国光电器股份有限公司 第十一届董事会第八次会议决议公告 证券代码：002045 证券简称：国光电器 编号：2024-52 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、误导性陈 述或者重大遗漏。 国光电器股份有限公司（以下简称"公司"）董事会于 2024 年 8 月 9 日以电子邮件方式发出召开第 十一届董事会第八次会议的通知，并于 2024 年 8 月 19 日在公司会议室召开了会议。应到董事 5 人，实际 出席董事 5 人，占应到董事人数的 100%，没有董事委托他人出席会议，董事长陆宏达，董事何伟成、王婕 以现场方式出席，独立董事谭光荣、冀志斌以通讯方式出席。本次会议由陆宏达董事长主持，部分监事和 高级管理人员列席会议。本次会议符合《公司法》等有关法律、法规、规范性文件和《公司章程》的规定, 投票表决的人数超过董事总数的二分之一，表决有效。经会议讨论，通过以下议案： 1.以 5 票同意，0 票反对，0 票弃权审议通过《2024 年半年度报告全文及摘要》 《2024 年半年度报告》及《2024 年半年度报告摘要》（公告编号：2024-54）于 2024 年 8 月 21 日刊 登于巨 ...

国光电器股份有限公司 第十一届监事会第六次会议决议公告 证券代码：002045 证券简称：国光电器 编号：2024-53 本公司及监事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、误导性陈 述或者重大遗漏。 国光电器股份有限公司（以下简称"公司"）第十一届监事会第六次会议于 2024 年 8 月 9 日以电子邮 件的方式发出通知，于 2024 年 8 月 19 日在公司会议室以现场和通讯结合的方式召开，全体 3 名监事：监 事会主席杨流江、监事唐周波、彭静出席了会议，符合《公司法》和《公司章程》的规定，会议采取现场 表决和书面表决方式审议通过了以下议案： 1.以 3 票同意，0 票反对，0 票弃权审议通过《2024 年半年度报告全文及摘要》 2.以 3 票同意，0 票反对，0 票弃权审议通过《2024 年半年度募集资金存放与使用情况的专项报告》 经审核，监事会认为公司的募集资金存放和使用符合《上市公司监管指引第 2 号——上市公司募集资金 管理和使用的监管要求》和《深圳证券交易所上市公司自律监管指引第 1 号——主板上市公司规范运作》 等有关规定。公司对募集资金实行专户存储制度和专项使用，并按相关规 ...

Financial Performance - Revenue for the reporting period reached RMB 3,036,822,119.86, a 21.59% increase compared to the same period last year[9] - Net profit attributable to shareholders of the listed company was RMB 104,840,480.54, up 62.79% year-on-year[9] - Operating cash flow decreased by 76.15% to RMB 131,900,583.46 compared to the same period last year[9] - Basic earnings per share increased by 35.71% to RMB 0.19[9] - Total assets grew by 23.77% to RMB 8,655,840,291.23 compared to the end of the previous year[9] - The company's operating revenue for the reporting period was 3,036.82 million yuan, a year-on-year increase of 21.59%[16] - Net profit attributable to shareholders of the listed company was 104.84 million yuan, a year-on-year increase of 62.79%[16] - The gross profit margin increased by 0.18 percentage points to 12.87%[16] - Revenue for the reporting period increased by 21.59% to 3,036,822,119.86 yuan, primarily due to growth in the audio and electro-acoustic business[22] - Operating costs rose by 21.34% to 2,646,061,849.71 yuan, driven by increased costs in the audio and electro-acoustic business[22] - Total operating revenue increased by 21.59% to RMB 3,036,822,119.86, with electronic components accounting for 98.64% of the revenue[24] - Revenue from speakers and loudspeakers grew by 13.20% to RMB 2,446,953,892.78, representing 80.58% of total revenue[24] - Battery revenue increased by 22.39% to RMB 220,465,136.52, with a significant rise in gross margin by 5.18 percentage points[26] - Revenue from electronic parts surged by 175.09% to RMB 328,060,869.00, contributing 10.80% to total revenue[24] - Revenue from other regions (excluding China, Europe, and the US) grew by 44.05% to RMB 775,206,613.09[24] - Export business accounted for 75.07% of the company's total operating revenue[25] - Gross margin for the electronic components sector increased by 0.21 percentage points to 12.47%[26] - The company's cash position decreased by 1.30% to RMB 3,059,023,412.45, representing 35.34% of total assets[29] - Short-term borrowings increased by 9.36% to RMB 2,146,997,585.34, accounting for 24.80% of total assets[29] - The company reported a fair value gain of RMB 5,082,749.58 from foreign exchange derivatives[27] - Restricted cash and cash equivalents amount to RMB 184,290,479.61, including bank acceptance bill deposits of RMB 65,855,132.75, loan deposits of RMB 53,898,504.58, litigation frozen funds of RMB 33,363,398.19, and guarantee deposits of RMB 31,173,444.09[32] - Total restricted assets amount to RMB 300,812,995.93, including restricted monetary funds, receivables, and notes[32] - The company invested RMB 9,054,777.82 in the construction of its Vietnam production base during the reporting period, with a cumulative investment of RMB 156,635,693.15, achieving a project progress of 87.57%[34] - The company's derivative investments for hedging purposes totaled RMB 77,513.42 at the end of the reporting period, accounting for 19.15% of the company's net assets[36] - The fair value change of derivative investments during the reporting period was RMB 5,084,577.44, with an actual profit and loss amount of RMB 8,945,949.71[37] - The company's derivative investments are primarily aimed at hedging against exchange rate fluctuations, reducing the impact on operating profits[37] - The company has established an internal control system for foreign exchange derivative transactions, including risk management and reporting mechanisms[37] - The company's derivative investments are based on foreign currency income forecasts, with the transaction volume not exceeding 90% of foreign currency income[37] - The company's internal audit department regularly reviews the execution of derivative contracts to ensure compliance[37] - No speculative derivative investments were made during the reporting period[39] - Total funds raised in 2023 through non-public stock issuance: RMB 1,384,098,595.72, with net funds raised after deducting underwriting and sponsorship fees: RMB 1,378,598,595.72[40] - Total funds used in the reporting period: RMB 434,490, with cumulative funds used: RMB 611,870[40] - Funds allocated to the new audio project: RMB 40,970,880, with RMB 434,490 used in the reporting period and cumulative investment of RMB 611,870, representing 1.49% of the adjusted total investment[41] - Funds allocated to the automotive audio project: RMB 63,043,340, with no funds used in the reporting period[41] - Funds allocated to the VR headset and acoustic module project: RMB 34,395,640, with no funds used in the reporting period[41] - Total unused funds: RMB 1,376,497,100, stored in special accounts and used for cash management[40] - Pre-investment in fundraising projects using self-raised funds: RMB 1,773,792.02 as of June 30, 2024, which has been replaced with raised funds[42] - Temporary use of idle funds for working capital: RMB 62,000,000, with RMB 48,000,000 used by the company and RMB 14,000,000 by subsidiaries[42] - Cash management of idle funds: RMB 78,000,000 approved for use within 12 months, with RMB 53,900 used for fixed deposits and RMB 12,000 for transferable large certificates of deposit as of June 30, 2024[42] - Subsidiary Guoguang Electronics reported total assets of 501.1 million RMB, net assets of 200.5 million RMB, operating revenue of 265.4 million RMB, operating profit of 25.8 million RMB, and net profit of 23.9 million RMB[44] - The company established new subsidiaries in Vietnam, Singapore, Jiangxi, and California, with no significant impact on overall operations[44] - Export business accounts for a high proportion of main business revenue, with USD settlement exposing the company to exchange rate risks[45] - To mitigate trade friction risks, the company is shifting affected product production to its Vietnam subsidiary[45] - Raw materials account for a significant portion of main business costs, with potential risks from supply and price fluctuations[45] - The company held three shareholder meetings in 2024 with participation rates of 28.57%, 25.75%, and 26.03% respectively[47] - Employee stock ownership plan held 16,417,978 shares, representing 2.89% of total shares, with a reduction of 1.336 million shares during the reporting period[49] - Chairman Lu Hongda's shareholding decreased from 4,655,000 to 767,542 shares, representing 0.1351% of total shares[51] - The company plans no cash dividends, stock dividends, or capital reserve to share capital conversion for the half-year[48] - The company incurred equity-settled share-based payment expenses of 851,499.74 yuan for the first half of 2024[53] - The company is not listed as a key pollutant discharge unit by environmental protection authorities and has not received any environmental penalties during the reporting period[54] - The company has strengthened investor relations by improving governance structures and ensuring timely and accurate information disclosure[54] - The company has implemented various employee welfare measures, including social insurance and housing fund contributions, and conducts regular training through the Guoguang Management Institute[55] - The company has increased its environmental protection budget, focusing on wastewater treatment, dust and noise control, and hazardous waste management[55] - The company has fulfilled its dividend commitment for the 2020-2022 period and plans to strictly adhere to the 2023-2025 shareholder return plan[56] - The company has no non-operational fund occupation by controlling shareholders or related parties during the reporting period[57] - The company has no illegal external guarantees during the reporting period[57] - The company's semi-annual financial report has not been audited[57] - The company has not undergone any bankruptcy restructuring during the reporting period[57] - The company's fundraising account was partially frozen with an amount of RMB 10,903,398.19 due to a legal dispute related to the second phase of the employee stock ownership plan[58] - The total approved guarantee amount for subsidiaries during the reporting period was RMB 203,000,000, with actual guarantees issued amounting to RMB 79,583,000[61] - The actual guarantee balance for subsidiaries at the end of the reporting period was RMB 55,395,000, accounting for 13.69% of the company's net assets[62] - The company engaged in entrusted wealth management with a total amount of RMB 13,640,000, including bank and securities company products, with an outstanding balance of RMB 13,540,000[63] - No significant penalties, rectifications, or major related-party transactions occurred during the reporting period[59][60] - The company completed a private placement of 99,718,919 shares, raising a net amount of RMB 1,375,375,037.52 after deducting issuance costs, with the funds allocated to projects including "New Audio Intelligent Manufacturing Upgrade Project," "Automotive Audio Project," and "VR Complete Machine and Acoustic Module Project"[65] - The second phase of the employee stock ownership plan unlocked 17,753,978 shares on February 6, 2024, with 1,336,000 shares already sold by the end of the reporting period[66] - A portion of the company's raised funds, amounting to RMB 10,903,398.19, was frozen due to a legal dispute related to the second phase of the employee stock ownership plan[67] - The company established a wholly-owned subsidiary, Jiangxi Guoguang Technology Co., Ltd., with a registered capital of RMB 10 million, to build a production base for electro-acoustic products in Jiangxi[69] - The company established an overseas wholly-owned subsidiary, Guoguang Acoustics (Viet Nam) Company Limited, with a registered capital of 23,992,000,000 Vietnamese Dong[70] - The total number of shares increased to 568,102,832 after the private placement, with 99,718,919 new shares issued and listed on January 22, 2024[72] - The total number of restricted shares issued to specific entities in 2023 amounts to 3,170,028 shares for Wen Quan, 6,195,965 shares for China Securities Co., Ltd., and 7,204,610 shares for Galaxy Derui Capital Management Co., Ltd., all set to be released on July 26, 2024[73] - UBS AG received 4,466,858 restricted shares in 2023, which will also be released on July 26, 2024[73] - Jiangxi Zhongwen Media Blue Ocean International Investment Co., Ltd. was issued 2,881,844 restricted shares in 2023, with the same release date of July 26, 2024[73] - The total restricted shares issued to various funds and entities, including Huatai Asset Management and Caixin Fund, amount to 2,881,844 shares each, with a release date of July 26, 2024[74] - Nord Fund received 5,259,366 restricted shares in 2023, set to be released on July 26, 2024[74] - Caixin Fund issued 2,521,614 restricted shares to Huatai Securities Co., Ltd., with a release date of July 26, 2024[74] - The total restricted shares issued to various entities, including China Construction Bank and China Bank, amount to 1,440,922 shares each, with a release date of July 26, 2024[73] - The total restricted shares issued to various funds and entities, including Xingquan Fund and Huatai Asset Management, amount to 2,881,844 shares each, with a release date of July 26, 2024[74] - The total restricted shares issued to various entities, including Caixin Fund and Nord Fund, amount to 216,138 shares each, with a release date of July 26, 2024[74] - The total restricted shares issued to various entities, including Caixin Fund and Nord Fund, amount to 360,231 shares each, with a release date of July 26, 2024[75] - The company issued specific shares to various asset management plans, with the largest issuance being 3,602,305 shares to Taikang Asset Management's Agricultural Bank product[76] - A total of 3,530,259 shares were issued to Shaanxi Changying Phase I Investment Partnership[78] - The company issued 2,521,614 shares to First Venture Securities' CITIC Bank product[78] - 1,801,153 shares were issued to Nord Fund's GF Securities product[76] - 1,368,876 shares were issued to Nord Fund's Great Wall Securities product[77] - 864,553 shares were issued to Nord Fund's Shandong Railway Development Fund product[77] - 432,277 shares were issued to Caitong Fund's CITIC Securities product[77] - 360,231 shares were issued to Nord Fund's Li Hairong product[76] - 302,594 shares were issued to Xingzheng Global Fund's Industrial Bank product[77] - 228,386 shares were issued to Nord Fund's Everbright Bank product[78] - The company issued 99,718,919 shares to specific investors at a price of 13.88 yuan per share, raising a total of 1,384,098,595.72 yuan[82][83] - The net proceeds from the issuance, after deducting issuance-related expenses, amounted to 1,375,375,037.52 yuan[83] - The issuance was approved by the Shenzhen Stock Exchange on July 26, 2023, and by the China Securities Regulatory Commission on August 29, 2023[83] - The shares were issued on December 8, 2023, and listed on January 22, 2024[82] - The issuance increased the company's share capital by 99,718,919 yuan and capital reserve by 1,275,656,118.52 yuan[83] - The total number of ordinary shareholders at the end of the reporting period is 50,929[85] - Shenzhen Zhidu Guoguang Investment Development Co., Ltd. holds 11.11% of the shares, totaling 63,109,650 shares[85] - Zhidu Technology Co., Ltd. holds 9.48% of the shares, totaling 53,846,999 shares[85] - The second phase of the employee stock ownership plan of Guoguang Electric Co., Ltd. holds 2.89% of the shares, totaling 16,417,978 shares[85] - Shenzhen Qindao Capital Management Co., Ltd. holds 2.54% of the shares, totaling 14,409,221 shares[85] - Lhasa Economic and Technological Development Zone Zhiheng Consulting Co., Ltd. holds 1.86% of the shares, totaling 10,570,824 shares[85] - Beijing Fanxin No. 1 Equity Investment Center (Limited Partnership) holds 1.51% of the shares, totaling 8,602,801 shares[85] - Galaxy Derui Capital Management Co., Ltd. holds 1.28% of the shares, totaling 7,244,810 shares[85] - China Securities Co., Ltd. holds 1.09% of the shares, totaling 6,202,765 shares[85] - Guoguang Electric Co., Ltd. repurchased 16,600,696 shares as of June 30, 2024[88] - The company's total assets increased to 8,655,840,291.23 yuan, up from 6,993,414,180.59 yuan at the beginning of the period[97] - Total liabilities rose to 4,607,430,330.65 yuan, compared to 3,044,561,661.47 yuan at the start of the period[97] - The company's monetary funds grew to 3,059,023,412.45 yuan, up from 2,562,239,789.80 yuan[96] - Accounts receivable increased to 1,446,906,221.97 yuan, compared to 1,384,509,617.36 yuan[96] - Inventory surged to 1,100,739,285.71 yuan, up from 589,216,952.02 yuan[96] - Short-term borrowings rose to 2,146,997,585.34 yuan, compared to 1,079,554,597.99 yuan[97] - Accounts payable increased to 1,600,428,525.58 yuan, up from 985,838,606.36 yuan[97] - The company's long-term equity investments stood at 622,342,406.51 yuan, slightly down from 629,714,564.07 yuan[97] - Fixed assets grew to 775,565,216.89 yuan, up from 754,605,175.21 yuan[97] - The company's total owner's equity increased to 4,048,409,960.58 yuan, compared to 3,948,852,519.12 yuan[97] - Total assets increased to 7,837,111,922.84 yuan, up from 6,228,695,622.37 yuan in the previous period[101] - Operating revenue for the first half of 2024 reached 3,036,822,119.86 yuan, compared to 2,497,568,722.38 yuan in the same period last year[102] - Net profit for the first half of 2024 was 105,143,086.51 yuan, up from 64,462,874.87 yuan in the same period last year[103] - Total liabilities increased to 4,283,927,388.72 yuan, up from 2,762,164,521.16 yuan in the previous period[101] - R&D expenses for the first half of 2024 were

注 1：于 2024 年 6 月 30 日，本集团应收 KV2 Audio Inc.的余额为 79.59 万美元(等值于人民币 567.24 万元)，主要是本集团以往年度销售音箱给予 KV2 Audio Inc.尚未结算之货款，期末余额变动主要为汇率调整。由于该应收账 款账龄在一年以上，视为非经营性往来。根据对 KV2 Audio Inc.财务状况的判断，本集团认为该应收款项难以收回，因此已在以往年度全额计提坏账准备。 国光电器股份有限公司 2024 年半年度非经营性资金占用及其他关联资金往来情况汇总表 | 编制单位：国光电器股份有限公司 | | | | | | | | | | 单位：万元 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 非经营性资金占 用 | 资金占用方名称 | 占用方与上市公 司的关联关系 | 上市公司核算 的会计科目 | 2024年初占用资 金余额 | 2024 上半年度占用 累计发生金额(不 | 2024 上半年度 占用资金的利 | 2024 上半年度 偿还累计发生 | 2024 年 6 月 ...

国光电器股份有限公司 关于对外提供担保的进展公告 证券代码：002045 证券简称：国光电器 编号：2024-51 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记 载、误导性陈述或者重大遗漏。 二、担保进展情况 近期，公司与银行签署相关对外担保合同，为公司全资子公司梧州国光向银行申请信用贷 款提供对外担保。具体情况如下： | 序 | 被担保 | 担保额 | 债权人 | 担保方 | 担保期间 | 合同名称 | | --- | --- | --- | --- | --- | --- | --- | | 号 | 人 | 度 | | 式 | | | | 1 | 梧州国 | 5,000万 元人民 | 中国进出口银 行广西壮族自 | | 主合同项下债务 履行期届满之日 | 《保证合同》 （编号： CHET23200000820240 | | | 光科技 | | | 连带责 | | | | | 发展有 | | | 任担保 | | | | | 限公司 | 币 | 治区分行 | | 起三年 | 700000008） | 三、担保人及被担保人基本情况 （一）担保人及被担保人基本情况 | 被担保人 | | | | ...

国光电器股份有限公司 关于向特定对象发行股票限售股上市流通的提示性公告 证券代码：002045 证券简称：国光电器 编号：2024-50 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、误导性陈述 或者重大遗漏。 特别提示： 1、国光电器股份有限公司（以下简称"公司"或"国光电器"）本次解除限售股份为公司 2023 年度向 特定对象发行的股票，解除限售股份的数量为 99,718,919 股，占公司目前总股本的 17.5530%。 2、公司本次解除限售股份的上市流通日期为 2024 年 7 月 26 日。 一、本次解除限售股份取得的基本情况 经中国证券监督管理委员会《关于同意国光电器股份有限公司向特定对象发行股票注册的批复》（证监 许可〔2023〕1983 号）同意注册，公司向 20 名特定对象发行人民币普通股（A 股）99,718,919 股，新增股 份已于 2024 年 1 月 22 日在深圳证券交易所上市。 本次发行后至本公告披露日，公司未发生导致股本变动的情形。公司未发生因利润分配、资本公积金转 增股本等需要对本次拟解除限售股东持有的限售股份数量进行调整的事项。 三、本次上市流通的限 ...

申万宏源证券承销保荐有限责任公司 关于国光电器股份有限公司 向特定对象发行股票限售股上市流通的核查意见 根据《证券发行上市保荐业务管理办法》《深圳证券交易所上市公司自律监 管指引第 13 号——保荐业务》《深圳证券交易所上市公司自律监管指引第 1 号 ——主板上市公司规范运作》等有关法律、法规的规定，申万宏源证券承销保荐 有限责任公司（以下简称"申万宏源承销保荐"或"保荐机构"）作为国光电器股份 有限公司（以下简称"国光电器"、"上市公司"或"公司"）持续督导工作的保荐机 构，对国光电器向特定对象发行股票限售股上市流通事项进行了审慎核查，并出 具核查意见如下： 一、本次解除限售股份取得的基本情况 经中国证券监督管理委员会《关于同意国光电器股份有限公司向特定对象发 行股票注册的批复》（证监许可〔2023〕1983 号）同意注册，公司向 20 名特定 对象发行人民币普通股（A 股）99,718,919 股，新增股份已于 2024 年 1 月 22 日 在深圳证券交易所上市。 本次发行股份为有限售条件股份，发行对象认购的本次向特定对象发行的股 票自上市之日起 6 个月内不得转让，具体发行情况如下： | 序 | 股东 ...

国光电器股份有限公司 关于签订募集资金现金管理专用结算账户三方监管协议的公告 证券代码：002045 证券简称：国光电器 编号：2024-49 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、误导性陈述 或者重大遗漏。 一、募集资金基本情况 经中国证券监督管理委员会证监许可〔2023〕1983 号文核准，并经深圳证券交易所同意，国光电器股 份有限公司（以下简称"公司"）2023 年度向特定对象发行股票的工作已经完成，共计发行 99,718,919 股，扣除发行费用（不含税）后实际募集资金净额人民币 1,375,375,037.52 元，上述募集资金已经天衡 会计师事务所（特殊普通合伙）审验，并于 2023 年 12 月 14 日出具《验资报告》（天衡验字（2023） 00132 号）。 公司于 2023 年 12 月 22 日召开了第十届董事会第二十六次会议、第十届监事会第十八次会议，审议 通过了《关于使用暂时闲置募集资金进行现金管理的议案》，同意公司自董事会审议通过之日起 12 个月内 使用不超过 75,000.00 万元暂时闲置募集资金进行现金管理，在前述额度和期限内，资金可循环滚动使 ...

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Investment Rating - The report initiates coverage with an "Overweight" rating for the company, citing its strong position in the AI-driven smart speaker market and its potential for growth in VR/AR and automotive audio sectors [34][37][40] Core Views - The company is a global leader in electro-acoustic manufacturing, with a strong focus on smart speakers, automotive audio, and VR/AR, which are expected to drive future growth [34][37] - The smart speaker market is entering a new phase with AI integration, and the company is well-positioned to benefit from this trend due to its partnerships with major tech firms and its innovative product offerings [35][37] - The VR/AR sector is poised for significant growth, with the company being a key supplier of acoustic modules and expanding into full VR headset production [36][37] Financial Summary - Revenue is projected to grow from RMB 7.539 billion in 2024E to RMB 10.844 billion in 2026E, driven by smart speakers, automotive audio, and VR/AR [1][38] - Net profit is expected to increase from RMB 340 million in 2024E to RMB 510 million in 2026E, with a CAGR of 22.5% [1][38] - The company's gross margin is forecasted to remain stable at 15.1% from 2024E to 2026E, supported by a shift from OEM to higher-margin JDM models [1][38] Industry Analysis - The global smart speaker market is expected to rebound with the integration of AI models, which will enhance user interaction and drive demand for new and upgraded devices [73][74] - The VR/AR market is set to grow significantly, with major players like Apple and Meta leading the way, and the company is well-positioned to benefit from this growth through its acoustic module and VR headset production capabilities [102][103][116] Company Operations - The company has a diversified product portfolio, including smart speakers, automotive audio, and VR/AR components, with a strong focus on R&D and innovation [34][36][37] - It has established long-term relationships with major clients such as Baidu, Harman, and Logitech, which provide a stable revenue base and opportunities for growth [34][37][96] - The company is expanding its production capabilities, particularly in VR/AR, with plans to increase VR headset production to 1 million units annually and acoustic module production to 24 million units [116][120] Valuation and Projections - The company's P/E ratio is expected to decrease from 22x in 2024E to 15x in 2026E, reflecting strong earnings growth and a favorable valuation compared to peers [38][40] - Revenue from smart speakers is projected to grow at a CAGR of 27.1% from 2024E to 2026E, driven by AI integration and market expansion [1][38] - VR/AR revenue is expected to grow significantly, with the company benefiting from its position as a key supplier to major VR headset manufacturers [36][37][116]