证券代码：300576 证券简称：容大感光 编号：2017-001 深圳市容大感光科技股份有限公司 投资者关系活动记录表 | --- | --- | --- | --- | |-----------------------|--------------------|---------------------------------------------------|---------------------------------------------------------------| | | | | | | 投资者关系活 | □ | 特定对象调研 □分析师会议 | | | 动类别 | □ | 媒体采访 □业绩说明会 | | | | □ | 新闻发布会 □路演活动 | | | | √ 现场参观 | | | | | □ 其他 | | | | 参与单位名称 | 西南证券 李海勇 | | | | 及人员姓名 | | | | | 时间 | 2017 年 1 月 | 6 日 10:30—11：30 | | | 地点 | | 深圳市宝安区福永街道福永立新湖第一科技园研发楼 | 3 楼会议室 | | | | | | ...

证券代码：300576 证券简称：容大感光 深圳市容大感光科技股份有限公司 编号：2017-004 | --- | --- | --- | |-------------------------|---------------------|---------------------------------------------------------------| | | | | | 投资者关系活动类 | □ | 特定对象调研 □分析师会议 | | 别 | □ | 媒体采访 □业绩说明会 | | | □ | 新闻发布会 □路演活动 | | | √ 现场参观 | | | | □ 其他 | | | 参与单位名称及人 员姓名 | | 国海证券 代鹏举；中泰证券 张欣；东北证券 邹兰兰； | | 时间 | 2017 年 09 | 月 19 日 10:00—12：00 | | 地点 | | 深圳市宝安区福永街道福永立新湖第一科技园研发楼 3 楼会议室 | | 上市公司接待人员 姓名 | | 公司总经理黄勇先生、董事会秘书蔡启上先生、证券部罗诚颖女士 | | 投 资 者 关 系 活 动 | 1. 请问国内 PCB | 感 ...

证券代码： 300576 证券简称：容大感光 编号：2021-001 深圳市容大感光科技股份有限公司 投资者关系活动记录表 | --- | --- | --- | |-------------------------|------------------------------------------------------|-------------------------------------------------------| | | □特定对象调研 □分析师会议 | | | 投资者关系 | □媒体采访 ■业绩说明会 | | | 活动类别 | □新闻发布会 □路演活动 | | | | □现场参观 | | | | □其他（电话会议） | | | 参与单位名称及 人员姓名 | 参与公司 2020 | 年度网上业绩说明会的全体投资者 | | 时间 | 2021 年 5 月 7 日下午 | 15:00 至 17:00 | | 地点 | 约调研平台；公司会议室 | | | | 总经理：黄勇 | | | 上市公司接待人 员姓名 | 董事会秘书：蔡启上 财务总监：曾大庆 独立董事：卢北京 | | | 1、 | | ...

编号：2022-001 证券代码：300576 证券简称：容大感光 深圳市容大感光科技股份有限公司 投资者关系活动记录表 | --- | --- | --- | |-------------------------------------|--------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | | ☐现场参观 \n☐ 新闻发布会 ☐ | ☐ 路演活动 其他（请文字说明其他活动内容） | | | | | | 形式 ☐ | 现场 网上 | ☐ 电话会议 | | 参与单位名称及人员姓名 线上参与公司 | 2021 | 年度网上业绩 ...

Revenue and Profit - Revenue for Q3 2022 was CNY 176,473,903.01, a decrease of 15.09% compared to CNY 207,838,301.67 in the same period last year[6] - Net profit attributable to shareholders was CNY 12,696,594.73, down 29.10% from CNY 17,906,501.88 year-on-year[6] - The net profit excluding non-recurring gains and losses was CNY 11,233,664.89, a decline of 33.05% compared to CNY 16,778,210.94 in the previous year[6] - Basic earnings per share decreased to CNY 0.0600, down 33.33% from CNY 0.09 in the same period last year[6] - The net profit for the third quarter was CNY 32,301,483.78, a decrease of 24.1% compared to CNY 42,509,055.51 in the previous year[36] - The total profit amounted to CNY 36,613,523.90, down 24.6% from CNY 48,583,321.98 year-over-year[36] - Operating profit was CNY 36,298,157.01, reflecting a decline of 24.6% from CNY 47,998,665.74 in the same period last year[36] - Basic earnings per share were CNY 0.16, a decrease from CNY 0.21 in the previous year[36] - The total comprehensive income attributable to the parent company was CNY 33,384,359.30, down from CNY 42,509,055.51 year-over-year[36] Assets and Liabilities - Total assets at the end of the reporting period were CNY 1,174,364,280.95, a decrease of 1.02% from the previous year-end[6] - Total assets amounted to CNY 1,162,432,964.90, a slight decrease from CNY 1,174,364,280.95[29] - Total liabilities were CNY 399,317,340.85, down from CNY 565,863,302.17, indicating a significant reduction[29] - Shareholders' equity attributable to the parent company was CNY 601,273,319.06, an increase of 25.68% compared to CNY 755,708,847.85 at the end of the previous year[6] - Shareholders' equity increased to CNY 763,115,624.05 from CNY 608,500,978.78, reflecting a growth of 25.5%[29] Cash Flow and Investments - Cash flow from operating activities for the year-to-date was CNY 72,789,304.77, an increase of 16.13% compared to CNY 62,678,164.91 in the previous year[6] - Cash flow from operating activities generated CNY 72,789,304.77, an increase of 16.8% compared to CNY 62,678,164.91 in the previous year[37] - The company reported cash inflow from operating activities totaling CNY 267,775,711.16, down 7.0% from CNY 288,108,991.99 year-over-year[37] - The company incurred a net cash outflow from investing activities of CNY -28,232,272.45, compared to CNY -32,103,651.47 in the previous year[40] - The company reported a decrease in cash inflow from investment activities, totaling CNY 700.00 compared to CNY 47,933,157.54 in the previous year[40] Expenses and Other Financial Metrics - Total operating revenue for the period was CNY 541,269,096.38, a decrease of 5.5% compared to CNY 570,411,176.89 in the previous period[30] - Total operating costs amounted to CNY 505,665,105.98, down 3.5% from CNY 524,180,750.21 in the prior period[30] - Research and development expenses were CNY 29,740,558.05, an increase of 2.7% compared to CNY 28,953,849.44 in the previous period[30] - Cash and cash equivalents increased to CNY 121,051,470.41 from CNY 93,147,769.51, reflecting a growth of 29.9%[23] - Accounts receivable decreased to CNY 282,605,144.14 from CNY 333,412,803.20, a decline of 15.3%[23] - Inventory decreased to CNY 122,454,300.34 from CNY 128,711,056.58, a reduction of 4.5%[23] - The company reported a net investment loss of CNY 1,190,044.57 compared to a gain of CNY 953,606.62 in the previous period[30] Government Subsidies and Other Income - The company reported a government subsidy of CNY 2,006,496.06 for the current period, totaling CNY 4,969,859.20 year-to-date[11] - Other income increased by 49.13% to 4,711,002.56, due to a rise in government subsidies[16] - Cash received from tax refunds surged by 168.79% to 837,076.98, primarily from increased export tax rebates and VAT refunds[16] Changes in Equity and Reserves - Long-term employee compensation increased by 56.57% to 13,305,329.62 due to excess bonuses accrued by the subsidiary[16] - Other equity instruments decreased by 100.00% to 19,822,710.06 as a result of the conversion of targeted convertible bonds[16] - Capital reserve increased by 112.92% to 234,297,741.05, reflecting an increase in capital premium during the reporting period[16] - Tax and additional charges rose by 39.39% to 3,556,582.87, attributed to increased property and land use taxes[16] - Financial expenses decreased by 104.38% to -8,375.73, driven by growth in interest income[16]

Financial Performance - The company's operating revenue for 2021 was ¥785,773,696.25, representing a 44.45% increase compared to ¥543,961,732.98 in 2020[40]. - The net profit attributable to shareholders for 2021 was ¥40,002,025.76, a decrease of 29.61% from ¥56,830,528.78 in 2020[40]. - The net cash flow from operating activities increased by 152.89% to ¥50,416,869.22 in 2021, up from ¥19,936,142.41 in 2020[40]. - The total assets at the end of 2021 were ¥1,174,364,280.95, reflecting a 16.11% increase from ¥1,011,401,807.13 at the end of 2020[40]. - The basic earnings per share for 2021 were ¥0.21, down 30.00% from ¥0.30 in 2020[40]. - The diluted earnings per share for 2021 were also ¥0.21, a decrease of 30.00% compared to ¥0.30 in 2020[40]. - The weighted average return on equity for 2021 was 7.10%, down from 11.65% in 2020, a decline of 4.55%[40]. - The net profit after deducting non-recurring gains and losses for 2021 was ¥34,982,503.04, a decrease of 36.21% from ¥54,839,259.12 in 2020[40]. - The company's net assets attributable to shareholders increased by 17.47% to ¥601,273,319.06 at the end of 2021, compared to ¥511,848,643.24 at the end of 2020[40]. - The company achieved operating revenue of 785.77 million yuan, a year-on-year increase of 44.45%[116]. - The net profit attributable to shareholders was 40.00 million yuan, a decrease of 29.61% compared to the previous year[116]. Market and Product Development - The company has seen a growing market demand for high-performance PCB and flat panel displays, driven by advancements in mobile communication technology and electronic devices[7]. - The company reported that the performance of its products must meet increasing customer demands for chemical resistance, resolution, and other specifications to maintain market position[7]. - The company is positioned to benefit from the growing domestic market for display and semiconductor photoresists, which are currently reliant on imports[61]. - The company is actively developing new products, including a water-based environmentally friendly coating, and has a strong R&D team with nearly 20 years of experience in solder mask ink development[88]. - The company is focusing on high-end semiconductor display and chip photoresist series, collaborating with institutions like Beijing Normal University and the Chinese Academy of Sciences[95]. - The company aims to strengthen its market presence in display and semiconductor photoresists, which are expected to be key growth areas[122]. - The company is developing several new products, including high-performance solder mask inks for 5G communication boards, which are expected to fill market gaps and enhance product competitiveness[149]. Research and Development - The company emphasizes the importance of continuous R&D investment to enhance product offerings and maintain competitive advantages in the market[8]. - The company employs a dual R&D model, focusing on both independent research and external collaboration, including hiring a Japanese technical expert to accelerate product development[81]. - The company’s R&D expenses amounted to 41.17 million yuan, accounting for 5.24% of operating revenue[119]. - The company has a strong focus on R&D, continuously optimizing product formulas to meet personalized customer requirements[104]. - The company is committed to enhancing its independent R&D capabilities, focusing on high-end photosensitive chemical materials to meet market demands and improve product quality[180]. - The company is focused on developing innovative products and obtaining more patents to expand its application fields and improve technological content[180]. Risks and Challenges - The company reported significant risks related to raw material price fluctuations, particularly for resins and photoinitiators, which could impact production stability and profitability[9]. - The company faces risks in new product development due to the complexity and high technical requirements of electronic chemical products, which may affect its competitive advantage if not addressed[8]. - The company has acknowledged the risk of goodwill impairment due to the acquisition of Gaoshi Electric Research, which could adversely affect net profit if future performance does not meet expectations[16]. Strategic Initiatives - The company plans to distribute cash dividends of 0.45 yuan per share and increase capital reserves by converting 1 share for every 10 shares held, based on a total of 194,049,778 shares[16]. - The company plans to establish a wholly-owned subsidiary in Zhuhai with a registered capital of 30 million yuan to enhance its strategic layout[123]. - The company invested 14.28 million yuan in Guangdong Zhengqi New Materials Co., acquiring a 51% stake to expand its photoresist dry film business[123]. - The company aims to improve its strategic layout through mergers and acquisitions of complementary businesses to maintain its leading position in the electronic photosensitive chemical industry[182]. - The company will strengthen its internal control and governance structure to enhance decision-making capabilities and improve organizational efficiency[183]. Corporate Governance and Compliance - The company has established a robust corporate governance structure, complying with relevant laws and regulations to protect shareholder rights[189]. - The company emphasizes the importance of investor relations management, ensuring timely and accurate information disclosure to all stakeholders[197]. - The company has received various environmental permits, demonstrating its commitment to sustainable operations[100]. Supply Chain and Procurement - The company's main raw materials include resins, monomers, solvents, and additives, with a significant portion sourced directly from manufacturers[82]. - The procurement model for raw materials is primarily direct purchasing from manufacturers, with a significant portion of raw materials being general chemical materials, ensuring ample market supply[85]. - The average price of major raw materials has increased, with Raw Material One rising from 65.93 to 69.42 yuan, representing a 7.5% increase[88]. - The cost of raw materials for PCB photoresist ink increased to ¥491,029,056.93, representing 90.62% of total operating costs[139].

Acquisition and Financial Commitments - The company acquired 100% equity of Gaoshi Electric Research, with a profit commitment of no less than RMB 15 million, RMB 17.5 million, and RMB 20 million for the years 2020, 2021, and 2022 respectively[12]. - The company acknowledges the risk of underperformance in the acquired entity, which could affect the realization of profit commitments and overall financial health[12]. - The company completed the acquisition of Guangdong Gaoshi Electric Research Technology Co., Ltd. on December 28, 2020, acquiring 100% equity[130]. - The company acquired 100% equity of Guangdong Gaoshi Electric Research Technology Co., Ltd. for a total investment of CNY 208 million, with an expected profit of CNY 22 million[160]. Financial Performance - The company's operating revenue for 2020 was CNY 543,961,732.98, representing a 19.52% increase compared to CNY 455,112,179.64 in 2019[32]. - The net profit attributable to shareholders for 2020 was CNY 56,830,528.78, a 50.20% increase from CNY 37,837,085.18 in 2019[32]. - The net cash flow from operating activities for 2020 was CNY 19,936,142.41, up 39.29% from CNY 14,312,789.04 in 2019[32]. - The total assets at the end of 2020 were CNY 1,011,401,807.13, a 42.64% increase from CNY 709,049,096.47 at the end of 2019[32]. - The basic earnings per share for 2020 was CNY 0.36, reflecting a 50.00% increase from CNY 0.24 in 2019[32]. - The weighted average return on equity for 2020 was 11.65%, compared to 8.40% in 2019, indicating a 3.25% increase[32]. - The company reported a net profit of CNY 8,004,077.75 in Q1 2020, with a steady increase in subsequent quarters, reaching CNY 15,645,438.64 in Q4 2020[35]. - The net profit attributable to shareholders after deducting non-recurring gains and losses for 2020 was CNY 54,839,259.12, a 49.78% increase from CNY 36,612,916.16 in 2019[32]. - The company achieved a revenue of 543.96 million yuan, representing a year-on-year growth of 19.52%[96]. - Operating profit increased by 37.58% year-on-year to 62.55 million yuan[96]. - Net profit attributable to shareholders rose by 50.20% year-on-year, reaching 56.83 million yuan[96]. - Basic earnings per share increased by 50.00% to 0.36 yuan[96]. Market and Product Development - The company reported a significant increase in demand for high-performance PCB circuit boards and flat panel displays, driven by the rapid development of mobile communication technology and the rise of electronic terminals[7]. - The company has launched mid-to-low-end products in the photoresist category but faces challenges in developing high-end products due to technical and financial constraints[8]. - The company is committed to improving product performance to meet the increasing demands of customers in terms of chemical resistance, resolution, and other specifications[7]. - The company specializes in the research, production, and sales of electronic chemicals, including PCB photosensitive inks and photoresists, with applications across various sectors such as telecommunications and consumer electronics[45]. - The main product lines include PCB photosensitive inks, photoresists, and specialty inks, which are crucial for the quality and technological advancement of electronic products[46]. - The company has developed a complete series of PCB photosensitive ink products, positioning itself as a leader in the industry[87]. - The company is a leading domestic PCB photosensitive ink manufacturer, with PCB photosensitive ink sales volume increasing from 13,484.75 tons in 2019 to 15,197.19 tons in 2020, representing a year-on-year growth of 12.70%[102]. - The company plans to strengthen its market expansion efforts in the photoresist and specialty ink sectors, particularly focusing on photoresist as a key growth area[102]. - The company is actively involved in the development of new products and technologies, particularly in the field of electronic chemicals[1]. - The company is currently constructing new production capacity in Huizhou Daya Bay Petrochemical Zone, with no specific figures disclosed[1]. Research and Development - The company emphasizes the need for continuous R&D investment to enhance product development capabilities and maintain competitive advantages in the market[8]. - The company has established a comprehensive R&D system led by a technical committee, focusing on market demand and product performance improvement[56]. - A Japanese technical expert has been hired as a senior technical advisor for photoresist product development, accelerating the product's market introduction[59]. - R&D expenses amounted to 25.26 million yuan, accounting for 4.64% of total revenue[101]. - The company launched 5 new invention patents during the reporting period[85]. - The company has a strong R&D team with nearly 20 years of experience in solder mask ink development, achieving world-class product development technology[106]. - The company is actively developing high-performance photoresists for next-generation TFT-LCD and OLED applications, which are currently being tested in production lines[141]. - The company has completed the development of a high-performance plug ink, which is now being used in multiple well-known circuit board manufacturers, enhancing the company's market competitiveness[146]. Risk Management - The company faces risks related to the fluctuation of raw material prices, particularly for resins and photoinitiators, which could impact production stability and profitability[9]. - The company operates in a concentrated market, primarily in the PCB and flat panel display sectors, which are susceptible to market fluctuations[7]. - The average price of resin, one of the main raw materials, was 34.39 yuan in the first half of the year and decreased to 32.90 yuan in the second half, with the procurement model based on production plans and inventory[106]. Corporate Governance and Shareholder Returns - The company plans to distribute cash dividends of RMB 0.8 per 10 shares (tax included) and to increase capital reserves by issuing 2 additional shares for every 10 shares held[13]. - The company has established a profit distribution policy that emphasizes reasonable returns to shareholders while considering long-term interests and sustainable development[186]. - The cash dividend policy aligns with the company's articles of association and has been approved by the board of directors[187]. - The company has maintained a consistent dividend distribution strategy over the past three years, with cash dividends of RMB 1.00, RMB 0.70, and RMB 0.80 per 10 shares for 2018, 2019, and 2020 respectively[193]. - The company’s retained earnings available for distribution after legal reserves amount to RMB 37,693,471.65 for the year[192]. - The company’s capital reserve balance stands at RMB 101,578,896.84, supporting future growth and dividend distributions[192]. Operational Efficiency - The company primarily adopts a direct procurement model for raw materials, sourcing most directly from manufacturers[60]. - The production plan is based on market demand and inventory levels, with customized production for specialty inks according to client orders[61]. - The sales strategy involves direct sales and maintaining long-term partnerships with well-known PCB manufacturers[62]. - The company has implemented a restricted stock incentive plan to attract and retain talent[98]. - The company plans to fully implement the ERP system across all departments to improve efficiency and management capabilities[176]. - The company has implemented internal organizational adjustments to enhance decision-making capabilities and improve management functions[180].

Financial Performance - The company's operating revenue for 2019 was ¥455,112,179.64, representing a 7.58% increase compared to ¥423,039,858.12 in 2018[35]. - The net profit attributable to shareholders for 2019 was ¥37,837,085.18, a decrease of 10.21% from ¥42,139,729.97 in 2018[35]. - The net profit after deducting non-recurring gains and losses was ¥36,612,916.16, which is a 2.55% increase from ¥35,701,650.11 in 2018[35]. - The total assets at the end of 2019 were ¥709,049,096.47, showing a significant increase of 32.22% from ¥536,261,365.68 at the end of 2018[35]. - The basic earnings per share for 2019 was ¥0.32, down 8.57% from ¥0.35 in 2018[35]. - The company reported a net cash flow from operating activities of ¥14,312,789.04, which is a 2.74% increase from ¥13,931,147.26 in 2018[35]. - The company’s weighted average return on equity was 8.40% in 2019, down from 9.97% in 2018[35]. - The company’s revenue from electronic chemicals industry reached ¥452,988,348.13, with a year-on-year increase of 7.35%[110]. - The gross margin for photolithography materials and supporting chemicals was 59.91%, showing a significant increase of 7.98% year-on-year[110]. - The sales revenue from the PCB ink segment was ¥420,317,611.46, with a gross margin of 29.90%[110]. Accounts Receivable and Risks - Accounts receivable increased from 160.63 million yuan in 2017 to 196.32 million yuan in 2019, reflecting the company's expanding business scale[13]. - The company acknowledges the risk of bad debts due to the increasing level of accounts receivable as its business expands[10]. - The company faces risks related to concentrated product application fields, particularly in the PCB and flat panel display industries, which may affect operational performance during economic downturns[7]. Research and Development - The company emphasizes the need for continuous R&D investment to maintain competitive advantages and meet customer demands for product performance[8]. - The company is committed to enhancing its R&D capabilities to develop new products and technologies to sustain market growth and competitiveness[8]. - R&D expenses amounted to CNY 23.52 million, accounting for 5.17% of operating revenue, reflecting the company's commitment to innovation[91]. - The construction of the R&D center has been completed and is now operational, further strengthening the company's technological capabilities[100]. - The company has initiated a project for high-performance solder mask ink for automotive circuit boards, enhancing product diversity and meeting new technical requirements[127]. Product Development and Market Position - The company has launched mid-to-low-end products in photoresists but faces challenges in developing high-end products due to technical and financial constraints[8]. - The company has developed three main product lines: PCB photoresist inks, photoresists and supporting chemicals, and specialty inks, with a focus on PCB applications[50]. - The company’s specialty inks are tailored for precision processing in touch screens, window glass, and smartphones, indicating a focus on high-value applications[50]. - The company has successfully developed LDI liquid photoresist solder mask ink, which has started mass production after passing tests from multiple PCB manufacturers[116]. - The company has successfully developed a high-resolution positive photoresist for touch screen sensor production, achieving continuous bulk orders from customers[122]. Competitive Landscape - The rapid development of domestic competitors and foreign enterprises poses a dual competitive threat, necessitating improvements in technology and brand influence[9]. - The electronic chemicals industry is characterized by a high degree of specialization, with over 20,000 product varieties and rapid technological advancements[63]. - The PCB ink industry is expected to experience continuous growth driven by the acceleration of urbanization, rising income levels, and the upgrading of consumption structures in China[67]. - The company maintains a market share of approximately 13% in the PCB photoresist market, with PCB photoresist sales volume increasing by 12.06% to 13,484.75 tons[92]. Financial Management and Investments - The company plans to distribute a cash dividend of 0.7 yuan per 10 shares (including tax) and to increase capital by converting 3 shares for every 10 shares held[14]. - The total amount of funds raised in the IPO was RMB 16,480.00 million, with a net amount of RMB 13,972.36 million after deducting issuance costs of RMB 2,507.64 million[142]. - The company has no unused raised funds remaining as of December 31, 2019, with all accounts closed[143]. - The company reported a loss of RMB 824.59 million for the PCB photosensitive ink project due to insufficient revenue to cover fixed asset depreciation and related costs[150]. Supply Chain and Procurement - The company’s procurement strategy involves direct sourcing from manufacturers for most raw materials, ensuring a stable supply chain[56]. - The company’s production plans are based on market demand and inventory levels, allowing for flexibility in response to customer needs[59]. - The total procurement amount from the top five suppliers was ¥105,112,880.01, representing 35.24% of the annual procurement total[114].

Financial Performance - The company reported a total revenue of RMB 188.6 million for the first half of 2022, representing a year-on-year increase of 15%[26]. - The gross profit margin for the first half of 2022 was 35%, compared to 30% in the same period last year, indicating improved profitability[26]. - The company's operating revenue for the reporting period was RMB 364,795,193.37, representing a 0.61% increase compared to RMB 362,572,875.22 in the same period last year[37]. - Net profit attributable to shareholders decreased by 15.91% to RMB 20,687,764.57 from RMB 24,602,553.63 year-on-year[39]. - The net profit after deducting non-recurring gains and losses fell by 19.01% to RMB 17,972,125.07 from RMB 22,191,725.96 in the previous year[39]. - The net cash flow from operating activities increased significantly by 88.33% to RMB 40,989,069.30 compared to RMB 21,764,318.96 in the same period last year[39]. - The company's total assets at the end of the reporting period were RMB 1,168,866,500.89, a decrease of 0.47% from RMB 1,174,364,280.95 at the end of the previous year[39]. - The net assets attributable to shareholders increased by 23.12% to RMB 740,298,933.63 from RMB 601,273,319.06 at the end of the previous year[39]. Market Strategy and Expansion - The company plans to invest in R&D for new products, particularly in the fields of PCB photosensitive materials and electronic chemicals, to enhance market competitiveness[26]. - User data indicates a 20% increase in the number of clients served, reflecting the company's expanding market presence[26]. - The company is focusing on market expansion in Southeast Asia, aiming to increase its market share by 15% in that region by the end of 2022[26]. - The company is exploring potential mergers and acquisitions to enhance its product offerings and market reach[26]. - The company plans to continue expanding its market presence and is focused on new product development and technological advancements[172]. Risks and Challenges - The company is facing risks related to concentrated product application areas and fluctuations in raw material prices, which could impact future performance[6]. - The company faces risks related to concentrated product application fields, particularly in the PCB and flat panel display industries, which may affect profitability due to market fluctuations[97]. - New product development poses risks due to the complexity and uncertainty in the R&D process, particularly for high-end products like photoresists[98]. - The company is exposed to risks from fluctuations in raw material prices, which significantly impact production costs and profitability[101]. Research and Development - The company has maintained its focus on the research, production, and sales of electronic chemicals, including PCB photoresists and specialty inks, without any changes to its main business[49]. - The company has established a research and development model that combines independent research with external technical cooperation, including hiring a Japanese technical expert to accelerate product development[57][59]. - The company holds 42 invention patents, 3 utility model patents, and 2 design patents, with one new invention patent granted during the reporting period[68][69]. Shareholder and Capital Structure - The company completed the registration of an additional 505,484 shares, increasing its total shares from 188,104,018 to 188,609,502[34]. - The company plans to increase its registered capital from RMB 194,049,778 to RMB 213,454,755 as approved in the board meeting on April 27, 2022[36]. - The total number of shares increased from 188,104,018 to 213,454,755 due to stock incentives and capital reserve transfers[163][167]. - The company’s stock incentive plan resulted in the issuance of 505,484 shares, which were listed for trading on January 20, 2022[165]. - The company’s stock incentive plan was adjusted, increasing the number of restricted shares from 1,560,000 to 1,872,000, with the vesting price adjusted from CNY 29.04 to CNY 24.13 per share[110]. Operational Efficiency - The company primarily adopts a direct sales model to reduce intermediaries and better serve its customers[64]. - The company’s procurement model includes direct purchasing from manufacturers for most raw materials, ensuring a stable supply[60]. - The company’s production planning is based on market demand and inventory levels, allowing for flexibility in response to customer needs[63]. Community and Environmental Responsibility - The company has actively supported community pandemic prevention efforts during the reporting period[124]. - The company has established a comprehensive safety management system and has not experienced any safety production accidents[124]. - The company reported no administrative penalties related to environmental issues during the reporting period[117]. Financial Management - The company’s financial expenses increased significantly by 630.31% to ¥232,705.00, compared to a negative financial expense of -¥43,880.93 in the previous year[77]. - The company’s investment income turned negative at -¥1,015,925.52, a decline of 206.54% from a profit of ¥953,606.62 in the same period last year[77]. - The company’s cash flow from investing activities showed a significant decline of 457.28%, resulting in a net outflow of -¥25,571,482.25 due to land purchases by subsidiaries[77]. - The company’s accounts receivable improved, with credit impairment losses decreasing by 68.66% to -¥414,412.69 from -¥1,322,392.86 in the previous year[77].

Financial Performance - The company's operating revenue for 2021 was CNY 785,773,696.25, representing a 44.45% increase compared to CNY 543,961,732.98 in 2020[41]. - The net profit attributable to shareholders for 2021 was CNY 40,002,025.76, a decrease of 29.61% from CNY 56,830,528.78 in 2020[41]. - The net cash flow from operating activities increased by 152.89% to CNY 50,416,869.22 in 2021, compared to CNY 19,936,142.41 in 2020[41]. - The total assets at the end of 2021 were CNY 1,174,364,280.95, reflecting a 16.11% increase from CNY 1,011,401,807.13 at the end of 2020[41]. - The basic earnings per share for 2021 was CNY 0.21, down 30.00% from CNY 0.30 in 2020[41]. - The company reported a quarterly revenue of CNY 215,362,519.36 in Q4 2021, showing a consistent growth trend throughout the year[45]. - The net profit attributable to shareholders in Q4 2021 was a loss of CNY 2,507,029.75, contrasting with profits in the earlier quarters[45]. - The company’s weighted average return on equity for 2021 was 7.10%, down from 11.65% in 2020, indicating a decline in profitability[41]. - The net profit after deducting non-recurring gains and losses for 2021 was CNY 34,982,503.04, a decrease of 36.21% from CNY 54,839,259.12 in 2020[41]. - The company reported a non-operating income of CNY 5,019,522.72 in 2021, a significant increase from CNY 1,991,269.66 in 2020, representing a growth of approximately 152.5%[48]. - The government subsidies recognized during the reporting period amounted to CNY 5,362,770.80, compared to CNY 2,044,755.96 in 2020, indicating a year-over-year increase of about 162.5%[48]. Market and Industry Trends - The company operates primarily in the PCB and flat panel display industries, which are sensitive to market fluctuations and demand for high-performance materials[7]. - The domestic market for display and semiconductor photoresists is expected to grow significantly due to the rapid development of the display and semiconductor industries in China[64]. - The PCB photoresist market is estimated to account for approximately 4% of the PCB production value, indicating a stable correlation between the two markets[60]. - The company has identified a growing demand for high-performance photoresists, particularly in the semiconductor sector, as processing dimensions continue to shrink below 10 nanometers[63]. - The company’s market presence is concentrated in the Yangtze River Delta and Pearl River Delta regions, which account for 30% to 35% of the national PCB industry scale[66]. - The electronic chemicals industry is characterized by high added value and strict quality requirements, directly impacting the performance of electronic components[59]. R&D and Product Development - The company emphasizes the need for continuous R&D investment to maintain competitive advantages and meet customer demands for product performance[8]. - The company has faced challenges in developing high-end products, particularly in the display and semiconductor photoresist sectors, which require substantial R&D investment and time[8]. - The company employs a dual R&D model, focusing on independent research and development while also collaborating with external technology resources, including hiring a Japanese technical expert as a senior technical advisor[84]. - The company is actively developing environmentally friendly coatings, indicating a commitment to sustainability in product offerings[98]. - The company is developing several new products, including high-performance solder mask inks for 5G communication boards, which are expected to fill market gaps and enhance product competitiveness[152]. - The company plans to enhance its market position through ongoing R&D projects and potential new product launches in the semiconductor and display sectors[152]. - The company has a robust R&D team with nearly 20 years of experience in solder mask ink development, ensuring high-level product development capabilities[91]. Acquisitions and Investments - The company acquired 100% equity of Gaoshi Electric Research, with performance commitments of net profits not less than 15 million yuan, 17.5 million yuan, and 20 million yuan for 2020, 2021, and 2022 respectively, which were met in 2021[15]. - The company has recognized goodwill of 128.12 million yuan from the acquisition of Gaoshi Electric Research, which is subject to annual impairment testing[16]. - The company completed the acquisition of Guangdong Zhengqi Materials Co., Ltd. on November 9, 2021, with an acquisition cost of ¥14,280,000, obtaining a 51% stake[144]. - The company invested 14.28 million RMB in Guangdong Zhengqi New Materials Co., holding 51% of its equity post-investment[125]. - The company established a wholly-owned subsidiary in Zhuhai with a registered capital of 30 million RMB to enhance its strategic layout[125]. Operational Efficiency and Governance - The company has established a governance structure that complies with relevant laws and regulations, ensuring the independence of its board and management from controlling shareholders[195]. - The board of directors consists of 9 members, including 3 independent directors, ensuring compliance with legal and regulatory requirements[196]. - The company has implemented effective measures to safeguard the rights of its shareholders and ensure transparent communication with stakeholders[200]. - The company’s management structure was optimized, enhancing governance and internal control systems to improve operational efficiency[129]. - The company is committed to strengthening its internal control systems and decision-making processes to enhance governance and operational efficiency[187]. Financial Risks and Challenges - The company reported significant risks related to raw material price fluctuations, particularly for resins and photoinitiators, which could impact production stability and profitability[9]. - The company faces risks of declining gross margins due to intensified market competition and the need to enhance technical capabilities and brand influence[13]. - Accounts receivable increased from 196.32 million yuan in 2019 to 333.41 million yuan in 2021, reflecting the company's expanding business scale and potential risks associated with collection[14]. - The main raw materials include resins, monomers, solvents, pigments, and additives, with most sourced directly from manufacturers[85]. - The procurement of raw materials is based on production plans and inventory conditions, with the average prices for key raw materials showing significant increases, such as Raw Material One rising from 65.93 to 69.42 yuan[91]. - The company’s raw material costs increased due to rising prices, with raw materials accounting for 90.62% of the total operating costs for PCB photoresist ink[141]. Sales and Marketing - The company primarily adopts a direct sales model, establishing long-term and stable partnerships with well-known domestic PCB manufacturers[87]. - The company has established a comprehensive marketing system to better serve customers and reduce intermediaries, enhancing operational efficiency[87]. - The company has been recognized as an excellent supplier by multiple enterprises, enhancing its brand effect and customer loyalty[113]. - Total sales amount from the top five customers reached ¥161,998,990.56, accounting for 20.62% of the annual total sales[147]. - Total purchase amount from the top five suppliers was ¥177,490,101.94, representing 31.89% of the annual total purchases[147]. Future Outlook - The company aims to increase production capacity to 23,000 tons in 2022[182]. - The company plans to fully implement the ERP system across various modules to enhance operational efficiency[183]. - The company aims to strengthen its position in the high-end market as the electronic chemicals industry undergoes consolidation[178]. - The company is focused on enhancing its independent R&D capabilities, aiming to develop high-end photosensitive chemical materials to meet market demands and improve product quality[184]. - The company plans to attract high-level management and technical talent over the next three years to support its rapid development needs[185]. - The company aims to improve its strategic layout through both organic growth and acquisitions of complementary businesses to maintain its leading position in the electronic photosensitive chemical industry[186].