Financial Performance - The company reported a net profit attributable to shareholders of 20.39 million yuan for 2020, a significant increase of 160.70% compared to the previous year's loss of 33.60 million yuan[6]. - Total revenue for 2020 was 192.90 million yuan, representing a decrease of 38.33% from 312.80 million yuan in 2019[22]. - The basic earnings per share for 2020 was 0.04 yuan, recovering from a loss of 0.06 yuan per share in 2019[23]. - The net profit attributable to shareholders was negative across all quarters, with losses of ¥7,714,386.20 in Q1, ¥12,277,796.99 in Q2, ¥6,736,971.90 in Q3, and a profit of ¥47,122,230.73 in Q4[25]. - The company reported a significant increase in other income, totaling 63,990,000.75 CNY in 2020, compared to 6,019.42 CNY in 2019[184]. - The company reported a total comprehensive income of ¥20,393,075.5 for the year, which includes a significant portion from owner contributions[192]. Cash Flow and Liquidity - The company reported a cash flow from operating activities of -66.33 million yuan, a decline of 2,392.16% compared to a positive cash flow of 2.89 million yuan in 2019[22]. - The company reported a net cash flow from operating activities of 0 million CNY, with investment and financing activities also showing 0 million CNY for the year 2020[118]. - The cash and cash equivalents at the end of 2020 reached 55,698,900.93 CNY, up from 20,325,987.15 CNY at the end of 2019[187]. - The company generated cash inflows from financing activities amounting to 187,229,908.99 CNY in 2020, compared to 72,704,727.59 CNY in 2019, showing a strong increase in financing[187]. Assets and Liabilities - The company's total assets increased by 129.32% year-on-year, reaching 345.33 million yuan at the end of 2020, compared to 150.59 million yuan at the end of 2019[22]. - Total liabilities reached CNY 300,374,968.37, compared to CNY 176,344,521.98 in 2019, marking an increase of around 70.4%[173]. - The company's equity attributable to shareholders was CNY 41,385,502.96, a recovery from a deficit of CNY 25,002,292.65 in 2019[174]. - The total current liabilities were CNY 286,258,198.49, which is an increase from CNY 138,996,372.08, reflecting a growth of approximately 106.5%[173]. Business Operations and Strategy - The company established a new subsidiary, Zhongguangyang, and its subsidiary Haotian Entertainment, which collaborates with Tencent Weishi for program production and live streaming services[33]. - The company plans to focus on "one core and two wings" strategy to enhance brand through content and event marketing[63]. - The company aims to develop internet advertising business leveraging resources from Tencent, Toutiao, and Baidu ecosystems[63]. - The company is exploring new customer collaborations and diversifying its business lines, particularly in e-commerce and IP licensing[68]. Governance and Compliance - The company is focusing on enhancing its governance structure and risk prevention mechanisms to ensure sustainable development[66]. - The company has committed to strengthening learning and actively rectifying issues to prevent similar incidents in the future[86]. - The company has implemented a strict information disclosure system to ensure fair access to information for all shareholders[148]. - The company emphasizes improving corporate governance and ensuring the protection of shareholder interests[143]. Legal and Regulatory Matters - The company faced multiple lawsuits related to contract disputes, with several cases resulting in first-instance judgments or arbitration awards[84]. - The company has been publicly criticized by the Shanghai Stock Exchange for lapses in responsibility among its executives[86]. - The company is involved in ongoing litigation related to shareholder interest disputes, with some cases resulting in asset freezes[84]. Shareholder and Equity Information - The company has a total guarantee amount of 171.29 million RMB, which accounts for 381.01% of the company's net assets[92]. - The company has not distributed any dividends to shareholders during the reporting period, maintaining retained earnings[199]. - The total number of ordinary shares increased to 583,850,000, reflecting an increase of 50,070,000 shares during the reporting period, which represents a 9.4% increase compared to the previous year[106]. Risk Factors - The company is facing risks related to funding, personnel, and customer stability, which could impact its revenue projections[70]. - The company has faced significant uncertainty regarding its ability to continue as a going concern, with net profits excluding non-recurring items being negative for three consecutive years[159].

2021 年第一季度报告 湖北九有投资股份有限公司 2021 年第一季度报告 1 / 19 | 一、 | 重要提示 3 | | --- | --- | | 二、 | 公司基本情况 3 | | 三、 | 重要事项 6 | | 四、 | 附录 8 | 2021 年第一季度报告 一、 重要提示 二、 公司基本情况 2.1 主要财务数据 非经常性损益项目和金额 公司代码：600462 公司简称：*ST 九有 √适用 □不适用 3 / 19 单位：元 币种：人民币 本报告期末 上年度末 本报告期末比上年度末增 减(%) 总资产 318,936,003.52 345,330,799.14 -7.64% 归属于上市公司 股东的净资产 33,132,983.28 41,385,502.96 -19.94% 年初至报告期末 上年初至上年报告期末 比上年同期增减(%) 经营活动产生的 现金流量净额 -50,443,933.03 -17,043,472.75 -195.97% 年初至报告期末 上年初至上年报告期末 比上年同期增减（%） 营业收入 62,467,256.75 45,026,407.95 38.73% 归属于上市公司 ...

2020 年第三季度报告 公司代码：600462 公司简称：*ST 九有 深圳九有股份有限公司 2020 年第三季度报告 1 / 21 | 目录 | | --- | | 一、 | 重要提示 | 3 | | --- | --- | --- | | 二、 | 公司基本情况 | 3 | | 三、 | 重要事项 | 6 | | 四、 | 附录 | 9 | 2020 年第三季度报告 一、 重要提示 二、 公司基本情况 2.1 主要财务数据 单位：元 币种：人民币 | | 本报告期末 | 上年度末 | 本报告期末比上年度末增减 | | | --- | --- | --- | --- | --- | | | | | (%) | | | 总资产 | 143,971,143.44 | 150,590,338.17 | | -4.40 | | 归属于上市公司股东的净 | -45,611,839.89 | -25,002,292.65 | | 不适用 | | 资产 | | | | | | | 年初至报告期末 | 上年初至上年报告期末 | 比上年同期增减(%) | | | | （1-9 月） | （1-9 月） | | | | 经营 ...

2020 年半年度报告 公司代码：600462 公司简称：*ST 九有 深圳九有股份有限公司 2020 年半年度报告 1 / 117 2020 年半年度报告 重要提示 五、 经董事会审议的报告期利润分配预案或公积金转增股本预案 公司报告期内无半年度利润分配预案或公积金转增股本预案。 六、 前瞻性陈述的风险声明 □适用 √不适用 七、 是否存在被控股股东及其关联方非经营性占用资金情况 否 八、 是否存在违反规定决策程序对外提供担保的情况？ 否 九、 重大风险提示 公司已经在本报告"第四节 经营情况讨论与分析"等有关章节中对公司经营和未来发展中可 能产生的不利因素和存在风险进行了详细描述，敬请查阅。 十、 其他 □适用 √不适用 2 / 117 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实、准确、完 整，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人肖自然、主管会计工作负责人金铉玉及会计机构负责人（会计主管人员）金铉玉 声明：保证半年度报告中财务报告的真实、准确、完整。 | 第一 ...

2020 年半年度报告 公司代码：600462 公司简称：*ST 九有 深圳九有股份有限公司 2020 年半年度报告 1 / 116 2020 年半年度报告 重要提示 五、 经董事会审议的报告期利润分配预案或公积金转增股本预案 公司报告期内无半年度利润分配预案或公积金转增股本预案。 六、 前瞻性陈述的风险声明 □适用 √不适用 七、 是否存在被控股股东及其关联方非经营性占用资金情况 否 八、 是否存在违反规定决策程序对外提供担保的情况？ 否 九、 重大风险提示 公司已经在本报告"第四节 经营情况讨论与分析"等有关章节中对公司经营和未来发展中可 能产生的不利因素和存在风险进行了详细描述，敬请查阅。 十、 其他 □适用 √不适用 2 / 116 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实、准确、完 整，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人肖自然、主管会计工作负责人金铉玉及会计机构负责人（会计主管人员）金铉玉 声明：保证半年度报告中财务报告的真实、准确、完整。 | 第一 ...

Financial Performance - The company reported a net profit attributable to shareholders of -33.60 million RMB for 2019, with an unallocated profit of -1,225.07 million RMB at year-end, resulting in no profit distribution or dividend payout [4]. - Total revenue for 2019 was 31.28 million RMB, a decrease of 87.35% compared to 2,473.03 million RMB in 2018 [19]. - The company's total assets decreased by 47.89% to 150.59 million RMB from 288.98 million RMB in 2018 [19]. - Basic earnings per share for 2019 was -0.06 RMB, compared to -0.51 RMB in 2018 [20]. - The weighted average return on equity was 807.20% for 2019, a significant increase from -159.97% in 2018 [20]. - Cash flow from operating activities was 2.89 million RMB, down 94.18% from 49.68 million RMB in 2018 [19]. - The company experienced a substantial decrease in annual revenue, reporting CNY 31.28 million for the year, down 87.35% from the previous year [33]. - The cost of sales also decreased significantly, amounting to CNY 26.44 million, a reduction of 88.83% compared to the previous year [35]. - Research and development expenses were reduced by 80.48%, totaling approximately CNY 1.90 million for the year [35]. - The financial performance indicates a cash flow crisis, with net cash flow from operating activities dropping by 94.18% year-over-year [35]. Operational Changes - The company established three new subsidiaries during the reporting period, which are expected to enhance overall development and profitability [32]. - The subsidiary Boli Xin ceased major production in July 2019, leading to a focus on after-sales services for camera modules [29]. - The company disposed of fixed assets and inventory in December 2019 to mitigate losses from the subsidiary's operations [32]. - Operating revenue decreased by 87.35% year-on-year, primarily due to the exclusion of RunTai Supply Chain from the consolidated financial statements; excluding this factor, revenue decreased by 39.93% due to the cessation of operations of the subsidiary BoLiXin [36]. - Operating costs decreased by 88.83% year-on-year, mainly due to the same exclusion; excluding this factor, costs decreased by 44% due to the cessation of operations of BoLiXin [36]. Risk Management - The company has outlined potential risks and adverse factors affecting its operations and future development in the report [6]. - The audit report issued by Zhongxing Caiguanghua CPA firm was unqualified but included emphasis on significant uncertainties regarding the company's ability to continue as a going concern [4]. - The company faces risks related to talent turnover in the public relations industry, which is critical for its operations [62]. - The rapid technological updates pose a risk of obsolescence, potentially leading to talent loss due to inadequate salary structures [62]. - The company is dependent on major internet companies for traffic, and any disruption in partnerships could significantly impact revenue [63]. Shareholder and Governance - The board of directors approved a profit distribution plan for 2019, stating no cash dividends or stock bonuses will be distributed due to the negative profit [65]. - The company plans to maintain control over subsidiaries to improve governance and management levels [61]. - The company is committed to enhancing compliance and internal audits to protect the interests of the company and minority investors [61]. - The company has not disclosed any cash dividend distribution plans for the reporting period despite having positive profits available for distribution [69]. - The company has not reported any major related party transactions or changes in significant contracts [82]. Legal and Compliance Issues - The company faced multiple lawsuits, including a labor dispute that was settled and a contract dispute that reached a settlement [79]. - The company reported a significant asset freeze of CNY 36,734,223.70 due to a financial loan contract dispute [79]. - The company has ongoing litigation with banks regarding overdue loans, with a total principal amount of CNY 20,955.57 million involved in lawsuits [87]. - The total amount of guarantees provided by the company, including those to subsidiaries, reached CNY 21,455.57 million, with a significant portion related to overdue loans [87]. Future Strategies - The company plans to focus on short video and live streaming businesses in 2020, leveraging the shift from offline to online sales due to the COVID-19 pandemic [191]. - The company aims to enhance profitability and improve financial conditions through mergers and acquisitions [189]. - The company is actively seeking new business development opportunities to enhance its profitability and debt repayment capacity [189]. - The company signed a framework cooperation contract with Tencent Technology to develop and operate themed commercial entities using the QQfamily brand [192]. Employee and Management Changes - The company reported a significant leadership change with the resignation of several key executives, including the Chairman and General Manager Xu Yingyang due to personal reasons [116]. - The management team has undergone significant changes, which may impact future strategic directions and operational efficiency [116]. - The total remuneration for the chairwoman and general manager Xu Yingyang in 2019 was 1.3113 million yuan [111]. - The company had a total of 436.91 million yuan in remuneration for its directors and senior management during the reporting period [112]. Financial Adjustments - The company discovered accounting errors in the 2018 financial statements and has corrected these errors using the retrospective restatement method [73]. - The company adjusted its 2018 financial statements, resulting in a decrease in inventory by CNY 2,209,520.69, bringing the total to CNY 39,176,969.29 [74]. - The company reported a net loss of CNY 1,225,065,479.18 in 2019, compared to a net loss of CNY 1,188,105,426.26 in 2018 [150]. - The company’s total liabilities increased by CNY 105,095,586.58 during the year [179].

2020 年第一季度报告 公司代码：600462 公司简称：*ST 九有 深圳九有股份有限公司 2020 年第一季度报告 1 / 18 | 一、 | 重要提示 3 | | --- | --- | | 二、 | 公司基本情况 3 | | 三、 | 重要事项 5 | | 四、 | 附录 7 | 2020 年第一季度报告 一、 重要提示 1.1 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整， 不存在虚假记载、误导性陈述或者重大遗漏，并承担个别和连带的法律责任。 1.2 未出席董事情况 | 未出席董事姓名 | 未出席董事职务 | 未出席原因的说明 | 被委托人姓名 | | --- | --- | --- | --- | | 杨佐伟 | 独立董事 | 工作原因 | 张宇飞 | 1.3 公司负责人李明、主管会计工作负责人金铉玉及会计机构负责人（会计主管人员）方冠霞保 证季度报告中财务报表的真实、准确、完整。 1.4 本公司第一季度报告未经审计。 二、 公司基本情况 2.1 主要财务数据 单位：元 币种：人民币 | | 本报告期末 | 上年度末 | 本报告期末比上年度末增 | | --- ...

Financial Performance - The company reported a net profit attributable to shareholders of -33.60 million RMB for 2019, with an undistributed profit of -1.23 billion RMB at year-end[4]. - Total revenue for 2019 was 312.80 million RMB, representing a decrease of 87.35% compared to 2018[19]. - The company's total assets decreased by 47.89% year-on-year, amounting to 150.59 million RMB at the end of 2019[19]. - Basic earnings per share for 2019 were -0.06 RMB, compared to -0.51 RMB in 2018[20]. - The weighted average return on net assets was 807.20% for 2019, a significant increase from -159.97% in 2018[20]. - Cash flow from operating activities was 2.89 million RMB, down 94.18% from the previous year[19]. - The company reported a net profit attributable to shareholders for the year was negative, with losses of CNY 5.41 million in Q1, CNY 6.22 million in Q2, CNY 4.60 million in Q3, and CNY 17.36 million in Q4, totaling a significant annual loss[22]. - The net cash flow from operating activities showed a stark contrast, with a positive CNY 30.75 million in Q4, following negative cash flows in Q3 and Q2[22]. - The company reported a net loss of RMB 41,265,767.05 for the year 2019, indicating significant financial challenges[132]. - The total comprehensive income for 2019 was -41,265,767.05 RMB, compared to -283,506,834.34 RMB in 2018, indicating a significant improvement[154]. Revenue and Costs - The company's total revenue for the year was CNY 31.28 million, reflecting a drastic decline of 87.35% compared to the previous year[32]. - The cost of sales also decreased significantly to CNY 26.44 million, down 88.83% year-over-year, indicating a substantial reduction in operational scale[34]. - Operating revenue decreased by 87.35% year-on-year, primarily due to the exclusion of RunTai Supply Chain from the consolidated financial statements; excluding this factor, revenue decreased by 39.93% due to the cessation of operations of the subsidiary BoLiXin[35]. - Operating costs decreased by 88.83% year-on-year, mainly due to the same exclusion; excluding this factor, costs decreased by 44% due to the cessation of operations of BoLiXin[35]. - Business promotion service revenue for 2019 was RMB 238,002,879.33, accounting for 76.09% of total revenue, highlighting its importance as a key performance indicator[134]. Assets and Liabilities - Total assets as of December 2019 amounted to CNY 1338.01 million, with total liabilities of CNY 723.68 million, resulting in a net asset value of CNY 614.33 million and a debt-to-asset ratio of 54.01%[97]. - The company's total equity showed a negative balance of CNY -25,754,183.81 in 2019, compared to CNY 27,011,583.24 in 2018, indicating a substantial deterioration in equity position[146]. - The total liabilities exceeded total assets by RMB 25,754,183.81 as of December 31, 2019, raising concerns about the company's ability to continue as a going concern[132]. - The company's retained earnings decreased to CNY -1,188,105,426.26 in 2019 from CNY -898,638,410.30 in 2018, indicating a decline in profitability[172]. Operational Changes - The company ceased major production lines at its subsidiary, Boli Xin, in July 2019, retaining only after-sales services for camera modules due to market saturation and cash flow issues[31]. - The company disposed of fixed assets and inventory at Boli Xin in December 2019, reflecting a strategic response to ongoing losses[28]. - The company established three new subsidiaries during the reporting period, aimed at enhancing overall development and profitability[31]. - The company has not reported any major acquisitions or asset sales during the reporting period[81][83]. Research and Development - Research and development expenses were cut by 80.48% to CNY 1.90 million, suggesting a strategic shift in investment priorities[34]. - R&D expenses for the period amounted to 1,902,467.17, representing 0.61% of total revenue[45]. - Research and development expenses decreased by 80.48% year-on-year, primarily due to the cessation of operations of BoLiXin[43]. Risk Management - The company has provided detailed descriptions of potential adverse factors and risks in its operational and future development sections[6]. - The company faces risks related to talent turnover in the public relations industry, which is critical for its operations[61]. - The rapid technological updates in the industry pose a risk of obsolescence, potentially leading to talent loss due to inadequate salary benchmarks[62]. - The company is committed to maintaining compliance with regulations regarding cash dividends and profit distribution[65]. Governance and Compliance - The company emphasizes information disclosure and investor relations management, ensuring fair access to information for all shareholders[120]. - The company has implemented a robust internal control system to mitigate risks associated with financial reporting and operational processes[138]. - The audit report confirmed that the financial statements were prepared in accordance with accounting standards and fairly represented the company's financial position[130]. Shareholder Information - The total number of ordinary shareholders increased from 25,013 to 27,006 during the reporting period[93]. - The company’s largest shareholder, Tianjin Shengxin Yuantong, has 101,736,904 shares frozen, accounting for 19.06% of total shares[88]. - The company has no significant changes in major shareholders or actual controllers during the reporting period[102]. Future Outlook - The company aims to enhance its marketing services by leveraging big data and new technologies to support the globalization of Chinese brands[58]. - The company is actively seeking external development and expansion opportunities to improve its earnings capacity[183]. - Future outlook remains positive with ongoing evaluations of new product developments and market strategies[110].

Financial Performance - Operating revenue for the first nine months was CNY 221,468,971.38, a decrease of 90.62% compared to the same period last year[7]. - Net profit attributable to shareholders was -CNY 16,236,176.94, compared to -CNY 11,418,923.65 in the same period last year[7]. - The weighted average return on net assets decreased by 1781.6982 percentage points to -1,785.56%[7]. - Total operating revenue for Q3 2019 was ¥61,757,733.12, a decrease from ¥617,452,677.57 in Q3 2018, representing a decline of approximately 90%[32]. - Total operating costs for Q3 2019 were ¥66,828,251.76, compared to ¥626,274,913.11 in Q3 2018, indicating a decrease of about 89%[32]. - Net profit for Q3 2019 was a loss of ¥5,418,408.90, worsening from a loss of ¥5,041,936.60 in Q3 2018[33]. - The total comprehensive income for Q3 2019 was a loss of ¥5,418,408.90, compared to a loss of ¥1,904,563.67 in Q3 2018[35]. - The company reported a net loss of CNY 1,165,678,530.92 for the period, slightly improved from a loss of CNY 1,157,672,401.77 in the previous period[30]. Assets and Liabilities - Total assets decreased by 40.13% to CNY 207,389,356.10 compared to the end of the previous year[7]. - Total liabilities reached CNY 200,783,984.81, compared to CNY 192,338,232.23 at the end of 2018, reflecting an increase of approximately 4.7%[29]. - The company's total equity was reported at CNY 32,949,946.27, down from CNY 40,956,075.42 at the end of 2018, indicating a decrease of about 19.5%[30]. - The company’s total equity attributable to shareholders was reported at CNY -12,958,781.80, a significant decrease from CNY 14,777,395.14 in the previous period[26]. Cash Flow - The company reported a net cash flow from operating activities of CNY 1,381,881.08, a significant improvement from -CNY 8,413,304.33 in the previous year[7]. - Operating cash flow for the first three quarters of 2019 was CNY 1,381,881.08, a significant improvement from a negative cash flow of CNY 8,413,304.33 in the same period of 2018[42]. - Cash and cash equivalents at the end of the third quarter of 2019 stood at CNY 11,824,147.75, down from CNY 64,914,904.52 at the end of the same period in 2018[43]. - The company reported a significant decrease in cash inflow from operating activities, which was CNY 329,624,039.74 in the first three quarters of 2019, down from CNY 6,189,207,888.26 in the same period of 2018[42]. Shareholder Information - The total number of shareholders at the end of the reporting period was 29,273[10]. - The largest shareholder, Tianjin Shengxin Yuantong Co., held 19.06% of the shares, with 101,736,904 shares frozen[10]. - The company's largest shareholder, Tianjin Shengxin Yuantong Co., Ltd., has had all 101,736,904 shares frozen by various law enforcement agencies[17]. Subsidiary Issues - The company was unable to consolidate the financials of its subsidiary, Shenzhen Runtai Supply Chain Management Co., due to ongoing legal issues and asset restrictions[12]. - The subsidiary Shenzhen Bolixin Technology Co., Ltd. has ceased production due to saturated capacity and low-profit orders, resulting in continuous losses[17]. - The overdue bank loan amount for the subsidiary Runtai Supply Chain totals RMB 314.3 million, leading to multiple lawsuits against the company[18]. - The company has been involved in lawsuits with a total claim amount of RMB 317.5 million and USD 11.6 million against it[18]. Operational Changes - Accounts receivable decreased by 63.73% year-to-date, with notes receivable down 99.06% and accounts receivable down 60.82% due to reduced production scale at the subsidiary[13]. - Inventory decreased by 52.24% year-to-date, mainly due to the reduced production scale at the subsidiary[13]. - R&D expenses decreased by 75.16% year-on-year, primarily due to reduced investment in R&D by the subsidiary[14]. - Other income decreased by 68.32% year-on-year, with a 12.81% decrease after excluding the non-consolidated impact[14]. Legal and Regulatory Issues - The company’s actual controller was arrested, which may impact future operations[16]. - The company has lost control over Runtai Supply Chain, which failed to cooperate with the 2018 audit, impacting its financial reporting[22]. - The company’s subsidiary Bolixin has been involved in contract disputes but has successfully defended against one lawsuit[20]. Future Outlook - The company anticipates potential losses or significant changes in net profit compared to the previous year, but specific forecasts are not applicable[23].

Financial Performance - The company's operating revenue for the first half of 2019 was approximately ¥159.71 million, a decrease of 90.84% compared to the same period last year, which reported ¥1.74 billion[20]. - The net profit attributable to shareholders for the first half of 2019 was approximately -¥11.63 million, compared to -¥3.22 million in the same period last year[20]. - The basic earnings per share for the first half of 2019 was -¥0.0218, a decline from -¥0.0060 in the previous year[19]. - The weighted average return on net assets for the first half of 2019 was -129.80%, significantly lower than -1.07% in the same period last year[19]. - The total profit for the period was CNY -1.33 million, with a net profit attributable to shareholders of CNY -1.16 million[29]. - The operating profit for the first half of 2019 was a loss of CNY 13,312,492.49, contrasting with a profit of CNY 4,489,506.21 in the same period of 2018[78]. - The net profit for the first half of 2019 was a loss of CNY 13,664,290.77, compared to a profit of CNY 729,413.01 in the first half of 2018, marking a significant downturn[79]. - The company reported a total comprehensive loss of CNY 13,664,290.77 for the first half of 2019, compared to a total comprehensive income of CNY 2,372,686.04 in the same period of 2018[79]. Cash Flow and Liquidity - The net cash flow from operating activities for the first half of 2019 was approximately ¥4.51 million, down 90.96% from ¥49.93 million in the previous year[20]. - Cash and cash equivalents decreased by 42.51% to CNY 10.44 million, primarily due to reduced bank deposits[33]. - The total cash and cash equivalents at the end of the first half of 2019 were ¥10,440,932.01, a decrease from ¥128,802,640.71 at the end of the first half of 2018, indicating a decline of approximately 91.9%[87]. - Cash flow from financing activities in the first half of 2019 was negative at -¥12,285,570.23, an improvement from -¥23,321,542.56 in the first half of 2018, indicating a reduction in outflows by approximately 47.4%[87]. - The company reported a significant increase in cash received from operating activities, highlighting improved operational efficiency[89]. Assets and Liabilities - The total assets at the end of the reporting period were approximately ¥235.51 million, a decrease of 32.01% from ¥346.39 million at the end of the previous year[20]. - The total liabilities as of the end of the reporting period were CNY 198,146,230.40, an increase from CNY 192,338,232.23 at the end of the previous period[78]. - The company's total assets amounted to CNY 235,508,922.89, down from CNY 346,389,498.14, indicating a decrease of approximately 32.0%[71]. - The total equity attributable to shareholders was CNY 35,293,544.75, down from CNY 40,956,075.42 in the previous period, reflecting a decrease of approximately 13.06%[78]. - The company’s total equity attributable to shareholders was CNY -8,354,563.78 as of June 30, 2019, down from CNY 14,777,395.14[71]. Operational Changes - The company ceased production on the main production line of its subsidiary, Boli Xin, in July 2019 to mitigate losses[28]. - The company acquired a 57% stake in Hanno Rui Ya, enhancing overall development and profitability starting January 2019[28]. - The company lost control over RunTai Supply Chain since August 2018, resulting in a lack of financial data from the subsidiary[39]. - The overdue bank loans of RunTai Supply Chain amount to 314.30 million RMB, leading to lawsuits from multiple banks, which may adversely affect the company's operations and financial status[40]. Shareholder and Governance - The company held one shareholders' meeting during the reporting period, which complied with relevant laws and regulations[42]. - No profit distribution or capital reserve transfer plan was proposed for the first half of 2019, with no dividends or stock bonuses declared[43]. - The largest shareholder, Shengxin Yuantong, holds 101,736,904 shares, representing 19.06% of the total shares, which are currently frozen[61]. - The company has commitments related to shareholding and asset management, ensuring no reduction in holdings for 60 months post-equity change[44]. Legal and Compliance Issues - There were significant litigation matters during the reporting period, including disputes with employees and contractual issues with suppliers[47]. - The company is involved in multiple lawsuits, including a financial loan contract dispute with China Construction Bank, with the court having accepted the case[48]. - The company has a total guarantee amount of 314.4 million RMB, which includes guarantees provided for its subsidiary, RunTai Supply Chain[53]. Accounting and Financial Reporting - The company has not experienced any changes in accounting policies or estimates compared to the previous accounting period[55]. - The company has not reported any significant accounting errors that require retrospective restatement[55]. - The company follows the accounting standards issued by the Ministry of Finance, ensuring the financial statements reflect its financial position accurately[105]. - The company has included Shenzhen Jiuyou Supply Chain Service Co., Ltd., Shenzhen Bolixin Technology Co., Ltd., and Beijing Hanno Ruiya Public Relations Consulting Co., Ltd. in its consolidated financial statements[102]. Research and Development - Research and development expenses were reduced by 63.44% to CNY 1.90 million, reflecting a decrease in investment by the subsidiary[30]. - The company has not reported any new product launches or technological advancements in this period[97]. Inventory and Receivables - Inventory decreased by 43.75% to CNY 33.01 million, mainly due to significant reductions in stock levels at the subsidiary[33]. - The total amount of receivables decreased by 71.16% year-on-year, mainly due to a reduction in bank acceptance bills at the controlling subsidiary Bolixin[164]. - The total amount of bad debt provision for accounts receivable is 2,669,165.43 RMB, with a provision ratio of 0.54%[171][169].