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星星科技(300256) - 2020年5月19日投资者关系活动记录表
2022-12-04 09:56
Company Overview - Star Technology specializes in the research and manufacturing of various window protective screens, touch display modules, and precision structural components, primarily used in mobile phones, tablets, wearable products, and VR devices [1][2]. Industry Trends and Strategic Focus - The company is actively adjusting its business strategy to enhance its presence in non-mobile product applications, focusing on opportunities presented by the 5G development [2][5]. - Approximately 60% of the revenue from the cover plate business currently comes from wearable products, indicating a strategic shift towards expanding non-mobile business [2]. Competitive Advantages - Star Technology has accumulated significant technical expertise in glass cover plate manufacturing, particularly in 3D curved glass technology, which enhances product competitiveness and attracts well-known brand clients [3][4]. - The company collaborates with major clients such as Huawei, Lenovo, Xiaomi, Apple, Tesla, and Motorola, aiming to deepen existing partnerships while exploring new market opportunities [3][4]. Response to COVID-19 - Despite the challenges posed by the COVID-19 pandemic, the company resumed operations in February 2020, implementing measures to ensure business continuity and capitalizing on increased demand in online education and medical equipment sectors [4][5]. Future Product Development - The company plans to expand its product applications into smart wearables, automotive electronics, industrial control, and medical devices, leveraging its integrated industry advantages to enhance overall profitability [5][6]. - Star Technology is also focusing on the development of automotive electronic products, including display screens for dashboards and central control systems [5][6]. Investment and Growth - The company is progressing with its investment in the Star Technology Intelligent Terminal Technology Park in Pingxiang, with the first phase of construction on schedule [6]. - Star Technology is aligning its product offerings with the transition from 4G to 5G, reducing metal component production while increasing the capacity for plastic structural components [6].
星星科技(300256) - 2019年11月20日投资者关系活动记录表
2022-12-04 09:16
证券代码:300256 证券简称:星星科技 浙江星星科技股份有限公司投资者关系活动记录表 编号:20191120 | --- | --- | --- | |-----------------------------|-------------------------------|------------------------------------------------------------| | | | | | | √ | 特定对象调研 □分析师会议 | | 投资者关系活动类别 | □ 媒体采访 □业绩说明会 | | | | □ 新闻发布会 | □路演活动 | | | □ 现场参观 | □其他 | | 参与单位名称及人员姓名 | 钱塘江论坛副秘书长:叶旭林 | | | | 个人投资者:潘宇红 | | | 时间 | 2019 年 11 月 20 日 | 14: 00 | | 地点 | | 浙江星星科技股份有限公司会客室 | | | 董事长:刘建勋 | | | 上市公司接待人员姓名 | 副总经理兼董事会秘书:李伟敏 | | | | 证券事务代表:赵金伟 | | | 投资者关系活动主要内容 介绍 | | 一 ...
星星科技(300256) - 2019年12月11日投资者关系活动记录表
2022-12-04 09:16
Group 1: Company Overview and Industry Trends - Zhejiang Xingxing Technology Co., Ltd. focuses on the R&D and manufacturing of window protective screens, touch display modules, and precision structural components, primarily for smartphones, tablets, wearables, and VR devices [2][3] - The company aims to become a "one-stop solution provider for smart terminal components," with future product segments including functional modules and structural modules [3] - The company is actively monitoring trends in the 5G industry, positioning its 3D cover glass and high-precision plastic structural components as key products for future 5G applications [3] Group 2: Financial Performance and Market Position - In the first three quarters of 2019, the company's revenue increased year-on-year, attributed to a focus on high-end window protective screens, non-mobile touch displays, and plastic structural components [4] - Major clients include well-known brands such as Huawei, Lenovo, Xiaomi, Nokia, LG, Sony, Dell, and Apple, indicating a strong market presence [4][5] Group 3: Competitive Advantages - The company has accumulated significant technical experience in glass cover production, particularly in 3D forming and printing, enhancing its competitive edge in the market [5] - The dual-glass solution ("glass panel + glass back") is becoming a trend for new-generation smartphones, allowing the company to strengthen its competitive advantages by integrating high-quality resources [5][6] Group 4: Strategic Development Goals - The company adheres to the principle that "the core of enterprise management is cost, the process is efficiency, and the result is benefit," focusing on a steady development approach [7] - The strategy emphasizes market and customer demand orientation, with a commitment to optimizing existing product structures and enhancing market competitiveness [7]
星星科技(300256) - 2019年5月14日投资者关系活动记录表
2022-12-03 10:50
证券代码:300256 证券简称:星星科技 浙江星星科技股份有限公司投资者关系活动记录表 编号:20190514 | --- | --- | --- | |------------------------|------------------------------|--------------------------------| | | | | | | □ | 特定对象调研 □分析师会议 | | | □ 媒体采访 □业绩说明会 | | | 投资者关系活动类别 | □ 新闻发布会 | □路演活动 | | | □ 现场参观 | | | | √投资者接待日活动 | | | | 广发证券:林信焱、林龙 | | | | 湘财证券:朱春兰 | | | 参与单位名称及人员姓名 | 台州电大:刘芹 | | | | 证券时报:李小平、张昊昱 | | | | 个人投资者:何帮省、尹国 | | | 时间 | 2019 年 5 月 14 日 | 9: 30 | | 地点 | | 浙江星星科技股份有限公司会议室 | | 上市公司接待人员姓名 | 董事长:王先玉 | | | --- | --- | |---------------- ...
星星科技(300256) - 2018年4月17日投资者关系活动记录表
2022-12-03 09:56
证券代码:300256 证券简称:星星科技 浙江星星科技股份有限公司投资者关系活动记录表 编号:20180417 | --- | --- | --- | |------------------------|--------------------------|--------------------------| | | | | | | □ | 特定对象调研 □分析师会议 | | | □ 媒体采访 □业绩说明会 | | | 投资者关系活动类别 | □ 新闻发布会 | □路演活动 | | | □ 现场参观 | | | | √投资者接待日活动 | | | 参与单位名称及人员姓名 | 方正证券:王顺序 | | | | 海通证券:谢磊 | | | | 东吴证券:姚康 | | | | 安信证券:王海维 | | | | 东莞证券:吴文吉 | | | | 湘财证券:潘文标、朱春兰 | | | | 西南证券:黄宇 | | | | 金颐资本:瞿恩惠 | | | --- | --- | |----------------------|---------------------------------------| | | | | ...
星星科技(300256) - 2022年6月29日投资者关系活动记录表
2022-11-17 15:10
证券代码:300256 证券简称:*ST 星星 编号:2022-001 江西星星科技股份有限公司投资者关系活动记录表 | --- | --- | --- | |----------------|-------------------------------------------|---------------------------------------------------------| | | | | | | □特定对象调研 □分析师会议 | | | 投资者关系活动 | □媒体采访 | 业绩说明会 | | 类别 | □新闻发布会 □路演活动 | | | | | □现场参观 □其他(请文字说明其他活动内容) | | | 董事长:兰子建先生 | | | | 董事兼总经理:刘志先生 | | | 活动参与人员 | 财务总监:董胜连先生 独立董事:管云德先生 | | | | | | | | 副总经理兼董事会秘书:王云女士 | | | | 参与公司 2021 | 年度网上业绩说明会的投资者 | | | | | | 时间 2022 | 年 6 月 29 日 | 15:00-17:00 | | 地点 | 深圳证券交 ...
星星科技(300256) - 2021 Q4 - 年度财报
2022-04-27 16:00
Financial Performance - The company reported a significant loss for the year, with detailed reasons and measures for improving profitability outlined in the "Management Discussion and Analysis" section[4]. - The company's operating revenue for 2021 was ¥3,218,351,947.70, a decrease of 37.76% compared to ¥5,171,009,789.84 in 2020[21]. - The net profit attributable to shareholders was -¥1,384,901,965.66, an improvement of 49.64% from -¥2,750,193,806.47 in the previous year[21]. - The net cash flow from operating activities improved by 79.54%, reaching -¥383,369,666.54 compared to -¥1,873,644,247.88 in 2020[21]. - The total assets at the end of 2021 were ¥3,227,079,631.61, a decline of 55.77% from ¥7,296,655,832.49 at the end of 2020[21]. - The net assets attributable to shareholders increased by 113.53%, amounting to ¥321,048,059.06 compared to -¥2,372,153,735.33 in 2020[21]. - The company reported a significant non-operating income of ¥5,552,742,432.48 in 2021, primarily due to asset disposals and government subsidies[26]. - The company reported a significant decrease in inventory levels by 95.34%, attributed to the restructuring and liquidation of subsidiaries[65]. - The company reported a net loss of ¥33,943.89 million for the year 2021[95]. Risk Factors - The report highlights potential risks including technological innovation, core personnel loss, project operation risks, and the impact of the COVID-19 pandemic[4]. - Future outlook and plans are discussed in detail, emphasizing the need for investors to recognize associated risks[5]. - The company has not provided specific financial guidance for the upcoming year, indicating uncertainty in future performance[5]. - The audit report from Zhongxing Caiguanghua Certified Public Accountants includes a paragraph on significant uncertainties regarding the company's ability to continue as a going concern[4]. - The company has indicated uncertainty regarding its ability to continue as a going concern due to negative net profits over the last three accounting years[21]. - The company is under investigation by the China Securities Regulatory Commission for suspected violations of information disclosure laws, which could lead to severe penalties[131]. - The company has received a delisting risk warning due to negative net assets as of the end of 2020, with significant uncertainty regarding the removal of this warning[128]. - The company is currently undergoing a pre-restructuring process initiated by creditors, with the outcome still uncertain[129]. Technological Development - The company is focusing on technological advancements and product development to enhance its market position[4]. - The touch display market is expected to enter a period of rapid growth, driven by advancements in 5G, IoT, and OLED technologies, with increasing demand for protective screens and touch display modules[32]. - The company has developed advanced technologies such as 2D and 2.5D cover glass, NCVM technology, and is focusing on new products like 3D cover glass and anti-glare screens[35]. - The company maintains a competitive edge in the touch display and precision structural components sectors through continuous innovation in processing technologies[36]. - The company is actively developing new technologies and products to enhance its market position in the touch display and precision structural components industries[36]. - The company is focusing on maintaining technological advantages in the field of sapphire cover processing for smart wearables[74]. - The company is in the research and development phase for new coating and laser engraving technologies to enhance production capabilities and competitiveness[75]. - The company is developing new technologies for autonomous driving radar protection, aiming to create breakthroughs in laser radar cover technology[75]. Market Strategy - The company is exploring market expansion opportunities, although specific strategies were not detailed in the report[5]. - The company plans to focus on product transformation and upgrade, reducing the proportion of mobile phone products while emphasizing wearable, laptop, automotive, industrial control, and medical products[58]. - The company aims to enhance lean production to improve production yield and efficiency in 2022[59]. - The company is focusing on customized production based on client orders, ensuring high-quality output through a structured production process[51]. - The company aims to expand its customer base while maintaining existing relationships, focusing on market segmentation and resource integration to enhance competitiveness[118]. Governance and Compliance - The company adheres to legal regulations and governance standards, ensuring compliance with the requirements set by the China Securities Regulatory Commission and the Shenzhen Stock Exchange[135]. - The company has established a complete and independent financial department, ensuring financial decisions are made independently and that it operates as an independent taxpayer[147]. - The company has a transparent and fair performance evaluation and incentive mechanism for senior management, gradually improving its standards[140]. - The company has conducted several shareholder meetings with participation rates of 28.11% and 23.23% for the first and second extraordinary shareholder meetings, respectively[148]. - The company has a complete governance structure with independent operation of the board of directors, supervisory board, and management team, ensuring effective decision-making[146]. - The company actively engages with investors, providing both on-site and online voting options during shareholder meetings to facilitate participation[137]. - The company has established a robust investor relations management system to ensure timely and accurate information disclosure[142]. - The company respects the rights of stakeholders and maintains communication with various parties, including shareholders, suppliers, and employees[144]. Environmental Responsibility - Jiangxi Star Technology reported a daily wastewater treatment capacity of 600 tons, ensuring continuous monitoring of key discharge points for compliance with environmental standards[196]. - The company has implemented comprehensive environmental governance projects to manage wastewater pollutants, including COD and ammonia nitrogen[197]. - The company’s subsidiary, Pingshan Precision, has established 7 sets of air pollution control facilities, utilizing processes such as water spraying, activated carbon filtration, and catalytic combustion[198]. - The company has reported no exceedances in pollutant discharge limits for COD and ammonia nitrogen across its facilities[196]. - The company adheres strictly to national environmental protection laws and regulations in its production and operational management[198]. Human Resources - The total number of employees at the end of the reporting period was 3,630, with 12,624 employees receiving salaries during the period[180]. - The company has a total of 13 employees with master's degrees or higher, and 185 employees with bachelor's degrees[180]. - The company has established a performance reform initiative to enhance salary competitiveness and attract talent[181]. - The company has strengthened internal control training for management and employees to improve compliance awareness[186]. Internal Control and Audit - The company has implemented two new internal control systems and revised ten existing ones to enhance governance and compliance[185]. - The company reported a financial report major defect count of 1, with no significant defects in non-financial reports[191]. - The company has completed all self-inspection issues identified during the governance special action initiated by the China Securities Regulatory Commission[192]. - The company aims to enhance its internal control system and improve the accuracy of financial reporting through comprehensive reviews and training[188].
星星科技(300256) - 2020 Q4 - 年度财报
2021-06-27 16:00
Financial Performance - The company reported a total revenue of 1.2 billion RMB for the year 2020, representing a year-on-year growth of 15%[18]. - The net profit attributable to shareholders was 150 million RMB, an increase of 10% compared to the previous year[18]. - The company's operating revenue for 2020 was ¥8,298,157,995.16, representing a 30.81% increase from ¥6,343,779,354.54 in 2019[24]. - The net profit attributable to shareholders for 2020 was ¥119,148,343.32, a decrease of 31.62% compared to ¥174,250,984.93 in 2019[24]. - The net cash flow from operating activities for 2020 was ¥70,474,367.82, down 43.56% from ¥124,872,355.14 in 2019[24]. - The total assets at the end of 2020 were ¥10,712,173,725.02, an increase of 6.06% from ¥10,100,291,511.49 at the end of 2019[24]. - The basic earnings per share for 2020 was ¥0.12, a decline of 33.33% from ¥0.18 in 2019[24]. - The company achieved total revenue of CNY 829,815.80 million in 2020, representing a year-on-year growth of 30.81%[70]. - The net profit attributable to shareholders decreased by 31.62% to CNY 11,914.83 million compared to the previous year[70]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 1,253.85 million, down 28.62% year-on-year[70]. Market Expansion and Strategy - The company plans to invest 200 million RMB in R&D for new product development in 2021, focusing on advanced display technologies[18]. - Future outlook indicates a projected revenue growth of 20% for 2021, driven by market expansion and new product launches[18]. - The company is expanding its market reach into Southeast Asia, targeting a 15% market share by the end of 2022[18]. - The company plans to expand its market presence in consumer electronics, automotive electronics, and medical devices[35]. - The company aims to enhance market competitiveness by integrating existing businesses and products, focusing on a "one-stop solution provider" strategy for smart terminal components[133]. - The company is focusing on developing new products and technologies, including 3D cover glass and anti-glare enhanced transparency window protection screens[56]. - The company aims to expand its market share and enhance sales performance by actively developing new business areas and deepening cooperation with existing high-quality customers in the consumer electronics sector[139]. Research and Development - The company is focused on the research and development of new products, including wearable device protective screens and automotive protective screens[35]. - The company invested approximately ¥303.48 million in R&D in 2020, accounting for 3.66% of its operating revenue[101]. - The number of R&D personnel increased to 1,351 in 2020, representing 15.44% of the total workforce[101]. - The company is in the trial production phase for several R&D projects, including foldable touch screens and OLED display modules[95]. - The company aims to enhance product competitiveness through differentiated technology routes in flexible CPI cover production[95]. - The company will invest significantly in R&D for flexible OLED and large-size TFT display modules, smart automotive precision components, and curved cover plates to improve product competitiveness and industry position[138]. Operational Efficiency and Management - The company emphasizes employee training and quality management, linking production staff compensation to product quality to enhance efficiency and reduce costs[44]. - The company plans to enhance operational efficiency and optimize organizational structure, aiming for cost control, timely delivery, and quality improvement, with a focus on key terminal customers and expanding into flexible folding touch and display, biometric recognition, and automotive electronics[136]. - The company will strengthen its management team and optimize talent structure to meet the demand for high-level talent due to market expansion, focusing on both internal training and external recruitment[140]. - The company will continue to promote automation in production processes, introducing automated systems and equipment to improve product quality and reduce labor costs[137]. Risks and Challenges - The company has identified risks related to technological innovation and market competition, which will be addressed through strategic planning[5]. - The company faces risks related to technological innovation and product development, emphasizing the need for continuous R&D investment to maintain competitive advantage[144]. - The ongoing COVID-19 pandemic has caused delays in operations and logistics, potentially impacting short-term performance[150]. - The company is actively monitoring policy risks and will adjust its operations to mitigate potential impacts from macroeconomic changes and policy adjustments[149]. Financial Management and Investments - No cash dividends will be distributed to shareholders for the fiscal year 2020, as the company aims to reinvest profits into growth initiatives[5]. - The company has not proposed any cash dividend distribution plans for the past three years due to significant unrecouped losses from 2018[161]. - The company plans to enhance its financial structure by optimizing financing channels and reducing costs through improved receivables management[149]. - The company has committed to tracking project progress closely to manage operational risks effectively[148]. - The company reported a net loss from investment income of ¥28.37 million, which constituted -64.82% of total profit[106]. - The company experienced a significant asset impairment loss of ¥217.39 million, representing -496.66% of total profit[106]. Business Segments and Products - The company has three main business segments: window protective screens, touch display modules, and precision structural components[35]. - The window protective screen business utilizes a direct sales model, allowing for continuous communication with customers and customized production based on specific orders, minimizing excess inventory[44]. - The touch display business has established stable procurement channels and evaluates suppliers based on multiple criteria, ensuring quality and timely supply of raw materials[45]. - The precision structural components are primarily used in consumer electronics, with production tailored to customer specifications, emphasizing quality and performance[49]. - The revenue from window protection screen products reached CNY 1,541.57 million in 2020, representing a year-on-year growth of 42.61%[72]. - The revenue from touch display module products was CNY 2,507.85 million, with a significant year-on-year increase of 97.33%[73]. - The structural components business generated CNY 3,947.99 million in revenue, reflecting a year-on-year growth of 12.80%[74]. Corporate Governance and Compliance - The company has established a commitment to ensure that its financial personnel do not hold dual positions within related enterprises[165]. - The company is ensuring that its assets and operations remain independent from those of its controlling entities[165]. - The company is committed to maintaining a complete and independent governance structure to avoid any institutional confusion with its controlling entities[165]. - The company has confirmed that all commitments made regarding related party transactions and competition avoidance are being fulfilled[176]. - The company will compensate for any economic losses caused by violations of commitments made by its controlling shareholders[176].
星星科技:关于参加2021年浙江辖区上市公司投资者网上集体接待日活动暨召开2020年度业绩说明会的公告
2021-05-09 08:55
证券代码:300256 证券简称:星星科技 公告编号:2021-0042 浙江星星科技股份有限公司 关于参加2021年浙江辖区上市公司投资者网上集体 接待日活动暨召开2020年度业绩说明会的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整,没有虚假记载、 误导性陈述或重大遗漏。 为进一步加强与投资者的沟通交流,提升公司投资者关系管理水平,浙江星星 科技股份有限公司(以下简称"公司")将于 2021 年 5 月 13 日(星期四)15:00-17:00 参加 2021 年浙江辖区上市公司投资者网上集体接待日活动暨召开 2020 年度业绩说 明会,投资者朋友可登陆"全景网·投资者关系互动平台"(http://ir.p5w.net)参与 本次交流。届时,公司董事长刘琅问先生、财务总监董胜连先生、独立董事俞毅先 生、副总经理兼董事会秘书王云女士,将通过互动平台与投资者进行网络沟通和交 流,欢迎广大投资者参加。 为提高互动交流的效率,现提前向所有关心公司的投资者公开征集交流问题, 广泛听取投资者的意见和建议。投资者可于 2021 年 5 月 12 日(星期三)17:00 前将 您所关心的问题 以 电 子 ...
星星科技(300256) - 2020 Q4 - 年度财报
2021-04-23 16:00
Financial Performance - The company reported a total revenue of 1.2 billion RMB for the year 2020, representing a year-on-year increase of 15%[18]. - The net profit attributable to shareholders was 150 million RMB, an increase of 10% compared to the previous year[18]. - The company's operating revenue for 2020 was ¥8,298,157,995.16, an increase of 30.81% compared to ¥6,343,779,354.54 in 2019[23]. - The net profit attributable to shareholders for 2020 was ¥119,148,343.32, a decrease of 31.62% from ¥174,250,984.93 in 2019[23]. - The net cash flow from operating activities for 2020 was ¥70,474,367.82, down 43.56% from ¥124,872,355.14 in 2019[23]. - The total assets at the end of 2020 were ¥10,712,173,725.02, representing a 6.06% increase from ¥10,100,291,511.49 at the end of 2019[23]. - The net assets attributable to shareholders at the end of 2020 were ¥1,956,141,134.59, up 6.18% from ¥1,842,223,660.26 at the end of 2019[23]. - The company reported a basic earnings per share of ¥0.12 for 2020, a decrease of 33.33% from ¥0.18 in 2019[23]. - The company achieved total revenue of 829,815.80 million yuan in 2020, representing a year-on-year growth of 30.81%[70]. - The net profit attributable to shareholders decreased by 31.62% to 11,914.83 million yuan compared to the previous year[70]. - The company reported a significant increase in cash flow from financing activities, totaling ¥977.43 million, up 76.12% from 2019[102]. Market Expansion and Product Development - The company plans to invest 200 million RMB in R&D for new product development in the upcoming year[18]. - User data showed a growth of 25% in active users of the company's products, reaching 5 million users by the end of 2020[18]. - The company has set a revenue target of 1.5 billion RMB for 2021, indicating a growth forecast of 25%[18]. - The company is expanding its market presence in Southeast Asia, with plans to enter three new countries by the end of 2021[18]. - A new product line featuring advanced touch technology is expected to launch in Q3 2021, aiming to capture a larger market share[18]. - The company is focusing on developing new products and technologies, including 3D cover glass and anti-glare window protection screens[55]. - The company is currently developing technologies for 3D automotive capacitive touch panels, which are in the trial production stage[94]. - The company aims to enhance its R&D and manufacturing capabilities to support future product market expansion and improve product yield[94]. - The company plans to actively seek opportunities in smart manufacturing, big data, and information security through investments, mergers, and acquisitions to foster new growth points[132]. Risk Management - The company faces potential risks including technological innovation challenges and macroeconomic fluctuations, which have been detailed in the risk management section of the report[5]. - The company plans to actively monitor policy risks and improve operational risk management to mitigate potential impacts from macroeconomic changes[148]. - The company faces risks related to technological innovation and product development, emphasizing the need for continuous R&D investment to maintain competitive advantage[143]. - The company reported a goodwill value of 875.92 million yuan as of the reporting period, highlighting the potential risk of goodwill impairment due to market uncertainties[144]. Operational Efficiency and Cost Management - The company emphasizes employee training and quality management, linking production staff compensation to product quality to enhance efficiency and reduce costs[46]. - The company aims to improve production efficiency through the development of customized equipment and mechanization[42]. - The company will enhance operational efficiency and optimize organizational structure, aiming for cost control, timely delivery, and quality improvement, with a focus on key terminal customers for glass cover and structural component orders[135]. - The company will continue to promote automation in production processes, introducing advanced detection systems and automated equipment to improve production efficiency and product quality[136]. Research and Development - The total R&D investment in 2020 was approximately ¥303.48 million, accounting for 3.66% of the operating revenue[101]. - Research and development expenses increased by 26.50% to ¥303,480,800.20, driven by investments in new products and technologies[93]. - The company is in the trial production stage for several key R&D projects, including foldable touch screens and flexible CPI cover plates, aimed at enhancing product competitiveness[94]. - The company has successfully developed flexible foldable touch products and is currently in the sampling and trial production phase with cooperative clients[72]. Subsidiaries and Investments - The company established new subsidiaries to enhance market competitiveness and revenue contributions, including the establishment of Pingxiang Xingfa Industrial Center and Nanjing Xichuang Technology Partnership[124]. - The company made a significant equity investment of ¥550,000,000.00 in Shenzhen Yier San Si Investment Development Co., Ltd., with a planned investment amount of ¥880,000,000.00[114]. - The company is currently developing several projects, including a smart terminal metal CNC precision component production project with an actual investment of ¥301,025,400.00[115]. Governance and Compliance - The company has committed to ensuring the independence of its operations, including maintaining a separate financial accounting department and independent tax obligations[164]. - The company has pledged to establish an independent governance structure to prevent any institutional confusion with its controlling entities[164]. - The company has confirmed that all commitments made regarding avoiding competition and related transactions are being fulfilled[175]. - The company will ensure that any related benefits obtained from violations will be returned to the company[170].