紫光国微(002049) - 2019 Q4 - 年度财报

Important Notice, Table of Contents, and Definitions Important Notice The company's board of directors, supervisory board, and senior management ensure the annual report's truthfulness and completeness, with all directors approving the 2019 profit distribution plan - The company's 2019 profit distribution plan proposes a cash dividend of CNY 0.68 per 10 shares (tax inclusive) based on the year-end total share capital of 606,817,968 shares, with no bonus shares or capital increase from provident funds[2] Definitions This section defines key terms and abbreviations used in the report, including company entities, related parties, industry terms, and legal documents, providing a foundational understanding Company Profile and Key Financial Indicators Company Information Unigroup Guoxin Microelectronics Co., Ltd. (stock code: 002049) is listed on the Shenzhen Stock Exchange, with its main business evolving from piezoelectric quartz crystal components to integrated circuits - The company's main business has expanded from piezoelectric quartz crystal components to the LED industry, and then to integrated circuits through a major asset restructuring in 2012[9] - The company's controlling shareholder changed from Tongfang Co., Ltd. to Tibet Unigroup Chunhua Investment Co., Ltd. in April 2016, while the actual controller, Tsinghua Holdings Co., Ltd., remained unchanged[9] Key Accounting Data and Financial Indicators In 2019, the company achieved significant performance growth, with operating revenue up 39.54% and net profit attributable to shareholders up 16.61%, indicating strong core business profitability 2019 Annual Key Financial Indicators | Indicator | 2019 | 2018 | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue (CNY) | 3,430,409,964.80 | 2,458,423,475.06 | 39.54% | | Net Profit Attributable to Shareholders (CNY) | 405,761,782.09 | 347,973,762.41 | 16.61% | | Net Profit Attributable to Shareholders (Excluding Non-recurring Items) (CNY) | 386,750,154.29 | 195,142,278.58 | 98.19% | | Net Cash Flow from Operating Activities (CNY) | 265,928,883.56 | 318,642,793.88 | -16.54% | | Basic Earnings Per Share (CNY/share) | 0.6687 | 0.5734 | 16.62% | | Weighted Average Return on Net Assets | 10.15% | 9.56% | Increased by 0.59 percentage points | | Total Assets (CNY) | 6,786,465,319.76 | 5,726,022,465.44 | 18.52% | | Net Assets Attributable to Shareholders (CNY) | 4,188,221,621.10 | 3,794,380,450.30 | 10.38% | Quarterly Key Financial Indicators The company's 2019 operating revenue showed sequential growth, with net profit peaking in Q3, while operating cash flow fluctuated significantly, achieving a large net inflow in Q4 2019 Quarterly Key Financial Indicators (CNY) | Indicator | Q1 | Q2 | Q3 | Q4 | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 669,142,960.93 | 889,942,527.28 | 929,921,907.16 | 941,402,569.43 | | Net Profit Attributable to Shareholders | 67,069,015.34 | 125,728,840.09 | 172,281,766.95 | 40,682,159.71 | | Net Cash Flow from Operating Activities | -309,810,011.05 | 138,521,521.57 | -67,408,638.92 | 504,626,011.96 | Non-recurring Gains and Losses and Amounts In 2019, the company's non-recurring gains and losses totaled CNY 19.01 million, a significant decrease from 2018, primarily influenced by asset disposal gains, government grants, and other non-operating net income 2019 Non-recurring Gains and Losses (CNY) | Item | 2019 Amount | | :--- | :--- | | Non-current asset disposal gains and losses | 20,360,502.87 | | Government grants recognized in current profit and loss | 45,000,378.95 | | Gains and losses from entrusted investments or asset management | 645,011.63 | | Fair value changes from trading financial assets, etc. | 7,847,624.29 | | Other non-operating income and expenses | -51,411,304.54 | | Less: Income tax impact | 2,974,473.80 | | Less: Impact on minority interests (after tax) | 456,111.60 | | Total | 19,011,627.80 | Business Overview Main Business The company's core business involves integrated circuit chip design and sales, covering smart security chips, special integrated circuits, and memory chips, complemented by quartz crystal components - The company's main business focuses on three chip areas: smart security chips, special integrated circuits, and memory chips, handled by its subsidiaries Tongxin Microelectronics, Shenzhen Guoxin Microelectronics, and Xi'an Unigroup Guoxin, respectively[17] - During the reporting period, the company transferred 76% of its equity in Xi'an Unigroup Guoxin, reducing its stake to 24%, and the company will no longer be included in the consolidated financial statements starting from 2020[17] Significant Changes in Major Assets Major asset changes in the reporting period primarily involved equity asset variations, with the sale of 76% of Xi'an Unigroup Guoxin's equity leading to a change in accounting method and a significant increase in construction in progress - Significant changes occurred in equity assets: due to the sale of 76% equity in Xi'an Unigroup Guoxin, the company is no longer included in consolidated statements, and the accounting method for related long-term equity investments changed from cost method to equity method[18] - Construction in progress significantly increased, with continuous investment of CNY 202.96 million during the reporting period[18] Core Competitiveness Analysis The company's core competitiveness stems from its talent, technology, R&D innovation, comprehensive product qualifications, and extensive market channels, enabling strong market presence and continuous product development - The company possesses an excellent technical, R&D, and management team with extensive experience in digital, analog, and mixed-signal integrated circuit design[19] - Significant R&D innovation achievements: 148 new patent applications and 70 new authorized patents during the reporting period; new-generation high-performance security chips and biometric security chips won CITE2019 Innovation Award and “China Chip” Excellent Technology Innovation Product Award, respectively[20] - The company's products are fully qualified, with smart security chips passing multiple domestic and international authoritative certifications, including UnionPay, National Cryptography Level 2, and international SOGIS CC EAL5+; THD89 series products obtained AEC-Q100 automotive-grade certification, successfully entering the automotive electronics field[20] Management Discussion and Analysis Overview of Operating Performance In 2019, the company capitalized on integrated circuit industry opportunities, focusing on strategy, technological innovation, and new business expansion, achieving CNY 3.43 billion in operating revenue and CNY 405.76 million in net profit attributable to shareholders 2019 Key Performance Indicators | Indicator | 2019 Amount (CNY million) | YoY Growth | | :--- | :--- | :--- | | Operating Revenue | 343,041.00 | 39.54% | | Net Profit Attributable to Shareholders | 40,576.18 | 16.61% | | Total Assets | 678,646.53 | 18.52% | | Owners' Equity Attributable to Shareholders | 418,822.16 | 10.38% | - The company's business structure is primarily integrated circuits, which generated CNY 3.24 billion in operating revenue, accounting for 94.55% of total revenue; crystal business generated CNY 168 million, accounting for 4.91%[21] Main Business Analysis During the reporting period, the company's integrated circuit business maintained rapid growth, enhancing overall competitiveness and profitability, with significant growth across smart security, special integrated circuits, and memory chips, complemented by a recovering crystal business Smart Security Chip Business In 2019, the smart security chip business achieved CNY 1.32 billion in revenue with rapid growth in sales, maintaining strong positions in traditional markets while expanding into innovative areas like eSIM, IoT, 5G Super SIM, and automotive electronics - Smart security chip business achieved annual operating revenue of CNY 1.32 billion, with product sales volume and revenue continuing to grow rapidly[23] - In the smart card security chip sector, high-end SIM card overseas shipments significantly increased, and deep cooperation with China Unicom on eSIM business was established; financial payment security products became the biggest highlight of annual performance growth, with a leading market share in domestic bank IC card chips[24][25] - In the smart terminal security chip sector, explosive demand from ETC projects led to a surge in contactless reader and terminal security chip shipments; concurrently, the company strategically expanded into innovative businesses such as 5G Super SIM cards, automotive electronics (THD89 series obtained AEC-Q100 automotive-grade certification), and smart door locks, showing strong growth momentum[26] Special Integrated Circuit Business In 2019, the special integrated circuit business entered a high-growth phase, exceeding CNY 1 billion in annual revenue with synchronized growth in output and profit, driven by successful new product development and strong market penetration, including applications in the C919 aircraft - Special integrated circuit business achieved annual operating revenue exceeding CNY 1 billion, realizing high-speed growth[27] - New product R&D progressed smoothly, with over 40 chips completing sample development and another 40+ passing qualification tests[27] - Special FPGA products hold a high domestic market share, and network, bus, and driver products have been successfully applied in the domestic C919 aircraft[27][28] Memory Chip Business Despite a full-year price decline in the DRAM market in 2019, the company's memory chip business achieved counter-trend growth, with revenue reaching CNY 843 million, up over 30%, driven by steady shipments of DRAM chips and modules for servers and PCs, and successful support for domestic CPU industrialization - Amidst the DRAM market's price decline cycle, the company's memory chip business achieved revenue of CNY 843 million, growing over 30% year-on-year[29] - Mature DDR3 module series products successfully supported the large-scale industrialization of domestic CPU series products, establishing the company as a major supplier of domestic DRAM memory[29] Semiconductor Power Device Business Despite a downturn in the semiconductor power device market, the company's continuous R&D investment and market presence in high-voltage super-junction MOSFETs and mid-low voltage MOSFETs enabled its sales to maintain rapid growth and enhance market influence - The company's semiconductor power device business focuses on the R&D and sales of advanced semiconductor power devices, with products covering high-voltage super-junction MOSFETs, mid-low voltage SGT/TRENCH MOSFETs, VDMOS, and IGBTs[30] Reconfigurable System-on-Chip Business During the reporting period, the company's FPGA chip R&D progressed smoothly, forming a complete CPLD product series and initiating next-generation high-performance FPGA development, with Titan, Logos, and Compact series achieving bulk shipments and over CNY 100 million in annual sales - FPGA chip business achieved annual sales exceeding CNY 100 million, with bulk shipments to communication, industrial control, and consumer markets[31] Crystal Business In 2019, the crystal business experienced fluctuating market conditions but sustained declining product prices; the company sold 330 million units of crystal components, generating CNY 168 million in revenue and CNY 15.36 million in net profit through lean production and new market expansion 2019 Crystal Business Key Data | Indicator | Data | | :--- | :--- | | Sales Volume | 330 million units | | Sales Revenue | CNY 168 million | | Net Profit | CNY 15.36 million | Revenue and Cost Analysis In 2019, total revenue reached CNY 3.43 billion, up 39.54%, primarily driven by integrated circuit business growth of 41.20%, with special integrated circuits showing the fastest growth at 75.30% and a high gross margin of 74.35% 2019 Operating Revenue Composition (by Product) | Product | Operating Revenue (CNY) | Share of Total Revenue | YoY Change | | :--- | :--- | :--- | :--- | | Smart Security Chip | 1,321,229,107.17 | 38.52% | 27.50% | | Special Integrated Circuit | 1,079,271,872.04 | 31.46% | 75.30% | | Memory Chip | 842,874,058.03 | 24.57% | 30.67% | | Crystal Components | 168,453,101.57 | 4.91% | 7.43% | 2019 Main Product Gross Margin | Product | Gross Margin | YoY Change in Gross Margin | | :--- | :--- | :--- | | Smart Security Chip | 22.27% | -2.33 percentage points | | Special Integrated Circuit | 74.35% | +7.88 percentage points | | Memory Chip | 11.27% | +3.65 percentage points | | Crystal Components | 18.45% | +2.83 percentage points | - Integrated circuit product sales volume increased by 33.97% year-on-year, which was the main reason for the company's revenue growth; electronic component inventory increased by 55.79% year-on-year to meet market demand[35] Expense Analysis In 2019, the company's expenses significantly increased, with sales expenses up 51.92%, administrative expenses up 49.00% due to restructuring fees and personnel costs, and financial expenses surging 29741.60% due to cash discounts and exchange losses 2019 Expense Changes (CNY) | Expense Item | 2019 | 2018 | YoY Change | Explanation of Significant Change | | :--- | :--- | :--- | :--- | :--- | | Sales Expenses | 140,477,222.14 | 92,464,972.85 | 51.92% | Primarily due to increased personnel and marketing expenses | | Administrative Expenses | 205,011,316.12 | 137,589,737.30 | 49.00% | Primarily due to increased major asset restructuring intermediary fees and personnel expenses | | Financial Expenses | 29,078,170.90 | -98,099.18 | 29,741.60% | Primarily due to increased cash discounts and exchange losses | | R&D Expenses | 201,839,340.13 | 223,747,530.50 | -9.79% | No significant change | R&D Investment Analysis In 2019, the company increased R&D investment to CNY 575.47 million, up 16.99%, with R&D personnel growing to 1,133, representing 51.69% of total employees, and a higher capitalization ratio of R&D expenditures 2019 R&D Investment Overview | Indicator | 2019 | 2018 | Change Percentage | | :--- | :--- | :--- | :--- | | R&D Personnel (people) | 1,133 | 978 | 15.85% | | R&D Investment Amount (CNY) | 575,472,092.33 | 491,903,967.90 | 16.99% | | R&D Investment as % of Operating Revenue | 16.78% | 20.01% | -3.23 percentage points | | Capitalized R&D Investment Amount (CNY) | 311,450,443.38 | 228,633,054.96 | 36.22% | | Capitalized R&D Investment as % of Total R&D Investment | 54.12% | 46.48% | +7.64 percentage points | Cash Flow Analysis In 2019, operating cash flow decreased by 16.54% due to increased working capital, investment cash outflow significantly rose due to construction and equity investments, while financing cash flow turned positive, reflecting increased debt financing for expansion 2019 Cash Flow Statement Key Items (CNY) | Item | 2019 | 2018 | YoY Change | | :--- | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 265,928,883.56 | 318,642,793.88 | -16.54% | | Net Cash Flow from Investing Activities | -482,185,451.11 | -242,677,822.53 | -98.69% | | Net Cash Flow from Financing Activities | 260,581,501.15 | -20,708,514.99 | 1,358.33% | | Net Increase in Cash and Cash Equivalents | 38,625,212.80 | 67,057,464.05 | -42.40% | Future Development Outlook The company anticipates a golden development period for China's integrated circuit industry driven by 5G, big data, and AI, planning to focus on chip design, seize market opportunities, and become a leading hard-tech enterprise centered on security chips - Industry Trends: The company is optimistic about the integrated circuit industry's development driven by 5G, big data, AI, and IoT applications, especially in smart security chips, special integrated circuits, and memory chips[67][68][69] - 2020 Development Plan: - Continuously advance technological innovation and product upgrades - Achieve key breakthroughs in innovative businesses such as 5G Super SIM cards, secure smart locks, and automotive electronics - Innovate services and expand into new markets and customer segments, particularly overseas clients - Implement refined management and promote company-wide cost reduction and efficiency improvement - Strengthen synergy with Unigroup Group entities, advance major asset restructuring, and accelerate global development[71][72][73][74][75][76] Significant Matters Profit Distribution The company's profit distribution plans for the past three years consistently feature cash dividends, with the 2019 proposal of CNY 0.68 per 10 shares totaling CNY 41.26 million, representing 10.17% of net profit attributable to shareholders Cash Dividends Over the Past Three Years | Dividend Year | Cash Dividend Amount (Tax Inclusive, CNY) | Ratio to Net Profit Attributable to Ordinary Shareholders in Consolidated Statements | | :--- | :--- | :--- | | 2019 | 41,263,621.82 | 10.17% | | 2018 | 35,195,442.14 | 10.11% | | 2017 | 30,340,898.40 | 10.84% | Changes in Accounting Policies Effective January 1, 2019, the company adopted new financial instrument standards, shifting from "incurred loss" to "expected loss" models and adjusting financial asset classification, impacting opening retained earnings and other comprehensive income without requiring prior period restatement - The company adopted new financial instrument standards effective January 1, 2019, with key changes including: financial asset classification based on "business model" and "contractual cash flow characteristics"; financial asset impairment accounting changed from "incurred loss model" to "expected loss model"[86][317] - The initial adoption of new financial instrument standards impacted the opening consolidated financial statements for 2019 as follows: other comprehensive income decreased by CNY 23.72 million, and retained earnings increased by CNY 42.41 million[91] Changes in Consolidation Scope In 2019, the company's consolidation scope changed, adding four new subsidiaries and reducing three, primarily due to the establishment of new entities and the disposal of 76% equity in Xi'an Unigroup Guoxin, which will no longer be consolidated from 2020 - This year, the consolidation scope increased by 4 entities (newly established Unigroup Qing Teng, Unigroup Xin Neng, Unigroup An Xin, and MARS TECHNOLOGY PTE. LTD.) and decreased by 3 entities (1 deregistered, disposal of Xi'an Unigroup Guoxin and its Hong Kong subsidiary)[38][95][96][97] Significant Related Party Transactions During the reporting period, the company engaged in significant related party transactions, including routine procurement and sales with Unigroup Group entities, the transfer of 76% equity in Xi'an Unigroup Guoxin to a related party, and joint bidding for land use rights in Beijing - The company transferred 76% equity in Xi'an Unigroup Guoxin Semiconductor Co., Ltd. to related party Beijing Unigroup Storage Technology Co., Ltd. for CNY 167.78 million, constituting a related party transaction[107] - The company, along with Unigroup Group and other related parties, formed a consortium to successfully bid for land use rights in Haidian District, Beijing, for CNY 6.61 billion, and will jointly establish a project company for development, with the company's proposed total investment not exceeding CNY 400 million[108][627] Other Significant Matters During the reporting period, the company advanced several significant matters, including a major asset restructuring to acquire 100% equity of Beijing Unigroup Liansheng Technology Co., Ltd., the termination of a 2015 private placement plan, and the actual controller's termination of a share transfer in Unigroup Group - The company is proceeding with a major asset restructuring to acquire 100% equity of Beijing Unigroup Liansheng Technology Co., Ltd. through share issuance, which has been approved by the shareholders' meeting and submitted to the China Securities Regulatory Commission[120] - The company terminated its 2015 private placement of shares, which aimed to raise up to CNY 80 billion for memory chip factory construction and equity acquisitions[122] - The company's actual controller, Tsinghua Holdings, terminated the transfer of its 36% stake in Unigroup Group to Shenzhen Investment Holdings Co., Ltd., with no change in the company's actual controller[123] Share Changes and Shareholder Information Shareholders and Actual Controller As of year-end 2019, the company had 103,961 common shareholders; Tibet Unigroup Chunhua Investment Co., Ltd. is the controlling shareholder with 36.39% stake, and Tsinghua Holdings Co., Ltd. remains the actual controller, ultimately controlled by the Ministry of Education Top Ten Shareholders' Holdings (as of year-end 2019) | Shareholder Name | Shareholder Type | Holding Percentage | Shares Held at Period End | | :--- | :--- | :--- | :--- | | Tibet Unigroup Chunhua Investment Co., Ltd. | State-owned Legal Person | 36.39% | 220,835,000 | | Tongfang Co., Ltd. | State-owned Legal Person | 1.99% | 12,079,298 | | Han Jun | Domestic Natural Person | 1.52% | 9,226,211 | | Central Huijin Asset Management Co., Ltd. | State-owned Legal Person | 1.50% | 9,121,700 | | Hong Kong Securities Clearing Company Limited | Overseas Legal Person | 1.23% | 7,465,976 | | Gongqingcheng Qingjingwei Investment Management Partnership (Limited Partnership) | Domestic Non-state-owned Legal Person | 0.86% | 5,230,940 | | Yan Yongjiang | Domestic Natural Person | 0.77% | 4,687,220 | | Zhang Shiyun | Domestic Natural Person | 0.69% | 4,205,900 | | Agricultural Bank of China Co., Ltd. - CSI 500 ETF | Other | 0.68% | 4,106,147 | | Wang Ping | Domestic Natural Person | 0.60% | 3,630,000 | - The company's controlling shareholder is Tibet Unigroup Chunhua Investment Co., Ltd., the actual controller is Tsinghua Holdings Co., Ltd., and the ultimate controller is the Ministry of Education[138][139][141] Directors, Supervisors, Senior Management, and Employees Employee Information As of the reporting period end, the company had 2,192 employees, with technical personnel comprising the largest group at 51.69% (1,133 employees), and over 63% holding bachelor's degrees or higher, indicating a highly skilled workforce Employee Professional Composition and Education Level | Professional Composition | Number of People | Education Level | Number of People | | :--- | :--- | :--- | :--- | | Production Personnel | 651 | Master's Degree and Above | 690 | | Sales Personnel | 183 | Bachelor's Degree | 698 | | Technical Personnel | 1133 | Associate Degree and Below | 804 | | Financial Personnel | 76 | | | | Administrative Personnel | 149 | | | | Total | 2192 | Total | 2192 | Corporate Bonds Information Basic Information on Corporate Bonds In 2018, the company issued "18 Guoxin 01" bonds with a CNY 300 million balance, 5.28% interest rate, and 5-year term, guaranteed by Unigroup Group, with CNY 15.84 million in interest paid during the reporting period "18 Guoxin 01" Bond Basic Information | Bond Abbreviation | 18 Guoxin 01 | | :--- | :--- | | Bond Code | 112708 | | Issue Date | May 21, 2018 | | Maturity Date | May 21, 2023 | | Bond Balance | CNY 300 million | | Interest Rate | 5.28% | - The corporate bond proceeds have been fully utilized, with CNY 120 million for project investment, CNY 40 million for debt repayment, and CNY 140 million for working capital supplementation[185] Financial Report Audit Report Beijing Xinghua Certified Public Accountants issued a standard unqualified audit opinion on the company's 2019 financial statements, confirming fair presentation of financial position, operating results, and cash flows, with key audit matters including impairment of accounts receivable, revenue recognition, and goodwill impairment - The audit firm, Beijing Xinghua Certified Public Accountants, issued a standard unqualified audit opinion[196][197] - Key audit matters include: - Impairment of accounts receivable: Involves significant management accounting estimates and judgments - Revenue recognition: The occurrence and completeness of product sales revenue significantly impact operating results - Goodwill impairment: Goodwill is a significant amount, and its impairment or non-impairment can have a material impact on financial statements[199][200] Consolidated Financial Statements This section presents the company's 2019 consolidated financial statements, including the balance sheet, income statement, cash flow statement, and statement of changes in owners' equity, comprehensively reflecting the financial position, operating results, and cash flows of the company and its subsidiaries Consolidated Balance Sheet Summary (December 31, 2019) | Item | Amount (CNY) | | :--- | :--- | | Total Assets | 6,786,465,319.76 | | Total Current Assets | 4,404,385,327.68 | | Total Non-current Assets | 2,382,079,992.08 | | Total Liabilities | 2,593,708,995.01 | | Total Current Liabilities | 1,618,282,363.03 | | Total Non-current Liabilities | 975,426,631.98 | | Total Owners' Equity | 4,192,756,324.75 | | Owners' Equity Attributable to Parent Company | 4,188,221,621.10 | Consolidated Income Statement Summary (2019) | Item | Amount (CNY) | | :--- | :--- | | Total Operating Revenue | 3,430,409,964.80 | | Total Operating Costs | 2,802,755,856.90 | | Operating Profit | 457,682,174.31 | | Total Profit | 456,169,977.58 | | Net Profit | 400,546,989.29 | | Net Profit Attributable to Parent Company Owners | 405,761,782.09 | Notes to Consolidated Financial Statement Items This section provides detailed explanations for each item in the consolidated financial statements, covering accounting policy application, composition, and reasons for changes, with key notes on cash, accounts receivable, inventory, long-term equity investments, fixed assets, construction in progress, intangible assets, goodwill, liabilities, and owners' equity Accounts Receivable As of year-end 2019, the company's accounts receivable had a book balance of CNY 1.34 billion, with a provision for bad debts of CNY 30.94 million, resulting in a book value of CNY 1.31 billion, primarily from individual assessments and overdue portfolios Accounts Receivable Impairment Provision (Period End) | Category | Book Balance (CNY) | Bad Debt Provision (CNY) | Provision Rate (%) | | :--- | :--- | :--- | :--- | | Individually Assessed Credit Risk | 20,098,123.04 | 18,552,158.61 | 92.31 | | Overdue Accounts Receivable Portfolio | 126,012,210.51 | 10,118,587.89 | 8.03 | | Non-overdue Accounts Receivable Portfolio | 1,198,332,429.88 | 2,273,712.50 | 0.19 | | Total | 1,344,442,763.43 | 30,944,459.00 | 2.30 | Inventory As of year-end 2019, the company's inventory book value was CNY 864 million, an increase from CNY 789 million at the beginning of the period, primarily composed of work-in-progress, finished goods, and raw materials, with a significant increase in inventory impairment provision to CNY 84.42 million Inventory Composition and Impairment Provision (Period End) | Item | Book Balance (CNY) | Impairment Provision (CNY) | Book Value (CNY) | | :--- | :--- | :--- | :--- | | Raw Materials | 182,260,244.42 | 24,274,501.23 | 157,985,743.19 | | Work-in-Progress | 334,531,955.78 | 23,640,623.65 | 310,891,332.13 | | Finished Goods | 269,789,810.76 | 36,501,703.66 | 233,288,107.10 | | Other | 161,811,403.23 | - | 161,811,403.23 | | Total | 948,393,413.89 | 84,416,828.54 | 863,976,585.35 | Goodwill As of year-end 2019, the company's goodwill book balance was CNY 686 million, a decrease of CNY 121 million due to the disposal of Xi'an Unigroup Guoxin, with the remaining goodwill entirely from the acquisition of Shenzhen Guoxin Microelectronics Co., Ltd., and no impairment found after testing - The period-end goodwill balance was CNY 685.68 million, entirely from the acquisition of Shenzhen Guoxin Microelectronics Co., Ltd[369] - Goodwill decreased by CNY 121.01 million this period due to the disposal of Xi'an Unigroup Guoxin Semiconductor Co., Ltd[369] - The company performed impairment tests on goodwill, and no impairment was found[373]