Financial Performance - The company's operating revenue for the first half of 2021 was ¥31,590,126,026.75, representing a 19.27% increase compared to ¥26,487,015,614.16 in the same period last year[14]. - The net profit attributable to shareholders of the listed company was ¥1,041,852,426.27, a 40.63% increase from ¥740,855,100.01 in the previous year[14]. - Basic earnings per share for the first half of 2021 were ¥1.9916, up 40.63% from ¥1.4162 in the same period last year[15]. - The total profit for the same period was 1.785 billion yuan, meeting 57.94% of the board's target of 3.081 billion yuan, and representing a year-on-year increase of 34.92%[18]. - The net profit attributable to shareholders was 1.042 billion yuan, achieving 60.06% of the board's target of 1.735 billion yuan, with a year-on-year growth of 40.63%[18]. - The total comprehensive income for the first half of 2021 was CNY 1,342,629,440.53, compared to CNY 960,472,999.94 in the previous year, marking an increase of 39.8%[74]. - The company reported a significant increase in cash received from other operating activities, totaling CNY 162.53 million, compared to CNY 173.83 million in the previous year[79]. Cash Flow and Liquidity - The net cash flow from operating activities decreased by 37.77% to ¥2,724,290,560.36 from ¥4,377,734,289.02 in the same period last year[14]. - The company's cash and cash equivalents at the end of the period were ¥7,368,583,426.68, a 31.47% increase from ¥5,604,787,630.39 at the end of the previous year[28]. - Operating cash inflow for the first half of 2021 was CNY 34.31 billion, an increase of 20.5% compared to CNY 28.54 billion in the same period of 2020[79]. - Cash inflow from investment activities totaled CNY 1.26 billion, while cash outflow was CNY 1.21 billion, resulting in a net cash flow of CNY 52.42 million, a significant recovery from a net outflow of CNY 49.40 million in the previous year[80]. - The total cash and cash equivalents at the end of the first half of 2021 stood at CNY 7.36 billion, a decrease from CNY 7.88 billion at the end of the first half of 2020[80]. Assets and Liabilities - The total assets at the end of the reporting period were ¥20,086,134,051.05, an increase of 2.67% from ¥19,563,274,343.85 at the end of the previous year[14]. - Total liabilities reached CNY 10,309,737,317.25, compared to CNY 10,148,840,217.15 at the end of 2020, indicating an increase of about 1.58%[67]. - Accounts receivable rose significantly by 341.85% to ¥663,230,320.72, compared to ¥150,104,254.28, mainly due to increased sales by subsidiaries[29]. - The total liabilities decreased by 30.91% in financing activities, with net cash outflow reaching ¥1,009,188,784.45 compared to ¥770,881,289.68 previously[25]. - The total equity attributable to shareholders rose to CNY 8,356,406,986.50 from CNY 7,964,899,088.05, an increase of about 4.93%[67]. Operational Highlights - The retail sales of gold and silver jewelry in China for the first half of 2021 reached 152.63 billion yuan, showing a significant year-on-year increase of 59.9%[18]. - The company has established two advanced jewelry production bases in Dongguan, enhancing production efficiency and product quality through modern automated equipment[19]. - The company launched 108 licensed products for the 10th China Flower Expo, including 26 officially designated products in precious metals and jewelry[22]. - The company is implementing a new round of "Double Hundred Action" reforms, selecting 14 subsidiaries to promote the professional manager system[21]. - The company is focusing on expanding its market presence and enhancing its product system through targeted marketing strategies and participation in major events[22]. Corporate Governance and Compliance - The company did not have any non-operating fund occupation by controlling shareholders or related parties during the reporting period[4]. - There were no significant risks or violations of decision-making procedures reported in the half-year report[4]. - The company did not have any major litigation or arbitration matters during the reporting period[53]. - There were no significant related party transactions disclosed during the reporting period[55]. - The company did not have any major contracts or their performance issues during the reporting period[59]. Strategic Initiatives - The company plans to continue expanding its market presence and investing in new product development to drive future growth[26]. - The company has maintained zero major environmental pollution incidents during the reporting period, emphasizing its commitment to environmental protection[46]. - The company has committed to ongoing "precise poverty alleviation" efforts, contributing to education and health in impoverished areas[47]. - The company is actively pursuing market expansion and new product development strategies[188]. Accounting Policies and Financial Reporting - The company has implemented new accounting policies affecting financial reporting and asset valuation[187]. - The financial statements are prepared based on the principle of going concern, with no significant doubts about the company's ability to continue operations in the next 12 months[100]. - The company recognizes revenue based on the progress of performance obligations, confirming revenue at a point in time or over time depending on specific criteria[166]. - The company recognizes right-of-use assets and lease liabilities when acting as a lessee[176]. - The company has established methods for determining expected credit losses for various financial instruments, ensuring compliance with accounting standards[135].

Financial Performance - Net profit attributable to shareholders rose by 74.46% to CNY 648.47 million year-on-year[4] - Operating revenue grew by 18.70% to CNY 17.20 billion compared to the same period last year[4] - Basic earnings per share increased by 74.47% to CNY 1.2396[5] - The company reported a net profit excluding non-recurring gains and losses of CNY 433.66 million, a 12.97% increase year-on-year[4] - Net profit for Q1 2021 reached ¥797,174,296.33, a significant increase of 63.9% from ¥486,721,777.58 in Q1 2020[23] - The comprehensive income total for Q1 2021 was ¥804,589,938.52, compared to ¥485,480,272.52 in Q1 2020, reflecting a growth of 65.7%[23] Assets and Liabilities - Total assets increased by 11.62% to CNY 21.84 billion compared to the end of the previous year[4] - Cash and cash equivalents increased by 4,144,462,853.98 RMB, a growth rate of 73.95%, primarily due to increased bank deposits from subsidiaries[11] - Accounts receivable rose by 663,783,979.08 RMB, a growth rate of 442.22%, mainly due to uncollected receivables from a subsidiary[12] - Total current assets reached ¥20,628,855,732.82, up from ¥18,751,673,610.81, indicating a growth of approximately 10.0% year-over-year[17] - Total liabilities reached ¥11,618,285,653.28, compared to ¥10,148,840,217.15, indicating an increase of approximately 14.5% year-over-year[19] - Current liabilities increased to ¥10,308,802,391.77 from ¥9,169,688,550.19, representing a rise of about 12.4% year-over-year[19] Cash Flow - Net cash flow from operating activities slightly increased by 0.23% to CNY 2.93 billion[4] - Net cash flow from operating activities for Q1 2021 was ¥504,342,763.58, an increase of 67.5% compared to ¥301,235,728.82 in Q1 2020[31] - The total cash inflow from operating activities in Q1 2021 was ¥18,299,667,797.74, compared to ¥14,923,795,267.77 in Q1 2020, reflecting a growth of approximately 22.5%[29] - The cash flow from financing activities in Q1 2021 was a net inflow of ¥1,165,386,654.87, significantly higher than the net inflow of ¥495,833,284.48 in Q1 2020[30] Shareholder Information - The total number of shareholders reached 44,235 at the end of the reporting period[7] - The largest shareholder, Shanghai Huangpu District State-owned Assets Supervision and Administration Commission, holds 42.09% of the shares[7] Research and Development - R&D expenses for Q1 2021 increased by 2,201,215.24 RMB, a growth rate of 59.47%, due to increased investment in R&D by subsidiaries[13] - Research and development expenses increased to ¥5,902,464.13 in Q1 2021, up from ¥3,701,248.89 in Q1 2020, marking a rise of 59.7%[22] Other Financial Metrics - The weighted average return on equity improved by 2.66 percentage points to 7.82%[4] - The company reported a gross profit margin of approximately 4.5% for Q1 2021, compared to 9.5% in Q1 2020[22] - The company's management expenses decreased to ¥3,071,670.11 in Q1 2021 from ¥3,920,562.32 in Q1 2020, a reduction of approximately 21.7%[25] - The company's financial expenses improved to -¥2,938,166.85 in Q1 2021 from -¥4,953,987.24 in Q1 2020, indicating a positive change in financial management[25]

Financial Performance - The company's operating revenue for 2020 was CNY 51.72 billion, an increase of 4.22% compared to CNY 49.63 billion in 2019[17]. - The net profit attributable to shareholders for 2020 was CNY 1.59 billion, representing a growth of 12.64% from CNY 1.41 billion in 2019[17]. - The net cash flow from operating activities reached CNY 2.35 billion, a significant increase of 287.23% compared to a negative cash flow of CNY 1.25 billion in 2019[17]. - The total assets of the company at the end of 2020 were CNY 19.56 billion, up 13.87% from CNY 17.18 billion at the end of 2019[19]. - The company's net assets attributable to shareholders increased to CNY 7.96 billion, reflecting a growth of 13.46% from CNY 7.02 billion in 2019[17]. - Basic earnings per share for 2020 were CNY 3.0319, an increase of 12.64% compared to CNY 2.6916 in 2019[19]. - The total profit for 2020 was 2.794 billion yuan, exceeding the board's target of 2.545 billion yuan by 109.78%, and showing a 12.08% increase from 2.493 billion yuan in 2019[30]. - The net profit attributable to shareholders was 1.586 billion yuan, surpassing the board's target of 1.435 billion yuan by 110.52%, and up 12.64% from 1.408 billion yuan in 2019[31]. Market and Industry Insights - In 2020, the retail sales of gold and silver jewelry in China were RMB 237.6 billion, a decrease of 4.7% year-on-year[26]. - The actual gold consumption in China was 820.98 tons in 2020, a decrease of 18.13% compared to 2019[26]. - The company faced a challenging market environment in 2020 but maintained a commitment to strengthening its operations and competitive advantages[26]. - The company's main business, represented by the "Lao Feng Xiang" brand, accounted for 99.12% of total revenue and 94.89% of total profit in 2020[25]. Strategic Initiatives and Future Plans - The company aims to deepen reforms and solidify its development foundation as part of its strategic goals for the future[26]. - The company plans to distribute a cash dividend of CNY 12.50 per 10 shares, totaling CNY 653.90 million, based on the total share capital as of December 31, 2020[4]. - The company aims for a total revenue of 57.5 billion yuan in 2021, representing an 11.17% increase from 2020[66]. - The total profit target for 2021 is set at 3.081 billion yuan, reflecting a 10.26% growth compared to the previous year[66]. - The company plans to open at least 200 new retail outlets, including franchise stores and counters, in 2021[69]. - The company will focus on developing 1-2 emerging regional markets with annual sales exceeding 2 billion yuan each[69]. Corporate Governance and Compliance - The company has no major litigation or arbitration matters for the year[90]. - The independent directors support the 2020 profit distribution plan, stating it aligns with legal regulations and the company's operational status[80]. - The company has engaged an accounting firm for RMB 1,900,000 for audit services for the year[87]. - The company is in compliance with commitments related to major asset restructuring without a set deadline for performance[83]. Social Responsibility and Community Engagement - The company actively participated in social responsibility initiatives, donating RMB 3 million to support COVID-19 relief efforts and providing rent reductions totaling RMB 10.53 million to 60 small and micro enterprises[32]. - The company engaged in cash asset management, with a total of RMB 1,700,000,000 in money market funds, with no overdue amounts reported[98]. - The company has maintained a zero record for major environmental pollution incidents in 2020, emphasizing its commitment to environmental protection[109]. Research and Development - The company applied for 398 patents in 2020, with 716 effective patents, enhancing its core competitiveness in the market[35]. - The company reported a research and development expense of CNY 20,011,625.42 for 2020, a decrease from CNY 22,166,397.39 in 2019[172]. Shareholder Information - The total cash dividend amount for 2020 is RMB 653,897,205, based on a total share capital of 523,117,764 shares[79]. - The top ten shareholders hold a total of 220,171,793 shares, representing 42.09% of the total shares outstanding[119]. - The largest shareholder, Shanghai Huangpu District State-owned Assets Supervision and Administration Commission, has no restricted shares[119]. Financial Position and Assets - The total assets at the end of the period were significantly impacted by a 59.61% decrease in accounts receivable, totaling ¥150,104,254.28[52]. - The company reported a significant increase in inventory, which stood at ¥11,882,149,184.17 in 2020, compared to ¥11,405,032,386.18 in 2019, reflecting an increase of approximately 4.19%[165]. - The total liabilities increased to CNY 22,345,755.91 in 2020, compared to CNY 19,688,242.31 in 2019, indicating a rise of 8.39%[170]. Operational Efficiency - The company reduced sales expenses by 7.50% and management expenses by 12.75% compared to the previous year, indicating improved cost management[37]. - The company reported a net profit margin of 12%, reflecting improved operational efficiency and cost management measures[135].

Financial Performance - Net profit attributable to shareholders increased by 5.73% to CNY 1,232,583,653.68 year-to-date[5] - Revenue for the year-to-date reached CNY 43,866,605,870.18, reflecting a 4.12% increase year-on-year[5] - Basic and diluted earnings per share increased by 5.73% to CNY 2.3562[7] - Total operating revenue for Q3 2020 reached ¥17,379,590,256.02, a 23.4% increase from ¥14,023,772,862.61 in Q3 2019[27] - Net profit for Q3 2020 was ¥647,889,842.50, compared to ¥555,565,689.61 in Q3 2019, reflecting a 16.6% increase[29] - The company reported a total profit of ¥875,510,349.29 for Q3 2020, compared to ¥747,846,495.28 in Q3 2019, marking a 16.9% increase[29] Assets and Liabilities - Total assets increased by 12.75% to CNY 19,371,365,183.24 compared to the end of the previous year[5] - The total number of shareholders reached 44,078, with the largest shareholder holding 42.09% of the shares[11] - Accounts receivable surged by 1,425.17% to CNY 5,667,732,749.07 compared to the beginning of the year[12] - The total accounts receivable increased by CNY 5,296,120,399.06, representing a growth rate of 1425.17%, primarily due to the receivables from the September holiday order meeting[14] - Total liabilities reached RMB 10.31 billion, compared to RMB 8.84 billion, representing an increase of about 16.6%[23] - The company's equity attributable to shareholders rose to RMB 7.66 billion from RMB 7.02 billion, reflecting an increase of about 9.2%[23] Cash Flow - Operating cash flow improved significantly, with a net cash flow from operating activities of CNY 1,182,840,051.03, a 204.95% increase compared to the same period last year[5] - The net cash flow from operating activities for the first nine months of 2020 increased by CNY 2,309,857,880.24 compared to the same period last year[17] - The net cash flow from operating activities for Q3 2020 was 1,182,840,051.03 CNY, a significant improvement compared to -1,127,017,829.21 CNY in Q3 2019[35] - Cash inflow from financing activities reached 9,864,500,000.00 CNY, an increase from 7,775,000,000.00 CNY in Q3 2019[35] - The total cash inflow from operating activities for the first three quarters of 2020 was 1,474,638,784.38 CNY, compared to 1,362,998,368.09 CNY in the same period of 2019[36] Inventory and Receivables - Inventory decreased by CNY 3,767,786,469.81, a decline of 33.04%, mainly due to reduced stock levels at a subsidiary[14] - Other receivables increased by CNY 67,275,615.73, a growth rate of 195.45%, attributed to increased export exhibition product guarantee deposits[14] - The company's contract liabilities increased by CNY 416,769,934.86, reflecting a 100% increase due to the implementation of new accounting standards[14] Financial Ratios and Returns - The weighted average return on net assets decreased by 1.13 percentage points to 16.42%[7] - Gross profit margin improved as cost of goods sold decreased to CNY 1,468,808.88 from CNY 1,591,455.04, resulting in a gross profit of CNY 5,705,266.08[31] - Basic earnings per share for Q3 2020 was CNY 0.9400, up from CNY 0.8156 in Q3 2019, reflecting improved performance despite net losses[30] Future Outlook - Future outlook includes a focus on expanding market presence and enhancing product offerings to drive revenue growth despite current challenges[30]

Financial Performance - The company's operating revenue for the first half of 2020 was ¥26,487,015,614.16, a decrease of 5.76% compared to ¥28,105,030,188.00 in the same period last year[13]. - The net profit attributable to shareholders of the listed company was ¥740,855,100.01, showing a slight increase of 0.24% from ¥739,115,032.04 in the previous year[13]. - The total profit for the first half of 2020 was 1.323 billion RMB, meeting 51.98% of the board's target of 2.545 billion RMB, an increase of 0.99% year-on-year[17]. - The company's revenue for the first half of 2020 reached 26.487 billion RMB, achieving 50.45% of the board's target of 52.5 billion RMB, a decrease of 5.76% compared to the same period in 2019[17]. - The basic earnings per share for the first half of 2020 were ¥1.4162, a slight increase of 0.24% from ¥1.4129 in the same period last year[14]. - The net profit attributable to the listed company was 741 million RMB, achieving 51.61% of the board's target of 1.435 billion RMB, with a year-on-year increase of 0.27%[17]. - The total comprehensive income for the first half of 2020 was CNY 960,472,999.94, a decrease from CNY 966,453,098.05 in the same period of 2019[79]. - The company reported a net profit of CNY 962,577,840.01, down from CNY 973,101,726.43 in the previous year, reflecting a decrease of 1.5%[78]. Cash Flow and Liquidity - The net cash flow from operating activities increased significantly by 85.83%, reaching ¥4,377,734,289.02 compared to ¥2,355,830,863.55 in the same period last year[13]. - The company's cash and cash equivalents at the end of the period were ¥7,887,799,201.74, representing 43.49% of total assets, an increase of 82.58% from ¥4,320,187,328.00 at the end of the previous year[28]. - The net cash flow from operating activities was 4,377,734,289.02 RMB, an increase from 2,355,830,863.55 RMB in the previous period, reflecting a significant improvement[84]. - The total cash inflow from operating activities amounted to 28,537,693,184.09 RMB, compared to 31,457,221,942.72 RMB in the prior period, indicating a decrease of approximately 9%[84]. - The total cash and cash equivalents at the end of the period were 7,878,342,964.35 RMB, a decrease from 7,967,513,384.14 RMB[85]. - The net increase in cash and cash equivalents was 3,568,155,902.19 RMB, compared to 3,227,941,727.98 RMB in the previous period, indicating a growth of approximately 10.6%[85]. Assets and Liabilities - The total assets of the company at the end of the reporting period were ¥18,138,125,383.51, reflecting a growth of 5.57% from ¥17,180,999,962.74 at the end of the previous year[13]. - The total liabilities as of June 30, 2020, were ¥9,092,430,790.57, compared to ¥8,840,008,238.56 at the end of 2019, marking an increase of about 2.85%[71]. - The company's inventory decreased to ¥7,986,230,626.66 from ¥11,405,032,386.18, showing a decline of approximately 30.88%[70]. - The accounts receivable increased by 158.23% to ¥959,630,717.24, compared to ¥371,612,350.01 at the end of the previous year[28]. - The company's total liabilities amounted to ¥8,840,008,238.56, with current liabilities at ¥7,700,057,935.41[189]. Investments and Subsidiaries - The company has a total of 3,991 marketing outlets as of June 30, 2020, including 19 overseas stores, with a net increase of 98 outlets in the first half of the year[18]. - The company has invested in two design and production bases, enhancing production efficiency and quality through advanced automation technology[19]. - The company has a total of 58 subsidiaries included in the consolidated financial statements as of June 30, 2020[105]. - The company has subsidiaries benefiting from a 20% corporate income tax rate, while the subsidiary in Dongguan enjoys a reduced rate of 15% due to its high-tech enterprise status[195]. Social Responsibility and Community Engagement - The company donated 3 million RMB to support the fight against COVID-19 in Wuhan, demonstrating its commitment to social responsibility[21]. - The company launched a limited edition "Angel Wings" commemorative brooch for healthcare workers, combining traditional craftsmanship with modern technology, with 1,650 pieces produced[21]. - The company invested RMB 286 thousand in poverty alleviation efforts during the reporting period[58]. - The company initiated one industrial poverty alleviation project with an investment of RMB 240 thousand[59]. Risks and Challenges - The company faces risks from macroeconomic uncertainties, including the impact of COVID-19 on consumer markets and slowing growth in the gold and jewelry sector[42]. - Fluctuations in gold prices and exchange rates pose significant risks, as the majority of sales come from gold products[42]. - Inventory management risks arise from the volatility in prices of gold, platinum, silver, diamonds, and other raw materials[43]. Governance and Compliance - The company continues to engage the same accounting firm for financial and internal control audits for 2020[51]. - The company has not disclosed any plans for new products or technologies in this report[3]. - The company has not proposed any profit distribution or capital reserve transfer for the half-year period[46]. - The company has no significant litigation or arbitration matters during the reporting period[52]. - The company has not reported any significant doubts regarding its ability to continue as a going concern[107]. Accounting Policies and Standards - The company implemented the new revenue recognition standards starting January 1, 2020, as mandated by the Ministry of Finance, which required adjustments to the opening balances[61]. - The company has maintained a consistent approach to its financial strategies, with no major changes in accounting policies reported[102]. - The company recognizes expected credit losses for financial assets measured at amortized cost and those measured at fair value through other comprehensive income[127]. - The company applies fair value measurement for remaining equity interests when control is lost, impacting investment income and goodwill[115].

Financial Performance - Net profit attributable to shareholders decreased by 0.56% to CNY 371,697,439.43 year-on-year[4] - Operating income decreased by 3.44% to CNY 14,488,583,962.27 compared to the same period last year[4] - The weighted average return on equity decreased by 0.70 percentage points to 5.16%[4] - Basic earnings per share decreased by 0.57% to CNY 0.7105[4] - The company reported a net profit excluding non-recurring gains and losses increased by 10.33% to CNY 383,881,986.97[4] - Total operating revenue for Q1 2020 was approximately ¥14.49 billion, a decrease of 3.44% from ¥15.01 billion in Q1 2019[21] - Net profit for Q1 2020 was approximately ¥486.72 million, a decrease of 2.79% from ¥501.28 million in Q1 2019[22] - Total comprehensive income for Q1 2020 was approximately ¥485.48 million, a decrease of 2.48% from ¥498.72 million in Q1 2019[22] - The company reported a total profit of approximately ¥675.76 million for Q1 2020, an increase of 1.69% from ¥663.64 million in Q1 2019[22] Assets and Liabilities - Total assets increased by 12.54% to CNY 19,334,881,185.76 compared to the end of the previous year[4] - The company's total liabilities reached ¥10.51 billion, up from ¥8.84 billion, which is an increase of approximately 18.9%[18] - Total current liabilities increased to ¥9.35 billion from ¥7.70 billion, marking a rise of about 21.5%[17] - The company's inventory decreased to ¥8.96 billion from ¥11.41 billion, a decline of approximately 21.5%[16] - The total current assets as of January 1, 2020, were ¥16,405,114,486.58, remaining stable compared to the previous year[31] - Total liabilities amounted to ¥8,840,008,238.56, with current liabilities at ¥7,700,057,935.41 and non-current liabilities at ¥1,139,950,303.15[33] Cash Flow - Net cash flow from operating activities increased significantly by 332.19% to CNY 2,927,240,560.82[4] - The net cash flow from operating activities for Q1 2020 was 2,927,240,560.82 RMB, an increase of 4,187,926,328.43 RMB compared to the same period last year[14] - The net cash flow from financing activities decreased by 1,606,434,042.36 RMB, a decline of 76.41%, primarily due to increased cash payments for debt repayment[14] - Cash flow from operating activities for Q1 2020 was 2,927,240,560.82, a turnaround from -1,260,685,767.61 in Q1 2019[26] - Cash inflow from operating activities reached ¥1,039,240,620.48, up from ¥786,745,868.27 in the same period last year, indicating a growth of approximately 32.2%[28] Shareholder Information - The total number of shareholders at the end of the reporting period was 47,190[6] - The largest shareholder, Shanghai Huangpu District State-owned Assets Supervision and Administration Commission, holds 42.09% of the shares[6] Other Financial Metrics - The company's cash and cash equivalents increased by 3,428,870,868.98 RMB, a growth rate of 79.37% compared to the beginning of the year, primarily due to the increase in cash at its subsidiary Shanghai Laofengxiang Co., Ltd.[10] - Accounts receivable rose by 1,143,546,692.25 RMB, a growth rate of 307.73%, mainly because the subsidiary Shanghai Laofengxiang Silver Building Co., Ltd. extended payment terms to customers due to the pandemic[10] - Other receivables increased by 48,316,416.10 RMB, a growth rate of 140.37%, primarily due to increased export exhibition product insurance deposits at the subsidiary Laofengxiang Jewelry (Hong Kong) Co., Ltd.[11] - Accounts payable increased by 596,848,104.66 RMB, a growth rate of 114.14%, mainly due to unpaid procurement amounts at Shanghai Laofengxiang Co., Ltd.[11] - Contract liabilities increased by 126,230,956.68 RMB, a growth rate of 100.00%, due to the adjustment of the pre-receivable account to contract liabilities under the new accounting standards[11] Research and Development - Research and development expenses increased to approximately ¥3.70 million in Q1 2020, up from ¥3.32 million in Q1 2019, reflecting a growth of 11.55%[21]