北京晓程科技股份有限公司 2018 年第三季度报告全文 北京晓程科技股份有限公司 2018 年第三季度报告 2018-051 2018 年 10 月 1 北京晓程科技股份有限公司 2018 年第三季度报告全文 第一节 重要提示 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。 公司负责人程毅、主管会计工作负责人周劲松及会计机构负责人(会计主管 人员)周劲松声明：保证季度报告中财务报表的真实、准确、完整。 2 北京晓程科技股份有限公司 2018 年第三季度报告全文 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 | 项目 | 年初至报告期期末金额 | 说明 | | --- | --- | --- | | 非流动资产处置损益（包括已计提资产减值准备的冲销部分） | -7,839.80 | | | 计入当期损益的政府补助（与企业业务密切相关，按照国家统 | 785,100.00 | | | 一标准定额或定量享 ...

Financial Performance - Total operating revenue for the reporting period was ¥124,456,521.19, a decrease of 6.95% compared to the same period last year [23]. - Net profit attributable to shareholders of the listed company was ¥1,247,837.97, an increase of 54.88% year-on-year [23]. - Net profit attributable to shareholders after deducting non-recurring gains and losses was ¥1,574,984.25, reflecting a 51.49% increase compared to the previous year [23]. - Net cash flow from operating activities was ¥13,179,178.78, down 47.24% from the same period last year [23]. - Total assets at the end of the reporting period were ¥1,414,789,683.69, a decrease of 5.79% from the end of the previous year [23]. - Net assets attributable to shareholders of the listed company were ¥1,119,461,355.78, an increase of 0.70% compared to the end of the previous year [23]. - The weighted average return on net assets was 0.11%, up from 0.06% in the previous year [23]. - The company reported a net cash decrease of CNY 262,154,844.21, a decline of 250.25% compared to the previous year [50]. - The company’s cash and cash equivalents decreased by 77.53% compared to the beginning of the period, primarily due to bond repayments and project investments [34]. - The company reported a significant increase in other comprehensive income, with a net amount of CNY 7,887,901.83 compared to a loss of CNY 2,202,881.02 in the previous period [148]. Investment and Funding Risks - The company is facing funding risks associated with large upfront investments in BT, BOT, and PPP projects, which require high liquidity and may exert financial pressure [7]. - The company has increased its construction in progress by 240.26%, mainly due to investments in a 378 MW gas power plant project [34]. - The company has ongoing BOT projects in Ghana, with a total contract value of approximately 3 million USD for smart meter supply [39]. - The company has signed a $100 million PPP contract with the Emfuleni municipality in South Africa to design and install smart metering systems, including at least 66,000 single-phase smart prepaid meters [42]. - The company applied for a bank credit line of 200 million yuan, which remained unused by the end of the reporting period [130]. Foreign Exchange and Collection Risks - The company reported significant foreign exchange risks due to operations in currencies such as USD and ZAR, which may impact future performance as overseas business scales up [6]. - There is a growing risk of accounts receivable collection as the company expands its overseas business, with potential adverse impacts from major clients' credit situations [9]. - As of June 30, 2018, the company has recognized a bad debt provision of $3.79 million due to delayed payments from ECG [41]. Dividend and Shareholder Information - The company plans not to distribute cash dividends, issue bonus shares, or increase capital from reserves [10]. - The company has not made any significant changes to the use of raised funds, maintaining a 0.00% change ratio [58]. - The total number of ordinary shareholders at the end of the reporting period was 422,215 [106]. - The largest shareholder, Cheng Yi, holds 28.74% of the shares, amounting to 78,750,000 shares, with 19,687,500 shares pledged [106]. Operational and Market Expansion - The company is actively expanding overseas markets, successfully launching multiple power-related projects in countries like Ghana, South Africa, and Kazakhstan [33]. - The company has completed the design and transformation of the old power grid for 450,000 households in the Accra region, with a total receivable of $85.93 million to be paid by ECG in 144 installments [40]. - The company has signed contracts for the expansion of distribution networks in Central and Western Ghana, with each project valued at $20 million, where 86% of the total amount is for material procurement [40]. - The company is in the early stages of developing a 378MW gas-fired power plant in Ghana, with the first phase planned for a 132MW unit [44]. Legal and Compliance Matters - The company won a lawsuit against Jinshanmen Electric Co., Ltd., with the court ruling for compensation of approximately 4.1 million yuan [79]. - The company also won a lawsuit against Tangshan Ziguang Intelligent Electronics Co., Ltd., with a court ruling for payment of approximately 1.1 million yuan [79]. - The company has not issued a standard audit report for the half-year financial report [77]. Research and Development - The company completed the development of HPLC communication chips in accordance with national grid standards, enhancing its product offerings [32]. - The company has completed the R&D of broadband power line carrier communication chips in line with new standards, and is currently undergoing testing [46]. Poverty Alleviation Initiatives - The company is involved in a poverty alleviation project with Shaanxi Power Group, providing annual income of ¥3,000 for registered impoverished households through the construction of household-level photovoltaic power stations [22]. - The company is actively participating in poverty alleviation efforts by constructing household-level solar power stations for 124 impoverished households, expected to increase their income by 3,000 yuan annually [46]. - The photovoltaic project in Shaanxi Province is projected to increase the income of 124 registered impoverished households by 3,000 yuan each annually over the next 20 years [94].

Financial Performance - In 2017, the company's operating revenue was ¥138,011,777.63, a decrease of 38.72% compared to ¥225,219,028.47 in 2016[23]. - The net profit attributable to shareholders was -¥190,056,187.69, representing a decline of 779.13% from ¥27,985,118.53 in the previous year[23]. - The net cash flow from operating activities increased by 148.52% to ¥58,896,445.40, up from ¥23,699,022.93 in 2016[23]. - The total assets at the end of 2017 were ¥1,501,792,148.46, reflecting a 3.43% increase from ¥1,451,994,291.25 in 2016[23]. - The net assets attributable to shareholders decreased by 15.35% to ¥1,111,712,412.90, down from ¥1,313,311,147.30 in 2016[23]. - The company reported a significant increase in non-operating losses, totaling -¥67,645,907.56 in 2017, compared to -¥1,013,915.07 in 2016[29]. - The basic earnings per share for 2017 was -¥0.69, a decrease of 790.00% from ¥0.10 in 2016[23]. - The company achieved total operating revenue of 138.01 million RMB, a decrease of 38.72% compared to the same period last year[43]. - The net profit attributable to shareholders was -190.06 million RMB, a decline of 779.13% year-on-year, primarily due to increased foreign exchange losses and slow customer payments[43]. Accounts Receivable and Collection Risks - As of December 31, 2017, accounts receivable from ECG amounted to 682.96 million RMB, accounting for 45.48% of total assets[9]. - The balance of accounts receivable from ECG was 130.07 million RMB, while long-term receivables from ECG were 552.89 million RMB (before deducting unrecognized financing income)[9]. - The company faces significant collection risks from ECG due to delayed payments and complex settlement processes, impacting cash flow[9]. - The company has identified potential risks related to accounts receivable as overseas business expands, increasing the likelihood of bad debts[9]. - Accounts receivable are increasing due to the expansion of overseas business, posing a risk if major clients' credit situations worsen[96]. - The company has recognized a bad debt provision of approximately RMB 11 million due to delayed payments from ECG[45]. International Expansion and Projects - The company is expanding its overseas projects, particularly in the BT, BOT, and PPP models, which require substantial upfront investment and have long payback periods[6]. - The company has increased investment in foreign projects, particularly with ECG, indicating a strategic focus on international expansion[9]. - The company is actively exploring new markets overseas, particularly in regions like Ghana, South Africa, and Kazakhstan, under the "Belt and Road" initiative[35]. - The company plans to invest in a 378MW gas power plant project in Ghana, enhancing its market position in the local electricity supply sector[35]. - The BOT project in Ghana faced delays in payment due to local complexities, resulting in a deduction of 4 million USD from the final settlement[43]. - The company is involved in two distribution network expansion projects in Ghana, each valued at $20 million, with 86% of the budget allocated for material procurement[44]. - The company has completed the installation of smart metering systems in South Africa, with a total contract value of $100 million[46]. Research and Development - The company is focusing on the development and sales of power line carrier chips and related integrated circuit products, targeting the power industry[32]. - There is a growing demand for broadband power line carrier communication technology, driven by the implementation of new standards by the State Grid Corporation[33]. - The company completed the R&D of broadband power line carrier communication chips, with product testing expected to be completed in the first half of 2018[34]. - The company has successfully entered the State Grid supplier list and conducted multiple pilot projects in various provinces, achieving high customer satisfaction[34]. - The company has completed the development of a new generation broadband power line carrier communication chip, expected to undergo testing in the first half of 2018[48]. - The company has developed chips and modules for long-distance communication in domestic power grids, demonstrating strong stability and implementation ease[92]. Market Conditions and Competition - The company has reported a significant decrease in domestic market orders due to oversupply and intense competition in the instrument and meter industry[49]. - The company faces intensified market competition as more players enter the power line communication sector, which may impact profitability[95]. - The company has not achieved the expected market demand for the digital sensor products due to intense competition and changing market conditions[83]. Corporate Governance and Management - The company has adhered to all commitments made by its controlling shareholders and related parties during the reporting period[108]. - There were no non-operating fund occupations by the controlling shareholders or related parties during the reporting period[109]. - The company established four wholly-owned subsidiaries during the reporting period, expanding its consolidated financial statement scope[111]. - The company has a diverse management team with backgrounds in engineering, finance, and law, enhancing its operational capabilities[159][160][165]. - The independent directors bring extensive experience from various sectors, contributing to corporate governance and strategic oversight[165]. - The company has implemented a performance evaluation system that links the performance of directors, supervisors, and senior management to their compensation[186]. - The company has established a complete and effective organizational system, enabling independent control over personnel, finance, and resources[189]. Shareholder Information - The total number of shares before the change was 274,000,000, with a decrease of 93,750 shares in limited shares, resulting in 61,745,202 limited shares after the change[141]. - The proportion of limited shares decreased from 22.57% to 22.53% after the change, while the proportion of unrestricted shares increased from 77.43% to 77.47%[141]. - The company’s major shareholder, Cheng Yi, had 5 million shares transferred to Yu Qin as per a court ruling, which will not affect the company's control[141]. - The company reported a total of 26,716 ordinary shareholders at the end of the reporting period, with no changes in the number of shareholders compared to the previous month[147]. - Cheng Yi, the controlling shareholder, has pledged 19,687,500 shares, which represents a significant portion of his holdings[149]. Investment and Fundraising - The total amount of funds raised from the IPO was RMB 856,250,000, with a net amount of RMB 801,222,932.90 after deducting fees[80]. - The company has fully utilized the raised funds as planned by the end of the reporting period[80]. - The company has a remaining balance of RMB 3,556,660 for working capital from the committed investment projects[82]. - The company has not engaged in any significant related party transactions during the reporting period[117]. - The company issued a non-public corporate bond with a total scale of RMB 200 million, net proceeds of RMB 198 million after deducting issuance costs, and a coupon rate of 6%[136]. Social Responsibility - The company invested 1,000,000 yuan in photovoltaic poverty alleviation projects, benefiting 124 registered impoverished households[132]. - The company constructed a total of 1.197 MWp and 1.03 MWp photovoltaic power stations in two villages, expected to increase annual income by 3,000 yuan per household for the beneficiaries[131].

Financial Performance - Total revenue for Q1 2018 was ¥56,151,726.61, a decrease of 22.49% compared to ¥72,443,211.13 in the same period last year[8] - Net profit attributable to shareholders was -¥27,059,509.80, representing a decline of 488.40% from ¥6,966,882.27 in the previous year[8] - Basic and diluted earnings per share were both -¥0.10, down 433.33% from ¥0.03 in the same period last year[8] - The company reported a revenue of 56.15 million, a decrease of 22.49% compared to the same period last year[17] - The net profit attributable to shareholders was -27.06 million, a decrease of 488.40% year-on-year[17] - Operating profit for Q1 2018 was a loss of CNY 22,704,298.84, compared to a profit of CNY 12,867,725.14 in the previous period[39] - The total comprehensive income for the first quarter was -29,342,940.27 CNY, compared to -68,231,020.02 CNY in the previous period[43] Assets and Liabilities - Total assets at the end of the reporting period were ¥1,450,838,517.85, a decrease of 2.54% from ¥1,488,723,748.46 at the end of the previous year[8] - The company's total assets decreased to CNY 1,304,388,768.65 from CNY 1,337,545,591.99 in the previous period[36] - The total liabilities increased from ¥374,080,201.24 to ¥381,341,624.33, which is an increase of approximately 1.7%[32] - Total liabilities decreased to CNY 228,439,907.59 from CNY 232,253,790.66 in the previous period[36] - The owner's equity decreased from ¥1,114,643,547.22 to ¥1,069,496,893.52, representing a decline of about 4.0%[33] - The company's equity decreased to CNY 1,075,948,861.06 from CNY 1,105,291,801.33 in the previous period[36] Cash Flow - The company reported a net cash flow from operating activities of -¥10,707,276.73, compared to -¥10,514,009.32 in the same period last year[8] - Cash inflow from operating activities totaled 52,524,291.25 CNY, an increase from 50,962,318.09 CNY year-over-year[46] - The net cash flow from operating activities was -10,707,276.73 CNY, slightly worse than -10,514,009.32 CNY in the previous year[46] - Cash outflow from investing activities was 129,308,496.55 CNY, significantly higher than 12,857,091.93 CNY in the previous period[47] - The net cash flow from investing activities was -123,260,469.16 CNY, compared to -11,770,084.44 CNY in the previous year[47] - The cash and cash equivalents at the end of the period were 194,547,078.61 CNY, down from 338,151,338.63 CNY at the beginning of the period[47] Shareholder Information - The total number of common shareholders at the end of the reporting period was 25,944[12] - The largest shareholder, Cheng Yi, holds 28.74% of the shares, amounting to 78,750,000 shares, with 59,062,500 shares pledged[12] - The company did not engage in any repurchase transactions among the top 10 shareholders during the reporting period[13] Project and Investment Activities - The company has signed a contract worth approximately 3 million USD for the supply of smart meters with ECG, which began execution in 2018[18] - The company is involved in a project to upgrade the old power grid for 450,000 households in Accra, with a total payment of 85.93 million USD to be received in 144 installments[19] - The gas power plant project, with a total capacity of 378 MW, is in the preparatory stage, with contracts signed with several construction companies[22] - The company has completed the installation of equipment at the Akroma gold mine and expects to start production in Q2 2018[22] Risks and Challenges - The company faces risks including currency exchange risk, funding risk, project management risk, and accounts receivable collection risk[10] - The company is facing delays in payments from ECG due to the need for material verification and project acceptance[20] Financial Expenses and Other Income - Financial expenses increased by 6704.28% to 21.19 million, mainly due to significant exchange losses and increased interest expenses[18] - Other comprehensive income decreased by 1000.66% to -16.87 million, primarily due to exchange rate fluctuations[18] - The company reported an asset impairment loss of CNY 13,988,599.69 for Q1 2018, compared to CNY 10,754,217.49 in the previous period[39] - Other comprehensive income after tax for Q1 2018 was CNY 8,546,901.85, compared to a loss of CNY 5,470,501.95 in the previous period[40]

Financial Performance - The company's operating revenue for 2017 was ¥138,011,777.63, a decrease of 38.72% compared to ¥225,219,028.47 in 2016[24]. - The net profit attributable to shareholders was -¥190,056,187.69 in 2017, representing a decline of 779.13% from ¥27,985,118.53 in 2016[24]. - The net cash flow from operating activities increased by 148.52% to ¥58,896,445.40 in 2017, up from ¥23,699,022.93 in 2016[24]. - The total assets at the end of 2017 were ¥1,501,792,148.46, reflecting a 3.43% increase from ¥1,451,994,291.25 at the end of 2016[24]. - The net assets attributable to shareholders decreased by 15.35% to ¥1,111,712,412.90 at the end of 2017, down from ¥1,313,311,147.30 at the end of 2016[24]. - The company reported a basic earnings per share of -¥0.69 in 2017, a decline of 790.00% from ¥0.10 in 2016[24]. - The company achieved total operating revenue of 138.01 million yuan, a decrease of 38.72% compared to the same period last year[43]. - Operating profit was -162.56 million yuan, down 699.56% year-on-year, while total profit was -162.94 million yuan, a decline of 700.24%[43]. - Net profit attributable to shareholders was -190.06 million yuan, a decrease of 779.13% compared to the previous year[43]. Accounts Receivable and Cash Flow - As of December 31, 2017, the accounts receivable from ECG amounted to 720.81 million RMB, accounting for 48% of the total assets[10]. - The balance of accounts receivable from ECG was 130.07 million RMB, while the long-term receivables principal from ECG was 590.74 million RMB[10]. - The company has experienced delays in contract payments from ECG, impacting cash flow and highlighting collection risks[10]. - The company acknowledges the increasing complexity of payment processes in overseas projects, particularly in Ghana, which may slow down cash inflows[10]. - The company has recognized a bad debt provision of approximately RMB 11 million due to delayed payments from ECG for materials and engineering costs[45]. - Long-term receivables increased by 1027.11%, reflecting changes in project payment terms[37]. Investment and Projects - The company is engaged in BT, BOT, and PPP projects, which require significant upfront capital and have long payback periods, leading to potential liquidity pressures[7]. - The company has increased investment in overseas projects, particularly with ECG, which has led to a rise in accounts receivable and potential bad debt risks[10]. - The company plans to invest in a 378MW gas power plant project in Ghana, enhancing its market position in the local electricity supply sector[35]. - The company has signed a follow-up contract for smart meter supply with ECG in Ghana, valued at approximately 3 million USD, to be executed starting in 2018[43]. - The planned gas power plant in Ghana will have a total capacity of 378MW, with the first phase consisting of a 132MW unit, and the project is currently in the preparatory stage[48]. - The company has invested a total of 440 million CNY in the project to reduce line losses and related grid renovations in Accra, Ghana, as of December 31, 2017[80]. Research and Development - The company is focused on the research and development of power line carrier chips and related integrated circuit products, aiming to expand its market presence both domestically and internationally[32]. - The company completed the R&D of broadband power line carrier communication chips, with product testing expected to be completed in the first half of 2018[34]. - The company successfully developed a new isolation-type mutual inductance communication chip set, with plans to launch related metering products in 2018[66]. - Research and development investment amounted to CNY 21,783,155.22, representing 15.78% of operating revenue, an increase from 11.83% in 2016[67]. - The company plans to continue enhancing its R&D efforts to mitigate risks associated with technological advancements and market competition[94]. Market and Competition - The demand for narrowband power line carrier communication products in the domestic market is decreasing, leading to a renewed demand for advanced broadband power line carrier communication technology[33]. - The company is facing increased competition in the power line communication industry, which may impact profitability if it cannot maintain its advantages[93]. - The company is actively exploring non-grid markets for narrowband and broadband power line carrier communication technologies to mitigate declining orders in the domestic market[49]. - The company aims to enhance its internal control and cost management to improve economic efficiency[93]. Shareholder and Governance - The company plans not to distribute cash dividends, issue bonus shares, or increase share capital from reserves[11]. - The company’s cash dividend policy is in compliance with its articles of association and shareholder resolutions[100]. - The company did not propose any capital reserve transfer to increase share capital for the reporting period[103]. - The company has established a scientific and effective compensation management system to attract, motivate, and retain talent[178]. - The company has implemented a performance evaluation and incentive mechanism linking the performance of directors, supervisors, and senior management to their compensation[183]. - The company ensures transparent and timely information disclosure, maintaining investor relations and protecting the rights of all shareholders[184]. Operational Challenges - Project management risks exist due to the overseas nature of major projects, which could affect overall revenue if not managed properly[8]. - The company emphasizes the need for improved project management to mitigate risks associated with engineering and personnel[9]. - The company faces foreign exchange risks due to operations in currencies such as USD and ZAR, which may impact future performance as overseas business scales up[6]. - The company has implemented measures to insure overseas projects against political and credit risks[95]. Corporate Structure and Changes - The company has established several subsidiaries, including Akoase Resources Company Limited and Beijing Jincheng Tianji Technology Co., Ltd[87]. - The company has implemented changes in accounting policies due to new accounting standards issued by the Ministry of Finance, affecting the presentation of operating income and government subsidies[108]. - The company has a board of directors consisting of 8 members, including 3 independent directors[155]. - The company’s auditor has been engaged for 8 consecutive years, with the current audit firm being Zhongzheng Zhonghuan Accounting Firm[110][111].

北京晓程科技股份有限公司 2017 年第三季度报告全文 北京晓程科技股份有限公司 2017 年第三季度报告 2017-045 2017 年 10 月 1 北京晓程科技股份有限公司 2017 年第三季度报告全文 第一节 重要提示 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。 公司负责人程毅、主管会计工作负责人周劲松及会计机构负责人(会计主管 人员)龙翠金声明：保证季度报告中财务报表的真实、准确、完整。 2 北京晓程科技股份有限公司 2017 年第三季度报告全文 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 | | 本报告期末 | 上年度末 | | 本报告期末比上年度末增减 | | --- | --- | --- | --- | --- | | 总资产（元） | 1,612,731,598.58 | 1,451,994,291.25 | | 11.07% | | 归属于上市公司股东的净资产 | 1,2 ...

Financial Performance - Total revenue for the reporting period was CNY 133,752,336.06, representing a 41.71% increase compared to CNY 94,382,778.71 in the same period last year [24]. - Net profit attributable to shareholders decreased by 88.97% to CNY 805,696.93 from CNY 7,304,125.69 year-on-year [24]. - The net cash flow from operating activities was CNY 24,977,263.74, a significant recovery from a negative cash flow of CNY -24,698,882.99 in the previous year [24]. - The company achieved total operating revenue of 133.75 million yuan, an increase of 41.71% compared to the same period last year [41]. - Operating profit reached 14.51 million yuan, up 113.19% year-on-year, while total profit was 14.60 million yuan, an increase of 95.23% [41]. - The weighted average return on equity decreased to 0.06% from 0.57% year-on-year [24]. - The gross profit margin for the first half of 2017 was approximately 38.5%, compared to 29.5% in the same period of 2016, indicating improved profitability [148]. - The company reported an operating profit of CNY 14,511,408.91 for the first half of 2017, compared to CNY 6,806,732.02 in the previous year, marking an increase of about 113% [148]. Cash Flow and Liquidity - Cash and cash equivalents increased by 120.49% due to cash received from bond issuance amounting to CNY 198 million [35]. - Cash and cash equivalents at the end of the period reached 319,296,297.25 CNY, up from 136,065,597.48 CNY [157]. - Cash flow from financing activities generated a net inflow of 194,796,000.00 CNY, compared to a net outflow of -3,561,994.36 CNY previously [157]. - The company’s cash flow from operating activities improved to ¥24,977,263.74 from a negative ¥24,698,882.99, mainly due to increased cash received from sales [61]. Investment and Projects - The company plans to undertake large-scale BT, BOT, and PPP projects, which require substantial upfront capital investment and have long payback periods, increasing financial pressure [7]. - The company is expanding its market presence through various projects in Ghana, including a 20MW solar power station and distribution network upgrades [15]. - The company plans to invest in a 378MW gas power plant project in Ghana, enhancing its market position in the local electricity supply sector [33]. - The company completed the transformation of approximately 230,000 households in the loss reduction project in Accra, Ghana, with good operational performance [43]. - The company signed a PPP contract in South Africa with a total value of 100 million USD, involving the installation of 66,000 single-phase smart prepaid meters and 5,100 three-phase smart meters [47]. Risks and Challenges - The company reported a significant increase in overseas business, which has led to a rise in accounts receivable, posing a risk to cash flow due to potential delays in payment collection [10]. - The company faces foreign exchange risks due to operations in currencies such as USD and ZAR, which could impact future performance as overseas business scales up [6]. - The company emphasizes the importance of project management to mitigate risks associated with overseas operations, including construction progress and personnel management [8]. - The company is actively monitoring the credit status of its major clients to manage accounts receivable risks effectively [10]. Strategic Focus - The company does not plan to distribute cash dividends or issue bonus shares, indicating a focus on reinvestment [11]. - The company is exploring strategic partnerships and acquisitions to bolster its market position and technological capabilities [19]. - The company has a strong focus on developing smart energy meters and related technologies, which are crucial for its product offerings [16]. - The company plans to adopt a dual-market development model, focusing on technological innovation domestically while expanding overseas power markets and other business areas [54]. Shareholder Information - The total number of shareholders at the end of the reporting period is 26,510 [120]. - The largest shareholder, Cheng Yi, holds 28.74% of the shares, totaling 78,750,000 shares [120]. - The company reported a total share count of 274,000,000, with 22.61% being limited shares and 77.39% being unrestricted shares [115]. - The company has a diverse shareholder base, including both individual and institutional investors [121]. Subsidiaries and Organizational Structure - The company has a total of 8 subsidiaries included in the consolidated financial statements as of the reporting period [182]. - Major subsidiaries include Beijing Fugen Electric Co., Ltd. with a net profit loss of 3,578,698.09 and Akroma Gold Company with a net profit loss of 2,393,501.36 [84]. - The company established a new subsidiary, Xiaocheng Technology Hong Kong Co., Ltd., during the reporting period [85]. Compliance and Governance - The financial report complies with accounting standards and accurately reflects the company's financial status and cash flow [186]. - The company has not faced any penalties or rectification issues during the reporting period [96]. - The company has not conducted any significant related party transactions during the reporting period [98]. - The company strictly adhered to commitments made during the initial public offering [91].

Financial Performance - Total revenue for Q1 2017 was ¥72,443,211.13, representing a 15.32% increase compared to ¥62,818,760.19 in the same period last year[9] - Net profit attributable to shareholders was ¥6,966,882.27, up 17.87% from ¥5,910,481.21 year-over-year[9] - Basic earnings per share increased by 50.00% to ¥0.03 from ¥0.02 in the previous year[9] - Operating profit for the same period was 12.87 million yuan, reflecting a growth of 29.69% year-on-year[27] - Total profit reached 12.77 million yuan, marking a 30.91% increase compared to the previous year[27] - The net profit for Q1 2017 was CNY 6,702,748.84, an increase from CNY 4,864,979.47 in the same period last year, representing a growth of approximately 37.8%[57] - The total profit for Q1 2017 was CNY 12,769,939.86, up from CNY 9,754,690.11 in the previous year, reflecting a year-over-year increase of about 30.0%[57] Cash Flow and Liquidity - The net cash flow from operating activities was negative at -¥10,514,009.32, a decline of 177.87% compared to ¥13,502,436.82 in the same period last year[9] - Cash flow from operating activities showed a net outflow of 10.51 million yuan, a decline of 177.87% compared to the previous year[25] - The cash flow from operating activities was CNY 50,962,318.09, down from CNY 66,011,351.98 in the previous period, representing a decrease of approximately 22.9%[64] - The net cash flow from operating activities was -31,899,491.13 CNY, compared to -6,798,251.67 CNY in the previous period, indicating a significant decline in operational performance[67] - Cash and cash equivalents decreased to 122,277,407.73 CNY from 144,812,980.84 CNY, reflecting a decline of about 15.6%[48] - Cash and cash equivalents at the end of the period decreased to 94,196,757.20 CNY from 148,241,668.30 CNY in the previous period, showing a reduction of approximately 36.4%[70] - The company’s total cash and cash equivalents decreased by 32,070,915.38 CNY during the period, indicating liquidity challenges[70] Assets and Liabilities - Total assets at the end of the reporting period were ¥1,419,572,459.55, down 2.23% from ¥1,451,994,291.25 at the end of the previous year[9] - Non-current assets totaled CNY 797,590,573.68, up from CNY 770,980,630.68 at the beginning of the period[50] - Current liabilities totaled CNY 64,075,995.80, down from CNY 97,615,998.92 at the beginning of the period[50] - Total liabilities were CNY 82,088,744.81, compared to CNY 115,742,823.40 at the beginning of the period[50] - Total equity attributable to shareholders was CNY 1,315,329,585.44, slightly up from CNY 1,313,311,147.30[51] Shareholder Information - The total number of shareholders at the end of the reporting period was 25,453[17] - The largest shareholder, Cheng Yi, holds 28.74% of the shares, amounting to 78,750,000 shares, with 25,400,000 shares pledged[17] Investment and Projects - The company has signed a total contract amount of 100 million USD for the South Africa PPP project, with 5,028 electric meters installed by the end of the reporting period[33][34] - The company is expanding its solar power project in Ghana, with an expected average annual generation of 25 million kWh from the 20MW solar power station[32] - Xiaocheng Ghana Power Company acquired 65% equity in Sian Mining Company for $4.8 million, focusing on gold mining in Ghana[35] - The 378MW gas power plant project in Ghana is planned in two phases, with the first phase aiming for a 132MW single-cycle generator[35] - The company is increasing its focus on the mining sector, anticipating further investments in this area[35] Risks and Challenges - The company faces risks including currency fluctuations, funding pressures from large project investments, and potential delays in receivables collection due to expanding overseas operations[11][12][13][15] - The company is cautious about further investments in the digital sensor project due to market competition and lower-than-expected demand[39] Expenses - The company reported a 54.07% decrease in sales expenses, totaling 1.17 million yuan, attributed to reduced personnel costs[25] - The company's sales expenses decreased to CNY 1,174,206.38 from CNY 2,556,684.10, showing a reduction of approximately 54.0%[57] - The management expenses for Q1 2017 were CNY 16,964,819.92, down from CNY 18,152,257.96, indicating a decrease of about 6.5%[57] - The financial expenses improved significantly, showing a gain of CNY 320,824.75 compared to a loss of CNY 6,264,281.17 in the previous period[57] - The asset impairment loss increased to CNY 10,754,217.49 from CNY 3,063,661.64, marking a rise of approximately 250.0%[57]

Financial Performance - Total revenue for the reporting period was CNY 38,032,963.20, an increase of 22.21% year-on-year, while total revenue from the beginning of the year to the end of the reporting period was CNY 132,415,741.91, a decrease of 13.33% compared to the same period last year[8]. - Net profit attributable to shareholders was CNY 7,342,437.78, a significant increase of 244.90% year-on-year, but a decrease of 55.37% from the beginning of the year to the end of the reporting period[8]. - The company reported a total comprehensive income of CNY 18,224,086.21, down from CNY 87,494,883.18 year-over-year[63]. - Basic and diluted earnings per share for the quarter were both CNY 0.05, compared to CNY 0.12 in the same period last year[63]. - Net profit for the quarter was CNY 2,245,252.92, a significant decline from CNY 37,502,893.79 in the previous year, representing a decrease of 94.0%[62]. Assets and Liabilities - Total assets at the end of the reporting period were CNY 1,426,715,378.59, a decrease of 0.53% compared to the end of the previous year[8]. - The company's total equity attributable to shareholders increased to CNY 1,294,116,294.20 from CNY 1,268,025,121.47, showing an increase of approximately 2.1%[48]. - Total liabilities decreased to CNY 113,047,858.34 from CNY 135,348,271.46, a decline of about 16.5%[47]. - Cash and cash equivalents decreased to CNY 135,133,503.35 from CNY 179,048,810.29, reflecting a decline of approximately 24.5%[45]. - Accounts receivable increased to CNY 255,358,323.31 from CNY 231,195,209.26, representing an increase of about 10.4%[45]. Cash Flow - The net cash flow from operating activities for the year-to-date was CNY 764,108.81, representing a substantial increase of 439.84%[8]. - Operating cash inflow totaled CNY 152,325,220.83, down 15.7% from CNY 180,716,689.91 in the previous period[69]. - Total cash outflow from operating activities was CNY 151,561,112.02, down from CNY 180,575,146.49 in the previous period[69]. - Cash flow from financing activities resulted in a net outflow of CNY 3,561,994.36, compared to CNY 10,960,000.00 in the previous period[74]. - The company received tax refunds of CNY 7,918,315.25, a decrease of 71.3% from CNY 27,626,237.56 in the previous period[69]. Investments and Projects - The company has launched new products that meet the requirements of the State Grid, currently undergoing testing with positive preliminary results[17]. - The company has signed a contract worth 100 million USD for the South Africa PPP project, which involves designing and installing smart metering systems[29]. - The digital sensor project has a total planned investment of 148.60 million CNY, with 38.34 million CNY invested, achieving 100% of the planned progress[35]. - The investment in the Ghana power company amounted to 440 million CNY, with a cumulative investment of 422.83 million CNY, achieving 96.10% of the planned progress[36]. - The company has implemented a cautious approach to the digital sensor project due to lower than expected market demand and increased competition[35]. Risks and Challenges - The company faces risks related to overseas project implementation, including long construction cycles and significant upfront investments, which may affect project timelines and expected returns[11]. - The company has a significant amount of accounts receivable, primarily from the Ghana ECG company, which poses a risk to cash flow due to ongoing business reforms at ECG[13]. - Domestic performance has significantly declined due to reduced sales orders for power products related to the State Grid, with the company planning to accelerate the development of broadband power line carrier chips to improve market competitiveness[30]. Strategic Focus - The company is actively seeking to enhance its talent pool to match the growing demands of its expanding business scale[12]. - The company is focusing on developing new products and optimizing its marketing team to maintain its competitive edge in the market[16]. - The company aims to expand its market share both domestically and internationally, focusing on new business models and enhancing the entire industry chain from power generation to consumption[30].

Company Overview - The company’s stock code is 300139, and it operates under the name Beijing Xiaocheng Technology Co., Ltd[13]. - The registered address of the company is located at 503, International Finance Center D, No. 87, North Third Ring Road, Haidian District, Beijing[13]. - The company has multiple subsidiaries, including Beijing Fugen Electric Co., Ltd and CB Electric Co., Ltd, which contribute to its operational scope[10]. - The company’s financial report is guaranteed to be true, accurate, and complete by its board of directors and senior management[4]. - The company’s financial disclosures are published in the Securities Times and available on the CNINFO website[15]. - The company’s contact information includes a dedicated email for investor relations at tzz@xiaocheng.com[14]. Financial Performance - Total revenue for the reporting period was CNY 94,382,778.71, a decrease of 22.43% compared to the same period last year[17]. - Net profit attributable to shareholders was CNY 7,304,125.69, down 80.72% year-on-year[17]. - Net cash flow from operating activities was negative CNY 24,698,882.99, a decline of 1,441.49% compared to the previous year[17]. - Basic earnings per share decreased by 78.57% to CNY 0.03[17]. - Total assets at the end of the reporting period were CNY 1,407,593,365.93, a decrease of 1.87% from the end of the previous year[17]. - The company's operating revenue for the reporting period was ¥94,382,778.71, a decrease of 22.43% compared to ¥121,669,944.70 in the same period last year[40]. - The company's operating costs increased by 28.15% to ¥68,115,044.10 from ¥53,153,150.76 year-on-year[40]. - Research and development investment decreased by 19.17% to ¥13,182,312.39 from ¥16,309,314.57 in the previous year[40]. - The company’s BOT project in Ghana reported a revenue decline of 49.77% year-on-year, while the loss reduction project revenue decreased by 19.40%[45]. - The company’s major suppliers accounted for 43.44% of total annual procurement, indicating a significant reliance on a few suppliers[47]. - The company’s top five customers accounted for 90.65% of total sales, indicating a high concentration of revenue sources[47]. Project Involvement - The company is involved in various projects, including the Ghana BXC Company’s prepaid meter BOT project and a 20MW solar power station project in Accra, Ghana[10]. - The BOT project in Ghana is in the final handover stage, with stable operations expected to continue[34]. - The company signed contracts for two distribution network expansion projects in Ghana, each valued at $20 million, with 86% of the budget allocated for material procurement[34]. - The 20MW solar power station project in Ghana has been connected to the grid, with an expected annual generation of 25 million kWh and a feed-in tariff of $0.20137 per kWh[35]. - The total contract amount for the South Africa PPP project is $100 million, involving the installation of at least 66,000 single-phase smart prepaid meters and 83,123 water meters[36]. - The company completed the transformation of approximately 200,000 households in the loss reduction project, with around 170,000 paying users[34]. Risks and Challenges - The company is facing risks related to overseas project implementation, including long construction cycles and significant upfront investments[23]. - The company has a high proportion of overseas project revenue, which exposes it to exchange rate risks[24]. - The company is actively seeking to improve its accounts receivable situation, particularly with its major overseas client, ECG in Ghana[28]. - The company has faced challenges in the commercialization of its digital sensor project, leading to a cautious investment strategy due to lower than expected market demand[63]. - The company’s investment in the PL4000 project has seen a significant decrease of 44.54% in expected returns, prompting a reassessment of funding allocation[63]. Shareholder Information - The total number of shareholders at the end of the reporting period is 29,321[107]. - The largest shareholder, Cheng Yi, holds 28.74% of the shares, totaling 78,750,000 shares, with 24,000,000 shares pledged[107]. - Penghua Asset Management holds 2.58% of the shares, totaling 7,058,377 shares, all of which are unrestricted[107]. - The top ten unrestricted shareholders include Cheng Yi, Penghua Asset Management, and others, with Cheng Yi having 19,687,500 unrestricted shares[109]. - The company maintains a stable shareholder structure with no significant changes in ownership dynamics[111]. Financial Management and Capital Allocation - The company reported a positive net profit for the reporting period, but did not propose any cash dividend distribution plan[80]. - The cash dividend distribution plan for 2015 was approved, with a payout of RMB 0.13 per share, completed by the reporting date[79]. - The total amount of raised funds is 80,122.29 million RMB, with 77,172.9 million RMB already invested[58]. - The cumulative change in the purpose of raised funds amounts to 11,025.85 million RMB, accounting for 13.76% of the total raised funds[58]. - The company has a remaining balance of 79,157.63 million RMB in its fundraising account as of June 30, 2016[60]. - The company has permanently supplemented its working capital with 61.71 million CNY of remaining raised funds as of May 31, 2016, pending shareholder approval[65]. - The company has decided to allocate 121.94 million CNY of unutilized raised funds to permanently supplement the working capital of its wholly-owned subsidiary in Ghana, BXC Company[63]. Management and Governance - The board of directors and management underwent a re-election process during the reporting period[100]. - The company appointed new executives, including Liu Hang and Xie Zheng as deputy general managers on June 17, 2016[116]. - The company reported a significant change in the board of directors and supervisory board members on April 15, 2016, with multiple new appointments[116]. - There were no major litigation or arbitration matters during the reporting period[83]. - The company did not acquire or sell any assets during the reporting period[84][85]. - There were no significant related party transactions reported[88]. - The company did not implement any stock incentive plans during the reporting period[87]. Financial Reporting and Compliance - The half-year financial report was not audited[98]. - The company has not undergone an audit for the half-year financial report[118]. - The financial statements are prepared in accordance with the enterprise accounting standards, reflecting the company's financial status and operating results accurately[169]. - The company follows the equity method for accounting in mergers under common control and the purchase method for mergers not under common control[175][176]. - The company measures the fair value of assets and liabilities at the acquisition date for business combinations, with any difference between fair value and book value recognized in current profit or loss[179]. Asset and Liability Management - The total assets as of June 30, 2016, amounted to CNY 1,407,593,365.93, a decrease from CNY 1,434,353,699.86 at the beginning of the year[119]. - Current assets totaled CNY 600,248,800.71, down from CNY 643,245,505.84 at the beginning of the year, reflecting a decrease of approximately 6.67%[121]. - Cash and cash equivalents decreased to CNY 136,065,597.47 from CNY 179,048,810.29, representing a decline of about 24.0%[120]. - Accounts receivable increased to CNY 247,093,340.25 from CNY 231,195,209.26, showing an increase of approximately 6.88%[120]. - Total liabilities decreased to CNY 99,880,178.99 from CNY 135,348,271.46, a decline of approximately 26.2%[122]. - The company's equity increased to CNY 1,307,713,186.94 from CNY 1,299,005,428.40, reflecting a growth of about 0.22%[123].