广州惠威电声科技股份有限公司 2022 年第一季度报告全文 证券代码：002888 证券简称：惠威科技 公告编号：2022-017 广州惠威电声科技股份有限公司 2.公司负责人、主管会计工作负责人及会计机构负责人(会计主管人员)声明：保证季度报告中财务信 息的真实、准确、完整。 3.第一季度报告是否经过审计 □ 是 √ 否 2022 年第一季度报告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导 性陈述或重大遗漏。 重要内容提示: 1.董事会、监事会及董事、监事、高级管理人员保证季度报告的真实、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。 一、主要财务数据 (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） | 51,352,581.97 | 62,138,140.51 | -17.36% | | 归属于上市公司股东的净利润（元） | 500,697.49 | 8,044,0 ...

Financial Performance - The company's operating revenue for 2021 was ¥289,474,305.87, representing a 9.00% increase compared to ¥265,579,263.85 in 2020[20] - The net profit attributable to shareholders decreased by 15.27% to ¥25,954,602.05 from ¥30,633,509.02 in the previous year[20] - Basic earnings per share fell by 32.00% to ¥0.17 from ¥0.25 in 2020[20] - The weighted average return on equity was 6.02%, a decrease from 7.25% in the previous year[20] - The company reported a decrease in net profit after deducting non-recurring gains and losses, with a net profit of ¥23,463,289.86, a slight increase of 1.21% from ¥23,181,886.73 in 2020[20] - The company's total revenue for 2021 reached ¥289,474,305.87, representing a 9.00% increase compared to ¥265,579,263.85 in 2020[42] - The revenue from the home theater series increased by 23.28% to ¥79,011,176.89, while the multimedia series saw a decline of 23.48% to ¥50,454,483.27[42] - The company achieved a gross margin of 36.97% in the electronic audio industry, slightly down by 0.28% from the previous year[44] - Online sales grew significantly by 60.66%, contributing ¥80,410,688.29, while offline sales decreased by 3.00% to ¥209,063,617.58[42] - The company sold 778,703 units in 2021, a 14.03% increase from 682,902 units in 2020, with production rising by 28.28% to 864,807 units[45] Cash Flow and Assets - The net cash flow from operating activities was negative at -¥19,036,178.74, a decline of 156.45% compared to ¥33,721,228.98 in 2020[20] - The net cash flow from operating activities was negative in Q1 at -¥5.17 million and Q3 at -¥22.97 million, but positive in Q2 at ¥3.46 million and Q4 at ¥5.64 million, highlighting cash flow volatility[24] - Operating cash inflow totaled ¥359,614,442.39, a 16.89% increase, while cash outflow rose by 38.23% to ¥378,650,621.13, resulting in a net cash flow of -¥19,036,178.74[55] - As of the end of 2021, cash and cash equivalents amounted to ¥106,483,102.08, representing 22.00% of total assets, a decrease of 0.52% compared to the beginning of the year[61] - Inventory increased significantly to ¥154,198,211.09, accounting for 31.86% of total assets, up 9.02% from the beginning of the year[61] - Fixed assets rose to ¥150,639,210.27, making up 31.12% of total assets, an increase of 9.60% compared to the start of the year[61] Market and Industry Trends - The audio industry is experiencing stable growth despite challenges from the pandemic and international trade tensions, with increasing demand driven by advancements in technology such as wireless transmission and active noise cancellation[30] - The overall audio market is expanding, but increased competition is leading to declining profit margins, posing challenges for the company's growth[35] - The global trend towards "smart" audio products has led to explosive growth in smart speaker shipments, increasing competition for traditional audio manufacturers[88] - The company aims to ensure effective use of raised funds while adapting to market changes and technological advancements[73] Research and Development - The company focuses on high-end audio products and has a complete industrial chain from research and development to sales, ensuring a competitive edge in the market[32] - The company is committed to continuous innovation and product development to enhance market competitiveness and operational capabilities[35] - The company has over a hundred R&D personnel, focusing on innovative sound quality technology and maintaining a competitive edge in the market[39] - Research and development investments have increased by 10%, totaling 100 million RMB, to support new technology initiatives[108] Governance and Management - The company has established a robust internal control system and governance structure in compliance with relevant laws and regulations[91] - The company operates independently from its controlling shareholders, maintaining clear asset ownership and financial independence[96] - The company has implemented a cash dividend policy to enhance shareholder value[139] - The remuneration structure is designed to align with industry standards and promote long-term company development[110] Shareholder Information - The total number of shares held by the chairman increased from 78,269,616 to 93,923,539, reflecting an increase of 19.9%[99] - The total number of shares held by the director increased from 4,419,000 to 5,302,800, reflecting an increase of 19.9%[99] - The largest shareholder, Hongbo Yao, holds 62.78% of the shares, totaling 93,923,539 shares, with a decrease of 15,653,923 shares during the reporting period[178] - The company has 62,016,462 restricted shares, which represent 49.74% of the total shares[172] Risks and Challenges - The company highlighted potential risks in its future development outlook, which investors should be aware of[5] - The company faces risks from market fluctuations, as consumer demand in the electronic sound industry is significantly influenced by macroeconomic conditions[87] - The company is at risk of talent loss due to intensified competition for skilled personnel in the audio equipment sector[89] Future Outlook - The company has set a future outlook with a revenue target of 1.5 billion RMB for the next fiscal year, indicating a projected growth rate of 25%[108] - New product launches are expected to contribute an additional 200 million RMB in revenue, with a focus on innovative audio technology[109] - The company plans to enhance its digital marketing strategies, aiming for a 15% increase in online sales channels[109]

Financial Performance - The company's revenue for Q3 2021 was CNY 67,373,545.74, representing an increase of 11.62% compared to the same period last year[4]. - The net profit attributable to shareholders for Q3 2021 was CNY 6,218,367.10, a decrease of 10.37% year-on-year[4]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 3,336,551.39, down 39.82% compared to the same period last year[4]. - Total operating revenue for the current period reached ¥212,014,669.60, an increase of 22.4% compared to ¥173,237,177.77 in the previous period[19]. - Net profit for the current period was ¥23,215,514.42, representing a growth of 8.0% from ¥21,504,319.20 in the same period last year[20]. - Operating profit increased to ¥25,147,740.51, a rise of 6.5% compared to ¥23,620,210.90 in the previous year[20]. - The company’s total comprehensive income for the current period was ¥23,228,785.03, compared to ¥21,655,183.38 in the previous period, indicating an increase of 7.3%[21]. Cash Flow and Assets - The operating cash flow net amount for the year-to-date was CNY -24,679,808.49, a significant decrease of 10,079.26%[4]. - The company reported a significant decrease in cash flow from operating activities, primarily due to increased raw material expenditures[10]. - Cash flow from operating activities showed a net outflow of ¥24,679,808.49, contrasting with a net inflow of ¥247,310.98 in the prior period[24]. - Cash and cash equivalents decreased to ¥69,850,921.65 from ¥112,045,594.93[15]. - Cash and cash equivalents at the end of the period totaled ¥69,045,609.15, down from ¥174,122,577.41 at the end of the previous period[25]. - Total assets at the end of the reporting period were CNY 496,178,305.60, a decrease of 0.27% from the end of the previous year[4]. - As of September 30, 2021, total current assets amount to ¥327,736,921.68, a decrease from ¥378,661,187.10 at the end of 2020[16]. - The total assets as of September 30, 2021, are ¥496,178,305.60, a minor decrease from ¥497,514,556.68[18]. Liabilities and Equity - Total liabilities decreased to ¥65,909,066.58 from ¥70,229,607.07, a reduction of approximately 6.5%[17]. - The total equity attributable to shareholders at the end of the reporting period was CNY 430,269,239.02, reflecting a 0.70% increase from the previous year[4]. - The company's equity increased slightly to ¥430,269,239.02 from ¥427,284,949.61[18]. Shareholder Information - Total number of common shareholders at the end of the reporting period is 11,912[12]. - The largest shareholder, Hongbo Yao, holds 62.78% of shares, totaling 93,923,539 shares[12]. - The number of shares held by the top ten unrestricted shareholders includes Hongbo Yao with 23,480,885 shares[13]. Expenses and Investments - The company's management expenses rose by 30.52% to CNY 24,040,382.05, mainly due to the previous year's social security fee reductions[10]. - Investment income for the year-to-date increased by 39.43% to CNY 1,604,112.48, attributed to higher investment returns[10]. - The company reported a decrease in research and development expenses to ¥14,139,825.38 from ¥15,233,753.22, reflecting a reduction of 7.2%[19]. - Investment activities generated a net cash inflow of ¥2,871,486.67, a decrease from ¥67,769,276.73 in the previous period[24]. Inventory and Current Assets - The company's inventory increased by 51.18% to CNY 171,768,244.13, primarily due to increased purchases of raw materials[9]. - Inventory increased significantly to ¥171,768,244.13 from ¥113,616,732.68, indicating a growth of 51.1%[16]. Other Information - The third quarter report of Guangzhou HiVi Acoustics Technology Co., Ltd. was not audited[26]. - The company began implementing the new leasing standards in 2021, with no applicable adjustments to prior financial statements[26]. - There were no retrospective adjustments to prior comparative data due to the new leasing standards[26].

Financial Performance - The company's operating revenue for the first half of 2021 was ¥144,641,123.86, representing a 28.14% increase compared to ¥112,876,089.24 in the same period last year[19]. - The net profit attributable to shareholders of the listed company was ¥16,997,147.32, up 16.69% from ¥14,566,380.11 in the previous year[19]. - The net profit after deducting non-recurring gains and losses increased by 94.98%, reaching ¥15,910,166.01 compared to ¥8,159,774.80 in the same period last year[19]. - The company's revenue for the reporting period reached ¥144,641,123.86, representing a year-on-year increase of 28.14% compared to ¥112,876,089.24 in the previous year[33]. - The operating profit for the first half of 2021 was CNY 20,298,392.44, up from CNY 15,981,137.08 in the first half of 2020, reflecting a growth of 27.5%[116]. - The company reported a significant increase in investment income to CNY 1,261,248.75 from CNY 867,318.37, reflecting a growth of 45.4%[114]. - The company achieved a total comprehensive income of CNY 17,009,592.32, an increase from CNY 14,701,739.85 in the first half of 2020[117]. Assets and Liabilities - The company's total assets as of June 30, 2021, were ¥516,064,384.08, a 3.73% increase from ¥497,514,556.68 at the end of the previous year[19]. - The company's total liabilities increased to CNY 81,743,954.15 from CNY 70,229,607.07, marking a rise of around 16.5%[108]. - The company's current assets totaled CNY 400,074,418.24, up from CNY 378,661,187.10 at the end of 2020, indicating an increase of about 5.4%[107]. - Inventory levels rose significantly to CNY 151,541,646.07, compared to CNY 113,616,732.68 at the end of 2020, reflecting an increase of approximately 33.3%[106]. - The total liabilities decreased to CNY 53,659,454.13 from CNY 55,739,462.69, indicating a reduction of approximately 3.7%[113]. Shareholder Information - The total number of shares increased from 124,676,400 to 149,611,680 due to a capital reserve conversion, with a total of 24,935,280 shares added[87]. - Hongbo Yao holds 62.78% of the shares, with a total of 93,923,539 shares, after an increase of 15,653,923 shares during the reporting period[93]. - The total number of restricted shares at the end of the period is 74,419,754, with an increase of 12,403,292 shares[90]. - The total number of shares held by directors and senior management at the end of the period is 99,226,339 shares[95]. - The company did not experience any changes in its controlling shareholder or actual controller during the reporting period[96]. Cash Flow - The net cash flow from operating activities was negative at -¥1,710,625.95, a decline of 179.86% compared to ¥2,142,112.60 in the previous year[19]. - The total cash inflow from operating activities was 170,836,619.23 CNY, compared to 133,452,126.49 CNY in the first half of 2020, representing an increase of approximately 28%[124]. - The total cash outflow from operating activities was 172,547,245.18 CNY, compared to 131,310,013.89 CNY in the same period of 2020, reflecting an increase of approximately 31.5%[124]. - The cash flow from financing activities resulted in a net outflow of -9,974,112.00 CNY, compared to -24,935,280.00 CNY in the first half of 2020[125]. Risks and Challenges - The company faces risks including new product and technology substitution, market volatility, and talent loss[5]. - The company faces risks from inventory depreciation and competition from smart audio products, which could impact future performance[49]. Research and Development - Research and development expenses decreased by 8.43% to ¥8,797,547.42, attributed to increased raw material purchases[33]. - Research and development expenses for the first half of 2021 were CNY 8,797,547.42, slightly down from CNY 9,607,422.96 in the same period of 2020[114]. Corporate Governance - The financial report was approved by the board of directors on August 30, 2021, ensuring timely disclosure of financial performance[151]. - The company did not engage in any significant related party transactions during the reporting period[69]. - There were no major lawsuits or arbitration matters during the reporting period[68]. Accounting Policies - The company prepares its financial statements based on the going concern assumption and adheres to the relevant accounting standards issued by the Ministry of Finance[152]. - The company's accounting records are maintained in Renminbi, which is also the currency used for financial reporting[158]. - The company recognizes goodwill in cases where the acquisition cost exceeds the fair value of identifiable net assets acquired in a business combination[162].

Financial Performance - The company's operating revenue for 2020 was approximately ¥265.58 million, a decrease of 3.36% compared to ¥274.82 million in 2019[16]. - Net profit attributable to shareholders for 2020 was approximately ¥30.63 million, an increase of 17.10% from ¥26.16 million in 2019[16]. - The net profit after deducting non-recurring gains and losses was approximately ¥23.18 million, up 33.64% from ¥17.35 million in 2019[16]. - Basic earnings per share for 2020 were ¥0.25, representing a 19.05% increase from ¥0.21 in 2019[16]. - Operating profit reached CNY 36.77 million, an increase of 48.74% year-on-year, while total profit amounted to CNY 36.20 million, up 26.17%[34]. - The company maintained a gross margin of 37.25% in the electronic sound industry, which improved by 0.81% year-on-year[43]. - The company reported a sales volume of 682,902 units in 2020, a decrease of 13.76% from the previous year[45]. - The multimedia series revenue decreased by 22.84% to CNY 65.94 million, while the home theater series revenue increased by 49.72% to CNY 64.09 million[41]. Cash Flow and Assets - The net cash flow from operating activities decreased by 48.84% to approximately ¥33.72 million from ¥65.92 million in 2019[16]. - The company faced a significant decrease in cash flow from operating activities, indicating potential liquidity challenges moving forward[16]. - Total assets at the end of 2020 were approximately ¥497.51 million, an increase of 5.38% from ¥472.10 million at the end of 2019[16]. - The company's total assets increased from CNY 472.10 million in 2019 to CNY 497.51 million in 2020, indicating a growth of approximately 5.4%[194]. - The company's cash and cash equivalents decreased from CNY 131.59 million in 2019 to CNY 112.05 million in 2020, representing a decline of approximately 14.9%[194]. - Total current assets rose from CNY 347.55 million in 2019 to CNY 378.66 million in 2020, reflecting an increase of about 8.95%[194]. - The company's total inventory balance was CNY 120.33 million, with a provision for inventory impairment of CNY 6.72 million, resulting in a net inventory value of CNY 113.62 million, which accounted for 22.84% of total assets[185]. Research and Development - The company has over 100 R&D personnel and a well-established R&D management system to support new product development[32]. - Research and development expenses were ¥21,273,970.35, a decrease of 2.41% from ¥21,799,347.88 in 2019, representing 8.01% of total revenue[52]. - The company plans to enhance its technology research and development efforts, focusing on trends in smart, internet, and mobile audio products[79]. - The company aims to enhance its research and development capabilities and optimize product structure to mitigate risks associated with market fluctuations and competition from smart audio products[82]. Market Position and Strategy - The company has maintained a strong brand presence, consistently ranking among the top three in audio brand awareness, with multiple products featured in the top ten audio products list[28][29]. - The company’s focus on high-end audio products has established it as a leading brand in the audio industry, recognized for quality and innovation[27]. - The overall audio industry in China has remained stable despite external challenges, with increasing demand driven by technological advancements and market trends[27]. - The company actively expanded sales channels and maintained strategic partnerships with key customers despite the challenging market environment[35]. - The company plans to expand its market presence in Southeast Asia, targeting a 15% market share by 2025[154]. Governance and Compliance - The company aims to establish a transparent and fair governance structure to enhance management levels and internal controls[80]. - The company maintains independence from its controlling shareholders in business, personnel, assets, institutions, and finances[166]. - The company has established a complete accounting system and financial management policies, ensuring independent financial decision-making[167]. - The audit report issued a standard unqualified opinion, confirming that the financial statements fairly reflect the company's financial position[182]. - The company has not faced any penalties from government departments, indicating compliance with regulations[177]. Shareholder Information - The company plans to distribute a cash dividend of ¥0.8 per 10 shares, with a capital reserve increase of 2 shares for every 10 shares held[4]. - The company distributed a cash dividend of CNY 2 per 10 shares for the 2019 fiscal year, totaling CNY 24.94 million, and for the 2020 fiscal year, the proposed cash dividend is CNY 0.80 per 10 shares, totaling CNY 9.97 million[87][93]. - The company has a three-year dividend return plan for shareholders from 2019 to 2021, which is being implemented normally[97]. - The total number of shares under lock-up at the end of the period is 89,100,000 shares, with 62,016,462 shares released from lock-up[131]. Operational Challenges - The company reported a decrease in fixed assets from CNY 110.35 million in 2019 to CNY 107.07 million in 2020, a decline of about 2.1%[195]. - The provision for inventory impairment was identified as a key audit matter due to the significant judgment involved in assessing the net realizable value of inventory[186]. - The company has established a talent recruitment and training system to address the risk of talent loss, which is critical for sustaining its production and operational capabilities[83]. - The company is closely monitoring macroeconomic trends and industry developments to adapt its strategies and minimize operational risks[82].

Revenue and Profit - The company's revenue for Q1 2021 was ¥62,138,140.51, representing a 22.09% increase compared to ¥50,894,265.61 in the same period last year[7] - Net profit attributable to shareholders decreased by 11.63% to ¥8,044,099.08 from ¥9,102,699.01 year-on-year[7] - The net profit after deducting non-recurring gains and losses increased by 112.73% to ¥6,974,516.15, up from ¥3,278,523.89 in the previous year[7] - Basic earnings per share decreased by 11.64% to ¥0.0645 from ¥0.0730 year-on-year[7] - Net profit for Q1 2021 was ¥8,044,099.08, compared to ¥9,102,699.01 in the same period last year, reflecting a decrease of approximately 11.6%[38] - The net profit excluding non-recurring gains and losses reached 6,974,516.15 yuan, an increase of 112.73% year-on-year, driven by higher revenue and gross profit[15] - The net profit for the first quarter was CNY 377,709.68, a decrease of 73.8% from CNY 1,440,888.76 in the same period last year[42] Cash Flow - The net cash flow from operating activities was negative at -¥5,168,808.54, a decline of 207.02% compared to ¥4,829,582.63 in the same period last year[7] - The cash flow from operating activities showed a net outflow of CNY 5,168,808.54, compared to a net inflow of CNY 4,829,582.63 in the previous period[46] - Cash inflow from operating activities totaled 22,979,186.26 CNY, compared to 18,646,140.90 CNY in the prior period, reflecting a growth of approximately 23.5%[48] - Cash outflow from operating activities increased to 24,836,084.90 CNY from 16,325,177.96 CNY, representing a rise of about 52.2%[48] - The net cash flow from operating activities was -1,856,898.64 CNY, a decrease from 2,320,962.94 CNY in the previous period[48] Assets and Liabilities - Total assets at the end of the reporting period were ¥502,502,707.85, a 1.00% increase from ¥497,514,556.68 at the end of the previous year[7] - The company's total assets amounted to 502,502,707.85 yuan, an increase from 497,514,556.68 yuan at the beginning of the period[28] - The company's total liabilities decreased to 67,182,570.37 yuan from 70,229,607.07 yuan in the previous period[30] - The company's total liabilities were ¥53,496,324.51, down from ¥55,739,462.69 in the previous period[34] - The company's accounts payable rose to 44,819,647.03 yuan, up from 40,450,894.64 yuan in the previous period[30] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 13,275[11] - The largest shareholder, HONGBO YAO, holds 62.78% of the shares, totaling 78,269,616 shares[11] - The total equity attributable to shareholders increased to ¥392,744,759.37 from ¥392,367,049.69[34] Other Financial Metrics - The company's cash and cash equivalents increased by 2,932,852.56 yuan, a decrease of 96.61% compared to the previous period, primarily due to reduced cash flow from investment activities[15] - Other income decreased by 90.63% to 581,801.79 yuan, primarily due to reduced subsidies from the Zhuhai subsidiary[15] - The company's investment income decreased by 33.17% to 423,839.34 yuan, primarily due to reduced financial investment returns[15] - The company's prepayments increased by 90.06% to 3,242,779.76 yuan, mainly due to an increase in advance payments for materials[15] - The company reported a gross profit margin of approximately 17.8% for Q1 2021, down from the previous year's margin[36] - Research and development expenses were CNY 1,154,613.35, a decrease of 29.1% from CNY 1,630,843.13 in the previous period[40] Investment Activities - The total cash inflow from investment activities was CNY 75,599,808.22, while cash outflow was CNY 67,500,098.40, resulting in a net cash inflow of CNY 8,099,709.82[46] - The net cash flow from investing activities was -1,772,867.32 CNY, down from 72,581,632.13 CNY in the previous period[50] - Cash inflow from investing activities was 72,974,005.48 CNY, while cash outflow was 1,772,867.32 CNY, indicating significant investment activity[50] Audit Information - The company did not undergo an audit for the first quarter report[51]

Financial Performance - Operating revenue for the reporting period was CNY 60,361,088.53, down 6.19% year-on-year[7] - Net profit attributable to shareholders increased by 169.27% to CNY 6,937,939.09 for the reporting period[7] - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 5,544,205.76, an increase of 320.82%[7] - Basic earnings per share rose by 200.00% to CNY 0.06 for the reporting period[7] - The weighted average return on equity was 1.73%, an increase of 143.66% compared to the previous year[7] - The net profit margin improved due to lower operating costs, although specific profit figures were not disclosed in the provided data[38] - The net profit for the third quarter reached CNY 6,937,939.09, up from CNY 2,576,557.07 in the same period last year, representing a growth of approximately 169%[40] - The total comprehensive income for the quarter was CNY 6,953,443.53, compared to CNY 2,460,918.58 in the previous year, showing a substantial rise[40] - The company recorded a profit before tax of CNY 7,638,393.28, compared to CNY 2,921,117.43 in the previous year, reflecting a strong operational performance[40] Assets and Liabilities - Total assets at the end of the reporting period were CNY 465,665,895.87, a decrease of 1.36% compared to the end of the previous year[7] - The total assets of the company reached CNY 454,019,052.62, up from CNY 410,881,627.11 in the previous year[34] - The total liabilities decreased to CNY 65,752,949.82 from CNY 19,606,620.87, indicating a reduction in financial obligations[35] - The company's equity decreased slightly to CNY 388,266,102.80 from CNY 391,275,006.24, reflecting changes in retained earnings[35] Cash Flow - The net cash flow from operating activities was CNY -1,894,801.62, a decrease of 106.18%[7] - Cash flow from operating activities decreased by 99.24% to ¥247,310.98 from ¥32,570,752.52, primarily due to increased cash payments for purchases and services[17] - Cash flow from investing activities increased by 153.57% to ¥67,769,276.73 from ¥26,726,012.44, mainly due to a significant recovery of financial investment funds[17] - The total cash inflow from operating activities for the period was ¥214,112,579.49, a decrease of approximately 5.9% compared to ¥225,440,119.60 in the previous period[52] - The net cash flow from investment activities was ¥67,769,276.73, an increase from ¥26,726,012.44 in the previous period[54] - The net increase in cash and cash equivalents was ¥43,232,171.89, compared to ¥9,311,427.59 in the previous period, reflecting a significant improvement[54] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 13,925[11] - The largest shareholder, HONGBO YAO, holds 62.78% of the shares, totaling 78,269,616 shares[11] Government Subsidies and Other Income - The company received government subsidies amounting to CNY 7,988,946.70 during the reporting period[8] - Other income surged by 1367.53% to ¥7,988,946.70 from ¥544,380.81, primarily due to increased government subsidies related to daily operations[15] Inventory and Expenses - Inventory rose by 30.37% to ¥120,517,105.53 from ¥92,441,152.66, mainly impacted by the pandemic and new product development[15] - Financial expenses increased by 284.21% to -¥3,063,527.82 from -¥797,363.22, mainly due to a decrease in purchased financial products[15] - Research and development expenses were CNY 5,626,330.26, compared to CNY 5,338,802.59 in the previous period, indicating continued investment in innovation[38] - Research and development expenses for the quarter were CNY 1,624,171.99, down from CNY 2,188,275.52, suggesting a strategic focus on cost management[42]

Financial Performance - The company's operating revenue for the first half of 2020 was ¥112,876,089.24, a decrease of 5.58% compared to ¥119,546,193.00 in the same period last year[17]. - The net profit attributable to shareholders of the listed company was ¥14,566,380.11, an increase of 6.18% from ¥13,718,331.09 in the previous year[17]. - The basic earnings per share increased by 9.09% to ¥0.12 from ¥0.11 in the previous year[17]. - The total operating revenue for the first half of 2020 was ¥112,876,089.24, representing a decrease of 5.58% compared to ¥119,546,193.00 in the same period last year[37]. - The net profit attributable to shareholders was CNY 14.57 million, representing a year-on-year growth of 6.18%[33]. - The total profit for the first half of 2020 was CNY 16,015,730.50, up from CNY 15,384,037.57 in the same period of 2019, indicating a growth of 4.1%[132]. - The company's total comprehensive income for the first half of 2020 was CNY 14,701,739.85, compared to CNY 13,719,192.21 in the previous year, marking an increase of 7.2%[132]. Cash Flow and Liquidity - The net cash flow from operating activities was ¥2,142,112.60, down 88.67% from ¥18,911,870.84 in the same period last year[17]. - Cash and cash equivalents increased by 1,561.93%, amounting to CNY 54.79 million, primarily due to the redemption of financial products for fixed deposits[36]. - Cash and cash equivalents increased to ¥186,373,405.82, representing 39.41% of total assets, up from 27.87% in the previous year[42]. - The cash flow from operating activities generated a net amount of CNY 2,142,112.60, a significant decrease of 88.7% compared to CNY 18,911,870.84 in the first half of 2019[139]. - The net cash flow from financing activities was CNY 5,064,720.00, a significant improvement compared to a net outflow of CNY 90,460,017.54 in the same period of the previous year[143]. - The total cash and cash equivalents at the end of the period increased to CNY 145,529,266.93, compared to CNY 41,151,287.39 at the end of the first half of 2019, marking a growth of 253.5%[143]. Assets and Liabilities - Total assets at the end of the reporting period were ¥472,930,494.73, a slight increase of 0.18% from ¥472,099,906.72 at the end of the previous year[17]. - The net assets attributable to shareholders of the listed company decreased by 2.43% to ¥411,308,146.65 from ¥421,543,323.67 at the end of the previous year[17]. - The company's inventory net amount is 122.41 million yuan, accounting for 25.88% of total assets, indicating a high level of inventory due to a wide range of products and the nature of the business[65]. - Total liabilities increased to CNY 61,622,348.08 from CNY 50,556,583.05, indicating a rise in financial obligations[125]. - The total equity attributable to shareholders decreased to CNY 411,308,146.65 from CNY 421,543,323.67, reflecting a decline in retained earnings[125]. Research and Development - The company’s R&D investment was CNY 9.61 million, a decrease of 7.96% compared to the previous year[36]. - Research and development expenses were CNY 9,607,422.96, slightly down from CNY 10,438,361.94, indicating a focus on cost management[130]. - The R&D center construction project has seen a cumulative investment of ¥1,085.38 million, representing only 29.29% of the planned investment[53]. Market and Competition - The company faces risks including new product and technology substitution risks, market volatility risks, and talent loss risks[4]. - The company faces risks from intense competition in the smart audio market, with major tech giants entering the space, which could lead to a decline in performance if the company fails to innovate[65]. - The company plans to continue focusing on sound quality and technological innovation to enhance its core competitiveness[34]. Shareholder Information - The total number of shares is 124,676,400, with 71.47% being limited shares and 28.53% being unrestricted shares[99]. - The largest shareholder, Hongbo Yao, holds 62.78% of the total shares, amounting to 78,269,616 shares[103]. - The total number of common shareholders at the end of the reporting period was 13,936[103]. - The company has not distributed cash dividends or bonus shares for the half-year period, nor has it increased capital from reserves[70]. Government Subsidies and Non-Operating Income - The company reported non-operating income of ¥6,650,430.74 from government subsidies during the reporting period[22]. - The company received government subsidies for its wholly-owned subsidiary, as disclosed in announcement 2020-008[95]. Compliance and Governance - The company has not experienced any major litigation or arbitration matters during the reporting period[75]. - The company has not engaged in any significant related party transactions during the reporting period[78]. - The company has not been classified as a key pollutant discharge unit by environmental protection authorities[91]. - The company has not initiated any targeted poverty alleviation efforts during the reporting period and has no plans for such initiatives[92]. Accounting and Financial Reporting - The financial statements are prepared based on the accrual basis of accounting, in accordance with the relevant accounting standards[166]. - The company consolidates financial statements according to the requirements of the Accounting Standards for Business Enterprises No. 33, including all significant internal transactions and balances[180]. - The company recognizes joint ventures and jointly controlled assets and liabilities based on their ownership share, ensuring accurate financial reporting[181].

Revenue and Profit - Revenue for Q1 2020 was CNY 50,894,265.61, a decrease of 9.55% compared to CNY 56,265,180.50 in the same period last year[8] - Net profit attributable to shareholders was CNY 9,102,699.01, an increase of 146.82% from CNY 3,688,013.68 year-on-year[8] - Basic earnings per share increased to CNY 0.0730, representing a growth of 146.62% compared to CNY 0.0296 in the same quarter last year[8] - The total operating revenue for Q1 2020 was CNY 50,894,265.61, a decrease of 10.4% compared to CNY 56,265,180.50 in the same period last year[35] - The net profit for Q1 2020 reached CNY 9,102,699.01, representing a significant increase of 146.5% compared to CNY 3,688,013.68 in Q1 2019[37] - The basic and diluted earnings per share for Q1 2020 were CNY 0.0730, compared to CNY 0.0296 in Q1 2019, reflecting a growth of 146.5%[37] Assets and Liabilities - Total assets at the end of the reporting period were CNY 489,530,483.37, reflecting a 3.69% increase from CNY 472,099,906.72 at the end of the previous year[8] - The company's total assets as of March 31, 2020, amounted to CNY 415,781,898.21, a slight increase from CNY 410,881,627.11 at the end of 2019[33] - The company's total liabilities as of March 31, 2020, were CNY 23,066,003.21, an increase from CNY 19,606,620.87 at the end of 2019[33] Cash Flow - The net cash flow from operating activities was CNY 4,829,582.63, a decline of 51.43% from CNY 9,942,854.66 in the previous year[8] - Cash and cash equivalents increased by 65.78% to ¥218,144,862.88 from ¥131,585,718.02 due to a reduction in wealth management purchases[15] - Cash received from other operating activities rose by 285.12% to ¥7,322,382.22 from ¥1,901,307.83, driven by increased government subsidies[15] - Cash flow from operating activities generated a net amount of ¥4,829,582.63, down 51.54% from ¥9,942,854.66 in the previous period[44] - Cash and cash equivalents at the end of the period totaled ¥217,449,550.38, an increase of 128.00% from ¥95,285,145.79 in the previous period[45] - The net increase in cash and cash equivalents for the quarter was approximately ¥74.90 million, compared to ¥14.03 million in the previous period[48] Shareholder Information - The total number of shareholders at the end of the reporting period was 13,998[10] - The largest shareholder, HONGBO YAO, holds 62.78% of the shares, totaling 78,269,616 shares, with 2,500,000 shares pledged[10] Other Financial Metrics - The weighted average return on equity was 2.14%, up from 0.82% in the same period last year, an increase of 1.32%[8] - Other income surged by 3674.52% to ¥6,206,838.48 from ¥164,440.40, largely due to increased government subsidies received by the Zhuhai subsidiary[15] - Financial expenses increased by 133.03% to -¥640,428.19 from -¥274,825.73, attributed to higher interest income from increased bank deposits[15] - Investment income decreased by 45.43% to ¥634,235.62 from ¥1,162,257.54, primarily due to reduced interest income from wealth management products[15] - The company reported a significant decrease in asset impairment losses to ¥218,456.99 from ¥731,968.54, a reduction of 70.10%[40] Operating Costs and Expenses - The total operating costs for Q1 2020 were CNY 46,222,950.51, down 14.4% from CNY 53,925,952.90 in Q1 2019[36] - Total operating expenses decreased to ¥16,936,981.75 from ¥19,233,807.10, reflecting a reduction of 11.92%[40] - Research and development expenses increased slightly to ¥1,630,843.13 from ¥1,585,468.27, indicating a growth of 2.93%[40] Audit and Standards - The company did not undergo an audit for the first quarter report[49] - The company has not applied new revenue and leasing standards for the current year[49]

Financial Performance - The company's operating revenue for 2019 was CNY 274,816,055.36, representing a 3.07% increase compared to CNY 266,619,585.12 in 2018[17] - The net profit attributable to shareholders for 2019 was CNY 26,160,244.60, a decrease of 7.32% from CNY 28,226,111.48 in 2018[17] - The basic earnings per share for 2019 was CNY 0.21, down 8.70% from CNY 0.23 in 2018[17] - The total profit amounted to CNY 28.69 million, while net profit attributable to shareholders decreased by 7.32% to CNY 26.16 million[35] - The company's total revenue for 2019 was CNY 24,935,280, representing a decrease of 49.9% compared to CNY 49,870,560 in 2018[90] - The company reported a total revenue of 1.2 billion RMB for the fiscal year 2019, representing a year-over-year increase of 15%[163] Cash Flow and Assets - The net cash flow from operating activities significantly increased by 404.79% to CNY 65,917,253.41 from CNY 13,058,374.50 in 2018[17] - Total assets at the end of 2019 were CNY 472,099,906.72, a decrease of 3.51% from CNY 489,278,819.83 at the end of 2018[17] - The net assets attributable to shareholders decreased by 5.32% to CNY 421,543,323.67 from CNY 445,250,158.48 in 2018[17] - The company's cash and cash equivalents increased by 51.25% in 2019, primarily due to increased revenue and improved inventory and supply chain management[31] - The total amount of accounts receivable was ¥8,018,196.59, which is 1.70% of total assets[61] - The inventory decreased to ¥92,441,152.66, representing 19.58% of total assets, down from 22.91%[61] Dividends and Shareholder Returns - The company plans to distribute a cash dividend of CNY 2 per 10 shares, totaling CNY 24,935,368.00 based on 124,676,400 shares[5] - The cash dividend distribution plan for 2019 is CNY 2.00 per share (including tax), totaling CNY 24,935,280, which accounts for 100% of the distributable profit[92] - The company distributed cash dividends of 4.00 RMB per 10 shares for the 2018 fiscal year, totaling 49.87 million RMB, in accordance with its profit distribution policy[86] Research and Development - The company has a strong R&D team with over a hundred personnel, emphasizing innovation and the development of new products to meet market demands[33] - The company's R&D investment reached ¥21,799,347.88, representing 7.93% of operating revenue, with a year-on-year increase of 1.62%[52] - The company is investing 50 million RMB in R&D for new technologies aimed at enhancing product performance[163] - The company plans to strengthen technology research and development, focusing on the trends of smart, internet, and mobile audio products[78] Market and Sales - The company maintains a comprehensive product line including multimedia audio, home theater, professional audio, automotive audio, public broadcasting systems, headphones, and various speaker units[32] - The "HiVi" brand consistently ranks among the top three in the audio market, indicating strong brand recognition and market presence[29] - Domestic sales accounted for 98.24% of total revenue, with a year-on-year increase of 3.27%[41] - The company is actively expanding into emerging markets while strengthening relationships with key customers[36] - Market expansion efforts include entering three new international markets, projected to increase overall market share by 5%[163] Corporate Governance and Compliance - The company has fulfilled its commitments related to the management of related party transactions and has no non-operating fund occupation by controlling shareholders[98] - The company aims to strengthen its governance structure and improve management levels to meet capital market requirements, ensuring transparency and integrity[79] - The company has established an independent financial department with a separate accounting system and financial management policies, ensuring independent financial decision-making[177] - The company received a standard unqualified audit opinion, confirming that the financial statements fairly represent its financial position[194] Risks and Challenges - The company faces risks from market fluctuations, with consumer demand significantly influenced by macroeconomic conditions, which could adversely affect performance[81] - The electronic audio equipment manufacturing industry is experiencing increased competition, with a clear trend towards brand concentration and technological advancement[77] - The company is committed to continuous innovation and technology development to mitigate risks from new product and technology replacements in the competitive electronic sound industry[80] Employee and Management - Employee compensation was gradually increased, reflecting the company's commitment to labor rights and a safe working environment[37] - The company employed a total of 818 staff, with 417 in production, 90 in sales, 165 in technical roles, 16 in finance, and 130 in administration[166][167] - The board of directors consists of 7 members, including 3 independent directors, complying with legal and regulatory requirements[172] Audit and Financial Reporting - The audit highlighted revenue recognition as a key audit matter due to its importance as a performance indicator and the inherent risk of manipulation[196] - The company’s internal control system has been evaluated without any major deficiencies, supporting operational effectiveness[189] - The audit was conducted by Asia Pacific (Group) CPA Firm, ensuring adherence to professional auditing standards[194]