证券代码：300709 证券简称：精研科技 江苏精研科技股份有限公司投资者关系活动记录表 编号：2020-TZZGX-001 | --- | --- | --- | |----------------|------------------------------|-----------------------------------------------------| | | | | | 投资者关系活动 | R | 特定对象调研 □分析师会议 | | 类别 | □ 媒体采访 □业绩说明会 | | | | □新闻发布会 □路演活动 | | | | R 现场参观 | | | | □ | 其他 （请文字说明其他活动内容） | | 参与单位名称及 | | 上海侏罗纪资产：孙恺 翊安投资：张益锋 | | 人员姓名 | | 爱建证券：章孝林 华泰证券：胡剑 | | | | 厦门三阳泰和：丁东 中信证券：蔡霁磊 | | | | 汇添富基金：徐逸舟 华泰证券：詹一鸣、苏洋、王志杰 | | 时间 | 2020 年 12 月 29 | 日 | | 地点 | 公司三楼会议室 | | | 上市公司接待人 | 董事长、总经理：王明喜 ...

证券代码：300709 证券简称：精研科技 江苏精研科技股份有限公司投资者关系活动记录表 编号：2021-002 | --- | --- | --- | |----------------|-------------------------------------|--------------------------------------------------------| | | | | | 投资者关系活动 | 特定对象调研 □分析师会议 | | | 类别 | □媒体采访 □业绩说明会 | | | | □新闻发布会 | □路演活动 | | | 现场参观 | | | | □其他 （请文字说明其他活动内容） | | | 参与单位名称及 | 上海侏罗纪资产：孙恺 众安在线：高翔 | | | | | | | 人员姓名 | 上海煜德投资：王秀平 博道基金：张伟 | | | | 翊安投资：张益锋、张惠萍 | 中信证券：胥调菡 | | | 惠升基金：彭伯文 | 睿郡资产：杜昌勇、丁晨霞 | | | 财通资管：黎来论 兴业基金：肖滨 | | | | 信达澳银：童昌希 国信证券：胡剑 | | | 时间 | 2021 年 ...

Group 1: Company Performance - The main reason for the company's Q3 2021 performance growth is high capacity utilization and significant scale effects, with major clients' new products and projects reaching peak production during this period, such as foldable screen hinges and wearable device casings [2] - The overall profitability level of the company has improved significantly compared to the first half of the year due to continuous cost reduction and efficiency enhancement measures, particularly through increased automation in production [2] Group 2: MIM Industry Insights - The MIM (Metal Injection Molding) industry has substantial growth potential, especially in consumer electronics and automotive electronics, where complex structural components are increasingly in demand [3] - MIM is particularly suitable for applications requiring intricate movements in confined spaces, such as in headphones, glasses, and foldable screen hinges, due to its high precision and strength [3] Group 3: Raw Material and Supply Chain - The company's main raw materials are metal powders, which do not significantly impact overall cost pressure despite rising prices this year [3] - The company has transitioned to self-manufactured feedstock, which now meets the diverse material needs of clients and offers cost advantages over external suppliers [4] Group 4: Business Focus and Development - The primary focus of the company's MIM business remains in consumer electronics, including smartphones and wearable devices, while automotive and medical sectors are still developing but contribute a smaller share of total revenue [4] - The company is also emphasizing the development of transmission and thermal management sectors, leveraging synergies between MIM and transmission businesses in various applications [4]

证券代码：300709 证券简称：精研科技 江苏精研科技股份有限公司投资者关系活动记录表 编号：2021-005 | --- | --- | --- | |----------------|------------------------------|--------------------------------------| | 投资者关系活动 | | 特定对象调研 □分析师会议 | | 类别 | | □媒体采访 □业绩说明会 | | | □新闻发布会 | □路演活动 | | | 现场参观 | | | | □其他 | （请文字说明其他活动内容） | | | | | | 参与单位名称及 | 平安资管 | 马继愈 长江证券 王泽罡、谢尔曼 | | 人员姓名 | 德邦基金 | 陆阳 华泰保兴 符昌铨 | | | 浙商基金 | 胡博清 兴银基金 高鹏 | | | 弘毅远方 | 赵阳 淳厚基金 吴若宗 | | | 九泰基金 | 赵万隆 中金公司 温晗静、黄天擎 | | | Brillance | 刘莹莹 财通资管 黎来论 | | | 德邦证券 周晴 | 锐稳投资 肖遥、毛蕉傲 | | | 凯昇资本 | 杨哲乾 时机 ...

证券代码：300709 证券简称：精研科技 江苏精研科技股份有限公司投资者关系活动记录表 编号：2021-004 | --- | --- | --- | --- | --- | --- | |----------------|----------------|--------------|-------|--------------------------|--------| | | | | | | | | 投资者关系活动 | | | | 特定对象调研 □分析师会议 | | | | | | | | | | 类别 | | | | □媒体采访 □业绩说明会 | | | | □新闻发布会 | | | □路演活动 | | | | 现场参观 | | | | | | | 其他 | （电话会议） | | | | | 参与单位名称及 | | | | 国信证券 胡剑 淡水泉投资 | 林盛蓝 | | | | | | 东方证券 江舟 宁银理财 | 吴桐 | | 人员姓名 | 中信保诚 | | | 杨柳青 国信机构 | 赵晓曦 | | | 中科沃土基金 | | | 林皓 平安养老 | 蓝逸翔 | | | | | | | | | | ...

证券代码：300709 证券简称：精研科技 江苏精研科技股份有限公司投资者关系活动记录表 编号：2022-002 | --- | --- | --- | --- | --- | --- | |----------------|------------------------------|----------------------------------------|-------|-------|-------| | | | | | | | | 投资者关系活动 | 特定对象调研 | 分析师会议 | | | | | 类别 | 媒体采访 | 业绩说明会 | | | | | | 新闻发布会 | 路演活动 | | | | | | 现场参观 | | | | | | | 其他 （电话会议） | | | | | | | | | | | | | 参与单位名称及 | 国盛证券 钟琳 | | | | | | 人员姓名 | 中泰证券 张琼 | | | | | | | 国泰君安 于嘉懿 | | | | | | | 西南证券 徐一丹 | | | | | | | 长信基金 | 陆晓峰、朱敏、张瑶 | | | | | | 南方基金 朱苌 ...

Group 1: Company Overview - Jiangsu Jingyan Technology Co., Ltd. is listed under stock code 300709 [1] Group 2: Investor Relations Activities - The company conducted various investor relations activities including analyst meetings, media interviews, performance briefings, and roadshows [2][3][4] - Notable participants in these activities included representatives from major securities firms and investment funds [2][3][4] Group 3: Financial Performance - In the first half of 2022, the company's R&D investment did not show significant growth compared to the previous year [4] - The increase in inventory compared to the beginning of the year was attributed to proactive stockpiling in anticipation of high demand in the third quarter [5] Group 4: Market and Competitive Landscape - The global market space for the MIM (Metal Injection Molding) industry is approximately 20 billion RMB, indicating limited demand and growth potential [5] - The company is focusing on expanding its market reach and customer base while maintaining communication with end brands [5] Group 5: Strategic Business Development - The company is extending its business from parts to components, particularly in the transmission and cooling sectors, leveraging its MIM technology [5][6] - Current automotive product offerings include MIM metal parts and plastic components, with clients such as Tesla and Honda [6] Group 6: Goodwill Assessment - The remaining goodwill for Antixin is approximately 56 million RMB, with future impairment assessments dependent on operational and profitability forecasts [6]

Financial Performance - In the first three quarters of 2022, the company achieved operating revenue of 1.968 billion, a 7.80% increase compared to 1.826 billion in the same period last year [3] - The net profit attributable to shareholders reached 151 million, up 11.24% from 136 million last year [3] - The net profit after deducting non-recurring gains and losses was 132 million, a 22.39% increase from 108 million last year [3] - In Q3 2022, the company reported operating revenue of 968 million, a 14.61% increase from 845 million in Q3 2021 [3] - The net profit attributable to shareholders in Q3 was 122 million, up 9.34% from 112 million in the same quarter last year [3] Market Outlook - The company anticipates continued interest in foldable smartphones, with various brands launching multiple models to capture market share [4] - The MIM (Metal Injection Molding) components for foldable smartphone hinges are expected to see increased demand as brands seek to enhance their designs [4] - The competitive landscape in the MIM industry is not expected to change significantly due to the complexity of expanding production capabilities [4] Product Development - The company is actively engaged in R&D for MIM components and hinges for foldable smartphones, collaborating with various terminal clients [4] - The average value of MIM components in foldable smartphone hinges is projected to decrease as manufacturers shift to more cost-effective designs [5] - The company claims advantages in precision and material requirements for MIM components, which are critical for the performance of foldable smartphone hinges [5] Strategic Initiatives - The company is exploring opportunities in emerging fields such as AR and VR, although current involvement is limited [6] - The acquisition of Ruidian Precision is aimed at expanding capabilities in precision plastic components, complementing the existing MIM business [6] - The integration of MIM and precision plastic capabilities is expected to enhance the company's offerings in the automotive sector, particularly in electric vehicles [7] Financial Liabilities - The company is in the process of recovering outstanding payments related to a previous acquisition, with 730,000 already repaid and further payments being pursued [7]

Financial Performance - The company's operating revenue for Q3 2022 was ¥968,140,262, representing a 14.61% increase compared to ¥844,737,194 in the same period last year[5] - Net profit attributable to shareholders for Q3 2022 was ¥122,457,022, reflecting a 9.34% increase from ¥112,000,265 in the previous year[5] - The net profit after deducting non-recurring gains and losses was ¥118,347,049, which is a 15.54% increase from ¥102,426,126 year-on-year[5] - Basic earnings per share for Q3 2022 were ¥0.66, down 2.94% from ¥0.68 in the previous year[5] - The company reported a net profit of CNY 145,543,978.53 for the period, compared to CNY 137,529,178.37 in the previous period, reflecting an increase of approximately 5.9%[25] - The net profit for Q3 2022 was CNY 142,829,027.64, an increase of 10.4% compared to CNY 129,478,775.83 in Q3 2021[27] - Operating profit for Q3 2022 reached CNY 148,360,110.14, up from CNY 126,026,339.62 in the same period last year, reflecting a growth of 17.7%[27] - Total revenue from operating activities was CNY 2,032,595,411.25, compared to CNY 1,630,195,490.95 in Q3 2021, indicating a year-over-year increase of 24.7%[28] - The company reported a total comprehensive income of CNY 135,353,183.82 for Q3 2022, compared to CNY 128,379,505.00 in Q3 2021, marking an increase of 5.5%[27] Cash Flow and Assets - The company's cash flow from operating activities showed a significant decline, with a net cash flow of -¥82,006,645, a decrease of 262.27% compared to -¥50,537,295 in the same period last year[5] - Operating cash flow net amount improved by 262.27% to ¥82,006,645.36, mainly due to increased cash received from sales of goods and services[13] - Investment cash flow net amount decreased by 69.99% to -¥164,065,632.81, primarily due to reduced cash payments for fixed assets and other long-term assets[13] - Financing cash flow net amount decreased by 216.65% to -¥41,625,461.14, mainly due to payments for equity transfer related to the acquisition of Ruidian Precision[13] - Cash and cash equivalents at the end of the period increased by 162.15% to ¥405,577,341.31, influenced by changes in cash flows from operating, investing, and financing activities[13] - The company's cash and cash equivalents decreased to CNY 463,564,483.48 from CNY 558,055,673.97, a decline of about 16.9%[22][23] Balance Sheet Items - Total assets as of September 30, 2022, were ¥4,018,468,345.95, an increase of 7.38% from ¥3,742,241,460.23 at the end of the previous year[5] - Accounts receivable financing increased by 74.58% to ¥25,267,032.13 compared to ¥14,472,761.37 at the end of the previous year[9] - Inventory increased by 55.37% to ¥630,991,229.76, primarily due to reasonable stocking during the reporting period[9] - Contract liabilities rose by 83.25% to ¥31,084,582.66, attributed to an increase in advance payments received during the reporting period[9] - Other receivables surged by 428.64% to ¥24,489,259.44, mainly due to an increase in deposits at the end of the reporting period[9] - Other payables increased by 72.32% to ¥187,958,474.74, primarily due to the payable for equity transfer to Changzhou Ruidian[10] - Long-term borrowings rose by 1659.85% to ¥52,000,000.00, mainly due to increased loans during the reporting period[10] - Non-current liabilities increased by 62.91% to ¥91,279,051.17, primarily due to increased loans[10] - The company's short-term borrowings increased to CNY 287,293,608.29 from CNY 226,005,527.76, representing a rise of approximately 27.1%[23] Shareholder Information - Major shareholders include Wang Mingxi with 9,040,300 shares and Changzhou Chuangyan Investment Consulting Co., Ltd. with 8,893,944 shares[16] - The company’s board members and senior management have restrictions on transferring shares, limited to 25% of their total holdings annually[17] - The company’s stock incentive plan includes a three-year unlocking schedule for restricted shares, with 40% already unlocked in the first phase[18] - The company reported a total of 38,163,988 restricted shares at the beginning of the period, with 419,975 shares held by other restricted shareholders[18] - The company’s major shareholders are involved in margin trading, holding significant shares through various investment funds[16] - The company’s actual controller, Wang Mingxi, and Huang Yichao, have a familial relationship, with Huang holding 59.50% of Changzhou Chuangyan Investment Consulting Co., Ltd.[16] - The company’s stock structure includes various private equity funds, indicating a diverse shareholder base[16] Regulatory and Corporate Actions - The company completed the acquisition of 100% equity in Changzhou Ruidian Precision Technology Co., Ltd., which has been included in the consolidated financial statements[19] - The company received approval from the China Securities Regulatory Commission for the issuance of convertible bonds to unspecified objects in September 2022[19] - The company transferred a 5% stake in its subsidiary, Changzhou Boyan Technology Co., Ltd., for a total valuation of CNY 24 million, maintaining a 95% ownership post-transfer[20]

[Important Notes, Table of Contents, and Definitions](index=2&type=section&id=%E7%AC%AC%E4%B8%80%E8%8A%82%20%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA%E3%80%81%E7%9B%AE%E5%BD%95%E5%92%8C%E9%87%8B%E4%B9%89) This section provides crucial disclaimers, defines key terms, and outlines the report's structure [Important Notes](index=2&type=section&id=%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA) The company's board and management assure the report's accuracy and completeness, with all directors attending the review meeting - The company's management guarantees the truthfulness, accuracy, and completeness of the report content, with no false records, misleading statements, or major omissions[3](index=3&type=chunk) - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for this half-year period[4](index=4&type=chunk) [Definitions](index=5&type=section&id=%E9%87%8B%E4%B9%89) This chapter defines key terms used in the report, including the company, its subsidiaries, controlling shareholders, MIM technology, and TWS - MIM (Metal Injection Molding) is the company's core technology, combining traditional powder metallurgy with modern plastic injection molding for near-net-shape forming[11](index=11&type=chunk) - The company's controlling shareholders and ultimate beneficial owners are Wang Mingxi and Huang Yichao, who are father and daughter[11](index=11&type=chunk) [Company Profile and Key Financial Indicators](index=6&type=section&id=%E7%AC%AC%E4%BA%8C%E8%8A%82%20%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B%E5%92%8C%E4%B8%BB%E8%A6%81%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) This section introduces the company and presents its key financial performance metrics for the reporting period [Company Profile](index=6&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B) Jiangsu Jingyan Technology Co., Ltd. (Stock Code: 300709) is a company listed on the Shenzhen Stock Exchange Company Profile | Item | Content | | :--- | :--- | | Stock Abbreviation | Jingyan Technology | | Stock Code | 300709 | | Listing Exchange | Shenzhen Stock Exchange | | Legal Representative | Wang Mingxi | [Key Accounting Data and Financial Indicators](index=7&type=section&id=%E5%9B%9B%E3%80%81%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) In H1 2022, the company achieved revenue of **1.001 billion yuan**, a **1.95%** increase, and net profit attributable to shareholders of **28.78 million yuan**, up **20.13%** H1 2022 Key Financial Indicators | Indicator | Current Period (million yuan) | Prior Year (Adjusted) (million yuan) | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 1,000.8 | 981.7 | 1.95% | | Net Profit Attributable to Shareholders | 28.78 | 23.95 | 20.13% | | Net Profit Excluding Non-recurring Items | 13.56 | 5.35 | 153.61% | | Net Cash Flow from Operating Activities | 43.55 | 48.28 | -9.79% | | Basic Earnings Per Share (yuan/share) | 0.15 | 0.14 | 7.14% | | Weighted Average Return on Net Assets | 1.30% | 1.38% | -0.08% | | Total Assets (billion yuan) | 3.76 | 3.74 | 0.41% | | Net Assets Attributable to Shareholders (billion yuan) | 2.18 | 2.38 | -8.45% | [Non-recurring Gains and Losses and Amounts](index=8&type=section&id=%E5%85%AD%E3%80%81%E9%9D%9E%E7%BB%8F%E5%B8%B8%E6%8D%9F%E7%9B%8A%E9%A1%B9%E7%9B%AE%E5%8F%8A%E9%87%91%E9%A2%9D) Non-recurring gains and losses totaled **15.21 million yuan**, primarily from fair value changes in financial assets and government grants H1 2022 Non-recurring Gains and Losses | Item | Amount (million yuan) | | :--- | :--- | | Gains/Losses from Disposal of Non-current Assets | 0.79 | | Government Grants | 7.98 | | Gains/Losses from Transactional Financial Assets/Liabilities | 8.55 | | Other Non-operating Income/Expenses | 1.04 | | Less: Income Tax Impact | 2.76 | | Less: Impact on Minority Interests (after tax) | 0.39 | | **Total** | **15.21** | [Management Discussion and Analysis](index=9&type=section&id=%E7%AC%AC%E4%B8%89%E8%8A%82%20%E7%AE%A1%E7%90%86%E5%B1%82%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) This section provides an in-depth analysis of the company's operational performance, financial condition, and future outlook [Main Business and Operations](index=9&type=section&id=%E4%B8%80%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E4%BB%8E%E4%BA%8B%E7%9A%84%E4%B8%BB%E8%A6%81%E4%B8%9A%E5%8A%A1) In H1 2022, the company focused on MIM technology while expanding into six business segments, achieving revenue of **1.001 billion yuan** despite pandemic impacts - The company has formed six major business segments: precision metal manufacturing (MIM), transmission, precision plastics, thermal modules, intelligent manufacturing services, and electronic manufacturing[37](index=37&type=chunk)[38](index=38&type=chunk) - During the reporting period, due to the pandemic, demand from some downstream customers decreased or was delayed, and logistics disruptions led to project delivery delays[42](index=42&type=chunk) H1 2022 Performance Overview | Indicator | Amount (million yuan) | YoY Growth | | :--- | :--- | :--- | | Operating Revenue | 1,000.8 | 1.95% | | Net Profit Attributable to Shareholders | 28.78 | 20.13% | - The company continued to integrate its subsidiaries, Antixin and Ruidian Precision, shifting Antixin's strategy towards "profit-oriented" and deeply involving in Ruidian Precision's daily operations[44](index=44&type=chunk) [Core Competitiveness Analysis](index=15&type=section&id=%E4%BA%8C%E3%80%81%E6%A0%B8%E5%BF%83%E7%AB%9E%E4%BA%89%E5%8A%9B%E5%88%86%E6%9E%90) The company's core strengths lie in its organizational culture, customer base, R&D, full-process control, rapid response, and internal management - The company was recognized as a "National Manufacturing Single Champion Demonstration Enterprise" by the Ministry of Industry and Information Technology in November 2021[41](index=41&type=chunk) - The company has accumulated a large number of well-known brand customers in consumer electronics and automotive sectors, including Customer A, Samsung, Xiaomi, OPPO, and vivo[48](index=48&type=chunk) - In R&D, the company continues to develop high-strength lightweight metal structural materials (such as titanium alloys), ultra-high-strength steel, and high-polish materials, with some products already in mass production or batch application[50](index=50&type=chunk)[51](index=51&type=chunk) - The company's developed micro-pumps have achieved mass production in robotic vacuum cleaners, and smart flexible screen folding phone hinge products have also entered mass production[52](index=52&type=chunk) [Main Business Analysis](index=17&type=section&id=%E4%B8%89%E3%80%81%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%88%86%E6%9E%90) Financial expenses significantly decreased by **125.71%** due to convertible bond delisting, while transmission and precision plastic businesses saw high growth Key Financial Data YoY Changes | Item | Current Period (million yuan) | Prior Year (million yuan) | YoY Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Financial Expenses | -3.93 | 15.28 | -125.71% | Decrease in interest expense due to convertible bond delisting | | Net Cash Flow from Investing Activities | -269.94 | -584.73 | -53.84% | Due to wealth management of idle funds | | Net Cash Flow from Financing Activities | -52.74 | 40.27 | -230.97% | Payment for acquisition of Ruidian Precision equity | | Taxes and Surcharges | 10.29 | 6.13 | 67.94% | Increase in urban construction tax and education surcharge | By Product or Service | Product/Service | Operating Revenue (million yuan) | Gross Margin | YoY Change in Operating Revenue | YoY Change in Gross Margin | | :--- | :--- | :--- | :--- | :--- | | MIM Components and Assemblies | 607.20 | 17.21% | -17.44% | -3.77% | | End Products | 100.78 | -8.49% | -17.43% | -21.37% | | Transmission, Thermal Components, and Others | 115.82 | 21.26% | 169.96% | -2.86% | | Precision Plastic Components and Assemblies | 143.54 | 36.65% | 151.12% | 12.31% | [Analysis of Assets and Liabilities](index=18&type=section&id=%E4%BA%94%E3%80%81%E8%B5%84%E4%BA%A7%E5%8F%8A%E8%B4%9F%E5%80%BA%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) Total assets remained stable at **3.76 billion yuan**, with significant shifts in cash, inventory, and construction in progress Major Changes in Asset Composition | Item | Amount at End of Period (million yuan) | Change from Prior Year-End | Main Reason for Change | | :--- | :--- | :--- | :--- | | Monetary Funds | 339.43 | -39.18% | Due to purchase of wealth management products and payment for acquisitions | | Inventories | 661.87 | 62.97% | Due to reasonable stock preparation based on order demand | | Construction in Progress | 61.43 | -73.01% | Due to transfer of buildings under construction to fixed assets | [Analysis of Investment Status](index=20&type=section&id=%E5%85%AD%E3%80%81%E6%8A%95%E8%B5%84%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) Total investment reached **227 million yuan**, a **20.55%** increase, primarily driven by the acquisition of Ruidian Precision and wealth management activities - During the reporting period, the company acquired 100% equity of Changzhou Ruidian Precision Technology Co., Ltd. for **221 million yuan** using its own funds, completing the industrial and commercial change registration and gaining control. Ruidian Precision achieved a net profit of **21.31 million yuan** during the reporting period[74](index=74&type=chunk) - The company's 2020 convertible bond raised **562 million yuan** for the "New Consumer Electronics Precision Components Automated Production Project." As of the end of the reporting period, the project investment progress reached **92.17%**, with cumulative benefits of **51.17 million yuan**[81](index=81&type=chunk)[85](index=85&type=chunk) Overview of Entrusted Wealth Management (Unit: million yuan) | Specific Type | Source of Funds | Amount of Entrusted Wealth Management | Unexpired Balance | | :--- | :--- | :--- | :--- | | Bank Wealth Management Products | Own Funds | 1,275.9 | 97.9 | | Bank Wealth Management Products | Raised Funds | 71.0 | 46.0 | | Brokerage Wealth Management Products | Own Funds | 70.0 | 70.0 | | **Total** | | **1,416.9** | **213.9** | [Analysis of Major Holding and Participating Companies](index=25&type=section&id=%E5%85%AB%E3%80%81%E4%B8%BB%E8%A6%81%E6%8E%A7%E8%82%A1%E5%8F%82%E8%82%A1%E5%85%AC%E5%8F%B8%E5%88%86%E6%9E%90) Newly acquired Ruidian Precision contributed **21.31 million yuan** in net profit, while Antixin incurred a **21.52 million yuan** loss due to R&D focus and low-margin projects Operating Performance of Major Subsidiaries (H1 2022) | Company Name | Operating Revenue (million yuan) | Net Profit (million yuan) | | :--- | :--- | :--- | | Changzhou Ruidian Precision Technology Co., Ltd. | 208.59 | 21.31 | | Shenzhen Antixin Technology Co., Ltd. | 100.70 | -21.52 | - Ruidian Precision: Operating revenue and net profit increased year-on-year due to a temporary surge in demand for COVID-19 antigen test kits in China[95](index=95&type=chunk) - Shenzhen Antixin: Uneven order distribution in H1, focus on R&D investment, and some low-gross-margin projects impacted profitability. The company is shifting its operating strategy from "scale-oriented" to "profit-oriented"[95](index=95&type=chunk) [Risks and Countermeasures](index=27&type=section&id=%E5%8D%81%E3%80%81%E5%85%AC%E5%8F%B8%E9%9D%A2%E4%B8%B4%E7%9A%84%E9%A3%8E%E9%99%A9%E5%92%8C%E5%BA%94%E5%AF%B9%E6%8E%AA%E6%96%BD) The company faces risks from economic fluctuations, customer concentration, R&D failures, market competition, goodwill impairment, and declining gross margins - **Macroeconomic and Downstream Industry Volatility Risk**: The company's business is highly correlated with the consumer electronics industry's prosperity, and macroeconomic uncertainties or slowing growth in smartphones may impact performance[96](index=96&type=chunk) - **Customer Concentration Risk**: The company's customers are mainly concentrated in the consumer electronics sector; a decline in major customer procurement or significant price reductions would severely impact performance[97](index=97&type=chunk) - **Goodwill Impairment Risk**: Goodwill was formed from the 2021 acquisition of Antixin, and impairment was recognized that year due to underperformance. Further impairment may occur if future operations continue to deteriorate[100](index=100&type=chunk) - **Gross Margin Decline Risk**: Factors such as downstream industry cost control, intensified market competition, and rising raw material and labor costs may lead to a decrease in the company's product gross margin[101](index=101&type=chunk) [Corporate Governance](index=30&type=section&id=%E7%AC%AC%E5%9B%9B%E8%8A%82%20%E5%85%AC%E5%8F%B8%E6%B2%BB%E7%90%86) This section details the company's governance structure and the implementation of its equity incentive plans [Implementation of Equity Incentive Plans](index=30&type=section&id=%E5%9B%9B%E3%80%81%E5%85%AC%E5%8F%B8%E8%82%A1%E6%9D%83%E6%BF%80%E5%8A%B1%E8%AE%A1%E5%88%92%E3%80%81%E5%91%98%E5%B7%A5%E6%8C%81%E8%82%A1%E8%AE%A1%E5%88%92%E6%88%96%E5%85%B6%E4%BB%96%E5%91%98%E5%B7%A5%E6%BF%80%E5%8A%B1%E6%8E%AA%E6%96%BD%E7%9A%84%E5%AE%9E%E6%96%BD%E6%83%85%E5%86%B5) The company repurchased and canceled **19,424** unvested restricted shares from former employees and completed the vesting of the first tranche of 2021 restricted shares - The company repurchased and canceled a total of **19,424** unvested restricted shares from some resigned employees under the 2019 and 2020 incentive plans[110](index=110&type=chunk)[112](index=112&type=chunk) - The conditions for the first vesting period of the initially granted restricted shares under the 2021 incentive plan were met, and the vested shares were listed for trading on July 1, 2022[114](index=114&type=chunk) [Environmental and Social Responsibility](index=33&type=section&id=%E7%AC%AC%E4%BA%94%E8%8A%82%20%E7%8E%AF%E5%A2%83%E5%92%8C%E7%A4%BE%E4%BC%9A%E8%B4%A3%E4%BB%BB) This section outlines the company's commitment to environmental protection and its contributions to social welfare [Environmental Protection](index=33&type=section&id=%E4%B8%80%E3%80%81%E9%87%8D%E5%A4%A7%E7%8E%AF%E4%BF%9D%E9%97%AE%E9%A2%98%E6%83%85%E5%86%B5) The company is not a key polluter and adheres to environmental regulations, with proper treatment of wastewater, exhaust gas, and hazardous waste - The company and its subsidiaries are not classified as key polluting units by environmental protection authorities and received no environmental administrative penalties during the reporting period[119](index=119&type=chunk)[123](index=123&type=chunk) - The company has clear treatment measures for wastewater, exhaust gas, and hazardous waste, and regularly commissions qualified units for testing to ensure compliance with national standards[120](index=120&type=chunk)[121](index=121&type=chunk)[122](index=122&type=chunk) [Social Responsibility](index=34&type=section&id=%E4%BA%8C%E3%80%81%E7%A4%BE%E4%BC%9A%E8%B4%A3%E4%BB%BB%E6%83%85%E5%86%B5) The company actively fulfilled its social responsibilities by supporting local pandemic prevention efforts in H1 2022 - In H1 2022, facing the local pandemic, the company provided a newly built dormitory building (177 rooms) in its new industrial park free of charge as an isolation point for pandemic control, supporting the city's prevention efforts[123](index=123&type=chunk) [Significant Matters](index=35&type=section&id=%E7%AC%AC%E5%85%AD%E8%8A%82%20%E9%87%8D%E8%A6%81%E4%BA%8B%E9%A1%B9) This section details major events and transactions that significantly impacted the company during the reporting period [Significant Related Party Transactions](index=44&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E9%87%8D%E5%A4%A7%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) The most significant related party transaction was the **225 million yuan** acquisition of 100% equity in Changzhou Ruidian Precision Technology Co., Ltd - The company acquired 100% equity of Changzhou Ruidian Precision Technology Co., Ltd. for **225 million yuan**, which constitutes a related party transaction[148](index=148&type=chunk) - The acquisition was completed with industrial and commercial change registration on January 19, 2022, making Ruidian Precision a wholly-owned subsidiary of the company[149](index=149&type=chunk) [Other Significant Matters](index=48&type=section&id=%E5%8D%81%E4%B8%89%E3%80%81%E5%85%B6%E4%BB%96%E9%87%8D%E5%A4%A7%E4%BA%8B%E9%A1%B9%E7%9A%84%E8%AF%B4%E6%98%8E) The company's application for issuing convertible bonds was approved, and it implemented its 2021 profit distribution plan and established a new subsidiary - The company's application to issue convertible corporate bonds to unspecified objects was approved by the Shenzhen Stock Exchange ChiNext Listing Committee on August 11, 2022[158](index=158&type=chunk)[159](index=159&type=chunk) - The company implemented its 2021 annual equity distribution plan, which included a cash dividend of **1.80 yuan** (tax inclusive) per 10 shares and a capital reserve transfer of 2 shares per 10 shares to all shareholders[159](index=159&type=chunk) - The company established a new wholly-owned subsidiary, Jiangsu Jingyan Power System Co., Ltd., on March 1, 2022[160](index=160&type=chunk) [Share Changes and Shareholder Information](index=49&type=section&id=%E7%AC%AC%E4%B8%83%E8%8A%82%20%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E5%8F%8A%E8%82%A1%E4%B8%9C%E6%83%85%E5%86%B5) This section details changes in the company's share capital and provides an overview of its shareholder structure [Share Changes](index=49&type=section&id=%E4%B8%80%E3%80%81%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) The company's total share capital increased from **155.19 million** to **186.62 million** shares due to capital reserve transfers and equity incentive vesting Share Changes | Item | Before This Change (million shares) | Change (Increase/Decrease) (million shares) | After This Change (million shares) | | :--- | :--- | :--- | :--- | | Restricted Shares | 31.80 | 6.36 | 38.16 | | Unrestricted Shares | 123.39 | 25.06 | 148.45 | | **Total Shares** | **155.19** | **31.42** | **186.62** | - The main reasons for the increase in shares were the implementation of the 2021 annual equity distribution (2 shares transferred per 10 shares from capital reserve) and equity incentive vesting[165](index=165&type=chunk)[166](index=166&type=chunk) [Shareholder Numbers and Holdings](index=54&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E8%82%A1%E4%B8%9C%E6%95%B0%E9%87%8F%E5%8F%8A%E6%8C%81%E8%82%A1%E6%83%85%E5%86%B5) As of the reporting period end, the company had **13,354** common shareholders, with controlling shareholders Wang Mingxi and Huang Yichao holding **19.38%** and **4.88%** respectively - The total number of common shareholders at the end of the reporting period was **13,354** households[181](index=181&type=chunk) Top Five Shareholders' Holdings | Shareholder Name | Holding Percentage | Shares Held at End of Period (million shares) | | :--- | :--- | :--- | | Wang Mingxi | 19.38% | 36.16 | | Huang Yichao | 4.88% | 9.11 | | Changzhou Chuangyan Investment Consulting Co., Ltd. | 4.77% | 8.89 | | Wu Junwen | 2.07% | 3.87 | | Shenwan Hongyuan New Economy Mixed Securities Investment Fund | 1.92% | 3.58 | - 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., forming a concerted action relationship[182](index=182&type=chunk) [Financial Report](index=60&type=section&id=%E7%AC%AC%E5%8D%81%E8%8A%82%20%E8%B4%A2%E5%8A%A1%E6%8A%A5%E5%91%8A) This section presents the company's unaudited financial statements for the first half of 2022, including balance sheet, income statement, and cash flow statement [Financial Statements](index=60&type=section&id=%E4%BA%8C%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8) The company's H1 2022 unaudited financial report shows total assets of **3.76 billion yuan**, total liabilities of **1.58 billion yuan**, and net profit of **28.78 million yuan** attributable to the parent company Consolidated Balance Sheet Key Items (2022-06-30) | Item | Amount (billion yuan) | | :--- | :--- | | Total Assets | 3.76 | | Total Liabilities | 1.58 | | Total Equity Attributable to Parent Company Owners | 2.18 | Consolidated Income Statement Key Items (H1 2022) | Item | Amount (million yuan) | | :--- | :--- | | Total Operating Revenue | 1,000.8 | | Total Profit | 9.35 | | Net Profit | 20.15 | | Net Profit Attributable to Parent Company Owners | 28.78 | Consolidated Cash Flow Statement Key Items (H1 2022) | Item | Amount (million yuan) | | :--- | :--- | | Net Cash Flow from Operating Activities | 43.55 | | Net Cash Flow from Investing Activities | -269.94 | | Net Cash Flow from Financing Activities | -52.74 | | Net Increase in Cash and Cash Equivalents | -268.56 | [Significant Accounting Policies and Estimates](index=79&type=section&id=%E4%BA%94%E3%80%81%E9%87%8D%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%94%BF%E7%AD%96%E5%8F%8A%E4%BC%9A%E8%AE%A1%E4%BC%B0%E8%AE%A1) The company's financial statements are prepared on a going concern basis, adhering to accounting standards, with specific policies for financial assets, inventory, and revenue recognition - Financial asset impairment uses the expected credit loss model, measuring loss provisions for notes receivable and accounts receivable based on their entire lifetime expected credit losses[266](index=266&type=chunk)[269](index=269&type=chunk) - Inventory is valued using the weighted average method at month-end upon issuance, and impairment provisions are made at the lower of cost or net realizable value at period-end[277](index=277&type=chunk)[278](index=278&type=chunk) - Revenue recognition follows new revenue standards, recognized when the customer obtains control of the goods: for domestic sales upon customer acceptance and receipt of payment proof; for export sales upon customs declaration and reconciliation with customs system[337](index=337&type=chunk)