2020 年第一季度报告 2020-043 江苏精研科技股份有限公司 2020 年第一季度报告全文 江苏精研科技股份有限公司 2020 年 04 月 1 江苏精研科技股份有限公司 2020 年第一季度报告全文 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。 公司负责人王明喜、主管会计工作负责人杨剑及会计机构负责人(会计主管 人员)杨剑声明：保证季度报告中财务报表的真实、准确、完整。 2 江苏精研科技股份有限公司 2020 年第一季度报告全文 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 | 上年同期 | 本报告期比上年同期增减 | | --- | --- | --- | --- | | 营业总收入（元） | 265,548,813.01 | 168,064,397.88 | 58.00% | | 归属于上市公司股东的净利润（元） | 16,386,333.18 | ...

Financial Performance - The company's operating revenue for 2019 was CNY 1,473,002,013.81, representing a 66.95% increase compared to CNY 882,313,496.07 in 2018[17]. - Net profit attributable to shareholders for 2019 reached CNY 171,259,760.46, a significant increase of 360.55% from CNY 37,185,692.43 in 2018[17]. - The net cash flow from operating activities was CNY 392,150,344.77, up 375.88% from CNY 82,404,697.69 in the previous year[17]. - Basic earnings per share for 2019 were CNY 1.94, a 361.90% increase compared to CNY 0.42 in 2018[17]. - Total assets increased by 32.67% to CNY 2,191,997,119.69 from CNY 1,652,164,079.22[18]. - Operating profit reached ¥193,938,157.72, an increase of 377.44% year-on-year[43]. - The company achieved a comprehensive diluted earnings per share of CNY 1.93 for the reporting period[19]. - The company reported a total revenue of CNY 442,926,799.98 in Q4 2019, contributing to an overall increase in sales due to rising demand for MIM components[21]. Market and Industry Outlook - The company faces uncertainties in achieving its 2020 operational goals due to macroeconomic fluctuations and intensified market competition[5]. - Future outlook indicates potential challenges due to market volatility and declining gross margins[5]. - The global MIM market is expected to maintain a double-digit compound annual growth rate, driven by demand in electronics and automotive sectors[29]. - MIM products are primarily used in consumer electronics, automotive manufacturing, and medical devices, with significant growth potential in the automotive sector as domestic manufacturers increase their awareness and adoption of MIM technology[32]. - In 2019, global 5G smartphone shipments were approximately 6.7 million units, expected to exceed 400 million units by 2023, driving substantial demand for related thermal management products[31]. Strategic Initiatives - The company is focused on expanding its market presence and enhancing product development capabilities[5]. - The company expanded its product offerings in the smartphone sector, including new designs for camera brackets and hinges, which were well-received by clients[28]. - The company established a transmission division to enhance R&D in precision transmission mechanisms, targeting applications in smartphones, smart appliances, and automotive sectors[44]. - The company has set up subsidiaries in Hong Kong and the USA to strengthen its international marketing efforts and enhance global competitiveness[39]. - The company has established partnerships with universities for R&D projects, enhancing its technological capabilities and innovation[46]. Customer and Revenue Concentration - The company has a concentrated customer base, which poses risks to its revenue stability[5]. - The total sales amount from the top five customers accounted for 56.64% of the annual sales revenue, with the largest customer contributing 18.08%[60]. - The company maintains a strong customer resource advantage, having established long-term stable relationships with numerous well-known brand clients across various sectors[36]. Research and Development - R&D expenses increased by 45.53% year-on-year, indicating a strong commitment to enhancing the company's competitive edge through innovation[46]. - The company is developing high-performance titanium and titanium alloy products for applications in smartphones and wearables, alongside high-temperature alloy injection molding technology[63]. - The company has established a thermal management division focused on developing cooling materials and components for 5G applications[64]. Financial Management and Profit Distribution - The company plans to distribute a cash dividend of CNY 2.9 per 10 shares, with a capital reserve conversion of 3 shares for every 10 shares held[4]. - The cash dividend payout ratio for 2018 was 26.03%, while for 2017 it was 28.98%[115]. - The company has a cumulative undistributed profit of 417,434,409.38 CNY as of the reporting period[112]. - The cash dividend distribution plan was approved by the board and will be submitted for shareholder approval[114]. Risk Management - The company acknowledges the risk of declining gross margins due to increased competition and rising raw material costs, and plans to implement cost control measures[104]. - The company is facing risks from macroeconomic fluctuations and potential declines in consumer demand for electronic products, which could impact revenue and profits[101]. - The company aims to reduce customer concentration risk by optimizing its customer and product structure while enhancing product quality and technical development capabilities[103]. Shareholder and Governance Matters - The company has committed to not transferring or entrusting the management of its shares for 36 months post-IPO, with a lock-up extension of 6 months if share prices fall below the IPO price for 20 consecutive trading days[116]. - The controlling shareholder is limited to transferring no more than 25% of their shares annually while serving as a director or senior management[116]. - The company will initiate stock price stabilization measures if the stock price falls below the audited net asset value for 20 consecutive trading days within three years post-IPO[117]. - The company has established a framework for shareholder meetings to approve share repurchases, requiring a two-thirds majority vote[117]. Compliance and Regulatory Matters - The company emphasizes its commitment to legal and honest operations, ensuring compliance with national laws and regulations, and maintaining transparency in information disclosure[165]. - The company has confirmed that all commitments to minority shareholders have been fulfilled[124]. - The company will publicly explain the reasons for any unfulfilled commitments and apologize to shareholders and the public[123]. Accounting and Financial Reporting - The company reported a significant adjustment in its financial statements due to changes in accounting policies, specifically the separation of "receivables" into "notes receivable" and "accounts receivable," with total receivables amounting to ¥357,587,189.24[128]. - The company implemented new financial instrument standards effective January 1, 2019, which changed the classification of financial assets from four categories to three, impacting the measurement and recognition of financial instruments[130]. - The company clarified that the changes in accounting policies did not have a significant impact on its financial position and operating results[128].

Financial Performance - Operating revenue for the reporting period was ¥483,116,204.36, representing a year-on-year increase of 67.42%[9] - Net profit attributable to shareholders was ¥53,462,930.89, up 82.64% year-on-year[9] - Net profit attributable to shareholders after deducting non-recurring gains and losses was ¥65,068,494.09, an increase of 131.19% compared to the same period last year[9] - Basic earnings per share for the reporting period was ¥0.60, reflecting an increase of 81.82% year-on-year[9] - The company reported a total net profit of ¥102,431,409.40 for the year-to-date, which is a remarkable increase of 450.40% compared to the same period last year[9] - Revenue for the year-to-date reached ¥1,030,075,213.83, a significant increase of 76.17% compared to ¥584,697,293.19 in the same period last year, driven by market expansion and increased customer demand[21] - The company reported a 97.47% increase in non-operating income, totaling ¥1,063,513.10, compared to ¥538,566.76, primarily from supplier deductions[21] - The company reported a total profit of ¥119.94 million for the first three quarters of 2019, compared to ¥23.81 million in the same period last year, representing a growth of 403.5%[57] Assets and Liabilities - Total assets at the end of the reporting period reached ¥2,020,428,022.11, an increase of 22.29% compared to the end of the previous year[9] - The company's current assets totaled CNY 1,244,058,720.51, up from CNY 891,278,809.19 at the end of 2018, reflecting a growth of approximately 39.7%[39] - Total liabilities increased to CNY 641,723,356.82 from CNY 387,730,150.39, reflecting a growth of approximately 65.4%[40] - The company's equity attributable to shareholders rose to CNY 1,378,704,665.29 from CNY 1,264,433,928.83, an increase of about 9.0%[41] - The total liabilities increased to ¥696,994,676.15 from ¥376,232,586.01, indicating a growth of approximately 85%[45] Cash Flow - Cash flow from operating activities for the year-to-date reached ¥238,543,571.58, a significant increase of 452.15%[9] - The net cash flow from investing activities was -¥452,390,729.88, an increase of 32.93% compared to the previous period, mainly due to cash management of temporarily idle raised funds[22] - The net cash flow from financing activities was ¥5,121,914.39, a decrease of 105.50%, primarily due to reduced investment inflows and dividend distributions[22] - The company reported a net cash flow from operating activities of CNY 238,543,571.58, a substantial increase from CNY 43,202,784.10 in Q3 2018[64] Expenses - Operating costs rose to ¥628,573,405.30, reflecting a 50.00% increase from ¥419,043,246.06, primarily due to sales growth[21] - Research and development expenses increased by 59.44% to ¥103,345,049.98, up from ¥64,816,661.34, as the company intensified investment in new projects and materials[21] - The company experienced a 82.53% increase in taxes and surcharges, amounting to ¥8,816,144.29, driven by sales growth and new property tax from completed construction[21] - Management expenses rose by 86.80% to ¥94,399,547.80, up from ¥50,535,614.43, due to an increase in management personnel and salaries[21] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 8,400[13] - The largest shareholder, Wang Mingxi, holds 21.76% of the shares, with 3,500,000 shares pledged[13] Inventory and Receivables - Accounts receivable increased by 38.42% to ¥490,436,653.50, attributed to increased sales during the reporting period[22] - Inventory rose by 60.46% to ¥203,447,855.71, driven by expanded production and sales scale[22] - The number of accounts payable increased by 32.29% to ¥268,152,296.63, reflecting the expanded production and sales scale[22] Research and Development - Research and development expenses for the quarter were ¥35,842,397.85, compared to ¥21,470,391.61 in the previous period, indicating a significant investment in innovation[48] - Research and development expenses for Q3 2019 amounted to ¥31,78 million, up 59.1% from ¥19.99 million in the same quarter last year[52] Comprehensive Income - The total comprehensive income for Q3 2019 was ¥53.91 million, significantly higher than ¥29.95 million in Q3 2018, marking an increase of 80.1%[52] - Total comprehensive income for Q3 2019 was CNY 102,900,735.50, significantly higher than CNY 20,059,363.83 in Q3 2018[60]

江苏精研科技股份有限公司 2019 年半年度报告全文 江苏精研科技股份有限公司 2019 年半年度报告 2019-088 2019 年 08 月 1 江苏精研科技股份有限公司 2019 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。 公司负责人王明喜、主管会计工作负责人杨剑及会计机构负责人(会计主管 人员)杨剑声明：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。 受到风险、不明朗因素及假设的影响，本报告中基于对未来政策和经济的 主观假定和判断而作出的前瞻性陈述，可能与实际结果有重大差异。该等承诺 不构成对投资者的实质承诺。投资者应注意不恰当信赖或使用此类信息可能造 成的投资风险。 公司在本报告第四节"经营情况讨论与分析"中"十、公司面临的风险和应对 措施"部分，详细描述了公司经营中可能存在的风险及应对措施，敬请投资者予 以关注。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 2 | 目录 | | --- ...

江苏精研科技股份有限公司 2018 年年度报告全文 江苏精研科技股份有限公司 2018 年年度报告 2019-035 2019 年 04 月 1 江苏精研科技股份有限公司 2018 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。 公司负责人王明喜、主管会计工作负责人杨剑及会计机构负责人(会计主管 人员)杨剑声明：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。 受到风险、不明朗因素及假设的影响，本报告中基于对未来政策和经济的 主观假定和判断而作出的前瞻性陈述，可能与实际结果有重大差异。该等承诺 不构成对投资者的实质承诺。投资者应注意不恰当信赖或使用此类信息可能造 成的投资风险。 受市场竞争加剧、主要客户相对集中、毛利率下降等因素的影响，公司 2019 年度的经营目标实现存在一定的不确定性。详见本报告第四（九）节，敬请广 大投资者注意投资风险。 公司经本次董事会审议通过的利润分配预案为：以 8800 万股为基数，向全 体股东每 ...

Financial Performance - Total revenue for Q1 2019 was ¥168,064,397.88, representing a 17.60% increase compared to ¥142,917,671.68 in the same period last year[9] - Net profit attributable to shareholders was -¥1,512,693.33, a decrease of 159.59% from ¥2,538,628.38 in the previous year[9] - The net profit excluding non-recurring gains and losses was -¥6,147,280.48, a decline of 1,332.95% compared to ¥498,581.15 in the same period last year[9] - The company's operating revenue for Q1 2019 was CNY 168.06 million, representing a year-on-year increase of 17.60%[23] - The net profit attributable to shareholders for Q1 2019 was CNY -1.51 million, a decline of 159.59% compared to the same period last year[23] - Total operating revenue for Q1 2019 was CNY 168,064,397.88, an increase of 17.5% compared to CNY 142,917,671.68 in Q1 2018[53] - The net profit for Q1 2019 was a loss of CNY 1,512,693.33, compared to a profit of CNY 2,538,628.38 in Q1 2018, indicating a significant decline[55] Cash Flow - Net cash flow from operating activities increased by 79.68% to ¥76,535,128.65, up from ¥42,596,069.79 in the same period last year[9] - The cash flow from operating activities increased by 79.68% to CNY 76.54 million, driven by improved collection of receivables[22] - The net cash flow from operating activities was CNY 22,745,912.00, compared to a negative CNY 5,132,913.98 in the previous period, indicating a significant recovery[67] - Cash inflow from financing activities was CNY 49,500,000.00, with a net cash flow of CNY 29,637,473.58 after outflows[68] - The ending balance of cash and cash equivalents was CNY 46,290,625.12, down from CNY 152,835,145.29 in the previous period[68] Assets and Liabilities - Total assets at the end of the reporting period were ¥1,707,444,749.11, a 3.35% increase from ¥1,652,164,079.22 at the end of the previous year[9] - The company's total assets as of March 31, 2019, were CNY 1,683,895,262.59, an increase from CNY 1,623,563,452.68 at the end of 2018[52] - The company's current assets totaled CNY 938,830,278.33, compared to CNY 891,278,809.19 at the end of 2018, indicating an increase of about 5.31%[45] - The total liabilities rose to CNY 444,840,440.43 from CNY 387,730,150.39, which is an increase of about 14.7%[46] - The company's total liabilities reached CNY 440,661,098.63, up from CNY 376,232,586.01, reflecting an increase of 17.1%[51] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 10,083[13] - The largest shareholder, Wang Mingxi, holds 21.95% of the shares, with 19,316,880 shares pledged[13] - The company did not engage in any repurchase transactions during the reporting period[14] Research and Development - Research and development expenses increased by 41.80% to CNY 28.34 million, reflecting the company's commitment to new projects and materials[20] - Research and development expenses for Q1 2019 were CNY 28,340,290.14, compared to CNY 19,985,509.98 in Q1 2018, showing a rise of 42.0%[53] - The company is committed to continuous development of new products, processes, and materials, increasing R&D investment to strengthen its competitive edge[30] Risks and Market Conditions - The company faces risks due to the concentration of major customers, which could significantly impact operational performance if procurement volumes decrease[28] - The smartphone market is experiencing a slowdown in sales growth, which may affect the demand for the company's MIM products[29] - The company plans to enhance its R&D capabilities and expand into sectors beyond consumer electronics, such as automotive manufacturing, to mitigate risks[29] - Management risks may arise if the company fails to adapt its management systems to its expanding operational scale[31] - The company will closely monitor macroeconomic conditions and industry trends to improve its risk management and operational strategies[29] Investment Activities - The cash flow from investing activities showed a decrease of 40.34%, amounting to CNY -268.92 million, mainly due to increased investment in financial products[22] - The total investment cash outflow was CNY 340,324,630.46, compared to CNY 684,447,485.15 in the previous year[64] - Cash outflow from investment activities totaled CNY 339,457,708.00, down from CNY 682,480,785.15 in the previous period, reflecting a reduction in investment expenditures[67] Miscellaneous - The company did not undergo an audit for the first quarter report[69] - The company has not applied new financial instrument standards or new revenue recognition standards for the current period[69]

江苏精研科技股份有限公司 2018 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。 公司负责人王明喜、主管会计工作负责人杨剑及会计机构负责人(会计主管 人员)杨剑声明：保证季度报告中财务报表的真实、准确、完整。 2 江苏精研科技股份有限公司 2018 年第三季度报告全文 1 □ 是 √ 否 江苏精研科技股份有限公司 2018 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 | | 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） | 1,605,798,964.98 | 1,583,242,951.33 | | 1.42% | | 归属于上市公司股东的净资产（元） | 1,245,911,524.71 | 1,270,820,160.88 | | -1.96% | ...

[Important Notice, Table of Contents and Definitions](index=2&type=section&id=Item%201.%20Important%20Notice%2C%20Table%20of%20Contents%20and%20Definitions) This section provides important notices, the report's table of contents, and definitions of key terms [Company Profile and Key Financial Indicators](index=5&type=section&id=Item%202.%20Company%20Profile%20and%20Key%20Financial%20Indicators) This section provides an overview of the company and its key financial performance indicators [Key Accounting Data and Financial Indicators](index=6&type=section&id=IV.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) During the reporting period, the company experienced a significant decline in performance, with total operating revenue decreasing by **28.60%** to **296.13 million CNY** and net profit attributable to shareholders turning to a loss of **-10.66 million CNY** 2018 Half-Year Key Accounting Data | Indicator | Current Period | Prior Year Period | Current Period vs. Prior Year Period Change | | :--- | :--- | :--- | :--- | | Total Operating Revenue (CNY) | 296,125,733.67 | 414,763,073.25 | -28.60% | | Net Profit Attributable to Shareholders (CNY) | -10,661,486.75 | 76,746,266.11 | -113.89% | | Net Cash Flow from Operating Activities (CNY) | 78,593,742.21 | 145,991,066.29 | -46.17% | | Basic Earnings Per Share (CNY/share) | -0.12 | 1.16 | -110.34% | | Weighted Average Return on Net Assets | -0.84% | 17.82% | -18.66% | | Total Assets (CNY) | 1,566,089,493.41 | 1,583,242,951.33 | -1.08% | | Net Assets Attributable to Shareholders (CNY) | 1,215,964,699.21 | 1,270,820,160.88 | -4.32% | Non-Recurring Gains and Losses Items and Amounts | Item | Amount (CNY) | | :--- | :--- | | Gains/Losses from Disposal of Non-Current Assets | -324.06 | | Government Grants Included in Current Profit/Loss | 1,203,875.91 | | Fair Value Changes and Investment Income from Trading Financial Assets/Liabilities | -4,535,129.27 | | Other Non-Operating Income and Expenses | -3,465,472.21 | | Other Items Meeting the Definition of Non-Recurring Gains/Losses | 5,722,447.17 | | **Total** | **-1,074,602.46** | [Business Overview](index=8&type=section&id=Item%203.%20Business%20Overview) This section provides a high-level overview of the company's core business operations and strategic focus [Main Businesses During the Reporting Period](index=8&type=section&id=I.%20Main%20Businesses%20During%20the%20Reporting%20Period) The company primarily provides customized MIM core components for consumer electronics and automotive sectors, with performance driven by product design iterations and continuous investment in R&D and new market expansion - The company's main business involves providing high-complexity, high-precision customized MIM core components for smart phones, wearable devices, computers, and automotive sectors[24](index=24&type=chunk) - Performance growth is primarily driven by new demands from mobile phone technology iterations, such as dual cameras, while the company actively collaborates with clients on new product development and expands into new business areas like automotive components[25](index=25&type=chunk) [Significant Changes in Major Assets](index=8&type=section&id=II.%20Significant%20Changes%20in%20Major%20Assets) During the reporting period, the company's major asset categories, including fixed assets, intangible assets, and construction in progress, significantly increased due to ongoing investments in capacity expansion and infrastructure development Major Asset Changes (Compared to End of 2017) | Major Asset | Growth Rate | Primary Reason | | :--- | :--- | :--- | | Fixed Assets | 17.18% | New factory buildings capitalized and new equipment acquired | | Intangible Assets | 23.36% | New land and software purchases | | Construction in Progress | 25.24% | Acquisition of large equipment and new factory infrastructure investment | - The company established a new wholly-owned US subsidiary, GIAN TECH. AMERICA, INC., with assets of approximately **17.21 million CNY**, accounting for **1.42%** of the company's net assets, primarily engaged in trade, R&D, investment, and services[28](index=28&type=chunk) [Analysis of Core Competencies](index=9&type=section&id=III.%20Analysis%20of%20Core%20Competencies) The company's core competencies include strong global client relationships, strategic market presence, comprehensive one-stop service capabilities, robust R&D strength, and an experienced management and technical team - The company possesses a high-quality global customer service platform, having established partnerships with numerous well-known brand enterprises, with products widely applied in consumer electronics such as smartphones and wearable devices[29](index=29&type=chunk) - The company offers clients one-stop service solutions from preliminary design, testing, and product development to subsequent manufacturing, and has added post-processing steps like overmolding and cold heading[31](index=31&type=chunk)[32](index=32&type=chunk) - During the reporting period, the company undertook several R&D projects, including research on thermal debinding binders, Kovar alloy, titanium alloy, automotive shift system components, and ceramic powder injection molding processes, with some projects entering mass production or sample trial stages[33](index=33&type=chunk)[34](index=34&type=chunk) [Management Discussion and Analysis](index=11&type=section&id=Item%204.%20Management%20Discussion%20and%20Analysis) This section provides a detailed discussion and analysis of the company's operating performance and financial condition [Overview](index=11&type=section&id=I.%20Overview) In the first half of 2018, the company faced operational pressure with a **28.60%** decline in revenue and a net loss, yet continued to expand fixed asset investment by **36.88%** and R&D spending by **71.41%** 2018 Half-Year Performance Overview | Indicator | Amount | Year-on-Year Change | | :--- | :--- | :--- | | Operating Revenue | 296 million CNY | -28.60% | | Net Profit Attributable to Parent | -10.66 million CNY | -113.89% | | Basic Earnings Per Share | -0.12 CNY | -110.34% | - To address challenges, the company continued to increase fixed asset investment (up **36.88%** year-on-year) to expand capacity, and significantly invested in R&D (expenses up **71.41%** year-on-year) to support client new product development and explore new technologies[39](index=39&type=chunk)[40](index=40&type=chunk) [Analysis of Main Business](index=11&type=section&id=II.%20Analysis%20of%20Main%20Business) During the reporting period, the company's main business revenue and costs declined due to reduced downstream demand, with wearable device revenue significantly decreasing by **70.53%** and gross margins across all product lines experiencing declines Key Financial Data Year-on-Year Changes | Item | Current Period (CNY) | Prior Year Period (CNY) | Year-on-Year Change | Primary Reason | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 296,125,733.67 | 414,763,073.25 | -28.60% | Decrease in downstream customer demand | | Operating Cost | 215,263,085.41 | 244,211,685.32 | -11.85% | Due to decrease in operating revenue | | Administrative Expenses | 76,495,011.19 | 51,116,578.57 | 49.65% | Increase in R&D expenses | | R&D Investment | 43,346,269.73 | 25,287,431.63 | 71.41% | Increased investment in new projects and materials R&D | Operating Revenue by Product Category | Product Category | Operating Revenue (CNY) | Gross Margin | Year-on-Year Change in Operating Revenue | Year-on-Year Change in Gross Margin | | :--- | :--- | :--- | :--- | :--- | | Wearable Devices | 47,185,208.08 | 36.88% | -70.53% | -13.85% | | Smartphones | 206,957,186.91 | 26.84% | 2.03% | -7.37% | | Processing Services and Others | 40,709,787.54 | 16.40% | -19.54% | -21.09% | [Analysis of Non-Core Business](index=13&type=section&id=III.%20Analysis%20of%20Non-Core%20Business) Non-core business activities significantly impacted total profit negatively, primarily due to fair value changes in unhedged forward foreign exchange contracts and quality-related deductions, despite some investment income from wealth management products Non-Core Business Profit and Loss | Item | Amount (CNY) | Proportion of Total Profit | Explanation of Cause | | :--- | :--- | :--- | :--- | | Investment Income | 7,013,221.90 | -65.79% | Primarily income from wealth management products | | Fair Value Change Gains/Losses | -5,825,904.00 | 54.65% | Fair value changes of unhedged forward foreign exchange contracts | | Non-Operating Income | 288,630.72 | -2.71% | Primarily handling fee refunds and quality compensation | | Non-Operating Expenses | 3,751,175.59 | -35.19% | Primarily quality deduction losses | [Analysis of Assets and Liabilities](index=13&type=section&id=IV.%20Analysis%20of%20Assets%20and%20Liabilities) At the end of the reporting period, the company's asset and liability structure remained relatively stable, with a significant increase in monetary funds from IPO proceeds and growth in fixed assets, while short-term and long-term borrowings decreased - Monetary funds increased by **110.03%** compared to the end of the previous year, primarily due to the receipt of IPO proceeds[48](index=48&type=chunk) - Fixed assets and construction in progress increased by **33.55%** and **128.54%** respectively compared to the end of the previous year, mainly due to the capitalization of new factory buildings, equipment purchases, and new factory area infrastructure investments[48](index=48&type=chunk) - Short-term borrowings decreased by **56.35%** compared to the end of the previous year, and long-term borrowings were fully repaid[49](index=49&type=chunk) [Analysis of Investment Status](index=14&type=section&id=V.%20Analysis%20of%20Investment%20Status) During the reporting period, the company actively expanded its investment footprint by establishing three new wholly-owned subsidiaries with a total investment of **36.58 million CNY**, utilizing **566 million CNY** in raised funds for production and R&D expansion, and engaging in **918 million CNY** in entrusted wealth management Significant Equity Investments During the Reporting Period | Investee Company Name | Investment Method | Investment Amount (CNY) | Shareholding Percentage | Source of Funds | | :--- | :--- | :--- | :--- | :--- | | GIAN TECH. AMERICA, INC | New Establishment | 16,576,494.90 | 100.00% | Own Funds | | Daoyan (Shanghai) Electronic Technology Development Co., Ltd. | New Establishment | 20,000,000.00 | 100.00% | Own Funds | | Jingyan (Hong Kong) Technology Development Co., Ltd. | New Establishment | 0.00 | 100.00% | Own Funds | Overall Use of Raised Funds (CNY in thousands) | Item | Amount | | :--- | :--- | | Total Raised Funds | 763,425.00 | | Total Raised Funds Invested in Current Period | 70,228.30 | | Total Raised Funds Cumulatively Invested | 566,370.50 | - The company used its own funds and raised funds for entrusted wealth management totaling **918 million CNY**, of which **187 million CNY** came from own funds and **731 million CNY** from raised funds and own funds (brokerage wealth management products)[73](index=73&type=chunk) [Analysis of Major Holding and Participating Companies](index=20&type=section&id=VII.%20Analysis%20of%20Major%20Holding%20and%20Participating%20Companies) During the reporting period, key subsidiaries Changzhou Boyan and Jingyan Dongguan both reported losses, primarily due to declining parent company business, reduced assembly operations, increased R&D investment, and higher depreciation expenses Operating Performance of Major Subsidiaries (CNY) | Company Name | Operating Revenue | Operating Profit | Net Profit | | :--- | :--- | :--- | :--- | | Changzhou Boyan Technology Co., Ltd. | 12,859,757.77 | -1,051,353.87 | -1,041,029.08 | | Jingyan (Dongguan) Technology Development Co., Ltd. | 46,806,934.08 | -8,877,480.93 | -8,877,480.93 | - Changzhou Boyan's performance decline was mainly affected by the decrease in Jingyan Technology's business and its own assembly business, with gross margin decreasing by **28.34%** year-on-year[81](index=81&type=chunk) - Jingyan Dongguan's losses were due to the impact of the parent company's business decline, increased R&D investment (accounting for **6.17%** of revenue), and increased fixed asset investment leading to a **49.36%** year-on-year increase in depreciation expenses[83](index=83&type=chunk) [Forecast of Operating Performance for Jan-Sep 2018](index=22&type=section&id=IX.%20Forecast%20of%20Operating%20Performance%20for%20Jan-Sep%202018) The company forecasts a significant year-on-year decline of **81.01% to 85.26%** in cumulative net profit for the first three quarters of 2018, primarily due to decreased downstream demand, intensified competition, and increased R&D investment 2018 Jan-Sep Cumulative Net Profit Forecast | Period | Estimated Net Profit (CNY in thousands) | Year-on-Year Change Range | | :--- | :--- | :--- | | Beginning of Year to End of Next Reporting Period (Jan-Sep) | 17,338.50 to 22,338.50 | Decrease of 81.01% to 85.26% | - The performance decline is mainly attributed to decreased downstream customer demand, intensified industry competition leading to lower gross margins, and the company's increased R&D investment to support major strategic clients[84](index=84&type=chunk) - The company expects to achieve profitability in the third quarter (July-September), with net profit estimated between **28 million CNY** and **33 million CNY**, though still representing a **19.24% to 31.48%** decrease compared to the same period last year[84](index=84&type=chunk)[85](index=85&type=chunk) [Risks Faced by the Company and Countermeasures](index=23&type=section&id=X.%20Risks%20Faced%20by%20the%20Company%20and%20Countermeasures) The company faces key risks including slowing growth in downstream industries, customer concentration, intensified market competition, declining gross margins, exchange rate fluctuations, and management challenges from scale expansion, which it plans to address through market development, efficiency improvements, and R&D - Key Risk Factors: - **Slowing growth in downstream industries**: Smartphone industry shipments are slowing, and consumer replacement cycles are lengthening[86](index=86&type=chunk) - **Customer concentration**: High reliance on major customers poses a risk if their procurement volumes decrease[87](index=87&type=chunk) - **Intensified market competition**: The MIM industry is attracting more competitors, leading to fiercer market competition[88](index=88&type=chunk) - **Declining gross margins**: Affected by customer profitability, market competition, and rising costs[88](index=88&type=chunk) - **Exchange rate fluctuations**: Export business is primarily settled in USD, facing RMB exchange rate fluctuation risks[88](index=88&type=chunk) [Significant Matters](index=25&type=section&id=Item%205.%20Significant%20Matters) This section details significant events and material matters that occurred during the reporting period [Changes in Shares and Shareholder Information](index=43&type=section&id=Item%206.%20Changes%20in%20Shares%20and%20Shareholder%20Information) This section outlines changes in the company's share capital and provides details on its shareholder structure [Number of Shareholders and Shareholding Information](index=44&type=section&id=III.%20Number%20of%20Shareholders%20and%20Shareholding%20Information) As of the reporting period end, the company had **15,493** common shareholders, with a high concentration among the top ten, including the actual controllers and their affiliated entities, and several major shareholders have pledged their shares - As of the end of the reporting period, the total number of common shareholders was **15,493**[138](index=138&type=chunk) Top Ten Shareholders' Shareholding (Partial) | Shareholder Name | Shareholding Percentage | Number of Restricted Shares Held | Pledged or Frozen Status | | :--- | :--- | :--- | :--- | | Wang Mingxi | 21.95% | 19,316,880 | Pledged 3,140,000 | | Shi Juanhua | 8.33% | 7,326,000 | Pledged 2,350,000 | | Qian Yejun | 6.21% | 5,464,800 | Pledged 3,820,000 | | Huang Yichao | 5.53% | 4,866,840 | Pledged 2,016,400 | | Changzhou Chuangyan Investment Consulting Co., Ltd. | 5.40% | 4,752,000 | - | | Shanghai Yabang Venture Capital Partnership | 5.25% | 4,620,000 | Pledged 2,400,000 | - The company's actual controllers, Wang Mingxi and Huang Yichao, are father and daughter; Huang Yichao holds **59.50%** equity in Changzhou Chuangyan Investment Consulting Co., Ltd[138](index=138&type=chunk) [Information on Preferred Shares](index=47&type=section&id=Item%207.%20Information%20on%20Preferred%20Shares) This section confirms the absence of preferred shares during the reporting period - During the reporting period, the company had no preferred shares[144](index=144&type=chunk) [Information on Directors, Supervisors, and Senior Management](index=48&type=section&id=Item%208.%20Information%20on%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) This section confirms no changes in the composition or shareholdings of the company's directors, supervisors, and senior management during the reporting period - During the reporting period, there were no changes in the shareholdings or personnel composition of the company's directors, supervisors, and senior management[146](index=146&type=chunk)[147](index=147&type=chunk) [Information on Corporate Bonds](index=49&type=section&id=Item%209.%20Information%20on%20Corporate%20Bonds) This section confirms the absence of publicly issued and listed corporate bonds that are outstanding or fully unredeemed - During the reporting period, the company had no publicly issued and listed corporate bonds that were outstanding or not fully redeemed as of the approval date of the semi-annual report[150](index=150&type=chunk) [Financial Report](index=50&type=section&id=Item%2010.%20Financial%20Report) This section presents the company's unaudited consolidated and parent company financial statements for the half-year period [Financial Statements](index=50&type=section&id=II.%20Financial%20Statements) This section provides the company's unaudited consolidated and parent company financial statements for the first half of 2018, including the balance sheet, income statement, cash flow statement, and statement of changes in equity [Consolidated Balance Sheet](index=50&type=section&id=1.%20Consolidated%20Balance%20Sheet) As of June 30, 2018, the company's total assets were **1.57 billion CNY**, a slight decrease of **1.08%** from the beginning of the period, with total liabilities at **350 million CNY** and equity attributable to the parent company at **1.22 billion CNY** Consolidated Balance Sheet Key Items (CNY) | Item | Period-End Balance | Period-Beginning Balance | | :--- | :--- | :--- | | **Total Assets** | **1,566,089,493.41** | **1,583,242,951.33** | | Total Current Assets | 886,202,421.82 | 1,000,329,889.91 | | Total Non-Current Assets | 679,887,071.59 | 582,913,061.42 | | **Total Liabilities** | **350,124,794.20** | **312,422,790.45** | | Total Current Liabilities | 331,889,704.35 | 299,986,824.69 | | Total Non-Current Liabilities | 18,235,089.85 | 12,435,965.76 | | **Total Owners' Equity** | **1,215,964,699.21** | **1,270,820,160.88** | [Consolidated Income Statement](index=55&type=section&id=3.%20Consolidated%20Income%20Statement) In the first half of 2018, the company's total operating revenue reached **296 million CNY**, a **28.60%** year-on-year decrease, resulting in a net loss of **-10.66 million CNY** due to disproportionate cost reductions and increased management expenses, primarily R&D Consolidated Income Statement Key Items (CNY) | Item | Current Period Amount | Prior Period Amount | | :--- | :--- | :--- | | I. Total Operating Revenue | 296,125,733.67 | 414,763,073.25 | | II. Total Operating Costs | 305,711,799.15 | 327,447,313.17 | | Including: Operating Cost | 215,263,085.41 | 244,211,685.32 | | Administrative Expenses | 76,495,011.19 | 51,116,578.57 | | III. Operating Profit | -7,198,123.07 | 89,343,918.45 | | IV. Total Profit | -10,660,667.94 | 89,271,045.78 | | V. Net Profit | -10,661,486.75 | 76,746,266.11 | | Net Profit Attributable to Parent Company Owners | -10,661,486.75 | 76,746,266.11 | [Consolidated Cash Flow Statement](index=59&type=section&id=5.%20Consolidated%20Cash%20Flow%20Statement) During the reporting period, net cash flow from operating activities decreased by **46.17%** to **78.59 million CNY** due to lower sales, while net cash outflow from investing activities significantly increased to **410 million CNY** driven by wealth management product purchases and fixed asset acquisitions Consolidated Cash Flow Statement Key Items (CNY) | Item | Current Period Amount | Prior Period Amount | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 78,593,742.21 | 145,991,066.29 | | Net Cash Flow from Investing Activities | -410,184,183.71 | -69,757,456.22 | | Net Cash Flow from Financing Activities | -53,657,762.01 | -67,728,052.52 | | Net Increase in Cash and Cash Equivalents | -385,495,287.03 | 6,122,773.58 | | Cash and Cash Equivalents at Period End | 204,519,272.64 | 105,195,333.02 | - The company's half-year financial report is unaudited[152](index=152&type=chunk) [Notes to Consolidated Financial Statements](index=92&type=section&id=VII.%20Notes%20to%20Consolidated%20Financial%20Statements) This section provides detailed explanations for key items in the consolidated financial statements, including cash composition, accounts receivable aging and impairment, inventory classification and write-downs, and changes in fixed assets and construction in progress - As of the period end, the company's restricted monetary funds amounted to **39.76 million CNY**, all of which were bank acceptance bill deposits[320](index=320&type=chunk) - At period end, the book balance of accounts receivable was **189 million CNY**, with a bad debt provision of **9.52 million CNY** based on aging, representing an impairment rate of **5.04%**, and **99.49%** of accounts receivable were within one year of age[329](index=329&type=chunk)[330](index=330&type=chunk) - At period end, the book value of inventory was **147 million CNY**, with work-in-progress and raw materials accounting for a higher proportion, and a total inventory impairment provision of **11.03 million CNY** was made[358](index=358&type=chunk) - During the reporting period, the company's R&D expenses within administrative expenses were **43.35 million CNY**, an increase of **71.41%** from **25.29 million CNY** in the prior year, which was the main reason for the increase in administrative expenses[480](index=480&type=chunk) [Catalogue of Reference Documents](index=150&type=section&id=Item%2011.%20Catalogue%20of%20Reference%20Documents) This section lists all documents available for reference

江苏精研科技股份有限公司 2017 年年度报告全文 江苏精研科技股份有限公司 2017 年年度报告 2018-025 2018 年 04 月 1 江苏精研科技股份有限公司 2017 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。 公司负责人王明喜、主管会计工作负责人杨剑及会计机构负责人(会计主管 人员)杨剑声明：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。 前瞻性陈述的风险声明：受到风险、不明朗因素及假设的影响，本报告中 基于对未来政策和经济的主观假定和判断而作出的前瞻性陈述，可能与实际结 果有重大差异。该等承诺不构成对投资者的实质承诺。投资者应注意不恰当信 赖或使用此类信息可能造成的投资风险。 重大风险提示：受市场竞争加剧、行业和客户相对集中、毛利率存在较大 变动或持续下降等因素的影响，公司 2018 年度的经营目标实现存在一定的不确 定性。详见本报告第四（九）节，敬请广大投资者注意投资风险。 4 江苏精研科技股份有限 ...

江苏精研科技股份有限公司 2018 年第一季度报告全文 江苏精研科技股份有限公司 2018 年第一季度报告 2018-031 2018 年 04 月 1 江苏精研科技股份有限公司 2018 年第一季度报告全文 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。 公司负责人王明喜、主管会计工作负责人杨剑及会计机构负责人(会计主管 人员)杨剑声明：保证季度报告中财务报表的真实、准确、完整。 2 江苏精研科技股份有限公司 2018 年第一季度报告全文 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 | 上年同期 | 本报告期比上年同期增 | | --- | --- | --- | --- | | | | | 减 | | 营业总收入（元） | 142,917,671.68 | 230,287,324.39 | -37.94% | | 归属于上市公司股东的净利润（元） | 2,5 ...