Financial Performance - The company's operating revenue for 2015 was ¥348,515,807.77, a decrease of 14.89% compared to ¥409,467,286.82 in 2014[17]. - The net profit attributable to shareholders for 2015 was ¥225,716,806.51, a significant recovery from a loss of ¥147,301,561.08 in 2014[17]. - The net cash flow from operating activities was -¥27,714,483.17, an improvement from -¥118,395,069.86 in the previous year[18]. - The total assets decreased by 64.33% to ¥675,669,480.12 from ¥1,894,451,333.18 in 2014[18]. - The net assets attributable to shareholders increased by 176.16% to ¥353,846,313.84 from ¥128,129,507.33 in 2014[18]. - Basic earnings per share for 2015 was CNY 0.47, compared to a loss of CNY 0.36 in 2014, marking a significant recovery[19]. - The company reported a net profit attributable to shareholders of CNY 339,905,031.75 in Q3 2015, contrasting with losses in the other three quarters[21]. - Non-recurring gains for 2015 totaled CNY 362,233,232.86, significantly improving from a loss of CNY 5,108,619.52 in 2014[24]. - The company achieved operating revenue of CNY 348,515,807.77, a decrease of 14.89% compared to the previous year[33]. - Operating profit was CNY 220,950,494.25, while net profit attributable to shareholders was CNY 225,716,806.51[33]. - The company reported a net profit of ¥124,844,646.94 for the year 2015, with a cumulative undistributed profit from the previous year of -¥733,670,602.06, resulting in a total distributable profit of -¥608,825,955.12 for the year[82]. - The company reported a profit margin of approximately 62.2% for the net profit in 2015, compared to a negative margin in 2014[176]. - The company recorded a comprehensive income of CNY 217,078,611.41, compared to a comprehensive loss of CNY -151,790,154.10 in 2014[176]. Cash Flow and Investments - The net cash flow from operating activities improved by 76.59%, reaching -27,714,483.17 RMB, compared to -118,395,069.86 RMB in the previous year[48]. - Investment cash flow increased significantly by 1,103.71%, totaling 71,757,660.43 RMB, driven by the disposal of equity in Baoshuo Real Estate[48]. - The company reported an investment income of CNY 726,570.47 from its financial products during the reporting period[100]. - The company received CNY 323,119,582.94 from investment recoveries during the current period[183]. - Total cash inflow from financing activities was CNY 60,071,612.97, down from CNY 535,169,999.68 in the previous period[180]. - Net cash flow from financing activities was CNY 7,452,457.42, a decrease from CNY 175,952,026.80 in the previous period[180]. Shareholder and Profit Distribution - The company did not distribute profits or increase capital reserves for the year 2015 due to a lack of distributable profits[2]. - The company's profit distribution policy emphasizes a minimum cash dividend ratio of 20% during its growth phase, especially when significant capital expenditures are anticipated[78]. - Cash dividends will be prioritized in profit distribution, and the company must meet specific conditions, including positive distributable profits and sufficient cash flow, to implement cash dividends[77]. - The company has not distributed any dividends in the last three years, indicating a focus on reinvestment or other uses of retained earnings[83]. - The company will conduct at least one cash dividend distribution every three years if conditions are met, with a cumulative cash distribution of no less than 30% of the average annual distributable profit over the last three years[78]. Corporate Governance and Management - The company has a well-structured governance system, ensuring clear responsibilities among its power, decision-making, supervisory, and management bodies[147]. - The company has established a framework for evaluating the performance of its directors and supervisors, linking remuneration to their roles[140]. - The company’s board includes independent directors with extensive experience in finance and management, enhancing governance[133]. - The company has a strategic focus on maintaining operational continuity amidst leadership changes and restructuring efforts[136]. - The independent directors' remuneration is set at 50,000 RMB (including tax) per year, as approved in the 2009 shareholders' meeting[140]. Market and Operational Strategy - The company is focusing on expanding its product line to include larger diameter municipal and gas pipelines, enhancing its competitive edge in the market[26]. - The company plans to leverage its technological and brand advantages to improve operational quality and reduce costs, aiming for sustainable growth[26]. - The company aims to strengthen production management and reduce costs to ensure stable production and enhance core competitiveness[70]. - The company recognizes risks related to market competition and raw material price fluctuations, particularly the volatility of PVC prices impacting profitability[72]. - The company is committed to addressing identified risks while advancing the integration of Huachuang Securities to achieve a comprehensive transformation[73]. Assets and Liabilities - Total assets decreased from CNY 1,894,451,333.18 at the beginning of the year to CNY 675,669,480.12 by year-end, a reduction of approximately 64.3%[169]. - Total liabilities decreased from CNY 1,745,920,474.19 to CNY 310,060,009.72, a decline of approximately 82.3%[170]. - The company's equity attributable to shareholders rose from CNY 128,129,507.33 to CNY 353,846,313.84, an increase of about 176.5%[170]. - The total capital reserve at the end of the reporting period is CNY 368,917,854.27, reflecting the company's capital structure[191]. - The company’s retained earnings show a significant deficit of CNY 733,600,911.62, highlighting ongoing financial difficulties[188]. Legal and Compliance - The company has not faced any penalties from securities regulatory agencies in the past three years[142]. - The company has not reported any significant changes in accounting policies or estimates during the reporting period[87]. - The company has ensured that all related transactions are conducted at fair prices and in accordance with disclosure requirements[85]. - The company has no significant litigation or arbitration matters pending during the reporting period[90]. Employee and Human Resources - The company has a total of 865 employees, with 53 in the parent company and 812 in major subsidiaries[143]. - The company implements a salary policy combining base salary and performance-based bonuses, with year-end bonuses calculated based on employee performance and company goals[144]. - The company has established a comprehensive training system, focusing on both internal and external training for employees, particularly for frontline and technical staff[145].

Financial Performance - Operating revenue for the first nine months decreased by 12.22% to CNY 241,043,250.62 compared to the same period last year[6]. - Net profit attributable to shareholders reached CNY 286,272,817.53, a significant increase of 510.98% compared to the same period last year[6]. - Basic and diluted earnings per share improved to CNY 0.60, up 452.94% from a loss of CNY 0.17 per share in the previous year[7]. - Total operating revenue for the current period is CNY 77,259,524.92, a decrease of 21.1% compared to CNY 97,833,087.44 in the same period last year[29]. - Total operating costs amount to CNY 100,380,199.20, down 25.2% from CNY 134,276,602.77 year-on-year[29]. - Operating profit for the current period is CNY 337,566,046.12, compared to a loss of CNY 36,383,515.33 in the same period last year[30]. - Net profit attributable to shareholders of the parent company is CNY 339,905,031.75, a significant increase from a loss of CNY 35,290,702.47 in the previous year[31]. - The total profit for the current period is CNY 338,483,547.75, compared to a loss of CNY 37,138,940.24 in the same period last year[30]. - The company reported a total comprehensive income of CNY 338,482,019.75, compared to a loss of CNY 37,138,940.24 in the previous year[31]. - Net profit for the first nine months of 2015 reached CNY 129,408,549.11, compared to a net loss of CNY 4,615,408.25 in the previous year, indicating a significant turnaround[33]. - Total comprehensive income for the first nine months was CNY 129,408,549.11, compared to a loss of CNY 4,615,408.25 in the same period last year[34]. Asset and Liability Changes - Total assets decreased by 60.66% to CNY 745,189,583.56 compared to the end of the previous year[6]. - Current assets increased by 890.19%, from CNY 7,000,000.00 to CNY 69,313,000.00, attributed to an increase in purchased financial products[14]. - The company's total liabilities decreased from ¥1,745,920,474.19 to ¥313,003,879.31, reflecting a reduction of approximately 82%[23]. - Short-term borrowings decreased by 96.82%, from CNY 1,358,000,000.00 to CNY 43,130,000.00, due to Baoshuo Real Estate no longer being included in the consolidation scope[15]. - The company's accounts payable increased by 44.14%, from CNY 27,800,000.00 to CNY 40,072,070.00, due to an increase in procurement transactions settled by notes[15]. - Total liabilities decreased from ¥1,745,920,474.19 to ¥313,003,879.31, reflecting a reduction of approximately 82%[23]. Cash Flow and Investment Activities - Net cash flow from operating activities improved by 94.56%, reaching CNY -6,602,285.11 compared to CNY -121,255,478.30 in the same period last year[6]. - The company reported a cash flow from investment activities of CNY 73,357,107.01, a significant increase of 1,709.71% compared to a negative cash flow of CNY 4,557,165.22 from the previous year[15]. - Cash inflows from investment activities totaled CNY 474,257,135.51, significantly higher than CNY 645,500.00 in the previous year[36]. - The company reported a net cash inflow from financing activities of CNY 15,114,210.95, compared to a net outflow of CNY 4,033,030.08 in the previous year[37]. - Cash and cash equivalents increased from ¥210,391,847.73 to ¥271,394,446.52, a growth of about 29%[22]. - Cash and cash equivalents at the end of the period increased to CNY 269,975,776.58 from CNY 7,853,387.80 at the end of the previous year[37]. Shareholder and Equity Information - Net assets attributable to shareholders increased by 223.42% to CNY 414,402,324.86 compared to the end of the previous year[6]. - The total number of shareholders reached 21,628, with the largest shareholder holding 39.29% of the shares[12]. - The company's equity attributable to shareholders rose from ¥128,129,507.33 to ¥414,402,324.86, an increase of approximately 224%[24]. Government and Related Party Transactions - The company received government subsidies amounting to CNY 82,498.00 during the reporting period[7]. - The company reported a commitment to minimize related party transactions and ensure fair pricing in transactions with independent third parties[19]. - New Hope Chemical, the controlling shareholder, pledged to avoid any business or investment that may compete with Baoshuo's operations during its control period[20]. - The company confirmed that it will not engage in any business that competes with Baoshuo's main operations or products during the control period[20]. - New Hope Chemical committed to timely notifying Baoshuo of any potential competitive opportunities[20]. Other Financial Metrics - The company reported a debt restructuring gain of CNY 3,593,604.30 for the first nine months[7]. - The company recorded an investment income of CNY 363,953,974.58, a staggering increase of 313,653.43% compared to CNY 116,000.00, mainly due to the disposal of part of the equity in Baoshuo Real Estate[15]. - The company completed the transfer of 60% equity in Baoshuo Real Estate to Urban Fangting for CNY 144 million, with the transaction fully settled and related business registration changes completed[17]. - The company disclosed that the cumulative net profit for the year may experience significant changes compared to the same period last year[20]. - As of September 30, 2015, the financial statements were prepared but not audited, indicating ongoing financial assessments[21].

Financial Performance - The company's operating revenue for the first half of 2015 was CNY 163,783,725.70, a decrease of 7.34% compared to CNY 176,759,769.71 in the same period last year[19]. - The net profit attributable to shareholders of the listed company was a loss of CNY 53,632,214.22, representing a decline of 56.06% from a loss of CNY 34,365,385.84 in the previous year[19]. - The net profit for the same period was CNY -54.83 million, indicating a loss compared to the previous year[24]. - The company reported an operating profit loss of CNY 57,620,169.41, slightly improved from a loss of CNY 59,422,365.46 in the previous year[92]. - The total comprehensive income for the first half of 2015 was a loss of CNY 54,827,174.49, compared to a loss of CNY 36,176,842.96 in the previous year[93]. Cash Flow - The net cash flow from operating activities improved to a loss of CNY 35,707,558.37, a 70.00% improvement compared to a loss of CNY 119,006,988.14 in the same period last year[19]. - The company reported a net cash flow from operating activities of CNY -35.71 million, an improvement of 70% year-on-year[26]. - Cash flow from operating activities showed a net outflow of CNY 35,707,558.37, an improvement from a net outflow of CNY 119,006,988.14 in the same period last year[99]. - The company reported a total cash outflow from operating activities of 23,040,522.18 RMB, significantly higher than 180,529,073.31 RMB in the previous year[103]. Assets and Liabilities - The total assets at the end of the reporting period were CNY 1,913,891,115.14, reflecting a slight increase of 1.03% from CNY 1,894,451,333.18 at the end of the previous year[19]. - Total liabilities rose to ¥1,820,187,430.64 compared to ¥1,745,920,474.19, indicating an increase of about 4.5%[85]. - The total current assets as of June 30, 2015, amount to 1,799,697,414.65 RMB, an increase from 1,785,165,455.72 RMB at the beginning of the period[83]. - The cash and cash equivalents decreased to 196,512,747.81 RMB from 210,391,847.73 RMB, indicating a decline of approximately 6.5%[83]. Shareholder Information - The company has a total of 21,628 shareholders as of the end of the reporting period[74]. - The top shareholder, New Hope Chemical Investment Co., Ltd., holds 187,233,501 shares, representing 39.29% of the total shares, with 64,102,564 shares under lock-up conditions[76]. - The company has 64,102,564 shares under lock-up conditions that will become tradable on December 22, 2017[78]. Investment Activities - The company reported a debt restructuring gain of CNY 2,732,075.46 during the reporting period[21]. - The company invested RMB 16 million in a principal-protected floating income financial product with a 3.7% annualized return, which was redeemed on March 31, 2015[38]. - The company plans to use up to RMB 160 million of idle raised funds for low-risk short-term financial products within one year[37]. Subsidiaries and Business Operations - The company has a total of five subsidiaries involved in the production and sales of plastic building materials and related products[41][42]. - The company is actively exploring transformation through mergers and acquisitions to adapt to the new economic normal[24]. - The company has established several subsidiaries focused on real estate development and construction materials, with a registered capital of 500 million RMB for each real estate subsidiary[43][44]. Related Party Transactions - The company has engaged in related party transactions, with a total amount of 2,478,632.48 RMB for sales of materials to its wholly-owned subsidiary[53]. - The company has provided funding to its controlling shareholder, New Hope Chemical Investment Co., Ltd., with a beginning balance of 95,497,949.67 RMB and an ending balance of 92,597,949.67 RMB after a transaction of -2,900,000.00 RMB[57]. Governance and Compliance - The company has established a governance structure that complies with regulatory requirements, ensuring clear responsibilities among its board and management[67]. - The company has committed to minimizing related party transactions and ensuring fair pricing in any unavoidable transactions[61]. - The company has not reported any penalties or corrective actions for its directors, supervisors, or senior management during the reporting period[66]. Financial Reporting and Accounting Policies - The company adheres to the Chinese Accounting Standards, ensuring that its financial reports accurately reflect its financial position as of June 30, 2015[121]. - The company’s financial statements are prepared based on the going concern assumption, indicating no significant risks affecting its operational continuity[119]. - The company recognizes deferred tax assets related to deductible temporary differences if new information indicates that the economic benefits can be realized within 12 months post-acquisition, reducing goodwill accordingly[128]. Revenue Recognition - The company recognizes revenue from the sale of goods when the significant risks and rewards of ownership have transferred to the buyer[181]. - The company’s total revenue from real estate leasing will be recognized when the expected rental income is likely to flow in[184].

Financial Performance - The company's net profit for 2014 was -147,301,561.08 yuan, resulting in a total distributable profit of -733,600,911.62 yuan, leading to no profit distribution for the year [4]. - The company reported a significant accumulated undistributed profit of -586,299,350.54 yuan from the previous year [4]. - The net profit attributable to shareholders was CNY -147,301,561.08, a decrease of 121.24% from CNY 693,636,185.44 in 2013 [36]. - The company achieved operating revenue of CNY 409,467,286.82, representing a 471.08% increase compared to CNY 71,700,010.10 in the previous year [36]. - The cash flow from operating activities was CNY -118,395,069.86, showing an improvement of 85.23% compared to CNY -801,784,561.26 in the previous year [36]. - The total assets increased by 5.38% to CNY 1,894,451,333.18 from CNY 1,797,726,378.73 in 2013 [28]. - The net assets attributable to shareholders rose by 59.64% to CNY 128,129,507.33 from CNY 80,261,068.73 in the previous year [28]. - Basic earnings per share were CNY -0.36, a decline of 121.43% from CNY 1.68 in 2013 [29]. - The company reported a total loss of approximately CNY 22.59 million from long-term equity investments [115]. - The net loss for the year was CNY 151,790,154.10, compared to a net profit of CNY 693,500,406.90 in the previous year, marking a decline of approximately 121.9% [192]. Shareholder and Capital Structure - The company completed a non-public offering of up to 64,102,564 shares, increasing the controlling shareholder's stake from 29.85% to 39.29% [24]. - The company’s fundraising plan involved issuing 64,102,564 shares at RMB 3.12 per share, raising a total of RMB 199,999,999.68 before expenses [73]. - The company’s major investments in subsidiaries have not yielded expected returns, leading to significant losses [115]. - The largest shareholder, New Hope Chemical Investment Co., Ltd., holds 187,233,501 shares, representing 39.29% of the total shares [132]. - The company has 64,102,564 restricted shares that cannot be transferred within 36 months from December 22, 2017 [135]. - The total number of shareholders was 18,890, down from 20,252 prior to the report [130]. Operational Changes and Strategy - The company has shifted its main business focus from chlor-alkali chemicals and plastic products to the production and sales of plastic pipe and profile products since September 2013 [21]. - The company is focusing on domestic market expansion and product technology innovation to counteract external economic pressures [36]. - The company plans to strengthen production management to ensure safe and orderly production while reducing operational costs [83]. - The company aims to explore new profit growth points through mergers and acquisitions to enhance profitability and ensure sustainable development [82]. - The company is actively exploring transformation and development paths to enhance core competitiveness and ensure sustainable growth [64]. Risks and Challenges - The company has faced risks related to future plans and development strategies, which are detailed in the annual report [11]. - The company has a high asset-liability ratio and low bank credit, indicating substantial refinancing pressure and liquidity risk [87]. - The company's main raw material, PVC, accounts for approximately 70%-80% of production costs, leading to significant exposure to price fluctuations due to geopolitical and economic uncertainties [87]. - The plastic profile and pipe fittings industry is experiencing intense competition, with the overall capacity exceeding demand [80]. Governance and Compliance - The company received a standard unqualified audit report from Sichuan Huaxin (Group) Accounting Firm for the 2014 fiscal year [7]. - The company’s financial report is guaranteed to be true, accurate, and complete by its board of directors and management [7]. - The company has committed to minimizing related party transactions and ensuring fair pricing in any unavoidable transactions with its controlling shareholder [107]. - The company has established a commitment to maintain operational independence from its controlling shareholder, New Hope Chemical, in various aspects including assets and finance [107]. - The company emphasizes investor relations management, ensuring effective communication and information dissemination to shareholders [163]. Research and Development - The total R&D expenditure as a percentage of net assets and operating income was not specified but is a key focus for future growth [51]. - The company is investing 100 million RMB in research and development for new technologies in the upcoming fiscal year [147]. Employee and Management Structure - The company employed a total of 1,107 staff, with 623 in production, 92 in sales, and 75 in technical roles [153]. - The core technical team remains stable, significantly impacting the company's core competitiveness [152]. - The company has implemented a salary policy combining base pay and performance bonuses, with year-end bonuses calculated based on individual performance and company goals [155]. - The total remuneration for the board members amounted to 84.82 million yuan before tax [146]. Financial Management - The company has not engaged in any non-operating fund occupation by controlling shareholders or related parties [6]. - The company has not provided any guarantees in violation of regulatory decision-making procedures [7]. - The company has not declared any capital reserve transfer to increase share capital for the year [4]. - The company has not reported any significant changes in the measurement attributes of its main assets during the reporting period [63]. - The company has not engaged in any asset swaps or mergers during the reporting period [99].

Financial Performance - Net profit attributable to shareholders decreased by 19.50% to CNY 103,149,852.53 compared to the end of the previous year[6]. - Operating revenue decreased by 7.38% to CNY 63,167,084.02 compared to the same period last year[6]. - Basic earnings per share decreased by 66.67% to CNY -0.05 compared to CNY -0.03 in the previous year[6]. - Weighted average return on equity decreased to -21.60% from -18.50% in the previous year[6]. - The company reported a net loss of ¥758,580,566.42, worsening from a loss of ¥733,600,911.62 at the beginning of the year[25]. - Net loss for Q1 2015 was ¥25,511,928.31, compared to a net loss of ¥14,531,480.57 in Q1 2014, representing an increase in loss of 75.5%[32]. Cash Flow - Cash flow from operating activities improved by 76.31%, reaching CNY -26,007,195.59 compared to CNY -109,784,038.20 in the previous year[6]. - The net cash flow from operating activities improved by 76.31%, reaching CNY -26,007,195.59 compared to CNY -109,784,038.20 in the previous year, primarily due to repayments of payables from a suspended company[16]. - The net cash flow from investing activities was CNY 1,047,530.51, a significant increase of 303.78% from CNY -514,052.22, driven by increased returns from structured deposits[16]. - The net cash flow from financing activities was CNY 39,733,066.67, resulting from short-term loans obtained by subsidiaries[16]. - Cash generated from operating activities was ¥69,437,792.73, an increase of 18.1% from ¥58,799,102.19 in Q1 2014[37]. - The net cash flow from investment activities was 1,047,530.51 RMB, recovering from -514,052.22 RMB in the previous period[39]. - Cash flow from financing activities generated a net inflow of 39,733,066.67 RMB[39]. Assets and Liabilities - Total assets increased by 1.00% to CNY 1,913,317,754.88 compared to the end of the previous year[6]. - Total current assets increased to ¥1,806,222,531.62 from ¥1,785,165,455.72, representing a growth of approximately 1.04%[23]. - Total liabilities increased to ¥1,790,298,824.20 from ¥1,745,920,474.19, reflecting a rise of about 2.54%[25]. - Short-term borrowings rose to ¥1,398,000,000.00 from ¥1,358,000,000.00, an increase of approximately 2.94%[24]. - The company's equity attributable to shareholders decreased to ¥103,149,852.53 from ¥128,129,507.33, a decline of approximately 19.49%[25]. - The company's total liabilities amounted to ¥183,894,556.48, with total equity at ¥129,087,660.00 as of the end of Q1 2015[32]. Expenses - The company's sales tax and additional fees increased significantly to CNY 60,811.33, a rise of 1237.29% compared to CNY 4,547.36 in the same period last year, primarily due to increased VAT payments[14]. - Sales expenses rose to CNY 3,022,424.96, reflecting a 146.92% increase from CNY 1,224,067.29, mainly driven by higher employee compensation and direct sales logistics costs[14]. - Financial expenses increased by 34.04% to CNY 20,569,415.11 from CNY 15,345,759.25, attributed to interest accrued on entrusted loans by subsidiaries[14]. - Total operating costs for Q1 2015 were ¥92,763,804.12, down 5.3% from ¥98,030,764.79 year-over-year[31]. - The company recorded a significant increase in sales expenses, which rose to ¥3,022,424.96 from ¥1,224,067.29 year-over-year[32]. Investments - Investment income surged to CNY 1,363,966.51, a 2335.65% increase from CNY 56,000.00, mainly due to higher returns from structured deposits[14]. - Investment income for Q1 2015 was ¥1,363,966.51, significantly higher than ¥56,000.00 in Q1 2014[32]. - The company received 160,000,000.00 RMB from investment recoveries during the period[40]. Shareholder Information - The total number of shareholders reached 20,335 at the end of the reporting period[11]. - New Hope Chemical Investment Co., Ltd. holds 39.29% of the shares, totaling 187,233,501 shares[12]. Corporate Governance - The company has not disclosed any new product developments or market expansion strategies in this report[4]. - New Hope Chemical has committed to avoiding any business or investment that may compete with Baoshuo Co., ensuring no similar operations are conducted by its affiliates[19]. - New Hope Chemical will promptly notify Baoshuo Co. of any potential competitive opportunities and recommend participation[19]. - If any competition arises, New Hope Chemical will transfer the competing business to Baoshuo Co. or an independent third party[19]. - The actual controller of Baoshuo Co., Liu Yonghao, has also committed to not engaging in any competing real estate business during his control period[19]. - Baoshuo Co. has not indicated any significant changes in net profit compared to the previous year, as of the report date[20]. - The report was disclosed on April 28, 2015, by Chairman Huang Daiyun[20]. - New Hope Chemical has promised to maintain independence in operations, finance, and decision-making from Baoshuo Co.[19]. - The company has established a long-term commitment to avoid conflicts of interest and ensure fair pricing in related transactions[19]. - Baoshuo Co. is focused on maintaining its independent business operations and decision-making processes[19]. - The report includes a commitment to transparency in disclosing related party transactions as per legal requirements[19].

Financial Performance - Operating revenue increased by 1,410.67% to CNY 274,592,857.15 for the first nine months compared to the same period last year[7]. - Net profit attributable to shareholders was a loss of CNY 69,656,088.31, representing a decrease of 188.15% compared to the same period last year[7]. - Basic earnings per share decreased by 188.40% to CNY -0.169 for the first nine months compared to the same period last year[7]. - The company reported a net loss of ¥655,955,438.85, worsening from a loss of ¥586,299,350.54 in the previous period[26]. - The company reported a total profit of CNY -7,019,923.30 for the first nine months, a decrease from CNY -13,037,341.34 in the same period last year[38]. Cash Flow - Cash flow from operating activities showed a net outflow of CNY 121,255,478.30, an increase of 105.31% in outflow compared to the same period last year[7]. - The company reported a net cash outflow from operating activities of ¥-121,255,478.30, a decline of 105.31% compared to the previous period[12]. - Cash inflow from operating activities reached CNY 208,037,500.32, a substantial increase from CNY 13,423,876.87 in the previous year[39]. - The net cash flow from operating activities for the first nine months of 2014 was ¥254,382,345.16, a significant improvement compared to a net outflow of ¥40,650,830.54 in the same period last year[42]. - Total cash inflow from operating activities reached ¥439,378,061.44, compared to ¥21,251,973.35 in the previous year, indicating a year-over-year increase of approximately 1,967%[42]. Assets and Liabilities - Total assets decreased by 3.92% to CNY 1,727,337,172.97 compared to the end of the previous year[7]. - The company's total equity decreased to ¥31,835,230.21 from ¥105,151,013.41, representing a decline of approximately 69.7%[26]. - Total liabilities increased slightly to ¥1,695,501,942.76 from ¥1,692,575,365.32, showing a marginal rise of about 0.2%[26]. - Cash and cash equivalents decreased by 93.35% to ¥9,249,887.80 due to repayment of payables related to a suspended company[11]. - Inventory levels rose to ¥1,432,205,829.08 compared to ¥1,384,128,268.02 at the start of the year, suggesting potential overstocking or slower sales[24]. Shareholder Information - The total number of shareholders was 34,611 at the end of the reporting period[8]. - The top shareholder, New Hope Chemical Investment Co., Ltd., held 123,130,937 shares, accounting for 29.85% of total shares[9]. Financial Distress Indicators - The weighted average return on net assets was -153.316%, indicating significant financial distress[7]. - The company recorded an increase in asset impairment losses by 252.06% to ¥3,974,540.83, reflecting increased bad debt provisions[11]. - The company faced a penalty of ¥600,000 from the China Securities Regulatory Commission for previous violations, including failure to disclose related party transactions[16]. Changes in Financial Position - Cash and cash equivalents dropped significantly to ¥2,640,327.68 from ¥88,470,286.63, a decrease of about 97%[28]. - Other receivables fell to ¥49,697,958.49 from ¥343,188,670.75, indicating a reduction of approximately 85.5%[29]. - Inventory levels decreased to ¥4,349,924.39 from ¥9,422,665.63, a decline of about 53.8%[29]. Regulatory Compliance - The company has committed to minimizing related party transactions and ensuring fair pricing in such transactions[19]. - New Hope Chemical has pledged to maintain independence in operations and decision-making from Baoshuo Co., ensuring no conflicts of interest[19]. - The company has not reported any significant changes in accounting standards affecting its financial results for the current period[20]. - There are no warnings regarding potential losses or significant changes in net profit compared to the previous year[20].

Financial Performance - The company's operating revenue for the first half of 2014 was ¥176,759,769.71, a significant increase of 1,080.51% compared to ¥14,973,199.69 in the same period last year[20]. - The net profit attributable to shareholders of the listed company was a loss of ¥34,365,385.84, an improvement of 35.59% from a loss of ¥53,357,710.73 in the previous year[20]. - The net cash flow from operating activities was -¥119,006,988.14, which represents a decline of 221.80% compared to -¥36,981,780.93 in the same period last year[20]. - The total profit loss of CNY 36,176,842.96 is an increase of CNY 17,240,328.77 year-on-year, attributed to changes in the scope of consolidation and product variety[27]. - The company reported an operating loss of CNY -59,422,365.46, compared to a loss of CNY -53,085,501.59 in the previous year[84]. - Net profit for the period was CNY -36,176,842.96, an improvement from CNY -53,417,171.73 year-over-year[84]. Assets and Liabilities - The total assets at the end of the reporting period were ¥1,738,456,584.55, a decrease of 3.30% from ¥1,797,726,378.73 at the end of the previous year[20]. - Total current assets decreased from 1,624,551,593.18 to 1,573,779,287.89, a decline of approximately 3.5%[77]. - Total liabilities decreased from 1,692,575,365.32 to 1,669,482,414.10, a reduction of about 1.4%[78]. - Total equity decreased from 105,151,013.41 to 68,974,170.45, a decline of about 34.4%[78]. - The company reported a net loss of 34,365,385.84 RMB for the current period, contributing to a decrease in total equity[95]. - Total equity attributable to the parent company decreased to -620,664,736.38 RMB from -586,299,350.54 RMB, reflecting ongoing financial challenges[95]. Cash Flow - The cash flow from operating activities was negative CNY 119,006,988.14, worsening by 221.80% compared to negative CNY 36,981,780.93 in the previous year[26]. - Cash inflow from financing activities was 78,110,000.00 RMB, while cash outflow was only 3,449.11 RMB, indicating strong financing support[93]. - The ending cash and cash equivalents balance was 3,583,493.42 RMB, down from 9,243,991.75 RMB in the previous period[93]. - The company is focusing on improving cash flow management and exploring new financing options to stabilize its financial position[93]. Shareholder Information - The company’s major shareholder, New Hope Chemical Investment Co., Ltd., holds 29.85% of the shares, totaling 123,130,937 shares[66]. - The total number of shareholders at the end of the reporting period was 43,362[66]. - The company has no plans for profit distribution or capital reserve transfer for the mid-year[44]. Governance and Compliance - The company has established a governance structure that complies with regulatory requirements, ensuring clear responsibilities among the board, supervisory board, and management[55]. - The company has committed to avoiding related party transactions and ensuring fair pricing in any unavoidable transactions with Baoshuo Co., Ltd.[53]. - The company received a fine of 600,000 yuan from the China Securities Regulatory Commission due to false statements, and relevant senior management personnel have since left the company[54]. Inventory and Receivables - Inventory at the end of the period is valued at 1,446,910,263.16, with a provision for decline in value of 7,270,872.58[190]. - The company reported accounts receivable of RMB 85,392,851.54, with a bad debt provision of RMB 9,500,511.89, representing 11.13% of the total[180]. - The aging analysis of prepayments shows that 97.38% (RMB 9,839,222.86) are within one year, indicating a strong liquidity position[184]. Accounting Policies - The company has not changed its accounting policies, estimates, or methods during the reporting period[56]. - The company’s financial statements are prepared based on the going concern assumption and comply with the relevant accounting standards[110]. - The company recognizes expected liabilities when obligations are likely to lead to economic outflows and can be reliably measured[156]. Business Operations - The company has shifted its main business focus to the production and sales of pipes and profiles, having ceased its original chlor-alkali chemical operations in June 2012[107]. - The company plans to enhance its production capacity by an additional 60,000 tons of plastic pipe profiles following the completion of its non-public stock issuance project initiated in 2013[33]. - The company’s business scope has been officially updated to include various types of plastic pipes and profiles as of March 27, 2014[107].

Financial Performance - Operating revenue increased by 485.50% to CNY 68,203,707.92 compared to the same period last year[9]. - Net profit attributable to shareholders improved by 47.37% to a loss of CNY 13,596,916.94 compared to the same period last year[9]. - Basic earnings per share were CNY -0.033, an improvement of 47.37% compared to CNY -0.063 in the same period last year[9]. - The company reported a net loss of CNY 599,896,267.48 in retained earnings as of March 31, 2014, compared to a loss of CNY 586,299,350.54 at the beginning of the year[24]. - The net loss for Q1 2014 was CNY 14,531,480.57, compared to a net loss of CNY 25,867,788.29 in the previous year, showing an improvement of approximately 44%[30]. - The company reported operating profit of negative CNY 29,771,056.87 for Q1 2014, compared to negative CNY 26,455,776.48 in the same period last year[30]. Cash Flow - Net cash flow from operating activities was negative at CNY -109,784,038.20, a decrease of 1,779.86% compared to the same period last year[9]. - Cash flow from operating activities for Q1 2014 was negative CNY 109,784,038.20, worsening from negative CNY 5,840,021.11 in the same period last year[34]. - Total cash inflow from operating activities was 54,515,271.47 RMB, while cash outflow was 129,989,151.18 RMB, resulting in a net cash flow from operating activities of -75,473,879.71 RMB[37]. - The company incurred substantial payments for goods and services, amounting to 35,949,285.72 RMB, compared to 11,110,050.55 RMB in the same period last year[37]. - The net cash increase for the period was -75,421,848.71 RMB, indicating a decrease in liquidity[38]. Assets and Liabilities - Total assets decreased by 2.05% to CNY 1,760,941,233.25 compared to the end of the previous year[9]. - Current liabilities totaled CNY 1,669,937,026.34, slightly down from CNY 1,692,190,691.25 at the start of the year[24]. - The company’s total liabilities decreased significantly, with accounts payable dropping by 34.32% to CNY 50,077,529.18 from CNY 76,250,165.73, due to repayments made during the period[14]. - Total liabilities decreased from CNY 593,202,358.44 to CNY 556,225,430.42, reflecting a reduction of approximately 6.2%[28]. - The company's total equity increased from CNY 4,276,533.09 to CNY 13,220,739.14, marking an increase of about 209%[28]. Shareholder Information - The total number of shareholders was 38,756 as of the report date[11]. - The largest shareholder, New Hope Chemical Investment Co., Ltd., holds 29.85% of the shares, totaling 123,130,937 shares[12]. - The controlling shareholder has committed to reducing and regulating related party transactions to protect the interests of the company and its minority shareholders[19]. - The company has made commitments to maintain independence in operations, finance, and management from the controlling shareholder[20]. Government Support and Subsidies - The company received government subsidies amounting to CNY 1,515,500.00 during the reporting period[10]. - The controlling shareholder has provided substantial financial support during the bankruptcy reorganization process to ensure the execution of the plan[19]. Operational Changes and Industry Context - The chlor-alkali division of the company has ceased operations since June 2012, resulting in no competition with the controlling shareholder[18]. - The chlor-alkali industry in China remains sluggish, with overall losses and no significant recovery trend observed[18]. - The company is currently involved in a legal dispute regarding the appointment of executives during the bankruptcy restructuring process, which may impact its operations[15]. Investment Activities - The company’s cash flow from investment activities turned negative at -CNY 514,052.22, a 742.57% decline from a positive CNY 80,000.00 in the previous year, due to equipment purchases by subsidiaries[14]. - The company disposed of fixed assets and received cash of 380,000.00 RMB during the investment activities[36].

Financial Performance - The company reported a net profit of ¥610,089,906.45 for the year 2013, but the total distributable profit was negative at ¥-662,667,027.34 due to accumulated losses from previous years[6]. - The company will not distribute profits or increase capital reserves for the year 2013, as approved by the board of directors[6]. - The company reported a revenue of CNY 71,700,010.10 for 2013, a decrease of 81.07% compared to CNY 378,805,013.46 in 2012[24]. - The net profit attributable to shareholders was CNY 693,636,185.44, a significant increase of 601.48% from a loss of CNY 138,316,582.15 in 2012[24]. - The net cash flow from operating activities was negative at CNY -801,784,561.26, a decline of 4,236.44% compared to CNY -18,489,453.78 in 2012[24]. - The total assets increased by 163.06% to CNY 1,797,726,378.73 at the end of 2013 from CNY 683,399,227.72 at the end of 2012[24]. - The company reported a significant increase in non-operating income, totaling CNY 979,646,031.51, compared to CNY 2,018,473.07 in the previous year[166]. - The company reported a net loss of CNY 586,299,350.54 for the year, an improvement from a loss of CNY 1,279,935,535.98 in the previous year[160]. - The total comprehensive income for the period, including net profit and other comprehensive income, was CNY 693,500,406.90[177]. Business Operations - The main business of the company has shifted from chlor-alkali chemicals and plastic products to the production and sales of plastic pipes and profiles since September 2013[15]. - The company experienced a 100% decrease in revenue from its chlor-alkali business due to its suspension in June 2012[27]. - The company's main business segments, including chlor-alkali chemicals, plastic films, and cement, reported zero revenue due to production stoppages, while the profile segment generated revenue of ¥40,085,727.44 with a gross margin of 5.97%[38]. - The company’s main business shifted to plastic profiles, with revenue from this segment reported at CNY 40,085,727.44[37]. - The company aims to transition its main business to plastic pipe profiles, ceasing its chlorine-alkali and cement operations to improve profitability and ensure sustainable development[63]. Risks and Challenges - The company has faced significant risks, which are detailed in the board report section of the annual report[10]. - The company successfully avoided the risk of delisting by improving its asset and operational status through various measures[24]. - The company faces risks from market competition, with low barriers to entry leading to potential overcapacity in low-end products, necessitating a focus on brand and quality to maintain profitability[68]. - PVC, which constitutes 70%-80% of production costs, is subject to price volatility, posing a risk to the company's profitability if prices rise significantly[68]. - Economic slowdowns and tightening real estate policies could adversely affect market demand for the company's products, highlighting the need for strategic adaptability[69]. Financial Strategy and Investments - The company has no outstanding financial investments or loans for the reporting period, indicating a conservative financial strategy[49][48]. - The company plans to enhance its market position by increasing plastic pipe and profile production capacity by 60,000 tons following the completion of its non-public stock issuance project[43]. - A non-public stock issuance is underway to raise 200 million yuan, with net proceeds allocated to a project that will increase annual production capacity by 60,000 tons of plastic building materials[70]. - The company signed a loan agreement for 1,018 million CNY with Baoding Bank, with a loan term from October 28, 2013, to October 27, 2014, at an annual interest rate of 6%[84]. - The company has made significant investments in fixed assets, totaling CNY 114,078,814.55, down from CNY 395,514,076.89, indicating a strategic shift in asset management[159]. Corporate Governance - The company has maintained independence in operations and decision-making from its controlling shareholder, New Hope Chemical[91]. - The company has a robust investor relations management system to ensure effective communication with investors and protect their rights[135]. - The board of directors operates independently, with independent directors playing a significant role in decision-making and oversight[134]. - The company has established a performance evaluation system for senior management, which is linked to their compensation based on objective assessments[144]. - The company has maintained a strong governance framework with independent directors contributing to oversight[120]. Subsidiaries and Market Position - The company holds a 100% equity stake in several subsidiaries, including those involved in PVC plastic products and real estate development, reflecting a diversified business portfolio[46]. - The company completed the bankruptcy reorganization plans for its subsidiaries, the profile company and the pipe company, with the plans executed successfully by September 23, 2013, and December 26, 2013, respectively[77]. - The company has 10 subsidiaries included in the consolidated financial statements as of December 31, 2013[188]. - The company is actively engaging in land revitalization efforts to enhance sustainable development capabilities in line with local urban development plans[97]. Employee and Management Structure - The total number of employees in the parent company and major subsidiaries is 1,143, with 93 in the parent company and 1,050 in subsidiaries[129]. - The professional composition includes 632 production personnel, 82 sales personnel, 75 technical personnel, 31 financial personnel, and 323 administrative personnel[129]. - The company emphasizes employee training through a combination of internal and external training resources, focusing on operational skills for frontline employees and management skills for managers[130]. - The total remuneration for all directors, supervisors, and senior management personnel amounted to 913,300 RMB during the reporting period[127]. - The company has a diverse board with members having extensive experience in various industries, enhancing strategic decision-making[116].