Financial Performance - The company's revenue for Q1 2023 was ¥578,115,710.93, representing a decrease of 4.61% compared to the same period last year[17]. - Net profit attributable to shareholders for Q1 2023 was ¥108,598,608.80, down 39.04% year-on-year[17]. - The diluted earnings per share for Q1 2023 was ¥0.25, reflecting a decline of 44.44% compared to the previous year[17]. - Operating revenue from sales and services received cash of CNY 492,513,431.35, down from CNY 559,567,772.02 in the same period last year, indicating a decrease of about 12.0%[34]. - Total operating revenue for Q1 2023 was $578.12 million, a decrease of 4.2% compared to $606.09 million in Q1 2022[53]. - Net profit for Q1 2023 was ¥114,682,958.59, representing a decline of 35.2% compared to ¥176,767,029.08 in Q1 2022[65]. - The total profit for Q1 2023 was ¥135,338,692.30, a decrease of 34.4% from ¥206,819,949.29 in Q1 2022[64]. Costs and Expenses - The total operating costs amounted to CNY 395,953,210.32, compared to CNY 353,749,728.05 in the previous year, reflecting an increase of approximately 11.9%[30]. - Total operating costs increased to $454.33 million in Q1 2023, up from $413.55 million in Q1 2022, reflecting a rise of 9.8%[53]. - Research and development expenses for Q1 2023 were CNY 16,067,191.19, slightly up from CNY 15,559,462.59 in Q1 2022, showing an increase of about 3.3%[30]. - Research and development expenses decreased to ¥6,552,836.78 in Q1 2023 from ¥10,854,372.54 in Q1 2022, a reduction of 39.9%[64]. - The company incurred a financial expense of CNY 201,558.70, a significant decrease from CNY 4,796,682.23 in the previous year, indicating a reduction of approximately 95.8%[30]. - The company's financial expenses significantly decreased to ¥156,951.62 in Q1 2023 from ¥4,673,000.64 in Q1 2022[64]. - Tax expenses for the quarter were CNY 22,052,302.71, down from CNY 31,915,799.50 in Q1 2022, reflecting a decrease of about 30.9%[30]. - Tax expenses for Q1 2023 were ¥20,655,733.71, down from ¥30,052,920.21 in Q1 2022, reflecting a decrease of 31.2%[64]. Cash Flow and Assets - The net cash flow from operating activities increased by 37.92% to ¥181,083,879.64, mainly due to increased government subsidies and fundraising interest[7]. - The company reported a net cash inflow from operating activities of CNY 181,083,879.64, which is an increase from CNY 131,293,689.29 in the same quarter last year, representing a growth of approximately 37.9%[34]. - Net cash flow from operating activities for Q1 2023 was CNY 192,715,107.29, compared to CNY 151,613,970.09 in Q1 2022, indicating an increase of approximately 27.14%[42][43]. - Cash and cash equivalents increased to CNY 2,268,618,703.45 from CNY 2,054,246,268.02, representing a rise of about 10.43%[38][43]. - Cash and cash equivalents at the end of Q1 2023 totaled $2.38 billion, significantly up from $241.55 million at the end of Q1 2022[59]. - Total assets at the end of Q1 2023 amounted to ¥4,740,703,136.99, an increase of 1.30% from the end of the previous year[5]. - As of March 31, 2023, total assets amounted to CNY 4,739,911,936.44, an increase from CNY 4,663,579,989.81 as of December 31, 2022, reflecting a growth of approximately 1.63%[38][40]. - Total assets increased to $4.74 billion in Q1 2023, compared to $4.68 billion in Q1 2022, marking a growth of 1.3%[58]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 21,666[9]. - The equity attributable to shareholders at the end of Q1 2023 was ¥4,169,064,254.29, up 2.74% from the end of the previous year[5]. - Shareholders' equity rose to $4.18 billion in Q1 2023, up from $4.06 billion in Q1 2022, reflecting an increase of 2.9%[62]. Other Income and Gains - The company reported other income of CNY 7,135,011.63, down from CNY 16,620,225.03 in the previous year, indicating a decline of approximately 57.1%[30]. - Other income for Q1 2023 was ¥7,049,433.62, down from ¥16,593,090.10 in Q1 2022, a decline of 57.5%[64]. - The total amount of non-recurring gains and losses for the period was CNY 6,513,011.96, down from the previous period[21]. - The company reported interest income of ¥12,104,187.20 in Q1 2023, a significant increase from ¥258,973.53 in Q1 2022[64].

Financial Performance - Net profit attributable to parent company shareholders in 2022 was RMB 622,115,124.53[4] - Revenue for the period was 2.304 billion yuan, a decrease of 8.63% year-on-year[150] - Net profit attributable to shareholders of the listed company was 622.1151 million yuan, a decrease of 16.37% year-on-year[150] - Revenue for 2022 decreased by 8.63% to 2,304,791,038.35 RMB compared to 2,522,433,794.74 RMB in 2021[167] - Net profit attributable to shareholders decreased by 16.37% to 622,115,124.53 RMB in 2022 from 743,886,733.62 RMB in 2021[167] - Net cash flow from operating activities dropped by 25.90% to 606,613,170.14 RMB in 2022 from 818,631,084.40 RMB in 2021[167] - Total assets increased by 58.52% to 4,679,962,858.74 RMB at the end of 2022 compared to 2,952,268,631.24 RMB at the end of 2021[167] - Basic earnings per share decreased by 20.11% to 1.51 RMB in 2022 from 1.89 RMB in 2021[167] - Weighted average return on equity (ROE) decreased by 26.78 percentage points to 21.78% in 2022 from 48.56% in 2021[167] - Revenue for 2022 was RMB 23,047.91 million, a decrease of 8.63% year-over-year[189] - Net profit attributable to shareholders was RMB 6,221.15 million, down 16.37% year-over-year[189] - Total assets at the end of 2022 were RMB 4,679.96 million, an increase of 58.52% year-over-year[189] - Shareholders' equity was RMB 4,057.98 million, up 112.60% year-over-year[189] - Basic earnings per share were RMB 1.51, a decrease of 20.11% year-over-year[189] - Main business revenue was RMB 22,530.80 million, down 8.65% year-over-year, mainly due to decreased sales volume and prices of vitamin products[191] - Main business costs were RMB 14,014.35 million, up 1.45% year-over-year, primarily due to rising raw material prices and manufacturing expenses[191] Dividend Distribution - The company plans to distribute a cash dividend of RMB 7.10 per 10 shares, totaling RMB 310,823,800.00, representing 49.96% of the net profit attributable to shareholders[4] - The company's cash dividend ratio meets the requirements of the "Post-Listing Shareholder Dividend Return Plan for the First Three Years"[4] Share Capital and Reserves - The company's total share capital as of December 31, 2022, was 437,780,000 shares[4] - The company's accumulated undistributed profit of the parent company was RMB 1,394,464,073.49[4] - The capital reserve balance of the parent company was RMB 2,011,888,673.74[4] Accounting Policies - The company's internal R&D expenditure accounting policy is applicable[11] - The company's long-term assets are subject to impairment testing if there are signs of potential impairment[12] - The company's income recognition and measurement accounting policy is applicable[22] - Deferred tax assets and liabilities are recognized based on temporary differences between book and tax values[26] - Deferred tax assets are recognized only if future taxable income is likely to be available to utilize the deductions[26] - Deferred tax liabilities are recognized for all taxable temporary differences except in specific cases[26] - Net settlement of current tax assets and liabilities is allowed under certain conditions[26] Government Subsidies and Tax Benefits - Government subsidies are classified into asset-related and income-related subsidies, with specific criteria for classification[25] - Asset-related subsidies are deferred and recognized as income over the useful life of the asset[25] - Income-related subsidies are either deferred or directly recognized in the current period depending on their purpose[25] - The company passed the high-tech re-certification in 2022 and obtained the high-tech enterprise certificate (certificate number: GR202236000707) from the Jiangxi Provincial Department of Science and Technology, Jiangxi Provincial Department of Finance, and Jiangxi Provincial Taxation Bureau of the State Taxation Administration, allowing it to enjoy a preferential corporate income tax rate of 15% from 2022 to 2024[34] - Government subsidies received in 2021 amounted to 54,253,538.72 RMB[171] Environmental and Social Responsibility - The company strictly complies with national and local environmental protection laws and regulations, ensuring that its production and operations meet environmental requirements[37] - The company donated funds benefiting 100 people at the Le Ping Secondary Vocational School, while the number of beneficiaries from donations to the Le Ping Red Cross could not be counted[39] - The company's environmental protection investment in 2022 was 139.29 million yuan[65] - The company was awarded the 2022 National Green Factory title[150] Inventory and Receivables - The company's inventory of goods increased by 1,674,960.20 yuan during the period[84] - The company's turnover materials increased by 995,783.25 yuan during the period, reaching 2,255,545.81 yuan at the end of the period[84] - The company's issued goods increased by 625,732.57 yuan during the period[84] - Inventory includes raw materials valued at RMB 83,181,066.22, work in progress at RMB 104,241,924.69, and finished goods at RMB 198,481,876.92, with a provision for inventory impairment of RMB 1,674,960.20[99] - Accounts receivable within one year amount to RMB 273,050,431.31, representing the majority of the total accounts receivable[108] - Accounts receivable with a provision for bad debts of 13,652,521.57 yuan, accounting for 5.00% of the total receivables[114] - Total accounts receivable at the end of the period amounted to 273,050,431.31 yuan[114] - The top five other receivables account for 94.93% of the total other receivables, with a total balance of RMB 4,050,939.63[98] - The company's other receivables totaled 4,267,191.08 yuan at the end of the period, with deposits and guarantees accounting for 2,952,497.50 yuan[51] - The company's prepayments for the year-end amounted to 11,968,569.83 yuan, with 99.73% being within 1 year[76] - The company's prepayments for the top five prepayment objects at the end of the period are not disclosed[77] - The company's bad debt provision for other receivables is not applicable[81] - Bad debt provision for the portfolio is RMB 17,500,552.51, with a decrease of RMB 3,848,030.94, resulting in a net provision of RMB 13,652,521.57[90] - The balance of bad debt provision as of December 31, 2022, is RMB 2,233,308.13, with a provision of RMB 614,091.07 during the period[95] - The balance of bank acceptance bills under the portfolio provision is RMB 80,828,011.60, accounting for 100% of the total[107] - Bank acceptance bills increased from RMB 7,091,074.35 to RMB 17,085,204.24, showing significant growth[91] - Bank acceptance bills at the end of the period totaled 80,828,011.60 yuan, with 60,012,793.35 yuan not yet confirmed for termination[128][129] - The company has no actual write-offs of receivables financing during the period[124] - No pledged receivables financing at the end of the period[124] - No receivables financing transferred to accounts receivable due to non-performance by the issuer at the end of the period[130] Cash Flow and Financial Assets - The company's operating cash flow was 131.2937 million yuan[143] - The company's trading financial assets increased by 230 million yuan due to short-term bank wealth management products[147] - Monetary funds at the end of the period totaled 2,069,864,246.58 yuan, with bank deposits accounting for 2,069,269,364.63 yuan[125] - Trading financial assets at the end of the period amounted to 230,000,000.00 yuan, primarily consisting of short-term bank wealth management products[126] Product and Market Performance - Vitamin business accounted for 97.87% of the company's main business revenue[157] - The company achieved self-production of the key intermediate ABL for Vitamin B1 in 2021 and began external sales in 2022[150] - The company's product prices remained at historically low levels, contributing to the 2022 performance decline[157] - China's vitamin production in 2022 was 408,000 tons, a decrease of 2.1% year-over-year, accounting for 83.4% of global production[179] - China's vitamin market value in 2022 was USD 4.09 billion, a decrease of 11.7% year-over-year[179] - The company holds a leading global market share in Vitamin B6 and Vitamin B1, and is in the top tier for biotin and folic acid products[179] - B-vitamin and other vitamin product revenues decreased due to lower sales volume and prices amid industry supply-demand pressures[194] - Fine chemical product revenues increased significantly due to the sale of ABL products during the reporting period[194] - ABL product achieved external sales during the reporting period[199] Costs and Expenses - Raw material costs for nutritional products decreased by 5.70% compared to the same period last year[196] - Manufacturing costs for nutritional products increased by 5.18% compared to the same period last year[196] - Total costs for nutritional products decreased by 1.41% compared to the same period last year[196] - Raw material costs for other products increased by 6,560.31% compared to the same period last year[196] - Manufacturing costs for other products increased by 10,610.92% compared to the same period last year[196] - Total costs for other products increased by 3,382.33% compared to the same period last year[196] Non-Recurring Items - Non-recurring gains and losses amounted to 54.3241 million yuan[146] Company Information - The company's registered address is in the Leanjiang Industrial Park, Leping City, Jiangxi Province[163] - The company's website is http://www.txpharm.com/[163] - The company's legal representative is Xu Jiangnan[163] Risk Management - The company has no significant risk exposure as detailed in the management discussion and analysis section[117] Customer Concentration - Top 5 customers accounted for 18.90% of total accounts receivable[198] Research and Development - The company's R&D expenses grew rapidly, laying the foundation for sustainable development[157] - The company's contract performance cost for the period was 707,863.88 yuan[84]

[Main Financial Data](index=1&type=section&id=Item%201.%20Main%20Financial%20Data) This section provides an overview of the company's key financial performance and position, highlighting significant changes driven by its recent IPO [Key Accounting Data and Financial Indicators](index=1&type=section&id=Item%201.%281%29%20Key%20Accounting%20Data%20and%20Financial%20Indicators) The company's Q3 2022 revenue grew 3.55% and net profit 18.18%, while year-to-date revenue slightly declined and net profit slightly increased, with significant asset and equity growth due to IPO Key Financial Indicators for Q1-Q3 2022 | Indicator | Year-to-Date (RMB) | Prior Year Same Period (RMB) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 1,750,311,425.71 | 1,758,836,959.51 | -0.48% | | Net Profit Attributable to Shareholders | 551,180,610.84 | 546,605,079.26 | 0.84% | | Net Cash Flow from Operating Activities | 489,810,158.77 | 665,284,514.50 | -26.38% | | Basic Earnings Per Share (RMB/share) | 1.37 | 1.39 | -1.44% | | Weighted Average Return on Net Assets (%) | 21.83% | 38.27% | Decrease of 16.44 percentage points | | **Balance Sheet Indicators** | **End of Reporting Period (RMB)** | **End of Prior Year (RMB)** | **Period-end vs. Year-start Change (%)** | | Total Assets | 4,800,743,803.11 | 2,952,268,631.24 | 62.61% | | Owners' Equity Attributable to Shareholders | 3,984,563,120.27 | 1,908,697,392.11 | 108.76% | [Non-recurring Gains and Losses Items and Amounts](index=3&type=section&id=Item%201.%282%29%20Non-recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) Non-recurring gains and losses totaled RMB 45.91 million in Q1-Q3 2022, primarily from government grants and fair value changes, impacting the difference in net profit Key Non-recurring Gains and Losses Items for Q1-Q3 2022 | Item | Year-to-Date Amount (RMB) | Explanation | | :--- | :--- | :--- | | Government Grants Included in Current Profit/Loss | 49,270,832.76 | - | | Fair Value Changes from Transactional Financial Assets | 6,404,382.06 | - | | Other Non-operating Income and Expenses | -1,905,796.89 | - | | Gains/Losses from Entrusted Investments or Asset Management | 716,327.30 | - | | **Total** | **45,909,238.17** | - | [Analysis of Changes in Key Financial Indicators](index=5&type=section&id=Item%201.%283%29%20Analysis%20of%20Changes%20in%20Key%20Accounting%20Data%20and%20Financial%20Indicators) Total assets and owners' equity significantly increased at period-end, primarily driven by the company's July 2022 IPO and subsequent capital and retained earnings growth - Total assets increased by **62.61%** from the end of the previous year, primarily due to the issuance of **43.78 million** shares from the company's IPO in July 2022[18](index=18&type=chunk) - Owners' equity attributable to shareholders increased by **108.76%** from the end of the previous year, mainly due to the company's July 2022 IPO share increase and a rise in retained earnings since October 2021[18](index=18&type=chunk) [Shareholder Information](index=5&type=section&id=Item%202.%20Shareholder%20Information) This section details the company's shareholder structure, including the total number of shareholders and the holdings of its top investors [Shareholding Status](index=5&type=section&id=Item%202.%281%29%20Total%20Number%20of%20Common%20Shareholders%2C%20Preferred%20Shareholders%20with%20Restored%20Voting%20Rights%2C%20and%20Top%20Ten%20Shareholders%27%20Holdings) The company has 29,239 common shareholders, with a highly concentrated equity structure where the top four shareholders hold over 81%, and Xu Jiangnan and Xu Jing are co-actual controllers - The total number of common shareholders was **29,239** at the end of the reporting period[19](index=19&type=chunk) Top Ten Shareholder Holdings | Shareholder Name | Shareholding Ratio (%) | Number of Shares | Share Nature | | :--- | :--- | :--- | :--- | | Xu Jiangnan | 46.51 | 203,603,970 | Domestic Natural Person | | Xu Jing | 13.50 | 59,110,830 | Domestic Natural Person | | Wang Guangtian | 12.98 | 56,803,200 | Domestic Natural Person | | Qiu Qinyong | 8.11 | 35,502,000 | Domestic Natural Person | | Tiantai County Houding Investment Management Partnership | 5.48 | 24,000,000 | Other | | Chen Weimin | 2.51 | 10,980,000 | Domestic Natural Person | - Xu Jiangnan is the controlling shareholder and actual controller of the company; Xu Jing, his daughter, is a co-actual controller, with some holding platforms also controlled by Xu Jiangnan[22](index=22&type=chunk) [Other Important Reminders](index=6&type=section&id=Item%203.%20Other%20Important%20Reminders) This section confirms the absence of any other significant operational information requiring special attention from investors [Other Important Information](index=6&type=section&id=Item%203.%20Other%20Important%20Reminders) The company has no other significant operating information requiring special investor attention during this reporting period - The company has no other significant information requiring investor attention during the reporting period[23](index=23&type=chunk) [Quarterly Financial Statements](index=6&type=section&id=Item%204.%20Quarterly%20Financial%20Statements) This section presents the detailed consolidated and parent company financial statements for the reporting period [Consolidated Balance Sheet](index=7&type=section&id=Item%204.%282%29%20Financial%20Statements%20-%20Consolidated%20Balance%20Sheet) As of September 30, 2022, total assets reached RMB 4.801 billion (up 62.61%), driven by cash and financial assets, while total liabilities decreased, and owners' equity grew to RMB 3.985 billion (up 108.76%) due to IPO and profit accumulation Key Items from Consolidated Balance Sheet | Item | September 30, 2022 (RMB) | December 31, 2021 (RMB) | Change Rate (%) | | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 1,663,391,095.12 | 717,082,892.09 | 131.97% | | Transactional Financial Assets | 745,000,000.00 | 0.00 | N/A | | Inventories | 471,291,732.33 | 405,539,909.61 | 16.21% | | Fixed Assets | 1,077,115,687.35 | 1,120,307,499.35 | -3.85% | | **Total Assets** | **4,800,743,803.11** | **2,952,268,631.24** | **62.61%** | | Short-term Borrowings | 150,133,611.11 | 300,301,888.89 | -50.01% | | **Total Liabilities** | **816,180,682.84** | **1,043,571,239.13** | **-21.79%** | | Share Capital | 437,780,000.00 | 394,000,000.00 | 11.11% | | Capital Reserves | 1,974,481,303.12 | 493,576,185.81 | 300.03% | | Retained Earnings | 1,375,301,817.15 | 824,121,206.30 | 66.88% | | **Total Owners' Equity** | **3,984,563,120.27** | **1,908,697,392.11** | **108.76%** | [Consolidated Income Statement](index=9&type=section&id=Item%204.%282%29%20Financial%20Statements%20-%20Consolidated%20Income%20Statement) Q1-Q3 2022 operating revenue was RMB 1.75 billion (down 0.48%), with net profit attributable to shareholders at RMB 551 million (up 0.84%) due to reduced financial expenses, maintaining stable profitability Key Items from Consolidated Income Statement (Q1-Q3 2022) | Item | Jan-Sep 2022 (RMB) | Jan-Sep 2021 (RMB) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 1,750,311,425.71 | 1,758,836,959.51 | -0.48% | | Operating Cost | 1,055,478,461.23 | 985,359,724.22 | 7.12% | | R&D Expenses | 60,697,200.01 | 41,828,851.82 | 45.12% | | Financial Expenses | -98,544,069.87 | 17,985,876.85 | -647.90% | | Operating Profit | 650,997,777.79 | 649,306,548.26 | 0.26% | | Total Profit | 648,400,849.46 | 647,745,266.76 | 0.10% | | Net Profit | 551,180,610.84 | 546,605,079.26 | 0.84% | | Basic Earnings Per Share (RMB/share) | 1.37 | 1.39 | -1.44% | [Consolidated Cash Flow Statement](index=12&type=section&id=Item%204.%282%29%20Financial%20Statements%20-%20Consolidated%20Cash%20Flow%20Statement) Q1-Q3 2022 saw operating cash flow at RMB 490 million (down 26.38%), significant investment outflow of RMB 918 million, and financing inflow of RMB 1.321 billion from IPO, leading to a net cash increase of RMB 971 million Key Items from Consolidated Cash Flow Statement (Q1-Q3 2022) | Item | Jan-Sep 2022 (RMB) | Jan-Sep 2021 (RMB) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 489,810,158.77 | 665,284,514.50 | -26.38% | | Net Cash Flow from Investing Activities | -917,529,639.73 | -103,183,388.35 | -789.21% | | Net Cash Flow from Financing Activities | 1,320,647,488.87 | -848,852,974.72 | 255.58% | | Effect of Exchange Rate Changes on Cash | 78,027,176.51 | -11,559,709.47 | 775.00% | | **Net Increase in Cash and Cash Equivalents** | **970,955,184.42** | **-298,311,558.04** | **425.58%** | [Parent Company's Key Financial Statements](index=14&type=section&id=Item%204.%282%29%20Financial%20Statements%20-%20Parent%20Company%20Financial%20Statements) Parent company financials show similar trends to consolidated, with Q1-Q3 2022 revenue at RMB 1.745 billion and net profit at RMB 558 million, improved asset-liability structure post-IPO, and strong operating and financing cash inflows Parent Company's Core Financial Data | Indicator | Sep 30, 2022 / Jan-Sep 2022 (RMB) | Dec 31, 2021 / Jan-Sep 2021 (RMB) | Change Rate (%) | | :--- | :--- | :--- | :--- | | **Total Assets** | 4,719,832,187.22 | 2,917,998,824.07 | 61.75% | | **Total Owners' Equity** | 3,981,655,279.16 | 1,899,453,239.51 | 109.62% | | **Operating Revenue** | 1,744,819,100.49 | 1,753,880,834.89 | -0.52% | | **Net Profit** | 557,516,922.35 | 566,926,600.85 | -1.66% | | **Net Cash Flow from Operating Activities** | 573,751,410.29 | 674,825,765.09 | -14.98% |

Financial Performance - The company's operating revenue for the first half of 2022 was CNY 1,241,306,710.22, representing a decrease of 2.05% compared to the same period last year[21]. - The net profit attributable to shareholders of the listed company was CNY 401,248,794.80, down 4.40% year-on-year[21]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 364,655,605.75, a decrease of 5.59% compared to the previous year[21]. - The net cash flow from operating activities was CNY 248,137,372.95, a significant decline of 47.46% from the previous year[21]. - Basic earnings per share for the first half of 2022 were CNY 1.02, down 4.67% from CNY 1.07 in the same period last year[22]. - Diluted earnings per share also stood at CNY 1.02, reflecting the same percentage decrease[22]. - The gross profit margin for Vitamin B6 was 45.66%, with a year-on-year decrease of 4.74 percentage points[42]. - The gross profit margin for Vitamin B1 was 41.87%, with a year-on-year decrease of 5.12 percentage points[42]. - The gross profit margin for biotin was 49.60%, with a year-on-year decrease of 3.26 percentage points[42]. Assets and Liabilities - The total assets at the end of the reporting period were CNY 3,161,702,819.23, an increase of 7.09% compared to the end of the previous year[21]. - The net assets attributable to shareholders of the listed company increased by 21.28% to CNY 2,314,914,198.45[21]. - Total liabilities decreased to CNY 846,788,620.78 from CNY 1,043,571,239.13, a reduction of about 18.9%[127]. - Short-term borrowings decreased by 50.01% to ¥150,133,611.11, accounting for 4.75% of total assets[47]. - Accounts receivable financing increased by 74.73% to ¥12,390,385.09, accounting for 0.39% of total assets[47]. - Inventory rose by 29.72% to ¥526,072,318.19, representing 16.64% of total assets due to increased stock levels[47]. Research and Development - Research and development expenses increased by 52.20% to CNY 37 million compared to the previous year[43]. - The company collaborates with renowned institutions for product development and has established a joint research center for vitamin drug development[36]. - Research and development expenses increased to CNY 37,090,057.11 in the first half of 2022, up from CNY 24,369,576.64 in the same period of 2021, indicating a growth of 52.3%[135]. Environmental Management - The company has built a comprehensive environmental protection system with multiple wastewater treatment facilities and waste gas treatment systems, ensuring compliance with environmental regulations[37]. - The company has established 5 wastewater pretreatment workshops, 3 sewage treatment stations, 2 sets of exhaust gas treatment systems, and 1 hazardous waste treatment center to ensure compliance with environmental regulations[65]. - The company has implemented a comprehensive environmental monitoring system, combining manual and online monitoring, with real-time data uploaded to environmental authorities[67]. - The company has maintained strict adherence to pollution discharge standards, with no instances of exceeding emission limits reported[64]. - The company emphasizes a commitment to "integrity, law compliance, clean production, and continuous improvement" in its environmental management practices[70]. Shareholder Commitments - The company committed to a lock-up period of 36 months from the date of its stock listing, during which it will not transfer or delegate management of its shares[1]. - After the lock-up period, the company plans to reduce its holdings in a legal manner, with a maximum of 100% of its total shares allowed to be sold within two years[3]. - The company has pledged that any share reduction will be announced three trading days in advance and will comply with legal regulations[5]. - The company guarantees that it will not use its controlling position to harm the legitimate rights and interests of the company and other shareholders[10]. - The company will ensure that any share reduction complies with the commitments made during its initial public offering[5]. Corporate Governance - The company has established a multi-tier governance structure including a board of directors and various specialized committees[183]. - The company has committed to reducing and strictly regulating related party transactions with its subsidiaries and affiliates[8]. - The company will ensure that all transactions with affiliates adhere to principles of fairness, justice, and openness, complying with relevant laws and regulations[9]. - The company has not engaged in any significant related party transactions during the reporting period[102]. Market Position - The company specializes in the production, research, and sales of single vitamins, including Vitamin B6, B1, Biotin, Folic Acid, and Vitamin D3, with a strong market presence[27][29]. - The company has a leading position in the vitamin market, with global market share in Vitamin B6 and B1 being the highest[31]. - The company launched the ABL product during the reporting period, exploring the commercialization of derivative chemical products[42]. Legal and Compliance - There are no significant lawsuits or arbitration matters reported during the reporting period[101]. - The company confirms that there are no instances of dishonesty or failure to fulfill court judgments during the reporting period[101]. - The financial statements comply with the requirements of the accounting standards, accurately reflecting the company's financial position, operating results, changes in equity, and cash flows[190].