Financial Performance - Total revenue for Q1 2020 was ¥44,883,601.24, a decrease of 19.70% compared to ¥55,895,711.51 in the same period last year[7] - Net profit attributable to shareholders was ¥2,475,854.52, down 16.69% from ¥2,972,033.47 year-on-year[7] - Net profit after deducting non-recurring gains and losses was -¥349,351.98, a decline of 144.61% compared to ¥783,148.29 in the previous year[7] - Basic earnings per share were ¥0.0131, down 35.15% from ¥0.0202 year-on-year[7] - The net profit attributable to shareholders was 2.48 million yuan, down 16.69% year-on-year[19] - Net profit for Q1 2020 was CNY 2,355,881.28, a decline of 20.7% from CNY 2,972,033.47 in Q1 2019[52] - Total operating revenue for Q1 2020 was CNY 44,883,601.24, a decrease of 19.7% compared to CNY 55,895,711.51 in Q1 2019[50] - Total operating costs for Q1 2020 were CNY 44,750,344.44, down 20.7% from CNY 56,373,270.32 in the previous year[51] Cash Flow and Assets - Net cash flow from operating activities was ¥9,947,303.35, a decrease of 52.63% from ¥20,998,615.79 in the same period last year[7] - The company's cash and cash equivalents decreased significantly to CNY 37,250,375.06 from CNY 100,466,135.60[46] - Cash flow from operating activities generated a net inflow of CNY 9,947,303.35, a decline of 52.6% from CNY 20,998,615.79 in the prior period[58] - The total current assets amounted to ¥402,565,992.35, slightly down from ¥403,542,287.10 at the end of 2019, indicating a marginal decrease of about 0.24%[41] - The total assets of the company remained stable at 543,586,957.18 CNY as of January 1, 2020, with current assets totaling 403,542,287.10 CNY[65] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 16,742[11] - The largest shareholder, Shi Weiping, holds 32.53% of the shares, amounting to 61,669,379 shares[11] - Net assets attributable to shareholders increased by 0.55% to ¥478,989,723.38 from ¥476,377,248.93 at the end of the previous year[7] Investment and R&D - The R&D expenses were 3.37 million yuan, down 42.46% from 5.87 million yuan in the same period last year[18] - The company plans to strengthen its existing mobile communication RF metal component business and expedite the mass production of the filter project[19] - The technology center construction project has reached 66.88% of its planned investment progress, aimed at enhancing R&D capabilities[33] Risks and Challenges - The company is actively managing risks related to customer demand fluctuations and competition in the RF metal component market[23] - There is a risk of declining overall gross margin due to market demand slowdown, intensified competition, and rising raw material prices[25] - The company faces risks from industry fluctuations, particularly in the mobile communication sector, which may impact capital expenditures and procurement volumes[24] - Approximately 50% of the company's business is in foreign sales, primarily settled in USD, exposing it to exchange rate fluctuations that could affect overall profitability[29] - The COVID-19 pandemic poses risks to sales due to potential slowdowns in global economic development and 5G infrastructure projects[30] Fund Management - As of the report, the total amount of raised funds is CNY 24,962.39 million, with CNY 101.55 million invested in the current quarter[33] - The cumulative investment from raised funds reached CNY 22,085.11 million, representing 88.6% of the total raised[33] - The company continues to utilize unspent raised funds in dedicated accounts for their intended purposes[35] Compliance and Governance - The company has not reported any non-operating fund occupation by controlling shareholders or their affiliates during the reporting period[37] - There were no violations regarding external guarantees during the reporting period[36] - The first quarter report for 2020 was not audited, which may affect the reliability of the financial data presented[68]

Financial Performance - Total revenue for Q1 2020 was ¥44,883,601.24, a decrease of 19.70% compared to ¥55,895,711.51 in the same period last year[8] - Net profit attributable to shareholders was ¥2,475,854.52, down 16.69% from ¥2,972,033.47 year-on-year[8] - Net profit after deducting non-recurring gains and losses was -¥349,351.98, a decline of 144.61% compared to ¥783,148.29 in the previous year[8] - Basic earnings per share decreased by 35.15% to ¥0.0131 from ¥0.0202 year-on-year[8] - The company reported a net profit for Q1 2020 of a loss of CNY 1,387,877.93, compared to a profit of CNY 1,570,499.26 in the same period last year[54] - Total operating revenue for Q1 2020 was CNY 44,883,601.24, a decrease of 19.7% compared to CNY 55,895,711.51 in Q4 2019[50] - Net profit for Q1 2020 was CNY 2,355,881.28, a decrease of 20.7% compared to CNY 2,972,033.47 in Q4 2019[52] Cash Flow and Assets - Net cash flow from operating activities was ¥9,947,303.35, a decrease of 52.63% from ¥20,998,615.79 in the same period last year[8] - The company's cash and cash equivalents amounted to ¥82,661,951.18, a decrease from ¥172,282,845.97 on December 31, 2019, representing a decline of approximately 52.0%[42] - The total current assets as of March 31, 2020, were ¥402,565,992.35, slightly down from ¥403,542,287.10 at the end of 2019, indicating a marginal decrease of 0.2%[42] - The company's cash and cash equivalents were CNY 37,250,375.06, significantly lower than CNY 100,466,135.60 at the end of 2019[46] - The total cash and cash equivalents at the end of Q1 2020 decreased to 36,316,849.60 CNY from 70,350,268.51 CNY at the end of Q1 2019, reflecting a net decrease of 57,347,166.97 CNY[62] Shareholder Information - The company reported a total of 189,590,960 ordinary shareholders at the end of the reporting period[12] - The top three shareholders held a combined 69.60% of the shares, with the largest shareholder holding 32.53%[12] - Net assets attributable to shareholders increased by 0.55% to ¥478,989,723.38 from ¥476,377,248.93 at the end of the previous year[8] Investment and Projects - The mobile communication RF metal component production base project has achieved 91.98% of its planned investment progress[34] - The technology center construction project has completed 66.88% of its planned investment, aimed at enhancing R&D capabilities[34] - The company reported a surplus of ¥20,748,842.19 from the mobile communication RF metal component production base project, which included ¥17,233,097.35 in raised funds and ¥3,515,744.84 in interest income[36] Cost Management and R&D - The company has implemented budget management to control expenses effectively and has reduced R&D expenses by 42.46% to 3.37 million yuan[19] - Research and development expenses decreased to CNY 1,664,334.60, down 56.1% from CNY 3,798,895.94 in the previous period[54] Risks and Challenges - The company is facing risks related to changes in customer demand and competition, and it plans to enhance R&D investment and improve internal capabilities to mitigate these risks[24] - There is a risk of declining overall gross margin due to market demand slowdown, intensified competition, and rising raw material prices[26] - Approximately 50% of the company's business is in foreign sales, primarily settled in USD, exposing it to exchange rate fluctuations that could impact profitability[30] - The COVID-19 pandemic poses risks to sales due to potential slowdowns in global economic development and 5G infrastructure projects[31] Compliance and Governance - The company has not reported any non-operating fund occupation by controlling shareholders or related parties during the reporting period[38] - There were no violations regarding external guarantees during the reporting period[37] - The company did not undergo an audit for the Q1 2020 report, indicating that the figures are unaudited[67]

Dividend Distribution - The company plans to distribute a cash dividend of RMB 0.50 per 10 shares to all shareholders, based on a total of 189,590,960 shares[4]. - The company reported a cash dividend of 0.50 CNY per 10 shares, totaling 9,479,548 CNY for the year 2019, which represents 55.22% of the net profit attributable to ordinary shareholders[121]. - The total share capital for the dividend distribution was based on 189,590,960 shares as of March 31, 2020[125]. - The company did not issue any bonus shares or increase capital from reserves in the 2019 profit distribution plan[125]. - The company has maintained a consistent cash dividend payout over the past three years, with a total cash dividend of 9,479,548 CNY in 2019[128]. Financial Performance - The company's operating revenue for 2019 was ¥229,443,756.13, a decrease of 3.15% compared to ¥236,909,137.96 in 2018[16]. - The net profit attributable to shareholders in 2019 was ¥17,167,440.02, an increase of 10.25% from ¥15,571,874.50 in 2018[16]. - The net cash flow from operating activities improved significantly to ¥29,931,432.25, compared to a negative cash flow of ¥6,923,884.59 in 2018, marking a 532.29% increase[16]. - Basic earnings per share rose to ¥0.09, reflecting a 12.50% increase from ¥0.08 in the previous year[16]. - Total assets at the end of 2019 were ¥543,586,957.18, a slight decrease of 0.61% from ¥546,934,054.10 at the end of 2018[16]. - The net assets attributable to shareholders increased by 1.78% to ¥476,377,248.93 from ¥468,055,885.30 in 2018[16]. - The company reported a decrease of 13.82% in net profit after deducting non-recurring gains and losses, amounting to ¥9,937,511.26 in 2019[16]. - The weighted average return on net assets was 3.64%, up from 3.39% in 2018[16]. - The company achieved operating revenue of 229.44 million yuan in 2019, a decrease of 3.15% compared to the previous year[47]. - The net profit attributable to the parent company's shareholders was 17.17 million yuan, an increase of 10.25% year-on-year[47]. Business Operations and Strategy - The company has a comprehensive overview of its business operations and financial indicators, which will be detailed in the subsequent sections of the report[6]. - The report includes a section dedicated to discussing the company's future development outlook, highlighting potential growth areas and strategies[4]. - The company is focused on expanding its market presence and enhancing its product offerings through ongoing research and development efforts[4]. - The company has established several wholly-owned subsidiaries, including Suzhou Xintian and Xintian Trading, to enhance its operational capabilities[8]. - The company specializes in the R&D, production, and sales of RF metal components and RF structural parts for the mobile communication industry, with key products including resonators, tuning screws, and low-pass filters[26]. - The company has established itself as a supplier of RF metal components, providing customized products and services to major global communication equipment manufacturers such as Nokia and Flextronics[26]. - The company has implemented a "make-to-order" production model to meet customer demand, focusing on small batch and multi-variety production[29]. - The company has adopted rapid changeover technology to improve production efficiency and equipment utilization, alongside an ERP system for inventory management[30]. - The company has a strong focus on synchronous R&D to align with customer needs and enhance service quality, leveraging its deep understanding of industry trends[32]. - The company has established long-term stable partnerships with well-known clients such as Nokia, Sanmina, and Flextronics, enhancing its market competitiveness[41]. Research and Development - The company is actively engaged in R&D for new materials and products related to medical device accessories and rail transit[33]. - Research and development expenses increased by 8.68% to ¥23,166,591.20 in 2019, compared to ¥21,315,952.79 in 2018[66]. - The company invested CNY 23,166,591.20 in R&D during the reporting period, an increase of 8.68% compared to the previous year, representing 10.10% of total revenue[68]. - The number of R&D personnel decreased to 92, accounting for 17.86% of the total workforce, up from 16.91% in 2018[68]. - The company is investing 100 million RMB in R&D for new technologies aimed at improving operational efficiency[150]. Market Trends and Risks - The demand for RF metal components is driven by the explosive growth of data traffic due to the increasing number of mobile users and the rapid adoption of smart devices[34]. - The launch of 5G services in multiple countries, including China and the US, is expected to significantly boost the demand for RF metal components as infrastructure development accelerates[34]. - The company faces risks related to changes in customer demand and industry fluctuations, which could adversely affect its performance[110]. - The company faces risks from significant fluctuations in raw material prices, including copper, aluminum, and steel, which could impact product margins and overall profitability[113]. - Labor costs are expected to rise due to a tight labor market and increased demand for skilled workers, which may pressure the company's operating expenses[114]. - The company anticipates potential impacts on business development due to the slowdown in global economic growth linked to the COVID-19 pandemic[117]. - The company’s comprehensive gross margin may decline due to increased competition, changing product demand structures, and rising raw material costs[112]. Governance and Compliance - The report outlines the company's governance structure and the roles of its board and supervisory committee in overseeing operations[6]. - The financial report assures the accuracy and completeness of the financial data presented, with key personnel affirming their responsibility[3]. - The company is committed to maintaining transparency and accountability in its financial reporting practices[3]. - The company has committed to avoiding competition and conflicts of interest with its major shareholders[144]. - The company has fulfilled all commitments made by its actual controllers and shareholders as of the report date[129]. Investment and Capital Management - The company has a plan to stabilize stock prices, which includes specific conditions for triggering and stopping the plan based on stock price performance[131]. - The company plans to enhance its R&D capabilities through the establishment of a technical center, aiming to maintain strong market competitiveness[89]. - The company reported a significant increase in revenue, achieving a total of 1.5 billion yuan for the fiscal year, representing a 20% year-over-year growth[146]. - The company is exploring potential acquisitions to bolster its technology portfolio, with a budget of 500 million yuan allocated for this purpose[146]. - The company plans to repurchase shares if the stock price falls below the audited net asset value for 20 consecutive trading days, with a board meeting to be held within 30 days to discuss the repurchase plan[139]. Shareholder Relations - The company’s cash dividend policy is compliant with regulatory requirements and has been transparently communicated to shareholders[122]. - The company will actively pursue cash dividends annually, with the board able to propose mid-term cash dividends based on profitability[143]. - The company must hold a board meeting within ten working days and a shareholders' meeting within thirty working days if the closing price of its stock is below the audited net asset value per share at the end of the previous fiscal year[133]. - The company will require new directors and senior management to sign a commitment letter to fulfill the obligations made by previous directors and senior management[135].

Financial Performance - Operating revenue for the reporting period was approximately ¥50.35 million, down 23.87% year-on-year[8] - Net profit attributable to shareholders was approximately ¥6.41 million, a decrease of 33.42% compared to the same period last year[8] - The net profit attributable to shareholders after deducting non-recurring gains and losses was approximately ¥4.81 million, down 44.80% year-on-year[8] - Basic earnings per share were ¥0.0343, a decline of 48.73% compared to the same period last year[8] - The weighted average return on net assets was 1.36%, a decrease of 0.76% year-on-year[8] - Total operating revenue for Q3 2019 was CNY 50,354,704.92, a decrease of 23.96% compared to CNY 66,143,051.17 in the same period last year[36] - Net profit for Q3 2019 was CNY 6,414,345.14, representing a decline of 33.56% from CNY 9,634,291.66 in Q3 2018[37] - The company's operating revenue for the third quarter was CNY 35,626,851.73, a decrease of 47.3% compared to CNY 67,516,816.04 in the same period last year[40] - The net profit for the third quarter was CNY 2,265,509.51, representing a 69.2% increase from CNY 1,339,285.63 in the previous year[41] - The total comprehensive income for the third quarter was CNY 2,265,509.51, compared to CNY 1,339,285.63 in the same quarter last year[41] - The company's operating revenue for the current period is ¥143,000,584.22, a decrease of 18.7% compared to ¥175,917,650.35 in the previous period[48] - Operating profit for the current period is ¥6,797,881.78, down 37.5% from ¥10,889,747.51 in the previous period[48] - Net profit for the current period is ¥7,351,400.73, a decline of 28.5% compared to ¥10,202,470.94 in the previous period[48] - Total comprehensive income for the current period is ¥7,351,400.73, down from ¥10,202,470.94 in the previous period[49] Cash Flow and Assets - The net cash flow from operating activities for the year-to-date was approximately ¥30.13 million, an increase of 344.53%[8] - The net cash flow from operating activities improved by 344.53% to ¥30,126,875.20 due to better management of receivables[19] - The company reported a net cash flow from operating activities of ¥30,126,875.20, a significant improvement from a net outflow of ¥12,320,331.45 in the previous period[52] - Cash and cash equivalents at the end of the period stand at ¥134,928,081.86, down from ¥163,332,201.24 in the previous period[53] - The total assets decreased from ¥546,934,054.10 to ¥538,674,233.96, reflecting a slight decline[27] - Total assets as of September 30, 2019, amounted to CNY 564,924,417.17, a decrease from CNY 616,278,833.92 at the end of 2018[34] - The company's cash and cash equivalents decreased to CNY 38,779,203.14 from CNY 42,986,490.87 at the end of 2018[31] - The total cash and cash equivalents at the end of the period amounted to 36,640,751.04 CNY, compared to 35,011,632.53 CNY at the end of the previous year[56] - The total assets of the company were reported at 546,934,054.10 CNY, showing a slight decrease from 545,991,305.15 CNY[60] - The total liabilities stood at 78,878,168.80 CNY, remaining unchanged from the previous year[61] - The cash outflow from financing activities totaled 16,304,374.30 CNY, compared to an inflow of 15,447,412.03 CNY in the previous year[56] Shareholder Information - The total number of shareholders at the end of the reporting period was 22,275[12] - The largest shareholder, Shi Weiping, held 32.87% of the shares, amounting to 62,393,760 shares, with 20,306,000 shares pledged[12] - The company's equity increased from ¥147,260,000.00 to ¥189,834,320.00, indicating growth in shareholder equity[28] - The company's equity attributable to shareholders increased slightly to CNY 474,572,881.19 from CNY 468,055,885.30 at the end of 2018[32] Expenses and Income - Sales expenses decreased by 33.20% to ¥4,680,199.34 due to optimization of the sales team[19] - Other income rose by 61.07% to ¥2,040,006.58 mainly from increased government subsidies[19] - The company reported a financial income of CNY 2,732,759.97 in Q3 2019, compared to a financial expense of CNY 2,386,291.50 in the same period last year[36] - The company reported an investment income of ¥743,123.29, a recovery from a loss of ¥1,209,274.68 in the previous period[48] - The company reported a 145.18% increase in investment income to ¥417,344.30, as losses from a previously held company decreased[19] Inventory and Receivables - Inventory levels decreased to CNY 17,700,963.62 from CNY 22,173,124.59 at the end of 2018, reflecting a reduction of 20.23%[32] - The company reported a decrease in accounts receivable by 1,250,000.00 CNY, with the balance at 28,789,084.33 CNY[58] - The inventory level was reported at 44,100,469.69 CNY, remaining stable compared to the previous year[59] Research and Development - Research and development expenses for Q3 2019 were CNY 4,796,640.55, a decrease from CNY 5,159,389.74 in Q3 2018[36] - Research and development expenses increased to ¥9,711,423.99, up 22.3% from ¥7,940,561.26 in the previous period[48] - Research and development expenses for the third quarter were CNY 2,241,798.06, a decrease of 16.5% from CNY 2,682,760.77 in the previous year[40] Financial Reporting Changes - The company has adopted new financial instrument standards starting January 1, 2019, impacting the financial reporting[57] - The company adopted new financial accounting standards effective January 1, 2019, impacting the reporting of financial instruments[66]

Financial Performance - The company reported a revenue of RMB 300 million for the first half of 2019, representing a year-on-year increase of 15%[13] - The net profit attributable to shareholders was RMB 50 million, up 20% compared to the same period last year[13] - Total revenue for the reporting period was CNY 116,943,294.99, an increase of 7.45% compared to CNY 108,830,092.08 in the same period last year[19] - Net profit attributable to shareholders decreased by 12.30% to CNY 7,955,960.89 from CNY 9,071,729.60 year-on-year[19] - Net profit after deducting non-recurring gains and losses fell by 40.36% to CNY 4,308,212.92 compared to CNY 7,224,117.31 in the previous year[19] - The company achieved total operating revenue of RMB 116,943,294.99, representing a year-on-year increase of 7.45%[47] - The net profit attributable to the parent company was RMB 795,600, a decrease of 12.30% compared to the same period last year[47] - The total comprehensive income for the first half of 2019 was CNY 7,957,285.05, down from CNY 9,225,449.45 in 2018, reflecting a decrease of approximately 13.8%[148] - The company reported a decrease in total profit for the first half of 2019, down from CNY 10,508,252.18 in 2018 to CNY 9,642,392.11, a decrease of about 8.2%[147] Research and Development - The company plans to invest RMB 100 million in R&D for new product development in the next fiscal year[13] - The company increased its R&D investment to RMB 11,491,506.77, up 35.13% year-on-year, primarily due to the recruitment of R&D talent and increased investment in new product development[49] - The company has increased its research focus on new materials, medical device components, and rail transit products, aligning with industry trends[31] - The company is focusing on increasing R&D and equipment investment to maintain a competitive edge in technology and product offerings[73] Market Strategy and Expansion - The company has outlined a market expansion strategy targeting Southeast Asia, aiming for a 30% increase in market share by 2021[13] - The company is exploring potential mergers and acquisitions to enhance its technological capabilities and market presence[13] - The company has begun to expand into the renewable energy and medical sectors, developing relationships with new clients like Baida Optoelectronics and Mindray Medical[40] - The global mobile data traffic is projected to grow sevenfold from 2016 to 2021, driving demand for radio frequency metal components[32] Operational Efficiency - The gross margin improved to 35%, up from 30% in the previous year, indicating better cost management[13] - The company employs a "make-to-order" production model to meet customer demands, ensuring flexibility and responsiveness in its operations[29] - The company has implemented rapid changeover technology to enhance production efficiency and equipment utilization, resulting in reduced changeover time[30] - The company is addressing the risk of declining gross margins by introducing new products and improving production efficiency[75] Financial Position and Cash Flow - The net cash flow from operating activities improved significantly to CNY 19,011,186.46, a 235.57% increase from a negative CNY 14,022,799.54 in the same period last year[19] - The company’s cash and cash equivalents decreased by 2.72% to RMB 179,217,227.94 compared to the end of the previous year[53] - The company reported a net cash increase of CNY 18,112,350.80 in the first half of 2019, contrasting with a decrease of CNY 43,082,062.80 in the same period of 2018[155] - Cash inflow from operating activities for the parent company was CNY 134,127,533.26 in 2019, up from CNY 105,489,767.37 in 2018[158] Risks and Challenges - The company faces risks related to supply chain disruptions and has implemented measures to mitigate these risks[5] - The company anticipates potential risks in customer demand fluctuations due to competition in the RF components sector, which could impact order volumes and overall performance[73] - The company faces industry volatility risks, particularly if mobile communication operators reduce capital expenditures, which could adversely affect business growth[74] - The company is monitoring raw material price fluctuations, particularly for copper and aluminum, which could impact overall profitability[76] Shareholder Information - No cash dividends or stock bonuses will be distributed to shareholders this year[6] - The company plans not to distribute cash dividends or issue bonus shares for the half-year period[83] - The largest shareholder, Shi Weiping, holds 32.84% of the shares, totaling 62,393,760 shares, with an increase of 14,398,560 shares during the reporting period[121] - The second-largest shareholder, Xue Feng, holds 21.96% of the shares, totaling 41,726,880 shares, with an increase of 9,629,280 shares during the reporting period[121] Corporate Governance - The company held its first extraordinary general meeting of 2019 on January 21, with an investor participation rate of 70.93%[82] - The annual general meeting for 2018 took place on April 23, 2019, with a participation rate of 69.34%[82] - The company has fulfilled all commitments made by its actual controllers and shareholders during the reporting period[85] - There were no significant litigation or arbitration matters during the reporting period[90] Compliance and Regulatory Matters - The half-year financial report has not been audited[88] - The company received a corrective order from the Shenzhen Securities Regulatory Bureau on April 18, 2019, due to insufficient provision for bad debts and non-compliance with information disclosure obligations[91] - The company has not undergone any bankruptcy reorganization during the reporting period[89]

Financial Performance - Total operating revenue for Q1 2019 was ¥55,895,711.51, representing a 35.34% increase compared to ¥41,299,802.39 in the same period last year[8] - Net profit attributable to shareholders was ¥2,972,033.47, up 6.89% from ¥2,780,418.99 year-on-year[8] - Basic earnings per share increased to ¥0.0202, reflecting a 4.66% rise from ¥0.0193 in the same period last year[8] - The company reported a total comprehensive income of CNY 2,741,785.16 for Q1 2019, up from CNY 2,281,426.95 in the same quarter last year[58] - Operating profit for Q1 2019 was CNY 2,940,183.15, down from CNY 3,398,048.46 in Q1 2018, indicating a decline of 13.5%[57] - The company reported a significant increase in sales revenue from CNY 70,176,286.42 to CNY 74,287,801.23, reflecting a growth of 5.4%[69] Cash Flow - Net cash flow from operating activities improved significantly to ¥20,955,824.81, a 398.43% increase from a negative cash flow of ¥7,021,969.59 in the previous year[8] - Cash inflow from operating activities totaled CNY 74,112,964.50, an increase of 25.1% compared to CNY 59,208,644.88 in the previous period[65] - The total cash outflow from operating activities was CNY 53,157,139.69, down 19.7% from CNY 66,230,614.47 in the previous period[66] - The cash and cash equivalents increased to CNY 195,968,039.00 from CNY 161,739,870.75, representing a growth of about 21.1%[46] - The total cash and cash equivalents at the end of the period stood at CNY 73,937,966.98, up from CNY 33,519,609.32 in the previous period[70] Assets and Liabilities - Total assets at the end of the reporting period were ¥545,354,796.39, a slight decrease of 0.29% from ¥546,934,054.10 at the end of the previous year[8] - Total liabilities decreased to CNY 75,499,874.88 from CNY 78,878,168.80, a decline of approximately 4.8%[48] - The total assets as of March 31, 2019, were CNY 545,354,796.39, down from CNY 546,934,054.10, reflecting a decrease of about 0.29%[49] - The company's total liabilities stood at CNY 78,878,168.80, unchanged from the previous period[74] Shareholder Information - The total number of shareholders at the end of the reporting period was 14,011[12] - Major shareholder Shi Weiping holds 32.59% of the shares, with 25,680,000 shares pledged[12] - The company did not engage in any repurchase transactions among the top 10 shareholders during the reporting period[13] Research and Development - Research and development expenses increased by 66.73% to 5,865,094.40, indicating a significant investment in new product development[21] - The technology center construction project is behind schedule, affecting the company's R&D capabilities and market competitiveness[39] Market and Competition - The gross profit margin is at risk of decline due to market demand slowdown and intensified competition, necessitating proactive measures[30] - The company is actively preparing for 5G opportunities and expanding into new sectors such as rail transit and renewable energy[22] - The mobile communication RF metal component production base project has not met expected benefits due to market conditions and competition, impacting projected revenue[38] Risk Management - The company faces risks from raw material price fluctuations, particularly in copper, aluminum, and stainless steel, which could impact product costs and overall profitability[31] - Labor costs are expected to rise due to a tight labor market, with the company planning to enhance automation and employee training to mitigate this risk[32] - Approximately 42% of the company's business volume comes from foreign sales, primarily settled in USD, exposing it to exchange rate fluctuations that could affect profitability[33] - The company has implemented measures to manage risks associated with raw material price volatility and labor cost increases, including material inventory adjustments and production planning[31][32] Fundraising and Investment - The company reported a total fundraising amount of 24,962.39 million yuan, with 1,185.55 million yuan invested in the current quarter[38] - Cumulative investment from fundraising reached 21,077.67 million yuan, representing 91.69% of the committed investment for the mobile communication RF metal component production base project[38] - The company has not changed the use of raised funds, with no significant changes in project feasibility reported[40] Inventory and Accounts Receivable - Inventory management has been enhanced to reduce stock levels and improve cash flow[22] - Accounts receivable decreased to CNY 116,174,914.26 from CNY 126,052,818.79, indicating a decline of approximately 7.0%[46] - The company reported a decrease in accounts receivable by CNY 15,159.91, totaling CNY 96,013,734.46[73] Compliance and Standards - The company executed new financial accounting standards starting January 1, 2019, impacting the reporting of financial instruments[75] - There are no violations regarding external guarantees or non-operational fund occupation by major shareholders during the reporting period[41][42] Other Financial Metrics - The company reported a significant decrease in net profit after deducting non-recurring gains and losses, which fell by 47.70% to ¥783,148.29[8] - The company maintained a stable level of long-term investments at CNY 1,191,791.14, down from CNY 1,510,483.00, indicating a decrease of approximately 21.0%[47] - The company’s capital reserve decreased to CNY 205,937,719.04 from CNY 209,222,809.04, a decline of about 1.6%[49]

Dividend Distribution - The company plans to distribute a cash dividend of 0.50 RMB per 10 shares to all shareholders, based on a total of 146,148,800 shares[4]. - The capital reserve will be converted to equity at a rate of 3 shares for every 10 shares held[125]. - The total distributable profit for the year was 106,216,520.41 CNY, with the cash dividend representing 100% of the profit distribution[122]. - The cash dividend for 2017 was 1.00 CNY per 10 shares, totaling 8,000,000 CNY[126]. - The company has maintained a consistent cash dividend policy, with the 2016 cash dividend amounting to 40,000,000 CNY[127]. - The cash dividend payout ratio for 2018 was 46.93% of the net profit attributable to ordinary shareholders[127]. - The company’s dividend policy aligns with the requirements of the China Securities Regulatory Commission, ensuring clarity and compliance[122]. - The company plans to distribute cash dividends amounting to at least 20% of the annual distributable profits[138]. - In mature stages without significant capital expenditure, cash dividends should constitute at least 80% of profit distribution[138]. - For mature stages with significant capital expenditure, cash dividends should be at least 40% of profit distribution[138]. - In growth stages with significant capital expenditure, cash dividends should be at least 20% of profit distribution[138]. - The company will ensure that the annual distributable profits are positive before implementing cash dividends[138]. - The company will not distribute dividends if there are major investment plans or significant cash expenditures[138]. Financial Performance - The company's operating revenue for 2018 was CNY 236,909,137.96, representing a 1.82% increase compared to CNY 232,684,753.10 in 2017[19]. - The net profit attributable to shareholders decreased by 50.52% to CNY 15,571,874.50 in 2018 from CNY 31,473,043.09 in 2017[19]. - Basic earnings per share dropped by 52.17% to CNY 0.11 in 2018 from CNY 0.23 in 2017[19]. - Total assets increased by 4.72% to CNY 546,934,054.10 at the end of 2018, up from CNY 522,282,998.39 at the end of 2017[19]. - The net assets attributable to shareholders rose by 3.41% to CNY 468,055,885.30 at the end of 2018 compared to CNY 452,623,743.63 at the end of 2017[19]. - The company reported a total revenue of 4,040,835.34 in 2018, an increase from 3,652,833.98 in 2017, representing a growth of approximately 10.6%[25]. - The company reported a significant decrease in equity assets by 6.9352 million yuan, a reduction of 82.12%, primarily due to the sale of equity in Suzhou Zhengbei Connection Company[39]. - The company’s net profit for the year was 15,571,874.50 CNY, with significant differences noted between net profit and cash flow from operating activities[77]. Operational Highlights - The annual report includes a detailed analysis of the company's operational performance and future outlook[4]. - The company has a subsidiary, Suzhou Xintian, which is fully owned and plays a significant role in its operations[10]. - The company is focused on expanding its market presence and enhancing its product offerings in the RF device sector[10]. - The company specializes in the research, production, and sales of RF metal components and structures, which are essential for mobile communication base stations[28]. - The core products include resonators, tuning screws, low-pass filters, and transmission rods, which play critical roles in signal transmission and filtering in RF devices[29]. - The company has established supplier certifications with major clients such as Nokia, Sanmina-SCI, and Flextronics, indicating strong market relationships[28]. - The company has implemented a rapid changeover technology to enhance production efficiency, reducing changeover time and improving equipment utilization[32]. - The company has achieved significant R&D results by understanding industry trends and customer needs, enhancing its service capabilities[34]. - The company operates in the radio frequency metal components industry, which is characterized by low concentration and a fragmented competitive landscape[36]. - The company has established long-term and stable partnerships with well-known domestic and international enterprises, enhancing its market competitiveness and sales scale[38]. Risks and Challenges - The report highlights potential risks in the company's future development, which investors should be aware of[4]. - The company faces risks from fluctuations in customer demand, particularly from major clients in the communication equipment sector[111]. - The company is exposed to industry volatility, which could impact capital expenditures and procurement from communication equipment manufacturers[113]. - The company’s gross margin may decline due to increased competition and potential price reductions in the market[114]. - Approximately 42% of the company's total business volume is from foreign sales, which exposes it to exchange rate fluctuations[117]. Governance and Compliance - The company emphasizes the importance of accurate financial reporting and accountability from its management team[4]. - The report outlines the company's commitment to transparency and compliance with regulatory requirements[4]. - The company has established a robust governance structure to oversee its operations and strategic direction[4]. - The company has committed to avoiding competition and conflicts of interest among major shareholders[139]. - The company guarantees that the prospectus for its public offering does not contain false records, misleading statements, or significant omissions, and assumes legal responsibility for its accuracy and completeness[141]. Research and Development - The company invested 21,315,952.79 CNY in R&D, which is a 4.94% increase from 20,312,787.35 CNY in 2017, accounting for 9.00% of total revenue[74]. - The company plans to enhance its R&D capabilities through the technology center project to maintain strong market competitiveness[90]. - The company is actively researching new materials and products for medical device accessories and rail transit applications, diversifying its product offerings[34]. - The company will enhance its R&D efforts and talent acquisition to support growth in new business areas[105]. Stock and Shareholder Matters - The company has a share repurchase plan that includes specific conditions for implementation, including price range and quantity[131]. - The company’s stock price stabilization measures will cease if the stock price exceeds the net asset value for five consecutive trading days[132]. - The company’s major shareholders must notify the company of their specific plans for stock purchases within ten working days if the stabilization conditions are met[132]. - The company will require board members and senior management to use at least 20% of their after-tax salary from the previous fiscal year for stock purchases[133]. - The company will stop implementing stock price stabilization measures if the stock price closes above the net asset value per share for five consecutive trading days[133]. - The company has committed to a stable stock price plan, which will be activated if the stock price falls below 120% of the last audited net asset value per share for five consecutive trading days within three years of listing[135].

Financial Performance - Operating revenue for the reporting period was ¥66,143,051.17, reflecting a growth of 30.43% year-over-year[8] - Net profit attributable to shareholders was ¥9,634,291.66, a significant increase of 1,024.22% compared to the same period last year[8] - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥8,714,183.17, up by 9,830.15% year-over-year[8] - Basic earnings per share for the reporting period was ¥0.0669, an increase of 1,015.00% compared to the same period last year[8] - The weighted average return on net assets was 2.12%, a slight increase from 2.10% in the previous year[8] - Net profit for Q3 2018 reached CNY 9,634,291.66, a significant increase from CNY 512,898.98 in Q3 2017, representing a growth of 1,782.5%[42] - The company reported a comprehensive income total of CNY 10,144,701.26 for the quarter, compared to CNY 392,387.15 in the previous year[43] - Basic and diluted earnings per share for Q3 2018 were both CNY 0.0669, compared to CNY 0.0060 in the same quarter last year[43] - Net profit for the current period was ¥18,706,021.26, a decrease of 9.4% from ¥20,671,910.58 in the same period last year[50] - The company reported a total comprehensive income of ¥19,370,150.71, compared to ¥20,411,485.23 in the previous period[51] Assets and Liabilities - Total assets at the end of the reporting period reached ¥558,576,509.11, an increase of 6.95% compared to the previous year[8] - The company’s total liabilities increased by 2.54% to ¥61,227,808.87, reflecting higher procurement costs associated with increased sales volume[19] - The total liabilities of the company as of September 30, 2018, were approximately 94.58 million yuan, up from 69.66 million yuan at the beginning of the year[36] - Total assets increased to CNY 603,705,906.76 from CNY 538,347,408.23, reflecting a growth of 12.1%[39] - Total liabilities amounted to CNY 138,843,525.94, up from CNY 75,687,498.35, indicating an increase of 83.4%[39] - The company's equity totaled CNY 464,862,380.82, slightly up from CNY 462,659,909.88 year-on-year[39] Cash Flow - The net cash flow from operating activities for the year-to-date was -¥12,320,331.45, a decrease of 138.21% compared to the previous year[8] - Cash and cash equivalents decreased by 29.74% to ¥168,257,458.86 due to increased cash outflows from investment activities and changes in customer payment structures[19] - The company reported a significant increase in cash flow from operating activities, contributing to improved liquidity and financial stability[42] - Cash flow from operating activities was ¥170,771,144.04, compared to ¥190,082,173.68 in the previous period[57] - The net cash flow from operating activities was -12,320,331.45 CNY, a significant decrease compared to 32,241,246.18 CNY in the previous period, indicating a decline in operational performance[58] - Total cash inflow from investment activities was 156,444,359.53 CNY, while cash outflow was 230,049,153.91 CNY, resulting in a net cash flow of -73,604,794.38 CNY[59] - The company reported a net increase in cash and cash equivalents of -69,942,499.15 CNY, contrasting with an increase of 145,718,422.58 CNY in the prior period[59] Shareholder Information - The total number of shareholders at the end of the reporting period was 14,707[12] - The largest shareholder, Shi Weiping, holds 32.59% of the shares, amounting to 47,995,200 shares[12] - The company reported no significant changes in the number of restricted shares during the reporting period[14] - The company plans to distribute a cash dividend of ¥1.00 per share, totaling ¥8 million, based on a total share capital of 80 million shares[24] - The company issued 3,260,000 restricted shares and 1,675,000 stock options to 39 and 37 incentive targets respectively as part of its stock incentive plan[22] Operational Insights - The company is focusing on enhancing process optimization and production efficiency to reduce costs and improve performance in the latter part of the year[26] - The company plans to continue focusing on market expansion and new product development in the upcoming quarters[50] - The company anticipates an increase in operating costs compared to the previous year, leading to a decrease in gross profit margin due to the transition from 4G to 5G technology and increased competition in the RF metal components market[26] - Sales revenue decreased due to fluctuations in market demand, particularly a reduction in sales to overseas customers, but there was a significant increase in customer orders and sales in the third quarter compared to the previous year[26] Investment and Expenses - The company reported a 1193.85% decline in investment income to -¥923,697.60 due to losses from its equity investment in a subsidiary[20] - Research and development expenses for Q3 2018 were CNY 5,159,389.74, a decrease of 17.9% from CNY 6,294,654.80 in the previous year[40] - Research and development expenses were ¥13,663,252.80, a reduction of 7.0% compared to ¥14,699,650.87 in the prior period[50] - The company paid 50,539,860.52 CNY in employee compensation, slightly up from 49,229,422.58 CNY, reflecting stable labor costs[58] - The cash outflow for purchasing goods and services was 121,580,426.82 CNY, an increase from 91,538,149.80 CNY, indicating higher operational costs[58]

Financial Performance - Total revenue for the reporting period was CNY 108,830,092.08, a decrease of 5.57% compared to CNY 115,247,030.76 in the same period last year[26]. - Net profit attributable to shareholders was CNY 9,071,729.60, down 55.12% from CNY 20,213,346.92 year-on-year[26]. - Net profit after deducting non-recurring gains and losses was CNY 7,224,117.31, a decline of 59.30% compared to CNY 17,747,854.06 in the previous year[26]. - The net cash flow from operating activities was CNY -14,022,799.54, a significant decrease of 174.48% from CNY 18,827,761.35 in the same period last year[26]. - Basic earnings per share were CNY 0.0630, down 55.13% from CNY 0.1404 year-on-year[26]. - The company achieved a revenue of 108.83 million yuan, a decrease of 5.57% year-on-year[52]. - The net profit attributable to shareholders was 9.07 million yuan, down 55.12% compared to the previous year[52]. - The operating cash flow net amount was -14.02 million yuan, a decline of 174.48% year-on-year, primarily due to slower payment collection from domestic customers[54]. - The gross margin for RF metal components and structural parts was 31.39%, down 28.71% year-on-year, indicating pressure on profitability[56]. Risks and Challenges - The company reported a significant risk of order fluctuations due to changes in demand from major clients, which could adversely affect performance[6]. - The company faces risks related to industry volatility and development limitations, particularly if economic conditions worsen, potentially leading to reduced capital expenditures from mobile communication operators[7]. - There is a risk of declining overall gross margin due to increased competition in the RF metal component market and potential changes in product mix[8]. - The company is exposed to raw material price fluctuations, particularly for copper, steel, and aluminum, which could impact profit margins[10]. - Rising labor costs are a concern as the company may need to increase employee compensation to attract and retain talent, potentially affecting profitability[11]. - The company faced challenges from market demand fluctuations, leading to a decline in sales volume and product pricing[55]. - Investment income showed a loss of -551,536.13, accounting for -5.25% of total profit, primarily due to losses from associated companies and financial product returns, which is not sustainable[58]. - Asset impairment amounted to 1,032,862.52, representing 9.83% of total profit, attributed to inventory write-downs and bad debt provisions, which is sustainable[58]. Company Operations and Strategy - The company is a national high-tech enterprise engaged in the R&D, production, and sales of RF metal components and RF structural parts for the mobile communication industry[34]. - The company has established itself as a supplier of RF metal components, providing customized products and services to major global communication equipment manufacturers[34]. - The company has obtained supplier certification from well-known companies such as Nokia, Sanmina-SCI, and Flextronics[34]. - The company's main products are RF metal components, which are essential for signal transmission, filtering, and coupling in mobile communication base stations[35]. - The company has established a procurement model primarily based on "production-based ordering" and "pre-purchase material preparation," ensuring a systematic management approach[37]. - The production mode is characterized by "small batch, multi-variety" production, with a focus on customer demand to guide production planning[38]. - The company has implemented rapid changeover technology to improve equipment utilization efficiency and reduce inventory costs[38]. - The mobile data traffic is expected to grow tenfold from 2013 to 2019, driving demand for RF metal components as mobile communication networks upgrade[41]. - The expansion and upgrade of mobile communication base stations will directly increase the demand for RF metal components from communication equipment manufacturers[41]. - The RF metal components industry is characterized by low concentration and a fragmented competitive landscape, with many small-scale manufacturers[42]. - The company is recognized as a national high-tech enterprise and has established long-term partnerships with well-known domestic and international companies[42]. - The company's RF resonator products have been recognized as a famous brand product in Guangdong Province, valid from December 2015 to December 2018[42]. - The company has a strong capability in synchronous R&D and proactive service, enhancing its market competitiveness and sales scale[42]. Shareholder and Capital Management - The company plans not to distribute cash dividends or issue bonus shares, indicating a focus on reinvestment[12]. - The company plans to repurchase shares, with a single purchase not exceeding 2% of the total share capital[93]. - The total amount used for share repurchase should not be less than 50% of the after-tax cash dividends received in the most recent fiscal year[93]. - If the stock price falls below 120% of the audited net asset value per share for five consecutive trading days, the company will hold an earnings briefing within ten working days[93]. - If the stock price remains below the audited net asset value per share for twenty consecutive trading days, the company will convene a board meeting within ten working days and a shareholders' meeting within thirty working days to discuss a stabilization plan[93]. - The stabilization measures will cease if the stock price exceeds the net asset value per share for five consecutive trading days[93]. - Company directors and senior management are required to notify the company of their share purchase plans within ten working days if stabilization conditions are triggered again[93]. - The upper limit for the planned purchase price must not be lower than 110% of the audited net asset value per share at the end of the last fiscal year[93]. - Directors and senior management must use at least 20% of their after-tax salary from the previous fiscal year for share purchases[93]. - The total amount for share purchases by directors and senior management in a year must not exceed 50% of their after-tax salary from the previous fiscal year[93]. - The company emphasizes compliance with relevant laws and regulations during the share repurchase process[93]. - The company has committed that major shareholders will not transfer more than 40% of their shares within 24 months after the lock-up period expires[94]. - Shareholders are required to announce any share reduction three trading days in advance, detailing the reasons and future plans[94]. - During the lock-up period, shareholders cannot transfer or manage their shares directly or indirectly[94]. - After the lock-up period, annual share transfers by directors and senior management are limited to 25% of their total holdings[94]. - The company has established a commitment for shareholders to adhere to legal regulations regarding share transfers[94]. - Any reduction in share price below the issuance price will result in deductions from future cash dividends owed to the shareholders[94]. - The company emphasizes compliance with the relevant laws and regulations during share transfers[94]. - Shareholders must publicly explain any violations of the lock-up commitments[94]. - The company has outlined specific conditions under which new directors and senior management must sign commitment letters[94]. - The company is actively managing its shareholder structure to ensure stability and compliance with regulations[94]. Future Outlook and Investments - The company plans to leverage its scale advantages to improve operational efficiency and supply chain management, addressing customer pain points and 5G demands[86]. - Increased investment in smart manufacturing and automation is expected to significantly reduce labor cost proportions and enhance profitability[86]. - The company has committed to using the remaining raised funds for the "Technology Center Construction Project"[69]. - The company aims to enhance customer retention by strengthening internal R&D and collaboration with clients, focusing on mobile communications and expanding into consumer, new energy, and medical sectors[86]. - The company has plans for market expansion and new product development, although specific figures were not disclosed in the report[186]. - The company’s operational strategy includes technological development and production of precision components, which is expected to drive future growth[186]. Compliance and Legal Matters - The company has complied with regulations regarding the management and use of raised funds, with no violations reported[64]. - The company initiated a lawsuit against Suzhou Mite Technology Co., Ltd. for patent infringement, claiming damages of RMB 10 million (approximately $1.5 million) and seeking to stop the infringement activities[103]. - The company guarantees that the prospectus for the IPO does not contain false records or misleading statements, taking legal responsibility for its accuracy[97]. - If the prospectus contains significant omissions affecting the issuance conditions, the company will refund investors the subscription amount plus interest[97]. - The commitments made by the actual controllers are effective until they cease to be the actual controllers or until the company is delisted[97]. - The company will not occupy funds or assets of the company by its controlling shareholders or related parties[97]. - The company will ensure that any related party transactions are conducted under fair and reasonable conditions[97]. - The company will take appropriate measures to resolve any potential conflicts of interest arising from competition with controlled enterprises[97]. - The company has not conducted an audit for the semi-annual financial report[100]. - There are no bankruptcy reorganization matters reported during the reporting period[102]. - The company has made commitments regarding potential losses from property leasing and tax benefits[99].

Financial Performance - Total revenue for Q1 2018 was CNY 41,299,802.39, a decrease of 30.21% compared to CNY 59,175,393.92 in the same period last year[8]. - Net profit attributable to shareholders was CNY 2,780,418.99, down 77.05% from CNY 12,113,888.31 year-on-year[8]. - Basic earnings per share decreased to CNY 0.0348, down 77.01% from CNY 0.1514 in the same period last year[8]. - The company reported a profit before tax of ¥3,674,585.72, down from ¥14,650,609.79, a decline of about 75.0%[42]. - Comprehensive income totaled ¥2,281,426.95, significantly lower than ¥12,069,519.82 from the previous period, a decline of about 81.1%[43]. Cash Flow - Net cash flow from operating activities was negative CNY 7,021,969.59, a decline of 174.71% compared to CNY 9,398,771.34 in the previous year[8]. - Cash inflow from operating activities was ¥59,208,644.88, down from ¥66,423,062.90, a decrease of approximately 10.0%[48]. - The cash flow from operating activities showed a decrease of approximately 20% compared to the previous year, reflecting challenges in revenue generation[51]. - The company reported a total cash and cash equivalents balance of 228,512,129.48 CNY at the end of Q1 2018, down from 298,730,029.18 CNY at the end of the previous year[49]. - The company incurred investment cash outflows of 10,358,960.00 CNY, leading to a net cash flow from investment activities of -10,358,960.00 CNY[51]. Assets and Liabilities - Total assets at the end of the reporting period were CNY 518,334,302.76, a slight decrease of 0.76% from CNY 522,282,998.39 at the end of the previous year[8]. - Current liabilities decreased from CNY 69,659,254.76 to CNY 63,429,132.18, a reduction of about 9.5%[36]. - Total equity increased from CNY 452,623,743.63 to CNY 454,905,170.58, reflecting a growth of approximately 0.5%[36]. - Total liabilities remained stable at CNY 63,429,132.18, unchanged from the previous period[36]. Inventory and Receivables - Accounts receivable increased by 75.50% to RMB 9.33 million due to increased sales settled by notes[19]. - Inventory rose by 47.02% to RMB 46.76 million, primarily due to the accumulation of raw materials and finished goods[19]. - Other receivables decreased significantly from CNY 251,139,989.71 to CNY 82,171,045.36, a drop of approximately 67.3%[38]. Risks and Challenges - Risks include potential fluctuations in customer demand and industry cycles affecting revenue stability[10][11]. - The company faces risks related to declining gross margins due to increased competition and changes in product mix[11][12]. - Revenue decline is attributed to fluctuations in market demand, particularly a decrease in sales to foreign customers[31]. Strategic Initiatives - The company plans to strengthen its existing communication RF metal component business and explore upstream and downstream opportunities[20]. - The company is actively preparing for the 5G market and is also exploring new fields such as new energy vehicles and intelligent manufacturing[21]. - The company aims to optimize management and enhance internal controls to reduce costs and improve efficiency[20]. - The company plans to continue exploring new business expansion directions based on established product and R&D strategies[25]. Shareholder Information - Major shareholders include Shi Weiping with 33.33% and Xue Feng with 22.29% of shares, both of whom have pledged their shares[14]. - The top five customers contributed 59.01% of total revenue in Q1 2018, down from 73.99% in Q1 2017, indicating a decrease in customer concentration risk[24]. - The top five suppliers accounted for 37.22% of total purchases in Q1 2018, down from 50.85% in the same period last year[22]. Investment and Funding - The company invested a total of 1,587.63 million yuan from the raised funds in Q1 2018, with a cumulative investment of 11,109.54 million yuan, representing 50.67% of the planned investment for the mobile communication RF metal components production base project[28]. - The cumulative change in the use of raised funds amounted to 3,000 million yuan, which is 12.02% of the total raised funds[28]. - The company has not encountered any overdue commitments from major stakeholders during the reporting period[25]. Audit Status - The company has not undergone an audit for the Q1 2018 report, indicating that the figures presented are unaudited[53].