Financial Performance - The Group recorded revenue of approximately RMB 517.7 million for the year ended 31 December 2019, representing an increase of approximately 106.5% compared to RMB 250.7 million for the year ended 31 December 2018[5]. - Revenue from sales of shoes and clothes increased from approximately RMB 23.5 million in 2018 to approximately RMB 397.8 million in 2019, representing an increase of 1593.0%[5]. - Revenue from sales of fabrics decreased from approximately RMB 227.2 million in 2018 to approximately RMB 119.9 million in 2019, representing a decrease of 47.2%[5]. - The gross profit margin of the Group's products was approximately 2.1%, an increase from a gross loss margin of approximately 0.02% in the previous year[5]. - Loss attributable to owners of the Company decreased from approximately RMB 369.3 million in 2018 to approximately RMB 287.6 million in 2019, representing a decrease of approximately 22.1%[5]. - The increase in revenue was mainly due to higher sales in shoes and clothing, which began in the fourth quarter of 2018[22]. - The Group's revenue increased by 106.5% from approximately RMB 250.7 million in 2018 to approximately RMB 517.7 million in 2019, primarily due to increased sales volume of shoes and clothes[30]. - The Group incurred a loss of approximately RMB 287,608,000 for the year ended 31 December 2019[160]. - As of 31 December 2019, the Group had net current liabilities of approximately RMB 698,088,000 and net liabilities of approximately RMB 759,788,000[160]. Market Conditions - The ongoing Sino-U.S. economic and trade frictions and the COVID-19 outbreak are expected to negatively impact the global economy and the Group's operations in 2020[8]. - The PRC economy faced structural adjustments with a GDP growth of only 6.1% in 2019, down from 6.6% in 2018[23]. - The aggregate sales of sizeable textile enterprises in the PRC amounted to RMB 2,403.8 billion in 2019, representing a 1.8% decrease year-on-year[23]. - The production volume of fabrics decreased by 12.4% in 2019, totaling 57.56 billion meters[23]. - The textile industry faced challenges due to Sino-U.S. economic and trade frictions, impacting export volumes[23]. - The value of textile products exported from China was approximately US$120.2 billion in 2019, with garment exports at US$151.4 billion, a year-on-year decrease of 4.0%[23]. Business Strategy - The Group plans to explore new business opportunities and continue mergers and acquisitions to enhance profitability and improve financial position amid challenging market conditions in 2020[8]. - The Group aims to diversify its business to improve cash flow and financial stability in the face of adverse market conditions[8]. - The company is focused on expanding its asset management and investment strategies, leveraging the expertise of its directors[182]. - The company is exploring new market opportunities and potential acquisitions to drive growth[186]. Cost and Expenses - The Group's cost of sales increased by 102.1% from approximately RMB 250.7 million in 2018 to approximately RMB 506.6 million in 2019, in line with increased turnover[30]. - Selling and distribution expenses rose by 181.4% from approximately RMB 2.9 million in 2018 to approximately RMB 8.2 million in 2019 due to increased transportation charges related to export sales[38]. - General and administrative expenses decreased by 33.4% from approximately RMB 223.3 million in 2018 to approximately RMB 148.8 million in 2019, mainly due to fewer impairments made during the year[43]. - Other income decreased by 81.1% from approximately RMB 30.6 million in 2018 to approximately RMB 5.8 million in 2019, attributed to a decline in the reversal of impairment losses and government grants received[43]. - Finance costs rose by 43.3% from approximately RMB 103.2 million in 2018 to approximately RMB 147.9 million in 2019, driven by an increase in the average balance of borrowings[43]. Corporate Governance - The Company has complied with the applicable code provisions of the Corporate Governance Code throughout the reporting period, except for code provision A.1.8 regarding insurance cover for Directors[67]. - The Board currently comprises six members, including three executive Directors and three independent non-executive Directors, meeting the requirements of the Listing Rules[80]. - The Company has established various committees, including the Audit Committee, Remuneration Committee, and Nomination Committee, with independent non-executive directors invited to serve on these committees[90]. - The Company has adopted a standard code of conduct for securities trading by directors and employees, ensuring compliance with applicable laws and regulations[81]. - The Company emphasizes the importance of corporate governance practices and compliance with applicable laws and regulations[128]. Board Composition and Diversity - The Board consists of six members, including three executive directors and three independent non-executive directors, with independent non-executive directors accounting for at least one-third of the board[85]. - The Nomination Committee is composed entirely of independent non-executive directors, ensuring a focus on independence and governance[112]. - The company emphasizes the importance of diversity in skills and perspectives within the Board to enhance decision-making[114]. - The company achieved a board diversity policy with measurable objectives, including the inclusion of candidates with overseas working experience and no gender limitations in director selection[129]. - As of the date of the annual report, 1 out of 6 board members has overseas working experience, and 3 out of 6 members possess accounting or other professional qualifications[130]. Internal Control and Audit - The Audit Committee conducted 3 meetings during the year to review financial statements and the effectiveness of the internal control system[151]. - The Audit Committee is responsible for overseeing the relationship with external auditors and making recommendations regarding their appointment[150]. - The Board is responsible for maintaining an adequate internal control system to safeguard shareholder investments and Company assets, with annual reviews supported by the Audit Committee[167]. - Certain internal control deficiencies were identified, and the Group is in the process of locating an internal control advisor to address these issues[167]. Shareholder Relations - The Company emphasizes effective communication with shareholders to enhance investor relations and understanding of business performance and strategies[170]. - All resolutions at shareholder meetings will be voted on by poll, with results posted on the Company's and Stock Exchange's websites[172]. - The Company Secretary is a full-time employee, ensuring proper governance and communication with shareholders[167].

Financial Performance - The company's revenue increased by 50.86% to approximately RMB 202.3 million for the six months ended June 30, 2019, compared to RMB 134.1 million for the same period in 2018[8]. - The loss attributable to owners of the company decreased to approximately RMB 47.5 million, down from RMB 60.0 million in the previous year[8]. - The gross profit rose from RMB 2.7 million to RMB 6.4 million, primarily due to the profitability from the new footwear and apparel segment[10]. - The gross margin improved from 2.0% to 3.2%, driven by higher gross margins from the new footwear and apparel segment[11]. - The group reported revenue of RMB 202,348,000 for the six months ended June 30, 2019, compared to RMB 134,098,000 for the same period in 2018, representing a year-over-year increase of 50.9%[62]. - The net loss attributable to the owners of the company for the six months ended June 30, 2019, was RMB 47,454,000, with a basic loss per share of RMB 0.26, compared to a loss of RMB 62,883,000 and a loss per share of RMB 0.40 in 2018[62]. - The group incurred a loss before tax of RMB 47,454,000 for the six months ended June 30, 2019, compared to a loss of RMB 62,883,000 for the same period in 2018, indicating an improvement[120]. Revenue Breakdown - Revenue from the multi-fiber woven series decreased from RMB 100.6 million to RMB 59.0 million, mainly due to a decline in product demand[14]. - The blended series revenue dropped from RMB 23.6 million to RMB 13.7 million, attributed to a decrease in product demand from 3,740.0 km to 2,154.8 km[14]. - The elastic series revenue fell from RMB 3.6 million to RMB 1.2 million, primarily due to a drop in average selling price from RMB 10.2 per meter to RMB 5.1 per meter[16]. - The pure cotton series revenue decreased from RMB 6.3 million to RMB 0.7 million, with product demand dropping from 952.6 km to 132.1 km[16]. - The group’s gross profit from fabric sales was RMB 1,089,000, while the gross profit from footwear and apparel sales was RMB 5,355,000, totaling RMB 6,444,000 for the reporting period[110]. Expenses and Costs - General and administrative expenses increased by 14.4% from approximately RMB 111 million to approximately RMB 127 million, accounting for 8.3% and 6.3% of the group's revenue for the respective periods[17]. - Financing costs rose from approximately RMB 498 million to approximately RMB 516 million, primarily due to an increase in average borrowings for general working capital[19]. - The group’s financing costs totaled RMB 51,605,000 for the six months ended June 30, 2019, compared to RMB 49,829,000 for the same period in 2018[117]. Cash Flow and Liquidity - Cash and cash equivalents increased to approximately RMB 33 million from approximately RMB 14 million, mainly due to an increase in bond issuance of approximately RMB 408 million[23]. - Cash and cash equivalents at the end of the period were RMB 3,263,000, a decrease from RMB 28,602,000 at the end of the previous year, indicating liquidity challenges[72]. - The company reported a net cash inflow from operating activities of RMB 459,000, a significant recovery from a cash outflow of RMB 25,952,000 in the prior year[72]. - The financing activities generated a net cash inflow of RMB 1,790,000, a decrease from RMB 53,113,000 in the previous year, highlighting reduced financing activities[72]. Assets and Liabilities - Total assets less current liabilities amounted to RMB (239,432,000) as of June 30, 2019, compared to RMB (179,379,000) at the end of 2018, indicating a deterioration in the financial position[64]. - Non-current assets were valued at RMB 359,351,000, down from RMB 373,734,000 at the end of 2018, reflecting a decline in long-term asset value[64]. - The company’s total liabilities increased to RMB 822,200,000 from RMB 722,576,000, indicating rising financial obligations[67]. - The group’s total assets amounted to RMB 582,768,000 as of June 30, 2019, with total liabilities of RMB 1,102,430,000[112]. Corporate Governance and Compliance - The company has complied with the corporate governance code as per the listing rules, except for certain provisions[49]. - The audit committee consists of two independent non-executive directors, with Mr. Zhou Runzhang serving as the chairman[54]. - The company is actively seeking suitable candidates to fill vacancies in the board and committees following recent resignations[51]. - The company has adopted the standard code for securities transactions by directors and confirmed compliance during the review period[53]. Shareholder Information - As of June 30, 2019, Mr. Lin Qingxiong holds 279,600,000 shares in the company, representing approximately 15.03% of the company's equity[40]. - Mr. Lin Qingxiong also has beneficial ownership of 10,840,000 shares, accounting for about 0.58% of the company's equity[40]. - The company maintains a sufficient public float, with at least 25% of its issued share capital held by the public as of the report date[46]. - There are no other individuals, apart from those disclosed, holding 5% or more of the issued share capital as of June 30, 2019[45]. Accounting Policies and Standards - The company adopted the International Financial Reporting Standard 16 (IFRS 16) for leases, recognizing a right-of-use asset of RMB 1,016,000 as of January 1, 2019[82]. - The lease liabilities recognized under IFRS 16 amounted to RMB 1,044,000 as of January 1, 2019[83]. - The cumulative loss as of January 1, 2019, was adjusted to RMB (1,260,757,000) due to the adoption of IFRS 16[83]. - The company reported no significant changes in accounting policies or financial statement presentation due to the adoption of new and revised IFRS standards[77].

Financial Performance - The Group recorded revenue of approximately RMB250.7 million for the year, representing a decrease of approximately 7.8% year-on-year[6]. - Loss attributable to owners of the Company decreased significantly from approximately RMB732.8 million in 2017 to approximately RMB369.3 million in 2018, representing a decrease of approximately 49.6%[6]. - The company reported a significant increase in revenue, achieving a total of $150 million for the fiscal year, representing a 25% growth compared to the previous year[18]. - The Group recorded revenue of approximately RMB250.7 million for the year ended 31 December 2018, representing a decrease of approximately 7.8% compared to RMB271.9 million in 2017[41]. - The Group incurred a loss of approximately RMB369,281,000 for the year ended 31 December 2018[187]. - For the year ended December 31, 2018, the Group incurred a loss of approximately RMB 369,281,000[190]. Sales and Revenue Trends - Sales of fabrics decreased from approximately RMB271.9 million in 2017 to approximately RMB227.2 million in 2018[6]. - Clothes trading to Asian countries is expected to grow continuously in the forthcoming year[13]. - The average selling price of fabrics decreased by approximately 22.4% to RMB5.9 per meter in 2018, down from RMB7.6 per meter in 2017[33]. - The average unit cost of fabrics decreased significantly from RMB8.06 per meter in 2017 to RMB5.90 per meter in 2018, representing a decrease of 26.8%[33]. - The gross loss margin improved from 6.1% in 2017 to 0.02% in 2018, despite a decrease in selling prices[33]. - The group's revenue decreased by 7.8% from approximately RMB271.9 million in 2017 to approximately RMB250.7 million in 2018, primarily due to a decline in fabric product revenue from RMB271.9 million to RMB227.2 million[45]. Business Development and Strategy - The Group commenced a new business of shoes and clothes trading in Q4 2018, contributing approximately RMB23.5 million in sales[6]. - The management aims to develop new potential businesses to enhance the Group's income and overall performance[12]. - The Group plans to focus on expanding its domestic market presence and entering overseas trading markets in 2019[39]. - The Group aims to enhance profitability by optimizing its existing product portfolio and developing new products that meet market demand[39]. - The Group's management will strive for more resources from the market to support its operations and relieve the current difficult position[12]. Cost Management and Expenses - The gross margin improved to 60%, up from 55% in the previous year, indicating better cost management[18]. - Selling and distribution costs increased by 38.1% from approximately RMB2.1 million in 2017 to approximately RMB2.9 million in 2018, mainly due to increased freight outward charges[48]. - General and administrative expenses decreased significantly by 63.2% from approximately RMB606.8 million in 2017 to approximately RMB223.3 million in 2018, primarily due to fewer impairments made during the year[49]. - Research and development expenses increased to $10 million, reflecting a 40% investment in new technologies[18]. Corporate Governance - The Company complied with the Corporate Governance Code throughout 2018, except for code provision A.1.8 regarding insurance cover for Directors[94]. - The Company is committed to enhancing its corporate governance practices to meet the requirements of the Corporate Governance Code[96]. - The Company has adopted the Corporate Governance Code as its own code of corporate governance, ensuring transparency and accountability in its operations[92]. - The board consists of six members, including three executive directors and three independent non-executive directors, meeting the listing rules requirements[102]. - The Company aims to maintain high levels of corporate governance to safeguard shareholder interests and enhance corporate value[93]. Financial Position and Liabilities - As of 31 December 2018, the Group had net current liabilities of approximately RMB575,778,000 and net liabilities of approximately RMB472,180,000[187]. - The Group's bank borrowings of approximately RMB133,692,000 were overdue as of 31 December 2018[187]. - The Group's bonds of approximately RMB326,797,000 are subject to renewal or full repayment within the next twelve months[187]. - The Group's ability to continue as a going concern is dependent on successful negotiations with creditors for loan renewals or extensions[190]. Board and Management Structure - The Company does not currently have a Chief Executive Officer, with responsibilities for daily operations delegated to executive directors[113]. - The board has established various committees, including the Audit Committee, Remuneration Committee, and Nomination Committee, to enhance governance[108]. - The Nomination Committee consists of three independent non-executive Directors, with Mr. Lin Yugang serving as the chairman[136]. - The primary duties of the Nomination Committee include reviewing the Board structure, developing nomination procedures, and assessing the independence of independent non-executive Directors[137]. Shareholder and Employee Relations - The Company emphasizes competitive remuneration schemes and discretionary bonuses based on individual and Group performance to attract and retain talent[87]. - The Company aims to achieve Board diversity, with measurable objectives including the inclusion of candidates with overseas experience and no gender limitations in Director selection[154]. - The Company held two Board meetings during the year to discuss overall strategy and financial performance[128].