Company code: 688375 Company abbreviation: Guobo Electronics

Nanjing Guobo Electronics Co., Ltd

Summary of the 2024 Annual Report

Section 1 Important Notice

1. The summary of this annual report is from the full text of the annual report, in order to fully understand the company's operating results, financial status and future development plan, investors should go to the www.sse.com.cn website to read the full text of the annual report carefully.

2. Major risk warning

The Company has disclosed the possible risks in "Section 3 Management Discussion and Analysis" of this report in "IV. Risk Factors", which is for investors' attention.

3. The Board of Directors, the Board of Supervisors, the directors, supervisors and senior management of the Company guarantee the authenticity, accuracy and completeness of the contents of the annual report, and that there are no false records, misleading statements or material omissions, and bear individual and joint legal liabilities.

4. All directors of the company attend the meeting of the board of directors.

5. Tianjian Certified Public Accountants (Special General Partnership) issued a standard unqualified audit report for the company.

6. The company is not profitable and has not yet achieved profitability at the time of listing

□ Yes √ No

7. The profit distribution plan or the plan for the conversion of provident fund into share capital for the reporting period approved by the board of directors

The profit distribution plan approved by the board of directors of the company is: based on the company's total share capital of 596,014,900 shares, the company proposes

A cash dividend of RMB4.0 (tax included) will be distributed to all shareholders for every 10 shares, and the total cash dividend to be distributed is RMB238,405,960 (inclusive).

tax), this profit distribution does not give bonus shares, and does not use provident fund to increase share capital.

If from the date of disclosure of the company's 2024 profit distribution plan to the registration date of the implementation of equity distribution, it can be transferred

If there is a change in the company's total share capital due to debt-to-equity swap/share repurchase/share repurchase and cancellation/share repurchase and cancellation due to major asset restructuring, the company intends to maintain the distribution ratio per share unchanged, adjust the total distribution amount accordingly, and will announce the specific adjustment separately.

The profit distribution plan still needs to be submitted to the company's 2024 annual general meeting of shareholders for deliberation and approval.

8. Whether there are special arrangements for corporate governance and other important matters

□ Applicable √ Not applicable

Section 2 Basic information of the company

1. Company profile

1.1 Company Shares

√ Applicable □ Not applicable

Company stock profile

Stock Type Stock Listed Exchange Stock Abbreviation Stock Code Stock Abbreviation Before the change

and plates

A-share Shanghai Stock Exchange Guobo Electronics 688375 Not applicable

Science and Technology Innovation Board

1.2 Brief description of the Company's Depositary Receipts

□ Applicable √ Not applicable

1.3 Contacts and Contact Details

Secretary of the Board of Directors and Representative of Securities Affairs

Name: Liu Yang, Wei Xingyao

Address: Zhengfang Middle Road, Jiangning Economic and Technological Development Zone, Nanjing, Nanjing

No. 155 Fangzhong Road, No. 155

Tel: 025-69090053 025-69090051

Fax: 025-69090144 025-69090144

E-mail support@gbdz.net dshbgs@gbdz.net

2. Brief introduction of the company's main business during the reporting period

2.1 Main business, main products or services

Guobo Electronics is mainly engaged in the R&D, production and sales of active phased array T/R components and RF integrated circuit related products

In the past, the company was a leading enterprise that could provide active phased array T/R components and serialized RF integrated circuit products in batches, and its core technology has reached the domestic leading and international advanced level.

Guobo Electronics has established a technical system and serialized product layout with compound semiconductors as the core, covering RF chips, modules and components. The company's main products include active phased array T/R components, RF modules, RF amplification chips, RF control chips, etc., all of which are analog integrated circuits.

1. T/R components and RF modules

Product Category Main Product Purpose or Function

T/R Assemblies & RF Modules Active Phased Array T/R Assemblies Signal transceiving, amplifying, phase shifting, or mixing processing functions

RF module Power amplification and control of signals

RF chips RF amplification chips realize functions such as signal power amplification or gain amplification

RF control chips realize functions such as RF path or channel switching, signal step attenuation, etc

(1) Active phased array T/R components

The T/R component refers to the electromagnetic wave signal used in the radar or communication system to receive and transmit electromagnetic wave signals of a certain frequency within the working bandwidth

The functional module for amplitude and phase control is the core component of the active phased array radar to realize beam electronic control scanning and signal transmission and distribution. The entire radar system consists of hundreds or thousands of radiators arranged in a certain arrangement, and a separate active phased array T/R component is connected to the rear end of each radiator, which is controlled by the beamformer to weighted the signal amplitude and phase, and finally realize the scanning of the beam in space. Therefore, the performance parameters of the active phased array T/R components directly determine the key parameters of the phased array radar system, such as range, spatial resolution, and receiving sensitivity. In addition, active phased array radar requires a large number of T/R components to form an active phased array array, and the performance of active phased array T/R components further determines the size, weight, cost, and power consumption of an active phased array radar system.

Depending on the different operating environments and performance requirements of radars, the composition of active phased array T/R components varies

Its basic structure is the same, mainly composed of CNC phase shifter, CNC attenuator, power amplifier, low noise amplifier, limiter, circulator and corresponding control circuit, power modulation circuit.

(2) RF module

In the field of RF modules, Guobo Electronics' related products mainly include high-power control modules and high-power amplification modules, which cover multiple frequency bands and are mainly used in mobile communication base stations and other fields.

The high-power control module is an important device for signal control during signal transmission and reception of high-power mobile communication system, which has a direct impact on the performance of the system, and is usually located at the front end of the communication system to realize the switching between signal transmission and reception. The function of the high-power amplification module is to realize the signal power amplification of the base station transmission link, and together with the power control module, it forms the front-end of the radio frequency of the base station transmission link. The high-power amplification module has a decisive impact on a series of performances such as signal quality, efficiency, and power consumption of the entire base station, and is a key RF device in the base station RF system.

GaN RF module products are mainly used in domestic 4G, 5G, and U6G communication base stations, and the main characteristics are large bandwidth and high bandwidth

Efficiency, high linearity, high power, product power covers 100W-600W, mainstream communication frequency bands are used in batches. The products are mainly packaged in cermets, and the plastic amplifier modules are also formed into batch products.

2. RF chip

Guobo Electronics' RF chips mainly include RF amplification chips and RF control chips, which are widely used in mobile communications, communication perception, satellite communications and other system equipment and terminal products such as mobile phones, drones, and the Internet of Things. The company's base station RF chip products are mainly used for signal control, switching, amplification and other functions when transmitting and receiving communication system equipment, including low-noise amplifiers, power amplifiers and RF high-power switches, etc., and are the core suppliers of domestic base station RF devices. The company's terminal RF chip products include RF switches, antenna tuners, WIFI modules, terminal modules, etc., and the supply chain resilience and quality control capabilities have been recognized by customers, and have begun to supply to a number of well-known terminal manufacturers in the industry. At the same time, based on the new semiconductor process, we have developed new products such as mobile phone PA, and gradually began to supply them to customers.

(1) RF amplification chips

The company's RF amplification chip products mainly include low-noise amplifiers (LNAs) and power amplifiers

Power Amplifier (PA). The low noise amplifier is generally used to realize the radio frequency signal amplification of the receiving channel, and is at the front end of the receiving link, and the performance of the low noise amplifier is very important to the signal-to-noise ratio and other indicators of the entire communication equipment. The function of the power amplifier is to amplify the radio frequency signal of the transmission channel, which is the core component of the radio frequency of wireless communication equipment, and affects the transmission performance of the entire wireless communication equipment, system power consumption and other important indicators.

(2) RF control chips

The company's RF control chip products mainly include RF switches and CNC attenuators. RF switch refers to the RF control element that can conduct and block the RF signal path, and is used to switch the signal to different signal paths. The numerical control attenuator is mainly used to control the amplitude of the microwave signal to achieve quantitative attenuation of the signal, and adjust the signal amplitude of the RF link through the numerical control attenuator to ensure that the signal is at the appropriate level, so as to prevent overload, gain compression and distortion.

2.2 Main business model

Guobo Electronics is mainly engaged in the R&D, production and sales of active phased array T/R components and RF integrated circuit related products

The ability to provide RF system integration solutions to meet different platforms and different needs, with a complete R&D, procurement, production, sales and service system.

In the field of T/R components and RF modules, the company is mainly responsible for chip design, component and module design, manufacturing and testing, and chips

The production and packaging of chips are generally entrusted to third-party manufacturers or institutions. In the field of RF chips, the company is responsible for the design and quality control of RF chips in the Fabless mode, and the production, packaging and testing of chips are generally entrusted to third-party manufacturers or institutions.

The company has established a complete procurement control procedure and quality management system, and established a list of qualified suppliers; The company has established a relatively complete marketing system, established stable cooperative relations with major customers, actively tracked customer needs, and relied on its own technical strength to develop products that meet customer needs.

2.3 The situation of the industry

(1). The development stage, basic characteristics and main technical thresholds of the industry

Guobo Electronics is mainly engaged in the R&D, production and sales of active phased array T/R components and RF integrated circuit related products. according to

According to the "Guidelines for the Industry Classification of Listed Companies" and the "Industrial Classification of the National Economy", the company's active phased array T/R components and RF modules are located in the industry of "C39 computer, communication and other electronic equipment manufacturing", and the industry of RF chips is "I65 software and information technology services".

As the foundation of the global information industry, the integrated circuit industry has experienced more than 60 years of development and has now become the world's electronic information technology

The cornerstone of technological innovation. The integrated circuit industry has derived many epoch-making innovative applications such as PC, Internet, smart phones, digital images, cloud computing, big data, artificial intelligence, etc., which have become an indispensable part of modern daily life.

From the perspective of chip manufacturing process, the integrated circuit industry chain can be divided into sub-industries such as integrated circuit design, manufacturing, packaging and testing, raw materials, equipment and software tools. Integrated circuit enterprises often have the characteristics of talent-intensive, technology-intensive, and capital-intensive, and have higher requirements for the company's R&D level, technology accumulation, R&D investment, financial strength and industrial chain integration capabilities. According to whether the integrated circuit design enterprise has an integrated circuit production, packaging and testing production line, the integrated circuit enterprise can be mainly divided into IDM mode and Fabless mode.

From the perspective of signal classification, integrated circuits can be divided into analog integrated circuits and digital integrated circuits, in which analog integrated circuits are used to process analog signals (such as temperature, sound), and digital integrated circuits are used to process digital signals (such as 0, 1). The downstream market of analog integrated circuits is widely used, widely used in communications, consumer electronics, industrial control and automotive electronics.

Guobo Electronics' main products include active phased array T/R components and RF integrated circuits, both of which are analog integrated circuits

category. With the rapid development of radar and communication technologies, the analog integrated circuit market has ushered in significant growth opportunities. However, this also places higher demands on the speed of technological innovation in RF devices, components, and modules, directly driving the application of new materials such as gallium nitride (GaN) and the advancement of integrated technologies. These technologies are expected to be used in a variety of applications such as 5G, Internet of Things, satellite communications, autonomous driving, and more

It shows its unique advantages to further improve the efficiency and reliability of communication systems. At the same time, the technological blockade and restrictions in the international environment have put pressure on the technological innovation and upgrading of China's RF electronics industry, especially in the field of high-end RF devices, such as 5G-A, millimeter wave technology, etc., which may face technical barriers and supply chain risks. Nevertheless, this external pressure has also stimulated the impetus for China to accelerate technological innovation.

In recent years, the state has successively issued a number of support and encouragement policies, such as increasing investment in scientific and technological research and development, optimizing the business environment, and promoting the coordinated development of the industrial chain, aiming to enhance the international competitiveness of the RF device industry. With the introduction of relevant domestic policies, China is expected to achieve technological breakthroughs in the field of radio frequency integrated circuits by strengthening industry-university-research cooperation, increasing R&D investment, and optimizing the layout of the industrial chain, gradually narrowing the gap with the international advanced level, and occupying a more competitive position in the global market.

(2). Analysis of the company's position in the industry and its changes

During the reporting period, Guobo Electronics is currently able to provide active phased array T/R components and serialized RF integrated circuits in batches

The products are all analog integrated circuits, and the core technology has reached the domestic leading and international advanced level.

The company closely combines the policy orientation of national strategic emerging industries and market demand, adheres to the development path of innovation-driven and industry-finance integration, and establishes a technical system and serialized product layout with compound semiconductors as the core, covering chips, modules and components. In terms of chips and modules, the company is based on the domestic mobile communication market, relying on its own R&D strength and rich industry experience in RF integrated circuit series products, forming a series of RF integrated circuit products, and is the core supplier of RF components for domestic mobile communication base stations. At the same time, the company actively develops the terminal field, and the RF chip products for terminals have begun to be supplied in batches to a number of well-known terminal manufacturers in the industry. In terms of modules, the company has developed hundreds of active phased array T/R components, and its product market share has maintained a leading position in China.

(3) The development and future development trend of new technologies, new industries, new forms of business and new models during the reporting period

(1) High-frequency and high-density integration technology further promotes the development of active phased array technology

With the rapid development of informatization and satellite communications, the active phased array T/R component industry is accelerating to high power, high integration, and low power

Iterative upgrade of cost direction. As the mainstream of modern radar technology, the demand for T/R components, the core component of phased array radar, continues to rise. As technological innovation continues to deepen, 5G-A synaesthesia, drone communications, and low-altitude economic scenarios will drive the evolution of T/R components to millimeter wave and ultra-low power consumption. At the same time, the large-scale development of active phased array radar and the development of the satellite communication industry will further consolidate the strategic position of T/R components in the market.

New high-density integration technologies such as microwave and millimeter wave heterogeneous integration and three-dimensional stacking will further promote the development of active phased array technology. Heterogeneous integrated RF microsystems are an important development direction in the field of RF and microwave technology, and their core goal is to achieve high-performance, miniaturized, and low-power RF front-end through the three-dimensional integration of multi-material, multi-process, and multi-functional devices. The heterogeneous integrated technology system is based on the microelectronics technology system and closely follows the advanced packaging technology in the field of consumer electronics, and should not only consider the mainstream wafer-level packaging technology, but also consider the low-cost large-board level packaging technology.

(2) The innovation of RF chip design has profoundly promoted the development of the integrated synaesthesia industry

Taking the development of intelligent transportation, low-altitude economy, and vehicle (IoT) networking as an opportunity, the integration of communication system and perception system will become an important evolution direction of RF integrated circuits. Based on the obtained sensing information, the integrated communication and sensing system can provide services such as positioning, imaging, and virtual environment reconstruction, and can also be used to improve the performance of mobile communication. Therefore, the integrated communication and sensing system will become the core feature of 5G-A and 6G wireless communication systems, and will better serve future scenarios such as smart transportation, low-altitude economy, and automotive electronics. RF integrated circuits are the key devices for wireless communication and signal processing, and their functions include signal conversion, frequency synthesis, and work

rate amplification, etc. RF integrated circuits have made breakthroughs in key technologies such as high-frequency band support, multi-mode integration and intelligent beamforming, providing a hardware foundation for high-precision sensing and high-speed communication, reducing power consumption and volume, and optimizing communication links and sensing accuracy, meeting the requirements of high-precision, high-resolution sensing and efficient wireless communication of integrated synaesthesia systems, and coping with more complex environmental conditions.

The first is high-frequency and multi-band integration technology. RF chips support both communication (e.g., 5G-A, satellite communications) and perception (e.g., thunder).

RF chip design tends to integrate communication and sensing functions on the same chip, which reduces the number of external components and reduces system cost and size by improving the functional density of the chip.

The second is intelligence and energy efficiency optimization. On the one hand, the RF chip design pays more attention to the integration of intelligent control functions, and the chip improves the performance and reliability of the system through intelligent processing and optimization of signals; On the other hand, RF chips need to minimize power consumption while ensuring performance, and the chips use low-power architecture and optimized power management strategies to reduce system energy consumption and extend device battery life.

The innovation of RF chips is reconstructing the integrated synaesthesia industry from the underlying hardware, giving birth to a new paradigm of communication as perception. With the advancement of technology and R&D, synaesthesia integration may become the standard technology, and the design capability of RF chips will become the core of competition.

(3) New industries: new scenarios such as satellite communications and low-altitude economy are developing rapidly

With the continuous advancement of science and technology, modern communication technology is undergoing a major transformation. High efficiency, intelligence and diversification have become one of the core driving forces for the development of communication technology, and the RF electronics industry is upgrading from a single communication function to the integration of "communication-perception-computing".

In recent years, China's satellite communication market has shown a trend of rapid development. With the promotion of national policies and the further support of commercial capital, China has formed a relatively complete satellite industry chain, and a number of low-orbit constellation plans have been released, and the satellite communication industry has entered a stage of rapid development. The integrated development trend of satellite network and ground base station network is becoming clearer and clearer, and they are developing from the current independent networking mode to the direction of closer joint networking and collaborative services in the future. This trend of integrated development can not only improve the coverage and service quality of communication networks, but also give birth to and improve the implementation of more new industries and new business formats.

In March 2024, the low-altitude economy was written into the government work report for the first time; In July 2024, the Central Committee of the Communist Party of China issued a report on further comprehensive

The "Decision on Deepening Reform and Promoting Chinese-style Modernization" clearly mentions "the development of general aviation and low-altitude economy". 2024 is the first year of low-altitude economic development, and with the implementation of policies and the continuous implementation of related measures, the low-altitude economy will show explosive growth in the future. The development of low-altitude economy will promote the continuous development and innovation of new energy aviation power technology, unmanned driving technology and a new generation of information technology. With the support of the new generation of information technology industry, the satellite network and the ground base station network complement each other to jointly build a three-dimensional communication network, provide users with more stable and efficient communication services, and ensure that related formats can be carried out more safely and efficiently in the low-altitude field.

3. The company's main accounting data and financial indicators

3.1 Key accounting data and financial indicators for the past 3 years

Unit: Yuan Currency: RMB

2024 2023 This year is compared to 2022

Increase/decrease (%)

Total assets 7,995,335,175.06 8,471,069,558.54 -5.62 8,350,259,672.41

Shares attributable to listed companies 6,185,769,875.31 5,998,068,027.98 3.13 5,635,531,090.28

East's net worth

Operating income 2,591,086,728.01 3,566,963,310.51 -27.36 3,460,511,093.86

Shares attributable to listed companies 484,648,968.26 606,228,249.97 -20.06 520,481,765.28

East's net profit

Attributable to shares of listed companies

Non-recurring deductions for East 476,605,829.89 570,956,996.41 -16.53 501,081,926.88

Net profit from profit or loss

271,866,508.74 838,931,109.54 -67.59 -183,994,893.35 arising from operating activities

Net gold flow

The weighted average net assets closed 7.86 10.31 decreased by 2.45 percentage points 13.29

Profit rate (%)

Basic earnings per share (RMB 0.81 1.02 -20.59 0.93

/share)

Diluted earnings per share (RMB 0.81 1.02 -20.59 0.93

/share)

R&D investment accounted for 12.62 9.86 of operating revenue, an increase of 2.76 percentage points 9.97

Proportion of income (%)

3.2 Key accounting data by quarter in the reporting period

Unit: Yuan Currency: RMB

Q1 Q2 Q3 Q4

(January-March) (April-June) (July-September) (October-December)

Operating income 693,204,264.14 609,408,097.54 510,981,624.01 777,492,742.32

120,776,726.47 123,779,379.61 61,853,328.50 178,239,533.68 attributable to shareholders of listed companies

Net profit

attributable to shareholders of listed companies

118,396,875.27 119,397,585.98 61,339,655.24 177,471,713.40 after deducting non-recurring gains and losses

Net profit

Cash flow from operating activities -240,764,880.71 601,954,483.10 -213,723,116.98 124,400,023.33

Net amount

Explanation of the discrepancies between the quarterly data and the data disclosed in the periodic report

□ Applicable √ Not applicable

4. Shareholders

4.1 The total number of common shareholders, the total number of preferred shareholders whose voting rights have been restored, and the total number of shareholders holding special voting shares and the top 10

shareholders

Unit: Shares

As of the end of the reporting period, the total number of ordinary shareholders (households) was 8,134

The total number of common shareholders at the end of the previous month prior to the date of disclosure of the annual report was 6,970

(Households)

The total number of preferred shareholders whose voting rights were restored as of the end of the reporting period was 0

(Households)

Priority 0 for the restoration of voting rights at the end of the previous month prior to the disclosure date of the annual report

Total number of shareholders (households)

The total number of shareholders holding special voting shares as of the end of the reporting period was 0

(Households)

At the end of the previous month prior to the disclosure date of the annual report, it held 0 special voting shares

Total number of shareholders (households)

Shareholdings of the top 10 shareholders (excluding shares lent through refinancing)

Stake, token, or freeze

circumstance

Name of Shareholder Number of Shares Held at the End of the Reporting Period Proportion Shareholders Holding Restricted Shares

(Full Name) Increase or Decrease Quantity (%) Number of Conditional Shares Nature

The amount of shares in the quantity

state

CLP Guoji South 70,231,191 213,560,151 35.83 213,560,151 None 0 National Law

Group Co., Ltd. people

China Electronics Technology State-owned Law

Group 5th 32,621,652 99,196,452 16.64 99,196,452 No 0 people

Fifteenth Research Institute

CETC Guowei (day

Tsu) IC core 30,258,421 92,010,301 15.44 0 None 0 Other

Piece Partnership (Yes

Partnership Only)

Tianjin Fenghe Technology

Partnership (Limited 14,608,742 44,422,502 7.45 0 Stake 44,422,502 Other

Partnership)

Nanjing Xinrui equity

Investment partnership 11,230,506 34,149,906 5.73 0 None 0 Other

(Limited Partnership)

Komsomolsk Zhonghuike

Yuan Investment Partnership 4,999,539 19,665,681 3.30 0 None 0 Other

Business (Limited Partnership)

CETC Investment Holding 6,862,888 18,799,768 3.15 17,785,951 N/A 0 State-owned law

shares limited by people

Industrial and Commercial Bank of China

corporation

-Huaxia Military Industry Security 4,242,057 5,134,581 0.86 0 None 0 Others

Fully flexible configuration mixing

Synthetic securities investment

funds

China Merchants Bank shares

Ltd. - Hua

XiaSSE Science and Technology Innovation Board 1,765,538 4,683,581 0.79 0 N/A 0 Others

50 Ingredient Trading Type

Open-ended index certificates

Bond investment funds

Guangzhou Yuebo Electronics Domestic non

Technology Co., Ltd. -4,134,404 4,633,036 0.78 0 None 0 National Law

person

Explanation of the above-mentioned shareholder affiliation or concerted action Guoji Southern, China Electronics Technology 55th Institute, and China Power Technology Investment are all in China

A subordinate unit controlled by the State Electricity Branch. Managing partner of Zhonghui Keyuan

Huihua Fund Management Co., Ltd. is owned by CETC Investment

Management Limited 14.00% shares. Other than that, the company is unknown

Whether the above-mentioned shareholders have other related relationships and concerted party relationships

The number of preferred shareholders whose voting rights have been restored and the number of shares held are said to be none.

bright

Holders of depositary receipts

□ Applicable √ Not applicable

The top 10 shareholders in terms of the number of voting rights as of the end of the reporting period

□ Applicable √ Not applicable

4.2 Block diagram of the property rights and control relationship between the company and the controlling shareholder

√ Applicable □ Not applicable

4.3 Block diagram of the property rights and control relationship between the company and the actual controller

√ Applicable □ Not applicable

4.4 The total number of preferred shareholders and the top 10 shareholders of the company at the end of the reporting period

□ Applicable √ Not applicable

5. Corporate bonds

□ Applicable √ Not applicable

Section 3: Important Matters

1. The company shall, in accordance with the principle of materiality, disclose the major changes in the company's operation during the reporting period, as well as the events that have a significant impact on the company's operation during the reporting period and are expected to have a significant impact in the future.

During the reporting period, the company achieved a total operating income of 2591.0867 million yuan, a decrease of 27.36% over the same period of last year; Achieve operating profit

514.1392 million yuan, down 21.42% from the same period last year; the total profit was 514.1686 million yuan, a decrease of 21.35% over the same period of last year;

the net profit attributable to shareholders of the listed company was 484.649 million yuan, a decrease of 20.06% over the same period of last year; the net profit attributable to shareholders of the listed company after deducting non-recurring gains and losses was 476.6058 million yuan, a decrease of 16.53% over the same period of last year; Basic revenue per share

At the end of the reporting period, the company's total assets were 7995.3352 million yuan, a decrease of 5.62% from the beginning of the period; Net assets attributable to shareholders of listed companies

The output was 6185.7699 million yuan, an increase of 3.13% from the beginning of the period.

2. If there is a delisting risk warning or termination of listing after the disclosure of the company's annual report, the reasons for the delisting risk warning or termination of listing shall be disclosed.

□ Applicable √ Not applicable