Financial Performance - Operating revenue for the period reached CNY 165,510,048.30, a significant increase of 51,004.83% compared to the same period last year[5]. - Net profit attributable to shareholders was CNY 613,733.54, recovering from a loss of CNY 4,438,911.30 in the previous year[5]. - The net cash flow from operating activities surged by 1,077.82% to CNY 17,335,851.08 compared to the same period last year[5]. - Basic and diluted earnings per share improved to CNY 0.0027 from a loss of CNY 0.0193 in the previous year[5]. - Total operating revenue for Q1 2021 was ¥165,510,048.30, a significant increase from ¥323,863.78 in Q1 2020[27]. - Net profit for Q1 2021 reached ¥613,733.54, a recovery from a net loss of ¥4,438,911.30 in Q1 2020[28]. - Operating profit for Q1 2021 was ¥979,926.94, contrasting with an operating loss of ¥3,323,532.01 in the same period last year[28]. - Comprehensive income for Q1 2021 totaled ¥613,733.54, recovering from a comprehensive loss of ¥4,438,911.30 in Q1 2020[29]. Assets and Liabilities - Total assets decreased by 4.06% to CNY 463,678,363.46 compared to the end of the previous year[5]. - The company’s total liabilities decreased from CNY 473.18 billion to CNY 452.93 billion, a decrease of approximately 4.3%[20]. - Current liabilities decreased from CNY 472.81 billion to CNY 452.56 billion, a reduction of about 4.3%[20]. - The company’s cash and cash equivalents decreased by 7.25% to ¥302,951,047.31 from ¥326,625,651.17, primarily due to operational expenditures[12]. - The company’s accounts payable decreased from CNY 42.31 million to CNY 26.11 million, a decline of about 38.3%[20]. - The company’s long-term equity investments decreased from CNY 85.39 million to CNY 53 million, a decline of about 37.9%[22]. - Total liabilities reached ¥473,182,243.48, with current liabilities comprising ¥472,812,978.32[42]. Shareholder Information - The total number of shareholders reached 18,364[9]. - The largest shareholder, Suzhou Shengjun Marketing Management Co., Ltd., holds 28.39% of the shares, with 65,300,094 shares pledged[9][10]. - The total equity attributable to shareholders increased from CNY 10.13 million to CNY 10.75 million, an increase of about 6.3%[21]. Cash Flow - Cash flow from operating activities for Q1 2021 was ¥17,335,851.08, a remarkable increase of 1,077.82% compared to ¥1,471,857.83 in the previous year, driven by the growth of New Shield Insurance[13]. - The total cash outflow from operating activities in Q1 2021 was ¥145,453,890.89, up from ¥5,611,309.25 in Q1 2020, reflecting a rise of approximately 2,594%[34]. - The company received ¥2,030,008.62 in other cash related to operating activities in Q1 2021, compared to ¥12,956.50 in Q1 2020, marking an increase of about 15,650%[34]. - The cash flow from sales of goods and services in Q1 2021 was ¥160,758,933.45, a substantial rise from ¥7,070,210.58 in Q1 2020, representing an increase of approximately 2,272%[34]. Management and Operational Changes - The company completed the liquidation of subsidiaries Bo Xin Zhi Tong and Guangzhou Bo Xin Intelligent Technology, optimizing resource allocation and reducing management costs[14]. - The company reported a decrease in management expenses by 16.38% to ¥2,535,652.93 from ¥3,032,392.95, mainly due to a reduction in management personnel[12]. - The company’s actual controller changed from Suzhou Sheng Jun to Suzhou Culture, following a voting rights delegation agreement[15]. Financial Management - The company reported non-recurring gains and losses totaling CNY 2,095,104.85 for the period[5]. - Financial expenses in Q1 2021 amounted to ¥3,170,118.84, a notable increase from a negative expense of -¥41,628.88 in Q1 2020[27]. - The company recorded a credit impairment loss of ¥1,394,166.22 in Q1 2021, indicating potential risks in asset quality[32]. - The company plans to focus on market expansion and new product development to drive future growth[30].

Financial Performance - The net profit attributable to shareholders for 2020 was CNY 10.87 million, a significant recovery from a net loss of CNY 6.73 million in 2019[19]. - Total revenue for 2020 reached CNY 244.40 million, representing a 43.01% increase compared to CNY 170.90 million in 2019[19]. - The net cash flow from operating activities for 2020 was CNY 27.64 million, a turnaround from a negative cash flow of CNY 22.65 million in 2019[20]. - Basic earnings per share increased to 0.0472 yuan/share from -0.0292 yuan/share in the previous year, marking a significant turnaround[21]. - Net profit attributable to shareholders increased by 17.59 million yuan, driven by higher operating profit, investment income, and reduced impairment losses[22]. - Operating revenue rose by 73.5 million yuan, a 43.01% increase year-over-year, primarily due to new sales activities in commodities and engineering materials by a subsidiary[21]. - The company's operating profit for the reporting period was CNY 4,921.23 million, with a total profit of CNY 3,928.85 million[50]. - The company achieved a total operating revenue of CNY 24,439.55 million, with a net profit attributable to shareholders of CNY 1,086.68 million[50]. Assets and Liabilities - The company's total assets as of the end of 2020 amounted to CNY 483.31 million, a 307.70% increase from CNY 118.55 million at the end of 2019[20]. - The net assets attributable to shareholders at the end of 2020 were CNY 10.13 million, recovering from a negative net asset position of CNY -0.74 million in 2019[20]. - The accumulated undistributed profits as of the end of 2020 were CNY -315.61 million, indicating ongoing challenges in profit retention[5]. - Total cash and cash equivalents increased by CNY 323.3385 million, a 9836.42% increase, primarily due to increased borrowings[72]. - Other payables increased by CNY 308.3668 million, a 265.98% increase, mainly due to increased borrowings and interest payable[73]. Operational Efficiency - The company significantly reduced its agency sales business to improve capital efficiency and reduce accounts receivable risks[31]. - The company is focusing on diversifying its industrial layout and enhancing its continuous profitability and risk resistance capabilities[39]. - The company plans to enhance its market competitiveness by adapting to changes in the heavy machinery rental market and exploring new business development models[46]. - The company is committed to optimizing internal management and controlling operational risks to support sustainable development[49]. Business Expansion and Strategy - The company is expanding into heavy machinery leasing and trading, focusing on shield tunneling machines for large state-owned construction projects[32]. - The company’s smart hardware sector is supported by national policies, with the IoT industry in China exceeding 1.7 trillion yuan in scale by 2020[31]. - The company plans to enhance channel quality and cultivate loyal users to ensure stable revenue and profit growth[98]. - The company intends to strengthen its upstream resource acquisition capabilities in the industrial raw materials circulation industry[95]. Risks and Compliance - The company faced significant risks as detailed in the annual report, which investors are advised to review[7]. - The company has not engaged in non-operating fund occupation by controlling shareholders or related parties[7]. - The company has not violated decision-making procedures for external guarantees[7]. - The company faces significant policy risks due to reliance on national investment in infrastructure construction, which could adversely affect business[104]. - External risks include a global economic slowdown and trade tensions, which may impact new orders and supply chain efficiency[105]. Governance and Management - The company has established a comprehensive governance structure in compliance with relevant laws and regulations, including a board of directors and various specialized committees[185]. - The company emphasizes the importance of internal control management and adherence to legal regulations to prevent future compliance issues[180]. - The company has implemented a rigorous information disclosure process, ensuring all shareholders have equal access to information[187]. - The company has undergone significant changes in its board composition, with multiple resignations and new appointments throughout 2020[172]. Shareholder Information - The total number of ordinary shareholders as of the end of the reporting period is 20,051, an increase from 18,364 at the end of the previous month[152]. - The top ten shareholders hold a total of 65,300,094 shares, representing 28.39% of the total shares, with the largest shareholder being Suzhou Shengjun Marketing Management Co., Ltd.[154]. - The controlling shareholder, Suzhou Shengjun Marketing Management Co., Ltd., holds 28.39% of the company's shares[158]. - The actual controller, Ms. Luo Jing, directly holds 0.5437% of the company's shares and indirectly holds 64.87% of shares in Hong Kong-listed company Chengxing International Holdings Limited[160]. Legal and Regulatory Issues - The company faced significant litigation issues, including a ruling from the Tianjin Intermediate People's Court that dismissed its claims against Tianjin Hangsi Technology Co., Ltd. in January 2020[126]. - The company received a warning letter from the Jiangsu Securities Regulatory Bureau on February 12, 2020, regarding compliance issues[131]. - The company and its actual controller, Luo Jing, are under investigation for alleged contract fraud and bribery, with 28.9350% of shares being judicially frozen[133]. Future Outlook - The company anticipates that the global economy will gradually recover as vaccination efforts expand, positively impacting the demand for non-ferrous metals[91]. - In 2021, the company aims to deepen market potential and expand customer sources, optimizing the business team and enhancing service quality[100]. - The company has not provided future performance guidance or outlook in the recent reports[128].

Financial Performance - Operating revenue for the first nine months decreased by 98.03% to CNY 3,234,695.06 compared to the same period last year[7]. - Net profit attributable to shareholders decreased by 243.01% to CNY -20,569,054.12 for the first nine months compared to the same period last year[7]. - Basic and diluted earnings per share were both CNY -0.0894, a decrease of 243.04% compared to the previous year[8]. - Total operating revenue for Q3 2020 was CNY 316,991.85, a decrease from CNY 8,842,276.22 in Q3 2019[32]. - Total operating costs for Q3 2020 were CNY 4,230,225.23, compared to CNY 17,993,641.27 in Q3 2019[32]. - Net profit for Q3 2020 was a loss of CNY 4,172,002.32, compared to a loss of CNY 9,595,252.12 in Q3 2019[34]. - Total profit for Q3 2020 was a loss of CNY 4,158,258.64, compared to a loss of CNY 9,151,365.05 in Q3 2019[34]. - Total comprehensive income for Q3 2020 was a loss of CNY 4,172,002.32, compared to a profit of CNY 14,383,249.49 in Q3 2019[35]. - The company reported a total operating revenue of CNY 3,234,695.06 for the first three quarters of 2020, down from CNY 164,037,110.71 in the same period of 2019[32]. - Total operating costs for the first three quarters of 2020 were CNY 17,394,683.87, compared to CNY 182,943,465.27 in the first three quarters of 2019[32]. Cash Flow and Liquidity - Net cash flow from operating activities improved to CNY -1,847,558.27, a significant reduction from CNY -21,313,536.32 in the same period last year[7]. - The cash inflow from operating activities in Q3 2020 was 23,877,515.79 RMB, down from 197,345,719.44 RMB in Q3 2019[41]. - The company reported a significant decrease in cash received from operating activities, down to ¥14,082,621.69 from ¥174,715,867.13 year-over-year[43]. - Total cash and cash equivalents at the end of Q3 2020 increased to 86,439,597.08 RMB from 4,635,877.39 RMB at the end of Q3 2019[42]. - Cash inflow from investment activities totaled ¥69,000,000.00, while cash outflow was ¥9,000,000.00, resulting in a net cash flow of -¥9,000,000.00 for the investment activities[44]. - The cash inflow from financing activities was ¥391,956,220.00, with cash outflow of ¥408,600,000.00, leading to a net cash flow of ¥85,000,000.00[44]. Assets and Liabilities - Total assets increased by 66.14% to CNY 196,955,913.01 compared to the end of the previous year[7]. - The total current assets reached RMB 173,523,452.31, significantly up from RMB 92,535,460.08, indicating an increase of about 87%[24][25]. - The company's total liabilities were RMB 218,260,317.60, compared to RMB 119,282,023.98 at the end of 2019, reflecting a rise of approximately 83%[26]. - The total owner's equity showed a decline, with a negative balance of RMB -21,304,404.59 as of September 30, 2020, compared to RMB -735,285.47 at the end of 2019[26]. - The company incurred a net loss of ¥326,471,779.90 in retained earnings as of September 30, 2020[49]. - Current liabilities totaled $42,042,071.92, including accounts payable of $41,461,406.57[51]. Shareholder Information - The company reported a total of 10,000 shareholders as of the reporting date[13]. - The total number of shareholders is 23,026[14]. - The top ten shareholders hold a total of 100,000,000 shares, with Suzhou Shengjun Marketing Management Co., Ltd. holding 28.39%[14]. Business Strategy and Developments - The company plans to expand its main business direction by entering the heavy machinery rental and trading market through its wholly-owned subsidiary, Hangzhou Xindunbao Equipment Co., Ltd.[19]. - Financial assistance of up to RMB 85 million has been provided by Suzhou Gusu Xinghong Enterprise Management Partnership to support the new business initiatives[20]. - The company has pledged 100% equity of Hangzhou Xindunbao as collateral for the financial assistance received[20]. - The company has not disclosed any new product developments or market expansion strategies in this report[6]. - The company has not reported any overdue commitments during the reporting period[21]. - The company has not reported any new products or technologies, market expansions, or mergers and acquisitions in the current financial report[31]. Audit and Compliance - The report indicates that the financial statements have not been audited, which may affect the reliability of the data presented[5]. - There were no adjustments noted for the audit report[52]. - The company has not applied new revenue and lease standards retroactively[52].

Financial Performance - The company's operating revenue for the first half of 2020 was CNY 2,917,703.21, a decrease of 98.12% compared to CNY 155,194,834.49 in the same period last year[20]. - The net profit attributable to shareholders of the listed company was a loss of CNY 16,397,051.80, representing a decrease of 168.38% from a profit of CNY 23,978,501.61 in the previous year[20]. - The net cash flow from operating activities improved by 88.07%, amounting to a negative CNY 1,471,067.71, compared to a negative CNY 12,328,755.34 in the same period last year[20]. - The total assets at the end of the reporting period were CNY 105,491,714.05, a decrease of 11.01% from CNY 118,546,738.51 at the end of the previous year[20]. - The net assets attributable to shareholders of the listed company decreased to CNY -17,132,337.27, a significant decline due to the current period's losses[20]. - Basic earnings per share for the first half of 2020 were CNY -0.0713, a decrease of 168.36% from CNY 0.1043 in the same period last year[21]. - The company reported a significant increase in estimated liabilities by 812.42%, amounting to ¥3,369,265.16, due to provisions for historical guarantees[49]. - The company anticipates a potential net loss for the cumulative profit from the beginning of the year to the next reporting period, indicating significant uncertainty in future performance[53]. - The company reported a net profit attributable to the parent company of -6,727,272.29 yuan for 2019, with a net asset of -735,285.47 yuan as of December 31, 2019, indicating significant financial distress[69]. - The company reported a total comprehensive income for the first half of 2020 was -16,397,116.80 CNY, compared to 23,978,501.61 CNY in the same period of 2019[119]. Revenue and Cost Analysis - The company achieved a total revenue of 2.9177 million yuan, with self-owned products generating 1.2217 million yuan and agency sales contributing 1.6960 million yuan[40]. - The company reported a decrease in revenue primarily due to a reduction in distribution business activities[22]. - Operating costs also fell by 98.26% year-on-year, totaling ¥2,511,943.31, attributed to the decline in distribution activities[44]. - Sales expenses decreased by 77.18% year-on-year, amounting to ¥1,089,242.79, mainly due to a reduction in employee compensation[44]. - Management expenses decreased by 43.79% year-on-year, totaling ¥6,999,715.97, primarily due to lower employee compensation[44]. - Research and development expenses were reduced to zero, reflecting a 100% decrease due to a decline in R&D activities[44]. Market and Competitive Environment - The company faced challenges in the self-owned product market due to macroeconomic slowdown, decreased market demand, and intensified competition, leading to a significant drop in sales revenue and profit for the TOPPERS series products[29][40]. - The company is focusing on expanding its self-owned brand product sales through online and offline channels, with an emphasis on smart wearable devices, audio-visual accessories, smart home products, and health care items[40]. - The smart hardware industry is supported by national policies, with a projected global IoT expenditure exceeding 1 trillion USD in 2020, driven by the advancement of 5G technology[32]. - The company faces intense competition in the smart hardware market, necessitating substantial investment in research and development to keep pace with rapid product iterations and market trends[54]. Strategic Initiatives and Future Outlook - The company plans to enhance its cross-border e-commerce sales strategy to further develop its product categories in the smart hardware sector[40]. - The company provided a positive outlook for the second half of 2020, projecting a revenue growth of 25% based on current market trends and user acquisition strategies[60]. - New product launches are expected to contribute an additional 300 million RMB in revenue, with a focus on enhancing user experience and expanding market reach[61]. - The company is considering strategic acquisitions to enhance its competitive position, with a budget of 500 million RMB earmarked for potential targets[60]. - The company aims to stabilize revenue and achieve profitability by implementing a sales-driven production strategy based on market demand and customer orders[71]. Corporate Governance and Compliance - The company has not reported any non-operating fund occupation by controlling shareholders or related parties[6]. - The report includes a risk statement advising investors to be aware of potential investment risks associated with forward-looking statements[5]. - The actual controller and shareholders committed to not engaging in activities detrimental to the interests of the company and its minority shareholders during the control period[59]. - The commitment includes not participating in similar business activities that could compete with the company[59]. - The commitment will remain effective unless the controller acquires opportunities that may compete with the company, in which case efforts will be made to transfer those opportunities to the company[59]. Legal and Litigation Matters - The company has ongoing significant litigation matters involving its wholly-owned subsidiary, Boxin Zhitong (Suzhou) Technology Co., Ltd., related to a sales contract dispute with Tianjin Hangsi Technology Co., Ltd.[73]. - The Tianjin Third Intermediate People's Court accepted the case on May 6, 2019, and held a public hearing on the matter on September 23, 2019[73]. - The court issued a civil judgment on December 12, 2020, rejecting the claims of Boxin Zhitong against Tianjin Hangsi Technology Co., Ltd.[73]. - The company is involved in multiple ongoing litigations, including a significant case with Tianjin Jishengyuan Communication Equipment Co., Ltd. and others, which has resulted in the freezing of assets including properties in Tianjin and Hainan[74]. Financial Management and Capital Structure - The company has a credit facility of RMB 500 million provided by its controlling shareholder, which is interest-free and valid until January 28, 2020[82]. - The company signed a supplementary agreement with its controlling shareholder, adjusting the credit limit to RMB 700 million, with a borrowing period extended to January 28, 2021[83]. - The company received a loan of RMB 88.8 million from its controlling shareholder's affiliate, with no fixed repayment term, and no collateral required[84]. - The company reported a total of 33,739 ordinary shareholders as of the end of the reporting period[93]. - The company has undergone significant changes in its board of directors, with multiple resignations and new appointments[100]. Accounting and Financial Reporting - The financial statements are prepared based on the assumption of going concern, indicating the company has the ability to continue operations for at least 12 months from the reporting date[152]. - The company adheres to the accounting standards set by the Ministry of Finance, ensuring that the financial statements reflect a true and complete picture of its financial status[154]. - The company recognizes impairment losses for inventory based on the estimated net realizable value, determined by the estimated selling price minus estimated costs and related taxes[185]. - The company applies the effective interest method for calculating interest on financial assets measured at amortized cost, with any differences recognized in current profit and loss upon recovery or disposal[172].

Financial Performance - In 2019, the company reported a net profit attributable to shareholders of -6.73 million RMB, with cumulative undistributed profits reaching -326.47 million RMB by year-end[5]. - The company's operating revenue for 2019 was 170.90 million RMB, representing a decrease of 89.09% compared to 2018[21]. - The net cash flow from operating activities was -22.65 million RMB, an improvement from -160.15 million RMB in the previous year[21]. - Total assets at the end of 2019 were 118.55 million RMB, down 77.46% from 2018[22]. - The company faced significant financial challenges, with a net loss of 43.79 million RMB after deducting non-recurring gains and losses[21]. - The company’s net assets attributable to shareholders decreased by 106.19% to -735.29 million RMB by the end of 2019[22]. - The basic earnings per share (EPS) for 2019 was -0.0292 yuan, an improvement from -0.2280 yuan in 2018[23]. - The net profit attributable to shareholders increased by 45.5 million yuan, primarily due to investment gains from the sale of a subsidiary[24]. - The net cash flow from operating activities increased by 137.5 million yuan, attributed to adjustments in credit policies reducing accounts receivable[24]. - The weighted average return on equity (ROE) improved by 17.12 percentage points, reflecting a reduction in net assets due to provisions for inventory and receivables[25]. Revenue and Sales - The company reported a significant decrease in operating revenue, down 139.5 million yuan or 89.09% year-over-year, due to reduced agency sales of smart terminal products[23]. - Revenue from self-owned brand products reached CNY 16.14 million, generating a profit of CNY 4.27 million, indicating stable sales progress[50]. - The company achieved a revenue of CNY 170.90 million in 2019, with a net profit attributable to shareholders of CNY -6.73 million[46]. - The company's total revenue from product sales was approximately ¥158.19 million, a decrease of 89.43% compared to ¥1.50 billion in the same period last year[65]. - The top five customers contributed ¥116.14 million, accounting for 67.95% of total annual sales, with the largest customer contributing ¥59.20 million (34.64%) of that[67][68]. Cost Management - The operating cost was ¥158,191,486.17, reflecting a reduction of 89.49% year-on-year[58]. - The company reduced its sales expenses by 47.92% to ¥7,296,380.18, primarily due to a decrease in sales personnel[59]. - Research and development expenses decreased by 50.92% to ¥5,200,880.78, attributed to fewer R&D personnel and reduced external R&D activities[59]. - The company focused on cost control through a rigid budget management system and competitive procurement measures[43]. Legal and Compliance Issues - The company is involved in a significant lawsuit regarding a contract dispute with Tianjin Hangsi Technology Co., Ltd., which was filed in May 2019[134]. - The company is involved in multiple lawsuits, including a significant case where it is seeking to recover a prepayment of RMB 198,000 due to a contract dispute with Shenzhen Meigaotu Technology Co., Ltd. regarding the purchase of 3,000 units of smart beauty devices[138]. - The company has received a warning letter from the Jiangsu Securities Regulatory Bureau regarding compliance issues, emphasizing the need for improved internal controls and adherence to disclosure regulations[139]. - The company is committed to enhancing its governance and compliance practices in response to regulatory scrutiny, aiming to prevent future issues[139]. Management and Governance - The company has established independent financial departments and accounting systems, ensuring financial independence and compliance with regulations[112]. - The company has implemented a robust internal control system, continuously optimizing its internal control procedures to ensure risk management[197]. - The company has established a complete governance structure, including a board of directors, supervisory board, and various specialized committees to ensure effective decision-making and oversight[195]. - The independent directors account for one-third of the total number of directors, ensuring compliance with legal and regulatory requirements[196]. Future Outlook and Strategy - Future outlook indicates a focus on expanding product lines in consumer electronics and software development[90]. - The company plans to enhance its market presence through strategic partnerships and technology development initiatives[90]. - The company aims to improve customer loyalty and brand influence through targeted market communication strategies[96]. - The company aims to achieve a revenue growth target of 20% for the upcoming fiscal year[90]. Shareholder and Equity Information - The company reported a net profit attributable to ordinary shareholders of -6,727,272.29 RMB in 2019, with no cash dividends distributed[110]. - The company’s controlling shareholder holds 66,550,594 shares, which is 28.9350% of the total share capital, and these shares have been judicially frozen[155]. - The total number of ordinary shareholders at the end of the reporting period was 9,514, a decrease from 45,458 at the end of the previous month[159]. - The report indicates that the company has no other controlling or participating interests in other listed companies apart from its 28.39% stake[164].

Financial Performance - Operating revenue dropped by 99.74% to CNY 323,863.78 year-on-year[7] - Net profit attributable to shareholders was CNY -4,438,911.30, a decline of 113.81% compared to the same period last year[7] - Basic and diluted earnings per share were both CNY -0.0193, a decrease of 113.81% year-on-year[7] - The company's operating revenue for Q1 2020 was RMB 323,863.78, a decrease of 99.74% compared to RMB 124,175,495.17 in the same period last year, primarily due to reduced business from subsidiaries BoXin ZhiTong and BoXin ZhiLian[13] - The net loss attributable to shareholders for Q1 2020 was CNY -5,174,196.77, compared to CNY -735,285.47 in Q4 2019[32] - The company reported a net profit of -4,438,911.30 CNY for Q1 2020, compared to a net profit of 32,146,457.88 CNY in Q1 2019, indicating a significant decline[35] - The total comprehensive income for Q1 2020 was -4,438,911.30 CNY, compared to 32,146,457.88 CNY in Q1 2019[36] Cash Flow and Liquidity - Cash flow from operating activities decreased by 91.44% to CNY 1,471,857.83[7] - The company's cash and cash equivalents were CNY 56,073.29 as of March 31, 2020, down from CNY 1,021,452.95 at the end of 2019[31] - Cash and cash equivalents at the end of the period totaled 4,759,013.18 RMB, down from 19,230,879.24 RMB in the previous year[42] - Operating activities generated a net cash flow of -965,379.66 RMB, a significant decline from 17,937,869.55 RMB in the same quarter last year[43] - The cash flow from operating activities was significantly impacted by a decrease in cash received from operating activities, which fell to 1,040,535.01 RMB from 128,158,648.08 RMB year-over-year[43] Assets and Liabilities - Total assets decreased by 4.80% to CNY 112,855,291.06 compared to the end of the previous year[7] - The company's total liabilities decreased significantly, with accounts payable dropping by 90.98% to RMB 167,757.89 from RMB 1,859,664.29, primarily due to payments made during the period[14] - Total assets as of March 31, 2020, were CNY 87,021,539.82, a decrease from CNY 88,547,630.33 at the end of 2019[32] - The total liabilities amounted to 119,282,023.98 RMB, reflecting the company's financial obligations[48] - The total equity attributable to shareholders was CNY -5,174,196.77 as of March 31, 2020, compared to CNY -735,285.47 at the end of 2019[32] Shareholder Information - The total number of shareholders at the end of the reporting period was 45,458[12] - The largest shareholder, Suzhou Shengjun Marketing Management Co., Ltd., held 28.39% of the shares[12] Management and Strategy - The company plans to stabilize revenue and turn losses into profits in 2020 by implementing a sales-driven production strategy based on market demand[23] - The company aims to enhance internal management and reduce operational costs by improving financial, human resources, and quality management levels[24] - The company will strengthen internal controls and enhance supplier and customer management to ensure operational stability[23] - The board acknowledges the significant uncertainties regarding the company's ability to continue as a going concern due to operational disruptions and management changes[22] Research and Development - The company reported a significant decrease in research and development expenses, which were RMB 0 for Q1 2020, down 100% from RMB 1,646,837.90 in the previous year, due to no R&D activities during the period[13] - Research and development expenses were CNY 1,646,837.90 in Q1 2019, indicating a focus on innovation despite the overall decline in revenue[34] Other Financial Metrics - The weighted average return on net assets increased by 35.21 percentage points to 150.23%[7] - The company incurred management expenses of CNY 3,032,392.95 in Q1 2020, down from CNY 5,703,478.08 in Q1 2019[34] - The company recorded other income of 12,956.50 CNY in Q1 2020, down from 39,084,199.63 CNY in Q1 2019[41] - Investment income for Q1 2020 was reported as 0 CNY, compared to 44,657,000.00 CNY in Q1 2019, indicating a loss in investment performance[38]

Financial Performance - Operating revenue for the first nine months decreased by 87.69% to CNY 164,037,110.71 compared to the same period last year[6]. - Net profit attributable to shareholders increased by 70.90% to CNY 14,383,249.49 compared to the same period last year[6]. - Basic earnings per share increased by 70.77% to CNY 0.0625 compared to the same period last year[6]. - Total revenue for Q3 2019 was 8,842,276.22 RMB, a decrease from 224,644,724.92 RMB in Q3 2018[35]. - The company reported a net loss of -305,361,258.12 RMB for the period, compared to -319,744,507.61 RMB in the previous year[29]. - Total profit for Q3 2019 was -9,151,365.05 RMB, compared to -5,820,490.35 RMB in Q3 2018[37]. - The company reported a total comprehensive income of -9,595,252.12 RMB for Q3 2019, reflecting ongoing financial challenges[39]. - The net profit for Q3 2019 was -2,547,254.51 RMB, compared to -1,759,247.89 RMB in the same period last year, indicating a decline of approximately 44.4%[41]. Assets and Liabilities - Total assets decreased by 14.44% to CNY 450,085,203.30 compared to the end of the previous year[6]. - The company’s total liabilities amounted to 429,709,966.99 RMB, compared to 514,174,234.80 RMB in the previous year[29]. - The company’s total current assets were 88,685,629.51 RMB, down from 129,489,663.10 RMB in the previous year[31]. - The company’s equity attributable to shareholders was 20,375,236.31 RMB, an increase from 11,875,110.66 RMB year-over-year[29]. - The company’s total liabilities and equity were 450,085,203.30 RMB, compared to 526,049,345.46 RMB in the previous year[29]. Cash Flow - The company reported a net cash flow from operating activities of CNY -21,313,536.32 for the first nine months[6]. - Cash flow from operating activities for the first nine months of 2019 was -21,313,536.32 RMB, compared to -646,139,208.93 RMB in the same period last year, reflecting a significant improvement[45]. - Total cash inflow from operating activities for the first nine months of 2019 was 1,404,422,100.88 RMB, while cash outflow was 2,050,561,309.81 RMB[45]. - Cash inflow from financing activities was $306,956,220.00, but cash outflow was $408,600,000.00, leading to a net cash flow of -$101,643,780.00 from financing[50]. - The total cash and cash equivalents at the end of the period decreased to $166,079.16 from $15,807,303.86 at the beginning of the period[50]. Shareholder Information - The total number of shareholders reached 10,518 at the end of the reporting period[10]. - The largest shareholder, Suzhou Shengjun Marketing Management Co., Ltd., holds 28.39% of the shares[10]. Expenses - Operating costs fell by 88.16% to ¥152,232,001.20 from ¥1,286,051,607.50, attributed to the same reduction in distribution business[12]. - Management expenses increased by 63.89% to ¥19,221,330.58 from ¥11,728,227.83, mainly due to higher employee compensation and intermediary service fees[13]. - Research and development expenses decreased by 31.51% to ¥4,967,880.37 from ¥7,253,421.84, primarily due to reduced outsourced R&D costs[13]. - Sales expenses decreased by 37.04% to ¥6,656,152.77 from ¥10,572,469.44, reflecting the reduction in distribution activities[13]. Legal and Compliance - The company has filed lawsuits against three debtors, with the Tianjun Court accepting the cases, although one case was dismissed[22]. - The company has implemented measures to enhance internal controls and improve financial processes to prevent similar issues in the future[23]. - The company adjusted its financial statements for the third quarter of 2018, reducing both revenue and costs accordingly[22]. Future Strategies - The company is focusing on improving cash flow management to enhance liquidity in future quarters[50]. - Future strategies may include exploring new investment opportunities to bolster cash inflows and reduce operational cash outflows[50].

Financial Performance - The company's operating revenue for the first half of 2019 was ¥155,194,834.49, a decrease of 85.99% compared to ¥1,107,540,827.17 in the same period last year[19]. - Net profit attributable to shareholders of the listed company increased by 78.17% to ¥23,978,501.61, up from ¥13,458,074.33 in the previous year, mainly due to investment income from the disposal of a subsidiary[19][21]. - The net cash flow from operating activities was -¥12,328,755.34, an improvement from -¥188,723,253.20 in the previous year[19]. - The total assets decreased by 12.65% to ¥459,527,159.25 from ¥526,049,345.46 at the end of the previous year[19]. - The net assets attributable to shareholders of the listed company increased by 152.38% to ¥29,970,488.43 from ¥11,875,110.66 at the end of the previous year[19]. - Basic earnings per share rose by 78.29% to ¥0.1043 from ¥0.0585 in the same period last year[20]. - The weighted average return on net assets increased by 81.52 percentage points to 100.48% from 18.96% in the previous year[20]. - The company reported a net profit excluding non-recurring gains and losses of -¥10,843,156.56, indicating a significant impact from reduced income and increased expenses[19][21]. - The company achieved a revenue of RMB 155.19 million in the first half of 2019, a decrease of 85.99% compared to the previous year, primarily due to a reduction in distribution business[41]. - The net profit attributable to shareholders was RMB 23.98 million, an increase of RMB 1.05 million year-on-year[41]. Cash Flow and Investments - The company adjusted its credit policy, reducing accounts receivable, which contributed to the improvement in cash flow[21]. - Investment cash flow increased by 5,053.98 thousand yuan, mainly from the disposal of the subsidiary Bocheng Municipal, generating cash inflow of 4,980.64 thousand yuan[52]. - The company recorded an investment income of 34,757,850.12 yuan from the disposal of the wholly-owned subsidiary Bocheng Municipal[53]. - Cash and cash equivalents decreased by 25,235.40 thousand yuan, a reduction of 64.91%, mainly due to loan repayments to the controlling shareholder[56]. - The net cash flow from investing activities was 49,737,143.18 RMB in the first half of 2019, compared to a loss of -802,704.63 RMB in the same period of 2018[140]. Business Strategy and Market Position - The company is transitioning from municipal engineering to the smart hardware and 3C derivative products sector, primarily through its wholly-owned subsidiaries[27]. - The company has developed and sold various proprietary brand products, including TWS true wireless and Bluetooth headphones, smart speakers, and smart home devices[30]. - The company aims to capture market share in the fragmented smart hardware industry by leveraging its management team's experience and market resources[36]. - The company has established a marketing network that includes distributors, operators, large retail chains, and e-commerce channels to enhance sales capabilities[35]. - The company is focusing on expanding its product lines, including new technology developments in communication systems and medical equipment[63]. - Future guidance indicates a projected growth rate of 426.1% in the upcoming quarters, driven by market expansion strategies[63]. - The company plans to enhance its market presence through strategic acquisitions and partnerships in the telecommunications sector[63]. Research and Development - The company focuses on product research and development, design, and sales channel construction to strengthen its core competitiveness in the smart hardware market[33]. - The company invested RMB 3.31 million in R&D during the reporting period, a decrease of 18.88% compared to the previous year[51]. - The company aims to enhance its product competitiveness through continuous investment in R&D and collaboration with technology partners[41]. - The company has established partnerships with leading technology firms for collaborative R&D in areas such as voice recognition and intelligent URL analysis[42]. Financial Stability and Risks - The company has significant accounts receivable and has made substantial provisions for bad debts in 2018, with ongoing litigation to recover losses[70]. - Increased competition in the smart hardware market has led to higher procurement costs and squeezed profit margins for the company[67]. - The company has established a regular reporting mechanism for accounts receivable to monitor and preempt overdue risks[70]. - The company reported a net loss of CNY 295,766,006.00 as of June 30, 2019, compared to a loss of CNY 319,744,507.61 at the end of 2018, showing an improvement of approximately 7.5%[126]. Governance and Compliance - The company guarantees that its senior management, including the general manager and financial director, will only serve in the listed company and will not hold positions in related enterprises[75]. - The company ensures that it maintains independent financial operations, including having a separate financial department and accounting system[76]. - The company has established a complete governance structure to ensure independent decision-making processes[76]. - The company will ensure compliance with all legal responsibilities associated with the acquisition[82]. Shareholder Information - The total number of common shareholders at the end of the reporting period was 13,118[103]. - The largest shareholder, Suzhou Shengjun Marketing Management Co., Ltd., held 65,300,094 shares, representing 28.39% of the total shares[105]. - The controlling shareholder's total shares of 66,550,594 are currently subject to judicial freezing, representing 28.9350% of the total share capital[106]. - The report indicates that there are no changes in the controlling shareholder or actual controller during the reporting period[109]. Accounting Policies and Financial Reporting - The financial statements are prepared based on the principle of ongoing concern, reflecting the company's financial status and operational results accurately[170]. - The company’s accounting policies are aligned with the enterprise accounting standards, ensuring the financial reports are true and complete[170]. - The company reported significant internal control deficiencies related to revenue recognition and accounts receivable management[85]. - The company will increase the frequency and depth of internal audits to improve oversight and prevent recurrence of similar issues[89].

Financial Performance - In 2018, the company achieved a total revenue of ¥1,566,152,354.77, representing a significant increase of 1,685% compared to ¥87,739,385.15 in 2017[22] - The net profit attributable to shareholders of the listed company for 2018 was -¥52,447,027.86, a decline from a profit of ¥8,418,882.25 in 2017[22] - The company's total assets as of the end of 2018 amounted to ¥526,049,345.46, an increase of 396.35% from ¥105,982,503.70 at the end of 2017[22] - The basic earnings per share for 2018 was -¥0.2280, compared to ¥0.0366 in 2017, indicating a substantial decrease[23] - The net cash flow from operating activities for 2018 was -¥160,148,695.17, a significant drop from ¥8,699,762.66 in 2017[22] - The company's accumulated undistributed profits as of the end of 2018 were -¥319,744,507.61, reflecting ongoing financial challenges[6] - The net assets attributable to shareholders of the listed company decreased by 81.50% to ¥11,875,110.66 at the end of 2018 from ¥64,188,314.46 at the end of 2017[22] - The company's operating revenue increased by 1,685.00% year-on-year, amounting to 1,478.41 million RMB, primarily due to the growth in smart hardware and related products sales[24] - The net profit attributable to shareholders decreased by 60.87 million RMB, mainly due to the provision for bad debts by the subsidiary BoXin ZhiTong[24] - The net cash flow from operating activities decreased by 170 million RMB, attributed to a significant increase in procurement volume by the subsidiary BoXin ZhiTong[25] - The total assets increased by 420 million RMB, a rise of 396.35%, mainly due to receiving advance payments of 310 million RMB[25] - The basic earnings per share decreased by 0.2646 RMB, primarily due to the provision for bad debts by the subsidiary BoXin ZhiTong[25] - The weighted average return on equity decreased by 151.95 percentage points, largely due to the same provision for bad debts[25] Business Strategy and Market Position - The company is transitioning from municipal engineering to the smart hardware sector, focusing on self-developed and agency sales of smart terminal products[33] - The company plans to expand its smart hardware business through its subsidiaries BoXin ZhiTong and BoXin ZhiLian[34] - The company launched 13 self-owned brand products in 2018, focusing on smart home, audio-visual entertainment, children's education, and beauty health sectors[44] - The company aims to leverage AI technology to enhance product offerings and improve customer experience[44] - The company plans to continue expanding its smart hardware product offerings and enhance its market presence through strategic partnerships and sales initiatives[73] - The company intends to deepen cooperation with technology leaders to enhance product design and provide comprehensive industry solutions in entertainment and health sectors[111] - The company will establish an artificial intelligence laboratory in collaboration with renowned research institutions to enhance its R&D capabilities[112] Financial Management and Audit - The company received a qualified audit opinion from its accounting firm, which requires investor attention regarding the financial statements[5] - The company adjusted its third-quarter revenue down by 275.87 million RMB due to incomplete internal control processes[28] - The company recognized a sales revenue adjustment of 275.87 million CNY in September 2018 due to internal control deficiencies, resulting in a net profit decrease of 6.43 million CNY[61] - The company received a non-standard audit opinion from Lixin Accounting Firm regarding the reasonableness of the bad debt provision and revenue recognition, indicating significant internal control deficiencies[137] - The company plans to enhance internal control processes and strengthen training for relevant personnel to prevent similar issues in the future[142] Shareholder and Corporate Governance - The cash dividend policy has been strictly followed, with no adjustments made during the reporting period, ensuring the protection of minority investors' rights[124] - The company has committed to not engaging in any competitive activities with the listed company and will ensure that any business opportunities that may conflict will be transferred to the listed company[126] - The company guarantees the independence of its management team, ensuring that senior executives are exclusively employed by the company and do not hold positions in related enterprises[128] - The company commits to maintaining independent financial operations, including establishing a separate financial department and accounting system, and ensuring independent bank accounts[128] - The company has completed a significant asset restructuring, which is expected to enhance operational efficiency and shareholder value[129] - The company has committed to independent tax obligations and financial decision-making without interference from controlling shareholders[128] Human Resources and Management Changes - The company appointed Liu Hui as the new General Manager on December 22, 2018, following the dismissal of the previous General Manager, Lu Zhihu[188] - The company experienced a change in financial leadership, with Jiang Shaoyang being appointed as the new Chief Financial Officer on October 30, 2018, after Dong Ying resigned[188] - The company’s management team underwent significant changes in 2018, impacting its operational structure and governance[188] - The total compensation for all directors, supervisors, and senior management was 2.7523 million yuan[194] - The company employed a total of 65 staff, with 12 in the parent company and 53 in major subsidiaries[197] Risks and Challenges - The company faced significant risks as detailed in the annual report, which investors are advised to review[8] - The company has established cooperative relationships with enterprise clients and large agents to ensure stable and reliable product sourcing, safeguarding operating profits[119] - There is a significant amount of accounts receivable, and the company has made substantial provisions for bad debts, planning to recover losses through litigation and other means[121] - The company has implemented a regular reporting mechanism for accounts receivable to monitor and manage overdue risks effectively[121] - The company faces risks in the agency sales market due to increased competition for quality product resources, leading to higher procurement costs and squeezed profit margins[119]

2018 年第三季度报告 公司代码：600083 公司简称：博信股份 江苏博信投资控股股份有限公司 2018 年第三季度报告 1 / 22 | 目录 | | --- | | 一、 | 重要提示 | 3 | | --- | --- | --- | | 二、 | 公司基本情况 | 3 | | 三、 | 重要事项 | 6 | | 四、 | 附录 | 11 | 2018 年第三季度报告 一、 重要提示 二、 公司基本情况 2.1 主要财务数据 | | | | | 单位：元 币种：人民币 | | | --- | --- | --- | --- | --- | --- | | | 本报告期末 | | 上年度末 | | 本报告期末比上 | | | | | | | 年度末增减(%) | | 总资产 | 729,485,157.79 | | 105,982,503.70 | | 588.31 | | 归属于上市公司股东的净资产 | 72,739,442.36 | | 64,188,314.46 | | 13.32 | | | 年初至报告期末 | 上年初至上年报告期 | | | 比上年同期增减 | | | （1-9 月） | | ...