Financial Performance - Operating revenue rose by 8.07% to CNY 4,991,109,562 year-on-year[7] - Net profit attributable to shareholders increased by 39.25% to CNY 97,868,111 compared to the same period last year[7] - Basic earnings per share rose by 40.35% to CNY 0.080 per share[7] - Net profit for Q1 2015 was ¥122,138,493, representing a 22.00% increase from ¥100,133,666 in the previous year[29] - The company's earnings per share (EPS) for Q1 2015 was ¥0.080, compared to ¥0.057 in the same period last year, an increase of 40.35%[30] - Total comprehensive income for the first quarter of 2015 was CNY 87,790,906, compared to CNY 3,533,428 in the same period last year[32] Cash Flow - Cash flow from operating activities turned positive with a net amount of CNY 91,677,711, a significant improvement from a negative cash flow of CNY -769,218,315 in the previous year[7] - Net cash flow from operating activities was CNY 91,677,711, a significant improvement from a negative CNY 769,218,315 in the previous year[33] - Cash received from sales of goods and services increased to CNY 5,396,598,321, up from CNY 4,817,170,495, representing a growth of approximately 12%[33] - Cash outflow for purchasing goods and services decreased to CNY 3,584,382,349 from CNY 4,217,177,490, indicating a reduction of about 15%[33] - Cash flow from financing activities showed a net increase of CNY 1,875,575,742, compared to a negative CNY 58,365,216 in the previous year[33] - The ending balance of cash and cash equivalents was CNY 3,618,262,276, up from CNY 1,497,509,048 at the end of the previous year[33] - Cash inflow from investment activities was CNY 3,109,918, while cash outflow was CNY 353,206,282, resulting in a net cash flow of negative CNY 350,096,364[33] - The company experienced a foreign exchange impact of negative CNY 579,192 on cash and cash equivalents[33] Assets and Liabilities - Total assets increased by 17.14% to CNY 15,091,047,243 compared to the end of the previous year[7] - Total current assets reached ¥8,470,842,032, up from ¥6,418,526,910 at the beginning of the year[22] - Total liabilities increased to ¥9,839,067,513 from ¥7,683,569,260 at the beginning of the year[23] - The company's equity attributable to shareholders increased to ¥4,580,217,770 from ¥4,511,645,987 at the beginning of the year[23] - The company's total assets increased to ¥9,902,970,057 from ¥9,400,513,736, marking a growth of 5.34%[27] - Total liabilities rose to ¥5,666,495,688, up from ¥5,253,285,642, indicating an increase of 7.85%[27] Investments and Expenses - Long-term equity investments increased by 64.85% to CNY 27,032,674 due to investments in New Zealand's Newlight Dairy[15] - Financial expenses surged by 736.85% to CNY 29,346,895, primarily due to interest on bonds[15] - Operating tax and additional charges increased by 49.44% to CNY 21,257,302, reflecting higher tax obligations[15] - The company reported an investment income of ¥272,440 for Q1 2015, compared to ¥115,127 in the previous year, showing a significant increase[29] Shareholder Information - The total number of shareholders reached 43,865, with the largest shareholder holding 54.35% of the shares[10] Inventory and Accounts Receivable - The company reported a significant increase in inventory, reaching ¥2,135,970,837 compared to ¥2,030,733,693 at the beginning of the year[22] - Accounts receivable rose to ¥2,056,620,628 from ¥1,695,027,448 at the beginning of the year[22] - Accounts receivable increased to ¥3,085,060,404 from ¥2,623,960,041, reflecting a growth of 17.55%[26]

Financial Performance - The company's operating revenue for 2014 reached CNY 20,385,061,873, representing a 25.13% increase compared to CNY 16,290,910,116 in 2013[21] - The net profit attributable to shareholders for 2014 was CNY 567,919,811, a 39.87% increase from CNY 406,040,476 in 2013[21] - The net profit after deducting non-recurring gains and losses was CNY 572,046,571, reflecting a 61.55% increase from CNY 354,101,028 in the previous year[21] - The company achieved total revenue of RMB 20.385 billion in 2014, representing a year-on-year growth of 25.13%[32] - Net profit attributable to the parent company reached RMB 568 million, an increase of 39.87% compared to the previous year[32] - Basic earnings per share were RMB 0.46, reflecting a growth of 39.39% year-on-year[32] - The company’s weighted average return on equity increased to 13.07%, up by 3.17 percentage points from the previous year[32] - The company’s net profit for 2014 was ¥5.96 billion, with a return on equity of 11.82%[54] Cash Flow and Investments - The net cash flow from operating activities decreased by 74.28% to CNY 335,769,887 from CNY 1,305,302,953 in 2013[21] - Operating cash inflow for the year reached ¥23,852,465,176, an increase of 21.3% from ¥19,636,901,086 in the previous year[199] - Net cash flow from operating activities decreased to ¥335,769,887, down 74.2% from ¥1,305,302,953 year-on-year[199] - Cash outflow from investing activities totaled ¥1,795,801,110, up 50.4% from ¥1,194,607,647 in the previous year[199] - Net cash flow from investing activities was -¥1,716,713,731, worsening from -¥1,040,259,920 year-on-year[199] - Cash inflow from financing activities increased to ¥2,635,182,931, a rise of 111.5% compared to ¥1,244,939,476 last year[200] - Net cash flow from financing activities was ¥782,710,797, a significant improvement from -¥3,096,122 in the previous year[200] Assets and Liabilities - The total assets of the company at the end of 2014 were CNY 12,883,145,141, an increase of 11.37% from CNY 11,568,052,184 in 2013[21] - The company's total liabilities reached CNY 5,253,285,642, compared to CNY 3,901,579,119, marking an increase of around 34.69%[188] - The company's fixed assets grew to CNY 4,357,378,383 from CNY 3,371,200,199, reflecting an increase of approximately 29.2%[182] - Short-term borrowings rose to CNY 1,813,994,215 from CNY 949,638,200, marking an increase of about 91%[182] - The company's current assets totaled CNY 6,418,526,910, slightly up from CNY 6,411,090,945 at the beginning of the year, indicating a marginal increase of 0.1%[182] Dividends and Shareholder Returns - The board proposed a cash dividend of CNY 0.28 per share, totaling CNY 344,578,287, to be distributed to shareholders[3] - The company distributed a cash dividend of 2 RMB per share in 2014, totaling 244.9 million RMB[85] - In 2014, the company distributed cash dividends amounting to RMB 344,578,287, representing 60.67% of the net profit attributable to shareholders[87] Risk Management and Strategic Initiatives - The company plans to enhance cost management and expand market presence to improve competitiveness in the face of industry risks[9] - The company emphasizes the importance of quality control in its production processes to mitigate product quality risks[9] - The company has established a disease prevention system for cattle to address risks associated with livestock diseases[9] - The company aims to achieve total operating revenue of 23 billion RMB and a net profit of 600 million RMB in 2015, with a net asset return rate of 8.1%[80] - The company plans to focus on the dairy industry, enhance fresh products, strengthen ambient products, and break into the milk powder market as part of its strategic goals for 2015[79] Research and Development - The company’s R&D expenditure was RMB 457.71 million, a slight increase of 2.04% from the previous year[37] - The total R&D expenditure amounted to ¥45,770,926, representing 1.01% of net assets and 0.22% of operating revenue[47] Corporate Governance and Compliance - The company has no bankruptcy reorganization matters in the reporting period[89] - Bright Dairy's internal control audit was conducted by Deloitte Huayong, with an audit fee of RMB 115 million[109] - The company has not faced any penalties or public reprimands from the China Securities Regulatory Commission in the reporting year[110] - The company adopted new accounting standards effective July 1, 2014, which may impact its consolidated financial statements[111] Shareholder Structure and Management - The largest shareholder, Shanghai Milk (Group) Co., Ltd., holds 366,498,967 shares, representing 29.78% of the total shares[129] - The second largest shareholder, Bright Food (Group) Co., Ltd., holds 302,352,699 shares, representing 24.57% of the total shares[129] - The total remuneration for senior management during the reporting period amounted to 1,313.1 million yuan, with a total shareholding increase of 822,090 shares[144] - The company’s chairman, Zhuang Guowei, and other directors did not report any shareholding changes during the reporting period[143] Employee and Organizational Development - The number of employees in the parent company is 3,168, while the total number of employees in the parent company and major subsidiaries is 4,459[153] - The company implements a broad-based salary and performance management system to link employee income with individual performance contributions[154] - The training program focuses on organizational performance, employee learning, and development, with a three-tier training system established[155]

Financial Performance - Operating revenue for the first nine months reached CNY 15,315,051,071, a growth of 30.97% year-on-year[7] - Net profit attributable to shareholders increased by 32.02% to CNY 406,381,079 for the first nine months[7] - Basic earnings per share increased by 32.07% to CNY 0.3319[7] - The net profit after deducting non-recurring gains and losses was CNY 385,524,472, reflecting a year-on-year increase of 38.72%[7] - Total revenue for the third quarter reached CNY 5,443,036,125, an increase of 28.1% compared to CNY 4,250,666,817 in the same period last year[41] - Net profit attributable to shareholders increased to CNY 197,029,644, up 23.2% from CNY 159,851,407 in the previous year[42] - Net profit for the first nine months of 2014 reached CNY 432.49 million, compared to CNY 460.92 million in the same period last year, reflecting a decline of approximately 6.5%[46] Assets and Liabilities - Total assets increased by 11.23% to CNY 12,867,513,750 compared to the end of the previous year[7] - The total number of shareholders reached 55,563 by the end of the reporting period[11] - Total liabilities reached RMB 7.86 billion, compared to RMB 6.54 billion at the beginning of the year, indicating a rise in financial obligations[34] - Total assets rose to CNY 9,642,440,491, compared to CNY 7,829,958,558 at the beginning of the year, marking an increase of 23.2%[38] - Accounts receivable increased significantly to CNY 2,777,885,338, up 70.1% from CNY 1,633,189,439[36] - Inventory surged to CNY 771,227,368, compared to CNY 134,986,185 at the beginning of the year, reflecting a growth of 471.5%[36] Cash Flow - Net cash flow from operating activities showed a significant decline of 101.55%, resulting in a negative cash flow of CNY -14,233,951[7] - Cash flow from operating activities for the first nine months of 2014 was CNY 17.87 billion, an increase of 31.5% from CNY 13.59 billion in the same period last year[49] - Cash flow from investing activities showed a net outflow of CNY 1.28 billion, worsening from a net outflow of CNY 632.99 million in the previous year[50] - Cash flow from financing activities generated a net inflow of CNY 638.97 million, compared to a net outflow of CNY 156.46 million in the same period last year[50] - Total cash and cash equivalents at the end of Q3 2014 were CNY 1.95 billion, down from CNY 2.47 billion at the end of Q3 2013, representing a decrease of 21%[50] Shareholder Information - The top two shareholders, Shanghai Milk Group and Bright Food Group, hold 29.93% and 24.69% of shares respectively[11] - The company received government subsidies amounting to CNY 26,605,522 during the reporting period[9] - The company received approval from the Shanghai State-owned Assets Supervision and Administration Commission for the implementation of the A-share restricted stock incentive plan (Phase II) on July 30, 2014[23] - On August 29, 2014, the company announced a share transfer agreement where 366,498,967 state-owned shares held by a subsidiary would be transferred to the parent company without compensation[24] Operational Changes and Strategies - The company has committed to enhancing its operational efficiency and expanding its market presence through strategic investments and partnerships[28] - Bright Dairy is focused on developing new products and technologies to meet consumer demand and improve market competitiveness[28] - The company plans to continue expanding its market presence and investing in new product development to drive future growth[48] - The company completed the registration of capital increase for its wholly-owned subsidiary, Shanghai Bright Holstein Dairy Co., Ltd., as of the report date[22] - The company plans to complete the transfer of its equity in Shanghai Mengniu Dairy Co., Ltd. by December 31, 2014, as part of its commitment to resolve competition issues[26] Cost and Expenses - The cost of goods sold increased by 34.06% to ¥10.06 billion, up from ¥7.50 billion year-on-year, primarily due to increased sales volume[15] - The company reported a significant increase in asset impairment losses, which rose by 261.46% to ¥86.50 million from ¥23.93 million year-on-year, mainly due to inventory write-downs for milk powder[15] - The company’s tax expenses decreased by 70.89% to ¥31.89 million, down from ¥109.55 million, due to tax exemptions on certain products[16] - Operating profit decreased to CNY 132,391,036 from CNY 177,712,299, reflecting a decline of 25.4% year-over-year[41]

Financial Performance - The company achieved total operating revenue of CNY 9.87 billion in the first half of 2014, representing a 32.63% increase compared to the same period last year[16]. - The net profit attributable to shareholders reached CNY 209.35 million, up 41.48% year-on-year[16]. - Basic earnings per share increased by 41.56% to CNY 0.1710[16]. - The company's operating revenue for the current period reached CNY 9,872,014,946, an increase of 32.63% compared to CNY 7,443,188,797 in the same period last year[24]. - Cash received from sales of goods and services was CNY 10,806,870,532, reflecting a 31.70% increase from CNY 8,205,830,602 in the previous year[29]. - The company plans to achieve a total operating revenue of CNY 18.734 billion and a net profit of CNY 474 million for the full year 2014[33]. - The company reported a significant increase in revenue, achieving a total of 33.9 billion yuan for the year, marking a year-over-year growth of 15%[60]. - The company reported a revenue of $5.2 billion for Q3 2023, representing a 15% year-over-year increase[19]. - The company expects Q4 2023 revenue guidance to be between $5.5 billion and $5.7 billion, indicating a potential growth of 6% to 10%[19]. - The net profit for the current period is 1,435 million RMB, a decrease of 35.5% compared to the previous year[89]. - The total comprehensive income for the current period is 28,430 million RMB, reflecting a significant increase from the previous period[89]. - The net profit for the current year is 1,085,626, representing a significant increase compared to the previous year[94]. Cash Flow and Liquidity - The company reported a net cash flow from operating activities of -CNY 707.88 million, a significant decline compared to CNY 121.28 million in the previous year[16]. - The company's cash and cash equivalents decreased to RMB 1,478,165,646 from RMB 2,600,367,233, a decline of 43.2%[75]. - Total cash inflow from operating activities was RMB 11.09 billion, while total cash outflow was RMB 11.80 billion, leading to a net cash flow deficit[85]. - The company’s cash flow from operating activities remains under pressure, highlighting the need for strategic adjustments to improve liquidity[85]. - The company has a total of 13,546 million RMB in cash and cash equivalents, which is crucial for liquidity management[89]. Assets and Liabilities - Total assets increased by 9.98% to CNY 12.72 billion compared to the end of the previous year[16]. - Current liabilities rose to RMB 6,892,546,862, an increase of 15.8% from RMB 5,948,055,729 at the start of the period[75]. - Total liabilities increased to RMB 7,718,609,463, up 17.9% from RMB 6,544,265,300 at the beginning of the period[75]. - The total equity attributable to shareholders at the end of the current period is 1,224,597,659 RMB, compared to 1,367,710,628 RMB at the end of the previous period, indicating a decrease[96]. Investment and R&D - Research and development expenses increased by 11.63% to CNY 21.63 million[20]. - The company invested $200 million in R&D for new technologies, which is a 20% increase compared to the previous year[19]. - The R&D budget has been increased by 20%, focusing on innovative dairy processing technologies to improve product quality[60]. - The company has invested 19,539.02 million RMB in the central automatic control technology production line project, achieving 100% of the planned progress[41]. Market Strategy and Expansion - The company focused on enhancing core competitiveness through strategic initiatives in fresh milk, yogurt, and powdered milk segments[19]. - The company plans to enhance its digital marketing efforts, with a budget increase of 10% aimed at boosting online sales channels[60]. - The company is expanding its market presence in the Northeast region, targeting a 25% increase in market share within the next two years[60]. - Market expansion efforts in Asia resulted in a 25% increase in sales in that region, contributing $1.2 billion to total revenue[19]. - The company plans to launch a new subscription service in Q1 2024, projected to generate an additional $400 million in annual revenue[19]. Shareholder Information - The total number of shareholders at the end of the reporting period was 48,038[67]. - The largest shareholder, Shanghai Milk (Group) Co., Ltd., holds 29.93% of the shares, totaling 366,498,967 shares[67]. - The second-largest shareholder, Bright Food (Group) Co., Ltd., holds 24.69% of the shares, totaling 302,352,699 shares[67]. - The company has maintained a consistent dividend distribution of 4,899,492, reflecting its commitment to returning value to shareholders[94]. Compliance and Governance - The company has not faced any administrative penalties or public reprimands from the China Securities Regulatory Commission during the reporting period[62]. - The company’s governance structure is in compliance with the Company Law and relevant regulations from the China Securities Regulatory Commission[63]. - The company has implemented a stock incentive plan, with specific restricted shares allocated to key personnel[70]. Operational Efficiency - The company has implemented cost-cutting measures that are expected to reduce operational expenses by 10% over the next year[61]. - The company is committed to improving its operational efficiency to counteract the decline in comprehensive income reported this year[92]. Future Outlook - The company has outlined its future outlook, projecting a revenue growth of 20% for the next fiscal year, driven by new product launches and market expansion strategies[60]. - Future guidance suggests a cautious approach to market expansion and product development, with an emphasis on maintaining financial health[92].

Financial Performance - Operating revenue rose by 35.06% to CNY 4,618,303,036 year-on-year[11] - Net profit attributable to shareholders increased by 42.76% to CNY 70,284,317 compared to the same period last year[11] - Basic earnings per share rose by 42.50% to CNY 0.057 compared to the same period last year[11] - Operating profit for Q1 2014 was CNY 137,099,717, up 121.5% from CNY 61,943,384 in the same period last year[33] - Net profit for Q1 2014 was CNY 100,133,666, representing a 127.3% increase compared to CNY 44,012,962 in Q1 2013[33] - Total revenue for Q1 2014 reached CNY 4,618,303,036, a 35.0% increase from CNY 3,419,433,037 in Q1 2013[33] - The company reported a comprehensive income total of CNY 189,539,736, significantly higher than CNY 55,839,770 in Q1 2013[35] Assets and Liabilities - Total assets increased by 5.89% to CNY 12,249,328,632 compared to the end of the previous year[10] - Total liabilities reached CNY 7,034,778,445, compared to CNY 6,544,265,300 at the start of the year, marking an increase of about 7.5%[29] - Current assets totaled CNY 6,817,880,474, up from CNY 6,411,090,945, indicating an increase of about 6.3%[28] - Trade receivables increased by CNY 30,773,321, a 166.00% rise compared to the end of 2013[17] - Inventory increased significantly to CNY 2,658,565,128 from CNY 1,500,786,979, reflecting a growth of approximately 77%[28] - Long-term borrowings rose by CNY 124,194,659, a 36.92% increase compared to the end of 2013[17] - Total liabilities increased to CNY 4,183,884,474, a rise of 7.2% from CNY 3,901,579,119 in the previous year[32] Cash Flow - Net cash flow from operating activities was negative at CNY -769,218,315, a significant decline from CNY -62,273,640 in the previous year[11] - Cash flow from investing activities decreased by CNY 76,325,537 compared to the previous year, totaling -CNY 276,341,354[22] - Cash and cash equivalents decreased to CNY 1,497,509,048 from CNY 2,600,367,233, a decline of approximately 42.5%[28] - Cash received from sales of goods and services was $3,113,118,319, compared to $2,552,778,392 in the previous period, marking a 22% increase[42] - Total cash outflow for operating activities was $4,042,039,831, up from $2,623,597,314 in the previous period, indicating a 54% increase[42] Shareholder Information - The number of shareholders totaled 47,405 at the end of the reporting period[13] - The company's total equity attributable to shareholders was CNY 4,382,733,212, up from CNY 4,278,112,842, reflecting a growth of approximately 2.4%[30] Strategic Initiatives - The company approved a second phase of the A-share restricted stock incentive plan on February 7, 2014[20] - The company is in the process of introducing strategic investors for its subsidiary, Shanghai Guangming Hestian Dairy Co., Ltd.[21] - The company is committed to restructuring and managing its subsidiaries effectively to enhance operational efficiency and market competitiveness[25] Expense Analysis - Sales expenses increased due to higher advertising, marketing, and transportation costs[16] - The company reported an increase in tax expenses due to higher profits, leading to increased income tax provisions[16] - The company experienced a significant increase in asset impairment losses, which rose by 249.63% year-over-year, totaling CNY 14,540,842[17]

Financial Performance - The company achieved a net profit of CNY 429,010,377 for the year 2013, with a proposed cash dividend of CNY 0.20 per share, totaling CNY 244,899,492[5]. - The total distributable profit for 2013 was CNY 664,947,758 after accounting for the statutory reserve and retained earnings[5]. - The total revenue for 2013 reached RMB 16.29 billion, representing an 18.26% increase compared to RMB 13.78 billion in 2012[22]. - The net profit attributable to shareholders was RMB 406.04 million, a 30.43% increase from RMB 311.30 million in the previous year[22]. - The basic earnings per share increased to RMB 0.33, up 17.86% from RMB 0.28 in 2012[22]. - The company achieved a net cash flow from operating activities of RMB 1.31 billion, reflecting a 5.11% increase from RMB 1.24 billion in 2012[23]. - The net profit after deducting non-recurring gains and losses was RMB 396 million, achieving a net asset return rate of 8.72%[39]. - The company reported a significant increase in investment income to RMB 15,344,341 from RMB 5,247,445, representing a growth of about 192.2%[144]. - The total comprehensive income for the year was RMB 484,283,465, compared to RMB 351,012,753 in the previous year, indicating an increase of approximately 37.9%[144]. Operational Strategy - The company plans to strengthen cost management and expand market presence in response to competitive pressures and high operational costs in the dairy industry[10]. - The company aims to improve asset liquidity by accelerating accounts receivable collection and inventory management[10]. - The company plans to focus on product safety and quality management to ensure compliance with food safety standards[22]. - The company plans to continue expanding its market presence and enhancing its product offerings through ongoing research and development[44]. - The company aims to achieve a total revenue of 18.734 billion RMB and a net profit of 474 million RMB for the year 2014, with a return on equity of 8.1%[61]. - The company plans to continue leveraging existing resources to expand its operational scale and enhance competitiveness[63]. Quality Control and Risk Management - The company has established a comprehensive quality control system to ensure product safety across all stages of production and distribution[10]. - The company emphasizes the importance of disease prevention in cattle to mitigate risks associated with livestock health, enhancing its crisis management systems[10]. - The company has established a disease prevention system focused on cattle health to mitigate risks associated with cattle diseases[63]. - The company is committed to maintaining a high standard of product quality, which is critical for consumer health and business operations[10]. Financial Position - The total assets of the company increased by 22.55% to RMB 11.57 billion compared to RMB 9.44 billion at the end of 2012[21]. - The company reported a decrease in asset impairment losses by 76.31%, amounting to RMB 18.68 million[23]. - The total liabilities rose to RMB 6,544,265,300 from RMB 5,015,172,841, which is an increase of about 30.5%[138]. - Shareholders' equity grew to RMB 5,023,786,884 from RMB 4,424,665,226, indicating an increase of about 13.6%[138]. - The company reported a cash and cash equivalents balance of 10.11 billion RMB at the end of 2013[101]. Shareholder Information - The company distributed a cash dividend of 0.2 RMB per share in 2013, totaling 244.9 million RMB, which represents 60.31% of the net profit attributable to shareholders[67]. - The largest shareholder, Shanghai Milk (Group) Co., Ltd., holds 29.93% of the shares, totaling 366,498,967 shares[95]. - The second largest shareholder, Bright Food (Group) Co., Ltd., holds 24.69% of the shares, totaling 302,352,699 shares[95]. - The total number of shareholders at the end of the reporting period is 33,085[95]. Corporate Governance - The company strictly adheres to the Company Law and Securities Law, ensuring equal rights for all shareholders, particularly minority shareholders[117]. - The company’s governance structure is in compliance with the requirements of the Company Law and relevant regulations[119]. - The company held 12 board meetings during the year, with 3 in-person meetings and 9 conducted via communication methods[124]. - The company’s board of directors is responsible for establishing and implementing internal controls and ensuring their effectiveness[125]. Employee and Management Information - The total number of employees in the parent company is 2,993, and the total number of employees in major subsidiaries is 1,087, resulting in a combined total of 4,080 employees[112]. - The total remuneration for all directors, supervisors, and senior management personnel at the end of the reporting period amounted to 14.3003 million yuan (pre-tax)[112]. - The company has implemented a stock incentive policy for senior management and key personnel in management, marketing, and production technology[113]. - The company has a strong management team with extensive experience in the dairy industry, including roles in various educational and governmental organizations[105][106]. Audit and Compliance - Deloitte Huayong CPA issued a standard unqualified audit opinion on the company's financial statements for the year ended December 31, 2013[135]. - The company reported no significant deficiencies in internal control over financial reporting as of the evaluation report date[125]. - The company maintained effective internal control over financial reporting in all material respects according to the internal control audit report[126]. - The company did not experience any major errors in the disclosure of its annual report during the reporting period[127].