Financial Performance - In 2019, the company reported a total revenue of ¥439,164,777.29, a decrease of 46.10% compared to ¥814,732,443.05 in 2018[20] - The net profit attributable to shareholders was a loss of ¥278,079,176.86, worsening from a loss of ¥174,824,222.26 in the previous year[20] - The net profit attributable to shareholders after deducting non-recurring gains and losses was a loss of ¥304,555,401.18, compared to a loss of ¥191,646,532.91 in 2018[20] - The company reported a basic and diluted earnings per share of -0.94 CNY for 2019, compared to -0.59 CNY in 2018, indicating a significant decline[22] - The weighted average return on equity was -24.84% in 2019, down from -12.97% in 2018, reflecting increased financial pressure[22] - The company reported a net loss of ¥444,027,940.67 in 2019 compared to a net loss of ¥165,948,763.81 in 2018, indicating a worsening financial position[163] - The net profit attributable to ordinary shareholders of -278.08 million RMB for 2019, with a profit distribution ratio of 0%[77] - The company reported a net profit of -11,022 million RMB for Times Wan Heng Investment, indicating significant losses in the investment management sector[68] Cash Flow and Investments - The company's cash flow from operating activities was ¥12,603,534.01, a significant improvement from a negative cash flow of ¥180,459,098.23 in 2018[20] - The company experienced a cash flow from operating activities of 19,477,034.09 CNY in the fourth quarter, indicating a recovery in cash generation[24] - The company reported a significant increase in investment activities, with a net cash flow from investment activities of CNY 21,799.55 million, up 195.81% from the previous year[40] - The cash flow from investing activities resulted in a net inflow of CNY 217.99 million in 2019, compared to a net inflow of CNY 73.69 million in 2018, showing an increase of 195.5%[178] - The cash flow from financing activities resulted in a net outflow of CNY 193.63 million in 2019, an improvement from a net outflow of CNY 603.45 million in 2018[178] Assets and Liabilities - As of the end of 2019, the total assets were ¥1,324,608,956.40, down 29.03% from ¥1,866,448,716.59 at the end of 2018[21] - The company's total equity decreased to ¥847,383,305.14 in 2019 from ¥1,245,210,913.44 in 2018, a drop of approximately 31.9%[163] - Total current assets decreased to ¥564,856,911.76 in 2019 from ¥821,342,156.04 in 2018, a decline of approximately 31.3%[161] - Total liabilities decreased to ¥477,225,651.26 in 2019 from ¥621,237,803.15 in 2018, a decline of about 23.1%[163] Business Segments and Market Conditions - The lithium battery segment saw a shipment volume of 14.7 GWh in 2019, with a market value exceeding 10 billion CNY, growing over 50% year-on-year[30] - The company faced significant challenges in the nickel-hydrogen battery market due to competition from lithium batteries, impacting market share and profit margins[34] - The new energy battery business generated revenue of CNY 29,162.38 million with a gross margin of 22.57%, while the forestry resource development business generated revenue of CNY 14,105.64 million with a gross margin of 7.49%[38] - The company is focusing on expanding its lithium battery production capacity and improving production efficiency to stabilize operations[34] Shareholder and Governance Matters - The company will not distribute cash dividends for the year due to negative net profit and negative distributable profits[5] - The company has committed to not engaging in any competitive business activities with its subsidiaries, ensuring no harm to the interests of shareholders[78] - The company has established a long-term commitment to avoid conflicts of interest and protect shareholder rights[78] - The company has no strategic investors or general legal entities among the top ten shareholders[119] Compliance and Internal Controls - The internal control self-assessment report indicated no significant deficiencies in financial reporting controls as of December 31, 2019[146] - The audit report confirmed that there were no significant misstatements in the other information provided in the annual report[153] - The company ensured compliance with information disclosure regulations, maintaining the accuracy and timeliness of disclosures[140] Research and Development - Total R&D investment amounted to 24,090,531.41, representing 5.49% of operating revenue, with 97 R&D personnel accounting for 5.93% of total employees[54] - Research and development expenses for 2019 were CNY 24,090,531.41, slightly down from CNY 25,896,579.93 in 2018[168] Employee and Management Changes - The company employed a total of 1,635 staff, with 1,601 in major subsidiaries and 34 in the parent company[135] - The company revised its employee compensation management and performance evaluation methods, which were approved in September 2019[136] - The company experienced a change in its board and management personnel due to re-election and appointments[132] Future Outlook and Strategy - The company plans to optimize resources and focus on the new energy battery industry to achieve profitability in 2020[37] - The company aims to enhance its funding capabilities and prevent cash flow disruptions due to the impact of the pandemic[37] - The company acknowledges the uncertainty of the COVID-19 pandemic's impact on overall operational performance[72]

Financial Performance - Operating revenue for the period was CNY 323,737,242.97, representing a decline of 52.44% year-on-year[7] - Net profit attributable to shareholders was a loss of CNY 3,092,605.86, compared to a loss of CNY 31,845,959.96 in the same period last year[7] - The weighted average return on net assets was -0.25%, down from -2.24% in the previous year[8] - The company anticipates a potential net loss attributable to shareholders for the year due to expected non-profitability from its forestry subsidiary and Jiuyi Lithium Energy[25] - The company reported a net loss of ¥169,041,369.67, compared to a loss of ¥165,948,763.81 in the previous period, indicating a slight increase in losses[32] - The net profit for Q3 2019 was ¥15,613,906.16, compared to ¥33,979,791.79 in Q3 2018, reflecting a decrease of 54.9%[46] Cash Flow - Cash flow from operating activities showed a net outflow of CNY 6,873,500.08, compared to an outflow of CNY 136,817,973.12 in the same period last year[7] - Net cash flow from operating activities improved to -CNY 6,873,500.08 in 2019 from -CNY 136,817,973.12 in 2018[19] - The cash inflow from investment activities in the first three quarters of 2019 was CNY 384,926,220.41, significantly higher than CNY 144,809,492.74 in 2018, marking a 165.5% increase[49] - The net cash flow from investment activities for the first three quarters of 2019 was CNY 123,279,145.45, compared to -CNY 295,765,355.54 in the same period of 2018[49] - The ending cash and cash equivalents balance as of the end of Q3 2019 was CNY 143,600,524.31, down from CNY 279,373,328.22 at the end of Q3 2018[49] Assets and Liabilities - Total assets at the end of the reporting period were CNY 1,745,246,296.68, a decrease of 6.49% compared to the end of the previous year[7] - Total current assets as of September 30, 2019, amounted to ¥677,020,120.68, a decrease from ¥821,342,156.04 as of December 31, 2018, representing a decline of approximately 17.5%[30] - Total liabilities decreased to ¥516,502,238.00 from ¥621,237,803.15, a reduction of about 16.9%[32] - The company's total assets as of September 30, 2019, were ¥1,745,246,296.68, down from ¥1,866,448,716.59, reflecting a decrease of about 6.5%[32] - Total liabilities reached CNY 621,237,803.15, with current liabilities at CNY 475,679,217.30 and non-current liabilities at CNY 145,558,585.85[57] Shareholder Information - The total number of shareholders at the end of the reporting period was 13,726[10] - The largest shareholder, Liaoning Times Wan Heng Holding Group Co., Ltd., held 48.63% of the shares, with 143,133,473 shares pledged[10] - Shareholders' equity totaled CNY 1,245,210,913.44, with total equity attributable to the parent company at CNY 1,258,290,854.68[57] Inventory and Prepayments - The company reported a significant increase in prepayments, which rose by 94.15% to CNY 21,573,111.77 due to increased material procurement[13] - Inventory increased by 45.85% to CNY 200,647,053.13, indicating a buildup of stock[13] - Prepayments increased due to higher advance sales payments received[16] - Inventory rose significantly to ¥200,647,053.13 from ¥137,572,872.20, marking an increase of around 45.8%[30] Investment Activities - Investment activities generated a net cash flow of CNY 123,279,145.45 in 2019, a significant increase from -CNY 295,765,355.54 in the same period of 2018[19] - The company repurchased a 40% stake in Rongcheng Forestry from the China-Africa Development Fund for a total of EUR 10.67 million, which is expected to increase profits by EUR 2.86 million (approximately CNY 22,325,700) for the year[22] Operating Costs and Revenue - Operating costs for the first three quarters of 2019 were CNY 256,748,654.88, down 54.57% from CNY 565,193,554.21 in the previous year[16] - Total operating revenue for Q3 2019 was ¥124,032,935.84, an increase from ¥102,777,772.98 in Q3 2018, representing a growth of approximately 20.5%[39] - Total operating costs for Q3 2019 were ¥143,982,198.97, compared to ¥116,069,455.67 in Q3 2018, indicating an increase of about 23.9%[39] - The company's operating revenue for Q3 2019 was ¥11,671,276.39, a 67.5% increase from ¥6,986,785.51 in Q3 2018[45]

Financial Performance - The company's operating revenue for the first half of 2019 was ¥199,704,307.13, a decrease of 65.44% compared to ¥577,886,036.96 in the same period last year[19]. - The net profit attributable to shareholders for the first half of 2019 was -¥12,201,121.36, compared to -¥35,789,337.06 in the same period last year[19]. - The net cash flow from operating activities was -¥23,841,880.22, an improvement from -¥142,315,261.03 in the previous year[19]. - The total operating revenue for the first half of 2019 was CNY 199,704,307.13, a significant decrease from CNY 577,886,036.96 in the same period of 2018, representing a decline of approximately 65.4%[99]. - The net loss for the first half of 2019 was CNY 16,107,385.82, compared to a net loss of CNY 47,024,382.20 in the same period of 2018, showing an improvement of approximately 65.7%[99]. - The total comprehensive income attributable to the parent company's owners was a loss of CNY 9,194,193.31, compared to a loss of CNY 42,669,797.37 in the same period last year[100]. Assets and Liabilities - The total assets at the end of the reporting period were ¥1,815,321,355.77, down 2.74% from ¥1,866,448,716.59 at the end of the previous year[19]. - The net assets attributable to shareholders decreased by 0.73% to ¥1,249,096,661.37 from ¥1,258,290,854.68 at the end of the previous year[19]. - The company's total liabilities decreased to CNY 585,274,711.25 from CNY 621,237,803.15, a reduction of about 5.8%[95]. - Current liabilities totaled CNY 446,226,702.92, down from CNY 475,679,217.30, indicating a decrease of approximately 6.2%[95]. - The total equity attributable to the parent company at the end of the reporting period is CNY 1,425,208,398.52, reflecting a decrease of CNY 55,705,823.01 compared to the previous period[115]. Business Operations - The company completed the major asset restructuring by divesting its trading business, focusing on new energy batteries and forestry resource development[41]. - The company’s nickel-hydrogen battery business faced declining market demand due to advancements in lithium battery technology and rising raw material costs[30]. - The company’s lithium-ion battery segment is in the process of production line testing and customer development, with a five-year product purchase framework agreement signed with Germany's BMZ Group[29]. - The company’s forestry resource development business achieved operating revenue of CNY 6.92 million, but did not meet expectations due to local operational challenges[30]. Expenses and Costs - The company’s research and development expenses decreased by 29.44% to CNY 6.78 million, reflecting reduced costs in R&D materials and personnel[34]. - The company’s sales expenses decreased by 64.02% to CNY 14.69 million, primarily due to the absence of the trading business in the current reporting period[34]. - The company’s management expenses decreased by 56.17% to CNY 28.26 million, also due to the divestiture of the trading business[34]. - Total operating costs for the first half of 2019 amounted to CNY 219,137,790.35, down from CNY 630,786,754.13 in the previous year, indicating a reduction of about 65.2%[99]. Cash Flow - The company reported a net cash flow from investment activities of CNY 101,238,742.86, a significant improvement from -542,802,158.61 RMB in the previous year[111]. - The ending cash and cash equivalents balance was 94,857,109.79 RMB, compared to 199,829,892.84 RMB at the end of the same period last year[111]. - The total cash inflow from operating activities was 27,016,063.73 RMB, compared to 11,386,343.27 RMB in the same period last year[111]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 13,924[80]. - The largest shareholder, Liaoning Shidai Wan Heng Holdings Group Co., Ltd., held 143,133,473 shares, representing 48.63% of the total shares, with 42,735,043 shares pledged[81]. - The second-largest shareholder, Liaoning Transportation Investment Co., Ltd., held 16,923,076 shares, accounting for 5.75% of the total shares[81]. Corporate Governance - The company has committed to maintaining operational independence from its controlling shareholder, ensuring no conflicts of interest arise in future operations[59]. - The company reported a significant reduction in related party transactions following the completion of a major restructuring in May 2018[59]. - The company appointed Ruihua Certified Public Accountants as the financial audit institution for the 2019 fiscal year, with a one-year term[61]. Risks and Challenges - The company faces risks in the new energy battery manufacturing business due to intensified competition and uncertainties in production line optimization, affecting sales volume and performance[52]. - The forestry resource development business has not fully validated production capacity, leading to performance uncertainties influenced by local business environments and fluctuating market demand[52]. Accounting Policies - The company adheres to the accounting policies and estimates in accordance with the relevant enterprise accounting standards[124]. - The financial statements are prepared based on the going concern assumption, with no identified issues affecting the company's ability to continue operations[123]. - The company recognizes foreign exchange differences arising from currency fluctuations as "foreign currency translation differences" in other comprehensive income when consolidating financial statements involving overseas operations[143].

Financial Performance - Operating revenue for the period was CNY 92,739,207.09, representing a significant decline of 66.41% year-on-year[6] - Net profit attributable to shareholders was a loss of CNY 7,859,440.43, improving from a loss of CNY 15,383,491.13 in the same period last year[6] - The weighted average return on net assets was -0.63%, an improvement from -1.08% in the previous year[6] - The company's basic earnings per share were -CNY 0.03, an improvement from -CNY 0.05 in the previous year[6] - Operating profit for Q1 2019 was -¥8,228,597.63, an improvement from -¥18,775,182.06 in Q1 2018[29] - Net profit for Q1 2019 was -¥8,220,396.86, compared to -¥19,200,849.87 in Q1 2018, indicating a reduced loss[29] - The company reported a net loss in retained earnings of CNY 165,948,763.81[47] Cash Flow - The net cash flow from operating activities was -CNY 7,695,687.88, compared to -CNY 46,737,566.44 in the same period last year, indicating a significant reduction in cash outflow[6] - The cash flow from operating activities for Q1 2019 was negative at -¥7,695,687.88, an improvement from -¥46,737,566.44 in Q1 2018[39] - The total cash inflow from operating activities was ¥9,890,196.05, while cash outflow was ¥10,207,725.72, resulting in a net cash flow of -¥317,529.67, an improvement from -¥2,003,116.46 year-over-year[41] - The financing activities resulted in a net cash outflow of -¥22,648,125.01, compared to a net inflow of ¥13,445,737.51 in the previous year[42] - The cash flow from investment activities showed a net outflow of -¥12,965,001.34, a notable decrease from -¥647,969,979.65 in Q1 2018[41] Assets and Liabilities - Total assets at the end of the reporting period were CNY 1,815,199,810.80, a decrease of 2.75% compared to the end of the previous year[6] - The total assets as of March 31, 2019, were RMB 1,815,199,810.80, down from RMB 1,866,448,716.59 at the end of 2018[22] - The company's total liabilities decreased to RMB 581,987,113.38 from RMB 621,237,803.15 at the end of 2018[23] - Total liabilities as of March 31, 2019, were ¥212,547,621.68, down from ¥232,617,428.33 at the end of 2018, a decrease of 8.6%[26] - The company's total equity decreased to RMB 1,233,212,697.42 from RMB 1,245,210,913.44 at the end of 2018[23] Shareholder Information - The number of shareholders at the end of the reporting period was 14,057, with the largest shareholder holding 48.63% of the shares[9] Investment and Income - Investment income increased due to the redemption of financial products, leading to higher returns[14] - The company recorded investment income of ¥2,312,059.11 in Q1 2019, compared to ¥794,874.45 in Q1 2018[35] - The company reported interest income of ¥7,145,641.31 in Q1 2019, up from ¥2,523,446.08 in Q1 2018[35] Other Financial Metrics - The company experienced a decrease in other current assets by 56.17%, primarily due to a reduction in deductible taxes and the redemption of financial products[13] - The company's inventory increased to RMB 139,305,470.95 from RMB 137,572,872.20 at the end of 2018[21] - The cash and cash equivalents as of March 31, 2019, were RMB 340,302,287.84, down from RMB 354,287,446.37 at the end of 2018[21] - The company executed a reclassification of financial assets under the new financial instrument standards, impacting the classification of certain assets[48][50]

Financial Performance - In 2018, the company achieved a net profit attributable to shareholders of -174,824,222.26 CNY, a significant decline compared to a profit of 19,502,765.81 CNY in 2017, representing a decrease of 997.9%[5]. - The company's operating revenue for 2018 was 814,732,443.05 CNY, down 45.73% from 1,501,375,285.29 CNY in 2017[21]. - The net cash flow from operating activities was -180,459,098.23 CNY, worsening from -65,471,112.96 CNY in the previous year[21]. - The company reported a net profit attributable to shareholders after deducting non-recurring gains and losses of -191,646,532.91 CNY in 2018, compared to -14,234,576.32 CNY in 2017[21]. - The company reported a basic earnings per share of -0.59 CNY for 2018, a decrease from 0.09 CNY in 2017[22]. - The total operating revenue for the fourth quarter of 2018 was 134,068,633.11 CNY, with a net profit attributable to shareholders of -142,978,262.30 CNY[24]. - The company reported a net loss of CNY 165,948,763.81 in retained earnings, compared to a profit of CNY 19,751,544.01 in the previous period[173]. - The company’s comprehensive income for the current period amounts to -197,592,344.07, reflecting a significant loss compared to the previous period[188]. Assets and Liabilities - Total assets decreased by 34.35% to 1,866,448,716.59 CNY at the end of 2018, down from 2,842,825,251.49 CNY in 2017[21]. - The net assets attributable to shareholders decreased by 12.44% to 1,258,290,854.68 CNY compared to 1,437,021,521.88 CNY at the end of 2017[21]. - Total current assets decreased from CNY 1,250,903,624.22 to CNY 671,769,466.94, a reduction of about 46.3%[175]. - Total liabilities decreased from CNY 1,361,911,029.96 to CNY 621,237,803.15, a decline of around 54.4%[173]. - Owner's equity decreased from CNY 1,480,914,221.53 to CNY 1,245,210,913.44, a reduction of about 15.9%[173]. - The company’s total liabilities and equity at the end of the current period is CNY 1,480,914,221.53[189]. Cash Flow - The net cash flow from operating activities for the year 2018 was -180,459,098.23 RMB, a decline from -65,471,112.96 RMB in the previous year[183]. - Total cash inflow from operating activities was 903,831,463.33 RMB, down 42.7% from 1,576,628,736.70 RMB in the previous year[183]. - Cash outflow from operating activities totaled 1,084,290,561.56 RMB, a decrease of 34% compared to 1,642,099,849.66 RMB in the previous year[183]. - The ending cash and cash equivalents balance was 154,234,824.15 RMB, a decrease from 868,089,000.61 RMB at the beginning of the year[184]. - The company experienced a net decrease in cash and cash equivalents of -713,854,176.46 RMB for the year[184]. Business Operations - The company completed the divestiture of its trading business for 59.61 million CNY, focusing on the core businesses of new energy batteries and forestry resource development[32]. - The lithium-ion battery production lines were successfully launched in June and October 2018, enhancing the company's core business capabilities[31]. - The company aims to concentrate resources on the new energy battery sector, which is expected to drive future growth despite competitive pressures[35]. - The forestry resource development business faced challenges due to local market conditions and increased competition in the domestic timber industry[30]. - The company is in the early stages of production for its lithium battery business and has not yet generated sales revenue[38]. Research and Development - Research and development expenses increased by 84.89% to 2,589.66 million RMB compared to the previous year[41]. - The total R&D investment amounted to 26.82 million yuan, which is 3.29% of the operating revenue[55]. - R&D expenses increased by 84.89% to 25.90 million yuan, reflecting increased investment during the preparation period for the lithium battery project[53]. Shareholder and Governance - The company will not distribute cash dividends or increase capital reserves due to the negative net profit for the year[5]. - The company has a cash dividend policy that mandates a minimum distribution of 30% of the average distributable profit over the last three years[76]. - The company has committed to avoiding any direct or indirect competition with its subsidiaries' business activities[78]. - The company has pledged to minimize related party transactions to protect the legal rights of shareholders[78]. - The company’s governance structure complies with the requirements of the Company Law and relevant regulations from the China Securities Regulatory Commission[144]. Compliance and Legal Matters - The company has not faced any administrative or criminal penalties in the last five years, ensuring compliance with regulatory standards[81]. - The company received a disciplinary reprimand from the Shanghai Stock Exchange in October 2018 due to issues related to the transfer of a controlling real estate subsidiary[90]. - The company faced a disciplinary sanction from the Shanghai Stock Exchange in October 2018 due to non-compliance with repayment commitments and timely information disclosure during a transaction involving the transfer of equity in a subsidiary[138]. Market Conditions and Future Outlook - The lithium-ion battery market is experiencing rapid growth due to the development of electric vehicles, although competition is intensifying with many new projects being launched[70]. - The company acknowledges the uncertainty in achieving its 2019 profit target due to various external factors, including national macro policies and market conditions[73]. - The company anticipates sustained growth in imported wood demand due to China's ban on commercial logging of natural forests, despite facing intense competition in the forestry industry[70].

Financial Performance - Operating revenue for the first nine months was CNY 680,663,809.94, a decline of 32.99% compared to CNY 1,015,830,067.71 in the same period last year[7]. - Net profit attributable to shareholders was CNY -31,845,959.96, compared to a profit of CNY 17,412,300.37 in the previous year, indicating a significant downturn[7]. - The company reported a basic earnings per share of CNY -0.11, down from CNY 0.08 in the previous year[8]. - Total operating revenue for Q3 2018 was ¥102,777,772.98, a significant decrease from ¥495,757,088.75 in the same period last year, representing a decline of approximately 79.3%[33]. - The net profit for Q3 2018 reached CNY 33,979,791.79, compared to CNY 16,694,595.31 in Q3 2017, indicating a growth of approximately 103.5%[36]. - The company's operating profit for the first nine months of 2018 was CNY 39,732,621.32, a significant increase from CNY 9,784,939.84 in the same period last year[36]. - The total comprehensive income for the third quarter was CNY 33,979,791.79, compared to CNY 39,750,624.38 in the previous year, reflecting a decrease of approximately 14.3%[37]. - Basic and diluted earnings per share for the quarter were both CNY 0.12, up from CNY 0.07 in the same period last year, representing a growth of 71.4%[37]. Cash Flow and Liquidity - Cash flow from operating activities showed a net outflow of CNY -136,817,973.12, an improvement from CNY -186,143,131.25 in the previous year[7]. - The company's cash and cash equivalents decreased by 57.78%, ending at CNY 462,773,328.22[12]. - Cash inflows from operating activities for the first nine months were CNY 692,308,371.00, down 30.6% from CNY 996,926,242.24 in the previous year[40]. - Cash outflows from operating activities totaled CNY 829,126,344.12, a decrease of 29.9% compared to CNY 1,183,069,373.49 last year[40]. - The net cash flow from operating activities was negative CNY 136,817,973.12, an improvement from negative CNY 186,143,131.25 in the previous year[40]. - Cash inflows from investment activities were CNY 144,809,492.74, down 34.7% from CNY 221,559,542.19 last year[41]. - The net cash flow from investment activities was negative CNY 295,765,355.54, compared to positive CNY 108,030,828.78 in the previous year[41]. - Cash inflows from financing activities were CNY 126,771,550.51, a significant decrease of 67.5% from CNY 388,851,606.94 last year[41]. - The net cash flow from financing activities was negative CNY 156,004,330.41, worsening from negative CNY 114,508,902.67 in the previous year[41]. - The ending balance of cash and cash equivalents was CNY 279,373,328.22, compared to CNY 248,251,706.11 at the end of the previous year, indicating a slight increase[41]. Assets and Liabilities - Total assets decreased by 15.28% from the end of the previous year, amounting to CNY 2,408,490,470.43[7]. - Long-term borrowings decreased by 75.71%, amounting to CNY 48,498,360.00[12]. - Non-current liabilities decreased significantly, with long-term borrowings down to CNY 48,498,360.00 from CNY 199,684,913.05[26]. - Total liabilities as of September 30, 2018, were ¥643,373,931.53, compared to ¥631,386,765.12 at the beginning of the year, reflecting a marginal increase of approximately 1.6%[31]. - The total equity attributable to shareholders was ¥1,486,215,821.36, up from ¥1,452,351,239.28 at the beginning of the year, indicating an increase of approximately 2.3%[31]. Research and Development - R&D expenses increased by 40.84% to CNY 14,259,424.42, reflecting increased investment in battery manufacturing[16][17]. - Research and development expenses for the first nine months of 2018 were ¥14,259,424.42, compared to ¥10,124,889.14 in the same period last year, representing an increase of about 40.5%[33]. Investment Activities - Investment income surged by 559.15% to CNY 19,065,417.44, primarily due to gains from the transfer of a trading subsidiary[16][17]. - The company reported a total of CNY 22,364,513.58 in investment income for the first nine months of 2018, compared to CNY 22,639,461.09 in the same period last year[36]. Shareholder Information - The number of shareholders reached 15,432, with the largest shareholder holding 48.63% of the shares[10].

Financial Performance - The company's operating revenue for the first half of 2018 was approximately CNY 577.89 million, representing an increase of 11.12% compared to CNY 520.07 million in the same period last year[20]. - The net profit attributable to shareholders of the listed company was a loss of approximately CNY 35.79 million, compared to a loss of CNY 1.72 million in the same period last year[20]. - The net cash flow from operating activities was negative at approximately CNY 142.32 million, compared to negative CNY 82.99 million in the same period last year[20]. - The total assets at the end of the reporting period were approximately CNY 2.58 billion, a decrease of 9.12% from CNY 2.84 billion at the end of the previous year[20]. - The net assets attributable to shareholders of the listed company decreased by 2.97% to approximately CNY 1.39 billion from CNY 1.44 billion at the end of the previous year[20]. - The basic earnings per share for the first half of 2018 was -CNY 0.122, compared to -CNY 0.008 in the same period last year[21]. - The weighted average return on net assets was -2.52%, compared to -0.28% in the same period last year[21]. - The operating profit was -4,629.42 million RMB, a decline from a profit of 25.32 million RMB in the previous year, primarily due to rising raw material and processing costs[31]. - The net profit attributable to shareholders was -3,578.93 million RMB, compared to -171.84 million RMB in the same period last year[31]. - The company reported a total comprehensive income of -¥55,705,823.01, a significant drop from ¥4,300,445.93 in the previous period[95]. Cash Flow and Liquidity - The company’s cash flow from operating activities was -142,315,261.03 RMB, worsening from -82,995,261.34 RMB in the previous year[34]. - The company’s cash and cash equivalents were reported at ¥190,902,154.47, with a portion restricted for bank guarantees[40]. - The ending cash and cash equivalents balance was 328,643,445.95 RMB, up from 224,811,325.80 RMB, indicating a slight improvement in liquidity[100]. - The net cash flow from operating activities was -142,315,261.03 RMB, compared to -82,995,261.34 RMB in the previous period, indicating a decline in operational cash flow[99]. - Cash outflow from operating activities increased to 729,905,781.35 RMB from 667,650,707.48 RMB, reflecting higher operational costs[99]. Asset Management - The company completed the construction of two high-energy lithium-ion battery production lines, with one line already in production, targeting high-end international markets[30]. - The company has held assets for sale valued at ¥386,567,542.97, indicating a strategic shift in asset management[38]. - The company’s total assets included 509,464,186.42 RMB in cash, which accounted for 19.72% of total assets, a decrease of 53.52% from the previous period[37]. - The company’s accounts receivable decreased by 68.25% to 61,384,112.00 RMB, attributed to assets held for sale from the trading business[37]. - Inventory decreased by 31.26% to ¥112,065,585.74 compared to ¥163,025,906.85 in the previous period[38]. Business Strategy and Operations - The company is in the process of divesting its trading business to focus on core operations in the new energy battery sector[30]. - The company plans to divest its trading business, with a proposed transaction value of ¥59,610,000 for the transfer of subsidiaries to its controlling shareholder[42]. - The company aims to expand its domestic sales efforts for nickel-hydrogen batteries to counter potential impacts from the US-China trade war[48]. - The company has faced risks in its forestry resource development business due to political and economic changes in Gabon, which could impact market demand[47]. - The company is committed to reducing related party transactions to avoid conflicts of interest and ensure fair dealings[52]. Restructuring and Compliance - The company completed a major asset restructuring plan approved on May 7, 2018, involving its controlling shareholder, which holds 48.63% of the company's shares[64]. - The restructuring process is expected to conclude by May 7, 2018, with ongoing commitments to transparency and compliance[55]. - The company has committed to ensuring that all documents related to the restructuring are authentic and accurately reflect the original materials[54]. - The company has pledged to avoid insider trading and leaking of confidential information related to the transaction[54]. - The company has established a commitment to ensure that executive compensation is linked to the execution of return compensation measures[54]. Financial Reporting and Governance - The company’s financial statements indicate a need for strategic adjustments to improve overall equity performance moving forward[106]. - The company adheres to the accounting policies and estimates in accordance with the relevant accounting standards, ensuring accurate financial reporting[117]. - The company recognizes deferred tax assets related to deductible temporary differences if new information indicates that the economic benefits can be realized within 12 months post-acquisition, reducing goodwill accordingly[125]. - The company has not reported any significant changes in accounting policies during the reporting period[115]. - The company’s financial statements comply with the disclosure requirements set by the China Securities Regulatory Commission[118]. Investment and Equity - The company issued 68.11 million shares at a price of RMB 11.70 per share, raising a total of RMB 796.89 million, with a net amount of RMB 783.07 million after deducting issuance costs[72]. - The company’s registered capital increased from RMB 226.19 million to RMB 294.30 million following the share issuance[73]. - The total equity attributable to the parent company at the end of the reporting period is CNY 1,425,208,398.52, a decrease of CNY 55,705,823.01 compared to the previous period[106]. - The total equity at the end of the reporting period includes CNY 294,302,115.00 in share capital and CNY 1,085,752,927.76 in capital reserve[109]. - The total capital reserve at the end of the reporting period is 370,011,880.59 RMB[111].

Financial Performance - The company achieved a net profit attributable to shareholders of 19,502,765.81 yuan for the year 2017[5]. - The total distributable profit for shareholders at the end of 2017 was 34,993,128.33 yuan, including retained earnings from the previous year[5]. - The proposed cash dividend is 0.20 yuan per 10 shares, totaling 5,886,042.30 yuan for distribution[5]. - The company's operating revenue for 2017 was ¥1,501,375,285.29, a decrease of 3.75% compared to ¥1,559,906,077.25 in 2016[23]. - The net profit attributable to shareholders was ¥19,502,765.81, a significant recovery from a loss of ¥78,631,162.79 in 2016[23]. - The net cash flow from operating activities was negative at ¥65,471,112.96, worsening from a negative cash flow of ¥3,003,980.48 in 2016[23]. - The total assets increased by 27.95% to ¥2,842,825,251.49 from ¥2,221,884,141.87 in 2016[23]. - The basic earnings per share improved to ¥0.09 from a loss of ¥0.35 in 2016[24]. - The weighted average return on equity was 3.07%, recovering from -11.68% in 2016[24]. - The company reported non-recurring gains of ¥33,737,342.13 in 2017, compared to a loss of ¥1,398,940.78 in 2016[27]. - The company achieved a net profit of CNY 4,074.84 million from its battery manufacturing subsidiary, Liaoning Jiuyi Energy Technology Co., Ltd.[72]. - The company reported a total revenue of 44,844.35 million RMB, with a significant increase of 14,817.71 million RMB compared to the previous year[107]. - The company reported a total profit of CNY 33,244,042.68, recovering from a loss of CNY 60,923,018.99 in 2016[200]. Debt and Liabilities - As of the end of 2017, the company had outstanding debts of 43.23 million yuan owed by a related party, which were fully repaid by April 18, 2018[7]. - The company reported a decrease in long-term borrowings by 22.72% to 19,968.49 million, reflecting repayment and reclassification of debts[61]. - Current liabilities decreased to ¥1,060,509,647.98 from ¥1,211,362,871.12, a reduction of about 12.5%[192]. - Total liabilities decreased to ¥1,361,911,029.96 from ¥1,555,881,593.03, reflecting a decline of approximately 12.5%[192]. Capital and Investments - The company successfully raised CNY 7.97 billion through a private placement to fund the high-energy lithium-ion battery project, increasing total shares to 294 million[36]. - The company has committed to a loan of 500 million RMB to Liaoning Jiuyi Lithium Energy Co., Ltd. for a high-energy lithium-ion battery project, with a loan term of 6 years at an interest rate of 5.88%[115]. - The company invested 18,000 million RMB in bank wealth management products, with an expected annual return rate between 2.1% and 3.6%[112]. - The company approved a proposal to replace self-raised funds with raised funds amounting to RMB 195,236,729.57 for investment projects[120]. - The company raised a total of RMB 796,887,000.00 through a non-public offering of 68.11 million shares at a price of RMB 11.70 per share, with a net amount of RMB 783,068,890.00 after deducting issuance costs[121]. Operational Strategy - The company plans to gradually exit the real estate development business, having completed the transfer of all related equity interests[31]. - The company is focusing on enhancing its competitive advantage in the new energy battery sector while facing challenges in the apparel and forestry resource segments[30]. - The company plans to continue focusing on its core businesses of new energy battery manufacturing, clothing import and export trade, and forestry resource development to drive future growth[36]. - The company intends to divest its trading segment to enhance its core business operations[73]. - The company aims to enhance its market position and shareholder returns through strategic transformation and innovation in its core business[75]. Risk Management - The company has disclosed potential risks in its future development in the report[8]. - Risks include intensified competition in the apparel import-export trade, political and economic risks in forestry resource development, and potential policy changes in the new energy battery manufacturing sector[77]. - The company plans to enhance its modern service-oriented business model and improve management efficiency through information technology in the apparel trade[77]. - In the forestry resource development sector, the company will reorganize its core management team to improve operational coordination and reduce local investment risks[77]. Governance and Compliance - The audit report for the year was issued by Ruihua Certified Public Accountants, confirming the financial statements' accuracy[4]. - The company has not engaged in any non-operational fund occupation by controlling shareholders or related parties[7]. - The company is under continuous supervision by Huaxi Securities Co., Ltd. from December 2017 to December 2018[21]. - The company has established a non-compete obligation for its key personnel to safeguard its core business interests[86]. - The company’s governance structure complies with the requirements of the Company Law and the China Securities Regulatory Commission[162]. Employee and Workforce Management - The total number of employees in the parent company is 27, while the main subsidiaries employ 1,805, resulting in a total of 1,832 employees[156]. - The company has established training plans to ensure employee skills align with business development needs[158]. - The total remuneration for all directors, supervisors, and senior management during the reporting period amounted to 3.3745 million yuan[153]. - The company maintains a consistent employee compensation policy, with no changes from the previous period[157]. Financial Reporting and Audit - The company’s financial statements were audited and found to fairly present its financial position and results of operations for the year ended December 31, 2017[173]. - The company is responsible for ensuring the financial statements are free from material misstatement due to fraud or error[182]. - The management is tasked with evaluating the company's ability to continue as a going concern and disclosing relevant matters[182]. - The audit firm is responsible for providing reasonable assurance that the financial statements are free from material misstatement[184].

Financial Performance - Operating revenue increased by 16.78% to CNY 276,083,500.03 compared to the same period last year[5] - Net profit attributable to shareholders was a loss of CNY 15,383,491.13, compared to a loss of CNY 8,473,180.37 in the previous year[5] - The company anticipates a cumulative net profit that may be negative due to uncertainties regarding the profitability of its forestry subsidiary and delays in the projected production launch of the new Jiuyi Lithium Energy Company[17] - Total operating revenue for Q1 2018 was ¥276,083,500.03, an increase of 16.7% compared to ¥236,408,791.61 in the same period last year[28] - The net loss for Q1 2018 was ¥20,215,486.95, compared to a net loss of ¥8,813,572.86 in Q1 2017, representing a significant increase in losses[29] - The operating profit for Q1 2018 was -¥18,775,182.06, worsening from -¥7,163,717.51 in Q1 2017[29] - The total comprehensive loss for Q1 2018 was ¥22,805,452.97, compared to a loss of ¥6,700,834.69 in Q1 2017[29] Cash Flow and Liquidity - Cash flow from operating activities showed a net outflow of CNY 46,737,566.44, compared to a net outflow of CNY 26,528,596.89 in the previous year[5] - The company reported a significant decrease in cash and cash equivalents by 36.71% to CNY 693,669,042.51[12] - The company's cash flow statement for Q1 2018 indicates ongoing liquidity challenges, with significant outflows noted[34] - The net cash flow from operating activities was -46,737,566.44 RMB, a decline from -26,528,596.89 RMB in the previous period, indicating a worsening cash flow situation[35] - Cash received from sales of goods and services decreased to 271,960,873.24 RMB from 308,697,516.86 RMB, reflecting a drop of approximately 11.9%[35] - Total cash inflow from operating activities was 297,231,622.75 RMB, down from 358,494,355.12 RMB, representing a decrease of about 17%[35] - The ending cash and cash equivalents balance was 466,110,311.74 RMB, down from 388,916,487.37 RMB, showing a decrease in liquidity[36] Assets and Liabilities - Total assets decreased by 4.04% to CNY 2,727,952,107.84 compared to the end of the previous year[5] - The company's current assets totaled CNY 1,609,908,175.94, down from CNY 1,765,713,230.58 at the beginning of the year, reflecting a decline of approximately 8.8%[21] - The company's total liabilities decreased to CNY 1,270,088,375.66 from CNY 1,361,911,029.96, indicating a reduction of approximately 6.7%[23] - The company's equity attributable to shareholders decreased to CNY 1,419,352,071.77 from CNY 1,437,021,521.88, a decline of about 1.2%[23] - The company reported a significant decrease in accounts payable, which fell to CNY 127,519,184.48 from CNY 223,139,433.85, a reduction of approximately 42.9%[22] Investment Activities - Investment income increased significantly to CNY 830,858.07 from a loss of CNY 7,868,442.31 in the previous year[15] - The net cash flow from investment activities was -354,214,518.21 RMB, significantly worse than -5,683,808.88 RMB previously, indicating increased investment expenditures[36] - Cash outflow for acquiring fixed assets and other long-term assets was 104,400,501.83 RMB, a substantial increase from 5,684,899.51 RMB in the prior period[36] - The company reported a significant increase in cash outflow for other investment-related activities, totaling 407,795,451.64 RMB compared to 35,838,750.00 RMB previously[37] Shareholder Information - The company’s total number of shareholders reached 16,271 as of the report date[9] - The weighted average return on equity was -1.08%, an improvement from -1.36% in the previous year[5]

Financial Performance - Operating revenue for the first nine months increased by 9.09% to CNY 1,015,830,067.71 compared to the same period last year[6] - Net profit attributable to shareholders was CNY 17,412,300.37, a significant recovery from a loss of CNY 9,698,924.56 in the previous year[6] - Net profit for the period was CNY 21,231,095.54, compared to CNY 14,530,877.38 in the same period last year, marking an increase of approximately 46%[32] - Basic and diluted earnings per share for the third quarter were both CNY 0.08, compared to CNY 0.04 in the same quarter last year[33] - The company reported a total comprehensive income of CNY 22,828,854.28 for the third quarter, compared to CNY 11,629,788.64 in the same quarter last year[33] Assets and Liabilities - Total assets decreased by 10.04% to CNY 1,998,707,321.02 compared to the end of the previous year[6] - Cash and cash equivalents decreased by 41.4% to CNY 420,345,952.87 compared to the beginning of the year[11] - Accounts receivable increased by 51.3% to CNY 277,569,226.32 compared to the beginning of the year[11] - Inventory increased by 38.3% to CNY 170,252,668.32 compared to the beginning of the year[11] - Current liabilities decreased to RMB 961,095,111.66 from RMB 1,211,362,871.12, indicating improved management of short-term obligations[22] - Total liabilities decreased from CNY 771,884,036.94 to CNY 494,061,149.81, a reduction of around 36%[26] Cash Flow - Cash flow from operating activities showed a negative net amount of CNY -186,143,131.25, worsening by 120.08% compared to the previous year[6] - Net cash flow from operating activities decreased to RMB -186,143,131.25 from RMB -84,581,053.96, primarily due to reduced cash flow from trade and forestry subsidiaries[14] - The company recorded a total cash inflow from operating activities of CNY 996,926,242.24, compared to CNY 978,214,830.72 in the previous year[39] - The net cash flow from financing activities was -148,264,541.43 RMB, compared to -56,159,138.87 RMB in the same period last year[44] Investment and Income - The company reported a non-operating income of CNY 20,080,443.93 for the current period[8] - Investment income improved to RMB 2,892,405.23 from a loss of RMB -14,611,845.80, a change of -119.8%, attributed to the transfer of equity in Shenyang Wanheng Yisai Real Estate Development Co., Ltd.[13] - Investment income for the first nine months was CNY 22,639,461.09, significantly higher than CNY 4,801,516.37 in the previous year[35] Operational Costs - Operating costs for the same period increased slightly from CNY 933,931,636.33 to CNY 1,014,679,494.61, an increase of approximately 9%[31] - Sales expenses increased by 32.6% to RMB 60,481,308.38 compared to RMB 45,602,132.88 in the same period last year, primarily due to increased sales expenses in the forestry subsidiary[13] Equity and Retained Earnings - Net assets attributable to shareholders increased by 4.48% to CNY 653,427,326.92 compared to the end of the previous year[6] - The company's equity attributable to shareholders increased to RMB 653,427,326.92 from RMB 625,406,685.00, showing a positive trend in retained earnings[22] - The company’s retained earnings increased from CNY 15,650,971.99 to CNY 25,435,911.83, an increase of about 63%[26] Future Outlook - The company plans to focus on market expansion and new product development in the upcoming quarters[32] - The company received approval from the China Securities Regulatory Commission for a non-public stock issuance, with efforts to ensure the process is progressing smoothly[16] - The company completed the transfer of equity in Shenyang Wanheng Yisai Real Estate Development Co., Ltd., which is expected to positively impact future financial performance[16]