Financial Performance - The company's operating revenue for 2020 was CNY 904,715,193.70, representing a 9.31% increase compared to CNY 827,657,100.88 in 2019 [6]. - The net profit attributable to shareholders for 2020 was CNY 45,459,132.47, a decrease of 45.32% from CNY 83,138,239.72 in 2019 [6]. - The net profit after deducting non-recurring gains and losses was CNY 42,341,238.29, down 48.68% from CNY 82,499,365.30 in 2019 [6]. - The net cash flow from operating activities for 2020 was CNY 40,634,009.00, a decline of 24.64% compared to CNY 53,916,317.56 in 2019 [6]. - The total assets at the end of 2020 were CNY 1,236,505,128.30, an increase of 63.78% from CNY 754,989,040.39 at the end of 2019 [6]. - The net assets attributable to shareholders at the end of 2020 were CNY 835,675,870.49, up 88.36% from CNY 443,654,827.07 at the end of 2019 [6]. - The company reported a basic earnings per share of CNY 0.52 for 2020, a decrease of 54.78% from CNY 1.15 in 2019 [6]. - The gross profit margin for the electronic industry decreased by 24.50% to 16.68% compared to the previous year [59]. - The total sales volume in the electronic industry was 9,350.86 million units, down 28.58% from 13,092.14 million units in 2019 [60]. Dividend Policy - The company plans to distribute a cash dividend of 0.5 RMB per 10 shares to all shareholders, based on a total of 96,000,000 shares [5]. - For the year 2020, the cash dividend per 10 shares was set at 0.5 yuan, with a total cash dividend amounting to 4.8 million yuan, which accounted for 100% of the total distributable profit of 271.75 million yuan [106][108]. - The company has a stable profit distribution policy, prioritizing cash dividends of at least 10% of distributable profits in profitable years [102]. - The company approved a cash dividend distribution of 14.4 million yuan (including tax) for the year 2018, 9.6 million yuan for 2019, and 4.8 million yuan for 2020, representing 18.72%, 11.55%, and 10.55% of the net profit attributable to ordinary shareholders, respectively [103][106]. Research and Development - The company reported a significant focus on research and development for new products, particularly in the True Wireless Stereo (TWS) headphones segment [10]. - The company continues to focus on the research and development of high-end smart headphones, which have gained wide recognition in the market [27]. - Research and development expenses amounted to ¥38,665,294.08, accounting for 4.27% of total revenue, an increase of 11.94% year-on-year [67]. - The company plans to increase R&D investment to improve its research capabilities and reduce product development costs [94]. - The company has developed high-end smart headphones and has established a comprehensive R&D team with extensive experience in the electroacoustic field [37]. Market Expansion - The company is expanding its market presence, particularly in Southeast Asia, with new partnerships and distribution channels being established [10]. - The company aims to expand its market influence beyond traditional audio markets into esports, mobile, and internet sectors [93]. - The company plans to deepen resource integration and optimize supply chain management to enhance its technological and cost advantages [93]. - The company has established production bases in Dongguan and Laiwu in China, as well as overseas bases in Vietnam and India, to leverage lower labor costs and respond quickly to market demands [47]. - The overseas revenue accounted for 32.55% of total revenue, showing a growth of 29.68% year-on-year [57]. Risk Management - The company emphasizes the importance of risk management strategies in its future development outlook [4]. - The company acknowledges risks from global COVID-19 pandemic, exchange rate fluctuations, and rising labor costs [96]. - The company faces significant risks from raw material price volatility, which could impact profitability [97]. - The competitive landscape is intensifying, with numerous domestic players and foreign companies holding high-end market advantages [97]. Corporate Governance - The company’s governance structure includes a board of directors and supervisory board, ensuring compliance and oversight [4]. - The company’s legal representatives have confirmed the accuracy and completeness of the financial report, ensuring accountability [3]. - The governance structure is established in accordance with the Company Law and operates effectively with a functioning shareholders' meeting, board of directors, and supervisory board [200]. - The shareholders' meeting has been operating in compliance with the Company Law since its establishment in November 2015, making effective resolutions on key matters [200]. Shareholding and Stock Management - The company plans to strictly adhere to the shareholding restrictions and voluntary lock-up commitments for its shares in Chaoyang Technology, ensuring no sales during the lock-up period [110]. - The company will ensure that any share reduction will not be below the issuance price, complying with relevant regulations regarding rights issues and dividends [110]. - The company has established a long-term commitment to hold shares in Chaoyang Technology, with a focus on maintaining stock price stability and operational needs [110]. - The company will utilize various methods for share reduction, including centralized bidding, block trading, and negotiated transfers, in accordance with legal and regulatory requirements [110]. - The company will repurchase shares using its own funds in the secondary market, with a maximum repurchase amount set at 10% of the net proceeds from the new share issuance [116]. Employee and Management Compensation - The total remuneration for directors and senior management during the reporting period amounts to 274.58 million yuan [193]. - The chairman and general manager, Shen Qingkai, received a total remuneration of 36.94 million yuan [193]. - The vice general manager, Xu Zuoli, received a total remuneration of 61.42 million yuan [193]. - The employee compensation system is designed to align salaries with contributions, including basic salary, position salary, bonuses, and subsidies [196]. - The company emphasizes talent development through targeted training programs for different departments and levels, enhancing management capabilities [197].

Financial Performance - Operating revenue for the current period was CNY 271,287,590.16, representing a 22.12% increase year-on-year[7] - Net profit attributable to shareholders decreased by 31.19% to CNY 21,326,311.29 compared to the same period last year[7] - Basic earnings per share decreased by 48.84% to CNY 0.22[7] - The company's net profit for the third quarter was CNY 21,326,311.29, down from CNY 30,991,498.42 year-over-year, representing a decrease of approximately 31%[38] - The total profit for the third quarter was CNY 40,271,829.78, a decrease of 35.3% from CNY 62,145,344.22 in the previous year[46] - The total comprehensive income for the third quarter was CNY 17,510,478.30, compared to CNY 30,930,190.81 in the same period last year, indicating a decline of about 43%[39] Assets and Liabilities - Total assets increased by 58.85% to CNY 1,199,320,079.81 compared to the end of the previous year[7] - Total liabilities rose to CNY 369,922,412.67, compared to CNY 311,334,213.32 in the previous year, reflecting an increase of approximately 18.8%[29] - Cash and cash equivalents decreased by 13.00% to ¥393,706,901.59 due to equipment purchases, loan repayments, and dividend distributions[15] - Accounts receivable increased by 39.00% to ¥308,942,599.42, primarily due to increased revenue during the reporting period[15] - Inventory decreased by 11.00% to ¥186,962,692.43 as a result of enhanced inventory turnover control[15] Shareholder Information - The total number of shareholders at the end of the reporting period was 17,074[11] - The largest shareholder, Guangdong Jianyi Investment Co., Ltd., holds 52.08% of the shares[11] Cash Flow - Net cash flow from operating activities was negative at CNY -2,025,879.61, a decrease of 28.25% year-on-year[7] - The cash inflow from operating activities was CNY 791,584,621.43, compared to CNY 491,291,879.05 in the previous period, representing a 60.2% increase[54] - The net cash flow from operating activities was CNY 13,290,132.17, down from CNY 37,405,947.23, indicating a decline of 64.5%[54] - The cash outflow for purchasing goods and services was CNY 645,559,971.25, up from CNY 291,360,064.31, reflecting a 121.5% increase[54] Government Subsidies and Investments - The company received government subsidies amounting to CNY 614,671.67 during the reporting period[8] - Deferred income increased by 75.00% to ¥700,000.00 due to government subsidies received[15] - The company raised a total of ¥415,680,000.00 from its IPO, with a net amount of ¥361,382,661.88 after expenses[20] - The company invested ¥16,682.54 million in upgrading and expanding its headphone and accessory production line[20] Research and Development - Research and development expenses increased to CNY 11,005,819.80, up from CNY 8,724,573.12, reflecting a growth of about 26.5%[37] - The research and development expenses for the year-to-date period were CNY 27,106,134.68, up from CNY 23,095,026.82, indicating an increase of about 17%[45] - Research and development expenses increased to CNY 26,781,045.22, up 18.8% from CNY 22,561,688.17 in the same period last year[49] Tax and Financial Expenses - The tax expenses for the third quarter were CNY 1,805,277.97, significantly lower than CNY 4,830,886.63 in the previous year, reflecting a decrease of about 63%[38] - The income tax expense for the quarter was CNY 2,925,697.37, down 63.1% from CNY 7,914,948.36 in the previous year[46] - The company reported a credit impairment loss of CNY -792,351.43, a significant improvement from CNY -3,806,627.68 in the previous year[46] Overall Financial Position - The company's equity attributable to shareholders increased to CNY 829,397,667.14 from CNY 443,654,827.07, marking a significant rise of about 87%[30] - Owner's equity totaled CNY 443,654,827.07, including share capital of CNY 72,000,000.00 and retained earnings of CNY 226,262,246.26[63] - The total current assets increased from CNY 591,055,311.73 to CNY 561,215,248.41, indicating a decrease in liquidity[66]

Financial Performance - The company's operating revenue for the first half of 2020 was CNY 339,704,507.40, representing a 16.07% increase compared to CNY 292,683,898.42 in the same period last year[18]. - The net profit attributable to shareholders decreased by 31.06% to CNY 16,019,821.12 from CNY 23,238,897.44 year-on-year[18]. - The net cash flow from operating activities dropped significantly by 61.93%, amounting to CNY 15,316,011.78 compared to CNY 40,229,470.15 in the previous year[18]. - The basic earnings per share decreased by 37.50% to CNY 0.20 from CNY 0.32 in the same period last year[18]. - The diluted earnings per share also fell by 40.63% to CNY 0.19 from CNY 0.32 year-on-year[18]. - The company reported a weighted average return on equity of 2.79%, down from 6.10% in the previous year[18]. - The company reported a total comprehensive income of CNY 20,102,624.14 for the first half of 2020, compared to CNY 23,022,262.85 in the same period of 2019[165]. - The company reported a total profit of CNY 10,841,748.25, down 47.9% from CNY 20,829,431.78 in the first half of 2019[168]. - The company’s total comprehensive income for the first half of 2020 was CNY 10,758.87 million, representing a 71.79% increase compared to the previous period[184]. Assets and Liabilities - The total assets of the company increased by 53.00% to CNY 1,155,149,513.95 from CNY 754,989,040.39 at the end of the previous year[18]. - The company's total equity increased to CNY 825,440,113.09 from CNY 443,654,827.07, reflecting a growth of approximately 86.0%[157]. - The company's cash and cash equivalents increased significantly to CNY 454,615,985.78 from CNY 66,164,299.98, marking a growth of approximately 585.5%[154][157]. - Total current liabilities rose to CNY 329,309,400.86 from CNY 310,934,213.32, indicating a slight increase of about 5.4%[156][157]. - The inventory level as of June 30, 2020, was CNY 210,021,635.33, up from CNY 152,683,858.19, which is an increase of about 37.5%[154][157]. - Accounts receivable decreased to CNY 221,554,098.28 from CNY 280,308,047.58, showing a decline of approximately 21.0%[154][157]. Research and Development - The company continues to focus on the research, development, production, and sales of audio products, including smart headphones and high-quality audio accessories[26]. - Research and development investment totaled CNY 16.10 million, a 12.04% increase, accounting for 4.74% of operating revenue[59]. - The company has a dedicated R&D team with extensive experience in the audio field, continuously improving product design and manufacturing technology[47]. - The company has invested in a high-level silent laboratory to research the acoustic characteristics of various headphones[27]. - The company has developed ultra-fine enameled copper wire with a diameter of 0.02mm for high-quality communication wires, reducing signal transmission loss[28]. Production and Operations - The company has automated the production of earphone cushions, significantly improving the standardization and quality of the products compared to traditional manual production methods[29]. - The company has established a complete RF testing system for wireless headphones, enhancing communication distance and stability[27]. - The company has introduced high-precision testing equipment in the production of communication wires to meet high-end product quality control requirements[29]. - The company primarily operates through OEM and ODM models, with a focus on the ODM model[35]. - The company has established production bases in Dongguan and Laiwu in China, as well as overseas bases in Vietnam and India, to leverage lower labor costs and respond quickly to market demands[55]. Market and Sales - The company has a strong customer resource advantage, having established partnerships with major brands like Apple, Beats, Samsung, and Xiaomi, ensuring stable business volume[56]. - The revenue from finished headphones reached CNY 211.49 million, a substantial increase of 63.14% year-on-year[67]. - The company reported a 69.76% increase in foreign sales, amounting to CNY 116.47 million[67]. - Domestic sales revenue was ¥223.24 million, showing a slight decrease of 0.38% year-on-year, while foreign sales revenue surged by 69.67% to ¥116.41 million[68]. Financial Management and Investments - The company completed an IPO, raising significant funds for production line upgrades and expansion projects[61]. - The total amount of funds raised for the public offering was RMB 415.68 million, with a net amount of RMB 361.38 million after deducting related expenses[82]. - The company is undergoing significant investments in production line upgrades and expansions, with a total investment of ¥26.52 million in the Vietnam factory project[76]. - The company has established a stable cooperative relationship with major suppliers, with procurement prices negotiated based on market average levels[38]. - The company has made several announcements regarding capital changes and shareholder meetings in April and May 2020[126]. Shareholder Information - The company issued 24,000,000 shares of RMB ordinary stock (A shares) at a price of 17.32 RMB per share on April 17, 2020[132]. - After the issuance, the total number of shares increased from 72,000,000 to 96,000,000, representing a 33.33% increase[130]. - Guangdong Jianyi Investment Co., Ltd. holds 52.08% of the shares, making it the largest shareholder[136]. - The company has not engaged in any share buyback activities during the reporting period[133]. - The total number of shareholders at the end of the reporting period is not specified, but the top 10 shareholders are detailed[136]. Risks and Challenges - The company faced risks related to high customer concentration, with the top five customers accounting for a significant portion of sales[94]. - The company faces risks from international political relations and local regulations, particularly highlighted by the ongoing tensions between China and India, which have impacted operations in India[95]. - The gross margin is declining due to the increasing revenue share from lower-margin finished headphones, which poses a risk to overall profitability if not addressed[98]. - The company plans to enhance its product structure and improve internal management to counteract the declining gross margin trend[98]. Compliance and Governance - The financial statements were approved for release by the board of directors on August 24, 2020, ensuring compliance with regulatory requirements[189]. - The financial report for the first half of 2020 was not audited[152]. - The company has not engaged in entrusted financial management during the reporting period[123]. - The company is not classified as a key pollutant discharge unit and has not experienced major safety or environmental incidents[125].

2020 年 04 月 1 广东朝阳电子科技股份有限公司 2020 年第一季度报告全文 广东朝阳电子科技股份有限公司 2020 年第一季度报告全文 第一节 重要提示 广东朝阳电子科技股份有限公司 2020 年第一季度报告 2020-005 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真 实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担个别和 连带的法律责任。 所有董事均已出席了审议本次季报的董事会会议。 公司负责人沈庆凯、主管会计工作负责人徐林浙及会计机构负责人(会计主 管人员)唐校珍声明：保证季度报告中财务报表的真实、准确、完整。 2 广东朝阳电子科技股份有限公司 2020 年第一季度报告全文 第二节 公司基本情况 一、主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 □ 是 √ 否 □ 适用 √ 不适用 公司报告期不存在将根据《公开发行证券的公司信息披露解释性公告第 1 号——非经常性损益》定义、列举的非经常性损益 项目界定为经常性损益的项目的情形。 | | 本报告期 | 上年同期 | 本报告期比上年同期增减 | | | --- | --- | --- | ...