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 ...

Financial Performance - The company's operating revenue for the first half of 2020 was ¥72,972,077.67, a decrease of 54.31% compared to ¥159,711,238.26 in the same period last year[17]. - The net profit attributable to shareholders for the first half of 2020 was -¥19,435,738.52, compared to -¥11,631,958.92 in the previous year[17]. - The net cash flow from operating activities was -¥21,704,778.36, a decline of 580.77% from ¥4,514,591.83 in the same period last year[17]. - Total assets decreased by 37.64% to ¥93,909,444.44 from ¥150,590,338.17 at the end of the previous year[17]. - The net assets attributable to shareholders were -¥39,677,806.77, compared to -¥25,002,292.65 at the end of the previous year[17]. - Basic earnings per share for the first half of 2020 were -¥0.0364, compared to -¥0.0218 in the same period last year[18]. - The company reported a total of ¥1,534,714.74 in non-recurring gains and losses after tax adjustments[20]. - The company reported a net loss of CNY 1,184,080,912.62 for the first half of 2020, compared to a loss of CNY 1,175,045,773.92 in the same period of 2019[75]. - The total comprehensive loss for the first half of 2020 was CNY -26,329,875.36, compared to CNY -13,664,290.77 in the first half of 2019, reflecting a significant deterioration in overall financial health[79]. Operating Costs and Expenses - Operating costs decreased by 62.11% to CNY 54.37 million, primarily due to the lack of revenue from the subsidiary Bolixin and reduced revenue from Hanno Ruiya due to the pandemic[25]. - Sales expenses increased by 81.56% to CNY 15.87 million, driven by increased promotional costs for new business expansions by subsidiary Qinhuangdao Youliang[25]. - Management expenses rose by 31.13% to CNY 29.20 million, attributed to increased costs from newly established subsidiaries[25]. - Financial expenses surged by 761.54% to CNY 710,046.61, mainly due to increased borrowing costs at Hanno Ruiya[25]. - The company incurred financial expenses of CNY 710,046.61 in the first half of 2020, a significant increase from CNY 82,415.94 in the same period of 2019[78]. - Other income for the first half of 2020 was CNY 744,521.45, a substantial decrease from CNY 4,032,627.06 in the first half of 2019, indicating a decline in non-operational revenue sources[78]. Cash Flow and Liquidity - Cash flow from operating activities was CNY -21.70 million, a decline of 580.77% compared to CNY 4.51 million in the previous year[25]. - Cash received from sales of goods and services decreased by 40.82%, primarily due to a decline in overall sales revenue[31]. - Cash paid for purchasing goods and services decreased by 44.18%, mainly due to a reduction in overall sales costs[32]. - Cash inflow from financing activities increased significantly to 51,530,000.00 RMB, compared to only 5,000,000.00 RMB in the same period of 2019, marking a growth of 930%[85]. - The company reported a cash balance of 12,665,343.26 RMB at the end of the first half of 2020, up from 10,440,932.01 RMB at the end of the first half of 2019[85]. - The company reported a significant decrease in cash reserves, indicating potential liquidity challenges[199]. Assets and Liabilities - Total liabilities decreased to CNY 138,818,767.61 in the first half of 2020 from CNY 129,630,455.85 in the same period of 2019[75]. - The company's total assets amounted to CNY 153,366,332.18 as of June 30, 2020, compared to CNY 153,213,159.12 at the end of 2019[75]. - The total current assets as of June 30, 2020, amount to 89,638,015.91 RMB, a decrease from 149,448,615.77 RMB at the end of 2019[70]. - The total liabilities have increased, which may affect the company's leverage and financial stability moving forward[96]. Shareholder and Equity Information - The company has no proposed profit distribution or capital reserve transfer plan for the first half of 2020[42]. - The company’s total equity was CNY 14,547,564.57 as of June 30, 2020, down from CNY 23,582,703.27 at the end of 2019[75]. - The company’s retained earnings decreased by CNY -39,677,806.70[91]. - The total equity attributable to the parent company at the end of the current period is CNY 533,780,000.00, with a decrease of CNY 23,131,958.92 compared to the previous period[93]. - The company’s largest shareholder, Shengxin Yuantong, has had its bank accounts frozen, affecting 101,736,904 shares[56]. Legal and Regulatory Issues - The company is involved in multiple significant lawsuits, including disputes with major shareholders and financial institutions, with court rulings already made in several cases[44]. - The company faces financial risks due to overdue bank loans of CNY 314.30 million related to the RunTai Supply Chain, which has entered bankruptcy liquidation[38]. - The guarantees provided by the company include loans for six banks related to RunTai Supply Chain, all of which are overdue and have led to lawsuits from the banks[50]. Accounting Policies and Standards - The company has executed the new revenue recognition standards starting from January 1, 2020, as mandated by the Ministry of Finance[55]. - The company follows the accounting standards set by the Ministry of Finance and ensures that its financial statements reflect its financial position accurately[105]. - The company adopted the new revenue recognition standard starting January 1, 2020, which adjusted accounting policies related to customer consideration[189]. Future Outlook and Strategic Plans - The company plans to enhance competitiveness and profitability through a non-public stock issuance approved in board meetings held in April and June 2020[23]. - The company plans to address the operational challenges by reviewing its cost structure and improving efficiency in the upcoming quarters[96]. - The company has not provided specific guidance for future performance, reflecting uncertainty in market conditions[94].

Financial Performance - The company's operating revenue for the first half of 2020 was ¥72,972,077.67, a decrease of 54.31% compared to ¥159,711,238.26 in the same period last year[17]. - The net profit attributable to shareholders for the first half of 2020 was -¥19,435,738.52, compared to -¥11,631,958.92 in the previous year[17]. - The net cash flow from operating activities was -¥21,704,778.36, a decline of 580.77% from ¥4,514,591.83 in the same period last year[17]. - The total assets at the end of the reporting period were ¥93,909,444.44, down 37.64% from ¥150,590,338.17 at the end of the previous year[17]. - The net assets attributable to shareholders were -¥39,677,806.77, compared to -¥25,002,292.65 at the end of the previous year[17]. - The basic earnings per share for the first half of 2020 was -¥0.0364, compared to -¥0.0218 in the same period last year[18]. - The weighted average return on net assets was 64.02%, a significant improvement from -129.80% in the previous year[18]. - The net profit for the period was CNY -26.33 million, with a net profit attributable to shareholders of CNY -19.44 million[24]. - The net loss for the first half of 2020 was ¥26,329,875.36, compared to a net loss of ¥13,664,290.77 in the same period of 2019, representing a 92.1% increase in losses[74]. - The total comprehensive loss for the first half of 2020 was -¥26,329,875.36, compared to -¥13,664,290.77 in the same period of 2019[75]. Operating Costs and Expenses - Operating costs decreased by 62.11% to CNY 54.37 million, primarily due to the drop in revenue[26]. - Sales expenses increased by 81.56% to CNY 15.87 million, attributed to new business promotion costs[26]. - Financial expenses surged by 761.54% to CNY 0.71 million, mainly due to increased borrowing costs[26]. - Total operating costs for the first half of 2020 were ¥100,284,719.25, down 43.4% from ¥177,126,992.34 in the first half of 2019[73]. - The company incurred sales expenses of ¥15,865,150.41 in the first half of 2020, compared to ¥8,738,453.91 in the same period of 2019[73]. Cash Flow and Liquidity - Cash flow from operating activities was CNY -21.70 million, a decline of 580.77% compared to the previous year[26]. - Cash received from operating activities decreased by 77.87% year-on-year, mainly due to reduced receivables from subsidiaries[32]. - Cash paid for purchasing goods and services decreased by 44.18% year-on-year, attributed to a decrease in overall sales costs[32]. - Cash paid for taxes decreased by 62.49% year-on-year, primarily due to significant reductions in tax payments by the subsidiary Bo Lixin[32]. - Cash received from investment income increased by 100.00% year-on-year, mainly from increased returns on short-term financial investments[32]. - Cash inflow from financing activities increased significantly to 51,530,000.00 RMB, compared to only 5,000,000.00 RMB in the same period of 2019, marking a growth of 930%[81]. - The company experienced a net decrease in cash and cash equivalents of -7,660,643.89 RMB in the first half of 2020, slightly better than the -7,719,715.72 RMB recorded in the same period of 2019[81]. Assets and Liabilities - Total assets decreased significantly, with cash and cash equivalents down by 37.73% to CNY 12.69 million[29]. - Accounts receivable dropped by 63.81% to CNY 27.87 million, reflecting reduced business activity[29]. - Total liabilities decreased from CNY 176.34 billion to CNY 135.60 billion, a decline of about 23.1%[68]. - The total equity attributable to shareholders decreased from CNY -25.00 million to CNY -39.68 million, indicating a worsening financial position[68]. - The company’s current liabilities totaled CNY 105.88 billion, down from CNY 138.99 billion, a decrease of approximately 23.9%[67]. Subsidiaries and Business Development - The company established new subsidiaries, including Beijing Zhongguangyang Enterprise Management Co., Ltd. and Shenzhen Haotian Entertainment Media Co., Ltd., enhancing overall development capabilities[24]. - The company established wholly-owned subsidiary Beijing Zhongguangyang and a controlling subsidiary Shenzhen Haotian Tianyu during the reporting period[34]. - The company has faced financial risks due to overdue bank loans of 314.30 million yuan related to its subsidiary Run Tai Supply Chain, which has entered bankruptcy liquidation[38]. - The company has provided guarantees totaling RMB 171.29 million, which includes overdue loans from six banks related to the supply chain management subsidiary[47]. Legal and Regulatory Matters - The company is involved in multiple legal disputes, including a case with Ningbo Bank regarding financial loan contracts[43]. - The company has been sued by Shenzhen Puru Electric Co., Ltd. over a contract dispute, with the court having made a first-instance judgment[43]. - The company has been involved in a lawsuit with Guangdong Xinda Yu Environmental Technology Co., Ltd. regarding an environmental engineering contract dispute[43]. - The company has received arbitration notifications related to a sales contract dispute with Shenzhen Tengmao Electronics Co., Ltd.[43]. Accounting Policies and Standards - The company implemented a new revenue recognition standard starting January 1, 2020, in compliance with the Ministry of Finance's announcement on July 5, 2017[50]. - The company follows the accounting policies in accordance with the relevant enterprise accounting standards, ensuring the financial statements reflect a true and complete view of its financial status[101]. - The company’s financial statements are prepared based on the accrual basis of accounting, except for certain financial instruments and investment properties[99]. - The company recognizes revenue when control of the goods or services is transferred to the customer, following the fulfillment of performance obligations[173]. Equity and Shareholder Information - The largest shareholder, Tianjin Shengxin Yuantong, holds 101,736,904 shares, representing 19.06% of the total shares, which are currently frozen[59]. - The company reported no significant changes in its share capital structure during the reporting period[55]. - The total equity attributable to the parent company at the end of the current period is CNY 533,780,000.00, compared to CNY 643,064,397.63 at the end of the previous year, reflecting a decrease of approximately 17.0%[89]. Future Outlook and Strategic Initiatives - The overall financial outlook remains cautious, with significant losses impacting equity and retained earnings[90]. - The company has not disclosed any new product launches or technological advancements during this period[92]. - There are no indications of market expansion or mergers and acquisitions in the current financial report[92]. - The company has not disclosed any new strategic initiatives in the earnings call[92].

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].

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].

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 - 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].

Financial Performance - The company reported a net profit attributable to shareholders of -272.26 million RMB for 2018, a significant decrease compared to a profit of 8.55 million RMB in 2017, representing a decline of 3,282.69%[7]. - Operating revenue for 2018 was 2.26 billion RMB, an increase of 43.85% from 1.57 billion RMB in 2017[21]. - The company reported a significant increase in the cost of raw materials for mobile camera modules, impacting overall profitability[31]. - The company reported a net profit of -272,258,574.80 RMB for the year 2018, compared to a profit of 8,554,359.09 RMB in 2017, indicating a significant decline in profitability[67]. - The company reported a significant loss of CNY 285.48 million in 2018, with a debt-to-asset ratio of 94.68%[76]. - The company reported a net loss of RMB 285,479,721.07 for 2018, compared to a net profit of RMB 23,821,354.22 in 2017, indicating a substantial decline in profitability[158]. - The total comprehensive loss for the year was RMB 285,479,721.07, compared to a comprehensive income of RMB 21,395,618.08 in 2017, showing a significant downturn[158]. Assets and Liabilities - The company's total assets decreased by 94.46% to 252.15 million RMB at the end of 2018, down from 4.55 billion RMB at the end of 2017[21]. - The net asset attributable to shareholders dropped by 95.77% to 12.63 million RMB at the end of 2018, compared to 298.75 million RMB at the end of 2017[21]. - Total liabilities decreased significantly, with other payables increasing by 102.91% due to adjustments related to equity payments to shareholders[52]. - The company reported a significant reduction in financial expenses by 116.03%, amounting to a gain of ¥4,066,728.66 compared to a loss of ¥25,374,167.30 in the previous year[43]. - The company reported a decrease in retained earnings amounting to CNY 105,095,580, which reflects a challenging financial environment[174]. Cash Flow - The cash flow from operating activities showed a net outflow of 4.75 million RMB, a decline of 96.37% compared to 130.77 million RMB in 2017[21]. - The net cash flow from operating activities for the reporting period was RMB 43.6482 million[33]. - The net cash flow from operating activities was ¥4,751,758.20, a decrease from ¥130,765,599.32 in the previous period, reflecting a challenging operational environment[164]. - The total cash and cash equivalents at the end of the period were ¥622,980.70, a significant decrease from ¥77,076,710.80 at the beginning of the period[165]. Operational Challenges - The company received an audit report with a disclaimer of opinion from Da Xin Accounting Firm, indicating potential issues in financial reporting[6]. - The company faced operational challenges due to the overdue bank loans of its subsidiary, RunTai Supply Chain, leading to a halt in business operations and significant financial reporting limitations[52]. - The company lost control over RunTai Supply Chain starting from August 1, 2018, due to operational difficulties and management issues[74]. - The company is actively pursuing legal actions related to RunTai Supply Chain's financial situation and other disputes, aiming to mitigate potential liabilities[136]. Subsidiaries and Acquisitions - The company acquired a 57% stake in Hanno Ruiya from Beijing Chunxiao Zhixin Management Consulting Co., Ltd. to expand its business scope and enhance profitability[32]. - The company holds a 51% stake in RunTai Supply Chain but announced on October 11, 2018, that it lost control over it, leading to significant deficiencies in financial reporting[124]. - The company completed the acquisition of a 57% stake in HanNuoRuiYa Public Relations Consulting Co., Ltd. from a related party, with the transfer completed in January 2019[85]. Risk Management - The company has outlined potential risks and unfavorable factors affecting its operations and future development in the report[8]. - The company is focused on improving internal control and risk management to ensure sustainable and healthy development[62]. - The company faces risks related to macroeconomic conditions, talent turnover, and the evolving landscape of digital marketing services[63]. Governance and Compliance - The company has established a system for managing insider information to prevent misuse and insider trading[123]. - The company has a structured governance framework in place to ensure the interests of shareholders are maximized[122]. - The internal control audit report issued a negative opinion on the effectiveness of the company's internal controls as of December 31, 2018[134]. - The company convened three shareholder meetings in 2018, all of which complied with legal and regulatory requirements[126]. Employee and Management Information - The company has a total of 462 employees, with 375 in production, 6 in sales, 48 in technology, 8 in finance, and 25 in administration[119]. - The remuneration for directors and senior management is determined based on the company's actual profitability and individual contributions[116]. - The total pre-tax remuneration for Mr. Han Yue, who serves as both Chairman and General Manager, is 1.01 million yuan for the reporting period[112].

Financial Performance - Operating revenue fell by 77.21% to CNY 90,673,040.94 compared to the same period last year[7] - Net profit attributable to shareholders was -CNY 5,411,828.16, a decrease of 1,107.85% year-on-year[7] - Basic earnings per share were -CNY 0.01, a decrease of 1,100.00% compared to the same period last year[7] - Total operating revenue for Q1 2019 was ¥90,673,040.94, a decrease of 77.25% compared to ¥397,875,668.82 in Q1 2018[29] - Net profit for Q1 2019 was a loss of ¥6,619,441.52, compared to a profit of ¥3,411,029.83 in Q1 2018, indicating a significant decline[30] - The total equity attributable to shareholders was ¥38,949,333.53, down from ¥40,956,075.42 in Q1 2018[29] - The company reported a gross loss of ¥6,213,686.66 in Q1 2019, compared to a gross profit of ¥4,423,042.75 in Q1 2018[29] Cash Flow - Net cash flow from operating activities decreased by 90.68% to CNY 3,692,965.93 compared to the previous year[7] - In Q1 2019, the company reported cash inflows from operating activities of CNY 118,975,659.36, a significant decrease of 93.68% compared to CNY 1,880,018,184.05 in Q1 2018[36] - The net cash flow from operating activities was CNY 3,692,965.93, down 90.66% from CNY 39,636,547.70 in the same period last year[37] - Cash inflows from financing activities totaled CNY 5,000,000.00, a decrease of 99.38% from CNY 809,042,056.63 in the previous year[38] - The net cash flow from financing activities was CNY -3,589,954.98, compared to CNY -232,432,490.39 in Q1 2018, indicating a worsening cash position[38] Assets and Liabilities - Total assets decreased by 16.77% to CNY 288,311,059.13 compared to the end of the previous year[7] - Total current assets decreased to CNY 188.94 billion from CNY 245.42 billion, a decline of approximately 23% year-over-year[20] - Total liabilities decreased to CNY 289.26 billion from CNY 329.22 billion, a decline of about 12%[22] - Short-term borrowings increased to CNY 8.50 billion from CNY 4.00 billion, an increase of 112.5%[21] - The company reported a net loss of CNY 1.20 billion in retained earnings, compared to a loss of CNY 1.18 billion in the previous period[22] Shareholder Information - The total number of shareholders was 36,873 at the end of the reporting period[12] - The top ten shareholders held a total of 19.06% of shares, with Tianjin Shengxin Yuantong Co., Ltd. holding 101,736,904 shares[12] Operational Changes - The company was unable to consolidate the financials of its subsidiary, Shenzhen Runtai Supply Chain Management Co., due to operational disruptions and legal issues[13] - Operating revenue decreased by 77.21% year-on-year, mainly due to the non-consolidation of the profit and loss statement of Run Tai Supply Chain, with a comparable increase of 0.76% after excluding this factor[14] - Operating costs decreased by 77.92% year-on-year, with a comparable increase of 5.40% after excluding the non-consolidation of Run Tai Supply Chain's profit and loss statement[14] - Sales expenses decreased by 65.07% year-on-year, with a significant increase of 282.50% after excluding the non-consolidation factor, mainly due to increased salaries in the sales department of Hanno Ruiya[15] - R&D expenses decreased by 50.45% year-on-year, primarily due to reduced R&D investment by the subsidiary Bo Li Xin[15] Asset Composition - Prepayments decreased by 86.90% compared to the beginning of the year, mainly due to the acquisition of a 57% stake in Beijing Hanno Ruiya Public Relations Consulting Co., Ltd. by the subsidiary Jiu You Supply Chain through the transfer of a debt of RMB 11.5 million[14] - Other current assets decreased by 51.02% compared to the beginning of the year, primarily due to a reduction in deductible input tax[14] - Intangible assets increased by 155.80% compared to the beginning of the year, mainly due to the increase in intangible assets of the subsidiary Hanno Ruiya[14] - Total non-current assets decreased slightly to CNY 99.37 billion from CNY 100.97 billion, a decrease of about 1.6%[21] Financial Management - The company is focusing on improving cash flow management and reducing operational costs in response to the significant decline in revenue and cash inflows[36]