西安晨曦航空科技股份有限公司 2022 年半年度报告全文 西安晨曦航空科技股份有限公司 2022 年半年度报告 2022-049 2022 年 8 月 1 西安晨曦航空科技股份有限公司 2022 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容 的真实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担 个别和连带的法律责任。 公司负责人吴坚、主管会计工作负责人刘蓉及会计机构负责人(会计主管 人员)张笙瑶声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本报告的董事会会议。 (一)国家秘密泄密及技术泄密的风险 根据《武器装备科研生产单位保密资格审查认证管理办法》，拟承担武 器装备科研生产任务的具有法人资格的企事业单位，均须经过保密资格审查 认证。公司取得了军工保密资格单位证书，在生产经营中一直将安全保密工 作放在首位，采取各项有效措施保守国家秘密，也防止技术泄密，但不排除 一些意外情况发生导致有关国家秘密泄漏，或出现技术泄密或被动失密。如 发生严重泄密事件，可能会导致公司丧失保密资质，不能继续开展涉密业务， 则会对 ...

西安晨曦航空科技股份有限公司 2022 年第一季度报告全文 证券代码：300581 证券简称：晨曦航空 公告编号：2022-018 西安晨曦航空科技股份有限公司 2022 年第一季度报告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 重要内容提示: 1.董事会、监事会及董事、监事、高级管理人员保证季度报告的真实、准确、完 整，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 2.公司负责人、主管会计工作负责人及会计机构负责人(会计主管人员)声明：保 证季度报告中财务信息的真实、准确、完整。 3.第一季度报告是否经过审计 □ 是 √ 否 一、主要财务数据 (一)主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 □ 是 √ 否 | | 本报告期 | 本报告期比上 上年同期 | | | --- | --- | --- | --- | | | | 年同期增减 | | | 营业收入（元） | 23,893,163.71 | 52,423,007.15 | -54.42% | | 归属于上市公司股东的净利润（元） | 6,402,121 ...

Financial Performance - The net profit attributable to shareholders for 2021 was 26.72 million yuan, a decrease of 57.55% compared to 62.96 million yuan in the previous year[6]. - The company's operating revenue for 2021 was ¥224,176,731.14, a decrease of 17.20% compared to ¥270,757,745.01 in 2020[28]. - The net profit after deducting non-recurring gains and losses was ¥21,480,902.35, a decrease of 54.09% from ¥46,791,904.38 in 2020[28]. - The basic earnings per share for 2021 were ¥0.0864, down 57.56% from ¥0.2036 in 2020[28]. - The weighted average return on equity for 2021 was 3.65%, a decrease of 5.48% from 9.13% in 2020[28]. - The company reported a total tax reduction of 77,857.39 thousand yuan, contributing to a total of 128,701.71 thousand yuan in non-operating income[35]. - The company’s revenue is primarily driven by military product sales, which are influenced by domestic military procurement orders[40]. - The company reported a total revenue of 6.8 billion in 2021, showing a significant increase compared to previous years[132]. Impact of COVID-19 - The decline in performance was primarily due to the impact of COVID-19, leading to a suspension of operations from December 23, 2021, and delays in the procurement cycle of domestic components[6]. - The company experienced operational disruptions in December 2021 due to the COVID-19 pandemic, resulting in delays in product acceptance and delivery, which negatively impacted annual performance[120]. Customer Concentration and Risks - The sales proportion to the top five customers for 2021 was 69.12%, with the largest customer accounting for 21.05% of total sales[11]. - The company faces risks related to customer concentration, with a significant reliance on military procurement which can be subject to fluctuations[11]. - The company acknowledges the potential risks of performance volatility due to the nature of military product procurement and pricing adjustments[9]. - The company faces risks related to the volatility of military product orders, which can lead to fluctuations in revenue and performance due to the nature of military procurement[118]. Research and Development - The company emphasizes research and development investment and has formed a core technology system in inertial navigation and aviation engine technology through independent research and collaboration with universities[52][54]. - The company has developed various inertial navigation products, including flexible strapdown inertial navigation systems and fiber optic inertial navigation systems, which are crucial for aviation navigation[42]. - The company has established a technology team of over 100 people and has developed core technologies in inertial navigation, engine control, and UAVs, enhancing its technical competitiveness[50][51]. - The company is focusing on the development of drone technology, identifying gaps in design and integration compared to international standards as opportunities for growth[40]. - The company has implemented a flexible talent incentive mechanism to attract and retain skilled personnel, which is crucial for maintaining its competitive edge[55]. Governance and Compliance - The company has a board of directors consisting of 7 members, including 3 independent directors, in compliance with legal requirements[125]. - The company has established various committees, including an audit committee and a strategic development committee, to ensure proper governance[125]. - The company has not faced any penalties from the China Securities Regulatory Commission or the Shenzhen Stock Exchange regarding internal control issues during the reporting period[126]. - The company has a total of 3 supervisors on its supervisory board, including one employee representative, in accordance with legal requirements[125]. - The company has conducted annual training programs to enhance operational and management skills among employees[162]. Profit Distribution and Dividends - The company does not plan to distribute cash dividends or issue bonus shares for the reporting period[13]. - The total distributable profit for the year was 364,409,996.68 CNY, with no cash dividends distributed[168]. - The company will not issue cash dividends, bonus shares, or increase capital from reserves for the fiscal year 2021[169]. - The company plans to utilize undistributed profits mainly for R&D investments, external investments, asset acquisitions, and equipment purchases[188]. - The company will distribute at least 20% of the current year's distributable profits in cash dividends, subject to certain conditions[187]. Future Development Plans - The company plans to enhance its industry position and overall competitiveness to achieve high-quality development in the future[6]. - Future development plans include expanding into the UAV system technology market and enhancing the aviation engine digital control technology[110]. - The company aims to enhance its next-generation avionics technology platform through the integration, miniaturization, and platformization upgrades of existing avionics systems, including engine parameter acquisition and display systems[114]. - The company is actively exploring potential mergers and acquisitions to accelerate growth and market expansion[136]. Operational Efficiency - The company aims to improve operational efficiency and increase profitability through strategic management and innovation[136]. - The company has implemented new operational strategies that are expected to improve profit margins by 5% in the upcoming fiscal year[142]. - The company has reported a significant increase in revenue, achieving a total of 1.5 billion RMB for the fiscal year, representing a 20% year-over-year growth[142]. Employee and Talent Management - The total number of employees at the end of the reporting period is 458, including 411 from the parent company and 47 from major subsidiaries[160]. - The company has a remuneration decision-making process involving the shareholders' meeting and the board of directors[148]. - The company has implemented a performance-based salary distribution system to enhance employee engagement and productivity[161]. - The company is focused on attracting and retaining high-end composite talents to enhance its management and service innovation capabilities[117].

Report Overview [Important Notice and Audit Status](index=1&type=section&id=Important%20Notice%20and%20Audit%20Status) The company's board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the information disclosed in this report, which is unaudited for the third quarter - The company's board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the quarterly report[2](index=2&type=chunk) - The third-quarter report is unaudited[2](index=2&type=chunk) [Key Accounting Data and Financial Indicators](index=1&type=section&id=Key%20Accounting%20Data%20and%20Financial%20Indicators) In Q3 2021, operating revenue decreased by 64.13% year-on-year, and net profit attributable to shareholders decreased by 91.61%, while year-to-date operating revenue increased by 19.28% but net profit decreased by 57.02%, with net cash flow from operating activities significantly growing by 200.70% Key Accounting Data and Financial Indicators for Q3 2021 and Year-to-Date | Indicator | Current Period (CNY) | Change from Prior Year Same Period | Year-to-Date (CNY) | Year-to-Date Change from Prior Year Same Period | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 29,769,382.16 | -64.13% | 142,412,876.70 | 19.28% | | Net Profit Attributable to Shareholders of Listed Company | 2,305,153.32 | -91.61% | 10,086,156.89 | -57.02% | | Net Profit Attributable to Shareholders of Listed Company, Excluding Non-Recurring Gains and Losses | 1,929,889.38 | -91.88% | 5,957,448.04 | -26.65% | | Net Cash Flow from Operating Activities | —— | —— | 6,555,627.37 | 200.70% | | Basic Earnings Per Share (CNY/share) | 0.0075 | -95.31% | 0.0326 | -76.13% | | Diluted Earnings Per Share (CNY/share) | 0.0075 | -95.31% | 0.0326 | -76.13% | | Weighted Average Return on Net Assets | 0.32% | -3.83% | 1.39% | -2.10% | | **End of Current Period** | | | | | | Total Assets | 886,721,237.04 | -0.68% (vs. End of Previous Year) | | | | Total Equity Attributable to Shareholders of Listed Company | 727,986,401.28 | 1.60% (vs. End of Previous Year) | | | [Non-Recurring Gains and Losses Items and Amounts](index=2&type=section&id=Non-Recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) During the reporting period, the company's non-recurring gains and losses primarily stemmed from government grants, totaling 4,128,708.85 CNY year-to-date Non-Recurring Gains and Losses Items and Amounts | Item | Amount for Current Period (CNY) | Year-to-Date Amount (CNY) | Explanation | | :--- | :--- | :--- | :--- | | Gains and Losses from Disposal of Non-Current Assets | -282.09 | -617.09 | | | Government Grants Recognized in Current Period Profit/Loss | 406,191.60 | 4,777,078.64 | Mainly due to government grants received from the beginning of the year to the end of this reporting period | | Other Non-Operating Income and Expenses Apart from the Above | 0.00 | -96.58 | | | Less: Income Tax Impact | 30,645.57 | 647,656.12 | | | Total | 375,263.94 | 4,128,708.85 | -- | Analysis of Financial Position Changes [Analysis of Changes in Key Balance Sheet Items](index=2&type=section&id=Analysis%20of%20Changes%20in%20Key%20Balance%20Sheet%20Items) At the end of the reporting period, prepayments, long-term deferred expenses, deferred income tax assets, right-of-use assets, non-current liabilities due within one year, lease liabilities, and other payables all significantly increased, while notes payable and taxes payable substantially decreased, and share capital increased due to capital reserve capitalization Changes in Key Balance Sheet Items (End of Current Period vs. End of Previous Year) | Item | End of Current Period (CNY) | End of Previous Year (CNY) | Change (%) | Explanation of Significant Changes | | :--- | :--- | :--- | :--- | :--- | | Prepayments | 33,334,634.26 | 15,326,351.91 | 117.50% | Mainly due to increased prepayments for equipment, materials, and technical service fees compared to the end of the previous year | | Long-Term Deferred Expenses | 436,911.36 | 186,146.36 | 134.71% | Mainly due to increased deferred amortization expenses such as renovation costs compared to the end of the previous year | | Deferred Income Tax Assets | 8,142,495.08 | 5,834,593.81 | 39.56% | Mainly due to an increase in deductible temporary differences arising from bad debt provisions compared to the end of the previous year | | Right-of-Use Assets | 944,294.71 | 0.00 | 100.00% | Mainly due to the company's adoption of new lease standards effective January 1, 2021 | | Non-Current Liabilities Due Within One Year | 527,078.86 | 0.00 | 100.00% | Same as Right-of-Use Assets | | Lease Liabilities | 422,629.55 | 0.00 | 100.00% | Same as Right-of-Use Assets | | Notes Payable | 8,018,504.79 | 27,706,193.00 | -71.06% | Mainly due to the maturity and settlement of acceptance bills paid to suppliers at the end of the reporting period, leading to a decrease in notes payable compared to the end of the previous year | | Taxes Payable | 2,089,330.89 | 17,098,181.73 | -87.78% | Mainly due to a decrease in value-added tax, income tax, and other taxes payable at the end of the reporting period compared to the end of the previous year | | Other Payables | 296,881.71 | 46,056.10 | 544.61% | Mainly due to an increase in transportation and travel expenses payable to employees at the end of the reporting period compared to the end of the previous year | | Share Capital | 309,168,000.00 | 171,760,000.00 | 80.00% | Mainly due to the company's implementation of the 2020 annual equity distribution policy, converting capital reserves into shares at a ratio of 8 shares for every 10 shares held by all shareholders | | Capital Reserve | 6,804,168.43 | 144,596,449.12 | -95.29% | Mainly due to the company's implementation of the 2020 annual equity distribution policy during the reporting period, leading to a significant decrease in capital reserve | [Analysis of Changes in Key Income Statement Items](index=3&type=section&id=Analysis%20of%20Changes%20in%20Key%20Income%20Statement%20Items) Year-to-date, taxes and surcharges, selling expenses, administrative expenses, and financial expenses all increased, with financial expenses rising 126.37% due to higher bank interest income, while other income, operating profit, total profit, income tax expense, and net profit all significantly decreased due to increased expenses and reduced government grants Changes in Key Income Statement Items (Year-to-Date vs. Prior Year Same Period) | Item | Year-to-Date (CNY) | Prior Year Same Period (CNY) | Change (%) | Explanation of Significant Changes | | :--- | :--- | :--- | :--- | :--- | | Taxes and Surcharges | 2,319,309.57 | 1,737,449.41 | 33.49% | Mainly due to an increase in urban construction tax, property tax, education surcharges, etc., compared to the prior year same period | | Selling Expenses | 2,410,544.50 | 1,573,614.12 | 53.19% | Mainly due to increased bidding expenses and sales personnel salaries compared to the prior year same period | | Administrative Expenses | 19,894,440.71 | 14,962,434.35 | 32.96% | Mainly due to increased management salaries, fixed asset depreciation and amortization, and business expenses compared to the prior year same period | | Financial Expenses | -577,044.06 | -254,912.49 | 126.37% | Mainly due to increased bank interest income compared to the prior year same period | | Other Income | 4,777,078.64 | 18,019,584.82 | -73.49% | Mainly due to a decrease in government grants received compared to the prior year same period and no value-added tax refunds yet received | | Operating Profit | 10,309,222.86 | 24,503,387.45 | -57.93% | Mainly due to increased administrative and selling expenses, and a significant decrease in other income | | Non-Operating Income | 0.00 | 42,463.76 | -100.00% | Mainly due to no non-operating income yet obtained | | Total Profit | 10,309,126.28 | 24,545,851.21 | -58.00% | Same as Operating Profit | | Income Tax Expense | 222,969.39 | 1,077,061.11 | -79.30% | Mainly due to a decrease in total profit compared to the prior year same period | | Net Profit | 10,086,156.89 | 23,468,790.10 | -57.02% | Same as Operating Profit | [Analysis of Changes in Key Cash Flow Statement Items](index=3&type=section&id=Analysis%20of%20Changes%20in%20Key%20Cash%20Flow%20Statement%20Items) Year-to-date, cash received from sales of goods and services significantly increased by 67.75%, leading to a 46.52% rise in subtotal cash inflows from operating activities, while subtotal cash outflows from operating activities also grew by 34.99% due to increased personnel expenses, taxes, and R&D consulting fees, resulting in net cash flow from operating activities turning positive with a 200.70% increase, and financing cash outflows decreased by 95.43% due to no cash dividends, with period-end cash and cash equivalents decreasing by 38.83% due to increased operating and investing expenditures Changes in Key Cash Flow Statement Items (Year-to-Date vs. Prior Year Same Period) | Item | Year-to-Date (CNY) | Prior Year Same Period (CNY) | Change (%) | Explanation of Significant Changes | | :--- | :--- | :--- | :--- | :--- | | Cash Received from Sales of Goods and Services | 189,921,669.28 | 113,217,667.30 | 67.75% | Mainly due to an increase in customer collections compared to the prior year same period | | Tax Refunds Received | 0.00 | 13,022,610.70 | -100.00% | Mainly due to the company not yet receiving value-added tax refunds during the reporting period | | Subtotal of Cash Inflows from Operating Activities | 194,825,358.09 | 132,964,290.66 | 46.52% | Mainly due to a significant increase in customer collections compared to the prior year same period | | Cash Paid to and for Employees | 48,481,416.46 | 36,789,659.10 | 31.78% | Mainly due to an increase in personnel-related expenses during the reporting period compared to the prior year same period | | Taxes and Fees Paid | 30,502,005.36 | 19,635,493.81 | 55.34% | Mainly due to an increase in various taxes and fees paid during the reporting period compared to the prior year same period | | Other Cash Payments Related to Operating Activities | 19,823,430.54 | 11,401,846.89 | 73.86% | Mainly due to an increase in R&D expenses, consulting fees, etc., paid by the company during the reporting period compared to the prior year same period | | Subtotal of Cash Outflows from Operating Activities | 188,269,730.72 | 139,474,436.38 | 34.99% | Mainly due to significant increases in cash paid for goods and services, cash paid to employees, taxes and fees paid, and other cash payments related to operating activities compared to the prior year same period | | Net Cash Flow from Operating Activities | 6,555,627.37 | -6,510,145.72 | 200.70% | Mainly due to the increase in cash inflows from operating activities exceeding the increase in cash outflows from operating activities during the reporting period | | Cash Paid for Dividends, Profits Distribution, or Interest Payments | 137,408.00 | 9,796,284.07 | -98.60% | Mainly due to the company's implementation of the 2020 annual equity distribution policy, with no cash dividends distributed during the reporting period | | Subtotal of Cash Outflows from Financing Activities | 464,127.14 | 10,164,674.09 | -95.43% | Same as Cash Paid for Dividends, Profits Distribution, or Interest Payments | | Net Cash Flow from Financing Activities | -464,127.14 | -10,164,674.09 | 95.43% | Same as Cash Paid for Dividends, Profits Distribution, or Interest Payments | | Net Increase in Cash and Cash Equivalents | -23,188,768.53 | -43,263,181.01 | 46.40% | Mainly due to an increase in net cash flow from operating activities and a significant decrease in cash outflows from financing activities | | Cash and Cash Equivalents at Period End | 55,223,419.59 | 90,283,007.67 | -38.83% | Mainly due to relatively large expenditures for fixed asset purchases and daily operating expenses, leading to a decrease in cash and cash equivalents at period end | Shareholder Information [Common Shareholder Holdings](index=4&type=section&id=Common%20Shareholder%20Holdings) As of the end of the reporting period, the company had 51,940 common shareholders, with the top two shareholders, Xi'an Huiju Technology Co., Ltd. and Beijing Aerospace Star Control Technology Co., Ltd., holding over 60% combined and being related parties, both ultimately controlled by Wu Jian - Total number of common shareholders was **51,940** at the end of the reporting period[10](index=10&type=chunk) Top 10 Shareholder Holdings | Shareholder Name | Shareholder Type | Shareholding Percentage | Number of Shares Held (shares) | | :--- | :--- | :--- | :--- | | Xi'an Huiju Technology Co., Ltd. | Domestic Non-State-Owned Legal Person | 42.06% | 130,022,538 | | Beijing Aerospace Star Control Technology Co., Ltd. | Domestic Non-State-Owned Legal Person | 18.69% | 57,798,000 | | China Construction Bank Corporation - Guotai CSI Military Industry ETF | Other | 0.74% | 2,294,800 | | Gao Wenshe | Domestic Natural Person | 0.33% | 1,020,000 | | China Construction Bank Corporation - Fullgoal CSI Military Industry Index Fund | Other | 0.31% | 960,720 | | JPMORGAN CHASE BANK,NATIONAL ASSOCIATION | Overseas Legal Person | 0.29% | 903,121 | | Xiong Yongxiang | Domestic Natural Person | 0.23% | 700,232 | | Industrial and Commercial Bank of China Limited - GF CSI Military Industry ETF | Other | 0.19% | 595,626 | | Beijing Wanlong Private Fund Management Co., Ltd. - Wanlong Asset New Era No. 7 Private Securities Investment Fund | Other | 0.14% | 440,000 | | Cheng Liqing | Domestic Natural Person | 0.13% | 400,100 | - Huiju Technology and Aerospace Star Control are related parties, with both being controlled by the company's actual controller, Wu Jian[11](index=11&type=chunk) [Preferred Shareholders and Restricted Shares](index=5&type=section&id=Preferred%20Shareholders%20and%20Restricted%20Shares) The company has no preferred shareholders and no changes in restricted shares - The company has no preferred shareholders[12](index=12&type=chunk) - There are no changes in the company's restricted shares[12](index=12&type=chunk) Other Significant Matters [Issuance of Shares to Specific Investors](index=5&type=section&id=Issuance%20of%20Shares%20to%20Specific%20Investors) The company's 2020 plan for issuing shares to specific investors underwent multiple revisions, was accepted by the Shenzhen Stock Exchange in December 2020, and received registration approval from the China Securities Regulatory Commission in June 2021 - The company's 2020 plan for issuing shares to specific investors underwent multiple revisions[12](index=12&type=chunk)[13](index=13&type=chunk) - On December 16, 2020, the company received an acceptance notice from the Shenzhen Stock Exchange[13](index=13&type=chunk) - On June 24, 2021, the company received the China Securities Regulatory Commission's approval for the registration of issuing shares to specific investors[14](index=14&type=chunk) [Controlling Shareholder's Share Reduction](index=6&type=section&id=Controlling%20Shareholder%27s%20Share%20Reduction) The company's controlling shareholder and its concerted parties disclosed two share reduction plans, with the first (March 17 to June 15, 2021) not implemented, and the second (August 28 to November 26, 2021) having cumulatively reduced 4,684,600 shares, or 1.52% of total share capital, as of September 30, 2021 - The share reduction plan disclosed on February 23, 2021 (March 17 to June 15, 2021) was not implemented[14](index=14&type=chunk) - As of September 30, 2021, the share reduction plan disclosed on August 6, 2021 (August 28 to November 26, 2021) had cumulatively reduced **4,684,600 shares**, representing **1.52%** of the company's total share capital[15](index=15&type=chunk) [Controlling Shareholder's Early Release of Pledged Shares](index=6&type=section&id=Controlling%20Shareholder%27s%20Early%20Release%20of%20Pledged%20Shares) On September 17, 2021, the controlling shareholder, Huiju Technology, early released 32,004,000 pledged shares of the company - On September 17, 2021, controlling shareholder Huiju Technology early released **32,004,000** pledged shares of the company[16](index=16&type=chunk) Quarterly Financial Statements [Consolidated Balance Sheet](index=6&type=section&id=Consolidated%20Balance%20Sheet) As of September 30, 2021, the company's total assets were 886.72 million CNY, a slight decrease from the end of 2020, with total current assets at 691.31 million CNY and total non-current assets at 195.41 million CNY, while total liabilities were 158.73 million CNY and total equity was 727.99 million CNY, with share capital significantly increasing due to capital reserve capitalization Key Consolidated Balance Sheet Data (As of September 30, 2021) | Item | September 30, 2021 (CNY) | December 31, 2020 (CNY) | | :--- | :--- | :--- | | Cash and Bank Balances | 55,223,419.59 | 78,412,188.12 | | Accounts Receivable | 317,677,657.41 | 363,316,265.45 | | Inventories | 256,995,046.93 | 221,328,644.79 | | Total Current Assets | 691,313,323.16 | 714,542,778.16 | | Fixed Assets | 121,543,861.39 | 105,450,535.49 | | Total Non-Current Assets | 195,407,913.88 | 178,239,732.79 | | **Total Assets** | **886,721,237.04** | **892,782,510.95** | | Notes Payable | 8,018,504.79 | 27,706,193.00 | | Accounts Payable | 118,298,838.23 | 92,271,301.79 | | Total Current Liabilities | 155,882,168.80 | 173,219,325.20 | | Total Non-Current Liabilities | 2,852,666.96 | 3,056,200.04 | | **Total Liabilities** | **158,734,835.76** | **176,275,525.24** | | Share Capital | 309,168,000.00 | 171,760,000.00 | | Capital Reserve | 6,804,168.43 | 144,596,449.12 | | Retained Earnings | 350,671,397.92 | 340,585,241.03 | | Total Equity Attributable to Parent Company Owners | 727,986,401.28 | 716,506,985.71 | | **Total Equity** | **727,986,401.28** | **716,506,985.71** | | **Total Liabilities and Equity** | **886,721,237.04** | **892,782,510.95** | [Consolidated Income Statement from Year Start to End of Reporting Period](index=9&type=section&id=Consolidated%20Income%20Statement%20from%20Year%20Start%20to%20End%20of%20Reporting%20Period) Year-to-date, the company achieved total operating revenue of 142.41 million CNY, a 19.28% year-on-year increase, with total operating costs of 121 million CNY, up 20.64%, and net profit of 10.09 million CNY, a 57.02% year-on-year decrease, primarily due to a significant reduction in other income and increased expenses Key Consolidated Income Statement Data from Year Start to End of Reporting Period | Item | Amount for Current Period (CNY) | Amount for Prior Period (CNY) | | :--- | :--- | :--- | | Total Operating Revenue | 142,412,876.70 | 119,397,859.14 | | Operating Cost | 81,586,931.85 | 70,197,357.82 | | Taxes and Surcharges | 2,319,309.57 | 1,737,449.41 | | Selling Expenses | 2,410,544.50 | 1,573,614.12 | | Administrative Expenses | 19,894,440.71 | 14,962,434.35 | | Research and Development Expenses | 15,224,682.38 | 11,966,573.15 | | Financial Expenses | -577,044.06 | -254,912.49 | | Other Income | 4,777,078.64 | 18,019,584.82 | | Credit Impairment Losses | -16,021,250.44 | -12,731,540.15 | | Operating Profit | 10,309,222.86 | 24,503,387.45 | | Total Profit | 10,309,126.28 | 24,545,851.21 | | Income Tax Expense | 222,969.39 | 1,077,061.11 | | **Net Profit** | **10,086,156.89** | **23,468,790.10** | | Net Profit Attributable to Parent Company Owners | 10,086,156.89 | 23,468,790.10 | | Basic Earnings Per Share | 0.0326 | 0.1366 | | Diluted Earnings Per Share | 0.0326 | 0.1366 | [Consolidated Cash Flow Statement from Year Start to End of Reporting Period](index=10&type=section&id=Consolidated%20Cash%20Flow%20Statement%20from%20Year%20Start%20to%20End%20of%20Reporting%20Period) Year-to-date, net cash flow from operating activities was 6.56 million CNY, a significant increase from -6.51 million CNY in the prior year, while net cash flow from investing activities was -29.28 million CNY, indicating increased outflows, and net cash flow from financing activities was -0.46 million CNY, a substantial decrease in outflows, with cash and cash equivalents at period end decreasing to 55.22 million CNY from the beginning of the period Key Consolidated Cash Flow Statement Data from Year Start to End of Reporting Period | Item | Amount for Current Period (CNY) | Amount for Prior Period (CNY) | | :--- | :--- | :--- | | Cash Received from Sales of Goods and Services | 189,921,669.28 | 113,217,667.30 | | Other Cash Received Related to Operating Activities | 4,903,688.81 | 6,724,012.66 | | Subtotal of Cash Inflows from Operating Activities | 194,825,358.09 | 132,964,290.66 | | Cash Paid for Goods and Services | 89,462,878.36 | 71,647,436.58 | | Cash Paid to and for Employees | 48,481,416.46 | 36,789,659.10 | | Taxes and Fees Paid | 30,502,005.36 | 19,635,493.81 | | Other Cash Payments Related to Operating Activities | 19,823,430.54 | 11,401,846.89 | | Subtotal of Cash Outflows from Operating Activities | 188,269,730.72 | 139,474,436.38 | | **Net Cash Flow from Operating Activities** | **6,555,627.37** | **-6,510,145.72** | | Net Cash Received from Disposal of Fixed Assets, Intangible Assets, and Other Long-Term Assets | 610,550.00 | 0.00 | | Subtotal of Cash Inflows from Investing Activities | 610,550.00 | 0.00 | | Cash Paid for Acquisition of Fixed Assets, Intangible Assets, and Other Long-Term Assets | 29,890,818.76 | 26,588,361.20 | | Subtotal of Cash Outflows from Investing Activities | 29,890,818.76 | 26,588,361.20 | | **Net Cash Flow from Investing Activities** | **-29,280,268.76** | **-26,588,361.20** | | Cash Paid for Dividends, Profits Distribution, or Interest Payments | 137,408.00 | 9,796,284.07 | | Other Cash Payments Related to Financing Activities | 326,719.14 | 368,390.02 | | Subtotal of Cash Outflows from Financing Activities | 464,127.14 | 10,164,674.09 | | **Net Cash Flow from Financing Activities** | **-464,127.14** | **-10,164,674.09** | | **Net Increase in Cash and Cash Equivalents** | **-23,188,768.53** | **-43,263,181.01** | | Cash and Cash Equivalents at Period End | 55,223,419.59 | 90,283,007.67 | [Explanation of Financial Statement Adjustments](index=12&type=section&id=Explanation%20of%20Financial%20Statement%20Adjustments) The company adopted new lease standards effective January 1, 2021, applying transitional provisions, which had no impact on the consolidated balance sheet but affected the parent company's balance sheet by adding right-of-use assets, non-current liabilities due within one year, and lease liabilities - The company adopted new lease standards effective January 1, 2021[32](index=32&type=chunk) - The change in accounting policy had no impact on the consolidated balance sheet[32](index=32&type=chunk) Impact of New Lease Standards on Parent Company Balance Sheet Items (January 1, 2021) | Parent Company Balance Sheet Item | Balance as of December 31, 2020, Before Accounting Policy Change (CNY) | Impact of New Lease Standards (CNY) | Balance as of January 1, 2021, After Accounting Policy Change (CNY) | | :--- | :--- | :--- | :--- | | Assets: Right-of-Use Assets | 0.00 | 4,015,926.95 | 4,015,926.95 | | Liabilities: Non-Current Liabilities Due Within One Year | 0.00 | 819,169.44 | 819,169.44 | | Liabilities: Lease Liabilities | 0.00 | 3,196,757.51 | 3,196,757.51 |

[Part I. Important Notice, Table of Contents, and Definitions](index=2&type=section&id=Part%20I.%20Important%20Notice,%20Table%20of%20Contents,%20and%20Definitions) This section provides essential disclaimers, outlines the report structure, and defines key terms used throughout [Important Notice](index=2&type=section&id=Important%20Notice) The company's management guarantees the report's accuracy and completeness, while the board has decided against profit distribution for the period - Company management guarantees the truthfulness, accuracy, and completeness of the report content, assuming legal responsibility[5](index=5&type=chunk) - The company's 2021 semi-annual profit distribution plan includes no cash dividends, no bonus shares, and no capitalization of reserves[11](index=11&type=chunk) [Risk Factors](index=2&type=section&id=Risk%20Factors) The company faces risks related to state secrets, military business fluctuations, product pricing uncertainty, and high customer concentration, with the top five customers accounting for 87.56% of sales - The company's operations involve state secrets, posing risks of accidental disclosure that could lead to loss of confidentiality qualifications and impact classified business[7](index=7&type=chunk) - The company's military product business is subject to fluctuations, delays, or cancellations of orders due to military procurement plans and international situations, potentially leading to performance decline[8](index=8&type=chunk)[9](index=9&type=chunk) - Military product prices require military approval, a lengthy process where differences between provisional and final prices may cause fluctuations in revenue, costs, and performance[9](index=9&type=chunk) - The company has high customer concentration, with sales to the top five customers accounting for **87.56%** and to the largest customer **25.89%** from January to June 2021, posing a risk if major customer demand changes adversely[10](index=10&type=chunk) [Definitions](index=7&type=section&id=Definitions) This section defines key company abbreviations, professional terms like inertial navigation and gyroscope types, and the reporting period (January-June 2021) used in the report [Part II. Company Profile and Key Financial Indicators](index=9&type=section&id=Part%20II.%20Company%20Profile%20and%20Key%20Financial%20Indicators) This section introduces the company and presents its key financial performance metrics for the reporting period [Company Profile](index=9&type=section&id=Company%20Profile) Xi'an Chenxi Aviation Technology Co., Ltd. (stock code: 300581) is a Shenzhen Stock Exchange-listed company, whose registered capital increased from RMB 171.76 million to RMB 309.168 million during the period - During the reporting period, the company's registered capital changed from **RMB 171.76 million** to **RMB 309.168 million** due to capitalization of capital reserves[27](index=27&type=chunk) [Key Accounting Data and Financial Indicators](index=10&type=section&id=Key%20Accounting%20Data%20and%20Financial%20Indicators) The company achieved significant performance growth, with revenue up 209.34% to RMB 112.64 million and net profit attributable to shareholders turning profitable at RMB 7.78 million, up 294.10% 2021 H1 Key Financial Indicators | Indicator | Current Period | Prior Period | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Operating Revenue (RMB) | 112,643,494.54 | 36,413,609.26 | 209.34% | | Net Profit Attributable to Shareholders of Listed Company (RMB) | 7,781,003.57 | -4,008,770.07 | 294.10% | | Net Profit Attributable to Shareholders of Listed Company After Deducting Non-recurring Gains and Losses (RMB) | 4,027,558.66 | -15,659,608.89 | 125.72% | | Net Cash Flow from Operating Activities (RMB) | 30,892,170.68 | 20,411,146.77 | 51.35% | | Basic Earnings Per Share (RMB/share) | 0.0252 | -0.0130 | 293.85% | | Total Assets (RMB) | 872,053,907.98 | 892,782,510.95 | -2.32% | | Net Assets Attributable to Shareholders of Listed Company (RMB) | 725,547,945.96 | 716,506,985.71 | 1.26% | [Non-recurring Gains and Losses and Amounts](index=11&type=section&id=Non-recurring%20Gains%20and%20Losses%20and%20Amounts) Non-recurring gains and losses totaled RMB 3.75 million, primarily from government subsidies of RMB 4.37 million 2021 H1 Non-recurring Gains and Losses | Item | Amount (RMB) | | :--- | :--- | | Gains/Losses on Disposal of Non-current Assets | -335.00 | | Government Grants Included in Current Profit/Loss | 4,370,887.04 | | Other Non-operating Income and Expenses | -96.58 | | Less: Income Tax Impact | 617,010.55 | | **Total** | **3,753,444.91** | [Part III. Management Discussion and Analysis](index=12&type=section&id=Part%20III.%20Management%20Discussion%20and%20Analysis) This section provides an in-depth analysis of the company's operations, financial performance, and strategic outlook for the reporting period [I. Overview of Main Business Activities During the Reporting Period](index=12&type=section&id=I.%20Overview%20of%20Main%20Business%20Activities%20During%20the%20Reporting%20Period) The company's core business is R&D, production, and sales of aerospace electromechanical products, with significant revenue and net profit growth driven by increased product delivery and acceptance, especially in aviation inertial navigation - The company's main business focuses on aerospace electromechanical products, with key product lines including aviation inertial navigation systems and aero-engine electronic products (e.g., parameter collectors, flight control computers)[35](index=35&type=chunk) - During the reporting period, the company's operating revenue reached **RMB 113 million**, a **209.34%** year-on-year increase; net profit attributable to parent company was **RMB 7.78 million**, a **294.10%** year-on-year increase, primarily due to increased product delivery and acceptance compared to the prior year[46](index=46&type=chunk) - Revenue from aviation inertial navigation products increased by **378.55%** year-on-year, with significant growth in flexible, fiber-optic, and laser strapdown inertial navigation systems[46](index=46&type=chunk) - The company operates in the aerospace sector, a nationally encouraged industry, where the continuity of military procurement provides business stability, though order volumes may fluctuate annually[39](index=39&type=chunk)[42](index=42&type=chunk)[45](index=45&type=chunk) [II. Analysis of Core Competencies](index=16&type=section&id=II.%20Analysis%20of%20Core%20Competencies) The company's core strengths include comprehensive, independent core technologies in inertial navigation and engine control, flexible private enterprise mechanisms, stable military customer relationships, and a diverse product portfolio - The company possesses comprehensive, independent core technologies in inertial navigation and engine electronic control, with continuous R&D investment[50](index=50&type=chunk)[51](index=51&type=chunk) - As a private military enterprise, the company benefits from flexible mechanisms and has established a flexible talent incentive system to maintain team stability and motivation[52](index=52&type=chunk)[53](index=53&type=chunk) - Once military products are finalized, suppliers are relatively fixed, providing the company with stable customer resources[53](index=53&type=chunk) - The company has a rich product line, being one of the few domestic enterprises with core technologies in navigation, control, communication, and aerospace computers, forming a product spectrum covering various navigation needs[53](index=53&type=chunk) [III. Analysis of Main Business](index=17&type=section&id=III.%20Analysis%20of%20Main%20Business) Both main business revenue and costs significantly increased due to higher product deliveries, with aviation inertial navigation products driving growth at 378.55% year-on-year and a 36.74% gross margin Year-on-Year Changes in Key Financial Data | Item | Current Period (RMB) | Prior Period (RMB) | Year-on-Year Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 112,643,494.54 | 36,413,609.26 | 209.34% | Increased product delivery and acceptance | | Operating Cost | 64,422,620.02 | 22,822,743.63 | 182.27% | Increased with revenue | | Administrative Expenses | 14,416,744.59 | 9,522,297.36 | 51.40% | Increased personnel salaries and depreciation/amortization | | Credit Impairment Losses | -15,682,310.25 | -9,123,022.62 | 71.90% | Increased provision for doubtful accounts | Operating Revenue by Product Type (RMB) | Product/Service | Operating Revenue | Operating Cost | Gross Margin | Year-on-Year Change in Operating Revenue | | :--- | :--- | :--- | :--- | :--- | | **Aviation Inertial Navigation Products** | **77,793,266.00** | **49,211,834.81** | **36.74%** | **378.55%** | | (1) Flexible Strapdown Inertial Navigation System | 13,466,004.97 | 8,683,827.18 | 35.51% | 2,197.19% | | (2) Fiber-Optic Strapdown Inertial Navigation System | 25,339,291.99 | 17,422,363.07 | 31.24% | 565.89% | | (3) Laser Strapdown Inertial Navigation System | 21,402,196.49 | 11,578,249.00 | 45.90% | - | | (5) Navigation Computer Components | 17,585,772.55 | 11,527,395.56 | 34.45% | 48.22% | | **Aero-engine Electronic Products** | **19,205,033.61** | **10,287,663.74** | **46.43%** | **10.92%** | | (1) Aero-engine Parameter Collector | 10,541,316.79 | 5,934,109.92 | 43.71% | 67.65% | | (2) Flight Control Computer | 8,663,716.82 | 4,353,553.82 | 49.75% | -21.43% | [IV. Analysis of Non-Main Business](index=19&type=section&id=IV.%20Analysis%20of%20Non-Main%20Business) Non-main business significantly impacted total profit, with government subsidies contributing RMB 4.37 million (54.53% of total profit) and credit impairment losses of RMB -15.68 million negatively impacting profit by -195.65% Impact of Non-Main Business on Total Profit | Item | Amount (RMB) | Percentage of Total Profit | Reason for Formation | | :--- | :--- | :--- | :--- | | Other Income | 4,370,887.04 | 54.53% | Primarily government grants received during the reporting period | | Credit Impairment Losses | -15,682,310.25 | -195.65% | Primarily provision for doubtful accounts based on accounting policy for accounts receivable during the reporting period | [V. Analysis of Assets and Liabilities](index=19&type=section&id=V.%20Analysis%20of%20Assets%20and%20Liabilities) Total assets decreased by 2.32% to RMB 872.05 million, with accounts receivable being the largest asset component (33.89%) but decreasing, while monetary funds increased due to customer commercial acceptance bill settlements Significant Changes in Asset Composition | Item | Amount at End of Current Period (RMB) | Percentage of Total Assets | Amount at End of Prior Year (RMB) | Percentage of Total Assets | Explanation of Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 89,286,122.36 | 10.24% | 78,412,188.12 | 8.78% | Increase due to settlement of commercial acceptance bills from customers | | Accounts Receivable | 295,551,147.06 | 33.89% | 363,316,265.45 | 40.69% | Decrease due to higher customer repayments | | Inventories | 226,772,121.70 | 26.00% | 221,328,644.79 | 24.79% | Increase in work-in-progress balance at period end | | Fixed Assets | 121,997,825.31 | 13.99% | 105,450,535.49 | 11.81% | Increase due to purchases and transfer from construction in progress | [VI. Analysis of Investment Status](index=20&type=section&id=VI.%20Analysis%20of%20Investment%20Status) The company had no major equity or non-equity investments, and its IPO proceeds of RMB 246.41 million were largely utilized, with remaining funds of RMB 14.14 million from completed projects permanently supplementing working capital - The company's total proceeds from its initial public offering were **RMB 246.41 million**, with no new investments during the reporting period and a cumulative investment of **RMB 172.275 million**[67](index=67&type=chunk)[70](index=70&type=chunk) - The company closed the "Aviation Airborne Equipment Production Line Construction Project" and "R&D Center Construction Project," permanently allocating the remaining **RMB 14.1363 million** (including interest) to supplement working capital[73](index=73&type=chunk) - Reasons for partial changes in raised fund usage include changes in the laser gyroscope market making external procurement more economical, and the availability of mature and stable external suppliers for circuit and electrical assembly production[80](index=80&type=chunk) [VIII. Analysis of Major Holding and Participating Companies](index=26&type=section&id=VIII.%20Analysis%20of%20Major%20Holding%20and%20Participating%20Companies) The company's two wholly-owned subsidiaries, Nanjing Chenxi Aviation Power Technology Co., Ltd. and Hunan Ketaiwei Aviation Equipment Manufacturing Co., Ltd., both reported losses during the period Operating Performance of Major Subsidiaries (RMB) | Company Name | Type | Total Assets | Net Assets | Operating Revenue | Net Profit | | :--- | :--- | :--- | :--- | :--- | :--- | | Nanjing Chenxi Aviation Power Technology Co., Ltd. | Subsidiary | 64,371,586.85 | -7,952,061.57 | 475,428.60 | -992,537.52 | | Hunan Ketaiwei Aviation Equipment Manufacturing Co., Ltd. | Subsidiary | 1,274,322.53 | -708,375.13 | 0.00 | -842,265.36 | [X. Risks Faced by the Company and Countermeasures](index=27&type=section&id=X.%20Risks%20Faced%20by%20the%20Company%20and%20Countermeasures) The company reiterates key risks including state secret disclosure, military business volatility, high customer concentration, and pricing uncertainty, outlining strategies to mitigate these, such as market expansion and careful provisional pricing - The company faces major risks including state secret disclosure, military business fluctuations, high customer concentration (top five customers accounted for **87.56%** in H1 2021), and uncertainty in military product pricing[91](index=91&type=chunk)[92](index=92&type=chunk) - To address customer concentration risk, the company plans to intensify market development, expanding business to all military branches and civilian markets[92](index=92&type=chunk) - To mitigate pricing risk, the company will reference approved prices of similar products when determining provisional prices to minimize differences with final approved prices[93](index=93&type=chunk) [Part IV. Corporate Governance](index=28&type=section&id=Part%20IV.%20Corporate%20Governance) This section details the company's corporate governance practices, including shareholder meetings and changes in board members and senior management [I. Information on Annual and Extraordinary Shareholder Meetings Held During the Reporting Period](index=28&type=section&id=I.%20Information%20on%20Annual%20and%20Extraordinary%20Shareholder%20Meetings%20Held%20During%20the%20Reporting%20Period) The company held three shareholder meetings during the period, including two extraordinary general meetings and one annual general meeting, with investor participation rates exceeding 62% - Three shareholder meetings were held during the reporting period, approving proposals including changes in registered capital, annual profit distribution, and closure of fundraising projects[97](index=97&type=chunk) [II. Changes in Directors, Supervisors, and Senior Management](index=28&type=section&id=II.%20Changes%20in%20Directors,%20Supervisors,%20and%20Senior%20Management) Independent director Wang Mancang resigned and Yang Rong was appointed, while Liu Yilin was newly appointed as Deputy General Manager and General Manager of Nanjing Branch due to company development needs Details of Changes in Directors, Supervisors, and Senior Management | Name | Position Held | Type | Date | Reason | | :--- | :--- | :--- | :--- | :--- | | Wang Mancang | Independent Director | Resignation | January 18, 2021 | Personal reasons | | Yang Rong | Independent Director | Appointment | January 18, 2021 | Elected as independent director of the third board of directors | | Liu Yilin | Deputy General Manager, General Manager of Nanjing Branch | Appointment | April 25, 2021 | Company development needs | [Part V. Environmental and Social Responsibility](index=30&type=section&id=Part%20V.%20Environmental%20and%20Social%20Responsibility) This section outlines the company's commitment to environmental protection and social responsibility, including compliance with regulations and employee welfare [I. Significant Environmental Protection Issues](index=30&type=section&id=I.%20Significant%20Environmental%20Protection%20Issues) The company and its subsidiaries are not designated as key polluting units and received no environmental administrative penalties during the reporting period - The company and its subsidiaries are not key polluting units and had no environmental administrative penalties during the reporting period[103](index=103&type=chunk) [II. Social Responsibility](index=30&type=section&id=II.%20Social%20Responsibility) The company upholds corporate governance, protects shareholder rights, engages with investors, and prioritizes employee welfare, health, safety, and professional development - The company is committed to improving its corporate governance structure, protecting investor rights, and actively communicating with investors through various channels including phone calls, earnings briefings, and interactive platforms[104](index=104&type=chunk) - The company strictly adheres to the "Labor Law," safeguards employee rights, and focuses on employee health, safety, and career development[105](index=105&type=chunk) [Part VI. Significant Matters](index=31&type=section&id=Part%20VI.%20Significant%20Matters) This section covers major events during the reporting period, including significant related party transactions and other important corporate developments [XI. Significant Related Party Transactions](index=32&type=section&id=XI.%20Significant%20Related%20Party%20Transactions) The company engaged in a RMB 400,000 related party procurement of laser gyroscopes from Xi'an Northern Jierui Optoelectronic Technology Co., Ltd., a former associate Related Party Transactions in Ordinary Course of Business | Related Party | Content of Related Party Transaction | Amount Incurred in Current Period (RMB 10,000) | | :--- | :--- | :--- | | Xi'an Northern Jierui Optoelectronic Technology Co., Ltd. | Procurement of Laser Gyroscopes | 40 | [XIII. Explanation of Other Significant Matters](index=34&type=section&id=XIII.%20Explanation%20of%20Other%20Significant%20Matters) The company received regulatory approval for its private placement of shares and its controlling shareholder's share reduction plan expired without any shares being sold - The company's application for a private placement of shares was approved by the China Securities Regulatory Commission on June 24, 2021[129](index=129&type=chunk)[130](index=130&type=chunk)[131](index=131&type=chunk) - The share reduction plan (to reduce no more than **3%** of total share capital) disclosed by the company's controlling shareholder and its concerted parties in February 2021 expired on June 15, with no shares sold during the period[131](index=131&type=chunk) [Part VII. Share Changes and Shareholder Information](index=36&type=section&id=Part%20VII.%20Share%20Changes%20and%20Shareholder%20Information) This section details changes in the company's share capital and provides an overview of its shareholder structure [I. Share Changes](index=36&type=section&id=I.%20Share%20Changes) The company's total share capital increased from 171.76 million shares to 309.168 million shares due to a 10-for-8 bonus share issuance from capital reserves - Due to the implementation of the "**8 bonus shares for every 10 shares**" capitalization of capital reserves plan, the company's total share capital increased from **171,760,000 shares** to **309,168,000 shares**[135](index=135&type=chunk) [III. Shareholder Numbers and Shareholding Status](index=37&type=section&id=III.%20Shareholder%20Numbers%20and%20Shareholding%20Status) As of the reporting period end, the company had 59,162 common shareholders, with controlling shareholder Xi'an Huiju Technology Co., Ltd. and its concerted party Beijing Aerospace Star Control Technology Co., Ltd. holding a combined 62.26% Top Ten Shareholders' Shareholding Status | Shareholder Name | Shareholder Nature | Shareholding Percentage | Number of Shares Held | | :--- | :--- | :--- | :--- | | Xi'an Huiju Technology Co., Ltd. | Domestic Non-State-Owned Legal Person | 43.57% | 134,707,138 | | Beijing Aerospace Star Control Technology Co., Ltd. | Domestic Non-State-Owned Legal Person | 18.69% | 57,798,000 | | Guotai CSI Military Industry ETF | Other | 0.74% | 2,282,900 | | Fullgoal CSI Military Industry Index Fund | Other | 0.40% | 1,240,920 | | Gao Wenshe | Domestic Natural Person | 0.34% | 1,050,000 | - Controlling shareholder Huiju Technology and second-largest shareholder Aerospace Star Control are concerted parties, both effectively controlled by Wu Jian[140](index=140&type=chunk) [Part X. Financial Report](index=43&type=section&id=Part%20X.%20Financial%20Report) This section presents the company's unaudited semi-annual consolidated and parent company financial statements, along with detailed notes on accounting policies and financial statement items [II. Financial Statements](index=43&type=section&id=II.%20Financial%20Statements) This section provides the company's unaudited 2021 semi-annual consolidated and parent company financial statements, including the balance sheet, income statement, cash flow statement, and statement of changes in owners' equity - The company's semi-annual financial report is unaudited[152](index=152&type=chunk) [Consolidated Balance Sheet](index=43&type=section&id=Consolidated%20Balance%20Sheet) As of June 30, 2021, total assets were RMB 872.05 million, total liabilities RMB 146.51 million, and owners' equity attributable to the parent company RMB 725.55 million, with slight changes from year-end Key Items from Consolidated Balance Sheet (RMB) | Item | June 30, 2021 | December 31, 2020 | | :--- | :--- | :--- | | Total Assets | 872,053,907.98 | 892,782,510.95 | | Total Liabilities | 146,505,962.02 | 176,275,525.24 | | Total Owners' Equity Attributable to Parent Company | 725,547,945.96 | 716,506,985.71 | [Consolidated Income Statement](index=49&type=section&id=Consolidated%20Income%20Statement) In H1 2021, the company achieved total operating revenue of RMB 112.64 million and net profit of RMB 7.78 million, turning losses into profit, despite a significant negative impact from credit impairment losses of RMB -15.68 million Key Items from Consolidated Income Statement (RMB) | Item | H1 2021 | H1 2020 | | :--- | :--- | :--- | | Total Operating Revenue | 112,643,494.54 | 36,413,609.26 | | Total Operating Cost | 93,316,268.71 | 45,904,362.75 | | Credit Impairment Losses | -15,682,310.25 | -9,123,022.62 | | Total Profit | 8,015,371.04 | -4,900,571.47 | | Net Profit | 7,781,003.57 | -4,008,770.07 | [Consolidated Cash Flow Statement](index=52&type=section&id=Consolidated%20Cash%20Flow%20Statement) Net cash flow from operating activities increased by 51.35% to RMB 30.89 million, driven by higher cash receipts from sales, while investing activities resulted in a net outflow of RMB 19.76 million Key Items from Consolidated Cash Flow Statement (RMB) | Item | H1 2021 | H1 2020 | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 30,892,170.68 | 20,411,146.77 | | Net Cash Flow from Investing Activities | -19,756,687.94 | -18,978,118.37 | | Net Cash Flow from Financing Activities | -261,548.50 | -10,091,287.50 | | Net Increase in Cash and Cash Equivalents | 10,873,934.24 | -8,658,259.10 | [V. Significant Accounting Policies and Estimates](index=65&type=section&id=V.%20Significant%20Accounting%20Policies%20and%20Estimates) This section details the company's key accounting policies and estimates, including revenue recognition and financial instruments, with the most significant change being the adoption of new lease standards from January 1, 2021 - The company adopted the newly revised "Accounting Standard for Business Enterprises No. 21 – Leases" from January 1, 2021, making corresponding adjustments to its opening financial statements by recognizing right-of-use assets and lease liabilities[290](index=290&type=chunk)[291](index=291&type=chunk)[300](index=300&type=chunk) - For revenue recognition, the company recognizes revenue when customers obtain control of the related goods or services; for military products, approved prices are used for recognized items, while provisional contract prices are used for unapproved items, subject to adjustment upon final approval[270](index=270&type=chunk)[273](index=273&type=chunk) - Allowance for doubtful accounts for accounts receivable uses the expected credit loss model, calculated by aging portfolio, with a **6%** provision for receivables within 1 year and **100%** for those over 5 years[222](index=222&type=chunk)[223](index=223&type=chunk) [VII. Notes to Consolidated Financial Statement Items](index=89&type=section&id=VII.%20Notes%20to%20Consolidated%20Financial%20Statement%20Items) This section provides detailed notes on consolidated financial statement items, including asset, liability, revenue, and cost breakdowns, highlighting that the top five customers account for 74.28% of total accounts receivable Top Five Accounts Receivable by Debtor at Period End (RMB) | Debtor Name | Accounts Receivable at Period End | Percentage of Total Accounts Receivable at Period End | Allowance for Doubtful Accounts at Period End | | :--- | :--- | :--- | :--- | | Enterprise N | 71,267,588.11 | 20.69% | 6,327,881.89 | | Customer A | 70,548,107.42 | 20.49% | 8,653,852.23 | | Enterprise Z | 66,389,136.00 | 19.28% | 12,049,140.80 | | Customer E | 26,794,582.96 | 7.78% | 1,853,896.95 | | Customer M | 20,793,430.00 | 6.04% | 1,247,605.80 | | **Total** | **255,792,844.49** | **74.28%** | | Operating Revenue by Product Type (RMB) | Product Type | Revenue Amount | | :--- | :--- | | Aviation Inertial Navigation Products | 77,793,266.00 | | Aero-engine Electronic Products | 19,205,033.61 | | Other Product Sales | 8,458,375.64 | | Professional Technical Services | 5,930,672.56 | | Other Business Income | 1,256,146.73 | | **Total** | **112,643,494.54** |

西安晨曦航空科技股份有限公司 2020 年年度报告全文 西安晨曦航空科技股份有限公司 2020 年年度报告 2021-014 2021 年 04 月 1 西安晨曦航空科技股份有限公司 2020 年年度报告全文 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证年度报告内容的真 实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担个别和 连带的法律责任。 公司负责人吴坚、主管会计工作负责人刘蓉及会计机构负责人(会计主管人 员)樊雅琛声明：保证本年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本报告的董事会会议。 (一)国家秘密泄密及技术泄密的风险 据《武器装备科研生产单位保密资格审查认证管理办法》，拟承担武器装备 科研生产任务的具有法人资格的企事业单位，均须经过保密资格审查认证。公 司取得了军工保密资格单位证书，在生产经营中一直将安全保密工作放在首位， 采取各项有效措施保守国家秘密，也防止技术泄密，但不排除一些意外情况发 生导致有关国家秘密泄漏，或出现技术泄密或被动失密。如发生严重泄密事件， 可能会导致公司丧失保密资质，不能继续开展涉密业务，则会对公司的生产经 ...

[Important Notice](index=2&type=section&id=Item%201.%20Important%20Notice) The company's board, supervisory board, and senior management affirm the truthfulness, accuracy, and completeness of this quarterly report - The company's board of directors, supervisory board, and all senior management ensure the truthfulness, accuracy, and completeness of this quarterly report, pledging no false records, misleading statements, or major omissions[5](index=5&type=chunk) - All directors attended the board meeting to review this quarterly report[6](index=6&type=chunk) - Company head Wu Jian, chief accountant Liu Rong, and head of accounting department Fan Yarchen jointly declare the financial statements in the quarterly report are true, accurate, and complete[6](index=6&type=chunk) [Company Overview](index=3&type=section&id=Item%202.%20Company%20Overview) This section provides an overview of the company's key financial performance, shareholder structure, and changes in restricted shares [Key Accounting Data and Financial Indicators](index=3&type=section&id=Item%202.1.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) In Q1 2021, the company significantly improved performance with a 131.25% revenue increase and a return to profitability, achieving RMB 1,557,636.32 in net profit attributable to shareholders Key Financial Indicators for Q1 2021 | Indicator | Current Reporting Period | Prior Year Period | Year-on-year change | | :--- | :--- | :--- | :--- | | Operating Revenue (RMB) | 52,423,007.15 | 22,669,131.94 | 131.25% | | Net Profit Attributable to Shareholders of the Listed Company (RMB) | 1,557,636.32 | -9,318,581.98 | 116.72% | | Net Profit Attributable to Shareholders Excluding Non-recurring Items (RMB) | -1,773,118.72 | -9,507,928.84 | 81.35% | | Net Cash Flow from Operating Activities (RMB) | 23,082,876.62 | -2,191,773.13 | 1,153.16% | | Basic Earnings Per Share (RMB/share) | 0.0091 | -0.0543 | 116.72% | | Weighted Average Return on Net Assets | 0.22% | -1.42% | Increased by 1.64 percentage points | | Total Assets (RMB) | 850,135,755.95 | 892,782,510.95 | -4.78% (Compared to end of previous year) | | Net Assets Attributable to Shareholders of the Listed Company (RMB) | 718,655,514.21 | 716,506,985.71 | 0.30% (Compared to end of previous year) | - During the reporting period, government grants recognized in current profit and loss amounted to **RMB 3,916,400**, serving as the primary source of non-recurring gains and positively impacting net profit[10](index=10&type=chunk) [Shareholder Information](index=4&type=section&id=Item%202.2.%20Shareholder%20Information) As of the reporting period end, the company had 31,588 common shareholders, with the top two being Xi'an Huiju Technology and Beijing Aerospace Star Control, both controlled by Wu Jian - As of the end of the reporting period, the company had **31,588** common shareholders[11](index=11&type=chunk) Shareholding of Top Two Shareholders | Shareholder Name | Shareholder Type | Shareholding Percentage | Number of Shares Held | | :--- | :--- | :--- | :--- | | Xi'an Huiju Technology Co., Ltd. | Domestic Non-State-Owned Legal Person | 43.57% | 74,837,299 | | Beijing Aerospace Star Control Technology Co., Ltd. | Domestic Non-State-Owned Legal Person | 18.69% | 32,110,000 | - The top two shareholders, Huiju Technology and Aerospace Star Control, are related parties, both controlled by the company's actual controller, Wu Jian[12](index=12&type=chunk) [Changes in Restricted Shares](index=5&type=section&id=Item%202.3.%20Changes%20in%20Restricted%20Shares) No changes occurred in the company's restricted shares during the reporting period - The company had no changes in restricted shares during this reporting period[13](index=13&type=chunk) [Significant Events](index=6&type=section&id=Item%203.%20Significant%20Events) This section details significant financial data changes, business performance, progress on key capital market activities, and the use of raised funds [Analysis of Significant Changes in Key Financial Data](index=6&type=section&id=Item%203.1.%20Analysis%20of%20Significant%20Changes%20in%20Key%20Financial%20Data) During the reporting period, revenue surged by 131.25% due to increased order deliveries, while a 1743.17% rise in government grants drove operating profit and net profit to turn positive Changes in Key Balance Sheet Items | Item | Change Rate (vs. beginning of year) | Primary Reason | | :--- | :--- | :--- | | Notes Receivable | 139.50% | Increase in commercial acceptance bills received | | Prepayments | 51.23% | Increase in prepayments for procurement and outsourced R&D | | Contract Liabilities | -59.98% | Decrease in prepayments due to revenue recognition from R&D project acceptance | | Employee Compensation Payable | -54.84% | Issuance of 2020 annual bonuses | | Taxes Payable | -76.86% | Difference in year-end tax payable base due to higher revenue at end of previous year | Changes in Key Income Statement Items | Item | Change Rate (Year-on-year) | Primary Reason | | :--- | :--- | :--- | | Total Operating Revenue | 131.25% | Increase in orders delivered and accepted during the reporting period | | Other Income | 1,743.17% | Significant year-on-year increase in government grants received | | Operating Profit | 115.68% | Significant growth in revenue and other income | | Net Profit | 116.72% | Same reason as operating profit change | Changes in Key Cash Flow Statement Items | Item | Change Rate (Year-on-year) | Primary Reason | | :--- | :--- | :--- | | Cash received from sales of goods and rendering of services | 101.74% | Increase in customer collections | | Net Cash Flow from Operating Activities | 1,153.16% | Significant increase in sales collections and government grants, with inflow growth far exceeding outflow growth | | Cash paid for acquisition of fixed assets and other long-term assets | 229.90% | Significant increase in investment for fixed asset purchases | [Business Review and Outlook](index=8&type=section&id=Item%203.2.%20Business%20Review%20and%20Outlook) The company's Q1 2021 performance growth was driven by increased product order deliveries post-pandemic and a significant 1,743.17% rise in government grants - The company's Q1 2021 performance growth was primarily due to: 1) Elimination of pandemic impact and increased product order deliveries; 2) A significant **1,743.17%** year-on-year increase in government grants received[18](index=18&type=chunk) Top Five Suppliers | Rank | Supplier Name | Amount (RMB) | Percentage of Total Purchases | | :--- | :--- | :--- | :--- | | 1 | Beijing Feieruichi Technology Co., Ltd. | 2,070,495.04 | 16.45% | | 2 | Xi'an Beidouxing Inertial Technology Co., Ltd. | 1,903,539.70 | 15.13% | | 3 | AVIC Jonhon Optronic Technology Co., Ltd. | 1,494,249.58 | 11.87% | | 4 | Huaguan Technology Co., Ltd. | 900,000.00 | 7.15% | | 5 | Xi'an Xinmeng Electronics Co., Ltd. | 574,472.25 | 4.57% | | **Total** | | **6,942,756.57** | **55.17%** | Top Five Customers | Rank | Customer Name | Amount (RMB) | Percentage of Operating Revenue | | :--- | :--- | :--- | :--- | | 1 | Customer M | 23,056,716.09 | 43.98% | | 2 | Enterprise N | 9,026,548.68 | 17.22% | | 3 | Enterprise Z | 8,663,716.82 | 16.53% | | 4 | Customer E | 5,238,938.03 | 9.99% | | 5 | Customer B | 2,369,557.52 | 4.52% | | **Total** | | **48,355,477.14** | **92.24%** | [Progress of Significant Matters](index=9&type=section&id=Item%203.3.%20Progress%20of%20Significant%20Matters) The company is advancing a private share placement, with its application accepted by SZSE, and its controlling shareholders plan to reduce their stake by up to 3% of total share capital - The company's application for a private share placement has been accepted by the Shenzhen Stock Exchange, and a response to the audit inquiry letter was submitted on **January 15, 2021**[23](index=23&type=chunk)[24](index=24&type=chunk) - The company's controlling shareholder Huiju Technology and its concerted party Aerospace Star Control disclosed a share reduction plan on **February 23, 2021**, intending to collectively reduce their holdings by no more than **3.00%** of the company's total share capital between **March 17, 2021**, and **June 15, 2021**; no shares have been reduced as of the report date[25](index=25&type=chunk) [Use of Raised Funds](index=11&type=section&id=Item%203.4.%20Use%20of%20Raised%20Funds) The company has fully invested its IPO raised funds into the Aviation Airborne Equipment Product Production Line and R&D Center projects, with remaining funds permanently supplementing working capital Overview of Raised Funds Utilization | Item | Amount (RMB million) | | :--- | :--- | | Total Raised Funds | 246.4104 | | Total Raised Funds Invested in Current Quarter | 0 | | Total Raised Funds Cumulatively Invested | 172.2750 | - Both the **Aviation Airborne Equipment Product Production Line Project** and the **R&D Center Project** reached their intended usable state on **December 31, 2020**[29](index=29&type=chunk) - The company permanently supplemented working capital with the remaining **RMB 14.1363 million** (including interest) from its IPO raised funds account and has closed the relevant special accounts[31](index=31&type=chunk) [Financial Statements](index=14&type=section&id=Item%204.%20Financial%20Statements) This section presents the company's consolidated and parent company financial statements, including balance sheets, income statements, and cash flow statements [Financial Statements](index=14&type=section&id=Item%204.1.%20Financial%20Statements) This section provides the company's detailed consolidated and parent company balance sheets, income statements, and cash flow statements for Q1 2021 - This section includes the consolidated and parent company balance sheets as of **March 31, 2021**[37](index=37&type=chunk)[42](index=42&type=chunk) - This section includes the consolidated and parent company income statements for Q1 2021[46](index=46&type=chunk)[50](index=50&type=chunk) - This section includes the consolidated and parent company cash flow statements for Q1 2021[53](index=53&type=chunk)[57](index=57&type=chunk) [Notes on Financial Statement Adjustments](index=26&type=section&id=Item%204.2.%20Notes%20on%20Financial%20Statement%20Adjustments) Effective January 1, 2021, the company adopted new lease accounting standards, leading to retrospective adjustments to the parent company's balance sheet for right-of-use assets and lease liabilities - The company adopted the newly revised **Accounting Standard for Business Enterprises No. 21 – Leases** effective **January 1, 2021**[65](index=65&type=chunk) Parent Company Balance Sheet Initial Adjustment | Adjusted Item | Adjustment Amount (RMB) | | :--- | :--- | | **Asset Increase:** | | | Right-of-use assets | +4,015,926.95 | | **Liability Increase:** | | | Non-current liabilities due within one year | +1,177,630.56 | | Lease liabilities | +2,838,296.39 | - The initial adoption of the new lease standard had no adjustment impact on the consolidated balance sheet's opening balances[63](index=63&type=chunk) [Audit Report](index=29&type=section&id=Item%204.3.%20Audit%20Report) The company's 2021 first-quarter report is unaudited - This company's first-quarter report is unaudited[66](index=66&type=chunk)

西安晨曦航空科技股份有限公司 2020 年第三季度报告全文 西安晨曦航空科技股份有限公司 2020 年第三季度报告 2020-084 2020 年 10 月 1 西安晨曦航空科技股份有限公司 2020 年第三季度报告全文 第一节 重要提示 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真 实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担个别和 连带的法律责任。 所有董事均已出席了审议本次季报的董事会会议。 公司负责人吴坚、主管会计工作负责人刘蓉及会计机构负责人(会计主管人 员)樊雅琛声明：保证季度报告中财务报表的真实、准确、完整。 2 西安晨曦航空科技股份有限公司 2020 年第三季度报告全文 第二节 公司基本情况 一、主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 □ 是 √ 否 | | 本报告期末 | 上年度末 | | 本报告期末比上年度末增 | | --- | --- | --- | --- | --- | | | | | | 减 | | 总资产（元） | 813,877,468.23 | | 809,188,763.26 | 0.58% | | 归属于上 ...

西安晨曦航空科技股份有限公司 2020 年半年度报告全文 西安晨曦航空科技股份有限公司 2020 年半年度报告 2020-064 2020 年 08 月 1 西安晨曦航空科技股份有限公司 2020 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的 真实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担个别 和连带的法律责任。 西安晨曦航空科技股份有限公司 2020 年半年度报告全文 消的情况。订单的具体项目及数量存在波动，交货时间具有不均衡性，可能在 一段时间内交货、验收较为集中，另一段时间交货、验收较少，导致收入实现 在不同月份、不同年度具有一定的波动性，且产品收入结构可能会变化。加上 其他多种不利因素的影响，公司可能出现业绩同比下滑的风险。同时，由于存 在业务及业绩的波动性，投资者不能根据公司某一期间的业绩数据推算其他期 间或当年的业绩。 (三) 产品及主要部件暂定价格与最终审定价格差异导致收入、成本及业绩 波动的风险 公司负责人吴坚、主管会计工作负责人刘蓉及会计机构负责人(会计主管人 员)张笙瑶声明：保证本半年度报告中财务报告的真 ...

西安晨曦航空科技股份有限公司 2019 年年度报告全文 西安晨曦航空科技股份有限公司 2019 年年度报告 2020-012 2020 年 04 月 1 西安晨曦航空科技股份有限公司 2019 年年度报告全文 第一节重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证年度报告内容的真 实、准确、完整，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连 带的法律责任。 公司负责人吴坚、主管会计工作负责人刘蓉及会计机构负责人（会计主管 人员)张笙瑶声明：保证年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本报告的董事会会议。 （一）国家秘密泄密及技术泄密的风险 根据《武器装备科研生产单位保密资格审查认证管理办法》，拟承担武器装 备科研生产任务的具有法人资格的企事业单位，均须经过保密资格审查认证。 公司取得了军工保密资格单位证书，在生产经营中一直将安全保密工作放在首 位，采取各项有效措施保守国家秘密，也防止技术泄密，但不排除一些意外情 况发生导致有关国家秘密泄漏，或出现技术泄密或被动失密。如发生严重泄密 事件，可能会导致公司丧失保密资质，不能继续开展涉密业务，则会对公司的 生产经营 ...