Financial Performance - Net profit attributable to shareholders increased by 121.50% to CNY 192,574,907.51 for the reporting period[8] - Operating revenue for the reporting period reached CNY 2,097,046,724.77, a growth of 41.22% year-on-year[8] - The net profit attributable to shareholders after deducting non-recurring gains and losses rose by 152.71% to CNY 180,372,003.33[8] - Basic earnings per share increased by 68.29% to CNY 0.69 for the reporting period[8] - Net profit attributable to shareholders rose by 39.59% to RMB 472,928,817.82, influenced by revenue growth[17] - The company expects net profit for 2018 to increase by 20.00% to 40.00%, estimating between RMB 53,769.87 million and RMB 62,731.52 million[23] Assets and Liabilities - Total assets increased by 8.64% to CNY 8,086,815,263.50 compared to the end of the previous year[8] - Accounts receivable increased by 85.43% to RMB 1,553,925,207.26 due to revenue scale growth[17] - Inventory grew by 30.41% to RMB 1,365,422,993.77, corresponding to the increase in revenue scale[17] Cash Flow and Expenses - The net cash flow from operating activities was CNY 750,910.10, a decline of 100.58% compared to the same period last year[8] - Cash received from tax refunds increased by 41.93% to RMB 147,321,984.81 due to sales growth[18] - Cash paid for purchasing goods and services rose by 36.68% to RMB 3,346,033,716.90, reflecting increased material purchases[18] - Sales expenses increased by 40.49% to RMB 113,792,780.26 due to higher sales volume[17] - Financial expenses decreased by 60.20% to RMB 34,162,184.19 primarily due to reduced exchange losses[17] Investments and Management - Investment income surged by 6043.97% to RMB 8,950,173.99 driven by increased financial management income[17] - The company plans to utilize up to RMB 600 million of idle raised funds for cash management within 12 months[19] - The company reported a total of 48,500,000 RMB in entrusted financial management, with an outstanding balance of 35,600,000 RMB[29] - There were no overdue amounts reported for entrusted financial management, indicating effective liquidity management[29] Shareholder Information - The total number of shareholders at the end of the reporting period was 34,074[12] - The largest shareholder, AVIC International Holdings, held 69.74% of the shares[12] Communication and Transparency - The company has conducted multiple investor communications, including site visits and phone calls, throughout July to September 2018, enhancing transparency with institutional investors[30] - Non-recurring gains and losses totaled CNY 31,925,536.58 for the year-to-date[9]

Financial Performance - The company's operating revenue for the first half of 2018 was CNY 3,239,757,362.53, representing an increase of 18.70% compared to CNY 2,729,342,273.05 in the same period last year[17]. - The net profit attributable to shareholders of the listed company was CNY 280,353,910.30, up 11.31% from CNY 251,867,056.78 year-on-year[17]. - The net profit after deducting non-recurring gains and losses was CNY 260,631,277.91, reflecting a growth of 17.06% compared to CNY 222,640,611.14 in the previous year[17]. - The company achieved total revenue of CNY 3.24 billion in the first half of 2018, representing a year-on-year growth of 18.70%[44]. - Net profit attributable to shareholders reached CNY 280 million, an increase of 11.31% compared to the previous year[44]. - The printed circuit board (PCB) business generated sales of CNY 2.30 billion, accounting for 70.97% of total revenue, with a growth rate of 19.61%[45]. - The packaging substrate business, driven by demand for MEMS-MIC products, reported sales of CNY 386 million, up 19.33% and representing 11.91% of total revenue[46]. - The electronic assembly business achieved sales of CNY 399 million, reflecting a growth of 16.67% and accounting for 12.31% of total revenue[47]. - The company reported a significant increase in revenue for the first half of 2018, with a year-on-year growth of 24%[93]. - The company reported a significant increase in revenue for the first half of 2018, achieving a total of 1.5 billion RMB, representing a year-on-year growth of 20%[103]. Cash Flow and Assets - The net cash flow from operating activities decreased by 35.68% to CNY 369,386,958.36 from CNY 574,321,451.08 in the same period last year[17]. - The company's cash and cash equivalents decreased to RMB 583,881,094.85 from RMB 1,593,300,064.85, representing a decline of approximately 63.4%[155]. - The company's cash and cash equivalents decreased significantly to CNY 463,292,484.60 from CNY 1,508,409,791.32 at the beginning of the year[160]. - The total assets at the end of the reporting period were CNY 7,704,045,479.13, an increase of 3.50% from CNY 7,443,389,852.03 at the end of the previous year[17]. - The company's total assets decreased to CNY 5,795,193,352.39 from CNY 6,345,572,764.08 at the beginning of the year[162]. - The company's total current liabilities decreased significantly from RMB 160,000,000.00 to RMB 5,000,000.00, a reduction of about 96.9%[156]. - The company's retained earnings improved to CNY 739,742,542.36 from CNY 617,981,067.41, showing a positive trend in profit retention[162]. - The total equity attributable to shareholders increased to CNY 3,271,419,975.52 from CNY 3,149,658,500.57, reflecting a stronger equity position[162]. Market Position and Strategy - The company focuses on the electronic interconnection field, with a unique "3-In-One" business layout comprising printed circuit boards (PCBs), packaging substrates, and electronic assembly[25]. - According to the 2018 Prismark Q1 report, the company ranks 21st among global PCB manufacturers, with China's PCB output value expected to account for 51.1% of the global total in 2018[30]. - The company has a leading market share of over 30% in the MEMS packaging substrate for silicon microphones, widely used in smartphones from Apple and Samsung[28]. - The company is advancing its PCB technology in high-end applications, particularly in 5G, new energy vehicles, and the Internet of Things, with a focus on aerospace and industrial control sectors[25]. - The company is actively expanding its market presence and enhancing its product structure to maintain its competitive edge in high-end PCB markets[44]. - The company is currently engaged in significant non-equity investments, including projects in high-density multilayer printed circuit boards and IC substrates[63]. - The company is considering strategic acquisitions to enhance its market position, targeting a deal valued at approximately $100 million[93]. - The company plans to accelerate the implementation of fundraising projects and develop new market segments to achieve sustained sales growth[86]. Research and Development - Research and development investment totaled CNY 166 million, a year-on-year increase of 17.72%, representing over 5% of total revenue[48]. - The company has implemented a three-tier R&D system, resulting in a series of proprietary technologies and patents, maintaining a leading edge in the industry[36]. - The company is investing heavily in technology R&D, allocating 10% of its revenue to innovation initiatives in 2018[105]. - The company is investing in R&D, with a budget increase of 30% for new technology development[93]. - The company has allocated resources for the development of new products, aiming to enhance its competitive edge in the market[186]. Risks and Challenges - The company faces various risks including exchange rate risks and market competition risks, as detailed in the report[5]. - The company acknowledges risks related to raw material supply and price volatility, which could affect production stability and profitability[86]. - The PCB industry faces intense competition and potential adverse effects on performance if the company cannot effectively respond to market challenges[85]. - The company faces risks associated with capacity ramp-up after large-scale expansion, which may temporarily impact operational performance[85]. - The company is sensitive to fluctuations in the USD/RMB exchange rate, which can directly impact import costs and export prices, affecting net profit[85]. Shareholder and Governance - The company plans not to distribute cash dividends or issue bonus shares[6]. - The company committed to stabilize its stock price by repurchasing shares if certain conditions are met, such as the stock price being below the latest audited net asset value for 20 consecutive trading days[95]. - The company will not oppose any share repurchase plans proposed at the shareholders' meeting[95]. - The company has established measures to handle any violations of commitments effectively[100]. - The company has committed to fulfilling its obligations as stated in the prospectus, with measures in place for any potential non-compliance[107]. Environmental and Compliance - The company is classified as a key pollutant discharge unit by environmental protection authorities[128]. - The total wastewater discharge was 20.365 tons per year, which is below the permitted limit of 61.32 tons per year[128]. - The company invested over 10 million RMB in pollution prevention facilities during the reporting period, with 100% compliance in pollutant emissions[130]. - The company has established a comprehensive wastewater treatment system, utilizing physical-chemical treatment, ultrafiltration, and reverse osmosis for wastewater reuse[130]. - The company has implemented a rigorous environmental monitoring plan, conducting wastewater monitoring every 4 hours and air quality monitoring every 2 months[131].

Financial Performance - The company's operating revenue for Q1 2018 was ¥1,477,473,285.48, representing a 14.76% increase compared to ¥1,287,394,591.94 in the same period last year[8] - Net profit attributable to shareholders was ¥117,064,968.89, up 15.13% from ¥101,678,062.02 year-on-year[8] - The net profit after deducting non-recurring gains and losses was ¥107,338,328.91, reflecting a 13.34% increase from ¥94,701,389.74 in the previous year[8] - Basic and diluted earnings per share decreased by 12.50% to ¥0.42 from ¥0.48 year-on-year[8] - The weighted average return on equity was 3.63%, down 2.61% from 6.24% in the previous year[8] Cash Flow and Assets - The net cash flow from operating activities was -¥46,347,240.29, a decline of 148.56% compared to -¥18,646,359.86 in the same period last year[8] - Total assets at the end of the reporting period were ¥7,298,810,909.82, a decrease of 1.94% from ¥7,443,389,852.03 at the end of the previous year[8] - Cash and cash equivalents decreased by 63.03% to RMB 589,027,916.90 mainly due to the use of raised funds for investment projects[15] - Other current assets increased by 291.21% to RMB 474,747,453.99 due to the addition of principal-protected wealth management products[15] Shareholder Information - Net assets attributable to shareholders increased by 3.69% to ¥3,284,677,424.95 from ¥3,167,779,894.93 at the end of the previous year[8] - The total number of ordinary shareholders at the end of the reporting period was 51,948[11] - The largest shareholder, AVIC International Holdings, held 69.74% of the shares, totaling 195,278,970 shares[11] Expenses and Liabilities - Sales expenses increased by 43.75% to RMB 34,288,974.06 due to higher sales volume[15] - Financial expenses rose by 31.65% to RMB 31,455,705.55 primarily due to increased exchange losses[15] - Short-term borrowings decreased by 34.38% to RMB 105,000,000.00 due to repayment of bank loans[15] - The company reported a 77.24% increase in asset impairment losses to RMB 17,723,941.57, primarily due to increased provisions for bad debts[15] Future Outlook - The company expects net profit attributable to shareholders for H1 2018 to be between RMB 25,186.71 million and RMB 30,224.05 million, indicating a growth compared to the same period in 2017[22] - The company plans to use up to RMB 600 million of idle raised funds for cash management within 12 months[18] - The company received tax refunds of RMB 57,137,422.32, an increase of 98.12% compared to the previous year[17] Non-Operating Funds - The non-operating fund occupation balance from controlling shareholders and other related parties at the end of the reporting period was zero[26] - The total amount of non-operating fund occupation at the end of the period accounted for 0.00% of the most recent audited net assets[26] - There were no new major shareholders or their subsidiaries' non-operating fund occupation situations during the reporting period[26] - The company did not conduct any research, communication, or interview activities during the reporting period[27]

Financial Performance - The company's operating revenue for 2017 was ¥5,686,939,441.08, representing a year-on-year increase of 23.67% compared to ¥4,598,502,246.63 in 2016[6]. - The net profit attributable to shareholders for 2017 was ¥448,082,267.22, a significant increase of 63.44% from ¥274,164,178.03 in 2016[6]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥381,526,217.32, up 62.29% from ¥235,089,019.33 in 2016[6]. - The company's total assets at the end of 2017 reached ¥7,443,389,852.03, marking a 44.81% increase from ¥5,140,000,734.80 at the end of 2016[19]. - The net assets attributable to shareholders increased by 100.71% to ¥3,167,779,894.93 at the end of 2017, compared to ¥1,578,307,553.25 at the end of 2016[19]. - The basic earnings per share for 2017 was ¥2.13, reflecting a 62.60% increase from ¥1.31 in 2016[6]. - The weighted average return on equity for 2017 was 25.61%, up from 18.48% in 2016, indicating improved profitability[6]. - The company achieved total revenue of RMB 5.69 billion in 2017, a year-on-year increase of 24%[48]. - Net profit attributable to shareholders reached RMB 448 million, representing a 63% increase compared to the previous year[48]. Dividend Distribution - The company reported a cash dividend of 5.10 RMB per 10 shares, based on a total of 280,000,000 shares[5]. - The cash dividend represents 100% of the total distributable profit of 617,981,067.41 yuan[109]. - In 2017, the net profit attributable to ordinary shareholders was 448,082,267.22 yuan, with a cash dividend payout ratio of 31.87%[108]. - The cash dividend amount for 2016 was 126,000,000 yuan, with a net profit of 274,164,178.03 yuan, resulting in a payout ratio of 45.96%[108]. - The company did not propose any stock dividends or capital reserve transfers for the year 2017[110]. Business Operations and Strategy - The company has not changed its main business since its listing, and there have been no changes in controlling shareholders[17]. - The company focuses on high-end PCB design, research, and manufacturing, with applications primarily in communication equipment and key sectors like aerospace and industrial control[30]. - The company has established long-term strategic partnerships with global leaders such as Huawei, General Electric, and Honeywell, enhancing its market presence[34]. - The company has a comprehensive business layout with a "3-In-One" strategy, integrating PCB, packaging substrates, and electronic assembly services[40]. - The company is actively developing next-generation PCB products for 5G communication networks and has made progress in the automotive electronics sector[49]. Market Position and Industry Outlook - The company is recognized as a leading enterprise in the PCB industry in China and ranked 21st globally among PCB manufacturers according to the 2017 Prismark report[29]. - The PCB industry in China is projected to account for 52.3% of the global output value in 2017, up from 50.0% in 2016, with a compound annual growth rate (CAGR) of 4.2% expected from 2017 to 2022[35]. - The global PCB market is expected to grow at a moderate rate of 2.8% from 2017 to 2022, with the total market value projected to reach $66.8 billion by 2022[37]. - The electronic manufacturing services (EMS) industry is expected to grow from $446.3 billion in 2016 to over $559.8 billion by 2020, reflecting a CAGR of approximately 5.4%[37]. Research and Development - The company has a robust R&D framework, maintaining industry-leading technology through a three-tiered research and development system[42]. - R&D investment totaled RMB 290 million, a 27% increase, representing over 5% of total revenue[52]. - The company is investing heavily in R&D, with a budget increase of 25%, totaling 150 million RMB for new technology development[124]. - The company is investing 200 million yuan in research and development for innovative technologies over the next three years[125]. Risk Factors - The company faces potential risks including industry competition, capacity ramp-up after large-scale expansion, exchange rate fluctuations, and raw material supply and price volatility[5]. - The PCB industry faces risks from market competition and potential capacity ramp-up challenges, which could impact the company's performance[101]. - The company is committed to addressing raw material supply and price volatility risks through innovation and optimization strategies[102]. Corporate Governance and Compliance - The board of directors has confirmed the accuracy and completeness of the annual report, ensuring no misleading statements or omissions[4]. - The company has established a commitment to avoid related party transactions, ensuring fairness and market pricing in any unavoidable transactions[122]. - The company emphasizes compliance with laws and regulations to prevent the misuse of assets and resources[122]. - The company has made a long-term commitment to avoid the misuse of funds and ensure compliance by other enterprises under its control[123]. Social Responsibility and Environmental Compliance - The company invested over 20 million RMB in environmental protection facilities and operations during the reporting period, achieving 100% compliance in pollutant emissions[162]. - The company has been recognized as a key pollutant discharging unit and has implemented effective measures to ensure compliance with environmental regulations[160]. - The company has conducted social responsibility training for suppliers and organized a "Supplier Social Responsibility Advocacy Conference" to promote responsible practices[157]. - The company has been actively involved in social welfare activities, including hosting the "Shennan Circuit Cup" national aviation model competition for 13 consecutive years[158]. Shareholder Commitments and Management - The company has committed to not transferring or entrusting others to manage its shares for 12 months following the IPO[112]. - The company will not oppose share repurchase plans proposed at the shareholders' meeting, ensuring stability in stock price[114]. - The company has established a commitment to compensate investors for any losses incurred due to non-fulfillment of repurchase commitments[115]. - The company has made a commitment to not engage in any activities that may lead to competition with its main business operations[117].