届时公司董事会秘书汶静女士、证券事务代表王秀平女士将在线就公司2022 年度业绩、公司治理、发展战略、经营状况和可持续发展等投资者关心的问题， 与投资者进行沟通与交流，欢迎广大投资者踊跃参与。 证券代码：600265 证券简称：ST 景谷 公告编号：2023-031 云南景谷林业股份有限公司 关于参加2022年度云南辖区上市公司投资者 网上集体接待日暨集体业绩说明会活动的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 为进一步加强与投资者的互动交流工作，云南景谷林业股份有限公司（以下 简称"公司"）将参加由云南证监局、云南省上市公司协会与深圳市全景网络有 限公司联合举办的"2022 年度云南辖区上市公司投资者网上集体接待日暨集体 业绩说明会"，现将有关事项公告如下： 本次活动将采用网络远程的方式举行，投资者可登录"全景路演"网站 （https://rs.p5w.net）或关注微信公众号：全景财经，或下载全景路演 APP, 参与本次互动交流，活动时间为 2023 年 5 月 11 日（周四）10:30-12:00。 特此公 ...

Financial Performance - In 2022, the company reported a total revenue of ¥113,196,313.32, a decrease of 17.39% compared to ¥137,029,110.46 in 2021[22]. - The net profit attributable to shareholders was -¥22,282,513.16 in 2022, an improvement from -¥28,195,862.60 in 2021[22]. - The company's total assets increased by 49.13% to ¥465,236,344.21 at the end of 2022, compared to ¥311,957,033.37 at the end of 2021[22]. - The net cash flow from operating activities was -¥45,421,337.22 in 2022, slightly better than -¥49,362,858.83 in 2021[22]. - The company's net assets attributable to shareholders decreased by 11.28% to ¥153,188,668.66 at the end of 2022[22]. - Basic earnings per share for 2022 was -0.17 CNY, an improvement from -0.22 CNY in 2021[23]. - The company reported a net profit attributable to shareholders of -7,696,413.81 CNY in Q4 2022, with total revenue for the quarter at 46,763,960.75 CNY[26]. - Non-recurring gains for 2022 totaled 13,718,821.45 CNY, compared to 2,573,800.43 CNY in 2021[28]. - The weighted average return on equity for 2022 was -13.68%, an improvement from -99.46% in 2021[23]. - The company achieved operating revenue of 113.20 million yuan and a net profit attributable to the parent company of -22.28 million yuan for the reporting period[72]. Operational Challenges - The company has faced continuous net losses for three consecutive years, raising concerns about its ability to continue as a going concern[9]. - The company experienced a decline in demand for its main products, including artificial boards and turpentine, due to a sluggish construction and decoration market[31]. - The company reported a significant drop in inventory levels, with lumber product inventory decreasing by 32.59%[79]. - The company’s operational plans for 2023 do not constitute performance commitments, as they are subject to various uncertainties including macroeconomic policies and market demand[109]. - The company is exposed to risks from raw material shortages and price fluctuations, particularly for wood and chemical materials, which could adversely affect production and pricing strategies[113]. Strategic Initiatives - The company plans not to distribute profits for 2022 due to negative retained earnings of -¥458,753,377.00[5]. - The company initiated a major asset restructuring, with a financial support loan of up to 350 million CNY from the controlling shareholder at an interest rate of 2.75%[32]. - The company aims to improve its market share and brand recognition by developing a comprehensive marketing network and customer relationship management[94]. - The company plans to enhance its production technology and environmental standards in response to stricter regulations in the engineered wood industry[94]. - The company plans to explore strategic transformation and expand new profit growth points through mergers and acquisitions at appropriate times while stabilizing its existing core businesses[179]. Market and Industry Trends - The overall outlook for the engineered wood industry remains stable, with increasing demand driven by urban infrastructure investments and consumer preferences for eco-friendly products[52]. - The artificial board manufacturing industry is experiencing increasing demand for formaldehyde-free and high-performance products due to stricter environmental regulations and rising consumer awareness[96]. - The market for rosin and turpentine is expected to continue growing, supported by stable demand from downstream industries such as adhesives, coatings, and pharmaceuticals[57]. - The engineered wood industry is experiencing a shift towards higher value-added products and technological innovation, driven by the need for sustainable development[50]. Governance and Compliance - The company has established a complete procurement, production, and sales system, enhancing operational efficiency and decision-making speed[71]. - The company is committed to complying with various governance regulations and has established a structured governance framework to mitigate operational risks and enhance transparency[120]. - The company has established an independent financial accounting department and management system to ensure financial independence[171]. - The company has committed to avoiding related party transactions that could harm the interests of the company and its shareholders[174]. - The company is committed to enhancing its corporate governance through the appointment of independent directors and experienced professionals[129]. Environmental and Social Responsibility - The company invested 31.22 million yuan in environmental protection during the reporting period[160]. - The company engaged in poverty alleviation projects, generating approximately 720,000 yuan in labor income for local farmers through timber harvesting[166]. - The company is committed to supporting rural revitalization and preventing poverty through various initiatives[168]. - The company has a dedicated department for environmental protection management, ensuring compliance with national regulations[161]. Shareholder and Market Information - The total number of ordinary shareholders as of the end of the reporting period is 4,388, an increase from 4,258 at the end of the previous month[193]. - The largest shareholder, Chow Tai Fook Investment Co., Ltd., holds 71,389,900 shares, representing 55.00% of the total shares[196]. - The company reported a market capitalization of HKD 15,920 million as of December 31, 2022, with a holding percentage of 72.39% in Chow Tai Fook Jewellery Group Limited[200]. - The company has not issued any new securities during the reporting period[193]. - There are no significant changes in the company's asset and liability structure reported[193].

[Company Overview and Important Notice](index=1&type=section&id=Important%20Content%20Notice) This section confirms the accuracy and completeness of the quarterly report by the board and management, noting that the financial statements are unaudited [Important Content Notice](index=1&type=section&id=Important%20Content%20Notice) The company's board of directors, supervisory board, and senior management ensure the truthfulness, accuracy, and completeness of this quarterly report and bear corresponding legal responsibilities. The financial statements for this quarter are unaudited - The company's person in charge, the head of accounting work, and the head of the accounting department guarantee the truthfulness, accuracy, and completeness of the financial information in the quarterly report[2](index=2&type=chunk) - The company's Q1 2023 financial statements are unaudited[3](index=3&type=chunk) [Financial and Operational Summary](index=1&type=section&id=I.%20Key%20Financial%20Data) This section provides an overview of the company's key financial performance, shareholder structure, and significant asset acquisition during the reporting period [Key Financial Data and Change Analysis](index=1&type=section&id=I.%20Key%20Financial%20Data) In Q1 2023, the company's operating revenue and total assets both doubled, primarily due to the consolidation of the newly acquired subsidiary, Tangxian Huiyin Wood Industry. Despite the significant revenue increase, net profit attributable to shareholders of the listed company still recorded a loss of 0.291 million Yuan Key Financial Data | Item | Current Period (Yuan) | YoY Change (%) | | :--- | :--- | :--- | | Operating Revenue | 66,612,012.86 | 123.53% | | Net Profit Attributable to Shareholders of Listed Company | -291,131.27 | Not Applicable | | Net Cash Flow from Operating Activities | -13,711,052.65 | Not Applicable | | **Item** | **End of Current Period** | **Change from End of Prior Year (%)** | | Total Assets | 1,001,179,397.43 | 115.20% | | Total Equity Attributable to Shareholders of Listed Company | 152,750,493.37 | -0.29% | - The significant increase in operating revenue and total assets is primarily due to the consolidation of financial data from the controlling subsidiary, Tangxian Huiyin Wood Industry Co., Ltd., during the reporting period[6](index=6&type=chunk) Non-Recurring Gains and Losses | Non-Recurring Gains and Losses Item | Amount for Current Period (Yuan) | | :--- | :--- | | Gains/Losses from Disposal of Non-Current Assets | 7,611.42 | | Gains/Losses from Fair Value Changes of Financial Assets Held for Trading | 1,764,835.40 | | Other Non-Operating Income/Expenses and Tax Refunds | 107,496.62 | | **Total** | **1,879,943.44** | [Shareholder Information](index=2&type=section&id=II.%20Shareholder%20Information) As of the end of the reporting period, the total number of common shareholders was 4,258. Chow Tai Fook Investment Co., Ltd. is the controlling shareholder with a 55.00% stake, indicating a stable equity structure. No related party relationships or concerted actions were found among the top ten shareholders - As of the end of the reporting period, the company had a total of **4,258** common shareholders[8](index=8&type=chunk) Top Shareholders | Shareholder Name | Shareholder Nature | Number of Shares Held | Shareholding Ratio (%) | | :--- | :--- | :--- | :--- | | Chow Tai Fook Investment Co., Ltd. | Domestic Non-State-Owned Legal Person | 71,389,900 | 55.00 | | Hangzhou Cixuan Peitong Investment Management Partnership (Limited Partnership) | Other | 12,078,153 | 9.31 | | Xie Zhimin | Domestic Natural Person | 2,677,786 | 2.06 | [Major Asset Acquisition](index=3&type=section&id=III.%20Other%20Reminders) During the reporting period, the company completed a major asset acquisition of 51% equity in Tangxian Huiyin Wood Industry Co., Ltd., and has completed the industrial and commercial change registration, becoming its controlling shareholder. This acquisition aims to enrich the company's engineered wood product line and enhance industry competitiveness. To support this acquisition, controlling shareholder Chow Tai Fook Investment provided financial assistance of up to 350 million Yuan - The company initiated and completed a major asset acquisition of **51% equity** in Tangxian Huiyin Wood Industry Co., Ltd., which constitutes a major asset restructuring[10](index=10&type=chunk)[11](index=11&type=chunk) - Upon completion of this acquisition, the company's products will cover major engineered wood varieties such as veneer, plywood, fiberboard, and particleboard, enriching the product structure and enhancing industry competitiveness[12](index=12&type=chunk) - To ensure the smooth progress of the acquisition, controlling shareholder Chow Tai Fook Investment agreed to provide the company with financial assistance loans of up to **350 million Yuan** at an annual interest rate of **2.75%** for a term of **5 years**[10](index=10&type=chunk) [Quarterly Financial Statements (Unaudited)](index=4&type=section&id=IV.%20Quarterly%20Financial%20Statements) This section presents the unaudited consolidated financial statements for the quarter, including the balance sheet, income statement, and cash flow statement [Consolidated Balance Sheet](index=5&type=section&id=Consolidated%20Balance%20Sheet) As of March 31, 2023, the company's total assets reached 1.001 billion Yuan, an increase of 115.20% from the end of the previous year, primarily due to the consolidation of Huiyin Wood Industry. Significant increases were observed in inventory, fixed assets, goodwill on the asset side, and other payables on the liability side, along with the addition of 176 million Yuan in minority interests Major Asset Items | Major Asset Items | March 31, 2023 (Yuan) | December 31, 2022 (Yuan) | | :--- | :--- | :--- | | Inventory | 303,299,253.49 | 165,960,408.61 | | Fixed Assets | 338,074,457.45 | 22,385,840.81 | | Goodwill | 89,365,605.58 | 0 | | **Total Assets** | **1,001,179,397.43** | **465,236,344.21** | Major Liabilities and Equity Items | Major Liabilities and Equity Items | March 31, 2023 (Yuan) | December 31, 2022 (Yuan) | | :--- | :--- | :--- | | Other Payables | 264,933,959.60 | 66,059,041.13 | | Long-Term Payables | 299,457,652.36 | 183,900,000.00 | | **Total Liabilities** | **672,176,931.38** | **312,047,675.55** | | Minority Interests | 176,251,972.68 | 0 | | **Total Owners' Equity** | **329,002,466.05** | **153,188,668.66** | [Consolidated Income Statement](index=8&type=section&id=Consolidated%20Income%20Statement) In Q1 2023, the company achieved operating revenue of 66.61 million Yuan, a year-over-year increase of 123.53%, primarily due to the consolidation of Huiyin Wood Industry's revenue. Despite a corresponding increase in total operating costs, operating profit turned positive, benefiting from investment income and other items. The net loss attributable to parent company shareholders was 0.291 million Yuan, a significant reduction from the 2.692 million Yuan loss in the same period last year Consolidated Income Statement | Item | Q1 2023 (Yuan) | Q1 2022 (Yuan) | | :--- | :--- | :--- | | Total Operating Revenue | 66,612,012.86 | 29,800,224.22 | | Total Operating Costs | 67,965,195.50 | 32,864,321.23 | | Operating Profit | 2,025,565.30 | -2,721,850.52 | | Total Profit | 2,121,913.45 | -2,741,351.33 | | Net Profit Attributable to Parent Company Shareholders | -291,131.27 | -2,691,669.02 | | Basic Earnings Per Share (Yuan/share) | -0.002 | -0.021 | [Consolidated Cash Flow Statement](index=10&type=section&id=Consolidated%20Cash%20Flow%20Statement) During the reporting period, net cash flow from operating activities was -13.71 million Yuan, with outflows primarily for purchasing goods and paying employee salaries. Net cash outflow from investing activities was 53.82 million Yuan, mainly for payments related to subsidiary acquisitions. Net cash inflow from financing activities was 65.53 million Yuan, primarily from related party borrowings, providing financial support for investing activities, with cash and cash equivalents balance of 25.11 million Yuan at period-end Consolidated Cash Flow Statement | Item | Q1 2023 (Yuan) | | :--- | :--- | | Net Cash Flow from Operating Activities | -13,711,052.65 | | Net Cash Flow from Investing Activities | -53,815,562.50 | | Net Cash Flow from Financing Activities | 65,529,050.65 | | Net Increase in Cash and Cash Equivalents | -2,119,313.84 | - Cash outflow from investing activities was primarily due to net cash payments of **53.02 million Yuan** for the acquisition of subsidiaries and other business units[24](index=24&type=chunk) - Cash inflow from financing activities was primarily due to **72.20 million Yuan** received from other financing-related activities, potentially linked to financial assistance from the controlling shareholder[24](index=24&type=chunk)

2022 年第三季度报告 证券代码：600265 证券简称：ST 景谷 云南景谷林业股份有限公司 2022 年第三季度报告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： (二)非经常性损益项目和金额 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整， 不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 公司负责人许琳、主管会计工作负责人周坚虹及会计机构负责人（会计主管人员）邵琳保证 季度报告中财务信息的真实、准确、完整。 第三季度财务报表是否经审计 □是 √否 一、 主要财务数据 (一)主要会计数据和财务指标 单位：元 币种：人民币 | 项目 | 本报告期 | 本报告期 | | 年初至报告 | | --- | --- | --- | --- | --- | | | | 比上年同 | 年初至报告期末 | 期末比上年 | | | | 期增减变 | | 同期增减变 | | | | 动幅度(%) | | 动幅度(%) | | 营业收入 | 27,245,583.97 | ...

Financial Performance - The company's operating revenue for the first half of 2022 was RMB 39,186,768.60, representing a 13.61% increase compared to RMB 34,491,087.94 in the same period last year[22]. - The net profit attributable to shareholders for the first half of 2022 was a loss of RMB 8,526,253.61, slightly improved from a loss of RMB 9,172,032.99 in the previous year[22]. - The basic earnings per share for the first half of 2022 was -0.065 yuan, an improvement from -0.071 yuan in the same period last year[24]. - The weighted average return on equity was -4.91%, significantly better than -24.80% in the previous year[24]. - The company reported a net profit of -CNY 8.53 million, a reduction in losses by 64.58% compared to the same period last year[43]. - The company’s operating profit for the first half of 2022 was -RMB 8,371,837.32, compared to -RMB 9,954,548.72 in the same period of 2021, indicating a narrowing of operating losses[109]. - Comprehensive income for the first half of 2022 totaled -RMB 8,552,485.52, an improvement from -RMB 9,667,577.80 in the first half of 2021[110]. - The total comprehensive income for the current period was a loss of approximately ¥8.53 million, reflecting a significant decline from the previous year[124]. Cash Flow and Liquidity - The net cash flow from operating activities decreased by 635.22% to a negative RMB 45,408,973.70, primarily due to tax payments related to debt forgiveness[24]. - Operating cash inflow for the first half of 2022 was CNY 83,519,186.71, an increase of 52.3% compared to CNY 54,831,830.04 in the same period of 2021[116]. - The net cash flow from operating activities was negative CNY 45,408,973.70, a decline from a positive CNY 8,484,138.92 in the first half of 2021[116]. - The company reported a significant increase in cash outflows for operating activities, primarily due to higher payments for goods and services[116]. - The company plans to focus on improving cash flow management and exploring new investment opportunities to enhance financial stability[117]. Assets and Liabilities - The total assets as of June 30, 2022, were RMB 295,416,438.26, down 5.30% from RMB 311,957,033.37 at the end of the previous year[23]. - The net assets attributable to shareholders decreased by 4.55% to RMB 169,509,110.25 from RMB 177,587,934.25 at the end of the previous year[23]. - Total liabilities decreased from ¥139,282,010.10 to ¥130,909,978.61, a decline of about 6.5%[102]. - The total equity attributable to the parent company at the end of the first half of 2022 was approximately ¥172.68 million, a decrease of ¥8.53 million compared to the previous period[123]. - The company’s retained earnings show a negative balance of CNY -403,129,585.95, indicating accumulated losses[131]. Industry and Market Context - The company operates in the forestry industry, focusing on wood processing and manufacturing of engineered wood products, with significant contributions to ecological safety and rural economic growth[28]. - The demand for engineered wood products is expected to grow due to increased investment in urban infrastructure and public service facilities[32]. - In 2020, China's engineered wood production reached a historical high of 311 million cubic meters, with plywood contributing approximately 256 million cubic meters, reflecting a year-on-year growth of 11.8%[29]. - The revenue of China's forest chemical products manufacturing industry grew from 35 billion yuan in 2010 to 105.1 billion yuan in 2019, with a CAGR of 17%[33]. Operational Developments - The company has established a complete production system for engineered wood products, recognized for its quality and brand reputation in the southwest region of China[39]. - The company invested CNY 5 million in the technical transformation of the disproportionated rosin project, which began trial production in July 2022[45]. - The company completed the technical transformation project for wood-based panels in the second half of 2021, enhancing its core business competitiveness[40]. - The company signed long-term supply contracts to ensure raw material availability amid rising costs[49]. Risks and Compliance - The company continues to face uncertainty regarding its ability to continue as a going concern, as indicated by negative net profits for three consecutive years[8]. - The company faces risks from macroeconomic fluctuations, which could impact demand in the engineered wood industry, potentially leading to revenue declines[59]. - The company is exposed to raw material supply risks, particularly concerning wood and pine resin, which could affect revenue stability[61]. - The company faced an administrative penalty of RMB 250,000 due to non-compliance with environmental protection requirements related to a project initiated in 2016[71]. - The company has maintained compliance with pollution discharge limits, with all emissions within permitted levels and no environmental pollution incidents reported[72]. Social Responsibility - The company has successfully implemented measures to support rural revitalization, ensuring that no households under its assistance have fallen back into poverty[74]. - All 11 registered impoverished households have participated in basic medical insurance and major illness insurance, achieving a 100% coverage rate[75]. - The company has assisted in the education of children from impoverished families, ensuring they receive educational subsidies to prevent poverty due to schooling costs[75]. Shareholder Information - As of the end of the reporting period, the total number of ordinary shareholders was 4,651[91]. - The largest shareholder, Chow Tai Fook Investment Limited, held 71,389,900 shares, representing 55.00% of the total shares[93]. - The company approved a loan of 50 million yuan from its controlling shareholder, with an interest rate of 0% and no collateral required[85]. Accounting and Financial Reporting - The financial statements are prepared based on the going concern assumption and comply with the relevant accounting standards[144]. - The company follows the accrual basis of accounting for its financial reporting[141]. - The group recognizes financial assets and liabilities upon becoming a party to a financial instrument contract[165]. - The group measures financial assets at fair value upon initial recognition, with transaction costs accounted for differently based on the asset category[168].

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].