ComNav Technology (SH:688592)2023-08-29 16:00Financial Performance - The company's operating revenue for the first half of 2023 was RMB 116,765,604.70, a decrease of 2.29% compared to RMB 119,504,410.54 in the same period last year[20]. - The net profit attributable to shareholders for the first half of 2023 was RMB 7,516,994.77, down 24.94% from RMB 10,014,089.38 in the previous year[20]. - Basic earnings per share for the first half of 2023 were RMB 0.16, a decrease of 23.81% from RMB 0.21 in the same period last year[21]. - The company reported a significant decrease of 96.44% in net profit after deducting non-recurring gains and losses, amounting to RMB 130,041.82 compared to RMB 3,651,415.87 in the previous year[20]. - The company achieved a total revenue of 150,455,044.55 RMB for the half-year period, reflecting its growth and market expansion efforts[76]. - The company achieved operating revenue of CNY 116.77 million, remaining stable compared to the previous year[105]. - Net profit attributable to shareholders decreased by 24.94% to CNY 7.52 million, primarily due to a 22% increase in new and reserved personnel[105]. - Total operating costs increased to CNY 121,975,987.56, up 5.1% from CNY 115,041,244.46 year-on-year[198]. - Net profit for the first half of 2023 was CNY 7,483,628.10, down 25.3% from CNY 10,014,089.38 in the first half of 2022[199]. Assets and Liabilities - The company's total assets decreased by 1.56% to RMB 486,167,258.03 from RMB 493,865,386.20 at the end of the previous year[20]. - The company's total assets amounted to CNY 516,663,603.57, slightly down from CNY 516,863,141.46 at the end of the previous period[196]. - Total liabilities decreased to RMB 179,754,584.18 from RMB 195,238,184.19, indicating a reduction of approximately 7.5%[192]. - Current liabilities decreased to CNY 141,744,366.00, a reduction of 13.1% from CNY 163,307,558.92[196]. - The company's inventory value at the end of the reporting period was 154.56 million yuan, accounting for 31.79% of total assets, with a 5% increase from the beginning of the year[101]. - The net accounts receivable at the end of the reporting period was 184.58 million yuan, a decrease of 10.05% from the beginning of the year[103]. - Cash and cash equivalents were reported at RMB 64,345,624.84, a decrease from RMB 67,736,764.17, representing a decline of approximately 3.5%[190]. - The company's retained earnings increased to RMB 109,722,134.53 from RMB 102,205,139.76, showing a growth of approximately 7.4%[192]. Research and Development - The research and development expenditure accounted for 25.26% of operating revenue, an increase of 5.16 percentage points compared to 20.10% in the previous year[22]. - The company achieved a total R&D investment of ¥29,495,173.63, representing a 22.82% increase compared to ¥24,014,733.57 in the same period last year[65]. - R&D expenses amounted to 25.64 million, accounting for 21.95% of revenue, with a year-on-year increase of 6.75% from 24.01 million[82]. - The number of R&D personnel increased to 169, representing 31.77% of the total workforce, compared to 138 personnel and 31.72% last year[77]. - The R&D team has extensive experience in high-precision GNSS chip design and RTK positioning algorithms, with a stable team of 169 members[81]. - The company has accumulated multiple patents in automatic navigation and control technologies, covering the entire sensing-computing-control link[58]. - The company holds a total of 69 authorized patents, including 46 invention patents, with 7 being U.S. invention patents[62]. Market and Product Development - The company specializes in high-precision satellite navigation and positioning technology, achieving centimeter-level real-time accuracy and millimeter-level static accuracy[28]. - The company is focused on expanding its market presence in the fields of surveying and geographic information, intelligent transportation, and autonomous driving[35]. - The company has developed a real-time kinematic (RTK) technology that allows for high-precision positioning, achieving accuracy up to millimeter level[33]. - The company is expanding into emerging business areas such as drones and smart driving, with a projected compound annual growth rate of 39% for industrial drones in China from 2020 to 2025[46]. - The company has developed the K802 automotive-grade module for smart driving applications, ensuring high-precision positioning in complex environments[47]. - The company has successfully developed the first domestic single-frequency and dual-frequency GPS receivers, and a multi-mode eight-frequency OEM motherboard[79]. - The company has initiated several new product developments, including AG302, AG501 Pro, and AG502, aimed at enhancing precision agriculture capabilities[69]. Shareholder and Corporate Governance - The company plans to distribute a dividend of RMB 1.20 for every 10 shares[6]. - The company held two shareholder meetings during the reporting period, with all resolutions passed without any being rejected[116]. - The company reported a commitment from major shareholders to not transfer or manage their shares for 36 months post-IPO, ensuring stability in shareholding[126]. - The company commits to a stock lock-up period of 12 months post-IPO, during which no shares held prior to the IPO will be transferred or repurchased[135]. - The management's commitment to timely reporting of shareholding changes reflects a dedication to corporate governance and accountability[132]. - The board must obtain approval from more than half of all directors and two-thirds of independent directors to submit the profit distribution plan to the shareholders' meeting[148]. - The company will ensure that the cash dividend proportion in profit distribution meets specific thresholds based on its development stage and capital expenditure plans[149]. Compliance and Regulatory Matters - The issuer guarantees that the public offering and listing on the Sci-Tech Innovation Board do not involve any fraudulent issuance, and all related disclosures are accurate without any misleading statements or omissions[151]. - The issuer commits to repurchase all newly issued shares if there are significant impacts from false statements in the prospectus or other disclosures[153]. - The issuer has no current or potential disputes regarding shareholding representation, and all historical shareholding representations have been resolved[157]. - The company has not engaged in any illegal guarantees during the reporting period[171]. - There are no significant lawsuits or arbitration matters affecting the company during the reporting period[172].