Financial Performance - Net profit attributable to shareholders of the listed company was CNY 1,757,247.08, an increase of 118.37% compared to the same period last year[6]. - Operating revenue for the period was CNY 69,766,350.86, a decrease of 17.29% year-on-year[6]. - Net cash flow from operating activities was CNY -12,298,644.15, a decline of 112.1% compared to the same period last year[6]. - Basic earnings per share were CNY 0.0006, an increase of 105.61% year-on-year[6]. - The net profit after deducting non-recurring gains and losses was CNY -8,389,299.57, a slight improvement of 7.49% compared to the previous year[6]. - Net profit for Q1 2015 was CNY 8,525,361.51, compared to a net loss of CNY 1,633,896.95 in the previous year[35]. - The total comprehensive income for Q1 2015 was CNY 8,525,361.51, compared to a comprehensive loss of CNY -1,633,896.95 in the same period last year[35]. Assets and Liabilities - Total assets at the end of the reporting period were CNY 12,549,232,430.46, a decrease of 0.18% compared to the end of the previous year[6]. - Current liabilities totaled CNY 657,558,957.55, a decrease of 3.5% from CNY 682,395,541.02[24]. - Total liabilities reached CNY 660,925,860.85, down from CNY 685,535,117.43, indicating a reduction of 3.6%[24]. - Owner's equity totaled CNY 11,888,306,569.61, a slight increase from CNY 11,886,658,925.63[24]. - The total cash and cash equivalents at the end of the period amounted to 8,903,575,727.60 RMB, down from 12,000,270,782.62 RMB at the beginning of the period, reflecting a net decrease of 3,096,695,055.02 RMB[41]. Shareholder Information - The total number of shareholders at the end of the reporting period was 85,754[11]. - The largest shareholder, HNA Logistics Group Co., Ltd., held 602,006,689 shares, accounting for 20.76% of the total shares[11]. Cash Flow and Investments - Cash flow from operating activities was negative at CNY -12,298,644.15, compared to a positive cash flow of CNY 101,638,481.03 in the same period last year[38]. - Cash inflow from investment activities totaled CNY 2,809,880,547.95, while cash outflow was CNY 5,900,000,000.00, resulting in a net cash flow of CNY -3,090,119,452.05[38]. - The company recovered investment cash of ¥2,800,000,000.00 from new financial products[14]. Government Subsidies and Other Income - The company received government subsidies amounting to CNY 362,397.73 during the reporting period[6]. - Non-operating income skyrocketed by 809.02% to ¥362,697.73 due to new government subsidies[13]. Strategic Plans and Commitments - The company plans to manage idle raised funds through various financial products, with a maximum total of ¥7 billion[16]. - The company commits to not engaging in any business activities that may compete with Tianjin Shipping and its subsidiaries during the control period[17]. - The company has pledged to manage the raised funds in a centralized manner, ensuring they are used exclusively for the intended projects[17]. - The company will facilitate the implementation of the investment projects before the issuance of shares is completed[18]. Operational Metrics - Operating costs increased to CNY 21,684,007.69, up 11.7% from CNY 19,401,994.19 in the same period last year[34]. - The company reported a significant decrease in cash received from sales, totaling CNY 64,262,914.96, down from CNY 86,689,982.32 in the previous year[38].

Financial Performance - The net profit attributable to the parent company for 2014 was ¥78,939,766.13, resulting in a negative cumulative undistributed profit at the end of the year[2]. - The company's operating revenue for 2014 was approximately RMB 423.62 million, representing a year-on-year increase of 26.31% compared to RMB 335.38 million in 2013[27]. - The net profit attributable to shareholders for 2014 was RMB 78.94 million, a significant recovery from a loss of RMB 130.24 million in 2013[27]. - Basic earnings per share for 2014 were RMB 0.0843, a turnaround from a loss of RMB 0.1459 per share in 2013, marking an increase of 157.78%[28]. - The weighted average return on equity for 2014 was 23.25%, an increase of 145.25 percentage points from -122% in 2013[28]. - The total operating revenue for the current period reached ¥423,622,957.07, a 26.3% increase from ¥335,378,879.16 in the previous period[198]. - The company reported a net loss of ¥855,020,285.83, improving from a loss of ¥909,886,274.23[196]. - The total comprehensive income for the current period was ¥78,926,828.61, compared to a total comprehensive loss of ¥130,185,611.00 in the previous period[199]. Business Expansion and Strategy - The company has expanded its business scope to include international ship container transportation, warehousing services, and international freight forwarding, among others[20]. - The company plans to increase its business scope to include oil tanker transportation and liquefied natural gas transportation, subject to shareholder approval[20]. - The company plans to adjust its development strategy to focus on shipping, logistics, trade, and related financial services, aiming to create an international shipping platform[51]. - The company aims to leverage the policy benefits from the Tianjin Free Trade Zone and the "Belt and Road" initiative for future growth[57]. - The company plans to purchase 10 VLCC oil tankers and 4 LNG vessels, with a total investment of ¥8.4 billion allocated for these acquisitions[62]. - The company has successfully completed its operational targets for domestic and international shipping routes, exceeding indicators such as voyage completion, container transport volume, and stowage rate[68]. - New shipping routes have been opened, including the Rizhao-Qianshan and Nanjing-Incheon routes, contributing to the company's recognition as one of the top three in domestic container shipping[68]. Financial Position and Capital Structure - The total assets at the end of 2014 were approximately RMB 12.57 billion, a substantial increase of 4,146.25% compared to RMB 296.08 million at the end of 2013[27]. - The company's net assets attributable to shareholders at the end of 2014 were approximately RMB 11.90 billion, a dramatic increase of 28,315.56% from RMB 41.86 million at the end of 2013[27]. - The total liabilities increased to ¥685,535,117.43, reflecting a growth of 160.06% due to new borrowings of ¥250 million[55]. - The equity attributable to shareholders reached ¥11,895,205,496.57, a staggering increase of 28,315.56% from the previous period[55]. - The debt-to-asset ratio improved significantly from 89.03% at the beginning of the period to 5.45% at the end of the period, enhancing its financial stability[126]. - The total number of shares increased from 892,648,820 to 2,899,337,783 after the issuance of new shares, representing a 225.5% increase[109]. Audit and Compliance - The company received a standard unqualified audit report from PwC Zhongtian[4]. - The board of directors and management have confirmed the accuracy and completeness of the annual report[4]. - The internal control audit conducted by PwC resulted in an unqualified opinion, affirming the effectiveness of the internal control over financial reporting[184]. - The company has established a comprehensive internal control system to ensure compliance and risk management, aligning with regulatory requirements and industry standards[183]. - The company has improved its corporate governance structure and internal accountability mechanisms during the reporting period[167]. Shareholder and Ownership Structure - The largest shareholder, HNA Logistics, now holds a 20.76% stake following the issuance, resulting in a change of control for the company[125]. - The total number of shareholders as of the end of the reporting period was 76,959, down from 82,514 five trading days prior[127]. - HNA Logistics committed to invest no less than RMB 3.6 billion to subscribe for Tianjin Shipping's non-public offering of shares[98]. - The lock-up period for the shares subscribed by HNA Logistics is set for 36 months from the end of the non-public offering[98]. - The company has a strategy to manage share transfers carefully, with specific limits on the percentage of shares that can be sold within certain time frames[133]. Risk Management - The company emphasizes the importance of investment risk awareness regarding forward-looking statements in the report[3]. - The risk management system has been optimized, achieving zero risk incidents during the reporting period[57]. - The company faces risks from macroeconomic fluctuations, market competition, operational safety, and currency exchange rates, particularly as its routes are primarily settled in USD[70]. Legal and Regulatory Matters - The company received a court ruling for a debt of ¥66,202.65 thousand, which has been settled, and the company has withdrawn the lawsuit[78]. - The company paid a settlement amount of ¥1.67 billion (approximately ¥891.9 million) to Tianjin Tianhai Shipping Co., Ltd. as part of a legal resolution[79]. - The company has faced disciplinary action from the Shanghai Stock Exchange due to inaccuracies in the 2013 performance forecast, leading to a public reprimand for several executives[104]. Employee and Management Compensation - The total number of employees in the parent company and major subsidiaries is 770, with 554 in production roles[157]. - The total compensation for all directors, supervisors, and senior management amounted to 1.408 million yuan[153]. - The total remuneration for the chairman, Huang Gan, is 3.5 million yuan, with no change in shareholding during the reporting period[146]. Sustainability and Environmental Initiatives - The company has focused on energy conservation and environmental protection, implementing new technologies to reduce emissions and enhance sustainability[74]. - A focus on sustainability initiatives is anticipated to reduce operational costs by 8% over the next two years[148].

Financial Performance - Operating revenue for the first nine months rose by 48.30% to CNY 308,629,401.59 year-on-year[7] - Net profit attributable to shareholders was CNY 3,551,044.69, a significant recovery from a loss of CNY 55,283,632.77 in the same period last year[7] - The weighted average return on net assets improved to 8.14% from -41.14% year-on-year[7] - Basic earnings per share increased to CNY 0.0040 from a loss of CNY 0.0600 in the previous year[9] - Total revenue for Q3 2014 reached CNY 105,375,684.39, an increase of 32.6% compared to CNY 79,470,181.63 in the same period last year[32] - The company reported a net loss of CNY 5,551,983.34 for Q3 2014, compared to a loss of CNY 11,479,240.84 in the same quarter last year[32] - The total profit for the first nine months of 2014 was a loss of CNY 15,291,357.88, compared to a loss of CNY 20,042,842.46 in the same period last year, indicating a 23.5% improvement[36] Cash Flow and Liquidity - The company reported a net cash flow from operating activities of CNY -19,527,208.47 for the first nine months, compared to CNY -17,680,225.64 in the same period last year[7] - Cash inflow from operating activities totaled CNY 294,079,795.93, down 33% from CNY 439,249,012.05 in the same period last year[37] - Cash inflow from financing activities totaled CNY 468,137,492.44, with a net cash flow of CNY 434,127,997.71 after outflows[39] - The net cash flow from operating activities was negative at CNY -243,839,709.67, compared to CNY -14,125,968.99 in the same period last year[42] - Total cash and cash equivalents at the end of the period reached CNY 429,502,742.17, a decrease from CNY 25,825,352.04 at the beginning of the period[39] - The company experienced a foreign exchange impact of CNY 1,531.98 on cash and cash equivalents, compared to a negative impact of CNY -4,515.81 last year[43] Assets and Liabilities - Total assets increased by 132.35% to CNY 744,364,809.85 compared to the end of the previous year[7] - The company's cash and cash equivalents increased significantly to ¥429,502,742.17 from ¥25,825,352.04, representing a growth rate of 1563% due to increased financing loans and support from major shareholders[18] - Current liabilities totaled CNY 928,287,133.19, significantly increasing from CNY 427,655,746.56 at the start of the year, indicating a rise of 117.5%[30] - The total liabilities reached CNY 928,287,133.19, compared to CNY 439,288,953.86 at the beginning of the year, indicating an increase of 111.5%[30] - Short-term borrowings surged to ¥263,180,000.00 from ¥24,200,000.00, marking a 988% increase attributed to additional financing loans[18] Shareholder Information - The total number of shareholders reached 66,043 by the end of the reporting period[14] - The largest shareholder, Daxin Hua Holdings, holds 29.98% of the shares, totaling 267,625,043 shares[14] - The company has committed to strict adherence to shareholding commitments post equity division reform, ensuring no more than 5% of shares are sold within the first twelve months[21] Government Support and Subsidies - The company received government subsidies amounting to CNY 39,500, which are closely related to its normal business operations[11] Operational Insights - The company has not disclosed any new product developments or market expansion strategies in this report[6] - The company’s other operating income increased by 60% to ¥3,133,347.96 from ¥1,957,496.16, due to the settlement of long-term unpaid debts by member companies[18] - The company incurred operating costs of CNY 26,332,482.56 in Q3 2014, a decrease of 4.1% from CNY 27,465,317.46 in Q3 2013[35] - Management expenses for Q3 2014 were CNY 1,925,925.30, down 46.9% from CNY 3,623,690.48 in the same period last year[35] - Financial expenses increased significantly to CNY 6,521,843.14 in Q3 2014, compared to CNY 559,118.57 in Q3 2013[35]

Financial Performance - In the first half of 2014, Tianjin Marine Shipping achieved operating revenue of RMB 203.25 million, a 58% increase compared to the same period last year[20]. - The net profit attributable to shareholders was RMB 6.79 million, marking a turnaround from a loss of RMB 25.60 million in the previous year[20]. - The basic earnings per share for the period was RMB 0.0076, compared to a loss of RMB 0.0287 per share in the same period last year[20]. - The weighted average return on net assets was 14.92%, a significant improvement from -17.16% in the previous year[20]. - The total assets increased by 20.91% to RMB 735.05 million compared to the end of the previous year[20]. - Operating revenue increased by 58% to CNY 203,253,717.20 compared to CNY 128,641,581.94 in the previous year[25]. - Operating costs rose by 23.02% to CNY 165,204,535.18 from CNY 134,286,963.64[25]. - The net cash flow from operating activities was negative at RMB -6.71 million, a decline of 105.58% compared to the previous year[20]. - The net cash flow from financing activities surged by 2,245.43% to CNY 426,599,949.71 from CNY 18,188,554.84[26]. - The gross margin for ship transportation increased by 24.01 percentage points to 7.89%[29]. Operational Efficiency - The company maintained a 100% operational rate for its shipping services, with a total of 58,632 TEUs transported during the period[23]. - The company achieved a 100% operational safety rate with no reported accidents during the reporting period[24]. - The company expanded its shipping routes, including a new service from Shanghai to the Yangtze River, enhancing export channels[23]. - The company completed the preparation for new shipping routes, including the Rizhao Quanshan line and the Nanjing-Incheon line[28]. - The company expanded its market presence by increasing cargo volume through partnerships with ports like Ningbo[28]. Legal and Compliance Issues - The company is involved in a lawsuit regarding labor disputes with 91 crew members, seeking compensation for unpaid social insurance contributions[39]. - The company is facing a lawsuit for a debt claim of 2.6 billion yen[39]. - The company has initiated legal proceedings in Tianjin High Court to recover compensation and overdue interest totaling 148,948,253.38 yuan[38]. - The company is actively pursuing legal actions to protect shareholder rights and recover financial losses[38]. - The company has reported ongoing litigation that may impact its financial position and obligations[39]. Corporate Governance - The company held 5 shareholder meetings and 7 board meetings during the reporting period, focusing on related transactions and internal governance improvements[53]. - The company established an internal accountability management system to enhance internal control mechanisms[54]. - The company’s governance structure was enhanced to align with the requirements of the Company Law and Securities Law[53]. - The company is committed to ongoing improvements in corporate governance and internal control systems[53]. Shareholder Information - As of June 30, 2014, the total number of shares was 892,648,820, with 63.16% being unrestricted circulating shares[58]. - The largest shareholder, Daxin Logistics Holdings (Group) Co., Ltd., held 29.93% of the shares, totaling 267,178,476 shares, which are frozen[68]. - The company reported a total of 60,708,477 shares held by shareholders, with no changes during the reporting period[67]. - The total number of shareholders at the end of the reporting period was 61,136[68]. Cash Flow and Liquidity - The cash flow from operating activities showed a net outflow of RMB -6,709,341.95, a significant decrease compared to the previous period's inflow of RMB 120,206,222.09[94]. - The total cash inflow from operating activities was RMB 207,539,211.00, while cash outflow amounted to RMB 214,248,552.95, resulting in a negative cash flow[94]. - The net increase in cash and cash equivalents was RMB 408,992,262.19, up from RMB 114,860,265.95 in the previous period[96]. - The ending balance of cash and cash equivalents reached RMB 434,817,614.23, compared to RMB 151,782,502.84 at the end of the last period[96]. Asset Management - The company's total assets surged from CNY 320,362,604.34 to CNY 735,050,370.08, demonstrating robust asset growth[82]. - The company's total current assets increased significantly from CNY 169,428,189.41 at the beginning of the year to CNY 588,260,376.46 by June 30, 2014, marking a substantial growth[80]. - The company reported a decrease in inventory from CNY 5,600,137.39 to zero, indicating a potential shift in inventory management strategy[80]. - The total fixed assets at the end of the period amounted to CNY 325,565,091.72, with an increase of CNY 49,795.91 during the period[191]. Future Outlook - The company projects a revenue growth of approximately 5% for the second half of 2014, driven by anticipated market expansion[62]. - The company is exploring potential mergers and acquisitions to strengthen its market position, with a budget of 350,000 million earmarked for strategic investments[61]. - Market expansion initiatives are underway, targeting new regions with a projected increase in market share by 10% by the end of 2014[62]. - The company is committed to sustainability, with plans to invest 200,000 million in eco-friendly practices and technologies[62]. Financial Reporting and Compliance - The financial statements are prepared on a going concern basis, ensuring the company's ongoing viability in the market[122]. - The company adheres to the accounting standards, ensuring that financial statements accurately reflect its financial position and operating results[123]. - The company has not reported any changes in accounting policies or estimates during the reporting period[159]. - The company operates under a VAT system with rates of 11% for container shipping services, 17% for ship leasing income, and 6% for agency income, while international transport services enjoy a VAT rate of 0%[161].

Financial Performance - In 2013, the company's operating revenue was CNY 335,378,879.16, an increase of 164.56% compared to CNY 126,770,194.79 in 2012[22] - The net profit attributable to shareholders was a loss of CNY 130,239,283.87, a decrease of 140.48% from a profit of CNY 321,749,562.18 in 2012[22] - The basic earnings per share for 2013 was -0.1459, a decline of 122.34% compared to 0.6531 in 2012[20] - The net cash flow from operating activities was CNY 147,876,970.12, an increase of 427.25% from CNY 28,046,664.31 in 2012[22] - The total assets decreased by 48.82% to CNY 320,362,604.34 at the end of 2013 from CNY 625,931,718.77 at the end of 2012[22] - The net assets attributable to shareholders dropped by 75.58% to CNY 41,861,598.24 at the end of 2013 from CNY 171,452,996.02 at the end of 2012[22] - The weighted average return on net assets was -122% in 2013, compared to -82% in 2012[20] - The company reported a cumulative net profit available for distribution to shareholders as negative, indicating no capacity for cash distribution[52] - The company reported a total revenue of 591.74 million USD for the year 2013, reflecting a significant increase compared to the previous year[57] - The company reported a net loss of CNY 130,239,283.87 for the year, compared to a profit of CNY 53,672.87 in the previous year[148] Operational Highlights - The company has expanded its business scope to include international container shipping and logistics services[16] - The total transportation volume for foreign trade routes was 334,726 tons, with a container utilization rate of 61.10%[26] - The company expanded its domestic trade routes, achieving domestic trade revenue of RMB 91,048,400, a staggering increase of 14,549.78%[30] - The company maintained a 100% safety operation rate throughout the year, with no incidents of machinery or marine damage[28] - The company is focusing on transforming its business model by developing coastal container transportation while leveraging private placements for strategic investments[46] - The company is actively pursuing market expansion strategies to enhance its service offerings and operational efficiency[57] - The company is exploring potential mergers and acquisitions to strengthen its market position[57] Financial Strategy and Capital Management - The company initiated a non-public offering project to raise up to RMB 12 billion for the purchase of VLCC and LNG vessels, with remaining funds allocated for working capital[28] - The company plans to raise up to ¥12 billion through a private placement of A-shares to strengthen its capital base, with funds allocated for purchasing VLCC tankers and LNG vessel projects[37] - The company will utilize various financing tools, including equity financing and bank loans, to meet its increased capital expenditure and working capital needs in 2014[50] - The company has a focus on maintaining operational efficiency amidst ongoing legal challenges[58] - The company has no overdue guarantees, maintaining a stable financial position[68] Legal and Compliance Issues - The company faces significant risks as detailed in the annual report, which investors are advised to pay attention to[8] - The company has ongoing litigation involving a compensation amount of 66,202.65 million RMB, with a remaining balance of 143,974,600 RMB[56] - The company is currently involved in ongoing litigation regarding container leasing fees amounting to 28 million USD[57] - The company is involved in a case concerning the payment of social insurance for crew members, with a total of 91 individuals affected[58] - The company is committed to resolving outstanding legal matters to enhance its financial stability[58] Shareholder and Governance Matters - The company completed its share reform in June 2013, with the major shareholder holding 29.93% of the total shares[17] - The total share capital increased to 892,648,820 shares after the implementation of the share reform plan in June 2013[78] - The company’s board of directors approved the purchase of the container ship on May 15, 2013[62] - The company held its second extraordinary general meeting on July 16, 2013, to approve the asset sale[64] - The company’s management team includes individuals with extensive experience in logistics and shipping, such as Liu Junchen, who has been with HNA Group since 2000[95] Employee and Management Information - The total number of employees is 873, with 618 in production, 49 in sales, 71 in technical roles, 51 in finance, and 84 in administration[108] - The total remuneration for the board members and senior management in 2013 amounted to 170.64 million yuan, with a year-on-year increase of 83.61%[94] - The company emphasizes a performance-oriented compensation policy, adjusting salary levels based on market conditions and job contributions[109] - Training programs focus on general skills, safety training, and specialized business training for frontline production staff[109] Market Outlook and Future Plans - The company anticipates a better shipping market in 2014 due to global economic recovery and easing of overcapacity issues, although risks of market volatility remain[46] - The company plans to improve its marketing strategies and expand cargo acquisition channels to enhance market presence[49] - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[154] Financial Reporting and Audit - The financial report was approved by the board on April 28, 2014, ensuring compliance with accounting standards[166] - The annual financial report was audited by Huayin Wuzhou Certified Public Accountants, ensuring compliance with relevant auditing standards[121] - The company confirmed that there were no issues affecting its independence or ability to operate autonomously in relation to its controlling shareholder[120]

Financial Performance - Operating income rose by 52.23% to CNY 84,351,809.79 compared to the same period last year[9] - The company reported a net loss attributable to shareholders of CNY -9,566,020.56, an improvement from CNY -11,035,278.24 in the previous year[9] - Operating profit for the current period is -9,082,923.21, an improvement from -11,127,330.95 in the previous period, showing a reduction in losses of approximately 18.4%[29] - Net profit attributable to the parent company is -9,566,020.56, compared to -11,035,278.24 in the previous period, reflecting a decrease in losses of about 13.3%[30] - Basic and diluted earnings per share are both -0.0107, an improvement from -0.0224 in the previous period[30] Cash Flow - Net cash flow from operating activities improved by 392.67% to CNY 101,638,481.03 compared to the same period last year[9] - Cash flow from operating activities for the current period is 101,638,481.03, compared to -34,728,282.23 in the previous period, indicating a significant turnaround[35] - The company reported a total operating cash inflow of 249,078,236.15, compared to 60,462,119.56 in the previous period, marking a growth of approximately 312.5%[34] - The company experienced a net increase in cash and cash equivalents of 345,307,266.78, compared to a decrease of 22,743,751.2 in the previous period[37] - Cash inflow from financing activities is 254,592,000, compared to 12,000,000 in the previous period, indicating a significant increase in financing[36] Assets and Liabilities - Total assets increased by 106.31% to CNY 660,936,625.93 compared to the end of the previous year[9] - Total liabilities rose to CNY 637,835,465.35 from CNY 287,890,139.7, an increase of 121.0%[22] - Owner's equity decreased to CNY 23,101,160.58 from CNY 32,472,464.64, a decline of 29.5%[22] - Current assets rose significantly to CNY 512,042,605.54 from CNY 169,428,189.41, marking an increase of 202.5%[20] - Total current liabilities increased to CNY 637,835,465.35 from CNY 276,256,932.4, an increase of 130.5%[22] Shareholder Information - The total number of shareholders reached 61,417 as of the report date[12] - The largest shareholder, Daxin Logistics Holdings Group Co., Ltd., holds 29.93% of shares, totaling 267,178,476 shares[12] Expenses - Management expenses increased by 57.05% to CNY 14,858,870.40 due to salary reforms and rising labor costs[15] - Total operating costs increased to 93,434,733 from 66,538,004.47, indicating a rise of about 40.3%[29] Cash and Cash Equivalents - Cash and cash equivalents increased by 2517.58% to CNY 371,132,618.82 due to external loan inflows[15] - Cash and cash equivalents surged to CNY 371,132,618.82 from CNY 25,825,352.04, a remarkable increase of 1,356.5%[20] - Cash and cash equivalents at the end of the period amount to 371,132,618.82, up from 14,178,485.69 in the previous period, showing a substantial increase[37] - The cash and cash equivalents at the end of the period totaled $101,038,543.97, a substantial increase from $5,844,039.15 in the previous period[40] Other Receivables - Accounts receivable increased to CNY 87,980,511.78 from CNY 75,633,853.52, a growth of 16.5%[20] - Other receivables rose to CNY 45,771,073.43 from CNY 51,437,419.85, a decrease of 11.0%[20]