Financial Performance - The net profit attributable to shareholders for 2021 was -26,982,975.51 RMB, with an ending retained earnings of -431,557,952.86 RMB[5]. - The parent company's net profit for 2021 was -13,935,195.37 RMB, and the ending retained earnings were -399,601,910.99 RMB[5]. - The company has not proposed any profit distribution or capital increase from reserves for 2021 due to negative retained earnings[5]. - The company has faced continuous operating losses for three consecutive years, leading to a "ST" risk warning on its stock[8]. - The company’s audited revenue for 2020 was below 100 million RMB, resulting in a "delisting risk warning" being implemented[8]. - The company is under scrutiny for its ability to continue as a going concern, as indicated by the audit report highlighting significant uncertainties[5]. - The company’s operating revenue for 2021 was CNY 137,029,110.46, representing a 170.39% increase compared to the previous year[25]. - The net profit attributable to shareholders was a loss of CNY 26,982,975.51, a decrease from a loss of CNY 18,394,294.27 in 2020[25]. - The net cash flow from operating activities was a negative CNY 49,362,858.83, a decline of 256.44% compared to the previous year[25]. - The weighted average return on equity was -93.19%, down from -61.33% in the previous year[26]. Operational Challenges - The company faced challenges due to rising raw material prices and uncertainties in the real estate and furniture markets[35]. - The company is focusing on optimizing product specifications and expanding its sales channels, including new export businesses to enhance market competitiveness[73]. - The cash flow from operating activities decreased by 256.44% compared to the previous year, primarily due to increased procurement of raw materials and transportation services[80]. - The company’s accounts receivable increased by 279.41% to 47,528,134.53 CNY, indicating a rise in outstanding payments[82]. - The company reported a 419.11% increase in accounts payable, totaling 27,035,015.74 CNY, driven by higher procurement of raw materials and services[82]. Strategic Initiatives - The company aims to enhance its operational capabilities by leveraging its abundant forest resources and focusing on timber and resin advantages[35]. - The company plans to implement a strategic development plan based on clear objectives and steady progress to create value for shareholders and society[35]. - The company invested nearly 4 million yuan in technological transformation, enhancing the annual production capacity of veneer products to 50,000 cubic meters, with total production and processing of various man-made boards reaching 55,799.59 cubic meters, a year-on-year increase of 405.74%[36]. - The company established a new investment platform, 景林科技, with a total investment of 80 million yuan, holding a 51% stake, which aims to invest in forestry-related industries[37]. - The company plans to invest in projects aligned with the local government's policies to enhance its product structure and competitiveness in the wood-based panel and chemical product sectors[65]. Market and Sales Performance - Domestic sales of the company's main business reached 126.03 million yuan, a year-on-year increase of 258.38%, while overseas sales amounted to 3.39 million yuan, a year-on-year increase of 100%[42]. - The company’s veneer products gained recognition from well-known home furnishing brands, contributing to increased operational revenue through exports[36]. - The sales revenue from the top five customers amounted to 62,923,800 CNY, accounting for 45.92% of total annual sales, with no significant reliance on a single customer[78]. - The company’s marketing team optimized sales strategies, achieving a breakthrough in regional sales and establishing long-term partnerships with major brands like "大自然" in the home furnishing sector[42]. Governance and Management - The company has established a comprehensive internal control system to enhance decision-making efficiency and safeguard shareholder interests[144]. - The company emphasizes internal control and audit supervision in its financial management practices[122]. - The company has a strategy for expanding its market presence and enhancing its operational efficiency[124]. - The company held its first extraordinary general meeting on February 5, 2021, where new board members were elected[121]. - The company has a total of 7 board members, including independent directors[121]. Environmental and Social Responsibility - The company invested CNY 525,000 in environmental protection initiatives in 2021, including upgrades to dust removal systems and boiler modifications[149]. - The company has established a dedicated department for environmental management and has received recognition as a local advanced unit for emissions compliance[150]. - The company actively participated in local community support activities, including disaster relief efforts, enhancing its social responsibility profile[152]. - The company implemented measures to strengthen poverty alleviation efforts in the Warmli Village, focusing on sustainable agricultural practices and community engagement[153]. Audit and Compliance - The company has received a non-standard audit report highlighting significant doubts about its ability to continue as a going concern, issued by Zhongzheng Zhonghuan Accounting Firm[164]. - The board acknowledged the non-standard audit opinion and emphasized efforts to improve the company's operational environment and sustainability[166]. - The company has not reported any major accounting errors or changes in accounting policies for the year[170]. - The company has not encountered any violations regarding guarantees during the reporting period[163]. Debt Management - The company signed a debt transfer and debt offset agreement, transferring a debt of 220 million RMB to Tibet Linzhi Fuheng Jewelry Co., Ltd., which will offset part of its debt[180]. - Following the debt transfer, the company received a notice from Tibet Fuheng agreeing to unconditionally waive 30 million RMB of the company's debt principal and all corresponding interest from January 27, 2021, to December 31, 2021[180]. - After the debt waiver, the company's remaining debt to Tibet Fuheng will be 0 RMB, with no conditions attached to the waiver[180]. Future Outlook - The company provided a positive outlook for the next fiscal year, projecting revenue growth of B% and an increase in user engagement metrics[119]. - Future guidance indicates a focus on sustainability initiatives, with an investment of $J million aimed at reducing carbon footprint and enhancing corporate responsibility[119]. - The company is exploring new profit growth points by leveraging the strengths of its controlling shareholder, Chow Tai Fook, to identify quality projects that align with its development direction[97].

Financial Performance - The company's operating revenue for Q1 2022 was ¥29,800,224.22, representing a year-on-year increase of 215.74%[5] - The net profit attributable to shareholders was -¥2,691,669.02, with a basic and diluted earnings per share of -¥0.021[5] - The net cash flow from operating activities was -¥12,427,652.45, a decrease of 200.98% compared to the previous year[5] - Total operating revenue for Q1 2022 was CNY 29,800,224.22, a significant increase from CNY 9,438,217.26 in Q1 2021, representing a growth of approximately 215.5%[17] - Total operating costs for Q1 2022 amounted to CNY 32,864,321.23, up from CNY 15,286,101.61 in Q1 2021, indicating an increase of about 114.5%[17] - The net loss for Q1 2022 was CNY -2,741,351.33, compared to a net loss of CNY -5,050,304.47 in Q1 2021, showing an improvement of approximately 45.9%[19] - Basic and diluted earnings per share for Q1 2022 were both CNY -0.021, compared to CNY -0.039 in Q1 2021[19] Assets and Liabilities - The total assets at the end of the reporting period were ¥299,509,748.84, down 3.99% from the end of the previous year[6] - The company's total assets as of Q1 2022 were CNY 299,509,748.84, a decrease from CNY 311,957,033.37 at the end of the previous period[14] - Total liabilities for Q1 2022 were CNY 129,442,612.34, down from CNY 139,282,010.10 in the previous period, reflecting a reduction of about 7.5%[14] - Total liabilities as of Q1 2022 were CNY 139,282,010.10, remaining consistent with the previous year[28] - The company's total equity as of Q1 2022 was CNY 172,675,023.27, reflecting no change from the previous year[28] Cash Flow - The company reported a decrease in cash and cash equivalents to ¥13,272,746.58 from ¥23,313,765.00 at the end of the previous year[12] - Cash inflow from operating activities in Q1 2022 was CNY 36,630,483.24, a 53.7% increase from CNY 23,842,058.69 in Q1 2021[22] - Cash outflow from operating activities in Q1 2022 was CNY 49,058,135.69, compared to CNY 11,535,004.80 in Q1 2021, resulting in a net cash flow from operating activities of -CNY 12,427,652.45[22] - Cash inflow from investment activities in Q1 2022 was CNY 95,358.00, while cash outflow was CNY 150,000.00, leading to a net cash flow from investment activities of -CNY 54,642.00[23] - Cash inflow from financing activities in Q1 2022 was CNY 2,439,690.00, with no cash outflow reported, resulting in a net cash flow from financing activities of CNY 2,439,690.00[23] - The net increase in cash and cash equivalents for Q1 2022 was -CNY 10,041,018.42, compared to -CNY 25,704,079.91 in Q1 2021[23] - The ending balance of cash and cash equivalents as of Q1 2022 was CNY 13,272,746.58, down from CNY 42,150,687.41 in Q1 2021[23] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 4,272[9] - The largest shareholder, Chow Tai Fook Investment Co., Ltd., held 55.00% of the shares[10] Government Support and Market Expansion - The company received government subsidies amounting to ¥140,000, contributing to other income of ¥128,677.09[7] - The company expanded its market presence, which was a key factor in the significant increase in operating revenue[7] Operational Efficiency - The weighted average return on net assets was -1.53%, an increase of 21.51 percentage points compared to the previous year[6] - The company reported a significant increase in sales expenses, which rose to CNY 33,337.73 from CNY 112,227.00 in the previous year, indicating a strategic shift in marketing efforts[17] - The company experienced a credit impairment loss of CNY 194,068.59 in Q1 2022, a decrease from CNY 971,981.76 in Q1 2021, suggesting improved credit management[17]

Financial Performance - The net profit attributable to shareholders for 2021 was -26,982,975.51 RMB, with an ending retained earnings of -431,557,952.86 RMB[5] - The parent company's net profit for 2021 was -13,935,195.37 RMB, with an ending retained earnings of -399,601,910.99 RMB[5] - Due to negative retained earnings, the board proposed no profit distribution for 2021 and no capital increase from reserves[5] - The company has faced continuous operating losses for three consecutive years, leading to a "ST" risk warning on its stock[8] - The company’s audited net profit for 2020 was negative, and its revenue was below 100 million RMB, resulting in a "delisting risk warning" on its stock[8] - The company is under scrutiny for its ability to continue as a going concern, as indicated by the audit report highlighting significant uncertainties[4] - The company’s stock is at risk of termination if it fails to meet specific financial reporting criteria in the upcoming year[9] - The net profit attributable to shareholders was a loss of CNY 26,982,975.51, a decrease from a loss of CNY 18,394,294.27 in 2020[25] - The net cash flow from operating activities was a negative CNY 49,362,858.83, a decline of 256.44% compared to the previous year[25] - The basic earnings per share for 2021 was -CNY 0.21, compared to -CNY 0.14 in 2020[26] - The weighted average return on equity was -93.19%, down from -61.33% in the previous year[26] - The company reported a cumulative undistributed profit of -43,155.80 thousand RMB and a net profit attributable to shareholders of -26,983.0 thousand RMB for 2021[165] - The cash flow from operating activities was -49,362.9 thousand RMB, indicating significant operational challenges[165] Revenue and Sales Growth - The company's operating revenue for 2021 was CNY 137,029,110.46, representing a 170.39% increase compared to the previous year[25] - The company reported a significant increase in sales of timber and chemical products, contributing to the revenue growth[27] - Domestic sales reached 126.03 million yuan, a year-on-year increase of 258.38%, while overseas sales amounted to 3.39 million yuan, a year-on-year increase of 100%[42] - The company achieved operating revenue of 137.03 million yuan, an increase of 170.39% year-on-year[67] - The sales revenue from the top five customers was 62,923,800 CNY, making up 45.60% of total annual sales, with related party sales contributing 9,593,500 CNY or 6.95%[78] Operational Challenges and Risks - The company faced challenges due to rising raw material prices and uncertainties in the real estate and furniture markets[35] - The company has detailed potential risks in its report, urging investors to exercise caution[10] - The company is actively expanding into the high-end decorative panel market, integrating with 成都缇尚's business to mitigate risks associated with the declining demand for construction decoration boards[38][39] - The company recognizes risks from fluctuating raw material prices and aims to enhance its procurement management and supply chain flexibility[107] - The company is aware of the potential impact of industry policy adjustments on operations and will adapt accordingly[108] Investments and Strategic Initiatives - The company invested nearly 4 million yuan in technological transformation, enhancing the annual production capacity of veneer products to 50,000 cubic meters, with total production and processing of various man-made boards reaching 55,799.59 cubic meters, a year-on-year increase of 405.74%[36] - The company established a new investment platform, 景林科技, with a total investment of 80 million yuan, holding a 51% stake, which aims to invest in forestry-related industries[37] - The company plans to invest in projects aligned with the local government's "14th Five-Year Plan," aiming to enhance its product structure and competitiveness[65] - The company plans to enhance production technology and product environmental standards, aiming to increase brand awareness and market share[89] - The company will invest in technological upgrades and expand production capacity for high-end artificial boards and high-profit forest chemical products[97] Corporate Governance and Management - The company held its first extraordinary general meeting of shareholders in 2021 on May 5, where resolutions included the election of directors and independent directors[115] - The total remuneration for directors and senior management during the reporting period amounted to CNY 2.31 million[118] - The company reported no significant differences in governance compared to regulations set by the China Securities Regulatory Commission[114] - The company’s board includes independent directors and supervisors to enhance governance and oversight[122] - The company has a remuneration scheme for directors and senior management based on performance and economic indicators[124] Environmental and Social Responsibility - The company invested CNY 525,000 in environmental protection initiatives in 2021, including upgrades to dust removal systems and boiler modifications[149] - The company has established a dedicated department for environmental management and has received recognition as an advanced unit for emissions compliance[150] - The company actively participated in local community support activities, including disaster relief efforts, enhancing its social responsibility profile[152] - The company implemented measures to strengthen poverty alleviation efforts in the Warmli Village, focusing on sustainable agricultural practices and community engagement[153] - The company aims to develop Warmli Village into a prosperous and harmonious new rural area, emphasizing ecological and cultural revitalization[154] Debt Management and Financial Stability - The company resolved debt issues, with creditors waiving 300 million yuan and 190 million yuan in debts, enhancing operational and risk resistance capabilities[43][44] - The company signed a debt transfer and offset agreement, transferring a debt of 220 million RMB to Tibet Fuheng, which will be used to offset part of its debt[180] - Tibet Fuheng agreed to unconditionally waive 30 million RMB of the company's debt principal and all corresponding interest from January 27, 2021, to December 31, 2021[180] - After the debt waiver, the company's remaining debt to Tibet Fuheng will be 0 RMB, effective immediately without any conditions[180] Audit and Compliance - The company received a non-standard audit report highlighting significant doubts about its ability to continue as a going concern, indicating potential financial instability[164] - The company has appointed Zhongshun Zhonghuan Accounting Firm as the new auditor for the 2021 financial report, replacing Xinyong Zhonghe Accounting Firm[172] - The remuneration for the new auditor is set at 550 thousand RMB, consistent with the previous auditor's fee[171] - The company did not receive any penalties from securities regulatory agencies in the past three years[127] - The company has not reported any major accounting errors or changes in accounting policies for the year[170]

Financial Performance - The company's operating revenue for Q3 2021 was CNY 31,163,235.40, representing a year-on-year increase of 293.90%[4] - The net profit attributable to shareholders was a loss of CNY 4,522,843.38, with a cumulative loss of CNY 13,694,876.38 for the year[4] - The basic earnings per share for the quarter was -CNY 0.035, and -CNY 0.106 for the year-to-date[6] - Total operating revenue for the first three quarters of 2021 reached ¥65,654,323.34, a significant increase from ¥38,028,484.40 in the same period of 2020, representing an increase of approximately 72.9%[21] - The net profit for the first three quarters of 2021 was a loss of ¥14,573,435.28, slightly improved from a loss of ¥15,015,564.42 in the same period of 2020[22] - The company's total profit for the first three quarters of 2021 was a loss of ¥14,582,084.51, slightly better than the loss of ¥15,016,036.29 in 2020[22] Assets and Liabilities - The total assets at the end of the reporting period were CNY 294,732,900.42, a decrease of 0.34% compared to the end of the previous year[6] - The equity attributable to shareholders increased by 95.58% to CNY 47,337,936.75 compared to the end of the previous year[6] - The company's current assets totaled CNY 247,441,908.37, down from CNY 252,533,768.08 in the previous year[15] - The total liabilities decreased to CNY 251,973,546.46 from CNY 275,241,476.35, indicating a reduction in financial obligations[17] - The total non-current assets rose to CNY 47,290,992.05 from CNY 43,211,593.41, indicating investment in long-term assets[16] - The company’s total assets stood at CNY 295,745,361.49, with total liabilities of CNY 275,241,476.35, resulting in total equity of CNY 20,503,885.14[32] Cash Flow - The net cash flow from operating activities for the year-to-date was -CNY 1,267,335.87, a decrease of 105.93% compared to the same period last year[4] - Cash flow from operating activities for the first three quarters of 2021 was negative at -¥1,267,335.87, a decline from a positive cash flow of ¥21,360,172.99 in 2020[26] - The company reported a net cash outflow from investment activities of CNY 3,916,488.64, compared to a net inflow of CNY 34,189,215.63 in the previous period[27] - The total cash and cash equivalents at the end of the period amounted to CNY 62,670,942.81, down from CNY 67,854,767.32 at the beginning of the period, reflecting a net decrease of CNY 5,183,824.51[27] - The company’s cash outflow from financing activities totaled CNY 42,051,750.00, primarily due to debt repayment and dividend distributions[27] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 4,123[11] - The company’s retained earnings showed a negative balance of CNY 404,574,977.35, highlighting potential challenges in profitability[32] Operational Insights - The increase in operating revenue was primarily due to a growth in product sales[9] - The company received government subsidies amounting to CNY 141,355.10 during the quarter[9] - Inventory increased slightly to CNY 170,476,549.51 from CNY 168,592,426.34, suggesting stable production levels[15] - The company incurred a credit impairment loss of ¥818,860.54 in the first three quarters of 2021, compared to a gain of ¥303,458.48 in the same period of 2020[21] - The company’s management expenses decreased to ¥11,023,417.82 in the first three quarters of 2021 from ¥15,419,387.17 in the same period of 2020, a reduction of approximately 28.3%[21]

Financial Performance - The company's operating revenue for the first half of 2021 was approximately RMB 34.49 million, representing a 14.52% increase compared to RMB 30.12 million in the same period last year[22]. - The net profit attributable to shareholders for the first half of 2021 was a loss of approximately RMB 9.17 million, compared to a loss of RMB 8.77 million in the same period last year[22]. - The net cash flow from operating activities was approximately RMB 8.48 million, a decrease of 2.48% from RMB 8.70 million in the previous year[23]. - The total assets at the end of the reporting period were approximately RMB 296.90 million, a slight increase of 0.39% from RMB 295.75 million at the end of the previous year[23]. - The net assets attributable to shareholders increased by 105.66% to approximately RMB 49.78 million, primarily due to a debt transfer and waiver agreement with Tibet Linzhi Fuheng Jewelry Co., Ltd.[24]. - The basic earnings per share for the first half of 2021 was -0.071 yuan, compared to -0.068 yuan in the same period last year[24]. - The weighted average return on net assets was -24.80%, slightly improved from -25.20% in the previous year[24]. - The company reported a total revenue of 230 million yuan for the first half of 2021, maintaining a stable performance compared to the previous year[61]. - The company did not propose any profit distribution or capital reserve increase for the first half of 2021, with no dividends or stock bonuses planned[62]. Operational Developments - The company launched a new production line for veneer with an annual capacity of 50,000 cubic meters, which commenced operations in February and April 2021[39]. - The company has resumed production of rosin and turpentine, laying the foundation for the recovery of its chemical industry[40]. - The company is actively pursuing OEM partnerships in Jiangsu and Shandong to expand its high-end decorative panel processing business[39]. - The company aims to enhance its market share through various sales strategies, including inventory reduction, promotions, and new media marketing[41]. - The company is focusing on the development of its "two wings" strategy, which includes deep processing of rosin for pharmaceutical and food-grade applications[40]. - The company is coordinating with local government to secure timber supply and mitigate risks associated with seasonal price increases[42]. - The company is committed to improving its production quality and operational efficiency through comprehensive employee training and management practices[38]. - The company is leveraging its brand strength and established marketing network to enhance its competitive advantage in the forestry industry[35]. Financial Position - The total liabilities decreased to ¥235,779,765.45 from ¥270,892,846.65, indicating a reduction in financial obligations[103]. - Owner's equity increased to ¥70,476,704.01 from ¥43,112,170.76, showing an improvement in the company's financial position[103]. - The company's total liabilities and equity totaled CNY 296,903,862.30, consistent with total assets[99]. - The company's equity attributable to shareholders increased to CNY 49,777,547.27 from CNY 24,203,909.03, showing a growth of about 105.5%[99]. Governance and Compliance - The company has taken measures to enhance its corporate governance by electing new supervisors and independent directors[61]. - The company has not provided any guarantees to related parties, ensuring no illegal occupation of funds or assets[75]. - The company has not reported any bankruptcy reorganization matters during the reporting period[76]. - The company has not faced any penalties or violations related to its directors, supervisors, or senior management[80]. - The company has not engaged in any non-operating fund occupation by controlling shareholders or related parties[76]. Environmental and Social Responsibility - The company has prioritized environmental protection, completing several initiatives to ensure compliance and operational stability[45]. - The company has invested over 2.3 million yuan in environmental protection measures since 2017, including upgrades to pollution control equipment[66]. - The company has implemented a series of poverty alleviation measures in 2021, focusing on improving the living conditions of impoverished households in the Nuanli village[68]. - The company is committed to producing environmentally friendly products, including E0 grade artificial board products[67]. - The company has established a dedicated department for environmental protection management, ensuring compliance with local regulations[66]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 4,381[88]. - The largest shareholder, Chow Tai Fook Investment Limited, held 55.00% of the shares, totaling 71,389,900 shares[91]. - The second-largest shareholder, Hangzhou Cihang Peitong Investment Management Partnership, held 9.31% of the shares, totaling 12,078,153 shares, with 3,238,773 shares pledged[91]. - The company did not experience any changes in its total share capital or share structure during the reporting period[86]. Legal Matters - There were no significant lawsuits or arbitration matters reported during the reporting period[77]. - The company reported a principal amount of 581.60 million RMB owed by the defendant for unpaid goods, with multiple collection attempts made[78]. - The company also reported another principal amount of 381.26 million RMB owed, with similar collection efforts and legal proceedings initiated[78]. Future Outlook - Future outlook remains cautious due to ongoing market challenges, but the company is optimistic about recovery and growth opportunities[105].

Financial Performance - The company reported a revenue of CNY 50.68 million for the year 2020, representing a decrease of 75.07% compared to CNY 203.25 million in 2019[23]. - The net profit attributable to shareholders for 2020 was a loss of CNY 18.39 million, a significant decline from a profit of CNY 3.43 million in 2019, marking a decrease of 636.57%[23]. - Basic earnings per share decreased to -0.14 CNY, a decline of 566.67% compared to the previous year[25]. - Operating revenue decreased by 75.07% year-on-year, mainly due to the new revenue recognition standards affecting the energy business[25]. - The company reported a net profit attributable to shareholders of -18,394,294.27 RMB for the year 2020, with an ending undistributed profit of -404,574,977.35 RMB[86]. - The company reported a total asset of CNY 295.75 million and total equity of CNY 20.50 million as of December 31, 2020[99]. - The company reported a net loss of CNY 404.6 million in 2020 compared to a net loss of CNY 389.6 million in 2019[195]. Asset Management - As of December 31, 2020, the total assets of Yunnan Jinggu Forestry Co., Ltd. amounted to CNY 295.75 million, with total equity of CNY 20.50 million[4]. - The total assets decreased by 15.28% from CNY 349.10 million in 2019 to CNY 295.75 million in 2020[23]. - The book value of inventory as of December 31, 2020, was ¥168,592,400, accounting for 57.01% of total assets, indicating a substantial portion of assets tied up in inventory[183]. - Total liabilities decreased from CNY 313.2 billion in 2019 to CNY 275.2 billion in 2020, a decline of about 12.1%[194]. - Total equity decreased to ¥43,112,170.76 from ¥48,684,200.91 in 2019, reflecting a decline of 11.5%[198]. Cash Flow and Operating Activities - The company's cash flow from operating activities was CNY 31.55 million, a recovery from a negative cash flow of CNY 19.17 million in 2019[23]. - The company reported a total cash flow from operating activities of 10.19 million CNY in Q4 2020[29]. - Cash and cash equivalents increased significantly from CNY 31.2 million in 2019 to CNY 67.9 million in 2020, representing a growth of approximately 117.5%[193]. - The company managed a total of RMB 3,000 million in entrusted financial management for the year 2020, with an annualized return rate of 2.8%[115]. Cost Management - The company implemented cost control measures, resulting in a 79.58% decrease in operating costs to CNY 38.05 million[56]. - Operating costs decreased by 79.58% year-on-year, corresponding to the revenue decline in the energy business under the new revenue recognition standards[58]. - The significant increase in management expenses, rising to ¥20,374,585.83 from ¥14,462,653.15, an increase of 41.5%[200]. Risks and Challenges - The company is under a risk warning for potential delisting due to a net profit being negative and revenue below CNY 100 million[9]. - The company faces risks from economic cycle fluctuations, particularly in the real estate sector, which may impact operational performance[80]. - Raw material price volatility poses a risk, as wood and chemical products constitute a significant portion of production costs, influenced by national policies and supply chain disruptions[81]. - The forestry industry is subject to policy adjustments, which may adversely affect operations; the company aims to adapt to policy changes and enhance its operational resilience[82]. Strategic Focus and Future Plans - The company aims to optimize its product structure and enhance competitiveness in the face of industry challenges[38]. - The company plans to enhance its operational capabilities and risk management while optimizing compliance to create value for society and shareholders in 2021[77]. - The company aims to strengthen the wood board industry by integrating into Yunnan's forestry development plan and enhancing production efficiency through technological upgrades[79]. - The company is developing a complete industrial chain by expanding product varieties, including plywood, particleboard, and new products like ecological boards[79]. Social Responsibility and Community Engagement - The company has actively engaged in poverty alleviation efforts, donating CNY 148,400 to support local communities and successfully helping 46 impoverished individuals escape poverty[54]. - The company is committed to enhancing its social responsibility by implementing precise poverty alleviation strategies in accordance with local government directives[118]. - The company has established a dedicated team to oversee poverty alleviation efforts in the Warm Village, ensuring effective communication and support for local farmers[122]. - A total of 46 individuals from the registered impoverished population were lifted out of poverty in 2020, with a material support value of CNY 2.39 million[128]. Corporate Governance - The company has acknowledged the existence of significant uncertainties regarding its ability to continue as a going concern[95]. - The company has received a non-standard audit opinion due to concerns about its ongoing viability[94]. - The company has engaged in various strategic appointments to strengthen its management team[150]. - The board of directors held a total of 7 meetings in the year, with 3 conducted via communication methods and 4 combining on-site and communication methods[166].

2021 年第一季度报告 公司代码：600265 公司简称：ST 景谷 云南景谷林业股份有限公司 2021 年第一季度报告 1 / 23 | 一、 | 重要提示 3 | | --- | --- | | 二、 | 公司基本情况 3 | | 三、 | 重要事项 5 | | 四、 | 附录 9 | 2021 年第一季度报告 一、 重要提示 二、 公司基本情况 2.1 主要财务数据 | | 本报告期末 | 上年度末 | 本报告期末比上 年度末增减(%) | | --- | --- | --- | --- | | 总资产 | 297,627,375.75 | 295,745,361.49 | 0.64 | | 归属于上市公司股东的净资产 | 19,202,746.86 | 24,203,909.03 | -20.66 | | | 年初至报告期末 | 上年初至上年报告 | 比上年同期增减 | | | | 期末 | (%) | | 经营活动产生的现金流量净额 | 12,307,053.89 | 1,031,505.59 | 1,093.12 | | | 年初至报告期末 | 上年初至上年报告 | 比上年同期增减 | | | ...

Financial Performance - Operating revenue for the first nine months was ¥77,331,790.61, a decline of 45.90% year-on-year[5] - Net profit attributable to shareholders was -¥14,720,785.37, worsening from -¥6,486,144.42 in the same period last year[5] - Total operating revenue for Q3 2020 was ¥15,887,332.21, a decrease of 82.8% compared to ¥92,386,240.39 in Q3 2019[51] - Net loss for Q3 2020 was ¥6,043,144.34, compared to a net loss of ¥4,521,143.23 in Q3 2019, representing a 33.7% increase in losses[52] - The company reported a total profit loss of ¥6,043,518.28 for Q3 2020, compared to a loss of ¥4,527,847.49 in Q3 2019[52] - The total comprehensive loss for the period was ¥6,043,144.34, compared to a loss of ¥4,521,143.23 in the same period last year[53] - The company reported a net loss of CNY 404.31 million compared to a loss of CNY 389.59 million in the previous period[44] - The total comprehensive income for the first three quarters of 2020 was a loss of ¥10,075,424.07 million, compared to a loss of ¥11,214,211.42 million in the same period of 2019, showing an improvement[58] Assets and Liabilities - Total assets decreased by 11.51% from the end of the previous year, amounting to ¥308,923,848.05[5] - Current assets decreased from CNY 289.32 million to CNY 253.54 million, a decline of approximately 12.38%[42] - Total liabilities decreased from CNY 313.19 million to CNY 288.03 million, a reduction of approximately 8.04%[44] - Current liabilities decreased from CNY 101.52 million to CNY 68.81 million, a decrease of about 32.2%[43] - The company's total assets decreased to ¥307,265,732.54 from ¥351,061,394.43 year-over-year[48] - The total equity of the company was ¥38,608,776.84, down from ¥48,684,200.91 in the previous year[48] - The total liabilities of the company as of the third quarter of 2020 were ¥313,190,148.14, with total assets amounting to ¥349,101,002.12[69] - Total liabilities were 302,377,193.52, with current liabilities at 90,709,872.71 and long-term liabilities at 211,667,320.81[74] Cash Flow - Cash flow from operating activities improved to ¥21,360,172.99, compared to -¥58,812,921.62 in the previous year[5] - The cash flow from operating activities for the first three quarters of 2020 was ¥21,360,172.99 million, a recovery from a negative cash flow of ¥58,812,921.62 million in the same period of 2019[61] - The company reported a net cash increase of ¥13,497,638.62 million in Q3 2020, contrasting with a decrease of ¥33,774,710.30 million in Q3 2019[62] - Total cash inflow from operating activities was ¥74,454,505.68, while cash outflow was ¥19,106,936.25, resulting in a net cash inflow[64] - Cash and cash equivalents increased by 43.31% to ¥44,663,764.06 due to the recovery of short-term investments[12] - Cash and cash equivalents at the end of the third quarter of 2020 amounted to ¥23,339,977.65, up from ¥6,694,397.44 at the end of the same period in 2019[65] Expenses - Operating costs decreased by 49.38% year-on-year to ¥69,154,119.20, mainly due to a decline in product sales[22] - Tax and additional fees decreased by 64.65% year-on-year to ¥535,645.60, primarily due to land value-added tax paid in the previous period[23] - Sales expenses increased by 195.09% year-on-year to ¥458,109.17, mainly due to increased expenses related to aluminum mold business[24] - Management expenses increased by 60.01% year-on-year to ¥15,419,387.17, primarily due to increased losses from work stoppages caused by the COVID-19 pandemic[24] - The company incurred management expenses of ¥4,736,131.07 in Q3 2020, an increase from ¥3,080,226.03 in Q3 2019[51] Shareholder Information - The total number of shareholders reached 3,917, with the largest shareholder holding 55.00% of the shares[8] - The company plans to transfer 0.84% of its stake in Yunnan Yun Jing Paper Co., Ltd. and 0.84% of its stake in Jinggu Fuyuan Trading Service Co., Ltd., with a total book value of ¥1,010.71 million[37] Other Income and Changes - Other income increased by 45.87% year-on-year to ¥2,020,393.07, mainly due to subsidies received for unemployment protection during the pandemic[24] - Fair value changes in income increased by 100% year-on-year to ¥170,685.08, primarily from gains on purchased trading financial assets[25] - Cash received from tax refunds increased by 94.28% year-on-year to ¥91,681.55, mainly due to higher tax refunds received in the current period[30] - The company executed new revenue and leasing standards starting January 1, 2020, impacting the accounting treatment of contract liabilities[70]

Financial Performance - The company's operating revenue for the first half of 2020 was ¥61,444,458.40, representing a 21.56% increase compared to ¥50,545,844.35 in the same period last year[22]. - The net profit attributable to shareholders of the listed company was -¥8,771,410.20, a significant decline from -¥1,853,821.36 in the previous year[22]. - The net cash flow from operating activities was ¥8,699,508.76, recovering from -¥20,031,840.09 in the same period last year[22]. - The total assets at the end of the reporting period were ¥329,894,905.64, down 5.50% from ¥349,101,002.12 at the end of the previous year[22]. - The net assets attributable to shareholders of the listed company decreased by 22.38% to ¥30,418,048.26 from ¥39,189,458.46 at the end of the previous year[22]. - The basic earnings per share for the first half of 2020 was -¥0.068, compared to -¥0.014 in the same period last year[23]. - The weighted average return on net assets was -25.20%, a decline from -5.32% in the previous year[23]. - The company reported a net loss of CNY 398,360,838.12, compared to a loss of CNY 389,589,427.92 in the previous period, indicating a worsening of approximately 2.0%[94]. - The total comprehensive income amounted to -8,972,420.08 CNY, compared to -2,017,261.49 CNY in the previous year, reflecting a worsening financial position[101]. Business Operations - The company focuses on artificial board manufacturing, forestry product processing, and energy trade, with a diverse business model[27][28]. - The company is positioned in the forestry industry, which is facing increased competition and pressure on profitability due to market saturation and the impact of the COVID-19 pandemic[29][30]. - The company has established a complete production system for artificial board products, utilizing waste materials and promoting a circular economy[34]. - The company is actively expanding its energy business, leveraging its strong trade platform and relationships with suppliers[34]. - The company has developed E1 grade indoor plywood and fine wood boards, enhancing its product competitiveness in terms of environmental standards[34]. Cash Flow and Liquidity - The net cash flow from operating activities improved significantly to CNY 8,699,508.76, compared to a negative CNY 20,031,840.09 in the previous year[47]. - The cash and cash equivalents at the end of the period increased to ¥10,528,717.77, compared to ¥1,529,315.53 at the end of the same period in 2019[112]. - The total cash inflow from operating activities was ¥34,134,168.48, down 56.3% from ¥78,148,739.03 in the first half of 2019[112]. - The total cash outflow related to operating activities was ¥13,043,025.60, significantly lower than ¥153,740,086.24 in the first half of 2019[112]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period is 3,707[81]. - The largest shareholder, Chow Tai Fook Investment Limited, holds 71,389,900 shares, accounting for 55.00% of the total shares[83]. - The second-largest shareholder, Hangzhou Ciyun Peitong Investment Management Partnership, holds 12,078,153 shares, representing 9.31%[83]. Environmental and Social Responsibility - The company has obtained a pollution discharge permit and is not classified as a key monitored pollutant discharge unit[76]. - The company has consistently received honors for meeting local emission standards and has not experienced any environmental safety incidents or violations[76]. - The company successfully helped 46 impoverished individuals from 11 households achieve poverty alleviation, with a total investment of 2.39 million RMB in material assistance[71]. - The company invested 1.84 million RMB to improve educational resources in impoverished areas[71]. - The company is committed to ongoing training for rural laborers to improve their skills and increase their income opportunities[74]. Management and Governance - The company has appointed Shinewing Certified Public Accountants as its auditor for the 2020 financial year, with the decision approved at the 2019 annual general meeting[62]. - The company has not reported any significant litigation or arbitration matters during the reporting period[63]. - The company has not engaged in any asset acquisitions or equity purchases that would constitute related party transactions[65]. - The company has confirmed that it will not seek any preferential rights or advantages in business cooperation with its subsidiaries[61]. Accounting Policies and Financial Reporting - The company has not disclosed any changes in accounting policies or estimates compared to the previous accounting period[77]. - There were no significant accounting errors that required retrospective restatement during the reporting period[78]. - The company’s financial statements are prepared in accordance with the enterprise accounting standards, reflecting its financial position and operating results accurately[137]. - The company adopts the accounting treatment for business combinations under common control by measuring the acquired assets and liabilities at the book value in the consolidated financial statements of the ultimate controlling party[141].

2020 年第一季度报告 公司代码：600265 公司简称：ST 景谷 云南景谷林业股份有限公司 2020 年第一季度报告 1 / 27 2020 年第一季度报告 一、 重要提示 二、 公司基本情况 2.1 主要财务数据 说明： 1．经营活动产生的现金流量净额实现 103 万元，较上年同期增加较多，主要是上年同期支付 历年欠缴养老保险金所致。 2．归属于上市公司股东的净利润为-787.73 万元，主要是本期财务费用、折旧摊销数额较大， 以及受疫情影响发生停工损失、销售减少所致；同时，上年同期林木销售实现了一定收益。 3 / 27 单位：元 币种：人民币 本报告期末 上年度末 本报告期末比上 年度末增减(%) 总资产 322,763,713.37 349,101,002.12 -7.54 归属于上市公司股东的净资产 31,312,204.42 39,189,458.46 -20.10 年初至报告期末 上年初至上年报告 期末 比上年同期增减 (%) 经营活动产生的现金流量净额 1,031,505.59 -21,794,392.83 不适用 年初至报告期末 上年初至上年报告 期末 比上年同期增减 （%） 营业收入 ...