Financial Performance - The company's operating revenue for 2015 was CNY 2,119,478,903.82, representing a 26.62% increase compared to CNY 1,673,825,204.80 in 2014[16] - The net profit attributable to shareholders of the listed company was CNY 140,209,675.51, an increase of 11.52% from CNY 125,722,065.39 in the previous year[16] - The net profit after deducting non-recurring gains and losses was CNY 83,114,268.54, which is a decrease of 27.67% compared to CNY 114,911,150.36 in 2014[16] - The net cash flow from operating activities was CNY 184,968,214.55, up 17.28% from CNY 157,718,880.62 in the previous year[16] - The total assets at the end of 2015 were CNY 3,795,192,816.14, reflecting a 45.10% increase from CNY 2,615,527,739.40 at the end of 2014[17] - The net assets attributable to shareholders of the listed company increased by 27.77% to CNY 2,189,534,962.87 from CNY 1,713,605,146.89 in 2014[17] - The basic earnings per share for 2015 was CNY 0.29, a slight increase of 3.57% from CNY 0.28 in the previous year[16] - The weighted average return on equity was 6.86%, down from 7.56% in 2014, indicating a decrease of 0.70%[17] Dividend Distribution - The company plans to distribute a cash dividend of CNY 0.5 per 10 shares, totaling CNY 24,798,484.00 based on the total share capital of 495,969,168 shares[5] - The cash dividend for 2015 represents 17.69% of the net profit attributable to ordinary shareholders, which is RMB 140,209,675.51[104] - The company executed a cash dividend policy that aligns with the guidelines set by the China Securities Regulatory Commission[99] - The company did not propose any stock bonus for the year 2015, maintaining a focus on cash dividends[106] - The cash dividend payout ratio for 2014 was significantly higher at 39.45% of the net profit[104] - The company has a history of increasing cash dividends, with the 2014 payout being RMB 2.00 per 10 shares[100] - The company’s distributable profits for 2015 amounted to RMB 216,341,525.45[104] - The company has committed to protecting the rights of minority shareholders in its dividend distribution process[100] Revenue Breakdown - The company's total revenue for Q1, Q2, Q3, and Q4 were approximately ¥428.11 million, ¥578.58 million, ¥528.70 million, and ¥584.09 million respectively, showing a strong performance in Q2 and Q4[21] - Net profit attributable to shareholders for the same quarters was approximately ¥15.45 million, ¥34.64 million, ¥64.45 million, and ¥25.66 million, indicating significant growth in Q3[21] - The net profit excluding non-recurring items for Q1, Q2, Q3, and Q4 was approximately ¥12.93 million, ¥47.39 million, ¥14.96 million, and ¥7.83 million, with a notable peak in Q2[21] - The net cash flow from operating activities showed a significant turnaround from negative ¥6.55 million in Q1 and negative ¥18.19 million in Q2 to positive ¥70.49 million in Q3 and ¥139.22 million in Q4[21] Acquisitions and Investments - The company completed the acquisition of 70% of Hunan Yuanke Innovation Technology Co., enhancing its military product qualifications and capabilities[27] - The company has invested significantly in military product resources and market expansion, leading to a fast growth rate in its military business[31] - The company acquired Hunan Yuanke Innovation to enhance its military product offerings, including high-security solid-state drives and large-capacity storage arrays[31] - The company has begun mass production of semiconductor test boards, achieving a monthly output of over 3,000 square meters by Q4 2015[34] - The acquisition of Harbor Electronics has enabled the company to provide a full range of semiconductor test board solutions, leveraging both high-end production capabilities and low-cost manufacturing[36] - The company has completed significant equity investments totaling CNY 191,120,035.15 during the reporting period[83] Research and Development - Research and development (R&D) investment increased by 39.61% to CNY 139,526,569.03, which is 6.58% of operating revenue[73] - The company has established a strong competitive advantage through significant investments in R&D, with over 335 patents filed, including 166 invention patents, and 143 patents granted as of the reporting period[41] Market Position and Industry Trends - The PCB industry is experiencing a slowdown in growth, with domestic production costs rising, impacting profit margins[29] - The company is recognized as the largest provider of PCB prototype and small batch manufacturing services in China, being awarded as an excellent national brand[30] - The military products market is expected to grow rapidly due to increased national defense spending and modernization efforts, with a market size of approximately $2.5 billion for high-reliability military solid-state drives[31] - The global integrated circuit (IC) market is experiencing rapid growth, with a significant demand for IC substrates in China, which currently accounts for only 5.6% of the global market[33] Financial Management and Governance - The company has established a fully independent financial department and accounting system, ensuring no interference from the controlling shareholder in financial decisions[187] - The board of directors consists of seven members, including three independent directors, ensuring compliance with regulatory requirements[182] - The company actively engages in investor relations management, ensuring timely and accurate information disclosure to all shareholders[184] - The company has established four specialized committees under the board of directors, including audit and remuneration committees, to enhance governance[182] Employee and Management Structure - The total number of employees as of December 31, 2015, is 4,419, with 54.11% being production personnel[172] - The total salary expense for the reporting period is CNY 418.40 million, accounting for 25.16% of the total operating revenue[178] - The average salary for executives is CNY 485,700 per person, while the average salary for all employees is CNY 94,700 per person[178] - The company has established a three-dimensional incentive system based on position, performance, and salary for its directors and senior management[167] Compliance and Legal Matters - The company did not experience any non-operating fund occupation by controlling shareholders or related parties during the reporting period[110] - There were no major lawsuits or arbitration matters reported during the period[117] - The company has not faced any penalties or rectification issues during the reporting period[118] - The company has not undergone any bankruptcy reorganization during the reporting period[115] Shareholder Structure - The total number of shareholders at the end of the reporting period was 44,960, an increase from 40,558 in the previous period[150] - Major shareholder Qiu Xingya holds 20.49% of the shares, amounting to 101,617,086 shares, with a pledge status on 88,330,000 shares[150] - The controlling shareholder, Qiu Xingya, has been the chairman and general manager since July 2005, with no changes in control during the reporting period[152] - The company has a diverse board with members holding various positions in other organizations, enhancing its strategic network[165]

Financial Performance - Net profit attributable to shareholders rose by 104.08% to CNY 64,452,861.27 for the reporting period[7] - Operating revenue for the period was CNY 528,700,698.30, reflecting a growth of 25.79% year-on-year[7] - Net profit attributable to shareholders after deducting non-recurring gains and losses decreased by 32.30% to CNY 14,960,054.47[7] - Basic earnings per share decreased by 7.14% to CNY 0.13, while diluted earnings per share remained the same[7] - The weighted average return on net assets was 3.03%, a decrease of 1.10% compared to the previous year[7] - The company reported a net cash flow from operating activities of CNY 45,743,910.39, down 43.99% year-to-date[7] - The net profit attributable to the parent company increased by CNY 32.87 million, a growth rate of 104.08%, primarily due to investment income from the acquisition of Fineline[22] - The net profit attributable to shareholders for 2015 is expected to be between 138.29 million and 163.44 million RMB, representing a growth of 10% to 30% compared to the previous year[35] - The net profit for 2014 was 125.72 million RMB, indicating a positive trend in profitability for the company[36] Assets and Liabilities - Total assets increased by 31.51% to CNY 3,439,556,995.70 compared to the end of the previous year[7] - The company’s total liabilities increased significantly, with accounts payable rising by CNY 19.13 million, a growth rate of 231.49%[19] - The company’s capital stock increased by CNY 272.57 million, a growth rate of 122.01%, due to a private placement and capital reserve conversion[19] - Total liabilities increased to approximately 1.22 billion RMB from 901.92 million RMB, indicating a rise in financial obligations[46] - The equity attributable to shareholders reached approximately 2.17 billion RMB, up from 1.71 billion RMB, showing a healthy growth in shareholder value[46] Cash Flow - The company reported a net cash flow from operating activities of CNY 45,743,910.39, down 43.99% year-to-date[7] - Cash flow from operating activities generated a net amount of ¥45,743,910.39, down 43.9% from ¥81,676,779.37 in the prior period[66] - Cash inflow from financing activities totaled CNY 759,863,108.40, significantly higher than CNY 369,000,000.00 in the previous period, marking an increase of about 105.6%[72] - Net cash flow from financing activities was CNY 274,204,295.72, compared to CNY 104,612,573.30 in the previous period, indicating an increase of approximately 161.5%[72] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 27,922[11] - The largest shareholder, Qiu Xingya, held 20.49% of the shares, amounting to 101,617,086 shares[11] - The company has committed to not transferring shares held by its major shareholders within six months after their departure[33] - The company has made commitments to ensure that major shareholders do not engage in competing business activities during their tenure[33] Investments and Acquisitions - Non-recurring gains included government subsidies of CNY 6,082,309.97 and gains from the disposal of non-current assets of CNY 47,713,197.31[8] - The company suspended its stock trading on July 7, 2015, due to planning significant overseas mergers and acquisitions, including PCB business acquisition and establishment of an overseas acquisition fund[30] - The company plans to repurchase up to 34.4 million shares at a price not exceeding RMB 12.5 per share, with a total repurchase amount not exceeding RMB 430 million[31] - The subsidiary FINELINE is expected to show substantial growth in Q4 2015, contributing positively to the overall investment income[36] Revenue and Costs - Total operating revenue for the third quarter reached ¥528,700,698.30, an increase of 25.8% compared to ¥420,291,061.90 in the same period last year[52] - Total operating costs amounted to ¥511,633,091.75, up 27.5% from ¥401,411,864.60 year-on-year[53] - Total operating revenue for the current period reached ¥1,535,388,705.71, an increase of 21.6% compared to ¥1,262,376,102.67 in the previous period[60] - Total operating costs amounted to ¥1,467,331,745.44, up 25.3% from ¥1,171,658,736.35 in the prior period[60] Comprehensive Income - The company reported a total comprehensive income of ¥74,686,600.96, compared to ¥29,369,972.44 in the same quarter last year, reflecting a growth of 153.5%[54] - The company recorded a total comprehensive income of ¥130,239,067.08, compared to ¥102,467,007.24 in the previous period, reflecting a growth of 27.2%[62]

Financial Performance - The company's operating revenue for the first half of 2015 was ¥1,006,688,007.41, representing a 19.55% increase compared to ¥842,085,040.77 in the same period last year[21]. - The net profit attributable to shareholders was ¥50,092,009.65, a decrease of 29.81% from ¥71,367,917.43 in the previous year[21]. - The net profit after deducting non-recurring gains and losses was ¥47,391,701.06, down 32.92% from ¥70,654,434.85 year-on-year[21]. - The net cash flow from operating activities was negative at -¥24,741,965.41, a decline of 148.39% compared to ¥51,131,103.42 in the same period last year[21]. - Basic earnings per share decreased by 68.75% to ¥0.10 from ¥0.32 in the previous year[21]. - The company achieved total operating revenue of 1.0067 billion yuan, a year-on-year increase of 19.55%[31]. - Net profit attributable to shareholders was 50.09 million yuan, a decline of 29.81% compared to the previous year[31]. - The main business revenue reached 976 million yuan, growing by 17.81% year-on-year, driven by strong performance in the military and flexible circuit board sectors[31]. - The gross profit margin for the sample products was 40.28%, an increase of 1.87% year-on-year, mainly due to higher value orders in military and flexible circuit board businesses[32]. - The company reported a significant increase in external equity investments, totaling 199.28 million yuan, up 398.19% from the previous year[43]. Cash Flow and Liquidity - The company reported a net cash flow from operating activities of -24.74 million yuan, a decrease of 148.39% year-on-year, primarily due to longer average payment terms from military clients[33]. - The company’s cash and cash equivalents increased by 700.98% to 108.09 million yuan, largely due to the inclusion of FINELINE in the consolidated financial statements[35]. - Cash and cash equivalents at the end of the period totaled 239,615,335.74, compared to 107,248,401.54 at the end of the previous period[135]. - The net cash flow from operating activities was negative at -24,741,965.41, compared to a positive 51,131,103.42 in the previous period[134]. - Total cash inflow from financing activities reached 1,009,487,961.67, significantly higher than 319,000,000.00 in the prior period[135]. Investments and Acquisitions - The company acquired a 30% stake in strategic partner FINELINE, increasing its ownership to 60% and achieving control over the company[38]. - The company plans to invest CNY 40.55 million in the integrated circuit packaging substrate project, with 82.29% of the investment completed as of the report date[58]. - The company is in the process of acquiring real estate valued at CNY 122 million, with payment already made[75]. - The company acquired 30% of Fineline Global PTE Ltd. for a total price of USD 2.018 million, increasing its ownership to 60%[77]. Research and Development - Research and development expenses increased by 54.11% to 67.32 million yuan, reflecting the company's commitment to innovation[33]. - Research and development investment reached 67.32 million yuan, a year-on-year increase of 54.11%[38]. - The company is actively developing new products and technologies, particularly in the IC substrate project[63]. Corporate Governance and Compliance - The board of directors consists of seven members, including three independent directors, ensuring compliance with relevant regulations[68]. - The company has strengthened its information disclosure management, ensuring timely and accurate communication with investors[71]. - The company has modified its governance documents to enhance operational standards and compliance[66]. - The company has not experienced any major litigation or arbitration matters during the reporting period[72]. Market and Strategic Outlook - The company plans to accelerate overseas and military business strategic layout, enhance independent R&D, and promote industrial chain transformation[30]. - The company has made significant progress in its internationalization efforts, including the acquisition of semiconductor testing assets from Xcerra Corporation[38]. - The company is considering mergers and acquisitions as part of its growth strategy[63]. - The company has introduced new strategies for market expansion and product development, particularly in military and PCB sectors[64]. Shareholder and Equity Information - The total number of shares held by shareholders increased from 223,400,000 to 495,969,168 due to the issuance of new shares and stock dividends[102]. - The largest shareholder, Qiu Xingya, holds 20.49% of shares, with a total of 101,617,086 shares, having increased by 50,808,543 shares during the reporting period[105]. - The company completed a private placement of 24,584,584 shares, increasing total shares to 495,969,168[102]. Financial Reporting and Standards - The financial report for the first half of 2015 was not audited[115]. - The company’s financial reports are prepared based on the going concern principle and in accordance with the relevant accounting standards[158]. - The company adheres to the enterprise accounting standards, ensuring the financial statements accurately reflect its financial position and operating results[159]. Assets and Liabilities - Total assets at the end of the reporting period were ¥3,280,916,740.45, an increase of 25.44% from ¥2,615,527,739.40 at the end of the previous year[21]. - Current liabilities rose to CNY 1,101,410,590.22, compared to CNY 880,266,092.51, reflecting an increase of about 25.1%[118]. - The company reported a total liability of CNY 1,133,968,557.79, up from CNY 901,922,592.51, which is an increase of about 25.7%[119]. Risk Management - The company aims to enhance its risk management strategies to mitigate potential financial impacts in the future[145].

深圳市兴森快捷电路科技股份有限公司 2015 年第一季度报告正文 证券代码：002436 证券简称：兴森科技 公告编号：2015-04-029 深圳市兴森快捷电路科技股份有限公司 2015 年第一季度报告正文 1 深圳市兴森快捷电路科技股份有限公司 2015 年第一季度报告正文 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。 所有董事均已出席了审议本次季报的董事会会议。 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。 2 深圳市兴森快捷电路科技股份有限公司 2015 年第一季度报告正文 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计数据 | 项目 | 年初至报告期期末金额 | 说明 | | --- | --- | --- | | 计入当期损益的政府补助（与企业业务密切相关，按 照国家统一标准定额或定量享受的政府补助除外） | 2, ...

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]