Financial Performance - The company's operating revenue for the first half of 2016 was CNY 33,412,876.58, representing a 14.35% increase compared to CNY 29,221,093.62 in the same period last year[17]. - The net profit attributable to shareholders of the listed company decreased significantly by 92.11% to CNY 12,389,317.60 from CNY 157,093,206.71 year-on-year[17]. - The net cash flow from operating activities improved by 68.34%, reaching CNY -14,398,518.76 compared to CNY -45,484,031.84 in the previous year[17]. - The total assets of the company decreased by 8.80% to CNY 2,486,328,322.13 from CNY 2,726,316,105.14 at the end of the previous year[17]. - The net assets attributable to shareholders decreased by 6.73% to CNY 2,140,548,756.87 from CNY 2,294,922,316.47 at the end of the previous year[17]. - Basic earnings per share dropped by 92.13% to CNY 0.0255 from CNY 0.3239 in the same period last year[19]. - The weighted average return on net assets decreased by 7.18 percentage points to 0.55% from 7.73% year-on-year[19]. - The total comprehensive income for the period was CNY -105,896,939.64, compared to CNY 234,251,154.79 in the same period last year[76]. - The company reported a significant reduction in financial expenses by 70.15%, attributed to decreased interest payments from long-term borrowings[25]. - The company reported an investment income of CNY 41,258,260.76, a decrease from CNY 216,135,846.03 in the previous year, highlighting a drop in investment performance[73]. Cash Flow and Liquidity - The net cash flow from investment activities decreased significantly by 394.45%, primarily due to reduced cash inflows from investment recoveries[26]. - The cash and cash equivalents at the end of the period were CNY 45,244,416.54, down from CNY 112,398,068.46 at the end of the previous period[80]. - The company reported an investment cash outflow of CNY 192,172,339.45, compared to CNY 281,592,250.00 in the previous year[80]. - The total cash outflow from financing activities was 71,973,134.66 RMB, compared to 16,997,168.29 RMB in the previous period, indicating a significant increase in cash outflows[82]. - The company's cash and cash equivalents decreased significantly from CNY 270,316,974.98 to CNY 45,244,416.54, representing a decline of approximately 83.3%[67]. Shareholder Information - The total number of shareholders at the end of the reporting period was 24,756[58]. - The largest shareholder, Baotou Grassland Sugar Industry Group Co., Ltd., held 152,717,960 shares, representing 31.49% of the total shares[59]. - The second-largest shareholder, Baotou Shichuang Economic Technology Development Co., Ltd., held 85,404,925 shares, accounting for 17.61%[59]. - The company distributed a cash dividend of RMB 1.0 per 10 shares, totaling RMB 48,493,200, based on the total share capital as of December 31, 2015[45]. Investments and Subsidiaries - The company invested a total of RMB 160 million in wealth management products, with expected annualized returns of 8.2% and 5.8% for different products[40]. - The company reported a net profit of RMB 1,975,708.56 from its wholly-owned subsidiary, Baotou Huazi Sugar Reserve Warehouse Co., Ltd., with total assets of RMB 71,686,248.65[42]. - The company’s investment in Hengtai Securities resulted in a net profit of RMB 228,140,765.07, with total revenue of RMB 1,206,189,360.84[43]. - The company’s wholly-owned subsidiary, Inner Mongolia Ruquan Dairy Industry Co., Ltd., reported a net loss of RMB 1,314,748.77, with total assets of RMB 171,142,548.76[43]. - The company has three subsidiaries included in the consolidated financial statements, with ownership stakes of 90% in Shanghai Huakun Technology Development Co., Ltd. and 100% in both Inner Mongolia Ruquan Dairy Co., Ltd. and Baotou Huazi Sugar Reserve Warehouse Co., Ltd.[98]. Risk and Compliance - The report includes a risk statement regarding forward-looking statements, indicating uncertainties in future plans and strategies[2]. - The company has committed to avoiding related party transactions post-acquisition to protect shareholder interests[52]. - The company has pledged to adhere to market fairness and legal compliance in any unavoidable related party transactions[52]. - The company has confirmed its ability to continue as a going concern for at least 12 months from the end of the reporting period[100]. Accounting Policies and Practices - The financial statements are prepared in accordance with the accounting standards issued by the Ministry of Finance, reflecting the company's financial position, operating results, and cash flows accurately[101]. - The company follows specific accounting treatments for business combinations, distinguishing between combinations under common control and those not under common control[108][110]. - The company recognizes revenue generated from the sale of its share in joint operations and recognizes expenses incurred individually and proportionately for joint operations[114]. - The company applies the equity method for long-term equity investments in joint ventures and associates, recognizing share of profits and losses accordingly[154]. - The company recognizes short-term employee compensation as a liability in the period it is incurred, impacting current profits or related asset costs[178]. Asset Management - The company recognizes fixed assets when they are expected to provide future economic benefits and their costs can be reliably measured[160]. - The company assesses construction in progress for impairment and transfers to fixed assets when they are ready for use[166]. - The company conducts impairment testing for long-term assets, including equity investments and fixed assets, when there are indications of impairment, recognizing impairment losses if the recoverable amount is less than the carrying amount[175]. - The company maintains a provision for inventory write-downs to reflect the lower of cost or net realizable value[144]. Market and Operational Strategies - The sugar sales increase was the primary reason for the revenue growth, with a notable rise in sales volume[25]. - The company plans to expand its financial services by increasing its stake in Huaxia Life Insurance, pending regulatory approval[30]. - The company has not reported any new product launches or technological advancements during this period[93]. - There were no significant mergers or acquisitions reported in the current financial period[93].

Financial Performance - Operating revenue fell by 82.17% to CNY 2,463,342.71 year-on-year[6] - Net profit attributable to shareholders decreased by 95.51% to CNY 2,012,203.97 compared to the same period last year[6] - Basic earnings per share dropped by 95.56% to CNY 0.0041[6] - Total operating revenue for Q1 2016 was CNY 2,463,342.71, a significant decrease of 82.12% compared to CNY 13,812,372.28 in the same period last year[32] - Net profit for Q1 2016 was CNY 2,005,363.97, a decline of 95.54% compared to CNY 44,820,847.43 in Q1 2015[33] - The company reported a total comprehensive income of CNY -102,776,236.03 for Q1 2016, compared to CNY 20,124,847.43 in the previous year[33] - Investment income for Q1 2016 was CNY 11,291,821.04, a decrease of 82.76% from CNY 65,479,461.59 in the same quarter last year[32] Assets and Liabilities - Total assets decreased by 6.55% to CNY 2,547,643,854.77 compared to the end of the previous year[6] - Cash and cash equivalents decreased by 67.83% to CNY 86,950,336.63 due to investment in financial products and loan repayments[13] - The total current assets decreased to CNY 200,458,462.01 from CNY 390,323,209.79, indicating a decline of approximately 48.7%[23] - The total liabilities decreased to CNY 397,854,090.47 from CNY 425,256,904.81, a reduction of about 6.5%[25] - Total liabilities as of the end of Q1 2016 were CNY 542,078,534.52, a decrease from CNY 566,938,014.85 at the end of the previous year[32] Shareholder Information - The total number of shareholders reached 23,388 at the end of the reporting period[10] - The largest shareholder, Baotou Grassland Sugar Industry Group, holds 31.49% of shares, with 152,717,960 shares pledged[10] - The second-largest shareholder, Baotou Shichuang Economic Technology Development Co., Ltd., holds 17.61% of shares, with 85,404,925 shares pledged[10] Cash Flow - Cash flow from operating activities improved by 96.96%, with a net cash flow of CNY -606,714.48[6] - Cash inflow from operating activities totaled ¥9,560,776.21, a decrease of 28.5% from ¥13,336,114.02 in the previous period[40] - Cash outflow from operating activities was ¥10,167,490.69, down 69.5% from ¥33,323,256.86 in the previous period[40] - The net increase in cash and cash equivalents was -¥183,366,638.35, worsening from -¥13,305,526.91 in the previous period[41] - The ending balance of cash and cash equivalents was ¥76,075,336.63, down from ¥118,161,562.45 in the previous period[41] Investment and Expenses - The company recorded an 82.76% decline in investment income to CNY 11,291,821.04, attributed to reduced profits from Heng Tai Securities during the reporting period[13] - The company’s financial expenses decreased by 64.82% to CNY 2,773,845.54 due to reduced loans from the parent company[13] - The company reported a significant investment of ¥160,000,000.00 during the period, indicating a strategic focus on growth despite cash flow challenges[44] Other Financial Metrics - The weighted average return on net assets decreased by 2.24 percentage points to 0.09%[6] - Diluted earnings per share also fell by 95.56% to CNY 0.0041[6] - The company has committed to maintaining independent operations and financial management following the acquisition of its major shareholder's stake[16][18] - The company has established a three-year dividend return plan for shareholders from 2015 to 2017, which has been revised[15]

Financial Performance - The company reported a total revenue of ¥32,767,224.12 in 2015, a decrease of 88.17% compared to ¥276,975,596.06 in 2014[20] - Net profit attributable to shareholders reached ¥147,625,080.09, an increase of 1,042.58% from ¥12,920,329.03 in the previous year[20] - Basic earnings per share increased to ¥0.3044, a growth of 1,044.36% from ¥0.0266 in 2014[21] - The weighted average return on equity improved to 7.01%, an increase of 6.29 percentage points from 0.72% in the previous year[21] - The company reported a net cash flow from operating activities of -¥50,115,760.72, an improvement of 11.34% compared to -¥56,527,875.96 in 2014[20] - The company’s financial performance has been significantly impacted by the ongoing low sugar prices and increased competition in the domestic market[34] - The total revenue for the year was CNY 32,767,224.12, reflecting a significant decline of 88.17% compared to the previous year[36] - The net profit attributable to shareholders for the year was CNY 147,625,080.09, showing a remarkable increase of 1,042.58% year-on-year[36] - The company reported a total operating revenue for the current period of ¥32,767,224.12, a decrease of 88.24% compared to ¥276,975,596.06 in the previous period[151] - Total operating costs for the current period are ¥150,498,753.12, down 64.93% from ¥428,764,040.60 in the previous period[151] - Operating profit for the current period is ¥156,185,160.39, significantly up from ¥8,439,523.61 in the previous period[151] - Net profit attributable to shareholders of the parent company is ¥147,625,080.09, compared to ¥12,920,329.03 in the previous period, marking an increase of 1032.73%[152] Dividend Distribution - The company plans to distribute a cash dividend of ¥1.00 per 10 shares, totaling ¥48,493,200, which accounts for 32.85% of the net profit attributable to shareholders[2] - The company plans to distribute a cash dividend of 0.10 RMB per 10 shares, totaling 4,849,320 RMB, based on a total share capital of 484,932,000 shares as of December 31, 2014[71] - The company has established a cash dividend policy that aims to provide reasonable returns to investors while ensuring sustainable development, with a focus on both cash and stock dividends[70] - The company’s profit distribution plan for 2015 indicates a cash dividend payout ratio of 32.85% of the net profit attributable to shareholders[72] Asset Management - The company's total assets increased by 2.91% to ¥2,726,316,105.14 at the end of 2015, compared to ¥2,649,226,029.02 in 2014[20] - The net assets attributable to shareholders rose by 19.68% to ¥2,294,922,316.47 from ¥1,917,604,684.35 in the previous year[20] - The company's total assets increased by 105.62% to CNY 270,316,974.98, primarily due to the recovery of investments[46] - The company's cash and cash equivalents at the end of the period were CNY 270,316,974.98, representing 9.92% of total assets[46] - The company’s long-term equity investments increased by 52.12% to CNY 1,128,320,794.33, mainly due to the increase in equity holdings in Hengtai Securities[46] - The company’s accounts receivable decreased by 40.36% to CNY 8,494,327.12, reflecting a reduction in business volume[46] - The company's total current assets as of December 31, 2015, amounted to CNY 390,323,209.79, a decrease from CNY 747,260,863.57 at the beginning of the year, representing a decline of approximately 47.8%[144] - The company's non-current assets increased to CNY 2,335,992,895.35 from CNY 1,901,965,165.45, reflecting an increase of about 22.8%[144] - Cash and cash equivalents rose significantly to CNY 270,316,974.98 from CNY 131,467,089.36, marking an increase of approximately 105.5%[144] - Accounts receivable decreased to CNY 8,494,327.12 from CNY 14,242,931.51, indicating a reduction of about 40.5%[144] Business Strategy - The company plans to raise funds through a private placement to increase its stake in Huaxia Insurance to no more than 51%, aiming to diversify its business into the insurance sector[35] - The company’s management has decided to stop producing beet sugar and focus on refined sugar processing, leveraging its logistical advantages[34] - The company aims to enhance its sustainable development capabilities by injecting quality assets into its operations[31] - The company plans to expand its main business to include an insurance sector, transitioning into a comprehensive listed company that integrates finance and sugar production, enhancing its sustainable operational capacity[52] - The company plans to increase its stake in Huaxia Insurance to over 51% through a non-public share issuance, marking a strategic shift towards dual main businesses in sugar production and financial insurance[62] - The company aims to optimize its management structure and production processes to enhance efficiency and diversify its product offerings in the sugar processing sector[61] - The company will actively seek various financing channels to support its development strategy while ensuring financial safety and shareholder returns[63] Risk Management - The company faces competition risks in the logistics sector due to the entry of foreign logistics firms and the diversification of domestic logistics operators[64] - The company is undergoing a business transformation that includes integrating insurance operations with its existing sugar production business, which may pose integration risks[64] - The company has received preliminary approvals for its non-public stock issuance but still awaits final approval from the China Securities Regulatory Commission, introducing audit risks[65] - The actual controller holds 48.17% of the total shares post-issuance, which allows them significant influence over major business decisions, potentially impacting company performance[68] - The company has outlined a comprehensive plan for business, asset, financial, and personnel integration to mitigate risks associated with the new insurance business[64] - The company’s stock price may experience volatility due to macroeconomic factors and the pending approval process for the stock issuance[67] - The company has committed to maintaining a governance structure that minimizes conflicts of interest and ensures fair treatment of all shareholders[68] Corporate Governance - The company has appointed Zhongzhun Accounting Firm (Special General Partnership) as the domestic accounting firm with a remuneration of RMB 400,000[78] - The internal control audit accounting firm is also Zhongzhun Accounting Firm, with a remuneration of RMB 200,000[79] - The company has maintained a consistent shareholding structure among its board members, with no significant changes reported[105] - The company’s management team has extensive experience in various sectors, including finance, management, and engineering, contributing to its operational stability[106] - The company is focused on maintaining its governance structure with independent directors to ensure compliance and transparency[107] - The independent director Du Yeqin resigned during the reporting period, and Jiang Jun was appointed as the new independent director[107] - The company ensures compliance with laws and regulations in its governance structure, protecting the rights of all shareholders[119] - The company has established a system for managing insider information to prevent leaks and ensure confidentiality[121] - There were no instances of insider information leakage by directors, supervisors, senior management, or other insiders during the reporting period[122] - The company held its shareholders' meeting on schedule without any rejected proposals, ensuring compliance with legal and regulatory requirements[122] Employee Management - The number of employees in the parent company was 513, with a total of 520 employees across the parent and major subsidiaries[114] - The company has 338 production personnel, 14 sales personnel, 93 technical personnel, 28 financial personnel, and 47 administrative personnel[114] - The company strictly adheres to national policies and its own salary standards for employee remuneration, providing five social insurances and one housing fund[115] - The company conducts annual training for employees at different levels and positions to enhance their skills and overall quality[116] Financial Health - The total liabilities and equity of the company as of December 31, 2015, were not specified in the provided documents, but the financial health appears stable based on the audit opinion[139] - Total assets increased to ¥2,917,103,723.03 from ¥2,828,070,900.27, representing a growth of approximately 3.14% year-over-year[149] - Total liabilities decreased to ¥566,938,014.85 from ¥863,121,369.83, a reduction of about 34.4%[149] - Owner's equity rose to ¥2,350,165,708.18, up from ¥1,964,949,530.44, indicating an increase of approximately 19.6%[150] - Cash and cash equivalents increased significantly to ¥266,588,434.49 from ¥127,392,552.16, a growth of about 109.5%[148] - Accounts receivable decreased to ¥5,513,741.49 from ¥12,142,931.51, a decline of approximately 54.5%[148] - Inventory decreased to ¥23,968,541.67 from ¥29,286,008.44, a reduction of about 18.1%[148] - Non-current liabilities decreased to ¥192,733,289.90 from ¥246,885,689.90, a decrease of approximately 21.9%[149] - Unappropriated profits increased to ¥414,492,487.86 from ¥279,370,544.72, representing a growth of about 48.3%[150] - The company reported a total current liabilities of ¥374,204,724.95, down from ¥616,235,679.93, a decrease of approximately 39.3%[149] Shareholder Information - The total number of common stock shareholders at the end of the reporting period was 28,036, an increase from 25,233 at the end of the previous month, representing a growth of approximately 11.3%[89] - The largest shareholder, Baotou Grassland Sugar Industry (Group) Co., Ltd., held 152,717,960 shares, accounting for 31.49% of total shares, with no changes during the reporting period[91] - Baotou Shichuang Economic and Technological Development Co., Ltd. held 85,404,925 shares, representing 17.61% of total shares, with 75,316,700 shares pledged[91] - The top ten shareholders collectively held a significant portion of the company's equity, with the top three shareholders alone accounting for over 54% of total shares[91] - The actual controller, Xiao Weihua, increased his stake in Mingtian Holdings Co., Ltd. from 17% to 29% during the reporting period[99] - The company does not have any changes in the controlling shareholder or actual controller during the reporting period[96] - The company reported no changes in the ownership structure or control relationships with its major shareholders[92] Compliance and Reporting - The company adheres to the accounting standards set by the Ministry of Finance, ensuring that its financial statements accurately reflect its financial position and operating results[185] - The company's accounting period runs from January 1 to December 31 each year[186] - The company confirms revenue generated from the sale of its share in joint operation outputs[198] - The company fully recognizes impairment losses on assets contributed to joint operations if they meet the criteria of accounting standards[198] - The company only recognizes the portion of gains or losses from transactions related to joint operations that belong to other participants until the assets are sold to third parties[199] - Cash and cash equivalents are defined as cash on hand and deposits that are readily available for payment[200] - Cash equivalents are short-term, highly liquid investments that can be easily converted to known amounts of cash with minimal risk of value changes[200]

Financial Performance - Operating revenue for the first nine months was ¥30,713,377.17, a decrease of 80.30% compared to the same period last year[7]. - Net profit attributable to shareholders of the listed company surged to ¥154,788,324.60, marking a 322.13% increase year-on-year[7]. - The net profit after deducting non-recurring gains and losses was ¥155,183,420.59, up 500.44% from the previous year[7]. - Basic and diluted earnings per share were both ¥0.3192, representing a 322.22% increase year-on-year[8]. - Net profit increased by 322.56% to ¥154,761,653.88, driven by a significant rise in investment income[12]. - Total operating revenue for Q3 was 1,492,283.55, a significant decrease from 43,210,274.78 in the same period last year[27]. - Net profit for Q3 was -2,314,500.91, compared to a net profit of 9,465,165.65 in the same period last year[28]. - The total profit for the period was -2,381,690.95, compared to 9,465,165.65 in the previous year[27]. - Total comprehensive income for the third quarter was -135,728,815.90 CNY, compared to 21,993,625.73 CNY in the same period last year[32]. Assets and Liabilities - Total assets at the end of the reporting period reached ¥2,688,025,622.15, an increase of 1.46% compared to the end of the previous year[7]. - Total assets increased to CNY 2,879,225,895.88 from CNY 2,828,070,900.27, reflecting a growth of approximately 1.5%[23]. - Non-current liabilities decreased to CNY 160,224,089.90 from CNY 246,885,689.90, a reduction of about 35%[22]. - Current liabilities rose to CNY 654,347,137.25 from CNY 616,235,679.93, an increase of approximately 6%[24]. - Total liabilities decreased to CNY 814,571,227.15 from CNY 863,121,369.83, a decline of approximately 5.6%[24]. - Accounts receivable decreased by 38.37% to ¥8,777,595.64 due to reduced sugar sales by the parent company[12]. - Accounts receivable dropped to CNY 5,656,628.01 from CNY 12,142,931.51, a decrease of approximately 53.3%[23]. - The company reported a 70.70% decrease in accounts payable to ¥4,053,477.52, primarily due to payments made by the parent company[12]. Cash Flow - The company reported a net cash flow from operating activities of -¥53,784,871.50 for the first nine months, a decline of 132.68% compared to the previous year[7]. - Cash flow from operating activities for the first nine months was -53,784,871.50 CNY, a decline from -23,115,711.58 CNY year-over-year[34]. - Cash inflow from operating activities totaled 46,497,732.55 CNY, down 71.5% from 162,514,982.22 CNY in the previous year[34]. - Cash outflow from operating activities reached 100,282,604.05 CNY, compared to 185,630,693.80 CNY in the same period last year, indicating a decrease of 46%[34]. - Cash flow from financing activities was -47,501,270.45 CNY, a decrease from 27,961,520.32 CNY in the same period last year[35]. - The ending cash and cash equivalents balance was 92,322,654.49 CNY, down from 312,235,551.18 CNY year-over-year[35]. - The net increase in cash and cash equivalents was -$39.5 million, compared to an increase of $70.5 million in the previous period[38]. - The ending balance of cash and cash equivalents was $87.9 million, down from $308.4 million in the prior year[38]. Shareholder Information - Net assets attributable to shareholders of the listed company were ¥2,008,978,888.95, reflecting a growth of 4.77% year-on-year[7]. - The total number of shareholders at the end of the reporting period was 29,523[10]. - The largest shareholder, Baotou Prairie Sugar Industry (Group) Co., Ltd., held 31.49% of the shares[10]. Investment Activities - Investment income rose by 110.41% to ¥236,575,689.89, attributed to substantial profit growth from Hengtai Securities[12]. - The company plans to issue up to 346,608,315 shares, raising no more than ¥31.68 billion for capital increase in Huaxia Life Insurance[13]. - The issuance price is set at ¥9.14 per share, with the pricing benchmark date being September 19, 2015[13]. - The company reported an investment income of 20,439,843.86, a decrease from 37,909,392.24 year-over-year[27]. - The company reported a significant increase in cash received from investment recoveries, totaling 300,000,000.00 CNY compared to 25,390,000.00 CNY last year[37].

Financial Performance - The company's operating income for the first half of 2015 was CNY 29,221,093.62, a decrease of 74.07% compared to CNY 112,698,505.28 in the same period last year[17]. - The net profit attributable to shareholders for the first half of 2015 was CNY 157,093,206.71, an increase of 477.76% from CNY 27,190,038.95 in the previous year[17]. - The net cash flow from operating activities was negative at CNY -45,484,031.84, worsening by 120.15% compared to CNY -20,660,874.79 in the same period last year[17]. - Basic earnings per share for the first half of 2015 were CNY 0.3239, up 477.36% from CNY 0.0561 in the same period last year[18]. - The company reported a significant increase in net profit after deducting non-recurring gains and losses, reaching CNY 157,488,302.70, up 862.25% from CNY 16,366,751.79[17]. - Total operating revenue for the first half of 2015 was CNY 29,221,093.62, a decrease of 74.1% compared to CNY 112,698,505.28 in the same period last year[74]. - Net profit for the first half of 2015 reached CNY 157,076,154.79, a significant increase from CNY 27,159,589.53 in the previous year, representing a growth of 478.5%[75]. - The company reported an investment income of CNY 216,135,846.03, up 189.0% from CNY 74,525,575.97 in the same period last year[74]. Assets and Liabilities - The total assets at the end of the reporting period were CNY 2,887,920,851.43, reflecting a 9.01% increase from CNY 2,649,226,029.02 at the end of the previous year[17]. - The total current assets decreased to CNY 718,946,854.53 from CNY 747,260,863.57, reflecting a decline of about 3.5%[68]. - Non-current assets increased significantly to CNY 2,168,973,996.90 from CNY 1,901,965,165.45, marking an increase of approximately 14.1%[68]. - The total liabilities rose slightly to CNY 734,741,618.83 from CNY 725,448,631.21, indicating a marginal increase of about 1.8%[69]. - The total liabilities as of June 30, 2015, were CNY 877,113,218.02, slightly up from CNY 863,121,369.83 at the end of the previous period[74]. - Current liabilities totaled CNY 671,642,528.12, an increase from CNY 616,235,679.93 in the previous period, indicating a rise of 9.0%[74]. Equity and Shareholder Information - The net assets attributable to shareholders increased by 11.96% to CNY 2,147,023,571.06 from CNY 1,917,604,684.35 at the end of the previous year[17]. - The total equity increased to CNY 2,200,383,484.63 from CNY 1,964,949,530.44, reflecting a growth of 12.0%[74]. - The company distributed a cash dividend of 0.10 RMB per share, totaling 4.85 million RMB, based on the total share capital of 484.93 million shares as of December 31, 2014[44]. - The largest shareholder, Baotou Grassland Sugar Industry (Group) Co., Ltd., holds 152,717,960 shares, accounting for 31.49% of the total shares[59]. - The company has a capital reserve of CNY 759,411,733.12, which reflects its retained earnings and reserves[85]. Cash Flow - The cash inflow from operating activities was CNY 30,326,665.41, a decrease of 74.2% compared to CNY 117,415,275.49 in the previous period[79]. - The cash outflow from operating activities totaled CNY 75,810,697.25, down 45.0% from CNY 138,076,150.28 in the prior period[79]. - Cash inflow from investment activities amounted to CNY 325,004,429.23, significantly up from CNY 79,701,333.33 in the previous period, representing an increase of 308.5%[80]. - The net cash flow from investment activities was CNY 43,412,179.23, an increase of 46.3% compared to CNY 29,646,293.33 in the prior period[80]. - The ending cash and cash equivalents balance was CNY 108,341,793.57, down from CNY 304,229,218.23, reflecting a decrease of 64.5%[82]. Investment and Subsidiaries - The company holds a 14.03% stake in Hengtai Securities Co., with a book value of approximately 907.35 million RMB and a report period profit of approximately 165.60 million RMB[34]. - The company invested a total of 300 million RMB in trust products with an expected annual return rate of 14%, generating a total return of approximately 39.78 million RMB by the end of 2014[39]. - The company’s subsidiary Inner Mongolia Ruquan Dairy Industry Co., Ltd reported total assets of 172.09 million RMB and a net profit of -4.31 million RMB[42]. - The company has three subsidiaries included in the consolidated financial statements, with ownership stakes of 90% in Shanghai Huakun Technology Development Co., Ltd. and 100% in both Inner Mongolia Ruquan Dairy Co., Ltd. and Baotou Huazi Sugar Reserve Co., Ltd.[97]. Corporate Governance and Compliance - The company has committed to avoid related party transactions post the completion of the equity transfer, ensuring compliance with market principles[51]. - The company will strengthen internal control systems and improve corporate governance in accordance with regulatory requirements[54]. - The company has not faced any penalties or rectifications during the reporting period[53]. - The company has committed to adhere to legal and regulatory standards in all transactions to protect the rights of shareholders[51]. Accounting Policies - The financial statements are prepared in accordance with the accounting standards issued by the Ministry of Finance, reflecting the company's financial position, operating results, and cash flows accurately[100]. - The company’s accounting currency is Renminbi (RMB)[103]. - The company recognizes its share of interests in joint operations, including assets and liabilities, according to relevant accounting standards[113]. - Revenue from the sale of goods is recognized when the significant risks and rewards of ownership have transferred to the buyer, and the amount can be reliably measured[188].

Financial Performance - Operating revenue for the period was ¥13,812,372.28, representing a significant decrease of 73.67% year-on-year[12] - Net profit attributable to shareholders was ¥44,820,847.43, a remarkable increase of 1,949.33% compared to the same period last year[12] - Basic and diluted earnings per share were both ¥0.0924, reflecting a substantial increase of 1,953.33% year-on-year[7] - Total operating revenue for Q1 2015 was CNY 13,812,372.28, a decrease of 73.7% compared to CNY 52,457,495.67 in the same period last year[22] - Net profit for Q1 2015 reached CNY 44,820,847.43, a significant increase from CNY 2,187,098.23 in Q1 2014[23] - Earnings per share (EPS) for Q1 2015 was CNY 0.0924, up from CNY 0.0045 in Q1 2014, reflecting a substantial improvement in profitability[23] - The company reported a total comprehensive income of CNY 20,124,847.43 for Q1 2015, compared to a loss of CNY 3,545,901.77 in the previous year[23] Investment and Income - Investment income surged to ¥65,479,461.59, a 198.24% increase compared to the previous year, mainly due to significant profit growth from Heng Tai Securities[12] - The company received a total investment income of CNY 11,783,333.33 from a trust fund of CNY 300 million, with CNY 1,633,333.33 earned from April 1 to April 21, 2015[14] - The company invested CNY 160 million in a trust plan with New Era Trust, generating an investment income of CNY 3,156,164.38[14] - Investment income for Q1 2015 was CNY 65,479,461.59, significantly higher than CNY 21,955,504.03 in the same quarter last year[22] - The company received CNY 14,939,497.71 in investment income, significantly up from CNY 5,078,000.00 in the previous period[28] Assets and Liabilities - Total assets at the end of the reporting period reached ¥2,656,083,946.09, a 0.26% increase compared to the end of the previous year[7] - The company's total liabilities were CNY 712,181,700.85, down from CNY 725,448,631.21[17] - The company's current assets totaled CNY 739,501,416.52, down from CNY 747,260,863.57 at the beginning of the year[16] - The company's cash and cash equivalents decreased to CNY 118,161,562.45 from CNY 131,467,089.36[16] - Accounts receivable increased to CNY 15,278,849.80 from CNY 14,242,931.51[16] - Inventory rose to CNY 34,491,697.52 from CNY 29,286,008.44[16] - The company's total liabilities decreased to CNY 849,482,612.54 from CNY 863,121,369.83 year-over-year[22] - Total equity increased to CNY 1,986,811,295.29 in Q1 2015, compared to CNY 1,964,949,530.44 in the previous year[22] Cash Flow - Cash inflow from operating activities for Q1 2015 was CNY 13,336,114.02, down 82.7% from CNY 77,058,288.18 in the previous period[27] - Cash outflow from operating activities totaled CNY 33,323,256.86, a decrease of 63.0% compared to CNY 89,953,109.64 in the prior period[27] - Net cash flow from operating activities was negative CNY 19,987,142.84, worsening from negative CNY 12,894,821.46 year-over-year[27] - Cash inflow from investment activities was CNY 14,939,497.71, down 51.0% from CNY 30,468,000.00 in the previous period[28] - Net cash flow from investment activities was CNY 14,903,247.71, a decrease of 51.1% compared to CNY 30,468,000.00 in the prior period[30] - Cash inflow from financing activities was CNY 67,000,000.00, with cash outflow totaling CNY 7,997,631.78, resulting in a net cash flow of negative CNY 7,997,631.78[30] - The ending cash and cash equivalents balance was CNY 114,438,957.40, down 62.5% from CNY 305,059,321.31 in the previous period[30] - Total cash and cash equivalents decreased by CNY 12,953,594.76 during the quarter, compared to an increase of CNY 67,148,391.73 in the prior period[30] Cost Management - The company experienced a 75.12% decrease in operating costs, amounting to ¥13,745,669.44, attributed to reduced sugar sales[12] - Total operating costs for Q1 2015 were CNY 34,485,861.62, down 55.6% from CNY 77,637,545.05 year-over-year[22] - The company reported a decrease in management expenses to CNY 12,205,117.97 from CNY 14,190,037.87 year-over-year, indicating improved cost management[22] - The company paid CNY 4,041,361.47 in employee compensation, down 75.0% from CNY 16,237,153.63 in the prior period[27] Future Plans - The company is planning a non-public offering of shares to raise funds primarily for investment in an insurance company, with stock trading suspended since March 11, 2015[12] - The company is actively advancing due diligence, auditing, and feasibility studies related to the planned investment in the insurance company[13]

Financial Performance - The company's operating revenue for 2014 was CNY 276,975,596.06, representing a 24.35% increase compared to CNY 222,745,876.79 in 2013[21] - The net profit attributable to shareholders for 2014 was CNY 12,920,329.03, an increase of 88.03% from CNY 6,871,550.79 in 2013[21] - The net profit after deducting non-recurring gains and losses was ¥11,317,857.39, reflecting a growth of 135.45% year-on-year[29] - The company reported a total comprehensive income of ¥254,287,853.82, compared to a loss of ¥3,346,295.13 in the previous year[152] - The company reported a net profit of 12,920,329.03 RMB for the year 2014, with a dividend payout ratio of 37.53%[66] Cash Flow - The net cash flow from operating activities was negative CNY 56,527,875.96, an improvement from negative CNY 90,881,452.70 in 2013[21] - The company’s cash flow from operating activities showed a positive trend, contributing to overall financial stability[155] - Operating cash inflow totaled CNY 324,274,918.12, an increase from CNY 298,288,214.63 in the previous period[156] - Net cash flow from investment activities was negative CNY 92,383,898.67, an improvement from negative CNY 236,546,037.87 in the prior period[157] - The ending cash and cash equivalents balance was CNY 131,467,089.36, down from CNY 261,838,707.78 in the previous period[157] Assets and Liabilities - The total assets at the end of 2014 were CNY 2,649,226,029.02, a 15.57% increase from CNY 2,292,292,688.84 in 2013[21] - Total current assets increased to ¥747,260,863.57 from ¥474,878,448.21, representing a growth of approximately 57.3%[145] - Total liabilities included a significant increase in current liabilities, with non-current liabilities maturing within one year reaching ¥291,000,000.00[44] - Total liabilities increased to ¥725,448,631.21 from ¥620,378,484.85, representing a growth of approximately 16.9%[146] - Owner's equity totaled ¥1,923,777,397.81, up from ¥1,671,914,203.99, indicating an increase of about 15.0%[146] Shareholder Information - The company plans to distribute a cash dividend of CNY 0.10 per 10 shares, totaling CNY 4,849,320, which accounts for 37.53% of the net profit attributable to shareholders[2] - The company distributed a cash dividend of 0.05 RMB per share for the year 2013, totaling 2,424,660 RMB, based on a total share capital of 484,932,000 shares[64] - The top ten shareholders hold a total of 238,122,885 shares, representing 49.10% of the total shares[89] - The company reported a profit distribution of RMB -2,424,660.00 to shareholders, which is a decrease from the previous year's distribution[171] - The company reported a total of 26,657 shareholders at the end of the reporting period, a decrease from 26,918 five trading days prior[87] Corporate Governance - The company has not reported any non-operating fund occupation by controlling shareholders or related parties[4] - The company has not violated any decision-making procedures in providing guarantees to external parties[4] - The company has no major litigation, arbitration, or media disputes during the reporting period[68] - The company has no major investment plans or significant cash expenditures that would affect the cash dividend distribution[62] - The company has maintained a stable shareholder structure with no new major shareholders introduced in the reporting period[94] Strategic Initiatives - The company plans to adjust its business structure and explore transformation opportunities in response to the challenging sugar market, which has seen 43 sugar companies shut down in the past three years[55] - The company aims to expand its logistics operations and has applied for the construction of a national sugar reserve warehouse[55] - The company intends to raise funds through a private placement to invest in an insurance company, aligning with national economic development strategies[57] - The company has confirmed its ability to continue as a going concern for at least 12 months from the end of the reporting period[180] - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[155] Internal Controls and Compliance - The company established an internal control leadership group to oversee the implementation of internal control systems, ensuring compliance with laws and regulations[130] - The internal control system aims to enhance operational efficiency, safeguard assets, and ensure accurate information disclosure[130] - The financial statements were audited by Zhongzhun Accounting Firm, confirming that they fairly represent the company's financial position as of December 31, 2014[141] - The company has implemented a responsibility system for significant errors in annual report disclosures, with no major accounting errors reported during the period[133] - The internal control self-assessment report has been disclosed, indicating compliance with regulatory requirements[131] Employee Information - The total number of employees in the parent company and major subsidiaries is 541, with 513 in the parent company and 28 in subsidiaries[112] - The professional composition includes 346 production personnel, 16 sales personnel, 98 technical personnel, 26 financial personnel, and 55 administrative personnel[112] - The company adheres to national policies for employee compensation, providing benefits and social insurance[113] - Annual training programs are conducted to improve management skills and overall employee quality, ensuring compliance with job requirements[114] - The company’s management remuneration is determined based on job responsibilities and company policies[108]

Financial Performance - Net profit attributable to shareholders increased by 159.03% to CNY 36,668,074.64 for the first nine months compared to the same period last year[8]. - Operating revenue for the first nine months rose by 11.33% to CNY 155,908,780.06 compared to the previous year[8]. - The weighted average return on net assets increased by 1.33 percentage points to 2.18%[8]. - The net profit for Q3 2014 was CNY 9,204,625.73, compared to a net loss of CNY 10,442,910.67 in the same period last year, indicating a significant turnaround[35]. - The total profit for the period was CNY 9,204,625.73, contrasting with a total loss of CNY 10,442,910.67 in the previous year[35]. - The company achieved a profit attributable to the parent company of CNY 9,478,035.69, recovering from a loss of CNY 11,065,692.57 in the same period last year[35]. - Investment income for the year-to-date was CNY 109,833,560.21, up from CNY 81,981,027.39 in the previous year[35]. Assets and Liabilities - Total assets increased by 2.75% to CNY 2,355,334,281.46 compared to the end of the previous year[7]. - Total assets as of September 30, 2014, amounted to CNY 2,532,103,175.78, up from CNY 2,455,110,874.18 at the beginning of the year, representing a growth of 3.1%[28]. - Total liabilities increased to CNY 789,650,355.92 from CNY 746,695,515.94, marking a rise of 5.7%[29]. - Shareholders' equity rose to CNY 1,742,452,819.86 from CNY 1,708,415,358.24, an increase of 2.0%[29]. - Long-term borrowings increased to CNY 359,000,000.00 from CNY 293,000,000.00, reflecting a growth of 22.5%[29]. - Total current liabilities decreased to CNY 323,823,666.02 from CNY 345,692,826.04 at the beginning of the year, a reduction of 6.5%[29]. Cash Flow - The net cash flow from operating activities improved significantly, with a reduction in outflow from CNY -62,541,706.19 to CNY -23,115,711.58[7]. - Cash flow from operating activities showed a net outflow of CNY -23,115,711.58, an improvement from CNY -62,541,706.19 in the same period last year[37]. - Total cash inflow from operating activities was CNY 162,514,982.22, compared to CNY 144,203,383.32 in the previous year[37]. - Cash and cash equivalents increased to CNY 308,369,189.29 from CNY 237,910,929.58, a growth of 29.6%[28]. - Cash and cash equivalents at the end of the period increased to 308,369,189.29 RMB from 260,164,763.15 RMB year-over-year[41]. - Cash inflow from sales of goods and services was 125,214,401.79 RMB, down from 141,746,437.64 RMB year-over-year, indicating a decline in sales[41]. - The company received 124,500,000.00 RMB in borrowings during the period, up from 69,680,000.00 RMB in the previous year[41]. Inventory and Receivables - Accounts receivable increased by 227.13% to CNY 11,433,281.68 due to increased sales of white sugar[13]. - Inventory decreased by 52.20% to CNY 38,889,370.37 as a result of increased sales[13]. - Accounts receivable rose significantly to CNY 11,433,281.68 from CNY 3,495,016.44, marking an increase of 227.5%[26]. - Inventory decreased to CNY 38,889,370.37 from CNY 81,358,837.61, a reduction of 52.2%[26]. Government Support and Subsidies - The company received government subsidies amounting to CNY 10,823,287.16, which are closely related to its normal business operations[9]. - Operating income for the third quarter was CNY 10,823,287.16, primarily due to government subsidies[14]. Financial Management and Governance - The company committed to maintaining independent operations and financial management post-acquisition, ensuring no interference in business activities[19]. - The company will avoid future related party transactions to protect shareholder interests, adhering to fair market principles[19]. Accounting Changes - The implementation of new accounting standards resulted in a decrease of CNY 29,888,998.45 in long-term equity investments, with a corresponding increase in available-for-sale financial assets[20].

Financial Performance - The company's operating revenue for the first half of 2014 was CNY 112,698,505.28, an increase of 86.56% compared to CNY 60,407,187.94 in the same period last year[14]. - The net profit attributable to shareholders for the first half of 2014 was CNY 27,190,038.95, representing a 7.81% increase from CNY 25,221,427.07 in the previous year[14]. - The basic earnings per share for the first half of 2014 was CNY 0.0561, up 7.88% from CNY 0.0520 in the same period last year[13]. - The company reported a net cash flow from operating activities of -CNY 20,660,874.79, an improvement from -CNY 47,715,015.93 in the previous year[14]. - Investment income for the first half of 2014 was CNY 74,525,575.97, an increase of 10,260,891.31 compared to CNY 64,264,684.66 in the same period last year[15]. - The weighted average return on net assets for the first half of 2014 was 1.63%, an increase of 0.11 percentage points from 1.52% in the previous year[13]. - The total assets at the end of the reporting period were CNY 2,325,435,018.35, a 1.45% increase from CNY 2,292,292,688.84 at the end of the previous year[14]. - The company reported a decrease in non-recurring profit and loss attributable to shareholders, with a net profit of CNY 16,366,751.79, down 11.89% from CNY 18,575,233.17 in the previous year[14]. Revenue Breakdown - The company's main business revenue from the sugar industry was CNY 110,033,222.45, with a gross margin of 91.82% and a year-over-year revenue increase of 7%[18]. - The storage industry generated revenue of CNY 1,159,942.14, with a gross margin of 100%[18]. - Revenue from the North China region was CNY 111,193,164.59, reflecting a year-over-year increase of 91.72%[21]. Investments and Subsidiaries - The company has increased its investment in its subsidiary, Huazi Sugar Reserve, to expand its storage capacity and variety of reserves[15]. - The company holds 58,800,000 shares of Huaxia Bank, representing 0.66% of its registered capital, with the bank reporting revenue of CNY 26,377,000,000.00 and a net profit of CNY 8,670,000,000.00 during the reporting period[25]. - The company also holds a 14.03% stake in Hengtai Securities, which reported revenue of CNY 695,729,360.30 and a net profit of CNY 215,904,311.21[25]. - The total assets of the wholly-owned subsidiary Baotou Huazi Sugar Reserve Warehouse Co., Ltd. amounted to CNY 82,349,937.78, with a net profit of -CNY 948,070.87[23]. - The total assets of the wholly-owned subsidiary Inner Mongolia Ruquan Dairy Co., Ltd. were CNY 176,084,832.32, with a net profit of -CNY 2,373,341.28[24]. Shareholder Information - The total number of shareholders at the end of the reporting period was 31,154, with the top ten shareholders holding significant stakes[38]. - The largest shareholder, Baotou Grassland Sugar Industry Group Co., Ltd., holds 31.49% of the shares, totaling 152,717,960 shares[39]. - The second-largest shareholder, Baotou Shichuang Economic Technology Development Co., Ltd., holds 17.61% of the shares, totaling 85,404,925 shares[39]. - The company distributed cash dividends of CNY 2,424,660 based on a total share capital of 484,932,000 shares, with a payout of CNY 0.05 per 10 shares[26]. Corporate Governance - The company has maintained compliance with corporate governance standards and has revised its articles of association as required[35]. - There were no changes in the holdings of directors, supervisors, and senior management during the reporting period[43]. - The company has undergone a board restructuring with several new appointments, indicating a strategic shift in governance[44]. Cash Flow and Liquidity - The cash inflow from operating activities amounted to CNY 117,415,275.49, an increase of 48.4% compared to CNY 78,998,949.51 in the previous period[54]. - The cash inflow from investment activities totaled CNY 79,701,333.33, significantly higher than CNY 13,765,616.32 in the previous period[55]. - The cash inflow from financing activities reached CNY 67,000,000.00, compared to CNY 12,000,000.00 in the previous period[55]. - The total cash and cash equivalents at the end of the period were CNY 304,229,218.23, compared to CNY 293,055,280.80 at the end of the previous period[57]. Asset and Liability Management - The company's total liabilities as of June 30, 2014, were CNY 645,102,884.83, compared to CNY 620,378,484.85 at the beginning of the year, indicating an increase of about 3.67%[46]. - The total equity attributable to shareholders increased to CNY 1,674,135,688.04 from CNY 1,665,687,309.09, representing a growth of approximately 0.28%[46]. - Cash and cash equivalents rose to CNY 309,526,404.40 from CNY 261,838,707.78, marking an increase of about 18.19%[45]. - Accounts receivable increased significantly to CNY 11,260,464.58 from CNY 3,495,016.44, showing a growth of approximately 221.06%[45]. - Inventory decreased to CNY 41,339,954.19 from CNY 81,358,837.61, reflecting a decline of about 49.3%[45]. Taxation and Compliance - The company confirms a corporate income tax rate of 25% applicable to both the company and its subsidiaries, with no tax incentives reported for the current period[167]. - The company calculates value-added tax (VAT) based on a rate of 13% to 17% for major products, with VAT payable calculated as the difference between output tax and allowable input tax[162]. - The company is subject to a consumption tax of 5% based on taxable sales revenue[163]. - The company pays business tax at rates of 3% to 5% on taxable sales revenue[164]. Accounting Policies - The company adheres to the enterprise accounting standards, ensuring that the financial statements accurately reflect its financial position and operating results[70]. - The company recognizes goodwill when the cost of the business combination exceeds the fair value of identifiable net assets acquired[76]. - The company applies the equity method to adjust long-term equity investments in subsidiaries for the preparation of consolidated financial statements[77]. - The company recognizes impairment losses for available-for-sale financial assets when there is a significant decline in fair value that is deemed non-temporary[91]. Inventory and Receivables - The total inventory at the end of the period is 41,339,954.19 RMB, a significant decrease from 81,358,837.61 RMB at the beginning of the year, representing a reduction of approximately 49%[189]. - The total accounts receivable amounted to CNY 8,177,406.35, with the top five clients accounting for 82.26% of the total[179]. - The balance of other receivables reached CNY 75,506,581.11, with a bad debt provision of CNY 31,666,928.11, representing 41.91% of the total[180].

Financial Performance - Operating revenue for the first quarter was ¥52,457,495.67, representing a significant increase of 752.25% year-on-year[9] - Net profit attributable to shareholders was ¥2,200,728.55, a decrease of 84.07% compared to the same period last year[9] - Basic earnings per share decreased by 84.21% to ¥0.0045 from ¥0.0285 in the previous year[9] - The company’s net profit after deducting non-recurring gains and losses was -¥3,210,915.03, a decrease of 143.30% year-on-year[9] - The net profit for Q1 2014 was ¥2,187,098.23, a decrease from ¥13,782,599.22 in the same period last year, reflecting a decline of approximately 84.1%[24] - The company reported a total comprehensive income of -¥3,545,901.77 for Q1 2014, compared to ¥13,828,241.67 in the previous year, indicating a decline of approximately 125.6%[24] Cash Flow - Cash flow from operating activities showed an improvement, with a net outflow of ¥12,894,821.46 compared to a net outflow of ¥31,774,468.29 in the same period last year[9] - The company reported a cash inflow from operating activities of ¥77,058,288.18, compared to ¥5,185,775.18 in the previous year, marking an increase of about 1,384.5%[27] - Operating cash inflow for the period reached ¥75,812,516.47, a significant increase from ¥4,712,340.89 in the previous period[31] - Net cash flow from operating activities was negative at ¥10,792,494.97, improving from a loss of ¥31,542,975.86 year-over-year[31] - Cash inflow from investment activities totaled ¥30,468,000.00, compared to ¥7,605,616.32 in the prior period[31] - Cash flow from financing activities generated a net inflow of ¥47,472,886.70, a turnaround from a negative cash flow of ¥2,938,831.11 previously[31] Assets and Liabilities - Total assets at the end of the reporting period reached ¥2,312,259,831.96, an increase of 0.87% compared to the end of the previous year[9] - Current assets totaled ¥520,153,820.41, up from ¥474,878,448.21, indicating an increase of about 9.53%[16] - Non-current assets decreased to ¥1,792,106,011.55 from ¥1,817,414,240.63, a decline of approximately 1.39%[16] - Total liabilities rose to ¥643,891,529.74 from ¥620,378,484.85, representing an increase of about 3.27%[18] - Current liabilities decreased to ¥177,799,839.84 from ¥219,375,794.95, a reduction of approximately 19.00%[18] - Long-term borrowings increased to ¥360,000,000.00 from ¥293,000,000.00, reflecting a growth of about 22.83%[18] - Shareholders' equity totaled ¥1,668,368,302.22, down from ¥1,671,914,203.99, indicating a decrease of approximately 0.21%[18] Shareholder Information - The total number of shareholders at the end of the reporting period was 32,091[12] - The largest shareholder, Baotou Grassland Sugar Industry Group Co., Ltd., holds 31.49% of the shares, totaling 152,717,960 shares[12] - The second-largest shareholder, Baotou Shichuang Economic Technology Development Co., Ltd., holds 17.61% of the shares, totaling 85,404,925 shares, with 42,700,000 shares pledged[12] Inventory and Receivables - Accounts receivable rose to ¥9,742,172.68 from ¥3,495,016.44, reflecting an increase of approximately 178.00%[16] - Inventory decreased to ¥43,620,648.30 from ¥81,358,837.61, a decline of about 46.36%[16] Government Subsidies - The company received government subsidies amounting to ¥5,411,643.58 during the reporting period[10] Financial Expenses - The company’s financial expenses increased to ¥7,296,991.80 in Q1 2014 from ¥2,939,161.78 in the previous year, representing an increase of about 148.5%[24]