证券代码：600302 证券简称：标准股份 公告编号：2021-026 西安标准工业股份有限公司 关于参加 2021 年陕西辖区上市公司 投资者集体接待日活动的公告 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个别及连带责任。 为加强与广大投资者的沟通交流，增强公司信息透明度，进一步提升投资者 关系管理水平，西安标准工业股份有限公司（以下简称"公司"）将参加由陕西 上市公司协会根据陕西证监局工作部署，联合深圳市全景网络有限公司举办的 "2021 年陕西辖区上市公司投资者集体接待日暨 2020 年度业绩说明会活动"。 现将有关事项公告如下： 活动时间：2021 年 5 月 14 日（星期五）15:00 至 17:00 活动地址：全景·路演天下（http://rs.p5w.net） 届时公司董事长、财务总监、董事会秘书及相关人员将通过互动平台与投资 者进行网络沟通和交流。欢迎广大投资者积极参与。 特此公告。 | --- | --- | --- | --- | --- | |-------|-------|-------|-------|- ...

Financial Performance - The company achieved operating revenue of CNY 398,430,763.83, representing a year-on-year increase of 235.85%[6] - The net cash flow from operating activities was CNY 2,368,990.07, a turnaround from a negative cash flow of CNY -18,066,610.87 in the same period last year, marking a 113.11% improvement[6] - The net profit attributable to shareholders was CNY -15,082,230.91, a decline of 49.75% year-on-year[6] - Operating cash flow increased to ¥2,368,990.07 from a negative ¥18,066,610.87, representing a 113.11% change due to increased supply chain business volume and higher cash receipts[16] - Revenue rose to ¥398,430,763.83, a 235.85% increase compared to ¥118,632,488.44, driven by higher supply chain business volume[17] - Operating costs increased to ¥355,805,969.97, reflecting a 276.91% rise from ¥94,401,845.94, attributed to the increased business volume[17] - Net profit attributable to the parent company was a loss of ¥15,082,230.91, worsening by 49.75% from a loss of ¥10,071,613.67, mainly due to a decrease in non-recurring income[17] - The net loss for Q1 2021 was ¥15,410,012.78, worsening from a net loss of ¥10,585,146.27 in Q1 2020[28] - The company's total operating revenue for Q1 2021 was ¥37,767,794.45, a decrease of 14.1% compared to ¥44,235,957.03 in Q1 2020[30] - The net profit for Q1 2021 was -¥8,318,292.61, compared to -¥876,591.06 in Q1 2020, indicating a significant increase in losses[31] Assets and Liabilities - The total assets increased by 24.02% to CNY 2,622,898,532.39 compared to the end of the previous year[6] - Current liabilities increased to ¥1,315,678,982.95 from ¥793,364,142.42, reflecting a significant rise in short-term borrowings and accounts payable[21] - The total assets as of March 31, 2021, amounted to ¥2,622,898,532.39, up from ¥2,114,962,799.59[19] - Current assets totaled ¥1,588,508,885.19 as of March 31, 2021, compared to ¥1,232,949,292.97 at the end of 2020, marking a growth of about 28.9%[24] - The company's total liabilities reached ¥777,325,594.04, up from ¥415,283,885.17 at the end of 2020, indicating an increase of around 87.2%[24] - The total equity as of March 31, 2021, was ¥1,175,795,300.23, slightly down from ¥1,184,113,592.84 at the end of 2020, a decrease of about 0.7%[24] Cash Flow - Cash flow from investment activities improved to ¥55,820,909.38 from a negative ¥197,106,458.85, marking a 128.32% change due to the maturity of bank wealth management investments[16] - Cash flow from financing activities surged to ¥246,127,221.86 from ¥13,662,493.81, a 1701.48% increase due to an increase in short-term loans for supply chain operations[16] - The total cash and cash equivalents at the end of Q1 2021 were ¥605,612,398.45, up from ¥167,714,619.41 at the end of Q1 2020[33] - The company's total cash and cash equivalents at the end of the period reached $507,280,769.02, up from $180,682,032.43 at the beginning of the period, indicating a net increase of $326,598,736.59[36] - The cash inflow from investment activities was $122,666,750, while cash outflow was $60,018,396, resulting in a positive net cash flow from investment activities[36] Research and Development - The company applied for 9 patents during the reporting period, including 2 invention patents, bringing the total number of valid patents to 303[12] - The company completed small batch production and prototype testing for two models of intelligent multi-axis sewing machines and one multi-axis overlock machine[12] - The company's R&D expenses in Q1 2021 were ¥1,415,799.14, down 22.3% from ¥1,822,810.78 in Q1 2020[31] Operational Changes - The company is actively cooperating with the government on the relocation of its factory, which is expected to impact future operations positively[16] - The company's credit impairment loss was ¥1,122,728.11 in Q1 2021, compared to a gain of -¥97,616.09 in Q1 2020, reflecting a significant deterioration in asset quality[27] Other Financial Information - The weighted average return on net assets decreased by 0.30 percentage points to -1.24%[6] - The company's basic earnings per share were CNY -0.0436, a decrease of 49.83% compared to the previous year[6] - Basic and diluted earnings per share for Q1 2021 were both -¥0.0436, compared to -¥0.0291 in Q1 2020, indicating a decline in profitability[28] - The company did not apply the new lease accounting standards for the current year, indicating no adjustments were made to prior financial statements[36] - The company's financial report did not include an audit report, indicating it may not have undergone an external audit for this period[36]

Financial Performance - The company's total revenue for 2020 reached ¥1,255,801,354.79, representing a 131.84% increase compared to ¥541,667,689.31 in 2019[22] - The net profit attributable to shareholders of the listed company was ¥141,409,137.31, a significant turnaround from a loss of ¥164,594,447.59 in 2019, marking a 185.91% increase[22] - The basic earnings per share improved to ¥0.41 from a loss of ¥0.48 in the previous year, reflecting a 185.42% increase[23] - The weighted average return on equity rose to 12.38%, an increase of 26.63 percentage points compared to -14.25% in 2019[23] - The company reported a net profit excluding non-recurring gains and losses of -¥39,664,460.92, an improvement from -¥185,576,566.13 in 2019, showing a 78.63% reduction in losses[22] - The company achieved a total revenue of 1.256 billion RMB in 2020, representing a year-on-year growth of 131.84%[47] - The net profit attributable to shareholders was 141 million RMB, marking a turnaround from losses[47] - The company reported a net profit of 141 million yuan, marking a turnaround from losses, while the net profit attributable to shareholders after deducting non-recurring gains and losses was -39.66 million yuan, a reduction in losses by 145.92 million yuan year-on-year[89] Dividend and Profit Distribution - The company plans to distribute a cash dividend of ¥0.50 per share, totaling ¥17,300,490.20, which accounts for 12.23% of the net profit attributable to shareholders[5] - The company declared a cash dividend of 0.50 CNY per 10 shares, resulting in a total net profit attributable to ordinary shareholders of 141,409,137.31 CNY, with a profit margin of 12.23%[107] - The company reported a positive profit for the year 2020, with a profit available for distribution to ordinary shareholders, but did not propose a cash profit distribution plan[108] Asset and Liability Management - The company's total assets increased by 45.52% to ¥2,114,962,799.59 from ¥1,453,377,933.16 in 2019[22] - The company's net assets attributable to shareholders increased by 13.07% to ¥1,211,273,651.06 from ¥1,071,246,161.65 in 2019[22] - Total liabilities rose to CNY 815,357,650.51 in 2020, up from CNY 308,710,032.83 in 2019, indicating an increase of approximately 164.5%[196] - Current liabilities surged to CNY 793,364,142.42 in 2020, compared to CNY 286,028,356.88 in 2019, representing an increase of about 177.5%[196] - Shareholders' equity reached CNY 1,299,605,149.08 in 2020, up from CNY 1,144,667,900.33 in 2019, reflecting an increase of approximately 13.5%[197] Cash Flow Analysis - The net cash flow from operating activities was negative at -¥320,378,451.77, worsening from -¥65,647,571.14 in 2019, indicating a 388.03% decline[22] - The company's cash flow from financing activities was 261 million RMB, a significant increase of 38,132.97% compared to the previous year[57] - The net cash flow from investing activities was -¥7,604,859.82, a decrease of 104.39% year-on-year[69] Industry and Market Context - The sewing machinery industry faced a 4.06% decline in production volume, with 5.92 million units sold in 2020, reflecting the impact of the pandemic[35] - The industry revenue for 238 major enterprises was ¥26.59 billion in 2020, down 3.49% year-on-year, indicating a challenging market environment[36] - The global economic environment remains complex, with ongoing challenges from the pandemic and geopolitical tensions affecting the sewing machinery sector[32] Strategic Initiatives and Innovations - The company is focusing on structural adjustments and technological upgrades, with a 43% increase in patent applications in 2020[38] - The company aims to enhance its competitiveness by investing in high-end product development and smart manufacturing technologies[38] - The company has expanded its service offerings to include supply chain management, transitioning from a single equipment supplier to a comprehensive solution provider[31] - The company completed a project for a mask production line with a design capacity of one million masks per day, marking a significant milestone in its transformation[50] - The company has invested in R&D, achieving breakthroughs in automation and IoT technologies, including the development of a 3D sewing robotic arm[51] Governance and Compliance - The company has appointed Sigma Accounting Firm for financial and internal control audits, with a remuneration of 50.50 million RMB for the audit period[116] - The independent auditor provided a standard unqualified opinion on the financial statements for the year ended December 31, 2020[181] - The company strictly adheres to information disclosure regulations, ensuring timely and accurate reporting of financial and operational information[171] - The company has maintained a consistent relationship with its accounting firm for 20 years, ensuring stability in financial reporting[116] Employee and Management Structure - The total number of employees in the parent company is 734, while the total number of employees in major subsidiaries is 811, resulting in a combined total of 1,545 employees[163] - The company has implemented a comprehensive compensation and benefits system, aligning individual salaries with job value and performance assessment results[164] - The board of directors increased its membership from 7 to 9, maintaining 3 independent directors, and held 11 board meetings during the reporting period[169] Risk Management - The company has acknowledged various risks in its operations, which are detailed in the report, emphasizing the need for investors to be aware of potential uncertainties[9] - The company has a high proportion of accounts receivable and inventory, which poses risks of capital occupation and potential losses[100] - The company has committed to avoiding new business competition with its controlling shareholders and related parties following the acquisition[111]

Financial Performance - Operating revenue for the first nine months reached CNY 611,189,221.71, a year-on-year increase of 45.97%[6] - Net profit attributable to shareholders was CNY 1,134,127.86, marking a turnaround from a loss of CNY 72,496,490.34 in the same period last year, representing a 101.56% improvement[6] - The company achieved a revenue of CNY 611.19 million in Q3 2020, representing a year-on-year increase of 45.97%[18] - The net profit for Q3 2020 was ¥3,055,555.32, a turnaround from a net loss of ¥18,321,018.74 in Q3 2019[33] - The total operating revenue for the first three quarters of 2020 was ¥611,189,221.71, compared to ¥418,696,952.33 in the same period of 2019, marking an increase of approximately 46.0%[31] - The net profit for Q3 2020 was ¥1,066,973.34, compared to a net loss of ¥9,625,140.13 in Q3 2019, indicating a significant turnaround[36] Assets and Liabilities - Total assets increased by 21.07% to CNY 1,759,616,193.97 compared to the end of the previous year[6] - Current assets totaled RMB 1,466,623,905.49, up from RMB 1,149,456,340.41 in 2019, indicating a growth of about 28.00%[23] - Total liabilities reached RMB 600,355,369.96, up from RMB 308,710,032.83, indicating a growth of approximately 94.38%[25] - The company’s short-term borrowings increased significantly by 4,814.41% to CNY 246.06 million due to new loans[16] - Total liabilities as of Q3 2020 amounted to ¥152,121,103.95, up from ¥131,899,619.02 in the same period last year, reflecting an increase of approximately 14.5%[32] Cash Flow - The net cash flow from operating activities decreased by 208.51% to -CNY 320,781,257.25 compared to the same period last year[6] - Cash flow from operating activities showed a net outflow of CNY -320.78 million, a decrease of 208.51% compared to the previous period[17] - The cash flow from operating activities for the first three quarters of 2020 was negative at -¥320,781,257.25, compared to -¥103,977,298.06 in the same period of 2019[38] - The company reported cash inflow from investment activities of ¥633,418,100.37 in the first three quarters of 2020, compared to ¥540,457,113.41 in the same period of 2019[39] Research and Development - The company applied for 47 patents during the reporting period, bringing the total to 289 patents, including 31 invention patents[11] - R&D expenses decreased by 37.71% to CNY 16.82 million, attributed to reduced personnel and trial costs[18] - Research and development expenses for Q3 2020 were ¥4,856,532.12, down from ¥9,159,212.63 in Q3 2019, showing a decrease of about 47.1%[32] - Research and development expenses in the first three quarters of 2020 were ¥6,995,407.61, a decrease of 46.1% from ¥12,989,338.67 in the first three quarters of 2019[35] Product Development and Strategy - The company has successfully launched new products, including the upgraded KN95 mask machine and the GC3000 comprehensive feeding sewing machine, which has begun small batch sales[11] - The company is transitioning from a single sewing equipment supplier to a comprehensive solution provider in the environmental and apparel sectors[9] - The company plans to enhance its product offerings by expanding the production of pandemic-related products, including N95 masks[12] Team and Performance Management - The implementation of a "zero-sum horse racing" mechanism has effectively enhanced team performance and contributed to the company's profitability[10] - The weighted average return on equity increased by 6.14 percentage points to 0.11% compared to the previous year[6] - The company is focusing on cost reduction and efficiency improvement measures to enhance profitability[15] Equity and Shareholder Information - Shareholders' equity totaled RMB 1,159,260,824.01, an increase from RMB 1,144,667,900.33, reflecting a growth of about 1.27%[25] - The total equity attributable to shareholders as of Q3 2020 was CNY 1,071,246,161.65, stable compared to the previous year[47]

Financial Performance - The company's operating revenue for the first half of 2020 was approximately ¥289.05 million, a decrease of 1.44% compared to ¥293.29 million in the same period last year[17]. - The net profit attributable to shareholders was approximately -¥1.75 million, showing a significant improvement of 96.75% from -¥53.91 million in the previous year[17]. - The basic earnings per share improved by 96.73%, from -¥0.1558 to -¥0.0051[17]. - The company reported a net cash flow from operating activities of approximately -¥164.68 million, which is a decline of 70.83% compared to -¥96.40 million in the same period last year[17]. - Total assets increased by 14.81% to approximately ¥1.67 billion from ¥1.45 billion at the end of the previous year[17]. - Operating revenue for the current period is RMB 289,049,539.15, a decrease of 1.44% compared to RMB 293,285,481.41 in the previous period[34]. - Operating costs decreased by 3.56% to RMB 222,628,433.37 from RMB 230,836,242.76[34]. - Sales expenses significantly reduced by 38.07% to RMB 22,514,593.82, primarily due to decreases in advertising, sales personnel salaries, and warehousing transportation costs[34]. - Research and development expenses decreased by 32.95% to RMB 11,959,517.45, attributed to lower salaries and trial production costs[34]. - The company reported a significant increase in prepayments, rising to RMB 173,213,961.70 from RMB 3,569,320.60 at the end of 2019[78]. - The company achieved a total comprehensive income of -¥2,851,620.86, an improvement from -¥53,862,589.82 in the first half of 2019[88]. Industry Context - The global economic outlook remains weak, with increased risks of recession due to the COVID-19 pandemic, impacting the sewing machinery industry negatively[20]. - In the first half of 2020, the sewing machinery industry experienced a production decline of 30.76% year-on-year, with an output of 2.18 million units and sales of 2.43 million units[21]. - The cumulative export of sewing machinery products from January to June 2020 was $792 million, representing a year-on-year decrease of 21.90%[22]. - The industry revenue for the top 100 enterprises in the first half of 2020 was 8.048 billion yuan, down 20.58% year-on-year, while profit decreased by 31.32% to 501 million yuan[23]. - The global economic downturn due to the pandemic is expected to continue affecting the demand for sewing equipment, with a forecast of production and sales returning to 2016 levels[23]. Strategic Initiatives - The company is transitioning from a single sewing equipment supplier to a system solution provider in the environment and apparel sectors, offering seven value-added services[19]. - The company has developed pandemic-related equipment, including fully automatic mask machines and protective clothing production equipment, to provide new value and service experiences to customers[19]. - The company has launched new products including high-cost performance sewing machines and automated template machines, enhancing its product technology advantages[31]. - The company has established a joint venture with Shaanxi Guo Group and Standard Group to form a supply chain company, which is now operational[30]. - The company plans to continue expanding its market presence and developing new technologies, particularly in the automation sector through its joint venture with Xi'an Standard Automation Technology Co., Ltd[41]. - The company is focusing on digital transformation and has made significant progress in developing intelligent production management systems[30]. Research and Development - The company has applied for 34 patents during the reporting period, including 11 invention patents, and has been granted 14 patents[32]. - The company maintains two major R&D teams in China and Germany, with three production bases in Xi'an, Suzhou, and Shanghai[19]. Financial Risks - The company faces significant risks due to the competitive nature of the sewing equipment industry, which has been adversely affected by the COVID-19 pandemic, leading to a continuous decline in performance[46]. - Approximately 50% of the company's products are exported, making it vulnerable to international market fluctuations and trade tensions[46]. - The company has experienced net cash outflows from operating activities for three consecutive years, indicating financial pressure despite normal production operations[47]. - Rising raw material prices due to market factors and the pandemic may impact the company's profit margins[48]. - Currency fluctuations, particularly in USD and EUR, pose a risk to the company's profitability due to its international sales[49]. - The company plans to optimize its asset structure and enhance operational capabilities to mitigate financial risks[47]. Shareholder Information - Total number of ordinary shareholders as of the end of the reporting period is 17,611[69]. - The largest shareholder, China Standard Industrial Group Co., Ltd., holds 147,991,448 shares, accounting for 42.77% of total shares[71]. - The second-largest shareholder, Xie Huiming, holds 17,295,440 shares, representing 4.9985% of total shares[71]. Cash Flow and Liquidity - The company reported a cash inflow of 530,000,000.00 RMB from investment recovery in the first half of 2020, up from 315,000,000.00 RMB in the same period of 2019, indicating a growth of about 68.3%[94]. - The net cash flow from financing activities for the first half of 2020 was 189,330,708.85 RMB, a significant increase from 1,077,547.66 RMB in the first half of 2019[95]. - The company reported a total cash balance of RMB 340,114,119.75 at the end of the period, down from RMB 376,603,836.60 at the beginning of the period, indicating a decrease of approximately 9.65%[199]. Accounting and Compliance - The financial report was approved by the board of directors on August 26, 2020[117]. - The company adheres to the accounting standards and ensures that the financial statements reflect a true and complete picture of its financial status[122]. - The company has not reported any changes in share capital structure during the reporting period[68]. - There were no significant accounting errors that required restatement during the reporting period[67]. - The company has not disclosed any new strategies or major changes in management during the reporting period[75]. Taxation - The company has recognized tax incentives as a high-tech enterprise, allowing it to pay a reduced corporate income tax rate of 15%[197]. - The company has various tax rates applicable, including a 6%, 13%, and 16% VAT rate for different sales categories[196]. - The company’s subsidiaries benefit from reduced corporate income tax rates due to their high-tech enterprise status, with rates consistently at 15%[197].

Financial Performance - Operating revenue for the period was CNY 118,632,488.44, a decrease of 25.20% year-on-year[6] - Net profit attributable to shareholders was a loss of CNY 10,071,613.67, compared to a loss of CNY 18,923,094.18 in the same period last year[6] - Total operating revenue for Q1 2020 was CNY 118,632,488.44, a decrease of 25.2% compared to CNY 158,608,219.68 in Q1 2019[28] - Net loss for Q1 2020 was CNY 10,585,146.27, compared to a net loss of CNY 18,525,802.21 in Q1 2019, representing an improvement of 42.5%[29] - The company's operating revenue for Q1 2020 was ¥44,235,957.03, a decrease of 26.9% compared to ¥60,563,668.63 in Q1 2019[31] - The net profit for Q1 2020 was -¥876,591.06, compared to -¥7,369,279.59 in Q1 2019, indicating a significant reduction in losses[32] Assets and Liabilities - Total assets decreased by 1.23% to CNY 1,435,518,089.02 compared to the end of the previous year[6] - Total assets as of March 31, 2020, were CNY 1,190,724,153.63, a slight decrease from CNY 1,204,803,946.43 at the end of 2019[26] - Total liabilities as of March 31, 2020, were CNY 118,696,417.28, down from CNY 131,899,619.02 at the end of 2019, indicating a reduction of 10%[26] - Total equity attributable to shareholders as of March 31, 2020, was CNY 1,072,027,736.35, slightly down from CNY 1,072,904,327.41 at the end of 2019[26] - Total current assets amounted to RMB 882,503,614.73 as of December 31, 2019[46] - Total non-current assets reached RMB 322,300,331.70 as of December 31, 2019[46] - Total liabilities amounted to RMB 131,899,619.02 in the first quarter of 2020[47] - Total equity was RMB 1,072,904,327.41 as of the first quarter of 2020[48] Cash Flow - Cash and cash equivalents decreased by 54.61% to ¥170,956,527.41 due to increased bank wealth management expenditures[17] - Net cash flow from operating activities improved by 76.80% to -¥18,066,610.87 due to reduced cash payments for goods[17] - The net cash flow from operating activities for Q1 2020 was -¥18,066,610.87, an improvement from -¥77,859,969.12 in Q1 2019[36] - The total cash and cash equivalents at the end of Q1 2020 were ¥167,714,619.41, down from ¥368,100,549.60 at the beginning of the quarter[37] - The company reported a cash inflow from operating activities of ¥135,127,689.71, compared to ¥149,806,133.09 in Q1 2019[36] - The total cash and cash equivalents at the end of Q1 2020 were CNY 39,005,303.07, down from CNY 76,095,078.88 at the end of Q1 2019, reflecting a decrease of 48.7%[40] Research and Development - R&D expenses decreased by 42.08% to ¥4,309,314.13 due to delays in project advancement caused by the pandemic[17] - The company reported a significant reduction in R&D expenses, which were CNY 4,309,314.13 in Q1 2020 compared to CNY 7,439,835.64 in Q1 2019, a decrease of 42.5%[29] - The company incurred research and development expenses of ¥1,822,810.78 in Q1 2020, down from ¥4,716,345.49 in Q1 2019, reflecting a 61.3% decrease[31] - Six patents were applied for during the reporting period, including one invention patent and five utility model patents[14] Strategic Initiatives - The company implemented a "zero-sum horse racing" mechanism to enhance performance accountability among its teams[11] - A new supply chain company was established with an investment of CNY 35 million from the company and CNY 10 million from a strategic investor[12] - The company undertook a mask production line project, marking a strategic shift from a single equipment supplier to a comprehensive solution provider[13] - The company upgraded its IoT project software to version V2.0 and completed initial testing of facial recognition functionality[14] - The company donated 9 sewing machines to hospitals and protective equipment manufacturers during the pandemic[15] Financial Adjustments - Financial expenses decreased by 114.57% to -¥1,187,531.48 primarily due to increased foreign exchange gains from RMB fluctuations[17] - Other income increased by 255.60% to ¥2,061,773.74 mainly from increased social security subsidies during the pandemic[17] - Investment income rose by 187.29% to ¥1,781,197.59 due to higher wealth management income[17] - The company has adopted new revenue and leasing standards starting from 2020, which may impact future financial reporting[44] - The company adopted new revenue and leasing standards starting in 2020[49]

Financial Performance - The company's net profit attributable to shareholders for 2019 was -164,594,447.59 yuan, a decrease of 680.14% compared to the previous year[5]. - Operating revenue for 2019 was 541,667,689.31 yuan, down 27.50% from 747,158,471.62 yuan in 2018[20]. - Basic earnings per share for 2019 were -0.48 yuan, a decline of 700.00% from 0.08 yuan in 2018[21]. - The weighted average return on equity was -14.25% for 2019, a decrease of 16.57 percentage points from 2.32% in 2018[21]. - The net profit attributable to shareholders was negative across all quarters, with Q4 2019 showing a loss of CNY 92.10 million, compared to a loss of CNY 18.92 million in Q1 2019[23]. - The net profit attributable to shareholders was -165 million yuan, primarily due to a decrease in gross profit and an increase in inventory impairment losses[51]. - The company’s revenue from its main business decreased by 9.35% year-on-year, totaling CNY 19.73 billion in 2019[32]. - The company achieved operating revenue of 542 million yuan, a year-on-year decrease of 27.50%, with main business revenue at 536 million yuan, down 18.21%[51]. - The company reported a significant increase of 222.67% in cash flow from investing activities, amounting to 173,158,524.59 yuan[52]. - The company reported a total of 568.22 thousand yuan in actual related party transactions for 2019, exceeding the estimated amount by 75.51 thousand yuan[104]. Assets and Liabilities - The total assets at the end of 2019 were 1,453,377,933.16 yuan, a decrease of 14.46% compared to 1,699,090,086.83 yuan at the end of 2018[20]. - The net assets attributable to shareholders at the end of 2019 were 1,071,246,161.65 yuan, down 13.52% from 1,238,788,788.36 yuan in 2018[20]. - Total liabilities decreased to CNY 308,710,032.83 in 2019 from CNY 382,380,612.66 in 2018, representing a reduction of about 19.3%[173]. - The company's total equity decreased to CNY 1,144,667,900.33 in 2019 from CNY 1,316,709,474.17 in 2018, a decline of about 15.0%[173]. - The company's cash and cash equivalents increased to CNY 376,603,836.60 in 2019 from CNY 312,540,098.47 in 2018, marking an increase of approximately 20.5%[171]. - Accounts receivable decreased to CNY 265,219,402.68 in 2019 from CNY 303,038,716.64 in 2018, indicating a decline of about 12.5%[171]. - Inventory decreased to CNY 449,180,329.77 in 2019 from CNY 512,426,867.82 in 2018, reflecting a decrease of approximately 12.3%[171]. - The company's total equity at the end of 2019 was CNY 1,072,904,327.41, down from CNY 1,195,475,536.83 in 2018[177]. Research and Development - The company has established a national-level technology center and collaborates with various institutions for research and development, focusing on practical technology for sewing equipment[38]. - The company has undertaken several national technology support projects and holds multiple patents, indicating a strong commitment to innovation[38]. - Total R&D investment reached 39,754,033.63 yuan, accounting for 7.34% of total revenue, with 175 R&D personnel representing 10.34% of the company's total workforce[66]. - The company obtained 27 new patents in 2019, including 2 invention patents and 23 utility model patents, showcasing significant R&D achievements[67]. - Research and development expenses for 2019 were CNY 39,429,423.90, an increase from CNY 35,522,336.43 in 2018, reflecting a focus on innovation[180]. Market and Sales - Domestic sales of industrial sewing machines fell approximately 30% in 2019, with about 3.08 million units sold[31]. - The production of industrial sewing machines in 2019 decreased by 22.20% year-on-year, with total production at 4.17 million units[31]. - Revenue from industrial sewing machines decreased by 18.74% year-on-year, primarily due to cyclical adjustments in the sewing machinery industry, leading to overall declines in production and sales[56]. - The gross margin for components decreased by 19.99 percentage points, mainly due to a significant drop in production volume at the subsidiary, resulting in a substantial increase in unit costs[57]. - Domestic business gross margin decreased by 5.09 percentage points, attributed to intensified competition in domestic sales and a year-on-year decline in sales prices[57]. Corporate Governance and Compliance - The company has maintained a clean integrity status, with no significant debts or court judgments unfulfilled during the reporting period[103]. - The company has not faced any major litigation or arbitration matters during the reporting period[106]. - The company has not reported any impairment provisions for entrusted loans during the reporting period[115]. - The company has not initiated any new entrusted loans during the reporting period[114]. - The company has not faced any penalties from securities regulatory agencies in the past three years[139]. Employee and Management - The total number of employees in the parent company and major subsidiaries is 1,692, with 813 in the parent company and 879 in subsidiaries[140]. - The professional composition includes 1,134 production personnel, 135 sales personnel, 175 technical personnel, 36 financial personnel, and 212 administrative personnel[140]. - The company has established a comprehensive compensation and performance evaluation system to enhance employee motivation and align personal compensation with job value and performance results[141]. - The total pre-tax remuneration for all directors, supervisors, and senior management during the reporting period amounted to 4.0202 million yuan[137]. - The company has independent directors who received remuneration ranging from 5,000 to 5,000 yuan during the reporting period[137]. Future Outlook and Strategy - The company plans to enhance R&D capabilities and focus on automation and intelligent manufacturing technologies[83]. - The company aims to explore new development paths to reverse current unfavorable business conditions, establishing a new industry development department for project analysis and implementation[48]. - The company set a 2020 revenue target of 860 million RMB and aims to turn the main business profitable, with a new supply chain business order target of 5 billion RMB[86]. - A new company will be established to develop supply chain business, with Shaanxi Drum Group as a strategic investor to leverage their operational experience[88]. - The company is transitioning from a single sewing equipment supplier to a comprehensive solution provider in the environment and apparel sectors[48].

Financial Performance - Operating revenue for the first nine months was CNY 418,696,952.33, a decline of 19.53% year-on-year[6] - Net profit attributable to shareholders was a loss of CNY 72,496,490.34, compared to a loss of CNY 33,437,626.71 in the same period last year[6] - The weighted average return on net assets decreased by 3.23 percentage points to -6.03%[6] - Total operating revenue for Q3 2019 was CNY 36,462,137.28, a decrease of 41.3% compared to CNY 62,132,832.36 in Q3 2018[27] - Net profit for Q3 2019 was CNY -9,625,140.13, compared to CNY -2,064,180.43 in Q3 2018, reflecting a significant increase in losses[29] - The company reported a total profit loss of ¥73,697,855.45 for the first three quarters of 2019, compared to a loss of ¥28,570,517.25 in the same period of 2018[25] Cash Flow - Cash flow from operating activities showed a net outflow of CNY 103,977,298.06, compared to a net outflow of CNY 99,920,672.21 in the previous year[6] - Cash inflow from investment activities totaled 536,129,657.76 RMB, up from 408,863,167.98 RMB in the previous year, representing an increase of about 31.1%[34] - The net cash flow from operating activities for the first three quarters of 2019 was -114,665,020.39 RMB, compared to -87,241,839.30 RMB in the same period of 2018, indicating a decline of approximately 31.5%[34] - The company reported a total cash outflow of -139,932,845.45 RMB for the period, compared to -98,961,852.78 RMB in the previous year, reflecting a decline of approximately 41.3%[35] Assets and Liabilities - Total assets decreased by 8.11% to CNY 1,561,255,150.96 compared to the end of the previous year[6] - Total current assets decreased from 1,343,661,093.35 RMB to 1,217,075,581.05 RMB, a decline of approximately 9.38%[15] - Total liabilities decreased from 382,380,612.66 RMB to 316,810,359.50 RMB, a decline of approximately 17.2%[17] - Total equity decreased from 1,316,709,474.17 RMB to 1,244,444,791.46 RMB, a reduction of about 5.5%[17] - The company’s total assets as of Q3 2019 were ¥1,272,217,989.13, down from ¥1,389,091,052.85 in the previous year[21] Shareholder Information - The number of shareholders at the end of the reporting period was 17,628[8] - The total equity as of Q3 2019 was ¥1,129,705,973.26, a decrease from ¥1,195,475,536.83 in the previous year[21] Strategic Initiatives - The company is planning a strategic cooperation with Jack Sewing Machine Co., Ltd. for industrial sewing machine business[11] - The company anticipates a potential cumulative net loss for the year if revenue targets are not exceeded in the fourth quarter[12] Income and Expenses - The company reported a significant increase in other income, which rose by 180.43% to CNY 2,929,134.63 due to increased government subsidies[10] - Research and development expenses for the first three quarters of 2019 were ¥26,995,627.52, an increase of 26.1% compared to ¥21,358,866.72 in the same period of 2018[24] - The company’s sales expenses for Q3 2019 were ¥16,786,401.82, an increase from ¥15,169,598.64 in Q3 2018[24] - The company incurred a financial expense of CNY -256,728.86 in Q3 2019, compared to CNY -524,640.27 in Q3 2018[27]

Financial Performance - The company's operating revenue for the first half of 2019 was approximately ¥293.29 million, a decrease of 22.78% compared to ¥379.82 million in the same period last year[18]. - The net profit attributable to shareholders for the first half of 2019 was a loss of approximately ¥53.91 million, compared to a loss of ¥27.07 million in the same period last year[18]. - The net cash flow from operating activities for the first half of 2019 was a negative ¥96.40 million, compared to a negative ¥51.47 million in the same period last year[18]. - The weighted average return on net assets for the first half of 2019 was -4.45%, a decrease of 2.19 percentage points compared to -2.26% in the same period last year[18]. - The company's total revenue for the first half of 2019 was CNY 107,593,021.79, a decrease of 32.4% compared to CNY 159,138,839.55 in the same period of 2018[72]. - The net profit for the first half of 2019 was a loss of CNY 53,502,387.44, compared to a loss of CNY 25,484,443.40 in the first half of 2018, representing a deterioration of 109.5%[70]. - The company's total comprehensive income for the first half of 2019 was a loss of CNY 53,862,589.82, compared to a loss of CNY 25,648,890.03 in the same period of 2018[70]. Assets and Liabilities - The company's total assets decreased by 5.85% from the end of the previous year, amounting to approximately ¥1.60 billion[18]. - The company's net assets attributable to shareholders decreased by 4.38% from the end of the previous year, totaling approximately ¥1.18 billion[18]. - As of June 30, 2019, total current assets amounted to CNY 1,250,686,831.97, a decrease of 6.9% from CNY 1,343,661,093.35 on December 31, 2018[61]. - Total liabilities decreased to CNY 336,849,632.57 from CNY 382,380,612.66, a reduction of 11.9%[63]. - Total equity decreased to CNY 1,262,846,884.35 from CNY 1,316,709,474.17, reflecting a decline of 4.1%[63]. - The total equity attributable to the parent company at the end of the period was CNY 1,262,846,884.35, a decrease from CNY 1,286,621,890.44 at the end of the previous year, reflecting a decline of approximately 1.85%[83]. Sales and Market Conditions - The sewing machinery industry faced significant downward pressure due to factors such as the global economic slowdown and escalating trade tensions, leading to a decline in market demand[20]. - The industry produced 3.0618 million sewing machines, a year-on-year decrease of 13.98%, with industrial sewing machines down 17.43% to 2.1226 million units[21]. - Sales of sewing machines totaled 3.3139 million units, down 6.72% year-on-year, while industrial sewing machine sales fell 8.66% to 2.3685 million units[21]. - Domestic sales revenue for the sewing equipment market was approximately 4.92 billion RMB, a decline of 16.18% year-on-year[21]. - Exports of industrial sewing machines reached 1.9268 million units, a decrease of 3.89%, while export value increased by 2.31% to 603 million USD[22]. Research and Development - R&D expenses increased by 18.29% to 17.84 million RMB, reflecting higher investment in sewing technology[28]. - The company launched the "Standard Zhiyun" smart production management system, enhancing its IoT project implementation across multiple markets[25]. - The company received the "Technical Innovation Award" at the Frankfurt exhibition for its Viper robotic sewing machine, marking the fifth consecutive win[26]. - The company aims to optimize its product structure and focus on high-value products to improve profitability amidst market demand decline[25]. Cash Flow and Financial Management - The company reported a significant decrease in product sales collection during the period, impacting cash flow[32]. - Cash and cash equivalents decreased to CNY 157,136,172.90 from CNY 312,540,098.47, representing a decline of 49.8%[61]. - The net cash flow from operating activities was -92,030,877.14 RMB, compared to -49,028,930.98 RMB in the same period last year, indicating a decline of approximately 87.7%[79]. - The total cash inflow from investment activities was 313,292,130.54 RMB, up from 234,460,902.73 RMB, representing an increase of about 33.5% year-over-year[79]. - The net cash flow from investment activities was -17,556,412.28 RMB, an improvement from -25,612,100.45 RMB in the previous year, showing a reduction in losses by approximately 31.5%[79]. Corporate Governance and Structure - The company appointed Du Jun Kang as the new chairman and director, replacing Zhu Yin, who resigned due to work adjustments[57]. - The company elected Liu Yong as a supervisor, following the resignation of Chen Nan for personal reasons[57]. - The total number of common stock shareholders at the end of the reporting period was 17,647[53]. - The largest shareholder, China National Standard Industrial Group Co., Ltd., holds 147,991,448 shares, accounting for 42.77% of the total shares[55]. Risks and Challenges - The company anticipates a potential cumulative net loss if revenue targets are not exceeded in Q3 2019, highlighting operational challenges[37]. - The sewing equipment industry is expected to face cyclical adjustments, with growth rates projected to turn negative due to trade tensions and economic slowdown[38]. - The company is exposed to risks from rising raw material prices, which could compress profit margins[38]. - Currency fluctuations, particularly in USD and EUR, may lead to exchange losses affecting profitability[38]. Accounting Policies and Standards - The company adheres to the accounting standards set by the Ministry of Finance, ensuring the financial statements reflect its financial status accurately[98]. - The company follows specific accounting policies for asset valuation and revenue recognition[97]. - The company applies the asset-liability method to recognize deferred tax assets and liabilities based on temporary differences between the carrying amounts of assets and liabilities and their tax bases[157]. - The company has implemented new financial instrument standards effective January 1, 2019, which do not involve retrospective adjustments[161].

Financial Performance - The company's net profit attributable to shareholders for 2018 was CNY 28,371,695.30, a significant recovery from a net loss of CNY 6,256,695.27 in 2017[5]. - Operating revenue for 2018 reached CNY 747,158,471.62, representing a year-on-year increase of 6.12% compared to CNY 704,057,400.34 in 2017[22]. - The net profit attributable to shareholders for Q4 2018 was CNY 61.81 million, while the annual net profit was a loss of CNY 73.43 million, indicating a significant turnaround in Q4[24]. - The company reported a net profit of CNY 28,371,695.30 for the year 2018, with a significant non-recurring gain of 87,698,200 CNY from the government acquisition of land use rights[81]. - The company achieved operating revenue of 747.16 million RMB, a year-on-year increase of 6.12%[50]. - The company reported a total profit of ¥32,868,925.14, significantly higher than ¥2,498,508.06 in the previous period[172]. Assets and Liabilities - The company's total assets as of the end of 2018 were CNY 1,699,090,086.83, reflecting a 2.34% increase from CNY 1,660,257,681.04 at the end of 2017[22]. - The total liabilities rose to ¥382,380,612.66 compared to ¥373,635,790.60, indicating an increase of about 1.99%[165]. - The total current asset of CNY 1,343,661,093.35, an increase from CNY 1,300,292,440.54 at the beginning of the period[163]. - The total owner's equity at the end of the period reflects a cumulative increase of CNY 30,087,583.73 compared to the previous year[187]. Cash Flow - The company reported a net cash flow from operating activities of CNY -84,640,594.22 for 2018, worsening from CNY -27,896,102.59 in 2017[22]. - Operating cash inflow for the year was CNY 741,380,364.49, a decrease of 2.3% from CNY 758,526,197.36 in the previous year[177]. - The total cash and cash equivalents at the end of the period was CNY 260,123,009.47, down from CNY 294,510,967.17 in the previous year[178]. Research and Development - The company invested significantly in R&D, with expenses rising by 43.17% to 35.52 million RMB, enhancing product quality and innovation[53]. - The total R&D investment reached ¥43.19 million, accounting for 5.78% of total revenue, with 167 R&D personnel[63]. - Research and development expenses increased to ¥35,522,336.43 from ¥24,811,283.95, reflecting a growth of approximately 43%[170]. Market and Industry - The sewing machinery industry in China experienced a production value of CNY 20.82 billion in 2018, with a year-on-year growth of 12.28%[31]. - The company expanded its market presence, particularly in North Africa and Southeast Asia, with notable sales growth in Ethiopia and Nigeria[46]. - The global sewing machinery industry is experiencing a shift, with China, Europe, and Japan forming a competitive triad, impacting market dynamics[74]. Environmental Responsibility - The company focused on environmental responsibility, achieving zero industrial wastewater discharge through new processes[48]. - The company has implemented environmental measures, including switching to water-soluble paint in its coating process to reduce organic waste emissions[109]. - The company strictly adheres to national environmental protection laws and regulations, implementing measures to manage waste gas, wastewater, solid waste, and noise[114]. Corporate Governance - The company emphasizes legal compliance and employee welfare, ensuring timely payment of social insurance and salaries[106]. - The board of directors consists of 7 members, including 3 independent directors, and held 6 meetings during the reporting period, maintaining compliance with procedures[145]. - The company has a performance assessment system that determines the remuneration of directors, supervisors, and senior management based on annual performance indicators[133]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 19,059, an increase from 18,855 at the end of the previous month[118]. - The largest shareholder, China Standard Industrial Group Co., Ltd., held 147,991,448 shares, representing 42.77% of the total shares[121]. - The company did not distribute any dividends or bonus shares in the years 2016, 2017, and 2018[84].