北京飞利信科技股份有限公司 2019 年第三季度报告全文 北京飞利信科技股份有限公司 2019 年第三季度报告 2019-080 2 北京飞利信科技股份有限公司 2019 年第三季度报告全文 第二节 公司基本情况 2019 年 10 月 1 北京飞利信科技股份有限公司 2019 年第三季度报告全文 第一节 重要提示 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真 实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担个别和连 带的法律责任。 所有董事均已出席了审议本次季报的董事会会议。 公司负责人杨振华、主管会计工作负责人吴俊楠及会计机构负责人(会计主 管人员)徐宁声明：保证季度报告中财务报表的真实、准确、完整。 一、主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 □ 是 √ 否 | | 本报告期末 | 上年度末 | | 本报告期末比上年度末增减 | | --- | --- | --- | --- | --- | | 总资产（元） | 5,036,801,154.14 | 5,720,266,009.68 | | -11.95% | | 归属于上市公司股东的净资产 ...

北京飞利信科技股份有限公司 2019 年半年度报告全文 北京飞利信科技股份有限公司 2019 年半年度报告 2019-059 2019 年 08 月 1 北京飞利信科技股份有限公司 2019 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。 公司负责人杨振华、主管会计工作负责人吴俊楠及会计机构负责人(会计主 管人员)徐宁声明：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。 公司已在本报告中详细描述了存在的风险事项，具体内容详见本报告"第四 节经营情况讨论与分析"之"十、公司面临的风险和应对措施"，敬请查阅。 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 | 目录 | | --- | | 2019 | 年半年度报告 1 | | --- | --- | | 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 | 公司业务概要 9 | | 第四节 | 经营情 ...

[Important Notice](index=2&type=section&id=Item%201.%20Important%20Notice) This section confirms the truthfulness and completeness of the quarterly report by the company's board of directors, supervisory board, and senior management [Board of Directors' Statement](index=2&type=section&id=Board%20of%20Directors%27%20Statement) The company's board of directors, supervisory board, and all directors, supervisors, and senior management guarantee the truthfulness, accuracy, and completeness of this quarterly report, with no false records, misleading statements, or major omissions, and assume corresponding legal responsibilities - Company management confirmed the **truthfulness, accuracy, and completeness** of the Q1 2019 report[3](index=3&type=chunk)[4](index=4&type=chunk) [Company Profile](index=3&type=section&id=Item%202.%20Company%20Profile) This section provides an overview of the company's key financial performance, shareholder structure, and changes in restricted shares [Key Accounting Data and Financial Indicators](index=3&type=section&id=Key%20Accounting%20Data%20and%20Financial%20Indicators) In Q1 2019, the company's performance significantly declined, with total operating revenue down 35.86% YoY and net profit attributable to parent down 84.06%; however, net cash flow from operating activities turned profitable, increasing 208.5% due to improved project collections Key Financial Indicators | Item | Current Period (CNY) | Prior Year Period (CNY) | YoY Change | | :--- | :--- | :--- | :--- | | Total Operating Revenue | 345,152,429.04 | 538,110,960.07 | -35.86% | | Net Profit Attributable to Parent Company Shareholders | 15,623,269.60 | 98,040,792.07 | -84.06% | | Net Cash Flow from Operating Activities | 220,411,004.20 | -203,143,118.49 | 208.50% | | Basic Earnings Per Share (CNY/share) | 0.010 | 0.070 | -85.71% | | Total Assets | 5,813,951,845.01 | 5,720,266,009.68 | 1.64% (vs. end of prior year) | | Net Assets Attributable to Parent Company Shareholders | 3,782,210,624.98 | 3,766,587,355.38 | 0.41% (vs. end of prior year) | - The company's non-recurring gains and losses totaled **CNY 1.445 million** during the reporting period, primarily from government subsidies, including significant R&D and other subsidies received by subsidiaries Xiamen Jingtou, Hulian Tianxia, and Donglan Digital[8](index=8&type=chunk) [Shareholder Information](index=4&type=section&id=Shareholder%20Information) As of the end of the reporting period, the company had 81,425 common shareholders; the top four shareholders, Yang Zhenhua, Cao Xinjun, Chen Hongshun, and Wang Shouyan, are parties acting in concert, collectively holding over 25% of shares, with a significant portion (92.02% of their combined holdings) pledged and judicially frozen - As of the end of the reporting period, the company had **81,425** common shareholders[11](index=11&type=chunk) - The top four shareholders, Yang Zhenhua, Cao Xinjun, Chen Hongshun, and Wang Shouyan, are parties acting in concert; as of March 31, 2019, their combined holdings were **368,339,600 shares**, of which **338,961,570 shares** (**92.02%** of their total holdings) were judicially frozen[12](index=12&type=chunk) Top Shareholders' Holdings | Shareholder Name | Shareholding Percentage | Share Status | | :--- | :--- | :--- | | Yang Zhenhua | 13.29% | Pledged, Frozen | | Cao Xinjun | 5.46% | Pledged, Frozen | | Chen Hongshun | 4.16% | Pledged, Frozen | | Wang Shouyan | 2.76% | Pledged, Frozen | [Restricted Share Changes](index=6&type=section&id=Restricted%20Share%20Changes) During the reporting period, the company's total restricted shares decreased from 326 million to 316 million, primarily due to the lifting of restrictions on shares held by executives Wang Shouyan and Luo Wei; most restricted shares are executive lock-up shares or those from major asset restructurings, with unlocking tied to performance commitments and tenure - During the reporting period, total restricted shares decreased from **326,257,074 shares** to **316,293,907 shares**, with **9,963,167 shares** released from restriction[21](index=21&type=chunk) - Share releases primarily came from executives Wang Shouyan (**9,888,167 shares**) and Luo Wei (**75,000 shares**)[15](index=15&type=chunk) [Significant Events](index=13&type=section&id=Item%203.%20Significant%20Events) This section details major financial changes, business developments, and the status of important corporate matters and commitments [Significant Changes in Financial Data and Reasons](index=13&type=section&id=Significant%20Changes%20in%20Financial%20Data%20and%20Reasons) Multiple financial indicators changed significantly during the reporting period; revenue and costs decreased due to holiday impact on project completion, while administrative and financial expenses rose sharply due to increased labor, rent, and loan interest; operating cash flow significantly improved, turning positive due to better collections - Operating revenue decreased **35.86%** year-over-year, primarily due to longer holidays and fewer completed projects during the period[24](index=24&type=chunk) - Financial expenses increased **9079.8%** year-over-year, mainly due to increased interest expenses from higher loan principal[24](index=24&type=chunk) - Net cash flow from operating activities increased **208.5%** year-over-year, primarily due to higher project collections during the period[25](index=25&type=chunk) - Advance receipts increased **200.71%** from the beginning of the period, mainly due to receiving advance payments for larger orders[24](index=24&type=chunk) [Business Review and Outlook](index=14&type=section&id=Business%20Review%20and%20Outlook) In Q1 2019, the company's total revenue decreased 35.86% and net profit declined 84.06%, mainly due to seasonal losses in some subsidiaries; the company is actively promoting technological innovation, focusing on "1+1+N" new digital city solutions, continuously investing in R&D in audio-video, big data, and IoT, and acquiring multiple patents and qualifications, while also facing market, R&D, and talent retention risks [Changes in Business Revenue and Reasons](index=14&type=section&id=Changes%20in%20Business%20Revenue%20and%20Reasons) During the reporting period, revenue across all major business segments declined: audio-video and control decreased 32.54%, data, software, and services decreased 53.99%, and IoT and intelligent solutions decreased 36.77%; the decline was mainly due to seasonal project slowdowns for government and education clients of some subsidiaries, though others like Ofeiling, Jiedong, and Tianyun Power achieved profitability through new products and increased marketing Business Segment Revenue | Business Segment | Q1 2019 Revenue (CNY) | Q1 2018 Revenue (CNY) | Growth Rate | | :--- | :--- | :--- | :--- | | Audio-Video and Control | 225,592,729.77 | 334,388,472.91 | -32.54% | | Data, Software, and Services | 27,173,439.39 | 59,057,831.06 | -53.99% | | IoT and Intelligent Solutions | 85,935,674.63 | 135,899,028.35 | -36.77% | - Performance decline was mainly due to seasonal project slowdowns for some subsidiaries (Xiamen Jingtou, Hulian Tianxia, Donglan Digital), but other subsidiaries (Chengdu Ofeiling, Shanghai Jiedong, Beijing Tianyun Power) through active marketing achieved profitability, partially offsetting the negative impact[27](index=27&type=chunk) [Progress of Key R&D Projects](index=14&type=section&id=Progress%20of%20Key%20R%26D%20Projects) The company is advancing multiple R&D projects across audio-video, data software, and IoT; key projects include AI-based "Xiaofei Shorthand Assistant," video conferencing MCUs, industrial machine vision, 5G fronthaul optical modules, KingMap 7.1 GIS platform, Norma Big Data platform, and PhiliCube 2.0 IoT platform, aiming to enhance core competitiveness and drive transformation towards intelligent conferencing, internet video, and industrial IoT - Audio-Video Sector: Developing “Xiaofei Shorthand Assistant” to accelerate transformation into an intelligent conferencing provider; developing video conferencing MCUs to transition from traditional to internet video conferencing[28](index=28&type=chunk) - Data Software and Services Sector: Developing KingMap 7.1 platform, planned for integration with the company's PhiliCube Industrial IoT platform to enhance market influence; developing Norma Big Data platform to provide integrated big data solutions[29](index=29&type=chunk)[30](index=30&type=chunk) - IoT and Intelligent Solutions Sector: Developing PhiliCube 2.0 IoT platform to support smart data centers, smart water management, and other applications, crucial for the company's industrial internet strategy and new digital city solutions; developing proprietary MCU chips to support IoT, intelligent conferencing, and civil-military integration businesses[31](index=31&type=chunk) [Changes in Core Competitiveness](index=17&type=section&id=Changes%20in%20Core%20Competitiveness) During the reporting period, the company's core competitiveness strengthened with 4 new invention patents, 6 utility model patents, and 2 software copyrights, primarily in IoT and intelligent solutions and data software services; the company and its subsidiaries also obtained multiple new qualifications, such as ITSS and security technology prevention credit rating certificates, and received honors like "Top Ten Information System Integration Enterprises in Xiamen" - During the reporting period, the company and its subsidiaries obtained **4 new invention patents**, **6 utility model patents**, and **2 computer software copyrights**[32](index=32&type=chunk)[33](index=33&type=chunk) - The company and its subsidiaries obtained multiple new qualification certificates, including IT Service Operation and Maintenance Standard Certificate (ITSS), Zhejiang Province Security Technology Prevention Industry Credit Rating Certificate, and ISO three-system certification[35](index=35&type=chunk)[36](index=36&type=chunk) - Subsidiary Jingtou Information received the "Xiamen Science and Technology Progress Third Prize" and the "Top Ten Information System Integration Enterprises in Xiamen" titles[37](index=37&type=chunk) [Execution of Annual Operating Plan](index=20&type=section&id=Execution%20of%20Annual%20Operating%20Plan) The company strictly executed its 2019 annual operating plan, continuing to focus on the "1+1+N" new digital city solution; during the reporting period, it increased R&D investment, promoted business segment development, made progress in intelligent conferencing, IoT platform (PhiliCube), big data platform (Norma), and GIS platform (KingMap), and won bids for multiple audio-video, data service, and intelligent projects, steadily expanding its market - The company's strategic core is the **"1+1+N" new digital city solution**, comprising "1 City Visualized Digital Hub, 1 City Digital Brain, and N City Digital Application Systems"[39](index=39&type=chunk)[40](index=40&type=chunk) - The company increased R&D investment in cutting-edge technologies such as IoT, machine vision, edge computing, big data governance, and artificial intelligence to create independently controllable products[41](index=41&type=chunk)[43](index=43&type=chunk) - During the reporting period, the company and its subsidiaries won bids for new projects across audio-video and control, data software and services, and IoT and intelligent solutions, including conference system projects for Anhui Provincial People's Congress and Liaoning Provincial People's Congress, and intelligent voice platform for Xinjiang Department of Justice[55](index=55&type=chunk) [Future Operating Risks and Countermeasures](index=24&type=section&id=Future%20Operating%20Risks%20and%20Countermeasures) The company faces three main risks: market risk, technology R&D risk, and talent attrition risk; market risk stems from macroeconomic changes and intensified competition; technology R&D risk involves rapid technological iteration, potentially weakening competitiveness if trends are not accurately grasped; talent attrition risk could impact company development; the company plans to address these through technological innovation, enhanced research, pilot programs, and improved human resource management - Market Risk: The company faces risks from industry cyclical fluctuations and accelerating technological iteration; countermeasures include strengthening core technology innovation and market expansion[56](index=56&type=chunk) - Technology R&D Risk: The information technology industry updates rapidly; if R&D cannot keep pace with market demand, competitive advantage will be weakened; countermeasures include strengthening trend research and adopting an "explore-pilot-promote" model to mitigate risks[57](index=57&type=chunk) - Technical Talent Attrition Risk: The loss of core management and technical talent will impact company development; countermeasures include improving human resource management, implementing competitive internal promotions, and actively recruiting high-end talent[58](index=58&type=chunk) [Progress of Significant Events](index=25&type=section&id=Progress%20of%20Significant%20Events) During the reporting period, the company disclosed progress on several significant matters: the Harbin Rail Transit Phase II project contract is still under negotiation; the Jiahui City project is completed but payment is pending; the arbitration case with Donglan Digital regarding performance compensation has not yet been ruled; the final payment for the transfer of Tianyida equity to an affiliated party has not been recovered; and while some of the controlling shareholder's shares have been unfrozen, most remain frozen - The contract for Harbin Rail Transit Line 3 Phase II project (winning bid price **CNY 126 million**) is currently undergoing technical negotiation and signing procedures[59](index=59&type=chunk)[60](index=60&type=chunk) - Arbitration regarding Donglan Digital's performance compensation, despite multiple hearings, has not yet been ruled as of the end of the reporting period[62](index=62&type=chunk) - Contractual disputes between the controlling shareholder and Ping An Trust led to a large proportion of their company shares being judicially frozen; although some have been unfrozen, the risk persists[64](index=64&type=chunk)[65](index=65&type=chunk) [Overdue Unfulfilled Commitments](index=29&type=section&id=Overdue%20Unfulfilled%20Commitments) During the reporting period, significant unfulfilled commitments were noted; former shareholders of Donglan Digital refused to compensate for unmet performance targets, leading to ongoing arbitration without a ruling; additionally, former shareholders of several acquired companies (Xiamen Jingtou, Shanghai Jiedong) violated non-compete agreements, causing direct losses to the listed company, with rectification underway; these issues pose potential risks to corporate governance and shareholder interests - Former shareholders of Donglan Digital failed to fulfill their 2016 performance compensation commitment; the company initiated arbitration in 2017, but no ruling has been issued as of the end of the reporting period[69](index=69&type=chunk)[81](index=81&type=chunk) - Some former shareholders of acquired companies (Xiamen Jingtou, Shanghai Jiedong, Ofeiling) violated non-compete commitments, causing losses to the company, and are currently undergoing rectification[75](index=75&type=chunk)[77](index=77&type=chunk)[82](index=82&type=chunk) - Due to issues such as accounts receivable disputes and non-compete violations, the final tranche of shares held by former shareholders of Jingtou Information, Jiedong Control, and Ofeiling Communication has not yet been unfrozen[75](index=75&type=chunk)[77](index=77&type=chunk)[79](index=79&type=chunk) [Use of Raised Funds](index=37&type=section&id=Use%20of%20Raised%20Funds) The company's total raised funds amounted to CNY 2.757 billion, with CNY 2.596 billion cumulatively invested; CNY 3.0934 million was invested during the reporting period, primarily for the big data cloud platform project; there was a cumulative change in use for CNY 332 million (12.04%) of raised funds; both acquisition projects and the big data cloud platform project failed to achieve expected benefits Raised Funds Usage Summary | Item | Amount (CNY 10k) | | :--- | :--- | | Total Raised Funds | 275,690.94 | | Total Investment in Current Quarter | 309.34 | | Total Cumulative Investment | 259,618.82 | | Total Cumulative Change in Use | 33,195.39 | | Percentage of Cumulative Change in Use | 12.04% | - The committed investment projects “Acquisition of Xiamen Jingtou, Shanghai Jiedong, Ofeiling” and “Big Data Cloud Platform Project” both failed to achieve expected benefits[85](index=85&type=chunk) - As of the end of the reporting period, unused raised funds are held as demand deposits in dedicated accounts[86](index=86&type=chunk) [Financial Statements](index=39&type=section&id=Item%204.%20Financial%20Statements) This section presents the company's consolidated financial statements, including the balance sheet, income statement, and cash flow statement [Financial Statement Summary](index=39&type=section&id=Financial%20Statement%20Summary) As of March 31, 2019, the company's total assets were CNY 5.814 billion, up 1.64% from the beginning of the year; total liabilities were CNY 2.015 billion, with an asset-liability ratio of approximately 34.65%; Q1 operating revenue was CNY 345 million, down 35.86% year-over-year; net profit attributable to parent was CNY 15.62 million, a significant 84.06% year-over-year decrease; net cash flow from operating activities was CNY 220 million, a significant improvement from -CNY 203 million in the prior year [Consolidated Balance Sheet](index=39&type=section&id=Consolidated%20Balance%20Sheet) As of March 31, 2019, the company's total assets were CNY 5.814 billion, a slight 1.64% increase from the end of the prior year; current assets accounted for approximately 66.6%; total liabilities were CNY 2.015 billion, an increase from the end of the prior year, mainly due to growth in advance receipts and other payables; equity attributable to parent company owners was CNY 3.782 billion Consolidated Balance Sheet Data | Item | March 31, 2019 (CNY) | December 31, 2018 (CNY) | | :--- | :--- | :--- | | Total Assets | 5,813,951,845.01 | 5,720,266,009.68 | | Total Liabilities | 2,015,085,563.46 | 1,936,343,637.22 | | Total Equity Attributable to Parent Company Owners | 3,782,210,624.98 | 3,766,587,355.38 | - Notes and accounts receivable totaled **CNY 1.784 billion**, an increase from the beginning of the year; goodwill remained unchanged at **CNY 847 million**[92](index=92&type=chunk)[93](index=93&type=chunk) [Consolidated Income Statement](index=45&type=section&id=Consolidated%20Income%20Statement) In Q1 2019, the company achieved total operating revenue of CNY 345 million, a 35.86% year-over-year decrease; operating costs decreased 28.62% year-over-year, a smaller decline than revenue; sales, administrative, and financial expenses all increased to varying degrees, leading to an 86.12% year-over-year drop in operating profit; net profit attributable to parent company owners was CNY 15.62 million, an 84.06% year-over-year decrease Consolidated Income Statement Data | Item | Current Period (CNY) | Prior Period (CNY) | YoY Change | | :--- | :--- | :--- | :--- | | I. Total Operating Revenue | 345,152,429.04 | 538,110,960.07 | -35.86% | | III. Operating Profit | 15,952,565.72 | 114,894,852.67 | -86.12% | | Net Profit Attributable to Parent Company Owners | 15,623,269.60 | 98,040,792.07 | -84.06% | - Total expenses for sales, administration, and R&D were approximately **CNY 89.38 million**, an increase from **CNY 82 million** in the prior year, indicating a need for improved cost control[101](index=101&type=chunk) [Consolidated Cash Flow Statement](index=49&type=section&id=Consolidated%20Cash%20Flow%20Statement) During the reporting period, the company's cash flow significantly improved; net cash flow from operating activities was CNY 220 million, compared to a net outflow of CNY 203 million in the prior year, primarily due to a substantial increase in cash received from sales of goods and services; net cash flow from investing activities was a net outflow of CNY 19.79 million; net cash flow from financing activities was a net outflow of CNY 7.88 million; cash and cash equivalents balance at period-end was CNY 591 million Consolidated Cash Flow Statement Data | Item | Current Period (CNY) | Prior Period (CNY) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 220,411,004.20 | -203,143,118.49 | | Net Cash Flow from Investing Activities | -19,791,480.68 | 20,944,252.77 | | Net Cash Flow from Financing Activities | -7,878,403.87 | -18,654,947.06 | | Net Increase in Cash and Cash Equivalents | 192,741,119.65 | -200,853,812.78 | [Audit Report](index=53&type=section&id=Audit%20Report) The company's Q1 2019 report is unaudited - The company's first-quarter report is unaudited[117](index=117&type=chunk)

北京飞利信科技股份有限公司 2018 年年度报告全文 北京飞利信科技股份有限公司 2018 年年度报告 2019-026 2019 年 04 月 1 北京飞利信科技股份有限公司 2018 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。 公司负责人杨振华、主管会计工作负责人邓世光及会计机构负责人(会计主 管人员)徐宁声明：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。 公司已在本报告中详细描述了存在的风险事项，具体内容详见本报告"第四 节经营情况讨论与分析"之"九、公司未来发展的展望"之"（三）公司可能面对 的风险及应对措施"，敬请查阅。 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 6 | | --- | --- | | 第二节 | 公司简介和主要财务指标 10 | | 第三节 | 公司业务概要 30 | | 第四节 | 经营情况讨论与分析 77 | | 第五节 | 重要 ...

北京飞利信科技股份有限公司 2019 年第一季度报告全文 北京飞利信科技股份有限公司 2019 年第一季度报告 2019-027 2019 年 04 月 1 北京飞利信科技股份有限公司 2019 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。 公司负责人杨振华、主管会计工作负责人邓世光及会计机构负责人(会计主 管人员)徐宁声明：保证季度报告中财务报表的真实、准确、完整。 2 北京飞利信科技股份有限公司 2019 年第一季度报告全文 第二节 公司基本情况 一、主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 □ 是 √ 否 对公司根据《公开发行证券的公司信息披露解释性公告第 1 号——非经常性损益》定义界定的非经常性损益项目，以及把《公 3 北京飞利信科技股份有限公司 2019 年第一季度报告全文 开发行证券的公司信息披露解释性公告第 1 号——非经常性损益》中列举的非经常性损益项目界定为经常性损益的项目，应 ...

北京飞利信科技股份有限公司 2018 年年度报告全文 北京飞利信科技股份有限公司 2018 年年度报告 2019-026 2019 年 04 月 1 北京飞利信科技股份有限公司 2018 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。 公司负责人杨振华、主管会计工作负责人邓世光及会计机构负责人(会计主 管人员)徐宁声明：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。 公司已在本报告中详细描述了存在的风险事项，具体内容详见本报告"第四 节经营情况讨论与分析"之"九、公司未来发展的展望"之"（三）公司可能面对 的风险及应对措施"，敬请查阅。 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 6 | | --- | --- | | 第二节 | 公司简介和主要财务指标 10 | | 第三节 | 公司业务概要 30 | | 第四节 | 经营情况讨论与分析 77 | | 第五节 | 重要 ...

北京飞利信科技股份有限公司 2018 年第三季度报告全文 北京飞利信科技股份有限公司 2018 年第三季度报告 2018-070 2018 年 10 月 1 北京飞利信科技股份有限公司 2018 年第三季度报告全文 第一节 重要提示 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真 实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担个别和 连带的法律责任。 所有董事均已出席了审议本次季报的董事会会议。 公司负责人杨振华、主管会计工作负责人邓世光及会计机构负责人(会计主 管人员)孙玉凤声明：保证季度报告中财务报表的真实、准确、完整。 2 北京飞利信科技股份有限公司 2018 年第三季度报告全文 □ 是 √ 否 | | 本报告期末 | 上年度末 | | 本报告期末比上年度末增减 | | --- | --- | --- | --- | --- | | 总资产（元） | 8,675,314,152.73 | 7,264,789,862.55 | | 19.42% | | 归属于上市公司股东的净资产 （元） | 5,969,896,589.41 | 5,807,621,158.83 | | ...

[Item I. Important Notes, Table of Contents and Definitions](index=2&type=section&id=Item%20I.%20Important%20Notes%2C%20Table%20of%20Contents%20and%20Definitions) [Important Risk Warnings](index=2&type=section&id=Important%20Risk%20Warnings) The company identifies three key risks: intensified market competition and technological obsolescence, accounts receivable collection challenges due to long project cycles, and internal management risks from organizational expansion - Market Risk: The smart city business faces intensifying competition and rapid technological iteration; the company plans to address this by strengthening core technical talent acquisition and independent innovation[5](index=5&type=chunk) - Accounts Receivable Risk: Significant accounts receivable balances are due to long project cycles and government/military clients typically settling in the second half of the year; the company prioritizes collections and strengthens contract review to mitigate this risk[6](index=6&type=chunk)[7](index=7&type=chunk) - Group Internal Management Risk: Expanding scale of the company and its subsidiaries demands higher operational management and business synergy; the company plans to streamline management structure and optimize collaboration mechanisms for efficiency[8](index=8&type=chunk) [Item II. Company Profile and Key Financial Indicators](index=7&type=section&id=Item%20II.%20Company%20Profile%20and%20Key%20Financial%20Indicators) [Company Profile](index=7&type=section&id=Company%20Profile) This section provides fundamental corporate information, including stock ticker "Feilixin", stock code "300287", legal representative Yang Zhenhua, and contact details for the Board Secretary and Securities Affairs Representative Basic Company Information | Item | Information | | :--- | :--- | | Stock Abbreviation | Feilixin | | Stock Code | 300287 | | Listing Exchange | Shenzhen Stock Exchange | | Company Chinese Name | Beijing Feilixin Technology Co., Ltd. | | Legal Representative | Yang Zhenhua | [Key Accounting Data and Financial Indicators](index=8&type=section&id=Key%20Accounting%20Data%20and%20Financial%20Indicators) During the reporting period, the company achieved significant performance growth with total operating revenue up **51.88%** and net profit attributable to shareholders up **17.49%**, though net cash flow from operating activities was **-630 million Yuan** due to substantial cash payments for large contracts Key Financial Performance Indicators | Indicator | Current Period | Prior Period | YoY Change | | :--- | :--- | :--- | :--- | | Total Operating Revenue (Yuan) | 1,319,216,047.29 | 868,610,012.67 | 51.88% | | Net Profit Attributable to Shareholders (Yuan) | 181,317,624.40 | 154,327,759.70 | 17.49% | | Net Cash Flow from Operating Activities (Yuan) | -629,724,520.65 | -32,610,367.15 | -1,202.17% | | Basic Earnings Per Share (Yuan/share) | 0.13 | 0.11 | 18.18% | | Total Assets (Yuan) | 8,317,894,324.52 | 7,264,789,862.55 | 14.50% (vs. prior year-end) | | Net Assets Attributable to Shareholders (Yuan) | 5,989,691,491.90 | 5,807,621,158.83 | 3.14% (vs. prior year-end) | [Non-Recurring Gains and Losses Items and Amounts](index=9&type=section&id=Non-Recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) During the reporting period, total non-recurring gains and losses amounted to **3.46 million Yuan**, primarily comprising government subsidies of **4.40 million Yuan** recognized in current profit or loss Non-Recurring Gains and Losses | Item | Amount (Yuan) | | :--- | :--- | | Gains/Losses on Disposal of Non-Current Assets | -5,225.13 | | Government Grants Recognized in Current Profit/Loss | 4,402,712.24 | | Other Non-Operating Income and Expenses | -569,469.89 | | Less: Income Tax Impact | 389,391.61 | | Less: Impact on Minority Interests (After Tax) | -22,689.73 | | **Total** | **3,461,315.34** | [Item III. Business Overview](index=10&type=section&id=Item%20III.%20Business%20Overview) [Main Business, Products and Operating Model](index=10&type=section&id=Main%20Business%2C%20Products%20and%20Operating%20Model) The company positions itself as a comprehensive solution provider for new digital cities, pioneering a "1+1+N" operating model encompassing city visualization, a digital city brain, and multiple vertical business applications, primarily serving government, military, and enterprise clients with integrated solutions across audio-video, data software, and IoT segments - The company pioneered the "1+1+N" new digital city operating model, providing clients with one city visualization system, one digital city brain, and N vertical business application systems[29](index=29&type=chunk) - The company's main proprietary products are categorized into three business areas: audio-video and control, IoT and intelligent systems, and data software and services[29](index=29&type=chunk)[30](index=30&type=chunk) - The operating model primarily targets government, military, and enterprise clients, offering services such as top-level design, technology development, product sales and integration, operations, and consulting[31](index=31&type=chunk) [Analysis of Core Competencies](index=12&type=section&id=Analysis%20of%20Core%20Competencies) The company's core competencies include its unique "1+1+N" digital city solutions, continuous technological innovation, stable high-quality client base, distinctive "product+service+integration" profit model, and strong brand reputation with industry accolades - The company is a new digital city solution provider offering "1 city visualization + 1 digital city brain + N city business systems," demonstrating comprehensive technology and product deployment[33](index=33&type=chunk) - During the reporting period, the company and its subsidiaries obtained **10 invention patents**, **18 utility model patents**, **6 design patents**, and **30 computer software copyrights**, continuously strengthening its technological moat[34](index=34&type=chunk) - The company's products consistently serve high-quality clients including government, military, and large state-owned enterprises, ensuring stable and sticky customer relationships[36](index=36&type=chunk) - The company and its subsidiaries successfully passed multiple qualification certifications and received numerous industry awards during the reporting period, such as "Top 50 Big Data Excellent Solution Providers of 2017," showcasing strong brand strength[38](index=38&type=chunk)[39](index=39&type=chunk)[41](index=41&type=chunk) [Item IV. Management Discussion and Analysis](index=16&type=section&id=Item%20IV.%20Management%20Discussion%20and%20Analysis) [Overview of Operations](index=16&type=section&id=Overview%20of%20Operations) In H1 2018, the company achieved **1.319 billion Yuan** in total operating revenue, a **51.88%** increase, and **181 million Yuan** in net profit attributable to shareholders, up **17.49%**, making positive strides in internal management, technological innovation, marketing, external investments, and human resource management Key Operating Performance (H1 2018) | Indicator | H1 2018 | YoY Growth | | :--- | :--- | :--- | | Total Operating Revenue | 1.319 billion Yuan | 51.88% | | Operating Profit | 0.209 billion Yuan | 24.62% | | Net Profit Attributable to Shareholders | 0.181 billion Yuan | 17.49% | - The company continuously pursues technological innovation, enhancing its audio-video product line, expanding application scenarios for big data and AI software services, and advancing its proprietary MCU chip development[47](index=47&type=chunk)[48](index=48&type=chunk)[49](index=49&type=chunk) - External investments focus on core business, including establishing a civil-military integration industrial investment fund and introducing the Belgian TELEVIC conference brand to enrich the product portfolio[56](index=56&type=chunk) [Analysis of Main Business](index=20&type=section&id=Analysis%20of%20Main%20Business) Operating revenue grew **51.88%** due to new contracts and completed large projects, while operating costs increased **78.92%**, outpacing revenue and reducing some contract gross margins; audio-video and control revenue surged **106.10%**, and Southwest region revenue saw a **15-fold** explosive growth Key Financial Performance Changes | Item | Current Period | Prior Period | YoY Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue (Yuan) | 1,319,216,047.29 | 868,610,012.67 | 51.88% | More contracts signed and completion of some large contracts in current period | | Operating Cost (Yuan) | 923,406,606.27 | 516,100,553.75 | 78.92% | Increased with revenue growth, and gross margins of some contracts decreased | | Net Cash Flow from Operating Activities (Yuan) | -629,724,520.65 | -32,610,367.15 | -1,294.16% | Significant cash payments due to execution of large contracts | Operating Revenue and Gross Margin by Product/Service | By Product or Service | Operating Revenue (Yuan) | YoY Change in Operating Revenue | Gross Margin | YoY Change in Gross Margin | | :--- | :--- | :--- | :--- | :--- | | 1. Audio-Video and Control | 485,944,066.73 | 106.10% | 26.87% | -14.51% | | 2. Data, Software and Services | 185,475,752.11 | -5.53% | 57.14% | -10.35% | | 3. IoT and Intelligent Systems | 631,836,571.57 | 50.26% | 24.60% | -3.42% | [Analysis of Non-Core Business](index=22&type=section&id=Analysis%20of%20Non-Core%20Business) Non-core business had minimal impact on total profit; investment income was negative, **12.48 million Yuan** in impairment provisions were made for assets, and other income, primarily **6.31 million Yuan** in government subsidies, is non-recurring Non-Core Business Impact on Profit | Item | Amount (Yuan) | Proportion of Total Profit | Reason for Formation | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Investment Income | -5,065,415.31 | -2.43% | Mainly gains or losses from equity method accounting | Yes | | Asset Impairment | 12,482,324.00 | 6.00% | Provision for bad debts | Yes | | Other Income | 6,312,732.70 | 3.03% | Mainly government grants | No | [Analysis of Assets and Liabilities](index=22&type=section&id=Analysis%20of%20Assets%20and%20Liabilities) At period-end, total assets increased **14.50%** from the beginning of the period; monetary funds decreased **32.98%** due to investments and payments, while inventory surged **41.1%** for major contract preparations, and short-term borrowings increased due to more bank loans Key Asset and Liability Changes | Key Asset/Liability | Change from Period Start | Explanation of Change | | :--- | :--- | :--- | | Monetary Funds | -32.98% | Mainly due to increased investments and external payments for goods in the current period | | Inventory | +41.1% | Mainly due to inventory preparation for major contracts | | Short-term Borrowings | +44.12% | Mainly due to increased loans in the current period | [Analysis of Investment Status](index=23&type=section&id=Analysis%20of%20Investment%20Status) During the period, the company primarily engaged in equity investments totaling approximately **127 million Yuan**, including establishing industrial development funds, increasing capital in Zhuhai Yuetong, and acquiring Wangxin Sunshine equity, while also reallocating some raised funds from cloud computing and big data projects to Lishui Big Data Cloud Center and Urumqi IDC data center renovation projects - Participated in the establishment of Beijing Feilixin Zeyuan Fund Management Center (Limited Partnership) and Ningxia Zhongwei Feilixin Industrial Integration Development Fund (Limited Partnership)[75](index=75&type=chunk) - Zhuhai Yuetong Investment Co., Ltd. and Beijing Wangxin Sunshine Technology Co., Ltd. became wholly-owned subsidiaries through capital increase and acquisition[75](index=75&type=chunk)[76](index=76&type=chunk) - The total amount of changed raised fund usage during the reporting period was **331.95 million Yuan**, allocated to the Lishui Big Data Cloud Center Project (Phase I) and Urumqi Yan'an Road Telecom IDC Data Center Renovation Project[78](index=78&type=chunk)[93](index=93&type=chunk)[94](index=94&type=chunk) [Analysis of Major Holding and Associate Companies](index=30&type=section&id=Analysis%20of%20Major%20Holding%20and%20Associate%20Companies) This section details the basic information and H1 2018 operating performance of the company's major holding and associate companies; wholly-owned subsidiary Beijing Feilixin Electronic Technology Co., Ltd. was a primary revenue and profit driver with **117 million Yuan** in net profit, while Xiamen Jingtu, Shanghai Jiedong, and Chengdu Ofeiling also contributed tens of millions in net profit Major Holding and Associate Companies' Performance (H1 2018) | Company Name | Company Type | Operating Revenue (Yuan) | Net Profit (Yuan) | | :--- | :--- | :--- | :--- | | Beijing Feilixin Electronic Technology Co., Ltd. | Subsidiary | 585,743,174.24 | 117,307,529.34 | | Donglan Digital Co., Ltd. | Subsidiary | 361,820,502.57 | 4,394,715.48 | | Beijing Tianyun Power Technology Co., Ltd. | Subsidiary | 75,297,444.58 | 12,052,365.35 | | Xiamen Jingtu Information Technology Co., Ltd. | Subsidiary | 49,757,547.40 | 5,257,660.84 | | Shanghai Jiedong System Engineering Control Co., Ltd. | Subsidiary | 136,675,550.96 | 19,021,354.37 | | Chengdu Ofeiling Communication Technology Co., Ltd. | Subsidiary | 45,543,816.24 | 9,418,159.28 | [Risks Faced by the Company and Countermeasures](index=36&type=section&id=Risks%20Faced%20by%20the%20Company%20and%20Countermeasures) The company reiterates its three core risks: market competition and technological obsolescence, accounts receivable collection, and group internal management, along with consistent countermeasures as outlined in the first section - Market Risk: Addressing intensifying market competition through continuous technological innovation and talent acquisition, actively responding to national "New Digital City" and "Big Data" strategies[126](index=126&type=chunk) - Accounts Receivable Risk: Controlling accounts receivable risk, stemming from long project cycles and client payment habits, by strengthening full-lifecycle project collection management and contract review[127](index=127&type=chunk) - Group Management Risk: Addressing management challenges from company expansion by streamlining management structure, optimizing internal collaboration mechanisms, and enhancing resource sharing[128](index=128&type=chunk) [Item V. Significant Matters](index=37&type=section&id=Item%20V.%20Significant%20Matters) [Fulfillment of Commitments](index=38&type=section&id=Fulfillment%20of%20Commitments) During the reporting period, Donglan Digital, the performance guarantor from the 2014 asset restructuring, failed to meet its 2016 performance commitment and refused compensation, leading the company to initiate arbitration with the Beijing Arbitration Commission to protect its legal rights - Donglan Digital's performance guarantor failed to fulfill its 2016 performance commitment and refused to perform compensation obligations; the company has initiated arbitration on this matter, with the outcome pending[134](index=134&type=chunk)[139](index=139&type=chunk) [Litigation Matters](index=42&type=section&id=Litigation%20Matters) The company disclosed several significant litigation and arbitration matters, most notably an arbitration against Donglan Digital's former shareholders for performance compensation, involving **222 million Yuan**, which has been heard but not yet ruled, alongside other contract disputes - The company initiated arbitration regarding Donglan Digital's performance compensation, demanding that Ningbo Dongkong Group and three other respondents fulfill compensation obligations, involving **222.39 million Yuan**; the case has been heard but no judgment has been rendered[143](index=143&type=chunk) [Equity Incentive Plan](index=46&type=section&id=Equity%20Incentive%20Plan) The first phase of the employee stock ownership plan completed stock purchases on September 18, 2017, acquiring **26,534,857 shares** (representing **1.8488%** of total share capital) through a trust plan in the secondary market for approximately **226 million Yuan**, with a 12-month lock-up period - The first phase of the employee stock ownership plan completed stock purchases, acquiring a total of **26,534,857 shares** for **226.21 million Yuan** at an average price of **8.525 Yuan/share**, representing **1.8488%** of the total share capital[151](index=151&type=chunk) - The lock-up period for the purchased shares is **12 months** from the announcement date of September 19, 2017[151](index=151&type=chunk) [Significant Contracts and Guarantees](index=47&type=section&id=Significant%20Contracts%20and%20Guarantees) During the period, the company provided **75.36 million Yuan** in guarantees for subsidiaries with no non-compliant external guarantees; significant engineering contracts are ongoing, with "Jiahui City Intelligent Engineering" **90%** complete, while the Phase II contract for "Harbin Rail Transit Line 3" remains unsigned due to design adjustments Guarantees Provided to Subsidiaries | Guarantee Status | Amount (Million Yuan) | | :--- | :--- | | Total Approved Guarantee Limit for Subsidiaries in Current Period | 140.00 | | Total Actual Guarantees Provided to Subsidiaries in Current Period | 75.36 | | Total Approved Guarantee Limit for Subsidiaries at Period-End | 445.00 | | Total Actual Guarantee Balance for Subsidiaries at Period-End | 183.87 | - The approximately **170 million Yuan** "Jiahui City Intelligent Engineering" contract with Diwei (Lianyungang) Real Estate Co., Ltd. was **90%** complete as of the reporting period end[175](index=175&type=chunk) - In the awarded "Harbin Rail Transit Line 3" project, Phase I has been completed, but the Phase II contract remains unsigned due to design adjustments[176](index=176&type=chunk) [Item VI. Share Changes and Shareholder Information](index=54&type=section&id=Item%20VI.%20Share%20Changes%20and%20Shareholder%20Information) [Share Change Status](index=54&type=section&id=Share%20Change%20Status) During the period, the company's total share capital remained unchanged at **1,435,273,808 shares**, but the share structure shifted as **88,519,871 restricted shares** from prior major asset restructurings matured and became tradable, reducing restricted shares from **28.21%** to **22.04%** of total share capital Share Capital Changes | Share Class | Before Change | After Change | | :--- | :--- | :--- | | **I. Restricted Shares** | **404,892,078 (28.21%)** | **316,372,207 (22.04%)** | | **II. Unrestricted Shares** | **1,030,381,730 (71.79%)** | **1,118,901,601 (77.96%)** | | **III. Total Shares** | **1,435,273,808 (100.00%)** | **1,435,273,808 (100.00%)** | - The primary reason for the share structure change is the expiration and normal unlocking of some restricted shares issued during two major asset restructurings in 2014 and 2015, following approval processes by China Securities Depository and Clearing Corporation and the Shenzhen Stock Exchange[181](index=181&type=chunk)[182](index=182&type=chunk) [Shareholder Information](index=62&type=section&id=Shareholder%20Information) As of the reporting period end, the company had **57,192** common shareholders; the top four shareholders—Yang Zhenhua, Cao Xinjun, Chen Hongshun, and Wang Shouyan—are parties acting in concert, collectively forming the actual controller with over **25%** combined shareholding, and the top ten also include multiple trust and fund plans - The total number of common shareholders at the end of the reporting period was **57,192**[192](index=192&type=chunk) Top Five Shareholders | Shareholder Name | Shareholder Nature | Shareholding Percentage | Number of Shares Held | | :--- | :--- | :--- | :--- | | Yang Zhenhua | Domestic Natural Person | 13.29% | 190,812,084 | | Cao Xinjun | Domestic Natural Person | 5.46% | 78,321,100 | | Chen Hongshun | Domestic Natural Person | 4.16% | 59,653,750 | | Zhao Jingwei | Domestic Natural Person | 2.91% | 41,800,000 | | Wang Shouyan | Domestic Natural Person | 2.76% | 39,552,666 | - Controlling shareholders and actual controllers Yang Zhenhua, Cao Xinjun, Chen Hongshun, and Wang Shouyan are parties acting in concert[194](index=194&type=chunk)[545](index=545&type=chunk) [Item VII. Preferred Shares Related Information](index=66&type=section&id=Item%20VII.%20Preferred%20Shares%20Related%20Information) [Explanation of Preferred Shares](index=66&type=section&id=Explanation%20of%20Preferred%20Shares) The company had no preferred shares during the reporting period - The company had no preferred shares during the reporting period[199](index=199&type=chunk) [Item VIII. Directors, Supervisors, and Senior Management](index=67&type=section&id=Item%20VIII.%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) [Changes in Directors, Supervisors, and Senior Management](index=67&type=section&id=Changes%20in%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) During the reporting period, senior management changes occurred: Gao Bo was appointed Executive Deputy General Manager, Wang Shouyan as Senior Deputy General Manager, and former Deputy General Manager Wu Shouguo departed due to term expiration Changes in Directors, Supervisors, and Senior Management | Name | Position Held | Type | Date | Reason | | :--- | :--- | :--- | :--- | :--- | | Gao Bo | Executive Deputy General Manager | Appointment | 2018-03-21 | Senior management reshuffle, changed from Deputy General Manager to Executive Deputy General Manager | | Wang Shouyan | Senior Deputy General Manager | Appointment | 2018-03-21 | Senior management reshuffle, changed from Deputy General Manager to Senior Deputy General Manager | | Wu Shouguo | Deputy General Manager | Term Expiration | 2018-03-21 | Term expiration | [Item IX. Corporate Bonds Related Information](index=68&type=section&id=Item%20IX.%20Corporate%20Bonds%20Related%20Information) [Explanation of Corporate Bonds](index=68&type=section&id=Explanation%20of%20Corporate%20Bonds) As of the report approval date, the company had no publicly issued and listed corporate bonds on stock exchanges that were either unexpired or had matured without full redemption - The company has no publicly issued and listed corporate bonds on stock exchanges that were either unexpired or had matured without full redemption as of the semi-annual report approval date[205](index=205&type=chunk) [Item X. Financial Report](index=69&type=section&id=Item%20X.%20Financial%20Report) [Financial Statements](index=69&type=section&id=Financial%20Statements) This section presents the company's H1 2018 consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in equity, showing total assets steadily growing to **8.318 billion Yuan**, total operating revenue of **1.319 billion Yuan**, net profit attributable to parent of **181 million Yuan**, but a net cash outflow from operating activities of **630 million Yuan** Consolidated Balance Sheet Key Items | Consolidated Balance Sheet Key Items | Period-End Balance (Yuan) | Period-Start Balance (Yuan) | | :--- | :--- | :--- | | Total Assets | 8,317,894,324.52 | 7,264,789,862.55 | | Total Liabilities | 2,285,933,448.09 | 1,413,813,256.77 | | Total Equity Attributable to Parent Company Owners | 5,989,691,491.90 | 5,807,621,158.83 | Consolidated Income Statement Key Items | Consolidated Income Statement Key Items | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | | :--- | :--- | :--- | | I. Total Operating Revenue | 1,319,216,047.29 | 868,610,012.67 | | III. Operating Profit | 208,761,664.80 | 167,518,102.74 | | Net Profit Attributable to Parent Company Owners | 181,317,624.40 | 154,327,759.70 | Consolidated Cash Flow Statement Key Items | Consolidated Cash Flow Statement Key Items | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -629,724,520.65 | -32,610,367.15 | | Net Cash Flow from Investing Activities | 17,927,167.25 | -111,006,786.05 | | Net Cash Flow from Financing Activities | 64,364,993.87 | -77,774,691.72 | [Notes to Financial Statements](index=88&type=section&id=Notes%20to%20Financial%20Statements) The notes detail the company's basic information, financial statement preparation basis, significant accounting policies and estimates, taxation, and the composition and changes of major consolidated financial statement items, revealing accounts receivable of **2.427 billion Yuan** at period-end, up **17.26%**, and goodwill with a book value of **2.403 billion Yuan**, for which **5.14 million Yuan** in impairment provisions have been made - The company operates in the software and information technology services industry[244](index=244&type=chunk)[252](index=252&type=chunk) - The scope of consolidation includes dozens of subsidiaries such as Feilixin Electronics, Tianyun Technology, Donglan Digital, Jingtu Information, Jiedong Control, and Ofeiling Communication[256](index=256&type=chunk) - Accounts receivable book value at period-end was **2.427 billion Yuan**, an increase of **17.26%** from **2.070 billion Yuan** at the beginning of the period[375](index=375&type=chunk)[376](index=376&type=chunk) - Goodwill had a book value of **2.403 billion Yuan**, primarily arising from the acquisitions of Donglan Digital, Tianyun Technology, Jingtu Information, Jiedong Control, Ofeiling Communication, and Hulian Tianxia; an impairment provision of **5.14 million Yuan** has been made for Donglan Digital's goodwill[421](index=421&type=chunk)[422](index=422&type=chunk)[423](index=423&type=chunk) [Item XI. Documents for Reference](index=165&type=section&id=Item%20XI.%20Documents%20for%20Reference)

北京飞利信科技股份有限公司 2018 年第一季度报告全文 北京飞利信科技股份有限公司 2018 年第一季度报告 2018-039 2018 年 04 月 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。 公司负责人杨振华、主管会计工作负责人邓世光及会计机构负责人(会计主 管人员)邓世光声明：保证季度报告中财务报表的真实、准确、完整。 2 北京飞利信科技股份有限公司 2018 年第一季度报告全文 第二节 公司基本情况 一、主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 1 北京飞利信科技股份有限公司 2018 年第一季度报告全文 第一节 重要提示 □ 是 √ 否 | | 本报告期 | 上年同期 | 本报告期比上年同期增减 | | --- | --- | --- | --- | | 营业总收入（元） | 538,110,960.07 | 352,313,544.96 | 52.74% | | 归属于上市公司股东的净利润（元） | 98,040,79 ...

[Important Notes, 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 Notes and Risk Disclosures](index=2&type=section&id=%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA) The company disclosed four main risks during the reporting period: intensified industry competition, accounts receivable collection, management challenges from investments and M&A, and core talent loss, with corresponding mitigation strategies in place - The company faces key risks including: - **Intensified Industry Competition**: The IT service industry benefits from policy dividends, leading to fierce competition. The company addresses this by developing cutting-edge technologies like big data and AI[5](index=5&type=chunk) - **Accounts Receivable Risk**: Long collection cycles in smart city projects increase accounts receivable, with **70% due within one year**. The company has assigned collection tasks to senior management and intensified collection efforts[6](index=6&type=chunk) - **Investment and M&A Management Risk**: Six companies acquired in 2014-2015 have completed performance commitments. The company addresses integration challenges by adjusting executive structures and unifying management systems[7](index=7&type=chunk) - **Talent Loss Risk**: Loss of core management and technical talent could impact development. The company plans to improve human resource management and actively recruit high-end talent[8](index=8&type=chunk)[9](index=9&type=chunk) 2017 Profit Distribution Plan | Distribution Plan | Details | | :--- | :--- | | **Base** | 1,435,273,808 shares | | **Cash Dividend** | CNY 0.57 (incl. tax) per 10 shares | | **Bonus Shares** | 0 shares | | **Capital Reserve Conversion** | 0 shares per 10 shares | [Definitions](index=6&type=section&id=%E9%87%8A%E4%B9%89) This section defines key company entity abbreviations and professional terms used in the report, such as 'Feilixin Electronics' and 'Jingtu Information' for wholly-owned subsidiaries, and 'reporting period' for 2017, providing a basis for understanding the report content [Company Profile and Key Financial Indicators](index=8&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) [Company Basic Information](index=8&type=section&id=%E5%85%AC%E5%8F%B8%E4%BF%A1%E6%81%AF) This section provides the company's basic registration information, office address, contact details, and information disclosure channels, with stock abbreviation 'Feilixin', code 300287, and legal representative Yang Zhenhua [Key Accounting Data and Financial Indicators](index=9&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 2017, the company achieved **CNY 2.22 billion** in operating revenue, up **8.98%**; net profit attributable to parent company was **CNY 404 million**, up **18.83%**. Net cash flow from operating activities significantly improved from **CNY 8.83 million** to **CNY 137 million**, a **1452.55% increase**, with total assets and net assets also growing steadily 2017 Key Financial Indicators | Indicator | 2017 | 2016 | Y-o-Y Change | | :--- | :--- | :--- | :--- | | Operating Revenue (CNY) | 2,220,676,444.50 | 2,037,626,247.61 | 8.98% | | Net Profit Attributable to Shareholders (CNY) | 404,107,820.17 | 340,084,604.26 | 18.83% | | Net Cash Flow from Operating Activities (CNY) | 137,022,732.59 | 8,825,680.67 | 1,452.55% | | Basic EPS (CNY/share) | 0.28 | 0.25 | 12.00% | | Total Assets (CNY) | 7,264,789,862.55 | 6,742,128,624.57 | 7.75% | | Net Assets Attributable to Shareholders (CNY) | 5,807,621,158.83 | 5,472,462,020.28 | 6.12% | 2017 Quarterly Key Financial Indicators (Unit: CNY) | Indicator | Q1 | Q2 | Q3 | Q4 | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 352,313,544.96 | 516,296,467.71 | 621,573,780.68 | 730,492,651.15 | | Net Profit Attributable to Shareholders | 70,164,882.80 | 84,162,876.90 | 171,336,432.69 | 78,443,627.78 | | Net Cash Flow from Operating Activities | -21,637,352.70 | -10,973,014.45 | -6,684,367.29 | 176,317,467.03 | - The company's 2017 non-recurring gains and losses totaled **CNY 12.18 million**, primarily from government subsidies of **CNY 16.16 million**. After deducting non-recurring items, net profit attributable to shareholders was **CNY 392 million**, a **23.07% year-on-year increase**[24](index=24&type=chunk)[29](index=29&type=chunk)[30](index=30&type=chunk) [Company Business Overview](index=12&type=section&id=%E7%AC%AC%E4%B8%89%E8%8A%82%20%E5%85%AC%E5%8F%B8%E4%B8%9A%E5%8A%A1%E6%A6%82%E8%A6%81) [Main Businesses](index=12&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%E4%BB%8E%E4%BA%8B%E7%9A%84%E4%B8%BB%E8%A6%81%E4%B8%9A%E5%8A%A1) The company's core strategy is big data and AI, driving innovation in smart conference, smart city, and internet education. During the period, big data flourished in government and commercial sectors; smart conference grew steadily, transitioning to 'Made in China'; smart city offered end-to-end solutions; internet education matured, with network academic education platform operations reaching a record high [1. Steady Progress and Continuous Innovation: Flourishing Big Data and AI Business](index=12&type=section&id=%EF%BC%88%E4%B8%80%EF%BC%89%E7%A8%B3%E4%B8%AD%E6%B1%82%E8%BF%9B%EF%BC%8C%E4%B8%8D%E6%96%AD%E5%88%9B%E6%96%B0%EF%BC%8C%E5%A4%A7%E6%95%B0%E6%8D%AE%E3%80%81%E4%BA%BA%E5%B7%A5%E6%99%BA%E8%83%BD%E4%B8%9A%E5%8A%A1%E8%93%AC%E5%8B%83%E5%8F%91%E5%B1%95) The company's big data and AI business serves government and large enterprises, offering solutions like data governance, data asset management, and video intelligent analysis. Its project-based and data analysis service model has been successfully applied in government services, urban governance, and financial marketing, driven by national big data strategy and continuous R&D investment - The company's big data business primarily serves government and enterprises, offering services such as video big data for stability maintenance, social credit, and precision marketing, with achievements in video intelligent analysis and blockchain government services[33](index=33&type=chunk)[34](index=34&type=chunk) - The company positions big data as a key supporting element to facilitate smart conference product upgrades, support smart city business expansion, and enhance internet education service capabilities[34](index=34&type=chunk) [1. Steady Development of Smart Conference Business](index=15&type=section&id=1%E3%80%81%E6%99%BA%E8%83%BD%E4%BC%9A%E8%AE%AE%E4%B8%9A%E5%8A%A1%E7%A8%B3%E5%81%A5%E5%8F%91%E5%B1%95) The company's smart conference business, relying on its proprietary PRSMBus core technology, provides integrated solutions from R&D to sales and O&M. Supported by big data and AI, products continuously innovate, transitioning to 'Made in China', with a business model primarily focused on proprietary product sales, supplemented by agency products and a rental-sale approach - The company's smart conference business operates primarily on an 'independent R&D + design + production + sales + service' model, supplemented by agency conference products[47](index=47&type=chunk) - Leveraging a comprehensive product service system, brand advantages, and cutting-edge technologies like big data and AI, the company's smart conference business holds a strong competitive edge in the domestic market and has initiated overseas expansion[54](index=54&type=chunk) [2. Smart City Business](index=17&type=section&id=2%E3%80%81%E6%99%BA%E6%85%A7%E5%9F%8E%E5%B8%82%E4%B8%9A%E5%8A%A1) As a member of the National Smart City Industry Technology Innovation Strategic Alliance, the company offers complete smart city solutions from top-level design to long-term operation, covering infrastructure, government management, and industrial economy, with extensive cases in smart pipelines, smart transportation, and Internet+government, operating primarily through government investment and public-private partnerships, expanding to government procurement of services - The company is a member of the National Smart City Industry Technology Innovation Strategic Alliance, committed to providing complete information solutions from top-level design to long-term operation, integrating industry chains and financial support schemes[55](index=55&type=chunk)[64](index=64&type=chunk) - The company's smart city business covers a wide range of areas, with extensive technical, product, and case support in urban operation command centers, smart transportation, smart water, smart pipeline networks, Internet+government, and safe cities[61](index=61&type=chunk) [3. Internet Education](index=19&type=section&id=3%E3%80%81%E4%BA%92%E8%81%94%E7%BD%91%E6%95%99%E8%82%B2) The company's internet education business includes online education services, smart education solutions, and smart classroom system integration. During the reporting period, network academic education platform operations reached a record high, and smart manufacturing co-construction developed in vocational colleges, with business models including product sales, operation services and technology development services - The company's internet education business primarily operates through three models: product sales, operation services, and technology development services. Network academic education platform operations adopt an operation service and revenue-sharing model[68](index=68&type=chunk) - The company's core products and technologies are independently developed with full intellectual property rights, positioning it as a leader in industry technology applications with strong competitive advantages in performance and price[70](index=70&type=chunk) [III. Analysis of Core Competencies](index=20&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 competencies are its national policy-aligned development strategy, high-end integrated talent team, rich application scenarios, and continuous technological innovation. During the reporting period, the company and its subsidiaries obtained **12 new invention patents**, **50 utility model patents**, and **51 software copyrights**, further solidifying its technological advantages and brand image - The company's core competencies include: - **Development Strategy**: Centered on big data and AI, aligning with national 'Manufacturing Power' and 'Data Power' strategies[72](index=72&type=chunk) - **Talent Team**: Possesses a high-end integrated team comprising data scientists, domain experts, and IT specialists[73](index=73&type=chunk) - **Application Scenarios**: Developed new big data and AI-driven smart conference, smart city, and internet education application scenarios[74](index=74&type=chunk) - **Technological Innovation**: Continuously increasing independent R&D, securing multiple patents and software copyrights during the reporting period[76](index=76&type=chunk) - During the reporting period, the company and its wholly-owned subsidiaries obtained **12 new invention patents**, **50 utility model patents**, **10 design patents**, and **51 computer software copyrights**, significantly enhancing technological barriers[76](index=76&type=chunk) [Management Discussion and Analysis](index=28&type=section&id=%E7%AC%AC%E5%9B%9B%E8%8A%82%20%E7%BB%8F%E8%90%A5%E6%83%85%E5%86%B5%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) [I. Overview](index=28&type=section&id=%E4%B8%80%E3%80%81%E6%A6%82%E8%BF%B0) In 2017, the company's operating performance grew steadily, with total operating revenue of **CNY 2.22 billion**, up **8.98%**, and net profit attributable to parent company of **CNY 404 million**, up **18.83%**. The company clarified traditional smart conference and new big data as its two main businesses, optimizing organizational structure and marketing system. All business segments made significant progress, winning multiple key projects in smart conference, big data, and smart city, while strengthening industry chain advantages through investments, acquisitions, and strategic collaborations 2017 Operating Performance | Indicator | Amount (CNY 10,000) | Y-o-Y Change | | :--- | :--- | :--- | | Total Operating Revenue | 222,067.64 | 8.98% | | Operating Profit | 47,103.98 | 34.12% | | Net Profit Attributable to Shareholders | 40,410.78 | 18.83% | - The company has defined traditional smart conference and new big data as its two main businesses. Big data business is divided into endogenous and exogenous development, with exogenous extending to existing segments like smart conference, smart city, and internet education[88](index=88&type=chunk) - During the reporting period, the company won numerous projects in smart conference, big data, and smart city sectors, including the Tianjin Baodi District People's Congress conference system, the second phase of the National Credit Information Sharing Platform, and the Gansu Province National Economic Mobilization Simulation and Emergency Exercise project, strongly supporting performance growth[91](index=91&type=chunk)[94](index=94&type=chunk)[96](index=96&type=chunk) - The company completed its first employee stock ownership plan, acquiring **26,534,857 shares** totaling approximately **CNY 226 million**, representing **1.8488%** of the total share capital, aiming to enhance company cohesion and market competitiveness[128](index=128&type=chunk)[129](index=129&type=chunk) [II. Analysis of Main Business](index=38&type=section&id=%E4%BA%8C%E3%80%81%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) In 2017, smart conference and online education businesses showed strong growth, with revenues up **30.98%** and **35.71%** respectively. Smart city business had the largest revenue at **CNY 1.17 billion**, though slightly down year-on-year. Big data business had the highest gross profit margin at **57.89%**, up **4.49 percentage points**. East and North China were the main revenue sources, accounting for over **80%** combined 2017 Operating Revenue Composition (by Product) | Product | Operating Revenue (CNY) | Share of Total Revenue | Y-o-Y Change | | :--- | :--- | :--- | :--- | | Smart Conference | 607,299,129.46 | 27.35% | 30.98% | | Smart City | 1,167,157,074.32 | 52.56% | -0.87% | | Big Data | 284,177,486.20 | 12.80% | 6.75% | | Online Education | 129,184,360.97 | 5.82% | 35.71% | 2017 Gross Profit Margin by Main Product | Product | Operating Revenue (CNY) | Operating Cost (CNY) | Gross Profit Margin | Y-o-Y Change in Gross Profit Margin | | :--- | :--- | :--- | :--- | :--- | | Smart Conference | 607,299,129.46 | 370,489,800.86 | 38.99% | 0.16% | | Smart City | 1,167,157,074.32 | 736,033,969.32 | 36.94% | -0.35% | | Big Data | 284,177,486.20 | 119,661,008.40 | 57.89% | 4.49% | - Total R&D investment in 2017 was **CNY 136 million**, accounting for **6.12%** of operating revenue, largely consistent with the previous year. R&D personnel numbered **1,031**, representing **61.79%** of total employees[161](index=161&type=chunk) - Financial expenses significantly decreased by **341.37%** year-on-year, primarily due to increased interest income from raised funds deposits[152](index=152&type=chunk) [IX. Outlook on Company's Future Development](index=61&type=section&id=%E4%B9%9D%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 leverage cutting-edge technologies like big data, AI, IoT, and blockchain as core drivers, steadily developing its smart conference, smart city, and internet education segments. The 2018 operating plan includes simplifying management, accelerating business synergy, strengthening internal controls, establishing industry investment funds, optimizing talent development, increasing R&D, and enhancing brand building and market value management for sustained growth - The company's future R&D focus includes reinforcement learning-based AI applications, consortium blockchain solutions, big data governance, and IoT intelligent systems[218](index=218&type=chunk) - The company plans to establish military-civil fusion and big data industry funds to leverage capital for integrating quality resources, promoting industrial internet and big data technologies in military-civil fusion, and accelerating exogenous growth[238](index=238&type=chunk) - Key points of the 2018 operating plan: - **Management Optimization**: Streamline internal group management structure to improve operational efficiency[235](index=235&type=chunk) - **Business Synergy**: Accelerate internal group business synergy to expand market leadership[236](index=236&type=chunk) - **Capital Operations**: Establish industry investment funds to integrate resources in big data and military-civil fusion sectors[238](index=238&type=chunk) - **Technological Innovation**: Increase R&D investment to develop industrial internet platforms and modern data asset management services[246](index=246&type=chunk) [Significant Matters](index=68&type=section&id=%E7%AC%AC%E4%BA%94%E8%8A%82%20%E9%87%8D%E8%A6%81%E4%BA%8B%E9%A1%B9) [I. Company's Ordinary Share Profit Distribution and Capital Reserve Conversion to Share Capital](index=68&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E6%99%AE%E9%80%9A%E8%82%A1%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 proposed a 2017 profit distribution plan: based on **1.435 billion shares**, a cash dividend of **CNY 0.57** (incl. tax) per **10 shares** will be distributed to all shareholders, totaling **CNY 81.81 million**, representing **20.24%** of net profit attributable to parent company, in line with company articles Cash Dividend Distribution Over Last Three Years | Dividend Year | Cash Dividend (incl. tax, CNY) | Ratio to Net Profit Attributable to Ordinary Shareholders in Consolidated Statements | | :--- | :--- | :--- | | 2017 | 81,810,607.06 | 20.24% | | 2016 | 68,893,138.43 | 20.26% | | 2015 | 40,136,237.63 | 22.22% | [II. Fulfillment of Commitments](index=71&type=section&id=%E4%BA%8C%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 the reporting period, most commitments made during acquisitions and reorganizations, such as share lock-ups, avoiding competition, and regulating related-party transactions, were fulfilled. However, the performance commitment party of former subsidiary Donglan Digital failed to meet 2016 targets and refused compensation, leading the company to initiate arbitration. Other acquired companies (Jingtu Information, Jiedong Control, Ofeiling Communication, Hulian Tianxia) fulfilled their 2015-2017 performance commitments - Former subsidiary Donglan Digital's performance commitment party failed to meet 2016 performance targets and refused to fulfill compensation obligations; the company has initiated arbitration[266](index=266&type=chunk)[308](index=308&type=chunk) - Jingtu Information, Jiedong Control, Ofeiling Communication, and Hulian Tianxia Technology all fulfilled their 2017 performance commitments[310](index=310&type=chunk) [VII. Analysis of Major Holding and Participating Companies](index=95&type=section&id=%E4%B8%83%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 company's major holding subsidiaries operated well. Core subsidiaries like Beijing Feilixin Electronics, Xiamen Jingtu, Shanghai Jiedong, Chengdu Ofeiling, and Hulian Tianxia all contributed significant operating revenue and net profit, serving as crucial support for the company's performance 2017 Operating Performance of Major Subsidiaries (Unit: CNY 10,000) | Company Name | Total Assets | Net Assets | Operating Revenue | Net Profit | | :--- | :--- | :--- | :--- | :--- | | Beijing Feilixin Electronic Technology Co., Ltd. | 220,320.65 | 124,666.83 | 72,534.25 | 14,656.61 | | Xiamen Jingtu Information Technology Co., Ltd. | 44,368.03 | 32,865.54 | 31,464.65 | 6,017.52 | | Shanghai Jiedong System Engineering Control Co., Ltd. | 48,347.39 | 25,174.02 | 44,380.93 | 6,897.27 | | Chengdu Ofeiling Communication Technology Co., Ltd. | 19,808.02 | 18,307.01 | 18,121.44 | 7,920.52 | | Hulian Tianxia Technology Development (Shenzhen) Co., Ltd. | 17,741.82 | 11,737.70 | 11,943.84 | 4,451.43 | [Share Changes and Shareholder Information](index=104&type=section&id=%E7%AC%AC%E5%85%AD%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) [I. Share Changes](index=104&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 of **1,435,273,808 shares** remained unchanged. Due to the lifting of restrictions on some restricted shares, the proportion of restricted shares decreased from **49.66%** to **28.21%**, while unrestricted shares increased from **50.34%** to **71.79%** Changes in Share Structure | Share Type | Quantity Before Change | Ratio Before Change | Quantity After Change | Ratio After Change | | :--- | :--- | :--- | :--- | :--- | | Restricted Shares | 712,824,050 | 49.66% | 404,892,078 | 28.21% | | Unrestricted Shares | 722,449,758 | 50.34% | 1,030,381,730 | 71.79% | | **Total Shares** | **1,435,273,808** | **100.00%** | **1,435,273,808** | **100.00%** | [III. Shareholders and Actual Controllers](index=114&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 the reporting period, the company had **59,114 shareholders**. The controlling shareholders and actual controllers are Yang Zhenhua, Cao Xinjun, Chen Hongshun, and Wang Shouyan, acting in concert, with a combined shareholding of **25.67%**. The top ten shareholders include several trusts and asset management plans in addition to the controlling shareholders - The company's controlling shareholders and actual controllers are Yang Zhenhua, Cao Xinjun, Chen Hongshun, and Wang Shouyan, four individuals acting in concert[375](index=375&type=chunk)[377](index=377&type=chunk) Top Five Shareholders' Holdings | Shareholder Name | Shareholding Ratio | Number of Shares | | :--- | :--- | :--- | | Yang Zhenhua | 13.29% | 190,812,084 | | Cao Xinjun | 5.46% | 78,321,100 | | Chen Hongshun | 4.16% | 59,653,750 | | Zhao Jingwei | 2.91% | 41,800,000 | | Founder Fubon Fund - Minsheng Bank - Ping An Trust - Ping An Wealth * Huitai No. 183 Single Capital Trust | 2.86% | 40,983,600 | [Preferred Shares Related Information](index=119&type=section&id=%E7%AC%AC%E4%B8%83%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](index=119&type=section&id=%E4%BC%98%E5%85%88%E8%82%A1) The company had no preferred shares during the reporting period - The company had no preferred shares during the reporting period[381](index=381&type=chunk) [Directors, Supervisors, Senior Management, and Employees](index=120&type=section&id=%E7%AC%AC%E5%85%AB%E8%8A%82%20%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%91%E4%BA%8B%E3%80%81%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E5%92%8C%E5%91%98%E5%B7%A5%E6%83%85%E5%86%B5) [I. Changes in Holdings of Directors, Supervisors, and Senior Management](index=120&type=section&id=%E4%B8%80%E3%80%81%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%91%E4%BA%8B%E5%92%8C%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E6%8C%81%E8%82%A1%E5%8F%98%E5%8A%A8) During the reporting period, there were no changes in the shareholdings of the company's directors, supervisors, and senior management. Chairman and General Manager Yang Zhenhua held **191 million shares** at period-end, accounting for **13.29%** of total share capital [V. Employee Information](index=126&type=section&id=%E4%BA%94%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 the reporting period, the company had **1,679 employees**. Technical personnel constituted the largest group at **1,031**, or **61.4%** of the total. Employees with bachelor's degrees or higher accounted for over **57%** Employee Professional Composition | Professional Category | Number of People | Proportion | | :--- | :--- | :--- | | Technical Personnel | 1,031 | 61.41% | | Management Personnel | 165 | 9.83% | | Sales Personnel | 158 | 9.41% | | Other | 325 | 19.35% | | **Total** | **1,679** | **100.00%** | [Corporate Governance](index=128&type=section&id=%E7%AC%AC%E4%B9%9D%E8%8A%82%20%E5%85%AC%E5%8F%B8%E6%B2%BB%E7%90%86) [I. Basic Status of Corporate Governance](index=128&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) The company has established a complete and effective governance structure, independent from controlling shareholders in personnel, assets, finance, organization, and business. Its corporate governance complies with relevant regulations like the 'Guidelines for Corporate Governance of Listed Companies', with no significant discrepancies. One annual and two extraordinary general meetings were held during the reporting period - The company's actual corporate governance status complies with normative documents issued by the China Securities Regulatory Commission regarding listed company governance, with no significant discrepancies[408](index=408&type=chunk)[411](index=411&type=chunk) - The company is completely separate from its controlling shareholders and actual controllers in terms of assets, personnel, finance, organization, and business, operating independently and possessing the ability to operate autonomously in the market[412](index=412&type=chunk) [Corporate Bonds Related Information](index=135&type=section&id=%E7%AC%AC%E5%8D%81%E8%8A%82%20%E5%85%AC%E5%8F%B8%E5%80%BA%E5%88%B8%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) [Corporate Bonds](index=135&type=section&id=%E5%85%AC%E5%8F%B8%E5%80%BA%E5%88%B8) During the reporting period, the company had no publicly issued and listed corporate bonds on stock exchanges that were either unexpired or not fully redeemed by the approval date of the annual report - The company has no publicly issued and listed corporate bonds on stock exchanges that were either unexpired or not fully redeemed by the approval date of the annual report[428](index=428&type=chunk) [Financial Report](index=136&type=section&id=%E7%AC%AC%E5%8D%81%E4%B8%80%E8%8A%82%20%E8%B4%A2%E5%8A%A1%E6%8A%A5%E5%91%8A) [I. Audit Report](index=136&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 2017 financial statements, affirming that they fairly present the company's financial position, operating results, and cash flows in all material respects, in accordance with enterprise accounting standards. Key audit matters included revenue recognition and provision for bad debts on accounts receivable - The auditing firm, Lixin Certified Public Accountants (Special General Partnership), issued a standard unqualified audit opinion[430](index=430&type=chunk)[431](index=431&type=chunk) - Key audit matters include: 1. **Revenue Recognition**: As revenue is a key performance indicator, there is an inherent risk of management manipulating the timing of revenue recognition[434](index=434&type=chunk) 2. **Provision for Bad Debts on Accounts Receivable**: The book value of accounts receivable is high (**28.49% of total assets**), and the assessment of bad debt losses involves significant management judgment[435](index=435&type=chunk) [II. Financial Statements](index=141&type=section&id=%E4%BA%8C%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8) Financial statements show that as of year-end 2017, total assets were **CNY 7.265 billion**, total liabilities **CNY 1.414 billion**, and equity attributable to parent company owners **CNY 5.808 billion**. For 2017, operating revenue was **CNY 2.221 billion**, net profit **CNY 414 million**, with **CNY 404 million** attributable to parent company owners. Net cash flow from operating activities was **CNY 137 million** Consolidated Balance Sheet Key Items (Unit: CNY) | Item | Dec 31, 2017 | Dec 31, 2016 | | :--- | :--- | :--- | | Cash and Cash Equivalents | 1,163,069,597.59 | 1,178,186,924.34 | | Accounts Receivable | 2,069,545,841.06 | 1,646,707,598.98 | | Inventories | 400,005,095.45 | 371,382,902.36 | | Goodwill | 2,397,829,293.24 | 2,399,829,184.57 | | **Total Assets** | **7,264,789,862.55** | **6,742,128,624.57** | | Short-term Borrowings | 185,700,000.00 | 110,010,000.00 | | Accounts Payable | 499,647,175.66 | 566,701,218.30 | | **Total Liabilities** | **1,413,813,256.77** | **1,236,593,990.28** | | Total Equity Attributable to Parent Company Owners | 5,807,621,158.83 | 5,472,462,020.28 | | **Total Liabilities and Equity** | **7,264,789,862.55** | **6,742,128,624.57** | Consolidated Income Statement Key Items (Unit: CNY) | Item | 2017 | 2016 | | :--- | :--- | :--- | | Total Operating Revenue | 2,220,676,444.50 | 2,037,626,247.61 | | Operating Cost | 1,296,103,835.35 | 1,199,639,017.87 | | Operating Profit | 471,039,822.68 | 350,481,508.39 | | Total Profit | 469,546,712.69 | 383,200,631.39 | | Net Profit | 414,360,536.38 | 347,971,930.94 | | Net Profit Attributable to Parent Company Owners | 404,107,820.17 | 340,084,604.26 | Consolidated Cash Flow Statement Key Items (Unit: CNY) | Item | 2017 | 2016 | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 137,022,732.59 | 8,825,680.67 | | Net Cash Flow from Investing Activities | -136,837,937.28 | -1,006,925,675.27 | | Net Cash Flow from Financing Activities | -20,316,417.07 | 1,720,807,972.51 | | Net Increase in Cash and Cash Equivalents | -20,046,875.02 | 722,709,588.74 | [XII. Documents for Reference](index=255&type=section&id=%E7%AC%AC%E5%8D%81%E4%BA%8C%E8%8A%82%20%E5%A4%87%E6%9F%A5%E6%96%87%E4%BB%B6%E7%9B%AE%E5%BD%95)