Financial Performance - Total operating revenue for the reporting period was ¥59,289,466.63, a decrease of 9.04% year-on-year[7]. - Net profit attributable to shareholders was ¥9,544,736.12, down 30.14% compared to the same period last year[7]. - The net profit for the year-to-date was ¥46,473,648.45, reflecting a decline of 15.22% year-on-year[7]. - The company's total revenue for the first nine months of 2016 was CNY 241,820,512.20, a decrease of 3.04% compared to the same period last year[23]. - The net profit attributable to the parent company for the same period was CNY 46,473,648.45, down 15.22% year-on-year[23]. - Total operating revenue for the third quarter was CNY 59,289,466.63, a decrease from CNY 65,184,560.72 in the previous period[69]. - Net profit for the period was CNY 9,544,736.12, compared to CNY 13,663,395.56 in the same period last year, reflecting a decline of approximately 30.5%[70]. - Total operating revenue for the third quarter was CNY 241,820,512.20, a decrease of 3.4% compared to CNY 249,393,271.12 in the previous year[77]. - Net profit for the third quarter was CNY 9,620,973.58, down 30.9% from CNY 13,926,017.63 in the same period last year[75]. - The comprehensive income for the third quarter was CNY 9,620,973.58, down from CNY 13,926,017.63 in the previous year, indicating a significant decline in overall profitability[75]. Assets and Liabilities - Total assets at the end of the reporting period reached ¥811,222,629.62, an increase of 1.41% compared to the previous year[7]. - Cash and cash equivalents decreased by 44.14% compared to the end of the previous year, primarily due to the purchase of bank wealth management products amounting to CNY 270 million[19]. - Total assets increased to CNY 800,722,182.09 from CNY 788,930,776.65, indicating growth in the company's asset base[67]. - Total liabilities decreased to ¥107,374,393.72 from ¥122,372,699.45, indicating a decline of approximately 12.2%[63]. - Owner's equity rose to CNY 700,297,646.79, up from CNY 674,372,891.48, reflecting an increase in shareholder value[67]. - The company reported a significant decrease in accounts payable, which fell to CNY 33,584,642.29 from CNY 56,678,529.34[67]. Cash Flow - The company’s cash flow from operating activities for the year-to-date was ¥60,362,237.86, an increase of 29.92%[7]. - Operating cash inflow for the period was CNY 278,578,169.67, compared to CNY 272,168,505.83 in the previous period, reflecting an increase of 2.4%[85]. - Net cash flow from operating activities was CNY 60,362,237.86, up from CNY 46,459,435.50, representing a growth of 30.5%[86]. - Cash received from other operating activities was CNY 5,021,598.02, down from CNY 9,622,322.06, a decrease of 47.9%[85]. - The company reported a net increase in cash and cash equivalents of -CNY 247,762,039.69, compared to an increase of CNY 74,875,358.57 in the previous period[86]. Customer and Supplier Concentration - The proportion of sales from the top five customers accounted for 70.6%, indicating a high customer concentration risk[10]. - The revenue from the top five customers was 170.72 million yuan, accounting for 70.60% of total revenue, a decrease from 76.27% in the same period last year[30]. - The company’s procurement from the top five suppliers amounted to 31.56 million yuan, representing 28.25% of total procurement, a decrease from 22.42% in the previous year[29]. Market and Industry Outlook - The company is facing risks from macroeconomic fluctuations and potential declines in the telecommunications sector[10]. - The company is optimistic about the future of the communication industry, particularly with the development of "Internet Plus" despite a slowdown in economic growth[24]. - The company is actively exploring new fields such as military, electricity, and renewable energy, aiming to reduce reliance on the communication industry[24]. - The company is focusing on the secondary lightning protection market in the electricity sector, which has significant demand[26]. Research and Development - The company has ongoing R&D projects, including lightning monitoring products and high-reliability power modules, with some products in small batch production[28]. - The company plans to improve product processing precision and enhance production capacity through increased R&D investment[53]. Shareholder Commitments and Governance - The company has committed to not transferring or entrusting the management of its shares for 36 months from the date of the initial public offering[34]. - The company has a share reduction commitment that limits the annual reduction to no more than 10% of the shares held at the time of the initial public offering[35]. - The company has established a lock-up period for shares held by its research institute, which will automatically extend for an additional 6 months[35]. - The company has reported no violations of commitments made during the asset restructuring process, indicating strong governance practices[34]. - The company guarantees that no competing businesses will be established during its existence, ensuring no substantial competition with its own operations[39]. - The company has committed to ensuring that any new business opportunities will be prioritized for transfer to the issuer, maintaining a competitive edge[39]. - The company will ensure compliance with relevant laws and regulations regarding shareholding and competition throughout its existence[40]. Investment and Fund Utilization - The total amount of raised funds is CNY 27,920.6 million, with CNY 182.3 million invested in the current quarter[51]. - Cumulative investment of raised funds reached CNY 8,963.37 million by the end of the reporting period[51]. - The investment in the lightning protection product expansion project is CNY 17,550.68 million, with only 7.42% of the project completed by August 31, 2017[51]. - The company has not changed the purpose of the raised funds, with a total of CNY 0 for changes reported[51]. - The company will use idle raised funds for investment in bank financial products[53].

Financial Performance - Total operating revenue for the first half of 2016 was ¥182,531,045.57, a decrease of 0.91% compared to the same period in 2015[16]. - Net profit attributable to ordinary shareholders was ¥36,928,912.33, down 10.27% year-on-year[16]. - Net profit after deducting non-recurring gains and losses was ¥34,336,099.31, a decrease of 10.15% compared to the previous year[16]. - Basic earnings per share decreased by 55.29% to ¥0.2191[16]. - The company's revenue for the first half of 2016 was CNY 182.53 million, a year-on-year decrease of 0.91%[27]. - The net profit attributable to the parent company for the same period was CNY 36.93 million, down 10.27% year-on-year[27]. - Operating profit for the first half of 2016 was CNY 43,446,244.28, down 7.06% from CNY 46,812,565.22 in the previous year[123]. - The company reported a total of 36,928,912.33 CNY in other comprehensive income[138]. Cash Flow and Investments - Net cash flow from operating activities increased by 23.32% to ¥34,831,473.73[16]. - The net cash flow from operating activities was CNY 34,831,473.73, an increase of 23.1% compared to CNY 28,244,820.42 in the previous period[131]. - The net cash flow from investment activities was -CNY 143,593,653.13, showing a slight improvement from -CNY 152,007,822.78 in the previous period[135]. - Cash inflow from financing activities totaled CNY 310,571,800.00, while cash outflow was CNY 20,223,600.00, resulting in a net cash flow of -CNY 20,223,600.00[132]. - The company experienced a net decrease in cash and cash equivalents of -CNY 128,985,779.40 during the reporting period[132]. Assets and Liabilities - Total assets at the end of the reporting period were ¥807,408,535.03, an increase of 0.93% from the end of the previous year[16]. - Total liabilities decreased from CNY 122,372,699.45 to CNY 113,105,035.25, a reduction of approximately 7.0%[115]. - Owner's equity increased from CNY 677,598,187.45 to CNY 694,303,499.78, an increase of approximately 2.45%[116]. - Long-term investments increased from CNY 7,263,915.38 to CNY 21,263,915.38, a growth of about 194.0%[119]. Research and Development - Research and development investment increased by 20.75% to ¥7.86 million from ¥6.51 million year-on-year[32]. - The company has ongoing R&D projects, including lightning monitoring products and new grounding products, which are currently in small batch production[41]. - The company is focusing on developing customized products for various industries, including military and communication sectors, to enhance product protection effectiveness[41]. Market and Sales - The gross margin for the main product, SPD, was 36.47%, showing a slight increase compared to the previous year[21]. - The top five customers accounted for 67.87% of total sales, indicating a high customer concentration risk[21]. - The company's overseas sales revenue was CNY 73.57 million, representing 40.31% of the main business income[23]. - The company is actively expanding into various sectors such as national defense, energy, and urban lighting[28]. - The company is focusing on international market expansion, participating in major exhibitions and developing new international business relationships[30]. Shareholder and Governance - The company plans not to distribute cash dividends or issue bonus shares[5]. - The company’s profit distribution policy complies with its articles of association and shareholder resolutions[63]. - The company confirmed that there were no major litigation or arbitration matters during the reporting period[67]. - The company’s independent directors fulfilled their responsibilities and ensured the protection of minority shareholders' rights[64]. Compliance and Regulations - The company has not engaged in derivative investments or entrusted loans during the reporting period[59][60]. - The company has committed to not transferring its shares within 12 months of its stock listing[88]. - The company will ensure compliance with relevant laws and regulations regarding shareholding reductions[89]. Financial Management - The company reported a significant increase in financial income, with a 59.84% improvement due to exchange gains, resulting in financial expenses of -¥1.44 million compared to -¥3.60 million last year[32]. - The company’s financial management funds were sourced from raised funds and self-owned funds[58]. - The company has not issued any bonds that are due or have not been fully paid as of the report date[93]. Economic Environment - The company faces risks from macroeconomic fluctuations, which could impact sales in the communication industry[24]. - The overall economic slowdown has not deterred the company's strategic focus on high-tech applications and international market expansion[44].

Financial Performance - Total revenue for Q1 2016 was ¥100,411,671.78, a decrease of 3.13% compared to ¥103,650,787.47 in the same period last year[7] - Net profit attributable to shareholders was ¥19,374,225.51, down 16.61% from ¥23,233,808.83 year-on-year[7] - Net profit excluding non-recurring items was ¥18,699,535.91, representing an 18.95% decline from ¥23,071,183.19 in the previous year[7] - Basic and diluted earnings per share dropped by 68.75% to ¥0.115 from ¥0.368 year-on-year[7] - The company’s gross profit margin declined due to a reduction in new product launches compared to the previous year[19] - Operating profit decreased to 22,280,891.80 from 27,475,762.55, a decline of approximately 19.0%[71] - The total profit for the current period is 22,769,349.21, down from 27,667,086.83, a decrease of approximately 17.0%[71] Cash Flow and Assets - Operating cash flow for the quarter increased by 31.62% to ¥12,844,812.62, compared to ¥9,758,829.40 in the same period last year[7] - Cash and cash equivalents decreased by 51.25% compared to the end of the previous year, primarily due to investments in bank wealth management products[16] - Total current assets increased to CNY 761,396,860.72 from CNY 741,541,140.44, representing a growth of approximately 2.3%[62] - Cash and cash equivalents decreased significantly from CNY 559,432,514.34 to CNY 272,716,860.82, a decline of about 51.2%[62] - The ending balance of cash and cash equivalents was ¥271,063,953.99, down from ¥558,700,024.19 at the beginning of the period, reflecting a decrease of 51.5%[80] Shareholder Commitments and Regulations - The company reported a commitment to not transfer or entrust its shares for twelve months from the date of listing, ensuring compliance with lock-up agreements[33] - The lock-up period for shareholders will automatically extend by six months if the stock price falls below the issue price for 20 consecutive trading days[34] - Shareholders are restricted from reducing their holdings to more than 10% of their shares during the first two years after the lock-up period[35] - The company has committed to not repurchase any of its shares during the lock-up period[36] - The company has established a clear strategy for shareholder commitments, ensuring no violations of promises made during the listing process[35] Market Risks and Strategic Focus - The company faces risks related to customer concentration, particularly with major clients like Ericsson and Huawei, which could impact performance if their satisfaction declines[9] - There is a risk of declining gross margins due to price reductions in electronic components and increased competition in the SPD product market[9] - The company plans to focus on high-value clients in the telecommunications sector and expand into new markets such as military, power, and renewable energy[20] - The company is actively exploring static electricity protection and strong electromagnetic protection businesses, particularly in military applications[21] Investment and R&D - The company has increased its investment in new product R&D to improve production capacity and product quality[52] - The company is committed to fulfilling its promises to shareholders without any breaches reported[52] - The company has committed to investing in lightning protection product expansion and technical renovation projects, with a total investment of CNY 17,550.68 million, of which 50.06% has been utilized[52] - The company is developing a series of lightning monitoring products tailored for different systems and industries, including power, petrochemical, and communication sectors[25] Supplier and Customer Concentration - The top five customers contributed 71.84% of total revenue, totaling 72.13 million yuan, down from 84.70% in the previous year[27] - The company reported that the top five suppliers accounted for 27.86% of total procurement, amounting to 13.39 million yuan, with a slight decrease from the previous year's 28.82%[26] Compliance and Governance - The company guarantees that its commitments are valid and binding, and it will bear all losses caused to the issuer in case of any violations[40] - The company will publicly explain any failure to fulfill repurchase commitments and apologize to shareholders and investors[47] - The company will initiate repurchase actions within three trading days if any violations of the commitment are recognized by regulatory authorities[48]

Financial Performance - The company's net profit attributable to shareholders decreased by 17.43% year-on-year, while operating revenue fell by 21.19%[8]. - The net profit attributable to shareholders for 2015 was ¥80,579,071.67, down 17.43% from ¥97,594,408.90 in 2014[22]. - The net profit after deducting non-recurring gains and losses was ¥73,134,378.98, a decline of 22.05% from ¥93,821,634.69 in 2014[22]. - The company's operating revenue for 2015 was ¥359,772,846.84, a decrease of 21.19% compared to ¥456,528,424.59 in 2014[22]. - The net cash flow from operating activities decreased by 40.18% to ¥62,610,106.75 from ¥104,664,006.76 in 2014[22]. - The company reported a significant increase in revenue, achieving a total of 1.5 billion RMB for the fiscal year 2015, representing a growth of 20% compared to the previous year[188]. - The company reported a net profit margin of 15% for 2015, indicating strong operational efficiency[188]. Customer Concentration and Market Risks - The top five customers accounted for 73.99% of total sales, indicating a high customer concentration risk[5]. - Future performance may be adversely affected if key customers experience operational fluctuations or dissatisfaction with product quality[5]. - The company faces risks of declining performance growth due to increasing industry competition and potential economic downturns[8]. - The company acknowledges the risk of macroeconomic fluctuations impacting sales in the SPD manufacturing business[9]. - The company is actively exploring new customers and markets to mitigate the risks associated with customer concentration[5]. Product and Market Development - The company operates in the lightning protection industry, providing products and solutions for various sectors including telecommunications, power, and construction[31]. - The company is strategically expanding into the renewable energy and aerospace defense sectors, leveraging its competitive advantages in the telecommunications industry[40]. - The company is developing new products including lightning monitoring products and new grounding products, with some in small batch production[67]. - The company plans to expand its market presence in Southeast Asia, targeting a 10% market penetration by the end of 2016[188]. - New product development efforts included the introduction of advanced lightning protection technology, which is expected to capture a larger market share[188]. Financial Management and Investments - The company plans to distribute a cash dividend of 1.2 RMB per 10 shares based on a total of 168,530,000 shares[11]. - The company has set a cash dividend policy to distribute at least 15% of the annual distributable profits, contingent on stable external operating conditions[104]. - The company raised a total of 310,571,800.00 CNY from its IPO, with a net amount of 279,205,967.50 CNY after deducting issuance costs[80]. - The company has committed to ensuring that minority shareholders have the opportunity to express their opinions and that their rights are fully protected[109]. - The company is investing 100 million RMB in research and development to innovate and improve existing technologies[188]. Operational Efficiency and Cost Management - The gross margin for the main product, SPD, was 36.08%, showing a decline compared to the same period last year[7]. - The company has established a supplier management system to ensure the quality and service of raw materials, with at least three qualified suppliers for each type of raw material[33]. - The company follows a sales-driven production model, adjusting production plans based on customer orders and market demand[32]. - The company has implemented a new product introduction (NPI) process to ensure stability in research and production, with strict control during the production phase[34]. - The board of directors highlighted the commitment to sustainable practices, aiming to reduce operational costs by 5% through energy-efficient technologies[188]. Shareholder and Governance Commitments - The company has committed to not transferring or entrusting its shares within twelve months from the date of listing, ensuring compliance with lock-up agreements[114]. - The company has pledged to maintain its commitments without any violations, ensuring shareholder confidence[116]. - The company has established a commitment to not participate in any competitive business activities that may harm its interests[118]. - The company has confirmed that it will not engage in any related transactions or fund occupation that could lead to conflicts of interest[118]. - The company has maintained a commitment to stabilize its stock price for three years post-IPO, with no violations reported[121]. Employee and Management Structure - The total number of employees as of December 31, 2015, was 564, with 107 (18.97%) in R&D, 301 (53.37%) in production, and 61 (10.82%) in sales[194]. - The average compensation for senior management was 305,600 CNY per person, while the average for all employees was 65,600 CNY per person[197]. - The training program covered 5,985 employee training sessions, with a total of 9,172.2 hours of training provided, achieving a 100% training coverage rate[196]. - The company has implemented a salary system primarily based on grade wages and comprehensive working hours for employees[195]. - The management team emphasized the importance of enhancing customer service and support, aiming for a 90% customer satisfaction rate[188].

Financial Performance - Net profit attributable to shareholders decreased by 54.75% to CNY 13,663,395.56 for the reporting period[7] - Total revenue for the first nine months was CNY 249,393,271.12, a decrease of 27.27% year-on-year[12] - The company's basic earnings per share dropped by 75.00% to CNY 0.12[7] - The weighted average return on equity decreased to 3.11%, down by 8.27% from the previous year[7] - The company's operating revenue for the first three quarters of 2015 was 249.39 million CNY, a decrease of 27.27% compared to the same period last year[27] - The net profit attributable to the parent company was 54.82 million CNY, down 30.19% year-on-year[27] - The company's operating revenue for Q3 2015 was CNY 64,848,056.22, a decrease from CNY 112,618,592.93 in the previous period[63] - The operating profit for Q3 2015 was CNY 15,883,563.18, down from CNY 34,935,182.66 in the same period last year, representing a decline of approximately 54.5%[60] - The net profit for Q3 2015 was CNY 13,663,395.56, compared to CNY 30,192,686.36 in the previous year, indicating a decrease of about 54.7%[60] - The total comprehensive income for Q3 2015 was CNY 13,663,395.56, a significant drop from CNY 30,192,686.36 in the previous year[65] Assets and Liabilities - Total assets increased by 62.19% to CNY 758,555,812.97 compared to the end of the previous year[7] - Total liabilities decreased to CNY 106,716,999.75 from CNY 149,874,783.96[53] - Owner's equity rose significantly to CNY 651,838,813.22 from CNY 317,813,148.28[54] - Cash and cash equivalents increased to CNY 286,026,587.96 from CNY 212,070,386.72[55] - Accounts receivable decreased to CNY 70,394,761.20 from CNY 107,915,212.18[55] - Inventory decreased to CNY 48,513,969.38 from CNY 61,351,877.43[55] Cash Flow - The company reported a net cash flow from operating activities of CNY 46,459,435.50, down by 33.00% year-on-year[7] - The cash flow from operating activities was impacted by a decrease in sales revenue, which totaled ¥251,219,155.34 compared to ¥306,053,929.97 in the previous period[78] - The cash inflow from operating activities decreased to CNY 272.17 million from CNY 320.39 million in the previous period, a decline of 15.0%[75] - The cash outflow from operating activities decreased to CNY 225.71 million from CNY 251.05 million in the previous period, a decline of 10.1%[75] - The net cash flow from operating activities for the period was ¥46,611,805.27, a decrease of 35% compared to ¥71,722,759.47 in the previous period[79] Shareholder Information - The largest shareholder, Sichuan Zhongguang High-tech Research Institute, holds 41.30% of the shares, totaling 69,600,000 shares[15] - Shanghai Guangxin Technology Development Co., Ltd. is the second-largest shareholder with a 21.36% stake, amounting to 36,000,000 shares[15] - Wang Xueying, a natural person, owns 8.54% of the shares, which is equivalent to 14,400,000 shares[15] - The total number of shares held by the top ten shareholders represents a significant portion of the company's equity, indicating concentrated ownership[15] - There were no repurchase transactions conducted by the top ten shareholders during the reporting period[16] Research and Development - The company is actively engaged in R&D for new products to meet emerging demands across various industries, which will become significant profit growth points in the future[28] - The company is developing a new generation of gap discharge SPD for future 4.5G and 5G communication base station power protection, which is currently in the design phase[29] - The company has ongoing projects for lightning monitoring products and new grounding products, with the latter in the pilot testing stage[29] - The company has confirmed mass production for highly integrated SPD products, addressing the needs of complex systems in large substations and communication stations[29] Financial Commitments and Regulations - The company has committed to not transferring or entrusting others to manage its shares for 36 months from the date of its initial public offering[36] - The lock-up period for shareholders will automatically extend by 6 months if the stock price falls below the issue price for 20 consecutive trading days[36] - Shareholders are restricted to selling no more than 10% of their shares each year during their tenure[37] - The maximum amount of shares that can be sold by shareholders after the lock-up period is 50% of their holdings[38] - The company will adjust the selling price and closing price in case of ex-rights or ex-dividends[39] - The company has made commitments to comply with relevant laws and regulations regarding share transfers[39] - The company will announce any violations of its prospectus and take necessary legal actions[39] - The company has not violated its commitments as of the report date[39] - The company will ensure that any share reduction complies with the rules of the stock exchange[38] - The company has maintained strict adherence to its commitments since the date of the report[39]

Financial Performance - Total revenue for the first half of 2015 was CNY 184,208,710.40, a decrease of 19.45% compared to CNY 228,688,681.68 in the same period last year[14]. - Net profit attributable to ordinary shareholders was CNY 41,156,301.88, down 14.86% from CNY 48,338,233.60 year-on-year[14]. - Basic earnings per share decreased by 35.53% to CNY 0.49, down from CNY 0.76 in the same period last year[14]. - Total revenue for the reporting period was ¥184.21 million, a decrease of 19.45% year-on-year due to a slowdown in the telecommunications industry[27]. - Operating costs decreased by 15.67% to ¥117.98 million, corresponding to the decline in revenue[27]. - The total comprehensive income for the period was CNY 41,763,013.85, compared to CNY 48,748,699.62 in the previous period, reflecting a decrease of approximately 14.7%[117]. Cash Flow - Net cash flow from operating activities increased significantly by 382.80% to CNY 28,244,820.42, compared to CNY 5,850,243.56 in the previous year[14]. - The company's operating cash flow increased to ¥28,244,820.42, a rise of 382.80% compared to the previous period, primarily due to increased sales receipts[28]. - The net cash flow from investing activities was CNY -152,007,822.78, worsening from CNY -4,062,355.78 in the previous period[121]. - Cash inflow from financing activities was CNY 310,571,800.00, with no inflow reported in the previous period[121]. - The net cash flow from financing activities was CNY 282,186,600.00, compared to a net outflow of CNY -11,891,075.00 in the previous period[121]. Assets and Liabilities - Total assets at the end of the reporting period reached CNY 745,533,511.21, an increase of 59.41% from CNY 467,687,932.24 at the end of the previous year[14]. - Total liabilities decreased from CNY 149.87 million to CNY 107.36 million, a decline of approximately 28.4%[105]. - The company's equity increased from CNY 317.81 million to CNY 638.18 million, representing a growth of about 100.5%[105]. - Cash and cash equivalents rose significantly from CNY 218.93 million to CNY 376.94 million, an increase of about 72%[102]. Market and Product Development - The company launched several new high-end products, including intelligent lightning monitoring systems and lightning early warning systems, to expand into new markets[23]. - The company is actively promoting its products in the energy, electricity, and petrochemical sectors, aiming for market expansion[24]. - The company is expanding its market presence in sectors such as renewable energy, LED, and defense, while enhancing its sales team and increasing investment in these areas[29]. - Significant R&D projects include the development of a new generation of gap discharge SPD for future 4.5G and 5G communication base stations, which is currently in the design confirmation stage[38]. Shareholder Information - The company plans to distribute a stock dividend of 1:1, meaning every 10 shares will receive an additional 10 shares[4]. - The total number of shareholders at the end of the reporting period is 12,974[92]. - The largest shareholder, Sichuan Zhongguang High-tech Research Institute, holds 34,800,000 shares, accounting for 41.30% of the total shares[92]. - The company has committed to not transferring or entrusting the management of its shares for a period of 16 months from the date of its initial public offering[74]. Compliance and Governance - The financial report for the first half of 2015 has been audited by Sichuan Huaxin (Group) Accounting Firm[81]. - The audit opinion for the half-year report was a standard unqualified opinion, indicating no issues found[101]. - The company has not engaged in any major non-fundraising investment projects during the reporting period[50]. - There were no major litigation or arbitration matters during the reporting period[59]. Risk Management - The company has not experienced any changes in its board of directors or senior management during the reporting period[98]. - There are no significant risks identified that would adversely affect the company's future development strategy[42]. - The company has maintained strict adherence to its commitments, with no violations reported as of the end of the reporting period[78]. Accounting Policies - The company adheres to the Chinese Accounting Standards for the preparation of its financial statements, ensuring accuracy and completeness[150]. - Revenue from sales is recognized when the risks and rewards of ownership have transferred to the buyer, and the related economic benefits are expected to flow to the company[200]. - The company applies an aging analysis method for bad debt provision, with specific percentages for different aging categories, such as 5% for within 1 year and 100% for over 5 years[170].