Revenue Performance - The group reported revenue of RMB 15,180,000 for the three months ended September 30, 2020, representing a 84.5% increase compared to RMB 8,227,000 for the same period in 2019[2]. - For the nine months ended September 30, 2020, the group achieved revenue of RMB 58,431,000, up 107.5% from RMB 28,124,000 in the same period of 2019[2]. - For the nine months ended September 30, 2020, total revenue was RMB 58,431,000, a significant increase from RMB 28,124,000 in the same period of 2019, representing a growth of 107%[16]. - The furniture manufacturing and sales segment generated revenue of RMB 39,953,000, up from RMB 28,124,000 in 2019, reflecting a growth of 42%[16]. - The newly acquired data center segment, Polyqueue Limited, contributed RMB 18,478,000 in revenue for the nine months ended September 30, 2020[16]. - Major customer A contributed RMB 6,199,000 in revenue from the data center segment, which was not present in the previous year due to the acquisition date of January 15, 2020[15]. - For the nine months ended September 30, 2020, the company reported a revenue of approximately RMB 584 million, an increase of approximately RMB 303 million or 107.8% compared to the same period last year[38]. - Excluding the acquisition impact, furniture sales revenue reached approximately RMB 39.9 million, up by about RMB 11.8 million or 42.1% year-on-year[47]. Profit and Loss - The gross profit for the three months ended September 30, 2020, was RMB 2,779,000, a 16.6% increase from RMB 2,383,000 in 2019[2]. - The group incurred a loss before tax of RMB 8,548,000 for the three months ended September 30, 2020, compared to a loss of RMB 3,829,000 in the same period of 2019[2]. - The total comprehensive loss attributable to owners of the company for the nine months ended September 30, 2020, was RMB 15,662,000, compared to RMB 5,043,000 in the same period of 2019[2]. - The company reported a consolidated loss before income tax of RMB 15,514,000 for the nine months ended September 30, 2020[12]. - The company recorded a loss of approximately RMB 15.4 million for the nine months ended September 30, 2020, compared to a loss of approximately RMB 5.7 million in the same period last year[38]. - The company reported a basic and diluted loss per share of RMB 0.95 for the three months ended September 30, 2020, compared to RMB 0.48 in 2019[2]. - The company reported a significant increase in losses due to a 35.4% decline in gross profit, attributed to lower product prices aimed at maintaining operational efficiency amid the COVID-19 pandemic[39]. Expenses - The company’s administrative and other expenses for the nine months ended September 30, 2020, were RMB 19,797,000, significantly higher than RMB 10,859,000 in 2019[2]. - Sales and distribution expenses rose by 47.6% year-on-year, primarily due to increased installation, handling, and travel costs related to the pandemic[39]. - Administrative and other expenses increased by 82.3%, driven by amortization of intangible assets from the acquisition of Polyqueue Limited and increased losses from inventory disposal and bad debt provisions[39]. - The increase in administrative expenses was primarily due to the amortization of intangible assets from the acquisition of Polyqueue Limited, amounting to approximately RMB 3.8 million, and increased legal professional fees of about RMB 0.6 million[52]. - The group’s financing costs for the nine months ended September 30, 2020, amounted to RMB 3,881,000, compared to no financing costs in the same period of 2019[2]. - The group reported a tax credit of approximately RMB 0.1 million for the nine months ended September 30, 2020, compared to RMB 0.2 million in the same period last year[55]. Acquisition and Expansion - The group completed the acquisition of Polyqueue Limited on January 15, 2020, expanding its operations into the data center business in China[5]. - The company has begun operations in a new reportable segment, data center services, following the acquisition of Polyqueue Limited[11]. - The company plans to continue expanding its data center business in China, leveraging the recent acquisition to enhance service offerings[11]. - The company completed the acquisition of Polyqueue Limited on January 15, 2020, which is now a wholly-owned subsidiary contributing approximately RMB 185 million in revenue and RMB 14 million in profit since the acquisition[32]. - The acquisition of Polyqueue Limited was completed for a total consideration of HKD 37.2 million, with HKD 24.8 million paid through the issuance of shares and HKD 12.4 million through convertible bonds[31]. - The company is actively seeking new customers to enhance performance in the data center business following the acquisition of Polyqueue Limited[38]. - The company plans to expand its data center business, anticipating a compound annual growth rate of 31.8% in demand for neutral data center services in China over the next four years[43]. Corporate Governance and Compliance - The audit committee has reviewed the unaudited consolidated financial statements for the nine months ended September 30, 2020, and found them compliant with applicable accounting standards and GEM listing rules[68]. - The company has adhered to the corporate governance code as per GEM listing rules from the listing date until September 30, 2020[70]. - The company has not granted, exercised, canceled, or allowed any options to lapse under the share option scheme as of September 30, 2020[65]. - The company has not repurchased any of its own shares from the date of listing to September 30, 2020[69]. Shareholder Information - Sun Universal Limited holds 245,300,400 shares, representing 27.04% of the company's total shares[62]. - The weighted average number of ordinary shares for calculating basic loss per share was 901,676,399 for the nine months ended September 30, 2020, compared to 718,102,564 for the same period last year[26]. Other Financial Information - The company has not recorded any taxable profits in Hong Kong for the nine months ended September 30, 2020, and therefore has not made any provision for Hong Kong profits tax[6]. - The depreciation expense for property, plant, and equipment was RMB 2,796,000 for the nine months ended September 30, 2020[19]. - The company reported a total of RMB 1,441,000 in interest income from other receivables for the nine months ended September 30, 2020[19]. - As of the report date, the group has pledged land use rights and properties in Chengdu as collateral for a RMB 30.0 million loan obtained from CITIC Bank[56]. - The report date is November 11, 2020, indicating the latest financial performance review[72].

Financial Performance - For the three months ended March 31, 2020, the company reported revenue of approximately RMB 16.0 million, an increase of about 106.9% compared to the same period last year, with RMB 5.2 million attributed to the acquisition of Polyqueue Limited[5] - The company recorded a loss of approximately RMB 5.0 million for the three months ended March 31, 2020, compared to a loss of RMB 1.5 million in the same period last year, primarily due to significant increases in administrative, sales and distribution expenses, and financing costs[5] - Basic loss per share for the three months ended March 31, 2020, was approximately RMB 0.56 cents, compared to RMB 0.22 cents in the same period last year[6] - Gross profit for the three months ended March 31, 2020, was RMB 3.4 million, compared to RMB 2.4 million in the same period last year[6] - The total comprehensive loss attributable to owners of the company for the three months ended March 31, 2020, was RMB 6.1 million, compared to RMB 1.5 million in the same period last year[6] - The company reported a loss of RMB 4,990,000 for the three months ended March 31, 2020, compared to a loss of RMB 1,475,000 in 2019, indicating a deterioration in performance[20] Revenue Breakdown - Total revenue for the three months ended March 31, 2020, was RMB 16,016,000, compared to RMB 7,741,000 for the same period in 2019, representing a growth of 106.5%[13] - Furniture product sales amounted to RMB 10,782,000, an increase of 39.3% from RMB 7,741,000 in 2019[13] - Data center business generated revenue of RMB 5,234,000, with no revenue reported in the same period of 2019[13] - Excluding the acquisition, revenue from furniture sales was approximately RMB 10.8 million, an increase of about RMB 3.1 million or approximately 39.3% year-on-year[36] Expenses and Costs - The company's administrative and other expenses for the three months ended March 31, 2020, were RMB 6.2 million, significantly higher than RMB 2.8 million in the same period last year[6] - The group's cost of sales for the three months ended March 31, 2020, was approximately RMB 12.6 million, an increase of about RMB 7.3 million or approximately 137.0% compared to the previous year[37] - Selling and distribution expenses were approximately RMB 2.0 million, an increase of about 56.2% compared to the previous year[42] - Administrative and other expenses were approximately RMB 6.2 million, an increase of about 126.1% year-on-year[43] Financing and Other Income - The financing costs for the three months ended March 31, 2020, were RMB 0.95 million, which was not present in the same period last year[6] - The company reported other income of RMB 0.7 million for the three months ended March 31, 2020, compared to RMB 0.1 million in the same period last year[6] - Other income for the three months ended March 31, 2020, was RMB 727,000, significantly up from RMB 71,000 in 2019, marking a growth of 927.4%[14] - Financing costs totaled RMB 952,000 for the three months ended March 31, 2020, with no financing costs reported in the same period of 2019[16] Acquisition Details - The company completed the acquisition of Polyqueue Limited on January 15, 2020, which expanded its operations into the data center business in China[8] - The acquisition of Polyqueue Limited contributed approximately RMB 5.2 million in revenue and RMB 0.3 million in profit to the group from the acquisition date to March 31, 2020[26] - The goodwill arising from the acquisition of Polyqueue Limited was valued at RMB 35,883,000[25] - The financing cost included approximately RMB 0.6 million from the newly acquired Polyqueue Limited, primarily due to the adoption of new Hong Kong Financial Reporting Standard 16[45] Corporate Governance - The audit committee has reviewed the unaudited consolidated financial statements for the three months ended March 31, 2020, confirming compliance with applicable accounting standards and GEM listing rules[60] - The company has adopted the GEM Listing Rules as its own code of conduct for directors' securities transactions, confirming compliance by all directors as of March 31, 2020[61] - The company is committed to maintaining high standards of corporate governance based on the GEM Listing Rules Appendix 15[64] - The executive directors as of the report date are Mr. Yi Cong and Mr. Liang Xingjun, with independent non-executive directors including Mr. Luo Guoqiang, Mr. Chen Yongjie, Ms. Cao Shaomu, and Mr. Guo Ruihong[65] Shareholder Information - As of March 31, 2020, major shareholders included Sun Universal Limited with 245,300,400 shares, representing 27.04% ownership[54] - The company has not granted, exercised, canceled, or allowed any stock options to lapse under the stock option plan as of March 31, 2020[58] - No shares have been repurchased by the company or its subsidiaries since the listing date up to the report date[62] Future Outlook - The group plans to continue focusing on the furniture market despite challenges and intends to stabilize and expand its market presence in the southwest region[31] - The group is actively participating in bidding activities and renegotiating contracts to mitigate the economic impact of the COVID-19 pandemic[33]

Financial Performance - For the nine months ended September 30, 2019, the company reported revenue of approximately RMB 28.1 million, a decrease of about 50.6% compared to RMB 56.9 million for the same period in 2018[4] - The company recorded a loss of approximately RMB 5.7 million for the nine months ended September 30, 2019, compared to a profit of RMB 6.4 million for the same period in 2018, primarily due to a weak overall economy and increased sales and administrative expenses[4] - Basic loss per share for the nine months ended September 30, 2019, was approximately RMB 0.80 cents, down from a profit of RMB 0.96 cents for the same period in 2018[4] - For the three months ended September 30, 2019, revenue was RMB 8.2 million, down from RMB 12.9 million in the same period of 2018, representing a decline of approximately 36.5%[5] - Gross profit for the nine months ended September 30, 2019, was RMB 8.8 million, a decrease of over 58% from RMB 21.0 million in the same period of 2018[5] - The company’s total comprehensive loss for the nine months ended September 30, 2019, was RMB 5.0 million, compared to a total comprehensive income of RMB 6.3 million for the same period in 2018[5] - The company reported a net loss of RMB 5,733,000 for the nine months ended September 30, 2019, compared to a profit of RMB 6,447,000 for the same period in 2018[22] - The group’s revenue for the nine months ended September 30, 2019, was approximately RMB 28.1 million, a decrease of about RMB 28.8 million or 50.6% compared to the same period in 2018[29] - Revenue from Sichuan Qingtian for the same period was approximately RMB 24.4 million, down RMB 26.1 million or 51.7% year-on-year[29] - Revenue in traditional sales regions such as Sichuan, Yunnan, Guizhou, Chongqing, and Tibet decreased by approximately RMB 10.5 million or 30.2% compared to 2018, with Sichuan province alone dropping by RMB 8.6 million or 30.8%[29] Expenses and Costs - The company’s administrative expenses for the nine months ended September 30, 2019, were RMB 10.9 million, significantly higher than RMB 8.6 million for the same period in 2018[5] - Administrative expenses increased by approximately 25.9% to RMB 10.9 million for the nine months ended September 30, 2019, primarily due to a significant rise in product R&D expenses[34] - Sales and distribution expenses rose by approximately 22.2% to RMB 4.5 million for the same period, mainly due to increased showroom renovation amortization[35] - The company’s financing costs for the nine months ended September 30, 2019, were reported as zero, indicating no interest expenses from bank and other borrowings[15] Shareholder Information - The company issued 134 million new shares at HKD 0.235 per share on June 25, 2019, raising a total of HKD 31.49 million, which will be used for the purposes mentioned in the announcement[7] - As of September 30, 2019, the company’s total equity was RMB 179.5 million, an increase from RMB 158.8 million as of September 30, 2018[6] - Sun Universal Limited holds 245,300,400 shares, representing 30.51% of the total shares[42] - Brilliant Talent Global Limited owns 116,580,000 shares, accounting for 14.50% of the total shares[42] - The company has not granted any stock options since the adoption of the stock option plan on December 19, 2016[45] Compliance and Governance - The audit committee reviewed the unaudited consolidated financial statements for the nine months ending September 30, 2019, and found them compliant with applicable accounting standards[53] - The company has not repurchased any of its own shares from the listing date until September 30, 2019[54] - The company has adhered to the corporate governance code as per GEM listing rules from the listing date until September 30, 2019[55] - There are no reported interests or short positions in the company's shares by any individuals other than those disclosed[44] - The company confirmed compliance with the non-competition agreement by major shareholders from the listing date to the report date[50] - The compliance advisor, Eight Financial Limited, has no interests in the company as of September 30, 2019[51] - The company has established an audit committee consisting of three independent non-executive directors[53] Strategic Plans - The company faced challenges due to the ongoing US-China trade war and stricter environmental regulations, leading to a significant decline in revenue and increased product costs[24] - The company plans to consolidate resources in traditional advantageous provinces like Sichuan and Chongqing, pausing expansion into new markets to stabilize its market share[26] - The company aims to enhance its competitive edge by increasing investment in product technology research and development[26] - The group plans to acquire a target company engaged in data center operations in Shanghai, China, to diversify its business and expand revenue sources[27] - The group believes that entering the data center industry aligns with its overall interests and will enhance corporate value for shareholders[27] Tax and Other Income - The company’s tax expense for the nine months ended September 30, 2019, included a deferred tax expense of RMB (179,000), compared to RMB (179,000) for the same period in 2018[17] - The group reported a tax expense of approximately RMB (0.2) million for the nine months ended September 30, 2019, a decrease of about 106.9% compared to RMB 2.6 million in the same period of 2018, due to losses incurred[36] - The company reported a total other income of RMB 648,000 for the nine months ended September 30, 2019, compared to RMB 261,000 for the same period in 2018[14] - The company’s foreign exchange reserve showed a gain of RMB 690,000 for the nine months ended September 30, 2019, compared to a loss of RMB 110,000 in the same period of 2018[6]

Financial Performance - For the three months ended March 31, 2019, the group reported revenue of approximately RMB 7.7 million, a decrease of about 68.0% compared to RMB 24.2 million for the same period in 2018[3] - The group recorded a loss of approximately RMB 1.5 million for the three months ended March 31, 2019, compared to a profit of approximately RMB 4.3 million for the same period in 2018, primarily due to a significant decline in sales[3] - Basic loss per share for the three months ended March 31, 2019, was approximately RMB 0.22 cents, compared to basic earnings per share of RMB 0.65 cents for the same period in 2018[4] - Gross profit for the three months ended March 31, 2019, was RMB 2.4 million, down from RMB 9.4 million in the same period of 2018, reflecting a decrease in revenue and an increase in sales and administrative expenses[4] - The group’s total comprehensive loss for the period was RMB 1.5 million, compared to a total comprehensive income of RMB 4.1 million for the same period in 2018[4] - The group’s sales of office furniture products accounted for the entirety of the revenue, with sales of RMB 7.7 million for the three months ended March 31, 2019, compared to RMB 24.2 million in 2018[12] - The revenue from Sichuan Qingtian was approximately RMB 6.6 million, a decrease of approximately RMB 15.8 million or about 70.5% compared to the same period in 2018[26] - The decrease in revenue was primarily due to the non-recurring nature of sales orders from major clients in Guangxi, Guangdong, and Jiangsu provinces, which did not carry over into 2019[21] - The sales in traditional provinces such as Sichuan, Chongqing, Tibet, Guizhou, and Yunnan also decreased by approximately RMB 0.8 million or 11.6% compared to the same period in 2018[27] - The group's cost of sales for the three months ended March 31, 2019, was approximately RMB 5.3 million, a decrease of about 64.1% compared to approximately RMB 14.8 million for the same period in 2018[28] - Gross profit decreased from approximately RMB 9.4 million for the three months ended March 31, 2018, to approximately RMB 2.4 million for the same period in 2019, with a gross margin decline from approximately 38.8% to approximately 31.3%[29] Expenses and Costs - The group’s administrative and other expenses increased to RMB 2.8 million for the three months ended March 31, 2019, compared to RMB 2.4 million for the same period in 2018[4] - Administrative and other expenses rose by approximately 16.9% to about RMB 2.8 million for the three months ended March 31, 2019, primarily due to increased R&D and office expenses[33] - Selling and distribution expenses increased by approximately 7.8% to about RMB 1.3 million for the three months ended March 31, 2019, attributed to higher office and renovation costs[34] - Income tax credit for the three months ended March 31, 2019, was approximately RMB 0.06 million, a decrease from an income tax expense of approximately RMB 1.6 million for the same period in 2018, due to losses incurred[35] Corporate Governance and Compliance - The audit committee has reviewed the unaudited consolidated financial statements for the three months ending March 31, 2019, confirming compliance with applicable accounting standards and GEM listing rules[54] - The company has adopted GEM listing rules as its code of conduct for directors' securities transactions, confirming compliance by all directors for the period ending March 31, 2019[55] - The company has maintained high standards of corporate governance in accordance with the GEM listing rules[57] - No shares have been repurchased or traded by the company or its subsidiaries since the listing date[56] Strategic Outlook - The company plans to strengthen its market share in traditional provinces while actively participating in various bidding activities for office furniture[23] - The overall economic slowdown and increased competition in the office furniture bidding process are expected to pose significant challenges for the company moving forward[24] - The company aims to enhance its competitiveness through increased investment in innovative product development and technology research[23] Shareholder Information - Major shareholder Sun Universal Limited held approximately 245.3 million shares, representing 36.62% of the company[43] - The company has not granted any share options since the adoption of the share option scheme on December 19, 2016, and had no outstanding options as of March 31, 2019[46] - The company entered into a non-competition agreement with its major shareholders on December 19, 2016, to protect its interests[47] Operational Focus - The group continues to operate primarily in the manufacturing and sales of office furniture products, with its headquarters located in Chengdu, China[7] - The group primarily focuses on office furniture manufacturing and sales, while Myshowhome Group specializes in sofas, indicating potential competition[48] - Myshowhome International, a subsidiary of Myshowhome Group, holds 100% equity in a company engaged in sofa manufacturing with a registered capital of HKD 8 million[48] Financial Position - The group’s financing costs were reported as zero for the three months ended March 31, 2019, indicating no interest-bearing debt during this period[4] - The group’s cash and cash equivalents as of March 31, 2019, were not disclosed in the provided documents, but the financial position reflects a significant decline in profitability[4] - As of March 31, 2019, the group had no assets pledged as collateral[36]