PAGE \* MERGEFORMAT 2 证券代码：300397 证券简称：天和防务 西安天和防务技术股份有限公司 投资者关系活动记录表 编号：2019008 | --- | --- | --- | |--------------|-------------------------------------------------|--------------------------------------------------------| | | √ | 特定对象调研 □分析师会议 | | 投资者关系活 | □ 媒体采访 □业绩说明会 | | | 动类别 | □新闻发布会 □路演活动 | | | | □ 现场参观 | □其他 | | 参与单位名称 | | 中国银河证券股份有限公司 李 良 | | 及人员姓名 | 天风证券股份有限公司 许利天 | | | | | 浙江初九投资管理有限公司 李永乐 | | 时 间 | 2019 年 12 月 6 | 日（上午 10:00--11:30 ） | | 地 点 | 西安市高新区西部大道 | 158 号公司会议室 | | 上市公司接待 | 董事会秘书：陈 桦 通讯电 ...

1 证券代码：300397 证券简称：天和防务 西安天和防务技术股份有限公司 投资者关系活动记录表 编号：2020004 | --- | --- | --- | |--------------|-------------------------|--------------------------| | | | | | | √ | 特定对象调研 □分析师会议 | | 投资者关系活 | □ | 媒体采访 □业绩说明会 | | 动类别 | □新闻发布会 □路演活动 | | | | □ 现场参观 | □其他 | | | 招商证券：岑晓翔 | | | | 博时基金：郭永升 | | | | 银华基金：陈日华、石磊 | | | | 辰翔投资：傅盈 | | | 参与单位名称 | 长城财富资管：药晓东 | | | 及人员姓名 | 汐泰资产：何亚东 | | | | 洪昌投资：林冬 | | | | 丰晋信基金：吴培文 | | | | 深圳前海互兴：庄健 | | | | 景顺长城基金：江磊 | | | 时 间 | 2020 年 9 月 10 | 日（ 14:30-16:20 ） | | 地 点 | 西安市高新区西部大道 | 158 ...

证券代码：300397 证券简称：天和防务 西安天和防务技术股份有限公司 投资者关系活动记录表 编号：2019005 | --- | --- | --- | |--------------|-----------------------------|--------------------------------------------------------| | | √ 特定对象调研 □分析师会议 | | | 投资者关系活 | □ 媒体采访 □业绩说明会 | | | 动类别 | □新闻发布会 □路演活动 | | | | □ 现场参观 | □其他 | | 参与单位名称 | 广发证券股份有限公司 李 炼 | | | 及人员姓名 | | 深圳市凯丰投资管理有限公司 田明华 | | | 敦和资产管理有限公司 吴来迪 | | | 时 间 | 2019 年 5 月 30 | 日（上午 10:00--11:30 ） | | 地 点 | 西安市高新区西部大道 | 158 号公司会议室 | | 上市公司接待 | 董事会秘书：陈 桦 | | | 人员姓名 | 证券事务代表：陈茂蓉 | | | 投资者关系活 | | | | 动 ...

1 证券代码：300397 证券简称：天和防务 西安天和防务技术股份有限公司 投资者关系活动记录表 编号：2019006 | --- | --- | --- | |-------------------------|-----------------------------|--------------------------------------------------------| | | √ 特定对象调研 □分析师会议 | | | 投资者关系活 | □ 媒体采访 □业绩说明会 | | | 动类别 | □新闻发布会 □路演活动 | | | | □ 现场参观 | □其他 | | | 兴业证券股份有限公司 张亚滨 | | | 参与单位名称 及人员姓名 | 银河基金管理有限公司 卢轶乔 | | | | 中融基金管理有限公司 骆 尖 | | | 时 间 | 2019 年 6 月 26 | 日（下午 15:00--17:00 ） | | 地 点 | 西安市高新区西部大道 | 158 号公司会议室 | | 上市公司接待 | 董事会秘书：陈 桦 | | | 人员姓名 | 证券事务代表：陈茂蓉 | | | 投资者关系活 ...

Financial Performance - Revenue for Q3 2022 was ¥100,647,975.11, a decrease of 36.99% compared to the same period last year[4] - Net profit attributable to shareholders was -¥15,910,817.58, a decline of 274.14% year-over-year[4] - The company reported a basic earnings per share of -¥0.0307, down 273.45% from the previous year[4] - Total operating revenue for Q3 2022 was CNY 341,234,767.61, a decrease of 17.4% compared to CNY 413,421,367.96 in the same period last year[36] - Net profit for Q3 2022 was a loss of CNY 43,173,105.26, compared to a loss of CNY 398,977.44 in Q3 2021[37] - The company's R&D expenses increased to CNY 72,451,036.55, up 24.5% from CNY 58,193,896.58 in the previous year[37] - The total comprehensive income attributable to the parent company was -33,104,839.44 CNY, compared to 1,480,542.97 CNY in the previous period[38] - Basic and diluted earnings per share were both -0.064 CNY, compared to 0.0029 CNY in the previous period[38] Assets and Liabilities - Total assets at the end of Q3 2022 were ¥2,623,780,441.36, an increase of 3.20% from the end of the previous year[5] - Total liabilities increased to CNY 678,511,930.48, compared to CNY 558,920,989.44 in the same period last year[34] - The total equity attributable to shareholders of the parent company decreased to CNY 1,944,198,289.52 from CNY 1,977,440,510.33 in the previous year[34] - Long-term borrowings increased by 489.32% to ¥226,578,619.65, primarily for the construction of a 5G communication industrial park[10] Cash Flow - The company’s cash flow from operating activities was -¥110,351,035.13, a significant decrease of 622.65%[4] - Cash received from operating activities decreased by 44.90% to ¥35,219,758.30, mainly due to a reduction in VAT refunds[11] - Cash paid for purchasing goods and services decreased by 30.00% to ¥279,187,777.84, in line with the decrease in sales revenue[11] - The net cash flow from operating activities was -110,351,035.13 CNY, a significant decrease from 21,113,890.18 CNY in the previous period[41] - Cash inflow from operating activities totaled 420,572,770.03 CNY, down 41.9% from 724,251,558.64 CNY in the previous period[41] - Cash outflow from operating activities was 530,923,805.16 CNY, compared to 703,137,668.46 CNY in the previous period[41] Fundraising and Share Issuance - The company reported a total of 1,962,066 shares issued for fundraising, with the lock-up period lifted on March 8, 2022[19] - The total amount raised through these fundraising efforts is significant, indicating strong investor interest in the company's growth potential[20] - The company is actively managing its capital structure through these fundraising initiatives, which may support future expansion and development projects[19] - The company has seen a consistent increase in fundraising activities, with multiple funds contributing to the total share issuance[19] Investment Projects - The company plans to invest CNY 16.9981 billion in the construction of the 5G Communication Industrial Park project in Xi'an High-tech Zone[23] - The investment for the Tianrong Big Data (Xi'an) Computing Center project is estimated at CNY 21.5536 billion for the first phase, which includes CNY 6.5981 billion from the original investment surplus[24] - The company aims to produce 5G communication electronic products and dual-use military-civilian products at the 5G Communication Industrial Park[23] - The company plans to invest approximately 1.2 billion RMB in the first phase of the microwave ferrite and ceramic materials project, with a construction period of 21 months[28] Operational Challenges and Future Plans - The company is actively advancing the construction of the 5G communication industrial park, which has faced delays due to various factors, including the pandemic[26] - The company is coordinating with various parties to expedite the 5G communication industrial park project to ensure timely completion and operation[26] - Future performance guidance indicates a projected revenue growth of 15% year-over-year for the next fiscal year[17] - The company plans to increase investment in the 5G communication industrial park project, leading to a 280.38% increase in cash paid for fixed asset construction to ¥285,711,766.29[11]

Financial Performance - The company's operating revenue for the first half of 2022 was ¥240,586,792.50, a decrease of 5.16% compared to ¥253,681,588.96 in the same period last year[20]. - The net profit attributable to shareholders was a loss of ¥17,194,021.86, representing a decline of 124.58% from a loss of ¥7,656,205.40 in the previous year[20]. - The net cash flow from operating activities was negative at ¥61,083,860.47, a significant decrease of 196.66% compared to a positive cash flow of ¥63,197,800.23 in the same period last year[20]. - The total assets at the end of the reporting period were ¥2,575,836,584.32, an increase of 1.32% from ¥2,542,399,986.95 at the end of the previous year[20]. - The net assets attributable to shareholders decreased by 0.87% to ¥1,960,227,933.79 from ¥1,977,440,510.33 at the end of the previous year[20]. - The basic and diluted earnings per share were both reported at -¥0.03, a decrease of 50.00% compared to -¥0.02 in the same period last year[20]. - The company reported a non-operating loss of ¥24,087,869.06 after deducting non-recurring gains and losses, which is a 9.94% increase in loss compared to the previous year[20]. - The weighted average return on net assets was -0.87%, a decrease of 0.25% from -0.62% in the previous year[20]. - The company received government subsidies amounting to ¥7,715,804.32 during the reporting period, which are closely related to its normal operations[24]. Business Strategy and Development - The company has established three major business systems: military equipment, communication electronics, and next-generation integrated electronic information, focusing on five key business segments[28]. - The military equipment segment includes core products such as portable air defense missile command systems and battlefield communication command systems, with a focus on low-altitude defense and smart coastal defense[29]. - The 5G RF segment aims to develop and produce RF chips and modules for wireless infrastructure and smart terminal markets, addressing the growing demand in 4G/5G and IoT technologies[30]. - The company is actively expanding its IoT sensing capabilities, promoting "5G light networking" products for smart cities and providing health and safety management solutions[31]. - The company is focusing on the development of a new generation of integrated electronic information business, "Tianrong Project," which emphasizes military-civilian dual-use big data services[51]. - The company is actively exploring business transformation and upgrading, with a focus on the "Sky-Ground-Water-People" integrated IoT perception network[51]. - The company aims to enhance its product innovation and expand its business scope in response to a slowdown in 5G base station construction investments and decreased demand from major domestic clients[44]. - The company is committed to enhancing its digital ocean business, focusing on autonomous marine platforms and high-performance environmental perception technologies[55]. - The company is focusing on key core technology research and application scenario cultivation to strengthen its market position[51]. Research and Development - The company has increased R&D investment, focusing on three main product categories: RF transceiver chips/modules for base stations, wireless communication RF chips/modules, and intelligent sensing chips[42]. - The company's R&D investment increased by 4.85% to ¥63,829,199.76, reflecting a commitment to technological innovation[76]. - The company filed 19 patent applications and obtained 17 authorized patents during the reporting period, demonstrating a strong commitment to innovation and technology development[64]. - The company has established research and development centers in major cities, ensuring a strong talent pool for future growth[73]. Market Trends and Opportunities - The global semiconductor market grew from USD 291.9 billion in 2012 to USD 501 billion in 2020, with a CAGR of 4.97%, indicating a robust growth trajectory for the RF chip sector[41]. - The RF front-end market is projected to grow at a CAGR of 16.00% from 2018 to 2023, reaching approximately USD 31.31 billion, driven by the commercialization of 5G networks[41]. - The IoT industry in China is expected to exceed 2 trillion yuan in 2022, with a compound annual growth rate of 14.1% projected until 2025[52]. - The "14th Five-Year Plan" outlines a cumulative investment of 3.7 trillion yuan in information communication infrastructure by 2025, with an expected annual growth rate of 10% in the industry revenue[44]. - The high-performance computing market is projected to grow at a CAGR of 9.44% from 2021 to 2026, indicating strong demand for advanced IC substrates[45]. Financial Management and Investments - The company has a remaining balance of 39,120.48 million CNY in its entrusted financial management, with no overdue amounts reported[99]. - The company reported a total derivative investment amount of $7,111.62 million, with a net asset ratio of 0.00%[102]. - The company engaged in foreign exchange hedging with a total of $787 million in transactions during May 2022, resulting in a minor loss of $0.16 million[102]. - The company plans to limit its foreign exchange hedging business to a total amount not exceeding $20 million to mitigate risks[102]. - The company has implemented strict approval processes for foreign exchange hedging transactions to minimize operational risks[102]. Legal and Compliance - The company has not reported any significant environmental violations or penalties during the reporting period, maintaining compliance with environmental regulations[134]. - The company has no significant related party transactions or joint investments during the reporting period[161][162]. - The company did not have any violations regarding external guarantees during the reporting period[152]. - The company has successfully reached a settlement of 380 million CNY with a debtor in a separate case, demonstrating effective debt recovery strategies[157]. Social Responsibility and Employee Welfare - During the pandemic, the company prioritized employee health and safety, implementing measures such as free mask distribution and regular health monitoring[138]. - The company provided essential supplies to employees during the pandemic, including rice, flour, oil, and vegetables, to alleviate their concerns[139]. - The company actively participates in social responsibility initiatives, including tax compliance and community support through donations and educational programs[142]. - The company donated over 100,000 yuan worth of anti-epidemic supplies to local authorities during the pandemic, demonstrating its commitment to social responsibility[143]. Future Outlook - The company has outlined a future outlook with a projected revenue growth rate of 15% for the next fiscal year[196]. - The company plans to launch two new products in the next quarter, expected to contribute an additional 50 million in revenue[196]. - The company has set a performance guidance for 2023, targeting a revenue growth of 25%[199]. - The company is exploring potential mergers and acquisitions to strengthen its market position and diversify its product offerings[196].

Financial Performance - The company's operating revenue for Q1 2022 was ¥93,603,957.25, a decrease of 36.18% compared to ¥146,679,298.26 in the same period last year[3]. - The net profit attributable to shareholders was a loss of ¥7,196,880.40, representing a decline of 148.56% from a profit of ¥14,821,164.89 in the previous year[3]. - The net cash flow from operating activities was negative at ¥46,080,603.52, a decrease of 237.92% compared to ¥33,410,039.61 in the same period last year[3]. - The weighted average return on equity was -0.50%, down from 1.16% in the same period last year, indicating a significant decline in profitability[3]. - The company reported a total revenue of 2,751,196 in Q1 2022, an increase from 2,338,516 in the previous period, indicating a growth of approximately 17.7%[13]. - The total operating revenue for Q1 2022 was ¥93,603,957.25, a decrease of 36.2% compared to ¥146,679,298.26 in the same period last year[26]. - The net profit for Q1 2022 was a loss of ¥10,603,878.99, compared to a profit of ¥15,646,948.99 in Q1 2021, representing a significant decline[26]. - Cash flow from operating activities was ¥119,833,553.39 in Q1 2022, a decrease of 60.9% from ¥306,065,095.43 in Q1 2021[28]. Asset and Liability Overview - The company's total assets at the end of the reporting period were ¥2,533,661,503.43, a slight decrease of 0.34% from ¥2,542,399,986.95 at the end of the previous year[3]. - The company's total liabilities amounted to ¥555,681,161.27, slightly down from ¥558,920,989.44 in the previous year[24]. - The total equity attributable to shareholders was ¥1,970,248,853.57, a decrease from ¥1,977,440,510.33 year-on-year[24]. - The total current assets amount to CNY 1,258.37 million, a decrease from CNY 1,315.37 million at the beginning of the year, reflecting a reduction of approximately 4.3%[22]. - The company's cash and cash equivalents decreased from CNY 633.21 million to CNY 507.13 million, a decline of about 20%[22]. Shareholder Information - The total number of common shareholders at the end of the reporting period is 56,076[11]. - The largest shareholder, He Zenglin, holds 25.11% of the shares, totaling 129,971,700 shares, with 81,500,000 shares pledged[11]. - Liu Daning, the second-largest shareholder, owns 3.04% of the shares, amounting to 15,747,300 shares, with 10,750,000 shares pledged[11]. - The company has a total of 97,478,775 restricted shares held by He Zenglin, which are subject to a 25% annual release[12]. - The total number of shares held by the top ten unrestricted shareholders includes He Zenglin with 32,492,925 shares and Chen Chuanxing with 11,118,378 shares[11]. - The company has no preferred shareholders as per the report[12]. - The report indicates that there are no financing or securities lending activities involving the top ten shareholders[11]. - The company plans to release 85% of the restricted shares held by Zhang Chuanru on February 5, 2024[12]. - The total number of restricted shares for Liu Daning remains unchanged at 11,810,475 shares[12]. - The company has not disclosed any other shareholder relationships or agreements among the top shareholders[11]. Fundraising and Investment Activities - The company has engaged in multiple fundraising activities, with a total of 9,810,333 shares issued for fundraising purposes on March 8, 2022[13]. - The total amount of newly issued shares for fundraising reached 11,118,378 on March 8, 2022, with no shares subject to lock-up[13]. - The company reported a total of 1,962,066 shares issued for fundraising, with a lock-up period of 12 months[14]. - The fundraising activities included multiple asset management plans, with amounts such as 1,111,838 shares and 249,836 shares issued[14]. - The total amount raised through these fundraising activities is significant, indicating strong investor interest[14]. - The company is focusing on expanding its asset management capabilities through these fundraising initiatives[14]. - The fundraising efforts are aimed at enhancing the company's financial stability and supporting future growth strategies[14]. - The issuance of shares is part of a broader strategy to strengthen the company's capital base[14]. - The company is actively exploring new investment opportunities to maximize shareholder value[14]. - The fundraising activities are expected to contribute positively to the company's financial performance in the upcoming quarters[14]. Project Development - The company plans to invest CNY 169.981 million in the construction of the Xi'an High-tech Tianhe Defense Phase II - 5G Communication Industrial Park, covering an area of approximately 260 acres[17]. - As of now, the project has completed the main structure and installation works, with one plot of land fully permitted for construction, while the archaeological work on the second plot has concluded[17]. - The company has established a project company, Xi'an Tianhe Tengfei Communication Industrial Park Co., Ltd., to oversee the construction and operation of the 5G Communication Industrial Park[17]. - The company has faced delays in the construction progress of the 5G Communication Industrial Park due to various factors, including archaeological excavations and pandemic-related restrictions[17]. Research and Development - Research and development expenses increased to ¥20,400,022.86 in Q1 2022, up 21.5% from ¥16,765,164.78 in the same period last year[26]. - The company has issued stock options to 127 incentive targets, granting a total of 15 million options as part of the 2021 stock option incentive plan[19]. - The 2021 employee stock ownership plan raised CNY 23.94 million, with no shares purchased as of the report date[20].

Financial Performance - The company reported a significant decline in performance during the reporting period, with specific reasons and measures for improving profitability detailed in the management discussion section [4]. - The profit distribution plan approved by the board proposes a cash dividend of 0.00 RMB per 10 shares, with no bonus shares issued, based on a total of 517,636,745 shares [4]. - The company's operating revenue for 2021 was ¥558,578,734.86, a decrease of 54.31% compared to ¥1,222,639,512.74 in 2020 [19]. - The net profit attributable to shareholders for 2021 was -¥72,113,605.08, representing a decline of 170.08% from ¥102,900,853.73 in 2020 [19]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was -¥104,004,035.20, a decrease of 210.00% compared to ¥94,545,133.08 in 2020 [19]. - The net cash flow from operating activities was ¥30,563,348.43, down 90.85% from ¥334,043,574.04 in 2020 [19]. - The company reported a basic and diluted earnings per share of -¥0.15 for 2021, a decrease of 162.50% from ¥0.24 in 2020 [19]. - The company experienced a significant decline in quarterly net profit, with the fourth quarter showing a loss of -¥73,594,148.04 [22]. - The company has indicated uncertainty regarding its ability to continue as a going concern, as the net profit before and after deducting non-recurring gains and losses has been negative for the last three accounting years [19]. Risk Management - The company emphasizes the importance of risk awareness among investors regarding future plans and forecasts, as outlined in the risk management section [4]. - The financial report is guaranteed to be true, accurate, and complete by the company's management, including the CEO and accounting heads [3]. - The company acknowledges the impact of the COVID-19 pandemic and geopolitical tensions, particularly the US-China trade friction, on its operational revenue and profitability expectations [149]. - The company emphasizes the importance of enhancing its management system to mitigate risks associated with rapid expansion and ensure effective decision-making [146]. - The company is focused on addressing new technology R&D risks, ensuring that the development of high-tech products aligns with market trends and customer needs [148]. Research and Development - The company has increased its R&D expenditure by 14.80% compared to the same period last year, emphasizing the importance of technological innovation and product development [68]. - The company is committed to enhancing its R&D capabilities and product delivery in the RF device sector to maintain its position as a key supplier for base station equipment manufacturers [35]. - The company has established a collaborative innovation mechanism with military and civilian universities and research institutions, promoting technology transfer and application [63]. - The company reported a capitalized R&D expenditure of ¥26,029,380.05 in 2021, which accounted for 21.53% of total R&D investment [101]. - The company is developing a multifunctional underwater robot aimed at enhancing rescue capabilities in harsh marine conditions, currently in the prototype testing phase [98]. - The company is focusing on the integration of machine learning and iterative processes to improve fault simulation in virtual environments, which is crucial for enhancing operational efficiency [96]. Business Strategy and Market Outlook - The company has transformed from a single military product business to an innovative technology enterprise integrating military and civilian products, enhancing its core technology and economic value [30]. - The company aims to enhance product innovation and expand its business scope despite a decline in order volume due to market adjustments [35]. - The company aims to create a long-term growth segment through the development of big data solutions for urban emergency management and public services [43]. - The company plans to focus on disruptive technological innovation and the development of key 5G communication technologies and core components over the next decade, aligning with national strategies [134]. - The company aims for a revenue target of no less than CNY 1.7 billion for 2022, with a maximum expense growth rate of 20% excluding consolidation factors, highlighting potential uncertainties in achieving this goal [135]. Subsidiaries and Investments - The company has established two new subsidiaries, Tianhe Jiamo and Guangsu Xincai, focusing on thermal insulation resin films and high-performance substrate products for semiconductor and electronic applications [39]. - The company has expanded from 1 subsidiary before listing to 16 subsidiaries, increasing the complexity of management and operational risks [146]. - The company has completed a significant equity investment, acquiring a 40% stake in a technology firm for 20,400,300 [116]. - The company has invested in two subsidiaries, Tianhe Jiamei and Guangsu Chip Materials, to enhance the self-controllability of its supply chain in key materials [71]. Financial Management - The company reported a total of 251,630,294.78 in financial assets, with a net change of 169,065,306.82 by the end of the period [119]. - The company has not engaged in significant non-equity investments during the reporting period [118]. - The total amount of funds raised in 2021 was approximately ¥589.99 million, with a net amount of ¥573.36 million after deducting related fees [121]. - The company reported accounts receivable of 184 million yuan, accounting for 7.25% of the audited total assets for 2021, indicating potential risks in cash flow management [147]. - The company's cash flow from operating activities showed a significant discrepancy from net profit, mainly due to enhanced management of accounts receivable and the impact of non-cash items like goodwill impairment [105]. Corporate Governance - The company has established a governance structure with no differential voting rights arrangements [165]. - The board consists of seven members, including three independent directors [167]. - The company has adopted a proactive approach to consider the interests of minority shareholders in its decision-making processes [180]. - The total remuneration for directors, supervisors, and senior management during the reporting period amounted to CNY 3.5771 million [176]. - The company has established a comprehensive internal control evaluation report for the year 2020 [182]. Employee Management - The total number of employees at the end of the reporting period was 1,671, with 360 in the parent company and 1,311 in major subsidiaries [184]. - The company emphasizes talent development through annual training plans, focusing on enhancing professional skills and innovation capabilities [187]. - The company has a comprehensive salary management system, ensuring alignment with job value and differentiated treatment based on technical and professional capabilities [185]. - The company has implemented an employee stock ownership plan and stock option incentive plan to enhance employee motivation and align interests with corporate goals [77].

Financial Performance - The company's operating revenue for Q3 2021 was ¥159,739,779, a decrease of 32.98% compared to the same period last year[3]. - The net profit attributable to shareholders was ¥9,136,748.37, down 56.17% year-on-year, while the net profit after deducting non-recurring gains and losses was a loss of ¥7,624,781.39, a decrease of 148.51%[3]. - Total operating revenue for the third quarter was CNY 413,421,367.96, a decrease of 56.1% compared to CNY 940,890,390.27 in the same period last year[26]. - The company reported a net loss of CNY 398,977.44, compared to a net profit of CNY 177,907,934.72 in the previous year[27]. - The basic and diluted earnings per share were CNY 0.0029, significantly lower than CNY 0.1929 in the same quarter last year[27]. Assets and Liabilities - The total assets at the end of the reporting period were ¥2,468,777,737.90, an increase of 31.15% compared to the end of the previous year[3]. - The total current assets amounted to CNY 1,466,548,009.26, up from CNY 971,630,265.56, indicating a growth of about 51%[24]. - The total liabilities increased to CNY 411,250,011.25, compared to CNY 398,834,611.02 at the end of the previous period[26]. - Total liabilities amounted to CNY 398,834,611.02, a decrease of CNY 24,427,226.06 compared to the previous period[34]. - Non-current liabilities were CNY 29,972,615.26, down from CNY 42,294,574.18, indicating a reduction of CNY 12,321,958.92[34]. Cash Flow - The cash flow from operating activities for the year-to-date was ¥21,113,890.18, a decrease of 89.61% compared to the same period last year[3]. - Cash received from investment increased by 234.04% to 1,176,816,750.00, attributed to increased redemption of financial products[9]. - The net cash flow from operating activities for Q3 2021 was CNY 21,113,890.18, a significant decrease of 89.6% compared to CNY 203,253,353.63 in Q3 2020[29]. - The net increase in cash and cash equivalents for Q3 2021 was CNY 614,604,067.37, a significant rise from CNY 24,998,274.85 in Q3 2020[30]. Investment and Development - The company’s investment income increased by 1063.33% to ¥6,474,506.72, primarily due to gains from redeeming financial products[8]. - The company’s development expenditure rose by 37.43% to ¥47,762,318.57, driven by ongoing investments in 5G RF chip and military technology projects[8]. - The company is investing CNY 169,981,000 in the construction of the Xi'an High-tech Tianhe Defense Phase II - 5G Communication Industrial Park, covering an area of approximately 260 acres[19]. - The company is actively developing new products in the 5G communication sector, including isolators, circulators, and RF microwave chips, as part of its industrial park project[20]. Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 55,605[11]. - The largest shareholder, He Zenglin, holds 25.11% of the shares, amounting to 129,971,700 shares, with 71,744,775 shares pledged[11]. - The company did not distribute dividends during the current period, leading to a 89.58% decrease in cash paid for dividends and interest to 2,057,186.56[9]. Fundraising Activities - The company raised a total of 1,962,066 shares through private placements to support funding, with the largest single contribution being 1,111,838 shares[15]. - The fundraising efforts are expected to bolster the company's financial position and facilitate strategic investments in technology and market expansion[16]. - The successful completion of this fundraising round positions the company favorably for future market opportunities and competitive advantages[16]. Tax and Expenses - The total tax expense decreased by 110.82% to -3,037,103.69 due to a reduction in total profit[9]. - Cash received from tax refunds increased by 739.41% to 12,153,035.92, primarily due to tax rebate receipts[9]. - Research and development expenses were CNY 58,193,896.58, an increase of 11.6% from CNY 52,281,931.56 in the same period last year[26]. Other Financial Metrics - The company reported a significant increase in cash and cash equivalents, reaching ¥734,956,716.05, up 510.67% from the previous year-end[8]. - The total equity attributable to shareholders increased by 65.38% to ¥2,051,642,245.59 compared to the end of the previous year[3]. - The company has implemented the new leasing standards since January 1, 2021, affecting the accounting treatment of leases[34].

Financial Performance - The company's operating revenue for the first half of 2021 was approximately ¥253.68 million, a decrease of 63.89% compared to ¥702.53 million in the same period last year[21]. - The net profit attributable to shareholders of the listed company was a loss of approximately ¥7.66 million, representing a decline of 112.25% from a profit of ¥62.50 million in the previous year[21]. - The net profit after deducting non-recurring gains and losses was a loss of approximately ¥21.91 million, down 132.56% from a profit of ¥67.30 million in the same period last year[21]. - The basic earnings per share were -¥0.02, a decrease of 114.29% compared to ¥0.14 in the previous year[21]. - The total profit for the period was -1,167.83 million RMB, down 107.61% year-on-year, while the net profit attributable to shareholders was -765.62 million RMB, a decline of 112.25%[43]. - The company reported a total comprehensive loss of CNY 9.60 million for the first half of 2021, compared to a comprehensive income of CNY 130.94 million in the same period of 2020[200]. Assets and Liabilities - The total assets at the end of the reporting period were approximately ¥1.88 billion, an increase of 0.04% from ¥1.88 billion at the end of the previous year[21]. - The net assets attributable to shareholders of the listed company increased by 18.41% to approximately ¥1.47 billion from ¥1.24 billion at the end of the previous year[21]. - Total liabilities rose to ¥408,434,931.13 from ¥398,834,611.02, with current liabilities slightly increasing[191]. - The company's equity attributable to shareholders increased to ¥1,468,946,204.72 from ¥1,240,529,239.15, indicating strong retained earnings[192]. - The company reported a total liabilities increase to CNY 330.42 million in the first half of 2021, up from CNY 246.40 million in the same period of 2020, representing a growth of 34.06%[196]. Research and Development - The company has a strong R&D focus on disruptive technologies, aligning with national defense modernization goals outlined in the 14th Five-Year Plan[37]. - R&D investment reached 60.88 million yuan, accounting for 13% of operating revenue, reflecting a 29.45% increase compared to the same period last year[51]. - Research and development expenses for the first half of 2021 were CNY 41.10 million, an increase of 23.93% from CNY 33.16 million in the first half of 2020[197]. Business Strategy and Market Position - The company has established three main business systems: military equipment, communication electronics, and next-generation integrated electronic information, focusing on five key business sectors including 5G RF and industry big data[29]. - The company aims to leverage its technological advantages to provide customized solutions based on clients' OPEX and CAPEX metrics, enhancing customer and product value[31]. - The company plans to enhance its core competitiveness in military equipment by focusing on technology upgrades and new product development[45]. - The company is committed to expanding its market presence both domestically and internationally, particularly in the telecommunications sector[43]. - The company aims to leverage the significant opportunities presented by 5G communication construction to expand the production capacity of civilian communication electronic products[105]. Risk Management - The management has highlighted potential risks and corresponding measures in the report, urging investors to pay attention to investment risks[4]. - The company is facing risks related to management and operational capabilities due to its rapid growth and expansion[105]. - The company is facing risks from international political and economic complexities, particularly due to US export controls affecting its clients and suppliers[108]. Corporate Governance and Compliance - The company has established a robust investor relations management system, ensuring timely and accurate disclosure of financial reports and maintaining good communication with investors[122]. - The company has not faced any administrative penalties for environmental issues during the reporting period and complies with relevant environmental laws[120]. - The company has not engaged in any non-operating fund occupation by controlling shareholders or related parties during the reporting period[129]. Subsidiaries and Acquisitions - The company has established two new subsidiaries, Tianhe Jiamei and Guangsu Xincai, to enhance its layout in basic materials and 5G RF business, with the thermal conductive materials product line progressing smoothly[47]. - The acquisition of remaining equity in Huayang Communication and Nanjing Biao has been completed, enhancing the company's strategic layout in the communication electronics business[53]. - The company has completed the acquisition of 16% equity in Nanjing Biao, with a total investment of 163.4 million CNY[80]. Social Responsibility - The company actively participates in social responsibility initiatives, including supporting rural revitalization efforts by purchasing 1,052 barrels of cooking oil for local government projects[125]. - The company emphasizes safety production management, achieving a level 3 standardization in safety production while implementing comprehensive safety management practices[121].