVs and full-screen mobile phones, with expectations for the semiconductor display demand area to achieve the largest annual growth since 2014[74] - The company is exploring potential mergers and acquisitions to strengthen its market position[117] - Future outlook indicates a commitment to innovation and market expansion strategies[117]

Financial Performance - The estimated net profit for 2017 is projected to be between 750 million and 780 million CNY, compared to 188.26 million CNY in the same period last year, indicating a significant increase [2]. - Basic earnings per share are expected to be approximately 0.215 to 0.224 CNY per share, up from 0.054 CNY per share in the previous year [2]. Business Strategy - The company has continued to optimize its product structure and expand into new business areas, contributing to a stable overall profitability [4]. - The company has strengthened lean management practices, enhancing the speed of high-value-added product introduction and shipment ratio [4]. Industry Conditions - The semiconductor display industry experienced favorable conditions in 2017, leading to a substantial improvement in the company's operating performance compared to the previous year [4]. Investor Awareness - The specific data regarding the company's 2017 operating performance will be detailed in the annual report, highlighting the importance of investor awareness regarding investment risks [6].