广东盛路通信科技股份有限公司 2018 年第三季度报告正文 证券代码：002446 证券简称：盛路通信 公告编号：2018-067 广东盛路通信科技股份有限公司 2018 年第三季度报告正文 1 广东盛路通信科技股份有限公司 2018 年第三季度报告正文 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。 公司负责人杨华、主管会计工作负责人杨俊及会计机构负责人(会计主管人 员)向慧凤声明：保证季度报告中财务报表的真实、准确、完整。 2 广东盛路通信科技股份有限公司 2018 年第三季度报告正文 第二节 公司基本情况 一、主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 □ 是 √ 否 | | 本报告期末 | 上年度末 | | 本报告期末比上年度末增减 | | --- | --- | --- | --- | --- | | 总资产（元） | 4,625,664,709.14 | 3,399,382,366.97 | | 36.07% ...

[Important Notice, Table of Contents and Definitions](index=2&type=section&id=Item%20I.%20Important%20Notice%2C%20Table%20of%20Contents%20and%20Definitions) The Board of Directors, Supervisory Board, and senior management guarantee the truthfulness, accuracy, and completeness of this semi-annual report, free from false records, misleading statements, or major omissions - The company's responsible person Yang Hua, chief accountant Yang Jun, and head of accounting department Wang Qiying declare that the financial report in this semi-annual report is true, accurate, and complete[5](index=5&type=chunk) - The company's 2018 semi-annual plan does not include cash dividends, bonus shares, or capital increase from capital reserves[7](index=7&type=chunk) - The company's Board of Directors, Supervisory Board, and senior management guarantee the truthfulness, accuracy, and completeness of this semi-annual report, free from false records, misleading statements, or major omissions[5](index=5&type=chunk) [Company Profile and Key Financial Indicators](index=5&type=section&id=Item%20II.%20Company%20Profile%20and%20Key%20Financial%20Indicators) [Company Profile](index=5&type=section&id=I.%20Company%20Profile) This chapter provides the company's basic information, including its stock ticker "Shenglu Communication" (code 002446), listing exchange, full Chinese and English names, and legal representative Company Profile | Item | Content | | :--- | :--- | | **Stock Abbreviation** | Shenglu Communication | | **Stock Code** | 002446 | | **Listing Exchange** | Shenzhen Stock Exchange | | **Company's Full Chinese Name** | Guangdong Shenglu Telecommunication Technology Co., Ltd | | **Legal Representative** | Yang Hua | [Key Accounting Data and Financial Indicators](index=6&type=section&id=IV.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) During the reporting period, the company's operating revenue increased by 40.29% year-on-year, but net profit attributable to shareholders grew slower at 5.48%, while net cash flow from operating activities significantly decreased by 393.77% from positive to negative, mainly due to increased material procurement for higher order volumes, and non-recurring gains and losses totaled 14.38 million RMB, primarily from government subsidies and wealth management income 2018 Semi-Annual Key Financial Indicators | Indicator | Current Reporting Period | Prior Year Period | Year-on-Year Change | | :--- | :--- | :--- | :--- | | **Operating Revenue (RMB)** | 714,350,448.28 | 509,184,511.38 | 40.29% | | **Net Profit Attributable to Shareholders of Listed Company (RMB)** | 95,146,253.77 | 90,206,720.13 | 5.48% | | **Net Profit Attributable to Shareholders of Listed Company (Excluding Non-recurring Items) (RMB)** | 80,767,554.96 | 77,330,901.91 | 4.44% | | **Net Cash Flow from Operating Activities (RMB)** | -75,733,277.52 | 25,779,988.98 | -393.77% | | **Basic Earnings Per Share (RMB/share)** | 0.12 | 0.12 | 0.00% | | **Weighted Average Return on Net Assets** | 3.70% | 3.64% | 0.06% | | **Total Assets (RMB)** | 3,569,772,182.91 | 3,399,382,366.97 | 5.01% (Period-end vs. Prior Year-end) | | **Net Assets Attributable to Shareholders of Listed Company (RMB)** | 2,606,602,750.60 | 2,522,885,937.29 | 3.32% (Period-end vs. Prior Year-end) | - Net cash flow from operating activities significantly decreased by **393.77%** year-on-year, primarily due to increased material procurement expenditures resulting from higher order volumes during the reporting period[39](index=39&type=chunk) 2018 Semi-Annual Non-recurring Gains and Losses | Item | Amount (RMB) | | :--- | :--- | | Non-current asset disposal gains and losses | -39,971.39 | | Government grants | 13,198,742.72 | | Gains and losses from entrusted investments or asset management | 2,994,010.12 | | Other non-operating income and expenses | 890,583.90 | | **Total Non-recurring Gains and Losses** | **14,378,698.81** | [Business Overview](index=8&type=section&id=Item%20III.%20Business%20Overview) [Main Businesses During the Reporting Period](index=8&type=section&id=I.%20Main%20Businesses%20During%20the%20Reporting%20Period) The company's main businesses span three key areas: telecommunications, automotive electronics, and military-civilian integration, with a focus on 5G and IoT in telecommunications, smart electronic equipment and in-car infotainment systems in automotive electronics, and microwave hybrid integrated circuits in military-civilian integration, actively promoting the conversion of military technology to civilian applications like 5G - **Telecommunications Sector**: The company actively deploys **5G and IoT**, improving product lines such as microwave antennas and IoT base station antennas, and has established stable cooperative relationships with clients including China Unicom, China Mobile, and Huawei[26](index=26&type=chunk)[30](index=30&type=chunk) - **Automotive Electronics Sector**: Centered on its subsidiary Hezheng Electronics, products cover in-car entertainment navigation and intelligent driving assistance systems (e.g., night vision, soft-close doors, streaming media rearview mirrors), providing intelligent solutions for both vehicle manufacturers and the aftermarket[26](index=26&type=chunk)[31](index=31&type=chunk) - **Military-Civilian Integration Sector**: Subsidiary Nanjing Hengdian specializes in microwave hybrid integrated circuit products for radar and electronic countermeasures, leveraging military technology advantages to successfully develop **5G millimeter-wave active phased array antennas**, promoting dual-use technology development[27](index=27&type=chunk)[32](index=32&type=chunk) [Analysis of Core Competencies](index=9&type=section&id=III.%20Analysis%20of%20Core%20Competencies) The company's core competencies lie in its leading position and technological innovation capabilities across three major business segments: telecommunications, automotive electronics, and military-civilian integration, with significant achievements in 5G and IoT, securing Tier-1 supplier status with Dongfeng Nissan, and pioneering microwave hybrid integrated circuit technology applied to 5G millimeter-wave active phased array antennas - The company holds a leading position in the civilian telecommunications antenna and RF device business, maintaining stable relationships with clients like Huawei and China Mobile, and achieving significant innovation in **5G and IoT** fields[30](index=30&type=chunk) - Automotive electronics subsidiary Hezheng Electronics obtained **Tier-1 supplier qualification from Dongfeng Nissan** and established an advanced SMT intelligent manufacturing line, enhancing its high-end product service capabilities[31](index=31&type=chunk) - Military subsidiary Nanjing Hengdian, leveraging its microwave hybrid integrated circuit technology, successfully developed a **5G millimeter-wave active phased array antenna** which won a second prize in the MIIT 5G Application Competition, indicating broad market prospects[32](index=32&type=chunk) [Management Discussion and Analysis](index=10&type=section&id=Item%20IV.%20Management%20Discussion%20and%20Analysis) [Overview](index=10&type=section&id=I.%20Overview) In the first half of 2018, the company achieved operating revenue of 714.35 million RMB, a year-on-year increase of 40.29%, and net profit attributable to shareholders of 95.15 million RMB, up 5.48%, by focusing on three major business segments: telecommunications (IoT and 5G), automotive electronics (customer and product structure adjustment), and military (microwave integrated circuit technology), while also strengthening operational management and R&D innovation 2018 First Half Key Operating Results | Indicator | Amount (RMB) | Year-on-Year Growth | | :--- | :--- | :--- | | **Operating Revenue** | 714,350,448.28 | 40.29% | | **Operating Profit** | 109,865,956.34 | 25.25% | | **Net Profit Attributable to Parent Company** | 95,146,253.77 | 5.48% | - During the reporting period, the company focused on strategic deployment across its three major business segments, improved operational management systems, and strengthened R&D collaboration with key clients and industry-academia-research integration[35](index=35&type=chunk)[36](index=36&type=chunk) [Analysis of Main Business](index=10&type=section&id=II.%20Analysis%20of%20Main%20Business) During the reporting period, the company's main business experienced strong growth, with double-digit revenue increases across telecommunications equipment, automotive electronics, and military electronics segments, notably a **68.85% year-on-year surge in telecommunications equipment revenue**, while base station antenna revenue grew by 94.95% but DA intelligent connection system revenue significantly declined by 60.27%, and gross profit margins improved for automotive electronics but decreased for telecommunications equipment and military electronics Key Financial Data Year-on-Year Changes | Item | Year-on-Year Change | Reason for Change | | :--- | :--- | :--- | | **Operating Revenue** | 40.29% | Increase in sales orders | | **Operating Cost** | 48.23% | Increase in turnover, rise in raw material and labor costs | | **Financial Expenses** | -405.06% | Increase in loan interest expenses | | **Net Cash Flow from Operating Activities** | -393.77% | Increase in orders, leading to higher material procurement expenditures | | **Net Cash Flow from Investing Activities** | -155.51% | Increase in fixed asset investments and new investments in associates | | **Net Cash Flow from Financing Activities** | -208.62% | Repayment of bank loans and distribution of cash dividends | 2018 First Half Operating Revenue Composition (by Industry) | Industry Segment | Operating Revenue (RMB) | Proportion of Operating Revenue | Year-on-Year Change | Gross Profit Margin | Gross Profit Margin Change from Prior Year | | :--- | :--- | :--- | :--- | :--- | :--- | | **Telecommunications Equipment** | 351,177,356.13 | 49.16% | 68.85% | 25.08% | -3.68% | | **Automotive Electronics** | 235,777,096.33 | 33.01% | 22.64% | 34.91% | 7.78% | | **Military Electronics** | 118,723,521.65 | 16.62% | 28.59% | 50.71% | -14.26% | 2018 First Half Operating Revenue Composition (by Product) | Product Segment | Operating Revenue (RMB) | Proportion of Operating Revenue | Year-on-Year Change | | :--- | :--- | :--- | | **Base Station Antennas** | 182,829,806.49 | 25.59% | 94.95% | | **Microwave Communication Antennas** | 87,163,919.85 | 12.20% | 45.76% | | **DA Intelligent Connection Systems** | 69,384,262.70 | 9.71% | -60.27% | | **Intelligent Driving Assistance Systems, etc.** | 166,392,833.63 | 23.29% | 100.00% | | **Military Electronics** | 118,723,521.65 | 16.62% | 28.59% | [Analysis of Investment Status](index=13&type=section&id=V.%20Analysis%20of%20Investment%20Status) During the reporting period, the company's investment amounted to 43.52 million RMB, a significant decrease of 68.59% year-on-year, with notable equity investments including capital increases in Nanjing Weixiang Technology and Foshan Xinlitu Information Technology, and the establishment of Hezheng Woqi Technology and Dongguan Hongcai Wire and Cable, while accumulated raised funds totaled 789 million RMB, primarily for technical transformation projects and working capital, with 21.68 million RMB invested during the reporting period - During the reporting period, the company's investment amounted to **43.52 million RMB**, a year-on-year decrease of **68.59%**[47](index=47&type=chunk) Significant Equity Investments During the Reporting Period | Investee Company | Investment Method | Investment Amount (RMB) | Shareholding Ratio | | :--- | :--- | :--- | :--- | | **Nanjing Weixiang Technology Co., Ltd.** | Capital Increase | 32,500,000.00 | 13.00% | | **Foshan Xinlitu Information Technology Co., Ltd.** | Capital Increase | 5,000,000.00 | 20.00% | | **Shenzhen Hezheng Woqi Technology Co., Ltd.** | New Establishment | 1,020,000.00 | 51.00% | | **Dongguan Hongcai Wire and Cable Co., Ltd.** | New Establishment | 5,000,000.00 | 100.00% | - As of the end of the reporting period, the company's total raised funds were **835 million RMB**, with **789 million RMB** cumulatively invested, and **21.68 million RMB** invested during the reporting period, primarily for technical transformation projects such as high-performance microwave communication antennas and mobile communication base station antennas, and to supplement working capital[56](index=56&type=chunk)[58](index=58&type=chunk)[59](index=59&type=chunk) [Analysis of Major Holding and Participating Companies](index=21&type=section&id=VII.%20Analysis%20of%20Major%20Holding%20and%20Participating%20Companies) During the reporting period, key subsidiaries significantly contributed to the company's performance, with Shenzhen Hezheng Automotive Electronics Co., Ltd. and Nanjing Hengdian Electronics Co., Ltd. being the primary profit drivers, achieving net profits of 29.98 million RMB and 30.10 million RMB respectively, while Foshan Shengfu Telecommunication Equipment Co., Ltd. also reported profits, and Shenzhen Qianhai Shengyuan Investment Co., Ltd. and Guangdong Xingci Testing Technology Research Co., Ltd. incurred losses Major Subsidiary Operating Performance in 2018 First Half | Company Name | Operating Revenue (RMB) | Operating Profit (RMB) | Net Profit (RMB) | | :--- | :--- | :--- | :--- | | **Shenzhen Hezheng Automotive Electronics Co., Ltd.** | 241,514,362.23 | 34,413,550.31 | 29,984,058.47 | | **Nanjing Hengdian Electronics Co., Ltd.** | 116,048,999.01 | 35,417,659.81 | 30,100,647.80 | | **Foshan Shengfu Telecommunication Equipment Co., Ltd.** | 34,209,010.23 | 2,071,486.91 | 1,758,501.93 | | **Shenzhen Qianhai Shengyuan Investment Co., Ltd.** | 7,041,105.91 | -3,251,018.31 | -2,293,047.03 | | **Guangdong Xingci Testing Technology Research Co., Ltd.** | 1,173,687.27 | -666,469.11 | -666,469.11 | [Forecast of Operating Performance for January-September 2018](index=22&type=section&id=IX.%20Forecast%20of%20Operating%20Performance%20for%20January-September%202018) The company expects net profit attributable to shareholders for January-September 2018 to remain stable, ranging from 108 million RMB to 128 million RMB, representing a change of -3.44% to 14.44% compared to 111.85 million RMB in the same period last year 2018 January-September Performance Forecast | Item | Forecast Data | | :--- | :--- | | **Net Profit Attributable to Parent Company Change Range** | -3.44% to 14.44% | | **Net Profit Attributable to Parent Company Change Interval (10,000 RMB)** | 10,800 to 12,800 | | **2017 Same Period Net Profit Attributable to Parent Company (10,000 RMB)** | 11,185.04 | [Risks Faced by the Company and Countermeasures](index=23&type=section&id=X.%20Risks%20Faced%20by%20the%20Company%20and%20Countermeasures) The company faces key risks including macroeconomic and market competition, technological obsolescence, goodwill impairment from M&A, management risks from scale expansion, and talent shortages, which it plans to address by closely monitoring the market, increasing R&D, optimizing integration, strengthening internal controls, and improving talent mechanisms - The company has identified five major risks: macroeconomic and market competition risk, technology risk, goodwill impairment risk, management risk, and talent shortage risk[69](index=69&type=chunk)[70](index=70&type=chunk) - To address technology risk, the company will increase R&D investment, ensure team stability, and continuously introduce high-end industry talent to build reserves for **5G core technologies** and IoT fields[69](index=69&type=chunk) - To mitigate goodwill impairment risk, the company will integrate acquired businesses and promote business synergy to achieve sustainable development and reduce the adverse impact of goodwill impairment on performance[70](index=70&type=chunk) [Significant Matters](index=24&type=section&id=Item%20V.%20Significant%20Matters) [Significant Related Party Transactions](index=26&type=section&id=XIII.%20Significant%20Related%20Party%20Transactions) During the reporting period, the company engaged in a significant related party transaction where its wholly-owned subsidiary, Shenzhen Qianhai Shengyuan Investment Co., Ltd., sold its 10% equity stake in Shenzhen DiDi Internet Technology Co., Ltd. to company director Guo Yiqin for 17.6 million RMB, a transaction approved by the Board of Directors and Shareholders' Meeting and completed with industrial and commercial registration changes - The company's wholly-owned subsidiary Shengyuan Investment sold its **10% equity stake in DiDi Internet** for **17.6 million RMB** (10% premium over cost) to related party director Guo Yiqin, with the transaction now completed[88](index=88&type=chunk) [Significant Contracts and Their Performance](index=27&type=section&id=XIV.%20Significant%20Contracts%20and%20Their%20Performance) During the reporting period, the company had no significant entrustment, contracting, or leasing contracts, but provided a total guarantee limit of 150 million RMB for its subsidiary Shenzhen Hezheng Automotive Electronics Co., Ltd., with an actual guarantee balance of 118 million RMB at the end of the reporting period, representing 4.53% of the company's net assets Significant Guarantees for Subsidiaries | Guaranteed Party | Approved Guarantee Limit at Period-end (10,000 RMB) | Actual Guarantee Balance at Period-end (10,000 RMB) | | :--- | :--- | :--- | | **Shenzhen Hezheng Automotive Electronics Co., Ltd.** | 15,000 | 11,800 | - The company's actual total guarantee amount accounts for **4.53%** of its net assets, and there are no guarantees provided for guaranteed parties with an asset-liability ratio exceeding 70%[93](index=93&type=chunk) [Explanation of Other Significant Matters](index=29&type=section&id=XVI.%20Explanation%20of%20Other%20Significant%20Matters) Subsequent to the reporting period, the company publicly issued 1 billion RMB in convertible corporate bonds ("Shenglu Convertible Bonds") on July 17, 2018, which began trading on August 14, and is also planning a significant cash acquisition of 100% equity in Chengdu Chuangxinda Microwave Electronics Co., Ltd. to strengthen its military sector presence, a matter still in the planning stage - The company publicly issued **1 billion RMB** in convertible corporate bonds on **July 17, 2018**, with the bond abbreviation "Shenglu Convertible Bonds" and code "128041"[97](index=97&type=chunk) - The company is planning a cash acquisition of **100% equity in Chengdu Chuangxinda Microwave Electronics Co., Ltd.** to strengthen its military business layout, with this matter currently in the planning stage[99](index=99&type=chunk) [Changes in Shareholding and Shareholder Information](index=31&type=section&id=Item%20VI.%20Changes%20in%20Shareholding%20and%20Shareholder%20Information) [Changes in Shareholding](index=31&type=section&id=I.%20Changes%20in%20Shareholding) During the reporting period, the company's total share capital remained unchanged at 762,110,260 shares, with restricted shares decreasing by 4.585 million shares and unrestricted shares increasing proportionally due to the unlocking of 25% of shares held by directors, supervisors, and senior management, and the expiration of share lock-up commitments from major asset restructuring, resulting in restricted shares accounting for 44.58% and unrestricted shares for 55.42% at period-end Changes in Shareholding | Share Type | Quantity Before Change | Increase/Decrease in This Change | Quantity After Change | Proportion After Change | | :--- | :--- | :--- | :--- | :--- | | **Restricted Shares** | 344,363,243 | -4,585,084 | 339,778,159 | 44.58% | | **Unrestricted Shares** | 417,747,017 | +4,585,084 | 422,332,101 | 55.42% | | **Total Share Capital** | **762,110,260** | **0** | **762,110,260** | **100.00%** | - **16,358,416 shares** held by 34 natural person shareholders of Nanjing Hengdian were released from lock-up during this period due to share lock-up commitments from the 2015 major asset restructuring[106](index=106&type=chunk) [Number of Shareholders and Shareholding Information](index=32&type=section&id=II.%20Number%20of%20Shareholders%20and%20Shareholding%20Information) As of the end of the reporting period, the company had 39,883 common shareholders, with Yang Hua, Li Zairong, and He Yongxing as the top three shareholders holding 18.00%, 11.29%, and 10.91% respectively, and no related party relationships or concerted actions among the top ten shareholders, while most major shareholders' holdings were highly pledged - As of the end of the reporting period, the company had **39,883** common shareholders[109](index=109&type=chunk) Top Five Shareholders' Shareholding and Pledge Status | Shareholder Name | Shareholding Ratio | Number of Common Shares Held | Number of Pledged Shares | | :--- | :--- | :--- | :--- | | **Yang Hua** | 18.00% | 137,199,406 | 79,630,000 | | **Li Zairong** | 11.29% | 86,059,731 | 80,400,000 | | **He Yongxing** | 10.91% | 83,149,530 | 60,300,000 | | **Yang Zhenfeng** | 5.03% | 38,319,162 | 13,530,000 | | **Guo Yiqin** | 5.00% | 38,105,513 | 29,469,800 | [Information on Corporate Bonds](index=38&type=section&id=Item%20IX.%20Information%20on%20Corporate%20Bonds) [Basic Information on Corporate Bonds](index=38&type=section&id=I.%20Basic%20Information%20on%20Corporate%20Bonds) The company publicly issued 1 billion RMB in convertible corporate bonds on July 17, 2018, named "Shenglu Convertible Bonds" with code "128041" and a 6-year term, featuring a tiered coupon rate from 0.5% in the first year to 2.0% in the sixth year, and was rated AA- for long-term corporate credit and AA for bond credit by United Credit Ratings Co., Ltd., with a "stable" outlook Shenglu Convertible Bonds Basic Information | Item | Content | | :--- | :--- | | **Bond Name** | Guangdong Shenglu Telecommunication Technology Co., Ltd. Convertible Corporate Bonds | | **Bond Abbreviation** | Shenglu Convertible Bonds | | **Bond Code** | 128041 | | **Issue Date** | July 17, 2018 | | **Maturity Date** | July 16, 2024 | | **Bond Balance** | 1,000,000,000 RMB | | **Coupon Rate** | 0.5% in the first year, increasing annually to 2.0% in the sixth year | - United Credit Ratings Co., Ltd. assigned the company's long-term corporate credit rating as **AA-** with a "stable" outlook, and the convertible bond credit rating as **AA**[126](index=126&type=chunk) - At the end of the reporting period, the company's EBITDA interest coverage ratio decreased by **43.60%** compared to the same period last year, primarily due to increased loan interest expenses in the current reporting period[129](index=129&type=chunk) [Financial Report](index=42&type=section&id=Item%20X.%20Financial%20Report) [Financial Statements](index=42&type=section&id=II.%20Financial%20Statements) This chapter presents the company's unaudited 2018 semi-annual consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity, showing total assets steadily growing to 3.57 billion RMB, total liabilities of 960 million RMB, total operating revenue of 714 million RMB, net profit of 95.01 million RMB, and net cash outflow from operating activities of 75.73 million RMB Consolidated Balance Sheet Key Items (2018-06-30) | Item | Period-end Balance (RMB) | | :--- | :--- | | **Total Assets** | 3,569,772,182.91 | | **Total Liabilities** | 959,635,527.96 | | **Total Owners' Equity Attributable to Parent Company** | 2,606,602,750.60 | | **Total Owners' Equity** | 2,610,136,654.95 | Consolidated Income Statement Key Items (2018 First Half) | Item | Current Period Amount (RMB) | | :--- | :--- | | **I. Total Operating Revenue** | 714,350,448.28 | | **III. Operating Profit** | 109,865,956.34 | | **V. Net Profit** | 95,009,534.91 | | **Net Profit Attributable to Parent Company Owners** | 95,146,253.77 | Consolidated Cash Flow Statement Key Items (2018 First Half) | Item | Current Period Amount (RMB) | | :--- | :--- | | **Net Cash Flow from Operating Activities** | -75,733,277.52 | | **Net Cash Flow from Investing Activities** | -61,092,252.28 | | **Net Cash Flow from Financing Activities** | -47,415,295.14 | | **Net Increase in Cash and Cash Equivalents** | -184,155,171.90 | [Notes to Consolidated Financial Statements](index=80&type=section&id=VII.%20Notes%20to%20Consolidated%20Financial%20Statements) The financial statement notes detail the composition and changes of each accounting item, with accounts receivable balance of 776 million RMB at period-end (80.7% within six months) and a bad debt provision of 32.86 million RMB, inventory book value of 434 million RMB with a 18.56 million RMB impairment provision, goodwill original book value of 1.228 billion RMB (including 9.4278 million RMB impairment for Hezheng Electronics), and operating revenue primarily from telecommunications equipment, automotive electronics, and military electronics - At period-end, the book balance of accounts receivable was **776 million RMB**, with **80.7%** of it being within six months of age, and the top five accounts receivable by debtor accounted for **31.02%** of the total[275](index=275&type=chunk)[278](index=278&type=chunk)[284](index=284&type=chunk) - At period-end, the book value of inventory was **434 million RMB**, primarily composed of finished goods, goods in transit, and work-in-progress, with the company having provided a total of **18.56 million RMB** in impairment provisions for raw materials and finished goods[307](index=307&type=chunk)[308](index=308&type=chunk) - The original book value of goodwill was **1.228 billion RMB**, mainly from the acquisitions of Hezheng Electronics (**437 million RMB**) and Nanjing Hengdian (**788 million RMB**), with a **9.4278 million RMB** impairment provision recognized for Hezheng Electronics' goodwill during the reporting period, while Nanjing Hengdian's goodwill showed no impairment[344](index=344&type=chunk)[346](index=346&type=chunk)[347](index=347&type=chunk)[348](index=348&type=chunk) - Subsequent to the reporting period, in July 2018, the company sold **10%** of its available-for-sale financial asset "DiDi Internet" for **17.6 million RMB**[320](index=320&type=chunk) [Segment Information](index=123&type=section&id=1.%20Segment%20Information) The company's business is segmented by industry into telecommunications equipment, automotive electronics, and military electronics, with telecommunications equipment being the largest revenue source at 49.8% of main business revenue, followed by automotive electronics (33.4%) and military electronics (16.8%), while base station antennas and intelligent driving assistance systems are key product revenue contributors, and domestic sales overwhelmingly dominate at 98.9% 2018 First Half Main Business Revenue by Industry Segment | Industry Segment | Operating Revenue (RMB) | Operating Cost (RMB) | | :--- | :--- | :--- | | **Telecommunications Equipment** | 351,177,356.13 | 263,091,178.19 | | **Automotive Electronics** | 235,777,096.33 | 153,470,723.90 | | **Military Electronics** | 118,723,521.65 | 58,516,558.29 | | **Total** | **705,677,974.11** | **475,078,460.38** | 2018 First Half Main Business Revenue by Region Segment | Region Segment | Operating Revenue (RMB) | Operating Cost (RMB) | | :--- | :--- | :--- | | **Overseas Sales** | 7,889,646.41 | 4,154,865.08 | | **Domestic Sales** | 697,788,327.70 | 470,923,595.30 | | **Total** | **705,677,974.11** | **475,078,460.38** | [Reference Documents Catalog](index=130&type=section&id=Item%20XI.%20Reference%20Documents%20Catalog) This report's reference documents include the original semi-annual report signed by the legal representative, accounting statements signed and sealed by relevant responsible persons, and original drafts of all publicly disclosed documents and announcements during the reporting period - This report's reference documents include the original semi-annual report signed by the legal representative, accounting statements signed and sealed by relevant responsible persons, and original drafts of all publicly disclosed documents and announcements during the reporting period[487](index=487&type=chunk)

广东盛路通信科技股份有限公司 2017 年年度报告全文 广东盛路通信科技股份有限公司 2017 年年度报告 2018-020 2018 年 04 月 1 广东盛路通信科技股份有限公司 2017 年年度报告全文 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证年度报告内容的真 实、准确、完整，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连 带的法律责任。 公司负责人杨华、主管会计工作负责人杨俊及会计机构负责人(会计主管人 员)王琪英声明：保证年度报告中财务报告的真实、准确、完整。 | 释义项 | 指 | 释义内容 | | --- | --- | --- | | 本公司/公司/母公司/本企业 | 指 | 广东盛路通信科技股份有限公司 | | 南京恒电 | 指 | 南京恒电电子有限公司 | | 合正电子 | 指 | 深圳市合正汽车电子有限公司 | | 朗赛微波 | 指 | 深圳市朗赛微波通信有限公司 | | 星磁检测 | 指 | 广东星磁检测技术研究有限公司 | | 盛元投资 | 指 | 深圳前海盛元投资有限公司 | | 盛路物联 | 指 | 深圳市盛路物联通讯技术有限公司 | ...

广东盛路通信科技股份有限公司 2018 年第一季度报告正文 证券代码：002446 证券简称：盛路通信 公告编号：2018-023 广东盛路通信科技股份有限公司 2018 年第一季度报告正文 1 广东盛路通信科技股份有限公司 2018 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。 第二节 公司基本情况 一、主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 □ 是 √ 否 | | 本报告期 | 上年同期 | 本报告期比上年同期增减 | | --- | --- | --- | --- | | 营业收入（元） | 372,341,713.11 | 266,520,506.78 | 39.70% | | 归属于上市公司股东的净利润（元） | 60,168,758.60 | 57,948,445.91 | 3.83% | | 归属于上市公司股东的扣除非经常性损 益的净利润（元） | 47,559,078.78 | ...

广东盛路通信科技股份有限公司 2017 年第三季度报告正文 证券代码：002446 证券简称：盛路通信 公告编号：2017-044 广东盛路通信科技股份有限公司 2017 年第三季度报告正文 1 广东盛路通信科技股份有限公司 2017 年第三季度报告正文 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。 公司负责人杨华、主管会计工作负责人杨俊及会计机构负责人(会计主管人 员)王琪英声明：保证季度报告中财务报表的真实、准确、完整。 2 广东盛路通信科技股份有限公司 2017 年第三季度报告正文 第二节 公司基本情况 一、主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 □ 是 √ 否 | | 本报告期末 | 上年度末 | | 本报告期末比上年度末增减 | | --- | --- | --- | --- | --- | | 总资产（元） | 3,285,331,421.06 | 3,261,150,988.48 | | 0.74% ...

广东盛路通信科技股份有限公司 2017 年半年度报告全文 广东盛路通信科技股份有限公司 2017 年半年度报告 2017-037 2017 年 08 月 1 广东盛路通信科技股份有限公司 2017 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的 真实、准确、完整，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和 连带的法律责任。 公司负责人杨华、主管会计工作负责人杨俊及会计机构负责人(会计主管人 员)王琪英声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本报告的董事会会议。 本报告所涉公司未来计划等前瞻性陈述，不构成公司对任何投资者及相关 人士的实质承诺，能否实现取决于市场状况变化、经营团队的努力程度等多种 因素，存在不确定性，请投资者注意投资风险。 公司在本报告"第四节 经营情况讨论与分析"之"十、公司面临的风险及应 对措施"部分，描述了公司经营中可能面对的风险，敬请投资者关注相关内容。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 2 | 目录 | | --- | | 2017 | 半年度报告 1 | ...

广东盛路通信科技股份有限公司 2017 年第一季度报告正文 证券代码：002446 证券简称：盛路通信 公告编号：2017-013 广东盛路通信科技股份有限公司 2017 年第一季度报告正文 1 广东盛路通信科技股份有限公司 2017 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。 公司负责人杨华、主管会计工作负责人杨俊及会计机构负责人(会计主管人 员)向慧凤声明：保证季度报告中财务报表的真实、准确、完整。 2 广东盛路通信科技股份有限公司 2017 年第一季度报告正文 第二节 公司基本情况 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 √ 是 □ 否 | | 本报告期 | 上年同期 | | 本报告期比上年同 期增减 | | --- | --- | --- | --- | --- | | | | 调整前 | 调整后 | 调整后 | | 营业收入（元） | 266,520,506.78 | 265,0 ...

2017-010 2017 年 04 月 广东盛路通信科技股份有限公司 2016 年年度报告全文 广东盛路通信科技股份有限公司 2016 年年度报告 1 广东盛路通信科技股份有限公司 2016 年年度报告全文 第一节 重要提示、目录和释义 本公司董事会、监事会及董事、监事、高级管理人员保证年度报告内容的 真实、准确、完整，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和 连带的法律责任。 公司负责人杨华、主管会计工作负责人杨俊及会计机构负责人(会计主管人 员)向慧凤声明：保证年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本报告的董事会会议。 本报告所涉公司未来计划等前瞻性陈述，不构成公司对任何投资者及相关 人士的实质承诺，能否实现取决于市场状况变化、经营团队的努力程度等多种 因素，存在很大的不确定性，请投资者注意投资风险。 公司在本报告第四节"管理层讨论与分析"中公司未来发展的展望部分描述 了公司未来经营中可能面临的风险以及 2017 年度经营计划，敬请广大投资者 注意查阅。 公司经本次董事会审议通过的利润分配预案为：以 448,300,153 为基数，向 全体股东每 10 股派发现金红利 ...

Financial Performance - Net profit attributable to shareholders rose by 24.55% to CNY 54,316,510.89 for the reporting period[8]. - Operating revenue for the period reached CNY 300,977,772.13, reflecting a 19.16% increase year-on-year[8]. - The net profit attributable to shareholders after deducting non-recurring gains and losses increased by 24.04% to CNY 53,154,933.04[8]. - Cash flow from operating activities showed a significant increase of 100.64% to CNY 549,884.20 year-to-date[8]. - The company's weighted average return on equity was 2.33%, an increase of 1.03% compared to the previous year[8]. - The estimated net profit attributable to shareholders for 2016 is projected to be between RMB 11,000,000 and RMB 14,000,000, representing a change of -9.33% to 15.39% compared to the previous year[37]. - The net profit for 2015 was RMB 12,132,330, indicating a potential growth trajectory for 2016[37]. - The company expects to trigger a maximum reward amount of RMB 144,000,000 based on the performance of its subsidiary, which will be fully included in the 2016 expenses, reducing the net profit for the year[37]. - The subsidiary, Shenzhen Hezheng Automotive Electronics Co., Ltd., has committed to achieving a net profit of RMB 7,500,000 for 2016 as part of a profit compensation agreement[37]. Asset and Investment Changes - Total assets increased by 5.86% to CNY 3,107,307,092.03 compared to the end of the previous year[8]. - Prepaid accounts increased by 92.03% due to price-locking payments for bulk raw material purchases[15]. - Other receivables surged by 1152.01% due to new bill collection business[15]. - Long-term equity investments increased by 100% due to new equity investments made during the reporting period[15]. - Cash paid for fixed assets, intangible assets, and other long-term assets rose by 154.40% in the first three quarters of 2016 compared to the same period in 2015, due to increased investments in fixed assets and new subsidiary consolidations[19]. - The balance of short-term borrowings as of September 30, 2016, increased by 65.52% compared to December 31, 2015, mainly due to increased short-term bank loans from subsidiaries[16]. - The balance of notes payable as of September 30, 2016, increased by 99.70% compared to December 31, 2015, due to increased issuance of notes after collateralizing the note pool[16]. - Minority interests increased by 100.00% as of September 30, 2016, compared to December 31, 2015, due to the establishment of a holding subsidiary[16]. Compensation and Performance Commitments - The company expects to meet its performance commitments for 2016 and trigger a maximum reward amount of 144 million yuan, which will be fully recognized as an expense in the 2016 financial statements[22]. - The total cumulative net profit commitment for 2017 to 2023 is set at CNY 48 million, subject to audit results by a qualified accounting firm[28]. - Compensation payments for any shortfall in net profit from 2017 to 2023 will be made in cash within 60 working days after the audited financial report is issued[29]. - The company committed to a net profit of at least RMB 50 million for the years 2015, 2016, and 2017, with specific compensation obligations if this target is not met[32]. - The profit compensation obligations for Nanjing Hengdian are set at RMB 50 million, RMB 60 million, and RMB 72 million for the years 2015, 2016, and 2017 respectively[32]. - If the cumulative net profit from the investment project is less than RMB 50 million within 60 months from the date of fund transfer, the shareholders will compensate the difference in a ratio of 2:1:1[34]. Shareholder and Governance Commitments - The number of ordinary shareholders at the end of the reporting period was 34,518[11]. - The company’s major shareholders have committed to avoiding any competitive activities with the company during their shareholding period[33]. - The company will strictly adhere to the regulations regarding related party transactions, ensuring compliance with market fair prices[33]. - The shareholders have made commitments regarding the use of raised funds and the protection of minority shareholders' interests[34]. - The company has established a clear decision-making process for related party transactions to protect the interests of the company and its shareholders[33]. - The controlling shareholder has committed not to reduce their shareholding in the company until January 6, 2017, to maintain stock stability[36]. Operational Insights - Operating revenue for the first three quarters of 2016 increased by 38.11% compared to the same period in 2015, primarily due to the consolidation of Nanjing Heng Electronics and sales growth[17]. - Financial expenses decreased by 108.32% in the first three quarters of 2016 compared to the same period in 2015, mainly due to increased interest income from time deposits[17]. - Investment income surged by 929.86% in the first three quarters of 2016 compared to the same period in 2015, attributed to equity transfer gains from subsidiaries[17]. - Cash received from sales of goods and services increased by 44.82% in the first three quarters of 2016 compared to the same period in 2015, driven by the consolidation of new subsidiaries[19]. - The company is focused on leveraging synergies from its acquisitions to enhance operational performance and achieve growth[37]. Compliance and Transparency - The company has no violations regarding external guarantees during the reporting period[39]. - There are no non-operating fund occupations by controlling shareholders or related parties during the reporting period[40]. - The company has not engaged in any research, communication, or interview activities during the reporting period[41]. - The company is committed to maintaining transparency and accuracy in its financial reporting and performance expectations[37].

Financial Performance - The company's operating revenue for the first half of 2016 was ¥561,964,152.08, representing a 50.97% increase compared to ¥372,245,823.60 in the same period last year[21]. - The net profit attributable to shareholders was ¥126,158,891.87, a significant increase of 162.44% from ¥48,071,567.01 in the previous year[21]. - The net profit after deducting non-recurring gains and losses was ¥100,899,603.91, up 117.24% from ¥46,445,239.48 year-on-year[21]. - The basic earnings per share rose to ¥0.28, reflecting a 115.38% increase compared to ¥0.13 in the same period last year[21]. - Operating profit reached ¥138,792,683.50, reflecting a growth of 180.03% compared to the previous year[31]. - The company reported a total profit of ¥147,084,169.90 for the first half of 2016, compared to ¥53,964,842.45 in the previous year, reflecting an increase of about 172%[135]. - The company recorded a decrease in minority shareholders' losses, which were reported at -¥843,293.98 compared to -¥25,869.63 in the previous year[136]. Assets and Liabilities - Total assets at the end of the reporting period were ¥3,006,680,774.04, a 2.43% increase from ¥2,935,280,662.99 at the end of the previous year[21]. - Total assets increased to CNY 3,006,680,774.04, up from CNY 2,935,280,662.99, representing a growth of approximately 2.5%[126]. - Total liabilities decreased to CNY 597,920,593.06 from CNY 634,208,112.12, a reduction of approximately 5.7%[127]. - Owner's equity rose to CNY 2,408,760,180.98, up from CNY 2,301,072,550.87, indicating an increase of around 4.7%[128]. Investment and R&D - The company has increased its investment in research and development to enhance product innovation and efficiency, aligning with the trends of smart manufacturing and Industry 4.0[29]. - The company’s R&D investment rose to ¥26,828,649.57, a 37.54% increase from the previous year[33]. - The investment amount for external equity investments during the reporting period was ¥143,750,000, a 379.16% increase compared to ¥30,000,000 in the same period last year[39]. Market Strategy and Expansion - The company plans to continue deep cooperation with major domestic operators and expand its international market presence, focusing on large multinational operators[29]. - The company is actively expanding its product line in the automotive smart device sector, leveraging existing technologies[30]. - The company is focusing on technological innovation and product development to strengthen its market position and customer relationships[34]. - The company aims to enhance its brand "Hezheng Intelligent Manufacturing" and expand its full product line layout in automotive channels[37]. Cash Flow and Dividends - The company reported a net cash flow from operating activities of -¥25,311,146.94, showing a slight increase in cash outflow compared to -¥25,235,855.96 in the previous year[21]. - The company will not distribute cash dividends or issue bonus shares for this reporting period[7]. - The company plans to distribute a cash dividend of RMB 0.4 per share, totaling RMB 17.93 million, based on a total share capital of 448,300,153 shares[62]. Acquisitions and Subsidiaries - The company acquired Shenzhen Hezheng Automotive Electronics Co., Ltd. and Nanjing Hengdian Electronics Co., Ltd., enhancing resource sharing and collaborative efficiency across multiple areas, including technology R&D and product sales[37]. - The company acquired 100% equity of Shenzhen Lonsai Microwave Communication Co., Ltd. for RMB 1,914.7 million[52]. - The company completed a major asset restructuring by issuing 29,664,325 shares and paying RMB 100 million in cash to acquire 100% of Hezheng Electronics[168]. Compliance and Governance - The governance structure of the company has been continuously improved, ensuring compliance with relevant laws and regulations[69]. - The company has not experienced any significant litigation or arbitration matters during the reporting period[70]. - The cash dividend policy complies with the company's articles of association and has been transparently executed[63]. Financial Reporting and Audits - The financial report for the first half of 2016 was not audited[123]. - The company has not completed an audit for the semi-annual financial report[104]. - The company has not reported any violations regarding external guarantees, indicating compliance with regulatory requirements[89]. Shareholding Structure - The total number of shares is 448,300,153, with 62.27% being restricted shares and 37.73% being unrestricted shares[111]. - Major shareholder Yang Hua holds 18.00% of shares, totaling 80,705,533 shares, with 20,176,383 shares pledged[113]. - Shareholder Li Zairong decreased holdings by 7,000,000 shares, now holding 11.29% or 50,623,371 shares[113]. Future Outlook - The net profit attributable to shareholders for the first three quarters of 2016 is expected to be between RMB 170 million and RMB 190 million, representing a year-on-year increase of 85.43% to 107.24%[61]. - The company plans to adjust the investment progress of raised funds based on industry development to maximize shareholder benefits[52]. - The company plans to expand its investment business to create new profit sources and enhance profitability, aligning with its development strategy[73].