[Important Notice, Table of Contents, and Definitions](index=2&type=section&id=%E7%AC%AC%E4%B8%80%E8%8A%82%20%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA%E3%80%81%E7%9B%AE%E5%BD%95%E5%92%8C%E9%87%8A%E4%B9%89) [Important Notice, Table of Contents, and Definitions](index=2&type=section&id=%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA%E3%80%81%E7%9B%AE%E5%BD%95%E5%92%8C%E9%87%8A%E4%B9%89) This section includes standard legal disclaimers, ensuring the report's truthfulness, accuracy, and completeness, along with a detailed table of contents and definitions of key terms for investor understanding - The company's 2021 profit distribution plan proposes a cash dividend of **CNY 0.15 (including tax) per 10 shares** based on 744,169,066 shares[4](index=4&type=chunk) Key Term Definitions | Term | Definition | | :--- | :--- | | **GNSS** | Global Navigation Satellite System, providing global positioning, navigation, and timing information | | **RTK** | Real-time Kinematic, a real-time three-dimensional positioning technology offering centimeter-level accuracy | | **GIS** | Geographic Information System, a technology system for collecting, managing, and analyzing geospatial data | | **Inertial Navigation** | An autonomous navigation system that uses gyroscopes and accelerometers without external information | | **CORS** | Continuously Operating Reference Stations, a ground-based augmentation system used to improve positioning accuracy | | **SONAR** | Sound Navigation and Ranging, electronic equipment that uses sound waves for underwater detection and communication | [Company Profile and Key Financial Indicators](index=7&type=section&id=%E7%AC%AC%E4%BA%8C%E8%8A%82%20%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B%E5%92%8C%E4%B8%BB%E8%A6%81%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) [Key Accounting Data and Financial Indicators](index=8&type=section&id=%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) In 2021, the company's operating revenue saw a slight increase of 1.28%, while net profit attributable to shareholders significantly decreased by 44.93%; however, net profit excluding non-recurring items grew by 269.87%, indicating improved core business profitability, despite a substantial 384.41% decline in net cash flow from operating activities, while total assets and net assets showed steady growth 2021 Key Financial Indicators | Indicator | 2021 | 2020 | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue (CNY) | 1,795,696,869.10 | 1,773,058,819.12 | 1.28% | | Net Profit Attributable to Shareholders (CNY) | 47,303,825.78 | 85,898,748.62 | -44.93% | | Net Profit Attributable to Shareholders (Excluding Non-recurring Items) (CNY) | 37,226,008.04 | -21,914,366.65 | 269.87% | | Net Cash Flow from Operating Activities (CNY) | -217,528,695.58 | -44,905,868.56 | -384.41% | | Basic Earnings Per Share (CNY/share) | 0.0645 | 0.1266 | -49.05% | | Weighted Average Return on Net Assets | 2.14% | 4.78% | -2.64% | | Total Assets (CNY) | 4,038,475,025.62 | 3,521,358,175.01 | 14.69% | | Net Assets Attributable to Shareholders (CNY) | 2,321,975,531.83 | 1,769,950,779.89 | 31.19% | [Non-recurring Gains and Losses and Amounts](index=9&type=section&id=%E9%9D%9E%E7%BB%8F%E5%B8%B8%E6%80%A7%E6%8D%9F%E7%9B%8A%E9%A1%B9%E7%9B%AE%E5%8F%8A%E9%87%91%E9%A2%9D) In 2021, the company's total non-recurring gains and losses amounted to **CNY 10.08 million**, a significant decrease from **CNY 107.81 million** in 2020, primarily due to a shift from profit to loss in non-current asset disposal and a negative change in fair value of financial assets held for trading, while government subsidies remained the main source of non-recurring income but decreased in amount Non-recurring Gains and Losses (Unit: CNY) | Item | 2021 Amount | 2020 Amount | | :--- | :--- | :--- | | Gains/Losses from Disposal of Non-current Assets | -8,013,423.87 | 18,250,230.48 | | Government Subsidies Included in Current Profit/Loss | 28,410,842.28 | 42,685,208.69 | | Fair Value Changes of Financial Assets Held for Trading, etc | -4,700,000.00 | 11,800,000.00 | | Other Non-operating Income and Expenses | 3,163,893.82 | 76,726,910.62 | | **Total** | **10,077,817.74** | **107,813,115.27** | [Management Discussion and Analysis](index=11&type=section&id=%E7%AC%AC%E4%B8%89%E8%8A%82%20%E7%AE%A1%E7%90%86%E5%B1%82%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) [Industry Overview](index=11&type=section&id=%E4%B8%80%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E6%89%80%E5%A4%84%E8%A1%8C%E4%B8%9A%E6%83%85%E5%86%B5) The company operates in the satellite navigation, geographic information, and autonomous driving industries, all benefiting from strong national policy support and technological convergence, with the completion of the Beidou-3 global system driving rapid growth in the satellite navigation industry, which reached a total output value of **CNY 403.3 billion** in 2020, while the geographic information industry integrates with big data and AI, fostering new formats like digital twins, and the autonomous driving industry sees intensive policy releases aiming for scaled production of conditional autonomous vehicles by 2025, creating vast market opportunities for high-precision positioning technology - In 2020, the total output value of China's satellite navigation and location-based services industry reached **CNY 403.3 billion**, a year-on-year increase of approximately **16.9%**[29](index=29&type=chunk) - National policy planning promotes the construction of Beidou high-precision basic service networks and requires full coverage of high-precision spatiotemporal reference service networks in the intelligent vehicle sector[33](index=33&type=chunk)[40](index=40&type=chunk) - The geographic information industry is accelerating integration with the internet, big data, AI, and virtual reality, with concepts like digital twins and "metaverse" continuously expanding industry boundaries[36](index=36&type=chunk)[37](index=37&type=chunk) [Main Business Operations](index=14&type=section&id=%E4%BA%8C%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E4%BB%8E%E4%BA%8B%E7%9A%84%E4%B8%BB%E8%A6%81%E4%B8%9A%E5%8A%A1) The company specializes in high-precision positioning technology, with two core business areas: traditional "Surveying and Spatial Geographic Information" providing comprehensive software and hardware solutions including spatial information, aerial surveying, marine exploration, and safety monitoring, and strategic emerging "Beidou High-Precision Intelligent Applications" integrating high-precision positioning with AI and big data for autonomous driving, public safety, and smart industry - The company has established a comprehensive, all-space high-precision positioning industry layout covering "sea, land, air, space, indoor, and outdoor"[44](index=44&type=chunk) - In the new energy vehicle autonomous driving sector, the company provides vehicle-mounted high-precision sensors, combined positioning modules, high-precision map collection systems, and augmentation services, and has established an automotive-grade production base meeting IATF16949 and ISO26262 standards[50](index=50&type=chunk)[51](index=51&type=chunk) - Most of the company's products have achieved independent and controllable key technologies, with industry-leading localization of industrial-grade LiDAR, marine sonar, and satellite-based augmentation systems[58](index=58&type=chunk) [Core Competitiveness Analysis](index=18&type=section&id=%E4%B8%89%E3%80%81%E6%A0%B8%E5%BF%83%E7%AB%9E%E4%BA%89%E5%8A%9B%E5%88%86%E6%9E%90) The company's core competitiveness stems from three key areas: independent and controllable core technologies with R&D investment accounting for **14.77%** of revenue and **1,553** accumulated intellectual property rights; a comprehensive product technology chain covering "sea, land, air, space, indoor, and outdoor" high-precision positioning products; and a global business presence with over a hundred agents or partners in **87** countries through two international brands - During the reporting period, the company's R&D investment was **CNY 265 million**, accounting for **14.77%** of operating revenue[65](index=65&type=chunk) - As of the end of 2021, the company had accumulated **1,553** intellectual property rights, including **486** patents and **923** software copyrights[65](index=65&type=chunk) - The national standard "GNSS Receiver Data Autonomous Exchange Format," primarily formulated by the company, was approved and released, demonstrating its core technological capabilities[64](index=64&type=chunk) [Main Business Analysis](index=19&type=section&id=%E5%9B%9B%E3%80%81%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) In 2021, the company focused on its main business, with steady growth in surveying and spatial geographic information and good development in Beidou high-precision intelligent applications; despite an overall net profit decline, non-recurring net profit significantly increased, indicating a positive underlying trend for the main business, with scaled shipments of vehicle-mounted high-precision products and progress in CORS network construction and safety monitoring, though operating cash flow experienced a substantial outflow due to delayed payments from government clients [1. Overview](index=19&type=section&id=1%E3%80%81%E6%A6%82%E8%BF%B0) In 2021, the company achieved revenue of **CNY 1.796 billion**, a 1.28% year-on-year increase; net profit attributable to the parent company was **CNY 47.30 million**, a 44.93% year-on-year decrease; however, non-recurring net profit reached **CNY 37.23 million**, a 269.87% year-on-year increase, with breakthroughs in multiple business areas: shipments of new energy vehicle high-precision positioning antennas exceeded **100,000 units**; successful bids for key CORS network construction projects; rapid market growth in safety monitoring due to national disaster survey policies; and the release of several localized marine exploration and 3D laser products - Shipments of high-precision positioning antennas for new energy vehicle autonomous driving have exceeded **100,000 units**, transitioning from small-batch to scaled shipments[71](index=71&type=chunk) - The company successfully won the bid for China Unicom's positioning system construction project, securing a **50%** share, making it the largest share unit for the project[72](index=72&type=chunk) - Wuhan Guangting Information Technology Co, Ltd, in which the company holds an equity stake, was listed on the ChiNext board in December 2021, facilitating synergistic development in autonomous driving high-precision business for both parties[81](index=81&type=chunk) [2. Revenue and Cost Analysis](index=22&type=section&id=2%E3%80%81%E6%94%B6%E5%85%A5%E4%B8%8E%E6%88%90%E6%9C%AC) In 2021, the company's total revenue was **CNY 1.796 billion**, with a gross profit margin of **45.46%**, largely consistent with the previous year; by product, "Beidou High-Precision Positioning Equipment" revenue increased by **7.73%**, becoming the primary growth driver, while "High-Precision Spatiotemporal Information Solutions" revenue decreased by **6.86%**; by region, domestic revenue slightly decreased by **2.27%**, but international revenue significantly increased by **61.45%**; by sales model, the distribution model grew by **15.88%**, outpacing the direct sales model 2021 Operating Revenue Composition (by Product) | Product Category | Operating Revenue (CNY) | % of Total Revenue | YoY Change | | :--- | :--- | :--- | :--- | | Beidou High-Precision Positioning Equipment | 1,065,117,542.91 | 59.31% | 7.73% | | High-Precision Spatiotemporal Information Solutions | 730,579,326.19 | 40.69% | -6.86% | 2021 Operating Revenue Composition (by Region) | Region Category | Operating Revenue (CNY) | % of Total Revenue | YoY Change | | :--- | :--- | :--- | :--- | | Domestic | 1,636,400,122.69 | 91.13% | -2.27% | | International | 159,296,746.41 | 8.87% | 61.45% | [3. Expense Analysis](index=25&type=section&id=3%E3%80%81%E8%B4%B9%E7%94%A8) During the reporting period, the company's selling, administrative, and R&D expenses all recorded single-digit to double-digit year-on-year increases, with no significant abnormal changes, while financial expenses decreased by **31.07%** year-on-year, primarily due to increased bank deposit interest 2021 Period Expenses | Expense Item | 2021 (CNY) | 2020 (CNY) | YoY Change | | :--- | :--- | :--- | :--- | | Selling Expenses | 245,948,583.43 | 226,093,738.92 | 8.78% | | Administrative Expenses | 190,286,272.86 | 168,092,905.37 | 13.20% | | Financial Expenses | 13,095,916.42 | 18,999,047.36 | -31.07% | | R&D Expenses | 236,130,822.95 | 214,881,039.63 | 9.89% | [4. R&D Investment](index=26&type=section&id=4%E3%80%81%E7%A0%94%E5%8F%91%E6%8A%95%E5%85%A5) The company maintains high R&D investment, with **CNY 265 million** in 2021, accounting for **14.77%** of operating revenue, an increase from the previous year, and R&D personnel comprising **53.90%** of the total workforce, with key R&D projects including Beidou high-precision RTP positioning and orientation terminals and collaborative precision positioning terminal key technologies, aimed at improving the high-end product system and expanding application markets in intelligent transportation and autonomous driving R&D Investment Over the Last Three Years | Year | R&D Investment (CNY) | R&D Investment as % of Operating Revenue | | :--- | :--- | :--- | | 2021 | 265,192,326.85 | 14.77% | | 2020 | 233,456,077.77 | 13.17% | | 2019 | 243,941,185.14 | 15.06% | [5. Cash Flow Analysis](index=27&type=section&id=5%E3%80%81%E7%8E%B0%E9%87%91%E6%B5%81) In 2021, the company's cash flow showed significant divergence: net cash flow from operating activities was **-CNY 217.53 million**, a substantial year-on-year decrease of **CNY 173 million**, primarily due to delayed payments from government clients; net cash flow from investing activities was **-CNY 90.14 million**; and net cash flow from financing activities significantly increased to **CNY 453.41 million**, a 397.32% year-on-year increase, mainly driven by funds raised from a private placement of shares 2021 Cash Flow Statement Summary | Item | 2021 (CNY) | 2020 (CNY) | YoY Change | | :--- | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -217,528,695.58 | -44,905,868.56 | -384.41% | | Net Cash Flow from Investing Activities | -90,140,421.43 | -25,026,737.00 | -260.18% | | Net Cash Flow from Financing Activities | 453,410,710.94 | 91,170,983.50 | 397.32% | | Net Increase in Cash and Cash Equivalents | 141,822,916.94 | 19,383,380.17 | 631.67% | - The significant difference between net cash flow from operating activities and net profit is primarily due to the high-precision spatiotemporal data business serving government clients, which is affected by delayed fiscal payments, leading to reduced sales collections[103](index=103&type=chunk)[105](index=105&type=chunk) [Analysis of Assets and Liabilities](index=28&type=section&id=%E5%85%AD%E3%80%81%E8%B5%84%E4%BA%A7%E5%8F%8A%E8%B4%9F%E5%80%BA%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) As of the end of 2021, the company's total assets reached **CNY 4.038 billion**, a 14.69% year-on-year increase; within the asset structure, monetary funds increased to **CNY 672 million** due to a private placement, and accounts receivable significantly grew by **35%** to **CNY 1.128 billion** due to delayed payments from government clients, rising to **27.94%** of total assets; on the liability side, capital reserves substantially increased due to share premium, while contract liabilities decreased - Monetary funds at period-end amounted to **CNY 672 million**, primarily due to approximately **CNY 500 million** in proceeds from a private placement of shares received during the period[109](index=109&type=chunk) - Accounts receivable at period-end increased to **CNY 1.128 billion**, a **35.25%** year-on-year increase, mainly due to delayed payments from government clients in the high-precision spatiotemporal information business[109](index=109&type=chunk) - Capital reserves significantly increased to **CNY 1.194 billion**, primarily due to share premium from a private placement of shares[110](index=110&type=chunk) [Investment Analysis](index=30&type=section&id=%E4%B8%83%E3%80%81%E6%8A%95%E8%B5%84%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) During the reporting period, the company's total investment amounted to **CNY 105 million**, an 18.73% year-on-year increase; the company completed a 2020 private placement of shares, raising net proceeds of **CNY 501 million**, primarily invested in projects such as an emergency management platform based on spatiotemporal intelligence technology and a high-precision GNSS application technology R&D center; as of the end of the period, **CNY 222.28 million** of the raised funds had been used, with **CNY 278.35 million** remaining unused Use of Raised Funds (Unit: CNY 10,000) | Total Raised Funds | Total Used in Current Period | Total Accumulated Used | Total Unused | | :--- | :--- | :--- | :--- | | 50,062.63 | 22,227.58 | 22,227.58 | 27,835.05 | [Analysis of Major Holding and Participating Companies](index=34&type=section&id=%E4%B9%9D%E3%80%81%E4%B8%BB%E8%A6%81%E6%8E%A7%E8%82%A1%E5%8F%82%E8%82%A1%E5%85%AC%E5%8F%B8%E5%88%86%E6%9E%90) During the reporting period, the performance of some major subsidiaries diverged: Wuhan Haida Shuyun and Jiangsu Zhonghaida Haiyang achieved steady net profits, while Shenzhen Zhongming Gaoke and Guizhou Tianditong, engaged in high-precision spatiotemporal data business, experienced significant declines in revenue and net profit, falling by **39.55%/89.92%** and **34.71%/48.12%** respectively, due to the impact of the pandemic and delayed fiscal payments - Shenzhen Zhongming Gaoke Information Industry Co, Ltd's net profit in 2021 was **CNY 6.86 million**, a year-on-year decrease of **89.92%**[130](index=130&type=chunk) - Guizhou Tianditong Technology Co, Ltd's net profit in 2021 was **CNY 37.12 million**, a year-on-year decrease of **48.12%**[131](index=131&type=chunk) - The decline in performance of these two subsidiaries was primarily due to the impact of the pandemic on the high-precision spatiotemporal data business, resulting in delayed fiscal payments, which led the company to actively control business scale[131](index=131&type=chunk) [Future Development Outlook](index=36&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E6%9C%AA%E6%9D%A5%E5%8F%91%E5%B1%95%E7%9A%84%E5%B1%95%E6%9C%9B) The company will continue to focus on the Beidou high-precision positioning industry, emphasizing the development of its two core businesses: surveying and spatial geographic information, and Beidou high-precision intelligent applications; the 2022 operating plan includes strategic focus on segmented industries, maintaining high R&D investment, optimizing market sales synergy, integrating the supply chain for cost reduction and efficiency improvement, and optimizing financial and talent management, while acknowledging key risks such as lower-than-expected technological innovation, loss of core talent, and uncertainties from international geopolitics and the pandemic - The company's overall development strategy is to become a global leader in spatiotemporal information solutions[132](index=132&type=chunk) - The 2022 operating goal is steady growth in traditional surveying business and scaled rapid development in Beidou high-precision intelligent application business[133](index=133&type=chunk) - The company faces key risks including lower-than-expected technological innovation and market expansion, loss of core talent, and impacts from international geopolitics and the COVID-19 pandemic[142](index=142&type=chunk)[144](index=144&type=chunk)[145](index=145&type=chunk) [Corporate Governance](index=44&type=section&id=%E7%AC%AC%E5%9B%9B%E8%8A%82%20%E5%85%AC%E5%8F%B8%E6%B2%BB%E7%90%86) [Basic Corporate Governance Status](index=44&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E6%B2%BB%E7%90%86%E7%9A%84%E5%9F%BA%E6%9C%AC%E7%8A%B6%E5%86%B5) During the reporting period, the company strictly adhered to relevant laws and regulations such as the Company Law and Securities Law, maintaining a sound and standardized corporate governance structure, with its actual governance status showing no significant discrepancies from the China Securities Regulatory Commission's regulations on listed company governance, and compliance with regulatory requirements in shareholder meetings, board of directors, supervisory board operations, information disclosure, and investor relations management - The company's corporate governance generally complies with the requirements of the "Guidelines for the Governance of Listed Companies" and "Self-Regulatory Guidelines for Listed Companies on the ChiNext Board No. 2 - Standardized Operations" issued by the Shenzhen Stock Exchange[154](index=154&type=chunk) [Employee Information](index=59&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E5%91%98%E5%B7%A5%E6%83%85%E5%86%B5) As of the end of 2021, the company had **2,538** employees; technically skilled personnel constituted the largest proportion at **53.90%**, reflecting the company's technology-driven nature, and employees with bachelor's degrees or higher accounted for over **59%**, indicating an optimized talent structure; the company implements a compensation policy guided by job value and individual performance and provides systematic training programs for employees Employee Professional Composition | Professional Category | Number of Employees | Percentage | | :--- | :--- | :--- | | Production Personnel | 247 | 9.73% | | Sales Personnel | 515 | 20.29% | | Technical Personnel | 1,368 | 53.90% | | Financial Personnel | 145 | 5.71% | | Administrative Personnel | 263 | 10.36% | | **Total** | **2,538** | **100.00%** | [Profit Distribution](index=60&type=section&id=%E5%8D%81%E4%BA%8C%E3%80%81%E5%85%AC%E5%8F%B8%E5%88%A9%E6%B6%A6%E5%88%86%E9%85%8D%E5%8F%8A%E8%B5%84%E6%9C%AC%E5%85%AC%E7%A7%AF%E9%87%91%E8%BD%AC%E5%A2%9E%E8%82%A1%E6%9C%AC%E6%83%85%E5%86%B5) The company has established a clear and proactive profit distribution policy, generally conducting cash dividends once a year, with cash dividends not less than **10%** of the distributable profit for the year; the 2020 profit distribution plan (implemented in 2021) was a cash dividend of **CNY 0.16 per 10 shares**, and the 2021 profit distribution proposal is a cash dividend of **CNY 0.15 per 10 shares**, totaling **CNY 11.16 million**, representing **23.6%** of the distributable profit for the year - The 2021 profit distribution proposal: based on the company's total share capital of 744,169,066 shares, a cash dividend of **CNY 0.15 per 10 shares (including tax)** will be distributed to all shareholders, totaling **CNY 11,162,535.99**[215](index=215&type=chunk) - The company's profit distribution policy stipulates that, when conditions for cash dividends are met, the annual cash distribution of profits shall not be less than **10%** of the distributable profit for the year[201](index=201&type=chunk) [Environmental and Social Responsibility](index=69&type=section&id=%E7%AC%AC%E4%BA%94%E8%8A%82%20%E7%8E%AF%E5%A2%83%E5%92%8C%E7%A4%BE%E4%BC%9A%E8%B4%A3%E4%BB%BB) [Social Responsibility](index=69&type=section&id=%E4%BA%8C%E3%80%81%E7%A4%BE%E4%BC%9A%E8%B4%A3%E4%BB%BB%E6%83%85%E5%86%B5) The company actively fulfills its social responsibilities, balancing economic and social benefits; for nearly a decade, it has established the "Zhonghaida Scholarship" in multiple key surveying and mapping universities nationwide, awarding approximately **CNY 340,000** during the reporting period to cultivate professionals in the Beidou satellite navigation field, and the "Zhonghaida Benevolent Fund," established by company executives, continues to provide financial support to employees and their families in need - For nearly a decade, the company has established the "Zhonghaida Scholarship" in multiple key surveying and mapping universities nationwide, awarding approximately **CNY 340,000** during the reporting period[234](index=234&type=chunk) - The "Zhonghaida Benevolent Fund," established with **CNY 10 million** contributed by the company's chairman and executives, provides long-term support to employees in need[234](index=234&type=chunk) [Significant Matters](index=70&type=section&id=%E7%AC%AC%E5%85%AD%E8%8A%82%20%E9%87%8D%E8%A6%81%E4%BA%8B%E9%A1%B9) [Fulfillment of Commitments](index=70&type=section&id=%E4%B8%80%E3%80%81%E6%89%BF%E8%AF%BA%E4%BA%8B%E9%A1%B9%E5%B1%A5%E8%A1%8C%E6%83%85%E5%86%B5) During and as of the end of the reporting period, the company's actual controller, shareholders, and the company itself strictly adhered to all commitments made during initial public offerings, re-financings, and equity incentive activities, including avoiding horizontal competition and share lock-ups, with no violations found - The company's controlling shareholder and actual controller, Liao Dinghai, and shareholder Liao Wen, issued a "Commitment Letter to Avoid Horizontal Competition," pledging not to engage in businesses that compete with the company[238](index=238&type=chunk) - The subscribers of the 2020 private placement of shares committed that the subscribed shares would not be transferred within six months from the listing date, a commitment fulfilled on September 6, 2021[248](index=248&type=chunk) [Major Contracts and Their Performance](index=91&type=section&id=%E5%8D%81%E4%BA%94%E3%80%81%E9%87%8D%E5%A4%A7%E5%90%88%E5%90%8C%E5%8F%8A%E5%85%B6%E5%B1%A5%E8%A1%8C%E6%83%85%E5%86%B5) During the reporting period, the company had no significant托管, contracting, or leasing matters; regarding guarantees, the company primarily provided financing guarantees to its subsidiaries to support their operations; as of the end of the reporting period, the total guarantee limit for subsidiaries was **CNY 875.84 million**, with an actual guarantee balance of **CNY 434.14 million**, accounting for **18.70%** of the company's net assets, and all guarantees were backed by counter-guarantees Guarantees to Subsidiaries (Unit: CNY 10,000) | Item | Amount | | :--- | :--- | | Total Approved Guarantee Limit for Subsidiaries at Period-End | 87,583.54 | | Total Actual Guarantee Balance for Subsidiaries at Period-End | 43,413.65 | | Ratio of Actual Total Guarantee to Company's Net Assets | 18.70% | [Other Significant Matters](index=96&type=section&id=%E5%8D%81%E5%85%AD%E3%80%81%E5%85%B6%E4%BB%96%E9%87%8D%E5%A4%A7%E4%BA%8B%E9%A1%B9%E7%9A%84%E8%AF%B4%E6%98%8E) The most significant event during the reporting period was the completion of the 2020 private placement of shares, successfully raising net proceeds of **CNY 501 million**, which provided financial support for the company's projects in emergency management platforms and high-precision GNSS technology R&D; additionally, the company adjusted equity in several subsidiaries, including further acquiring Bixun Electronics equity, implementing employee equity incentives for Haida Xingyu and Dushi Quan, and introducing external investors for Suzhou Zhonghaida, to optimize industrial layout and incentivize core teams - The company completed a private placement of shares, with net proceeds of **CNY 500,626,265.53**, and the newly issued shares were listed on March 4, 2021[285](index=285&type=chunk) - To incentivize core employees, the company transferred **35%** of the equity in its subsidiary Guangzhou Dushi Quan Network Technology Co, Ltd and **40%** of the equity in Guangzhou Haida Xingyu Technology Co, Ltd for employee equity incentive plans[287](index=287&type=chunk)[291](index=291&type=chunk) [Share Changes and Shareholder Information](index=98&type=section&id=%E7%AC%AC%E4%B8%83%E8%8A%82%20%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E5%8F%8A%E8%82%A1%E4%B8%9C%E6%83%85%E5%86%B5) [Share Changes](index=98&type=section&id=%E4%B8%80%E3%80%81%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) During the reporting period, the company's total share capital increased from **683 million shares** to **744 million shares**, primarily due to the private placement of **60,931,891** new shares, with a small increase also resulting from equity incentive exercises; consequently, the proportion of restricted shares decreased from **24.94%** to **20.79%** Share Changes (Unit: Shares) | Share Class | Before This Change | Increase/Decrease in This Change | After This Change | | :--- | :--- | :--- | :--- | | Restricted Shares | 170,346,242 | -15,659,549 | 154,686,693 | | Unrestricted Shares | 512,610,869 | 76,871,504 | 589,482,373 | | **Total Shares** | **682,957,111** | **61,211,955** | **744,169,066** | [Shareholders and Actual Controller Information](index=102&type=section&id=%E4%B8%89%E3%80%81%E8%82%A1%E4%B8%9C%E5%92%8C%E5%AE%9E%E9%99%85%E6%8E%A7%E5%88%B6%E4%BA%BA%E6%83%85%E5%86%B5) As of the end of 2021, the company had **53,671** shareholders; Mr. Liao Dinghai is the controlling shareholder and actual controller, who, along with his concerted action party (his son, Mr. Liao Wen), collectively holds **24.68%** of the company's shares; among the top ten shareholders, excluding the controlling shareholder, are natural persons or institutional investors, indicating a relatively dispersed shareholding structure - The company's controlling shareholder and actual controller, Liao Dinghai, and his concerted action party, Liao Wen, collectively hold **183,631,526 shares**, accounting for **24.68%** of the total share capital[305](index=305&type=chunk)[309](index=309&type=chunk) [Preferred Shares Information](index=106&type=section&id=%E7%AC%AC%E5%85%AB%E8%8A%82%20%E4%BC%98%E5%85%88%E8%82%A1%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) [Preferred Shares Information](index=106&type=section&id=%E4%BC%98%E5%85%88%E8%82%A1%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) During the reporting period, the company had no preferred shares - The company had no preferred shares during the reporting period[312](index=312&type=chunk) [Bond Information](index=107&type=section&id=%E7%AC%AC%E4%B9%9D%E8%8A%82%20%E5%80%BA%E5%88%B8%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) [Bond Information](index=107&type=section&id=%E5%80%BA%E5%88%B8%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) During the reporting period, the company had no bond-related information - The company had no bond-related information during the reporting period[315](index=315&type=chunk) [Financial Report](index=108&type=section&id=%E7%AC%AC%E5%8D%81%E8%8A%82%20%E8%B4%A2%E5%8A%A1%E6%8A%A5%E5%91%8A) [Audit Report](index=108&type=section&id=%E4%B8%80%E3%80%81%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A) Lixin Certified Public Accountants (Special General Partnership) issued a standard unqualified audit opinion on the company's 2021 financial statements, affirming that the financial statements fairly present the company's financial position and operating results in all material respects, with "revenue recognition" and "recoverability of accounts receivable" identified as key audit matters due to their significant impact on operating results and reliance on management's material accounting estimates and judgments - The audit opinion type is a standard unqualified opinion[317](index=317&type=chunk) - Key audit matters are: - **Revenue Recognition**: Due to operating revenue being a key performance indicator, there is an inherent risk of management manipulating the timing of revenue recognition to achieve specific targets - **Recoverability of Accounts Receivable**: Due to the significant amount of accounts receivable, and the fact that impairment provisions involve management's material accounting estimates and judgments[319](index=319&type=chunk)[320](index=320&type=chunk)[321](index=321&type=chunk) [Financial Statements](index=111&type=section&id=%E4%BA%8C%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8) The financial statements indicate that the company's total assets and owner's equity both increased in 2021, primarily driven by funds raised through a private placement; however, profitability declined, with a year-on-year decrease in net profit and a significant net outflow from operating activities, reflecting challenges in collections [Consolidated Balance Sheet](index=111&type=section&id=%E5%90%88%E5%B9%B6%E8%B5%84%E4%BA%A7%E8%B4%9F%E5%80%BA%E8%A1%A8) As of December 31, 2021, the company's total assets were **CNY 4.038 billion**, a 14.69% increase from the beginning of the year; total liabilities were **CNY 1.350 billion**, a 7.78% decrease from the beginning of the year; and total owner's equity attributable to the parent company was **CNY 2.322 billion**, a significant 31.19% increase from the beginning of the year, primarily driven by an increase in capital reserves from a private placement Consolidated Balance Sheet Key Items (Unit: CNY) | Item | December 31, 2021 | December 31, 2020 | | :--- | :--- | :--- | | Total Assets | 4,038,475,025.62 | 3,521,358,175.01 | | Total Liabilities | 1,350,260,970.04 | 1,464,246,516.81 | | Total Owner's Equity Attributable to Parent Company | 2,321,975,531.83 | 1,769,950,779.89 | | Total Owner's Equity | 2,688,214,055.58 | 2,057,111,658.20 | [Consolidated Income Statement](index=116&type=section&id=%E5%90%88%E5%B9%B6%E5%88%A9%E6%B6%A6%E8%A1%A8) In 2021, the company achieved total operating revenue of **CNY 1.796 billion**, a 1.28% year-on-year increase; total operating costs were **CNY 1.679 billion**, a 4.58% year-on-year increase; affected by rising costs and expenses, as well as credit impairment losses, total profit decreased by **52.88%** year-on-year to **CNY 73.04 million**, and net profit attributable to parent company shareholders was **CNY 47.30 million**, a 44.93% year-on-year decrease Consolidated Income Statement Key Items (Unit: CNY) | Item | 2021 | 2020 | | :--- | :--- | :--- | | Total Operating Revenue | 1,795,696,869.10 | 1,773,058,819.12 | | Total Operating Costs | 1,678,847,640.45 | 1,605,262,389.45 | | Total Profit | 73,038,857.64 | 155,002,438.60 | | Net Profit Attributable to Parent Company Shareholders | 47,303,825.78 | 85,898,748.62 | [Consolidated Cash Flow Statement](index=121&type=section&id=%E5%90%88%E5%B9%B6%E7%8E%B0%E9%87%91%E6%B5%81%E8%A1%A8) In 2021, the company's net cash flow from operating activities was **-CNY 217.53 million**, a significant deterioration from **-CNY 44.91 million** in the previous year; net cash flow from investing activities was **-CNY 90.14 million**; net cash flow from financing activities was **CNY 453.41 million**, primarily from capital contributions (private placement); ultimately, cash and cash equivalents increased by **CNY 141.82 million** Consolidated Cash Flow Statement Key Items (Unit: CNY) | Item | 2021 | 2020 | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -217,528,695.58 | -44,905,868.56 | | Net Cash Flow from Investing Activities | -90,140,421.43 | -25,026,737.00 | | Net Cash Flow from Financing Activities | 453,410,710.94 | 91,170,983.50 | | Net Increase in Cash and Cash Equivalents | 141,822,916.94 | 19,383,380.17 | [Changes in Consolidation Scope](index=249&type=section&id=%E5%85%AB%E3%80%81%E5%90%88%E5%B9%B6%E8%8C%83%E5%9B%B4%E7%9A%84%E5%8F%98%E6%9B%B4) During the reporting period, the company's consolidation scope changed: through a non-same-entity business combination, the company acquired **100%** equity in Guangzhou Chengqi Tourism Development Co, Ltd, thereby indirectly gaining control over Xi'an Bailuzhimeng Tourism Development Co, Ltd; additionally, the company disposed of its controlling interest in Guangzhou Yuanhe Zhichuang Equity Investment Management Co, Ltd, which changed from a controlled subsidiary to an associate - New entities included in the consolidation scope for this period are Guangzhou Chengqi Tourism Development Co, Ltd and Xi'an Bailuzhimeng Tourism Development Co, Ltd[835](index=835&type=chunk) - Subsidiary Guangzhou Yuanhe Zhichuang Equity Investment Management Co, Ltd was disposed of during this period; after losing control, the company is accounted for as an associate[850](index=850&type=chunk) [Commitments and Contingencies](index=286&type=section&id=%E5%8D%81%E5%9B%9B%E3%80%81%E6%89%BF%E8%AF%BA%E5%8F%8A%E6%88%96%E6%9C%89%E4%BA%8B%E9%A1%B9) The company has a significant capital expenditure commitment for its group headquarters R&D office park project, with a contract amount of **CNY 134 million**; additionally, the company faces multiple pending lawsuits, primarily involving project payment disputes between its subsidiary Xi'an Lingjing and clients, with substantial amounts at stake, for which significant bad debt provisions have been made for related accounts receivable - The company has significant capital commitments, involving the group headquarters R&D office park project, with a general construction contract amount of **CNY 134 million**[939](index=939&type=chunk) - The company has multiple significant pending lawsuits, primarily involving its subsidiary Xi'an Lingjing seeking project payments from clients, such as disputes with Shaanxi Qiaochuan Tourism (principal amount **CNY 19.85 million**), Shaoshan Hongse Zhiyuan (principal amount **CNY 17.35 million**), and Xishui Hongcheng (principal amount **CNY 34.89 million**)[946](index=946&type=chunk)[947](index=947&type=chunk)[949](index=949&type=chunk)

广州中海达卫星导航技术股份有限公司 2021 年第三季度报告 证券代码：300177 证券简称：中海达 公告编号：2021-079 重要内容提示: 1.董事会、监事会及董事、监事、高级管理人员保证季度报告的真实、准确、 完整，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责 任。 2.公司负责人、主管会计工作负责人及会计机构负责人(会计主管人员)声明： 保证季度报告中财务信息的真实、准确、完整。 3.第三季度报告是否经过审计 □ 是 √ 否 一、主要财务数据 广州中海达卫星导航技术股份有限公司 2021 年第三季度报告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 (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 | 本报告期比上年同 | 年初至报告期末 | 年初至报告期末比 | | --- | --- | --- | --- | --- | | | | 期增减 | | 上年同期增减 | | 营业收入（元） | 306,186,338.94 | -22.78% | 1,143,214,17 ...

广州中海达卫星导航技术股份有限公司 2021 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的 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。 公司负责人廖定海、主管会计工作负责人黄宏矩及会计机构负责人(会计主 管人员)谢浩涛声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本报告的董事会会议。 公司在本报告中详细阐述了未来可能发生的有关风险因素及对策，详见"第 三节管理层讨论与分析"中的"十、公司面临的风险与应对措施"，敬请投资者予 以关注。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 2 | 第一节 重要提示、目录和释义 2 | | --- | | 第二节 公司简介和主要财务指标 6 | | 第三节 管理层讨论与分析 9 | | 第四节 公司治理 26 | | 第五节 环境与社会责任 28 | | 第六节 重要事项 29 | | 第七节 股份变动及股东情况 42 | | 第八节 优先股相关情况 50 | | 第九节 债券相关情况 51 | | 第十节 财务报告 5 ...

广州中海达卫星导航技术股份有限公司 2020 年年度报告全文 广州中海达卫星导航技术股份有限公司 2020 年年度报告 2021 年 04 月 1 广州中海达卫星导航技术股份有限公司 2020 年年度报告全文 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证年度报告内容的真 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。 公司负责人廖定海、主管会计工作负责人黄宏矩及会计机构负责人(会计主 管人员)谢浩涛声明：保证本年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本报告的董事会会议。 公司在本年度报告中详细阐述了未来可能发生的有关风险因素及对策，详 见"第四节经营情况讨论与分析"之"九、公司未来发展的展望"中的"公司可能面 对的风险及应对措施"，敬请投资者予以关注。 公司经本次董事会审议通过的利润分配预案为：以 744,169,066 为基数，向 全体股东每 10 股派发现金红利 0.16 元（含税），送红股 0 股（含税），以资本公 积金向全体股东每 10 股转增 0 股。 2 | 第一节 | 重要提示、目录和释义 6 | | ...

1 广州中海达卫星导航技术股份有限公司 2021 年第一季度报告全文 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。 公司负责人廖定海、主管会计工作负责人黄宏矩及会计机构负责人(会计主 管人员)谢浩涛声明：保证季度报告中财务报表的真实、准确、完整。 广州中海达卫星导航技术股份有限公司 2021 年第一季度报告全文 广州中海达卫星导航技术股份有限公司 2021 年第一季度报告 2021 年 04 月 | 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） | -4,956.30 | | | 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 | 4,037,025.26 | | | 一标准定额或定量享受的政府补助除外） | | | | 委托他人投资或管理资产的损益 | 402,696.26 | | | 除同公司正常经营业务相关的有效套期保值业务外， ...

广州中海达卫星导航技术股份有限公司 2020 年年度报告全文 广州中海达卫星导航技术股份有限公司 2020 年年度报告 2021 年 04 月 1 广州中海达卫星导航技术股份有限公司 2020 年年度报告全文 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证年度报告内容的真 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。 公司负责人廖定海、主管会计工作负责人黄宏矩及会计机构负责人(会计主 管人员)谢浩涛声明：保证本年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本报告的董事会会议。 公司在本年度报告中详细阐述了未来可能发生的有关风险因素及对策，详 见"第四节经营情况讨论与分析"之"九、公司未来发展的展望"中的"公司可能面 对的风险及应对措施"，敬请投资者予以关注。 公司经本次董事会审议通过的利润分配预案为：以 744,169,066 为基数，向 全体股东每 10 股派发现金红利 0.16 元（含税），送红股 0 股（含税），以资本公 积金向全体股东每 10 股转增 0 股。 2 | 第一节 | 重要提示、目录和释义 6 | | ...

广州中海达卫星导航技术股份有限公司 2020 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。 | | 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） | 3,272,051,235.02 | 3,174,850,243.44 | | 3.06% | | 归属于上市公司股东的净资产 | 1,869,909,714.31 | 1,727,371,011.60 | | 8.25% | | （元） | | | | | | | 本报告期 | 本报告期比上年同期 | 年初至报告期末 | 年初至报告期末比上 | | | | 增减 | | 年同期增减 | | 营业收入（元） | 396,524,934.95 | 17.17% | 948,900,068.12 | -10.19% | | 归属于上市公司股东的净利润 （元） | 47,980,4 ...

广州中海达卫星导航技术股份有限公司 2020 年第一季度报告全文 3 广州中海达卫星导航技术股份有限公司 2020 年第一季度报告 2020 年 04 月 1 广州中海达卫星导航技术股份有限公司 2020 年第一季度报告全文 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。 公司负责人廖定海、主管会计工作负责人黄宏矩及会计机构负责人(会计主 管人员)谢浩涛声明：保证季度报告中财务报表的真实、准确、完整。 2 广州中海达卫星导航技术股份有限公司 2020 年第一季度报告全文 第二节 公司基本情况 | 支付的优先股股利 | 0.00 | | --- | --- | | 用最新股本计算的全面摊薄每股收益（元/股） | -0.0345 | 非经常性损益项目和金额 √ 适用 □ 不适用 单位：元 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 | 上年同期 | 本报告期比上年同期增减 | | --- ...

广州中海达卫星导航技术股份有限公司 2019 年年度报告全文 广州中海达卫星导航技术股份有限公司 2019 年年度报告 2020 年 04 月 1 广州中海达卫星导航技术股份有限公司 2019 年年度报告全文 第一节重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证年度报告内容的真 实、准确、完整，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连 带的法律责任。 公司负责人廖定海、主管会计工作负责人黄宏矩及会计机构负责人(会计主 管人员)谢浩涛声明：保证年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本报告的董事会会议。 可能面对的风险： 1、国内外经济环境的阶段性风险 2020 年初，新冠疫情在全球肆虐，中美贸易争端和周边区域政局时常动荡 带来了国内外经贸环境的不确定性影响，公司主营产品下游市场需求有所放缓， 不排除未来会对公司的业绩产生一定的负面影响。 应对策略：公司将密切关注国内外经济环境变化给北斗卫星导航产业和公 司业务所带来的影响，及时做出研判、调整经营策略，积极探讨包括投融资、 产业基金在内的多样化资金融通渠道，加大力度扩宽业务合作伙伴资源，加强 建设公司现金 ...