Financial Performance - The net profit attributable to shareholders for 2018 was CNY 38,976,781.27, with the total net profit for the parent company amounting to CNY 96,686,009.48[5]. - The company's operating revenue for 2018 reached ¥970,881,275.67, an increase of 16.76% compared to ¥831,504,545.73 in 2017[21]. - The net profit attributable to shareholders of the listed company decreased by 41.99% to ¥38,976,781.27 from ¥67,185,462.55 in 2017[21]. - The basic earnings per share for 2018 was ¥0.52, down 54.39% from ¥1.14 in 2017[22]. - The weighted average return on equity decreased to 5.01%, a decline of 10.42 percentage points from 15.43% in 2017[23]. - The net cash flow from operating activities decreased significantly by 99.9% to ¥73,947.84 from ¥72,988,950.70 in 2017[21]. - The total assets increased by 28.75% to ¥1,969,395,269.96 at the end of 2018, compared to ¥1,529,549,510.13 at the end of 2017[21]. - The net profit attributable to shareholders in Q4 2018 was negative at -¥17,149,726.61, contrasting with positive profits in the previous three quarters[26]. - The net profit attributable to the parent company was 38.98 million RMB, a decrease of 41.99% year-on-year[49]. Dividend Distribution - The proposed cash dividend distribution is CNY 1.6 per 10 shares, totaling CNY 11,920,000, which represents 30.58% of the net profit attributable to shareholders for 2018[5]. - The cash dividend distribution ratio for 2018 is 30.58% of the net profit attributable to shareholders, compared to 33.27% in 2017[101]. - The company has not proposed any cash profit distribution plan despite having positive distributable profits for ordinary shareholders[102]. Acquisitions and Market Expansion - The company acquired German Finnah on March 9, 2018, contributing positively to sales performance[23]. - The acquisition of German company Finnah, a leader in dairy packaging technology, is expected to enhance the company's capabilities in the liquid food equipment sector[38]. - The company is focusing on the growing dairy market in China, which is expected to outpace the beer market due to rising living standards and health awareness[41]. - The company plans to expand its operations in Africa, with over 200 million RMB in annual orders from the region[43]. - The company is implementing a strategy to integrate Finnah's technology into its operations, with new products expected to be assembled and tested by the end of the year[42]. Risk Management - The company emphasizes the importance of risk awareness in its forward-looking statements regarding future development strategies and operational plans[6]. - The report includes a detailed description of existing risks in the section "Discussion and Analysis of Operating Conditions"[7]. - The company faced increased management expenses and impairment provisions, leading to a decrease in net profit for the year[24]. - The company has a significant reliance on a concentrated customer base, with the top five customers accounting for 76.35% of total revenue, highlighting customer concentration risk[90]. Internal Control and Compliance - The company has maintained a standard unqualified audit opinion from the accounting firm Zhonghua[4]. - The company is enhancing its internal control systems and has engaged third-party institutions to improve its internal control framework, which has successfully passed audits[84]. - The company has not encountered any significant investment plans or major cash expenditures that would affect its cash distribution policy[108]. - The company has not faced any risks of suspension or termination of its listing status[117]. Employee and Management Structure - The total number of employees in the parent company is 584, while the main subsidiaries have 566 employees, resulting in a total of 1,150 employees[177]. - The company has established a comprehensive talent training system, focusing on personalized training plans for different departments and positions[179]. - The compensation policy links employee income to the company's economic performance, implementing a performance-based salary system[178]. - The management team has undergone changes, with new appointments aimed at strengthening leadership and strategic direction[168]. Environmental and Social Responsibility - The company has maintained compliance with environmental regulations, with all pollution emissions meeting the required standards[134]. - The company allocated a budget of 500,000 CNY for public welfare expenditures in 2018, with actual spending amounting to 150,000 CNY, including a donation of 50,000 CNY to a local charity and 100,000 CNY for educational scholarships[135]. - The company has established a comprehensive safety management system, recognized as a model enterprise for safety production standards in Ningbo City[134]. Shareholder Information - The total number of ordinary shares before the recent change was 74,500,000, with 55,850,000 shares subject to restrictions, accounting for 74.97% of the total[143]. - The company issued 8,199,199 restricted shares for public trading on November 13, 2018, marking a significant liquidity event[145]. - The top shareholder, Ningbo Lehui Investment Holding Co., Ltd., holds 17,500,000 shares, representing 23.49% of the total shares[151]. - The company has no other significant changes in the shareholding structure during the reporting period[156].

Financial Performance - Net profit attributable to shareholders rose by 6.00% to CNY 56,126,507.88 for the first nine months of the year[6] - Operating revenue for the first nine months reached CNY 706,604,307.82, reflecting a growth of 10.68% year-on-year[6] - Basic earnings per share decreased by 21.05% to CNY 0.75[7] - The weighted average return on equity decreased by 4.49 percentage points to 7.11%[7] - The net profit attributable to the parent company for the first nine months of 2018 was ¥237,702,168.23, compared to ¥157,329,596.36 in the same period last year, reflecting a growth of 50.9%[22] - The company's operating profit for the first nine months of 2018 was ¥115,963,843.03, an increase from ¥59,000,606.02 in the same period of 2017[26] - The net profit for Q3 2018 reached CNY 19,734,489.25, compared to CNY 17,183,305.53 in Q3 2017, reflecting a growth of approximately 9.0%[27] Assets and Liabilities - Total assets increased by 25.92% to CNY 1,926,068,415.02 compared to the end of the previous year[6] - Total assets as of September 30, 2018, amounted to ¥1,651,673,938.48, an increase from ¥1,560,676,941.17 at the beginning of the year[22] - Current assets decreased to ¥1,266,126,314.71 from ¥1,392,932,345.64 at the beginning of the year, a decline of 9.1%[21] - Total liabilities as of September 30, 2018, were ¥811,776,049.11, slightly up from ¥801,303,590.93 at the beginning of the year[22] - Short-term borrowings increased by 37.68% from CNY 346,791,823.51 to CNY 477,463,454.00, reflecting a rise in bank short-term loans[12] - Short-term borrowings increased to ¥477,463,454.00 from ¥313,352,190.00, an increase of 52.5%[21] Cash Flow - The net cash flow from operating activities decreased by 30.55% to CNY 15,532,210.86 compared to the same period last year[6] - Net cash flow from operating activities decreased by 30.55% from CNY 22,363,780.50 to CNY 15,532,210.86, attributed to increased cash payments for goods and services[12] - Cash inflow from operating activities totaled CNY 827,425,535.36, an increase from CNY 673,089,428.83 year-over-year[29] - Cash outflow from operating activities was CNY 811,893,324.50, compared to CNY 650,725,648.33 in the same period last year[29] - Investment activities generated a net cash outflow of CNY 79,253,204.79, compared to a net outflow of CNY 8,482,226.74 in the previous year[30] - Financing activities produced a net cash inflow of CNY 93,642,062.70, up from CNY 35,765,967.82 in the same period last year[30] Expenses - Sales expenses grew by 51.02% from CNY 12,836,437.43 to CNY 19,385,838.22 due to increased sales efforts and after-sales service costs[12] - Management expenses increased by 47.13% from CNY 44,128,669.27 to CNY 64,925,724.83, driven by the establishment and acquisition of four overseas companies and rising personnel costs[12] - Financial expenses decreased by 75.49% from CNY 15,876,234.51 to CNY 3,891,257.99, mainly due to RMB depreciation and increased foreign exchange gains[12] Shareholder Information - The total number of shareholders reached 6,943 by the end of the reporting period[9] - The largest shareholder, Ningbo Lehui Investment Holding Co., Ltd., holds 17,500,000 shares, accounting for 23.49% of total shares[9] Other Financial Metrics - Government subsidies recognized during the reporting period amounted to CNY 3,935,583.05[8] - The company reported a total loss from non-operating activities of CNY 7,940,530.51 for the reporting period[8] - The company's financial assets measured at fair value decreased by 59.32% from CNY 1,891,941.80 to CNY 769,729.60 due to RMB depreciation after forward foreign exchange locking[11] - Prepayments increased by 61.50% from CNY 47,905,171.94 to CNY 77,367,046.47 due to increased production during the period[12] - Inventory rose by 47.20% from CNY 490,833,473.45 to CNY 722,512,583.03, attributed to new production projects and the consolidation of Packtec after acquisition[12] - Goodwill surged by 649.09% from CNY 6,855,244.57 to CNY 51,352,022.97, primarily due to the acquisition of Packtec[12]

Financial Performance - The company's operating revenue for the first half of 2018 was ¥472,976,608.17, representing a 10.04% increase compared to ¥429,839,924.86 in the same period last year[18]. - The net profit attributable to shareholders for the first half of 2018 was ¥41,107,715.93, an increase of 11.09% from ¥37,005,645.83 in the previous year[18]. - The net profit attributable to shareholders after deducting non-recurring gains and losses decreased by 25.13% to ¥28,197,233.88 from ¥37,659,413.8 in the same period last year[18]. - The total profit reached 52.86 million yuan, reflecting a year-on-year growth of 16.26%[33]. - The company achieved operating revenue of 472.98 million yuan, a year-on-year increase of 10.03%[33]. - The company reported a significant increase in sales expenses by 49.62% to 13.69 million yuan, attributed to increased sales efforts and after-sales service costs[39]. - The company reported a significant increase in accounts receivable, reaching CNY 360,643,072.63, up 50.59% compared to the previous period[43]. - The company reported a foreign exchange gain of CNY 3.98 million during the reporting period, indicating effective risk management strategies[56]. Assets and Liabilities - The total assets at the end of the reporting period were ¥1,980,659,643.27, a 29.49% increase from ¥1,529,549,510.13 at the end of the previous year[18]. - The total liabilities reached CNY 1,187,862,584.78, up from CNY 756,450,361.17, indicating an increase of approximately 56.9%[103]. - The company's total assets amounted to CNY 1,705,058,914.17, compared to CNY 1,560,676,941.17 at the end of the previous period, reflecting a growth of 9.2%[107]. - Total current liabilities increased to CNY 1,182,264,493.49 from CNY 752,346,984.37, marking a rise of about 57.3%[102]. - The company's equity attributable to the owners of the parent company increased to CNY 790,753,853.15 from CNY 771,382,275.81, showing a growth of about 2.4%[103]. Cash Flow - The net cash flow from operating activities was negative at -¥51,110,909.41, compared to a positive cash flow of ¥10,953,437.43 in the previous year[18]. - Cash flow from operating activities showed a net outflow of ¥51,110,909.41, a decline from a net inflow of ¥10,953,437.43 in the previous period[114]. - The company's cash and cash equivalents at the end of the period totaled ¥396,847,805.22, up from ¥81,849,291.56 at the end of the previous period[115]. - The net cash flow from financing activities was positive at ¥118,830,301.68, compared to only ¥2,537,219.09 in the prior period, indicating improved financing conditions[117]. Market Expansion and Acquisitions - The company acquired Finnah Packtec, a German packaging machinery manufacturer with 43 years of experience, expanding into the dairy equipment sector and enhancing its overall industry layout for liquid food high-end equipment[23]. - The company established subsidiaries in India, the USA, and Mexico, and acquired German company Finnah Packtec, marking a preliminary formation of its international strategic layout[33]. - The overseas market has seen significant growth, with nearly 80% of orders coming from international markets, covering over 40 countries, particularly in Africa, Latin America, and Asia[25]. - The company plans to leverage its resources in the beer and craft brewing equipment sector to establish a craft beer service platform, aiming to create a second main business line[25]. Research and Development - The company holds 97 patents and has developed several industry standards, showcasing its commitment to technological innovation and leadership in the sector[29]. - The company is investing in projects such as the construction of a new factory for bioprocess equipment and a brewing and aseptic filling laboratory, aimed at enhancing manufacturing efficiency[36]. - The company continues to invest in research and development to maintain its high-tech enterprise status and secure tax incentives[55]. Risks and Challenges - The company is at risk of losing tax benefits if it no longer qualifies as a high-tech enterprise, which could adversely affect profitability[55]. - The company has faced operational risks due to market demand fluctuations in the beer industry, which is influenced by economic cycles[57]. - Trade protectionism and de-globalization trends may hinder the company's expansion into certain overseas markets[61]. - Entering the dairy equipment sector through the acquisition of German Finnah Packtec presents considerable uncertainty despite both industries being liquid food sectors[63]. Shareholder Information - The total number of common shareholders at the end of the reporting period was 6,558[88]. - The largest shareholder, Ningbo Lehui Investment Holdings, held 17,500,000 shares, representing 23.49% of total shares[90]. - The top ten shareholders collectively held a significant portion of the company's equity, with the largest five shareholders holding over 54%[90]. - The company has committed to not transferring shares exceeding 25% of its total holdings within 12 months after the lock-up period ends[70]. Environmental Compliance - The company has established a wastewater treatment station and various air pollution control facilities, all operating normally and in compliance with environmental regulations[83]. - The company completed the environmental impact assessment for the expansion of its spray painting project in June 2018, receiving approval from the local environmental protection bureau[84]. - The company has not engaged in any environmental violations or illegal activities during the reporting period[84]. Accounting Policies - The financial statements are prepared in accordance with the Chinese Accounting Standards, reflecting the company's financial position and operating results accurately[144]. - The company's accounting period runs from January 1 to December 31 each year[145]. - The company recognizes revenue from sales of goods when the risks and rewards of ownership have transferred to the buyer, and the amount can be reliably measured[195].

Financial Performance - Operating revenue rose by 47.90% to CNY 220,154,512.79 year-on-year[5] - Net profit attributable to shareholders increased by 47.39% to CNY 18,242,052.16 compared to the same period last year[5] - Basic earnings per share rose by 9.09% to CNY 0.24[7] - Total revenue for Q1 2018 reached CNY 220,154,512.79, an increase of 47.90% compared to CNY 148,852,592.26 in the previous year[14] - Net profit for the period was CNY 18,182,396.93, reflecting a growth of 48.40% from CNY 12,252,286.00 in the same quarter last year[15] - Total operating revenue for Q1 2018 was CNY 220,154,512.79, an increase from CNY 148,852,592.26 in the same period last year, representing a growth of approximately 47.7%[27] - Net profit for Q1 2018 reached CNY 18,182,396.93, compared to CNY 12,252,285.99 in the previous year, reflecting an increase of approximately 48.5%[28] - The total comprehensive income for the period was CNY 22,024,888.16, up from CNY 11,933,228.41 year-over-year, reflecting a growth of approximately 84.5%[29] - The total profit for the period was CNY 37,001,623.81, compared to CNY 3,783,097.53 in the previous year, reflecting a substantial increase of approximately 878.5%[33] Assets and Liabilities - Total assets increased by 13.55% to CNY 1,736,855,566.78 compared to the end of the previous year[5] - The total assets of the company reached CNY 1,736,855,566.78, compared to CNY 1,529,549,510.13 at the beginning of the year, reflecting a growth of 13.56%[19] - Total liabilities as of March 31, 2018, were CNY 777,258,190.39, a decrease from CNY 797,660,533.23 at the start of the year, showing a reduction of about 2.0%[24] - The company's total equity attributable to shareholders increased to CNY 793,407,163.97 from CNY 771,382,275.81, an increase of about 2.4%[21] Cash Flow - Net cash flow from operating activities reached CNY 42,461,667.86, a significant increase from CNY 275,607.46 in the previous year[5] - Cash flow from operating activities surged to CNY 42,461,667.86, a dramatic increase of 15,306.57% compared to CNY 275,607.46 in the previous period[15] - The company's cash and cash equivalents decreased to CNY 324,952,135.20 from CNY 360,797,264.18, a decline of approximately 9.9%[22] - The net cash flow from operating activities for Q1 2018 was ¥135,892,936.34, a significant increase from ¥29,115,416.29 in the previous year, representing a growth of approximately 366%[40] - Total cash inflow from financing activities was ¥239,043,953.75, compared to ¥165,692,180.00 in the same period last year, indicating a year-over-year increase of about 44%[40] - The cash flow from financing activities netted ¥40,582,031.23, compared to ¥4,625,430.19 in the previous year, marking an increase of approximately 777%[40] Shareholder Information - The total number of shareholders reached 9,406 at the end of the reporting period[12] - The largest shareholder, Ningbo Lehui Investment Holding Co., Ltd., holds 23.49% of the shares[12] Acquisitions and Investments - The company completed the acquisition of NSM Packtec GmbH, enhancing its market presence in Germany[15] - The company plans to increase its investment in Nanjing Lehui by CNY 95,669,608.39, raising its registered capital to CNY 200 million[15] Financial Expenses - The company reported a significant increase in financial expenses, which rose to CNY 4,866,766.51, up 170.21% from CNY 1,801,109.04, mainly due to foreign exchange losses[14] - The company reported a financial expense of CNY 4,866,766.52 for Q1 2018, significantly higher than CNY 1,801,109.04 in the previous year, indicating an increase of approximately 170.5%[28] Other Financial Metrics - Non-recurring gains and losses amounted to CNY 6,177,928.88 for the period[10] - The company's gross profit margin improved, with operating costs amounting to CNY 147,851,451.15 against the revenue of CNY 198,320,541.97, resulting in a gross profit of CNY 50,469,090.82[33] - The company incurred cash payments for purchasing goods and services amounting to ¥118,836,278.15, slightly up from ¥113,388,303.15 in the previous year, indicating a growth of approximately 5%[40] - The company received tax refunds amounting to ¥98,458,482.27, a significant increase from ¥3,222,659.35 in the previous year[40] - The company reported a tax expense of CNY 5,550,243.57 for the quarter, compared to CNY 567,464.63 in the previous year, indicating a significant increase in tax obligations due to higher profits[33] - The company recorded other comprehensive income after tax of CNY 3,782,836.00, a recovery from a loss of CNY 443,912.65 in the same period last year[29]

Financial Performance - The company's operating revenue for 2017 was CNY 831.50 million, a decrease of 12.57% compared to CNY 951.01 million in 2016[21]. - Net profit attributable to shareholders was CNY 67.19 million, down 12.38% from CNY 76.68 million in the previous year[21]. - The net cash flow from operating activities decreased by 46.36% to CNY 72.99 million from CNY 136.08 million in 2016[21]. - The company's total assets increased by 22.63% to CNY 1,529.55 million compared to CNY 1,247.31 million at the end of 2016[21]. - The weighted average return on equity decreased by 7.34 percentage points to 15.43% from 22.77% in 2016[23]. - Basic earnings per share fell by 16.79% to CNY 1.14 from CNY 1.37 in 2016[22]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 55.99 million, a decrease of 12.32% from CNY 63.86 million in 2016[21]. - The company reported a significant increase in net assets attributable to shareholders, rising by 105.65% to CNY 771.38 million from CNY 375.10 million in 2016[21]. Dividend Policy - The company plans to distribute a cash dividend of RMB 3 per 10 shares, totaling RMB 22.35 million based on a total share capital of 74.5 million shares as of December 31, 2017[5]. - In 2017, the net profit attributable to ordinary shareholders was RMB 67.19 million, with a dividend payout ratio of 33.27%[110]. - No profit distribution was made in 2016, and the cumulative undistributed profits will be shared by new and old shareholders[109]. - The company has not made any adjustments to its cash dividend policy during the reporting period[109]. - The company has committed to a three-year dividend return plan approved in the 2016 extraordinary general meeting[109]. - There were no share buybacks or capital reserve transfers during the reporting period[110]. - The company has a commitment from major shareholders to not transfer or manage their shares for 36 months post-IPO[112]. - The company’s major shareholders are subject to a lock-up period that extends if the stock price falls below the issue price[114]. - The company has established a policy of cash dividends for profitable years, ensuring shareholder returns[114]. - The remaining undistributed profits will be carried forward for future distribution among shareholders[109]. - The company plans to distribute cash dividends amounting to at least 30% of the average distributable profit over the past three years if there are no significant investment plans or cash expenditures[115]. Audit and Compliance - The company has reported a standard unqualified audit opinion from Zhonghua Certified Public Accountants[8]. - The company’s financial report is guaranteed to be true, accurate, and complete by its responsible personnel[8]. - The company has engaged Zhonghua Certified Public Accountants for its auditing services[19]. - The company has retained Zhonghua Accounting Firm for a five-year audit engagement at a fee of CNY 700,000[124]. - The company has not encountered any significant accounting errors during the reporting period[123]. - The company has not made any changes to its accounting policies that would significantly impact its financial statements[123]. - The company disclosed its internal control self-assessment report for the year 2017 on April 27, 2018, on the Shanghai Stock Exchange website[199]. - There were no significant deficiencies in internal control reported for the reporting period[199]. Market and Industry Analysis - The decline in revenue was primarily attributed to a sluggish domestic beer market, leading to reduced demand for equipment[23]. - The beer industry in China is expected to gradually recover, with a potential increase in demand for brewing equipment as large breweries consolidate production[70]. - The craft beer segment is growing rapidly at approximately 40%, indicating a shift towards high-end products in the beer market[71]. - The beverage industry showed a cumulative production of 18,051.2 million tons in 2017, with a year-on-year growth of 4.6%, although growth rates are slowing[73]. - The dairy product industry is projected to see significant growth, with liquid milk consumption expected to reach 39.56 kg per capita by 2024, driving demand for dairy equipment[75]. - The fermentation industry experienced an average annual growth rate of 18% during the 12th Five-Year Plan period, indicating significant growth potential driven by advancements in genetic technology and life sciences[76]. Strategic Investments and Global Expansion - The company operates in over 40 countries, focusing on the design, manufacturing, and installation of beer and beverage equipment[32]. - The company has established subsidiaries in India, the USA, and Mexico, and acquired German company Packtec, marking a significant step in its global strategy[41]. - The company plans to establish a new packaging machinery company in Nanjing, leveraging German technology to enhance its manufacturing capabilities[43]. - The company is investing in a craft beer service platform project to capitalize on the growing demand for craft beer in China[44]. - In 2017, the company made several strategic investments totaling $2 million in the USA, $5 million in Mexico, and $3 million in India to enhance its global market presence and service capabilities[77]. - The company acquired 100% of Packtec for €4 million to strengthen its strategic layout in the liquid food equipment market, with the acquisition completed in March 2018[79]. Environmental Responsibility - The company has established a robust environmental management system and has implemented energy-saving and emission-reduction technologies[141]. - The company has completed the ISO 14001 environmental certification audit in December 2017, demonstrating commitment to environmental management[147]. - The company has established a wastewater treatment station and multiple air pollution control devices, ensuring compliance with environmental regulations[146]. - In 2017, the total wastewater volume was 4,542 m³, with chemical oxygen demand at 50 mg/L and total nickel at 0.05 mg/L, adhering to the wastewater discharge standards[145]. - The company has not engaged in any environmental violations or illegal activities during the reporting period, adhering strictly to national environmental laws[147]. Shareholder Structure and Governance - The company completed its initial public offering (IPO) of 18.65 million shares at a price of RMB 19.71 per share, increasing total share capital from 55.85 million to 74.5 million shares[153]. - The largest shareholder, Ningbo Lehui Investment Holding Co., Ltd., holds 17,500,000 shares, representing 23.49% of the total shares[159]. - The company has a significant number of restricted shares, with 17,500,000 shares held by Ningbo Lehui Investment Holdings, which will become tradable in November 2020[162]. - The shareholding structure includes 49.44% held by domestic non-state-owned legal persons and 50.56% held by domestic natural persons[150]. - The company has a clear governance structure with defined roles for directors and senior management, ensuring effective oversight[171]. - The company maintains complete operational independence from its controlling shareholder, Ningbo Lehui Investment Holding Co., Ltd.[187]. Employee and Management Practices - The total number of employees in the parent company is 613, while the total number of employees in major subsidiaries is 387, resulting in a combined total of 1,000 employees[180]. - The professional composition includes 574 production personnel, 41 sales personnel, 166 technical personnel, 21 financial personnel, and 198 administrative personnel, totaling 1,000[180]. - The company has established a salary system that links employee income to the benefits they create for the company, implementing a floating assessment system[181]. - The training plan includes courses for new employees, management skills for grassroots supervisors, and specialized technical skills, aimed at enhancing employee capabilities[183]. - The company emphasizes the importance of talent cultivation and has developed a comprehensive training system tailored to different departments and positions[182].