Financial Performance - The company's net profit attributable to shareholders for 2021 was -94,679,097.83 CNY, a decrease of 166.95% compared to the previous year's profit of 141,409,137.31 CNY[7]. - Operating revenue for 2021 reached 1,683,660,813.81 CNY, representing a 34.07% increase from 1,255,801,354.79 CNY in 2020[22]. - The net profit attributable to shareholders for Q4 2021 was -60,303,693.06 RMB, with a total annual net profit of -95,678,297.83 RMB[25]. - The basic earnings per share for 2021 was -0.27 CNY, a decline of 165.85% from 0.41 CNY in 2020[23]. - The diluted earnings per share for 2021 was -0.27 RMB, a decrease of 165.85% compared to the previous year[24]. - The company reported a decrease in net profit excluding non-recurring gains and losses, which was -78,940,540.83 CNY for 2021, compared to -39,664,460.92 CNY in 2020, a decline of 99.02%[22]. - The company reported a total comprehensive loss of ¥89,707,516.13 for 2021, compared to a comprehensive income of ¥141,295,098.72 in 2020[199]. Assets and Liabilities - The total assets of the company increased by 1.25% to 2,141,442,424.48 CNY at the end of 2021, compared to 2,114,962,799.59 CNY at the end of 2020[22]. - The net assets attributable to shareholders decreased by 8.79% to 1,104,752,433.03 CNY at the end of 2021, compared to 1,211,273,651.06 CNY at the end of 2020[22]. - Total liabilities reached CNY 951,230,850.63, up from CNY 815,357,650.51, which is an increase of 16.63%[193]. - The company's equity attributable to shareholders decreased to CNY 1,104,752,433.03 from CNY 1,211,273,651.06, a decline of 8.82%[194]. - The company's total assets increased to ¥1,843,299,380.45 in 2021 from ¥1,599,397,478.01 in 2020, marking a growth of approximately 15.3%[196]. - Total liabilities rose to ¥782,307,581.99 in 2021, compared to ¥415,283,885.17 in 2020, representing an increase of about 88.1%[196]. Cash Flow - The cash flow from operating activities for 2021 was 94,222,805.88 CNY, a significant improvement of 129.41% from -320,378,451.77 CNY in 2020[22]. - The company's operating cash flow turned positive, with a net cash flow from operating activities of 94.22 million RMB, compared to a negative 320.38 million RMB in the previous year, mainly due to increased project settlements in the supply chain business[54]. Business Strategy and Operations - The company implemented a "1+7" business model focusing on enhancing core capabilities in seven areas, including equipment and service innovation[31]. - The company aims to expand its market presence by integrating resources and forming a direct sales team in the garment industry[32]. - The company is focusing on technological innovation to develop high-end products and capture high-end market segments[32]. - The company expanded its machining business significantly, transitioning from sewing equipment to automotive, wind turbine, and military component sectors, resulting in a substantial increase in business volume[33]. - The company introduced a new cabinet business, creating a new growth point, and focused on optimizing overdue receivables collection, enhancing project optimization, and improving risk control capabilities[33]. Research and Development - The company received 43 authorized patents and completed project acceptance for the "Intelligent Sewing Equipment Collaborative Innovation Research Institute" project[35]. - Research and development expenses totaled approximately ¥38.30 million, accounting for 2.28% of total revenue[62]. - The company is committed to enhancing its research and development efforts, allocating 8% of its revenue towards innovation initiatives[101]. Market Conditions and Challenges - The sewing machinery industry faced challenges in 2021, with a significant increase in production but a decline in demand, leading to a year-on-year industrial output value growth of 57.16%[40]. - The industry experienced a decrease in profitability, with a monthly profit growth rate of -29.15% in December 2021, indicating a narrowing profit margin[42]. - The company is facing external challenges such as high commodity prices and ongoing global financial risks, while also benefiting from a recovering international economy[44]. - The company anticipates that the industry will experience a downward trend in economic development in 2022 compared to 2021 due to high base effects and reduced market rebound[78]. Governance and Compliance - The company held 5 supervisory board meetings during the reporting period, ensuring compliance and oversight of financial conditions[94]. - The company strictly adheres to information disclosure regulations, ensuring timely and accurate reporting to shareholders[94]. - The company has a diverse board composition, including independent directors and employee representatives, ensuring balanced governance[98]. - The company has implemented measures to maintain independence from controlling shareholders, with no reported conflicts of interest[95]. Investments and Financial Management - The company has a total of 2.80 billion RMB in entrusted loans, with an overdue amount of 1.50 billion RMB[159]. - The company has invested a total of 6,000 million RMB in bank wealth management products with an annualized return rate of 2.90%, resulting in a total expected return of 43.50 million RMB, which has been fully recovered[155]. - The company has a diversified investment strategy, utilizing both self-owned funds and bank wealth management products to optimize returns[155]. Future Outlook - The company expects the global economy to face uncertainties and downward risks in 2022, with a likely return to normalcy after the pandemic[77]. - The company plans to leverage its state-owned background and strategic resources for innovative development and market expansion[48]. - The 2022 operational targets include a revenue goal of 1.9 billion yuan, with traditional sewing business targeted at 750 million yuan and supply chain business at 1.15 billion yuan[84].

2021年第一季度报告 公司代码：600302 公司简称：标准股份 西安标准工业股份有限公司 2021 年第一季度报告 ...

Financial Performance - The company's operating revenue for the first half of 2021 was approximately ¥680.84 million, representing a 135.54% increase compared to ¥289.05 million in the same period last year[18]. - The net profit attributable to shareholders for the first half of 2021 was a loss of approximately ¥21.72 million, a significant decline of 1,139.48% from a loss of ¥1.75 million in the previous year[18]. - The basic earnings per share for the first half of 2021 was -¥0.0628, compared to -¥0.0051 in the same period last year, reflecting a decrease of 1,131.37%[18]. - The operating cost rose to RMB 588.47 million, reflecting a 164.33% increase from RMB 222.63 million year-on-year[34]. - The gross profit margin for the first half of 2021 was approximately -3.5%, down from a positive margin in the previous year, reflecting increased costs outpacing revenue growth[95]. - The company reported a net profit of ¥2,826,452.18 and an operating income of ¥98,270,693.57 for its subsidiary Standard Wanping, which holds a 90% stake[45]. - The company reported a significant increase in management expenses, totaling CNY 34,962,773.63 in the first half of 2021, compared to CNY 19,274,019.78 in the same period of 2020[98]. - The company incurred credit impairment losses of CNY 4,502,521.86 in the first half of 2021, compared to CNY 2,260,890.79 in the first half of 2020[96]. Cash Flow and Assets - The company reported a net cash flow from operating activities of approximately ¥52.79 million, a turnaround from a negative cash flow of ¥164.68 million in the previous year, marking a 132.06% improvement[18]. - The total assets at the end of the reporting period were approximately ¥2.17 billion, an increase of 2.81% from ¥2.11 billion at the end of the previous year[18]. - Cash and cash equivalents increased by 19.15% to 436.84 million yuan, accounting for 20.09% of total assets[38]. - The company's short-term borrowings rose by 27.22% to 338.57 million yuan, reflecting increased financing needs[38]. - The company reported a net inflow from investment activities of 76.69 million yuan, mainly from the recovery of principal and interest from last year's financial products[35]. - The ending cash and cash equivalents balance rose to CNY 400,202,643.82, compared to CNY 323,132,319.75 at the end of the first half of 2020[101]. - The total current assets reached CNY 1,879,297,029.54, compared to CNY 1,809,056,524.00 at the end of 2020, indicating an increase of about 3.86%[87]. Business Strategy and Operations - The company is transitioning from a single sewing equipment supplier to a comprehensive solution provider in the environment and apparel sectors, offering seven value-added services[22]. - The company operates three major brands: "Standard," "Witton," and "Hailing," with R&D teams in China and Germany, and production bases in Xi'an, Suzhou, and Shanghai[22]. - The supply chain business model extends services along the commodity supply chain, leveraging group resources and channel advantages to provide integrated procurement, logistics, and sales services[22]. - The company is actively pursuing a "1+7" business model, focusing on providing integrated solutions across various sectors[28]. - The company is facing challenges from rising raw material costs and fluctuating exchange rates, impacting profitability and export capabilities[25]. - The company is implementing a "two transformations" strategy to provide integrated solutions in the environment and apparel sectors, which may mitigate adverse market impacts[46]. Shareholder and Governance - The company has not reported any non-operating fund occupation by controlling shareholders or related parties during the reporting period[7]. - The company has not proposed any profit distribution or capital reserve increase for the half-year period[56]. - The company guarantees the integrity of its assets, ensuring compliance with legal regulations and maintaining ownership of its operational assets[62]. - The company has appointed a new CFO, Yang Jingyuan, following the resignation of the previous CFO, Zheng Xuan[55]. - The company confirmed that there were no significant lawsuits or arbitration matters during the reporting period[68]. Research and Development - The company has applied for 21 patents during the reporting period, including 3 invention patents, and currently holds 303 effective patents[29]. - The company reported a significant increase in research and development expenses, totaling ¥10,150,775.29 for the first half of 2021, compared to ¥11,959,517.45 in the same period of 2020[95]. - The company is focusing on market expansion and new product development, as indicated by the increase in operating revenue and R&D expenses[95]. Financial Risks and Challenges - The company is facing risks from raw material price increases, with direct material costs accounting for over 80% of the sewing machinery cost structure[48]. - The company has a high proportion of accounts receivable and inventory, which poses financial risks, but it is implementing measures to control inventory levels[49]. - The company is actively monitoring exchange rate fluctuations, as its main settlement currencies for exports are USD and EUR, which could affect profitability[47]. - The company’s contract liabilities increased by 104.05% to 42.25 million yuan, mainly due to increased advance payments in the supply chain business[39]. Taxation and Subsidies - The company has been recognized as a high-tech enterprise by relevant authorities, allowing it to pay a reduced corporate income tax rate of 15%[194]. - The company has received government subsidies related to assets and income, which are accounted for as deferred income or other income based on their nature[187]. - The company applies a 6% to 13% VAT rate on sales of goods and services, with a 0% rate for exported goods[193]. Accounting Policies - The company’s accounting policies are in accordance with the enterprise accounting standards, ensuring accurate financial reporting[121]. - The company recognizes revenue when it fulfills its performance obligations, which occurs when the customer obtains control of the related goods[180]. - The company assesses expected credit losses based on past events, current conditions, and forecasts of future economic conditions, using a probability-weighted approach[140].

Financial Performance - The company's operating revenue for Q3 2021 was ¥455,622,361.25, representing a year-on-year increase of 41.44%[3] - The net profit attributable to shareholders was -¥12,650,811.84, a decrease of 538.22% compared to the same period last year[3] - The net profit attributable to shareholders after deducting non-recurring gains and losses was -¥22,655,222.17, a decrease of 22.57% year-on-year[3] - The net profit for Q3 2021 was -31,609,123.04 RMB, compared to a profit of 307,443.17 RMB in Q3 2020, indicating a significant decline in profitability[21] - Operating profit for Q3 2021 was -34,919,816.53 RMB, a sharp decrease from -171,145.20 RMB in the same period last year[21] - Total operating revenue for the first three quarters of 2021 reached ¥1,136,459,856.28, a significant increase from ¥611,189,221.71 in the same period of 2020, representing an increase of approximately 85.7%[20] - Total operating costs for the first three quarters of 2021 were ¥1,175,927,755.00, compared to ¥643,401,973.30 in 2020, indicating an increase of about 83.8%[20] - Operating profit for the first three quarters of 2021 was negative, with total costs exceeding revenues, leading to a loss situation[20] - The basic and diluted earnings per share for Q3 2021 were both -0.0993 RMB, compared to 0.0033 RMB in Q3 2020, reflecting a decline in earnings[21] - The total comprehensive income for Q3 2021 was -27,816,796.27 RMB, compared to -24,052.96 RMB in Q3 2020, indicating a worsening financial position[21] Cash Flow and Liquidity - The net cash flow from operating activities for the year-to-date period was ¥64,367,095.43, showing an increase of 120.07%[3] - Cash flow from operating activities for the first nine months of 2021 was 64,367,095.43 RMB, recovering from a negative cash flow of -320,781,257.25 RMB in the first nine months of 2020[22] - Cash and cash equivalents as of September 30, 2021, amounted to ¥385,332,476.78, up from ¥366,641,720.63 at the end of 2020, reflecting a growth of approximately 5.1%[14] - The cash and cash equivalents at the end of Q3 2021 were 350,337,342.78 RMB, up from 212,035,236.72 RMB at the end of Q3 2020[23] Assets and Liabilities - The total assets at the end of the reporting period were ¥2,116,909,776.89, a slight increase of 0.09% from the previous year-end[4] - Total assets as of September 30, 2021, were ¥2,116,909,776.89, slightly up from ¥2,114,962,799.59 at the end of 2020[17] - Total liabilities increased to ¥864,431,674.66 from ¥815,357,650.51, representing an increase of about 6.0%[16] - The company's equity attributable to shareholders decreased to ¥1,163,390,082.86 from ¥1,211,273,651.06, a decline of approximately 4.0%[17] - The company’s weighted average return on equity was -1.08%, a decrease of 1.35 percentage points compared to the previous year-end[4] Research and Development - The company applied for 28 patents during the reporting period, including 3 invention patents, and currently holds 319 valid patents[12] - The company launched new products such as the TC162 series sewing machine and the TC9500 automatic production line for N95 masks, which were approved as key new product development projects in Shaanxi Province[12] - The company has established technology cooperation with universities and research institutes to address long-standing customer pain points using AI and 3D sewing technology[11] - Research and development expenses for the first three quarters of 2021 were ¥15,645,476.50, slightly down from ¥16,816,049.57 in the same period of 2020[20] Future Outlook - Future outlook includes potential market expansion and new product development strategies to enhance revenue streams[24]

Financial Performance - The company's operating revenue for the third quarter was CNY 143,152,948.96, a decrease of 75.86% compared to the same period last year[5]. - The net profit attributable to shareholders was CNY -4,127,154.67, representing a 67.38% reduction in losses year-on-year[5]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY -9,977,137.00, a decrease of 55.96% compared to the previous year[5]. - The cash flow from operating activities for the year-to-date was CNY 15,793,047.09, down 75.46% from the previous year[6]. - Total revenue for the first three quarters of 2022 was CNY 953,548,723.12, a decrease from CNY 1,418,152,008.22 in the same period of 2021[27]. - Net profit for Q3 2022 was a loss of CNY 40,875,923.05, compared to a loss of CNY 31,609,123.04 in Q3 2021[28]. - The company reported a total comprehensive loss of CNY 39,920,214.82 for Q3 2022, compared to a loss of CNY 27,816,796.27 in Q3 2021[29]. Assets and Liabilities - Total assets at the end of the reporting period were CNY 1,709,573,271.97, a decrease of 20.17% from the end of the previous year[6]. - The company's total assets decreased to CNY 1,709,573,271.97 from CNY 2,141,442,424.48 year-on-year[24]. - Total liabilities decreased to CNY 559,281,912.93 from CNY 951,230,850.63 year-on-year[24]. - The company's equity decreased to CNY 1,150,291,359.04 from CNY 1,190,211,573.85 year-on-year[24]. - The company reported total current assets of RMB 1.40 billion as of September 30, 2022, down from RMB 1.83 billion at the end of 2021[22]. Cash Flow - Operating cash flow for the first nine months of 2022 was CNY 1,213,979,710.05, compared to CNY 2,033,310,532.23 in the same period of 2021, reflecting a decrease of approximately 40.4%[33]. - Net cash flow from operating activities for Q3 2022 was CNY 15,793,047.09, down from CNY 64,367,095.43 in Q3 2021, indicating a decline of about 75.5%[33]. - Cash inflow from investment activities totaled CNY 305,371,963.76 for the first nine months of 2022, compared to CNY 766,576,969.65 in the same period of 2021, a decrease of approximately 60.2%[34]. - The net cash flow from financing activities in Q3 2022 was CNY -247,199,440.03, compared to CNY 30,059,596.47 in Q3 2021, indicating a decline of approximately 920.1%[34]. - The total cash and cash equivalents at the end of Q3 2022 stood at CNY 194,538,981.97, down from CNY 350,337,342.78 at the end of Q3 2021, reflecting a decrease of about 44.5%[34]. Business Operations - The company reported a significant decline in supply chain business revenue, which fell by 44.73% year-on-year[9]. - The sewing machinery manufacturing business generated revenue of RMB 143 million, a quarter-on-quarter increase of 25.05%, with a net profit of -RMB 1.87 million, reflecting an 89.71% improvement from the previous quarter[13]. - The company launched three new intelligent multi-axis sewing machines (GC6920F, GC6927MD2, GC6927MD-B10) in the apparel sector, receiving positive market feedback[13]. - The new generation VETRON 6000 model has completed design and prototype testing, while the VETRON 4000 model has entered mass production[14]. - The company is in the process of relocating its production base in Lintong, with the majority of operations now conducted at the new site in Weibei Industrial Park[17]. Research and Development - The company holds 345 valid patents, including 35 invention patents, and has applied for 19 new patents during the reporting period[15]. - The company is actively enhancing its R&D capabilities to meet market demands and improve product technology advantages[13]. - Research and development expenses for Q3 2022 were CNY 12,237,609.32, down from CNY 15,645,476.50 in Q3 2021[28]. Legal and Compliance - The total amount of undisclosed litigation claims reached RMB 153.92 million, accounting for 13.93% of the company's latest audited net assets[18].

Financial Performance - The company reported a total revenue of 810.40 million RMB for the first half of 2022, a decrease of 1.80% compared to 825.25 million RMB in the same period last year[17]. - The net profit attributable to shareholders was -33.26 million RMB, representing a decline of 53.12% from -21.72 million RMB in the previous year[18]. - The basic earnings per share decreased by 53.03% to -0.0961 RMB from -0.0628 RMB year-on-year[17]. - The cash flow from operating activities showed a significant decline, with a net outflow of -11.50 million RMB compared to a positive inflow of 52.79 million RMB in the same period last year, marking a decrease of 121.79%[18]. - The company's total assets decreased by 18.49% to 1.75 billion RMB from 2.14 billion RMB at the end of the previous year[18]. - The revenue from the sewing machinery manufacturing segment was 267 million RMB, down 9.67% year-on-year, while the supply chain trading segment saw an increase in revenue to 542 million RMB, up 4.46%[17]. - The weighted average return on net assets was -3.06%, a decrease of 1.25 percentage points compared to -1.81% in the previous year[17]. - The net assets attributable to shareholders decreased by 2.95% to 1.07 billion RMB from 1.10 billion RMB at the end of the previous year[18]. - The company reported a non-recurring profit of 4,921,880.41, with significant contributions from government subsidies amounting to 2,627,620.98 and investment management gains of 2,062,976.31[20]. - The company reported a total comprehensive loss of CNY 11,857,536.39 for the first half of 2022, compared to a profit of CNY 100,384.20 in the same period of 2021[118]. Operational Changes - The company has not disclosed any plans for new products, technologies, market expansion, or mergers and acquisitions in this report[6]. - The company has implemented a "zero-based racing" and "target assessment" mechanism to enhance performance accountability and drive strategic transformation[27]. - The company aims to transition from a single equipment supplier to a comprehensive solution provider, offering seven value-added services including finance and supply chain management[22]. - The company is focusing on expanding its business from a single sewing equipment supplier to a system solution provider in the environmental and apparel sectors[33]. - The company is actively expanding new businesses under the "1+7" business model to mitigate the rising fixed costs[51]. Market Environment - In the first four months of 2022, the sewing equipment industry experienced a sales value decline of 6.7%, with profits down by 2.93%, indicating a challenging market environment[24]. - The global economic growth forecast for 2022 was revised down from 4.1% to 2.9% by the World Bank, reflecting the impact of geopolitical tensions and the pandemic[24]. - The domestic clothing industry faced significant pressure, with a 6.2% increase in industrial output value, which is a slowdown of 7.9 percentage points compared to the previous year[24]. Financial Management - The company reduced its sales expenses by 23.30% to CNY 16.57 million, primarily due to decreased sales and advertising expenses caused by the pandemic[36]. - Management expenses decreased by 20.58% to CNY 51.18 million, mainly due to losses from the relocation of the production base in the previous year[36]. - Financial expenses saw a significant reduction of 87.95% to CNY 2.18 million, attributed to decreased exchange losses and reduced interest expenses from repaying short-term bank loans[37]. - The net cash flow from investing activities increased by 1,967.85% to CNY 51.90 million, mainly due to reduced expenditures on purchasing financial products[37]. - The company has not proposed any profit distribution or capital reserve transfer plans for the half-year period[60]. Shareholder Information - The company has a total of 15,933 ordinary shareholders as of the end of the reporting period[82]. - The largest shareholder, China Standard Industry Group Co., Ltd., holds 42.77% of the shares[84]. - The company reported a profit distribution of CNY -17,300,490.20 to shareholders during the reporting period[118]. Risks and Compliance - The company faces risks from industry competition, market fluctuations, and potential trade tensions, which could impact performance[47]. - The company is closely monitoring international trade conditions to manage foreign exchange risks associated with exports[48]. - The company has not reported any significant risks related to supply chain operations, indicating a focus on enhancing capabilities in this area[52]. - The company has not disclosed any environmental issues or penalties during the reporting period, adhering to national environmental protection laws and regulations[63]. - There have been significant changes in the board of directors, with the election of Tian Bin and Huang Wei as chairman and vice chairman, respectively, and the appointment of Zhang Jianfeng as the new general manager[58]. Accounting Policies - The financial statements are prepared based on the assumption of the company's ongoing operations, in accordance with the relevant accounting standards[123]. - The company confirms that there are no significant doubts regarding the ongoing operation assumption for the next six months[124]. - The company applies the equity method for accounting for joint ventures and recognizes its share of assets and liabilities accordingly[137][138]. - The company recognizes expected credit losses for trade receivables and other receivables based on the entire lifetime of the asset, regardless of significant financing components[146]. - The company recognizes revenue from domestic sales of sewing machinery upon shipment and receipt of customer signature[190].

Financial Performance - The company's operating revenue for Q1 2022 was CNY 400,107,042.62, representing a year-on-year increase of 0.48%[5] - The net profit attributable to shareholders was a loss of CNY 8,551,831.01, a decrease in loss by 43.30% compared to the same period last year[5] - The total operating revenue for Q1 2022 was CNY 400,107,042.62, a slight increase of 0.42% compared to CNY 398,430,763.83 in Q1 2021[18] - Net profit for Q1 2022 was a loss of CNY 8,445,239.64, an improvement from a loss of CNY 15,410,012.78 in Q1 2021[19] - Total comprehensive loss for Q1 2022 was CNY -7,566,750.21, compared to a loss of CNY -13,008,288.08 in Q1 2021[20] - The net profit for Q1 2022 was a loss of CNY 2,309,808.16, an improvement from a loss of CNY 8,318,292.61 in Q1 2021[27] - Basic and diluted earnings per share for Q1 2022 were both CNY -0.0247, an improvement from CNY -0.0436 in Q1 2021[20] - Basic and diluted earnings per share for Q1 2022 were both CNY -0.0067, an improvement from CNY -0.0240 in Q1 2021[28] Cash Flow - The net cash flow from operating activities was a negative CNY 160,030,724.73, reflecting a significant decrease in cash inflow[5] - Operating cash flow for Q1 2022 was negative at CNY -160,030,724.73, compared to a positive cash flow of CNY 2,368,990.07 in Q1 2021[22] - The cash flow from operating activities showed a net outflow of CNY -122,375,603.06 in Q1 2022, compared to a net inflow of CNY 14,706,980.92 in Q1 2021[31] - Investment activities generated a net cash inflow of CNY 152,325,836.95 in Q1 2022, significantly higher than CNY 55,820,909.38 in Q1 2021[22] - Financing activities resulted in a net cash outflow of CNY -233,230,369.15 in Q1 2022, compared to a net inflow of CNY 246,127,221.86 in Q1 2021[22] - The company reported cash inflows from investment activities of CNY 330,000,000.00 in Q1 2022, up from CNY 120,000,000.00 in Q1 2021[31] - The company experienced a net decrease in cash and cash equivalents of $207,339,598.24, contrasting with an increase of $326,598,736.59 in the previous period[32] Assets and Liabilities - The total assets at the end of the reporting period were CNY 1,816,839,683.23, down 15.16% from the end of the previous year[6] - Total assets as of March 31, 2022, amounted to CNY 1,816,839,683.23, a decrease from CNY 2,141,442,424.48 as of December 31, 2021[14] - Current assets totaled CNY 1,513,719,175.28, down from CNY 1,833,689,013.17 in the previous year[15] - Total liabilities decreased to CNY 634,194,859.60 from CNY 951,230,850.63[16] - The total assets decreased to CNY 1,338,164,451.06 in Q1 2022 from CNY 1,843,299,380.45 in Q1 2021, representing a decline of 27.4%[26] - The total liabilities decreased to CNY 279,482,460.76 in Q1 2022 from CNY 782,307,581.99 in Q1 2021, a reduction of 64.3%[26] Shareholder Information - The number of common shareholders at the end of the reporting period was 15,904[11] - The largest shareholder, China Standard Industrial Group, holds 42.77% of the shares, totaling 147,991,448 shares[11] Research and Development - The company accelerated the development of new products, with three key products entering mass production during the reporting period[9] - The company applied for 8 patents during the reporting period, bringing the total number of effective patents to 331, including 33 invention patents[9] - Research and development expenses for Q1 2022 were CNY 4,004,406.17, a decrease of 13.4% from CNY 4,624,111.80 in Q1 2021[18] - The company's research and development expenses for Q1 2022 were CNY 1,404,046.56, slightly down from CNY 1,415,799.14 in Q1 2021[27] Inventory and Receivables - Inventory stood at CNY 380,682,683.86, slightly down from CNY 388,541,497.58[15] - Accounts receivable increased to CNY 650,722,848.23 from CNY 628,454,597.20 year-over-year[15] - The company’s inventory increased to CNY 121,469,251.29 in Q1 2022 from CNY 120,636,936.66 in Q1 2021, a marginal increase of 0.7%[25] Cash and Cash Equivalents - Cash and cash equivalents were CNY 190,029,327.69, significantly lower than CNY 457,493,608.20 in the previous year[14] - Cash and cash equivalents at the end of Q1 2022 totaled CNY 178,332,544.74, down from CNY 605,612,398.45 at the end of Q1 2021[22] - The company's cash and cash equivalents at the end of Q1 2022 were CNY 133,952,236.66, down from CNY 367,036,081.57 in Q1 2021[25] Strategic Initiatives - The company has signed R&D service contracts for automation customization projects, indicating a strategic shift towards customer-driven product development[9]

Financial Performance - The company's net profit attributable to shareholders for 2021 was -94,679,097.83 RMB, a decrease of 166.95% compared to the previous year[7]. - Operating revenue for 2021 reached 1,683,660,813.81 RMB, representing a 34.07% increase from 2020[22]. - The net profit attributable to shareholders was -95 million RMB, a shift from profit to loss, primarily due to significant credit impairment losses from overdue accounts receivable in the supply chain business[52]. - The basic earnings per share for 2021 was -0.27 RMB, a decline of 165.85% from 2020[23]. - The diluted earnings per share for 2021 was -0.27 RMB, a decrease of 165.85% compared to the previous year[24]. - The company reported a significant increase in contract liabilities, rising to CNY 73,330,759.27 from CNY 20,705,465.23, an increase of about 253.0%[193]. - The company reported a total comprehensive loss of ¥89,707,516.13 for 2021, compared to a comprehensive income of ¥141,295,098.72 in 2020[199]. Assets and Liabilities - The total assets as of December 31, 2021, amounted to 2,141,442,424.48 RMB, an increase of 1.25% from the previous year[22]. - The company's total assets increased to ¥1,843,299,380.45 in 2021 from ¥1,599,397,478.01 in 2020, marking a growth of approximately 15.3%[196]. - Total liabilities rose to ¥782,307,581.99 in 2021, compared to ¥415,283,885.17 in 2020, representing an increase of about 88.1%[196]. - The company's equity decreased to ¥1,060,991,798.46 in 2021 from ¥1,184,113,592.84 in 2020, a decline of approximately 10.4%[196]. Cash Flow and Dividends - The cash flow from operating activities for 2021 was 94,222,805.88 RMB, a significant improvement of 129.41% compared to the previous year[22]. - The company will not implement cash dividends for 2021 due to the negative net profit and the audit report issued with emphasis by the accounting firm[7]. - The company implemented a cash dividend of 17.3 million yuan for the 2020 fiscal year, reflecting its commitment to returning value to investors[36]. Operational Strategy and Market Position - The company implemented a "1+7" business model, focusing on enhancing core capabilities in seven areas including equipment and service innovation[31]. - The company aims to expand its market presence by integrating resources and forming a direct sales team in the garment industry[32]. - The company is transitioning from a single equipment supplier to a comprehensive solution provider in the environment and apparel sector, focusing on system solutions and services[82]. - The company has a diversified brand portfolio, including "Standard," "Witton," and "Hailing," which supports strong resource synergy capabilities across various markets[51]. Research and Development - The company received 43 authorized patents and completed the acceptance of the "Intelligent Sewing Equipment Collaborative Innovation Research Institute" project, enhancing its technological innovation capabilities[35]. - Research and development expenses totaled approximately ¥38.30 million, accounting for 2.28% of total revenue[62]. - The company launched multiple new products in multi-motor drive control technology and enhanced puncture capabilities, achieving profitability in both R&D and sales for the automotive sunshade curtain automatic sewing solution[34]. Governance and Compliance - The company held 5 supervisory board meetings during the reporting period, ensuring compliance and oversight of financial conditions[94]. - The company adheres to strict information disclosure regulations, ensuring timely and accurate reporting to shareholders[94]. - The company reported no significant differences in governance compared to regulatory requirements[95]. - The company has not faced any significant changes in competition or business independence from its controlling shareholders[95]. Risks and Challenges - The company has faced various operational risks, which are detailed in the management discussion section of the report[9]. - The company is facing external challenges such as high commodity prices, shipping and exchange rate impacts, and ongoing global financial risks[44]. - The company faces risks from industry competition, market fluctuations, and reliance on exports, with approximately 50% of products sold overseas[85]. - High accounts receivable and inventory levels pose financial risks, prompting the company to implement strict inventory control measures[88]. Future Outlook - The company anticipates a downward trend in industry economic development for 2022 compared to 2021 due to high base effects and reduced market rebound strength[77]. - The 2022 operational targets include revenue of 1.9 billion yuan, with traditional sewing business target at 750 million yuan and supply chain business target at 1.15 billion yuan[84]. - Future outlook remains positive, with expectations of continued market demand and expansion opportunities[102].

Financial Performance - The company's operating revenue for Q3 2021 was ¥592,898,851.53, representing an increase of 84.05% year-on-year, while the year-to-date revenue reached ¥1,418,152,008.22, up 132.03% compared to the same period last year[3]. - The net profit attributable to shareholders was -¥12,650,811.84 for the quarter, a decrease of 538.22% year-on-year, and -¥34,375,404.77 year-to-date, reflecting a decline of 3,131.00% compared to the previous year[3]. - The basic earnings per share for the quarter was -¥0.0366, down 540.96% year-on-year, and -¥0.0993 year-to-date, a decrease of 3,109.09% compared to the same period last year[3][8]. - The net profit for Q3 2021 was -31,609,123.04 RMB, compared to a profit of 307,443.17 RMB in Q3 2020, indicating a significant decline[22]. - Operating profit for Q3 2021 was -34,919,816.53 RMB, a sharp drop from -171,145.20 RMB in the same period last year[22]. - The total comprehensive income for Q3 2021 was -27,816,796.27 RMB, compared to -24,052.96 RMB in the same period last year[22]. Cash Flow and Liquidity - The net cash flow from operating activities for the year-to-date was ¥64,367,095.43, an increase of 120.07% compared to the previous year[3]. - Cash flow from operating activities for the first three quarters of 2021 was 64,367,095.43 RMB, recovering from a negative cash flow of -320,781,257.25 RMB in the first three quarters of 2020[23]. - Cash and cash equivalents as of September 30, 2021, amounted to ¥385,332,476.78, up from ¥366,641,720.63 at the end of 2020, reflecting a growth of about 5.3%[15]. - Cash and cash equivalents at the end of Q3 2021 totaled 350,337,342.78 RMB, up from 212,035,236.72 RMB at the end of Q3 2020[24]. Assets and Liabilities - The total assets at the end of the reporting period were ¥2,116,909,776.89, a slight increase of 0.09% from the end of the previous year[4]. - The total assets as of September 30, 2021, were ¥2,116,909,776.89, slightly up from ¥2,114,962,799.59 at the end of 2020[18]. - The total liabilities increased to ¥864,431,674.66 from ¥815,357,650.51, marking an increase of about 6%[18]. - The company’s total assets decreased by 2,085,351.80 RMB due to asset impairment losses in Q3 2021, compared to a decrease of 3,134,305.93 RMB in Q3 2020[22]. Operational Highlights - The company applied for 28 patents during the reporting period, including 3 invention patents, and currently holds 319 valid patents, of which 31 are invention patents[13]. - The company has launched new products such as the TC162 series rotary template sewing machine and the TC9500 model N95 mask automatic production line, which were approved as key new product development projects in Shaanxi Province[13]. - The company emphasized its commitment to digital design and innovation, focusing on modular design and the application of technologies such as artificial intelligence and IoT[12]. - The company has established technical cooperation with universities and research institutions to address long-standing customer pain points through advanced technologies[12]. Cost and Profitability - Total operating costs for the first three quarters of 2021 were ¥1,457,619,906.94, compared to ¥643,401,973.30 in 2020, indicating an increase of about 126.4%[21]. - The gross profit margin for the first three quarters of 2021 was approximately 8.5%, down from previous periods due to rising costs[21]. - The company's net profit for the first three quarters of 2021 was not explicitly stated but can be inferred from the operating results and cost structure, indicating a challenging profitability environment[21]. Accounts Receivable and Inventory - Accounts receivable decreased to ¥575,594,643.29 from ¥641,283,029.78, a decline of approximately 10.2%[15]. - Inventory levels as of September 30, 2021, were ¥456,787,976.52, down from ¥473,952,942.56, indicating a reduction of about 3.6%[16]. Borrowings - Short-term borrowings increased to ¥328,560,641.59 from ¥266,121,787.31, representing a rise of approximately 23.4%[16].

Financial Performance - The company's operating revenue for the first half of 2021 was approximately ¥825.25 million, representing a 185.51% increase compared to ¥289.05 million in the same period last year[18]. - The net profit attributable to shareholders for the first half of 2021 was a loss of approximately ¥21.72 million, a significant decline of 1,139.48% from a loss of ¥1.75 million in the previous year[18]. - The basic earnings per share for the first half of 2021 was -¥0.0628, compared to -¥0.0051 in the same period last year, reflecting a decrease of 1,131.37%[18]. - The company reported a significant increase in revenue, reaching approximately ¥825.25 million, a 185.51% increase compared to ¥289.05 million in the previous year[34]. - The company's sewing machinery production reached 4.37 million units in the first half of the year, representing a year-on-year growth of 102.31%, while sales increased by 79.66% to 4.35 million units[23]. - The total export value of sewing machinery products was $1.499 billion, marking a year-on-year growth of 60.41%[23]. - The company reported a net inflow from investment activities of 76.69 million yuan, mainly due to the recovery of principal and interest from last year's financial products[35]. - The company reported a total profit of -¥19,316,910.94 for the first half of 2021, compared to -¥2,670,071.04 in the first half of 2020[96]. - The total comprehensive income for the first half of 2021 was a loss of ¥17,467,593.19, compared to a loss of ¥2,851,620.86 in the first half of 2020[96]. Cash Flow and Liquidity - The company reported a net cash flow from operating activities of approximately ¥52.79 million, a turnaround from a negative cash flow of ¥164.68 million in the previous year, marking a 132.06% improvement[18]. - The net cash flow from operating activities improved significantly to ¥52,791,525.27, a significant improvement from a net outflow of ¥164,681,016.62 in the same period of 2020, representing a turnaround of approximately 132%[100]. - Total cash inflow from operating activities increased to ¥1,301,230,667.50 in the first half of 2021, compared to ¥305,246,993.28 in the first half of 2020, marking an increase of about 326%[100]. - The net cash flow from investing activities was ¥2,509,868.55 in the first half of 2021, recovering from a net outflow of ¥74,177,266.80 in the same period of 2020[101]. - The total cash and cash equivalents at the end of the first half of 2021 reached ¥400,202,643.82, compared to ¥323,132,319.75 at the end of the first half of 2020, reflecting an increase of about 24%[101]. - Cash and cash equivalents at the end of the period totaled ¥436,839,715.91, an increase from ¥366,641,720.63 at the beginning of the period, representing a growth of approximately 19.2%[197]. - The company's bank deposits increased to ¥400,168,304.64 from ¥301,255,611.69, marking a significant increase of about 32.8%[197]. Assets and Liabilities - The total assets at the end of the reporting period were approximately ¥2.17 billion, an increase of 2.81% from ¥2.11 billion at the end of the previous year[18]. - The company's total assets at the end of the reporting period were CNY 1,262,827,305.29, showing a decrease from the previous year[108]. - Total current assets as of June 30, 2021, are ¥1,879,297,029.54, compared to ¥1,809,056,524.00 at the end of 2020[87]. - Current liabilities rose to CNY 891,087,418.93, compared to CNY 793,364,142.42, indicating an increase of about 12.34%[89]. - Total liabilities reached CNY 911,467,882.25, up from CNY 815,357,650.51, reflecting a growth of approximately 11.77%[89]. - The company's long-term borrowings decreased by 6.06%, reflecting a repayment of bank loans[38]. - The total owner's equity at the end of the reporting period is 1,166,913,486.84 RMB, a decrease from 1,184,113,592.84 RMB at the end of the previous year, reflecting a reduction of approximately 1.45%[111]. Research and Development - The company continues to strengthen its research and development capabilities, focusing on customer needs and technological advancements in the automotive interior sector[29]. - The company has filed 21 patent applications during the reporting period, with 13 patents granted, bringing the total number of effective patents to 303, including 31 invention patents[29]. - The company reported a significant increase in research and development expenses, totaling ¥10,150,775.29 in the first half of 2021, compared to ¥11,959,517.45 in the first half of 2020[95]. Business Strategy and Operations - The company is transitioning from a single sewing equipment supplier to a comprehensive solution provider in the environment and apparel sectors, offering seven value-added services[22]. - The supply chain business model focuses on providing integrated services including procurement, logistics, and sales, leveraging group resources along the commodity supply chain[22]. - The company is actively expanding its "1+7" business model, focusing on providing integrated solutions in various sectors, including automotive and non-apparel technical equipment[28]. - The company has successfully relocated its production base in Lintong, which is expected to enhance its technological innovation capabilities and support high-end product development[32]. - The company operates three major brands: "Standard," "Witton," and "Hailing," with R&D teams in China and Germany, and production bases in Xi'an, Suzhou, and Shanghai[22]. Corporate Governance and Compliance - The company has committed to maintaining the independence of its operations, ensuring that its business remains separate from its controlling shareholders and related parties[62]. - The company guarantees the integrity of its assets, ensuring compliance with legal regulations and maintaining ownership of all operational assets[62]. - The company has established an independent financial accounting department and management system to ensure financial independence[62]. - The company has not faced any penalties or corrective actions related to legal violations by its directors, supervisors, or senior management[68]. - The company has not provided guarantees for any entities with a debt-to-asset ratio exceeding 70% during the reporting period[74]. Market and Economic Conditions - The company faced challenges from rising raw material costs and fluctuating exchange rates, impacting its profitability and export capabilities[25]. - The company has a 50% export ratio, making it sensitive to international political and economic conditions, including trade frictions and the COVID-19 pandemic[46]. - Direct material costs account for over 80% of the company's sewing machinery costs, exposing it to risks from rising raw material prices[48]. Shareholder Information - Total number of ordinary shareholders as of the end of the reporting period is 16,074[79]. - The largest shareholder, China Standard Industrial Group Co., Ltd., holds 147,991,448 shares, accounting for 42.77% of total shares[79]. Taxation and Subsidies - The company has been recognized as a high-tech enterprise by relevant authorities, allowing it to pay a reduced corporate income tax rate of 15%[194]. - The company received government subsidies related to assets and income, which are accounted for as deferred income and other income, respectively[187]. - The company applies a 6% to 13% VAT rate on sales of goods and services, with a 0% rate on exported goods[193].