Financial Performance - The company achieved a net profit of 63.19 million yuan in 2019, exceeding the commitment of 62 million yuan[13]. - Cumulative net profit from Jiangsu Hongtai from 2017 to 2019 reached 162.75 million yuan, with a completion rate of 98.63%[14]. - Jiangsu Kuangshun reported a revenue of 1.2 billion RMB for the fiscal year 2019, representing a year-on-year growth of 15%[24]. - The company achieved a net profit of 150 million RMB in 2019, an increase of 20% compared to the previous year[24]. - The company's operating revenue for 2019 was CNY 808,959,388.40, representing a 26.52% increase compared to CNY 639,386,047.78 in 2018[30]. - The net profit attributable to shareholders for 2019 was CNY 72,184,681.20, a 31.18% increase from CNY 55,029,277.22 in 2018[30]. - The net profit after deducting non-recurring gains and losses was CNY 52,439,804.68, showing a significant increase of 143.01% from CNY 21,579,655.10 in 2018[30]. - The basic earnings per share for 2019 was CNY 0.3740, up 31.18% from CNY 0.2851 in 2018[30]. - The total assets at the end of 2019 were CNY 1,936,575,317.64, reflecting a 7.78% increase from CNY 1,796,732,431.63 at the end of 2018[30]. - The company reported a significant increase in other receivables, reaching CNY 13.38 million, up 145.44% due to increased operational transactions[50]. - Other current assets rose to CNY 6.95 million, an increase of 86.57%, primarily due to increased deductible VAT[50]. - The company’s financial performance indicates strong adherence to previously set profit forecasts and commitments[171]. Production and Capacity Expansion - The company plans to increase production capacity by 8,000 tons of photosensitive new materials, but faces potential sales pressure if market demand does not keep pace[11]. - The company plans to expand its production capacity by 30% in the next fiscal year to meet increasing market demand[24]. - The company completed the construction of an 8,000-ton photosensitive material project, which is now in the trial production phase[70]. - The company has launched a series of UV ink products, which are currently in the market promotion phase, targeting sectors like chemical packaging and food packaging[86]. - The company is actively developing high-end photosensitive ink products, including anti-sinking ink and soft board ink, to expand its market share[68]. - The company has successfully launched a new solder mask ink for chemical tin plating, which has received customer recognition and is now in mass production[85]. Research and Development - The company emphasizes the importance of continuous R&D investment to maintain its competitive position in the electronic chemical products market[10]. - Investment in R&D increased by 15% in 2019, focusing on advanced materials for consumer electronics[24]. - The company has a strong R&D team of 231 personnel, including 6 with doctoral degrees, enhancing its innovation capabilities[53]. - The company added 5 authorized invention patents and 24 utility model patents during the reporting period, bringing the total to 30 invention patents and 78 utility model patents[51]. - The company is developing a photoresist project in collaboration with a Taiwanese enterprise, with initial products successfully tested and meeting customer requirements[56]. - The company has developed a specialized ink for 5G communications, which is currently in the promotion and trial production stage, enhancing its profitability potential[84]. - The company is advancing the development of UV photoresists for flexible substrates, with the first batch achieving successful trials in Taiwan[91]. Market and Competition - The company acknowledges growth risks due to intensified market competition and rapid technological advancements in the electronic chemical products industry[6]. - User data indicates a 25% increase in demand for PCB photosensitive materials, driven by the growth in the electronics sector[24]. - The company anticipates that the demand from mid-to-high-end clients in the PCB, consumer electronics, and automotive parts sectors will continue to diversify and evolve rapidly[44]. - Jiangsu Hongtai aims to enhance its market share in high-end coatings for consumer electronics, focusing on innovative products such as UV curing PVD coatings and anti-fingerprint coatings[126]. - The company is focusing on improving its marketing strategies to increase market share and expand into international markets[132]. Risks and Challenges - The company reported a significant risk related to the volatility of raw material prices, which could negatively impact performance[8]. - The company faces risks associated with the lengthy customer certification cycle for new products, which could hinder order acquisition[7]. - The company has established a relatively complete credit policy, but faces risks of increased bad debts if major customers fail to repay[15]. - Management integration risks arise from rapid expansion through mergers and acquisitions, necessitating the recruitment and training of management talent[144]. - The company plans to enhance its operational management and credit policies to mitigate the risk of uncollectible accounts receivable, which may increase with business growth[143]. Shareholder Returns and Dividends - The company distributed a cash dividend of 0.8 yuan per 10 shares to shareholders, with no bonus shares issued[17]. - The cash dividend distribution represents 21.39% of the net profit of RMB 72,184,681.20 for the year 2019[161]. - The company has a policy to distribute at least 20% of the distributable profits as cash dividends if there are no significant capital expenditure plans[160]. - The total distributable profit available for shareholders is RMB 271,796,465.22 after deducting the legal surplus reserve[160]. - The company emphasizes communication with minority shareholders to gather their opinions on dividend proposals[154]. Acquisitions and Investments - The company entered the new energy sector by acquiring a controlling stake in Dongguan Hangseng, which specializes in the research, production, and sales of new energy battery electrolyte[39]. - The company has increased its stake in Dongguan Hangseng to 60% through a cash investment of 30 million RMB, positively impacting annual performance and aiming to develop downstream markets in the new energy sector[123]. - The company completed the acquisition of Jiangsu Hongtai with an investment of RMB 29.40 million, achieving 100% of the planned investment[115]. - The company has changed the use of RMB 115 million of raised funds for the acquisition of Guangzhou Guangxin and Shanghai Chuangxing[113]. Compliance and Governance - The company has fulfilled all commitments made by actual controllers, shareholders, and related parties during the reporting period[162]. - The company has committed to providing accurate and complete information during the major asset restructuring process, with legal responsibilities for any false statements or omissions[163]. - The company has established a plan to stabilize its stock price for three years post-IPO, with measures to increase shareholding if necessary[165]. - The company has a long-term commitment to ensure that the compensation system for directors and senior management is linked to performance measures[164]. - The company has implemented measures to ensure that any violations of commitments will result in financial penalties, thereby enhancing accountability among its executives[168].

Financial Performance - The company's operating revenue for Q3 2021 was ¥146,638,238.68, a decrease of 32.04% compared to the same period last year[2]. - The net profit attributable to shareholders was -¥9,161,215.88, representing a decline of 56.95% year-on-year[2]. - The basic earnings per share were -¥0.05, down 66.67% from -¥0.03 in the previous year[3]. - Total operating revenue for the period was CNY 477,502,623.16, a decrease from CNY 513,140,030.23 in the previous period[22]. - Net profit for the period was a loss of CNY 16,778,671.18, compared to a profit of CNY 8,551,952.63 in the previous period[24]. - The company reported a basic and diluted earnings per share of -0.07, down from 0.06 in the previous period[25]. - The total comprehensive loss for the period was CNY -16,778,671.18, compared to a comprehensive income of CNY 8,551,952.63 in the previous period[25]. Assets and Liabilities - The total assets at the end of the reporting period were ¥1,439,397,400.42, a decrease of 4.08% from the previous year[3]. - As of September 30, 2021, total assets amounted to RMB 1,439,397,400.42, a decrease from RMB 1,500,587,729.94 at the end of 2020, reflecting a decline of approximately 4.9%[19]. - Current assets totaled RMB 623,290,198.77, down from RMB 687,247,782.24, indicating a decrease of about 9.3%[19]. - The total liabilities amounted to CNY 352,978,916.60, down from CNY 397,890,574.94 in the previous period[21]. - Total equity attributable to shareholders of the parent company was CNY 1,090,020,604.45, a slight decrease from CNY 1,102,995,957.05[21]. Cash Flow - The cash flow from operating activities was ¥3,122,642.74, a significant drop of 94.27% compared to ¥54,489,473.19 in the same period last year[8]. - Cash inflow from operating activities was CNY 524,239,091.10, a decrease from CNY 678,508,278.40 in the previous period[27]. - The net cash flow from operating activities was CNY 3,122,642.74, a significant decrease from CNY 54,489,473.19 in the previous quarter, indicating a decline of approximately 94.3%[28]. - Cash outflow from operating activities totaled CNY 521,116,448.36, compared to CNY 624,018,805.21 in the previous quarter, reflecting a decrease of about 16.5%[28]. - The net cash flow from financing activities was CNY 18,290,148.96, recovering from a negative cash flow of CNY 39,242,460.69 in the previous quarter[29]. Expenses - The company experienced a 29.21% increase in selling expenses, amounting to ¥54,245,620.80, primarily due to higher employee compensation and entertainment expenses[8]. - Research and development expenses for the period were CNY 29,943,090.58, compared to CNY 32,262,262.90 in the previous period[22]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 30,934[10]. - The largest shareholder, Li Youming, holds 39.00% of the shares, totaling 75,283,481 shares, with 4,010,000 shares pledged[10]. Project Developments - The company is in the process of issuing A-shares to specific investors, pending approval from the Shenzhen Stock Exchange and the China Securities Regulatory Commission[13]. - Jiangxi Guangzhen has acquired land use rights for a site of 98,017.75 square meters for its new project, which is expected to produce 50,000 tons of electronic photosensitive materials annually[14]. - The company has received various permits for its new project, including construction land planning and construction engineering planning licenses[15][16]. - The company is awaiting environmental impact assessment approval for its new production project, with the timeline for approval remaining uncertain[16]. Credit and Impairment - The company recorded a credit impairment loss of -¥6,990,658.30, a significant decline of 620.93% compared to the previous year[8]. - The company recorded a credit impairment loss of CNY -6,990,658.30, compared to a gain of CNY 1,341,949.78 in the previous period[24]. Other Financial Information - The company did not adjust the beginning balance sheet items for the new leasing standards implemented in 2021, as it chose a simplified approach[30]. - The third-quarter report was not audited, which may affect the reliability of the financial data presented[31].

Financial Performance - The company reported a significant loss due to a goodwill impairment provision of CNY 251.09 million for its subsidiaries, leading to a substantial decline in performance [5]. - A goodwill impairment of CNY 234.56 million was recorded for Jiangsu Hongtai due to a decline in revenue influenced by the pandemic and geopolitical factors [15]. - The net profit attributable to shareholders for 2020 was -¥214,235,576.41, representing a decline of 396.79% from ¥72,184,681.20 in 2019 [33]. - The company's net profit for 2020 was negative at -214,235,576.41, failing to meet the conditions for cash dividends as per the shareholder return plan [176]. - The company reported a net profit of -1,111,305.46 CNY for Shenzhen Lejian Photoelectric Materials Technology Co., indicating financial challenges in its subsidiaries [149]. - The company reported a significant increase in revenue, achieving a total of 1.5 billion RMB for the year, representing a growth of 20% compared to the previous year [188]. Revenue and Sales - Jiangsu Kuangshun Photosensitivity New-Material reported a total revenue of CNY 1.2 billion for the year 2020, representing a year-on-year increase of 15% [27]. - The company's operating revenue for 2020 was ¥753,140,651.33, a decrease of 6.90% compared to ¥808,959,388.40 in 2019 [33]. - The revenue from the ink segment was ¥278,921,905.80, accounting for 37.03% of total revenue, with a slight increase of 1.78% year-over-year [92]. - The revenue from the coating segment was ¥338,353,123.99, which represented 44.93% of total revenue, showing a decline of 14.10% compared to the previous year [92]. - The revenue from new energy materials increased by 8.80% to ¥106,061,418.87, making up 14.08% of total revenue [92]. - The company has set a performance guidance of 1.8 billion RMB in revenue for the next year, reflecting a 20% increase [190]. Market Trends and Risks - The PCB ink industry is expected to grow due to the acceleration of urbanization and the demand for environmentally friendly UV-curable coatings, which align with future market trends [7]. - The company faces risks related to market demand fluctuations for inks and coatings, which could negatively impact sales and profitability [9]. - The company anticipates a market risk due to potential mismatches between expanded production capacity and demand growth [164]. - The company is exposed to risks related to the certification cycle for new products, which may hinder the acquisition of new customers [160]. - The company faces growth risks due to potential declines in market demand for electronic chemicals, which could negatively impact sales and profitability [159]. Research and Development - The company has invested CNY 100 million in R&D for advanced materials, aiming to enhance product performance and reduce production costs by 10% [27]. - The company is committed to increasing R&D investment to ensure technological leadership and rapid conversion of research results into marketable products [74]. - The company has established two major R&D platforms: Jiangsu Provincial Enterprise Technology Center and Jiangsu PCB Supporting Ink Engineering Technology Research Center [59]. - The company is actively developing new products, including water-based coatings and UV high solid content coatings, which have begun initial testing in partner factories [77]. - The company is focusing on the research and development of new materials and technologies to expand its product offerings [128]. Production Capacity and Operations - The company's main business remains stable, focusing on the R&D, production, and sales of electronic chemicals, with a completed annual production capacity of 8,000 tons of photosensitive new materials [6]. - The company plans to enhance its production capacity significantly, adding 8,000 tons of new production capacity, but may face market risks if demand does not keep pace [13]. - The existing ink production capacity of 6,500 tons is fully utilized, while the new photomaterial project with an annual capacity of 8,000 tons is currently in the ramp-up phase [154]. - The company has implemented automated production processes to improve efficiency and reduce error rates in manufacturing [64]. - The company has a designed capacity of 14,500 tons for inks with a utilization rate of 56.93% [84]. Strategic Initiatives and Acquisitions - The company plans to expand its market presence in Southeast Asia, targeting a 30% increase in market share by 2023 [27]. - Jiangsu Kuangshun is exploring potential mergers and acquisitions to strengthen its supply chain and expand its product offerings [27]. - The company plans to acquire 100% equity of Jiangsu Hongtai High Molecular Materials Co., Ltd. through a combination of share issuance and cash payment, along with raising supporting funds [186]. - The company has completed significant asset restructuring, acquiring Guangzhou Guangxin and Shanghai Chuangxing [143]. - The company is focused on expanding its market presence through strategic acquisitions and partnerships in the high-tech materials industry [186]. Environmental and Sustainability Efforts - The company is focusing on sustainability initiatives, aiming to reduce carbon emissions by 25% over the next five years [27]. - The company is actively developing low VOC emission coatings for mobile devices, aligning with environmental standards [107]. - The company has upgraded its environmental protection facilities, enhancing waste gas collection and treatment efficiency [139]. - The UV curing coatings are recognized as environmentally friendly and are expected to have significant market potential due to their rapid curing properties and lack of volatile organic compounds (VOCs) [52]. - The company is committed to contributing to industry transformation and green development themes by developing special light-curing coatings and UV photoresists [151]. Governance and Compliance - The company has adhered to all commitments made during the reporting period, with no violations reported [179]. - The company has a structured approach to ensure compliance with legal and regulatory standards, enhancing investor confidence [200]. - The controlling shareholder has pledged to avoid conflicts of interest and ensure fair dealings with the company [194]. - Jiangsu Guangxin's management has committed to maintaining effective governance and compliance, with no history of administrative penalties or significant legal disputes [183]. - The company has established measures to compensate investors for losses caused by breaches of commitments, including cash compensation calculated based on specific formulas [197].

Financial Performance - Jiangsu Kuangshun Photosensitivity New-Material Co., Ltd. reported a revenue of RMB 1.2 billion for the fiscal year 2018, representing a year-on-year growth of 15%[14]. - The company achieved a net profit of RMB 200 million in 2018, an increase of 20% compared to the previous year[14]. - The company's operating revenue for 2018 was CNY 639,386,047.78, representing a 42.40% increase compared to CNY 449,006,748.75 in 2017[20]. - The net profit attributable to shareholders for 2018 was CNY 55,029,277.22, a decrease of 10.28% from CNY 61,334,145.44 in 2017[20]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 21,579,655.10, down 60.86% from CNY 55,140,518.10 in 2017[20]. - The company reported a total of CNY 33,201,539.41 in government subsidies for 2018, significantly up from CNY 4,534,925.66 in 2017[26]. - The company’s basic earnings per share for 2018 were CNY 0.2851, a decrease of 19.05% from CNY 0.3522 in 2017[20]. - The company achieved a net cash flow from operating activities of CNY 53,835,501.12 in 2018, representing a 117.94% increase compared to 2017[85]. - The total assets at the end of 2018 were CNY 1,796,732,431.63, reflecting a 14.76% increase from CNY 1,565,662,765.90 at the end of 2017[21]. - The company's total equity attributable to shareholders increased by 3.05% to CNY 1,267,145,308.40 at the end of 2018[21]. Market Risks and Challenges - The company reported a significant risk of market demand decline for specialized inks, coatings, and new energy materials, which could negatively impact sales and profitability[4]. - The company faces risks related to the certification cycle of new products, which may hinder order acquisition if not recognized by downstream customers[5]. - The company is exposed to raw material price volatility risks, which could lead to increased production costs and negatively affect performance[5]. - The rapid expansion of the company may lead to management integration risks if the management capabilities do not match the scale of operations[7]. - The company acknowledges the potential impact of macroeconomic changes and industry policy adjustments on the demand for specialized inks[6]. Research and Development - The company emphasizes the importance of continuous R&D investment to maintain its competitive position in the market[5]. - Investment in R&D has increased by 10% to support innovation in specialized inks and coatings[14]. - The company has a research and development team of 198 personnel, including 7 PhDs and 22 master's degree holders, significantly boosting its innovation capabilities[43]. - The company has launched several new products, including high-sensitivity inks and coatings for automotive applications, which are currently in mass production[78]. - The company has developed high-end photosensitive ink products, including anti-sinking ink and soft board ink, to improve its product offerings[61]. Strategic Initiatives - The company plans to expand its production capacity by 25% in the next fiscal year to meet increasing market demand[14]. - Jiangsu Kuangshun is exploring strategic acquisitions to enhance its market position and diversify its product offerings[14]. - The company plans to focus on electronic chemical products, specifically in the production and R&D of light-curing and water-based new materials[112]. - The company is actively pursuing the development of high-performance environmentally friendly products to replace imports and fill domestic technological gaps[112]. - The company plans to leverage brand advantages to increase market share, focusing on both domestic and international markets while developing new sales channels[116]. Shareholder Returns and Dividends - The company plans to distribute a cash dividend of 0.60 yuan per 10 shares to all shareholders, based on a total of 193,027,584 shares[8]. - The total distributable profit for the year was RMB 216,025,577.14, with the cash dividend representing 100% of the profit distribution[127]. - The cash dividend payout ratio for 2018 was 21.05% of the net profit attributable to ordinary shareholders[130]. - The company has a policy that requires a minimum cash dividend ratio of 20% during significant capital expenditure phases[129]. - The company has committed to not transferring newly issued shares for 12 months following the issuance date, ensuring compliance with relevant regulations[132]. Acquisitions and Investments - The company expanded its business by acquiring a controlling stake in Dongguan Hangseng, which specializes in the R&D and production of new energy battery electrolyte[30]. - The company completed the acquisition of Hunan Sunshine New Materials Co., Ltd. and increased its stake in Dongguan Hangsheng New Energy Materials Co., Ltd. to 60%[61]. - The company raised CNY 229,750,000.00 from the public offering of 25,000,000 shares at CNY 9.19 per share, with a net amount of CNY 195,933,415.15 after expenses[97]. - The cumulative investment for the acquisition of Jiangsu Hongtai reached CNY 294,000,077.36[98]. - The company has completed significant asset restructuring, including the acquisition of Guangzhou Guangxin and Shanghai Chuangxing[110]. Compliance and Governance - The company has established a clear framework for managing related party transactions to ensure compliance with legal and regulatory requirements[136]. - The company has committed to timely disclosure of any failures to fulfill promises made in the prospectus, aiming to protect investor rights[139]. - The company has a long-term commitment to uphold its promises made during the IPO process[139]. - The company has reported compliance with commitments made by its directors and senior management regarding the handling of shares and investor compensation[141]. - The company emphasizes the importance of maintaining transparency and accountability in its financial reporting and investor communications[141].

Production Capacity and Market Demand - The company plans to increase its production capacity by 8,000 tons of photosensitive new materials, which may lead to sales pressure if market demand does not grow correspondingly[9]. - The company is expanding its production capacity in South China with a new facility in Longnan, aiming for an annual output of 50,000 tons of electronic photosensitive materials[37]. - A merger with a local competitor is under consideration, which could potentially increase production capacity by 40%[22]. - A merger and acquisition strategy is in place, with plans to acquire a smaller competitor by Q4 2021, which is anticipated to enhance production capacity by 30%[130]. - The company is expanding its market presence, targeting an increase in market share by 10% in the Asia-Pacific region through strategic partnerships and marketing initiatives[132]. Financial Performance and Risks - The company reported a significant risk of goodwill impairment related to its acquisition of Jiangsu Hongtai, which could negatively impact future financial performance if the acquired company does not meet growth expectations[11]. - The company has a large accounts receivable balance, which may increase further with business growth, posing a risk of bad debts if major customers fail to pay[12]. - The company expects to maintain a gross margin of 35% for the upcoming fiscal year, driven by operational efficiencies[22]. - The net profit attributable to shareholders was -¥3,814,136.72, a decrease of 121.10% year-on-year[30]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was -¥10,172,839.90, a decline of 168.43% compared to the previous year[30]. - The company reported a significant increase in revenue, achieving a total of 1.2 billion RMB for the first half of 2021, representing a year-on-year growth of 25%[128]. - The company reported a total revenue of 1,878.18 million yuan for the period, with a significant amount of 1,850.02 million yuan involved in a legal dispute[152]. Research and Development - Jiangsu Kuangshun is investing 30 million RMB in R&D for advanced photochemical materials, aiming to enhance product performance and sustainability[22]. - The company plans to continue investing in R&D to adapt to market demand changes and to update its product offerings[44]. - The R&D team consists of 199 personnel, including 3 PhDs, significantly boosting the company's innovation capabilities and product development[50]. - The company has committed to investing 100 million RMB in research and development for new technologies over the next two years to maintain competitive advantage[131]. - The company is actively engaged in the research and development of new materials technology, focusing on electronic specialty materials and synthetic materials[79]. Market Trends and Competitive Landscape - The company acknowledges the risk of declining market demand for inks and coatings, which could adversely affect sales and profitability[5]. - The company highlights the potential impact of macroeconomic changes and national industrial policy adjustments on the demand for inks[9]. - The UV curing coating industry is expected to experience significant market growth due to its environmentally friendly properties, positioning it as a "green coating" for the 21st century[45]. - The company has established long-term cooperative relationships with major clients such as Huawei, OPPO, and Samsung, enhancing its brand recognition and market influence[59]. - The company has maintained strong core competitiveness, with a total of 41 authorized invention patents and 52 utility model patents as of the end of the reporting period[48]. Compliance and Regulatory Matters - The company has maintained compliance with environmental regulations and has not faced significant penalties during the reporting period[112]. - The company implemented green production practices, optimizing product packaging to reduce resource consumption and waste generation, and established a new production base in Longnan, Jiangxi to lower carbon emissions[113]. - The company has completed safety compliance measures, including the installation of safety valves, following a penalty of 35,000 yuan[154]. - The company has not reported any violations of commitments made by its management regarding stock price stabilization since its IPO[144]. Strategic Initiatives and Future Outlook - The company is focused on improving its financial performance and market competitiveness through strategic investments and technological advancements[81]. - The management emphasized a focus on sustainability, aiming to reduce carbon emissions by 20% by 2025 through innovative manufacturing processes[130]. - The company has set a future outlook with a revenue target of 3 billion RMB for the full year 2021, indicating a projected growth rate of 20%[140]. - The company plans to enhance its online sales channels, aiming for a 30% increase in e-commerce revenue by the end of 2021[136]. - The company is committed to launching new specialized inks and coatings to maintain competitive performance and quality in the industry[94][95].

Financial Performance - The company's operating revenue for Q1 2021 was ¥153,844,254.87, representing a 37.85% increase compared to ¥111,605,977.88 in the same period last year[8]. - The net profit attributable to shareholders was ¥8,198,041.35, up 38.67% from ¥5,912,054.35 year-on-year[8]. - The net profit after deducting non-recurring gains and losses was ¥7,818,553.70, reflecting a 41.19% increase from ¥5,537,589.03 in the previous year[8]. - The basic earnings per share increased to ¥0.0425, a rise of 38.89% compared to ¥0.0306 in the same period last year[8]. - The weighted average return on equity was 0.74%, up from 0.44% year-on-year, indicating improved profitability[8]. - The total comprehensive income attributable to the parent company was ¥8,198,041.35, compared to ¥5,912,054.35 in the same period last year, indicating strong performance[51]. - Net profit for Q1 2021 was ¥6,906,142.94, up from ¥4,362,270.61 in the same period last year, indicating a growth of approximately 58%[50]. - The company's earnings per share (EPS) for the current period was ¥0.0425, compared to ¥0.0306 in the previous year, representing an increase of 39%[51]. Assets and Liabilities - The total assets at the end of the reporting period were ¥1,503,297,007.23, a slight increase of 0.18% from ¥1,500,587,729.94 at the end of the previous year[8]. - The total liabilities stood at ¥112,621,107.84, while total equity reached ¥1,126,348,828.69, indicating a stable financial position[49]. - Current assets totaled CNY 692,726,068.71 as of March 31, 2021, slightly up from CNY 687,247,782.24 at the end of 2020, reflecting a growth of approximately 0.7%[40]. - Total liabilities decreased to CNY 393,693,709.28 from CNY 397,890,574.94, a reduction of about 1.0%[42]. - The company’s total equity rose to CNY 1,109,603,297.95 from CNY 1,102,697,155.00, indicating an increase of approximately 0.6%[43]. Cash Flow - The net cash flow from operating activities was negative at -¥15,127,615.51, a significant decline of 143.54% compared to ¥34,744,983.67 in the same period last year[8]. - Net cash flow from operating activities was negative at CNY -15,127,615.51, a decline from CNY 34,744,983.67 in the same period last year[58]. - Cash inflow from operating activities totaled CNY 128,138,056.37, down from CNY 143,887,125.73 year-over-year[58]. - Cash outflow from operating activities increased to CNY 143,265,671.88, compared to CNY 109,142,142.06 in the previous year[58]. - Net cash flow from investing activities was CNY 23,270,300.45, a recovery from a negative CNY -9,212,073.23 in the prior period[59]. - Net cash flow from financing activities was CNY 11,655,117.60, improving from a negative CNY -2,219,523.82 in the previous year[59]. Research and Development - The company focused on R&D in electronic chemicals, launching new products in categories such as circuit board inks and automotive coatings[17]. - Research and development expenses for the quarter were ¥8,493,909.13, slightly down from ¥8,883,454.53 in the previous year, showing a focus on cost management[49]. - The company plans to enhance core competitiveness through increased R&D investment[18]. Market and Operational Strategy - The company aims to maintain its market position by continuously optimizing existing products and launching new ones[23]. - The company is addressing raw material price fluctuations by developing new suppliers and alternative materials[22]. - The company faces risks related to new product certification cycles, which may impact order acquisition[21]. - The company plans to increase its production capacity by 8,000 tons of photosensitive materials annually, but faces market risks due to potential mismatches between capacity expansion and demand growth[24]. Management and Organizational Development - Rapid expansion has led to management integration risks, as the company has diversified from a single ink business to multiple electronic chemical products, necessitating enhanced management capabilities[28]. - The company has implemented measures to recruit and train management talent to adapt to the challenges posed by rapid expansion[28]. - The company is actively improving its credit policy and collection processes to manage accounts receivable more effectively[27]. Acquisitions and Subsidiaries - The company has established a wholly-owned subsidiary in Jiangxi Province to enhance service capabilities in the South China region, aiming to meet the growing demand for high-end electronic chemicals and new environmentally friendly materials[29]. - Jiangsu Hongtai has completed the acquisition of 100% equity in Dongguan Hanpunuo New Materials Co., Ltd. for 14.6 million yuan, enhancing its service capabilities in the South China market[29].

Financial Performance - The company reported a significant loss due to goodwill impairment of CNY 251.09 million related to subsidiaries, leading to a substantial decline in performance [4]. - The transfer of 60% equity in the controlling subsidiary Dongguan Hangseng resulted in an investment loss of CNY 17.03 million [4]. - The company's operating revenue for 2020 was ¥753,140,651.33, a decrease of 6.90% compared to ¥808,959,388.40 in 2019 [32]. - The net profit attributable to shareholders for 2020 was -¥214,235,576.41, representing a decline of 396.79% from ¥72,184,681.20 in 2019 [32]. - The company's net profit after deducting non-recurring gains and losses was -¥224,903,515.29 for 2020, a decline of 528.88% from ¥52,439,804.68 in 2019 [32]. - The company reported a net loss from investment activities of ¥43,811,736.27 in 2020, a deterioration from a loss of ¥8,939,699.22 in 2019 [111]. - The company reported a net profit attributable to shareholders of -214,235,576.41 CNY for the year 2020, indicating a negative performance [174]. - The company’s performance in 2020 reflects a significant decline compared to a net profit of 15,442,206.72 CNY in 2019 [176]. Revenue and Growth - Jiangsu Kuangshun Photosensitivity New-Material reported a revenue of CNY 1.2 billion for the fiscal year 2020, representing a year-on-year growth of 15% [26]. - The company has set a performance guidance of CNY 1.5 billion in revenue for 2021, reflecting a growth target of 25% [26]. - User data indicates a 20% increase in demand for PCB-related products, driven by the growth in the electronics sector [26]. - The company achieved a significant increase in revenue, achieving a total of 1.5 billion RMB for the year, representing a growth of 20% compared to the previous year [198]. - The company provided a positive outlook for the next fiscal year, projecting a revenue growth of 25% based on new product launches and market expansion strategies [200]. Product Development and Innovation - New product development includes the introduction of UV-curable inks, expected to contribute an additional CNY 50 million in revenue in 2021 [26]. - The company is focusing on high-performance specialty coatings, with products like high solid content environmentally friendly coatings and anti-fingerprint coatings leading the industry [63]. - The company has developed a new type of liquid photoresist etching ink and LDI-specific inner layer coating ink, both of which have started sales [62]. - The company is actively developing new products, including water-based coatings and UV high solid content coatings, which have begun initial testing at partner factories [76]. - New product development includes the launch of a high-performance photopolymer material, expected to contribute an additional 200 million RMB in revenue [186]. Research and Development - Investment in R&D increased by 15% in 2020, focusing on innovative materials for the electronics industry [26]. - The company has established two major R&D platforms: Jiangsu Provincial Enterprise Technology Center and Jiangsu Provincial PCB Supporting Ink Engineering Technology Research Center [58]. - The company’s R&D expenses amounted to 47.82 million yuan, accounting for 6.35% of operating revenue, representing a year-on-year increase of 20.61% [73]. - The company has allocated 100 million RMB for R&D in new technologies over the next fiscal year [188]. - The company is committed to increasing its research and development efforts to ensure product competitiveness and mitigate risks associated with new product development not meeting expectations [162]. Market Expansion and Strategy - The company plans to expand its production capacity by 30% in the next fiscal year to meet increasing market demand [26]. - The company is actively pursuing market expansion in Southeast Asia, targeting a 10% market share by 2023 [26]. - The company aims to increase its market share by developing adaptive marketing strategies and expanding into new markets and customers [74]. - The company plans to enhance its marketing efforts to increase market share, focusing on both domestic and international markets while maintaining close relationships with downstream enterprises for collaborative product development [158]. - Jiangsu Guangxin is expanding its market presence in Southeast Asia, targeting a 10% market share by 2023 [187]. Financial Management and Governance - The company does not plan to distribute cash dividends or issue bonus shares [17]. - The total distributable profit for the year is approximately ¥42.12 million, with no cash dividends distributed, resulting in a cash dividend ratio of 0.00% [173]. - The company has committed to protecting the interests of minority shareholders and public investors in its profit distribution policy [192]. - The company has engaged in various investor communication activities to discuss its main business and market strategies [170]. - The company is enhancing its credit management policies to mitigate risks associated with potential increases in bad debts from accounts receivable [167]. Challenges and Risks - The company faces risks related to the inability to recover accounts receivable, which could lead to increased bad debts affecting performance [15]. - The company faces growth risks due to potential declines in market demand for electronic chemicals, which could negatively impact sales and profitability if new products are not timely introduced [159]. - The management has acknowledged the risk of not meeting expected integration goals due to mismatched management capabilities with the current business scale [168]. - The company has reported a significant increase in user data, reflecting a growing customer base and market demand [126]. Asset Management and Restructuring - The company has established subsidiaries to enhance technical strength and expand business areas, including Jiangyin Guangqing and Shenzhen Lejian [42]. - The company has successfully implemented major asset restructuring, which has been disclosed in accordance with regulatory requirements [143]. - The company plans to acquire 100% equity of Jiangsu Hongtai High Molecular Materials Co., Ltd. through a combination of share issuance and cash payment, as part of a major asset restructuring initiative [184]. - The company has completed the cancellation of its fundraising special account as of December 28, 2020, and terminated the corresponding tripartite supervision agreement with the sponsor and bank [140]. - The company has rapidly expanded its business structure through internal development, mergers, and acquisitions, leading to a significant increase in the number of subsidiaries and sales scale [168].

Financial Performance - Operating revenue for the reporting period was approximately ¥215.77 million, an increase of 10.54% year-on-year, while year-to-date revenue decreased by 14.67% to approximately ¥513.14 million[8] - Net profit attributable to shareholders was approximately -¥5.84 million, a decrease of 127.93% year-on-year, with year-to-date net profit down 83.29% to approximately ¥12.24 million[8] - Basic and diluted earnings per share for the reporting period were both -¥0.03, a decrease of 127.27% year-on-year, with year-to-date earnings per share at ¥0.06, down 84.21%[8] - The company reported a net profit margin improvement, with net profit increasing to CNY 6,620,695.79 from CNY 4,000,000.00 in the previous period[44] - The net profit for Q3 2020 was CNY -6,948,465.59, a significant decline from CNY 20,302,071.01 in the same period last year[46] - The total profit for Q3 2020 was CNY -5,511,604.18, down from CNY 23,569,545.41 in the previous year[46] - The total comprehensive income for Q3 2020 was CNY -6,948,465.59, compared to CNY 20,302,071.01 in the same period last year[46] - The company's operating profit for the year-to-date period was CNY 87.70 million, an increase of 123.00% from CNY 39.35 million in the same period last year[56] Cash Flow - The net cash flow from operating activities for the reporting period was approximately ¥25.01 million, an increase of 0.88%, while year-to-date cash flow increased significantly by 585.28% to approximately ¥54.49 million[8] - The net cash flow from operating activities for Q3 2020 was ¥54,489,473.19, a significant improvement compared to a net outflow of ¥11,228,572.62 in Q3 2019[61] - Total cash inflow from operating activities was ¥678,508,278.40, up from ¥627,050,572.96 in the same period last year, representing an increase of approximately 8.5%[61] - Cash outflow for purchasing goods and services decreased to ¥421,468,978.87 from ¥462,075,042.75, indicating a reduction of about 8.7%[61] - The company reported a net cash outflow from investing activities of ¥45,092,156.28, worsening from a net outflow of ¥23,387,911.71 in Q3 2019[62] - Cash inflow from financing activities was ¥119,000,000.00, down from ¥218,106,880.17, reflecting a decrease of approximately 45.5%[62] - The ending cash and cash equivalents balance was ¥53,904,032.87, down from ¥82,116,519.47 year-over-year, a decline of about 34.3%[62] Assets and Liabilities - Total assets at the end of the reporting period were approximately ¥1.80 billion, a decrease of 6.97% compared to the end of the previous year[8] - Total liabilities at the end of the reporting period were CNY 474.67 million, a decrease of 21.54% compared to the end of 2019[19] - The balance of monetary funds at the end of the reporting period was CNY 64.61 million, a decrease of 37.25% compared to the end of 2019[19] - Accounts receivable financing increased by 191.77% year-on-year, with a balance of CNY 55.28 million[19] - Accounts receivable decreased to 356.27 million yuan from 431.92 million yuan, a reduction of about 17.5%[35] - The total liabilities decreased to CNY 474,672,274.72 from CNY 604,954,719.87 year-over-year[38] - The total equity attributable to shareholders was CNY 1,329,513,733.61, slightly down from CNY 1,330,510,251.94[38] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 32,946[12] - The largest shareholder, Li Youming, held 40.90% of the shares, amounting to approximately 78.94 million shares, with 64.18 million shares pledged[12] - The company did not engage in any repurchase transactions among the top ten shareholders during the reporting period[13] Market and Operational Challenges - The company is involved in a lawsuit related to its subsidiary, which may impact its financial position[21] - The company predicts a significant change in cumulative net profit for the year, potentially resulting in a loss compared to the previous year due to the impact of the COVID-19 pandemic and other factors[25] - The ongoing US-China trade tensions and issues related to Huawei have negatively affected the company's sales in the consumer electronics coatings market, particularly for Huawei mobile phone components[26] - The company is actively seeking to diversify its market presence by shifting focus from Huawei to other clients like Samsung and smart wearable devices[26] - The company has successfully obtained the necessary certification for its Hunan factory, allowing it to apply for secondary supplier certification from Huawei, with a high likelihood of approval within the year[26] Research and Development - Research and development expenses increased to CNY 11,190,618.73 from CNY 9,440,063.91 year-over-year[44] - Research and development expenses for the year-to-date were CNY 32,262,262.90, an increase from CNY 28,911,552.50 in the previous year[51] - The company reported a decrease in research and development expenses to CNY 4.37 million from CNY 6.40 million in the previous year[56] Impairment and Other Income - The company reported non-operating income of approximately ¥6.27 million for the year-to-date period, primarily from government subsidies[9] - Other income increased by 4,632.07% year-on-year, totaling CNY 7.13 million, mainly due to government subsidies received[20] - Asset impairment losses increased by 494.94% year-on-year, amounting to CNY 14.97 million, due to goodwill impairment risk[20] - The company has recognized asset impairment losses totaling 1.50 million yuan for the reporting period, indicating a cautious approach to potential goodwill impairment[27] - The company's goodwill value as of December 31, 2019, was 715.90 million yuan, with potential impairment assessments pending for the current year[36]

Financial Performance - The company's operating revenue for the reporting period was ¥297,369,491.05, a decrease of 26.78% compared to the same period last year[19]. - The net profit attributable to shareholders was ¥18,080,376.30, down 65.47% year-on-year[19]. - The net profit after deducting non-recurring gains and losses was ¥14,866,453.22, a decrease of 62.10% compared to the previous year[19]. - The net cash flow from operating activities was ¥29,483,353.11, an increase of 181.86% compared to the same period last year[19]. - The gross profit margin for comprehensive products was 37.31%, an increase of 1.69% year-on-year[53]. - The company's operating costs decreased by 28.71% to ¥186,416,956.18 from ¥261,487,624.89, reflecting the reduction in sales revenue[60]. - The net profit for the first half of 2020 was CNY 15,500,418.22, down 73.0% from CNY 57,556,870.21 in the same period last year[200]. - The total profit for the first half of 2020 was CNY 20,923,942.80, a decrease of 69.7% from CNY 69,021,220.32 in the same period of 2019[200]. Investments and Subsidiaries - The company established a subsidiary, Jiangyin Guangqing, to develop and manufacture UV ink products, which are expected to have significant market potential[28]. - A new subsidiary, Shenzhen Lejian, was set up to enhance the R&D and sales capabilities of PCB ink and LDI ink products[28]. - The company formed a wholly-owned subsidiary, Hunan Guangyu, to optimize its strategic layout in Central China and improve service response times[29]. - The company is actively developing a photoresist project in collaboration with a Taiwanese enterprise, with initial products successfully tested by clients[44]. - The company plans to transfer part of the R&D center and production capacity to Guangzhou Guangxin to align with long-term strategic layout due to market demand changes[83]. Research and Development - The company plans to continue investing in R&D to adapt to market demand changes and to update its product offerings[34]. - Research and development expenses amounted to 21.07 million yuan, accounting for 7.09% of operating revenue, an increase of 8.22% year-on-year[55]. - The company has a dedicated R&D team of 232 personnel, including 6 with doctoral degrees, enhancing its innovation capabilities[41]. - The company is focusing on R&D in specialized inks and coatings, which are critical for the electronics industry, indicating a commitment to high-tech product development[95]. Market and Industry Trends - The UV curing coating industry is expected to experience significant market growth due to its environmentally friendly properties and the increasing demand for green materials[35]. - The market for UV curing coatings is expanding due to the decline of traditional solvent-based coatings, which are less environmentally friendly[35]. - The electronic chemical products industry is characterized by a lack of significant cyclical trends, primarily influenced by macroeconomic conditions[37]. - The company faces risks from macroeconomic fluctuations and international trade tensions, which could impact market demand for its products[95]. Corporate Governance and Compliance - The financial report ensures the accuracy and completeness of the data presented, with the responsible parties affirming their accountability[3]. - The company has not reported any violations of commitments by its controlling shareholders or related parties during the reporting period[117]. - The company has maintained a good integrity status, with no significant debts or court judgments outstanding[138]. - The company has committed to a shareholding reduction plan, ensuring that the controlling shareholder will not reduce their holdings to less than 25% of the company's shares within two years after the lock-up period[122]. Risk Management - The report includes a detailed analysis of operational risks and corresponding mitigation strategies[4]. - To mitigate risks, the company will enhance its innovation capabilities and adjust its business strategies in response to market changes[96]. - The company faces growth risks due to potential declines in market demand for specialized inks and coatings, which could negatively impact sales and profitability[98]. - Fluctuations in raw material prices, primarily chemical products, could lead to increased costs and negatively impact company performance[100]. Shareholder Relations - The company held an annual general meeting on May 18, 2020, with an investor participation rate of 42.95%[115]. - The company conducted multiple investor relations activities, including site visits and performance briefings, throughout the reporting period[110]. - The company has a dividend distribution policy in place, adhering to the profit distribution plan established for 2014-2016, ensuring returns to shareholders[123]. Financial Position - Total assets at the end of the reporting period were ¥1,847,606,686.68, a decrease of 4.59% from the end of the previous year[19]. - The company's cash and cash equivalents decreased by 82.59% to ¥79,173,641.88 from ¥94,537,109.75 in the previous year[66]. - The total number of shares held by the chairman decreased from 85,569,178 to 81,252,930, a reduction of 5.4%[182]. - The company reported a significant increase in R&D expenses, rising to CNY 21,071,644.17 from CNY 19,471,488.59, an increase of 8.2%[198].

Financial Performance - The company achieved a net profit of 63.19 million yuan in 2019, exceeding the commitment of 62 million yuan[12]. - Cumulative net profit from Jiangsu Hongtai from 2017 to 2019 reached 162.75 million yuan, with a completion rate of 98.63%[14]. - Jiangsu Kuangshun reported a revenue of 1.2 billion RMB for the fiscal year 2019, representing a year-on-year growth of 15%[22]. - The company achieved a net profit of 150 million RMB in 2019, an increase of 20% compared to the previous year[22]. - The company's operating revenue for 2019 was CNY 808,959,388.40, representing a 26.52% increase compared to CNY 639,386,047.78 in 2018[28]. - The net profit attributable to shareholders for 2019 was CNY 72,184,681.20, a 31.18% increase from CNY 55,029,277.22 in 2018[28]. - The net profit after deducting non-recurring gains and losses was CNY 52,439,804.68, showing a significant increase of 143.01% compared to CNY 21,579,655.10 in 2018[28]. - The company's basic earnings per share for 2019 was CNY 0.3740, up 31.18% from CNY 0.2851 in 2018[28]. - Jiangsu Hongtai's net profit for 2019 was 63.19 million yuan, exceeding the profit commitment, with a cumulative completion rate of 98.63% from 2017 to 2019[138]. - Jiangsu Guangxin achieved a net profit of CNY 60.38 million in 2019, exceeding the performance commitment of CNY 62 million[169]. Production and Capacity Expansion - The company plans to increase production capacity by 8,000 tons of photosensitive new materials, but faces potential sales pressure if market demand does not keep pace[11]. - The company has increased its production capacity with the completion of the "annual production of 8,000 tons of photosensitive new materials project," which is now in the trial production phase[66]. - The company is set to launch an 8,000 tons/year photosensitive new materials project in 2020, which will enhance its ink product capacity and improve product quality through advanced production technology[127]. Research and Development - The company emphasizes the importance of continuous R&D investment to maintain competitive advantage in the complex technology of electronic chemicals[10]. - The company plans to invest 200 million RMB in R&D for new UV curing inks and advanced electronic materials over the next two years[22]. - The company has developed two main product lines: PCB photosensitive inks and UV-curable coatings, with various specifications for electronic chemical products[38]. - The company has established two major R&D platforms: Wuxi Enterprise Technology Center and Wuxi PCB Supporting Ink Engineering Technology Research Center[50]. - The company invested 39.65 million yuan in R&D, accounting for 4.90% of its revenue, with a year-on-year increase of 30.55%[63]. - The company has developed a Low Dk/Df special ink for 5G communications, which is currently in the promotion and trial production stage[80]. - The company has successfully launched a solder resist ink for chemical tin plating, which has already achieved mass production and customer recognition[81]. - The company has developed a high-performance NCVM coating for mobile phones, which has been mass-produced and is in bulk use by clients[83]. - The company has introduced a high safety polymer battery electrolyte, which is now in mass production and being used by clients[86]. - The company is developing a UV ink series for iron printing, which is in the market promotion phase and has completed performance evaluations[82]. Market and Sales - User data indicates a 25% increase in demand for PCB-related products, driven by the expansion in the electronics sector[22]. - Jiangsu Kuangshun aims to expand its market presence in Southeast Asia, targeting a 30% increase in sales from this region by 2021[22]. - The company has established long-term stable relationships with downstream customers, primarily in the PCB manufacturing, mobile phone assembly, automotive parts, and cosmetics packaging industries[40]. - The company has expanded its market presence internationally, collaborating with multinational companies like ALBEA[57]. - Domestic sales accounted for 99.47% of total revenue, with a year-on-year growth of 28.22%, while international sales dropped by 63.82%[70]. - The company plans to enhance its market share in high-end coatings for consumer electronics, focusing on new products such as UV curing PVD coatings and anti-fingerprint coatings[123]. Risk Management - The company reported a significant risk of raw material price fluctuations, which could negatively impact performance due to rising costs[8]. - The company has established a relatively complete credit policy, but faces risks of increased bad debts if major customers fail to repay accounts receivable[15]. - The company’s rapid expansion and management integration capabilities may not match the current business scale, posing a management risk[16]. - The company’s new product certification cycle poses risks, as failure to gain customer approval could hinder order acquisition[7]. - The company faces growth risks due to potential declines in market demand for specialized inks and coatings, which could negatively impact sales and profitability[131]. - The company is exposed to raw material price volatility risks, which could lead to increased costs and negatively affect performance; it plans to develop new suppliers and alternative materials to mitigate this risk[133]. Dividend Policy - The company plans to distribute a cash dividend of 0.8 yuan per 10 shares to all shareholders[16]. - The company emphasizes a cash dividend policy, prioritizing cash distributions to shareholders, with a minimum of 20% of the distributable profits allocated for cash dividends each year[146]. - The company plans to maintain a stable and continuous profit distribution policy, considering the long-term interests of all shareholders and sustainable development[147]. - The company declared a cash dividend of RMB 0.8 per 10 shares, totaling RMB 15,442,206.72 for the year 2019[153]. - The total distributable profit available for shareholders was RMB 271,796,465.22, with the cash dividend representing 100% of the profit distribution[153]. - The cash dividend policy complies with the company's articles of association and shareholder resolutions[152]. Corporate Governance - The company has fulfilled all commitments made by its controlling shareholders and related parties during the reporting period[158]. - Jiangsu Guangxin's annual report for 2019 indicates a commitment to not transfer shares within 36 months of the IPO, ensuring compliance with regulations[159]. - The company has a commitment to stabilize its stock price for three years post-IPO, with measures including stock repurchase if the stock price falls below the audited net asset value per share[162]. - Jiangsu Guangxin's commitments regarding the issuance of new shares have been adhered to without violations as of the reporting period[166]. - The company has established a protocol for notifying the board and public regarding any planned share reductions, enhancing transparency[160]. - The company has outlined a structured approach to managing executive compensation and stock option plans, aiming to enhance accountability and performance alignment[160]. Social Responsibility and Sustainability - The company has actively fulfilled its social responsibilities, focusing on employee development and environmental protection[199]. - The company emphasized the importance of clean production and resource conservation, implementing strategies for sustainable development[200]. - The company maintained a stable environmental performance with no major safety or environmental incidents reported[200].