Financial Performance - The company's operating revenue for Q3 2021 was ¥1,636,297,444.68, representing a year-over-year increase of 5.70%[7] - The net profit attributable to shareholders for the same period was ¥241,142,359.28, showing a significant increase of 464.13% compared to the previous year[7] - The net profit attributable to shareholders after deducting non-recurring gains and losses reached ¥226,826,535.21, up 652.13% year-over-year[7] - The basic earnings per share for Q3 2021 was ¥0.16, reflecting a 433.33% increase compared to the same period last year[9] - The diluted earnings per share also stood at ¥0.16, with a similar increase of 433.33% year-over-year[9] - Operating profit for the third quarter of 2021 was ¥841,186,413.81, compared to ¥214,552,068.19 in the third quarter of 2020, marking a significant increase[37] - Net profit for the third quarter of 2021 was ¥791,563,702.03, up from ¥178,999,857.34 in the same quarter of 2020, representing a growth of approximately 341%[37] - Total operating revenue for the first three quarters of 2021 reached ¥5,556,564,790.50, a 33% increase from ¥4,179,487,419.25 in the same period of 2020[34] Assets and Liabilities - The total assets at the end of the reporting period were ¥13,404,946,168.26, a 1.87% increase from the end of the previous year[10] - The equity attributable to shareholders increased by 9.11% to ¥8,612,139,796.09 compared to the end of the previous year[10] - The company's total assets amounted to RMB 13,404,946,168.26, an increase from RMB 13,159,427,998.05 at the end of 2020[25] - Total liabilities decreased to ¥4,792,806,372.17 in 2021 from ¥5,266,591,173.72 in 2020[30] - Total current liabilities decreased to RMB 4,284,645,991.53 from RMB 4,517,570,414.16, indicating a decline of about 5.15%[28] Cash Flow - The net cash flow from operating activities for the year-to-date was ¥990,041,034.64, reflecting a 38.14% increase compared to the previous year[10] - Cash flow from operating activities for the first three quarters of 2021 was ¥5,924,194,355.47, an increase from ¥4,452,168,688.59 in the same period of 2020[41] - The net cash flow from operating activities was $990,041,034.64, an increase of 38.1% compared to $716,672,036.67 in the previous period[43] - The total cash outflow from operating activities amounted to $4,934,153,320.83, up from $3,735,496,651.92, reflecting a 32.2% increase[43] - The net cash flow from investment activities was -$217,725,565.82, an improvement from -$334,698,139.22 in the previous period[43] - The net cash flow from financing activities was -$721,129,874.76, an improvement from -$1,085,675,676.29 in the previous period[43] Shareholder Information - The company reported a total of 26,000,008 shares held in the repurchase account, accounting for 1.73% of total shares[21] - The top ten shareholders collectively hold 74.41% of the company's equity, with the largest shareholder, New Country Investment Development Co., holding 29.72%[22] Research and Development - Research and development expenses for the first three quarters of 2021 were ¥105,831,446.76, compared to ¥83,619,265.84 in the same period of 2020, indicating a focus on innovation[34] Other Financial Metrics - The weighted average return on equity increased by 7.32 percentage points to 9.57% compared to the previous year[10] - The company's cash and cash equivalents reached RMB 770,401,833.96, up from RMB 646,896,696.75 in the previous year, reflecting a growth of approximately 19.06%[25] - Inventory increased to RMB 3,703,224,271.50 from RMB 3,485,934,582.68, representing a rise of about 6.26% year-over-year[25] - The company's accounts receivable decreased to RMB 555,335,566.85 from RMB 658,006,274.09, a decline of approximately 15.61%[25] - Long-term equity investments stood at RMB 2,267,970,409.97, down from RMB 2,318,066,583.88, reflecting a decrease of about 2.15%[28] - The company’s total non-current assets increased to RMB 7,563,949,533.37 from RMB 7,522,271,340.56, showing a growth of approximately 0.55%[28] - The company reported a foreign currency translation difference of ¥68,281,823.15 in the third quarter of 2021, compared to a loss of ¥150,335,237.76 in the same quarter of 2020[39] - Deferred income tax liabilities decreased to ¥25,896,910.51 in 2021 from ¥29,452,816.05 in 2020, reflecting improved tax management[30] - The impact of exchange rate changes on cash and cash equivalents was $87,978,792.28, compared to -$160,331,378.69 previously[45] - The net increase in cash and cash equivalents was $139,164,386.34, a recovery from a decrease of -$864,033,157.53 in the prior period[45] - The ending balance of cash and cash equivalents was $576,454,468.11, down from $650,175,451.75[45] - The company reported a total cash outflow for investing activities of $5,011,893,889.41, compared to $4,448,433,291.93, reflecting a 12.7% increase[43]

Financial Performance - The company's operating revenue for the first half of 2021 was CNY 2,631,461,290.34, representing a year-on-year increase of 48.98%[22] - The net profit attributable to shareholders of the listed company reached CNY 136,253,776.46, a significant increase of 303.97% compared to the same period last year[22] - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 104,777,518.15, up 403.71% year-on-year[22] - The net cash flow from operating activities was CNY 370,024,270.97, reflecting a year-on-year increase of 95.31%[22] - The company achieved a sales revenue of CNY 3.92 billion, representing a 48.98% increase compared to the same period last year[42] - The net profit for the period was CNY 550 million, reflecting strong performance amid market recovery[42] - Basic earnings per share for the first half of 2021 were CNY 0.37, a 311.11% increase compared to CNY 0.09 in the same period last year[22] - The company reported a significant increase in revenue, achieving a total of 1.2 billion yuan for the first half of 2021, representing a year-over-year growth of 15%[102] - The company provided a positive outlook for the second half of 2021, projecting a revenue growth of 10% to 15%[102] Assets and Liabilities - The total assets at the end of the reporting period amounted to CNY 13,159,427,998.05, an increase of 5.16% compared to the end of the previous year[22] - The net assets attributable to shareholders of the listed company were CNY 7,892,836,824.33, up 4.94% from the previous year-end[22] - The company's cash and cash equivalents increased by 100.80% year-over-year, reaching ¥1,298,977,543.91[45] - The total amount of short-term loans rose by 12.94% compared to the previous year, totaling ¥3,941,331,389.77[45] - The company's overseas assets amounted to ¥6,792,202,687.13, accounting for 49.08% of total assets[46] - The total liabilities increased, with a significant portion attributed to short-term bank loans[45] - The total assets as of June 30, 2021, amounted to CNY 6,044,155,684.15, an increase from CNY 5,637,156,657.49 at the end of December 2020, reflecting a growth of approximately 7.2%[137] - The total liabilities at the end of the reporting period were CNY 4,006,848,585.10, reflecting a decrease from CNY 4,006,848,585.10[192] Research and Development - Research and development expenses rose by 47.41% to CNY 77 million, as the company resumed normal spending after pandemic-related reductions[42] - Research and development investments increased by 30%, focusing on innovative technologies and product enhancements[102] Market Position and Strategy - The company has a strong market position as a leading color-spun yarn producer, leveraging its 30 years of industry experience[35] - The company continues to focus on product innovation and market adaptation to meet customer demands[40] - The company is focusing on expanding its market presence and enhancing its product offerings through new technology and product development[50] - The company is actively exploring new strategies for market expansion and product innovation, which are critical for sustaining growth in a competitive landscape[138] Environmental Compliance - The company’s subsidiary, Ningbo Haide, is classified as a key pollutant discharge unit by environmental protection authorities[80] - Ningbo Haide's actual COD discharge was 50.15 tons/year, significantly lower than the approved limit of 196.07 tons/year[81] - The actual nitrogen discharge from Ningbo Haide was 5.09 tons/year, below the approved limit of 36.77 tons/year[81] - The company has established comprehensive environmental risk emergency mechanisms and has filed emergency plans with local governments[87] - No administrative penalties were imposed on the companies during the reporting period for environmental issues[89] Shareholder and Governance - The company has not proposed any profit distribution or capital reserve transfer for the current period[71] - The company has undergone changes in its board and supervisory personnel, with new appointments made to ensure continuity in governance[70] - The total number of ordinary shareholders at the end of the reporting period was 28,250[124] - The company has a significant shareholder structure, with Yang Wei Xin and Yang Wei Guo collectively holding 74.41% of the shares, indicating strong control over the company[129] Cash Flow and Financial Management - Cash flow from operating activities generated approximately ¥722 million, a notable increase from ¥370 million in the prior period[165] - Cash flow from investing activities showed a net outflow of approximately ¥46 million, contrasting with a net inflow of ¥89 million previously, indicating increased investment activity[165] - The company established a strategic partnership with Ningbo Tongshang Bank for comprehensive banking services, enhancing financial management capabilities[107] Challenges and Risks - The textile industry is closely linked to macroeconomic conditions and national policies, facing significant uncertainties due to geopolitical tensions, trade disputes, and the COVID-19 pandemic[60] - Cotton costs account for approximately 60%-70% of the company's production costs, making it vulnerable to price fluctuations driven by climate change and market volatility[61] - The company is exposed to foreign exchange risks due to international procurement and exports, with significant net exposure to USD fluctuations[61] - Rising labor costs and shortages in frontline operations are increasingly prominent, potentially affecting the company's operational efficiency[61] Stock Options and Incentives - The company completed the first phase of the stock option incentive plan with a total of 4 million options granted on March 31, 2021[75] - The second phase of the stock option incentive plan was approved on April 21, 2021, with 2,200,000.08 options granted[76] - The company held a temporary shareholders' meeting on March 30, 2021, to approve the second phase of the stock option incentive plan[76]

2021 年第一季度报告 公司代码：601339 公司简称：百隆东方 百隆东方股份有限公司 2021 年第一季度报告 1 / 22 2021 年第一季度报告 í 重要提示 = 、 公司基本情况 líl 重要事项 四、 附录 ... . 目录 2 / 22 2021 年第一季度报告 单位：元 币种：人民币 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 公司全体董事出席董事会审议季度报告。 1.3 公司负责人杨卫新、主管会计工作负责人潘虹及会计机构负责人（会计主管人员） 董奇涵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 | --- | --- | --- | --- | |----------------------------------------|-------------------|-----------------------|----------------------------- ...

Financial Performance - In 2020, the company achieved a total revenue of ¥6,134,557,248.06, a decrease of 1.40% compared to ¥6,221,786,385.25 in 2019[22] - The net profit attributable to shareholders was ¥366,054,425.04, representing an increase of 22.92% from ¥297,808,907.84 in the previous year[22] - The net profit after deducting non-recurring gains and losses was ¥287,425,427.89, up by 9.16% from ¥263,316,539.88 in 2019[22] - The net cash flow from operating activities reached ¥1,215,437,188.44, an increase of 26.95% compared to ¥957,403,707.46 in 2019[22] - The net profit attributable to shareholders for Q4 2020 was CNY 187,054,567.70, showing a significant increase compared to previous quarters[26] - The operating cash flow for Q4 2020 reached CNY 611,627,050.45, indicating strong cash generation capabilities[26] - Basic earnings per share increased by 25.00% to CNY 0.25 from CNY 0.20[25] - Diluted earnings per share also increased by 25.00% to CNY 0.25 from CNY 0.20[25] - The gross profit margin for the cotton spinning industry segment was 10.58%, a decrease of 5.55 percentage points compared to the previous year[68] Dividend and Profit Distribution - The company plans to distribute a cash dividend of ¥2 per 10 shares, totaling ¥294,800,018.40, based on a total share capital of 1,500,000,000 shares[6] - As of the end of 2020, the accumulated undistributed profits amounted to ¥1,874,619,296.18 after accounting for the legal surplus reserve[6] - In 2020, the company distributed cash dividends totaling 294.8 million RMB, representing 78.22% of its net profit attributable to shareholders[123] - The company’s cash dividend payout ratio reached 104.21% in 2020, indicating a strong commitment to returning value to shareholders[125] Research and Development - The total R&D expenditure was ¥138,617,428.40, accounting for 2.26% of total revenue, with 1,029 R&D personnel, representing 6.20% of the total workforce[81] - The company launched two sets of trendy color cards and received two invention patents and two utility model patents during the reporting period[53] - The company has been focusing on the R&D and production of colored yarn, leveraging a unique processing method that enhances product value and environmental benefits[35] - The company launched 5 new innovative color card series and 2 trend color card series during the reporting period, enhancing its high-value product line[62] Market and Sales Performance - The company generated CNY 2.259 billion in revenue from the sale of grey fabric, accounting for 36.82% of total sales revenue[37] - The revenue from gray fabric was ¥2,259,425,304.40, showing a significant increase of 45.64% year-on-year, with a gross margin of 3.74%, down by 1.34 percentage points[71] - Domestic revenue in China was ¥2,298,895,150.84, a decline of 14.82%, with a gross margin of 1.06%, down by 11.69 percentage points[71] - International revenue reached ¥3,553,835,073.71, an increase of 14.94%, with a gross margin of 16.73%, down by 2.34 percentage points[71] - Yarn production volume was 204,851.44 tons, up by 5.19%, while sales volume was 216,343.31 tons, increasing by 12.31%[72] Operational Efficiency - The company has invested annually in upgrading production lines and dyeing processes to enhance product quality and innovation[55] - The company invested CNY 8.7875 million in equipment upgrades to enhance automation and efficiency, supporting new product development and pandemic response[63] - Sales expenses decreased significantly by 73.26% to CNY 38.13 million, reflecting cost control measures during the pandemic[66] - The company has implemented measures to enhance internal management and reduce costs while improving quality and efficiency[112] Strategic Initiatives - The company emphasizes technological innovation as its core competitive advantage, aiming to be a global leader in the color spinning industry[53] - The company is adapting to market changes by leveraging new sales models such as short videos and live streaming to expand its market reach[106] - The company is addressing labor shortages by investing in automation and intelligent textile machinery[106] - The company has established a production base in Vietnam, which now accounts for 60% of its total capacity with 1 million spindles, enhancing its cost advantage and international competitiveness[111] Financial Position and Assets - The net assets attributable to shareholders decreased by 1.01% to CNY 7,892,836,824.33 from CNY 7,973,621,681.07[25] - Total assets decreased by 8.07% to CNY 13,159,427,998.05 from CNY 14,314,591,438.11[25] - The company’s overseas assets amounted to approximately 6.32 billion RMB, representing 48% of total assets[52] - The company reported a net cash outflow from investment activities of ¥571,246,406.91, attributed to continued investment in expanding production capacity in Vietnam[84] Risk Management - The company faces risks from macroeconomic fluctuations, industry competition, and potential increases in raw material and labor costs[113][116] - The company has not reported any non-operating fund occupation by controlling shareholders or related parties[9] - The company has not violated any decision-making procedures for providing guarantees[9] - The company has not encountered any major accounting errors or changes in accounting policies that would affect its financial statements[138] Corporate Governance - The company’s financial report has been audited by Tianjian Accounting Firm, which issued a standard unqualified opinion[5] - The actual controller and shareholders committed to not transferring or entrusting their shares for 36 months from the date of the company's stock listing, with a limit of 25% share transfer per year after that[128] - The company has committed to avoiding any direct or indirect competition with its main business and will prioritize investment opportunities for its subsidiaries[131] - There are no significant lawsuits or arbitration matters reported for the year[141]

2020 年第三季度报告 公司代码：601339 公司简称：百隆东方 百隆东方股份有限公司 2020 年第三季度报告 1 / 27 2020 年第三季度报告 一、 重要提示 二、 公司基本情况. 11[ 重要事项 四、 附录 目录 2 / 27 2020 年第三季度报告 单位：元 币种：人民币 3 / 27 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 公司全体董事出席董事会审议季度报告。 1.3 公司负责人杨卫新、主管会计工作负责人潘虹及会计机构负责人（会计主管人员）董奇涵保 证季度报告中财务报表的真实、准确、完整。 1.4 本公司第三季度报告未经审计。 二、 公司基本情况 2.1 主要财务数据 | --- | --- | --- | --- | |-----------------------------|------------------------------|-------------------------------------|-------------- ...

Financial Performance - The company's operating revenue for the first half of 2020 was CNY 2,631,461,290.34, a decrease of 8.14% compared to CNY 2,864,510,487.25 in the same period last year [22] - The net profit attributable to shareholders of the listed company was CNY 136,253,776.46, down 39.31% from CNY 224,493,044.47 in the previous year [22] - The net profit after deducting non-recurring gains and losses was CNY 104,777,518.15, a decrease of 54.81% compared to CNY 231,846,851.19 in the same period last year [22] - Basic earnings per share for the first half of 2020 were CNY 0.09, down 40.00% from CNY 0.15 in the same period last year [23] - The weighted average return on net assets was 1.69%, a decrease of 1.18 percentage points compared to 2.87% in the previous year [23] - The total profit for the first half of 2020 was CNY 150,930,113.57, compared to CNY 249,669,717.05 in the same period of 2019, indicating a decrease of approximately 39.5% [146] - The total comprehensive income for the first half of 2020 was CNY 171,176,509.13, compared to CNY 195,588,038.07 in the same period of 2019, showing a decrease of approximately 12.5% [146] Cash Flow and Assets - The net cash flow from operating activities was CNY 370,024,270.97, compared to a negative cash flow of CNY -509,882,072.16 in the previous year [22] - Cash and cash equivalents at the end of the period amounted to ¥370,742,242.34, restricted due to margin requirements [57] - The total assets at the end of the reporting period were CNY 14,265,708,524.60, a slight decrease of 0.34% from CNY 14,314,591,438.11 at the end of the previous year [22] - The company's cash flow from operating activities was CNY 2,929,717,134.89 for the first half of 2020, slightly down from CNY 3,001,800,333.20 in the same period of 2019 [155] - The ending balance of cash and cash equivalents was CNY 1,198,620,828.75, down from CNY 1,663,768,161.51 [163] Industry Context - The textile industry in China saw a 6.7% year-on-year decline in industrial added value from January to June 2020, with a significant recovery in the production of industrial textiles, which increased by 57.8% [30] - The overall revenue of large-scale textile enterprises in China decreased by 16.4% year-on-year, with total profits down by 19% during the first half of 2020 [37] - The domestic retail sales of clothing and textile products decreased by 19.6% year-on-year in the first half of 2020, although the decline narrowed by 12.6 percentage points compared to the first quarter [34] - The textile industry faced significant operational pressures, with 32.6% of large-scale enterprises reporting losses, and the average profit margin for these enterprises was 3.8% [37] - Fixed asset investment in the textile industry dropped by 27.3% year-on-year in the first half of 2020, indicating a slowdown in growth and investment activities [38] Company Strategy and Operations - The company aims to enhance its market position by focusing on high-value-added products, particularly in the colored spun yarn segment, which has shown resilience amid market challenges [30] - The company has not disclosed any plans for new products, technologies, market expansion, or mergers and acquisitions in this report [8] - The company actively adapted to market changes by expanding product lines and developing new products, including antibacterial and eco-friendly yarns [48] - The company maintained a competitive position in the textile industry, with a production capacity of over 190,000 tons of colored yarn annually [45] - The company has over 60% of its production capacity in Vietnam, making it vulnerable to the ongoing COVID-19 pandemic, which could severely impact export operations and management of overseas subsidiaries [73] Financial Liabilities and Guarantees - The company provided guarantees totaling RMB 44.69 billion to its subsidiaries, accounting for 56.04% of the latest audited net assets as of June 30, 2020 [100] - The total amount of guarantees provided by the company, including those to subsidiaries, is RMB 44.69 billion, which represents 55.48% of the company's net assets [97] - The company has no overdue guarantees and has not provided guarantees to any entities other than its subsidiaries during the reporting period [100] Environmental Compliance - Ningbo Haide has a wastewater treatment capacity of 12,000 tons per day, effectively meeting production needs and complying with environmental standards [105] - The actual COD emissions from Ningbo Haide were 33.01 tons per year, significantly lower than the approved limit of 196.07 tons per year, with a concentration of 52.78 mg/l against a standard of 80 mg/l [104] - The company has established a comprehensive environmental risk emergency mechanism, ensuring efficient response to pollution incidents [110] - The company has implemented a self-monitoring scheme for environmental compliance, utilizing advanced testing equipment for wastewater analysis [111] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 32,903, with the largest shareholder holding 29.72% of shares [117] - The company reported a 36-month lock-up period for shares post-IPO, during which no shares can be transferred or managed by others [82] - After the lock-up period, executives can transfer up to 25% of their total shares each year during their tenure, and no transfers are allowed within six months after leaving the company [82] Research and Development - The company reduced R&D expenses by 30.75% to ¥52.241 million due to the impact of the pandemic [50] - The company's R&D expenses for the first half of 2020 were CNY 58,824,829.05, down from CNY 82,013,902.49 in the previous year, reflecting a reduction of about 28.3% [152]

2020 年第一季度报告 公司代码：601339 公司简称：百隆东方 百隆东方股份有限公司 2020 年第一季度报告 1 / 22 2020 年第一季度报告 í 重要提示 = 、 公司基本情况 líl 重要事项 四、 附录 ... . 目录 2 / 22 2020 年第一季度报告 单位：元 币种：人民币 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 公司全体董事出席董事会审议季度报告。 1.3 公司负责人杨卫新、主管会计工作负责人潘虹及会计机构负责人（会计主管人员） 董奇涵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 | --- | --- | --- | --- | |----------------------------------------|-------------------|-----------------------|----------------------------- ...

Financial Performance - In 2019, the company's operating revenue reached ¥6,221,786,385.25, an increase of 3.73% compared to ¥5,997,856,921.82 in 2018[24] - The net profit attributable to shareholders was ¥297,808,907.84, representing a decrease of 31.93% from ¥437,525,800.72 in the previous year[24] - The net profit after deducting non-recurring gains and losses was ¥263,316,539.88, down 37.28% from ¥419,833,233.03 in 2018[24] - Basic earnings per share decreased to ¥0.20, down 31.03% from ¥0.29 in 2018[26] - The weighted average return on net assets was 3.80%, a decrease of 2.02 percentage points from 5.82% in 2018[26] - The company achieved a revenue of 6.22 billion RMB in 2019, representing a year-on-year growth of 3.73%[60] - Net profit for the year was 298 million RMB, a decrease of 31.93% compared to the previous year[60] Asset and Liability Management - The company's total assets increased by 5.95% to ¥14,314,591,438.11 from ¥13,510,419,080.01 in 2018[24] - The net assets attributable to shareholders rose to ¥7,973,621,681.07, a 3.10% increase from ¥7,733,564,821.48 in 2018[24] - The company's total liabilities increased, with accounts payable decreasing by 41.43% to ¥223,020,176.99, which is 1.56% of total assets[99] - The company has provided guarantees totaling RMB 6.424 billion, which accounts for 80.54% of the company's latest audited net assets[169] - The total amount of guarantees, including those to subsidiaries, is RMB 6.424 billion[169] Cash Flow and Investment - The net cash flow from operating activities was ¥957,403,707.46, a significant recovery from a negative cash flow of ¥559,618,662.05 in 2018[24] - The investment cash flow was negative at -¥924,434,193.71, reflecting ongoing investments in expanding factory capacity in Vietnam[88] - Cash and cash equivalents increased significantly to ¥1,627,489,971.37, representing 11.37% of total assets, up 41.02% from the previous period[89] - The company has engaged in wealth management with a total investment of RMB 4.781 billion, with an outstanding balance of RMB 100 million[170] Production and Sales - The company generated CNY 15.51 billion in sales from grey fabric, accounting for 26.78% of total sales revenue during the reporting period[38] - The revenue from the Vietnam factory reached 3.22 billion RMB, a growth of 30.90% year-on-year, contributing to 60% of the company's total production capacity[65] - The company’s main product sales volume reached 192,600 tons in 2019, with a focus on expanding into emerging markets and new brand sales channels[66] - The production volume of yarn increased by 4.00% year-on-year, while sales volume rose by 7.69%[75] Research and Development - The total R&D expenditure amounted to ¥138,204,066.80, representing 2.22% of total revenue[86] - The company launched 12 new color cards and 3 single-theme color versions during the reporting period, reflecting its strong innovation capabilities[60] - The company has been focusing on the R&D, production, and sales of colored spun yarn, leveraging a unique operational model that emphasizes small batches and rapid response[38] Market Conditions and Challenges - The company faced challenges due to US-China trade tensions and increased production capacity in Vietnam, impacting overall revenue growth and profit margins[26] - The textile industry in China saw a 1.5% decrease in total revenue, amounting to 49,436.4 billion yuan, with a profit total of 225.14 billion yuan, down 11.6% year-on-year[48] - The company has significant exposure to cotton prices, which account for approximately 70% of production costs, and fluctuations in cotton prices pose a risk to profitability[133] - The company faces risks from macroeconomic fluctuations, market competition, and rising costs of raw materials, energy, and labor, which could impact its operational performance[131][134] Dividend Policy - The company plans to distribute a cash dividend of ¥0.60 per 10 shares, totaling ¥90,000,000[6] - The cash dividend for 2018 was set at CNY 0.88 per 10 shares, totaling CNY 132,000,000 distributed to shareholders[141] - In 2019, the company declared a cash dividend of CNY 0.66 per 10 shares, amounting to CNY 90,000,000, which represents 30.22% of the net profit attributable to shareholders[142] - The company has maintained a consistent dividend policy, with cash dividends reflecting a stable percentage of net profits over the years[142] Corporate Governance and Compliance - The company has committed to not transferring or managing shares held prior to the public offering for 36 months post-listing, ensuring stability in shareholding[146] - The company has a policy that limits the transfer of shares by key stakeholders to 25% of their total holdings annually after the initial 36-month period[146] - The company has not faced any risks of suspension or termination of its listing status[160] - The company has not implemented any employee stock ownership plans or other incentive measures during the reporting period[160]

Financial Performance - Net profit attributable to shareholders of the listed company was ¥296,519,474.65, a decrease of 36.26% year-on-year[18]. - Basic earnings per share for the reporting period was ¥0.20, down 35.48% from ¥0.31 in the same period last year[21]. - The weighted average return on net assets decreased by 2.45 percentage points to 3.76%[21]. - Total operating revenue for Q3 2019 reached ¥1,704,815,232.61, an increase of 5.5% compared to ¥1,615,493,947.50 in Q3 2018[55]. - Net profit for Q3 2019 was ¥12,416,759.71, a decrease of 31.1% from ¥18,182,743.42 in Q3 2018[61]. - The total profit for Q3 2019 was ¥371,043.95, a decrease from ¥167,756.63 in Q3 2018, indicating a decline in profitability[61]. - Net profit for Q3 2019 was a loss of approximately ¥8.19 million, compared to a loss of ¥5.40 million in Q3 2018[73]. Assets and Liabilities - Total assets at the end of the reporting period reached ¥14,348,188,976.42, an increase of 6.20% compared to the end of the previous year[18]. - The company's total current assets reached RMB 6,700,773,687.73, an increase from RMB 6,562,915,088.85 at the previous year-end[39]. - The company's inventory stood at RMB 4,711,272,815.59, up from RMB 4,500,045,140.71 at the previous year-end[39]. - Total liabilities increased from $5.78 billion to $6.34 billion, reflecting a growth of approximately 9.7%[45]. - Short-term borrowings increased significantly from $3.06 billion to $4.45 billion, a rise of about 45.4%[43]. - The company has a total of $1.52 billion in short-term borrowings, reflecting its liquidity management strategy[99]. Cash Flow - The net cash flow from operating activities for the first nine months was ¥218,648,661.20, a significant recovery from a negative cash flow of ¥331,450,050.68 in the previous year[18]. - The net cash flow from investing activities decreased by RMB 557,289,515.01, mainly due to increased fixed asset investments in the Vietnam factory[31]. - The net cash flow from financing activities increased by RMB 226,765,834.65, driven by the growth in bank borrowings[31]. - The company reported a net cash inflow from operating activities of approximately ¥218.65 million for the first three quarters of 2019, compared to a net outflow of -¥331.45 million in the same period of 2018[78]. - The net cash flow from financing activities was ¥560,154,703.54, compared to ¥333,388,868.89 in the previous period, indicating improved cash management in financing[81]. Shareholder Information - The total number of shareholders at the end of the reporting period was 34,670[25]. - The largest shareholder, New Country Investment Development Co., Ltd., held 29.72% of the shares[25]. - Total equity attributable to shareholders increased from $7.73 billion to $8.01 billion, a growth of about 3.5%[45]. Investments and Expenses - Research and development expenses for Q3 2019 were ¥41,455,293.87, compared to ¥37,763,342.14 in Q3 2018, indicating a 4.6% increase[58]. - The company reported a significant increase in interest expenses, which rose to ¥68,930,746.23 in Q3 2019 from ¥51,591,866.32 in Q3 2018, marking a 33.7% increase[58]. - The company experienced a loss in investment income of ¥44,593,253.94 in Q3 2019, contrasting with a gain of ¥37,590,731.99 in Q3 2018[58]. Government Support - The company received government subsidies amounting to ¥6,987,050.03 during the reporting period[19].

Financial Performance - The company's operating revenue for the first half of 2019 was ¥2,864,510,487.25, a decrease of 2.66% compared to ¥2,942,781,099.75 in the same period last year[22]. - The net profit attributable to shareholders for the first half of 2019 was ¥224,493,044.47, down 31.14% from ¥325,996,050.26 in the previous year[22]. - Basic earnings per share for the first half of 2019 were ¥0.15, down 31.82% from ¥0.22 in the same period last year[23]. - The weighted average return on net assets was 2.87%, a decrease of 1.52 percentage points compared to 4.39% in the previous year[23]. - The company achieved a revenue of 2.865 billion RMB and a net profit of 224 million RMB during the reporting period[46]. - The revenue decreased by 2.66% compared to the previous year, primarily due to changes in product sales structure[48]. - The total operating revenue for the first half of 2019 was RMB 2,864,510,487.25, a decrease of 2.65% compared to RMB 2,942,781,099.75 in the same period of 2018[156]. - Net profit for the first half of 2019 was CNY 224,493,044.47, down 31.1% from CNY 325,996,050.26 in the previous year[158]. - Total profit for the first half of 2019 was CNY 249,669,717.05, a decrease of 33.9% from CNY 377,657,780.17 in the same period of 2018[158]. Cash Flow and Liquidity - The net cash flow from operating activities was -¥509,882,072.16, compared to -¥257,973,415.04 in the same period last year, indicating a worsening cash flow situation[22]. - The company reported a significant increase in cash flow from financing activities, up 125.40% to 1.837 billion RMB[48]. - The company's cash and cash equivalents increased by 71.21% to approximately 1.976 billion RMB, mainly due to increased bank loans[52]. - Cash inflows from operating activities amounted to CNY 3,092,055,911.11, slightly up from CNY 3,038,452,918.73 year-over-year[171]. - Cash outflows from operating activities totaled CNY 3,601,937,983.27, compared to CNY 3,296,426,333.77 in the previous year, resulting in a net cash flow from operating activities of -CNY 509,882,072.16[171]. - The ending cash and cash equivalents balance was CNY 1,663,768,161.51, up from CNY 919,147,026.13 year-over-year[173]. - The net cash flow from financing activities was CNY 1,837,134,988.63, compared to CNY 815,069,426.94 in the previous year, indicating improved financing conditions[173]. Assets and Liabilities - The total assets at the end of the reporting period were ¥15,562,477,284.52, an increase of 15.19% from ¥13,510,419,080.01 at the end of the previous year[22]. - The total liabilities increased to 7.765 billion RMB from 5.777 billion RMB, reflecting the impact of increased borrowings[146]. - Total current assets increased to 8.205 billion RMB from 6.563 billion RMB, reflecting a significant growth in liquidity[141]. - Total non-current assets increased to 7.357 billion RMB from 6.948 billion RMB, indicating ongoing investment in long-term assets[144]. - Total equity attributable to shareholders increased to 7.797 billion RMB from 7.734 billion RMB, showing a slight growth in shareholder value[146]. Investment and Development - The company invested 149 million RMB in upgrading production lines and dyeing processes to enhance product quality and innovation[41]. - The company continues to develop new product lines, including eco-friendly and high-performance series, to enhance competitiveness[46]. - Research and development expenses amounted to CNY 75,435,895.67, a decrease of 4.8% from CNY 79,292,102.19 in the previous period[158]. Market and Industry Challenges - The textile industry faced challenges due to the US-China trade war, with a 2.4% year-on-year decrease in total textile and apparel exports, totaling 124.23 billion USD[38]. - The company faces risks from macroeconomic fluctuations, particularly in the textile industry, which is sensitive to economic policies and global trade tensions[63]. - Cotton prices, which account for approximately 70% of production costs, have shown significant volatility, impacting the company's profitability[66]. - Rising costs of water, electricity, and labor are expected to affect the company's operational performance if product prices cannot be adjusted accordingly[66]. Shareholder and Corporate Governance - The company has committed to not transferring or entrusting the management of its shares for 36 months from the date of its stock listing, with a maximum transfer limit of 25% of total shares held per year thereafter[73]. - The company has confirmed that all major shareholders, including Yang Wei Xin, Yang Wei Guo, and others, have adhered to their commitments regarding share transfer restrictions[73]. - The total guarantee amount provided by the company to its subsidiaries is 7.281 billion RMB, accounting for 94.14% of the company's latest audited net assets[90]. - The company did not provide any guarantees to entities other than its subsidiaries during the reporting period, and there were no overdue guarantees[91]. Environmental Compliance - The company invested nearly 6 million RMB to install a 7-kilometer sewage pipeline to comply with environmental regulations[46]. - Ningbo Haide and Yuyao Baile are classified as key pollutant enterprises by environmental protection authorities[92]. - Both facilities have established comprehensive environmental risk emergency mechanisms[101]. - The company utilizes advanced testing equipment for environmental monitoring, ensuring compliance with discharge standards[102]. - The company has not reported any exceedances in pollutant discharge limits during the reporting period[93].