Financial Performance - The company's operating revenue for Q3 2021 was CNY 131,690,042.83, representing a year-on-year increase of 0.28%[3] - The net profit attributable to shareholders for Q3 2021 was CNY 2,212,561.47, a decrease of 86.80% compared to the same period last year[3] - The basic earnings per share for Q3 2021 was CNY 0.0028, down 88.84% year-on-year[3] - Total operating revenue for the first three quarters of 2021 reached ¥348,008,054.17, a slight increase of 1.9% compared to ¥343,351,361.63 in the same period of 2020[22] - Net profit for the first three quarters of 2021 was ¥42,467,179.25, a decrease of 48.7% compared to ¥82,847,924.42 in the same period of 2020[23] - Basic and diluted earnings per share for the first three quarters of 2021 were both ¥0.0543, down from ¥0.1241 in the previous year[23] Assets and Liabilities - Total assets at the end of the reporting period were CNY 1,041,253,185.02, a decrease of 3.91% from the end of the previous year[4] - The company's total assets as of September 30, 2021, amounted to RMB 1,041.25 million, a decrease from RMB 1,083.61 million at the end of 2020[18] - The total liabilities increased significantly to RMB 697.71 million from RMB 266.33 million at the end of 2020[19] - Total current assets amounted to approximately $1.075 billion, with cash and cash equivalents at $888 million and accounts receivable at $112 million[30] - Total liabilities reached approximately $266 million, with current liabilities accounting for $256 million and non-current liabilities at $9.5 million[31] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 15,605[10] - The top shareholder, Shanghai Xiangrui Enterprise Management Consulting, holds 24.05% of the shares, totaling 198,006,528 shares[10] - The equity attributable to shareholders decreased by 57.96% to CNY 343,542,388.27 compared to the end of the previous year[4] - The equity attributable to the parent company decreased to RMB 343.54 million from RMB 817.27 million at the end of 2020[19] - Shareholders' equity totaled approximately $817 million, with retained earnings at $103 million and capital reserves at $86 million[32] Cash Flow and Expenses - The net cash flow from operating activities for the year-to-date was CNY 18,515,690.65, down 55.01% year-on-year[9] - Cash flow from operating activities generated a net amount of ¥18,515,690.65, a decline of 55.0% from ¥41,159,639.05 in the same period of 2020[26] - The company reported a net cash outflow from investing activities of ¥342,724.37, compared to a net outflow of ¥578,243.83 in the same period of 2020[27] - The company experienced a net cash outflow from financing activities of ¥34,204,680.51, contrasting with a net inflow of ¥66,019,475.78 in the previous year[27] - The company reported a slight decrease in undistributed profits by approximately $174,000 compared to the previous period[32] Business Operations - The company experienced a significant decline in advertising and traditional guide business revenue, impacting net profit[8] - The company experienced a significant decline in net profit due to reduced revenue from advertising and traditional sales, alongside increased costs from new business investments[13] - The company completed a major asset restructuring in March 2021, which affected the financial statements due to reverse acquisition accounting principles[5] - Research and development expenses for the first three quarters of 2021 were ¥38,281,999.12, a decrease of 7.1% compared to ¥41,243,335.36 in the same period of 2020[22] - Sales expenses increased to ¥127,339,222.26, up 13.2% from ¥112,458,952.83 in the previous year[22] Other Financial Metrics - The company has committed to achieving net profits of no less than RMB 191.56 million, RMB 220.90 million, and RMB 249.50 million for the years 2021, 2022, and 2023 respectively[14] - The company noted a significant increase in other payables to RMB 524.43 million from RMB 85.84 million year-over-year[19] - The company's cash and cash equivalents were RMB 872.09 million, slightly down from RMB 888.09 million at the end of 2020[17] - Accounts receivable decreased to RMB 92.24 million from RMB 112.33 million year-over-year[17] - The company’s non-current assets increased to approximately $14.8 million, primarily due to the addition of right-of-use assets[30]

Financial Performance - The company's operating revenue for Q3 2021 was ¥178,859,854.15, representing a year-on-year increase of 36.20%[4] - The net profit attributable to shareholders for Q3 2021 was ¥2,212,561.47, showing a significant decrease of 86.80% compared to the same period last year[4] - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥1,710,153.28, down 89.62% year-on-year[4] - Total operating revenue for the first three quarters of 2021 reached ¥395,177,865.49, an increase of 15.1% compared to ¥343,351,361.63 in the same period of 2020[21] - Net profit for the third quarter was ¥42,467,179.25, a decrease of 48.7% compared to ¥82,847,924.42 in the previous year[23] - Basic and diluted earnings per share for the third quarter were both ¥0.0543, down from ¥0.1241 in the same quarter of the previous year[23] Assets and Liabilities - The total assets at the end of Q3 2021 were ¥1,041,253,185.02, a decrease of 3.91% from the end of the previous year[5] - Total assets as of the end of the third quarter were ¥1,041,253,185.02, a slight decrease from ¥1,083,606,330.96 at the end of the previous quarter[19] - Total liabilities increased to ¥697,710,796.75 from ¥266,334,531.46, indicating a substantial rise in financial obligations[19] - Total liabilities were CNY 266,334,531.46, down from CNY 272,753,201.60 in the previous year[32] Shareholder Information - Total number of common shareholders at the end of the reporting period was 15,605[13] - The top 10 shareholders held a total of 24.05% of shares, with Shanghai Xiangrui Enterprise Management Consulting holding 198,006,528 shares[13] - Total equity attributable to shareholders amounted to $817,271,799.50, a slight decrease of $174,249.41 compared to the previous period[33] Cash Flow and Investments - The net cash flow from operating activities for the year-to-date period was ¥18,515,690.65, down 55.01% year-on-year[4] - Operating cash inflow for the first three quarters of 2021 was CNY 495,839,976.36, an increase of 14.2% compared to CNY 434,090,943.94 in the same period of 2020[26] - Cash flow from investing activities showed a net outflow of CNY 342,724.37, compared to a net outflow of CNY 578,243.83 in the same period last year[28] - Cash flow from financing activities resulted in a net outflow of CNY 34,204,680.51, a decrease of 151.8% from a net inflow of CNY 66,019,475.78 in 2020[28] Operational Challenges - The company experienced a significant decline in net profit compared to the same period last year due to reduced advertising and traditional guide business revenue[16] - The company experienced a significant increase in market investment for new business initiatives, impacting profitability[10] - The company is focusing on new business market investments and managing member expired points to mitigate costs[16] - The company has not disclosed any significant new product or technology developments during the reporting period[16] Future Commitments - The company has committed to achieving net profits of no less than 19,156.00 million RMB, 22,090.00 million RMB, and 24,950.00 million RMB for the years 2021, 2022, and 2023 respectively[16]

Financial Performance - The company's operating revenue for the first half of 2021 was RMB 216,318,011.34, representing a 2.02% increase compared to RMB 212,031,479.15 in the same period last year[19]. - The net profit attributable to shareholders of the listed company decreased by 39.08% to RMB 40,254,617.78 from RMB 66,082,001.21 year-on-year[19]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was RMB 39,582,082.77, down 36.37% from RMB 62,209,716.82 in the previous year[19]. - Basic earnings per share decreased by 46.67% to CNY 0.0528 compared to the same period last year[20]. - Diluted earnings per share also decreased by 46.67% to CNY 0.0528 compared to the same period last year[20]. - The weighted average return on equity decreased by 1.97 percentage points to 4.81% compared to the same period last year[20]. - The total comprehensive income for the first half of 2021 was -23,903,400.3 RMB, reflecting the overall financial challenges faced by the company[121]. - The net profit for the full year of 2021 was CNY 191.56 million, with an actual profit of CNY 43.32 million for the first half, achieving only 22.61% of the target[87]. Cash Flow and Liquidity - The net cash flow from operating activities was negative at RMB -25,064,859.41, a significant decline from RMB 23,881,717.07 in the same period last year, representing a 204.95% decrease[19]. - Operating cash inflow for the first half of 2021 was 299,389,255.47 RMB, up from 269,608,772.09 RMB in the first half of 2020, representing an increase of approximately 11%[123]. - The cash flow from financing activities showed a net outflow of -39,557.59 RMB in the first half of 2021, compared to a net inflow of 203,599,083.9 RMB in the same period of 2020, highlighting a shift in financing strategy[124]. - Cash and cash equivalents at the end of the first half of 2021 totaled 840,382,230.5 RMB, down from 985,025,728.14 RMB at the end of the first half of 2020, reflecting a decrease of about 15%[124]. Asset and Liability Management - The net assets attributable to shareholders of the listed company decreased by 58.52% to RMB 338,979,420.51 from RMB 817,271,799.50 at the end of the previous year[19]. - Total assets increased by 2.90% to RMB 1,115,003,897.72 compared to RMB 1,083,606,330.96 at the end of the previous year[19]. - The total liabilities as of June 30, 2021, were ¥776,024,477.21, significantly higher than ¥266,334,531.46 reported on December 31, 2020, indicating a substantial increase in liabilities[110]. - The company reported a significant increase in accounts payable, which rose to ¥125,789,829.04 from ¥77,517,694.04, an increase of approximately 62.2%[109]. Business Transition and Strategy - The company completed a major asset restructuring, transitioning its main business from the chemical industry to the third-party online shopping guide industry[5]. - The company launched new services including short video live streaming and local life marketing SaaS during the reporting period[24]. - The company aims to expand its market presence by leveraging short video and live streaming services to attract new customers[27]. - The company has initiated new strategic business lines, although these are still in the early stages and face operational uncertainties[58]. Regulatory and Compliance Issues - The financial report for the first half of 2021 has not been audited, and the board of directors guarantees its accuracy and completeness[6]. - The company is closely monitoring performance commitments related to major asset restructuring, which may lead to compensation obligations if targets are not met[57]. - The company is subject to regulatory changes that could affect its operational strategies and compliance[56]. Shareholder and Equity Structure - The total number of shares increased from 241,320,000 to 823,267,005 after the issuance of 581,947,005 shares for asset acquisition[92]. - Major shareholders include Shanghai Xiangrui, which subscribed for 198,006,528 shares, and Shanghai Huru, which subscribed for 87,271,614 shares, both with a lock-up period of 36 months[93]. - The company has a new controlling shareholder, Shanghai Xiangrui Enterprise Management Consulting, effective March 19, 2021[102]. - The shareholder structure indicates a significant concentration of ownership among a few entities, which may impact governance and decision-making[99]. Research and Development - The company has filed for 22 new software copyrights and 2 new patents related to cloud computing and big data[32]. - Research and development expenses for the first half of 2021 were CNY 25,720,221.77, slightly down from CNY 27,234,882.21 in the previous year[116]. Risk Factors - The company faces risks associated with the transition and the new business model, as detailed in the management discussion and analysis section[5]. - Increased competition in the online shopping sector poses a risk to user retention and revenue generation[56]. - The company faces risks related to macroeconomic fluctuations, which could impact internet service and advertising revenues[55]. Commitments and Guarantees - The company has commitments regarding profit forecasts and compensation for the years 2021 to 2023, ensuring financial stability during this period[73]. - The company has made commitments to maintain its independence and avoid competition with its subsidiaries, with these commitments effective from April 11, 2017, and continuing indefinitely[72].

证券代码：600228 证券简称：返利科技 公告编号：2021-050 江西返利网数字科技股份有限公司 关于参加2021年投资者集体接待日活动的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 为便于广大投资者更深入全面地了解公司情况、发展战略、经营状况、可持续 发展等投资者所关心的问题，江西返利网数字科技股份有限公司（以下简称"公 司"）拟定于 2021 年 5 月 14 日（星期五）下午 15:00—17:00 参加由江西省上市公 司协会举办的主题为"心系投资者 携手高质量发展"的江西辖区上市公司 2021 年 投资者集体接待日活动。现将有关事项公告如下： 本次集体接待日网上交流网址：投资者可以登录 http://rs.p5w.net 进入专区页面 参与交流。 公司计划出席本次集体接待日的人员有：公司董事长、总经理葛永昌先生，财 务总监费岂文先生、董事会秘书陈明先生（如有特殊情况，参会人员将可能进行调 整）。 欢迎广大投资者积极参与。 公司所有信息均以公司指定的信息披露媒体《中国证券报》《上海证券报》《证 券日报 ...

Financial Performance - Operating revenue for the period was CNY 94,967,027.28, an increase of 18.52% year-on-year[6] - Net profit attributable to shareholders of the listed company was CNY 16,713,974.28, a decrease of 2.41% compared to the same period last year[6] - Net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 16,134,006.13, down 5.47% year-on-year[6] - Basic and diluted earnings per share were CNY 0.0239, a decrease of 6.64% compared to the previous year[6] - Total operating revenue for Q1 2021 was ¥94,967,027.28, an increase of 18.5% compared to ¥80,128,964.99 in Q1 2020[30] - Net profit for Q1 2021 was ¥16,713,974.28, a decrease of 2.4% from ¥17,126,282.94 in Q1 2020[32] Assets and Liabilities - Total assets at the end of the reporting period were CNY 1,058,666,684.04, a decrease of 2.30% compared to the end of the previous year[6] - Total current assets as of March 31, 2021, amounted to ¥1,044,999,352.27, a decrease from ¥1,075,049,733.42 as of December 31, 2020, representing a decline of approximately 2.4%[22] - Total non-current assets increased to ¥13,667,331.77 from ¥8,556,597.54, reflecting a growth of approximately 60%[23] - Total liabilities increased to ¥742,782,140.83 from ¥266,334,531.46, representing a growth of about 178%[24] - Total current liabilities surged to ¥727,778,336.95 from ¥256,813,045.61, marking an increase of approximately 184%[24] Shareholder Information - Net assets attributable to shareholders of the listed company decreased by 61.35% to CNY 315,884,543.21 compared to the end of the previous year[6] - The total number of shareholders reached 12,914[14] - The largest shareholder, Shanghai Xiangrui Enterprise Management Consulting, holds 198,006,528 shares, representing 24.05% of total shares[14] Cash Flow - The net cash flow from operating activities was CNY 7,260,525.23, compared to a negative cash flow of CNY 8,121,928.82 in the same period last year[6] - Cash received from sales of goods and services in Q1 2021 was ¥121,747,963.23, compared to ¥118,129,513.66 in Q1 2020[35] - Total cash inflow from operating activities was ¥145,075,348.81, while cash outflow was ¥137,814,823.58, resulting in a net increase of ¥7,260,525.23[36] - The company experienced a cash flow net decrease of ¥1,453,787.47 in Q1 2021, an improvement from a decrease of ¥4,278,661.98 in Q1 2020[39] Restructuring and Changes - The company completed a significant asset restructuring and share issuance in March 2021, which impacted the financial reporting structure[6] - The company completed a major asset restructuring on March 12, 2021, which included the acquisition of new assets and a change in the controlling shareholder[18] - The registered capital increased by 41.47% to 823,267,005 RMB following the restructuring[16] - The company’s main business category has changed to "Information Transmission, Software and Information Technology Services" after the restructuring[18] - The company’s actual controller has changed to Mr. Ge Yongchang following the restructuring[18] Operating Costs and Expenses - Operating costs increased by 136.19% to 26,432,772.07 RMB, primarily due to new project investments in social and short video ecosystems[16] - Research and development expenses for Q1 2021 were ¥12,795,293.92, a decrease of 23.7% from ¥16,775,720.13 in Q1 2020[30] - Tax expenses for Q1 2021 were ¥1,985,418.96, down from ¥2,312,390.68 in Q1 2020[32] - Financial expenses for Q1 2021 showed a net income of -¥4,830,522.73, improving from -¥9,747,543.67 in Q1 2020[30] Other Financial Indicators - The weighted average return on net assets increased by 0.22 percentage points to 1.95%[6] - Significant changes in financial indicators include a 30.91% decrease in prepaid accounts and a 53.81% increase in accounts payable due to major asset restructuring[16] - The company reported a credit impairment loss of ¥201,961.72 in Q1 2021, compared to a loss of -¥473,330.42 in Q1 2020[30]

Financial Performance - The net profit attributable to shareholders for the year 2020 was -27,796,755.86 RMB, resulting in a total distributable profit of -582,184,201.45 RMB[5] - The company plans not to distribute profits or increase capital reserves for the year 2020 due to the negative profit situation[5] - The company's operating revenue for 2020 was ¥365,594,840.85, a decrease of 15.63% compared to ¥433,314,419.26 in 2019[23] - The net profit attributable to shareholders for 2020 was -¥27,796,755.86, compared to -¥5,662,465.28 in 2019, indicating a significant decline in profitability[23] - The basic earnings per share for 2020 was -¥0.12, compared to -¥0.02 in 2019, reflecting a worsening financial position[24] - The weighted average return on net assets for 2020 was -67.98%, a decrease of 58.25 percentage points from -9.73% in 2019[24] - The company reported a net loss of -¥23,976,103.76 in the fourth quarter of 2020, contributing to the overall annual loss[27] - Non-recurring gains and losses for 2020 totaled ¥80,543.90, significantly lower than ¥815,256.22 in 2019[28] Asset Restructuring - A major asset restructuring has been initiated, which is still ongoing, with further details available in the report[8] - The company established a wholly-owned subsidiary, Hangzhou Changyi Commercial Consulting Co., Ltd., in July 2020 as part of a major asset restructuring[85] - The company completed the asset delivery for the major asset restructuring as of the report date[117] - Following the asset restructuring, the company will transition to an internet third-party online shopping guide, aligning market strategies with demand[121] - The company is in the process of acquiring 100% equity of Zhongyan Technology, valued at RMB 3.61 billion, to facilitate its transformation and upgrade[114] - The net asset book value of the assets to be disposed of in the major asset restructuring was reported at -RMB 20.60 million, with an assessed value of RMB 70.72 million, resulting in an appraisal increment of RMB 91.32 million[116] Operational Efficiency - The company has implemented a comprehensive information platform and automated production processes to enhance operational efficiency and safety[53] - The company achieved a reduction in energy consumption metrics, with fermentation liquid consumption down by 3.26%, water resource consumption down by 2.17%, and steam consumption down by 2.62% compared to 2019[165] - The company has established an automatic online monitoring system for wastewater discharge, ensuring real-time monitoring of key environmental indicators[168] - The company is actively investing in enhancing environmental protection standards and smart management systems, including remote monitoring for rainwater discharge and wastewater treatment[168] Market and Competition - The demand for acrylamide remains relatively stable, with strong market demand in sectors such as oil extraction, water treatment, and papermaking, particularly in the water treatment market driven by national environmental policies[39] - The domestic production capacity for acrylamide exceeds 1 million tons, with increasing competition from foreign companies like BASF and SNF expanding their market share in China[39] - The company is facing increased competition in the domestic acrylamide market as international chemical companies invest in China[96] Research and Development - The company has eight ongoing R&D projects, with a focus on improving production efficiency and reducing costs[77] - The company holds 30 patents in the field of acrylamide, including 5 invention patents and 25 utility model patents[47] - Jiangxi Changjiu Agricultural Science is the first domestic institution to use biological methods for the production of acrylamide, achieving high conversion rates and product purity[45] - The company is actively exploring applications of acrylamide in water treatment and soil remediation, expanding its market space[44] Governance and Management - The company has established a strong governance structure with a mix of experienced directors and independent supervisors[198] - The total pre-tax compensation for the board members and senior management during the reporting period amounted to 6.27 million CNY[194] - The company emphasizes transparency in its compensation practices, ensuring alignment with shareholder interests[194] - The company held its fourth extraordinary general meeting on November 20, 2020, to elect the eighth board of directors and the eighth supervisory board[198] Environmental Compliance - The company has received new pollutant discharge permits and has ensured that environmental protection facilities operate normally and meet standards[93] - Third-party monitoring results showed that the wastewater discharge met the standards, with COD levels consistently below the 500 mg/L limit, and ammonia nitrogen levels below the 45 mg/L limit[170] - Industrial waste gas emissions were also compliant, with particulate matter emissions below 20 mg/m³ and acrylamide emissions not detected[171] - The company is actively investing in enhancing environmental protection standards and smart management systems, including remote monitoring for rainwater discharge and wastewater treatment[168] Financial Management - The company reported a total of 48,944,538.67 RMB in bank wealth management products, with an annualized return rate of 3.36%[159] - The company has a maximum cash management authorization of 50 million RMB for its cash management activities[161] - The company’s financial expenses rose by 59.71% due to reclassification of financial products, impacting net income[74] Shareholder Information - The total number of ordinary shareholders decreased from 13,643 to 13,325 during the reporting period[179] - The largest shareholder, Jiangxi Changjiu Group Co., Ltd., holds 61,733,394 shares, accounting for 25.58% of total shares, with 48,769,381 shares pledged[181] - The report indicates that there are no other shareholders holding more than 10% of shares[188] Risk Management - The company recognizes risks related to safety production, environmental compliance, and market volatility, particularly due to reliance on acrylamide products and the Chinese market[122] - The company will strengthen process management and safety supervision while increasing environmental protection investments to mitigate risks[123]

Financial Performance - Revenue for the first nine months was CNY 248.79 million, down 24.51% year-on-year[6]. - Net profit attributable to shareholders was a loss of CNY 3.82 million, compared to a loss of CNY 3.69 million in the same period last year[6]. - The weighted average return on equity decreased by 0.98 percentage points to -7.18%[6]. - Total operating revenue for Q3 2020 was ¥87,147,403.72, a decrease of 24.1% compared to ¥114,698,597.70 in Q3 2019[26]. - Net profit for Q3 2020 was ¥1,041,005.98, a decline of 80.3% from ¥5,274,314.12 in Q3 2019[27]. - The company reported a net loss attributable to shareholders of ¥2,296,519.21 in Q3 2020, compared to a profit of ¥1,363,368.89 in Q3 2019[27]. - The total profit for Q3 2020 was ¥1,480,570.79, down 78.3% from ¥6,803,639.14 in Q3 2019[27]. - The net profit for Q3 2020 was -6,300,423.94 RMB, a significant decline compared to the profit of 3,364,363.62 RMB in the same period last year[31]. - Operating profit for Q3 2020 was -6,300,073.86 RMB, reflecting a decrease from 3,290,176.18 RMB in Q3 2019[31]. Assets and Liabilities - Total assets at the end of the reporting period were CNY 249.92 million, a decrease of 0.97% compared to the end of the previous year[6]. - Total liabilities amounted to CNY 124,465,833.18, a slight decrease from CNY 124,686,144.87 in the previous period[20]. - The total equity attributable to shareholders decreased to CNY 51,193,072.19 from CNY 55,199,780.53, indicating a decline of approximately 7.3%[20]. - Current assets totaled CNY 16,747,010.85, down from CNY 18,925,649.75, reflecting a decrease of about 11.5%[22]. - Non-current assets increased to CNY 65,050,924.02 from CNY 64,139,288.40, showing a growth of approximately 1.4%[22]. - Total liabilities amounted to 87,495,269.70, reflecting the company's financial obligations[45]. - Owner's equity was reported at -4,430,331.55, indicating a negative equity position[45]. Cash Flow - Operating cash flow for the first nine months increased significantly by 623.63% to CNY 25.01 million compared to the same period last year[6]. - Net cash flow from operating activities surged by 623.63% to ¥25,010,645.48, reflecting improved profitability and collection of significant asset restructuring deposits[12]. - Cash flow from operating activities for the first nine months of 2020 was 25,010,645.48 RMB, an increase from 3,456,289.32 RMB in the same period last year[35]. - The net cash flow from operating activities for the first three quarters of 2020 was -12,066,406.86 RMB, compared to -9,311,108.86 RMB in the same period of 2019, indicating a decline of approximately 29.5%[37]. Shareholder Information - The total number of shareholders at the end of the reporting period was 13,196[10]. - The largest shareholder, Jiangxi Changjiu Group, held 25.58% of the shares, totaling 61,733,394 shares, which are pledged[11]. Government Support and Subsidies - The company received government subsidies amounting to CNY 73,961.31 during the reporting period[9]. Inventory and Operating Costs - Inventory rose by 66.56% to ¥14,840,935.95, mainly due to seasonal stocking[12]. - Operating costs decreased by 31.94% to ¥187,657,203.55, attributed to a decline in the prices of key raw materials[12]. Future Outlook and Challenges - The company anticipates challenges in its acrylamide business due to macroeconomic conditions and fluctuating crude oil prices, which may impact downstream customer demand[15]. - The company is undergoing a major asset restructuring, with plans approved by the board and shareholders, pending regulatory approval[13].

Financial Performance - The company's operating revenue for the first half of the year was ¥161,642,819.06, a decrease of 24.77% compared to ¥214,853,898.95 in the same period last year [22]. - The net profit attributable to shareholders was a loss of ¥1,524,132.89, improving from a loss of ¥5,057,707.24 in the previous year [22]. - The net cash flow from operating activities was ¥39,867,120.16, a significant improvement from a negative cash flow of ¥906,698.33 in the same period last year [22]. - The weighted average return on equity increased by 5.79 percentage points to -2.80% from -8.59% year-on-year [22]. - The company's gross profit margin improved due to the sales price decline of products being less than the decline in major raw material prices [43]. - The company's cumulative net profit for the year may be negative compared to the same period last year, primarily due to the impact of macroeconomic conditions, fluctuations in international oil prices, and public health policies affecting downstream customer demand [55]. - The company reported a total comprehensive income loss of 1,524,132.89 CNY during the period, impacting overall equity negatively [118]. - The total comprehensive income for the current period decreased by CNY 5,057,707.24, reflecting a significant decline compared to the previous period [120]. Asset Restructuring - The company reported a significant asset restructuring initiative currently in progress, with specific details available in the report's section on major related transactions [8]. - The company is undergoing a significant asset restructuring, which is expected to increase related expenses and impact net profit [55]. - The ongoing major asset restructuring involves uncertainties regarding the completion of auditing and evaluation work, as well as the need for board and regulatory approvals [59]. - The company initiated a major asset restructuring during the reporting period, with the board approving related intermediary institutions for the audit [67]. - The company is planning a major asset restructuring, which involves auditing and evaluating the target assets, pending board and shareholder approval [71]. Risk Management - The company has acknowledged potential risks in its forward-looking statements, indicating that actual results may differ due to various unpredictable factors [6]. - The company emphasizes the importance of investor awareness regarding potential risks associated with operational changes and market conditions [7]. - The company faces risks related to safety production and environmental compliance, emphasizing the need for continuous improvement in process management and safety supervision [56]. - The company recognizes the risk of product singularity and market volatility, as a significant portion of revenue comes from acrylamide products and the Chinese market, leading to high dependency on upstream and downstream [57]. - The company has maintained its commitment to transparency and timely disclosure of any identified risks as they arise [7]. Production and Market Strategy - The company's main product, acrylamide, is produced using a biological method, with upstream raw material being acrylonitrile [28][29]. - The company focuses on a market-oriented strategy, implementing an integrated production and sales model to enhance product quality and control costs [30]. - The price of acrylonitrile, a key raw material, significantly impacts the sales price of acrylamide, affecting overall performance [30]. - The report indicates a significant decline in the price of acrylamide products compared to the previous year due to macroeconomic fluctuations and decreased demand [33]. - The water treatment market accounted for nearly 25% of the total demand for polyacrylamide, indicating strong growth potential in this sector [35]. - The company is actively exploring new applications for acrylamide in water treatment and soil remediation, expanding its market opportunities [38]. Compliance and Governance - The board of directors and senior management confirmed the accuracy and completeness of the financial report, ensuring no misleading statements or omissions [4]. - The company has not proposed any profit distribution or capital reserve transfer to increase share capital during the reporting period [5]. - There are no non-operating fund occupations by controlling shareholders or related parties reported [7]. - The company has made commitments to maintain independence and avoid competition with related parties, but some commitments have not been fulfilled [64]. - The company appointed Zhongxing Cai Guanghua Accounting Firm for the 2020 financial report audit and internal control audit [65]. Environmental Compliance - Jiangxi Changjiu Agricultural Science and Technology has not been recognized as a key pollutant discharge unit [74]. - Jiangsu Changjiu Agricultural Science and Technology has obtained a discharge permit with total pollutant discharge limits including 113.44 tons/year of COD and 252,125.88 tons/year of wastewater [74][75]. - The company has established an automatic online monitoring system for wastewater discharge, connected to local environmental protection monitoring platforms [75]. - The company reported no detectable levels of acrylonitrile in wastewater samples, with a standard limit of 5.0 mg/L [76]. - The company’s major noise sources were production-related, with daytime noise levels recorded at 58 dB, below the national standard of 65 dB [78]. Financial Position - As of June 30, 2020, the company's total assets amounted to CNY 251,370,784.12, a slight decrease from CNY 252,371,436.34 at the end of 2019 [94]. - The company's total liabilities increased to CNY 126,582,559.32 from CNY 124,686,144.87, indicating a rise of about 1.5% [96]. - The total equity attributable to shareholders decreased to CNY 53,696,133.71 from CNY 55,199,780.53, reflecting a decline of approximately 2.7% [96]. - The company's cash and cash equivalents decreased to CNY 40,941,885.04 from CNY 54,448,964.42, representing a decline of approximately 25% [94]. - The company's short-term borrowings decreased significantly to CNY 11,000,000.00 from CNY 20,000,000.00, a reduction of 45% [95]. Research and Development - Research and development expenses decreased by 21.58% to 5.93 million RMB, mainly due to the decline in the price of key raw materials [45]. - The company holds 14 patents in the field of acrylamide, including 5 invention patents, demonstrating its commitment to innovation and technology leadership [40]. - The company has implemented a comprehensive production management system, achieving certifications such as ISO9001 and ISO14001 [40].

Financial Performance - The company's operating revenue for the first half of the year was ¥161,642,819.06, a decrease of 24.77% compared to the same period last year [23]. - The net profit attributable to shareholders was -¥1,524,132.89, showing an improvement from -¥5,057,707.24 in the previous year [23]. - The net cash flow from operating activities was ¥40,615,485.48, a significant recovery from -¥906,698.33 in the same period last year [23]. - The weighted average return on net assets increased by 5.79 percentage points to -2.80% compared to -8.59% in the previous year [23]. - The company's total assets at the end of the reporting period were ¥251,370,784.12, a slight decrease of 0.40% from the previous year [23]. - The company's operating revenue for the reporting period was CNY 161.64 million, a decrease of 24.77% compared to the same period last year [46]. - The net profit attributable to the parent company was a loss of CNY 1.52 million, with the loss amount significantly reduced compared to the previous year [44]. - The total production of acrylamide was 15,067.36 tons, an increase of 1.61% year-on-year, while total sales reached 14,992.76 tons, up 2.41% year-on-year [44]. - The gross profit margin improved due to the decline in sales price of acrylamide being less than the decline in the price of major raw materials [44]. - The company reported a significant decrease in short-term borrowings, which fell to CNY 11,000,000.00 from CNY 20,000,000.00, a reduction of 45% [95]. Asset Restructuring - The company reported a significant asset restructuring initiative currently in progress, with specific details available in the section on major related transactions [8]. - The company initiated a major asset restructuring during the reporting period, with relevant proposals approved by the board [67]. - The company is planning a major asset restructuring, which involves auditing and evaluation work that is not yet completed [71]. - The company is undergoing a major asset restructuring, which is expected to increase related expenses and impact net profit [56]. Risk Management - The company has issued a risk warning regarding potential discrepancies in data calculations due to rounding or statistical errors [7]. - The company emphasizes the importance of investor awareness regarding potential risks associated with forward-looking statements [6]. - The company faces risks related to safety production and environmental compliance, emphasizing the need for enhanced process management and safety supervision [57]. - The company recognizes the risk of product singularity and market volatility, as a significant portion of revenue is derived from acrylamide products, leading to high dependency on upstream and downstream markets [58]. - The company is committed to strengthening strategic and operational research, enhancing talent development, and implementing risk management to mitigate trial and error risks during its transformation and upgrade [59]. Environmental Compliance - Jiangxi Changjiu Agricultural Science and Technology has not been recognized as a key pollutant discharge unit [74]. - Jiangsu Changjiu Agricultural Science and Technology has obtained a discharge permit with total pollutant discharge limits including 113.44 tons/year of COD and 252,125.88 tons/year of wastewater [75]. - The company installed online remote monitoring systems for key environmental protection areas, enhancing environmental standards and management levels [76]. - Wastewater testing results showed pH values of 7.73, 7.67, and 7.54, all within the standard limit of 6-9 [76][77]. - Suspended solids in wastewater were measured at 27 mg/L, 23 mg/L, and 25 mg/L, significantly below the limit of 400 mg/L [76][77]. - Chemical oxygen demand (COD) results were 63 mg/L, 62 mg/L, and 64 mg/L, all under the limit of 500 mg/L [76][77]. - The company’s production line for acrylamide is expected to have minimal environmental impact due to its environmentally friendly production process [79]. - The company’s industrial emissions for acrylonitrile and particulate matter were reported as not detected (ND), indicating compliance with emission standards [77]. Corporate Governance - The board of directors and senior management confirmed the accuracy and completeness of the financial report, ensuring no misleading statements or omissions [4]. - The company has appointed Zhongxing Cai Guanghua Accounting Firm for the 2020 financial report audit and internal control audit [65]. - There are no significant lawsuits or arbitration matters during the reporting period [66]. - The company has not proposed any profit distribution or capital reserve transfer plans for the half-year period [62]. - The company appointed a new chairman, Lu Qi, and a new general manager, Li Ji, during the reporting period [90]. Market Strategy - The company adopts a market-oriented strategy, focusing on product quality and cost control to provide competitive pricing [31]. - The production and sales of acrylamide are significantly influenced by the price fluctuations of upstream raw materials, particularly acrylonitrile [31]. - The company established a long-term stable cooperation mechanism with upstream suppliers, ensuring the stability of raw material supply and quality [42]. - The company increased its market share in the acrylamide sector and optimized sales channels to stabilize pricing strategies [42]. - The company plans to further explore overseas markets to enhance its product reach and customer acquisition capabilities [42]. Research and Development - The company holds 14 patents in the field of acrylamide, including 5 invention patents, enhancing its technological leadership [41]. - The company has implemented a comprehensive production management system, achieving ISO9001, ISO14001 certifications, and enhancing production efficiency through automation [41]. - The research and development expenses decreased by 21.58% to CNY 5.93 million, reflecting a focus on cost control amid price fluctuations [46]. - The company plans to continue exploring new product development and market expansion opportunities to enhance future growth prospects [102]. Financial Reporting - The financial report for the first half of 2020 has not been audited [5]. - The company has implemented the new revenue recognition standard since January 1, 2020, aligning with its previous accounting methods [80]. - The financial statements are prepared based on the assumption of going concern, with no identified issues affecting the company's ability to continue operations [135]. - The company’s accounting policies comply with the requirements of enterprise accounting standards, ensuring accurate financial reporting [136].

Financial Performance - Operating revenue decreased by 46.25% to CNY 59,819,549.05 compared to the same period last year[6] - Net profit attributable to shareholders was CNY -1,446,551.53, showing an improvement from CNY -2,811,872.78 in the previous year[6] - The company reported a basic earnings per share of CNY -0.0060, an improvement from CNY -0.0117 in the previous year[6] - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY -1,357,993.82, compared to CNY -2,906,981.02 in the previous year[6] - The company anticipates a potential net loss for the year due to significant declines in production and sales volumes compared to the previous year[17] - The company reported a net loss of ¥-555,833,997.12, compared to ¥-554,387,445.59 in the previous period, indicating a slight increase in losses[24] - The company reported a total comprehensive loss of ¥353,306.07 for Q1 2020, compared to a loss of ¥1,774,162.69 in Q1 2019[32] Cash Flow and Liquidity - Net cash flow from operating activities was CNY 24,636,948.12, a significant recovery from CNY -1,317,582.59 in the previous year[6] - Cash and cash equivalents increased by 43.68% to CNY 78,233,167.26 due to the collection of receivables[12] - Cash and cash equivalents increased to CNY 78,233,167.26 from CNY 54,448,964.42, reflecting improved liquidity[22] - The net cash flow from operating activities in Q1 2020 was ¥24.64 million, a significant improvement from a net outflow of ¥1.32 million in Q1 2019[39] - The total cash outflow from operating activities in Q1 2020 was ¥58.20 million, down from ¥115.16 million in Q1 2019, indicating a reduction of 49.5%[39] - The cash inflow from other operating activities was ¥0.35 million in Q1 2020, down from ¥0.59 million in Q1 2019[38] - The cash outflow for taxes paid in Q1 2020 was ¥0.78 million, a decrease of 83.1% compared to ¥4.64 million in Q1 2019[39] Assets and Liabilities - Total assets increased by 2.82% to CNY 259,497,081.75 compared to the end of the previous year[6] - Total liabilities rose to ¥132,154,983.00, compared to ¥124,686,144.87, indicating an increase of about 5.3%[24] - Current liabilities totaled ¥98,783,153.58, an increase from ¥91,314,315.45, reflecting a growth of approximately 8.1%[24] - Non-current liabilities remained stable at ¥33,371,829.42, unchanged from the previous period[24] - Owner's equity decreased to ¥127,342,098.75 from ¥127,685,291.47, showing a decline of about 0.3%[24] - Total assets amounted to RMB 252,371,436.34, with current assets at RMB 131,299,409.31 and non-current assets at RMB 121,072,027.03[44] - Total liabilities reached RMB 124,686,144.87, with current liabilities at RMB 91,314,315.45 and non-current liabilities at RMB 33,371,829.42[45] Shareholder Information - The number of shareholders reached 15,632 at the end of the reporting period[10] - The largest shareholder, Jiangxi Changjiu Group Co., Ltd., holds 25.58% of the shares[10] Research and Development - Research and development expenses decreased by 52.68% to CNY 2,178,484.26, reflecting a temporary slowdown in R&D activities[13] - Research and development expenses for Q1 2020 were ¥2,178,484.26, down 52.7% from ¥4,603,413.19 in Q1 2019[30] Operational Efficiency - Operating costs fell to CNY 46,547,759.46, down 49.80% from CNY 92,720,040.20, primarily due to reduced raw material procurement[13] - Total operating costs for Q1 2020 were ¥59,541,918.65, down 47.4% from ¥113,053,534.72 in Q1 2019[30] - Sales expenses for Q1 2020 were ¥4,872,311.65, a decrease of 33.0% from ¥7,262,467.94 in Q1 2019[30] - Management expenses for Q1 2020 were ¥5,399,555.83, down 29.5% from ¥7,657,263.18 in Q1 2019[30] Asset Restructuring - The company is undergoing a major asset restructuring, including the acquisition of 100% of Shanghai Zhongyan Information Technology Co., Ltd.[13] - The company received an inquiry letter from the Shanghai Stock Exchange regarding the asset restructuring plan, indicating ongoing regulatory scrutiny[15]