Financial Performance - The company reported a consolidated revenue of RMB 1.5 billion for the first half of 2019, representing a year-on-year increase of 15%[9]. - Total revenue for the six months ended June 30, 2019, was approximately RMB 3,318.9 million, a decrease of approximately RMB 2,313.0 million, representing a 41.1% decrease compared to the same period last year[15]. - Profit for the period attributable to equity shareholders was approximately RMB 436.8 million, decreased by approximately RMB 371.9 million, representing a 46.0% decrease compared to the same period last year[15]. - The company reported a significant increase in revenue, with a year-on-year growth of 15% in the latest quarter[157]. - The company provided an optimistic outlook for the next quarter, projecting a revenue increase of 10% to 12%[159]. Profitability and Margins - The gross profit margin improved to 30%, up from 28% in the same period last year, indicating better cost management and pricing strategies[9]. - Gross profit was approximately RMB 781.2 million, decreased by approximately RMB 808.0 million, representing a 50.8% decrease compared to the same period last year[15]. - The gross profit margin for the first half of 2019 was reported at 35%, a slight increase from 33% in the same period last year[61]. - Operating profit for the six months ended June 30, 2019, was RMB 481,523,089, a decrease of 48% from RMB 927,886,540 in 2018[27]. User Growth and Market Expansion - User data showed a 20% increase in the number of active users for the company's fiber optic services, reaching 2 million users by June 30, 2019[9]. - User data indicates that the number of active users has reached 5 million, an increase of 25% compared to the previous year[61]. - The company is expanding its market presence in Southeast Asia, targeting a 25% market share in the region by 2021[9]. - Market expansion efforts include entering two new international markets, projected to increase market share by 8%[162]. Research and Development - The company plans to invest RMB 200 million in R&D for new technologies over the next two years to maintain competitive advantage[9]. - The company reported a significant increase in R&D expenses, totaling RMB 160,208,254, compared to RMB 169,958,994 in the previous year[27]. - The company is investing heavily in R&D, with a budget increase of 25% to enhance product innovation and technology[161]. Strategic Initiatives - A strategic acquisition of a local competitor is under consideration to enhance production capabilities and market reach[9]. - A strategic acquisition of a local competitor is in progress, which is anticipated to increase production capacity by 40%[61]. - The company is considering strategic acquisitions to bolster its market position, with potential targets identified in the technology sector[163]. Financial Position - Total current assets as of June 30, 2019, amounted to RMB 7,645.9 million, compared to RMB 7,488.1 million as of December 31, 2018[17]. - Total assets as of June 30, 2019, were RMB 13,342.9 million, an increase from RMB 12,885.9 million as of December 31, 2018[19]. - Total current liabilities as of June 30, 2019, were RMB 3,871.3 million, compared to RMB 3,338.4 million as of December 31, 2018[18]. - Total liabilities as of June 30, 2019, were RMB 4,764.6 million, an increase from RMB 4,509.6 million as of December 31, 2018[18]. Cash Flow and Liquidity - The net cash inflow from operating activities for the six months ended June 30, 2019, was RMB (645,711,533), compared to RMB (370,483,569) for the same period in 2018, indicating a decline in cash flow[35]. - Cash and cash equivalents at the end of the period were RMB 1,966,323,911, an increase from RMB 1,160,443,657 at the end of June 30, 2018[39]. - The company reported a net decrease in cash and cash equivalents of RMB 618,204,494 for the first half of 2019, which is an improvement compared to a decrease of RMB 709,183,782 in the same period of 2018[44]. Governance and Compliance - The financial statements were approved by the Board of Directors on August 27, 2019, indicating ongoing governance and oversight[32]. - The company has applied the revised CAS No.14-Revenue and CAS No.22-Financial Instruments since January 1, 2018, indicating compliance with updated financial reporting standards[60]. Dividends and Shareholder Returns - The board of directors did not recommend any interim dividend for the period[15]. - The company distributed dividends amounting to RMB 5,056,384 to shareholders, with an appropriation for surplus reserve of RMB 54,627,001[52]. Financial Instruments and Accounting Policies - Financial assets and liabilities are initially measured at fair value, with transaction costs included in initial costs for most categories[92]. - The Group recognizes loss allowances for expected credit loss (ECL) on financial assets measured at amortized cost[116]. - The Group assesses credit-impaired financial assets at each balance sheet date, with evidence including significant financial difficulty of the issuer or debtor, breach of contract, and probable bankruptcy[127].

Financial Performance - The company's operating revenue for the first half of 2019 was CNY 3,318,908,436, a decrease of 41.07% compared to the same period last year[15]. - The net profit attributable to shareholders for the same period was CNY 436,797,231, down 45.99% year-on-year[15]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 270,137,995, a decline of 66.02% compared to the previous year[15]. - The net cash flow from operating activities was negative at CNY -645,711,533, compared to CNY -370,483,569 in the same period last year[15]. - Basic earnings per share decreased by 51.26% to CNY 0.58 compared to CNY 1.19 in the same period last year[16]. - The weighted average return on equity dropped by 9.12 percentage points to 5.21% from 14.33% year-on-year[16]. - The company reported a total comprehensive income of ¥437,705,628, down 42.8% from ¥766,119,823 in the first half of 2018[111]. - The company's operating profit for the first half of 2019 was 400,905,339, a decrease of 44% compared to 713,455,142 in the same period of 2018[113]. Assets and Liabilities - Total assets at the end of the reporting period reached CNY 13,342,927,552, reflecting a growth of 3.55% compared to the previous year[15]. - The total liabilities increased to ¥4,863,055,146, up from ¥4,491,805,059, representing a growth of approximately 8.3% year-over-year[109]. - The company's total equity as of June 30, 2019, was not explicitly stated but can be inferred from the total assets and liabilities[105]. - The company's cash and cash equivalents decreased from CNY 2,684,163,417 at the end of 2018 to CNY 1,982,449,496, a decline of about 26.1%[104]. - Accounts receivable increased from CNY 2,976,756,984 to CNY 3,239,844,380, representing a growth of approximately 8.8%[104]. - The company's total liabilities increased from CNY 3,338,425,559 to CNY 3,871,302,060, marking an increase of approximately 16%[105]. Market and Industry Trends - The average price of ordinary optical cables decreased by approximately 40% due to intensified market competition[20]. - The demand for optical fibers and cables is expected to improve with the large-scale deployment of 5G networks, which began after the issuance of 5G licenses in June 2019[20]. - The company is focusing on the data communication sector, which is experiencing stable growth due to ongoing data center construction by major internet companies[22]. - The company anticipates a recovery in overseas market demand as domestic prices stabilize[24]. - The company capitalized on the opportunities from the US-China trade war, achieving significant growth in the high-end specialty fiber product market, while also actively developing optical modules and submarine cables[38]. Research and Development - The company has a total of 360 valid patents, including 217 invention patents as of the first half of 2019[31]. - The company is focusing on developing new types of optical fibers to meet the demands of 5G networks, which require superior bending performance and lower attenuation coefficients[40]. - The company has implemented a "5G All-Connected Strategy" and "Changfei Cloud Industrial Internet Solution" to provide customized products and solutions for various 5G application scenarios[35]. Cost Management - The company reported a 33.80% decrease in management expenses, an 11.55% decrease in sales expenses, and an 86.15% decrease in financial expenses in the first half of 2019, indicating effective cost optimization measures[39]. - The company's cash outflow for purchasing goods and services was 2,721,558,022 RMB, down from 3,384,057,772 RMB in the same period last year, suggesting improved cost management[118]. Shareholder and Governance - The company has committed to shareholding restrictions for major shareholders for a period of 36 months from July 20, 2018, ensuring compliance with its initial public offering commitments[67]. - Major shareholders, including China Huaxin and Changjiang Communication, commit to holding shares long-term and will not reduce their holdings by more than 10% within 24 months after the lock-up period[70]. - The company will implement a stock price stabilization plan if the stock price falls below the latest audited net asset value per share for 20 consecutive trading days[70]. Environmental and Compliance - The company achieved a 100% operational rate for existing pollution control facilities, with all monitored pollutants meeting standards[91]. - The company has implemented a wastewater discharge management system that ensures treated wastewater is discharged into the municipal sewage system, complying with local regulations[91]. - The company conducts quarterly environmental monitoring, with results indicating that all pollutants are below national standards[93]. Accounting and Financial Reporting - The company confirmed that cash equivalents are defined as investments that are short-term (generally maturing within three months from the date of purchase), highly liquid, easily convertible to known amounts of cash, and with minimal risk of value changes[138]. - The company utilizes the spot exchange rate on the transaction date to convert foreign currency transactions into RMB, with monetary items on the balance sheet converted at the spot exchange rate on the balance sheet date[138]. - The company implemented new accounting standards in 2019, including the revised "Accounting Standard No. 21 - Leases," which significantly impacted financial reporting[194].

Financial Performance - Operating revenue decreased by 35.15% to CNY 1,598,780,588 year-on-year[5] - Net profit attributable to shareholders decreased by 31.89% to CNY 253,418,943 compared to the same period last year[5] - Basic earnings per share decreased by 40.00% to CNY 0.33 compared to CNY 0.55 in the same period last year[5] - The weighted average return on equity decreased by 3.82 percentage points to 3.04%[5] - Total revenue for Q1 2019 was CNY 1,598,780,588, a decrease of 35.1% compared to CNY 2,465,268,661 in Q1 2018[22] - The net profit for Q1 2019 was CNY 201,505,055, down 29.5% from CNY 285,692,514 in Q1 2018[25] - The total comprehensive income for Q1 2019 was CNY 197,059,083, a decrease of 26.6% from CNY 268,916,991 in Q1 2018[26] - The total profit for Q1 2019 was CNY 230,062,215, down 29.0% from CNY 323,815,936 in Q1 2018[25] Cash Flow - Net cash flow from operating activities was negative at CNY -378,768,963, worsening from CNY -265,842,115 in the previous year[5] - Cash outflow from operating activities increased by RMB 1.13 billion year-on-year, primarily due to decreased cash received from sales and increased cash paid for raw material purchases[12] - Cash outflow from investment activities increased by RMB 2.45 billion year-on-year, mainly due to significant cash payments for fixed asset purchases related to capacity expansion[12] - Cash inflow from financing activities increased by RMB 2.32 billion year-on-year, primarily due to new low-interest short-term borrowings[12] - Total cash inflow from operating activities was 1,546,745,770 RMB, while cash outflow was 1,925,514,733 RMB, resulting in a net cash flow deficit[28] - The company reported a net cash flow from investment activities of -546,845,247 RMB in Q1 2019, compared to -92,463,412 RMB in Q1 2018, indicating increased investment expenditures[31] - The cash flow from financing activities showed a net increase of 181,389,998 RMB in Q1 2019, compared to 55,966,948 RMB in Q1 2018, reflecting enhanced financing strategies[31] Assets and Liabilities - Total assets increased by 1.64% to CNY 13,097,262,209 compared to the end of the previous year[5] - Total current assets amounted to CNY 7,488,061,256, with accounts receivable at CNY 2,976,756,984, representing a significant portion of current assets[33] - Total non-current assets were reported at CNY 5,397,821,053, with long-term equity investments at CNY 1,626,151,304[33] - Total liabilities reached CNY 4,509,553,103, with current liabilities totaling CNY 3,350,029,309[34] - The company's total equity was CNY 8,376,329,206, with retained earnings of CNY 3,493,020,983[35] - The company has a total of CNY 1,159,523,794 in non-current liabilities, including long-term borrowings of CNY 817,000,000[34] Shareholder Information - The total number of shareholders at the end of the reporting period was 42,854[8] - The largest shareholder, China Huaxin Post and Telecommunications Technology Co., Ltd., holds 23.73% of the shares[8] Research and Development - The company reported R&D expenses of CNY 83,948,083, which remained relatively stable compared to CNY 83,677,853 in Q1 2018[22] - The company reported research and development expenses for Q1 2019 were CNY 57,805,691, slightly up from CNY 57,726,310 in Q1 2018[25] Market Strategy - The company plans to focus on R&D innovation and market expansion in the upcoming quarters[6] Inventory and Receivables - Prepayments increased by approximately RMB 711.3 million, a growth of about 76.94%, mainly due to increased inventory of raw materials and finished goods[10] - Other receivables rose by approximately RMB 847.6 million, an increase of about 62.51%, primarily due to receivables related to the disposal of fixed assets[10] - Other current assets increased by approximately RMB 1.6 billion, a growth of about 122.80%, mainly due to the purchase of financial products and reclassification of VAT receivables[10] - Inventory levels stood at CNY 995,149,268, indicating a robust stock position[33]

Financial Performance - Total revenue for the year ended December 31, 2018, was RMB 11,359.8 million, an increase of approximately 9.6% compared to the previous year[6]. - Gross profit was RMB 3,228.4 million, with a gross profit margin of 28.4%[6]. - Profit attributable to equity shareholders for the year was RMB 1,489.2 million, reflecting an increase of approximately 17.4%[6]. - Revenue from domestic business increased by approximately 2.9%, while overseas revenue surged by approximately 62.5% compared to the prior year[6]. - The Group's revenue for 2018 reached approximately RMB 11,359.8 million, an increase of 9.6% compared to RMB 10,336.1 million in 2017[56]. - Gross profit for the year was RMB 3,228.4 million, reflecting a growth of 15.7% from RMB 2,789.2 million in 2017[56]. - Profit attributable to equity shareholders was approximately RMB 1,489.2 million, up 17.4% from RMB 1,268.4 million in 2017[56]. - The Group's total cost of sales was approximately RMB 8,131.3 million, an increase of 7.3% from RMB 7,576.9 million in 2017, accounting for 71.6% of total revenue[61]. Revenue Breakdown - Revenue from optical fibre cable grew by 13.7% and accounted for 50.4% of total revenue, while the revenue from optical fibre preform and optical fibre decreased by 0.2% and accounted for 41.3%[33]. - The revenue from other products and services increased by 49.9%, accounting for 8.3% of total revenue, reflecting growth in consulting and services businesses[34]. - Total revenue from domestic customers was approximately RMB 9,473.8 million, an increase of 2.9% compared to RMB 9,205.8 million in 2017, accounting for 83.4% of the Group's revenue[59]. - Overseas revenue reached approximately RMB 1,886.0 million, a substantial increase of 62.5% from RMB 1,160.3 million in 2017, representing 16.6% of total revenue[59]. Market Expansion and Strategy - The company aims to leverage the upcoming 5G network construction to explore overseas markets and promote diversification, creating more value for shareholders[26][27]. - The company is focusing on technological innovation and has built an innovative development system, winning the '2nd Class of National Science and Technology Award' for the third time[21]. - The company is actively optimizing its capacity layout with ongoing Phase II and III Capacity Expansion Projects, enhancing cost advantages and supply capabilities[19]. - The company aims to strengthen its internationalization strategy by solidifying overseas production bases and enhancing local sales platforms[47]. - The company plans to explore overseas markets and promote relevant diversification to generate value for shareholders and customers[80]. Research and Development - The company is focused on technology innovation and intelligent manufacturing to further lower costs and enhance competitiveness[47]. - The Company established the Intelligent Manufacturing Research Institute in collaboration with Huazhong University of Science and Technology and Virginia Tech, focusing on innovative applications in smart manufacturing[24]. - The company has a strong focus on research and development, with Mr. Wang overseeing technology and product development as general manager of the research and development center[120]. - The company has applied for over 100 patents in the US and China, with 50 already granted[122]. Corporate Governance - The Company has complied with all code provisions under the Corporate Governance Code during the year[187]. - The Board comprises 12 Directors, including 2 executive Directors and 4 independent non-executive Directors, complying with the Hong Kong Listing Rules[192]. - The Company has established three Board committees: Audit Committee, Nomination and Remuneration Committee, and Strategy Committee[188]. - The Company emphasizes the importance of good corporate governance practices to enhance compliance and accountability[198]. Environmental and Social Responsibility - The company has obtained the ISO14001:2004 Environmental Management Certificate, demonstrating its commitment to environmental management[170]. - The company made charitable contributions totaling RMB 2,130,000 in the year, a significant increase from RMB 426,000 in 2017[172]. - The company emphasizes talent development and has implemented performance management and promotion systems for employee growth[169]. - The company actively engages with stakeholders to enhance relationships and support sustainable development initiatives[169]. Leadership and Management - The company has seen leadership changes with experienced professionals from the telecommunications and optical fibre sectors, enhancing its strategic direction[97][98]. - The management team includes individuals with advanced degrees in engineering and business administration, indicating a strong educational background[97][98]. - The company has a strong board with members holding significant positions in various industries, enhancing its governance and strategic direction[115]. Financial Position and Cash Flow - The company maintained a solid financial position with an indebtedness level of -15.8% as of December 31, 2018, compared to -15.0% in 2017[156]. - Positive operating cash flows amounted to RMB 565.4 million for the year, a decrease from RMB 1,737.9 million in 2017, primarily due to normalized payment terms[156]. - Cash and cash equivalents as of December 31, 2018 amounted to RMB 4,138.0 million, an increase of RMB 1,856.7 million from RMB 2,281.3 million as of December 31, 2017[72]. Dividend and Shareholder Information - The Board recommended a final dividend of RMB 0.25 per share (before tax) for the year ended December 31, 2018[6]. - The company proposed a dividend of RMB 2.50 per 10 shares, totaling approximately RMB 189,476,277, subject to shareholder approval[139]. - The expected payment date for the proposed dividend is on or before July 26, 2019[139].

Financial Performance - In 2018, the company's operating revenue reached approximately RMB 11.36 billion, representing a year-on-year increase of 9.59%[17]. - The net profit attributable to shareholders was approximately RMB 1.49 billion, an increase of 17.41% compared to 2017[17]. - The net cash flow from operating activities decreased significantly by 67.47% to RMB 565.35 million[17]. - The company's total assets at the end of 2018 were approximately RMB 12.89 billion, a 40.56% increase from the previous year[17]. - The basic earnings per share for 2018 was RMB 2.09, reflecting a growth of 12.37% year-on-year[18]. - The company's total revenue for the optical communication segment reached ¥11,061,853,761, representing a year-on-year increase of 8.20%[50]. - The gross profit margin for the optical communication segment improved by 1.79 percentage points to 28.81%[50]. - The company reported a significant increase in revenue, with a total of 10 million units sold in 2018, reflecting a growth of 15% compared to the previous year[130]. Dividend Distribution - The company plans to distribute a cash dividend of RMB 2.5 per 10 shares, totaling RMB 189,476,277, based on a total share capital of 757,905,108 shares as of December 31, 2018[4]. - In 2018, the company distributed cash dividends of RMB 5 per 10 shares, totaling RMB 378,952,554, reflecting a payout ratio of 38.17% of net profit attributable to ordinary shareholders[93][94]. - For 2019, the company proposed a cash dividend of RMB 2.50 per 10 shares, amounting to RMB 189,476,277, pending shareholder approval[93]. Audit and Compliance - The company has received a standard unqualified audit report from KPMG Huazhen[3]. - The company has a commitment to ensuring the accuracy and completeness of the financial report, as stated by its responsible personnel[3]. - The company has confirmed that there are no non-operating fund occupations by controlling shareholders and their related parties[5]. - The company has not reported any significant internal control deficiencies during the reporting period[188]. - The audit report confirmed that the financial statements fairly reflect the company's financial position as of December 31, 2018, in accordance with the accounting standards[189]. Risk Factors - The company has detailed risk factors in the report, which can be found in the section discussing operational conditions[6]. - The company emphasizes that forward-looking statements do not constitute substantive commitments to investors, highlighting the importance of investment risk awareness[5]. - The company faces market risks due to increasing competition and rapid capacity growth in preform, fiber, and cable segments, which could negatively impact operational performance if it fails to maintain a competitive edge[86]. - The company acknowledges overseas risks associated with political and economic instability in emerging markets, which could complicate its international operations and investments[88]. - Financial risks are present as the company's operational funding needs grow with business expansion, and significant accounts receivable could lead to adverse impacts if not collected on time[89]. Shareholder Structure - The company has a diversified shareholding structure, with no controlling shareholder or actual controller identified[154]. - The total number of ordinary shareholders increased from 44,926 to 50,827 during the reporting period[149]. - Major shareholders China Huaxin and Changjiang Communication committed to not transferring or entrusting their shares for 36 months post-listing, with a potential 6-month extension if share prices fall below the issue price[98]. - The company has three major shareholders holding more than 5% of the shares, with no agreement or arrangement among them to act in concert[154]. Research and Development - Research and development expenses totaled ¥516,757,100, accounting for 4.55% of total revenue, with a 28.29% increase from the previous year[55]. - The company plans to invest CNY 1 billion in R&D for new fiber optic technologies in 2019[163]. - The company aims to launch two new product lines in 2019, which are expected to contribute an additional 1 billion yuan in revenue[167]. Environmental Responsibility - The company has successfully transferred 523.48 tons of hazardous waste, adhering to environmental regulations and demonstrating commitment to sustainability[134]. - The company achieved a waste water discharge compliance rate exceeding national standards, ensuring environmental protection in its operations[136]. - The company continues to prioritize environmental sustainability in its business practices, aligning with national environmental laws and regulations[136]. Corporate Governance - The company maintains a high level of corporate governance, ensuring that all shareholders enjoy equal rights and can fully exercise their rights[182]. - The board of directors is responsible for executing resolutions approved by the shareholders' meeting and developing the company's investment strategy and business development plans[181]. - The company has established specialized committees, including an audit committee, nomination and remuneration committee, and strategic committee, to oversee specific matters[181].

[Important Notice](index=3&type=section&id=%E4%B8%80%E3%80%81%20%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA) This section contains the company's standard declaration on the truthfulness, accuracy, and completeness of the quarterly report, which is unaudited - The Board of Directors, Board of Supervisors, and all directors, supervisors, and senior management guarantee the truthfulness, accuracy, and completeness of the quarterly report, and assume individual and joint legal responsibility[6](index=6&type=chunk) - The company's responsible person Ma Jie, chief financial officer Zhuang Dan, and head of the accounting department Liang Guanning ensure the truthfulness, accuracy, and completeness of the financial statements in the quarterly report[6](index=6&type=chunk) - This third-quarter report is unaudited[6](index=6&type=chunk) [Company Basic Information](index=3&type=section&id=%E4%BA%8C%E3%80%81%20%E5%85%AC%E5%8F%B8%E5%9F%BA%E6%9C%AC%E6%83%85%E5%86%B5) This section outlines the company's key financial performance and shareholder structure for the first three quarters of 2018 [Key Financial Data](index=3&type=section&id=2.1%20%E4%B8%BB%E8%A6%81%E8%B4%A2%E5%8A%A1%E6%95%B0%E6%8D%AE) The company's total assets and net assets attributable to shareholders grew significantly, alongside revenue and net profit, though operating cash flow turned negative Overview of Key Financial Data for Jan-Sep 2018 | Indicator | End of Reporting Period / YTD (RMB) | End of Prior Year / YTD of Prior Year (RMB) | Change (%) | | :--- | :--- | :--- | :--- | | **Balance Sheet (Period-end):** | | | | | Total Assets | 13,001,961,625 | 9,167,764,003 | 41.82 | | Net Assets Attributable to Shareholders | 8,313,432,031 | 5,238,319,023 | 58.70 | | **Income Statement (YTD):** | | | | | Operating Revenue | 8,524,498,413 | 7,404,918,023 | 15.12 | | Net Profit Attributable to Shareholders | 1,237,139,624 | 930,116,503 | 33.01 | | Net Profit Attributable to Shareholders (Excluding Non-recurring Items) | 1,217,472,770 | 914,448,295 | 33.14 | | Weighted Average Return on Equity (%) | 19.7 | 20.1 | Decreased by 0.4 percentage points | | Basic Earnings Per Share (RMB/share) | 1.76 | 1.36 | 29.4 | | Diluted Earnings Per Share (RMB/share) | 1.76 | 1.36 | 29.4 | | **Cash Flow Statement (YTD):** | | | | | Net Cash Flow from Operating Activities | (150,305,369) | 504,371,896 | N/A | Non-recurring Profit and Loss Items and Amounts for Jan-Sep 2018 | Item | YTD Amount (Jan-Sep) (RMB) | | :--- | :--- | | Gains/Losses on Disposal of Non-current Assets | (1,534,798) | | Government Grants Recognized in Current Profit or Loss | 17,279,174 | | Fair Value Changes and Investment Income from Financial Assets/Liabilities | 2,087,040 | | Reversal of Impairment Provision for Individually Tested Receivables | 2,768,626 | | Gains/Losses from Entrusted Loans | 1,304,781 | | Other Non-operating Income and Expenses | 631,892 | | Other Items Meeting the Definition of Non-recurring Profit or Loss | 3,341,036 | | Impact on Minority Interests (After Tax) | (2,170,905) | | Income Tax Impact | (4,039,992) | | **Total** | **19,666,854** | [Shareholder Structure as of the Reporting Period End](index=5&type=section&id=2.2%20%E6%88%AA%E6%AD%A2%E6%8A%A5%E5%91%8A%E6%9C%9F%E6%9C%AB%E7%9A%84%E8%82%A1%E4%B8%9C%E6%80%BB%E6%95%B0%E3%80%81%E5%89%8D%E5%8D%81%E5%90%8D%E8%82%A1%E4%B8%9C%E3%80%81%E5%89%8D%E5%8D%81%E5%90%8D%E6%B5%81%E9%80%9A%E8%82%A1%E4%B8%9C%EF%BC%88%E6%88%96%E6%97%A0%E9%99%90%E5%94%AE%E6%9D%A1%E4%BB%B6%E8%82%A1%E4%B8%9C%EF%BC%89%E6%8C%81%E8%82%A1%E6%83%85%E5%86%B5%E8%A1%A8) The company had 55,720 shareholders, with the top four holding over 85% of the shares - As of the end of the reporting period, the total number of shareholders was **55,720**[14](index=14&type=chunk) - The company is not aware of any related-party relationships or concerted actions among the aforementioned shareholders[16](index=16&type=chunk) Top 10 Shareholders | Shareholder Name | Shares Held at Period End | Percentage (%) | Restricted Shares | Pledged or Frozen Status | Shareholder Type | | :--- | :--- | :--- | :--- | :--- | :--- | | China Huaxin Post and Telecom Technologies Co, Ltd | 179,827,794 | 23.73 | 179,827,794 | None | State-owned legal entity | | Draka Comteq B.V. | 179,827,794 | 23.73 | 0 | None | Foreign legal entity | | HKSCC NOMINEES LIMITED | 171,610,949 | 22.64 | 0 | None | Foreign legal entity | | Wuhan Yangtze Communication Industry Group Co, Ltd | 119,937,010 | 15.82 | 119,937,010 | None | State-owned legal entity | | Wuhan Ruitu Management Consulting Partnership (LP) | 15,900,000 | 2.10 | 15,900,000 | Pledged 14,013,000 | Domestic non-state-owned legal entity | | Wuhan Ruiteng Management Consulting Partnership (LP) | 9,095,000 | 1.20 | 9,095,000 | Pledged 8,625,000 | Domestic non-state-owned legal entity | | Wuhan Ruihong Management Consulting Partnership (LP) | 3,413,000 | 0.45 | 3,413,000 | Pledged 2,813,000 | Domestic non-state-owned legal entity | | Wuhan Ruiyue Management Consulting Partnership (LP) | 2,375,000 | 0.31 | 2,375,000 | Pledged 2,175,000 | Domestic non-state-owned legal entity | | Yang Mingyue | 284,800 | 0.04 | 0 | None | Domestic natural person | | Yang Zonglin | 274,900 | 0.04 | 0 | None | Domestic natural person | [Preferred Shareholder Information as of the Reporting Period End](index=6&type=section&id=2.3%20%E6%88%AA%E6%AD%A2%E6%8A%A5%E5%91%8A%E6%9C%9F%E6%9C%AB%E7%9A%84%E4%BC%98%E5%85%88%E8%82%A1%E8%82%A1%E4%B8%9C%E6%80%BB%E6%95%B0%E3%80%81%E5%89%8D%E5%8D%81%E5%90%8D%E4%BC%98%E5%85%88%E8%82%A1%E8%82%A1%E4%B8%9C%E3%80%81%E5%89%8D%E5%8D%81%E5%90%8D%E4%BC%98%E5%85%88%E8%82%A1%E6%97%A0%E9%99%90%E5%94%AE%E6%9D%A1%E4%BB%B6%E8%82%A1%E4%B8%9C%E6%8C%81%E8%82%A1%E6%83%85%E5%86%B5%E8%A1%A8) The company had no preferred shareholders as of the reporting period end - Not applicable, the company has no preferred shareholders[16](index=16&type=chunk) [Significant Events](index=7&type=section&id=%E4%B8%89%E3%80%81%20%E9%87%8D%E8%A6%81%E4%BA%8B%E9%A1%B9) This section details significant changes in key financial statement items and indicators, with no overdue commitments or profit warnings reported [Analysis of Major Changes in Financial Statement Items and Indicators](index=7&type=section&id=3.1%20%E5%85%AC%E5%8F%B8%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%8A%A5%E8%A1%A8%E9%A1%B9%E7%9B%AE%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87%E9%87%8D%E5%A4%A7%E5%8F%98%E5%8A%A8%E7%9A%84%E6%83%85%E5%86%B5%E5%8F%8A%E5%8E%9F%E5%9B%A0) Significant changes in financial statements were driven by A-share offering proceeds, sales growth, capacity expansion, and new accounting standards [Analysis of Major Changes in Consolidated Balance Sheet Items](index=7&type=section&id=3.1.1%20%E5%90%88%E5%B9%B6%E8%B5%84%E4%BA%A7%E8%B4%9F%E5%80%BA%E8%A1%A8%E4%B8%BB%E8%A6%81%E9%A1%B9%E7%9B%AE%E5%8F%98%E5%8A%A8%E5%88%86%E6%9E%90) The balance sheet expanded due to A-share proceeds, sales growth, and capacity investments, while some items were reclassified under new accounting standards Major Changes in Consolidated Balance Sheet Items (Period-end vs. Beginning of Year) | Item | Change (RMB million) | Growth (%) | Main Reason | | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 1,087.3 | 60.42 | Received proceeds from A-share offering | | Notes and Accounts Receivable | 1,231.1 | 50.80 | Increased sales volume | | Prepayments | 62.1 | 82.99 | Increased stocking of raw materials and finished goods | | Inventories | 435.3 | 59.59 | Increased production scale and stocking of raw materials and finished goods | | Long-term Equity Investments | 373.4 | 30.07 | New investment in joint venture AVIC Baosheng Marine Engineering Cable Co, Ltd | | Construction in Progress | 403.6 | 245.39 | Phase II and III expansion projects for subsidiary YOFC Qianjiang's preform and optical fiber industrialization | | Other Non-current Assets | 116.3 | 111.33 | Increased capital prepayments by subsidiaries YOFC Qianjiang and YOFC Gas Qianjiang Co, Ltd | | Non-current Liabilities Due within One Year | 160.3 | 1,159.77 | Long-term borrowings due within one year | | Long-term Borrowings | 528.7 | 109.86 | Increased borrowings to fund YOFC Qianjiang's expansion and joint venture investment | | Capital Reserve | 1,812.7 | 116.82 | A-share offering | | Other Comprehensive Income | (52.7) | (79.27) | Fair value changes in other equity instrument investments | - Changes in trading financial assets, financial assets at fair value through profit or loss, available-for-sale financial assets, other equity instrument investments, advances from customers, and contract liabilities were primarily due to reclassification following the adoption of new financial instrument and revenue standards[18](index=18&type=chunk)[20](index=20&type=chunk)[21](index=21&type=chunk) [Analysis of Major Changes in Consolidated Income Statement Items](index=8&type=section&id=3.1.2%20%E5%90%88%E5%B9%B6%E5%88%A9%E6%B6%A6%E8%A1%A8%E4%B8%BB%E8%A6%81%E9%A1%B9%E7%9B%AE%E5%8F%98%E5%8A%A8%E5%88%86%E6%9E%90) Financial expenses for the first nine months of 2018 decreased significantly by 42.79% year-over-year due to lower interest expenses and foreign exchange losses Major Changes in Consolidated Income Statement Items (Jan-Sep 2018 YoY) | Item | Change (RMB million) | Decrease (%) | Main Reason | | :--- | :--- | :--- | :--- | | Financial Expenses | (28.3) | 42.79 | Decrease in interest expenses and foreign exchange losses | [Analysis of Major Changes in Consolidated Cash Flow Statement Items](index=8&type=section&id=3.1.3%20%E5%90%88%E5%B9%B6%E7%8E%B0%E9%87%91%E6%B5%81%E9%87%8F%E8%A1%A8%E4%B8%BB%E8%A6%81%E9%A1%B9%E7%9B%AE%E5%8F%98%E5%8A%A8%E5%88%86%E6%9E%90) Operating cash flow turned negative, investing outflow increased due to expansion, and financing inflow surged from the A-share offering - Net cash inflow from operating activities **decreased by RMB 654.7 million** YoY, mainly because a higher proportion of optical cable sales led to longer accounts receivable turnover days compared to optical fibers and preforms[24](index=24&type=chunk) - Net cash outflow from investing activities **increased by RMB 987.3 million** YoY, primarily due to capacity expansion at YOFC Qianjiang and investment in AVIC Baosheng Marine Engineering Cable Co, Ltd, resulting in a substantial increase in cash paid for fixed assets and investments in associates[24](index=24&type=chunk) - Net cash flow from financing activities **increased by RMB 2,928.9 million** YoY, mainly from the proceeds of the A-share offering[24](index=24&type=chunk) [Progress and Impact of Significant Events](index=9&type=section&id=3.2%20%E9%87%8D%E8%A6%81%E4%BA%8B%E9%A1%B9%E8%BF%9B%E5%B1%95%E6%83%85%E5%86%B5%E5%8F%8A%E5%85%B6%E5%BD%B1%E5%93%8D%E5%92%8C%E8%A7%A3%E5%86%B3%E6%96%B9%E6%A1%88%E7%9A%84%E5%88%86%E6%9E%90%E8%AF%B4%E6%98%8E) There were no significant events with progress to be disclosed during the reporting period - Not applicable, there was no progress on significant events during the reporting period[25](index=25&type=chunk) [Overdue Unfulfilled Commitments During the Reporting Period](index=9&type=section&id=3.3%20%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E8%B6%85%E6%9C%9F%E6%9C%AA%E5%B1%A5%E8%A1%8C%E5%AE%8C%E6%AF%95%E7%9A%84%E6%89%BF%E8%AF%BA%E4%BA%8B%E9%A1%B9) The company had no overdue unfulfilled commitments during the reporting period - Not applicable, there were no overdue unfulfilled commitments during the reporting period[25](index=25&type=chunk) [Profit Warning for the Period from the Beginning of the Year to the Next Reporting Period](index=9&type=section&id=3.4%20%E9%A2%84%E6%B5%8B%E5%B9%B4%E5%88%9D%E8%87%B3%E4%B8%8B%E4%B8%80%E6%8A%A5%E5%91%8A%E6%9C%9F%E6%9C%9F%E6%9C%AB%E7%9A%84%E7%B4%AF%E8%AE%A1%E5%87%80%E5%88%A9%E6%B6%A6%E5%8F%AF%E8%83%BD%E4%B8%BA%E4%BA%8F%E6%8D%9F%E6%88%96%E8%80%85%E4%B8%8E%E4%B8%8A%E5%B9%B4%E5%90%8C%E6%9C%9F%E7%9B%B8%E6%AF%94%E5%8F%91%E7%94%9F%E9%87%8D%E5%A4%A7%E5%8F%98%E5%8A%A8%E7%9A%84%E8%AD%A6%E7%A4%BA%E5%8F%8A%E5%8E%9F%E5%9B%A0%E8%AF%B4%E6%98%8E) The company does not anticipate a cumulative net loss or significant year-over-year changes for the period from the beginning of the year to the next reporting period - Not applicable, the company does not forecast a potential cumulative net loss or significant changes[25](index=25&type=chunk) [Appendix](index=10&type=section&id=%E5%9B%9B%E3%80%81%20%E9%99%84%E5%BD%95) The appendix includes the unaudited consolidated and parent company financial statements, providing detailed supporting data for the report [Financial Statements](index=10&type=section&id=4.1%20%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8) This section provides the unaudited consolidated and parent company balance sheets, income statements, and cash flow statements as of September 30, 2018 - The appendix contains the unaudited consolidated and parent company balance sheets, income statements, and cash flow statements[28](index=28&type=chunk)[34](index=34&type=chunk)[40](index=40&type=chunk) [Consolidated Balance Sheet](index=10&type=section&id=%E5%90%88%E5%B9%B6%E8%B5%84%E4%BA%A7%E8%B4%9F%E5%80%BA%E8%A1%A8) As of September 30, 2018, total consolidated assets reached RMB 13.00 billion, a 41.82% increase from the beginning of the year Key Data from Consolidated Balance Sheet (Sep 30, 2018 vs. Beginning of Year) | Item | Closing Balance (RMB) | Opening Balance (RMB) | Change (%) | | :--- | :--- | :--- | :--- | | Total Assets | 13,001,961,625 | 9,167,764,003 | 41.82 | | Total Liabilities | 4,495,221,289 | 3,681,935,825 | 22.08 | | Total Equity | 8,506,740,336 | 5,485,828,178 | 55.06 | | Cash and Cash Equivalents | 2,886,773,810 | 1,799,513,559 | 60.42 | | Notes and Accounts Receivable | 3,654,286,730 | 2,423,203,876 | 50.80 | | Inventories | 1,165,772,735 | 730,468,166 | 59.59 | | Long-term Equity Investments | 1,615,281,338 | 1,241,866,472 | 30.07 | | Construction in Progress | 568,080,945 | 164,473,273 | 245.39 | [Parent Company Balance Sheet](index=13&type=section&id=%E6%AF%8D%E5%85%AC%E5%8F%B8%E8%B5%84%E4%BA%A7%E8%B4%9F%E5%80%BA%E8%A1%A8) As of September 30, 2018, the parent company's total assets were RMB 12.11 billion, a 44.30% increase from the beginning of the year Key Data from Parent Company Balance Sheet (Sep 30, 2018 vs. Beginning of Year) | Item | Closing Balance (RMB) | Opening Balance (RMB) | Change (%) | | :--- | :--- | :--- | :--- | | Total Assets | 12,114,189,167 | 8,395,276,648 | 44.30 | | Total Liabilities | 4,414,484,519 | 3,481,701,311 | 26.79 | | Total Equity | 7,699,704,648 | 4,913,575,337 | 56.70 | | Cash and Cash Equivalents | 2,457,613,614 | 1,430,201,714 | 71.84 | | Notes and Accounts Receivable | 3,612,512,261 | 2,382,983,152 | 51.59 | | Other Receivables | 650,920,516 | 270,847,125 | 140.33 | | Long-term Equity Investments | 2,592,933,377 | 2,060,065,163 | 25.87 | [Consolidated Income Statement](index=15&type=section&id=%E5%90%88%E5%B9%B6%E5%88%A9%E6%B6%A6%E8%A1%A8) For Jan-Sep 2018, the company achieved total operating revenue of RMB 8.52 billion and net profit attributable to parent company owners of RMB 1.24 billion Key Data from Consolidated Income Statement (Jan-Sep 2018 vs. Prior Year Period) | Item | YTD Amount (Jan-Sep) (RMB) | Prior Year YTD Amount (Jan-Sep) (RMB) | Change (%) | | :--- | :--- | :--- | :--- | | Total Operating Revenue | 8,524,498,413 | 7,404,918,023 | 15.12 | | Total Operating Costs | 7,284,033,009 | 6,451,754,721 | 12.89 | | Financial Expenses | 37,783,829 | 66,040,204 | (42.79) | | Investment Income | 148,775,031 | 120,788,204 | 23.17 | | Operating Profit | 1,405,534,384 | 1,082,633,792 | 29.82 | | Total Profit | 1,406,166,276 | 1,085,723,356 | 29.53 | | Net Profit | 1,239,717,931 | 923,799,055 | 34.21 | | Net Profit Attributable to Parent Company Owners | 1,237,139,624 | 930,116,503 | 33.01 | | Basic Earnings Per Share (RMB/share) | 1.76 | 1.36 | 29.41 | [Parent Company Income Statement](index=17&type=section&id=%E6%AF%8D%E5%85%AC%E5%8F%B8%E5%88%A9%E6%B6%A6%E8%A1%A8) For Jan-Sep 2018, the parent company's operating revenue was RMB 9.17 billion, with a net profit of RMB 932.13 million Key Data from Parent Company Income Statement (Jan-Sep 2018 vs. Prior Year Period) | Item | YTD Amount (Jan-Sep) (RMB) | Prior Year YTD Amount (Jan-Sep) (RMB) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 9,165,718,459 | 8,103,627,323 | 13.11 | | Operating Costs | 7,382,393,110 | 6,523,811,621 | 13.16 | | Financial Expenses | 26,523,176 | 55,294,559 | (52.04) | | Investment Income | 147,327,130 | 110,421,382 | 33.43 | | Net Profit | 932,126,728 | 793,473,091 | 17.48 | [Consolidated Cash Flow Statement](index=19&type=section&id=%E5%90%88%E5%B9%B6%E7%8E%B0%E9%87%91%E6%B5%81%E9%87%8F%E8%A1%A8) For Jan-Sep 2018, net operating cash flow was negative RMB 150.31 million, a significant decrease from the prior year, while financing cash flow surged Key Data from Consolidated Cash Flow Statement (Jan-Sep 2018 vs. Prior Year Period) | Item | YTD Amount (Jan-Sep) (RMB) | Prior Year YTD Amount (Jan-Sep) (RMB) | Change (RMB) | | :--- | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | (150,305,369) | 504,371,896 | (654,677,265) | | Net Cash Flow from Investing Activities | (1,184,173,326) | (196,887,636) | (987,285,690) | | Net Cash Flow from Financing Activities | 2,413,260,427 | (515,630,106) | 2,928,890,533 | | Net Increase in Cash and Cash Equivalents | 1,087,260,251 | (213,649,100) | 1,300,909,351 | [Parent Company Cash Flow Statement](index=21&type=section&id=%E6%AF%8D%E5%85%AC%E5%8F%B8%E7%8E%B0%E9%87%91%E6%B5%81%E9%87%8F%E8%A1%A8) For Jan-Sep 2018, the parent company's net operating cash flow was negative RMB 530.22 million, while financing cash flow increased substantially Key Data from Parent Company Cash Flow Statement (Jan-Sep 2018 vs. Prior Year Period) | Item | YTD Amount (Jan-Sep) (RMB) | Prior Year YTD Amount (Jan-Sep) (RMB) | Change (RMB) | | :--- | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | (530,224,700) | 215,015,264 | (745,239,964) | | Net Cash Flow from Investing Activities | (883,783,243) | (27,989,770) | (855,793,473) | | Net Cash Flow from Financing Activities | 2,430,464,428 | (514,613,989) | 2,945,078,417 | | Net Increase in Cash and Cash Equivalents | 1,027,411,900 | (334,462,969) | 1,361,874,869 | [Audit Report](index=22&type=section&id=4.2%20%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A) This quarterly report has not been audited - This quarterly report is unaudited[60](index=60&type=chunk)

Financial Performance - The company's operating revenue for the first half of 2018 reached RMB 5,631,896,629, representing a 21.2% increase compared to RMB 4,645,283,395 in the same period last year[18]. - The net profit attributable to shareholders of the listed company was RMB 808,683,310, a 44.3% increase from RMB 560,524,052 year-on-year[18]. - The basic earnings per share for the reporting period was RMB 1.19, up 45.1% from RMB 0.82 in the previous year[19]. - The company reported a net asset attributable to shareholders of RMB 5,997,413,119, reflecting a 14.5% increase from RMB 5,238,319,023 at the end of the previous year[18]. - The company achieved operating revenue of CNY 5,631.9 million, representing a year-on-year growth of 21.2%[36]. - Net profit attributable to shareholders reached CNY 808.7 million, an increase of 44.3% year-on-year[36]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 795.0 million, up 43.4% year-on-year[36]. - Earnings per share increased to CNY 1.19, reflecting a growth of 45.1% year-on-year[36]. - The company reported a total profit of RMB 928,583,710 for the first half of 2018, up from RMB 646,320,448 in the same period of 2017, marking a growth of 43.6%[131]. Assets and Liabilities - The company's total assets increased by 14.8% to RMB 10,523,110,355 from RMB 9,167,764,003 at the end of the previous year[18]. - Total assets as of June 30, 2018, reached RMB 10,523,110,355, an increase from RMB 9,167,764,003 at the end of 2017, representing a growth of 14.8%[115]. - Total liabilities amounted to RMB 4,329,614,684, up from RMB 3,681,935,825 at the end of 2017, which is an increase of 17.6%[117]. - Shareholders' equity reached RMB 6,193,495,671, compared to RMB 5,485,828,178 at the end of 2017, representing a growth of 12.9%[120]. - The total liabilities to equity ratio as of June 30, 2018, was approximately 0.76, indicating a higher leverage compared to the previous year[128]. Cash Flow - The net cash flow from operating activities was negative at RMB -370,483,569, a decline of 310.1% compared to RMB 176,311,927 in the same period last year[18]. - Cash flow from investment activities showed a significant net outflow of RMB 696,718,594, mainly due to capital expenditures for the construction of the technology park[37]. - Cash flow from financing activities generated a net inflow of RMB 425,149,630, contrasting with a net outflow of RMB 56,766,504 in the first half of 2017[152]. - Cash inflow from investment activities for the six months ended June 30, 2018, was CNY 268,585,610, a decrease of 29.4% compared to CNY 380,749,552 for the same period in 2017[158]. - Net cash outflow from investment activities was CNY 745,511,864 for the six months ended June 30, 2018, compared to a net inflow of CNY 27,784,165 in the same period of 2017[161]. Dividends and Shareholder Returns - The company plans to distribute a cash dividend of RMB 5 per 10 shares, totaling RMB 378,952,554, with no stock dividends or capital reserve transfers[5]. - The company has not proposed any stock bonus or capital reserve conversion, opting to retain undistributed profits for the next fiscal year[54]. - The company will suspend cash dividends if it fails to fulfill its shareholding obligations under the stock price stabilization plan[68]. Research and Development - Research and development expenses rose by 8.4% to RMB 169,958,994, indicating continued investment in innovation[37]. - Research and development expenses for the first half of 2018 were RMB 169,958,994, an increase from RMB 156,733,083 in the first half of 2017[131]. - Research and development efforts have led to the introduction of two new fiber optic products, expected to contribute an additional 200 million in revenue[82]. Market Expansion and Strategy - The company established four sales companies as part of its international business expansion, aligning with the "Belt and Road" initiative[35]. - The company successfully launched its Indonesian subsidiary, enhancing its international sales product structure and marketing network[35]. - The company is focusing on vertical integration in production, enhancing operational efficiency and flexibility[25]. - The company is committed to enhancing its market penetration in Southeast Asia, despite facing challenges from local competitors with established resources[49]. - The company is actively pursuing market expansion in Europe and North America, aiming to increase its market share by 5% in these regions over the next year[83]. Risks and Challenges - The company faces risks from intense market competition and potential macroeconomic fluctuations that could impact its performance[47][48]. - The company faces risks in overseas operations due to unfamiliarity with local market preferences, supplier reliability, and regulatory environments, which may hinder effective market expansion[49]. - The company acknowledges the risk of technological upgrades, particularly if competitors successfully develop and implement alternative technologies[51]. Corporate Governance and Compliance - The company has implemented a share lock-up period of 36 months for major shareholders following its IPO, restricting share transfers during this time[56]. - The company will comply with relevant regulations regarding share reduction and will announce any planned reductions three trading days in advance[62]. - The company has committed to timely and accurate information disclosure regarding shareholding changes post-lock-up period[58]. - The company’s management will take necessary measures to comply with future regulations from the China Securities Regulatory Commission regarding compensation and performance measures[74]. Environmental and Social Responsibility - The company has implemented a strict waste management plan, ensuring all hazardous waste is disposed of by qualified units[93]. - The company’s wastewater treatment system is designed to meet national environmental standards, with online monitoring systems installed[94]. - The company ensures that all emissions from its production processes comply with the national air pollution discharge standards[95]. - The company has conducted environmental monitoring quarterly, with results showing pollutants below national standards in the first half of 2018[98]. Share Capital and Ownership - The company has a total share capital of 757,905,108 shares, which serves as the basis for the proposed cash dividend distribution[54]. - The total number of shares increased from 682,114,598 to 757,905,108 after the issuance of 75,790,510 shares[100]. - The top ten shareholders include China Huaxin with 179,827,794 shares, accounting for 26.37% of total shares[104]. - The company has a total of 84 common shareholders as of the end of the reporting period[101].