Financial Performance - The company's operating revenue for 2014 was CNY 1,673,825,204.80, representing a 28.68% increase compared to CNY 1,300,797,368.79 in 2013[20] - The net profit attributable to shareholders for 2014 was CNY 125,722,065.39, which is a 9.81% increase from CNY 114,485,406.06 in the previous year[20] - The net cash flow from operating activities reached CNY 157,718,880.62, marking a 17.05% increase from CNY 134,740,409.00 in 2013[20] - The total assets at the end of 2014 amounted to CNY 2,615,527,739.40, reflecting a 13.67% increase from CNY 2,300,996,204.19 at the end of 2013[20] - The basic earnings per share for 2014 was CNY 0.56, up 9.80% from CNY 0.51 in 2013[20] - The weighted average return on net assets was 7.56% for 2014, an increase of 0.57% from 6.99% in the previous year[20] - The net profit after deducting non-recurring gains and losses was CNY 114,911,150.36, which is a 5.59% increase from CNY 108,830,368.83 in 2013[20] - The total equity attributable to shareholders at the end of 2014 was CNY 1,713,605,146.89, a 5.56% increase from CNY 1,623,333,592.77 in 2013[20] - The company reported a significant increase in revenue, with a year-on-year growth of 25% in the first half of 2014[86] - The company reported a net profit contribution of 684.4 million yuan from the sale of assets, accounting for 5.44% of the total net profit[99] Revenue Breakdown - In 2014, the company's total revenue reached CNY 1.67 billion, representing a year-on-year growth of 28.68%[28] - The company's main business revenue was CNY 1.64 billion, with a year-on-year growth of 29.71%[29] - The sales revenue from small batch boards increased by 46.06% year-on-year, reaching CNY 755 million[33] - The gross margin for sample products was 40.92%, a decrease of 1.64% from the previous year[30] - The gross profit margin for the printed circuit board segment was 29.62%, slightly down from 29.67% in the previous year[46] Investment and R&D - Research and development expenditure for 2014 was CNY 99,938,898.60, up 25.39% from CNY 79,701,199.79 in 2013, accounting for 5.97% of total revenue[42] - The company invested in several emerging projects, including a 5% equity acquisition in FINELINE, raising its stake to 30%[32] - The company plans to invest 100 million RMB in R&D for new technologies in the next fiscal year[86] - The company is actively involved in the development of new technologies and products, particularly in the IC carrier board segment[88] Cash Flow and Financial Position - Cash and cash equivalents increased by 361.84% to CNY 37,768,821.56, compared to a decrease of CNY 14,424,371.66 in 2013[44] - As of the end of 2014, cash and cash equivalents increased to ¥131,522,089.81, representing 5.03% of total assets, up from 4.07% in 2013, a change of 0.96%[48] - Accounts receivable rose to ¥483,665,856.71, accounting for 18.49% of total assets, compared to 18.25% in 2013, an increase of 0.24%[48] - The company’s investment activities resulted in a net cash outflow of CNY 225,822,862.78, a decrease of 11.73% compared to the previous year[44] Dividend Policy - The company plans to distribute a cash dividend of CNY 2.00 per 10 shares to all shareholders, based on a total of 247,984,584 shares[4] - The company has a cash dividend payout ratio of 100% for the 2014 profit distribution plan[78] - The company has cumulatively distributed cash dividends of RMB 156,828,900 over the past three years[81] Corporate Governance and Compliance - The company has established a sound corporate governance structure to protect the rights of all shareholders[80] - The company has not experienced any media scrutiny or non-operational fund occupation by major shareholders during the reporting period[93][94] - The company has a commitment to ensure that the total number of shares transferred by directors and senior management does not exceed 25% of their holdings annually[120] - The company has a supervisory board consisting of three members, complying with relevant laws and regulations[164] Market Strategy and Future Outlook - The company plans to focus on quality improvement and brand image enhancement in 2015[66] - The company aims to expand its traditional PCB business and pursue overseas acquisitions in 2015[66] - The company is exploring opportunities in the military products market, indicating a strategic focus on diversification[84] - Future outlook indicates a projected revenue growth of 15% for 2015, driven by new product launches and market expansion strategies[145] Operational Efficiency - The production capacity at the Yixing factory has increased by 40%, improving overall operational efficiency[87] - The company plans to enhance its operational efficiency through automation technologies, aiming for a 10% reduction in production costs by 2016[145] Related Party Transactions - The company’s sales to related parties amounted to 1,612.03 million yuan, representing 0.96% of the total transaction amount[103] - The company acquired a 30% stake in Fineline Global PTE. Ltd., which triggered related party transactions, ensuring fair pricing and maintaining independence[105] - The company has maintained a long-term cooperative relationship with Fineline Global PTE. Ltd. and its subsidiaries, indicating stable business operations[105] Internal Control and Audit - The company has established a robust internal control system covering governance, information disclosure, and financial management[186] - The board of directors guarantees the accuracy and completeness of internal control disclosures, assuming responsibility for any misstatements[187] - The company has not identified any major internal control deficiencies during the reporting period[190] Employee and Management Structure - The company employed a total of 4,341 staff as of December 31, 2014, with 56% being production personnel and 24% being professional technical staff[153] - The educational background of employees shows that 63% have a high school or lower education level, while 19% hold a college diploma and 18% have a bachelor's degree or higher[154] - The total remuneration for directors, supervisors, and senior management during the reporting period amounted to CNY 670.82 million[150]

Financial Performance - The company's operating revenue for 2014 was CNY 1,673,825,204.80, representing a 28.68% increase compared to CNY 1,300,797,368.79 in 2013[20]. - The net profit attributable to shareholders for 2014 was CNY 125,722,065.39, which is a 9.81% increase from CNY 114,485,406.06 in the previous year[20]. - The net cash flow from operating activities increased by 17.05% to CNY 157,718,880.62 in 2014, up from CNY 134,740,409.00 in 2013[20]. - The basic earnings per share for 2014 was CNY 0.56, reflecting a 9.80% increase from CNY 0.51 in 2013[20]. - Total assets at the end of 2014 reached CNY 2,614,473,604.70, a 13.62% increase from CNY 2,300,996,204.19 at the end of 2013[20]. - The net assets attributable to shareholders increased by 5.56% to CNY 1,713,605,146.89 at the end of 2014, compared to CNY 1,623,333,592.77 at the end of 2013[20]. - The company reported a net profit for 2014 of CNY 126 million, representing a growth of 9.81% compared to the previous year[30]. - The company's main business revenue was CNY 1.64 billion, up 29.71% year-on-year, driven by strong growth in traditional PCB business[30]. - Total revenue for 2014 reached CNY 1,644,290,327.81, an increase of 26.41% compared to 2013[45]. Cash Flow and Investments - The company reported a net cash flow from operating activities of CNY 157.72 million, an increase of 17.05% year-on-year[30]. - The company’s financing cash inflow increased by 71.12% to CNY 626,698,828.89, primarily due to increased bank loans[43]. - The company made external investments totaling ¥143,080,729.92 in 2014, a significant increase of 162.56% from ¥54,495,496.12 in the previous year[52]. - The company completed a targeted issuance in March 2015, raising ¥399 million for business expansion[65]. - The company is focusing on enhancing its SMT (Surface Mount Technology) capabilities, with an investment of 100 million RMB planned for upgrading equipment[85]. Market and Product Development - The company plans to focus on enhancing product quality and cost control in the Yixing factory to ensure sustainable growth[32]. - The company aims to expand its traditional PCB business and invest in the IC substrate project supported by national industrial policies[65]. - The company is actively pursuing the military product market, which is expected to contribute to future revenue streams[83]. - New product development efforts are focused on 4G technology to enhance product offerings[84]. - The company is expanding its production capacity at the Yixing factory, aiming to increase output by 30% within the next year[85]. Shareholder Returns and Dividends - The company plans to distribute a cash dividend of CNY 2.00 per 10 shares to all shareholders, based on a total of 247,984,584 shares[4]. - The company proposed a cash dividend of RMB 2.00 per 10 shares for the 2014 fiscal year, totaling RMB 49,596,916.80, which represents 39.45% of the net profit attributable to shareholders[74]. - The company’s cash dividend policy has been revised to ensure a minimum cash dividend ratio of 20% during profit distributions[77]. - Over the past three years, the company has cumulatively distributed cash dividends amounting to RMB 156,828,900[80]. Corporate Governance and Compliance - The company has established a sound corporate governance structure to protect the rights of all shareholders and ensure fair treatment[79]. - The company has implemented a training plan for management and key personnel to enhance skills and performance[156]. - The company has established a governance structure that complies with relevant laws and regulations, ensuring independent operation of the board and management[159]. - The board of directors consists of seven members, including three independent directors, ensuring compliance with governance standards[161]. - The company has not reported any significant internal control deficiencies in its financial reporting for the previous year[187]. Risk Management and Future Outlook - The company has not identified any significant risks that would adversely affect its operational or financial status[11]. - The company is exploring potential mergers and acquisitions to expand its technological capabilities[84]. - The company is considering a dividend distribution strategy for the 2014 fiscal year, reflecting its commitment to shareholder returns[88]. - The management is optimistic about future growth prospects, driven by innovation and market expansion strategies[146]. Employee and Management Structure - The company employed a total of 4,341 staff as of December 31, 2014, with 56% being production personnel[152]. - The current management team includes experienced professionals, with key positions held by individuals with over 10 years of experience in the industry[142]. - The company has a structured compensation system for its board members and executives, with independent directors receiving an annual allowance of 60,000 RMB[147]. - The company has a clear succession plan in place for its key management positions, ensuring continuity in leadership[145].

深圳市兴森快捷电路科技股份有限公司 2014 年第三季度报告正文 证券代码：002436 证券简称：兴森科技 公告编号：2014-10-072 深圳市兴森快捷电路科技股份有限公司 2014 年第三季度报告正文 1 深圳市兴森快捷电路科技股份有限公司 2014 年第三季度报告正文 2 第一节 重要提示 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完 整，不存在虚假记载、误导性陈述或者重大遗漏，并承担个别和连带的法律责任。 无 除下列董事外，其他董事亲自出席了审议本次季报的董事会会议 | | 未亲自出席董事姓名 | 未亲自出席董事职务 | 未亲自出席会议原因 | 被委托人姓名 | | --- | --- | --- | --- | --- | | 无 | | | | | 公司负责人邱醒亚、主管会计工作负责人柳敏及会计机构负责人(会计主管人员)刘丽华 声明：保证季度报告中财务报表的真实、准确、完整。 深圳市兴森快捷电路科技股份有限公司 2014 年第三季度报告正文 第二节 主要财务数据及股东变化 一、主要会计数据和财务指标 公司是否因会计政策变更及会计差错更正等追溯调整或重述以前年度会 ...

Financial Performance - The company's operating revenue for the first half of 2014 was ¥842,085,040.77, representing a 52.52% increase compared to ¥552,101,941.36 in the same period last year[21] - The net profit attributable to shareholders was ¥71,367,917.43, a 34.70% increase from ¥52,981,527.03 year-on-year[21] - The net profit after deducting non-recurring gains and losses was ¥70,654,434.85, up 37.06% from ¥51,550,476.38 in the previous year[21] - The basic earnings per share increased to ¥0.32, reflecting a 33.33% growth compared to ¥0.24 in the same period last year[21] - The company achieved total revenue of 842.09 million yuan, a year-on-year increase of 52.52%[30] - Net profit reached 71.37 million yuan, reflecting a year-on-year growth of 34.7%[30] - Main business revenue was 829 million yuan, up 57.27% year-on-year, driven by successful existing business and capacity release from the subsidiary Yixing Silicon Valley[31] - The expected net profit attributable to shareholders for the first three quarters of 2014 is projected to increase by 10.00% to 30.00%, compared to ¥85.57 million in the same period of 2013[50][51] Assets and Liabilities - Total assets at the end of the reporting period reached ¥2,508,584,779.47, a 9.02% increase from ¥2,300,996,204.19 at the end of the previous year[21] - The net assets attributable to shareholders were ¥1,662,809,452.16, which is a 2.43% increase from ¥1,623,333,592.77 at the end of the previous year[21] - Total liabilities rose to CNY 845,775,327.31 from CNY 677,662,611.42, indicating an increase of approximately 25%[112] - Owner's equity increased to CNY 1,662,809,452.16 from CNY 1,623,333,592.77, a growth of about 2.4%[112] Cash Flow - The net cash flow from operating activities was ¥51,131,103.42, down 11.91% from ¥58,041,555.60 in the same period last year[21] - Cash flow from operating activities generated a net amount of ¥51,131,103.42, down from ¥58,041,555.60 in the previous period[124] - Cash flow from investing activities showed a net outflow of ¥94,957,004.10, compared to a larger outflow of ¥172,188,864.02 last year[125] - Cash flow from financing activities yielded a net inflow of ¥54,830,913.63, down from ¥95,365,506.81 in the previous period[125] Business Operations - The company plans not to distribute cash dividends or issue bonus shares for this reporting period[6] - There are no significant adverse risk factors affecting the company's production, operation, financial status, or ongoing profitability[6] - The company has maintained stable operations, benefiting from industry recovery and continuous capacity release[51] - The company is actively expanding its production capacity across various factories, with specific focus on the Yixing facility[58] Strategic Initiatives - The company initiated a refinancing project to alleviate financial pressure and enhance capital strength, currently under review[29] - The IC substrate project has entered trial production, with a focus on improving product yield and stabilizing production processes in the second half of the year[29] - The company plans to continue expanding into the integrated circuit industry while upgrading its industrial chain[39] - The company plans to implement an integrated circuit packaging project with a total planned investment of ¥40.55 million, of which ¥3.79 million has been invested in the reporting period[49] Shareholder Information - The company has maintained complete independence from its controlling shareholder, with no incidents of fund or asset occupation reported during the reporting period[62] - The board of directors consists of seven members, including three independent directors, ensuring compliance with relevant regulations[63] - The total number of shareholders at the end of the reporting period was 8,196[98] - The largest shareholder, Qiu Xingya, holds 22.74% of the shares, totaling 50,808,543 shares, with 4,548,543 shares pledged[98] Compliance and Governance - The company is ensuring compliance with governance standards and enhancing internal control systems[61] - The company is focused on maintaining equal treatment of all shareholders, ensuring their rights are upheld during meetings[61] - The management is responsible for the authenticity and legality of the financial reports, emphasizing corporate governance[146] Investment and R&D - The company emphasized its commitment to R&D for new products and technologies, particularly in the IC substrate sector[58] - The company is focusing on expanding its long-term equity investments, which increased to CNY 106,793,186.15 from CNY 61,204,240.88, a growth of approximately 74.5%[110] Risk Management - The company’s special reserve increased to CNY 57,204,548.00, indicating a focus on risk management[137] - The company’s general risk reserve was CNY 169,571,730.99, which is a slight increase from the previous year[138] Financial Reporting - The half-year financial report was not audited[108] - The company operates under the Chinese accounting standards, ensuring the accuracy and completeness of its financial statements[146]

Revenue and Profit - Revenue for Q1 2014 reached ¥380,366,602.41, an increase of 57.35% compared to ¥241,726,406.50 in the same period last year[8] - Net profit attributable to shareholders was ¥25,643,830.83, representing a growth of 25.79% from ¥18,368,737.38 year-on-year[8] - The net profit after deducting non-recurring gains and losses was ¥25,767,853.23, up 36.11% from ¥16,912,838.97 in the previous year[8] - The net profit increase of ¥5,257,000.00 in Q1 was mainly driven by the consolidation of Exception PCB Solutions Limited, contributing ¥4,429,100.00 to the profit[16] - Operating revenue in Q1 increased by 61.29% year-on-year, primarily due to the consolidation of Exception PCB Solutions Limited, contributing an additional RMB 59.88 million[19] - The net profit attributable to shareholders for the first half of 2014 is expected to be between 58.28 million and 68.88 million RMB, representing a growth of 10% to 30% compared to 52.98 million RMB in the same period of 2013[28] Operating Costs and Expenses - The company’s gross profit margin was impacted by a 73.48% increase in operating costs, which rose by ¥110,758,300.00 compared to the previous year[16] - Management expenses rose by 33.57% year-on-year, with an increase of RMB 15.23 million attributed to the consolidation of subsidiaries and higher R&D costs[18] - Financial expenses surged by 474.49% year-on-year, mainly due to an increase in short-term bank loans by RMB 856.06 million[18] - Cash paid for purchasing goods and services increased by 84.78% year-on-year, largely due to the consolidation of Exception PCB Solutions Limited and increased material costs[19] - Cash paid for employee compensation rose by 52.27% year-on-year, with RMB 10.59 million attributed to the consolidation of Exception PCB Solutions Limited[19] - Non-operating income decreased by 99.39% year-on-year, primarily due to a reduction in government subsidies received[18] Cash Flow and Borrowings - Operating cash flow showed a significant decline, with a net outflow of ¥19,974,022.17, compared to a slight outflow of ¥133,607.69 in the previous year, marking a decrease of 14,849.75%[8] - Cash received from operating activities decreased by 92.87% year-on-year, primarily due to a reduction in export tax rebates[19] - Cash received from borrowings grew by 155.37% year-on-year, reflecting an increase in short-term bank loans[22] - Cash paid for debt repayment increased by RMB 150.46 million year-on-year, indicating a rise in short-term loan repayments[22] Shareholder Information and Company Plans - The number of shareholders at the end of the reporting period was 8,440, with the top ten shareholders holding significant stakes, including the largest shareholder holding 22.74%[11] - The company plans to issue 24.36 million shares at an estimated price of RMB 16.42 per share, aiming to raise approximately RMB 399.99 million for working capital and loan repayment[23] Market Outlook and Strategy - The overall order situation is good, with stable factory operations and a recovery in market conditions[29] - The company aims to secure more high-value-added product orders and gradually optimize the order structure to drive business growth[29]

Financial Performance - The company's operating revenue for 2013 was CNY 1,300,797,368.79, representing a 29.26% increase compared to CNY 1,006,305,000.12 in 2012[21] - The net profit attributable to shareholders for 2013 was CNY 114,485,406.06, a decrease of 23.08% from CNY 148,835,113.68 in 2012[21] - The net profit after deducting non-recurring gains and losses was CNY 108,830,368.83, down 25.46% from CNY 146,000,708.35 in the previous year[21] - The net cash flow from operating activities increased by 111.01% to CNY 134,740,409.00, compared to CNY 63,855,059.58 in 2012[21] - The total assets at the end of 2013 were CNY 2,300,996,204.19, reflecting a 21.81% increase from CNY 1,888,944,858.89 at the end of 2012[21] - The net assets attributable to shareholders increased by 2.83% to CNY 1,623,333,592.77 from CNY 1,578,709,210.05 in 2012[21] - The basic earnings per share for 2013 were CNY 0.51, a decrease of 23.88% from CNY 0.67 in 2012[21] - The weighted average return on equity was 6.99%, down from 9.75% in the previous year[21] Revenue and Growth - In 2013, the company achieved total operating revenue of CNY 1.3 billion, an increase of 29.26% year-on-year[33] - The company's main business revenue reached CNY 1.27 billion, with a significant growth of 28.96% in the second half of the year[33] - The military products business grew by 35%, while the SMT business saw a remarkable increase of 142%[33] - The total sales volume of printed circuit boards in 2013 was ¥1,267,711,203.09, which is a 28.96% increase from ¥982,993,139.88 in 2012[46] - The revenue from domestic sales was ¥780,191,353.01, with a year-on-year increase of 19.32%[56] - The company's revenue from printed circuit boards reached ¥1,203,163,815.41, with a year-on-year increase of 24.89%[56] Research and Development - R&D expenditure increased by 40.07% to CNY 79.7 million, reflecting the company's commitment to innovation[35] - Research and development expenditure increased by 40.07% to ¥79,701,199.79 in 2013, up from ¥56,902,742.34 in 2012[50] Cash Flow and Financing - The net cash flow from operating activities increased by 111.01% to ¥134,740,409.00 in 2013, compared to ¥63,855,059.58 in 2012[54] - The company's financing activities generated a net cash flow of ¥107,726,099.05 in 2013, a significant increase from a negative cash flow of -¥5,279,855.78 in 2012, marking a 2,140.32% change[54] Dividends and Shareholder Returns - The company plans to distribute a cash dividend of CNY 1.50 per 10 shares to shareholders[4] - The company achieved a cash dividend of RMB 33.51 million for the fiscal year 2013, representing 29.27% of the net profit attributable to shareholders[96] - The cash dividend policy stipulates that during the growth phase, the minimum cash dividend proportion should reach 20% of the profit distribution[97] - The company has established a three-year shareholder return plan (2012-2014) to enhance shareholder engagement and ensure fair profit distribution[98] Organizational Changes and Strategy - The company implemented a new organizational structure to enhance competitiveness and adapt to market changes[38] - The company plans to continue expanding its one-stop service model and improve technical service capabilities in the CAD and SMT sectors[39] - The company is focusing on the development of new products and technologies, particularly in the IC carrier board project[103] - The company is enhancing its one-stop service model to improve customer experience and market competitiveness[103] Acquisitions and Market Expansion - The company successfully acquired UK-based EXCEPTION, enhancing its manufacturing capabilities and market share in Europe[40] - The acquisition of 100% equity in Uberior Equity Limited was completed, enhancing the company's market position[112] - The company completed the acquisition of Exception PCB Solutions Limited for a total payment of 9.1 million USD, with the consolidation of its subsidiaries effective from May 31, 2013[115] Risk Management and Compliance - There are no significant risk factors affecting the company's production, financial status, or profitability[11] - The company has not encountered any significant changes in project feasibility or delays in expected benefits during the reporting period[74] - The company has not experienced any significant accounting errors or changes in accounting policies compared to the previous year[88] - The company has not faced any suspension or termination of listing issues[136] Social Responsibility and Environmental Commitment - The company is committed to environmental protection, implementing measures for energy conservation, emission reduction, and adopting the ISO14000 environmental management system[101] - The company is actively involved in social responsibility initiatives, creating job opportunities and participating in charitable activities[101] Employee Management and Structure - The total number of employees as of December 31, 2013, was 3,848, with 59% being production personnel[162] - The company employs a three-part incentive system based on position, performance, and salary[157] - The company has a training plan for management and key personnel based on annual business goals[167] Governance and Internal Control - The company has established a complete and independent financial management system, with no interference from the controlling shareholder[191] - The board of directors guarantees that there are no false records, misleading statements, or significant omissions regarding internal control, and assumes individual and joint responsibility for the content's authenticity, accuracy, and completeness[197] - The financial reporting internal control system is based on laws and regulations, ensuring the prevention of financial reporting risks, with no significant deficiencies reported in the 2013 financial report[198]