[Key Financial Data](index=2&type=section&id=%E4%B8%80%E3%80%81%20%E4%B8%BB%E8%A6%81%E8%B4%A2%E5%8A%A1%E6%95%B0%E6%8D%AE) The company's performance declined significantly in the first three quarters of 2021, with a sharp drop in revenue and a shift from profit to loss [Core Financial Indicators](index=2&type=section&id=%EF%BC%88%E4%B8%80%EF%BC%89%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) The company's performance declined significantly in the first three quarters of 2021, marked by falling revenue, a substantial net loss, and shrinking assets and equity Key Financial Indicators for the First Three Quarters of 2021 | Indicator | YTD to Reporting Period End | Same Period Last Year | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue (Yuan) | 577,712,049.94 | 627,884,338.32 | -7.99% | | Net Profit Attributable to Shareholders (Yuan) | -98,144,655.51 | 45,461,828.58 | -315.88% | | Net Profit after Non-recurring Items (Yuan) | -109,058,381.37 | 13,062,608.29 | -934.89% | | Net Cash Flow from Operating Activities (Yuan) | -38,256,831.55 | 14,312,442.87 | -367.30% | | Basic Earnings Per Share (Yuan/share) | -0.32 | 0.15 | -313.33% | | Weighted Average Return on Equity (%) | -11.42% | 4.16% | Decreased by 15.58 percentage points | | **Balance Sheet Indicators** | **End of Reporting Period** | **End of Previous Year** | **Period-end vs Year-start Change (%)** | | Total Assets (Yuan) | 2,175,328,749.94 | 2,350,109,852.68 | -7.44% | | Equity Attributable to Shareholders (Yuan) | 781,428,256.78 | 940,008,097.51 | -16.87% | - The company completed the acquisition of a 51% stake in Nanshang Operation at the end of 2020, a business combination under common control, leading to a retrospective adjustment of the comparative financial statements for 2020[4](index=4&type=chunk) [Analysis of Non-recurring Gains and Losses](index=3&type=section&id=%EF%BC%88%E4%BA%8C%EF%BC%89%E9%9D%9E%E7%BB%8F%E5%B8%B8%E6%80%A7%E6%8D%9F%E7%9B%8A%E9%A1%B9%E7%9B%AE%E5%92%8C%E9%87%91%E9%A2%9D) In the first three quarters of 2021, the company recorded total non-recurring gains and losses of approximately 10.91 million Yuan, primarily from government subsidies and fair value gains Non-recurring Gains and Losses for the First Three Quarters of 2021 | Item | YTD Amount (Yuan) | | :--- | :--- | | Government Subsidies | 1,256,934.46 | | Gains/Losses from Trading Financial Assets | 1,222,722.36 | | Other Items Defined as Non-recurring | 9,975,313.46 | | **Total** | **10,913,725.86** | [Reasons for Changes in Key Financial Indicators](index=3&type=section&id=%EF%BC%88%E4%B8%89%EF%BC%89%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87%E5%8F%91%E7%94%9F%E5%8F%98%E5%8A%A8%E7%9A%84%E6%83%85%E5%86%B5%E3%80%81%E5%8E%9F%E5%9B%A0) The performance decline was driven by lower import trade and tourism revenue, with the net loss mainly caused by a sharp drop in investment income from associates - Q3 operating revenue **decreased by 41.96% year-over-year**, mainly due to a decline in import trade volume and the impact of the epidemic on the tourism business[6](index=6&type=chunk) - The significant losses in net profit attributable to shareholders were primarily caused by a **sharp year-over-year decline in investment income** resulting from lower net profits of associate companies[6](index=6&type=chunk) - Net cash flow from operating activities for the year-to-date period **decreased by 367.30% year-over-year**, mainly due to an increase in cash paid for goods and services[8](index=8&type=chunk) [Shareholder Information](index=4&type=section&id=%E4%BA%8C%E3%80%81%20%E8%82%A1%E4%B8%9C%E4%BF%A1%E6%81%AF) The company's shareholder base is led by a state-owned controlling shareholder, with a concerted party recently increasing its stake [Shareholder Structure and Holdings](index=4&type=section&id=%EF%BC%88%E4%B8%80%EF%BC%89%E6%99%AE%E9%80%9A%E8%82%A1%E8%82%A1%E4%B8%9C%E6%80%BB%E6%95%B0%E5%92%8C%E8%A1%A8%E5%86%B3%E6%9D%83%E6%81%A2%E5%A4%8D%E7%9A%84%E4%BC%98%E5%85%88%E8%82%A1%E8%82%A1%E4%B8%9C%E6%95%B0%E9%87%8F%E5%8F%8A%E5%89%8D%E5%8D%81%E5%90%8D%E8%82%A1%E4%B8%9C%E6%8C%81%E8%82%A1%E6%83%85%E5%86%B5%E8%A1%A8) As of the reporting period end, the company had 12,436 common shareholders, with Nanjing Tourism Group Co, Ltd holding a 33.68% controlling stake - At the end of the reporting period, the company had **12,436** common shareholders[10](index=10&type=chunk) Top Five Shareholders | Shareholder Name | Shareholder Type | Shareholding Ratio (%) | | :--- | :--- | :--- | | Nanjing Tourism Group Co, Ltd | State-owned Legal Person | 33.68% | | Nanjing Fuzimiao Culture & Tourism Group Co, Ltd | State-owned Legal Person | 12.18% | | China Securities Investor Protection Fund Corporation | State-owned Legal Person | 5.99% | | Nanjing Xinjiekou Department Store Co, Ltd | State-owned Legal Person | 1.35% | | Hu Zhijian | Domestic Individual | 1.06% | - The concerted party of the controlling shareholder completed its shareholding increase plan between March and July 2021, **accumulatively increasing its stake by 0.99%**[11](index=11&type=chunk) [Quarterly Financial Statements](index=5&type=section&id=%E5%9B%9B%E3%80%81%20%E5%AD%A3%E5%BA%A6%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8) This section presents the consolidated balance sheet, income statement, and cash flow statement, along with adjustments from the adoption of the new lease standard [Consolidated Balance Sheet](index=5&type=section&id=%E5%90%88%E5%B9%B6%E8%B5%84%E4%BA%A7%E8%B4%9F%E5%80%BA%E8%A1%A8) As of September 30, 2021, total assets were 2.18 billion Yuan and total equity was 0.78 billion Yuan, both decreasing from the beginning of the year Key Balance Sheet Items | Item | Sep 30, 2021 (Yuan) | Dec 31, 2020 (Yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Total Assets | 2,175,328,749.94 | 2,350,109,852.68 | -7.44% | | Total Liabilities | 1,224,455,891.52 | 1,242,321,455.89 | -1.44% | | Equity Attributable to Parent Company | 781,428,256.78 | 940,008,097.51 | -16.87% | [Consolidated Income Statement](index=7&type=section&id=%E5%90%88%E5%B9%B6%E5%88%A9%E6%B6%A6%E8%A1%A8) For the first three quarters of 2021, a sharp reversal in investment income from gain to loss drove the company to a significant net loss of 98.14 million Yuan Key Income Statement Items (YTD) | Item | Q1-Q3 2021 (Yuan) | Q1-Q3 2020 (Yuan) | Change | | :--- | :--- | :--- | :--- | | Total Operating Revenue | 577,712,049.94 | 627,884,338.32 | -7.99% | | Investment Income | -79,758,316.87 | 68,375,551.27 | From gain to loss | | Incl: Income from Associates | -90,852,868.66 | 44,313,302.76 | From gain to loss, main drag | | Operating Profit | -75,071,364.51 | 47,568,871.97 | From profit to loss | | Net Profit Attributable to Parent Company | -98,144,655.51 | 45,461,828.58 | From profit to loss | [Consolidated Cash Flow Statement](index=9&type=section&id=%E5%90%88%E5%B9%B6%E7%8E%B0%E9%87%91%E6%B5%81%E9%87%8F%E8%A1%A8) The company's cash flow deteriorated in the first three quarters of 2021, with negative cash flows from operating, investing, and financing activities Key Cash Flow Statement Items (YTD) | Item | Q1-Q3 2021 (Yuan) | Q1-Q3 2020 (Yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -38,256,831.55 | 14,312,442.87 | | Net Cash Flow from Investing Activities | -54,774,356.18 | 89,468,190.88 | | Net Cash Flow from Financing Activities | -136,694,093.63 | -251,509,591.16 | | Net Increase in Cash and Cash Equivalents | -229,158,640.88 | -147,495,592.96 | [Adoption and Adjustment of New Lease Standard](index=10&type=section&id=%EF%BC%88%E4%B8%89%EF%BC%892021%20%E5%B9%B4%E8%B5%B7%E9%A6%96%E6%AC%A1%E6%89%A7%E8%A1%8C%E6%96%B0%E7%A7%9F%E8%B5%81%E5%87%86%E5%88%99%E8%B0%83%E6%95%B4%E9%A6%96%E6%AC%A1%E6%89%A7%E8%A1%8C%E5%BD%93%E5%B9%B4%E5%B9%B4%E5%88%9D%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) Effective January 1, 2021, the company adopted the new lease standard, adjusting its opening balance sheet by recognizing right-of-use assets and lease liabilities - The company adopted the new lease standard from January 1, 2021, and adjusted the relevant items in the opening financial statements[26](index=26&type=chunk) Key Adjustments to Opening Balance Sheet for New Lease Standard | Adjustment Item | Adjustment Amount (Yuan) | | :--- | :--- | | **Assets Increase** | | | Right-of-use Assets | +128,392,598.68 | | **Liabilities Increase** | | | Non-current Liabilities Due within One Year | +4,082,712.00 | | Lease Liabilities | +128,957,016.35 | | **Equity Decrease** | | | Retained Earnings | -2,370,036.13 | | Minority Interest | -2,277,093.54 |

Financial Performance - The company's operating revenue for the first half of 2021 was CNY 430.40 million, representing a 15.06% increase compared to CNY 374.06 million in the same period last year[20]. - The net profit attributable to shareholders of the listed company decreased by 82.44% to CNY 10.80 million from CNY 61.52 million in the previous year[20]. - The net profit after deducting non-recurring gains and losses was CNY 0.36 million, a significant decline of 99.34% compared to CNY 53.84 million in the same period last year[20]. - The net cash flow from operating activities was CNY 12.74 million, a recovery from a negative cash flow of CNY 42.19 million in the previous year[20]. - Basic earnings per share dropped by 82.60% to CNY 0.0348 from CNY 0.20 in the same period last year[23]. - The weighted average return on net assets decreased by 4.42 percentage points to 1.19% from 5.61% in the previous year[23]. - The company reported a total non-recurring profit and loss of 10,448,725.55, with significant contributions from various non-operating income sources[25]. - The company achieved operating revenue of 430 million yuan, a year-on-year increase of 15.06%, primarily due to a significant rise in tourism business revenue[42]. - The net profit attributable to shareholders was 10.8 million yuan, a year-on-year decrease of 82.44%, mainly due to the decline in performance of joint ventures and investment income[42]. - Trade business revenue was 230 million yuan, a year-on-year decrease of 9.5%, as the recovery fell short of expectations due to various adverse factors[43]. - Retail business sales reached 344 million yuan, with net revenue of 63.19 million yuan, reflecting a year-on-year growth of 47.80%[44]. - The tourism business saw a strong recovery, with revenue of 59.85 million yuan in the first half of 2021, a year-on-year increase of 271.57%[45]. Assets and Liabilities - The total assets at the end of the reporting period were CNY 2.37 billion, a slight increase of 0.69% from CNY 2.35 billion at the end of the previous year[20]. - The net assets attributable to shareholders decreased by 6.62% to CNY 877.79 million from CNY 940.01 million at the end of the previous year[20]. - The company's cash and cash equivalents decreased by 17.63% to CNY 496,482,561.01 from CNY 602,756,463.36 at the end of the previous year[55]. - Short-term borrowings decreased by 7.19% to CNY 435,822,417.01 from CNY 469,610,857.41[55]. - The company reported a 51.91% decrease in other payables, down to CNY 82,307,404.16 from CNY 171,139,214.23[55]. - The company's long-term equity investments decreased by 9.03% to CNY 785,768,820.53 from CNY 863,763,363.23[55]. - Total liabilities increased to CNY 1,317,643,384.27 from CNY 1,242,321,455.89, marking an increase of approximately 6.1%[129]. - Current liabilities decreased to CNY 1,023,926,817.64 from CNY 1,163,397,264.50, a reduction of about 12%[129]. - Long-term liabilities rose to CNY 293,716,566.63 from CNY 78,924,191.39, indicating a significant increase[129]. Business Segments - The trade business remains the core of the company's operations, focusing on import and export trade, with major exports including textiles, clothing, and electromechanical products[29]. - The tourism segment, primarily operated by the subsidiary Qinhuai Scenic Area, has seen steady growth, with the introduction of new water tour projects expected to enhance revenue streams[31]. - The company is transitioning its retail operations towards a regional family shopping center model, increasing the scale of dining and experiential offerings[30]. - The subsidiary Qinhuai Scenic Area holds a 20-year exclusive operating right for the scenic waterway, enhancing its competitive position in the local tourism market[31]. Strategic Initiatives - The company is actively pursuing a transformation strategy towards cultural tourism, with new projects like the 360-degree cinema at Hongshan Forest Zoo opening in January 2021[46]. - The company has initiated a joint venture with Xinjiang Yining Cultural Tourism Group to develop a water tourism project on the Ili River, which began operations in July 2021[46]. - The company has established a strong brand presence in the trade sector, with its "LANDSEA" brand recognized as a key international brand in Jiangsu Province[38]. - The company has a stable customer base with over 100,000 active members in its retail operations, ensuring consistent revenue flow[39]. Risks and Challenges - The company has outlined potential risks in the management discussion and analysis section of the report, emphasizing the importance of investor awareness regarding investment risks[7]. - The ongoing COVID-19 pandemic continues to pose risks to business operations, particularly in regions experiencing outbreaks[73]. - The company’s investment in joint ventures remains a significant source of profit, with reliance on their performance posing a risk to overall earnings[76]. - The company is closely monitoring exchange rate fluctuations to mitigate risks associated with foreign currency settlements in its import and export trade[75]. Corporate Governance - The company held its first extraordinary general meeting of shareholders on January 29, 2021, and the resolutions were disclosed on January 30, 2021[78]. - There were changes in the board of directors, with Zheng Liping being elected as a director and Fan Ye resigning[79]. - The company did not propose any profit distribution or capital reserve fund transfer plans for the half-year period, with no dividends or bonus shares issued[79]. - The company has not implemented any employee stock ownership plans or other employee incentive measures during the reporting period[81]. - The company has made commitments regarding the integration of tourism assets, focusing on the water sightseeing business in Nanjing, with plans to inject these assets into the listed company[84]. Financial Commitments - The company committed to ensuring that the net profit for the years 2019, 2021, and 2022 will not be less than CNY 48.70 million, CNY 51.52 million, and CNY 59.22 million respectively[89]. - If the cumulative net profit by the end of the performance commitment period is less than 90% of the promised net profit, the company will compensate based on the difference multiplied by the equity ratio sold[89]. - The company will conduct impairment testing on the assets and provide a report; if the impairment exceeds the compensated amount, further compensation will be required[89]. - The company will ensure that any business opportunities that may compete with Nanjing Textile will be offered to Nanjing Textile first[86]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 13,788[116]. - The largest shareholder, Nanjing Tourism Group Co., Ltd., held 104,601,069 shares, accounting for 33.68% of the total shares[118]. - The second-largest shareholder, Nanjing Confucius Temple Cultural Tourism Group Co., Ltd., held 37,816,912 shares, representing 12.18% of the total shares[118]. - The company has no changes in share capital structure during the reporting period[115]. Accounting Policies - The company's financial statements are prepared in accordance with the accounting standards issued by the Ministry of Finance[164]. - The accounting period for the company runs from January 1 to December 31 each year[165]. - The company includes all subsidiaries in the consolidated financial statements, including controlled entities and structured entities[170]. - The company recognizes the difference between the disposal price and the net asset share of the subsidiary as capital reserve adjustments[172].

Financial Performance - The company's net profit for 2020 was -51.54 million RMB, with a cumulative undistributed profit of -159.54 million RMB by the end of 2020[5]. - Operating revenue for 2020 was 958.95 million RMB, a decrease of 0.94% compared to 2019[21]. - The net profit attributable to shareholders of the listed company was 21.83 million RMB, down 80.76% from the previous year[21]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was -17.99 million RMB, a decline of 122.91% year-on-year[21]. - Basic earnings per share decreased by 84.09% to CNY 0.07 in 2020 from CNY 0.44 in 2019[22]. - The weighted average return on equity dropped by 14.25 percentage points to 2.05% in 2020 from 16.30% in 2019[22]. - Total assets decreased by 9.19% to 2.35 billion RMB at the end of 2020 compared to the end of 2019[21]. - The net assets attributable to shareholders of the listed company decreased by 14.01% to 940.01 million RMB at the end of 2020[21]. - The company reported a net cash flow from operating activities of CNY 164.56 million, a significant increase of 201.17% year-on-year, indicating improved operational efficiency[56]. Strategic Acquisitions and Investments - The company acquired 51% of Nanjing Nanshang Commercial Operation Management Co., Ltd. on December 31, 2020, marking a strategic move in its business expansion[22]. - The company plans to leverage its acquisition of Nanshang to establish a tourism retail operation platform, enhancing its business model[31]. - The company completed the acquisition of a 51% stake in Nanjing South Business Operation Management Co., Ltd. for a total transaction price of 102,399.2 million RMB, with 60% of the payment already made as of December 31, 2020[137]. - The company has established a long-term commitment to maintain the independence of Nanjing Textile and its subsidiaries post-transaction[114]. Market Conditions and Challenges - In 2020, the company achieved operating revenue of 959 million yuan, a decrease of 0.94% compared to the previous year, primarily due to the impacts of the US-China trade friction and the COVID-19 pandemic[47]. - The net profit attributable to shareholders was 21.83 million yuan, down 80.76% year-on-year, mainly affected by the pandemic and the appreciation of the RMB[47]. - The domestic tourism revenue in 2020 was 2.23 trillion yuan, a decline of 61.1% year-on-year, with domestic tourism numbers dropping by 52.1% to 2.879 billion[37]. - The company is facing macroeconomic risks, including structural contradictions in domestic economic development and increased cost factors, which may hinder recovery in consumer demand[103]. - The company is navigating significant external risks, including geopolitical tensions and trade frictions, which may impact its operational environment[103]. Business Strategy and Future Outlook - The company is actively pursuing a dual-driven strategy of "tourism + trade" to adapt to market challenges and seek new growth opportunities[29]. - The company aims to enhance its retail presence in major tourist areas in Nanjing, integrating commerce with tourism[31]. - The company plans to enhance its tourism industry investment and integrate quality tourism resources into the listed company to improve asset securitization levels[98]. - The company aims to drive dual development of commerce and tourism, increasing domestic trade proportions and expanding retail business[99]. - Future outlook indicates a projected revenue growth of 15% for the next fiscal year, driven by market expansion strategies[194]. Corporate Governance and Compliance - The company has focused on enhancing shareholder rights and improving corporate governance practices[159]. - The company will ensure compliance with the decision-making procedures for related transactions and disclose information in a timely manner[116]. - The company has not disclosed any situations that are not in accordance with regulatory standards or due to state or commercial secrets[106]. - The company has implemented strict safety management practices, ensuring no major accidents occurred during the year[160]. Environmental and Social Responsibility - The company has maintained compliance with environmental standards, with no exceedances reported in emissions from key pollution sources[162]. - The company has actively participated in social responsibility initiatives, including donations for COVID-19 prevention and blood donation activities[160]. - The company has established an emergency response plan for environmental incidents, assessing risks and preparing for potential events[165]. Shareholder Information - The company reported a total of 12,453 ordinary shareholders at the end of the reporting period, an increase from 12,387 in the previous month[173]. - The top ten shareholders hold a total of 104,601,069 shares, representing 33.68% of the total shares, with no changes during the reporting period[175]. - Nanjing Tourism Group holds 14,084,507 restricted shares, which will be tradable from December 31, 2022, with a lock-up period of 36 months[177].

Financial Performance - Net profit attributable to shareholders was a loss of ¥32,206,389.84, compared to a loss of ¥11,986,262.24 in the same period last year[6]. - Operating revenue increased by 82.50% year-on-year, reaching ¥246,334,210.75, primarily due to a recovery from the previous year's pandemic impact[14]. - The net loss for Q1 2021 was ¥28,137,541.15, compared to a net loss of ¥16,403,887.00 in Q1 2020, indicating a worsening of 71.5%[26]. - The company's basic earnings per share were -¥0.10, compared to -¥0.04 in the same period last year[6]. - The total comprehensive income for Q1 2021 was CNY -45,323,769.22, compared to CNY -18,671,651.86 in Q1 2020[29]. Cash Flow - The net cash flow from operating activities was negative at ¥6,319,230.26, a decline of 186.12% compared to the previous year[6]. - The cash flow from operating activities for Q1 2021 was CNY -6,319,230.26, a decline from CNY 7,337,680.92 in Q1 2020[32]. - The company generated 35,669,826.04 RMB in cash inflows from operating activities, down from 161,364,808.78 RMB in the same period last year[35]. - Cash outflows from operating activities totaled 47,035,837.45 RMB, compared to 20,032,846.15 RMB in Q1 2020, indicating increased operational costs[35]. - The cash inflow from investment activities in Q1 2021 was CNY 914,767.29, significantly lower than CNY 99,890,729.38 in Q1 2020[32]. Assets and Liabilities - The company's total assets decreased by 4.91% from the end of the previous year, amounting to ¥2,234,625,378.79[6]. - Current assets totaled 672,607,830.44 RMB, down from 844,550,027.20 RMB at the end of 2020[18]. - The total liabilities decreased to 1,195,153,646.77 RMB from 1,242,321,455.89 RMB at the end of 2020[20]. - The total owner's equity decreased from ¥816,138,373.53 to ¥770,814,604.31, a decline of 5.5%[24]. - The total liabilities amounted to CNY 1,242,321,455.89, a decrease of CNY 133,039,728.35 compared to the previous period[39]. Research and Development - Research and development expenses amounted to ¥1,370,752.92, reflecting increased investment in R&D by subsidiaries[14]. - The company reported a significant increase in research and development expenses to ¥1,370,752.92 in Q1 2021, compared to no expenses reported in Q1 2020[26]. Shareholder Information - The number of shareholders reached 12,387, with the top ten shareholders holding a combined 68.33% of shares[11]. - The company plans to continue increasing its shareholding through its controlling shareholder, with a maximum increase of 1% of the total share capital[15]. Government Support - The company received government subsidies totaling ¥590,012.75, a significant increase from ¥44,856.76 in the previous year[14]. - The company reported a significant increase in income tax expenses, amounting to 2,830,139.90 RMB, due to better performance of some subsidiaries[15].

Financial Performance - Operating revenue for the first nine months was CNY 552,532,185.33, a decrease of 15.75% year-on-year[5] - Net profit attributable to shareholders increased by 112.04% to CNY 44,162,063.10 compared to the same period last year[5] - The company reported a significant increase in investment income by 28.93% to CNY 67,844,977.85 due to improved profits from joint ventures[11] - The net profit for the first three quarters of 2020 was a loss of CNY 28,875,663.07, compared to a profit of CNY 20,445,058.37 in the same period of 2019[27] - The total profit for Q3 2020 was a loss of CNY 28,875,663.07, compared to a loss of CNY 33,988,853.87 in Q3 2019[27] - Net profit for Q3 2020 was a loss of ¥4,885,989.52, compared to a loss of ¥33,541,488.34 in Q3 2019, indicating an improvement[24] Assets and Liabilities - Total assets decreased by 8.73% to CNY 2,214,746,356.95 compared to the end of the previous year[5] - Total liabilities decreased to ¥1,033,994,190.75 from ¥1,218,209,646.20, reflecting a reduction in both current and non-current liabilities[18] - The company's equity attributable to shareholders was ¥1,059,657,293.95, slightly down from ¥1,062,799,354.79 at the end of 2019[18] - The total assets of the company were reported at ¥1,709,816,838.25 as of Q3 2020, slightly down from ¥1,710,632,841.16 in the previous year[21] - Total liabilities reached CNY 1,218,209,646.20, while total equity was CNY 1,208,255,389.07, indicating a balanced financial structure[35] Cash Flow - Cash flow from operating activities was CNY 59,077,883.24, a significant recovery from a negative cash flow of CNY -90,827,776.79 in the previous year[5] - The net cash flow from operating activities for the first nine months of 2020 was ¥59,077,883.24, a significant improvement from a negative cash flow of ¥90,827,776.79 in the same period of 2019[14] - Cash flow from financing activities was negative at ¥251,509,591.16, compared to a negative cash flow of ¥82,624,182.88 in the previous year, mainly due to reduced financing and significant repayments of shareholder loans[14] - Total cash inflow from operating activities was ¥711,082,390.34, while cash outflow was ¥652,004,507.10, resulting in a net cash inflow[28] - Cash flow from investment activities showed a net inflow of ¥57,144,534.46, down from ¥122,992,379.07 in the previous year[29] Shareholder Information - The number of shareholders reached 11,433, with the top ten shareholders holding a combined 67.26% of shares[10] - Shareholders' equity totaled ¥963,892,857.84 in Q3 2020, an increase from ¥945,582,666.68 in Q3 2019[21] Research and Development - Research and development expenses amounted to CNY 2,558,871.80, reflecting the company's investment in technology development[11] - Research and development expenses for the first three quarters of 2020 amounted to ¥2,558,871.80, with no corresponding figure for the same period in 2019[23] Operational Efficiency and Strategy - The company has not indicated any major changes in its profit forecast or unfulfilled commitments during the reporting period[14] - The company plans to expand its market presence and invest in new product development to drive future growth[34] - The company is focusing on enhancing its digital capabilities and exploring new technologies to improve customer engagement and operational efficiency[34]

Financial Performance - The company's operating revenue for the first half of 2020 was CNY 331,307,546.25, a decrease of 23.33% compared to CNY 432,123,277.75 in the same period last year[20]. - The net profit attributable to shareholders of the listed company was CNY 55,404,464.85, representing a slight increase of 2.17% from CNY 54,227,614.89 year-on-year[20]. - The net profit after deducting non-recurring gains and losses surged by 150.44% to CNY 53,843,085.28, compared to CNY 21,499,063.43 in the previous year[20]. - The net cash flow from operating activities was negative at CNY -3,932,611.01, an improvement from CNY -123,872,291.37 in the same period last year[20]. - Basic earnings per share decreased by 14.29% to CNY 0.18 from CNY 0.21 in the same period last year[21]. - The weighted average return on net assets decreased by 2.87 percentage points to 5.21% from 8.08% year-on-year[21]. - The company received government subsidies amounting to CNY 1,767,070.81, which are closely related to its normal business operations[23]. - The total non-recurring gains and losses amounted to CNY 1,561,379.57 after accounting for various adjustments[23]. - The company achieved operating revenue of 331 million RMB, a decrease of 23.33% year-on-year, primarily due to the impact of COVID-19 and US-China trade tensions on export trade scale[32]. - The net profit attributable to shareholders was 55.4 million RMB, an increase of 2.17% year-on-year, mainly driven by increased investment income[32]. Assets and Liabilities - The total assets decreased by 7.55% to CNY 2,243,178,267.45 from CNY 2,426,465,035.27 at the end of the previous year[20]. - The net assets attributable to shareholders of the listed company increased slightly by 0.21% to CNY 1,065,079,622.01 from CNY 1,062,799,354.79 at the end of the previous year[20]. - The cash and cash equivalents decreased by 24.93% to CNY 422,954,495.72, primarily due to the repayment of loans to the controlling shareholder[43]. - The total liabilities decreased from CNY 1,218,209,646.20 to CNY 1,063,360,185.42, a decrease of around 12.8%[114]. - The total current assets decreased from CNY 834,067,911.43 to CNY 708,656,931.37, a decline of approximately 15.0%[113]. - The total liabilities at the end of the reporting period were CNY 506,806,041.46, which is a slight increase from CNY 497,319,026.00 in the previous year[134]. Investment and Income - Investment income increased by 13.46% year-on-year to CNY 83,147,012.35, primarily due to increased returns from joint ventures and dividends from holdings in Longfor Green Real Estate[41]. - The company received dividends from invested enterprises totaling CNY 54,966,800, contributing to stable profitability despite the impact of the pandemic[37]. - The total amount of external equity investments during the reporting period was CNY 4,266,800, compared to CNY 0 in the same period last year[48]. - The company plans to accelerate transformation and increase mergers and acquisitions of quality assets to create new profit growth points[62]. Business Operations - The company’s textile and apparel exports totaled 880.07 billion RMB in the first half of 2020, with a growth rate of 6.7%, while textile exports grew by 32.4% to 521.06 billion RMB, and apparel exports decreased by 16.7% to 359.01 billion RMB[26]. - The company’s domestic trade faced challenges, with the national GDP declining by 1.6% in the first half of 2020, and retail sales of consumer goods dropping by 11.4%[26]. - The company is actively exploring new business models in response to the pandemic, including expanding export business to non-US markets and developing new domestic trade channels[34]. - The company has implemented a dual business model of "tourism + trade" following its acquisition of a 51% stake in Qinhuai Scenic Area, aiming for long-term strategic development in the cultural tourism sector[24]. - The company has successfully maintained stable import business scale and improved overall gross margin in the face of challenges[34]. Risk Management - The company is focusing on risk control and steady operations while adapting to the changing market environment due to the pandemic and trade tensions[31]. - The company anticipates a challenging macroeconomic environment, with potential impacts on trade business due to global economic downturns and trade protectionism[59]. - Currency exchange rate fluctuations pose a risk to the company's import and export trade, with strategies in place to mitigate these risks through various financial tools[60]. - The company relies heavily on investment income from joint ventures, which can lead to significant fluctuations in overall performance[62]. Environmental and Regulatory Compliance - The company has implemented various pollution control measures, including active carbon adsorption for mercury and non-methane total hydrocarbons, ensuring compliance with emission standards[89]. - The company’s wastewater treatment system includes acid-base neutralization and an emergency aeration system, with treated wastewater directed to the Qiaobei Wastewater Treatment Plant[89]. - The company has not faced any administrative penalties or disputes related to environmental protection laws in the past three years[93]. - The company adopted the new revenue recognition standards effective January 1, 2020, which is not expected to significantly impact its financial position or operating results[94]. Shareholder and Corporate Governance - The company has made irrevocable commitments to protect the legal rights of its shareholders and avoid any detrimental activities[67]. - The company has committed to ensuring the independence of its subsidiaries in terms of assets, business, finance, and personnel after the completion of the transaction[68]. - The company will ensure compliance with any new regulatory requirements set by the China Securities Regulatory Commission regarding performance recovery measures[69]. - The company has no significant litigation or arbitration matters during the reporting period, maintaining a good integrity status[74]. Accounting and Financial Reporting - The company adheres to the accounting standards set by the Ministry of Finance, ensuring accurate reflection of financial status and results[148]. - The company includes all subsidiaries in its consolidated financial statements, ensuring uniform accounting policies across entities[154]. - The company recognizes intangible assets at cost, including purchased and self-developed assets, with subsequent measurement based on their useful life[194]. - The company assesses expected credit losses for receivables based on historical loss experience and current economic conditions, using a combination approach for different risk profiles[168].

Financial Performance - Operating revenue for the first quarter was CNY 113,218,169.47, a decline of 22.86% year-on-year[8] - Net profit attributable to shareholders was a loss of CNY 12,223,725.20, improving from a loss of CNY 46,613,917.21 in the same period last year[8] - The company's operating revenue for Q1 2020 was CNY 626,596.51, a significant decrease from CNY 62,585,482.38 in Q1 2019, reflecting a decline of approximately 99%[32] - Net loss for Q1 2020 was CNY 16.87 million, compared to a net loss of CNY 46.78 million in Q1 2019, indicating an improvement[31] - The total comprehensive income for Q1 2020 was a loss of CNY 18,671,651.86, compared to a loss of CNY 45,333,059.00 in Q1 2019, showing a reduction in comprehensive loss by approximately 58.8%[33] Cash Flow - Cash flow from operating activities increased significantly to CNY 50,024,724.90, compared to a negative cash flow of CNY -11,705,395.71 in the previous year[8] - The cash inflow from financing activities in Q1 2020 was CNY 48,197,189.31, compared to CNY 19,292,632.23 in Q1 2019, indicating an increase of approximately 149.5%[35] - In Q1 2020, the net cash flow from operating activities was ¥141,331,962.63, a significant improvement compared to a net outflow of ¥8,225,745.99 in Q1 2019[37] - Total cash inflow from operating activities was ¥161,364,808.78, while cash outflow was ¥20,032,846.15, resulting in a cash flow surplus[37] Assets and Liabilities - Total assets decreased by 2.11% to CNY 2,375,191,350.06 compared to the end of the previous year[8] - The total liabilities decreased to ¥1,194,294,268.18 from ¥1,218,209,646.20, indicating improved financial stability[25] - The total assets as of March 31, 2020, were ¥2,375,191,350.06, down from ¥2,426,465,035.27 at the end of 2019[25] - The company's total current assets amounted to ¥794,123,054.05, a decrease from ¥834,067,911.43 as of December 31, 2019[23] - Total liabilities rose to CNY 885.70 million in Q1 2020, compared to CNY 765.05 million in Q1 2019, marking an increase of 15.8%[28] Equity and Investments - The weighted average return on equity improved to -1.16%, up by 6.21 percentage points from -7.37% year-on-year[8] - Investment income turned positive at CNY 6,359,515.09, a significant improvement from a loss of CNY -37,956,541.28 in the previous year[15] - The company's equity attributable to shareholders decreased to ¥1,040,086,823.03 from ¥1,062,799,354.79, reflecting a decline in retained earnings[25] - The company reported an investment income of CNY 6.36 million in Q1 2020, a significant recovery from a loss of CNY 37.96 million in Q1 2019[30] Receivables and Inventory - Accounts receivable decreased by 51.31% to CNY 50,091,202.15, primarily due to increased collection of sales proceeds[15] - Inventory decreased by 42.71% to CNY 35,112,258.02, attributed to successful sales of stock[15] - The accounts receivable decreased to ¥50,091,202.15 from ¥102,885,349.61, indicating improved collection efforts[23] - The inventory decreased to ¥35,112,258.02 from ¥61,283,595.66, suggesting better inventory management[23] Financial Expenses - Financial expenses decreased by 53.63% to CNY 8,241,103.54 due to reduced interest expenses and increased exchange gains[15] - The financial expenses for Q1 2020 were CNY 5,788,529.65, down from CNY 15,123,441.38 in Q1 2019, indicating a reduction of approximately 61.7%[32] Other Financial Metrics - Basic earnings per share for Q1 2020 were CNY -0.04, an improvement from CNY -0.18 in Q1 2019[31] - The company reported no significant changes in commitments or contingencies during the reporting period[20] - The company incurred credit impairment losses of CNY -2,811,650.42 in Q1 2020, compared to a gain of CNY 11,600,537.36 in Q1 2019, reflecting a change in credit risk management[32] - The company has implemented new revenue and leasing standards starting from 2020, which may impact future financial reporting[38]

Financial Performance - The company's net profit for 2019 was CNY 73.6252 million, with a cumulative undistributed profit of CNY -107.9988 million at the end of the year, leading to no profit distribution for the year [6]. - Total revenue for 2019 was CNY 905.24 million, a decrease of 10.58% compared to CNY 1.01 billion in 2018 [21]. - The net profit attributable to shareholders of the listed company decreased by 41.44% to CNY 108.60 million from CNY 185.45 million in 2018 [21]. - The net cash flow from operating activities improved to CNY -45.69 million from CNY -72.35 million in 2018 [21]. - The total assets increased by 37.28% to CNY 2.43 billion at the end of 2019, compared to CNY 1.77 billion at the end of 2018 [21]. - The net assets attributable to shareholders of the listed company rose by 64.15% to CNY 1.06 billion at the end of 2019 [21]. - Basic earnings per share decreased by 48.61% to CNY 0.37 from CNY 0.72 in 2018 [22]. - The weighted average return on net assets dropped to 15.91%, a decrease of 17.96 percentage points from 33.87% in 2018 [22]. - The company reported a significant decline in net profit after deducting non-recurring gains and losses, down 53.83% to CNY 78.52 million [21]. Revenue Breakdown - In Q1 2019, the company reported a revenue of ¥146.78 million, followed by ¥285.34 million in Q2, ¥223.72 million in Q3, and ¥249.39 million in Q4 [25]. - The net profit attributable to shareholders was -¥46.61 million in Q1, ¥100.84 million in Q2, -¥33.40 million in Q3, and ¥87.78 million in Q4 [25]. - The net cash flow from operating activities was -¥11.71 million in Q1, -¥112.17 million in Q2, ¥33.04 million in Q3, and ¥45.13 million in Q4 [25]. - Revenue from import and export trade was CNY 549.76 million, with a gross margin of 1.93%, a decrease of 1.11% year-on-year [55]. - Domestic trade revenue fell by 28.21% to CNY 232.36 million, mainly due to reduced coal trade volume [56]. - Textile and apparel sales revenue decreased by 16.08% to CNY 442.46 million, impacted by the shift of orders to Southeast Asia due to US-China trade tensions [57]. - Sales revenue to the EU increased by 12.88%, while revenue to the Australia-New Zealand region surged by 86.51% [57]. - The company reported a significant increase in sales revenue from the Japanese market, up 182.46% year-on-year [57]. - The acquisition of Qinhuai Scenic Area contributed to new revenue streams from water tourism services [57]. Strategic Acquisitions and Investments - The company acquired a 51% stake in Qinhuai Scenic Area, marking its entry into the cultural tourism industry and establishing a dual business model of "tourism + trade" [31]. - The company successfully acquired 51% of Qinhuai Scenic Area, marking its entry into the cultural tourism industry, with plans to integrate high-quality tourism assets in Nanjing [46][47]. - The company has committed to invest a total of RMB 6,000 million in Nanjing Jinlv Financing Leasing Co., Ltd. over time [75]. - The company completed the acquisition of 51% of Qinhuai Scenic Area, with a net profit commitment of 48.70 million for 2019, which was exceeded by an actual net profit of 58.54 million, achieving a completion rate of 120.21% [137][138]. - The company raised a net amount of 67.50 million from the issuance of new shares related to the acquisition of Qinhuai Scenic Area [135]. Risk Management and Future Outlook - The company has outlined potential risks in its annual report, indicating a cautious outlook for future developments [8]. - The company implemented risk management measures, ensuring no major business risk events occurred throughout the year [45]. - The company anticipates that the tourism and trade sectors will face significant challenges due to the ongoing pandemic and global economic downturn [98]. - The global economic growth is expected to remain weak in 2020, with trade conflicts and the pandemic posing substantial risks to the company's operations [99]. - The company plans to restore its cruise business and enhance operational scale, with measures in place to boost consumer confidence and increase ticket sales [92]. Compliance and Governance - The company has not disclosed any special circumstances that would prevent it from adhering to accounting standards, indicating compliance with regulatory requirements [102]. - The company has committed to maintaining the independence of its subsidiaries post-restructuring, ensuring no loss to shareholders due to non-compliance with this commitment [111]. - The company will ensure compliance with regulations regarding related party transactions and will disclose such transactions in a timely manner [113]. - The company has committed to not interfering with the management activities of the company or infringing on its interests [112]. Environmental Responsibility - The company is listed as a key pollutant discharging unit by the Nanjing Environmental Protection Bureau, with specific pollutants being monitored and treated [155]. - The company has implemented pollution control measures, including active carbon adsorption for exhaust emissions and a sewage treatment system [157]. - The company has conducted environmental risk assessments and established emergency response plans for environmental incidents [159]. Shareholder Information - The total number of ordinary shares increased from 258,692,460 to 310,593,879 due to the issuance of 51,901,419 new shares [165]. - The number of shareholders increased from 11,365 to 11,486 during the reporting period [175]. - The company’s stock structure remains stable with no changes in the controlling shareholder and actual controller after the share issuance [174]. - The total pre-tax remuneration for the board members and senior management during the reporting period amounted to 310.10 million RMB [197].

Financial Performance - Net profit attributable to shareholders increased by 18.13% to CNY 20,826,767.94 for the year-to-date period[7] - Operating revenue decreased by 18.94% to CNY 655,843,887.98 for the year-to-date period[7] - Basic earnings per share increased by 14.29% to CNY 0.08[7] - The company reported a total profit of ¥20.60 million for the first three quarters of 2019, compared to ¥17.68 million in the same period of 2018, reflecting a year-on-year increase of 16.5%[30] - Net profit for Q3 2019 was a loss of ¥33.54 million, compared to a loss of ¥9.88 million in Q3 2018, indicating a significant decline in profitability[30] - The net profit for the third quarter of 2019 was -33,988,853.87 CNY, compared to -17,898,849.01 CNY in the same period of 2018, indicating a significant decline[34] - The total comprehensive income for the third quarter of 2019 was -74,569,793.96 CNY, compared to -32,311,048.14 CNY in the third quarter of 2018, reflecting a worsening financial position[35] Cash Flow - Net cash flow from operating activities was negative at CNY -90,827,776.79, an improvement from CNY -168,792,862.69 in the previous year[7] - Cash flow from operating activities for the first three quarters of 2019 was -90,827,776.79 CNY, an improvement from -168,792,862.69 CNY in the same period of 2018[38] - Total cash inflow from operating activities was 755,762,305.82 CNY, down from 1,022,332,312.91 CNY in the previous year[38] - Cash outflow from operating activities was 846,590,082.61 CNY, compared to 1,191,125,175.60 CNY in the same period of 2018, showing a reduction in cash outflow[38] - Cash flow from investing activities generated a net inflow of 122,992,379.07 CNY, compared to 189,471,961.51 CNY in the first three quarters of 2018[39] - Cash flow from financing activities resulted in a net outflow of -82,624,182.88 CNY, compared to -64,014,240.68 CNY in the same period of 2018[39] Assets and Liabilities - Total assets decreased by 9.46% to CNY 1,600,307,474.80 compared to the end of the previous year[7] - The company’s total liabilities as of September 30, 2019, were CNY 1,013,670,156.78, compared to CNY 1,154,169,261.87 in the previous year[23] - The total liabilities and equity combined decreased from CNY 1,583,481,671.15 to CNY 1,273,495,093.16, a reduction of about 19.5%[27] - The total equity attributable to shareholders decreased from CNY 528,715,334.73 at the end of 2018 to CNY 502,392,093.50, indicating a decline of approximately 5%[27] - The company’s cash and cash equivalents decreased to CNY 285,475,148.57 from CNY 387,351,098.92 at the end of 2018[22] - The company’s total liabilities decreased from CNY 1,054,766,336.42 at the end of 2018 to CNY 771,102,999.66, reflecting a reduction of about 26.8%[27] Accounts Receivable and Inventory - Significant increase in accounts receivable by 37.26% to CNY 132,957,403.73 due to increased foreign sales[12] - Accounts receivable increased from CNY 18,805,303.22 to CNY 47,537,518.64, marking an increase of approximately 153.5%[26] - The company's inventory levels were not specified, but the total current assets decreased from CNY 476,932,609.19 to CNY 401,453,588.56, a decline of about 15.8%[26] Investment and Financing Activities - The company is in the process of acquiring a 51% stake in Nanjing Qinhuai Scenic Tourism Co., Ltd. from Nanjing Fuzimiao Cultural Tourism Group Co., Ltd., with a fundraising plan of up to CNY 80 million[15] - The company received approval from the Jiangsu Provincial State-owned Assets Supervision and Administration Commission for the aforementioned transaction on August 9, 2019[15] - The company reported an investment loss of -21,165,279.42 CNY from joint ventures and associates in the third quarter of 2019[34] - The company incurred financial expenses of ¥25.69 million in the first three quarters of 2019, an increase from ¥22.37 million in the same period of 2018[29] Other Financial Metrics - The weighted average return on equity decreased by 0.63 percentage points to 3.28%[7] - The company reported a non-operating income of CNY 142,788.65 for the current period[8] - The company reported a significant decrease of 86.04% in non-operating income, amounting to CNY 130,953.98, due to a reduction in other gains[14] - Research and development expenses were not explicitly reported, indicating a potential area for further investment and focus[30] - The company experienced a significant increase in sales expenses, which rose to ¥10.53 million in the first three quarters of 2019, compared to ¥9.43 million in the same period of 2018[29]

Financial Performance - Operating revenue fell by 27.54% to CNY 146,778,729.80 compared to the same period last year[8] - Net profit attributable to shareholders was CNY -46,613,917.21, showing a significant loss compared to CNY -44,674,954.43 in the previous year[8] - The company's operating costs decreased by 27.49% to CNY 141.51 million due to a decline in sales volume[14] - Sales expenses fell by 41.38% to CNY 1.58 million, attributed to reduced sales scale[14] - The net profit attributable to shareholders of the parent company for Q1 2019 was -46,613,917.21 RMB, compared to -44,674,954.43 RMB in Q1 2018, indicating a decline in profitability[29] - The operating profit for Q1 2019 was -48,027,272.58 RMB, worsening from -44,428,167.17 RMB in the same period last year[31] - The total comprehensive income for Q1 2019 was -45,333,059.00 RMB, compared to -28,735,918.86 RMB in Q1 2018, reflecting a significant decline[32] Cash Flow - Cash flow from operating activities showed a net outflow of CNY -11,705,395.71, a decrease of 110.36% compared to the previous year[8] - The net cash flow from operating activities was negative at CNY -11.71 million, a significant decline compared to CNY 112.97 million in the previous period[14] - The cash flow from operating activities for Q1 2019 was -11,705,395.71 RMB, a decrease from a positive cash flow of 112,968,502.99 RMB in Q1 2018[33] - The total cash inflow from operating activities in Q1 2019 was 248,722,532.38 RMB, down from 535,450,936.18 RMB in Q1 2018, reflecting a decline in cash generation[33] - The company reported a net cash flow from operating activities of -8,225,745.99 RMB, a significant decrease compared to 51,744,185.86 RMB in Q1 2018[36] - The total cash inflow from operating activities was 99,664,624.82 RMB, a decline from 339,081,821.88 RMB in the previous year[36] Assets and Liabilities - Total assets decreased by 0.79% to CNY 1,753,503,142.09 compared to the end of the previous year[8] - Accounts receivable decreased by 30.76% to CNY 67,066,123.92, primarily due to the recovery of sales receivables[13] - The company's total liabilities increased to CNY 1.17 billion from CNY 1.15 billion, reflecting ongoing financial obligations[21] - Total liabilities reached CNY 1,159,043,598.82, with non-current liabilities at CNY 4,874,336.95[40] - Shareholders' equity totaled CNY 608,494,471.63, with a capital reserve of CNY 192,229,260.59 and undistributed profits of CNY 88,974,303.19[40] Asset Impairment - The company reported a significant increase in asset impairment losses, with a loss of CNY -12.50 million compared to CNY -7.31 million in the previous period[14] - The company reported an asset impairment loss of CNY 12,500,285.93 in Q1 2019, compared to CNY 7,307,776.98 in Q1 2018[28] - The company reported an asset impairment loss of -11,600,537.36 RMB in Q1 2019, compared to -6,951,826.71 RMB in Q1 2018, indicating increased asset write-downs[31] Shareholder Information - The total number of shareholders reached 13,038 by the end of the reporting period[10] - Shareholders' equity totaled CNY 485,070,909.61 as of March 31, 2019, down from CNY 528,715,334.73 at the end of 2018[25] Financial Standards and Reporting - The company implemented new financial accounting standards effective January 1, 2019, which include revised guidelines on financial instruments and leasing[45] - The financial report indicates compliance with the revised accounting standards issued by the Ministry of Finance in 2017[45] - The company did not provide an audit report for this quarter[45] - The report does not provide specific performance guidance or future outlook details[45] - The company has not disclosed any new strategic initiatives in this report[45]