Financial Performance - The company reported a revenue of HKD 100 million for the first half of 2021, representing a 20% increase compared to the same period last year[22]. - The company expects a revenue growth of 25% for the second half of 2021, driven by new product launches and market expansion strategies[22]. - Total revenue decreased from RMB 16.2 million for the six months ended June 30, 2020, to RMB 15.2 million for the same period in 2021[23]. - Revenue decreased from RMB 161.59 million for the six months ended June 30, 2020, to RMB 151.91 million for the six months ended June 30, 2021, primarily due to a reduction in financing lease business by RMB 48.48 million, partially offset by an increase in packaging and paper product sales by RMB 34.43 million[49]. - The company reported a net profit of RMB 1,159,604 for the six months ended June 30, 2021, compared to a net loss of RMB 1,464,771 for the same period in 2020[121]. - Basic and diluted earnings per share for the period were RMB 0.42, compared to a loss per share of RMB 0.54 in the previous year[118]. - The company reported a profit of RMB 1,137,050 for the six months ended June 30, 2021, compared to a loss of RMB 1,464,771 for the same period in 2020[132]. User Growth and Market Expansion - User data showed a growth in active users by 15%, reaching a total of 1.5 million users as of June 30, 2021[22]. - The company plans to expand its market presence in Southeast Asia, targeting a 10% market share by the end of 2022[22]. - The company is exploring partnerships with technology firms to enhance its digital service offerings and customer engagement[22]. - The company plans to continue expanding its market presence and enhancing its product offerings through strategic initiatives and potential acquisitions[179]. Product Development and Innovation - Research and development expenses increased by 30%, focusing on innovative technologies and product enhancements[22]. - The company has launched two new products in Q2 2021, contributing to a 15% increase in sales volume[22]. - The newly established Fujian Baiying Paper Industry Co., Ltd. aims to diversify the company's business into packaging and paper products sales in China[147]. Financial Services and Revenue Streams - Revenue from financing leasing services for the six months ended June 30, 2021, was RMB 10.1 million, accounting for 66.5% of total revenue[24]. - Revenue from factoring services for the six months ended June 30, 2021, was RMB 1.4 million, accounting for 9.2% of total revenue[35]. - Revenue from consulting services amounted to RMB 0.2 million, accounting for 1.6% of total revenue for the six months ended June 30, 2021[39]. - Revenue from financing lease services and factoring services amounted to RMB 11,512,374, down from RMB 15,452,630 in the previous year, reflecting a decline of approximately 25.5%[145]. Cost Management and Profitability - The gross profit margin improved to 45%, up from 40% in the previous year, indicating better cost management[22]. - Operating expenses decreased from RMB 73.13 million for the six months ended June 30, 2020, to RMB 54.88 million for the six months ended June 30, 2021, mainly due to a reduction in consulting fees by RMB 19 million[53]. - Impairment losses decreased from RMB 80.39 million for the six months ended June 30, 2020, to RMB 12.64 million for the six months ended June 30, 2021, primarily due to the settlement of three default agreements reducing impairment losses by RMB 55 million[54]. Compliance and Governance - The company complied with all major regulatory capital requirements and borrowing restrictions as of June 30, 2021[39]. - The company has maintained compliance with regulations regarding foreign investment leasing companies as of June 30, 2021[43]. - The company maintained compliance with the corporate governance code as per GEM listing rules throughout the reporting period[110]. - The company has adopted a code of conduct for securities trading by directors, ensuring compliance with the required standards[112]. Cash Flow and Financial Position - Cash and cash equivalents increased from RMB 67.25 million at the beginning of the period to RMB 32.46 million at the end of the period, with a net increase of RMB 6.19 million[60]. - Net cash generated from operating activities was RMB 100.15 million for the six months ended June 30, 2021, primarily due to operating profit before changes in working capital of RMB 62 million[61]. - Total current assets decreased from RMB 296.6 million as of December 31, 2020, to RMB 249.3 million as of June 30, 2021, primarily due to a reduction in receivables from sale-leaseback transactions by RMB 42.0 million[68]. - The company reported a balance of RMB 3,317,491 in expected credit losses for the 12-month period as of June 30, 2021[177]. Employee and Shareholder Information - The group has 35 full-time employees, all based in China, and continues to invest in employee training and development programs[86]. - Major shareholders include Septwolves Holdings with 118,968,750 shares (44.06%), Zijiang Capital with 37,968,750 shares (14.06%), and HDK Capital with 22,781,250 shares (8.44%) as of June 30, 2021[101]. - The company has a stock option plan effective from June 20, 2018, for a duration of 10 years, expiring on June 20, 2028, with a maximum issuance of 30% of the total shares outstanding[94]. Impairment and Receivables - The impairment loss provision for receivables from financing leases was RMB 30.877 million as of June 30, 2021, compared to RMB 26.002 million as of December 31, 2020[27]. - The overdue and credit-impaired receivables totaled RMB 12,689,952 as of June 30, 2021, compared to RMB 9,288,155 as of December 31, 2020, representing an increase of about 36%[171]. - The provision for impairment losses increased to RMB 30,876,913 as of June 30, 2021, compared to RMB 26,001,723 as of December 31, 2020, indicating a rise of approximately 18.5%[186].

Revenue Performance - Revenue decreased from RMB 9.4 million for the three months ended March 31, 2020, to RMB 6.7 million for the three months ended March 31, 2021, representing a decline of approximately 28.7%[5] - For the three months ended March 31, 2021, the company reported total revenue of RMB 6,675,134, a decrease of 29.1% from RMB 9,410,125 in the same period of 2020[48] - The total revenue for the three months ended March 31, 2021, was RMB 6,675,134, a decrease of 29.2% from RMB 9,410,125 in the same period of 2020[60] - Revenue from financing leasing services was RMB 5.7 million, accounting for 85.6% of total revenue for the three months ended March 31, 2021[6] - Revenue from factoring services was RMB 0.7 million, representing 10.9% of total revenue for the same period[7] - Revenue from consulting services was RMB 0.2 million, making up 3.5% of total revenue, derived from a consulting agreement related to a construction project with a total investment of approximately RMB 1,142 million[9] Net Loss and Financial Improvement - Net loss reduced from RMB 5.1 million for the three months ended March 31, 2020, to RMB 0.5 million for the three months ended March 31, 2021, a decrease of approximately 90.2%[17] - The company incurred a net loss of RMB 501,302 for the three months ended March 31, 2021, compared to a net loss of RMB 5,135,985 in the prior year, representing a significant improvement[50] - The company reported a total comprehensive loss of RMB 538,671 for the three months ended March 31, 2021, compared to RMB 5,225,553 in the previous year[50] - Basic and diluted loss per share for the period was RMB 0.2, compared to RMB 1.9 in the same period of 2020[48] - The basic loss per share for the three months ended March 31, 2021, was RMB 1.86, compared to RMB 19.01 for the same period in 2020, reflecting a substantial improvement[67] Operating Expenses and Costs - Operating expenses increased slightly from RMB 2.4 million for the three months ended March 31, 2020, to RMB 2.6 million for the three months ended March 31, 2021, primarily due to an increase in employee costs[14] - The company’s operating expenses increased to RMB 2,631,419 from RMB 2,383,582 year-over-year, reflecting a rise of 10.4%[48] - Employee costs totaled RMB 1,434,772 for the three months ended March 31, 2021, an increase of 18.8% from RMB 1,207,072 in the same period of 2020[62] Impairment and Interest Expenses - Impairment losses decreased from RMB 10.8 million for the three months ended March 31, 2020, to RMB 2.1 million for the same period in 2021, a reduction of approximately 80.6%[15] - The company recorded a loss from impairment of RMB 2,069,718, a decrease of 80.8% from RMB 10,777,794 in the same period of 2020[48] - The company experienced a significant reduction in impairment losses, with RMB 1,785,013 recognized for the three months ended March 31, 2021, compared to RMB 4,596,446 in the same period of 2020[62] - Interest expenses decreased from RMB 2.3 million for the three months ended March 31, 2020, to RMB 1.5 million for the same period in 2021, mainly due to a reduction in average loan balances[12] - The company’s interest expenses decreased to RMB 1,544,121 from RMB 2,308,147, a reduction of 33% year-over-year[48] - The company’s interest income for the three months ended March 31, 2021, was RMB 6,439,285, a decrease of 26.7% from RMB 8,790,314 in the same period of 2020[60] Business Strategy and Future Plans - The company plans to continue executing a prudent operation strategy and enhance risk control measures in response to the ongoing impact of the COVID-19 pandemic[19] - The company plans to gradually expand its financing leasing and commercial factoring businesses to optimize its business structure and asset portfolio[20] - In April 2020, the company established a new investment in vinegar production and sales in Yongchun, aiming to diversify its business and enhance shareholder returns[20] - The company anticipates completing factory construction and launching vinegar products in 2021 as part of its efforts to build the Qiaoxin brand and generate more revenue[20] - The establishment of Fujian Baiying Paper Industry Co., Ltd. aims to diversify the business into the packaging industry, although it has not commenced operations as of March 31, 2021[5] Corporate Governance and Compliance - The company has fully complied with the corporate governance code as per GEM listing rules during the reporting period ending March 31, 2021[22] - The company has confirmed that no directors or major shareholders engaged in any competing business during the reporting period[34] - The company’s independent non-executive directors and audit committee have reviewed the financial statements and found no discrepancies in accounting practices[23] Dividends and Shareholder Information - No dividends were recommended for the three months ending March 31, 2021[33] - The company did not declare any dividends for the three months ended March 31, 2021, consistent with the previous year[69] - As of March 31, 2021, major shareholders included Septwolves Holdings Limited with a 44.06% stake and Zijiang Capital with a 14.06% stake[43] - The stock option plan adopted on June 20, 2018, allows for the issuance of options up to 30% of the total issued shares, with 27,000,000 options available, representing 10% of the issued shares[28] - As of March 31, 2021, no stock options have been granted or exercised under the stock option plan[32] Other Financial Information - The company has not engaged in any securities trading activities during the reporting period[26] - The company recorded a provision for current income tax of RMB 743,994 for the three months ended March 31, 2021, down from RMB 1,097,145 in the same period of 2020[64] - The company has not generated any income subject to Hong Kong profits tax during the reporting period[65] - The company’s other net losses amounted to RMB (1,050,502) for the period, compared to RMB (661,569) in the previous year[48] - Consulting fee income for the same period was RMB 235,849, down 61.9% from RMB 619,811 in the previous year[60]

Financial Performance - Total revenue for 2020 was RMB 32,078,000, a decrease from RMB 54,553,000 in 2019, representing a decline of approximately 41%[12] - Profit before tax for 2020 was RMB 9,950,000, down from RMB 25,973,000 in 2019, indicating a decrease of about 62%[12] - Net profit for 2020 was RMB 6,328,000, compared to RMB 19,158,000 in 2019, reflecting a decline of approximately 67%[12] - The company's revenue decreased from RMB 546 million for the year ended December 31, 2019, to RMB 321 million for the year ended December 31, 2020, representing a decline of approximately 41.2%[21] - The company's profit dropped from RMB 192 million for the year ended December 31, 2019, to RMB 63 million for the year ended December 31, 2020, a decrease of about 67.2%[21] - Interest income from financing lease services decreased from RMB 54,553 thousand in 2019 to RMB 32,078 thousand in 2020, a reduction of about 41.1%[49] - Other net income increased from RMB 2,900 thousand in 2019 to RMB 5,100 thousand in 2020, primarily due to realized and unrealized gains on financial assets measured at fair value[50] - Income tax expenses decreased from RMB 68 million in 2019 to RMB 36 million in 2020, mainly due to a reduction in revenue[57] - Net profit decreased from RMB 192 million in 2019 to RMB 63 million in 2020, with a net profit margin decline from 35.1% to 19.7%[59] Assets and Liabilities - Total assets as of December 31, 2020, were RMB 396,229,000, down from RMB 441,143,000 in 2019, a decrease of about 10%[12] - Total liabilities as of December 31, 2020, were RMB 105,319,000, significantly reduced from RMB 156,884,000 in 2019, representing a decrease of approximately 33%[12] - The company's net asset value increased to RMB 290,910,000 in 2020, up from RMB 284,259,000 in 2019, showing a growth of about 2%[12] - Cash and cash equivalents decreased from RMB 71.3 million at the end of 2019 to RMB 26.2 million at the end of 2020[71] - Total current assets decreased from RMB 323.3 million as of December 31, 2019, to RMB 296.6 million as of December 31, 2020, primarily due to a decrease in receivables from factoring by RMB 23.8 million[68] - Total current liabilities decreased from RMB 124.4 million as of December 31, 2019, to RMB 82.3 million as of December 31, 2020, mainly due to a reduction in bank borrowings by RMB 37.9 million[68] Business Operations and Strategy - The company faced challenges in 2020 due to the COVID-19 pandemic, impacting operations and financing costs[15] - The company is focused on strategic adjustments to navigate the post-pandemic market environment[15] - Future outlook includes potential market expansion and new product development initiatives[15] - The company is committed to enhancing operational efficiency and exploring merger and acquisition opportunities[15] - The company plans to enhance its sales and marketing capabilities in major cities of the Yangtze River Delta and Pearl River Delta regions to drive growth[21] - The company aims to leverage government fiscal and monetary policies to support economic recovery and expand its leasing business into new industries[17] - The company is actively assessing opportunities to expand its customer base in industries with growth potential[104] Receivables and Credit Management - As of December 31, 2020, the average monthly balance of receivables from finance leasing services was RMB 206 million, down from RMB 360 million in 2019, indicating a significant reduction in business volume[23] - The net amount of receivables from finance leasing decreased from RMB 210 million as of December 31, 2019, to RMB 131 million as of December 31, 2020, reflecting improved collection efforts[26] - The overdue and credit-impaired receivables from finance leasing decreased from RMB 108 million as of December 31, 2019, to RMB 102 million as of December 31, 2020[26] - The company reported a significant increase in overdue receivables from sale-leaseback transactions, with amounts overdue over 30 days rising to RMB 41 million as of December 31, 2020, compared to RMB 15 million in 2019[27] - The company reported a credit loss provision for receivables from financing leases totaling RMB 26,002 thousand as of December 31, 2020[29] - The company's receivables from factoring services had a credit loss provision of RMB 216 thousand as of December 31, 2020[34] Compliance and Governance - The company complied with all major regulatory capital requirements and borrowing restrictions as of December 31, 2020[44] - The company has maintained compliance with regulations regarding foreign investment and operational practices throughout the reporting period[44] - The company confirmed compliance with relevant laws and regulations, ensuring good corporate governance practices[129] - The company has adopted the corporate governance practices as outlined in the GEM listing rules and has complied fully with the code provisions during the reporting period[174] - All independent non-executive directors confirmed their independence from the company[159] Future Outlook and Investments - The company plans to enter the paper products sales and supply chain industry in 2021, collaborating with quality partners to leverage their resources and industry experience[102] - The establishment of a wholly-owned subsidiary in Shanghai aims to expand the factoring business, targeting quality SMEs in the Yangtze River Delta region[104] - The company is committed to sustainability initiatives, with plans to invest $II million in eco-friendly technologies over the next three years[112] - The company is exploring potential acquisitions to enhance its product portfolio, with a budget of 200 million allocated for this purpose[118] - A new strategic partnership was announced, expected to generate an additional 100 million in revenue over the next two years[118] Employee and Social Responsibility - The company is committed to continuous employee training and development, adapting to online platforms due to the COVID-19 pandemic[98] - The company has complied with all applicable Chinese laws and regulations regarding employee social insurance contributions[98] - The company did not make any charitable donations during the year ending December 31, 2020[194]

Revenue and Profit Performance - Revenue decreased from RMB 424 million for the nine months ended September 30, 2019, to RMB 248 million for the nine months ended September 30, 2020, representing a decline of approximately 41.3%[6] - Profit decreased from RMB 134 million for the nine months ended September 30, 2019, to RMB 42 million for the nine months ended September 30, 2020, a reduction of about 68.7%[19] - Total revenue for the nine months ended September 30, 2020, was RMB 24,807,485, down 41.6% from RMB 42,374,132 in the same period of 2019[50] - The company recorded a net profit of RMB 5,666,282 for the three months ended September 30, 2020, compared to RMB 6,436,534 in the same period of 2019, representing a decline of 12.0%[52] - Basic and diluted earnings per share for the nine months ended September 30, 2020, were RMB 1.6, down 68.0% from RMB 5.0 in the same period of 2019[50] Revenue Breakdown - Revenue from financing leasing services was RMB 226 million, accounting for 91.1% of total revenue for the nine months ended September 30, 2020[8] - Revenue from factoring services was RMB 14 million, representing 5.8% of total revenue for the nine months ended September 30, 2020[9] Expenses and Costs - Interest expenses decreased from RMB 103 million for the nine months ended September 30, 2019, to RMB 55 million for the nine months ended September 30, 2020, a decline of approximately 46.4%[14] - Operating expenses increased from RMB 84 million for the nine months ended September 30, 2019, to RMB 101 million for the nine months ended September 30, 2020, mainly due to increased consulting fees related to the establishment of a new subsidiary[15] - The company incurred employee costs totaling RMB 1,320,235 for the three months ended September 30, 2020, down from RMB 1,410,507 in the same period of 2019, a decrease of about 6%[63] Tax and Other Income - The tax expenses decreased from RMB 48 million for the nine months ended September 30, 2019, to RMB 19 million for the nine months ended September 30, 2020, due to a decrease in pre-tax profit of approximately RMB 122 million[18] - Other net income increased from RMB 19 million for the nine months ended September 30, 2019, to RMB 34 million for the nine months ended September 30, 2020, primarily due to unrecognized gains of RMB 11 million[13] Corporate Governance and Compliance - The company has fully complied with the corporate governance code as per GEM Listing Rules Appendix 15 during the nine months ending September 30, 2020[22] - The audit committee reviewed the unaudited financial statements for the nine months ending September 30, 2020, and found no discrepancies in the accounting treatment adopted by the company[23] - The company has appointed Changjiang Securities Financing (Hong Kong) Limited as its compliance advisor, with no reported conflicts of interest during the reporting period[35] - The company has confirmed no knowledge of any circumstances requiring disclosure under GEM Listing Rules during the reporting period[37] Shareholder Information - The company’s major shareholders include Mr. Ke Jin with a 14.06% stake and Mr. Huang Da Ke with an 8.44% stake in the company[39] - The company has a stock option plan in place, which allows for the issuance of up to 27,000,000 shares, representing 10% of the total issued shares[29] - As of September 30, 2020, the company’s stock option plan had no unexercised options[32] - The board has absolute discretion to determine the exercise price of stock options, which cannot be lower than the closing price on the grant date[32] Dividends and Retained Earnings - No dividends were recommended for the nine months ending September 30, 2020[33] - The company did not declare any dividends for the nine months ended September 30, 2020, compared to RMB 4,988,693 declared for the same period in 2019[71] - The retained earnings as of September 30, 2020, were RMB 44,725,183, up from RMB 36,861,880 as of September 30, 2019, showing an increase in accumulated profits[73] Future Outlook and Business Development - The company established a new vinegar production facility in Fujian Province on April 23, 2020, to diversify its business[20] - The company aims to strengthen risk management and support clients in overcoming difficulties amid ongoing uncertainties related to the COVID-19 pandemic[20] - Future outlook includes continued focus on enhancing shareholder value through strategic investments and potential market expansions[74] Financial Position - The total equity as of September 30, 2020, increased to RMB 288,560,793 from RMB 270,305,003 as of September 30, 2019, indicating growth in shareholder value[73] - The company’s total assets as of September 30, 2020, were RMB 288,560,793, reflecting an increase from the previous year[73] - The company’s total liabilities as of September 30, 2020, were RMB 6,640,176, consistent with the previous year[73] - The company’s financial position remains strong with a total equity ratio improvement noted in the latest report[73]

Revenue and Profit Performance - Revenue decreased from RMB 29.3 million for the six months ended June 30, 2019, to RMB 16.2 million for the six months ended June 30, 2020, representing a decline of approximately 44.5%[13] - Profit shifted from a profit of RMB 7.0 million for the six months ended June 30, 2019, to a loss of RMB 1.5 million for the six months ended June 30, 2020[13] - Total revenue for the six months ended June 30, 2020, was RMB 16,158,960, a decrease of 44.8% compared to RMB 29,301,685 for the same period in 2019[99] - Interest income decreased to RMB 15,452,630, down 45.5% from RMB 28,092,156 in the previous year[99] - The company reported a net loss of RMB 1,464,771 for the six months ended June 30, 2020, compared to a profit of RMB 7,003,532 in the same period of 2019[99] - Basic and diluted loss per share was RMB 0.54, compared to earnings of RMB 2.59 per share in the prior year[99] - Total comprehensive loss for the period was RMB 1,552,202, compared to a total comprehensive income of RMB 6,866,410 in the previous year[101] Business Development and Diversification - The company established a new vinegar production facility named Qiaoxin in Fujian Province on April 23, 2020, to diversify its business[12] - The company continues to develop its financing leasing and factoring businesses while expanding into new sectors[12] - As of June 30, 2020, Qiaoxin had not yet commenced production, indicating a potential future revenue stream[12] - The company aims to expand its factoring business by leveraging its wholly-owned subsidiary in Shanghai to serve quality SMEs in the Yangtze River Delta region[71] - The company plans to diversify its business by investing in the production and sales of Yongchun aged vinegar, capitalizing on its market potential in China[69] Financial Position and Cash Flow - Cash and cash equivalents decreased from RMB 71.3 million as of December 31, 2019, to RMB 67.3 million as of June 30, 2020[51] - Net cash used in operating activities for the six months ended June 30, 2020, was RMB 14.6 million, primarily due to changes in working capital[43] - Total current assets increased from RMB 323.3 million as of December 31, 2019, to RMB 335.3 million as of June 30, 2020, mainly due to an increase in receivables[48] - Total current liabilities increased from RMB 124.4 million as of December 31, 2019, to RMB 127.6 million as of June 30, 2020, primarily due to an increase in bank borrowings[48] - The company raised RMB 101,970,000 from borrowings during the six months ended June 30, 2020, compared to RMB 30,000,000 in the same period of 2019, indicating a significant increase in financing activities[110] Receivables and Impairment - The net amount of receivables from financing leasing decreased from RMB 210.6 million in 2019 to RMB 163.6 million in 2020, with an increase in overdue and credit-impaired receivables[17] - The net amount of receivables from sale-leaseback increased from RMB 123.0 million in 2019 to RMB 166.6 million in 2020, with credit impairment provisions rising to RMB 10.2 million[18] - The total expected credit loss provision for loans and receivables increased to RMB 10,813,481 as of June 30, 2020, from RMB 5,187,790 at the end of 2019[138] - The overdue and impaired finance lease receivables amounted to RMB 116,059,435 as of June 30, 2020, compared to RMB 108,334,380 at the end of 2019[144] Regulatory Compliance and Governance - The company complied with all major regulatory capital requirements and borrowing restrictions for the six months ended June 30, 2020[26] - The company has adopted a code of conduct for securities trading by directors, ensuring compliance with GEM Listing Rules[93] - The company has maintained full compliance with the corporate governance code during the reporting period[91] Shareholder Information - Major shareholders include Septwolves Holdings with 118,968,750 shares (44.06%) and Zijiang Capital with 37,968,750 shares (14.06%) as of June 30, 2020[83] - The board does not recommend the payment of any interim dividend for the six months ended June 30, 2020[87] - The company approved and paid dividends of RMB 4,988,693 for the previous fiscal year during the interim period, compared to no dividends paid in the same period of 2019[157] Risk Management - The company emphasizes risk management and internal controls through the implementation of a financial leasing service system to enhance workflow and information management[71] - The report emphasizes the importance of understanding the potential risks associated with investing in small and medium-sized enterprises listed on GEM[3] - The company actively reviews and manages its capital structure to balance higher shareholder returns with reasonable debt levels[158] COVID-19 Impact - The group has implemented emergency measures in response to the COVID-19 pandemic, including assessing the quality of receivables and monitoring tenant operations[174] - As of the report date, no significant adverse effects from COVID-19 have been identified that would impact the group's going concern assumption[174]

Financial Performance - Revenue decreased from RMB 15.0 million for the three months ended March 31, 2019, to RMB 9.4 million for the three months ended March 31, 2020, representing a decline of 37.3%[5] - Profit turned into a loss of RMB 5.1 million for the three months ended March 31, 2020, compared to a profit of RMB 3.9 million for the same period in 2019[17] - For the three months ended March 31, 2020, the company reported total revenue of RMB 9,410,125, a decrease of 37.3% from RMB 15,000,585 in the same period of 2019[72] - Interest income for the same period was RMB 8,790,314, down 37.5% from RMB 13,949,641 year-over-year[72] - The company incurred a net loss of RMB 5,135,985 for the three months ended March 31, 2020, compared to a profit of RMB 3,882,924 in the prior year, representing a significant decline[74] - Total comprehensive loss for the period was RMB 5,225,553, compared to a total comprehensive income of RMB 3,846,488 in the same period last year[74] - The basic and diluted loss per share for the period was RMB (1.9), compared to earnings of RMB 1.4 per share in the same quarter of 2019[72] Revenue Sources - Financing leasing services generated revenue of RMB 8.5 million, accounting for 90.5% of total revenue for the three months ended March 31, 2020[6] - Consulting services revenue was RMB 0.6 million, representing 6.6% of total revenue, linked to a project with a total investment of approximately RMB 1,142 million[9] - Consulting fee income was RMB 619,811, down 41.1% from RMB 1,050,944 in the same quarter of 2019[72] Expenses and Losses - Other net income decreased from RMB 0.7 million to a loss of RMB 0.7 million, primarily due to a decrease in the fair value of listed securities[11] - Impairment losses increased from RMB 3.5 million to RMB 10.8 million, mainly due to overdue receivables from a customer[15] - The company reported a significant impairment loss of RMB 10,777,794 for the period, compared to RMB 3,531,607 in the previous year[72] - Employee costs totaled RMB 1,207,072, a decrease of 15.3% from RMB 1,424,422 in the previous year[1] - The company’s interest expenses decreased to RMB 2,308,147 from RMB 4,096,072 year-over-year, reflecting a reduction of 43.7%[72] - Depreciation expenses for owned properties and equipment increased to RMB 46,169 from RMB 35,242, reflecting a rise of 30.5%[1] Corporate Strategy and Future Plans - The company plans to expand its commercial factoring business and optimize its asset structure in response to market demands[19] - The company aims to broaden financing channels to support business development and mitigate risks associated with the COVID-19 pandemic[19] - The company will seek diversification in other business areas to achieve its development goals amid economic challenges[19] Shareholder Information - Major shareholders include Septwolves Holdings Limited with 118,968,750 shares, representing 44.06% of the issued share capital[67] - Zijiang Capital holds 37,968,750 shares, accounting for 14.06% of the issued share capital[67] - HDK Capital has 22,781,250 shares, which is 8.44% of the issued share capital[67] - The board does not recommend the payment of any dividends for the three months ending March 31, 2020[57] - No dividends were paid to shareholders for the three months ended March 31, 2020, consistent with the previous year[3] Compliance and Governance - The company has fully complied with the corporate governance code during the reporting period ending March 31, 2020[46] - The company confirmed that there were no circumstances requiring disclosure under GEM Listing Rules as of March 31, 2020[61] - There were no directors or major shareholders engaged in any business that competes directly or indirectly with the company during the reporting period[58] - The company has appointed Changjiang Securities Finance (Hong Kong) Limited as its compliance advisor[60] Financing Transactions - The company provided financial assistance amounting to RMB 200,000,000 to the lessees as part of a sale and leaseback transaction[21] - The total lease payments over the 36-month lease term are RMB 244,625,000, which includes interest of RMB 44,625,000[38] - The annual interest rate for the financing lease agreement is set at 8.5%[37] - The transaction is expected to generate approximately RMB 44,626,000 in profit for the group[32] - As of March 31, 2020, the transaction had not received shareholder approval, leading to the termination of the financing lease agreement on May 8, 2020[44] - The lessees involved in the transaction are Xinjia Garden Asset Management Co., Ltd. and Fujian Jinjiang Urban Construction Investment Development Group Co., Ltd.[24][28] - The leaseback assets consist of 1,394 parking spaces located in Quanzhou, Fujian Province[21] - The lease payments are to be made in seven installments, with the first payment due within 15 days of the transaction date[40] Share Option Plan - The company has adopted a share option plan effective from June 20, 2018, for a duration of 10 years, expiring on June 20, 2028, to attract and retain talented participants[52] - The total number of shares that may be issued upon exercise of all outstanding options under the share option plan is capped at 30% of the issued shares at any time, with a limit of 10% of the total issued shares as of July 18, 2018[52] - As of March 31, 2020, the company had no unexercised options under the share option plan[56]

Financial Performance - Revenue for 2019 was RMB 54,553,000, a decrease of 30.8% compared to RMB 78,967,000 in 2018[17] - Profit before tax for 2019 was RMB 25,973,000, down 18.4% from RMB 31,807,000 in 2018[17] - Net profit for 2019 was RMB 19,158,000, representing a decline of 17.4% from RMB 23,181,000 in 2018[17] - The company's revenue decreased from RMB 790 million in 2018 to RMB 546 million in 2019, representing a decline of approximately 30.9%[23] - Profit decreased from RMB 232 million in 2018 to RMB 192 million in 2019, a reduction of about 17.2%[23] Assets and Liabilities - Total assets as of December 31, 2019, were RMB 441,143,000, a decrease of 15% from RMB 519,297,000 in 2018[17] - Total liabilities as of December 31, 2019, were RMB 156,884,000, down 37.0% from RMB 248,992,000 in 2018[17] - Net assets as of December 31, 2019, increased to RMB 284,259,000, up 5.4% from RMB 270,305,000 in 2018[17] Accounting Policies - The company adopted HKFRS 16 "Leases" starting January 1, 2019, which changed the accounting policy for lessees[18] - The company also adopted HKFRS 9 "Financial Instruments" from January 1, 2018, affecting the accounting policies related to financial instruments[18] Business Strategy and Outlook - The company is focused on expanding its market presence and enhancing its product offerings in the leasing sector[16] - Future outlook includes strategic initiatives aimed at improving operational efficiency and profitability[16] - The company aims to enhance its financing lease business and capitalize on opportunities for upgrading and replacing manufacturing equipment[23] - The company plans to strengthen its sales and marketing capabilities in major cities of the Yangtze River Delta and Pearl River Delta regions[23] Revenue Sources - Revenue from financing lease services was RMB 525 million, accounting for 96.2% of total revenue[24] - The total revenue from factoring services for the year ended December 31, 2019, was RMB 0.2 million, accounting for 0.4% of total revenue[36] - Revenue from consulting services for the year ended December 31, 2019, was RMB 1.9 million, representing 3.4% of total revenue, derived from a consulting agreement related to a construction project with a total investment of approximately RMB 1,142.0 million[40] Receivables and Credit Risk - The average balance of interest-bearing receivables from direct financing leases was RMB 53.1 million in 2019, down from RMB 85.0 million in 2018, a decrease of approximately 37.5%[26] - The average balance of interest-bearing receivables from sale and leaseback transactions was RMB 306.7 million in 2019, down from RMB 500.8 million in 2018, a decline of about 38.7%[26] - The overdue and credit-impaired receivables increased from RMB 67.6 million in 2018 to RMB 108.3 million in 2019, an increase of about 60.2%[29] - Credit risk is identified as the most significant inherent risk for the company, stemming from clients' inability or unwillingness to repay financial obligations[149] Cash Flow and Financing Activities - The net cash inflow from operating activities for the year ended December 31, 2019, was RMB 89.7 million, primarily due to operating profit before changes in working capital of RMB 38.3 million and negative impacts from changes in working capital[70] - The financing activities resulted in a net cash outflow of RMB 94.5 million for the year ended December 31, 2019, including repayment of bank borrowings of RMB 166.7 million and payment of dividends of RMB 5.0 million[72] - The cash flow from investment activities resulted in a net cash outflow of RMB 22.2 million for the year ended December 31, 2019[71] Compliance and Governance - The company complied with all major regulatory capital requirements and borrowing restrictions as of December 31, 2019[48] - The company maintained compliance with regulations regarding foreign investment leasing companies throughout the reporting period[50] - The company has fully complied with the corporate governance code as per GEM listing rules during the reporting period[190] Employee and Management Information - The company has 27 full-time employees, all based in China, and complies with all applicable Chinese laws and regulations regarding employee benefits[111] - The remuneration for senior management members, excluding three executive directors, was below RMB 430,000 for the year ending December 31, 2019[180] Legal and Regulatory Matters - There were 43 pending legal cases as of December 31, 2019, with 7 new cases filed during the reporting period to recover overdue payments from clients[191] - The company has no significant contracts with its controlling shareholders, aside from those disclosed in the related party transactions section[183] Future Plans and Investments - The company plans to expand its commercial factoring business by establishing a wholly-owned subsidiary in Shanghai to serve quality SMEs in the Yangtze River Delta region[115] - The company is considering strategic acquisitions to enhance its product offerings, with a budget of $100 million set aside for potential deals[125] - New product launches are expected to contribute an additional $200 million in revenue over the next fiscal year[122]

Revenue and Profit - Revenue decreased from RMB 594 million for the nine months ended September 30, 2018, to RMB 424 million for the nine months ended September 30, 2019, representing a decline of approximately 28.7%[6] - Profit decreased from RMB 166 million for the nine months ended September 30, 2018, to RMB 134 million for the nine months ended September 30, 2019, a decrease of about 19.3%[18] - Total revenue for the nine months ended September 30, 2019, was RMB 42,374,132, down 28.7% from RMB 59,409,549 for the same period in 2018[44] - The company achieved a profit before tax of RMB 18,235,786 for the nine months ended September 30, 2019, representing a decrease of 18.5% compared to RMB 22,229,895 in the previous year[44] - The net profit for the three months ended September 30, 2019, was RMB 6,436,534, an increase of 57.8% from RMB 4,076,973 in the same period of 2018[44] - Basic and diluted earnings per share for the nine months ended September 30, 2019, were RMB 5.0, down 33.3% from RMB 7.5 in the same period of 2018[44] - Basic earnings per share for the three months ended September 30, 2019, were RMB 23.85, compared to RMB 15.85 for the same period in 2018, marking an increase of approximately 50%[62] Income and Expenses - Revenue from financing leasing services was RMB 406 million, accounting for 95.8% of total revenue for the nine months ended September 30, 2019[7] - Other net income increased from RMB 11 million to RMB 19 million, primarily due to an increase in interest income from loans to related parties by RMB 9 million[12] - Interest expenses decreased from RMB 191 million to RMB 103 million, mainly due to a reduction in average loan balances[13] - Operating expenses decreased from RMB 163 million to RMB 84 million, primarily due to a reduction in listing expenses by RMB 82 million[15] - Impairment losses increased to RMB 74 million, mainly due to an increase in expected credit losses[16] - Income tax expenses decreased from RMB 56 million to RMB 48 million, primarily due to a decrease in profit before tax by approximately RMB 40 million[17] - The company’s interest expenses for the nine months ended September 30, 2019, were RMB 10,268,514, a decrease of 46.1% from RMB 19,061,093 in the previous year[44] - The company’s operating expenses for the three months ended September 30, 2019, were RMB 2,714,856, down 51.4% from RMB 5,585,640 in the same period of 2018[44] - The company’s other net income for the nine months ended September 30, 2019, was RMB 1,934,642, an increase of 70.3% from RMB 1,136,040 in the previous year[44] - The income tax expense for the nine months ended September 30, 2019, was RMB 4,795,720, down from RMB 5,636,802 in the same period of 2018, reflecting a decrease of approximately 15%[59] Shareholder Information - The board does not recommend any dividend payment for the nine months ending September 30, 2019[29] - The company declared a final dividend of HKD 0.021 per share, totaling RMB 4,988,693 for the nine months ended September 30, 2019, with no dividends declared in the same period of 2018[65] - As of September 30, 2019, the company’s major shareholders include Septwolves Holdings Limited with 118,968,750 shares (44.06%) and Zijiang Capital with 37,968,750 shares (14.06%)[39] - The company reported a total of 270,000,000 ordinary shares issued as of September 30, 2019, an increase from 220,863,971 shares in the same period of 2018, reflecting a growth of about 22% in share capital[62] Compliance and Governance - The company has adopted a code of conduct for securities trading in compliance with GEM Listing Rules, confirming full adherence by all directors during the reporting period[25] - No shares were purchased, sold, or redeemed by the company or its subsidiaries during the reporting period[26] - The company has appointed Changjiang Securities Finance (Hong Kong) Limited as its compliance advisor, with no conflicts of interest reported[32] - No directors or major shareholders engaged in any business that directly or indirectly competes with the group during the reporting period[30] - The company has not granted, exercised, canceled, or lapsed any share options under the share option scheme since its adoption[28] - No interests or short positions in the company’s shares were reported by directors or senior management other than those disclosed[37] Strategic Initiatives - The company aims to enhance risk management and seek new business directions to diversify its service offerings[20] - The company plans to optimize its financial structure and control funding costs to improve financing capabilities[20] Employee and Legal Expenses - The total employee costs for the nine months ended September 30, 2019, amounted to RMB 4,165,198, a decrease of about 4.25% compared to RMB 4,350,165 for the same period in 2018[62] - The company incurred depreciation expenses of RMB 770,556 for the nine months ended September 30, 2019, significantly higher than RMB 50,513 in the same period of 2018, indicating a substantial increase in asset utilization[62] - The company experienced a significant increase in legal expenses, which rose to RMB 527,272 for the nine months ended September 30, 2019, compared to RMB 105,094 in the same period of 2018, representing a growth of over 400%[62]

Financial Performance - The company reported a revenue of HKD 100 million for the first half of 2019, representing a 20% increase compared to the same period last year[14]. - Revenue decreased from RMB 40.9 million for the six months ended June 30, 2018, to RMB 29.3 million for the six months ended June 30, 2019, representing a decline of approximately 28.9%[15]. - Profit decreased from RMB 12.5 million for the six months ended June 30, 2018, to RMB 7.0 million for the six months ended June 30, 2019, a decline of approximately 44.0%[15]. - Total revenue for the six months ended June 30, 2019, was RMB 29,301,685, a decrease of 28.3% compared to RMB 40,915,068 for the same period in 2018[100]. - Net profit for the period was RMB 7,003,532, down 44.0% from RMB 12,516,120 in the previous year[103]. - Basic and diluted earnings per share decreased to RMB 2.59 from RMB 6.18, representing a decline of 58.1%[100]. - Total comprehensive income for the period was RMB 6,866,410, a decrease of 45.5% compared to RMB 12,600,372 in the prior year[103]. Revenue Sources - Revenue from financing leasing services was RMB 28.0 million, accounting for 95.7% of total revenue for the six months ended June 30, 2019[16]. - Revenue from factoring services was RMB 0.06 million, accounting for 0.2% of total revenue for the six months ended June 30, 2019[24]. - Revenue from consulting services was RMB 1.2 million, representing 4.1% of total revenue, linked to a construction project with a total investment of approximately RMB 1,142 million[26]. Expenses and Costs - Operating expenses have been managed effectively, with a reduction of 5% year-over-year, contributing to improved profit margins[14]. - Interest expenses decreased from RMB 12.9 million to RMB 7.5 million, mainly due to a reduction in average loan balances[35]. - Operating expenses significantly reduced from RMB 10.7 million to RMB 5.7 million, primarily due to the absence of non-recurring listing expenses[35]. - The pre-tax profit for the six months ended June 30, 2019, was impacted by employee costs totaling RMB 2,754,691, down from RMB 3,073,129 in the previous year, a decrease of 10.4%[149]. Assets and Liabilities - Total current assets increased from RMB 276.0 million as of December 31, 2018, to RMB 300.8 million as of June 30, 2019, mainly due to an increase in receivables from finance leases by RMB 21.6 million and trade and other receivables by RMB 31.8 million[52]. - The total non-current assets amounted to RMB 214.8 million as of June 30, 2019, compared to RMB 243.3 million as of December 31, 2018[50]. - The company's total assets as of June 30, 2019, were RMB 337,779,412, compared to RMB 412,794,126 as of December 31, 2018, reflecting a decrease of 18.2%[166]. - The total liabilities as of June 30, 2019, reached RMB 85,583,245, compared to RMB 78,905,162 at the end of 2018, indicating an increase of approximately 8.5%[188]. Cash Flow - Cash and cash equivalents at the beginning of the period were RMB 98.6 million, with a net decrease of RMB 67.5 million by the end of the period[44]. - Cash used in operating activities amounted to RMB 13.7 million, primarily due to changes in working capital[45]. - The company reported a net cash outflow from investing activities of RMB (31,401,076) for the six months ended June 30, 2019, compared to a net cash inflow of RMB 1,045,047 in the prior year[118]. - Cash and cash equivalents decreased to RMB 30,937,379 as of June 30, 2019, down from RMB 98,602,193 at the end of 2018, representing a decline of approximately 68.7%[187]. Market and Strategic Initiatives - The company expects a revenue growth of 15% for the next fiscal year, projecting revenues to reach HKD 115 million[14]. - New product launches are planned, including a digital leasing platform aimed at enhancing customer experience and operational efficiency[14]. - The company is exploring market expansion opportunities in Southeast Asia, targeting a 10% market share within the next two years[14]. - A strategic acquisition of a local leasing firm is under consideration to enhance market presence and service offerings[14]. Compliance and Governance - The company complied with all major regulatory capital requirements and borrowing restrictions as of June 30, 2019[28]. - The company has fully complied with the corporate governance code throughout the reporting period[92]. - The independent review report concluded that the interim financial report was prepared in accordance with the relevant accounting standards[98]. Shareholder Information - As of June 30, 2019, the company’s major shareholders include Mr. Ke Jin and Mr. Huang Da Ke, holding 14.06% and 8.44% of the issued share capital, respectively[79]. - The board of directors does not recommend any interim dividend for the six months ended June 30, 2019[88]. - The company approved and paid a final dividend of RMB 5,400,000 for the previous fiscal year, with a dividend per share of 2.1 Hong Kong cents[193]. Employee and Training Initiatives - The company has 28 full-time employees, all based in China, and has complied with all applicable Chinese laws and regulations regarding employee benefits[68]. - The company has initiated a monthly themed employee training program to enhance skills and knowledge sharing among employees[76].

Financial Performance - For the three months ended March 31, 2019, the company reported total revenue of RMB 15,000,585, a decrease of 29.6% from RMB 21,260,645 in the same period of 2018[5]. - Interest income from finance leasing was RMB 13,949,641, down 27.5% from RMB 19,373,475 year-over-year[17]. - The company recorded a net profit of RMB 3,882,924 for the period, a decline of 61.2% compared to RMB 10,013,432 in the previous year[8]. - The basic and diluted earnings per share were RMB 1.4, down from RMB 4.9 in the same quarter of 2018, representing a decrease of 71.4%[5]. - The total comprehensive income for the period was RMB 3,846,488, compared to RMB 10,012,000 in the prior year, reflecting a decrease of 61.6%[8]. - Profit attributable to equity holders decreased from RMB 10.0 million for the three months ended March 31, 2018, to RMB 3.9 million for the same period in 2019, a decline of approximately 61.0%[35]. - Financing leasing service revenue was RMB 13.9 million, accounting for 93.0% of total revenue for the three months ended March 31, 2019[36]. - Other net income increased from RMB 0.2 million for the three months ended March 31, 2018, to RMB 0.7 million for the same period in 2019, primarily due to an increase in interest income and wealth management product income[42]. - The company did not generate any revenue from factoring services for the three months ended March 31, 2019, due to the settlement of receivables and no new factoring services[38]. - Profit for the three months ended March 31, 2019, decreased to RMB 3.9 million from RMB 10.0 million for the three months ended March 31, 2018, as revenue declined from RMB 21.3 million to RMB 15.0 million[48]. Expenses and Losses - The company incurred impairment losses of RMB 3,531,607, significantly higher than the reversal of RMB 53,776 in the same period last year[19]. - Operating expenses increased to RMB 2,693,534, compared to RMB 2,502,641 in the previous year, marking an increase of 7.6%[5]. - Operating expenses increased from RMB 2.5 million for the three months ended March 31, 2018, to RMB 2.7 million for the three months ended March 31, 2019, primarily due to a reduction in non-recurring listing expenses by RMB 0.6 million and an increase in legal fees by RMB 0.2 million[45]. - Impairment losses for the three months ended March 31, 2019, amounted to RMB 3.5 million, mainly due to an increase in impairment losses of RMB 3.9 million from two overdue lease contracts[46]. - Income tax expenses decreased from RMB 3.9 million for the three months ended March 31, 2018, to RMB 1.5 million for the three months ended March 31, 2019, primarily due to a decrease in profit before tax by RMB 8.5 million[47]. Corporate Strategy and Operations - The company continues to focus on providing equipment financing solutions, factoring services, and value-added consulting services in China[16]. - The company plans to strengthen its sales and marketing efforts in major cities of the Yangtze River Delta and Pearl River Delta regions[35]. - The company has established Shanghai Baiying Commercial Factoring Co., Ltd. to support the development of its factoring business and expand into the Yangtze River Delta market[38]. - The company faces new challenges in 2019 due to the economic transition to a "new normal" of slower growth and will focus on risk management and adjusting operational strategies accordingly[50]. - The company aims to diversify funding sources to optimize its financial structure and control capital costs while maintaining stable business development[50]. Shareholder Information - As of March 31, 2019, the company’s non-executive director, Mr. Ke Jin Tan, holds a 14.06% interest in the company through Zijiang Capital Limited[64]. - As of March 31, 2019, Septwolves Holdings Limited holds 118,968,750 shares, representing 44.06% of the total issued share capital[68]. - Zijiang Capital owns 37,968,750 shares, accounting for 14.06% of the total issued share capital[68]. - HDK Capital has a stake of 22,781,250 shares, which is 8.44% of the total issued share capital[68]. - Shengshi Capital Limited holds 15,187,500 shares, representing 5.63% of the total issued share capital[68]. - The beneficial ownership of Septwolves Holdings is controlled by Mr. Zhou Yongwei, who is deemed to have an interest in the company's shares[70]. - Zijiang Capital's ownership is controlled by Mr. Ke Shuiyuan, who is also deemed to have an interest in the company's shares[70]. - The report indicates no other individuals or corporations have disclosed interests or short positions in the shares as of March 31, 2019[71]. Governance and Compliance - The board and management have fully complied with the corporate governance code during the reporting period[52]. - The executive directors include Mr. Zhou Shiyuan, Mr. Chen Xinwei, and Mr. Huang Dake[72]. - The non-executive director is Mr. Ke Jintang, while independent non-executive directors include Mr. Chen Chaolin, Mr. Tu Liandong, and Mr. Xie Mianli[72]. - The report was issued on May 9, 2019, reflecting the company's governance structure and shareholder composition[72]. - The company did not recommend any dividend payment for the three months ended March 31, 2019, consistent with the previous year[30]. - No dividends were recommended for the three months ended March 31, 2019[59]. - The company has not granted, exercised, canceled, or lapsed any options under the share option scheme since its adoption on June 20, 2018[58].