Revenue and Profit - Revenue for Q1 2020 was CNY 3,969,440,908.20, a decrease of 6.31% compared to CNY 4,236,931,917.26 in the same period last year[4] - Net profit attributable to shareholders increased by 66.33% to CNY 307,589,520.95 from CNY 184,925,706.58 year-on-year[4] - Basic earnings per share increased by 62.50% to CNY 0.13 from CNY 0.08 in the same period last year[4] - Total operating revenue for Q1 2020 was CNY 3,969,440,908.20, a decrease of 6.3% from CNY 4,236,931,917.26 in Q1 2019[32] - Net profit attributable to the parent company for Q1 2020 was CNY 307,589,520.95, compared to CNY 184,925,706.58 in Q1 2019, representing an increase of 66.3%[33] - The company reported a comprehensive income total of CNY 313,192,585.81 for Q1 2020, compared to CNY 176,354,622.33 in Q1 2019, an increase of 77.5%[33] Cash Flow and Operating Activities - Net cash flow from operating activities rose by 43.07% to CNY 1,740,420,752.13 compared to CNY 1,216,491,512.04 in the previous year[4] - Operating cash flow for the period was CNY 1,740,420,752.13, an increase of 43.0% compared to CNY 1,216,491,512.04 in the previous year[36] - The company reported a total cash inflow from operating activities of CNY 7,454,664,696.86, compared to CNY 7,136,269,144.13 in the previous year, reflecting an increase of approximately 4.5%[36] - Cash received from other operating activities rose by 213.84% to ¥70,988,663.44 due to increased government grants and interest income[14] - The cash flow from financing activities showed a net outflow of CNY 106,483,222.67, improving from a net outflow of CNY 415,774,820.19 in the previous year[38] Assets and Liabilities - Total assets at the end of the reporting period were CNY 27,523,633,926.16, a decrease of 4.62% from CNY 28,856,187,908.65 at the end of the previous year[4] - Total liabilities decreased to RMB 7.35 billion from RMB 9.03 billion at the end of 2019[73] - Total assets as of March 31, 2020, were RMB 27.52 billion, down from RMB 28.86 billion at the end of 2019[73] - The company's total liabilities decreased to CNY 2,545,128,737.75, down from CNY 4,433,763,594.25, a reduction of 42.6%[76] - Current assets totaled CNY 9,095,311,831.23 in Q1 2020 from CNY 12,013,744,838.40 in Q4 2019, a decline of 24.4%[30] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 57,544[7] - The largest shareholder, Meigang Industrial Co., Ltd., held 66.38% of the shares, totaling 1,534,242,198 shares[7] Investments and Subsidiaries - The company invested ¥130,000,000.00 in Beijing Morning One Merger Fund, marking a 107.88% increase in investment payments[14] - The company established a wholly-owned subsidiary, Pengding Investment (Shenzhen) Co., Ltd., with an investment of ¥200,000,000.00[18] - The company is in the process of increasing capital in its wholly-owned subsidiary, Hong Kong Pengding, by USD 49 million[16] - The company is also increasing capital in its wholly-owned subsidiary, Taiwan Pengding, by NT$1.5 billion (approximately ¥330 million)[16] Inventory and Accounts Receivable - Accounts receivable decreased by 46.24% to ¥3,324,025,538.94 due to the recovery of receivables from the previous year and a smaller amount of new receivables in Q1 2020[11] - Inventory increased by 31.71% to ¥2,632,584,326.10 as a result of increased stocking to meet customer demand[11] - The company reported a significant reduction in accounts receivable, which fell to CNY 1,425,775,499.46 from CNY 3,815,508,660.08, a decrease of 62.7%[74] Government Subsidies and Other Income - The company received government subsidies amounting to CNY 39,824,780.23 during the reporting period[5] - Other income increased by 126.55% to ¥36,924,480.23 mainly from increased government subsidies[12] Financial Performance Metrics - The weighted average return on equity rose by 0.65 percentage points to 1.68% from 1.03% in the previous year[4] - Financial expenses decreased by 231.73% to -¥75,696,799.08 primarily due to an increase in exchange gains[12] - The company recorded a decrease in asset impairment losses to CNY 50,550,747.44 from CNY 3,977,821.27 in the previous year, indicating improved asset management[35] Other Financial Information - The company reported no overdue commitments or guarantees during the reporting period[20] - The company did not conduct an audit for the first quarter report[45] - The company executed new revenue recognition standards on January 1, 2020, affecting the classification of customer prepayments as contract liabilities[43]

Financial Performance - The company's operating revenue for 2019 was ¥26,614,629,372.49, an increase of 2.94% compared to ¥25,854,780,280.84 in 2018[14]. - The net profit attributable to shareholders for 2019 was ¥2,924,614,398.30, reflecting a growth of 5.54% from ¥2,771,221,516.47 in 2018[14]. - The net profit after deducting non-recurring gains and losses was ¥2,779,672,665.51, up 6.54% from ¥2,608,925,889.10 in the previous year[14]. - The net cash flow from operating activities decreased by 32.98% to ¥4,161,757,872.63 from ¥6,209,705,645.57 in 2018[14]. - The total assets at the end of 2019 were ¥28,856,187,908.65, representing a 5.49% increase from ¥27,353,470,148.53 at the end of 2018[14]. - The net assets attributable to shareholders increased by 10.85% to ¥19,829,254,992.49 from ¥17,887,640,726.09 in 2018[14]. - The company maintained a weighted average return on equity of 15.67%, down from 19.75% in 2018[14]. - The gross profit margin improved to 23.83%, an increase of 0.64 percentage points year-on-year, leading to a net profit of RMB 2.925 billion, a year-on-year growth of 5.54%[34]. Dividend Policy - The company plans to distribute a cash dividend of 5 RMB per 10 shares to all shareholders, based on a total of 2,311,430,816 shares[2]. - The cash dividend for 2019 is proposed to be the same as 2018, with a total of RMB 1,155,715,408, based on a total share capital of 2,311,430,816 shares[98]. - The cash dividends distributed in 2019 accounted for 39.52% of the net profit attributable to ordinary shareholders, which was RMB 2,924,614,398.30[101]. - The company has maintained a consistent cash dividend policy over the past three years, with the same amount distributed in both 2018 and 2019[99]. Risk Management - The company has confirmed that there are no significant risk factors affecting its production, operational, financial status, or ongoing profitability[2]. - The company has outlined potential risk factors and corresponding strategies in its annual report, specifically in the section discussing future development outlook[2]. - The company faces risks from the COVID-19 pandemic, which may impact global supply chains and consumer demand, and is taking measures to stabilize production and financial indicators[91]. - The company plans to strengthen partnerships with raw material suppliers to ensure stable supply and mitigate risks from raw material shortages and price increases[91]. Research and Development - The company has accumulated a total of 700 domestic and international patents as of December 31, 2019, indicating strong R&D capabilities[30]. - Research and development expenditure reached RMB 1.352 billion, accounting for 5.08% of total revenue, with 91 patents obtained during the year[35]. - The company aims to enhance its R&D strategy by focusing on lightweight, thin, short, small, high-frequency, low-cost, multi-functional, and intelligent products for various high-tech applications[86]. - The company is committed to developing advanced process technologies and high-performance materials, particularly in response to trends in 5G technology and automotive electronics[86]. Market Position and Growth - The global PCB industry is projected to grow moderately over the next five years, driven by AI, 5G, IoT, and other technologies[21]. - The company ranked as the world's largest PCB manufacturer for the third consecutive year in 2019, holding a 53.8% share of the global PCB market[21]. - The company expanded its market presence in the Greater China region, achieving a revenue of RMB 8.143 billion, a growth of 20.62% year-on-year[34]. - The company is actively developing 5G antenna products and has established partnerships with major clients like Huawei[34]. Corporate Governance - The company has established a comprehensive corporate governance structure, including a shareholders' meeting, board of directors, and supervisory board[196]. - The company ensures equal treatment of all shareholders, adhering to legal and regulatory requirements for shareholder meetings[197]. - The board of directors consists of 7 members, including 1 chairman and 3 independent directors, ensuring a reasonable professional structure[199]. - The company emphasizes the importance of integrity and diligence among its directors in fulfilling their responsibilities[199]. Environmental Responsibility - The company emphasizes environmental protection and sustainable development as a cornerstone of its operations[132]. - The company has met all pollution discharge standards, with no instances of exceeding limits reported[137]. - The company has established advanced wastewater treatment and air pollution control facilities, ensuring stable operation and compliance with emission standards[144]. - The company conducts regular environmental monitoring and has a self-monitoring plan in place, with data reported to the ecological environment department[147]. Employee Development - The total number of employees in the company reached 35,050, with 11,167 in the parent company and 23,883 in major subsidiaries[192]. - Employee compensation totaled RMB 343,559.31 million, accounting for 14.89% of the company's total costs[193]. - The company conducted 65 specialized training programs, totaling 1,903 courses and 649,581 training participants, with a total training time of 1,941,130 hours in 2019[194]. - The company emphasizes a clear compensation management system linking employee salaries to capabilities and contributions[193].

Financial Performance - Net profit attributable to shareholders decreased by 3.43% to ¥1,092,969,114.82 for the reporting period[3] - Operating income for the period was ¥7,998,779,854.39, reflecting a 2.71% increase year-on-year[3] - Basic earnings per share decreased by 12.96% to ¥0.47[3] - The weighted average return on equity decreased by 3 percentage points to 6.08%[3] - The company reported a net profit of ¥1,702,283,563.31 for the year-to-date, an increase of 8.97%[3] - Total operating revenue for Q3 2019 was CNY 7,998,779,854.39, an increase of 2.7% compared to CNY 7,787,751,346.46 in the same period last year[32] - Net profit attributable to shareholders for Q3 2019 was CNY 1,092,969,114.82, a decrease of 3.4% from CNY 1,131,803,880.56 in Q3 2018[32] - The total comprehensive income for Q3 2019 was CNY 1,108,043,346.20, compared to CNY 1,146,291,995.51 in the previous year, indicating a decline of 3.3%[33] Assets and Liabilities - Total assets increased by 5.00% to ¥28,721,038,109.22 compared to the end of the previous year[3] - The total liabilities of the company were ¥10.16 billion, up from ¥9.47 billion, indicating an increase of approximately 7.3%[28] - The company's equity attributable to shareholders reached ¥18.56 billion, an increase from ¥17.89 billion, representing a growth of about 3.7%[28] - Total assets as of the end of Q3 2019 amounted to CNY 21,052,229,829.96, down from CNY 21,537,526,882.94 at the end of Q3 2018[31] - Total liabilities decreased to CNY 4,954,672,468.90 from CNY 5,345,514,404.96 year-over-year, reflecting a reduction of approximately 7.3%[31] - The total liabilities as of Q3 2019 were 9,465,829,422.44 CNY, with total assets amounting to 27,353,470,148.53 CNY, indicating a debt-to-asset ratio of approximately 34.7%[99] Cash Flow - Net cash flow from operating activities surged by 180.36% to ¥354,029,925.61[3] - Cash received from operating activities rose by 229.96% to RMB 244,682,871.99, driven by higher interest income and government subsidies[12] - Cash flow from operating activities generated a net amount of ¥2,408,035,089.51, a decrease of 3.3% from ¥2,489,627,407.59 in the previous period[92] - The net cash flow from operating activities for the current period is CNY 1,728,045,588.16, a decrease of 15.9% compared to CNY 2,054,809,469.01 in the previous period[43] - The total cash inflow from financing activities is CNY 1,506,970,785.01, significantly lower than CNY 4,956,976,226.06 in the previous period[44] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 39,996[6] - The largest shareholder, Meigang Industrial Co., Ltd., holds 66.38% of the shares[6] - The second largest shareholder, Jihui International Co., Ltd., holds 6.44% of shares, amounting to 148,954,568 shares[57] Investments and Subsidiaries - The company plans to increase capital in its wholly-owned subsidiary Hong Kong Pengding by USD 49 million[13] - A new subsidiary, Avary Japan, was established in Tokyo with a registered capital of JPY 100 million to support business expansion[15] - The company will continue to use fundraising to increase capital in its subsidiary Hongqi Sheng for the expansion of high-end HDI printed circuit board projects[17] - The company invested ¥30,056,000.00 in Jiangsu Aisen Semiconductor Materials Co., Ltd., marking a new investment[63] Operational Changes - The company's financial assets measured at fair value decreased by 100% due to the implementation of new financial instrument classification standards[10] - Prepayments increased by 230.08% to RMB 294,630,248.38, primarily due to increased material procurement during peak production season[10] - Other non-current assets rose by 63.63% to RMB 634,778,797.90, attributed to increased prepayments for engineering equipment related to fundraising projects[10] - Research and development expenses for Q3 2019 were CNY 335,863,126.59, a decrease of 9.6% compared to CNY 371,527,883.28 in Q3 2018[32] Taxation - The company reported a 28.09% increase in tax payments to RMB 647,478,110.10 due to higher profits[12]

Financial Performance - The company's operating revenue for the first half of 2019 was approximately ¥9.34 billion, a decrease of 1.49% compared to the same period last year[12]. - Net profit attributable to shareholders was approximately ¥609.31 million, an increase of 41.60% year-on-year[12]. - The net profit after deducting non-recurring gains and losses was approximately ¥524.98 million, up 46.11% from the previous year[12]. - Basic and diluted earnings per share were both ¥0.26, representing a year-on-year increase of 23.81%[12]. - The company's gross profit margin improved to 19.95%, an increase of 2.26 percentage points compared to the same period last year, enhancing profitability[31]. - Revenue from communication boards decreased by 15.20% to RMB 6.370 billion due to a decline in global mobile phone shipments, while revenue from consumer electronics and computer boards increased by 51.05% to RMB 2.962 billion[31]. - The company achieved a total comprehensive income for the first half of 2019 of CNY 610,788,670.06, compared to CNY 435,037,229.91 in the same period of 2018, showing a positive trend[111]. Cash Flow and Assets - The net cash flow from operating activities was approximately ¥2.05 billion, a decrease of 29.90% compared to the same period last year[12]. - Total assets at the end of the reporting period were approximately ¥24.42 billion, a decrease of 10.72% from the end of the previous year[12]. - The company's cash and cash equivalents reached RMB 5,897,426,699.65, representing 24.15% of total assets, an increase of 13.62% from the previous year[44]. - The company's cash and cash equivalents at the end of the reporting period were 5,897,426,699.65 CNY, down from 7,303,477,910.47 CNY at the beginning of the period[195]. Investments and Subsidiaries - The company has established subsidiaries in Hong Kong, Taiwan, Singapore, and India, with varying net asset values[20][21]. - The company reported non-operating income from government subsidies amounting to ¥68.78 million[15]. - The company invested RMB 131 million in environmental protection in the first half of 2019, emphasizing its commitment to green practices[27]. - The company has established new subsidiaries in Singapore and India, which had no significant impact on overall operations and performance[58]. Research and Development - The company maintains a strong R&D capability and rapid order response ability, ensuring timely delivery of quality products[22]. - The company's R&D investment for the first half of 2019 totaled RMB 551 million, accounting for 5.89% of revenue, with 41 projects completed and 19 successfully introduced into production[33]. - The company has accumulated 654 domestic and international patents as of June 30, 2019, and has been recognized as a high-tech enterprise[25]. Market and Competition - The company actively expanded its domestic market, achieving revenue of RMB 3.062 billion in the Greater China region, a growth of 20.49% year-on-year[31]. - The company is focusing on the automotive electronics market, which is expected to become a growth point for future business development[31]. - The company is facing risks from rising raw material prices, which could directly affect product gross margins[59]. - The company plans to expand its product application areas to mitigate risks associated with market competition and rapid industry changes[59]. Shareholder and Equity Information - The total number of shares is 2,311,430,816, with 90% held by limited shares and 10% by unrestricted shares[92]. - The largest shareholder, Meigang Industrial Co., Ltd., held 66.38% of shares, totaling 1,534,242,198 shares[94]. - The company did not issue any securities or undergo any changes in controlling shareholders during the reporting period[98]. Environmental Compliance - The company reported no significant environmental violations, with all pollutant emissions within the prescribed limits[76]. - The concentration of COD in wastewater was recorded at 57.67 mg/L, well below the standard of 160 mg/L[76]. - The company achieved stable operation of its environmental protection facilities, ensuring compliance with discharge standards[83]. Financial Liabilities and Risks - The company's asset-liability ratio stood at 28.70%, indicating a relatively low level of financial risk within the industry[32]. - The company has a significant exposure to foreign exchange risk due to reliance on USD for exports and imports, with measures in place to mitigate this risk[60]. - The company reported a loss of RMB 783,114.08 from fair value changes of derivative financial instruments, impacting financial performance[45]. Corporate Governance - The company has not experienced any major litigation or arbitration matters during the reporting period[65]. - The company has not encountered any media scrutiny or regulatory penalties during the reporting period[67]. - The company has established employee stock ownership plans with a total investment of 12,064.56 million USD (approximately 82,943.85 million CNY) from 156 key employees[68].

Financial Performance - The company's revenue for Q1 2019 was ¥4,236,931,917.26, a decrease of 13.51% compared to ¥4,898,796,398.44 in the same period last year[4]. - Net profit attributable to shareholders was ¥184,925,706.58, representing a 3.30% increase from ¥179,016,082.03 year-on-year[4]. - Basic and diluted earnings per share were both ¥0.08, down 11.11% from ¥0.09 in the same period last year[4]. - Gross profit margin improved to 5.2% in Q1 2019 from 4.0% in Q1 2018, despite a decline in total operating revenue[26]. - The company reported a comprehensive income total of CNY 176,354,622.33, an increase from CNY 166,543,454.38 in the same quarter last year[27]. Cash Flow - The net cash flow from operating activities decreased by 53.23% to ¥1,216,491,512.04 from ¥2,601,104,995.58 in the previous year[4]. - Cash inflow from operating activities totaled ¥7,136,269,144.13, down from ¥9,432,890,346.81, indicating a decrease of about 24.4%[30]. - Cash outflow from operating activities was ¥5,919,777,632.09, reduced from ¥6,831,785,351.23, reflecting a decrease of approximately 13.3%[30]. - The net cash flow from investing activities was -¥945,398,350.82, worsening from -¥649,194,773.67, indicating a larger cash outflow[30]. - Cash inflow from financing activities was ¥2,187,963,892.04, an increase from ¥1,774,267,379.01, showing a growth of about 23.3%[31]. Assets and Liabilities - Total assets at the end of the reporting period were ¥24,180,657,012.80, a decrease of 11.60% from ¥27,353,470,148.53 at the end of the previous year[4]. - Total liabilities decreased from approximately 9.47 billion RMB at the end of 2018 to about 6.08 billion RMB, a decline of approximately 35.5%[23]. - The company's total equity increased from approximately 17.89 billion RMB at the end of 2018 to about 18.10 billion RMB, an increase of approximately 1.2%[23]. - The company's accounts receivable decreased by 43.59% to ¥3,047,747,047.63 from ¥5,403,106,828.95 due to the recovery of receivables at the end of 2018 and a smaller scale of new receivables in Q1 2019[12]. - Inventory decreased from approximately 2.23 billion RMB at the end of 2018 to about 1.64 billion RMB, a decline of approximately 26.4%[22]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 66,999[7]. - The largest shareholder, Meigang Industrial Co., Ltd., held 66.38% of the shares[7]. - The top ten shareholders collectively hold significant stakes, with the second-largest shareholder, Jihui International Co., Ltd., owning 6.44%[46]. - The company has maintained a stable shareholder structure with no significant changes reported[49]. Expenses and Income - The company's financial expenses decreased by 53.01% to ¥57,463,886.16 from ¥122,300,615.00, primarily due to an increase in interest income[13]. - Interest income surged by 815.87% to ¥43,487,958.25 from ¥4,748,247.11, attributed to the arrival of IPO fundraising[13]. - Research and development expenses decreased to CNY 175,765,381.32, down 21% from CNY 222,325,612.93 in the previous year[26]. - The company reported a financial derivative loss of approximately 352,018.56 RMB during the reporting period[18]. - The company reported a decrease in income tax expenses to ¥248,063,240.18 from ¥596,969,096.15, mainly due to prepayment of corporate income tax in Q1[51]. Future Outlook - The company plans to focus on market expansion and new product development in the upcoming quarters to drive growth[26]. - The company is in the process of increasing capital by $49 million to its wholly-owned subsidiary, Pengding International Co., Ltd.[15]. - The company has established a wholly-owned subsidiary in Singapore with an investment of ¥100 million, while the subsidiary in India is yet to be established[55].

Financial Performance - The total revenue for 2018 was CNY 25,854,780,280.84, representing an increase of 8.08% compared to CNY 23,920,836,872.11 in 2017[12] - The net profit attributable to shareholders for 2018 was CNY 2,771,221,516.47, a significant increase of 51.65% from CNY 1,827,321,272.27 in 2017[12] - The net profit after deducting non-recurring gains and losses was CNY 2,608,925,889.10, up 61.45% from CNY 1,615,956,405.87 in 2017[12] - The net cash flow from operating activities reached CNY 6,209,705,645.57, a remarkable increase of 271.18% compared to CNY 1,672,960,930.87 in 2017[12] - The basic and diluted earnings per share for 2018 were both CNY 1.30, reflecting a growth of 39.78% from CNY 0.93 in 2017[12] - The weighted average return on equity increased to 19.75%, up 2.64 percentage points from 17.11% in 2017[12] - Total assets at the end of 2018 were CNY 27,353,470,148.53, an increase of 17.77% from CNY 23,226,511,152.33 at the end of 2017[12] - The net assets attributable to shareholders increased by 45.63% to CNY 17,887,640,726.09 from CNY 12,282,987,577.54 in 2017[12] Dividend Distribution - The company plans to distribute a cash dividend of CNY 5 per 10 shares, based on a total of 2,311,430,816 shares[2] - In 2018, the company distributed cash dividends totaling RMB 1,155,715,408, which represents 41.70% of the net profit attributable to ordinary shareholders[108] - The proposed cash dividend for 2018 is RMB 5.00 per 10 shares, based on a total share capital of 2,311,430,816 shares[109] - The total distributable profit for the year is RMB 1,399,196,766.69, with cash dividends constituting 100% of the profit distribution[109] - The cash dividend payout ratio for 2018 is set at a minimum of 20% due to significant capital expenditure plans[109] Market Position and Growth - The company retained its position as the world's largest PCB manufacturer in 2018, continuing to lead the market according to Prismark's revenue estimates[21] - The global PCB industry is projected to grow at a moderate pace, with an estimated total output value of USD 62.4 billion in 2018, reflecting a 6% year-on-year increase[21] - The automotive PCB market share increased from 3.7% in 2009 to 12.2% in 2018, with an estimated market value of $7.6 billion, and is expected to grow at a CAGR of 5.6% from 2018 to 2023[88] - The company aims to enhance its position in the PCB industry by focusing on technological innovation, process optimization, and customer satisfaction[89] Research and Development - R&D investment in 2018 amounted to RMB 1.223 billion, a year-on-year increase of 19.63%, accounting for 4.73% of total revenue[36] - The company has accumulated a total of 609 domestic and international patents by the end of 2018, reflecting its strong focus on R&D and innovation in PCB technology[27] - The R&D strategy for 2019 emphasizes the development of technologies that meet customer needs, including advancements in 5G technology and various electronic circuit board technologies[91] - The company is investing 50 million in R&D for new technologies aimed at enhancing product efficiency[199] Environmental Responsibility - The company’s waste resource utilization rate exceeded 90%, and it has been recognized as a "green card enterprise" for three consecutive years[33] - The company invested over 3.22 billion RMB in environmental protection in 2018, accounting for more than 1% of total revenue[152] - The company has maintained compliance with all pollutant discharge standards, with no exceedances reported in the latest assessment[156] - The company is committed to continuous improvement in environmental performance, targeting a reduction in overall pollutant discharge by 10% in the next fiscal year[157] Strategic Initiatives - The company is focused on expanding its market presence in emerging sectors such as IoT, automotive electronics, and industrial control, which are expected to drive future PCB demand growth[21] - The company is exploring potential mergers and acquisitions to strengthen its market position and expand its technological capabilities[157] - The company plans to develop new materials, products, processes, and technologies to strengthen its competitive edge in the PCB industry[90] Corporate Governance - The company emphasizes the importance of corporate governance and transparency in its operations[192] - Pengding Holdings is committed to strengthening corporate governance to provide institutional support for business development, ensuring compliance with regulatory requirements[122] - The company has established measures to prevent the misuse of shareholder rights that could infringe on the company's assets[119] Shareholder Relations - The company reported a lock-up period of 36 months for shares held by major shareholders, starting from the date of the IPO[113] - Major shareholders are required to disclose their share reduction plans 15 trading days prior to the first sale[115] - The company has committed to fulfilling all promises made by shareholders and management regarding shareholding and dividend distribution[111] Operational Efficiency - The company maintains a high profit margin and low expense ratio, demonstrating effective management during rapid production scale expansion[29] - The company has implemented cost-cutting measures expected to save 10 million annually, improving overall profitability[199] - The company is advancing its digital transformation with ERP implementation expected to launch in 2020 and is promoting smart manufacturing through industrial internet projects[38]