Financial Performance - The company's operating revenue for the first half of 2020 was ¥10,114,769,106.72, representing an increase of 8.31% compared to ¥9,338,660,786.33 in the same period last year[11]. - The net profit attributable to shareholders of the listed company was ¥791,621,245.84, a growth of 29.92% from ¥609,314,448.49 year-on-year[11]. - The net profit after deducting non-recurring gains and losses reached ¥757,662,467.11, up 44.32% from ¥524,980,457.14 in the previous year[11]. - The net cash flow from operating activities was ¥2,603,486,398.45, reflecting a 26.75% increase compared to ¥2,054,005,163.90 in the same period last year[11]. - Basic earnings per share increased to ¥0.34, a rise of 30.77% from ¥0.26 in the previous year[11]. - Total revenue for the reporting period reached ¥10,114,769,106.72, representing an 8.31% increase compared to ¥9,338,660,786.33 in the same period last year[36]. - The gross profit margin for the printed circuit board industry was 20.96%, up by 1.01% from the previous year[37]. - The company reported a total comprehensive income for the first half of 2020 of ¥297,498,410.77, down from ¥488,616,719.89 in the same period of 2019, indicating a decline of about 39.1%[138]. Assets and Liabilities - Total assets at the end of the reporting period were ¥27,749,296,640.13, down 3.84% from ¥28,856,187,908.65 at the end of the previous year[11]. - The net assets attributable to shareholders of the listed company decreased to ¥19,525,739,724.08, a decline of 1.53% from ¥19,829,254,992.49 at the end of the previous year[11]. - Cash and cash equivalents at the end of the reporting period amounted to ¥7,086,081,011.55, representing 25.54% of total assets, an increase from 24.15% year-on-year[40]. - Total liabilities decreased to approximately CNY 8.22 billion from CNY 9.03 billion, a reduction of about 9.01%[132]. - The company's equity attributable to shareholders decreased to approximately CNY 19.53 billion from CNY 19.83 billion, a decline of about 1.48%[132]. Investments and Capital Expenditures - The company invested ¥2,038,328,051.02 during the reporting period, a 4.98% increase compared to ¥1,941,703,555.29 in the same period last year[44]. - The investment progress for the flexible multilayer printed circuit board expansion project is 50.51%, with 121,228.02 million CNY cumulatively invested[50]. - The company plans to increase investments in assembly operations in India to accelerate global expansion[31]. - The company reported a total capital increase of approximately RMB 829.44 million (USD 12.06 million) from six domestic employee stock ownership platforms and two overseas platforms[72]. Research and Development - The company has accumulated a total of 743 domestic and international patents as of June 30, 2020, reflecting its strong R&D capabilities[23]. - In the first half of 2020, the company's R&D investment reached CNY 469 million, accounting for 4.64% of operating revenue, with a total of 43 patents obtained during the period[29]. - Research and development expenses were ¥469,175,411.44, down 14.8% from ¥550,510,430.69 in the first half of 2019[135]. Environmental and Social Responsibility - The company invested RMB 149 million in environmental protection in the first half of 2020, demonstrating its commitment to sustainability[26]. - The company has been recognized as a "Green Card Enterprise" for five consecutive years, highlighting its strong environmental performance[26]. - A total of 18 million yuan was donated for targeted poverty alleviation efforts in Guangxi Province[97]. - The company signed a framework agreement for village-enterprise pairing to support poverty alleviation initiatives[97]. Risk Management - The company faces no significant risk factors affecting its production, operation, financial status, or ongoing profitability[3]. - The company is facing risks from the COVID-19 pandemic, U.S.-China trade tensions, raw material shortages, currency fluctuations, and rapid industry changes, and has outlined measures to mitigate these risks[59][60][61][63]. Shareholder and Stock Information - The largest shareholder, Meigang Industrial Co., Ltd., holds 66.38% of the shares, totaling 1,534,242,198 shares[114]. - The company has committed to stabilizing its stock price if it falls below the net asset value per share for 20 consecutive trading days, including measures such as stock repurchase and shareholding increases by major shareholders[67]. - The company has no significant litigation or arbitration matters during the reporting period, indicating a stable legal environment[69]. Accounting and Financial Reporting - The financial report for the first half of 2020 was not audited, which may affect the reliability of the financial data presented[69]. - The company’s financial reporting includes provisions for foreign currency transactions and the translation of foreign financial statements[165]. - The company recognizes expected credit losses based on historical data, current conditions, and future economic forecasts[169]. - The company adopted the revised "Accounting Standards for Enterprises No. 14 - Revenue" effective from June 30, 2020, impacting the financial statements for the first half of 2020[200].

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].