深圳市联建光电股份有限公司 2022 年第一季度报告全文 证券代码：300269 证券简称：ST 联建 公告编号：2022-026 深圳市联建光电股份有限公司 2022 年第一季度报告 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。 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.第一季度报告是否经过审计 □ 是 √ 否 一、主要财务数据 (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 | | --- | --- | --- | --- | | 营业收入（元） | 198,899,095.64 | 201,550,906.06 | -1.32% | | 归属于上市公司股东的净利润（元） | -11,868,785.51 | -30 ...

Financial Performance - The company's operating revenue for 2021 was ¥1,030,761,821.04, a decrease of 9.19% compared to ¥1,135,055,114.98 in 2020[16] - The net profit attributable to shareholders in 2021 was ¥61,161,481.18, a significant increase of 119.36% from a loss of ¥315,917,836.37 in 2020[16] - The net cash flow from operating activities was ¥102,978,613.84, representing a 32.42% increase from ¥77,769,179.02 in the previous year[16] - The basic earnings per share for 2021 was ¥0.11, compared to a loss of ¥0.54 per share in 2020, marking a 120.37% improvement[16] - The total assets at the end of 2021 were ¥1,550,667,242.13, down 8.88% from ¥1,701,866,616.82 at the end of 2020[16] - The net assets attributable to shareholders increased by 51.71% to ¥158,948,850.76 from ¥104,768,384.52 in 2020[16] - The weighted average return on equity for 2021 was 45.53%, a significant recovery from -86.17% in 2020[16] - The net profit after deducting non-recurring gains and losses was -¥72,673,002.38, an improvement of 82.23% from -¥408,893,837.37 in 2020[16] Revenue Breakdown - Revenue from digital equipment increased by 19.48% to ¥870,937,702.33, accounting for 84.49% of total revenue[67] - The company achieved a total revenue of 1,030.76 million CNY, with the LED display business generating 870.94 million CNY, representing a year-on-year increase of 19.48%[56] - Direct sales accounted for 62.49% of total revenue in 2021, while distributor sales made up 37.51%, showing a year-on-year increase of 19.05% and 20.21% respectively[69] - The export revenue increased by 25.76% to ¥335,285,923.33, representing 32.53% of total revenue[69] Market Position and Strategy - The company is positioned in the LED display industry, which is experiencing growth driven by advancements in Mini-LED and Micro-LED technologies, as well as the rise of naked-eye 3D display applications[27][28] - The future market demand for 8K displays is expected to grow significantly, supported by the development of 5G technology, which will enhance the LED display industry's growth potential[29] - The company has established a comprehensive marketing service network across over 30 provinces in China and has set up service centers in countries such as the Netherlands, the USA, and Japan[33] - The company has shifted its marketing strategy from "hunting" to "farming," focusing on building long-term relationships with distributors and enhancing customer service[33] - The company aims to strengthen its team by recruiting experienced mid-to-senior level talents to enhance its technical and management capabilities in the LED display field[35] Research and Development - The company has developed several industry-leading technologies, including the first fully automatic rapid assembly production line and energy-saving technologies for outdoor displays[35] - The company achieved a research and development investment of ¥63,677,778.24 in 2021, representing 6.18% of its operating revenue, an increase from 5.96% in 2020[88] - The company is focusing on outdoor naked-eye 3D screens, with a full range of products already in mass production to solidify its leading position in the outdoor naked-eye 3D market[84] - The development of small-pitch Micro LED technology is underway, with some products already in mass production, enhancing the company's competitive edge in the display market[84] Operational Efficiency - The company has implemented a 124 delivery and backup mechanism, which has shortened delivery cycles and improved delivery capabilities[36] - The company has established a comprehensive quality control and management system that adheres to ISO9000 and ISO14000 standards, ensuring product quality throughout the design, production, installation, and service processes[36] - The company has implemented various internal management measures to enhance operational efficiency amid external challenges such as supply chain disruptions and rising costs[60] Governance and Compliance - The company has established a comprehensive governance structure, adhering to legal regulations and improving internal management systems[119] - The company maintains independence from its controlling shareholders, with no instances of competition or misuse of company resources reported during the period[126] - The company has established a risk assessment system to identify and manage both internal and external risks effectively[161] - The company has implemented strict approval processes for the use of seals and stamps to safeguard its assets[164] Shareholder Engagement - The company held a total of 1 regular and 3 temporary shareholder meetings during the reporting period, all conducted in compliance with relevant regulations[121] - The company has implemented a comprehensive investor communication mechanism, including shareholder meetings and performance briefings, to enhance governance transparency[173] - The company reported a participation rate of 24.29% for the first temporary shareholder meeting held on March 15, 2022[128] Future Outlook - The company provided a positive outlook for the next fiscal year, projecting a revenue growth of 25% driven by new product launches and market expansion strategies[192] - The company plans to enhance its marketing service network, establishing five major sales regions and extending its provincial distribution network to drive growth[110] - The company is planning to expand its market presence in Southeast Asia, targeting a 10% market share within the next two years[192]

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。 深圳市联建光电股份有限公司 2021 年第三季度报告 证券代码：300269 证券简称：ST 联建 公告编号：2021-081 深圳市联建光电股份有限公司 一、主要财务数据 (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） | 273,862,067.31 | -10.15% | 775,862,004.27 | -13.36% | | 归属于上市公司股东 | 13,352,222.37 | 158.45% | 85,716,537.15 | 154.18% | | 的净利润（元） | | | | | | 归属于上市公司股东 的扣除非经常性损益 | 11,204,437.62 | 114.43% | -28,711,289.41 | 85 ...

Financial Performance - The company's operating revenue for the first half of 2021 was CNY 501,999,936.96, a decrease of 15.02% compared to CNY 590,692,554.18 in the same period last year[20]. - The net profit attributable to shareholders of the listed company was CNY 72,364,314.78, a significant increase of 153.46% from a loss of CNY 135,365,663.26 in the previous year[20]. - The basic earnings per share improved to CNY 0.13, compared to a loss of CNY 0.23 per share in the previous year, marking a 156.52% increase[20]. - The company reported a significant increase in cash flow from investment activities, which rose by 583.44% to approximately ¥84 million, due to the recovery of investment funds[50]. - The total comprehensive income for the first half of 2021 was approximately ¥72.16 million, compared to a loss of ¥127.64 million in the first half of 2020[155]. - The company's total comprehensive income for the period is 7,722.78 million yuan, reflecting a significant increase of 65.66% year-on-year[168]. Cash Flow and Liquidity - The net cash flow from operating activities reached CNY 32,001,697.54, representing a 112.37% increase compared to CNY 15,068,630.43 in the same period last year[20]. - Cash and cash equivalents increased to CNY 234,320,780.57 from CNY 221,704,942.00, reflecting a growth of approximately 5%[141]. - The cash flow from operating activities for the first half of 2021 was approximately ¥32.00 million, an increase from ¥15.07 million in the first half of 2020[159]. - The total cash inflow from operating activities was 300,464,440.91 CNY in the first half of 2021, up from 263,908,048.46 CNY in the same period of 2020, indicating a growth of about 13.8%[163]. Assets and Liabilities - The total assets at the end of the reporting period were CNY 1,615,999,253.85, down 5.05% from CNY 1,701,866,616.82 at the end of the previous year[20]. - The total liabilities decreased to CNY 1,435,916,127.06 from CNY 1,593,476,382.63, indicating a decline of about 9.9%[143]. - The company's total assets as of June 30, 2021, were CNY 2,750,314,693.28, slightly down from CNY 2,750,488,802.00 at the end of 2020[148]. - The company's current liabilities totaled CNY 1,344,676,402.41, down from CNY 1,518,733,563.92 at the end of 2020, indicating a reduction in short-term financial obligations[143]. Business Operations and Strategy - The company has focused on strategic contraction and retained profitable digital marketing and LED display businesses, optimizing its financial structure[29]. - The company has developed new products such as Mini-LED and naked-eye 3D displays, enhancing its competitive edge in the market[30]. - The company has established a comprehensive service network across over 20 provinces and cities in China, providing customized services tailored to various industry needs[38]. - The company has streamlined its business focus, resulting in the divestiture of the digital outdoor business segment, with current operations concentrated on digital equipment and digital marketing[52]. Research and Development - The company has invested in advanced integrated product development (IPD) and product data management (PDM) systems to enhance R&D efficiency, shorten product development cycles, and reduce costs[41]. - Research and development expenses decreased by 14.30% to approximately ¥28 million, as the company focused on its core LED display business[50]. - The company has developed and optimized dozens of new products, including technologies for outdoor displays, such as the industry's first naked-eye 3D seamless curved splicing technology[185]. Shareholder and Equity Information - The company plans not to distribute cash dividends or issue bonus shares[6]. - The company did not distribute cash dividends, issue bonus shares, or convert capital reserves into share capital for the half-year period[79]. - The total number of shareholders at the end of the reporting period is 26,459[127]. - The company plans to continue its strategy of share repurchase to enhance shareholder value[121]. Legal and Compliance Issues - The company is involved in significant litigation, with a total amount of 15,783.35 million yuan related to investor lawsuits for information disclosure violations[99]. - The company has a pending lawsuit involving 14,209.32 million yuan concerning performance compensation claims, with the first instance ruling in favor of the company[99]. - The company has not faced any administrative penalties related to environmental issues during the reporting period[83]. Market and Industry Trends - The global semiconductor market is projected to reach $527.2 billion in 2021, with a growth rate of 19.7%[28]. - The LED display industry is experiencing a strong recovery, with increasing demand and a shift towards Micro/Mini LED technologies in various application scenarios[28]. - The LED display business accounted for over 80% of total revenue, driven by industry recovery and effective implementation of operational policies[29].

Financial Performance - The company experienced a decline in revenue and incurred losses due to the divestment of non-LED display businesses and the impact of the pandemic on overseas LED display operations[5]. - The company's operating revenue for 2020 was approximately ¥1.14 billion, a decrease of 62.34% compared to ¥3.01 billion in 2019[21]. - The net profit attributable to shareholders was a loss of approximately ¥316 million, an improvement of 77.13% from a loss of ¥1.38 billion in 2019[21]. - The net cash flow from operating activities was approximately ¥77.77 million, down 36.31% from ¥122.11 million in 2019[21]. - The company's LED display business revenue accounted for over 60% of total revenue by the end of 2020, an increase of over 20 percentage points from 2019[31]. - The company's LED display business achieved a revenue of 1.135 billion yuan in 2020, a year-on-year decline of 62.34% due to the divestment of non-LED display businesses and the impact of the pandemic on overseas sales[43]. - The company reported a basic earnings per share of -¥0.54, improving by 76.72% from -¥2.32 in 2019[21]. - The weighted average return on equity was -86.17%, an improvement of 24.27% from -110.44% in 2019[21]. - The total operating revenue for 2020 was approximately ¥1.14 billion, a decrease of 62.34% compared to ¥3.01 billion in 2019[75]. - Revenue from digital devices accounted for 64.22% of total revenue in 2020, amounting to approximately ¥728.92 million, down 37.96% from ¥1.17 billion in 2019[75]. - The company reported a net cash decrease of ¥102,323,051.12, a 153.70% increase in net cash outflow compared to the previous year[95]. - The company reported a net asset of -837.42 million CNY as of May 31, 2020, indicating financial challenges[111]. Strategic Initiatives - The company launched the "Sunshine Plan" in the second half of 2020 to enhance domestic market promotion and channel development, achieving better-than-expected results in channel development by year-end[5]. - The company aims to deepen cooperation with global channel partners and distributors to penetrate various regional markets[5]. - The company has implemented a "339" distributor system to expand its distributor channels and industry partnerships globally, supporting its strategic initiatives[38]. - The company has launched new products including Mini-LED and naked-eye 3D displays, optimizing functionality, configuration, and cost to enhance competitiveness[47]. - The company plans to enhance its competitiveness by focusing on market channel upgrades, product strength improvements, and organizational operation optimization in 2021[112]. - The company has signed contracts with over 70 domestic channel distributors and trained more than 40 qualified instructors as part of its market channel transformation strategy[114]. - The company aims to expand its sales team to 300-400 people as part of its internal and external sales growth plan for 2021[114]. - The company has implemented a series of measures to support its distributors, including a 12-point business policy and a "Sunshine Plan" for channel distributors[113]. Financial Management - The company plans to optimize its financial structure by selling part of its real estate to repay bank loans and reduce interest-bearing liabilities[8]. - The company will not distribute cash dividends, issue bonus shares, or increase capital using reserves for the year[9]. - The company has maintained stable bank loans to support daily operations but faces funding shortages for business expansion and capacity enhancement[8]. - The company has taken measures to ensure cash flow through normal operations and divestment of non-LED businesses[8]. - The company has invested over 300 million yuan in repaying bank loans, resulting in a more stable financial situation compared to 2019[43]. - The company has a significant risk of not being able to recover performance compensation obligations from certain subsidiaries due to macroeconomic and industry changes[7]. - The company is actively engaging in negotiations to optimize its asset structure and improve financial performance[107]. - The company is focusing on enhancing its investment management capabilities to ensure long-term stable development[107]. Operational Efficiency - The company has established a robust IT information system, including a CRM system, to enhance overall operational efficiency and support sales[39]. - The company has completed the integration of its LED business segments, achieving a synergy effect of 1+1>2, enhancing advantages in products, markets, customers, and operations[47]. - The company has implemented a smart monitoring system in production, enhancing product quality and reducing errors[69]. - The company continues to optimize operational efficiency under the "1234" management model, focusing on information technology, cultural atmosphere, and incentive mechanisms[115]. - The company is actively seeking to optimize its debt structure and improve its financial stability through various measures[154]. Market Challenges - Domestic sales began to recover in June 2020 after nearly four months of stagnation, with a gradual increase towards the end of the year, while overseas sales faced significant declines[43]. - The company experienced a significant decline in sales due to the impact of the pandemic on overseas LED display business[81]. - The company has faced challenges in achieving expected performance due to operational stagnation in subsidiaries[145]. - The company is in discussions with compensation obligors to ensure timely fulfillment of performance compensation obligations[144]. Shareholder Commitments - The company did not distribute cash dividends or conduct capital reserve transfers in 2020, with retained earnings carried forward to future periods[121]. - The cash dividend amount for 2020 was 0.00, representing 0.00% of the net profit attributable to shareholders[123]. - The company is actively managing its shareholding structure to ensure stability and compliance with regulatory requirements[124]. - The commitments include performance compensation agreements tied to net profit realization, with specific conditions for unlocking shares[124]. - The company has established a framework for gradual share unlocking based on annual performance audits[124]. - The commitments involve multiple parties, ensuring a broad base of support for the company's strategic direction[124]. - The company is focused on maintaining shareholder confidence through transparent commitment fulfillment[124]. Legal and Compliance Issues - The company has received a total of 298 investor litigation cases with a total claim amount of approximately 172 million CNY[151]. - The company is currently involved in multiple lawsuits, with a total claimed amount of approximately 157.83 million CNY related to investor claims for information disclosure violations[159]. - The company has not experienced any penalties or rectification issues during the reporting period[160]. - The company’s controlling shareholder has pledged shares for financing, leading to a judicial freeze of some shares due to overdue pledges[161]. - The company is subject to regulations regarding related party transactions and must fulfill disclosure obligations[132]. Research and Development - The company plans to continue recruiting experienced mid-to-senior engineers to strengthen its R&D capabilities[72]. - The company is accelerating the research and development of Mini/Micro LED products to further enhance its competitive edge[112]. - Research and development investment increased by 15%, focusing on innovative solutions to maintain competitive advantage[134]. - The company has engaged a qualified accounting firm to conduct impairment testing on the 100% equity of the subsidiary as of the end of 2017[135]. Share Structure Changes - The total number of shares decreased from 591,587,831 to 557,692,579, a reduction of 33,895,252 shares, representing a decrease of approximately 5.73%[188]. - The number of restricted shares decreased from 184,390,620 to 138,705,123, a reduction of 45,685,497 shares, representing a decrease of approximately 24.8%[188]. - The company repurchased and canceled a total of 20,123,759 shares due to unmet performance commitments, with a total compensation share count of 5,909,386 and 19,335,299 shares from different entities[189]. - The company confirmed the completion of share repurchase and cancellation on July 21, 2020, for the shares related to performance commitments[189].

Financial Performance - The company's revenue for Q1 2021 was ¥201,550,906.06, a decrease of 32.18% compared to ¥297,172,151.39 in the same period last year[7]. - The net profit attributable to shareholders was a loss of ¥30,733,248.22, an improvement of 61.34% from a loss of ¥79,496,933.97 in the previous year[7]. - The basic earnings per share were -¥0.06, an improvement of 53.85% from -¥0.13 in the same period last year[7]. - The company's operating revenue for Q1 2021 was CNY 201.55 million, a decrease of 32.18% compared to CNY 297.17 million in the same period last year[18]. - The net profit for the first quarter was a loss of CNY 30,879,751.95, an improvement from a loss of CNY 79,755,003.73 in the same period last year[43]. - The total comprehensive income for the first quarter was a loss of CNY 31,112,644.72, compared to a loss of CNY 80,298,935.62 in the previous year[43]. - The company's operating profit was a loss of CNY 15,854,893.05, an improvement from a loss of CNY 77,922,951.90 in the previous year[43]. - The company reported a total loss of CNY 58,444,134.05 for the current period, compared to a loss of CNY 29,397,818.04 in the previous year[46]. Cash Flow and Liquidity - The net cash flow from operating activities was ¥8,009,015.89, a significant increase of 115.33% compared to a negative cash flow of ¥52,258,751.39 in the same period last year[7]. - Operating cash inflow for Q1 2021 was CNY 251,750,152.23, a decrease from CNY 379,808,258.63 in Q1 2020, representing a decline of approximately 33.7%[49]. - Cash inflow from investment activities totaled CNY 13,767,597.18, up from CNY 9,000,330.00 in Q1 2020, marking a 52.1% increase[49]. - Cash outflow from financing activities was CNY 482,515,413.47, slightly down from CNY 513,503,151.73 in Q1 2020, reflecting a decrease of about 6.1%[50]. - The ending balance of cash and cash equivalents was CNY 132,794,636.25, down from CNY 196,855,867.73 at the end of Q1 2020, a decrease of approximately 32.5%[50]. - The parent company's net cash flow from operating activities was negative CNY 225,522,320.43, an improvement from negative CNY 389,320,333.08 in Q1 2020[51]. Assets and Liabilities - The total assets at the end of the reporting period were ¥1,622,910,570.58, down 4.64% from ¥1,701,866,616.82 at the end of the previous year[7]. - The company's total assets as of March 31, 2021, were CNY 2,640,396,787.76, down from CNY 2,750,488,802.00 at the end of 2020[37]. - Total liabilities as of March 31, 2021, were CNY 1,279,939,966.50, a decrease from CNY 1,333,052,569.88 at the end of 2020[38]. - The total liabilities decreased from CNY 1,701,866,616.82 to CNY 1,622,910,570.58, indicating a decrease of about 4.65%[34]. - The company's cash and cash equivalents decreased to CNY 213,685,316.07 from CNY 221,704,942.00, representing a decline of about 3.00%[33]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 32,140[11]. - The top shareholder, Liu Hujun, holds 18.60% of the shares, with a total of 103,752,620 shares, all of which are pledged[11]. Business Operations and Strategy - The company signed over 70 domestic and international distributors, achieving more than 70% of its annual target by March 31, 2021[20]. - The company has completed the development of over 50 competitive products to support market expansion and customer demand[20]. - The company’s LED display business accounted for over 80% of total revenue during the reporting period[19]. - The company has expanded its SMT production line and planned the layout for COB production lines to ensure capacity for hot products[20]. - The company faces risks related to the inability to recover performance compensation from subsidiaries that did not meet performance commitments[21]. - The company’s total orders for LED displays have returned to pre-pandemic levels seen in 2019[20]. Performance Commitments and Risks - The company has performance commitments for its subsidiaries, including a minimum net profit of RMB 31.2 million for 2015 and increasing to RMB 64.7 million by 2019[25]. - If the actual net profit falls below the committed amount, the compensation obligation will be triggered, requiring the responsible party to compensate the company[26]. - The company is actively pursuing communication and legal measures to ensure timely fulfillment of compensation obligations from responsible parties[26]. - The company has established a compensation arrangement for its subsidiaries, allowing for cash or stock compensation methods[26]. - The company reported a remaining compensation amount of CNY 13,459,200.00 related to performance commitments from an acquisition target[29]. Compliance and Governance - The company reported that it has no violations regarding external guarantees during the reporting period[27]. - There are no significant changes in cumulative net profit expected compared to the same period last year[27]. - The company has not engaged in any investor communications or interviews during the reporting period[30]. - The company implemented a new leasing standard from January 1, 2021, affecting the recognition of lease liabilities and right-of-use assets[57].

Financial Performance - The company experienced a decline in revenue and incurred losses due to the divestiture of non-LED display businesses and the impact of the pandemic on overseas LED display operations[5]. - In 2020, the company's operating revenue was approximately ¥1.14 billion, a decrease of 62.34% compared to ¥3.01 billion in 2019[21]. - The net profit attributable to shareholders was a loss of approximately ¥316 million, an improvement of 77.13% from a loss of ¥1.38 billion in 2019[21]. - The company's cash flow from operating activities was approximately ¥77.77 million, down 36.31% from ¥122.11 million in 2019[21]. - By the end of 2020, total assets were approximately ¥1.70 billion, a decrease of 39.22% from ¥2.80 billion at the end of 2019[21]. - The total operating revenue for 2020 was approximately ¥1.14 billion, a decrease of 62.34% compared to ¥3.01 billion in 2019[76]. - The company reported a total sales volume of 58,645.59 square meters for LED displays, a decrease of 31.27% from 85,327.61 square meters in 2019[81]. - The company reported a significant drop in production volume for LED displays, which fell to 58,095.69 square meters, down 41.89% from 99,974.08 square meters in 2019[81]. - The company reported a net loss from non-recurring items of approximately ¥93 million in 2020, compared to ¥15 million in 2019[26]. Business Strategy and Operations - The company launched the "Sunshine Plan" in the second half of 2020 to enhance domestic market promotion and channel development, achieving better-than-expected results in channel development by year-end[5]. - The company is focusing on the LED display business and has divested most of its loss-making advertising marketing business, retaining stable and competitive digital marketing operations[5]. - The company aims to deepen cooperation with global channel partners and distributors to penetrate various regional markets[5]. - The company has streamlined its operations by divesting from advertising and marketing businesses to enhance its core competitiveness[31]. - The company is expanding into new application areas such as Mini-LED and naked-eye 3D displays, leveraging its advantages in small-pitch LED technology[31]. - The company has implemented a "1234" management model to improve management capabilities and operational efficiency[30]. - The company has established a comprehensive service network across over 20 provinces and cities in China, enhancing its marketing service capabilities[60]. - The company has a comprehensive sales service system supported by self-built regional and provincial branches, as well as multiple overseas offices, enhancing its direct sales and authorized bidding capabilities[32]. Financial Management and Structure - The company plans to optimize its financial structure by selling part of its real estate to repay bank loans and reduce interest-bearing liabilities[8]. - The company will not distribute cash dividends, issue bonus shares, or increase capital using reserves[9]. - The company has maintained stable bank loans to support daily operations but faces funding shortages for business expansion and capacity enhancement[8]. - The company has improved its financial situation by repaying over 300 million yuan in bank loans during the reporting period, stabilizing its funding status compared to 2019[43]. - The company has a strong focus on R&D and innovation, having accumulated numerous core technologies in LED display, and is recognized as a national high-tech enterprise[37]. - The company has established strong supplier relationships, which help to lower procurement costs and improve supply chain efficiency[68]. Risks and Challenges - The company faces risks related to the inability to recover performance compensation from acquired subsidiaries that did not meet performance commitments[7]. - The company has received an unqualified audit report with a paragraph on significant uncertainty regarding its ability to continue as a going concern[4]. - The company noted that the decline in sales volume and production was primarily due to the impact of the pandemic on overseas LED display business[81]. - The company reported a total of 298 investor litigation cases with a total claim amount of 172,071,496.09 yuan, with an estimated loss of 69.75 million yuan[151]. Shareholder Commitments and Governance - The actual controller and shareholders have fulfilled their commitments during the reporting period, with specific commitments related to share transfer restrictions lasting 12 to 36 months[124]. - The commitments include a profit forecast compensation commitment, which allows for the gradual unlocking of shares based on the achievement of net profit targets during the commitment period[124]. - The commitments are aimed at ensuring the feasibility of the profit forecast compensation during the asset restructuring process[124]. - The company has established a clear framework for related party transactions, emphasizing fairness and transparency in dealings[126]. - The company is committed to avoiding any illegal occupation of funds and assets, ensuring compliance with market principles and legal regulations[126]. - The company has outlined penalties for any breaches of commitments, including a compensation of 25% of the transaction price in shares or cash[129]. Market and Product Development - The company is focused on the LED core business and has divested from loss-making advertising marketing subsidiaries[152]. - The company is accelerating the research and development of Mini/Micro LED products, establishing a production line based on advanced COB technology to meet the growing commercial market demand[115]. - The company plans to enhance its online sales channels, targeting a 40% increase in e-commerce revenue[134]. - New product launches are expected to contribute an additional 200 million RMB in revenue, with a focus on innovative technologies in the display sector[134]. - The company is investing 100 million RMB in R&D for new technologies aimed at improving product quality and reducing production costs[134]. Legal and Compliance - The company has not faced any penalties or rectification issues during the reporting period[160]. - The company has engaged in transferring equity of subsidiaries during the reporting period[183]. - The company has established a commitment to not engage in any competitive activities with its subsidiaries, ensuring no conflicts of interest arise[129]. - The company is committed to transparency in its financial reporting and compliance with audit requirements[137].

Financial Performance - Operating revenue for the period was CNY 304,784,765.46, a decrease of 60.45% year-on-year[7] - Net profit attributable to shareholders was a loss of CNY 22,841,916.27, a decrease of 905.83% year-on-year[7] - Basic earnings per share were -CNY 0.0409, a decrease of 976.32% year-on-year[7] - Total operating revenue for the third quarter was CNY 304,784,765.46, a significant decrease from CNY 770,604,301.41 in the previous period[41] - The net profit for Q3 2020 was a loss of CNY 22,809,952.86, compared to a loss of CNY 2,288,591.27 in the same period last year, indicating a worsening financial performance[43] - The company's operating profit (loss) for Q3 2020 was reported at a loss of CNY 64,833,508.69, compared to a loss of CNY 21,352,205.17 in the previous year[43] - The total revenue for Q3 2020 was CNY 48,898,517.14, down from CNY 85,566,937.63 in the previous period[46] - The investment loss for Q3 2020 was CNY 60,657,574.08, a significant decline from the investment gain of CNY 195,317,734.48 in the same period last year[46] - The net profit for the current period is a loss of ¥157,711,528.28, compared to a profit of ¥17,729,665.25 in the previous period, marking a shift of over 990%[51] - The company reported a total comprehensive income of CNY -21,554,151.41 for Q3 2020, compared to CNY -4,674,204.09 in the same period last year[44] Assets and Liabilities - Total assets decreased by 29.78% to CNY 1,966,218,178.81 compared to the end of the previous year[7] - The company's cash and cash equivalents decreased by 53.75% to RMB 224,479,152.11 due to loan repayments[15] - Total assets decreased to CNY 1,966,218,178.81 from CNY 2,799,925,490.87, reflecting a decline of approximately 29.7%[36] - Total liabilities decreased to CNY 1,641,200,758.00 from CNY 2,238,126,806.02, representing a reduction of about 26.7%[35] - Current liabilities totaled CNY 1,560,666,438.71, down from CNY 2,150,361,169.87, indicating a decrease of approximately 27.4%[35] - The company's equity attributable to shareholders decreased to CNY 320,861,681.18 from CNY 558,121,728.32, a decline of approximately 42.6%[36] - The company’s total liabilities decreased significantly, with accounts payable down by 41.07% to RMB 201,802,253.14, mainly due to the sale of subsidiaries[15] - The company’s inventory decreased by 32.13% to RMB 200,794,931.15, driven by reduced stocking in response to lower revenue[15] - The company’s fixed assets decreased to CNY 332,308,986.33 from CNY 517,269,734.40, reflecting a decline of approximately 35.7%[34] Cash Flow - Net cash flow from operating activities increased by 55.13% to CNY 41,508,585.56 compared to the same period last year[7] - The net cash flow from operating activities increased by 138.07% to RMB 56,577,215.99, attributed to enhanced sales collection efforts[18] - The net cash flow from operating activities for Q3 2020 was ¥56,577,215.99, compared to ¥23,765,357.60 in the same period last year, indicating a significant increase[58] - Total cash inflow from operating activities was ¥1,079,304,117.22, while cash outflow was ¥1,022,726,901.23, resulting in a net cash inflow[58] - Cash flow from investment activities showed a net inflow of ¥101,741,927.28, down from ¥148,649,787.02 in the previous year[59] - Cash inflow from financing activities was ¥1,266,000,000.00, while cash outflow totaled ¥1,500,036,231.16, leading to a net cash outflow of ¥234,036,231.16[59] Shareholder Information - The company reported a total of 36,862 common shareholders at the end of the reporting period[11] - The top shareholder, Liu Hujun, holds 18.28% of the shares, amounting to 103,752,620 shares[11] - The company is committed to maintaining transparency in its financial reporting and compensation obligations to shareholders[20] - The established compensation framework is designed to protect the interests of shareholders and ensure accountability among original shareholders[21] Government Support and Subsidies - The company received government subsidies amounting to CNY 17,299,638.41 during the reporting period[8] - The company reported a significant increase in non-operating income, totaling CNY 37,479,394.39[9] Compensation Obligations - The company reported a net profit commitment of CNY 28 million for 2015, increasing to CNY 44.06 million by 2019, with specific annual targets set for each year[20] - The compensation obligation is triggered if the actual net profit falls below the committed amount, with a formula established for calculating the compensation[21] - The company has established a mechanism for impairment testing if the compensation obligation is triggered, ensuring that any impairment amount exceeding historical compensation amounts will require further compensation[21] - The company has outlined a structured approach to determine the compensation amount based on cumulative committed and realized net profits[20] - The compensation formula includes adjustments for the number of shares compensated and cash already compensated, ensuring clarity in financial obligations[21] - The company emphasizes the importance of meeting net profit commitments to avoid compensation obligations, which could impact financial stability[20] Performance Commitments - The company reported that it has not completed its performance commitments due to the failure of a subsidiary to meet profit targets, impacting the collection of compensation payments[23] - The company plans to continue monitoring the performance obligations of its major shareholder and will initiate compensation measures once the obligations are met[27] Other Financial Metrics - The company incurred financial expenses of CNY 19,177,162.87 in Q3 2020, which included interest expenses of CNY 16,241,062.55[42] - Research and development expenses dropped by 47.76% to RMB 49,100,721.14, influenced by the business divestiture[17] - The research and development expenses for Q3 2020 were CNY 15,990,980.23, down from CNY 36,167,055.92 in the previous year[42] - The company reported a foreign currency financial statement translation difference of CNY 1,283,869.43 in Q3 2020, compared to -2,402,524.25 in the previous year[44] Compliance and Reporting - There were no violations regarding external guarantees during the reporting period[24] - The company has not engaged in any investor relations activities during the reporting period[28] - The company has not disclosed any cash dividend policies during the reporting period[24] - The third quarter report was not audited[74] - The company adopted the new revenue recognition and leasing standards starting from 2020, with no retrospective adjustments required for prior comparative data[74]

Financial Performance - The company's operating revenue for the first half of 2020 was ¥590,692,554.18, a decrease of 64.76% compared to ¥1,676,269,478.08 in the same period last year[19]. - The net profit attributable to shareholders was a loss of ¥135,365,663.26, representing a decline of 773.29% from a profit of ¥20,105,105.44 in the previous year[19]. - The company's LED display business revenue for the first half of 2020 was 591 million CNY, a year-on-year decrease of 64.76%[49]. - The net profit for the same period was -135 million CNY, a year-on-year decline of 773.29%[49]. - The total profit for the first half of 2020 was a loss of ¥131,392,167.67, while the previous year reported a profit of ¥38,387,343.81[160]. - The company's basic and diluted earnings per share were both -¥0.23, a decrease of 866.67% from ¥0.03 in the same period last year[19]. - The total comprehensive income for the first half of 2020 was a loss of ¥127,168,182.81, compared to a profit of ¥19,786,236.18 in the first half of 2019[160]. - The company's operating profit for the first half of 2020 was a loss of ¥126,033,060.69, while the previous year reported a profit of ¥50,440,526.30[160]. Cash Flow and Assets - The net cash flow from operating activities improved to ¥15,068,630.43, a significant increase of 603.72% compared to a negative cash flow of ¥2,991,443.08 in the same period last year[19]. - The total assets decreased by 22.84% to ¥2,160,453,419.53 from ¥2,799,925,490.87 at the end of the previous year[19]. - Cash and cash equivalents decreased to CNY 203,098,064.52 from CNY 485,357,784.67, reflecting a reduction of about 58.2%[149]. - The company's cash and cash equivalents decreased to ¥173,600,893.51 from ¥289,419,023.65 at the end of the previous period[167]. - The total cash inflow from financing activities was ¥787,550,000.00, while cash outflow was ¥912,004,612.74, resulting in a net cash flow of -¥124,454,612.74 for the first half of 2020[167]. - The total assets at the end of the reporting period amounted to ¥2,157,000,000, with cash and cash equivalents decreasing to ¥203,098,064.52, a drop of 7.93% due to loan repayments[63]. Liabilities and Equity - The company's short-term borrowings increased to ¥1,107,469,090.66, representing 51.26% of total liabilities, up from 43.42% in the previous year[64]. - The company's total current liabilities were CNY 1,107,469,090.66, down from CNY 1,215,797,549.14, showing a reduction of about 8.9%[150]. - The company's total equity decreased to CNY 1.77 billion from CNY 1.83 billion, a decline of 3.0%[156]. - The total owner's equity at the end of the first half of 2020 was CNY 1,774.79 million, a decrease from CNY 1,831.31 million at the end of the previous year[180]. Research and Development - The company has invested heavily in R&D, holding over 100 national patents, and has implemented advanced product development and management systems to improve efficiency and reduce costs[34]. - Research and development expenses decreased by 42.74% to ¥33,109,740.91 from ¥57,823,084.49, mainly due to the sale of subsidiaries[56]. - The research and development expenses for the first half of 2020 were ¥8,529,464.70, compared to ¥10,908,328.78 in the first half of 2019[162]. Strategic Focus and Market Position - The company continues to focus on its core LED display business while gradually divesting non-core advertising operations, enhancing management quality and laying a solid foundation for pandemic recovery[26]. - The small-pitch LED products account for over 60% of the company's sales, with the small-pitch market expected to reach 9.8 billion RMB in 2020, marking it as a billion-level independent market[29]. - The company is expanding its product lines to include small-pitch control, outdoor advertising, indoor commercial displays, conference all-in-one machines, and rental products, targeting various sectors such as public security, transportation, and broadcasting[27]. - The company aims to strengthen its industry solution capabilities and penetrate various LED display application sectors, adhering to a "product + service" philosophy[37]. Shareholder and Governance Issues - The company plans not to distribute cash dividends or issue bonus shares[6]. - The company held three shareholder meetings during the reporting period, with investor participation rates of 23.70%, 24.22%, and 24.18% respectively[80]. - The actual controller and shareholders have fulfilled their commitments regarding profit guarantees for the years 2015 to 2020, with specific net profit targets set for each year[82]. - The company has established performance compensation arrangements for shareholders if actual net profits fall below the committed amounts[83]. Legal and Compliance Matters - The company is involved in a lawsuit against the China Securities Regulatory Commission, with the case currently not yet heard in court[89]. - A total of 182 investors are suing the company for civil compensation related to information disclosure violations, with the involved amount being CNY 15,783.35 million[89]. - The company did not face any penalties or rectification issues during the reporting period[91]. Employee and Stock Management - The company has implemented an employee stock ownership plan, which was approved by the board and shareholders, involving a significant investment in its own stock[92]. - The company has extended the duration of its employee stock ownership plan twice, with the latest extension set to last until March 20, 2021[93]. - The company approved a stock option and restricted stock incentive plan, granting a total of 916.50 million stock options and 97.50 million restricted stocks, representing approximately 2.01% of the total share capital[94].

Financial Performance - The company reported a significant increase in revenue, with a total of 1.2 billion RMB for the year, representing a growth of 15% compared to the previous year[1]. - The company's operating revenue for 2019 was ¥3,013,565,856.08, a decrease of 25.65% compared to ¥4,053,373,383.19 in 2018[22]. - The net profit attributable to shareholders was -¥1,381,107,950.51, showing an improvement of 52.18% from -¥2,888,173,129.90 in the previous year[22]. - The company reported a basic earnings per share of -¥2.32, an improvement of 50.95% from -¥4.73 in 2018[22]. - The weighted average return on equity was -110.44%, a decrease of 26.77% from -83.67% in the previous year[22]. - The company reported a significant reduction in labor costs in the digital outdoor segment, decreasing by 77.20% year-over-year[72]. - The company reported a net loss of CNY 1.38 billion for the year, with significant asset impairment losses totaling CNY 1.04 billion[86]. - The company achieved operating revenue of 3.014 billion yuan, a year-on-year decrease of 25.65%, primarily due to the divestment of non-core advertising businesses[51]. User Growth and Market Expansion - User data showed an increase in active users by 20%, reaching 500,000 users by the end of the reporting period[1]. - The company plans to expand its market presence in Southeast Asia, targeting a 25% increase in market share within the next two years[1]. - The company has focused on its LED display business, which is considered a priority for growth, and has established a joint venture with Konka Group to develop Mini LED and Micro LED technologies[32]. - The company is actively pursuing strategic partnerships and shareholder introductions to enhance its operational capabilities and financial stability[57]. Product Development and Innovation - New product development includes the launch of a next-generation LED display technology, expected to enhance image quality by 30%[1]. - The company has launched new products, including a conference all-in-one machine and Mini LED technology, to capture new market segments and enhance competitiveness[36]. - The company plans to enhance its LED display business by optimizing products and improving marketing and operational efficiency, with a five-year strategic plan in place[32]. - The company is focusing on the LED display business, with a strategic goal to expand product lines to five categories: small pitch, commercial display, outdoor advertising, conference all-in-one machines, and rental screens[50]. Financial Management and Cash Flow - The company is facing potential funding shortages due to tighter bank credit, prompting a focus on improving cash flow management[1]. - The company plans to continue optimizing its debt structure by increasing collections on receivables and disposing of certain assets to focus on its core LED business[57]. - The company reported a net cash flow from investment activities of 187 million yuan, with net cash received from the disposal of subsidiaries and other operating units amounting to 93.41 million yuan[51]. - The company has implemented a new management model aimed at improving operational efficiency, projected to reduce costs by 5%[1]. Strategic Acquisitions and Divestitures - A strategic acquisition of a smaller competitor was completed, which is anticipated to contribute an additional 200 million RMB in annual revenue[1]. - The company has accelerated the divestiture of non-core businesses, completing the transfer of stakes in several subsidiaries, including 81% of Chengdu Dayu Weiye Advertising Co., Ltd. and 100% of Tibet Bosi Cultural Media Co., Ltd.[56]. - The company is actively seeking strategic shareholders to optimize its equity structure and enhance cash flow[52]. Shareholder Commitments and Equity Management - The company has not distributed any cash dividends or conducted capital reserve transfers in the past three years, with retained earnings carried forward for future distribution[115]. - The company has established a clear framework for handling profit shortfalls, including measures for impairment testing and additional compensation if necessary[120]. - The commitments include performance-based share unlock conditions tied to net profit realization progress[119]. - The company has ongoing commitments related to share transfer restrictions for certain shareholders, lasting up to 36 months post-issuance[119]. Operational Efficiency and Risk Management - The company has improved its operational efficiency through organizational optimization, process refinement, and IT system enhancements[54]. - The company is committed to maintaining a competitive advantage by ensuring key personnel remain in their positions until at least December 31, 2019[121]. - The company has established a pandemic response team to minimize the impact of COVID-19 on its production and operations, with a successful resumption of work on February 10, 2020[102]. - The company is focused on cash flow generation through the disposal of subsidiaries to ensure sustainable growth[103]. Legal and Regulatory Compliance - The company is under scrutiny for information disclosure violations, receiving public reprimands from regulatory authorities[154]. - The company has faced penalties from regulatory bodies, including public criticism for information disclosure issues[154]. - The company is involved in multiple lawsuits, including a significant case with a claim amount of 142.09 million yuan[153]. - The company has committed to fulfilling its disclosure obligations in accordance with relevant laws and regulations[121].